May 2022 Real Estate Roundup
Mortgage interest rates have settled in around low to mid 5 range for the month of May. The higher rates have caused buyers to step back as the higher interest rates mean higher mortgage payments. Real estate sellers are still a little slow to reduce prices to account for higher mortgage rates. Real estate prices tend to be sticky (meaning slow to move) on the way down. Whether rates stay put in this range or move again will be seen over time. Meanwhile check out the great articles below to keep up on real estate knowledge.
Options When Facing An Appraisal Gap
With mortgage interest rates going up prices are a bit in flux in real estate markets. As a result the appraisal can come in lower than what the purchase contract states the purchase price to be. In this article from Bill Gassett he explains what options are available when there is an appraisal gap. Ultimately it is based on what is written into the contract and both the buyer and seller need to understand the contract so they can decide how to proceed.
Home Improvement Trends
With some buyers stepping out of the market, some home sellers may decide not to sell if they don’t get the price that they need. Staying present in a home and improving it so it meets the needs of the owner is a great alternative. In this article from Vicki Moore she covers some of the hottest home improvement trendsthat homeowners need to be aware of. By making sure your home is up to date, when the time does come to sell buyers will be more appreciative of the updates.
Latest Foreclosure News
With the mortgage moratoriums being lifted due to COVID being less of a concern there has been an uptick in foreclosure filings. That does not mean there is reason to panic over the uptick in foreclosures as Marcus Brown explains. Many homeowners have plenty of equity in their home so forced selling will be limited. For those who need to sell due to whatever issue they can comfortably sell without pressure.
Home Buyer Turnoffs
When selling a home it is always advisable to make sure buyer needs are being met in order to get plenty of interested buyers. In this article by Kevin Vitali he covers some common home buyer turnoffs that are sure to make buyers think twice about putting in an offer. By making sure to take care of these issues before hand buyers will be happy with what they see and ready to put in the offer to take the next step.
Selling Your Stuff Before You Move
When it comes to moving not only is less better, less can also mean more money kept in your pocket. Whether one is moving themselves or moving with a company the more stuff you have the higher the costs will be to move and/or replace items that are damaged in the move. In this article by Danny Margagliano he provides some reasons why homeowners should sell stuff before they move. Items have a tendency to accumulate, especially things that are no longer used it is helpful to clear it out prior to moving.
Mortgage Payments Versus Interest Rates
As interest rates start to tick up the payment a home buyer will be expected to make on a monthly basis also goes up. In this article by Paul Sian he explores the relationship of the monthly mortgage payment and the interest rates charged for those mortgages. What a buyer can afford can change quite a bit with the interest rate and as interest rates increase that requires buyers to buy a home with a lower value. In some markets this may even mean a buyer is priced out of buying in that market.
Affordable Curb Appeal Enhancing Tips
Whether a homeowner wants to improve their curb appeal to make their home look better or in preparation for selling a home getting it done at an affordable price is a great idea. Sharon Paxson provides seven great curb appeal improvement tricks that are also affordable. Great curb appeal draws buyer’s in and shows well online. Great curb appeal can also help boost the perceived value of a home.
Steps For Buying A Home
Joe Boylan provides a great guide for home buyers to help navigate the home buying process. Buying a home is usually one of the largest purchases a person will make over their lifetime. Making sure the home buyer understands how to go about buying a home helps with getting the process correct from the start. Messing up on some of the steps can cause the contract to fall out or even worse the buyer could be stuck with a money pit of a home.
What real estate articles did you find useful? Feel free to comment and share any other articles below.
Real Estate Roundup for May 2022 was provided by Greater Cincinnati Area Luxury Realtor Paul Sian of United Real Estate Home Connections. Paul is a licensed real estate agent in the states of Ohio and Kentucky and has over 14 years of experience. Do you have a home you are ready to sell now in Greater Cincinnati or Northern Kentucky? Be sure to contact me now!