The 2022 year is coming to an end and the real estate market has seen quite the change from the start of the year.  Mortgage rates were lower last year and early this year but as of November the mortgage rates are in the mid 6 percent range.  The higher mortgage rates have forced many buyers to step back as the monthly payments with current interest rates puts the home prices of today out of the reach of many.  Sellers are not exactly eager to reduce pricing either and are hoping for a pivot in interest rates.  Whether you want to buy or sell real estate the articles in this month’s roundup is sure to help educate you.

Home Buyer Contingencies

When buying a home (or any real estate for that matter) buyers have certain contingencies in the contract to help protect them during the purchase phase.  In this article by Luke Skar he provides an explanation for eight different contingencies that buyers need to be aware of and make sure to include it in their purchase contract to be fully protected.  These contingencies can let a buyer walk away with their earnest money and cancel the deal if they follow the proper timelines. 

Paying Your Mortgage Early

With a mortgage being a long term commitment (up to 30 years and even sometimes up to 40 years) paying off that mortgage debt early may be in some homeowners goal list.  Paying off the mortgage early may or may not make financial sense and every homeowner has a different situation to consider based on their earnings and their own personal financial goals.  In this article by Bill Gassett he looks at the pros and cons of paying a mortgage off early and what it means to the homeowner.

What To Know About Inflation and Housing

The impact of inflation on housing and housing prices is now starting to be more readily seen.  The prices of services and goods used in and around the house is forcing many to consider what they need to spend money on.  In this article by Vicki Moore she takes a deep look at the impacts inflation has been having on the homes that we live in.  High inflation means fewer buyers are buying, prices are declining in some areas, bidding wars are a thing of the past and many other impacts are readily being seen.

Can I Sell a Home with a Bad Roof?

A roof is one of the most critical components of a home.  A bad/leaky roof allows water, pests and more to get into the home which starts a slow process of decaying the rest of the house.  Water intrusion into the home means mold growth especially when it is allowed to sit for a long time.  In this article by Alex Capozzolo he explains how a homeowner can sell their home even if there are issues with the roof.  As with selling anything a lot depends on whether it is priced properly as with the proper price there will be a buyer.

Selling A Home That Has Solar Panels

Installing solar panels on a home is a way to add more green features to a home and save money on the electric bill at the same time.  There are different types of solar panels and different systems but for the most part they generate electricity that is fed into the home.  The panels can be expensive and as a result some homeowners get the solar system installed with the use of some sort of loan.  When it comes time to sell the home the solar system will have an impact on home buyers as Kevin Vitali explains.

Tips For Selling A Home In a Buyer’s Market

The real estate market has changed pretty quickly from a seller’s market into a buyer’s market.  The primary driver of the change was the sudden and big increase in mortgage interest rates.  As a result of being a buyer’s market the home seller needs to work much harder to get buyers interested than they have had to do so in the recent past.  Home sellers need to present the best image possible, everything needs to clean and up to date or the price needs to reflect anything that is less than stellar in order to get an offer from a buyer.

When Do You Pay Closing Costs

Closing costs are commonly paid by both the seller and buyer when transacting in real estate.  Whether one is buying/selling a home or investment real estate the closing costs are standard part of closing on the transaction.  In this article by Eric Jeanette he covers what some of the common closing costs and when they are paid.  Closing costs need to be factored into the totals that one needs to bring to the closing table and are over and above other loan down payment requirements.  The article also includes and informative video for additional details

Important Appraisal Contingency Facts

When buying a home or investment real estate with financing often times an appraisal will be required.  Even with a cash purchase the buyer may want an appraisal in order to make sure they are getting their money’s worth.  In this article by Sharon Paxson she provides five important facts to know about the appraisal contingency.  Both the buyer and the seller need to understand the appraisal contingency and the timelines involved with it.

What other articles did you find interesting from November 2022?  How has the market in your area changed or not changed?  Share your comments below.

Real Estate Roundup for November 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 16 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!