October 2022 Real Estate Roundup
Mortgage rates have reached 14-year highs and average in the high 6-7% range for residential buyers as of late October. At current home pricing many buyers have stepped back from buying homes as with the current mortgage rates the monthly payment is simply unaffordable for many buyers. Homes listed for sale are spending a longer time on the market and are needing price drops in order to stir up buyer interest. Commercial real estate sellers are also slow in reducing their offering price to meet buyers. Check out the articles in this month’s round up for more real estate knowledge.
USDA Mortgage Information
The USDA mortgage helps home buyers purchase a home with a reasonable mortgage rate and low to no down payment. Not every home qualifies for a USDA mortgage though. In this article by Luke Skar he explores the requirements needed for a home to qualify for a USDA mortgage. Home buyers who have the opportunity to use a USDA mortgage may want to do so as the advantages can add up.
How To Fire Your Real Estate Agent
Not every relationship goes as planned and sometimes the best solution is to end that relationship and start anew. In this article by Bill Gassett he explains the process of firing a real estate agent. Terminating a real estate agent means doing it by the letter of the law and doing it right the first time so there is no worrying about fees paid to an agent who is no longer working for you. Before you take a decision to fire your agent make sure you understand all implications.
Will Your Home Compete?
The market has changed pretty quickly from a seller’s market to a buyer’s market. That means not only do sellers have to present well to buyers they also must compete with other home listings on the market to attract the few buyers that are still active. As Kevin Vitali points out home sellers need to be showing their home in tip top shape in order to get the best possible offer. Anything less than stellar presentation and stellar condition means buyers will walk or will want a discount.
Is Still a Good Time To Buy a Home?
With fewer listings and higher interest rates on the market some buyers are wondering whether they should buy a home or not. It definitely is a facts and circumstances situation for buyers as Vicki Moore points out. Regardless of rates some people need to buy a home to house themselves and their families. Renting may not make sense if one can buy with a mortgage for less than the cost of renting. By understanding what will work for each individual situation the home buyer can determine which path would be best for them.
Why Higher Interest Rates May Not Be a Bad Thing
Interest rates have been on an upward trend for the past couple of months in order to help combat inflation. This article by Robert Rogers explores where the increased interest rates can actually have some positive impacts. Higher interest rates can help bring down nflation and also can help people who save by earning them more interest on their savings. Inflation is a silent thief that steals value from everyone so it is in everyone’s best interest to control it as soon as possible.
Pricing a Home Too High For The Market
The market has shifted and setting the proper price will help a home get sold is important. Overpricing means buyers will bypass your home and look for more reasonably priced homes. In this article from Tom Horn he explores five tips for pricing a home. Especially in this shifting market where mortgage rates keep going up sellers should not be chasing buyers through multiple price drops. By setting the price right from the start a home seller can get their home sold in good time.
Buying Real Estate With Cash
For those who have the cash and are ready to buy a home a cash offer can stand out and grab the attention of the seller. With a cash offer, buyers can sidestep some of the requirements imposed by a lender. By not having a lender involved sellers can be more comfortable as there is one less thing to go wrong. Buyers if they desire can also waive the appraisal and close much faster than a financed purchase buyer can.
Renovating vs. Buying A New Home
With house prices and mortgage interest rates running high the thought process behind renovating a home versus buying a new home takes an interesting turn. In this article by Michelle Gibson she provides the pros and cons of buying a new home or renovating an existing home. Depending on what the homeowner needs/wants in their house there can be solutions to remodel an existing home but the cost tradeoff may not make sense when those improvements start to get high in price and will take some time to complete.
Did you find any other article of interest this month and that is real estate related? Feel free to share below!
Real Estate Roundup for October 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!