buyers: Sell Home Now Before Spring Rush - 02/20/24 06:10 AM
If you are thinking about selling your home in 2024 selling your home early in the year may work to your advantage. Timing makes a difference because home prices rise and fall like stocks.  Following are a few thoughts to consider when making your decision:
Mortgage rates – In the past year sellers have been reluctant to sell because they would be paying a higher interest to replace their existing home.  Recently mortgage rates have begun to fall, and predictions are expecting interest rates to settle in the mid-6% range during 2024.  This means sellers will not lose as much when they … (0 comments)

buyers: Ways to Buy a Home with Cash - 01/30/24 06:22 AM
Buying a home in today’s market can be frustrating due to the highest interest rates in recent years and lack of new listings.  Buyers are wondering how they can make an affordable offer to sellers that will be attractive.  One way to make an attractive offer to sellers is an all-cash offer.  This ensures a faster closing date and lower closing costs.   We all know that most buyers do not have the extra cash needed to purchase their new home sitting in their checking account.  Also, some buyers prefer to buy their new home prior to selling their current home due … (1 comments)

buyers: Things to be Aware of About Online Home Browsing - 11/28/23 06:26 AM
Browsing online for a home is aways fun and exciting because you are mostly viewing elegantly decorated homes including beautiful, sculpted yards and gardens. When browsing be careful, you may not be getting the true picture. Just viewing online, it may be difficult tell if the home is close to a busy street which produces loud noise, hidden plumbing problems and/or property has already been sold. Since the above may be true, now is the time to set expectations by completing a home buyers’ worksheet. Within this worksheet be sure you define must haves and nice to haves. Review online property … (1 comments)

buyers: Buyers Can Save on Their Mortgage - 11/02/23 11:07 AM
Currently mortgage rates are in the 7% rate range.  Buyers are feeling a financial squeeze and need to find a solution so they can purchase a home. Many are predicting mortgage rates will begin to fall soon and some home buyers have adjusted to current interest rates and home prices. Still many cities are experiencing home affordability issues. One way for home buyers to fight home price increases is to have a great credit score.  This will allow them to get the lowest interest rate at that time therefore lowering monthly mortgage payment.  Following is a list of other techniques that … (1 comments)

buyers: Important to Price Your Home Right - 09/13/23 08:21 AM
Currently homes are not selling fast as we have experienced in the past, but homes that are priced right are selling.  Many of these homes are selling quickly and some are receiving multiple offers with a few selling above-listing price.  Your listing agent is the person who can give advice on where to price your property.  If priced too high this causes buyers not to tour your home and eventually forces sellers to reduce their listing price.  The first 2 weeks after listing your house attract the greatest number of buyers.  This is why it is important to get the price … (2 comments)

buyers: Tips to Determine How Much Mortgage - 05/16/23 06:30 AM
Before committing to a home mortgage be sure to calculate how much mortgage you can safely fit into your budget.  Homeownership should make you feel secure and safe.  This means not taking the largest mortgage that your lender will permit.  As a buyer, look ahead to anticipate life event desires and how that might influence the budget.  These could include going back to school and/or having a child.  Factor these lifestyle issues into the budget.  Remember many lenders will not understand or consider your current and future financial personal goals.  Lenders base their loan approval on a formula.  Following are tips … (4 comments)

buyers: Lesser-Known Fees That Factor into Buying a Home - 02/15/23 06:32 AM
Many home buyers are not aware of all fees charged that makeup the total cost of purchasing a home.  Some of these fees are normally paid prior to closing while others are paid at closing.  Fees paid at closing will be itemize on your closing statement which you should receive a copy to review prior to closing.  The fees that are lesser known to the general public will be reviewed below:    
Inspections of property – As a home buyer who is hiring an inspector to perform an inspection on property that you recently signed a written contract to purchase, you need … (2 comments)

buyers: Home Buyers Should Negotiate - 01/17/23 06:30 AM
Home market shift has cause home buyers to focus on price as well as other things to make their home buying experience more attractive.   Buyers need to better understand the parts of the contract to create a win-win environment for themselves. Buyers now have more inventory and less competition when purchasing a house which means they have greater opportunity to negotiate with sellers.  Things buyers should consider negotiating with sellers:
Closing cost – These are fees buyers pay to close a real transaction. These fees are lender, appraisal, title search fees, taxes, etc. The amount of fees may arrange between 3-6% of … (1 comments)

buyers: Tips When Buying a Home - 12/12/22 07:25 AM
Buying a home is stressful, whether you are buying a starter home, upgrading, or downsizing.  In a sellers’ market this can be extra stressful.  During that cycle, buyers compete in a multi-offer environment.  For some buyers it may be advisable to wait for the market to cool off. On the other hand, there may opportunities where buyers can purchase a home that meets their needs and desires.  Now let us define types of real estate markets:  a balance market is where supply of houses available to purchase is equal to the demand for homes.  Housing prices are stable, and houses sell … (3 comments)

buyers: Unusual Housing Market - 07/07/22 09:51 AM
National Association of Realtors (NAR) says in a report that we are in an unusual housing market.  Existing home sales have fallen recently, but buyers are still anxious to purchase a home.  Mortgage rates and sales prices are higher, and currently experiencing low inventory of existing homes for sale.  This leads to an affordability issue with many home buyers.  Number of homes for sale are rising, but homes sales are slowing down recently.  With higher home prices and mortgage rates, number of sales may continue to decline.  Recently, NAR published indicators in their housing report:  
Home prices – Home prices are … (1 comments)

buyers: Possible Calmer Housing Market in The Future - 05/17/22 07:02 AM
The housing market is beginning to show signs of getting back to normal.   This is indicated by fewer contract signings and decrease in pending home sales recently.  The only area that has seen an increased number of sales is the northeast.  With fewer contract signings this is an indication that the market may be calming and moving towards a more normal market condition.  Now that interest rates are increasing this reduces the number of potential buyers, therefore slowing the number of homes being sold.  The desire to purchase a new home remains strong, but the financial ability has become a limiting … (2 comments)

buyers: Competition of Faster Rising Home Prices Versus Seller Power and Wages - 04/26/22 06:25 AM
Income required to meet the new home affordability standard is growing at a faster rate.  This is resulting in less potential home buyers being able to afford higher median home prices and high mortgage rates.  At same time, there are sellers that are recognizing some buyers are being priced out and their listing price is too high therefore are dropping their price.  Affordability is determined by the amount income needed to cover homeowner expenses which includes mortgage, property taxes, maintenance, and insurance for median-priced single-family house.  The past few years low mortgage rates and increase wages helped to offset rising home … (2 comments)

buyers: Home Buyers Desiring Change - 02/23/22 08:41 AM
Buyers are desiring larger homes so they can spread out.  Home builders are responding by increasing the average size of homes during this COVID pandemic.  While increasing the size of homes, number of four or more bedrooms and 3 and more bathrooms has risen.  Millennials and Generation X are looking to get into homes that will accommodate multiple generations.  This is leading to an increase in the number multigenerational home buyers since the start of the pandemic.  Overall home buyers are showing a desire for exercise rooms, offices, and patios.  Many homeowners are showing an interest in expanding their outdoor spaces, … (1 comments)

buyers: 2021 Buyers Viewed Fewer Homes - 02/08/22 06:07 AM
In 2021, home buyers viewed the fewest number homes prior to buying.  According to National Association of Realtor (NAR) this was a record. Low housing inventory and technology are causing buyers to decrease the number of homes they are physically touring. Buyers are first going online to view homes before making the decision to physically tour a home. They are viewing the photos and virtual tours that are available before making any decision. Having professional photos and virtual tours are very important, this improves your chances for buyers to tour the home.  If the buyer does not tour the house there … (1 comments)

buyers: Housing Market Still in a Frenzy - 01/20/22 07:33 AM
At the end of 2021, the housing market remains in frenzy with more buyers than there are available houses.  Realtor.com indicates buyers are eager to purchase a home to protect themselves from potential interest rate hikes. The past year buyers were making offers quickly since homes were remaining on market only a few days.  This means buyers during the hottest part of buying season had less time to make home buying decision.  With rate hikes on the horizon, home buyers may try to beat the higher monthly housing cost in the future.  If this happens, this will drive up competition and … (2 comments)

buyers: First-Time Home Buyers Budget - 11/02/21 06:40 AM
The past several months soaring housing prices has brought double-digit gains and locked out many home buyers.  This is especially true for first-time home buyers and caused them to stretch their budgets to a dangerous level.  By August 2021 per National Association of Realtors (NAR) median home price for existing homes reached $356,700.  This is an increase of 15% from prior year.  Recently, there has been increase of inventory on the market, but first-time home buyers are still finding it difficult to afford these higher home prices so they can become homeowners.  Per NAR, this past year first-time home buyers comprised … (1 comments)

buyers: Ways to Avoid Remorse When Buying a House Virtually - 05/19/20 05:24 AM
The pandemic fear of COVID-19 has changed our environment on how we live our daily lives.  There are people that either want too or must purchase a new home during this time.  Buyers are learning new skills and developing a willingness to purchase a house either doing minimal physically touring or no touring of the inside of houses.  This is being accomplished by using virtual tours, detail photos, and video walkthroughs.  Real estate agents are adopting procedures to help buyers gain knowledge of houses as a substitute for physically touring the property.  In addition, real estate agents are helping home buyers … (3 comments)

buyers: Family and Friends Provide Down Payment Assistance to First-Time Buyers - 02/20/20 06:01 AM
According National Association of Realtors (NAR), one-third of first-time home buyers turn to family and friends when purchasing a home last year.  Many of these buyers are receiving a gift.  If the financial aid received is documented as a gift in the loan process, the money is not required to be given back to the person who gave the gift.  Another way to assist a first-time home buyer is setting up a Co-Ownership and Shared Equity Arrangement. This type of arrangement provides tax advantages and requires a written contract signed by all parties defining the terms of the agreement.  This should … (0 comments)

buyers: Explanation of Home Closing Costs - 02/06/20 06:35 AM
When buying or selling your home all buyers and sellers incur closing cost associated with the transaction.  Normally, closing cost (need to include commission and if 5% down payment) are about 8% to 12% of the property purchase price depending on the type of transaction, other than full cash transaction which may be less.  Shortly after signing a contract between a buyer and seller of property, many lenders are willing to provide a good faith estimate of proceeds involved in the transaction.  Your real estate agent should be making that request for their client.  The final closing disclosure of cost should … (1 comments)

buyers: 2020 Housing Inventory Projection - 12/19/19 06:16 AM
Per realtor.com, projected housing inventory in 2020 likely to tighten making it a greater challenge for buyers purchasing a home.  At the same time, there will probably be lower interest rates creating more buyers.  In addition, they predict the inventory of homes available for sale may hit a record low during 2020 which might cause the housing market to slow.  Entry-level homes may be affected the most, and first-time buyers will continue to struggle finding affordable housing.  Economists predict interest rates to remain low, averaging 3.85%.  This will help on affordability, but lack of available housing will continue to be a … (1 comments)

 
John Watts (Keller Williams Realty)

John Watts

Austin, TX

More about me…

Keller Williams Realty

Address: 12515-8 Research Blvd, Ste. 100 , Austin, TX, 78759

Office: (512) 751-3359

Mobile: (512) 751-3359



Listings

Links

Archives

RSS 2.0 Feed for this blog