Read more about the article What’s an iBuyer?
Pricing / Sellers / Sellers Market

What’s an iBuyer?

  Today's new real estate player is 'institutional flippers' more commonly known as the iBuyer, or 'instant buyers.' We have all seen the "We Buy Ugly Houses" or "We'll Buy Your House for Cash in Seven Days" on the side of the road. Those signs usually come from independent flippers, but other more prominent recognizable brands like Zillow Offers, Offerpad, and Open Door are considered iBuyer's. Wondering how they work? Read below: A homeowner fills out the information about their house on the iBuyer website. The company sends them an instant offer within a day or two, and the seller can choose to accept or reject it. An iBuyer's proposal promises that selling to them is a more straightforward, easier way to sell your home than a traditional sale. They say they are a quicker and more convenient way to sell a house because all the seller has to do is accept their…

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October 11, 2021
Read more about the article In Today’s Market, Listing Prices Are Like an Auction’s Reserve Price
House with gavel. Real estate law and house auction concept.
Buyers / Buying / Pricing / Sellers / Sellers Market / Selling

In Today’s Market, Listing Prices Are Like an Auction’s Reserve Price

In Today’s Market, Listing Prices Are Like an Auction’s Reserve Price For generations, the process of buying and selling a home never really changed. A homeowner would try to estimate the market value of their house, then tack on a little extra to give themselves some negotiating room. That figure would become the listing price. Buyers would then try to determine how much less than the full price they could offer and still get the home. As a result, the listing price was generally the ceiling of the negotiation. The actual sales price would almost always be somewhat lower than what was listed. It was unthinkable to pay more than what the seller was asking. Today is different. The record-low supply of homes for sale coupled with very strong buyer demand is leading to a rise in bidding wars on many homes. Because of this, homes today often sell for more than the list price. In some cases, they sell for…

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June 20, 2021
Read more about the article Where Experts Say the Housing Market is Heading
Market Conditions / Sellers / Sellers Market / Selling

Where Experts Say the Housing Market is Heading

Where Do Experts Say the Housing Market Is Heading? As we enter the middle of 2021, many are wondering if we’ll see big changes in the housing market during the second half of this year. Here’s a look at what some experts have to say about key factors that will drive the industry and the economy forward in the months to come. realtor.com “. . . homes continue to sell quickly in what’s normally the fastest-moving time of the year. This is in contrast with 2020 when homes sold slower in the spring and fastest in September and October. While we expect fall to be competitive, this year’s seasonal pattern is likely to be more normal, with homes selling fastest from roughly now until mid-summer.” National Association of Realtors (NAR) “Sellers who have been hesitant to list homes as part of their personal health safety precautions may be more encouraged to list and show their homes with a…

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May 20, 2021
Read more about the article Why you may want to cash in on your second home
Sellers / Sellers Market / Selling

Why you may want to cash in on your second home

Last year, when stay-at-home mandates were enforced, many homeowners soon realized their homes no longer fulfilled their new lifestyle needs. Amenities such as a home office, media room, homeschooling area, and home gym became highly desirable. Zelman & Associates recently reported that sales of primary residences grew by 9% in 2020. That increase in demand was met by the lowest supply of homes for sale in history. High demand and low supply caused prices to skyrocket over the past twelve months. Here are three home price indexes released most recently that show how home values have risen: FHFA Agency House Price Index shows a 13.9% increase CoreLogicHome Price Insights Report shows an 11.3% increase S&P Case-Shiller U.S. National Home Price Indexshows a 13.2% increase Prices increased by double digits in every region of the country and in 19 of 20 major metros. Chicago was the only exception, where prices still rose by 9%. What does this mean to…

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May 5, 2021
Read more about the article 3 Reasons We’re Definitely Not in a Housing Bubble
Buyers / Pricing / Sellers / Sellers Market

3 Reasons We’re Definitely Not in a Housing Bubble

3 Reasons We’re Definitely Not in a Housing Bubble Home values appreciated by about ten percent in 2020, and they’re forecast to appreciate by about five percent this year. This has some concerned that we may be in another housing bubble like the one we experienced a little over a decade ago. Here are three reasons why this market is totally different. 1. This time, housing supply is extremely limited The price of any market item is determined by supply and demand. If supply is high and demand is low, prices normally decrease. If supply is low and demand is high, prices naturally increase. In real estate, supply and demand are measured in “months’ supply of inventory,” which is based on the number of current homes for sale compared to the number of buyers in the market. The normal months’ supply of inventory for the market is about 6 months. Anything above that…

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March 18, 2021