Do You Know the Cost of Waiting? [INFOGRAPHIC]

Some Highlights:

• The “Cost of Waiting to Buy” is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.
• Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while home prices are predicted to appreciate by 4.9% according to CoreLogic.
• Waiting until next year to buy could cost you thousands of dollars a year for the life of your mortgage!

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How Big Is A House?

Something that surprises many homebuyers is there is nothing in our contracts that states the size of a home you are buying.

Home sizes are usually quoted using a 3rd party measurement. The Realtor listing the home will say the home is 3,000 square feet and then state the source of that measurement, usually the tax appraisal office. The tax office appraisal is not always accurate. Even two experienced appraisers may come up with different measurements.

Your mortgage company will have the home measured by an appraiser. Because the home measurement isn’t part of the contract if the mortgage company appraiser measurement comes in smaller than expected that doesn’t give you the right to terminate your contract.

This is an interesting article talking…

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How A Leaseback Can Make Your Move Easier

Would you like to move up to a larger home but you’re afraid of having to move twice?

Something that may help your situation is called a leaseback. A leaseback allows you to stay in your home for a period of time after closing, making your move to a new home easier.

We have become very experienced in helping our clients negotiate leasebacks. Currently we have 4 seller clients who we helped negotiate a lease back for as part of their sale.

Here’s how a leaseback works…

Along with the standard contract there is a 2 page addendum that allows for the seller to remain in the home after closing as a tenant. The buyer becomes the landlord.

This is a very simple form that spells out how long the seller can remain in the home along with a rental…

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It's a Seller's Market, Should I Downsize?

A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.

In a blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:

1. A smaller home means less space, but it also means less time, stress and money spent on upkeep.
2. Let’s assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1–1.6…

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Buying this Spring? Be Prepared for Bidding Wars

Traditionally, spring is the busiest season for real estate. Buyers come out in force and homeowners list their houses for sale hoping to capitalize on buyer activity. This year will be no different!

Buyers have already been out in force looking for their dream homes and more are on their way, but the challenge is that the inventory of homes for sale has not kept up with demand, which has lead to A LOT of competition for the homes that are available.

A recent Bloomberg article touched on the current market conditions:

“It’s the 2017 U.S. spring home-selling season, and listings are scarcer than they’ve ever been. Bidding wars common in perennially hot markets like the San Francisco Bay area, Denver and Boston are now also prevalent…

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How Long Do Most Families Stay in Their Home?

The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%.

Why the dramatic increase?

The reasons for this change are plentiful!

The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made some homeowners much more fiscally conservative about making a move.

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A Tale of Two Home Buyers

Our real estate market in certain price ranges and areas is still extremely competitive. In a market like ours there are two ways to buy a home. One way gives you the best chance to buy a great home. The other way will be frustrating and leave you picking through only the homes nobody else wants.

Joyce Peterson was recently contacted by a buyer who wanted to move his family into a larger home. In his desired neighborhood there are many people who want to buy this type of house. We have seen several other agents post messages in Realtor Facebook groups asking for this exact type of property and we know from open houses we have done in the same neighborhood there is a great demand for larger, newer homes in the neighborhood.

Because this buyer…

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March Book of the Month

The Magic Of Thinking Big

A friend suggested I read this book a couple months ago. Some of the ideas in the book have helped our business tremendously this year. 

In particular Chapter 5 titled “How to Think and Dream Creatively” has helped us get over a few challenges we have experienced as our business has grown. 

I’ve found if you face any challenge optimistically instead of thinking of the reasons why it can’t be done you’ll have a much better chance of success.

https://www.amazon.com/Magic-Thinking-Big-David-Schwartz/dp/0671646788

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*Your information will never be shared with any third party.

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2017 Home Builders Association Housing Forecast

Earlier in the month we attended the Annual Home Builders Association Housing Forecast event at the Marriott downtown.

You can read more details but here are a couple takeaways we thought were interesting:

• Eldon Rude was one of the speakers. Eldon’s company provides data for home builders. I have known Eldon for almost 20 years and for as long as I have know him he has preached about the #1 driver of our real estate market being job growth. 
• Last year we saw job growth slow down compared to previous years. It’s not expected to impact real estate much this year because of the pent up demand from all the people who have moved to the Austin area recently but it’s something to pay attention to going forward.
• Interestingly enough some of the…

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Avery Ranch Buyer Needs

We have been asked by two families to help them find a home in Avery Ranch. If you know of anyone planning to sell their home and it sounds like a fit please contact us as soon as possible.

Both families are flexible about a move in date and can offer a lease back for sellers wanting to move up with the security of selling their home.

Family #1

• 2 story home with high ceilings
• 4+ bedrooms
• Parkside, Morningside or Brookside
• Up to $550,000

Family #2

• 1 story home with a larger floor plan (over 2,100 sf)
• Prefer wood floors but are open to tile or carpet if the floor plan works.
• Up to $360,000

If you are interested in buying a home or selling your home this year call/text me directly at 512-791-7473 or send me…

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