• Typical Reasons Why Your House Might Not Be Selling Typical Reasons Why Your House Might Not Be Selling

    0 comments / Posted on by Steven Rivera

    Typical Reasons Why Your House Might Not Be Selling

    So you’ve listed your home for sale and it’s been showing, and showing, and showing, and…not selling. That means it’s time to make some changes, especially if your home has been on the market more than 30 days.  

    Most realtors would agree that buyers right now are really savvy. They have a lot of ways to do market research. If it’s sitting on the market for more than 30 days, typically buyers are asking, ‘What’s wrong with it?’”  

    If home has spent too many days on the market, this is usually interpreted as a negative quality signal, as buyers speculate that there are may be flaws which made the property hard to sell to previous buyers.

    Having your home sit on the market is more than just frustrating—it’s probably costing you money.  The longer a listing sits, the more the sale price will fall below list price. So every day that your home isn’t selling, it is, statistically, going to sell for less. 

    Here are some likely reasons your home isn’t selling.

    The Price Is Too High

    Pricing a house too high is a common mistake: according to area real estate agents, pricing a home incorrectly is the biggest error sellers make.

    Pricing a home for sale is tricky. There are a lot of ways to slice the data to determine your home’s fair market value. And while data, usually from sales of comparable homes in the area, is important, a top agent’s experience can be invaluable when...

    So you’ve listed your home for sale and it’s been showing, and showing, and showing, and…not selling. That means it’s time to make some changes, especially if your home has been on the market more than 30 days.  

    Most realtors would agree that buyers right now are really savvy. They have a lot of ways to do market research. If it’s sitting on the market for more than 30 days, typically buyers are asking, ‘What’s wrong with it?’”  

    If home has spent too many days on the market, this is usually interpreted as a negative quality signal, as buyers speculate that there are may be flaws which made the property hard to sell to previous buyers.

    Having your home sit on the market is more than just frustrating—it’s probably costing you money.  The longer a listing sits, the more the sale price will fall below list price. So every day that your home isn’t selling, it is, statistically, going to sell for less. 

    Here are some likely reasons your home isn’t selling.

    The Price Is Too High

    Pricing a house too high is a common mistake: according to area real estate agents, pricing a home incorrectly is the biggest error sellers make.

    Pricing a home for sale is tricky. There are a lot of ways to slice the data to determine your home’s fair market value. And while data, usually from sales of comparable homes in the area, is important, a top agent’s experience can be invaluable when...

    Read more

  • What Realtors Should Know About The Millennial Housing Market What Realtors Should Know About The Millennial Housing Market

    0 comments / Posted on by Steven Rivera

    What Realtors Should Know About The Millennial Housing Market

    The millennial generation is considered a little enigmatic in marketing circles, and a considerable amount of research has been conducted to understand how they think, what they buy and how they live. The real estate industry is taking serious notice as well.

    At 75.4 million strong, millennials have now surpassed baby boomers as the largest generation alive, according to the U.S. Census Bureau. However, with 57 being the median age of today’s homeowner, millennials still fall behind boomers when it comes to homeownership.  (Source: Zillow Group Consumer Housing Trends Report 2018)

    So what do shifting tides in real estate’s newest power generation mean for the industry? One thing is certain: Whether buying, renting, or investing in real estate themselves, millennials are a true force in today’s housing market.

    Key Drivers in the Millennial Housing Market

    Jobs

    Though it might seem obvious, proximity to career centers is the first priority of the millennial housing search.

    Recent polls reveal 87% of millennials say career opportunities and ongoing professional growth are important to them. Combine that with another study showing this generation tends to “job-hop,” switching jobs an average of four times in their first 10 years after college (compared to two times for the previous generation), and here you have a group that prefers areas with many employment options.

    Affordability

    Because many in the millennial generation are still paying off student debt and confronted with stiff competition in a low-inventory housing market, affordability is key.

    Of the millennials who are looking to...

    The millennial generation is considered a little enigmatic in marketing circles, and a considerable amount of research has been conducted to understand how they think, what they buy and how they live. The real estate industry is taking serious notice as well.

    At 75.4 million strong, millennials have now surpassed baby boomers as the largest generation alive, according to the U.S. Census Bureau. However, with 57 being the median age of today’s homeowner, millennials still fall behind boomers when it comes to homeownership.  (Source: Zillow Group Consumer Housing Trends Report 2018)

    So what do shifting tides in real estate’s newest power generation mean for the industry? One thing is certain: Whether buying, renting, or investing in real estate themselves, millennials are a true force in today’s housing market.

    Key Drivers in the Millennial Housing Market

    Jobs

    Though it might seem obvious, proximity to career centers is the first priority of the millennial housing search.

    Recent polls reveal 87% of millennials say career opportunities and ongoing professional growth are important to them. Combine that with another study showing this generation tends to “job-hop,” switching jobs an average of four times in their first 10 years after college (compared to two times for the previous generation), and here you have a group that prefers areas with many employment options.

    Affordability

    Because many in the millennial generation are still paying off student debt and confronted with stiff competition in a low-inventory housing market, affordability is key.

    Of the millennials who are looking to...

    Read more

  • Four Essential Components of a Strong Offer Four Essential Components of a Strong Offer

    1 comment / Posted on by Steven Rivera

    Four Essential Components of a Strong Offer

    If you’re in the process of shopping for a home, you likely want to know how to make your offer stand out from the crowd. We’ve put together four components that you can use to your advantage when putting together a strong offer. Read on to learn how to put together an offer that will undoubtedly capture the sellers’ attention.

    Offer Price

    This is one component of an offer that everyone knows about, even if they’ve never been through the process before. However, as the buyer, it might be less of a big deal than many people make it out to be.

    From the sellers’ perspective, the offer price makes a huge difference. The proceeds that they receive from at settlement are the only benefit that they get from the sale of their home. That money could be what they’re relying on to carry them through retirement or possibly these funds may be needed for the sale of their new home. In either case, it is likely that the sellers have a firm bottom line that they need to meet.

    However, as the buyer, you’re a bit more protected from the impact of a higher offer price. Any increase in price will be rolled into your mortgage and you’ll pay for it over the life of the loan. It will likely only make a small difference in your monthly payment.

    Keep this in mind as you put your offer together. While you ultimately have to be comfortable with the amount you agree...

    If you’re in the process of shopping for a home, you likely want to know how to make your offer stand out from the crowd. We’ve put together four components that you can use to your advantage when putting together a strong offer. Read on to learn how to put together an offer that will undoubtedly capture the sellers’ attention.

    Offer Price

    This is one component of an offer that everyone knows about, even if they’ve never been through the process before. However, as the buyer, it might be less of a big deal than many people make it out to be.

    From the sellers’ perspective, the offer price makes a huge difference. The proceeds that they receive from at settlement are the only benefit that they get from the sale of their home. That money could be what they’re relying on to carry them through retirement or possibly these funds may be needed for the sale of their new home. In either case, it is likely that the sellers have a firm bottom line that they need to meet.

    However, as the buyer, you’re a bit more protected from the impact of a higher offer price. Any increase in price will be rolled into your mortgage and you’ll pay for it over the life of the loan. It will likely only make a small difference in your monthly payment.

    Keep this in mind as you put your offer together. While you ultimately have to be comfortable with the amount you agree...

    Read more