If you’re searching for a home online, you’re not alone; lots of people are doing it. The question is, are you using all of your available resources, and are you using them wisely? Here’s why the Internet is a great place to start the home-buying process, and the truth on why it should never be your only go-to resource when it comes to making such an important decision.
According to the National Association of Realtors (NAR), the three most popular information sources home buyers use in the home search are:
Here are 3 top reasons why using a real estate professional in addition to a digital search is key:1. There’s More to Real Estate Than Finding a Home Online. It’s a lonely and complicated trek around the web if you don’t have a real estate professional to also help you through the 230 possible steps you’ll face as you navigate through a real estate transaction. That’s a pretty staggering number! Determining your price, submitting an offer, and successful negotiation are just a few of these key steps in the sequence. You’ll definitely want someone who has been there before to help you through it. 2. You Need a Skilled Negotiator. In today’s market, hiring a talented negotiator could save you thousands, maybe even tens of thousands of dollars. From the original offer to the appraisal and the inspection, many of the intricate steps can get complicated and confusing. You need someone who can keep the deal together until it closes. 3. It Is Crucial to Make a Competitive and Compelling Offer. There is so much information out there in the news and on the Internet about home sales, prices, and mortgage rates. How do you know what’s specifically going on in your area? How do you know what to offer on your dream home without paying too much or offending the seller with a lowball offer? Dave Ramsey, the financial guru, advises: “When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.” Hiring a real estate professional who has his or her finger on the pulse of the market will make your buying experience an informed and educated one. You need someone who is going to tell you the truth, not just what they think you want to hear. Bottom LineIf you’re ready to start your search online, don’t skip over the support of an educated and informed real estate professional. You’ll want someone at your side who can answer your questions and guide you through a process that can be complex and confusing if you go at it with the Internet alone. SOURCE KCM #ForBuyers #HousingMarketUpdates #RealEstateProfessional #SimardRealtyGroup #eXpRealty
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Homes are selling quickly, and inventory is typically low during this time of year. If you're considering listing your house, let's connect so you can settle into your dream home before the holidays
#GranbyHomes #Homesforsale #Realestate #Simsburyhomes #HomeValues #RealEstateAdvise #RealtorGranby #RealEstateSimsbury #StephenSimard #eXpRealty **FOR SALE** 33 CANAL ST, WEATOGUE CT @ $515k!**
"Attractive well kept building with large front porch/entrance, plenty of parking, 3 car detached garage, and newer roof. Seconded floor boasts a two bedroom apartment which can be converted into additional office space." Want more photos and info? Click the link below: https://33canalst.thebestlisting.com/ #CanalSt #Weatogue #SellingCT #ForSale #SimardRealtyGroup #eXpRealty You’ve likely heard a ton about Millennials, but what about Gen Z? In the next 5 years, this generation will be between the ages of 23 and 28, and they’re eager to become homeowners faster than you may think.
According to realtor.com, “Nearly 80 percent of Generation Z members say they want to own a home before age 30,” and Concentrix Analytics said, “52% of prospective Gen Z buyers are already saving to buy a home.” Wikipedia defines Generation Z (Gen Z) as “the demographic cohort after the Millennials. Demographers and researchers typically use the mid-1990s to mid-2000s as starting birth years.” The report from Concentrix goes a little deeper on Gen Z, identifying the main reasons this cohort wants to own homes:
Although they’re eager to buy, this generation also perceives a few challenges ahead:
It is also interesting to note that 21% of Gen Zers think their parents will provide financial help, 17% will use a down payment assistance program, and 15% believe other family members will help them. One of the highlights of the report mentioned, “More than half of Gen Zers who think they’ll receive help also think they will need to pay their parents back, compared to 40 percent of millennials.” Bottom Line It is never too early to start saving for your own home, whether you are part of Gen Z or a different generation. If you would like to know where to start and how much you need to save to reach your goal of buying a home, contact a local real estate professional to help you to understand the process. SOURCE KCM #Demographics #Forbuyers #Millennials #SimardRealtyGroup #eXpRealty For Sale! 37 Salmon Brook St, Granby, CT priced at $224,950!
"Enjoy entertaining on the stamped concrete patio area with fire pit. New septic 2015. Located across from the farmington valley bike trail, close to all amenities, and Granby/Simsbury centers. Granby offers small town charm, easy access to farms, parks, and great schools. Schedule your private showing." View more photos and info on this link: https://37salmonbrookst.thebestlisting.com/ #ForSale #SalmonBrook #SellingCT #SimardRealtyGroup #eXpRealty The best time to sell anything is when demand for that item is high and the supply of that item is limited. The latest Existing-Home Sales Report released by the National Association of Realtors (NAR), reveals that demand for housing continues to be strong, but the supply is struggling to keep pace. With this trend likely continuing throughout 2020, now is a great time to sell your house. THE EXISTING-HOME SALES REPORT The most important data revealed in this report was not actually sales. In reality, it was the inventory of homes for sale (supply). The report explained:
According to Lawrence Yun, Chief Economist at NAR, “Sales are up, but inventory numbers remain low and are thereby pushing up home prices.” In real estate, there is a simple guideline that often applies here. Essentially, when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see greater appreciation. Between a 6 to 7-month supply is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and can expect depreciation in home values (see below): As we mentioned before, there is currently a 4.1-month supply of homes on the market, and houses are going under contract fast. The Existing Home Sales Report also shows that 49% of properties were on the market for less than a month when they were sold. In August, properties sold nationally were typically on the market for 31 days. As Yun notes, this should continue,
“As expected, buyers are finding it hard to resist the current rates…The desire to take advantage of these promising conditions is leading more buyers to the market.” Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market, and supply will fail to catch up with demand if a sizable supply does not enter the market. Bottom Line If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers who are out there searching for your house to become their dream home. SOURCE KCM #ForSellers #HousingMarketUpdates #TimeToSell #SimardRealtyGroup #joineXpRealty Just Listed! 258 Hartford Ave, East Granby CT @ $217k!
"Come home to this well cared for ranch set on the East Granby/Granby line. On the main level find the eat-in kitchen with ample cabinet space, tiled backsplash, and stainless appliances. The first floor is complete with a dining room, full bath, and three good sized bedrooms. " Read more here property info here: https://258hartfordave.thebestlisting.com/ #JustListed #HartfordAve #SellingCT #SimardRealtyGroup #eXpRealty FOR SALE! 11 Granby Farms Rd, Granby, CT @ $417,399!
"Fantastic opportunity to call this sought after Granby Farms Colonial home! Spacious sun filled rooms highlight the first floor living space of this meticulously cared for home. The kitchen boasts plenty of cabinet space, stainless steel appliances, island seating, a breakfast nook, & flows nicely into the formal living room. Additional features include an irrigation system, generator hookup, three zone heating, 10x16 shed w/ firewood storage, & walk up attic access perfect for storage or finish off for additional space. " Read full property info here: https://11granbyfarmsrd.thebestlisting.com/ #ForSale #GranbyFarms #SellingCT #SimardRealtyGroup #joineXpRealty While a recent announcement from CNBC shares that the average national FICO® score has reached an all-time high of 706, the good news for potential buyers is that you don’t need a score that high to qualify for a mortgage. Let’s unpack the credit score myth so you can to become a homeowner sooner than you may think. With today’s low interest rates, many believe now is a great time to buy – and rightfully so! Fannie Mae recently noted that 58% of Americans surveyed say it is a good time to buy. Similarly, the Q3 2019 HOME Survey by the National Association of Realtors said 63% of people believe now is a good time to buy a home. Unfortunately, fear and misinformation often hold qualified and motivated buyers back from taking the leap into homeownership. According to the same CNBC article, “For the first time, the average national credit score has reached 706, according to FICO®, the developer of one of the most commonly used scores by lenders.” This is great news, as it means Americans are improving their credit scores and building toward a stronger financial future, especially after the market tumbled during the previous decade. With today’s strong economy and increasing wages, many Americans have had the opportunity to improve their credit over the past few years, driving this national average up. Since Americans with stronger credit are now entering the housing market, we are seeing an increase in the FICO® Score Distribution of Closed Loans (see graph below): But hang on – don’t forget that this does not mean you need a FICO® score over 700 to qualify for a mortgage. Here’s what Experian, the global leader in consumer and business credit reporting, says:
FHA Loan: “FHA loans are ideal for those who have less-than-perfect credit and may not be able to qualify for a conventional mortgage loan. The size of your required down payment for an FHA loan depends on the state of your credit score: If your credit score is between 500 and 579, you must put 10% down. If your credit score is 580 or above, you can put as little as 3.5% down (but you can put down more if you want to).” Conventional Loan: “It’s possible to get approved for a conforming conventional loan with a credit score as low as 620, although some lenders may look for a score of 660 or better.” USDA Loan: “While the USDA doesn’t have a set credit score requirement, most lenders offering USDA-guaranteed mortgages require a score of at least 640.” VA Loan: “As with income levels, lenders set their own minimum credit requirements for VA loan borrowers. Lenders are likely to check credit scores as part of their screening process, and most will set a minimum score, or cutoff, that loan applicants must exceed to be considered.” Bottom Line As you can see, plenty of loans are granted to buyers with a FICO® score that is below the national average. If you’d like to understand the next steps to take when determining your credit score, reach out to a trusted advisor to learn more. SOURCE KCM #BuyingMyths #HousingMarketUpdates #SimardRealtyGroup #eXpRealty For Sale! 29 Byron Dr, Granby, CT @ $279k!
"Come home to this charming Colonial set in Granby's desired Poet's Corner. You will appreciate a few of the recent upgrades such as a newer roof 2018, new furnace, new easy care vinyl siding 2018. Inside find a generous sized kitchen with ample cabinet space, stainless refrigerator, and eat in area." Read full property description here: https://29byrondr.thebestlisting.com/ #ByronDr #ForSale #SellingCT #SimardRealtyGroup #eXpRealty |
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