Delaware Home Gallery Real Estate Video Blog With Jason Morris
Learn all the tips, tricks and more for buyers and sellers in Delaware Area Real Estate Market
Podcaster
Episoden
19.09.2017
1 Minute
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Buying a home? Search all homes for sale
The cleanup effort in the aftermath of Hurricane Harvey is ongoing
here in Katy, Texas, where I’ve joined Keller Williams’ relief
initiative with many others to lending a helping hand to those in
need.
As you can see in the video above, it’s a nightmare of a mess. Many
folks are unloading everything from inside their houses onto
wheelbarrows and dumping the clutter onto the street. The house
we’re cleaning out now had a water line that reached four feet up
the wall.
The whole experience has brought a couple of points to my mind that
I want to share with you.
“
Donations are still very much needed for the folks down here in
Texas.
”
First, if you live in an area in Middletown that’s had its flood
lines remapped, you should seriously consider getting flood
insurance. There are definitely some areas that have been
remapped, and not all mortgage companies know about it.
Second, remember that any donations are still very much needed
for the folks down here in Texas. Whether that’s food,
supplies, or money, every little bit helps.
If you have any questions about how to donate or how to obtain
flood insurance, don’t hesitate to get in touch with me. I’d love
to help you.
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07.09.2017
1 Minute
What can you expect from our real estate market over the next
few months? We’re here to let you know.
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Buying a home? Search all homes for sale
Today we’re going to talk all about the summer market: what
happened, what it means for you, and what you can expect as we
transition into fall.
There are five long-term indicators that show how our market is
doing, along with one short-term indicator. The long-term
indicators include:
Inventory is down from last year.
The rate at which inventory is accumulating is down.
The number of closed transactions is up.
The median price point is up.
The list-to-sale price ratio is up.
All long-term indicators point to a strong seller’s market.
All these long-term indicators point to us being in a strong
seller’s market, but the short-term indicator is different. Over
the last seven days, we’ve started to see the number of new
listings outpace the number of pending transactions. We’ll keep
an eye on this trend to see if it continues. You should keep an
eye on it as well.
If you have any questions for us about the market or anything
else about real estate, give me a call or send me an email. I
look forward to hearing from you.
Mehr
10.07.2017
1 Minute
When pricing your home, it’s important that you stay within
the negotiation gap. If you don’t, you could lose out on a lot of
money.
Selling a home? Get a free home value report
Buying a home? Search all homes for sale
What effect does low inventory and high demand have on pricing in
our market? The short answer is it allows you to get a higher sale
price for your house than you would’ve been able to last
year.
There’s something I want to caution you about, though. Every single
time I sit down with a homeowner and ask how much they want to pad
the price of their house to leave room for negotiation, I get the
same answer—10%. In this market, the reality is that you only
need to pad the price by a little less than 3%.
If you overshoot your home’s market value by 10% and your margin of
error is 3%, that means you’re 7% over the mark. 3% goes into 7% a
little more than two times, meaning you’re more than twice your
allowable margin of error. If you remember your grade school math
when it comes to calculating percentages, you’ll know that twice of
what you need translates to 200%.
In other words, you’re more than 200% in excess of your margin of
error, or what I call “the negotiation gap.”
“
If you price your home over the negotiation gap, you’ll likely
lose money on its sale.
”
When you come in with numbers this high, it drives your
home’s time on the market way up because you have to keep reducing
the price until it’s back within that 3% margin. On top of that,
buyers will assume there’s something wrong with your house because
it’s been on the market for so long, so you’re bound to get less
money for it than if you priced it within the 3% margin to begin
with.
If you’re thinking of putting your home on the market, you won’t
be able to draw the competition for your house you need to get a
good price if you’re 200% over the margin of error. Even if
your house looks like a million bucks, it’ll be too far outside of
what buyers expect in terms of price.
You can save yourself this trouble by working with an agent who can
figure out the numbers and help you step into the market
intelligently. If you’d like to know the math on your home, don’t
hesitate to give me a call. I’d be happy to help you.
Mehr
22.06.2017
1 Minute
While the agent opens the lock box, buyers have plenty of time
to take in every detail of your entryway.
Selling a home? Get a free home value report
Buying a home? Search all homes for sale
Statistics show that your front door is actually one of the few
places in your home where you can spend money on an update and get
a positive return on your cash when you sell. Why is this?
Most homeowners don't even use their front door, preferring the
garage door or a side door that's closest to where you park. It's
there for show, but it actually gets less attention thanks to how
little most homeowners use them. Bugs get into the lamps by your
entryway and the glass gets dirty from fingerprints.
When you sell your house though, the agent will usually bring
buyers through the front door. Why? Most homes being shown have
an electronic lock box on their front door so that these buyers can
enter the home in the most picturesque way. They come in the front
door that might open to a foyer with the light flowing in and a
view to the kitchen.
It's just the best way to enter a home.
“
While the agent opens the lock box, buyers have plenty of time
to take in every detail of your entryway.
”
Keep in mind that that lock box takes a moment to access.
That means the buyer will just be standing there waiting for the
Realtor to open the lock box, giving them plenty of time to look at
the whole entryway. They'll see all the dead bugs piled up in
your lights, the cobwebs around the door, and the dog's nose prints
on the glass next to the door.
You want buyers to come in through the front of the house and form
a great first impression, and the best way to do that is by making
the entryway look brand new.
If you have any other questions about preparing your home for the
market, don't hesitate to give me a call or send me an email. I'd
be glad to help.
Mehr
06.06.2017
1 Minute
Buying and selling a home at the same time can get tricky.
Here’s how you can make the situation easier.
Selling a home? Get a free home value report
Buying a home? Search all homes for sale
A lot of people have been asking lately how they can buy and sell a
home at the same time. How can you get those two transactions to
hook together?
Inventory is low right now, so there isn’t much to choose from on
the market. This is good news for sellers, but they are still
hesitant to put their homes on the market because they aren't sure
what they will do when their home sells more quickly than they can
buy. There are a few different ways you can manage it.
The first option is buying a home with no contingency. This
involves either paying for two mortgages at once, paying cash for
your new home, or taking out a home equity line of credit to buy.
If you make an offer that isn’t contingent on the sale of your
home, those are the offers that sellers will take most
seriously.
If that option isn’t feasible for you, the second best option is
to have your home already under contract by the time you make an
offer. This way, the seller knows that you are a serious buyer,
and you already have a buyer for your home. Then you need to
develop a plan B.
It could be finding a flexible seller who will allow you to take
your time selling your own home. It could also be finding a
flexible buyer who will wait for you to make a purchase or let you
out of the sale if you can’t. Either way, you should have a
temporarily living plan in place as well. Whether it’s living with
a family member or in a furnished apartment, it’s good to have a
backup situation for every possible scenario.
“
You always need a plan B.
”
Another option is to assume you will use temporary living and
go into it right away as soon as your house is sold. This will
let you buy on your own time and you’ll also be able to buy without
that pesky home sale contingency. You can shop at your leisure
and there aren't as many logistical concerns.
As a last ditch effort, you could attempt to find a seller who is
willing to work with you and be patient. There aren’t many of those
in this market, however, because most buyers aren’t asking sellers
to do this.
If you don’t fit into any of these scenarios, it will be tough for
you to balance things. At the very least, you should get your home
on the market before you start looking at homes to buy so you can
show sellers that you are serious. Remember, you can always say no
to a deal that doesn’t work for you, but you can’t always get a
seller to work with you if you don’t have a definite timeline to
sell your home.
If you have any questions for us or want us to help you work
through the logistics of buying and selling a home, give us a call
or send us an email and we would be glad to help. We look forward
to hearing from you soon.
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