Tag Archives: #realestatetips

How to Navigate the 2023 Short Sales and Pre-Foreclosure Market

13 Thursday Apr 2023

Posted by in Avoiding Foreclosure, Buying Myths

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Tips for Homebuyers

The real estate market can be complex, and navigating the 2023 short sales and pre-foreclosure market can be especially challenging. Short sales and pre-foreclosures are often an attractive option for homebuyers seeking to purchase a property at a discounted price, but they come with their own unique set of challenges. In this article, we will provide tips and advice to help you successfully navigate the 2023 short sales and pre-foreclosure market.

ShortSales, #PreForeclosures, #RealEstateMarket, #Homebuyers, #RealEstateTips, SCShortsale, #ColumbiaForeclosureRelief, #ColumbiaForeclosureRelease.

Understanding Short Sales and Pre-Foreclosures

Before we dive into the tips for navigating the short sales and pre-foreclosure market, it’s important to understand what these terms mean. A short sale occurs when a homeowner is unable to pay their mortgage and sells their property for less than what they owe on their mortgage. Pre-foreclosure refers to the period of time before a property is foreclosed upon, during which the homeowner may be willing to sell the property to avoid foreclosure.

Tip #1: Work with a Real Estate Agent who Specializes in Short Sales and Pre-Foreclosures

When buying a property that is being sold as a short sale or pre-foreclosure, it’s essential to work with a real estate agent who has experience in these types of transactions. A specialized agent can guide you through the process, help you navigate any challenges, and ensure that you are making an informed decision.

Tip #2: Get Pre-Approved for a Mortgage

If you’re planning to purchase a property through a short sale or pre-foreclosure, it’s crucial to get pre-approved for a mortgage. Pre-approval will give you an idea of how much you can afford to spend and will make the buying process smoother and more efficient.

Tip #3: Do Your Due Diligence

When purchasing a property through a short sale or pre-foreclosure, it’s important to do your due diligence. This includes researching the property’s history, condition, and any liens or encumbrances. You may also want to consider hiring a home inspector to assess the property’s condition.

Tip #4: Be Prepared for a Lengthy Process

Buying a property through a short sale or pre-foreclosure can be a lengthy process. It can take several months or even years for the transaction to be completed, so it’s important to be patient and prepared for a potentially long process.

Tip #5: Be Flexible

When purchasing a property through a short sale or pre-foreclosure, it’s important to be flexible. The seller may be motivated to sell quickly, but there may be delays and unforeseen circumstances that can slow down the process. Being flexible and willing to work with the seller can help make the process smoother and less stressful.

In conclusion, navigating the 2023 short sales and pre-foreclosure market can be challenging, but with the right approach and guidance, it’s possible to successfully purchase a property at a discounted price. Working with a specialized real estate agent, getting pre-approved for a mortgage, doing your due diligence, being prepared for a lengthy process, and being flexible are all important factors to consider when buying a property through a short sale or pre-foreclosure.

Maximizing Your Home’s Curb Appeal

16 Thursday Mar 2023

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5 Tips for a Stunning First Impression

When it comes to selling your home, staging is a crucial part of the process. Staging involves making your home look its best to appeal to potential buyers. Here are the five best staging tips when selling your home.

  1. Declutter and Depersonalize

The first step in staging your home is to declutter and depersonalize. Remove any personal items, such as family photos or heirlooms, as they can distract potential buyers from seeing themselves living in the space. Clear out any unnecessary items and organize the remaining items neatly. A clean and organized space will help buyers envision themselves living in the home.

  1. Clean Thoroughly

Before showing your home, ensure it is thoroughly cleaned from top to bottom. This includes scrubbing floors, wiping down surfaces, and dusting all areas. Deep clean the bathrooms and kitchen, ensuring they are sparkling clean. Consider hiring a professional cleaner to do a deep clean to ensure everything is spotless.

  1. Highlight the Best Features of the Home

Staging is all about showcasing the best features of your home. If you have a beautiful fireplace, make sure it is the focal point of the room. If you have a stunning view, ensure that it is visible from the main living areas. Highlighting the best features of your home will make it more appealing to potential buyers.

  1. Depersonalize and Neutralize

In addition to removing personal items, it’s important to neutralize the decor. This means using neutral colors on walls and furniture to appeal to a wider range of buyers. Neutralizing your home will help potential buyers see themselves living in the space and make it easier for them to imagine their own furniture and decor in the home.

  1. Create a Welcoming Environment

Finally, it’s important to create a welcoming environment. Consider adding fresh flowers or plants to the space to add some color and life. Soft lighting can also create a warm and inviting atmosphere. Ensure that the temperature is comfortable, and the home is well-ventilated to create a fresh and inviting space.

In conclusion, staging is a crucial part of selling your home. By following these five tips, you can create a welcoming and inviting space that will appeal to potential buyers. A well-staged home can sell faster and for a higher price, so it’s worth investing time and effort into staging your home properly.

CurbAppeal, #HomeSelling, #RealEstateTips, #HomeStaging, #HomeDecor, #DECLUTTER, #RMFREALTY, #ROZALYNFRANKLIN

Home Prices: What Happened in 2020? What Will Happen This Year?

02 Tuesday Mar 2021

Posted by in Buying Myths, Columbia tell me what you think?, SC Home Sellers, Selling your Columbia Home, South Carolina Living

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Home Prices: What Happened in 2020? What Will Happen This Year? | MyKCM

The real estate market was on fire during the second half of 2020. Buyer demand was way up, and the supply of homes available for sale hit record lows. The price of anything is determined by the supply and demand ratio, so home prices skyrocketed last year. Dr. Lynn Fisher, Deputy Director of the Federal Housing Finance Agency (FHFA) Division of Research and Statistics, explains:

“House prices nationwide recorded the largest annual and quarterly increase in the history of the FHFA Home Price Index. Low mortgage rates, pent up demand from homebuyers, and a limited housing supply propelled every region of the country to experience faster growth in 2020 compared to a year ago despite the pandemic.”

Here are the year-end home price appreciation numbers from the FHFA and two other prominent pricing indexes:

The past year was truly a remarkable time for homeowners as prices appreciated substantially. Lawrence Yun, Senior Economist at the National Association of Realtors (NAR), reveals:

“A typical homeowner in 2020, just by being a homeowner, would have accumulated around $24,000 in housing wealth.”

What will happen with home prices this year?

Many experts believe buyer demand will soften somewhat as mortgage rates are poised to bump up slightly. Some also believe the inventory challenge will ease as more listings come to market this year.

Home Prices: What Happened in 2020? What Will Happen This Year? | MyKCM

Based on this, most forecasters anticipate we’ll see strong appreciation in 2021 – but not as strong as last year. Here are seven prominent groups and their projections:

Bottom Line

Home price appreciation will be strong this year, but it won’t reach the historic levels of 2020. Let’s connect if you’d like to find out what your house is currently worth in our local market.

Today’s Homebuyers Want Lower Prices. Sellers Disagree.

16 Thursday Apr 2020

Posted by in Home Ownership, SC Home Sellers, Uncategorized

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Today’s Homebuyers Want Lower Prices. Sellers Disagree. | MyKCM

The uncertainty the world faces today due to the COVID-19 pandemic is causing so many things to change. The way we interact, the way we do business, even the way we buy and sell real estate is changing. This is a moment in time that’s even sparking some buyers to search for a better deal on a home. Sellers, however, aren’t offering a discount these days; they’re holding steady on price.

According to the most recent NAR Flash Survey (a survey of real estate agents from across the country), agents were asked the following two questions:

1. “Have any of your sellers recently reduced their price to attract buyers?”

Their answer: 72% said their sellers have not lowered prices to attract buyers during this health crisis. 

2. “Are home buyers expecting lower prices now?”

Their answer: 63% of agents said their buyers were looking for a price reduction of at least 5%.Today’s Homebuyers Want Lower Prices. Sellers Disagree. | MyKCM

What We Do Know  

In today’s market, with everything changing and ongoing questions around when the economy will bounce back, it’s interesting to note that some buyers see this time as an opportunity to win big in the housing market. On the other hand, sellers are much more confident that they will not need to reduce their prices in order to sell their homes. Clearly, there are two different perspectives at play.

Bottom Line

If you’re a buyer in today’s market, you might not see many sellers lowering their prices. If you’re a seller and don’t want to lower your price, you’re not alone. If you have questions on how to price your home, let’s connect today to discuss your real estate needs and next steps.