When mortgage rates drop to near historic lows like recently, many homeowners start thinking about either refinancing their current homes or buying a new one.
According to Freddie Mac and the National Association of Homebuilders, mortgage rates are expected to hover around 3 percent this year. The National Association of Realtors projects the rate will reach 3.2 percent in 2021, and Wells Fargo believes rates will be around 2.89 percent. All these numbers are attractive for both new home buyers and those looking to refinance.
There are benefits and pitfalls to both that a knowledgeable and professional agent can communicate to put you in the best position possible.
Despite it being a seller’s market where home prices in many regions are skyrocketing, you could still manage to land the home of their dreams without breaking the bank.
However, if you aren’t up for getting into possible bidding wars, are still content in your current home, or need to squeeze some money out of your monthly budgets, refinancing can provide some benefits.
To help you clients determine whether they should buy now or refinance instead, here are some essential considerations to share.
Buying a home ‘sight unseen’ isn’t a brand-new buyer approach. If you’ve sold to families relocating from across the country, foreign buyers, or investors, you may have been involved in transactions where your client buys based on a few photos and an attractive price.
Back before the internet or easy access to multimedia resources, those types of sales were more challenging for both you as the agent and the buyer. But in the past decade, the ‘buying blind’ trend has become increasingly common.
Sometimes, it’s out of necessity, like a long-distance move or lack of time to dedicate to the home search. However, some buyers just appreciate the opportunity to shop from a distance and rely on the digital home shopping experience.
As a real estate agent, there are many things you can do to make the sight unseen homebuying process go smoothly and quickly for your clients. Since those clients often won’t get a first-hand, in-person look at the homes they are considering, you’ll be their eyes and ears during the house hunt.
The more you can do to help them, the better your chances are of getting them into the right house – and earning your commission. Here are four things you can do to help your clients buy sight unseen: Continue reading
It’s that time of year again—air conditioning season.
According to Consumer Reports, more than 75 percent of U.S. homes use air conditioning, and 90 percent of new homes are equipped with central air. But believe it or not, there are still some homes using good ‘ole ceiling fans to cool the space.
For your clients who fall in love with a home that doesn’t have central air or needs the current system upgraded, it doesn’t have to be a deal-breaker. You can let them know that they have options other than suffering through hot and humid summer days.
Share these tips to help them make the best investment possible when choosing a central air system that will efficiently cool their home without running up their electric bill. Continue reading
True or false – it’s nearly impossible for a self-employed worker to qualify for a home mortgage loan?
False. While self-employed applicants sometimes need to work a little harder to prove that they are as creditworthy as traditional workers, that doesn’t mean getting a loan for their dream home is out of the question. Continue reading
Be your own boss. Flexible hours. Big income potential.
It sounds like the dream job you’ve always wanted. Your new career as a real estate agent definitely has the potential to be the best job you’ve ever had. You probably chose this new adventure because you enjoy working with people, setting your own schedule, and being in control of how much income you can make.
Currently, you’re one of 2 million real estate agents in the United States. According to the Bureau of Labor Statistics, the Realtor® labor force will grow 2.3 percent between 2019 and 2029. In that period, an estimated 8,700 jobs should open up.
If you’re new to the real estate game, this is an important time of year. Home-buying season is about to heat up, and you need to know how to get out of the gate quickly to build your network and score some commissions. You’ll have your work cut out for you as you try to keep up with all the experienced agents. But with a lot of hard work, energy, and some tricks of the trade, you can taste success. Continue reading
Anyone working in the housing market in any capacity – lenders, real estate agents, inspectors, or appraisers – knows that the market goes in cycles. Interest rates move up and down, home prices fluctuate, and supply and demand vary.
As the spring homebuying season approaches, it’s important for buyers, sellers, and real estate professionals to do their research on what to expect. Knowing what the industry gurus are predicting will help prepare everyone who may have skin in the game in 2021 to prepare, manage expectations and gain any needed advantage over the competition.
On the heels of 2020, when the housing market saw home sales and prices hit decade-plus highs following decade lows in the span of just a few months, analysts expect the winning streak to continue this year as seasonal trends normalize.
To get a clearer picture of the state of the housing market this spring, let’s examine some key factors that are trending up or down. Continue reading
Home buying is an ultracompetitive game. Smart buyers hire savvy real estate agents like you to guide them through the process and share insider tips to help them gain an advantage over other buyers. As we head into peak homebuying season, it’s more important than ever for prospective buyers to get a handle on their credit standing.
According to Compare Camp, 6 out of 10 Americans have a credit score above 700, which is considered “good.” But, only 1.2% of Americans have achieved the highest possible score of 850, so most buyers will have room to improve!
While some of your clients may have a general idea about credit scores, you may need to educate some of your newer or first-time clients. It’s important to explain what a credit score is, how to improve it, and the benefits that come along with a higher score – especially in a tough market. Continue reading
Throughout your career as a real estate agent, you’ve probably seen it all when it comes to how the buying process plays out for your clients. It’s true that while the steps are mostly the same for everyone, the ebbs and flows of the process can differ from client to client and home to home, especially during competitive times like these.
If you’re lucky, you’ve had families who fall in love with the very first home you showed them, made an offer, and had the offer accepted that same day. That qualifies as pure homebuying bliss.
But you’ve likely also had those scenarios where it takes a client months (or even years) to find the right place. When they finally have their dream home insight and make an offer, someone else swoops in at the last minute with a more substantial bid. Ugh!
Nevertheless, as their advocate and trusted expert, it’s your job to do anything possible to ensure that they keep the momentum to find the home they want, make competitive, well-informed bids, and score a house they can call home for the next several years.
Even during competitive buying times, you can help make that happen by coaching your client on what they need to do to be the most competitive buyer bidding. A competitive offer is an obvious choice, but there are additional steps that can increase their buying power while ensuring they are not overpaying for a home.
Here are five ways you can help keep your clients be competitive in the homebuying process: Continue reading
Buying a home for the first time can be an exciting and satisfying experience. No more paying rent, dealing with loud, obnoxious upstairs neighbors, hauling laundry to the laundromat, or waiting days for the maintenance man to fix the leaking ceiling.
But that excitement can quickly turn to frustration for your clients looking to buy their first home. Since it’s their first rodeo, they don’t understand that the home buying process is an exercise in patience, persistence, and paperwork (lots of it). As their realtor, you can help make their first home-buying experience a great one by setting realistic expectations, explaining how the process works, and encouraging them along the way.
Here are some specific ways you can help first-time homebuyers get the most out of their experience and help alleviate any stress or anxiety they may have during their home-buying journey: Continue reading