No matter the industry, there are always different trends that come and go. What are the trends this year for real estate? Well, here are five pretty popular trends that are current!
Cities that are considered “second tier” are becoming more and more popular for people to move to! These cities include Austin, Nashville, San Antonio, Portland and Raleigh-Durham. This is largely in part to them having a lower cost of living, being a “current” and “hip” city and having more sophisticated realtors.
Millennials have been moving to the suburbs. This demographic, for the most part, has been putting off having kids longer than most generations. However, soon many will become parents and fuel a boom, especially around the Hartford, Milwaukee and Pittsburgh area. These areas have seen a large job growth.
Because the market has been recovering, this has also led to job growth, and in effect this has helped to strengthen the commercial sector. The average square foot by worker is decreasing, going from 253 square feet to 138 square feet. Existing office space is predicted to be redeveloped and the rise in co-working is predicted to take off.
New and different housing options are taking off. The rates of home ownership has dropped from 70% to about 63.5%. This has been seen in all age group, and thus this has led to an increase in rental housing and people are more willing to experiment with micro housing. This is majorly due to an affordability issue, the market to own a house is just too expensive for most people to afford.
Parking lots may be getting a make over soon due to the fact that many young people are going without cars, and instead have begun to use public transportation, bikes or are car pooling. Many urban planners are wondering if it’s a good idea to convert parking lots into downtown real estate.
Those were some brief real estate trends that are current as of now. Keep researching, as these trends are sure to change with the times!
As you go through your home search, you may have heard a few rumors here and there. How can you tell what is the truth and what isn’t? Well this blog post will debunk some real estate myths you may have heard!
One common myth is that all realtors are the same. This isn’t the truth at all. Just like any job position, they may have the same duties, but every agent approaches the job differently. Also, some agents have different skills levels and experience than others. That said, keep this in mind when choosing a realtor. Research their expertise, references and skills to ensure that they work with what you need to be done.
Overpricing your home is another myth. Many people believe that they can overprice their home, but can still sell it because there’s probably one person on Earth that will buy it. However, this is just not true. In modern times, people have access to technology, and can educate themselves. If you overprice your home, then potential buyers will be able to find this out by just a click of a button. If people find out your home is overpriced, then it may sit on the market for a very, very long time.
Another myth is that real estate agents make loads of cash. This isn’t necessarily the case. While real estate agents due earn commissions on houses they sell, this percent is very large. This is because the commission is split with other agents, brokers, vendors or anyone else who helped in selling this house.
There is another myth floating around that Zillow can sell your home. Zillow is not your internet real estate agent. Zillow is more like a website to get ideas from. You can search to find homes around your area, but this isn’t like Amazon.com where you just click a button and buy a home. Zillow is a good place to look for ideas, but working with a professional realtor is the best way to find a home.
One last common myth is that a house does not need to be staged in order to sell it. Do not do this! Staging is crucial to the home selling process. It is crucial for a potential home buyer to imagine themselves in your home. They cannot do this if the house is cluttered with your personal items. They will just feel like a guest in your home in this case. Removing clutter gives them the proper ability to imagine themselves in this home.
So you have finally chosen your new location for your home, you’ve found the perfect neighborhood and a city you love, but now you have to convince the kids. Normally, they aren’t too happy by this news, so here are some tips to help the situation go as smoothly as possible!
First tip is to call a family meeting. Get everyone together and talk about the move! Let them know the reason for the move, and how you feel about the move yourself.
If your children are older, then let them help in the selection of the new home. Have them give you some feedback, and if possible allow them to see the possible home choices in person. Ask them to give you their feedback and take their thoughts into consideration.
Make sure to help reduce clutter! Let your kids know that not everything can come with the move. Go through each room with your children and identify what you should get rid of. Once you have chosen what will and will not come with the new move, then sell the rest! Organize a moving sale, and let the kids help.
Next, learn about the new area you are moving into, and share this with your kids. Let them know all the information. Encourage your kids to do their own research and learn about their new home. This can help them become more excited, and the can research possible clubs, organizations or sport teams they want to join!
Next, make room plans. Let your children help decorate the rooms in the new house. Go to the hardware store and look at possible paint colors, go to purchase furniture together, and let them help decorate their own rooms as well. Help them become involved with the new home as much as possible.
If possible, take the kids to the new area for a visit. Walk through the new home, and take the kids on a tour of the neighborhood as well as the city. Let them know where their school will be as well as the closest library. Another good idea is to show them where you will be working as well, help them get excited!
It will be hard for your children to say goodbye to everyone they know. You can help lessen this by hosting a get together party. Let your children say goodbye to all their friends and exchange information, take photos and say goodbye. This will help lessen the anxiety.
Once you are in your new area and your new home, be a tourist! Let your kids tour the town and get to know their community. Take them on a tour, go hiking, visit museums and meet new people! If you follow all these steps, the move will be much easier and will help your kids become excited about the move!
Buying or renting a home is obviously an exciting event, however there are people in this world that like to take advantage of such events. These people are scammers who prey on people’s emotions and take advantage of home buyers, seller and renters. In then end, this can harm your credit scores, finances and require the help of an attorney. Here are some common hoaxes realty wise, so make sure to read and be on the lookout while you home search!
One common type of scam is document fraud. This is when a potential home buyer provides inaccurate information on loan documents. A person may lie about their income, assets or liabilities in order to ensure they qualify for a loan. Also, some buyers may say they want to buy and live in a property, but only want to rent it. Ways to catch this is observe if they list PO Boxes for their addresses for employment or if their income does not match the price of the house in question.
Another type of scam is a foreclosure rescue. This is when people find homeowners who have fallen behind on their loan mortgage payments. The scammers promise to help the homeowner avoid foreclosure but only if they pay these very heavily priced fees upfront. Sometimes, they may require the homeowners to take out another loan on the owner’s behalf, or even have them sign the home over to them. Red flags to look for are people asking for fees in advance or if they are being secretive.
Appraisal fraud is another scam to look out for. This is when a home’s value is inflated or decreased. Keep in mind that appraisers work independently, but these scammers are hired by lenders in order to provide false information on a property. If a home is appraised for more than its actual value, then the homeowner may cash in some of the profits. However, when they try to sell it later down the road, they are left shorthanded. This is easy to avoid if you ask around for an appraiser.
One more common scam is rental scams. One way people are scammed are when they renters agree on a certain property, but later find out that the home actually belongs to someone else. This also applies to scammers who want to sell homes they don’t own. They often target people who speak other languages and do not know too much about the real estate process. These people sign papers and pay money only to find out they do not have the property they wanted.
These hoaxes and scams are pretty common, however you can easily avoid them! Just make sure to work with an experienced and reputable realtor!