By Erica Sweeney
Many home buyers are waiving home inspections with some finding issues after the purchase.
“Even if the new homeowner may not have a case, it could cause the seller to spend money on legal fees as well as time spent trying to remediate the issue,” says Jason Gelios, a real estate agent with Community Choice Reality in Southeastern Michigan.
A guest article by David Allen. A 7 minute read
If you're planning to sell your property, one of the first and most important decisions you'll have to make is whether you'll hire a real estate agent or not. Even though selling a property is a complex and time-consuming process, many people are still reluctant when it comes to paying commission for agent services. Some homeowners simply prefer to go solo with their home sale, although they often realize that they've made a terrible mistake. If you want to avoid the risks of many complications along the way, you should consider the reasons why selling without an agent is a recipe for disaster.
You don’t have home selling expertise and knowledge. If you want to sell your home quickly and for top dollar, you'll need a local agent with experience in selling homes such as yours. The most important factors why people hire a real estate agent are:
Agents have experience in the local market and specialized knowledge, which is priceless.
You need valuable professional advice.
Sellers usually pay a commission to their chosen real estate agent at the closing after all the important work is already done. If you know anyone who has recently sold a home, you may ask them if they find an agent's services valuable and worth the money.
Real estate agents sometimes offer certain perks at no additional cost. Those may include the services of a professional photographer, staging advice, some home improvement tips, etc. All these extras can make your home sell more quickly and for a better price. Also, agents have a vast network of clients and other agents. That can prove helpful in bringing more potential buyers to look at your home. Years of experience guarantee that your agent has valuable connections in the industry, and that's exactly what you need.
If you hope to do it all on your own, you’ll lose a lot of precious time.
Most sellers simply don't have time to lose, and that's the main reason to hire an agent. It takes a lot of time to schedule and manage appointments. If you have a very demanding job and you don't have a lot of spare time, you can rely on your agent every step of the way. While you're on a business trip or a vacation, they can handle showings and negotiations, so you won't have to turn off any potential buyers. It also takes a lot of patience to respond to agent and buyer questions, concerns, and objections professionally. Trying to do everything independently and selling without an agent may significantly prolong the home selling process.
Selling without an agent means you'll have to manage showings and handle negotiations.
All your marketing strategies might be in vain.
Most sellers don't know how to successfully market their property. To be able to do so, you need to be familiar with the buyer demographic for your neighborhood. You need to know how to target and reach prospective buyers. When it comes to effective marketing, an experienced real estate agent is your main ally. They know the best ways to reach and appeal to a targeted group of buyers. Also, they have access to predictive analytics, and they know how to strategically promote your home. They can make the best use of traditional as well as modern (online/social media) marketing methods. With the right marketing campaign, you will be able to attract lots of buyers.
The closing can become a nightmare.
The agent's role is crucial during the closing. Closing implies signing a lot of paperwork and dealing with complicated terminology. A real estate agent should be there to help you with all the paperwork, double-check the legal matters, and answer any questions you might have before you sign the documents.
Closing documents can sometimes be very confusing, so you need an expert by your side.
It can prolong the process of moving to another home.
Another reason why selling without an agent is a recipe for disaster is that it can significantly prolong the process of moving to another home. If you don't set the right price for your home, don't stage it properly, and don't invest in a successful marketing campaign, the selling process may postpone other planned events in your life, such as buying another home and moving there. You may not be able to concentrate on many important tasks ahead of you, and you may even end up selling your home for a much lower price than its actual value.
On the other hand, if you hire a reliable real estate agent, the whole process will be much smoother and probably faster as well. After the closing, the real estate agent will explain when you should have the house vacant and what the condition of the house should be when you are moving out. Meanwhile, you should also find someone to take care of everything related to your relocation. If you hire full-service movers, you can rely on them for packing, furniture dissembling, storage solutions, safe transport of your items, and much more. Then, you'll finally be able to relax knowing that your belongings will be safely transferred to your new property with utmost care.
Selling a property is not as easy as it may seem at the start. Finding the right buyer and getting the price you want requires a lot of patience and confidence, and selling without an agent is a recipe for disaster on many levels. If you have an experienced agent by your side, you'll be able to minimize the stress that occurs during the sale process. Also, you'll avoid many risks along the way.
By John Carlucci | Prudential Cal
Buying a condo can be the perfect way to live in affordability and style, without getting into the hassle of single-family home-ownership. Condos are usually less expensive and usually offer amenities that you won't get at home, like a pool or gym membership for an extra fee.
Buying your first condo, you’ll need to understand all the factors that matter when checking out the best suitable one for you.
Laura Woods - Yahoo Finance Writer
Featuring expertise by Realtor Jason Gelios
4 minute read
You’ve been searching for a new home for a while now, but you keep getting outbid. The process is beyond frustrating — i.e., find a property you’re excited about, make an offer, lose to another buyer, repeat — and to be honest, you’re exhausted from it.
By Whitney Coy-Realtor.com
Flipping a house is a lot of work, and can yield a big profit. But not every project is guaranteed to be lucrative. So what’s the key to successfully making over a fixer-upper and selling it for a gain? Our series “What the Flip?” presents before and after photos to identify the smart construction and design decisions that ultimately helped make a house desirable to buyers.
I had the pleasure of being a part of this great article by Andrew Lisa and GoBankingRates.
The youngest adults are in Generation Z, and they’re coming of age in trying times — particularly if they want to own a home. Income rises steadily with each level of education, but in order to go to college, average people have to take on mountains of student debt. Real estate prices are sky-high thanks to the hottest housing market in a generation. Inflation is rising, wages have been stagnant for decades and then there’s the little thing of a global pandemic that killed millions of people and shattered economies around the world.
As a real estate agent, you get the privilege of helping people find their dream homes. With that privilege comes the responsibility to know and abide by fair housing laws. But what are they and how do you follow them? Here's all you need to know.
An article by Shawn M. Carter. Featured expertise by Jason Gelios
The median cost to rent a one-bedroom apartment is climbing in many parts of the country. That’s a scary prospect for the Americans who are still financially recovering from the pandemic.
In fact, 2 in 5 renters say their housing budget is already stretched to the max and they wouldn’t be able to handle a $150 monthly rent increase, according to a new survey from Rent.com. Researchers at the site polled 1,200 people, ages 18 to 70, to understand how the Covid crisis changed their finances and how it could affect their ability to afford the area where they live.
I had the pleasure of offering my expertise in this great article by Stephen Bronner and Next Advisor/Time.
A 6 minute read
Every homeowner is guilty of doing this: Guessing how much your house is worth.
With a tight housing supply and low mortgage rates, the real estate market has been hot for the past year. Meanwhile, homeowners may be thinking about taking advantage of these trends to tap into home equity for repairs or other needs. The value of your home has likely gone up over the past year. According to the National Association of Realtors, the median price in May for existing homes was $350,300, a record year-over-year increase of 23.6%. The group points out that the real estate market has seen 111 straight months of year-over-year gains since March 2012.
If you’re thinking of selling your home or are just curious, here is how you can find out how much your house is worth.
By Kelly Walters
These 5 timeless ideas work because they’re both fun and functional.
Outdoor entertaining spaces aren’t always equal when it comes to home value (think about that house with the falling-down above-ground pool with no curb appeal at all). Homes that get them right, though, have patios and backyards that blur inside and outside spaces.
And the best thing: these outdoor entertaining space ideas have been working for decades — and adapt to most any house today. Here are five reasons why they work (and why you may want to add to your home):
#1 They Function Like Indoor Spaces
The more outdoor entertaining spaces mimic their indoor equivalents, the more functional they are. And you’ll get more than sunshine and memories: According to the “Remodeling Impact Report” from the National Association of REALTORS®, you’ll recoup 70% of your costs on resale after building a new patio. An outdoor kitchen gets 71%.
A couple of small ways to get more functionality in your outdoor space:
Add built-in benches for seating.
Hang a chandelier or pendant lights for functional lighting over a dining space.
#2 They Create Privacy Without Blocking Light
Precast-concrete geometric blocks protect privacy without blocking light or air in outdoor entertaining spaces. Plus, they’re super affordable and durable. Use them to screen a patio or carport, fence in your patio, or as a vertical element to make small yards feel larger. It’s a small project with big impact.
#3 They Find Clever Ways to Provide Shade
Low, sloping roofs help transition from indoors to outdoors by casting shade and protection from the elements. If extending the roof isn’t an option for your home or budget (fair), you can still make some shade. For example: Try a pergola planted with vines. Or a retractable awning, which keeps the sun off when you want it to, and rolls back into place when you don’t.
#4 They Use Lots of Windows — and Big Ones
Large windows help merge inside and outside living. Even if you don’t have the ultimate in window bling like this atrium, you can increase the natural light in your home. Consider: Trading smaller windows and doors for big accordion, pocket, sliding or swinging doors, or replacing a plain wall with a wall of glass doors. Adding a corner window, to create the effect of an atrium or courtyard.
#5 They Take ‘Entertaining Outdoors’ Seriously
Though a sport court isn’t exactly a high ROI project, being the fun house on the block certainly does a little something to a home’s appeal.
And, after all, an outdoor entertaining space should do just that: entertain. Here’s to a fun summer season!
I had the pleasure of sharing my expertise about USDA loans for this great article by Home.com and Erik Martin.
The U.S. Department of Agriculture (USDA) offers a great financing option for both first-time and repeat homebuyers: a 0% down home loan.
USDA Section 502 Single-Family Housing Guaranteed home loans are aimed at low- to moderate-income borrowers who want to buy a home in eligible rural and suburban areas and who meet USDA loan qualifications...
Guest Writer: David Allen
Going through the process of buying a new home is one of the most stressful experiences you can have. Yet, most people will relocate multiple times during their life. You could end up buying and selling multiple properties until you find one where you plan to settle down. This is a normal process, which begins with purchasing your first home. Buying a starter home is a wonderful thing, but you only get to do that once. For each subsequent relocation, you will probably have to sell your old home first. Today, we will take a look at how to buy and sell a house at the same time.
Why buying and selling at the same time is good
Obviously, not everyone will have the exact same experience, but as it turns out, many people end up buying and selling at the same time. Here is why:
Most people move around a lot; buying and selling homes at the same time is a common occurrence.
Buying and selling is more common than you think
Like we mentioned in our opening paragraph, people tend to move – a lot. The average American is going to move 11.7 times during their life. Of course, many of those US citizens have different motives for relocation, but considering what kind of a hassle you need to go through - you can be sure that no one is doing it for fun. Be that as it may, it’s reassuring to know that you aren’t the only person who is trying to figure out how to buy and sell a house at the same time.
Have a good agent
Going through two sales in a short period is a lot to handle. The number one piece of advice we can give is: hire a professional agent to represent you. You’ll need to have someone on your side who knows how to negotiate and close the deal. When trying to juggle two sales, you’ll need to be quick to act and seize the opportunity as soon as it presents itself.
If you have a good agent, you will be able to negotiate better and close deals faster.
Timing is key
Time is not going to be on your side. The sellers, who you are buying the home from, will expect you to move forward. If you don’t, they will find someone else. As much as you prepare, you might not be able to buy the house you wanted in time if you don’t sell your old one first. However, don’t despair; there are always new properties popping up on the market. You can try to postpone the buying date and get as much time as possible to close the sale of your old home. Have your entire paperwork ready so that you can reduce the time between the two sales.
It’s important to remember that you simply can’t stretch yourself too thin. If you have an FHA or VA loan, you will not be eligible for a second mortgage. It’s advisable to avoid bridge loans and carrying mortgages for two houses. Finding the proper type of loan for you can be challenging, so you should check out what you are eligible for. Financially, it makes sense to wait until you close on your old home before committing to anything else. Whichever way you look at it, you’ll need to do your best to time the two sales perfectly.
Planning and organization
Scheduling two sales and negotiating both at the same time requires a lot of planning. There will be a lot to do, so you might need to give up on perfectionism. Make a list of tasks and handle them one by one. Just be happy that things are done, and cross them off your list. Hesitating for too long can cause you to lose out on good deals, and that’s something you can’t afford.
Place a contingent offer
When people ask how to buy and sell a house at the same time, we usually recommend placing a contingent offer. This is a great option when purchasing a home is dependent on you selling your previous home. You simply attach a contingency to your offer that you need to sell your own home first. The seller will know you are being upfront and can plan accordingly. They will also inform you when they get another offer and give you a deadline to respond. Real estate jargon can sometimes get confusing, but we try to cover user questions and explain how things work. If you have any other questions regarding real estate, you can check out the AskJasonGelios show to see if we have already answered them.
When trying to buy and sell a house at the same time, you might be part of a complex daisy chain.
Expect complex sales chains
When trying to buy and sell a house at the same time, it is a common occurrence to find a buyer who is also trying to sell first. While they might be trying to do the same thing as you, try to avoid overly complex sales chains. The more parties there are in the chain, the more likely it is to fall apart. It can be enough for one person in the chain to run into complications with their sale to cause trouble for others down the line.
There is obviously going to be a lot to keep track of, but figuring out how to buy and sell a house at the same time actually isn’t too hard. If you’ve got a good agent and know what you want, the process is pretty straightforward. Even though things may get complicated at times, everyone involved wants to make the sales happen.
Images courtesy of:
Guest Writer Amy Collett
Image Courtesy Of Pexels
The American dream is changing… and so are the Americans who are chasing it. While many Americans still strive for a two-story home on a quiet, tree-lined street, many don’t. A spouse, two kids, a dog, and a white, picket fence aren’t necessarily part of the dream anymore.
Much like other aspects of our country’s history, the home buying market has almost always been dominated by men. But times are changing. According to Bloomberg, single women homebuyers have been outpacing their single male counterparts since the 1980s. Experts aren’t surprised, as more women are becoming top earners in their family units and staying single longer.
While women are obviously equally capable of navigating their way through the process, females do have a different set of criteria they’re looking for in the perfect home. Check out the list below from an experienced real estate broker detailing the 11 things single females look for in a new home:
Keeping these preferences in mind, there are a few things every single, female homebuyer should remember as she searches for her next home, starting with the fact that it’s a seller’s market right now.
Literally, that just means there are more buyers than sellers out there. Practically, that means you need to act fast once you find a property that checks all those boxes. There will likely be multiple offers, so you should also be prepared to offer listing price or above to increase your chances of winning the bidding war.
You may also want to adjust your budget to allow for some wiggle room. Once you figure out how much home you can afford, look at homes listed 10-20% lower than your top number. You should also look into whether “paying points” on your mortgage is a good idea; by paying points, you can help lower the interest rate on your mortgage (online calculators can help you with the points problem). Then, once you and your agent hit on that dream condo in the perfect neighborhood, you can afford to make an offer the seller can’t refuse.
Next, be prepared to spend a little more to move into your new home. You may need to supply earnest money in the form of a deposit to secure a home in a competitive market or allow the homeowners to remain in the home for several months after the sale until they purchase a new home of their own. (That means you’ll be paying for two places to live.) Many homeowners may also choose to sell homes without appliances. This may be a deal breaker for buyers who don’t have the cash to purchase appliances up front. If you do, however, it could open up more properties for you.
Finally, be patient, and don’t settle. In the $200,000 and under price range, competition will be particularly fierce. Oftentimes the struggle of looking at home after home, losing a home you loved to a higher bid, or not finding anything you like can lead to buyer frustration. Come to terms with the fact that it may take a while to find the right home at the right price. Wait it out. Even if you do fall victim to the seller’s market, the real estate market is cyclical. Eventually it will be a buyer’s market again, and the American dream will be yours.
When you’re ready to start searching for your new home, reach out to award-winning Realtor Jason Gelios.
You can contact Jason directly by calling 586-419-2231 or by clicking here.
About the writer:
Amy Collett is the creator of Bizwell.org, a website that helps professionals and entrepreneurs build and strengthen their personal brand. She is also the author of the upcoming book, You, Exemplified: The Role of Personal Branding in Your Professional Life. When she’s not busy with helping her clients she enjoys coaching her daughter’s soccer team and is training to become a yoga instructor.
Jason Gelios is a Husband and Father. After that, a Top Producing REALTOR®, Author of the book Think like a REALTOR®, Creator of The AskJasonGelios Real Estate Show and Expert Media Contributor to media outlets across the country.