Saturday, October 14, 2017 / by David Wyher
Friends and Clients —
Fall is upon us, and with it the end of the high season for real estate.
However, if you're thinking you've missed your chance to sell your home, let me reassure you.
This autumn actually presents a fantastic moment to sell. Here's why.
First off, housing inventory is still incredibly low.
In fact, according to data from the Census Bureau and the National Association of Realtors, inventory remains well below historic averages, and is 50% less than the peak in 2006.
In addition, the recent slump in new construction means demand for existing homes will stay high in the near future.
Second, while mortgage rates also remain very low, recent announcements by the Federal Reserve might cause them to finally start rising.
This would make mortgages less affordable and might turn away a significant number of potential buyers.
This is even more of a concern when you consider the continuing growth of home pr ...
Tuesday, September 19, 2017 / by David Wyher
Purchasing a Home? Avoid Doing These 6 Things at All Costs
Finding a home can be a daunting process. Today I want to talk to you about the six things you should never do when purchasing a home. It can be hard to know exactly how you should handle your home search, but understanding what to avoid can be a big help. First of all, don’t move forward without an agent. It’s fine to look around online, but don’t get too serious without professional help. To learn more, watch this short video.
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Tuesday, July 25, 2017 / by David Wyher
Friends and Clients —
If you've been quietly considering selling your home, then you need to read this.
That’s because summer 2017 is shaping up to be one of the most favorable seasons in recent years to sell your home quickly and for a top price.
However, the moment might not last. Let me explain.
Mortgage rates are still very low. As I write this, the 30-year mortgage rate has dipped down to 3.9%, far from the 4.5% that experts predicted for 2017.
These continuing low mortgage rates translate into more affordable homes, and into eager buyers who are looking to lock in these low rates while they still last.
We've seen this eagerness in action recently.
Demand is so strong that home sales actually increased in both April and May, despite the fact that the supply of homes on the market is currently at a seven-year low.
As a consequence of strong demand and tight inventory, home prices reached an all-time record high this May ...
Thursday, June 1, 2017 / by David Wyher
The good news is, many homebuyers are looking for a pet-friendly home.
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Two out of three of us have a pet, and 61% of pet owners say they have trouble finding a home that is a good match for their pet.
In fact, a recent survey estimates that 31% of animal owners frequently don't put in an offer because a home would not suit their pet.
This means that if your home is a good match for a pet, it will be attractive to a large pool of dedicated animal owners.
On the other hand, 67% of Realtors also estimate that actually having a pet in your home can make it harder for you to sell.
So what can you do? Here are three things I typically recommend:
1. Repair any damage
Floors, walls, doors, the yard — these are some typical areas that pets love to chew, scratch, and dig up.
Repairing this damage is an investment that will p ...
Wednesday, May 3, 2017 / by David Wyher
Friends and Clients —
The Fed increased its key interest rate by 0.25% on March 15th.
This rate hike has some people worried about the possibility of a slowdown in the real estate market.
Personally, I'm convinced that this won’t happen for three reasons:
1. The Fed's rate hike had no impact on mortgage rates
It's easy to forget that the Fed's interest rate is not tied in any direct way to mortgage rates. In fact, the two rates frequently move in opposite directions.
That's exactly what happened this time. The 30-year fixed mortgage rate was actually lower in the days following the Fed's announcement. The same thing happened the last time the Fed increased rates back in December.
2. Mortgage rates are still at a historical low
Mortgage rates have a long way to go before we would see any impact on demand.
Even if mortgage rates followed any rate increases that the Fed might make later in the year, they would still be lower than the his ...