Southwest Ohio Real Estate Podcast with Tami Holmes

What’s Happening in Our Local Market?

Tami@Tami-Holmes.com (Tami Holmes) — Mon, 31 Aug 2020 12:40:00 -0700

Here’s what’s been happening in our local real estate market in 2020.

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What will the real estate market remember about 2020? Will it be the fallout from the stay-at-home period that caused a stall in the market? Or will it be the recovery we’re now experiencing?

Real estate is hyperlocal, meaning what’s happening in our local market isn’t what you’re hearing from national news outlets. Despite home sales dropping 1.5% year over year in early 2020, prices have rebounded with an increase of 7.8%, which is a substantial leap. According to the MLS, the average price increased to $155,000 in Montgomery County, $207,000 in Greene County, and $275,000 in Warren County. The economy has come roaring back in many ways, and real estate is leading it all.

The only challenge is the extremely low supply of homes. Comparing 2020 to 2019, there have been 9.75% fewer houses for sale. Coronavirus apprehension has kept some sellers from entering the market because they don’t want crowds of strangers in their homes. Others have declined to move because they’re worried they wouldn’t be able to find a house to buy if their current home sold. .

"What’s happening in our local market
isn’t what you’re hearing from national news outlets."

Going forward, the low inventory will likely stifle the number of houses sold while keeping demand strong, causing prices to continue to increase. In these uncertain times, it’s helpful to sit down and discuss plans with someone experienced in the field.

Give us a call at (800) 722-2585 or send an email soon; let’s talk about your options or find out how much equity you have in your home. Having all the facts will help you decide whether now is the time to move ahead or wait a while longer. If you have any questions, reach out to us as well. We look forward to speaking with you.

What Should I Expect When Closing Amid COVID-19?

Tami@Tami-Holmes.com (Tami Holmes) — Mon, 3 Aug 2020 08:36:00 -0700

Here’s what to expect when closing on a home during COVID-19.

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Selling your home during the health crisis may seem a bit daunting, so if you have found a buyer and accepted an offer, congratulations; you’re almost there! All that’s left is to close the deal. However, the coronavirus has unfortunately thrown a few wrenches into the closing process too. These are the four things sellers should expect when closing amid COVID-19:

1. Delays. Lenders have been swamped with processing refinancing applications due to the historically low interest rates, and social distancing and sheltering in place are complicating home inspections, appraisals, and final walk-throughs. This means that each step may take longer than usual.

2. Changes in appraisals. Customarily, lenders require those buyers receiving a mortgage to get an appraisal, but to keep sellers safe, Fannie Mae and Freddie Mac have been instructed to allow exterior or desktop appraisals during the health crisis. This is good news, but these procedures could also take longer.

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These guidelines are meant to protect everyone.

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3. Changes in walk-throughs. Social distancing makes in-person walk-throughs less common, with some being done virtually.

4. Delays in closings. Social distancing may also delay closings because some of the title company’s offices are closed, and in-person gatherings of 10 people or more are prohibited. Rather than having everyone gathered in one room, various parties might sit in separate rooms and pass papers back and forth.

Keep in mind that most changes in the process are beyond anyone’s control. These guidelines are meant to protect everyone from unnecessary exposure risks.

All of us here at the Tami Holmes Team would be glad to assist you in navigating the home closing process amid the coronavirus. We’ve successfully sold hundreds of houses during this difficult time.

If you have any questions about closings or real estate in general, please call or email us. We would love to help you.

Is Now the Perfect Time to List Your Home?

Tami@Tami-Holmes.com (Tami Holmes) — Mon, 13 Jul 2020 10:56:00 -0700

The market is hot right now for buyers and sellers.

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Are you eager to sell your home? The market is flooded with buyers eager to buy it.

According to the latest Freddie Mac quarterly forecast, mortgage interest rates fell to historically low levels during the spring and are projected to remain low. This means there is a huge incentive for well-prepared buyers to strike now. Homeowners looking for eager buyers can take advantage of this opportunity to sell as well.

Not only are mortgage rates low, but there’s also a very positive outlook on interest rates going forward, as a drop to 3.2% could be possible in 2021. Thanks to these low interest rates, buyers keep driving the housing market forward. The rebound in the economy has been uneven, but one segment that’s been exhibiting strength is the housing market.

Even though buyers are ready to purchase, it’s hard for many of them to find a home to buy. Mortgage rates aren’t the only thing hovering near all-time lows—available homes for sale have dropped off. With housing inventory as scarce as it is (down 20% year over year), keeping buyers in the mood to buy may be tough if they can’t find a home to buy.

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The rebound in the economy has been uneven,
but one segment that’s been exhibiting
strength is the housing market.

”

What does this mean for buyers? Competition is hot, so getting pre-approved now will help you gain a competitive advantage and accelerate the home buying process so that you’re ready to go when you find that perfect home. Furthermore, working quickly and efficiently with a trusted real estate professional (like The Tami Holmes Team) will help put you in a position to act quickly.

What does this mean for sellers? The motivation for buyers to purchase a house is as high as ever, so listing now before other sellers come onto the market in your area will put your home on the top of many buyers’ lists. With all of the safety guidelines and precautions in place regarding the showing of your home, confidence is also on your side.

The bottom line is that whether you’re looking to buy or sell, there is great motivation to enter the housing market. If you reach out to us today, one of our team’s experts will help you every step of the way.

If you have any other real estate questions, feel free to reach out to us as well. We’re here to help.

Which Home Maintenance Projects Should You Tackle This Spring?

Tami@Tami-Holmes.com (Tami Holmes) — Tue, 26 May 2020 12:56:00 -0700

Keep your home running smoothly with these four spring maintenance tips.

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Spring is a great time to tackle a few projects around your house, and since most of us are still sheltering in place, there’s no better time than now to get started. When it comes to keeping your home running smoothly, a little preventive maintenance goes a long way.

Here are four such maintenance tips, as outlined by this Anita Ginsburg article on RISMedia:

1. Replace all of the filters in your home. Many people remember to replace their furnace filters—which will save you from having to deal with major issues down the road—but did you also know you’re supposed to change the filters in your water purifier, washing machine, dryer, and dishwasher? This can lengthen the lifespan of all of these appliances.

2. Service the HVAC system. Most of these systems are very efficient, but they must be properly maintained or they will use up an excessive amount of electricity. You might also consider hiring an HVAC contractor to have your system professionally serviced. They can carry out tasks like checking the fluid levels, cleaning the coils, and resetting the thermostat.

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Most people are surprised to hear that doors
and windows should be regularly resealed.

”

3. Remove debris from your gutters. If they get clogged with leaves and other debris, it can cause water to pool over your roof, which can then cause mold, rot, or other serious issues. To clean your gutters, you can either remove the leaves and debris by hand or use a power washer.

4. Seal the windows and doors. Most people are surprised to hear that doors and windows should be regularly resealed, and caulk can start to crack after it’s been exposed to extreme temperatures and direct sunlight for a long time. This cracking allows cool air inside your home to escape. This project doesn’t require special tools, and it should only take you a few hours to complete.

These four tips are simple enough that most homeowners can do them themselves. Following up on them will save you quite a bit of time and money in the long run, and you’ll reduce the risk of having to deal with a major problem in the future. So get outside, enjoy the weather, and keep your home in good working order!

Most importantly, stay safe and healthy. Remember, if you have questions about this or any real estate topic or are thinking of selling your home soon, don’t hesitate to give our team a call. We’d love to offer our expert advice.

Will Home Values Be Affected by COVID-19?

Tami@Tami-Holmes.com (Tami Holmes) — Thu, 14 May 2020 13:18:00 -0700

Here’s a look at how home values could be impacted by the pandemic.

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Everyone wants to know what kind of effect the pandemic will have on home values. Buyers are hoping they drop, and sellers are hoping they rise. The present situation has been referred to as “uncharted waters” for a reason. Will record unemployment push many buyers out of the market? Will buyers or sellers stay put because of the crisis? The answer lies in the basic economic principle of supply and demand.

Are New Homes Being Built Right Now?

Tami@Tami-Holmes.com (Tami Holmes) — Mon, 4 May 2020 11:28:00 -0700

Due to the pandemic, home building supplies may be harder to get.

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I hope you’re all doing well during this pandemic, and our thoughts and prayers are with every one of you.

Some buyers are concerned about how the health crisis may affect the construction of their new home. One thing that may slow the home-building process is that the builder’s supply lines may have been disrupted during this time. There is a high chance that building supplies will run short.

According to the National Association of Home Builders (NAHB), nearly 33% of building materials’ inputs come from China, as well as finished products such as bathtubs, sinks, appliances, and more. This could delay home construction at a time when it had finally picked up. For the last several years, home building has struggled to keep pace with demand because of the cost of construction, lack of available land, and a construction labor shortage. That said, according to the NAHB, home building confidence has skyrocketed in recent months, so builders are more inclined to start construction on houses.

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Builder’s supply lines may have been
disrupted during this time.

”

However, when supply lines are obstructed, it dampens the pace of home building and contributes to home inventory shortages. According to Robert Dietz, an economist at NAHB, the coronavirus does intensify some of the long-term challenges surrounding the supply of building materials. The great news is that low interest rates help support demand, and that will be one of the greatest reinforcements to buyer and builder confidence. At these low interest rates, buyers can afford a nicer, newer, or larger house than they could even a year ago.

All of us at the Tammy Holmes Team are here to answer any questions you may have, as well as help you navigate these uncertain times. Call us at (800) 722-2585 or email us; we would love to help you.

How Are Agents Communicating During the Pandemic?

Tami@Tami-Holmes.com (Tami Holmes) — Tue, 7 Apr 2020 12:29:00 -0700

Has the fear of the coronavirus changed the way that agents interact with buyers and sellers during showings, open houses, and listing presentations?

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No matter what is happening in the world, people still have to buy and sell homes. So, what are agents doing to keep our buyers and sellers safe during transactions?

Many agents have stated that they are handing out bottles of hand sanitizers at open houses and explaining as people enter that they will not shake hands as a precaution. Some have commented that they are taking disinfectant wipes into properties that they’re showing so that they can wipe down any doorknobs or surfaces that they have direct contact with. We can easily show homes while respecting the guidelines for social distancing.

For sellers who are thinking about putting their houses on the market but are afraid to possibly expose themselves to the virus, we cater to your needs and concerns. For instance, here at the Tami Holmes Real Estate Team, we can do a virtual interview with you that’s both as interactive and personal as if we were sitting across the dining room table from each other.

“

We can easily show homes while respecting
the guidelines for social distancing.

”

During the virtual interview, we’re able to go through our PowerPoint presentation so that you can see what to do to market and sell your home. We will also show you the market analysis and absorption rates so that you’ll have an idea of what homes are selling for in your neighborhood, as well as how long it may take to get the home sold. We even have the ability to do a 3D virtual tour of most of our listings so that it will filter out unnecessary tours of your home.

Based on the feedback after a showing, most buyers rule out a home because they don’t like the floor plan or the room sizes. With our 3D virtual tours, buyers will know the floor plan and room sizes, so they can eliminate that home as a candidate if it doesn’t fit their family’s needs best. This saves the homeowner from the time and effort of preparing for a showing that could have ended up with a negative review after the showing. Due to our 3D imaging, some buyers are purchasing our homes based simply on the detailed online tours, and the pandemic may result in increasing numbers of buyers and sellers opting for virtual tours.

Here at the Tami Holmes Team, we roll with the punches and focus on what we can do to keep our clients and ourselves safe while we continue to care for their buying and selling needs. Give us a call today so that we can assist you with your real estate plans.

What the Coronavirus Means for Our Real Estate Market

Tami@Tami-Holmes.com (Tami Holmes) — Fri, 20 Mar 2020 12:52:00 -0700

How has the coronavirus impacted our real estate market?

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Let us first say we hope everyone is staying safe during this coronavirus pandemic. Our thoughts and prayers are with you.

Now, many buyers and sellers are wondering what effect the coronavirus is having on the real estate market. Prior to the pandemic, our market was already a bit challenging. In some areas, the housing supply had dropped to near-record lows.

According to Zillow economist Jeff Tucker, “The housing supply was low, but on the demand side, there is and will be a lot of buyers in the market, based on key indicators of traffic on Zillow and Redfin.”

Why is the demand for housing so high? Low unemployment, solid wage growth, and low mortgage rates. A stock market correction, as concerning as it may be, doesn’t change these circumstances. The housing market is very durable, even in full-blown recessions. In some previous recessions, home prices increased.

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Experts predict equity growth to slow down compared to what it’s been the past few years,
but it’s still a great time to buy or sell a home.

”

Another thing to consider is that, as the stock market drops, investors look for safer places to park their wealth, whether that means the bond market or actual real estate. Roofstock, a platform investors use to buy and sell single-family rentals, has seen huge spikes in web traffic since the coronavirus outbreak. This supports the idea that global investors look for less volatile investment options. If investors think it’s a good time to put money into real estate, maybe we should follow suit.

The coronavirus is the wildcard in our real estate market, and if its impact is prolonged and produces a minor recession, it could put a damper on demand. The bright side is that buyers in competitive markets would have a better chance of getting a home.

We don’t want to induce fear or panic. Based on everything we’ve read, we seriously doubt there will be a drop in home values. Experts predict equity growth to slow down compared to what it’s been the past few years, but it’s still a great time to buy or sell a home.

If you have questions about our market, don’t hesitate to reach out to us. We’re here to calm your fears and assist you in buying your dream home or selling a home that’s no longer a good fit for you. We’re here to help.

Tips for Preparing Your Home for Sale This Spring

Tami@Tami-Holmes.com (Tami Holmes) — Fri, 21 Feb 2020 12:54:00 -0800

I’m sharing three simple places sellers can start to prepare their homes for the market.

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Even though it’s February, it’s still an excellent time to think about selling your home and making those necessary preparations for a home sale. Here are some easy things you can do to gear up for the spring market:

1. Clean up your landscaping. What will need trimming and refreshing? Since we’re experiencing an unusually warm winter, it may even be possible to get outside and add a fresh coat of paint to that dingy exterior door. Curb appeal is the first impression buyers get of your home, so let’s make it a good one.

“

If you haven’t packed away your belongings,
your home will feel too cramped.

”

2. Clean out storage spaces. Start purging things you no longer need to hang on to; sell or donate items you’ve seldom used or haven’t even touched in a while. Cleaning up the clutter is always the most time-consuming part of getting a home ready for sale, but it’s always one of the most important things to do.

3. Pack up your things. Again, donate those old clothes and linens to make your home look HGTV ready. It needs to look like you have a lot of storage areas; if you haven’t packed away your belongings, your home will feel too cramped.

These are just a few things to think about, but we have a complete checklist for sellers to go through that we’d be happy to share with you. For this list, or a detailed market analysis on your home, reach out to me at 1 (800) 722-2585.

The Difference Between APR and Interest Rates

Tami@Tami-Holmes.com (Tami Holmes) — Thu, 6 Feb 2020 13:23:00 -0800

APR and interest rates aren’t the same thing. Here’s how they’re different and what they measure.

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Knowing the difference between interest rates and annual percentage rates (APR) could save you thousands on your mortgage. Here's what you need to know.

Both of these rates measure important but different costs associated with your mortgage.

The interest rate is a measure of the cost of borrowing the principal loan amount and is expressed as a percentage, while the APR is a broader measure of your mortgage costs, including things like lender fees, discount points, and closing costs.

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The APR is a broader measure of your costs.

”

The main difference between the two is that while the interest rate calculates your actual monthly payment, the APR calculates the total cost of your loan.

If you’re only focused on getting the lowest monthly payment, I would focus on the interest rate. However, if you’re more concerned with the total cost of your loan, using the APR as a tool to compare the costs of two different loans is smart.

If you have any questions or would like to get connected with a lender that I trust, reach out to me via phone or email today. I look forward to hearing from you soon.

What Baby Boomers Look for in Real Estate

Tami@Tami-Holmes.com (Tami Holmes) — Thu, 23 Jan 2020 13:23:00 -0800

Today I’m sharing stats on why baby boomers choose to relocate, what they look for in their next place, and what they want from their Realtor.

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Baby boomers are in that exciting phase of their lives where they get to thinking about what they’re going to do once they retire, and those plans often involve real estate. What will their next home be? Will it be closer to family members? Maybe moving into a retirement community is the preferred option.

According to statistics, many baby boomers prefer the convenience of living in a retirement community near downtown or other such areas that allow for easy walking. This option also means that they won’t have to worry about mowing a lawn, which allows them to travel more frequently and visit family.

Other baby boomers are interested in downsizing from a multi-level home to a one-level home. Those relocating are headed to states with moderate climates.

The following is a list of common reasons baby boomers feel the need to relocate:

The loss of a spouse
Being closer to family
Focusing on health (e.g., moving closer to medical facilities)
Downsizing from a single-family home that is now too large for them

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Many baby boomers prefer the convenience of
living in a retirement community.

”

The 55 Places Report surveyed baby boomers on what amenities they desire most in a new living arrangement:

64% want access to a fitness center
59% want an outdoor pool
42% want a gated entrance
50% want an outdoor walking/running trail
37% want an indoor pool

If baby boomers are on the move, what are they looking for in their Realtor?

80% seek a Realtor with expert knowledge of their preferred market area
62% value responsiveness
32% look for a Realtor with high availability
Nearly all respondents want a strong negotiator

Here at that Tami Holmes Team, our core values align with those very qualities that baby boomers seek. If you don’t believe me, check out testimonials on Google, Facebook, or Zillow, then call us so we can go to work for you. It would be a privilege to assist you in the next exciting phase of your life!

Are You Ready for the Leap From Renter to Homeowner?

Tami@Tami-Holmes.com (Tami Holmes) — Thu, 9 Jan 2020 13:05:00 -0800

Today I’m helping renters get off the proverbial fence and into a new home.

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Elaine Chang has some interesting insights about the advantages of homeownership. First, she points out that it’s a great way to start building financial security.

As you pay down the mortgage, you build up home equity—a valuable financial resource. For those who’ve been on the fence about buying, know this: Mortgage rates are incredibly low right now, so it’s a good time to go through with a home purchase.

Nevertheless, deciding whether to rent or buy a home is a major decision in a person’s life. How do you know you’re ready?

Here are eight signs you’re ready to make the switch from renter to homeowner:

1. You’re tired of the rising rents.

2. Your credit score has improved, allowing you to qualify for a loan.

3. You’re good at managing debt, which is great because the lenders look at your debt-to-income ratio.

4. You have enough money set aside for the extra costs of owning a home, such as repairs or appliance replacements.

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We are here to walk you through the maze
of finding what you need in a home.

”

5. You can afford the down payment, and in some cases, the closing costs.

6. You’re feeling ready to settle down for a while.

7. You’re going through a major life change, such as marriage, a growing family, or significant advancement in your career.

8. You’ve matured and you know what you want.

Once you’ve read the signs, the next step is to think about the qualities of a home that are most important to you. Choose one quality that stands out above the rest. Is it being near a good school, or being within walking distance to your job? Do you mind navigating stairs?

If you are ready to leave renting, we are here to walk you through the maze of finding what you need in a home. Don’t hesitate to give The Tami Holmes Real Estate Team a call or an email. We’d be happy to help you.

Make the Most of Wintertime Showings

Tami@Tami-Holmes.com (Tami Holmes) — Thu, 19 Dec 2019 13:37:00 -0800

When the weather outside is frightful, your home feels cozier. Here are some tips to set the wintertime buying mood.

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You’ve likely already heard me talk about how putting your home on the market in winter is a great move if you want top dollar and a quicker sale; market research and statistics from expert sources like the National Association of Realtors back the claim.

So, once you do decide to sell during winter, how do you deal with the dreary weather outside? Don’t be discouraged; it’s easier to make a house feel like a cozy home in the wintertime. Nothing feels better than leaving the cold and walking into a warm, properly decorated space.

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Nothing feels better than leaving the cold and walking into a warm, properly decorated space.

”

Here are a few tips to help you set the buying mood for those viewing your property:

1. Limit decorations. The general rule is that decorations should accent—not overpower—a room; less is more.

2. Crank up the cozy. Light a fire in the fireplace, play soft music in the background, and prepare fresh baked goods for guests.

3. Brighten up your home. Use outdoor spotlights. A few holiday lights are okay but don’t overdo it.

All of us here at the Tami Holmes Real Estate Team will plug you into our proven marketing strategies and bring you the most buyers for your home. Call us today for a free, no-obligation consultation or email us if you have any real estate questions.

4 Reasons Winter Is a Great Time to Sell

Tami@Tami-Holmes.com (Tami Holmes) — Tue, 26 Nov 2019 13:17:00 -0800

If you’re thinking of selling your home, winter is a great time to do it. Here’s why.

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I’ve been saying it for years: List your home in the winter. Don’t wait for spring.

Why? There are four reasons:

1. Less competition. The housing supply typically shrinks this time of year by about 15%, which means buyers don’t have as many homes to choose from. You’ve practically got the market to yourself. The chart below was created using the month’s supply of listing from the NAR, and as you can see, the sweet spot to list your house for the most exposure happens from November to January.

Temperatures aren’t the only thing that heat up during the spring—so do listings. As you can see at the 1:30 mark in the video above, inventory levels (and, therefore, the level of competition) increase during April and May. In the spring, your home’s just another fish in a big pond. Don’t let these listings, and the competition that comes with them, rob you of a quicker, more lucrative home sale.

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The housing supply typically shrinks
this time of year by about 15%.

”

2. Buyers are more serious. For a buyer to want to go out into the cold weather to shop for homes they have to be serious about purchasing. This means you won’t be bothered or inconvenienced by looky-loos or tire-kickers.

3. Financial benefits. Some buyers look for year-end tax breaks related to home buying expenses. Also, many major corporations do their job transfers in January, which means these transferees need to buy a home quickly. You don’t want to miss out on that buyer contingent.

4. Time off work. Buyers have more time off work during the holiday season and they often use that time to look at homes. You don’t want to miss out on any of these buyers, either.

If you’ve been seriously debating whether to sell your home or not and are curious about the market conditions in your area, let’s get together so we can brainstorm and determine the best time to list. We’re here to guide you and provide expert advice through every step of the home selling process.

As always, if you have any other real estate needs, feel free to reach out to me as well. I look forward to hearing from you.

Valuable Tips for Potential Home Sellers

Tami@Tami-Holmes.com (Tami Holmes) — Fri, 1 Nov 2019 14:04:00 -0700

If a home sale is in your future, I’ve got five great tips to help you get your home ready for a quick and profitable sale.

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Here are some things that you can be doing right now to get your home ready to sell that will make a big difference. These tips can help you sell faster and for more money:

1. Declutter. From kitchen counters to fridges to shelves, when things are cluttered it makes a buyer think that there isn’t enough storage space. It also makes your prep space look smaller and more crowded. The same applies to bathroom vanities and closets. Why not get a headstart on moving by clearing out the clutter and packing it away into storage?

2. Turn on the lights. You want your home to be light and bright, not dark and dreary. Since you want things to be as bright as possible, replace burnt-out bulbs and use the maximum recommended wattage.

3. Deep clean. Be sure that your home gives the best possible impression to buyers by cleaning all floors, surfaces, toilets, rugs, and bathrooms. Some areas may need to be cleaned regularly. You can make an appointment with professional cleaners to save yourself some time and energy.

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Almost every home has a few
things that need to be fixed.

”

4. Make an appointment with a handyman. Almost every home has an item or two that needs to be fixed. It might be as simple as fixing a runny toilet or drippy faucet. You want buyers to get the impression that they are viewing a well-maintained home. When a home inspection is performed, the inspector won’t find any serious issues if you’ve already had a handyman come through. Being proactive here can save you a fortune.

5. Do some touch-up painting. Every home experiences wear and tear. Before selling your home, have those dings patched and touched up. While the painter is there have them neutralize any bright-colored walls.

There you have it. Five things that can make a difference in any home’s sale. If you spend a little bit of time and money completing these tasks, you’ll be happy that you did.

If you have any questions for us or need a recommendation for any kind of service that we mentioned today don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

Don’t Make These 7 Costly Mistakes When Listing Your Home

Tami@Tami-Holmes.com (Tami Holmes) — Thu, 17 Oct 2019 13:35:00 -0700

There are seven mistakes home sellers must avoid if they want to sell quickly and for top dollar.

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Here are the seven costliest home seller mistakes you must avoid when putting your home on the market:

1. Overpricing or underpricing the home. Even in a hot market, if your home is listed at 5% over its market value, it will sit unsold for several months. If you price your home too low, on the other hand, you’ll leave thousands of dollars on the table. This is why it’s so important to price your home correctly from the get-go.

2. Not properly preparing the home for sale. According to Realtor.com, if your home is properly prepared and staged for the market, it will sell up to 88% quicker and for up to 10% more money than a home that’s cluttered or needs renovations.

3. Limiting the number of showings. As a seller, you have to be prepared to leave your property on short notice before showings happen. A home that’s hard to show is a home that’s hard to sell.

4. Underestimating your closing costs. Aside from a Realtor’s commission, you should expect to pay anywhere from 1% to 5% of the purchase price for renovations, repairs, and closing costs. When you meet with your Realtor, they will go over these costs with you.

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A home that’s hard to show is
a home that’s hard to sell.

”

5. Reviewing offers with a closed mind. The highest-priced offer isn’t necessarily the best one. When reviewing offers, look at the terms included, such as the size of the deposit, the down payment, and any contingencies. Be open-minded about these terms.

6. Not understanding the home selling process. A typical home sale requires anywhere from 12 to 20 people to complete the transaction. Aside from the two Realtors, there are also inspectors, lenders, appraisers, escrow officers, etc. Understanding the entire process beforehand will make it easier to anticipate anything that can go wrong and to plan for vacating the property once escrow closes.

7. Choosing the wrong Realtor. The right Realtor will prepare a market evaluation to make sure you set the right listing price, identify ways to add value to the home, and provide a net sheet so that you understand all the costs involved in selling. The wrong Realtor won’t do these things for you.

If you need help selling your home or you have any other questions about this particular topic, don’t hesitate to reach out to us. We’d love to help you.

The 7 Steps From Loan to Homeownership

Tami@Tami-Holmes.com (Tami Holmes) — Fri, 27 Sep 2019 11:05:00 -0700

There are seven steps you need to take to make the leap from loan to homeownership.

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So you’ve evaluated your financial situation, weighed your options, and you’re ready for one of life’s most exciting commitments: owning a home. Congratulations!

What comes next? Here are the seven steps recommended by USA Today to make the jump from loan to homeownership:

1. Start calculating. What’s your annual income before taxes? What’s your monthly debt? How much money do you have for your down payment and closing costs? Where do you want to live? What’s your credit score? These are all important numbers and factors to take into consideration.

2. Know your loans. The most common are the FHA, VA, USDA, conventional, and jumbo loans. Which is best for you? We’d be happy to match you with a lender we trust who’ll educate you on the best loan for your circumstances.

3. Get pre-approved for a mortgage. This way, you’ll know how much you can afford. It also gives you an important edge over competing buyers who’ve only gotten pre-qualified. To get pre-approved, you need to know your assets, income, and credit score.

4. Work with an agent. The right Realtor can make a big difference in terms of finding the right home in the right place. They’ll also make sure you don’t overpay for the home, walk you through all the paperwork, and help you find qualified inspectors, repairmen, and movers to save valuable time and energy.

“

The loan and home buying process may feel daunting at times, but the results are worth it.

”

5. Find your home. Besides the size and style of the home, you also want to consider which neighborhood and school district it’s located in and what your work commute would be like.

6. Make an offer. There are several factors to consider during this step, including how much competition you have, how long the house has been on the market, and how much you’ll have to spend on repairs and updates. Be willing to negotiate, but stay within your budget.

7. Complete the loan process. Once you’ve completed all inspections, the home must meet appraisal and be reviewed by an underwriter, who’ll have to verify all the final details to approve your loan. Once the loan is approved, the closing is set. This is my favorite part of the process. I love sitting at the closing table with my clients and witnessing their excitement once they’re handed the keys to their new home.

The loan and home buying process may feel daunting at times, but the results are worth it. If you have any more questions about the home buying process or you have any other real estate needs, don’t hesitate to reach out to me. I look forward to hearing from you.

What Should All Real Estate Investors Know?

Tami@Tami-Holmes.com (Tami Holmes) — Thu, 12 Sep 2019 11:56:00 -0700

Are you thinking about becoming a real estate investor? Here are five things that you’ll need to know.

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Real estate investing is hotter than ever, and it’s no wonder why. Mortgage rates are low, home prices continue to grow, and demand for rentals is strong. But if you're interested in investing in real estate, where do you start? Here are five crucial tips I've gathered from successful real estate investors to help you out:

1. Don't stick to your own backyard. Many fledgling real estate investors limit their search to neighborhoods they know well. This might cut into your potential for profit. The best deals might be a bit further away, and emerging neighborhoods might offer better growth potential and tax incentives.

2. Use the 1% rule. A good rule of thumb for real estate investing is to look for properties that will offer a monthly return that is greater than 1% of the sales price. In other words, if a home costs $100,000, you should only invest in it if you expect to get at least $1,000 a month in rent.

3. Don't over-rehab. An investment property doesn't have to look like a Pinterest photo shoot. Instead of trying to convert an investment into your dream home, go with middle-of-the-road fixtures—and save yourself both time and money.

“

Single-family homes tend to consistently appreciate.

”

4. Look to single-family rentals. Single-family homes tend to consistently appreciate. They are also most likely to attract good tenants, and they are something you have direct experience with—and can evaluate personally.

5. Understand the tax benefits. It pays to know the many possible tax benefits associated with real estate investing. These include deductions for depreciation, mortgage interest deductions, and maintenance, as well as the benefits that come from investing through qualified plans like self-directed IRA accounts.

If you have any questions for me in the meantime about buying a home, investing, or real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.

5 Things Your Agent Should Be Doing (But Might Not Be)

Tami@Tami-Holmes.com (Tami Holmes) — Mon, 22 Jul 2019 12:36:00 -0700

If an agent doesn’t do these five things, they aren’t invested in your success as a seller.

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A real estate agent’s job is to serve as an advocate for their clients—to make the home selling process as seamless and stress-free as possible. Unfortunately, because most sellers aren’t intimately familiar with the listing and selling process, certain agents get away with doing the bare minimum.

These agents usually take the “post and pray” approach. They simply post a sign in the yard and then pray the home sells.

You may be wondering, “How can I avoid hiring an agent like this?” Well, one of the most effective ways to avoid bad agents is by knowing what to expect from a good one.

“

You must never hire an agent who
needs to make a sale more than you do.

”

Here are five of the most common things subpar agents fail to offer their clients:

1. Proper pricing. Proper pricing is, bar none, the most important step a good agent must take when helping you sell your home. Exceptional real estate agents know that it’s far better to choose a realistic price than one they think will flatter the sellers. Pricing should be based on the current market and recent comparable sales—not the seller’s ego.

2. Effective marketing. Your agent should be well-versed in all the tools and techniques necessary to get the word out about your home. They need to utilize all available marketing channels—not just the multiple listing service. Ideally, your agent should have a website that drives traffic to your online listing. On top of that, they should be using social media to gain an even larger audience of buyers.

3. Strong communication. Sellers need to know what’s going on with the sale of their home at every step of the way, and a good agent should know how to keep them in the loop. Too many agents only check in with their clients when they get an offer. Realistically, though, they should be getting in touch whenever there is any sort of development. This includes sharing feedback from showings, explaining marketing strategies, and more.

4. Verification of a buyer’s qualifications. Anyone can say they’re approved to buy a home, but your agent should always make sure this is actually the case by obtaining documentation from every buyer who makes an offer on your home.

5. Powerful negotiation skills. Buyers and sellers both want to get the best possible deal when it comes to real estate transactions. Therefore, as a seller, it’s important to have an experienced, knowledgeable professional who can negotiate on your behalf. It is essential that you partner with someone who knows how to create a win-win situation, and who can help you secure great terms and a great price. A good agent should never think about their own pocketbook when negotiating on behalf of their client. This is why you must never hire an agent who needs to make a sale more than you do.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

This Simple Step Can Save Sellers Time, Stress, and Money

Tami@Tami-Holmes.com (Tami Holmes) — Tue, 21 May 2019 13:26:00 -0700

Why are pre-inspections so important for home sellers in our market? That’s the question I’ll answer for you today.

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The inspection period is possibly the most critical period of the entire transaction, and it’s the No. 1 reason that deals tend to fall apart. The inspector’s job is to find flaws in the home, which every home has, and the buyers then ask for gigantic concessions on the price of the home or else demand that the seller remedy the issues the inspector found. This can be costly; often, the two sides arrive at an impasse, causing the buyer to walk away.

Here are two reasons why pre-inspections are so vital:

1. Ignorance is not always bliss. You’ve lived in the home and may feel confident that it functions well, but most homeowners don’t comb their homes with the efficiency that an inspector does. Their job is to find all those things you don’t expect or know about that can hurt you, your home sale, and the amount of money you net from the home sale. Knowing about the potential deal-killers upfront can allow you to deal with them proactively so that you’re in control.

2. Pre-inspections save you money. Buyers see the repairs uncovered by inspectors as far bigger and more expensive than they really are. If they ask you to make concessions on your price because of what is uncovered in their whole house inspection, it’s likely to be far more than the actual cost of the repair. What if you had known about that repair item in advance and had already fixed it using your local handyman, or even done it yourself? It would never have become a point of contention and negotiation, and it never would have imperiled your deal with the buyer.

“

The inspection period is possibly the most
critical period of the entire transaction.

”

Further still, when you have your home pre-inspected, you can make corrections using a competent contractor of your choice. When the buyer asks for repairs to be made, they may want to select their own contractor, and that could be more expensive. The buyer might also demand that you use a licensed contractor when that isn’t really required for the repairs in question.

These are just a few of the many reasons that we recommend you seriously consider the advantages of having your home pre-inspected. If you have any questions about pre-inspections or about selling homes in general, don’t hesitate to reach out to me. My local team of real estate experts has many more insights regarding the sale of your home. We’re here to make this big move as smooth and stress-free for you as possible.

Will Our Spring Market Be Stronger Than Anticipated?

Tami@Tami-Holmes.com (Tami Holmes) — Thu, 2 May 2019 10:01:00 -0700

Buyer demand has increased dramatically over the past few months, and our spring market will be much stronger than originally anticipated.

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If you’re a seller, are there buyers out there willing to buy your home?

If you’re a buyer, is there a lot of competition out there vying for all available properties?

Let’s answer these questions. Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even some belief that we’d experience a housing crash similar to the one we saw during the previous decade.

“

Whether you’re a buyer or a seller, the advice
and guidance of a real estate expert are invaluable
in terms of getting the best deal possible.

”

However, according to recent reports, buyer demand increased dramatically in the months leading up to our spring market. This increase in demand was caused by an increase in buying power. According to a recent blog post from the NAR, purchasing a home has become more affordable, which has increased demand. Falling home prices and falling mortgage rates also contributed to buyers’ increased buying power.

The bottom line is this: Our spring market will be much stronger than originally anticipated. Whether you’re a buyer or a seller, the advice and guidance of a real estate expert are invaluable in terms of getting the best deal possible, and we’d be happy to give you a free consultation and strategize how you can navigate this market with ease. Just give us a call and we’ll pencil you in.

As always, if you have any other real estate questions, feel free to reach out to us as well. We’d love to help you.

How to Distinguish Between Wants and Needs

Tami@Tami-Holmes.com (Tami Holmes) — Tue, 16 Apr 2019 13:07:00 -0700

This simple guide will help you determine the difference between what you want in a home and what you actually need.

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Technology has made it easier than ever for buyers to find the perfect home. All it takes is a few clicks and some search-result filtering, and they’ll be shown pages upon pages of nearby listings.

With all these options at our fingertips, however, it’s important not to conflate your wants as a homebuyer with your needs. Do you really need a farmhouse-style sink to be happy? Are you truly willing to let an otherwise perfect home slip through your fingers because it didn’t have an essentially inconsequential feature? Of course not.

After all, features and amenities like this could easily be set aside as a future renovation, rather than acting as a deal-breaker right now.

One simple way to separate the home features you truly need from those you simply want is by sorting your list of desired qualities into one of three categories:

1. Must-haves. These features include those that you can’t live without. Any home without them, therefore, shouldn’t enter your consideration. “Must-have” features might include the number of bedrooms, the distance the home is from your place of work, or the size of the property itself.

2. Should-haves. Homes you look at should have most of the features in this category, but they don't necessarily have to have all of them for you to be content.

3. Wishlist. Items in this category can be thought of as the cherry on top of your perfect home sundae: nice, but not essential.

“

Are you truly willing to let an otherwise perfect home slip through your fingers because it didn’t have an essentially inconsequential feature?

”

Following this strategy of separating wants and needs will make your deal more seamless, and will help your agent guide you to the right property. All of us on the Tami Holmes Team would be happy to help you find that (almost) perfect home.

So, as always, if you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Why Should You Consider Selling This Spring?

Tami@Tami-Holmes.com (Tami Holmes) — Thu, 4 Apr 2019 13:53:00 -0700

There are many reasons why spring is the best time for you to sell your home. Here are five of them.

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If you’ve been on the fence about getting into the real estate market, today I want to share five different reasons why you should choose to sell your home this spring:

1. Demand is strong. The latest buyer traffic report from the National Association of Realtors shows that buyer demand remains strong throughout the country. Buyers are ready, willing, and able to purchase, and they’re in the market right now. Take advantage of this buyer activity this spring.

2. Less competition. Housing inventory is still under the six-month supply that is needed for a normal housing market. This means that in the majority of our area, there are not enough homes for sale to satisfy the buyers on the market. It won’t remain that way for long. The choices buyers have will continue to increase in the coming months. Don’t wait until this other inventory comes on the market before you decide to list your home.

3. Quicker process. Today’s competitive environment has forced buyers to do all they can to make themselves stand out from the crowd, including getting a pre-approval for their mortgage financing. This makes the selling process quicker when buyers know exactly what they can afford when home shopping.

“

If your next move will be into a luxury home,
it’s the perfect time to move up.

”

4. Great time to move up. If your next move will be into a luxury home, now is the time to move up. The inventory of homes in the higher price ranges has forced those markets into buyer’s markets. If you’re planning to sell a starter or trade-up home, you’ll be able to sell quickly while also having an advantage when buying a premium home to call your own.

5. It’s time to move on. Look at the reason you decided to sell in the first place and determine whether it’s worth waiting. Is money more important than your health, being with family, or having the freedom to live your life the way you should? Only you know the answers to these questions. You have control of the situation by putting your home on the market.

We want to help you accomplish all your real estate goals. If you have any questions about selling your home or anything else related to real estate, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

Repair Requests: A Sticky Issue for Many Transactions

Tami@Tami-Holmes.com (Tami Holmes) — Mon, 18 Mar 2019 12:08:00 -0700

Today I’ll tell you why buyers should always handle repairs for the homes they’re purchasing.

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One of the happiest days for a home seller is when they finally have an accepted purchase contract on their home.

Then comes the inspection period. Without fail, issues will be found in their house. Now, buyers and sellers will have to figure out how to handle repair requests. Here is some advice that comes from Inman, a reputable real estate news source:

Save yourself headaches and do what’s best for all parties involved: Issue a repair credit when repair issues arise.

Why do this?

Well, if the seller does the work, will the buyer like the color, quality, and the product the seller picked out? Is the warranty on the repair transferable to the new buyer?

“

Giving a credit to cover the requested repair items
is one of the easiest ways to avoid an
often difficult negotiation.

”

Depending on the number of repairs, this can be a lot to accomplish when you’re attempting to close a deal in 30 to 60 days. No one wants the added stress of a delayed closing. Giving a credit to cover the requested repair items is one of the easiest ways to avoid an often difficult negotiation.

Another consideration is the buyer’s loan. If it takes longer for the seller to complete the work through no fault of their own, this could result in increased interest rates on the buyer’s loan. That rate increase could mean that the buyer no longer qualifies for the loan, which would mean the deal would fall apart. One solution is to have the title company escrow the funds for repairs and then release them when the work is completed.

This may all sound complicated, and it can be. More transactions fall apart due to inspections than for any other reason. That’s why you need a highly experienced, highly qualified agent representing you. Do you really want to entrust an agent who only sells a few homes a year with handling a difficult negotiation during the inspection period?

With the assistance of my team, we successfully negotiate around 400 inspections each year. So if you’re buying or selling a home in 2019, reach out to us. Let us be your experienced negotiators.

What “For Sale By Owner” Really Means for Buyers and Sellers

Tami@Tami-Holmes.com (Tami Holmes) — Thu, 7 Mar 2019 14:43:00 -0800

Should you sell your home as “For Sale By Owner” or hire a Realtor? Here’s what you should keep in mind.

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Not everyone sees the value in hiring a real estate agent. For some, it’s not easy to realize all the work it takes to prepare a home for sale, list it, market it, and keep the transaction flowing smoothly.

Selling a home is hard work no matter how you do it, but if you’re looking to forego an agent’s expertise and instead list your home as For Sale By Owner (FSBO), there are some things you definitely need to keep in mind. Here are some insights I’d like to share with you from Inman, a reputable real estate site:

1. Buyers may see a FSBO listing as “on sale” rather than “for sale.” Homes with unrepresented sellers sell for 33% less and take significantly longer to sell.

2. Most buyers don’t want the seller present during showings. This makes people less likely to make an offer on a home, but without an agent, who else would show the home but you?

3. Homeowners may not know what is necessary to prepare for a sale. They might overspend when preparing, but an agent will be able to outline which features are more important to buyers.

“

There are big advantages to using
a professional agent on your side.

”

4. Most buyers have an agent, so a FSBO listing will be at a disadvantage. This means the seller will most likely have to pay the commission rate for the buyer’s agent. On top of this, since the buyer has representation but the seller doesn’t, FSBO sellers are at an immediate disadvantage during negotiation.

5. Realtors can market a home more effectively. In addition to putting your home on the MLS, there are many ways that agents will market your home. They rely on efficient systems based on data and experience, and they use professional photography, websites, and videos to target online and print customers. Expertise is needed to successfully market a home, and the costs add up. But a good agent will absorb these costs. Realtors will also advise you on pricing, depersonalizing the home, paperwork, and legality.

Colby Sambratto, one of the founders of ForSaleByOwner.com, failed to sell his own home as a FSBO listing. He ended up selling it through a Realtor for 7.5% more than he was asking originally. We’re not saying that homeowners can’t successfully sell their own homes—we’re saying there are big advantages to having a professional agent on your side.

If you are looking for an expert agent in your next home sale, have any questions, or need further information, feel free to reach out to us. We look forward to hearing from you soon.