Triad Real Estate Podcast with Andy Leung

Why Is Now a Great Time to Sell Your House?

Andy@teamleung.com (Andy Leung) — Fri, 13 Jan 2017 09:21:00 -0800

Why sell now instead of waiting until spring? There are five reasons I want to share with you today.

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Why should you consider listing your house now instead of waiting until spring? There are five key reasons:

1. There is low inventory. At the end of 2016, there were only 2,424 properties on the market in Guilford County. Compared to the 2,863 homes that were in the market at the end of 2015, that’s a 15% reduction.

2. Buyers at this time of year have a sense of urgency. If they’re motivated enough look at your house during January, you know that they’re serious. Plus, you won’t have to deal with any looky-loos, as is the case when the weather gets warmer.

3. There will be more movement in the lower price points. If you’ve been saving up for a down payment, you may have earmarked your tax refund to purchase a home.

The winter market has plenty of things going for it.

4. There’s a lot of uncertainty and speculation regarding the incoming administration. Will they require a larger down payment? Nobody knows.

5. There is a potential interest rate hike coming. Remember—a 1% interest rate hike is the same as the price of a house going up 10% from a payment standpoint. If rates go up, the buyer pool will shrink. This will result in less demand for your house.

If you have any questions about this topic or are thinking of buying or selling, feel free to call or email us for a free consultation. We look forward to helping you!

Important News About Down Payment Assistance Programs

Andy@teamleung.com (Andy Leung) — Thu, 27 Oct 2016 08:44:00 -0700

The $15,000 down payment assistance program has just been rolled out. This program will help a lot of first-time buyers afford a home.

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Heather Dodson is with us today to get you up to date on some breaking news in real estate. The $15,000 down payment assistance program has just been rolled out in North Carolina for first-time home buyers and buyers who haven’t purchased a home in three years. Here are some things you should know about the program:

1. There is a max purchase price of $245,000.

2. There are income limits of $59,000 for a household of one to two people and $67,000 for homes of three or more.

3. This program can be used with all loan types for down payment assistance, mortgage insurance, or closing costs.

4. Any lender can help you with this program.

The max purchase price is $245,000.

If you have any questions for us or would like us to set you up to talk to one of our trusted lenders, give us a call or send us an email. We look forward to hearing from you soon!

You’re Invited to Our Annual Pumpkin Party!

Andy@teamleung.com (Andy Leung) — Mon, 17 Oct 2016 12:29:00 -0700

I just wanted to briefly wish all of our clients a Happy Halloween and to invite all of you to our annual Pumpkin Party this Saturday.

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I wanted to wish you a Happy Halloween and invite you to one of our upcoming events. Our annual Pumpkin Party is coming up, and I’d like to personally invite you to attend it.

The party will take place on Saturday, October 22nd, from 11 a.m. to 1 p.m. at the Centenary United Methodist Church, located at 2300 West Friendly Ave.

See you at our Pumpkin Party this Saturday!

Thanks again to all of our past and present clients. Your referrals are the lifeblood of our business. We hope to see you at the event this Saturday!

In the meantime, if you have any other questions about buying or selling real estate in the Greensboro area, give me a call or send me an email. I’d be happy to help you!

Preparing Your Home for Showings in the Fall

Andy@teamleung.com (Andy Leung) — Wed, 5 Oct 2016 09:40:00 -0700

Fall is a great time to sell a home, but you need to change a few things when it comes to showing your home. Since the season is different, you want to present your home differently.

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If you plan on selling your home in the fall, there are a few specific things you can do to better prepare it to show during this season.

You want to prepare for things that happen naturally in the fall such as falling leaves. Keep your gutters clean to keep them from taking on water and sagging. It is unsightly and can cause problems to your home, so take care of it before it happens. You also want to be sure you have regular lawn maintenance to keep it clean.

You can show buyers you've been proactive with maintenance.

Also, focus on landscaping. Having some fall flowers in a pot out front as people walk in is a good way to give the impression that you take care of your home.

Speaking of maintenance, fall is a great time to have your HVAC checked. During the winter in Greensboro, it gets chilly, so you'll be running your furnace and really making it work. Go ahead and get it looked at – this will show the buyer that you've been proactive and are taking care of your system and your home. You might even want to leave the receipt for the service out on the countertop for buyers to see.

These things are easy to do to prepare your home to show in the fall and will have a large impact. If you have any more questions about selling in the fall or you have any questions about our market, give us a call anytime. We'd love to hear from you!

Why Fall Is a Great Time to Sell

Andy@teamleung.com (Andy Leung) — Wed, 21 Sep 2016 07:56:00 -0700

Contrary to popular belief, the fall is actually a great time to sell your home. You'll face less competition and have a more serious pool of buyers to work with when you go on the market.

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Today we wanted to talk about why fall is a great time to sell your Greensboro house.

Most people think spring and summer are the best times to sell your home, but there are a number of reasons why you can sell successfully in the fall. For one, there will be less competition in the fall market. The people who think you can only sell in the spring and summer might pull their listings off the market, or they may have expired.

Also, buyers at this point are more serious; they've been looking for homes all summer and they're ready to finish their home search before the holidays. You should also consider job transfers, which tend to start in January. People relocating for work want to have their home bought before the holidays, which is when they typically have vacation time to move and relocate.

Fall buyers are more serious buyers.

Homes in the fall sell more quickly, too. In addition to selling faster, homes actually sell for more money in the fall as well, commanding a 1% higher average price than they do in the spring and summer. It may seem small, but every penny counts!

You do have to be careful about how you list your home in the fall, however. It's a time when people are ready to pull the trigger, so you want to make sure you have a perfect price when you list. Price competitively so that your house doesn't sit on the market for long.

If you have any questions about listing in the fall, give us a call or send us an email anytime. We'd love to hear from you!

An Update on the Greensboro Market in 2016

Andy@teamleung.com (Andy Leung) — Wed, 3 Aug 2016 07:59:00 -0700

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We’ve seen some great trends taking hold here in the Greensboro market, and we’re excited to talk to you about them. June 2016 continues a trend from the beginning of this year of increased home sales.

The 708 closed sales in Guilford County are 16.3% higher than what we saw in June 2015. This has brought our year to date total to 3,386 closed sales, which is 13.9% higher than 2015. We’re also seeing the trend of inventory decline continue. New listings are down 6.6% from this time last year.

With more houses selling and less coming on the market, our total active listing inventory has dropped. It currently sits at 2,970. That’s 21% lower than last June’s 3,761 listings.

Our inventory has dropped by 21%

Every market has micro markets, however. If you’re curious about selling and want a dedicated analysis of what's happening around you in your micro market, give us a call or send us an email. We look forward to hearing from you.

Strike While the Greensboro Market Is Hot

Andy@teamleung.com (Andy Leung) — Mon, 9 May 2016 10:53:00 -0700

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The Greensboro real estate market in the first quarter of 2016 is off to an unprecedented start. Closed units are up almost 15% from 1,200 last year to nearly 1,400 this year. The number of homes closing this year looks like it will continue into the second quarter with 14% more units going under contract.

We’re also seeing fewer homes come onto the market; with only 2,193 new listings, that figure is down more than 10% compared to 2015.

Right now, the market is swiftly changing from a buyer's market to a seller's market. Sellers are seeing more showings and more multiple offer situations than I have seen in all of my 18 years in real estate! This has also caused the sales-to-list ratio to rise to 93.1%. As a seller, you need to consider getting your house on the market ASAP, because the right houses in the right condition that are priced correctly are in high demand. Your chances of getting top dollar for your house are the best we have seen in years.

This type of demand is why forecasters are predicting a full 1% rise in mortgage interest rates. A 1% rise in interest rates is like a 10% jump in sales price from an affordability standpoint in monthly payments.

As a buyer in the Greensboro real estate market, be prepared for a multiple offer situation. Act fast when you see a house come on the market that meets your criteria; go to see it the minute it comes on the market! You may not have much time to think about it before making an offer.

A solid pre-approval from a lender is a must-have. Be ready to increase due diligence fees and earnest money deposits, and make sure your inspector can go quickly to keep due diligence days as short as possible.

If you have any questions, now is the time to ask! Feel free to reach out with an email or phone call and I’d be happy to work with you.

Should You Rely on Zillow in Greensboro?

Andy@teamleung.com (Andy Leung) — Wed, 30 Mar 2016 14:45:00 -0700

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Today, I’ll discuss why Zillow cannot accurately price your home in the surrounding Greensboro area.

According to the LA Times, Zillow is a good start for finding a home price. However, the value they provide can be as much as 10% to 12% off! That can be incredibly inaccurate.

What does that mean to you as a seller?

What does that mean to you as a seller? If your home is worth $300,000, it can be worth $336,000, but Zillow won’t be able to estimate that. You could be giving your home away for a steal and missing out on a huge profit. You could also be pricing your home so high that it drives buyers to other homes.

I highly recommend working with a professional, instead of an online algorithm. I’d be happy to assist you. If you’re thinking about buying or selling a home, reach out by phone or email at your earliest convenience! As a local real estate expert, I’m happy to answer any questions you might have and provide a free consultation.

How to Perfectly Time the Triad Market

Andy@teamleung.com (Andy Leung) — Thu, 14 Jan 2016 11:10:00 -0800

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Today we will be discussing how to time the spring market in the Triad if you're trying to sell your home. Should you put your home on the market now, or wait until there is more activity? We're going to explain what you should do right now.

I always get asked about when the best time of year to sell a home is, and the truth is that it depends on a few factors. If you're trying to capitalize on the increased activity in the Greensboro area, you need to list soon. If you look at the 2015 numbers, you'll see in last March we had a 30% increase in sold units from the previous month. The thing you might not realize is that those homes that sold in March were on the market by Mid-January.

Right now, we are seeing the same number of showings as we did at this point last year. The only thing that could possibly put a damper on this is bad weather. Freezing rain and snow will put a slowdown on any activity in our area.

However, right now the weather's not too bad. If you're trying to sell for top dollar when that spring market hits, you want to consider putting your home on the market sooner rather than later. There are massive amounts of buyers out there looking and if you don't act soon, you could miss them.

If you have any questions for us, or if you're thinking of buying or selling in Greensboro, give us a call or send us an email. We look forward to hearing from you!

Our Market Is Improving by Leaps and Bounds

Andy@teamleung.com (Andy Leung) — Wed, 6 Jan 2016 12:31:00 -0800

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The latest market report for Greensboro is in, and today we’ll be looking at the latest numbers for our real estate market and comparing them with what we saw at this point last year. Let’s get to it.

The third quarter of 2015 saw 1,845 closed units in Greensboro, a 15.74% increase from the third quarter of 2014. More good news for sellers is that the average list-to-sale percentage rose from 91.2% in 2014 to 93.7% today.

The average days on market rose slightly, from 134 to 138 and the average sale price rose 2.53%, from $182,894 to $187,513.

The year-to-date numbers are also encouraging. The number of closed units is up 12.5% from this time last year, and units pending are up 17.3%. The year-to-date list-to-sale average is right around 93.5%.

If you have any questions for us, or if you’re thinking of buying or selling, give us a call or send us an email. We would love to help out in any way possible!

Season's Greetings from Team Leung

Andy@teamleung.com (Andy Leung) — Tue, 22 Dec 2015 08:49:00 -0800

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Today we just have a very simple message for you. It's not about real estate, interest rates, or how to sell your home for top dollar.

We just want to wish you a Merry Christmas and a Happy New Year! No matter how you celebrate during the holidays, we wish you well.

Thank you for all of your business and referrals in 2015, and we promise to make 2016 another great year!

If you have any questions for us at any time, don’t hesitate to give us a call or send us an email. We are always here to serve!

The Benefits of Getting a Home Warranty in Greensboro

Andy@teamleung.com (Andy Leung) — Mon, 2 Nov 2015 11:17:00 -0800

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Why should a seller consider a home warranty? Today, Robbie Rivardo from 2-10 Home Buyers Warranty is here to discuss just that.

First off, what is a home warranty? A home warranty provides coverage for unexpected breakdowns. Having a home warranty means we will repair or replace systems or items that have broken in the home, saving you thousands of dollars.

How much does a home warranty cost for the seller? During the listing period, the home warranty is complimentary for the seller. You owe nothing. The home warranty then transfers to the buyer for a whole year, and that's when it's paid for. Since the home warranty is only paid for at closing, it's like getting two years of coverage for one price. A seller gets free coverage while the home is listed.

If a seller makes a claim on the warranty during the listing period and for some reason the warranty doesn't transfer to the buyer, will the seller have to pay for the warranty? No, the seller will not have to pay anything. The warranty will simply expire if it is not transferred.

Are there any other advantages to getting a home warranty as a seller? When you advertise that you have a home warranty, your property has an edge over the other homes on the market. Statistics show that homes sell 23 days faster with warranties, and they sell for more money than homes without warranties.

What should a seller consider when looking for a home warranty company? Look at the company's longevity in the market. Our company has been in business for 35 years. Look for a local company so you can build a relationship with them. Local home warranty companies will also be able to put you in touch with great local service providers. Also, having a good relationship with your home warranty provider can make the claim process easier.

If you have any questions for Robbie, you can contact her by phone at 336-324-9389, or email her at rrivardo@2-10.com. As always, if you have any questions for me, give me a call or send me an email. We would be happy to help you!

Why Should You Hire a Buyer Agent?

Andy@teamleung.com (Andy Leung) — Thu, 1 Oct 2015 13:56:00 -0700

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Today we will be discussing a question we get all the time: “Why hire a buyer agent?” We are joined today by two of our team’s buyer specialists, Heather and Lisa, to answer the question. They are commonly asked why someone shouldn’t just hire the listing agent to help them buy the home, and they have a great answer to share.

When you go to buy a home from a listing agent, you are dealing with someone who is there exclusively to help the seller get the best price and terms for the house they are selling. A buyer’s agent acts as an advocate for the buyer, and will work with the seller’s agent to get you the best price and terms for the home you want to purchase.

Another big advantage of hiring a buyer’s agent is the fact that traditionally, their commission is paid by the seller. In essence, there is no cost to the buyer to use a buyer agent, so why wouldn’t you?

If you are thinking at all about buying or selling, give us a call or send us a quick email. We would be happy to help you out!

What Should You Ask a Buyer's Agent Before Hiring Them?

Andy@teamleung.com (Andy Leung) — Fri, 25 Sep 2015 13:58:00 -0700

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Are you thinking of hiring a buyer's agent? If so, there are questions you should ask to ensure you hire somebody you can trust. Here are a few to keep in mind:

Are you a full-time agent?
Do you work exclusively with buyers?
Do you have a team behind you?
Do you have testimonials from past clients?
Do you do a comprehensive buyer consultation?

These are all very important questions you should know the answer to, especially the last one. A comprehensive buyer consultation is a very important part of the buying process because it provides an opportunity for the agent and client to go over the client's wants and needs, set expectations for the process, and answer any questions they might have.

If you have any questions about the buying process, or if you would like to talk to one of our great buyer's agents, don't hesitate to reach out to us for a free consultation. We're always available to give you a hand!

How Interest Rates Affect Affordability

Andy@teamleung.com (Andy Leung) — Thu, 24 Sep 2015 13:29:00 -0700

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Today, we'll discuss the effect of interest rates on home purchasing. Lately, there has been a lot of talk about the Fed raising interest rates. Bad economic news and the stock market tumble led most experts to believe that the Fed would hold off on raising rates.

With the unemployment rate at the lowest it's been in 7 years, the Fed decided to hold steady on rates. However, they did say that they will raise the rates by the end of the year. What do higher rates mean for you?

Really, there are 3 factors that affect affordability: income, interest rates, and home prices. Consider this: a 1% increase in interest rates is the same as a 10% increase in the price of a home. A rise in rates will shrink the buyer pool, as they will not be able to afford as much home as they could now with the low rates.

So, take advantage of those low rates now. If you're a seller, this is a great idea particularly if you are moving up. You will net the most money. As a buyer, you will be able to afford a higher-priced home with these low rates.

If you have any questions about today's video or about real estate in general, give me a call or send me an email. We look forward to hearing from you!

What Is Most Important When Renovating Your Home in Greensboro?

Andy@teamleung.com (Andy Leung) — Tue, 25 Aug 2015 12:51:00 -0700

Plan Ahead When Renovating

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Today, we want to share a video from HGTV to discuss how you can plan ahead when it comes to home renovations. Renovating your home can be an exciting process, but it's important that you don't get ahead of yourself. You can't just go willy-nilly into a major project and expect it to go perfectly. Planning properly for these types of projects can assure a smooth project, and one that may even cost less!

HGTV’s Amy Matthews recommends making a very detailed timeline of your project, including potential things that could go awry and making backup plans in order to prevent these things from happening. Putting your plan onto paper is a good way to start this process.

Another major step is choosing a good team of contractors that you can communicate with. If they don't know what you want done, they can't do it.

Just remember, there is no such thing as too much planning! If you plan on renovating your Greensboro home, please contact us. We know great contractors and could also give you advice on what projects will bring you the highest return on your investment.

We look forward to hearing from you!

How Home Warranties Help Greensboro Buyers

Andy@teamleung.com (Andy Leung) — Thu, 30 Jul 2015 10:47:00 -0700

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In today's video, we sat down with Robbie Rivardo from 2-10 Home Buyers Warranty to discuss why a buyer should consider getting a home warranty.

For instance, let's say you have a home warranty with Robbie's company. If there's a failure in the home, you simply call the number, they send someone out, and if it's eligible for repair, they make the repair or the replacement. There's no negotiating; they simply take care of it. It's that easy.

Typically when you buy a home, the seller will offer a home warranty. If the seller does not, then there is still an option to get a home warranty in the offer to purchase. Home warranties provide peace of mind and reduce the risks for everyone involved.

When buying a home, it's not so much a question of whether something will break; the real question is when will something break. With this protection, you the buyer will save money on future repairs.

To learn more about Robbie's company, go to http://www.2-10.com. If you have any questions on today's topic, or real estate in general, please give me a call or send me an email. We'd be happy to hear from you!

Are Conditions Improving in Greensboro?

Andy@teamleung.com (Andy Leung) — Wed, 17 Jun 2015 11:18:00 -0700

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Hey everyone, today we are excited to discuss the current market conditions here in Greensboro. At the end of April, we sat down and took a look at the numbers, and compared them to the figures we saw at the end of April in 2014. Here is what we saw:

There are about 1,800 homes currently on the market for sale, which is significantly down from last year.
There were more closings than a year ago, with 216.
Inventory is down to 5.3 months, and dropping.
Interest rates are still near all-time lows below 4%.

Overall, we are seeing a great seller's market here in Greensboro. This means homes will be harder to find for buyers. However, those low interest rates will make any home you purchase more affordable in the long run.

If you are thinking of buying or selling a home in Greensboro, give us a call or send us an email. We look forward to speaking with you!

What's the Secret to Surviving Multiple Offer Situations in Greensboro?

Andy@teamleung.com (Andy Leung) — Wed, 17 Jun 2015 11:02:00 -0700

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As the Greensboro market continues to heat up, multiple offers have become more common. Today, we want to discuss how this topic affects both buyers and sellers.

As a buyer, it's important to understand that cash isn't always king. You need to make sure your agent asks the seller or the seller's agent what terms or conditions could help sway the seller in the direction of your offer!

Writing a personal letter and sending a picture of your family may get the seller to emotionally connect with your offer.

Additionally, having a pre-approval letter included with your offer will let the seller know you're a serious buyer. Remember, a pre-approval is not the same as a pre-qualification; a pre-approval is what you get when you turn in all of the documentation a lender needs to approve the loan, while a pre-qualification is the initial phone call to a lender.

What can you do as a seller to prepare for multiple offers? We recommend getting your home pre-appraised and pre-inspected to give you more time to deal with your home's potential defects and find a third-party to support your price. The buyer will be more confident and you as a seller will have more realistic expectations for the deal.

As a seller, you have to walk a fine line between accepting an offer too fast and waiting too long. Most often, our team sets a deadline for all parties to submit their offers and tells them to make it their highest and best. When selling, understand that the best offer isn't always the one that offers the most money. There are other terms that could be very important to you: closing date, type of financing, due diligence period, and the amount of deposits, among others. Does taking the offer with the most money cause more stress? If the answer is yes, you may want to look at another offer!

If you have any questions about this topic, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We're always available to make your life in real estate as smooth and stress-free as possible!

Common Home Buyer Mistakes in Greensboro

Andy@teamleung.com (Andy Leung) — Tue, 16 Jun 2015 08:28:00 -0700

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Today I'd like to speak about some of the more common mistakes that homeowners make when trying to buy a home.

One big mistake is not getting pre-approved right away. People will often get excited and start searching for homes that are way out of their price range. Narrowing your home search from the beginning is important, and speaking with a lender about what you can afford to buy will help you accomplish this.

Another mistake is not getting the proper inspections before you move into the home. Your home is likely your largest asset, so why wouldn't you want to protect that investment with a home inspection?

Buyers also sabotage their own sale sometimes by making offers that are much too low, or being nit-picky about repairs. My advice is to repair the things that are important to you, and let the rest go. A few hundred dollars is not something that you want to lose a home over.

I also suggest acting quickly in this market, because if you take too long to make an offer, the home may already be sold.

We can help you avoid many of these pitfalls by having a one on one buyer consultation, where we will walk you through the process of buying a home.

If you're thinking of buying or selling in Greensboro, please don't hesitate to give me a call!