Sunday, April 5, 2020 / by Elissa Tran
5 Questions Buyers Have During the Coronavirus Outbreak: ANSWERED
Everyone is being affected in some manner by the outbreak of Covid-19 coronavirus. During this time, buyers will have more questions than normal about the home buying process and their ability to buy a new home. While we can’t predict what the next few weeks and months will bring, the more we can educate ourselves, the better we can help buyers navigate the buying process smoothly during the pandemic. Here are a few common buyer questions as they related to the Coronavirus outbreak and real estate answered.
Can we still go see home listings in person? – This is the hardest question to answer and it will depend on the home, the seller, the agent and any fast-changing governmental policies put in place. Agents should be able to offer a Skype or Face Time home tour virtually. Talk to your agent to find out what they have available for the buyers to prescreen the home virtually before setting up ...
Wednesday, March 25, 2020 / by Elissa Tran
We wanted to let you know what we are seeing with home sales and COVID-19. It's very interesting to see that homes are flooding the market, many are anticipating a decline in the housing market and are trying to list now. We do not think we will see a huge decline in the housing market as we did in 2008 but I do anticipate a market SHIFT. Shifting from a seller's market to an even or buyers market. All that means is the demand for sellers will decrease because the market has many homes and not as many buyers, which will start to force the values down.
Here is some data to show what we are seeing just this past month. The following reports show you where we were last year and where we are this year.
This report is showing a spike in listings over a 7 day period that is a huge indicator that our market may be shifting to a buyers market based on the number of listings saturating the market and the possible loss of buyers being a ...
Thursday, June 20, 2019 / by The Workman Team
Young buyers (Millennials & Gen Z) have waited longer than previous generations to enter the housing market for their first home. However, this hasn’t stopped them from dreaming about the home they will eventually buy. Many spend hours searching listings and building Pinterest boards of their favorite home features.
According to a survey from Open Listings, 70% of single renters are more likely to spend their Sunday nights swiping through house listings than dating profiles.
All that time window shopping has led 45% of millennials to expect the first home they buy to be their “dream home”! They are willing to wait longer, save more for a larger down payment, and are pickier about the listings they want to tour and the features that they want to see in their first home.
Waiting a little longer to buy a home than their parents or grandparents did has also helped young buyers become more established in the ...
Tuesday, June 18, 2019 / by The Workman Team
When buying a home today, why is there so much paperwork mandated by the lenders for a mortgage loan application? It seems like they need to know everything about you. Furthermore, it requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.
There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any other time in history.
1. The government has set new guidelines that now demand that the bank proves beyond any doubt that you are indeed capable of paying the mortgage.
During the run-up to the housing crisis, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen again.
2. The banks don&rsq ...
Monday, June 17, 2019 / by The Workman Team
Here are 5 compelling reasons listing your home for sale this summer makes sense.
1. Demand Is Strong
The latest Buyer Traffic Index from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other for the same home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing inventory is still under the 6-month supply needed for a normal housing market. This means that, in most of the country, there are not enough homes for sale to satisfy the number of buyers.
Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. Many homeowners h ...