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Maximum Selling!

Real Estate Today opens doors for buyers and sellers with critical and credible information on the real estate market. It’s fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions.

Lawrence Yun, THE NATIONAL ASSOCIATION OF REALTORS®️

Lawrence Yun is the Chief Economist of THE NATIONAL ASSOCIATION OF REALTORS®️.

Jamie Moore, Realtor and Appraiser

Jamie Moore, Realtor and Appraiser at Jamie Moore Appraisal Services in Newport, Rhode Island. The past president of the Rhode Island Association of Realtors – and the 2019 chair of NAR’s Real Property Valuation Committee.

“Hot or Not,” with Melissa Dittmann Tracey

Melissa Dittmann Tracey is the author of REALTOR® Magazine’s popular Styled Staged & Sold blog.

Christine Hansen – Realtor – Comfortable Selling

Christine Hansen, broker-owner of Century 21 Hansen Realty in Fort Lauderdale, Florida.

Christine is the past President of the Florida Realtors, and she’s currently serving as the 2020 Vice President of Advocacy for the National Association of REALTORS®.

Debra Griggs, of RE/MAX Central, in Norfolk, Virginia

Debra Griggs, of RE/MAX Central, in Norfolk, Virginia, has provided housing for 1,200 pets through her nonprofit, Animal Resources of Tidewater, since 1999.

Buying and Selling Simultaneously

Back now, with our special show ‘Maximum Selling!’ All about how you can take advantage of this unique market, in which sellers hold pretty much all the cards.

Why just pretty much? I mean, with property values rising, and buyer demand sky high – why aren’t sellers holding ALL the cards?

Well, just one thing. When most sellers sell, they turn right around – and buy. And in this market, that gets complicated!

Because in red hot markets, all across America, there aren’t many homes for sale. So, with all that demand, your current house might sell very quickly. But, finding your next house?

That could take much longer. So what’s going to happen? If you sell one house and don’t have your next one yet – will you end up in a hotel?

Well, don’t worry. Because chances are, your Realtor has done deals like this many many times. And they’ll know exactly how to organize the two transactions, so that you go right from one house into the next.

First, they’ll look at the data. They’ll examine the sales records to see exactly how long it takes to sell a house in your market. In some red-hot areas, that might be days! In other markets, it might take longer.

Next, they’ll look at your financial situation. Can you afford to buy your next house, before you sell the one you’re in? Well, if so, you have a lot more flexibility. And you can go ahead and get that other place, and then sell your current house later.

But most people need the profits from the house they’re selling, for the down payment on their next place. And if that’s you? There are still plenty of winning strategies out there.

One – put your current home up for sale first….and when you get an offer, you include a “home of choice” contingency. That tells the buyers that you will sell them your home, if you find another one. In a seller’s market, in which buyers are dying to find a house, they might be delighted to get your place under contract, even with that contingency. So ask your Realtor whether a ‘home of choice’ contingency would work in your market.

Another strategy is to do the opposite….start house-hunting first, and hold off on putting your house up for sale.

That’s a solid strategy too. Because you’ll be doing all sorts of legwork ahead of time. You can see which neighborhoods you like…you can learn about the amenities, the commute, the home styles – all of that, before your ‘for sale’ sign goes up.

And if you find the house you want? In that case, when you write your offer you might ask for an extended closing period…which could give you more time to sell your current house.

That might work.

But — try to avoid putting including a ‘sale of home contingency,’ in your offer. That says “we will buy your house only if we sell ours.” That won’t really fly in a red-hot market. Because sellers would probably just choose another offer, instead of yours. No, to win in a competitive market your offer will have to be extremely clean.

Now, in a perfect world, you would get your current house AND your next house under contract, and they would close the same day! Wouldn’t that be nice? Well, it happens. But that, is a perfect scenario.

It could happen! But if it doesn’t, and you sell your current house before you find your next one? Well, don’t worry about it. You wouldn’t be the only ones facing that. Realtors all across the country tell me that’s happening a lot.

And if it does, you can just put your stuff in storage, and move into a hotel for a while.

In a way, it kind of takes the pressure off! Because, after all, since you just sold one house, you’ll have all that money in the bank. And, you can take your time house hunting. No more pressure! You can look for your next house at a more relaxed pace. And that’s all good.

Oh – and there’s one more thing. One more big benefit to selling your current house first, and then staying in a hotel while you look for your next home.

Room service!

Courtney Schomburg – Home Stager & RESA President

Courtney Schomburg, Pink Pineapple Properties and Pink Pineapple Property Solutions, in Sarasota, Florida.

Courtney is also the president of the Real Estate Staging Association, and the chairperson of its board of directors!

And – she has staged more than 4,000 vacant properties, and helped sell more than 1-billion dollars worth of real estate.

Jamie Moore – Realtor & Appraiser – Getting the Best Price

Jamie Moore, Realtor and Appraiser at Jamie Moore Appraisal Services in Newport, Rhode Island. Jamie is the past president of the Rhode Island Association of Realtors – and the 2019 chair of NAR’s Real Property Valuation Committee.

Smart Home Technology Report: Flip Your Fridge

Today’s report begins with a question. Have you flipped your fridge? Seriously. Flipping your fridge is a real thing! It’s part of a campaign by the government agency known, as Energy Star. And its goal is to get millions of Americans to ditch their old refrigerator and get a new one. The reason? Refrigerators that are more than 15 years old use much more electricity. than newer ones that have earned the energy star designation. 33% more energy!

Angel Piontek, REALTOR®️

Realtor Angel Piontek, associate broker and vice president of marketing at Coldwell Banker Elite in Fredericksburg, Virginia. And the author of the popular “Mostly Smart Home Blog.”

Mike McGrath – Curb Appeal

Mike McGrath, the host of the nationally-syndicated radio show ‘You Bet Your Garden!” Mike is host of the nationally syndicated show ‘You Bet Your Garden,’ and he’s also the former Editor-in-Chief of Organic Gardening Magazine.

Five Ways NOT to Price Your House

Welcome back to Real Estate Today, and our special show “Maximum Selling!” A special in-depth look making your next home sale better than good – better than really good! By bringing your next home sale to the max!

And we’re going to wrap up today’s show with a conversation about price.

You know, Realtors will tell you – the most important part of your sales strategy – in any market – is setting the right price. Too Low? You’re giving it away. Too high? The place will just sit there, week after week, month after month.

Just look at the signs! Other houses will go from ‘for sale’ to ‘under contract,’ or ‘sale pending.’ And finally – sold! While your overpriced house will still have a for sale sign out front – or even worse – the dreaded ‘price reduced!’

So let’s talk about pricing it right…starting with the five ways you should NOT price your home.

#1. A Neighbor comes up while you’re doing yard work…and says ‘Your place looks great! I bet you could get $500 for this place.’ You’d be amazed how that number sticks! And a neighbor’s casual comment is NOT the way to price your home.

#2. OK, Say you spent -$350,000 on the place…and then put in another another 50 fixing it up. According to your math – you need to get at least 400! Your math is solid…but the market will determine what you get for your house – not your home improvement receipts.

#3? Your neighbor sold their house – and hey – you’ve GOT to get more than they did. After all – your place is much better! Really? Well, that might be true. But competing with the Joneses? Is not a great way to price your house.

And for # 4? You see a house you want to buy…and you figure to get it – you’ll have to sell your place for X amount. That won’t work. Again – the market will determine the value of your home…not the cost of your next place.

# 5 way not to price your house – just ‘seeing how high I can go!’ If you just pick a sky-high number out of the air – well, the buyer’s agent will compare it to the comps. And so will the appraiser! You might be able to do that with an all-cash buyer – but – well, the best of luck with that.

So there you have it. The five ways NOT to price your house.

So – how DO you price your house? Well, that list is a lot shorter. Just – ask your Realtor.

They’ll research the comps: what has sold – for how much, and how long it took. Also – what’s currently on the market. That’s your competition. Plus – which properties have NOT sold. That’s good data also. Your Realtor will put all that information together – and recommend either a price range – or an exact price point. It’s not guesswork. It’s not what-if…’ it’s pricing based on solid information about what’s happening in your market – right now.

And that’s the best way to arrive at a price – when you’re not just selling – but “Maximum Selling!”

Top News of the Week

“Single Family Starts Keep Rising, Builder Confidence Sets New Mark”
“Calabria Defends ‘Adverse Market’ Fee on Refinances”
“Thousands of Homes Lost in Western Wildfires”
“Three Out of Four Could Benefit From Refinancing”
“Evictions Still Happening, Despite Moratorium”
“Mortgage Delinquencies Steadily Rising”
“Majority of Gen Z Lives With Parents”
“Some People Are Cluttering Up Their Place on Purpose”
“Hale Says It’s Still Very Much a Sellers Market”
“Affordability Dips in July”
“Millennials Are Heading For the Suburbs, Too”
“Condo Association Sues to Evict Non-Mask-Wearing Tenant”
“Compass CEO Exudes Optimism”
“NFHA Points Out Health, Financial Price of Housing Discrimination”
“Lenders Anticipate Very Profitable Q3”
“Developers Want to Transform Empty Parking Garages”

 

“Single Family Starts Keep Rising, Builder Confidence Sets New Mark”

Single-family home construction rose again in August. Single-family starts were up 4.1% from July, and 12% compared to August of last year.

Overall housing starts were down 5.1%, however, due to a sharp drop in multifamily starts.

Homebuilder stocks analyst Michael Bapis (“boppis”) of Vios Advisors told CNBC the outlook for the industry is very bright:

America’s Home builders are practically giddy. The September National Association of Home Builders / Wells Fargo Housing Market Index rose another five points, to an all-time record high of 83. Of course, any number over 50 is considered positive.

But lumber prices, which are already sky-high and still rising, could curb that enthusiasm.

Jim Tobin is chief lobbyist for the National Association of Home Builders:

Tobin spoke in an NAHB podcast.

“Calabria Defends ‘Adverse Market’ Fee on Refinances”

Starting in December, refinancing your Fannie- or Freddie-backed mortgage will cost a little bit more. And they head of the Federal Housing Finance Agency is defending the new fee.

Critics of the one-half of one percent fee say the fee will hurt those who most need to refinance. Maxine Waters is chair of the House Financial Services Committee:

But FHFA Director Mark Calabria told the committee:

The new fee kicks in December 1st.

“Thousands of Homes Lost in Western Wildfires”

The 2020 Wildfire season has been an especially cruel one for the Western

California Governor Gavin Newsom:

Oregon homeowners have seen their own share of devastation. Governor Kate Brown:

And Washington Governor Jay Inslee:

And experts say the peak of the Wildfire season is still ahead of us.

“Three Out of Four Could Benefit From Refinancing”

As mortgage rates continue to drop, a growing number of American home owners could benefit from refinancing.

New figures from Black Knight Financial Services show that fully 75-percent of Americans with a mortgage could now save money by refinancing.

“Evictions Still Happening, Despite Moratorium”

There is a federal moratorium on evictions through the end of this year. But some news outlets are reporting that hundreds of evictions are still taking place across the U.S.

John Henneberger is co-director of a housing policy nonprofit called Texas Housers. He told NPR there is a lot of confusion after the President’s executive order:

Meanwhile, a delegation led by National Association of Realtors President Vince Malta met with White House officials last week, to stress the need for a more sustainable long-term solution, to protect the interest of property owners as well as renters.

“Mortgage Delinquencies Steadily Rising”

Some experts fear a wave of home foreclosures could be on the horizon.

The latest figures from CoreLogic, current up through June, show a worrisome increase in mortgage delinquencies, says principal economist Molly Boesel. She told Yahoo Finance:

CoreLogic warns that without further government help, serious delinquencies will double by 2022.

“Majority of Gen Z Lives With Parents”

Where are America’s young adults living?

A new analysis by the Pew Research Center finds that for the first time, a majority — 52-percent — of adults ages 18 to 29 are living with one or both parents.

Pew says that’s a bigger share than even during the Great Depression.

The youngest of those young adults, those between the ages of 18 and 24, were the most likely to have moved in with Mom or Dad since the start of the pandemic.

“Some People Are Cluttering Up Their Place on Purpose”

Well this new decorating trend could give professional home stagers a heart attack.

You know how they tell you to declutter your house, when you put it on the market. This new trend, becoming popular on social media, goes in exactly the opposite way.

It’s called “cluttercore,” filling your house with knick knacks.

One Tik Tok creator showed off her place:

Professionals caution however that there can be a fine line between cluttercore and hoarding and messiness.

“Hale Says It’s Still Very Much a Sellers Market”

Home sellers remain in the driver’s seat.

In her weekly video update, Realtor.com Chief Economist Danielle Hale says:

Hale says the shortage of inventory makes “supply” the least recovered component of the weekly Realtor.com Housing Recovery Index.

“Affordability Dips in July”

The steady rise in home prices may be good news if you’re a home seller, not so much if you’re a buyer.

New figures show that nationwide, home affordability fell in July, as home price growth outpaced income growth.

Affordability is calculated by comparing the median price of a home in a given region, to the median household income.

The most affordable region in July was the Midwest,

“Millennials Are Heading For the Suburbs, Too”

It has long been axiomatic that Millennials want to live in the big city. But that’s changing.

Florida Realtor Sam DeBianchi said on Fox Business that Millennials are part of that general migration we’ve been seeing:

And DeBianchi says some Millennials are taking advantage of the home equity that they have accumulated to upgrade to their second, or in some cases, even their third home.

“Condo Association Sues to Evict Non-Mask-Wearing Tenant”

Can you be evicted for refusing to wear a face mask?

The Real Deal reports that in Miami, the owners of one luxury condominium complex are suing to remove a tenant who has failed to wear a mask while in the building’s common areas.

And the website reports that similar legal moves have been made against recalcitrant tenants in other states, as well.

“Compass CEO Exudes Optimism”

The housing market is the healthiest part of the nation’s economy right now. But will it last?

One real estate industry leader says he’s confident.

Compass founder and CEO Robert Reffkin tells CNBC:

Reffkin says buyers are more serious now than they were a year ago, because many, he says, have discovered all of the inadequacies of the current home.

“NFHA Points Out Health, Financial Price of Housing Discrimination”

Redlining is largely a thing of the past, but its effects linger even now.

A new report alleges that in neighborhoods that once were redlined, the pandemic and the resulting economic disarray have taken a heavier toll.

And the National Fair Housing Alliance charges that the current administration is aggravating the problem by rolling back fair housing protections.

“Lenders Anticipate Very Profitable Q3”

America’s mortgage lenders are optimistic about their profit picture.

Fannie Mae’s latest Lender Sentiment Survey

find sit just under half of mortgage lenders expect their third quarter profits to be even better than their very strong second quarter. Another 37-percent think profits will be about the same

“Developers Want to Transform Empty Parking Garages”

They’re paving the parking lot and putting up a paradise.

Well, maybe not a paradise. But developers are looking at big city parking lots and garages, which have turned into virtual ghost towns with more people working from home.

In Boston, for example, one huge parking garage is going to be turned into a hotel and residential complex.

The number of big parking garages have been growing for years, but a recent trend away from driving personal cars to work, accelerated by the pandemic, has made garages all but irrelevant.

Hot Links

THE NATIONAL ASSOCIATION OF REALTORS®
HouseLogic.com
REALTOR®.com
REALTOR®.com Real Estate Apps
Smart Home Today with Stephen Gasque

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