Real Estate Information Archive

Blog

Displaying blog entries 1-3 of 3

Why Houses DO NOT Sell In A Strong Market

by Elite Asset Management Team

 

As we approach the end of the year, many homeowners find themselves asking the question, “If we’re currently in a strong real estate market, why won’t my house sell?”

 

Below are the 5 most common reasons why a listing contract will expire:

1. The Price

Sometimes when the market is hot, homeowners attempt to set their listing price higher. Their hope is that a motivated buyer will be willing to pay any price for a house in their desired neighborhood! Sellers must remember, though, that in today’s market a house must be sold twice; first to the buyer and then to their bank.

 

A buyer can agree to pay the homeowner’s asking price, but after the bank conducts their appraisal, the price might need to be adjusted. The bank will only give the buyer a mortgage for the value of determined in the appraisal.

 

Sellers must also keep in mind that today’s homebuyers are well-educated. Before they look to buy a house, they have already seen many houses online. They’ve done their research on the neighborhoods they are interested in, including information on the school districts in the area.

 

They will know if your house seems overpriced and will not waste their time considering it. This is why it’s so important to make sure that your home is priced right from day one on the market!

 

2. The Condition of the House

In many areas, builders are taking advantage of the lack of inventory of homes for sale by building new houses. These newly constructed homes create competition for existing homes in the market. For this reason, many homeowners are making renovations and updates to their homes to compete with the new construction in their marketplace.

 

Most agents recommend that homeowners declutter their houses before putting them on the market. Buyers want to be able to imagine themselves living in the home instead of focusing on the current homeowner’s decor.

 

It’s important to take care of the small problems like dripping faucets and torn screens, while also remembering to remove any posters hanging in your teenager’s bedroom. Making sure your home is in perfect condition will make buyers fall in love with it and will ultimately help you get the right price for your house!

 

3. Seller’s Motivation

Why did the seller put their house on the market in the first place? Is the seller’s motivation still the same as it was when they first listed?

 

If homeowners are really motivated to sell, they will make sure their houses are both priced right and in good condition. The seller’s motivation will push them to consider all offers and help them make the right decision for their family’s future.

 

4. Marketing Plan

Having a marketing plan is important! According to NAR’s 2018 Profile of Home Buyers and Sellers, 95% of buyers searched online for a home last year. The days of looking for a newspaper ad or yard sign in your preferred neighborhood are over.

 

If you want to sell your home, you need a real estate professional who understands your local market and knows how to promote your home online. Something as simple as using pictures taken by a professional photographer can make a huge impact in advertising your home!

 

5. Lack of Communication with Your Agent

Keeping an open line of communication with your agent is crucial in getting your home sold with the least amount of hassles, in the right amount of time, and for the right price! From the beginning, establish a continuous line of communication with your agent, and make sure you review your agreement often to see if any changes need to be made. For example, adjusting the selling price!

 

Bottom Line

There are houses selling every single day because they are listed at the right price, have the right marketing plan, and are staged for the sale. If for some reason your home didn’t sell and you’re still motivated to get it sold, contact a local real estate professional who can help you figure out the reason your house isn’t selling!

Don’t Get Caught In The Rental Trap In 2019

by Elite Asset Management Team

 

 

Every year around this time, we take time to reflect and plan for next year. If you are renting your current home but have dreams of homeownership, your plan for the new year may include buying, and you wouldn’t be alone!

According to the 2018 Bank of America Homebuyer Insights Report, 74% of renters plan on buying in the next 5 years, with 38% planning to buy in the next 2 years!

When those same renters were asked why they disliked renting, 52% said that rising rental costs were their top reason, and 42% of renters believe that their rent will rise every year. The full results of the survey can be seen below:

 

It’s no wonder that rising rental costs came in as the top answer! The median asking rent price has risen steadily over the last 30 years, as you can see below!

 


 

There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their rents likely to rise again… why are they renting?

When asked why they haven’t purchased a home yet, not having enough saved for a down payment (44%) came in as the top response. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.”

If the majority of those who believe they haven’t saved a large enough down payment believe that they need 20% down to buy, that means a large number of renters may be able to buy now!

Bottom Line

If you are one of the many renters who is fed up with rising rents but may be confused about what is required to buy in today’s market, contact a local real estate professional who can help you on your path to homeownership.

Winterizing Your Pipes

by Elite Asset Management Team


Inside Your Home

 

  • Anywhere cold air blows on a pipe, it creates the potential for freezing. To make sure your pipes are well-insulated, close crawl space vents and stuff insulation over the openings. Even a tiny hole can let a lot of cold air blow in; make sure you fill in all the cracks.
  • A bathroom or laundry room located above or next to a garage can be particularly vulnerable, so keep the garage door closed to maintain maximum heat.
  • If your bathroom pipes run along an outside exterior wall, try keeping the vanity door(s) open to allow heat inside. If you’re anticipating a deep freeze, consider using a fan to help circulate the air near the pipes, or purchase a small space heater for some extra temporary heat.
  • If the overnight temperature is expected to drop below freezing, letting your faucets drip overnight will eliminate some of the pressure that builds up in your home’s pipes.  As a result, pipes are less likely to burst, even if they do freeze.
  • Finally, never turn off the heat when you leave home during the winter. Instead, set the temperature to at least 55 degrees F (higher if you’ve had problems in the past or live in an area of extreme cold). If you have multiple heat zones, be sure to adjust all thermostats appropriately.

 

Outside Your Home

 

  • Disconnect and store garden hoses. If your home has a separate shut-off for external faucets, turn it off and drain the water from those faucets.
  • Turn off and drain sprinkler systems. You may want to call in a professional company to blow out any leftover water in the underground lines. A broken sprinkler pipe can do damage to the delicate components that make up the entire system, increasing the cost of repair.
  • Insulate exposed pipes with insulation sleeves, wrapping or slip-on foam pipe insulation. Do not leave any gaps without insulation as cold air can affect the pipe in these spaces. Plastic piping is more tolerant of freezing than old copper or steel water pipes.
  • Know where your main waterline shut-off is before problems arise. Depending on the age of your house, it can be inside a garage, basement or laundry room, or underground in your yard. After turning the water off, turn on faucets to allow the water to drain and release the pressure in your pipes.

 

Signs You Have Frozen Pipes

 

  • You turn on the faucet but nothing comes out. Look in the most likely places and gently thaw the area. Whatever you do, do not use a blowtorch to warm up a frozen pipe. Many homes have been set on fire this way.
  • The water is turned off but you hear rushing water running anyway. This could be a sign that you have a leak somewhere. You should turn off the water lines immediately and investigate.

 

 

Displaying blog entries 1-3 of 3

Syndication

Categories

Archives

Contact Information

Photo of Elite Asset Management  Real Estate
Elite Asset Management
RE/MAX Elite
8300 Carmel Ave. NE Ste. 201
Albuquerque NM 87122
(505)362-2005
Reviews on Zillow
4417042
"Professional and Knowledgeable about real estate in the area, patient with difficult customers like me and my wife (who occasionally wanted very ... more "
5.0/5.0
by rezaarghavani
4279664
"We interviewed the top 4 realtors in our zip code and Pete was at the top of the list. His presentation was professional and well thought out. ... more "
5.0/5.0
by chuck tabbert