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Existing-Home Sales report for April

Existing-Home Sales report for April

by | May 29, 2023 | Blog, Real Estate News

Existing-Home Sales Faded 3.4% in April

WASHINGTON (May 18, 2023) – Existing-home sales decreased in April, according to the National Association of REALTORS®. All four major U.S. regions registered month-over-month and year-over-year sales declines.

Total existing-home sales1 – completed transactions that include single-family homes, townhomes, condominiums and co-ops – slid 3.4% from March to a seasonally adjusted annual rate of 4.28 million in April. Year-over-year, sales slumped 23.2% (down from 5.57 million in April 2022).

“Home sales are bouncing back and forth but remain above recent cyclical lows,” said NAR Chief Economist Lawrence Yun. “The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand.”

Total housing inventory2 registered at the end of April was 1.04 million units, up 7.2% from March and 1.0% from one year ago (1.03 million). Unsold inventory sits at a 2.9-month supply at the current sales pace, up from 2.6 months in March and 2.2 months in April 2022.

The median existing-home price3 for all housing types in April was $388,800, a decline of 1.7% from April 2022 ($395,500). Prices rose in the Northeast and Midwest but retreated in the South and West.

“Roughly half of the country is experiencing price gains,” Yun noted. “Even in markets with lower prices, primarily the expensive West region, multiple-offer situations have returned in the spring buying season following the calmer winter market. Distressed and forced property sales are virtually nonexistent.”

Properties typically remained on the market for 22 days in April, down from 29 days in March but up from 17 days in April 2022. Seventy-three percent of homes sold in April were on the market for less than a month.

First-time buyers were responsible for 29% of sales in April, up from 28% in both March 2023 and April 2022. NAR’s 2022 Profile of Home Buyers and Sellers – released in November 20224 – found that the annual share of first-time buyers was 26%, the lowest since NAR began tracking the data.

All-cash sales accounted for 28% of transactions in April, up from 27% in March and 26% the previous year.

Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in April, identical to March and one year ago.

Distressed sales5 – foreclosures and short sales – represented 1% of sales in April, unchanged from last month and the prior year.

According to Freddie Mac, the 30-year fixed-rate mortgage(link is external) averaged 6.35% as of May 11. That’s down from 6.39% the previous week but up from 5.30% one year ago.

Single-family and Condo/Co-op Sales

Single-family home sales waned to a seasonally adjusted annual rate of 3.85 million in April, down 3.5% from 3.99 million in March and 22.4% from the previous year. The median existing single-family home price was $393,300 in April, down 2.1% from April 2022.

Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 430,000 units in April, down 2.3% from March and 29.5% from one year ago. The median existing condo price was $348,000 in April, an annual increase of 0.7%.

Regional Breakdown

Existing-home sales in the Northeast receded 1.9% from March to an annual rate of 510,000 in April, down 23.9% from April 2022. The median price in the Northeast was $422,700, up 2.8% from the previous year.

In the Midwest, existing-home sales declined 1.9% from one month ago to an annual rate of 1.02 million in April, dropping 21.5% from the prior year. The median price in the Midwest was $287,300, up 1.8% from April 2022.

Existing-home sales in the South decreased 3.4% from March to an annual rate of 1.98 million in April, a 20.2% decline from one year ago. The median price in the South was $357,900, down 0.6% from April 2022.

In the West, existing-home sales slipped 6.1% from the previous month to an annual rate of 770,000 in April, down 31.3% from the previous year. The median price in the West was $578,200, down 8.0% from April 2022.

About NAR

The National Association of REALTORS® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

# # #

For local information, please contact the local association of REALTORS® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

NOTE: NAR’s Pending Home Sales Index for April is scheduled for release on May 25, and Existing-Home Sales for May will be released on June 22. Release times are 10 a.m. Eastern.

1 Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR benchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2 Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

3 The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

4 Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s REALTORS® Confidence Index, which include all types of buyers. The annual study only represents primary residence purchases, and does not include investor and vacation home buyers. Results include both new and existing homes.

5 Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s REALTORS® Confidence Index, posted at nar.realtor.

salesmarket report
Pet Addendums: What Landlords Should Know

Pet Addendums: What Landlords Should Know

by | May 26, 2023 | Blog, Homeowners, News, Property Management, Real Estate News, Renters

Pet Addendums: What Landlords Should Know

Pet Addendums: What Landlords Should Know

With approximately 90% of tenants being pet owners, it becomes crucial to incorporate a pet addendum (or pet policy) into your lease agreement, outlining specific regulations pertaining to pets, particularly emotional support animals (ESA) and service animals.

This article aims to offer a comprehensive introduction to pet addendums and offers valuable insights for landlords on safeguarding their rental properties while accommodating pets.

What Is a Pet Addendum?

A pet addendum is a legally binding document that delineates a landlord’s stipulations and requirements regarding the presence of pets, emotional support animals (ESA), and service animals on the rental property. While many lease agreements already incorporate clauses related to pets, if such clauses are absent, a pet addendum can be utilized to formally introduce new provisions to an existing lease or to modify and update an existing lease through a lease amendment.

Typically, a pet addendum includes the following essential details:

  1. Date of the original lease amendment or modification.
  2. Property address where the pet will be allowed to reside.
  3. Landlord’s contact information.
  4. Tenant’s name and relevant information.
  5. Comprehensive pet information, encompassing the name, breed, size, gender, age, and weight of the pet.
  6. Specified pet-related fees to be borne by the tenant, such as pet rent or deposit.
  7. Signatures of all parties involved.

Why Rental Agreements Should Include Pet Addendums

If you’re okay with tenants having pets, make sure you have a document that’s legally binding. This document should explain the rules tenants need to follow, any restrictions on pet breeds and sizes (if there are any), and the costs or fees the tenant needs to pay for having a pet.

Even if you don’t allow pets, it’s still important to have a section in your rental agreement that talks about pets. This section should make it clear what will happen if tenants bring in unauthorized pets and what documents they need to provide if they have emotional support animals (ESA) or service animals.

What Could Happen If You Don’t Cover All Types of Pets in a Lease?

Not including a pet clause or addendum in your lease agreement can cause problems. You might struggle to enforce your rules, charge the right pet fees, and end up responsible for pet-related property damage. If you don’t address emotional support animals (ESA) and service animals in your lease, you could violate renters’ rights and get into legal trouble.

Here’s a real-life example: Riley Adams, an accountant, had a tenant who registered her animal as a support dog, but it went against his lease terms. To avoid legal action, he had to change the lease to allow qualified service animals with proper paperwork. By doing this, he resolved the situation peacefully. But it’s important to think about ESA and service animals when making pet rules to avoid similar problems.

3 Ways to Cover Pets in Your Lease Agreement

Three Legal Documents for Addressing Pets in Your Lease Agreement

  1. New Lease Agreement: If you’re starting fresh with a new lease agreement, consider using an Avail lease agreement. These agreements are reviewed by lawyers, tailored to specific states, and contain local requirements and a pet clause.
  2. Pet Addendum to Rental Lease: If your existing lease already includes a pet policy but requires additional terms that were not initially covered, a pet addendum can be used. This document allows you to add new provisions to the existing lease agreement.
  3. Pet Amendment to Rental Lease: In situations where you need to modify an existing pet policy, similar to Riley’s experience, a pet amendment is the appropriate document. It allows you to alter specific sections of the agreement related to pets, accommodating changes or updates as necessary.

Can Pet Addendums Exclude Emotional Support Animals?

Differences exist between how emotional support animals and service animals are treated across states, with varying legal protections in place. However, under the Federal Fair Housing Act (FHA), landlords are prohibited from rejecting tenants who have a mental or physical disability and possess a service animal or ESA. Even if pets are generally not allowed on the property, landlords are required to make “reasonable accommodations” to accommodate these individuals.

Looking for rental services in Orlando – we can help.

We work with our Owners and tenants as individuals and never under estimate what it takes to keep you happy with your choice of Management Company.

By doing our due diligence with our clients, tenants, and vendors we create a service that exceeds expectations and generates positive referrals. Click HERE to learn more and how one of our property management professionals can help you!

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Do You Get Your Earnest Money Back at Closing?

Do You Get Your Earnest Money Back at Closing?

by | May 23, 2023 | Blog, Buyers, Homeowners, News, Real Estate News

Do You Get Your Earnest Money Back at Closing?

Do You Get Your Earnest Money Back at Closing?

If you’re in the process of purchasing a house and intend to secure a mortgage for the transaction, you’re likely to encounter a common question. In brief, it’s important to note that earnest money is typically not refunded at closing.

However, there are instances where earnest money can be returned during the closing process. Curious to learn more? Keep reading to discover what occurs with your earnest money when closing the deal.

What is earnest money?

Are you unsure about the meaning of “earnest money” that keeps coming up in the home purchase process? It’s also known as “good-faith money” or a deposit, and it represents a sum of money that home buyers provide when making an offer on a house to demonstrate their commitment to the purchase.

Typically ranging from 1% to 2% of the intended house price, earnest money is submitted by the buyer within five days of the seller accepting the offer. An escrow agent then collects and deposits this money into an account.

You may have heard the term “going into escrow” in relation to earnest money. That’s because the escrow officer safeguards the earnest money while you proceed with the steps of buying a house, such as obtaining an appraisal for the bank’s approval or having a home inspection to ensure there are no valid reasons to back out of the deal. Neither the escrow officer nor the seller can access that money during this period.

Do I get my earnest money back at closing?

Once the appraisal confirms a price that satisfies your lender and the home inspection doesn’t uncover any concerning issues, you’ll reach the closing stage—the culmination of the home-buying process—where you make the payment to the seller and receive the keys to your new home.

During this time, your escrow agent will withdraw your earnest money from escrow. What happens next depends on the type of earnest money that was initially deposited. If you deposited cash (which is usually the case), the earnest money is typically applied to cover closing costs or contribute to your down payment—the portion of the sale price that buyers pay on their own, alongside the mortgage.

However, there are circumstances where you may receive a refund of the earnest money. For instance, if you have obtained a loan that doesn’t require a down payment, such as a Veterans Affairs loan or a mortgage backed by the U.S. Department of Agriculture, the earnest money will be utilized for closing costs instead of the down payment. If there is any surplus remaining after covering the closing costs, it will be returned to you.

Experts in Residential Real Estate in Orlando

If you are BUYING or SELLING real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Guide of What To Expect When Selling Your Home

Guide of What To Expect When Selling Your Home

by | May 16, 2023 | Blog, Buyers, Homeowners, News, Real Estate News

Guide of What To Expect When Selling Your Home

Guide of What To Expect When Selling Your Home

Selling your home can be a complex and time-consuming process, and the number of days on the market is one of the factors that can affect how long it takes to sell. Here is a week-by-week guide to what you can expect when selling your home, based on the average number of days on the market for homes in the United States.

Week 1:

Preparing for listing During this week, you’ll want to prepare your home for listing by decluttering, cleaning, and making necessary repairs. You may also want to work with a real estate agent to determine your home’s value and set a price. Once your home is ready, your agent will take photos and create a listing.

Week 2-3:

Marketing and showings During the second and third weeks, your home will be actively marketed to potential buyers through online listings, open houses, and other channels. You can expect to have frequent showings during this time and should keep your home clean and tidy for potential buyers.

Week 4-5:

Adjusting your strategy If you haven’t received much interest in your home by the fourth or fifth week, it may be time to adjust your pricing strategy or consider making improvements to increase its appeal. Your real estate agent can help you determine the best course of action based on market conditions and other factors.

Week 6-7:

Increased interest If your pricing or marketing strategy has been adjusted successfully, you should see an increase in interest from potential buyers during this time. You may receive more showings, inquiries, and even offers.

Week 8-9:

Evaluating offers If you receive one or more offers on your home, you’ll need to evaluate each one carefully. Your real estate agent can help you understand the terms of each offer and negotiate with the buyers to get the best deal for you.

Week 10-11:

Negotiating and closing Once you’ve accepted an offer, you’ll enter into negotiations with the buyer. This is when you’ll agree on the terms of the sale, such as the price, contingencies, and closing date. The closing process can take anywhere from a few days to several weeks, depending on the circumstances.

Week 12+:

Closing and moving out Assuming everything goes smoothly, you should be able to close on the sale of your home around week 12 or 13. At this point, you’ll need to move out and turn over the keys to the new owner. Congratulations, you’ve sold your home!

Remember, these timelines are just estimates, and the actual number of days your home is on the market will depend on a variety of factors, including the condition of your home, the local real estate market, and your asking price. However, by being prepared for each stage of the selling process, you can minimize stress and make the most of your home-selling experience.

Experts in Residential Real Estate in Orlando

If you are BUYING or SELLING real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

The Difference Between Active and Passive Real Estate investing

The Difference Between Active and Passive Real Estate investing

by | May 5, 2023 | Blog, Homeowners, Homes, Villas and Condos, News, Property Management, Real Estate News, Renters

The Difference Between Active and Passive Real Estate investing

The Difference Between Active and Passive Real Estate investing

Starting the journey of real estate investing can be an intimidating task for many people.

There are a plethora of options, risks, strategies, and things to learn that any one person may not even know where to start.

One of the first things that must be considered, however, is whether your investments are going to be active investments or passive investments.

In this guide, we will be discussing the differences between the two real estate investing strategies, as well as the advantages and disadvantages of each.

Before beginning to compare them, let’s make sure we know exactly what each one is.

What Is Active Real Estate Investing?

Active real estate investing is a form of investing that is much more hands-on and involved. This means that the investor is fully involved in their real estate investments. The role of an active investor typically involves a large amount of analysis, research, and expertise in order to succeed.

Active real estate investors are also completely responsible for their portfolios. This means that they are the ones who consider the risks and rewards for each one of their investments. Thus, the general goal of an active real estate investor is to consistently be right about the best times to buy and sell and make a profit out of it.

Below, we have provided some examples of things that active investing may consist of.

Examples

Most of the work involved with active real estate investing has to do with buying, selling, or renting properties. A very common real estate investment is known as a fix-and-flip. This is when an investor buys a property and then later fixes it up to sell for a profit. These investments can be very risky and involve a lot of time and money to do.

Another form of active investing is renting out a property. This consists of purchasing a property and turning it into a rental property by renting it out to someone else. Doing this creates a great source of passive income that can even cover the property’s mortgage until it is fully paid off. Once the rental properties are paid off, the investor is free to either sell them or move into them themselves.

What Is Passive Real Estate Investing?

Passive real estate investing is similar to its active counterpart, except with much less involvement and effort. These investments are typically less expensive than active ones but also have lesser returns.

Passive investing is commonly used for the long term, like saving for retirement or for a college fund. For this reason, passive real estate investments are more like buy-and-hold investments. This means that you invest, and you keep that investment for many years until you want it back.

Examples

Most passive investments consist of real estate funds, crowdfunding opportunities, or a real estate investment trust. All of these require the investor to invest at least a small amount of money and wait some time before getting a return. By investing with these methods, you are not building any sort of real estate portfolio. Instead, you are basically investing in someone else’s portfolio, hoping that they make a profit and you do too.

So, as you can see, a passive real estate investment is much different than active real estate investments. But what exactly are those differences?

Below, we have outlined some of the most notable differences between the two investments.

Key Differences Between Active And Passive Real Estate Investing

We have already seen that both kinds of investing are pretty different. But it’s always good to know exactly what those differences are. In this section, we have covered the differences in the two investing styles for some of the most important areas, which are:

  • The amount of work needed
  • The experience required
  • How much income is earned
  • The liquidity of the assets

Without further ado, let’s get into the comparisons.

Work Done

First off, we are going to compare the amount of work needed for each. Active investing requires an immense amount of work and can typically be considered a full-time job. Especially for those investing in residential and commercial real estate, there are so many different factors and things to do that investors won’t have time for anything else.

On the other hand, passive investors do not require as much work. Participating in a real estate fund or crowdfunding opportunity can be as easy as going on your phone and putting in some money. Obviously, passive investors should do some research and invest their money where they believe they will make a profit. However, the research is minimal and the risk is also minimal as they can usually take the money out whenever they want.

When investors can get their investments back easily, or whenever they want, the investment is known as a liquid investment. Liquidity is extremely important when investing, and will be discussed later.

Experience Required

Another very important factor to consider when comparing the two investing styles is the amount of experience that is required. Since passive investment is as easy as going online and searching for potential funds, it does not require that much experience. A few days of research, or even hours, can bring you to some long-term, profitable investments.

On the other hand, active investments require much more time, effort, and most importantly, expertise. Active investors must be well versed in timing the markets to know when to buy and when to sell. They must also be able to tell which properties have a potential for profit and which ones don’t. Without these skills, investors risk losing a lot of time and money on their investments.

Income

For some people, the deciding factor between the two investment strategies is income. When determining income, it is vital that you also consider the risk involved as well as the time. For example, a passive investor may make a fraction of what an active investor makes in a year, but they did not have nearly as much risk.

Generally speaking, this is the case when it comes to comparing both incomes. Active real estate investors acquire their own income-producing real estate and keep all the profits. This can net them anywhere from a few thousand dollars to millions of dollars a year. On the other hand, passive investors make that amount simply by waiting long enough and not risking their greatest assets – their money.

Liquidity

As mentioned before, liquidity is the ability of an asset to be liquidated, or sold, back to the market. Most real estate investments, like residential or commercial properties, are known as illiquid assets. This is because selling properties is not necessarily easy, and can take months.

In contrast, most passive investments are easy to convert to liquidate because they are still in the form of cash. For most investments, an investor can take out his money whenever they want to. The only downside to this is that certain investments may charge a fee for taking out investments early.

So now that we know all about some of the key differences between active and passive real estate investing, let’s go over the advantages and disadvantages of each one.

The Pros And Cons Of Active Real Estate Investing

First, we’re going to be going over the pros and cons of active real estate investing. Let’s get right into it.

Pros

Flexibility

One advantage of being an active real estate investor is that you can be more flexible with your investments. Since an active investor is the sole manager of their investments they can buy and sell at their own command instead of following a specific index. This can come as a great advantage, especially for those who have higher expertise in the area.

More Control

Just as discussed in the previous point, active investors have way more control over their investments than passive investors. Since passive investors are investing in the ideas of other people, they may miss out on opportunities that are even more profitable.

However, this added control also means added risk if the investor is not knowledgeable. Passive investors only risk losing a portion of their assets when they invest, but active investors can risk losing a ton more since they are solely responsible for their investments.

Tax Benefits

Active real estate investors can also take advantage of some pretty neat tax benefits. One of the most beneficial tax benefits is the ability to deduct expenses. These expenses must be tied to the real estate investment, and can include:

  • Property taxes
  • Maintenance
  • Interest
  • Property management fees
  • Office space

…and anything else that counts as a business expense.

Cons

The advantages of active investing seem nice, but there are always drawbacks.

Higher Risk

One of the obvious risks of investing actively is that the investor will face a higher risk. Since they are investing their own money into their own intuition, they are risking losing all of it. And, unfortunately, it is not easy to get back, depending on how severe the investment was.

But, as everyone knows, with high risk comes high reward. It is very nice when the analysis is correct, but when it’s not correct, it can be very, very bad.

More Expenses

Another disadvantage of active investing is that it is more expensive than passive investing. These expenses come in the form of transaction fees, paying analysts for advice on investments, and other fees.

Although they may not seem like much at first glance, these expenses can build up over the years and completely kill your returns. That is why it is essential to stay on top of expenses and make sure they do not get out of control.

The Pros And Cons Of Passive Real Estate Investing

So, now that we have discussed all the pros and cons of active investing, let’s go over the same for passive real estate investing.

Pros

Very Cheap To Start

One of the best advantages of passive investing is that it is really cheap to start. Since the only fees that a passive investor will pay are a couple of transaction fees when they want to invest more money, the expenses do not pile up as much.

Also, the minimum investments for many funds and indices are usually not too high. This means that investors can get started with only a few hundred dollars in their bank account.

Lower Taxes

Another advantage of going with passive investments is that there are fewer taxes. This is because there is less income. With the buy-and-hold strategy, the capital gains every year is very low. This means that the taxable income from these investments won’t be as much compared to that of active investors.

Cons

Very Limited

One of the disadvantages of passive investing is that the investor is very limited in what they invest in. For example, when investing in an index or fund, the investor does not choose which assets are being invested in. They are only choosing the collection of predetermined investments that they hope will yield them a profit.

Small Returns

Passive investors also suffer from smaller returns compared to active investors. Obviously, this is because there is much less risk and skill involved in passive investing. However, these small returns add up over the years. Countless investors put a small amount of money every month into their investments and grow to large sums of money by the time they retire.

Which One Is Right For You?

Although we know are able to differentiate between active and passive investing, and know the advantages and disadvantages of each one, we still haven’t answered the most important question – which one is right for you?

That question can be answered by asking yourself a set of questions. These questions are:

  • How much risk are you willing to take?
  • What level of control do you want?
  • How much expertise and skill do you have?
  • How much time can you dedicate to investing?

These guiding questions are sure to help get you to the answer that you desire. Just make sure to consider all the factors in your life before making any decision

Source

Looking for rental services in Orlando – we can help.

We work with our Owners and tenants as individuals and never under estimate what it takes to keep you happy with your choice of Management Company.

By doing our due diligence with our clients, tenants, and vendors we create a service that exceeds expectations and generates positive referrals. Click HERE to learn more and how one of our property management professionals can help you!

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Questions to Ask a Real Estate Agent When Selling Your Home

Questions to Ask a Real Estate Agent When Selling Your Home

by | May 3, 2023 | Blog, Homeowners, Homes, Villas and Condos, News, Real Estate News, Sellers

Questions to Ask a Real Estate Agent When Selling Your Home

Questions to Ask a Real Estate Agent When Selling Your Home

 

The up and down roller coaster ride of the real estate market and continued fluctations in interest rates can leave sellers scratching their heads, wondering how to price their homes correctly.

To begin with, you should hire afantastic listing real estate agent. These professionals will have the tools and background needed to help you sell your home in today’s market. But there are specific questions to ask so that you can pinpoint the right professional for you.

It’s smart to be picky! A great real estate agent can help find buyers to sell your home fast, and for the most money. Make the wrong choice, and your listing might languish. Then, the lowballing bargain hunters come circling—it’s not pretty.

Not sure where to get started? You can search for real estate agents in your area with online tools that offer you the chance to read real estate agent reviews from previous clients. From there, you’ll want to call or meet with a few you like and probe further.

Questions to ask a real estate agent when selling a home

Here are some important questions to ask your agent when selling your home, from sales plans to listing costs.

1. What are your credentials?

As you start out to sell your home, at the very least hire an agent who has a state license and belongs to the local real estate trade association. This means that they will have access to the multiple listing service, or MLS, and can list your property far and wide to attract buyers.

2. How many sales did you close last year?

A real estate agent’s past performance doesn’t guarantee a quick sale. Their track record of success with buyers and sellers, though, is some assurance that they are professionals who will know what they’re doing in selling your home.

Ask potential agents about how many clients they’ve worked with in the past and about the price range of the homes they have sold. You ideally want someone who knows just which real estate features will be valued by buyers in the appropriate income bracket. You may also want to ask for recommendations from previous clients.

3. Do you specialize in this neighborhood?

Having a local expert can be a huge advantage for sellers. Local agents will be aware of any upcoming developments in the area, plus plans for stores or other amenities that might affect the value of your property, how quickly it will sell, and the price you’re likely to get. They’ll also know what local buyers are looking for in real estate.

“Working with local agents who know the area and the market is essential – but look for agents who’s marketing reach also extends beyond your neighborhood and zipcode” says Steve Silcock, Broker Owner at RE/MAX Heritage

After all, your agent needs to be able to not only sell your home, but your neighborhood.

4. How do you arrive at the listing price?

Few things are as important to a seller as the discussion of how to price your home, and your real estate agent’s ability to land on a listing price that  is pitched at just the right level for the local market.

A property that is priced too high will languish, eventually turning off potential buyers; but a home priced too low might leave money on the table.

Make sure your agent is knowledgeable about the local market and what similar homes have recently sold for. This will help you arrive at the right price. Be sure to get answers to any of your questions about the process of pricing your home.

5. Whom will I be working with?

You want to find out if you will be working with one specific real estate agent or a member of the agent’s team. Each scenario has pros and cons for sellers, so ask lots of questions. Different agents work with clients in different ways.

6. How much will selling my home cost?

Ask several questions about the costs that you, as the seller, will be paying in the real estate transaction, such as broker’s commission, closing fees, and anything else, so you can plan accordingly—and compare from one agent to the next. This should all be covered in the listing agreement with the real estate agent.

7. What is your sales plan?

A good agent should have a written plan for selling your home that identifies the marketing plan for your property to attract buyers, from listing services to open houses to social media. A comprehensive plan helps ensure you’ll capture buyer interest.

“Buyers are searching online” says Silcock. He advises using an agent who has the capability to provide professional photography, a custom website, and even video, if appropriate. This will make the best impression on buyers.

8. What should I do to get my house ready?

See what the agents’ advice is for necessary repairs or upgrades or what hacks they might suggest for budget-friendly but impactful improvements that would attract buyers. Find out if they suggest staging services or just a good cleaning and decluttering.

Also, ask questions about whether the agents are willing to accommodate your schedule and what days and times they prefer to show houses.

9. How will we communicate?

If you’re a texter and your real estate agent prefers lengthy phone calls, that could present a problem. Likewise, you might prefer the personal touch of a call over an email. Knowing the method and frequency of communication can be important in selling your home. Your agent should also be available to answer any questions that you have along the way.

10. How long will the process take?

While no agents can guarantee how fast the sale and full real estate transaction will go, they should be able to give a ballpark range on how long it will take to sell your house. The national average is about a month, but it does depend heavily on your local market.

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Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

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