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Comps Vs. Market Stats

Comps Vs. Market Stats

Comps Vs. Market Stats

Comps Vs. Market Stats

 

Comps are something all agents are familiar with — how they work, how to use them in a deal, and how they set the tone and price.

Comparables, also known as “comps,” are properties used for comparison in the real estate appraisal process. When looking at comps, real estate professionals find out how much other homes in the area, of similar size and with similar amenities, sold for to gain a better sense of how the home on the market should be priced. Comps narrowly compare like homes to one another in a small area, where as market stats look at all houses within a broader area like a zip code, metropolitan statistical area (MSA), county of the entire state. When do you want to use market statistics instead of comps? When you’re trying to get a sense of the marketplace and how key elements have changed over time.

What are the differences between comps and market statistics, and more importantly, when should you rely upon one over the other?

  • COMPS: Consumers who have already decided to purchase something can use this stat to assess what options they have available; sellers can use this stat to assess how their product compares to that of other products currently on the market.
  • MARKET STATS: Professionals use these to gauge the health of the marketplace as a whole and to set expectations during the transaction. It provides them with information about the market’s competitiveness, pricing trends, whether buyers or sellers prefer the market, and how quickly assets will move in the market.

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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.

 

Staging Your Home for Sale

Staging Your Home for Sale

Staging Your Home for Sale

To Stage or Not to Stage?

Here’s a look at how home staging can pay off, according to a survey of buyers’ and sellers’ agents.

82% of buyers’ agents said staging a home made it easier for their clients to visualize the property as a future home.

23% said home staging raised the dollar value offered between 1% and 5%.

31% said home staging decreased the amount of time a home spent on the market.

Which rooms to stage?

Real estate agents said the following rooms were the most important areas to stage in a home on the market:

46% living room
43% master bedroom
35% kitchen

Benefits of Home Staging

Home staging benefits might seem like something only the upper class think about. Having your home set up like a model room in a department store seems unnecessary at first glance, but think why department stores bother to set up model rooms.

Step Up the Appeal

One of the benefits of staging your home is that it can make it seem much more luxurious, clean, and comfortable than it normally is. The magic of home staging tricks potential buyers into thinking their lives will be comfortable, clean, and luxurious if they buy your home.

Get Higher Offers

The importance of staging a home can go beyond looks. Homes that have been staged have an increased chance of getting offers over the asking price than those that have not been staged. Agents from the National Association of Realtors found that staging your home could boost your offers by 5%.

Lessen Time on the Market

It’s likely that you aren’t getting offers on your home because people are struggling to see themselves living in your home. You might need to change the layout a little bit, fix some minor damages, or clean up.

More than half of all sellers agents asked have said that staging a home can reduce your house’s time spent on market.

Source: National Association of Realtors® 2021 Profile of Home Staging

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.

 

Florida Best for Retirement

Florida Best for Retirement

Florida Best for Retirement

Florida Ranked No. 1 State for Retirement

 

Report: The state came in No. 1 for reader feedback, No. 5 for quality of life, No. 8 for affordability and No. 39 for health care.

TULSA, Okla.– According to RetirementLiving’s 2022 Best States for Retirement report, Florida ranks No. 1 in reader feedback, No. 5 for quality of life, No. 8 for affordability, and No. 39 for health care.

The top 10 states on the 2022 list are Florida, New Hampshire, Arizona, North Carolina, Alaska, Texas, South Dakota, Washington, Nebraska and Alabama.

According to the rankings, Illinois is the worst state for retirement.

The report ranked states based on 13 data sources and reader feedback to measure states on cost of living, quality of life, health care and other categories.

Source: South Florida Agent (04/25/22) Regan, Patrick

© Copyright 2022 INFORMATION, INC. Bethesda, MD (301) 215-4688

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.

 

6 tips for pet owners selling their house

6 tips for pet owners selling their house

6 tips for pet owners selling their house

6 Tips for Pet Owners Selling Their House

 

Fido shouldnt be seen … or smelled when youre selling your home. Our top recommendations for pet-owning clients putting their home on the market (in order of most-suggested) are:

 

1. Take animal out of home for showings (78%)

Taking your pet off the property before a showing is best for you, your potential buyers, and especially your pets. Moving is as stressful for your pet as it is for you. Disrupting their daily routine, moving their belongings around, and having to deal with an influx of new stranger smells can create anxiety for your animal

2. Replace anything damaged by pet (72%).

When potential buyers walk through a home, they’ll have a critical eye and may key in on even the smallest of blemishes

3. Cleaning the home to remove animal odors (70%)

4. Having the home professionally cleaned (61%)

If you have carpets, some professionals take it a step further by using a special UV light to detect pet accidents, professional urine removal treatment to get rid of stains and odors, and hypoallergenic cleaners to remove allergens.

5. Removal of pet objects (47%)

6. Replacing carpet or finishing floors (33%)

We love our animals and we make no apologies for the lifestyle accommodations we’ve made for our pets. As sellers, we do want to be mindful of our potential buyers. At the end of the day, we want top dollar and to see that our home goes a good family. Proper upkeep and maintenance throughout the life of your home go a long way. This applies to any wear and tear from our pets too.

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.

 

Foreclosure activity higher since covid

Foreclosure activity higher since covid

Foreclosure activity higher since covid

Foreclosure Activity: New High Since Start of COVID

 

Filings up 39% in 1Q 2022 over 1Q 2021. Fla. is one of 5 states with highest foreclosure starts in 1Q. But activity still remains below historical levels.

IRVINE, Calif. – Foreclosure starts and bank repossessions are at their highest numbers in the last two years. Most pandemic-initiated moratoriums have lifted by now and lenders are starting to resume foreclosures. Still, foreclosure activity remains well below historical levels.

The number of properties with a foreclosure filing during the first quarter of 2022 climbed 39% compared to the previous quarter. Foreclosure filings are up much higher –132% – compared to a year ago, according to ATTOM Data Solutions’ Q1 2022 U.S. Foreclosure Market Report.

“Foreclosure activity has continued to gradually return to normal levels since the expiration of the government’s moratorium, and the CFPB [Consumer Financial Protection Bureau’s] enhanced mortgage servicing guidelines,” says Rick Sharga, executive vice president of market intelligence for ATTOM. “But even with the large year-over-year increase in foreclosure starts and bank repossessions, foreclosure activity is still only running at about 57% of where it was in Q1 2020, the last quarter before the government enacted consumer protection programs due to the pandemic.”

Foreclosure starts increased in all 50 states. The states with the largest number of foreclosure starts in the first quarter included California, Florida, Texas, Illinois, and Ohio. Broken out by metro level, the greatest number of foreclosure starts last quarter were in Chicago, New York, Los Angeles, Houston and Philadelphia.

Nationwide, Sharga says it’s likely that foreclosure activity will continue to see significant month-over-month and year-over-year gains through the second quarter of 2022.

“But [we] still won’t reach historically normal levels of foreclosures until the end of the year at the earliest, unless the U.S. economy takes a significant turn for the worse,” he notes.

Source: “U.S. Foreclosure Activity Sets Post Pandemic Highs in First Quarter of 2022,” ATTOM Data Solutions (April 20, 2022)

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.

 

Collaboration Key to Affordable Housing Crisis

Collaboration Key to Affordable Housing Crisis

Collaboration Key to Affordable Housing Crisis

Collaboration Key to Affordable Housing Crisis

 

Government at all levels and the private sector can work together to help consumers and increase housing availability, affordability, and accessibility.

WASHINGTON – Though the current housing crisis was decades in the making, experts say all levels of government and the private sector can work together now to ease the burden on consumers and increase housing availability, affordability, and accessibility. This was the message of a webinar called “A Look Ahead: Fixing the Housing Crisis,” hosted by national think tank Third Way earlier this week.

“Chronic underbuilding has contributed to housing supply issues across the board. Affordable housing is especially scarce, putting greater strain on moderate-income and first-time home buyers. Housing production is 4 million to 5 million units below where it needs to be to meet demand,” said Erika Poethig, special assistant to President Joe Biden for housing and urban policy.

Supply chain and labor issues have played a part in building woes in recent years, said Poethig, but a lack of land is perhaps an even greater stumbling block. State and local governments can work to address zoning and land-use issues in their own backyards, she said, and the Biden administration is working to incentivize inclusionary zoning and land use that promotes higher-density housing.

“Land use and zoning reform is essential to boost safe, affordable housing supply,” said Poethig.

She noted that the administration is also undertaking executive actions, recently issuing an order that pledges 100,000 new rental units over the next three years. So far, 10,000 units have been created.

Student loan debt is an additional burden for younger home buyers and people of color – an issue highlighted in the National Association of Realtors®’ 2022 Snapshot of Race and Home Buying in America – said Bryan Greene, NAR’s vice president of policy advocacy. In February, NAR’s research team released a report, The Double Trouble of the Housing Market, which explores the effects of record-high home prices and record-low inventory on the market.

“Consumers are struggling to achieve what their parents achieved,” said Greene. “Overall, we need to advocate that [housing] is a national priority.”

NAR is considering the following policy proposals to boost supply and make homeownership more broadly available:

•Down payment assistance

•Alternative credit scoring

•Tax incentives for repurposing commercial properties into residential

•Promoting sales of single-family homes to owner-occupants rather than investors

•Special purpose credit programs

“People of color also face greater hurdles in the housing market due to historic and present-day discrimination that has prevented the accumulation of intergenerational wealth. Racial zoning and redlining, racially restrictive covenants, and appraisal bias have created barriers to homeownership for minority buyers,” said Lisa Rice, president and CEO of the National Fair Housing Alliance, adding that many discriminatory policies remain in effect.

“There is a larger gap today between Black and White homeowners than there was when the Fair Housing Act was passed,” said Rice.

Rice advocated for The Black Homeownership Collaborative’s 3by30 plan, which seeks to create 3 million net new Black homeowners by 2030. The program’s partners include nonprofits, lenders, developers, and associations, including NAR, NAREB (National Association of Real Estate Brokers), and the NAACP (National Association for the Advancement of Colored People).

“This problem was created by many actors,” said Rice. “It will take all stakeholders working collaboratively to fix it.”

Gene Sperling, political coordinator of the American Rescue Plan and senior advisor to President Biden, also noted the important role the Emergency Rental Assistance Program played in keeping people in their homes during the pandemic. He pledged additional support from the administration for renters and housing providers.

“At this moment, five million payments have gone out to households and landlords,” Sperling said. “There’s never been anything like this.”

Source: National Association of Realtors®

Source: https://www.floridarealtors.org/news-media/news-articles/2022/04/collaboration-key-affordable-housing-crisis

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.