Hope Leitner, Realtor®, CRS

Staying at home in 2020 caused of lot of owners to think about how nice it would be to have a larger home to accommodate the additional activities that come along with isolating.  Particularly for people with children at home or possibly, the potential of either adult children or parents coming to live with them. There are other owners who are trying to weigh the pros and cons of selling their larger home and downsizing.  For entirely different reasons, the advantages could be very appealing to an owner.  A smaller home is easier to maintain and usually, has lower utilities, insurance, and property taxes. Some people might be considering the convenience and ease of mobility of a single level home.  It may be finding a location with proximity to the activities they are now interested in.  A newer home might have less maintenance and be more energy efficient. Married taxpayers who have owned and occupied a principal residence for two years can exclude up to ...

Rental homes whether they be single-family detached properties, condos, two, three or four-unit properties share many of the same benefits.   Most people instinctively understand many of the working parts because they are the same as their home.   They have a basic understanding of value and how to maintain the property.   The service providers for a home would be the same for a rental home. These properties allow an investor to obtain a large loan-to-value mortgage at fixed interest rates for up to thirty years.   They appreciate in value, currently exceeding many other assets; have defined tax advantages and allow an investor more control than many alternative investments. Most lenders require 20-25% down payment and will finance the balance at rates close to owner-occupied homes.   Buyer closing costs will add another three to four percent to the amount of cash needed to close.   It is also prudent to have available funds for repairs and maintenanc...

Imagine what happens when there is not a pre-listing inspection.   The buyer contracts for the home with a provision for professional home inspection.   When it is made, there could be things that the buyer didn't expect or even, anticipate.   If it doesn't trigger an action to terminate the contract, the buyer will inevitably, ask the seller to make all the repairs. When presented with the buyer's request, the seller may take the opposite position of not wanting to do any of the repairs.   The buyer could accept the property in its "as is" condition or negotiate the repairs or a reduced price with the seller. Any experienced agent can tell you that sometimes a mutually agreed negotiation is reached and other times, an impasse is met that cannot be resolved.  The contract is terminated, and the house has to go back on the market but this time, a disclosure has to be made to all parties looking at the home which may deter showings. Taking a pro-active appro...

A much-repeated investment strategy is to buy low and sell high.   Some people who purchased around the financial crisis of 2010-2012 are poised to make considerable profits. The median home price in America is now $295,300 up from $155,600 in February 2012 which calculates close to an 8% annual increase.   The median equity that homeowners have earned during the same period is $140,000. Inventory is in short supply while demand is high which has caused prices to increase.   Factors that continue to contribute to the lower number of homes on the market are record low mortgage rates and housing starts have not met expectations since the Great Recession.   This year, people spending more time at home due to the pandemic has caused some people to rethink their current living space which has added to the demand. Some experts believe that a significant portion of the workforce will continue to work from home after the pandemic has passed making the motivation for a ...