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April 19, 2024

What do Realtors Do - Part 1

Real estate transactions often mark significant milestones in people's lives. Whether it's buying a first home, upgrading to accommodate a growing family, or downsizing for retirement, these decisions carry immense financial and emotional weight. In this intricate dance of property transactions, real estate listing agents emerge as invaluable allies, offering expertise, guidance, and unwavering support to their clients.

1. Expertise and Guidance

At the heart of a real estate agent's value proposition lies their expertise and guidance. These professionals bring a wealth of market knowledge, negotiation skills, and experience to the table. In what is often the largest transaction of their clients' lives, the agent's guidance remains indispensable. From crafting pricing strategies to navigating complex contract negotiations, agents serve as trusted advisors, ensuring their clients make informed decisions every step of the way.

2. Navigating Legalities

Real estate transactions are fraught with legal intricacies and regulatory requirements. Agents play a pivotal role in helping clients understand contracts, disclosures, and local regulations. By providing clarity and guidance on legal matters, agents ensure a smooth and legally compliant transaction process, mitigating the risk of costly legal disputes down the line.

3. Market Insights

Agents are at the forefront of market trends, armed with insights into property values, inventory dynamics, and neighborhood trends. By leveraging data-driven insights, agents empower their clients to make informed decisions about buying or selling property. Whether it's identifying emerging opportunities or assessing market risks, agents serve as invaluable sources of market intelligence, helping their clients maximize their real estate investments.

4. Emotional Support

Beyond their professional expertise, real estate agents offer crucial emotional support to their clients. Buying or selling a home can be an emotionally charged experience, fraught with uncertainty and stress. Agents act as empathetic allies, providing reassurance, guidance, and a steady hand throughout the process. By offering support and perspective, agents help clients navigate the emotional rollercoaster of real estate transactions, fostering trust and confidence every step of the way.

The True Cost of Real Estate Agents

Despite the vital role they play, there's often a misconception about the financial rewards enjoyed by real estate agents. While it's true that successful agents can earn significant commissions, it's essential to recognize the myriad expenses and financial obligations they incur in the course of their work.

Agents work tirelessly, investing weeks, months, and sometimes even years with clients before a transaction materializes. And when a deal does close, agents must contend with a multitude of upfront expenses, including broker fees, office rent, MLS dues, advertising costs, and more. These expenses can quickly add up, eating into the agent's commission earnings.

Moreover, agents are responsible for managing their own taxes, including self-employment tax, federal withholding, social security, and Medicare contributions. Additionally, they must set aside funds for independent health insurance and retirement savings, as they do not benefit from employer-sponsored retirement plans.

In essence, the true cost of being a real estate agent extends far beyond the commission check. It encompasses a myriad of expenses, financial responsibilities, and the invaluable investment of time and expertise.

With all this being said.....

Real estate listing agents play an indispensable role in guiding clients through the complex and emotionally charged process of buying or selling property. From offering expert guidance and navigating legal complexities to providing emotional support and market insights, agents are steadfast allies, committed to their clients' success and satisfaction.

While the financial rewards of being a real estate agent can be substantial, it's essential to recognize the significant expenses and financial obligations that come with the territory. Behind every successful transaction lies a dedicated agent, investing not only their time and expertise but also shouldering the financial burdens that accompany their profession.

In light of their invaluable contributions and the true cost of their profession, it's clear that real estate listing agents are not just transaction facilitators but trusted partners in their clients' real estate journeys.

Posted in Realtors
April 12, 2024

March Market Stats for Buncombe County

As spring blooms across Buncombe County, the real estate market is abuzz with activity, signaling a promising start to the season for both buyers and sellers alike. Let's delve into the highlights of the March market report, revealing key insights and trends shaping the local housing landscape.

Overall Market Trends: March brings a surge of activity, with the market showing a noticeable uptick in various metrics compared to the previous month. From new listings to pending and closed sales, the numbers paint a picture of a bustling real estate scene in Buncombe County.

New Listings Soar: One of the most significant shifts in the market is the dramatic increase in new listings. Home sellers are stepping onto the scene in droves, providing a much-needed boost to inventory levels. This influx of new listings creates a more welcoming environment for prospective homebuyers, offering a wider array of options to explore.

Pending and Closed Sales on the Rise: In tandem with the rise in new listings, both pending and closed sales are experiencing an upswing. Buyers are eager to capitalize on the expanded inventory, leading to increased activity in the market. The growing number of pending and closed sales reflects a heightened level of confidence and momentum among both buyers and sellers.

Decrease in Days on Market: A particularly encouraging trend for sellers is the decrease in days on market. Homes are spending less time lingering on the market, signaling a quicker pace of sales. This decrease is indicative of heightened demand and competitive bidding scenarios, ultimately benefiting sellers by expediting the selling process.

Months of Inventory Supply Increase: Despite the surge in new listings, the months of inventory supply have seen an increase. This metric, which measures the balance between supply and demand, indicates that while inventory levels are rising, demand continues to outpace supply to some extent. However, the increase in supply bodes well for buyers, providing them with more options and potentially alleviating some of the competitive pressures in the market.

March has brought a wave of activity to Buncombe County's real estate market, with increased listings, sales, and a quicker pace of transactions. While sellers enjoy the benefits of decreased days on market, buyers are met with a more favorable inventory landscape. As we navigate through the spring season, these trends set a positive tone for the continued vitality and resilience of Buncombe County's real estate market. Whether you're buying, selling, or simply observing, now is an exciting time to be part of the dynamic housing market in our community.

 

Posted in Market Updates
April 3, 2024

Danielle Hale - March 2024 Market Update

If Danielle Hale isn't on your radar yet, you'll want to take note. She's the brains behind Realtor.com's economic insights as their Chief Economist. In an industry where change is constant, having someone like Hale is invaluable. Her role involves delving deep into real estate trend data, distilling it into actionable insights for both consumers and industry professionals alike.

In our rapidly evolving real estate landscape, staying informed is key. That's why we're excited to share Hale's latest Economic and Housing Market Update for March 2024. In this insightful video, she breaks down the latest trends and developments shaping the housing market. Whether you're a seasoned investor or a first-time homebuyer, this update is essential viewing.

You can catch the full video here: Link to the video

Don't miss out on the opportunity to stay ahead of the curve with Hale's expert analysis. Watch the video now and gain valuable insights into the dynamic world of real estate economics.

 

Posted in Market Updates
March 28, 2024

Marry the House NOT the Mortgage

 

Embracing the philosophy of "marry the house, date the rate" offers a prudent approach to home ownership, suggesting a long-term commitment to the property while remaining flexible with interest rates. With predictions indicating a downward trend in rates over the next year, there's a positive outlook for refinancing opportunities ahead.

Central to executing this strategy is maintaining a low debt-to-income ratio and a stable income stream, ensuring a smooth refinancing process when rates become favorable. Moreover, try to be comfortable with current interest rates.

Lets take for example an 7-8% mortgage rate monthly payments remain manageable. Although 8% represents a high in recent market trends, it aligns closely with initial estimations.

You purchase a house for around $250-$300k with roughly a $2,100 per month payment, my current mortgage payment is feasible. However, the prospect of refinancing at a 6.5% rate promises a significant reduction, potentially saving around $280 monthly. Should rates continue to decline, the savings upon refinancing next year could be even more substantial.

The crux of this approach is not contingent upon banking on reduced monthly payments for survival but rather capitalizing on the benefits when refinancing down the line.

In markets characterized by soaring prices, securing a home despite prevailing high rates is often the prudent choice, provided one is financially prepared to take on the commitment. It's crucial to assess affordability based on current rates and market conditions before making the leap into homeownership.

Posted in Home Affordability
March 22, 2024

It's Womens History Month!

In March 1987, Congress passed a resolution designating March as Women’s History Month. This annual observance provides an opportunity to honor and commemorate the remarkable contributions, achievements, and challenges faced by women throughout history.

During Women's History Month, it's important to recognize the significant strides women have made in the realm of homeownership despite numerous obstacles. We're witnessing a growing number of women becoming homeowners, with single women notably impacting the housing market. However, it's crucial to acknowledge that gender disparities persist, particularly affecting women of color who often confront intersecting forms of discrimination. Addressing these disparities is essential to ensure equitable access to homeownership and financial stability for all women.

Owning a home has traditionally been viewed as a primary avenue for American families to accumulate wealth. Therefore, it is essential for us to delve into the trends of homeownership rates, the direction they are taking, and who is benefiting from these trends, as well as who may be left behind.

In 2024, we commemorate the 50th anniversary of the passage of the Equal Credit Opportunity Act, a milestone legislation alongside the Fair Housing Act, which significantly expanded access to the housing market for single women. Since 1981, when the National Association of REALTORS® Profile of Home Buyers and Sellers report was first introduced, single women have consistently outpaced single men in the housing market, trailing only behind married couples in terms of homeownership rates.

Posted in Life
March 15, 2024

February Stats - Buncombe County

February statistics have been compiled, and here's the scoop on what you need to know when analyzing Buncombe County's data!

New listings have surpassed last year's numbers for the same period and have also increased from the previous month. This uptick is excellent news, as it indicates a growing inventory, albeit gradually. This expansion is crucial in attracting the buyers we're seeking!

However, there's a bit of a mixed bag with the median and average sales prices, as they've dipped. For buyers, this is a favorable trend, but for sellers, it might not be as welcomed. Nonetheless, sellers can still find solace in the fact that prices remain at respectable levels. The downward trajectory mirrors the percent of the original list price received, signaling that some properties are initially priced higher and may require adjustments or accepting offers below the listing price.

The months of inventory have remained steady at a two-month supply from January to February but have seen a significant increase compared to February of last year.

March 7, 2024

Spring Cleaning 2024

🌷🧹 It's that time of the year again - time to freshen up your living space and welcome the rejuvenating spirit of spring! With National Cleaning Week kicking off on the fourth Sunday in March, which falls on March 24 this year, there's no better excuse to dive into some serious spring cleaning.

National Cleaning Week isn't just about tidying up; it's a week-long celebration of decluttering and reviving every nook and cranny of your home, office, car, or storage locker. It's a chance to bid farewell to the winter blues and embrace the vibrant energy of the new season.

So, roll up your sleeves, gather your cleaning supplies, and let's get to work! From dusting off forgotten corners to organizing chaotic closets, there's plenty to do during this dedicated week. And don't forget about your car - give it a thorough clean to welcome the warmer weather with a fresh start.

Whether you tackle it solo or enlist the help of family and friends, National Cleaning Week is a fantastic opportunity to reset and refresh your surroundings. So let's make the most of it and get ready to welcome spring with open arms and a sparkling clean home! Below you can find a couple websites with helpful tips and trends for the big "spring clean"!🌸✨

https://nationaltoday.com/national-cleaning-week/

https://www.goodhousekeeping.com/home/cleaning/

Posted in Holiday & Seasonal
March 1, 2024

Assumable Mortgages?!

New to looking at homes? Have you ever noticed a section that says "Assumable" followed by the answer "No"? If your answer is yes and you just simply ignore that, let me fill you in! 

When you see this on a listing it is referring to the current mortgage loan and it being able to be "assumed"/transfered to the buyer. An assumable mortgage is a type of home loan agreement where a buyer can take over the existing mortgage terms and payments from the seller when purchasing a property. This arrangement can offer benefits to both the buyer and the seller. For the buyer, it may provide access to more favorable loan terms, such as a lower interest rate or a shorter repayment period, especially if market rates have risen since the original mortgage was taken out. For the seller, it can make their property more attractive to potential buyers and potentially facilitate a quicker sale. However, assumable mortgages are relatively rare and typically require approval from the lender. Additionally, not all mortgages are assumable, so it's essential for both parties to carefully review the terms of the existing loan agreement before proceeding with an assumption.

We are starting to see more listings, especially in the larger Metro areas, advertising "assumable" loans. Click the link below to read the full article and see the areas where "assumable" loans are on the rise! 

 

View Article Here

Posted in Home Affordability
Feb. 23, 2024

January 2024 Monthly Stats - Buncombe County

In Buncombe County, the real estate market has seen significant growth compared to last January, with noteworthy increases in new listings, closed sales, and inventory levels. This surge reflects a robust demand for properties within the region. New listings entering the market indicate a healthy influx of available properties, providing buyers with more options. Closed sales signify an active market, where transactions are thriving, possibly driven by favorable economic conditions. Additionally, the increase in inventory suggests a broader selection for prospective buyers, potentially offering them more negotiating power. Overall, these trends indicate a buoyant real estate market in Buncombe County, presenting opportunities for both buyers and sellers in the area. If you'd like to know more about the current market, were here to help.

Feb. 16, 2024

You Own a Home Now - Heres What You Should Know How to Do

Ladies and gentlemen, brace yourselves for the epic saga of a brave soul who dared to venture into the wild world of adulthood and responsibility—our protagonist, the newfound homeowner extraordinaire! Picture this: a person armed with nothing but a dream, a stack of mortgage papers, and a vague notion of what a wrench looks like. Yes, folks, they've embarked on the treacherous journey from renting to owning, from calling the landlord to anxiously googling "how to fix a leaky faucet" at 2 AM. It's a tale of triumph, terror, and probably a few too many trips to the hardware store. So, grab your tool belt and get ready to laugh, cry, and wonder why anyone would voluntarily sign up for this madness as we delve into the hilarity that ensues when a clueless individual becomes... a homeowner!

Here are 20 MUST KNOW HOW TO's when being a home owner!

1) Fix a running toilet

2) Unclog a drain (still can't always get this one done lol)

3) Set your thermostat properly

4) Install weather stripping

5) Caulk cracks and gaps

6) Turn off a smoke detector

7) Test GCFI's

8) Know where your main water shut off valve is (thank god for home inspections LOL)

9) Find a wall stud

10) Clean refrigerator coils

11) Clean grout

12) Paint

13) Change air filters

14) Change lawn mower oil

15) Clean washing machine

16) Use wall anchors

17) Clean gutters & downspouts

18) Deal with a flooded basement

19) Inspect and know where your attic access is

20) Relight pilots

 

click here to read GHTV's full article

 

Posted in Good to know info