Zillow has revealed that 1 in 4 sellers are reducing their asking prices
...and it's not because of the election …It’s not because of the assassination attempt a few weeks ago… …It’s nothing new with interest rates (they’ve actually gone down in the last few weeks)… 1 in 4 home sellers have reduced their price based on… …It being a typical summer market. Sorry…I know we have a natural (or conditioned) attraction to big news and big stories. If you want perspective from someone who’s been in the market every day, 365 days a year for the last 8 years then this is what I’m going to tell you… If you want to know what to do if you’re thinking about buying a house right now…I’ll tell you that too. If you want to know what to do if you’re thinking about selling a house right now…I’ll tell you that too. The market starts to slow down every year in July… People still want to move…they’re just not looking as actively due to summer vacations, graduation parties, work outings, baseball tournaments, and a number of other distractions. If you want to know what happens next…the number of price reductions is going to continue to go up through August and September. People will still be buying, you’ll see the number of days on the market going up. Keep in mind 3 days on the market is not considered “normal” in the real estate business. 30-45 is still considered good in a sellers market. Some houses will continue to sell in the first weekend, if they have what buyers want… By October most of the houses listed in July-September will be sold. Typically we see a spike in activity in October from people who still want/need to buy and sell before the holidays or before the end of the year. If you’re looking to buy a house… this can actually be a great time to do it. More time on the market is a good thing for you and if you can find the right house you’ll have a better chance getting the terms you need opposed to buying in the spring. If you’re looking to sell a house… you don’t have to wait until spring. Buyers are still out there and demand is still high…You just have to be more aware of what buyers are looking for (checkout some of my other recent videos)… …and you have to price your home according to the current market… …this could mean listing for 1-2% less than the highest priced sale in the neighborhood that was on the market mid-April and closed in May or June. That 1-2% usually equals less than what it will cost you to keep the house another 6-8 months just to sell next Spring… Especially if you also need to buy a house also… Of course, there’s a lot of other factors specific to you and your needs that will dictate what’s a fair price and when is the right time for you… …If you have questions and want to hear from someone who has been in the business for 8 years and watched the seasonal sales cycles, election cycles, and multiple economic cycles then reach out on our website.
How Much Do You Need To Save To Buy a House in 2023?
It's the beginning of 2023! Are you planning on getting a new home this year? While you are saving up for your down payment, do you actually know how much you need to bring to the closing table? Have you heard about closing costs? What Are Closing Costs? To make it simple, we broke it down into a formula for you: Closings Costs = Transfer Taxes + Title Insurance + Realtor Commissions (in some cases) + Lender fees + Settlement Fees *If you are taking a mortgage, you also need to add escrow, prepaid costs, and home insurance into closing costs. Let's Look at an Example If a house is listed for $300,000 in Western PA. The down payment is about 5%. Listed Price: $300,000 Down Payment: $15,000 (5%) Prepaids & Escrows: $3,000 - $5,000 Fixed Closing Costs: $9,000 - $10,000 (transfer taxes, title insurance, lender fees, realtor commissions, settlement fees. Final Closing Costs: $29K- $30K To Sum It Up Your downpayment is not the only cash you need ready to buy a home! Don't forget to save some room in your budget for closing costs ahead of time. View this post on Instagram A post shared by 𝗕𝗿𝘆𝗮𝗻 𝗥𝗲𝗶𝗹𝗹𝘆 | 𝗣𝗶𝘁𝘁𝘀𝗯𝘂𝗿𝗴𝗵, 𝗣𝗔 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 𝗘𝘅𝗽𝗲𝗿𝘁 (@bryan.reilly_)
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