1. Local Market Knowledge

When buying a home, especially in a specific area, you want an agent who knows the local market inside and out. From understanding neighborhood trends to being aware of school districts, amenities, and even potential future developments, an agent with strong local knowledge can guide you to make informed decisions. Look for someone who can offer insights beyond just what’s listed on the MLS.

2. Proven Track Record

It’s essential to work with an agent who has a successful track record in helping buyers navigate the real estate process. Ask for testimonials or reviews from past clients, and don’t be afraid to inquire about recent transactions. An agent with experience knows how to handle negotiations, paperwork, and unforeseen challenges, ensuring you have a smooth experience. Additionally, agents with access to up-to-date market data can provide you with insights on price trends and competitive offers, giving you a distinct advantage during negotiations.

3. Professionalism and Communication

Professionalism goes beyond wearing a suit or having a polished website. It’s about how the agent conducts business, communicates, and represents your interests. You want an agent who responds promptly, keeps you informed, and is clear about next steps throughout the buying process. Transparency, reliability, and strong communication are non-negotiable traits of a professional real estate agent.

4. Listening Skills

A great agent doesn’t just talk – they listen. You need someone who will take the time to understand your needs, preferences, and budget. From the number of bedrooms to the type of community you envision, an agent who listens carefully will help you find a property that matches your criteria and ensure your voice is heard throughout the process.

5. Personal Connection and Trust

Buying a home is personal, and it’s crucial to work with an agent you can trust. You should feel comfortable asking questions, sharing concerns, and discussing your long-term goals. Establishing a strong connection with your agent creates a foundation of trust, which is essential for a successful buying experience. 

Bottom Line

Choosing the right real estate agent can make your home-buying experience smoother, more enjoyable, and ultimately more successful. When selecting an agent, prioritize local expertise, a proven track record, professionalism, listening skills, and building a personal connection. The Sandy Ginn Team brings years of experience, backed by data-driven insights, to ensure you make confident decisions throughout your buying journey. We pride ourselves on truly listening to our clients and taking the time to understand their needs. Whether your search takes a few weeks, a few months or years, we’re dedicated to finding you the best property and building a lasting relationship.

The post 5 Things to Consider When Choosing Your Real Estate Agent as a Buyer appeared first on Sandy Ginn.

Understanding the Landscape:

First and foremost, it’s essential to understand the dynamics of the current market. Low inventory levels mean that there are more buyers than available homes, driving up competition and often resulting in bidding wars. Recognizing this reality is the first step towards crafting a winning strategy.

Partnering with an Experienced Agent:

In the face of such competition, having an experienced real estate agent by your side is invaluable. A seasoned agent can provide crucial insights into market trends, help you craft a compelling offer, and navigate the complexities of multiple offer situations with finesse. Their expertise can make all the difference in helping you secure your dream home.

Crafting a Compelling Offer:

While price is undoubtedly a significant factor, it’s not the only consideration for sellers. To stand out in a crowded field of offers, consider enhancing your offer with the following:

1. Price Escalation: Show your willingness to compete by including a price escalation clause that automatically increases your offer in response to competing bids, up to a specified limit.

2. Appraisal Gaps: Offer to cover the difference between the appraised value and the purchase price, demonstrating your commitment to closing the deal.

3. Favorable Closing and Possession Dates: Provide flexibility in closing and possession dates to make your offer more appealing to sellers, especially if they have specific timing requirements.

4. Inspection Terms: Set reasonable limits with inspection repair requests or opt for a pre-inspection to streamline the process and strengthen your offer.

5. Property Tax Payment Terms: Offer to cover any outstanding property taxes or consider adjusting the payment terms can also sweeten the deal for sellers.

6. Closing Cost Assistance: Provide assistance with closing costs to help alleviate some of the Seller’s expenses and make your offer more attractive.

Bottom Line

In today’s competitive real estate market, navigating multiple offer situations requires a strategic approach and a willingness to adapt. By partnering with an experienced agent and crafting a compelling offer that goes beyond just the price, you can increase your chances of securing your dream home. Remember, with the right guidance and determination, you can emerge victorious even in the face of stiff competition. Happy house hunting!

The post Navigating Multiple Offer Situations: Tips for Homebuyers in a Competitive Market appeared first on Sandy Ginn.

In the realm of personal finance, maximizing assets and leveraging resources effectively are paramount to achieving one’s goals. For homeowners, one often overlooked asset is home equity. Beyond just being a measure of homeownership, home equity can serve as a powerful tool in reaching various financial objectives and aspirations. Here are 6 ways your home equity can propel you towards your achieving your goals:

1. Home Renovations and Improvements:
   Home equity can be a catalyst for enhancing the quality of your living space. Whether it’s renovating the kitchen, adding an extra bedroom, or installing energy-efficient upgrades, tapping into your home equity through a Home Equity Line of Credit (HELOC) or a home equity loan can provide the necessary funds for these projects. By reinvesting in your home, you not only enhance its value but also improve your quality of life.

2.  Buying a New Home:
   Your existing home equity can serve as a down payment or a substantial portion of the purchase price for a new home. Whether you’re upgrading to accommodate a growing family, relocating for career opportunities, or downsizing for retirement, leveraging your home equity can make the transition smoother and more financially feasible. By utilizing your accrued equity, you can negotiate favorable terms and access a wider range of housing options.

3. Debt Consolidation and Financial Freedom:
   High-interest debt can be a significant obstacle to financial stability. By consolidating debts such as credit card balances or personal loans with a home equity loan or line of credit, you can potentially lower your overall interest rate and streamline your payments into one manageable monthly installment. This approach not only saves money on interest but also accelerates your journey towards debt-free living.

4. Entrepreneurship and Business Ventures:
   For aspiring entrepreneurs or small business owners, accessing capital is often a challenge. Home equity can provide a viable source of funding to launch or expand a business venture. Whether it’s financing equipment purchases, securing office space, or covering operational expenses, tapping into your home equity allows you to pursue entrepreneurial ambitions with confidence.

5.  Retirement Planning and Long-Term Security:
   As you plan for retirement, building a robust financial foundation is essential. Home equity can play a pivotal role in retirement planning by serving as a source of supplemental income. Options such as reverse mortgages enable homeowners aged 62 and older to convert a portion of their home equity into cash, providing financial flexibility during retirement years.

6. Emergency Funds and Contingency Planning:
   Life is unpredictable, and unexpected expenses can arise when least expected. Establishing an emergency fund is crucial for weathering financial storms. Home equity can serve as a safety net, offering access to funds in times of crisis or unforeseen circumstances. Whether it’s covering medical expenses, home repairs, or job loss, having access to home equity provides peace of mind and financial resilience.

Bottom Line

Your home is more than just a place to live; it’s a valuable asset that can help you achieve your goals and aspirations. By leveraging your home equity wisely, you can unlock opportunities for home improvements, buying a new home, debt consolidation, entrepreneurship, retirement planning, and emergency preparedness. However, it’s essential to approach home equity utilization prudently and consider the associated risks and responsibilities. By harnessing the power of home equity, you can chart a course towards financial empowerment and realize your dreams with confidence.

The post Leveraging Home Equity: Your Path to Achieving Life Goals appeared first on Sandy Ginn.

This recent trend is great news for buyers. As a recent article from Bankrate says:

“The rate cool-off somewhat eases the housing affordability squeeze.”

And according to Edward Seiler, AVP of Housing Economics and Executive Director of the Research Institute for Housing America at the Mortgage Bankers Association (MBA):

“MBA expects that affordability conditions will continue to improve as mortgage rates decline . . .”

Here’s a bit more context on how this could help with your plans to buy a home.

How Mortgage Rates Affect Your Search for a Home

Understanding the connection between mortgage rates and your monthly home payment is crucial for your plans to become a homeowner. The chart below illustrates how your ability to afford a home changes when mortgage rates shift. Imagine your budget allows for a monthly payment between $2,400 and $2,500. The green part in the chart shows payments in that range or lower (see chart below):

As you can see, even small changes in rates can affect your budget and the loan amount you can afford.

Get Help from Reliable Experts To Understand Your Budget and Plan Ahead

When you’re looking to buy a home, it’s important to get guidance from a local real estate agent and a trusted lender. They can help you explore different mortgage options, understand what makes mortgage rates go up or down, and how those changes impact you.

By looking at the numbers and the latest data together, then adjusting your strategy based on today’s rates, you’ll be better prepared and ready to buy a home.

Bottom Line

If you’re looking to buy a home, you should know the recent downward trend in mortgage rates is good news for your move. Let’s connect and plan your next steps.

The post Unraveling the Impact of Decreasing Mortgage Rates on Your Purchasing Power appeared first on Sandy Ginn.

1. Beat the Spring Rush:

Listing your home in January allows you to get ahead of the traditional spring real estate market rush. Many potential buyers start their home search early in the year, eager to make a move before the busy spring and summer seasons. By listing in January, your home gains early exposure, attracting serious buyers before the market becomes saturated.

2. Motivated Buyers with New Year Resolutions:

The start of a new year often prompts individuals to pursue major life changes, including buying a new home. Many buyers set homeownership goals as part of their New Year’s resolutions. Capturing this motivated and goal-oriented audience can result in quicker and more favorable transactions.

3. Less Competition, More Visibility:

With fewer sellers choosing to list their homes in January, your property stands out in a less crowded market. Less competition can translate to increased visibility and attention from potential buyers, giving your home a better chance of standing out in online listings and open houses.

4. Tax Refunds Stimulate Buying Activity:

As tax season approaches, many potential buyers eagerly await their tax refunds. Listing your home in January positions it favorably for those buyers ready to invest their tax returns into a new property. This can lead to a pool of financially prepared and motivated buyers in the early months of the year.

5. Capture Corporate Relocations:

January is a common time for corporate relocations and job transfers. Executives and employees relocating to a new area often start their home search early in the year. Listing your home in January positions it well to capture the attention of these potential buyers looking for a smooth transition.

6. Showcase Winter Appeal:

Contrary to popular belief, listing your home in winter can be advantageous. Showcase your property’s winter charm by emphasizing features such as a cozy fireplace, insulated windows, and a warm and inviting atmosphere. Highlighting these aspects can make your home particularly appealing during the colder months.

7. Realistic Offers:

Buyers in January are often serious and motivated, leading to more realistic and timely offers. The sense of urgency and lower inventory can contribute to a smoother negotiation process, resulting in a faster and more satisfying sale.

Bottom Line

Listing your home in January isn’t just a strategic move; it’s an opportunity to kickstart the new year with a successful real estate transaction. By leveraging the advantages of an early listing, you can attract motivated buyers, stand out in a less competitive market, and set the stage for a seamless and profitable home-selling experience. Embrace the potential of January, and watch as your home becomes a sought-after property in the beginning of the real estate year.

The post Unlocking the January Advantage: Why Listing Your Home in the New Year Pays Off appeared first on Sandy Ginn.

Challenge #1: The Reluctance to Take on a Higher Mortgage Rate

According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):

But today, the typical 30-year fixed mortgage rate offered to buyers is closer to 7%. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as the mortgage rate lock-in effect.

The Advice: Waiting May Not Pay Off

While experts project mortgage rates will gradually fall this year as inflation cools, that doesn’t necessarily mean you should wait to sell. Mortgage rates are notoriously hard to predict. And, right now home prices are back on the rise. If you move now, you’ll at least beat rising home prices when you buy your next home. And, if experts are right and rates fall, you can always refinance later if that happens.

Challenge #2: The Fear of Not Finding Something to Buy

When so many homeowners are reluctant to take on a higher rate, fewer homes are going to come onto the market. That’s going to keep inventory low. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“Inventory will remain tight in the coming months and even for the next couple of years. Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years.”

Even though you know this limited housing supply helps your house stand out to eager buyers, it may also make you feel hesitant to sell because you don’t want to struggle to find something to purchase.

The Advice: Broaden Your Search

If fear you won’t be able to find your next home is the primary thing holding you back, remember to consider all your options. Looking at all housing types including condos, townhouses, and even newly built homes can help give you more to choose from. Plus, if you’re able to work fully remote or hybrid, you may be able to consider areas you hadn’t previously searched. If you can look further from your place of work, you may have more affordable options.

Bottom Line

Instead of focusing on the challenges, focus on what you can control. Let’s connect so you’re working with a professional who has the experience to navigate these waters and find the perfect home for you.

The post Overcoming Home Selling Challenges appeared first on Sandy Ginn.

Consider this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how home values grow with time and how, by extension, that grows your own wealth. That may be why, in a recent Fannie Mae survey, 70% of respondents say they believe buying a home is a safe investment.

Here’s a look at how just the home price appreciation piece can really add up over the years.

Home Price Growth over Time

The map below uses data from the Federal Housing Finance Agency (FHFA) to show just how noteworthy price gains have been over the last five years. And, since home prices vary by area, the map is broken out regionally to help convey larger market trends.

If you look at the percent change in home prices, you can see home prices grew on average by just over 56% nationwide over a five-year period.

Some regions are slightly above or below that average, but overall, home prices gained solid ground in a short time. And if you expand that time frame even more, the benefit of homeownership and the drastic gains homeowners made over the years become even clearer (see map below):

The second map shows, nationwide, home prices appreciated by an average of over 290% over a roughly 30-year span.

 This nationwide average tells you the typical homeowner who bought a house 30 years ago saw their home almost triple in value over that time. That’s a key factor in why so many homeowners who bought their homes years ago are still happy with their decision.

And while you may have heard talk in late 2022 that home prices would crash, it didn’t happen. Even though home prices have moderated from the record peak we saw during the ‘unicorn’ years, prices are already rebounding in many areas today. That means, in most markets, your home should grow in value over the next year.

The alternative to buying a home is renting, and rental prices have been climbing for decades. So why rent and deal with annual lease hikes for no long-term financial benefit? Instead, consider buying a home.

Bottom Line

If you’re questioning if it still makes sense to buy a home today, remember the incredible long-term benefits of homeownership. If you’re ready to start the conversation, let’s connect today.

The post Why Buying a Home Still Has Long-Term Benefits appeared first on Sandy Ginn.

If you’re thinking about purchasing a home, let this poll reassure you. Even with everything happening today, Americans recognize owning a home is a powerful financial decision.

Why Do Americans Still Feel So Positive About the Value of Investing in a Home?

Purchasing real estate has typically been a solid long-term strategy for building wealth in America. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), notes:

“. . . homeownership is a catalyst for building wealth for people from all walks of life. A monthly mortgage payment is often considered a forced savings account that helps homeowners build a net worth about 40 times higher than that of a renter.”

That’s because owning a home grows your net worth over time as your home appreciates in value and as you pay down your mortgage. And, since building that wealth takes time, it may make sense to start as soon as you can. If you wait to buy and keep renting, you’ll miss out on those monthly housing payments going toward your home equity.

Bottom Line

Buying a home is a powerful decision. So, it’s no wonder so many people view real estate as the best long-term investment. If you’re ready to start on your own journey toward homeownership, let’s connect today.

The post Why Homeownership Remains the Best Long-Term Investment appeared first on Sandy Ginn.

Of course, there are financial reasons to buy a house, but it’s important to consider the non-financial benefits that make a home more than just where you live.

Here are three ways owning your home can give you a sense of accomplishment, happiness, and pride. 

You May Feel Happier and More Fulfilled 

Owning a home is associated with better mental health and well-being. Gary Acosta, CEO and Co-Founder at the National Association of Hispanic Real Estate Professionals (NAHREP), explains:

“Studies have shown the emotional and psychological benefits that homeownership has on a person’s health and self-esteem . . .”

Similarly, Habitat for Humanity says:

“Residential stability among homeowners is related to improved life satisfaction, . . . along with better physical and mental health.”

So, according to the experts, owning a home can improve your psychological wellness by making you feel happier and more accomplished.

You Can Engage in Your Neighborhood and Grow Your Sense of Community

Your home connects you to your community. Homeowners tend to stay in their homes longer than renters, and that can help you feel more connected to your community because you have more time to build meaningful relationships. And, as Acosta says, when people stay in the same area for a longer period of time, it can lead to them being more involved:

“Homeowners also tend to be more active in their local communities . . .”

After all, it makes sense that someone would want to help improve the area they’re going to be living in for a while.

You Can Customize and Improve Your Living Space

Your home is a place that’s all yours. When you own it, unless there are specific homeowner’s association requirements, you’re free to customize it however you see fit. Whether that’s small home improvements or full-on renovations, your house can be exactly what you want and need it to be. As your tastes and lifestyle change, so can your home. As Investopedia tells us:

“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world. You can customize your house, remodel, paint, and decorate without the need to get permission from a landlord.”

Renting can limit your ability to personalize your living space, and even if you do make changes, you may have to undo them before your lease ends. The ability homeownership gives you to customize and improve where you live creates a greater sense of ownership, pride, and connection with your home.

Bottom Line

Owning your home can change your life in a way that gives you greater satisfaction and happiness. Let’s connect today if you’re ready to explore homeownership and all it has to offer.

The post Exploring The True Value of Homeownership appeared first on Sandy Ginn.

“. . . if the idea of vacationing at the same place every year makes you feel instantaneously relaxed, buying a vacation home might be a wise move.”

To help you decide if making a move like this is right for you, let’s explore why you may want to consider purchasing a vacation home today. 

Benefits of Owning Your Vacation Home

You don’t have to worry about finding a place to stay. It can be a challenge to find a rental where you want when you want. Some summer vacation destinations are more popular than others, meaning your favorite place may be booked up in advance. Bankrate explains why owning your vacation home means you don’t have to worry about that sort of inconvenience: 

“. . . a second home can offer a place to have quality time with your family and ensures that you always have a vacation destination.”

It’s an investment. Home values typically appreciate over the long haul. That holds true for your vacation home as well, especially if it’s in an area with growing market demand. This can help grow your net worth with time.  

Vacation homes may provide tax benefits. If you own a vacation home, you may be eligible for tax deductions based on where it is. However, before buying, you’ll want to consult with a tax professional to discuss first as taxes can vary by location.

It could potentially turn into a retirement location. If you love the location of your vacation home, you could potentially sell your primary residence and retire there in the future.

How a Pro Can Help You Find Your Perfect Match

As you’re preparing for summer vacation, remember, you could potentially visit your second home instead of another rental unit or hotel. If that sounds appealing to you, a

local real estate agent is your best resource. They have the knowledge and resources to help you understand the area and what vacation homes are available in your budget. Plus, these agents can explain the perks of how owning a second home can benefit you. 

Bottom Line

If any of these reasons for owning a vacation home resonate with you, let’s connect. You still have time to enjoy spending the summer in your vacation home.

The post Why Owning a Vacation Home Is Better Than Renting appeared first on Sandy Ginn.

Comparing this year’s numbers to the two ‘unicorn’ years we just experienced is almost worthless. By ‘unicorn,’ this is the less common definition of the word:

“Something that is greatly desired but difficult or impossible to find.”

The pandemic profoundly changed real estate over the last few years. The demand for a home of our own skyrocketed, and people needed a home office and big backyard. 

• Waves of first-time and second-home buyers entered the market.
• Already low mortgage rates were driven to historic lows. 
• The forbearance plan all but eliminated foreclosures.
• Home values reached appreciation levels never seen before.

It was a market that forever had been “greatly desired but difficult or impossible to find.” A ‘unicorn’ year.

Now, things are getting back to normal. The ‘unicorns’ have galloped off. 

Comparing today’s market to those years makes no sense. Here are three examples: 

Buyer Demand 

If you look at the headlines, you’d think there aren’t any buyers out there. We still sell over 10,000 houses a day in the United States. Of course, buyer demand is down from the two ‘unicorn’ years. But, according to ShowingTime, if we compare it to normal years (2017-2019), we can see that buyer activity is still strong (see graph below):

Home Prices

We can’t compare today’s home price increases to the last couple of years. According to Freddie Mac, 2020 and 2021 each had historic appreciation numbers. Here’s a graph also showing the more normal years (2017-2019):

We can see that we’re returning to more normal home value increases. There were several months of minimal depreciation in the second half of 2022. However, according to Fannie Mae, the market has returned to more normal appreciation in the first quarter of this year.

Foreclosures 

There have already been some startling headlines about the percentage increases in foreclosure filings. Of course, the percentages will be up. They are increases over historically low foreclosure rates. Here’s a graph with information from ATTOM, a property data provider:

There will be an increase over the numbers of the last three years now that the moratorium on foreclosures has ended. There are homeowners who lose their homes to foreclosure every year, and it’s heartbreaking for those families. But, if we put the current numbers into perspective, we’ll realize that we’re actually going back to the normal filings from 2017-2019.

Bottom Line

There will be very unsettling headlines around the housing market this year. Most will come from inappropriate comparisons to the ‘unicorn’ years. Let’s connect so you have an expert on your side to help you keep everything in proper perspective.

The post Have The ‘Unicorns’ Galloped Off In Today’s Market? appeared first on Sandy Ginn.

Looking back at every April since 2017, the only year when fewer sellers listed their homes was in April 2020, when the pandemic hit and stalled the housing market (shown in red in the graph below). In more typical years, roughly 500,000 sellers add their homes to the market in April. This year, we saw fewer than 400,000 sellers entering the market in April (see graph below):

While there are a number of factors contributing to this trend, one thing keeping inventory low right now is that some homeowners are reluctant to move when the mortgage rate they have on their current house is lower than the one they could get today on their next house. It’s called rate lock.

As a recent survey from Realtor.com explains, 56% of people who are planning to sell in the next 12 months say they’re waiting for rates to come down.

While this wait-and-see approach is right for some sellers, it also creates an opening for more eager sellers to jump in now.

If your current house truly doesn’t fit your needs anymore and you’re ready to move, don’t miss this chance to stand out. When fewer sellers are putting their homes up for sale, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house. That’s why your house could see multiple offers as buyers compete over the limited supply of homes for sale – especially if you price it right.

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties.”

Bottom Line

If you’re ready to sell now, beat the competition before it comes onto the market. If you do, your house should stand out and could get multiple offers. Let’s connect to get you market ready.

The post Stand Out in a Low Inventory Market appeared first on Sandy Ginn.