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What’s Up With Housing?

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Quartz countertops, induction cooking, and single-level islands are among the design trends that have the potential.
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If the expectations about housing in 2019 can be summed up in one word, it’s this: balanced. After months and months on a runaway track, home prices have started to temper, and will continue to moderate in the upcoming year.
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The administration wants to eliminate professional appraisals on home sale transactions less than $400K.  Critics say the change could push the country back toward the see-no-evil days of mortgage lending that preceded the housing crash.
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Privacy, flexibility and accessibility need to be at the top of the list when planning a household for aging parents or adult children.
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The recklessness that accompanied the build-up in equity prior to the last crash does not exist today. That makes this housing market much more secure than the one we had heading into 2008.
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Naturally, after years of transforming beach homes into their best selves, Marnie Oursler has learned a lot about what works and what doesn’t—and what the next big thing in coastal design really is.
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Though ONE St. Petersburg is not yet finished, some buyers hope to flip their units for hefty profits as Tampa Bay’s luxury condo boom continues unabated.
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‘Tis the Season: 5 Reasons Why Winter is a Great Time to Buy or Sell a Home

It’s a common misconception that you shouldn’t try to buy or sell a home during the fall and winter months.

This is generally considered the “offseason” in real estate. Many sellers mistakenly believe that the cold weather will keep buyers away and that no one is looking over the holidays. Unfortunately, many real estate professionals perpetuate this myth by advising their clients to “wait until the spring” to list their home.

The truth is, homes are bought and sold year round. And while the market is typically quieter during the fall and winter, savvy buyers and sellers know how to use this slow down to their advantage. In fact, depending on your circumstances, now may be the ideal time for you to purchase or list a home.

If you’re in the market to buy or sell, there’s no need to wait for the spring. Read on to discover the top five reasons that it can pay to buy or sell a home during the offseason!

 

  1. LESS COMPETITION

What’s the number one reason to buy or sell a home during the offseason? Less competition!

This can be particularly beneficial if you’re a seller. Come spring, a huge wave of new listings will hit the market. But if you list now, you will have fewer comparable homes with which to compete.

In the spring and summer months, it can be difficult for your property to stand out in a crowded market. You may end up with a surplus of homes for sale in your neighborhood. Indeed, it’s not uncommon to see multiple listings on a single street during the peak selling season.

Inventory in the fall and winter months, however, can be significantly lower. That means your home will not only receive more attention from buyers, but you may also gain the upper hand in your negotiations. In fact, research found that homes listed in the winter are nine percent more likely to sell, and sellers net more above asking price in the winter than any other time of year.1

Buyers also have a lot to love about the real estate offseason. While some buyers need to move during the winter, many bargain hunters search this time of year in hopes of scoring a great deal.

Smart buyers will continue to scan the market during the fall and winter for hidden gems that pop up during the offseason. There are always highly motivated sellers who need to sell quickly. And with less competition to bid against you, you’re in a better position to negotiate a great price. If you’ve been looking for a good deal on a home or investment property, now may be the best time to look!

So while a “slow market” may scare off some buyers and sellers, it can actually be the perfect time of year for you to list or purchase a home. While the rest of the market is hibernating until spring, take advantage of this opportunity to get a jump start on your competition!

 

  1. EVERYONE’S MORE MOTIVATED

During the spring and summer, you’re likely to encounter “lookie-loo” buyers who are just testing the waters and unrealistic sellers who are holding out for a better offer. But the serious buyers and sellers stay active during the cold weather and holiday season, often because they need to move quickly. In fact, research shows that homes listed in the winter sell faster than any other time of year.1

January and February are peak job hiring months, which brings a surge of buyers who need to relocate quickly to start a new job.2And of course life changes like retirement, marriage, divorce, and new babies come year round. While families often find it more convenient to move during the summer when school is out, the reality is that many don’t have the option to wait. According to the National Association of Realtors, 55 percent of all buyers purchased their home at the time they did because “it was just the right time,” not because of seasonal factors.3

If you prefer to deal with serious, highly-motivated buyers and sellers who want to act fast and don’t want to waste your time, then the offseason may be the perfect real estate season for you.

 

  1. GREATER PERSONAL ATTENTION

Another key benefit to buying and selling in the offseason is the increased personal attention you’ll receive.

While we strive to provide unparalleled client service throughout the year, we simply have more time available for each individual client during slower periods. Similarly, we find the other real estate professionals in our network—including title agents, inspectors, appraisers, insurance agents, and loan officers—are able to respond faster and provide more time and attention during the offseason than they are during the busy spring and summer months. The result is a quicker and more streamlined closing process for all involved.

 

  1. COST SAVINGS

Clients who move during the offseason often report significant cost savings. Moving costs may be discounted by 15 percent or more during the winter months, and moving companies can typically offer more flexibility in their scheduling.4

Home renovations and repairs can also be less expensive in the offseason.5 Whether you’re fixing up your property prior to listing it or remodeling your new home before moving in, contractors and service providers who are hungry for business are often willing to work for a discount this time of year. If you wait until the spring and summer, you may be forced to pay a premium.

Home stagers and decorators are also more likely to negotiate their fees during the winter. And you can often score great deals on new furniture and decor during the holiday sales.

Whether you’re buying or selling, count cost savings as another compelling reason to consider an offseason move.

 

  1. EASIER TO MAINTAIN CURB APPEAL

Finally, listing your home during the fall and winter offers one key—but often overlooked—advantage: less lawn maintenance!

Good curb appeal is crucial when selling your home. According to a recent report by the National Association of Realtors, 44 percent of home buyers drove by a property after viewing it online but did NOT go inside for a walkthrough.6That means if your curb appeal is lacking, buyers may never make it through the door.

If you list your home during the peak of the selling season, we will generally advise you to implement a frequent schedule of mowing, edging, watering, weeding, and trimming shrubs and hedges. You’ll probably want to plant flowers, as well, to brighten your exterior. After all, a lush landscape is a key element in attracting spring and summer buyers.

If you list in the offseason, however, your lawn maintenance list is significantly reduced. While we do recommend that our sellers keep their exterior clean, tidy, and free of leaves, snow, and ice, you will probably spend much less time on outdoor maintenance during the winter than you would if you listed your home in the summer.

 

ARE YOU READY TO MAKE YOUR MOVE?

Now that you know all the great reasons to buy or sell a home in the offseason, it’s time to decide whether you’re ready to make your move.

Every client’s circumstances are unique. Whether you needto move quickly or you simply wantto take advantages of all benefits this season has to offer, it’s a great time to enter the market.

Call a professional today to schedule a FREE consultation … and you could be ringing in the New Year in your new home!

 

Sources:

  1. Redfin –
    https://www.redfin.com/blog/2013/12/why-winter-is-the-hottest-time-to-sell-your-home.html#.VjKYm2SrTKI
  2. Top Resume –
    https://www.topresume.com/career-advice/the-best-times-of-the-year-to-job-search
  3. National Association of Realtors –
    https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers
  4. Angie’s List –
    https://www.angieslist.com/articles/why-winter-can-be-best-time-move.htm
  5. Build Direct –
    https://www.builddirect.com/blog/the-best-times-of-the-year-to-get-deals-on-home-remodels/
  6. National Association of Realtors –
    https://www.nar.realtor/sites/default/files/reports/2017/2017-home-buyer-and-seller-generational-trends-03-07-2017.pdf


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What’s Up With Housing This Week?

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34th Street CorridorDevelopers Say St Pete’s 34th Street Corridor is Brimming with Economic Potential.
In the past, this thoroughfare has long been known as a busy yet unappealing stretch of commercial roadway.

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Rising Home Prices2 Out of 3 Buyers Believe Home Prices Will Rise
A Gallup poll finds that 61% of U.S. adults expect home prices to continue rising over the next six months – a new high for the annual survey.
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Housing Bubble? No!3 Reasons the Housing Market is NOT in a Bubble…
Mortgage lending standards are appropriate, new construction is below what is necessary and home prices haven’t even recovered. It appears fears of a housing bubble are over-exaggerated.
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Tesla's Solar Roof TilesTesla’s Solar Roof Tile Systems Hit the Market
The company is taking $1,000 deposits on the virtually “invisible” systems, which it will begin installing next month.The company offers an “infinity” warranty on its tiles that integrate solar power into roof coverings. Tesla has published a web tool that can estimate costs and savings.

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First-Time HomebuyersTampa Bay is Nation’s Second Best Metro for First-Time Homebuyers.
For first- time homebuyers, you can’t beat the Orlando and Tampa Bay areas. Despite steadily rising prices, both are relatively affordable compared to the West Coast and Northeast at a time when nearly half of all buyers are first-timers.
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http://www.TitleSecurityFL.com


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Housing News of Interest

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Pinellas Realtor OrganizationPinellas County Real Estate Stats: August 2016
As summer starts to transition to fall, we continue to see the market heating up. This past month has shown us some hot stats and we are excited to share some of the highlights of the Pinellas County Housing Market.

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New HomesDon’t Fall Prey To Conventional Housing Market Wisdom.
There are people who are still devoted to getting our nation into the same housing predicament that led to the housing market collapse and the Great Recession. Don’t believe the hype.

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Mortgage FraudMortgage fraud rising most in low-downpayment loans.
Mortgage fraud is slightly on the rise right now, so it’s an area industry experts say needs a close watch because it takes a long time to uncover.
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Skyway Marina DistrictRebuilt 55,000 SF Publix highlights new retail options coming to St. Petersburg’s Skyway Marina District.
For shoppers missing their neighborhood Publix near the Sunshine Skyway bridge and Pinellas Bayway, the wait is almost over.
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Negative EquityThe ‘new housing crisis’ is already slowly being solved.
Negative equity is improving even in the states that suffered the most in the housing crash.
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Condo LegislationChallenge Remains for FHA Condominium Financing.
HUD released rules on condo financing that could open up more Florida units to first-time buyers, but NAR says a still-high owner-occupancy threshold needs work.
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http://www.TitleSecurityFL.com

 


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Recent Housing News

New Home SalesFor New Homes, Women Are a Tougher Sell…
Angst about health of the housing market appears stronger than men.  It is not that women don’t want to own their own homes. In fact, they want them more.

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AgrihoodsA Housing Trend Rooted in Agriculture…
Feeding off the continuing interest in eating fresh, local food, developers are ditching golf courses and designing communities around farms, offering residents a taste of the pastoral life — and tasty produce, too.  ‘Lettuce get something to eat.
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The Presidential Election and Its Impact on HousingThe Presidential Election and Its Impact on Housing
Even during this election year, the desire to achieve the American Dream is greater than the fear of uncertainty of the next presidency.
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Tiny HomesTiny Homes Grow More Appealing for Millennials
Millennials looking to save save money and live debt-free in the aftermath of the Great Recession have began to think small…or rather, tiny.
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Baby Boomers Migrating to the CityMore Baby Boomers Migrating to the City…
An increasing percentage of boomers are leaving the suburbs for cities that are accommodating their needs.
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http://www.TitleSecurityFL.com 

 


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Interesting Housing News

Merry Christmas

 

Micro HousingMicro-apartments Are Coming to the U.S… Are You Moving In?  Interesting conversation about the newest New York living space, what its appeal could be, and how the future of apartment hunting in urban America may look in the near future.

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Transfer TaxTransfer Tax‬ should be a major consideration in structuring and funding a property transaction. And the requirements for complying with, or being excluded from, transfer taxes have multiplied.
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Interest Rate HikeEverything you need to know about the Federal Reserve’s expected interest rate hike… something that it hasn’t done in nearly 10 years.
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Florida Voted Best Place To LiveFlorida rated best place to live. The Sunshine State is back on top as the most desirable state to live in… it’s all about the beach and living on the water.

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Realtor.com vs. ZillowRealtor.com is taking on Zillow in a “mockumentary” campaign.  A series of online spots for Realtor.com that poke fun at rival real estate site Zillow featuring the silhouette of a house that has disappeared because it’s not listed on Zillow, and neighbors and homebuyers fretting about the growing crisis of missing homes.

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Mortgage Payoff?Choosing Between Risk and Certainty…
With rates so low, is it wise for people to pay off their mortgage? Won’t investing that cash in stocks and bonds be a smarter move? In a word: Certainty.

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http://www.TitleSecurityFL.com

 


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Recent Housing News

Fourth of July

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4 Reasons To Buy Now4 Reasons to Buy NOW!
Summer is here! The temperature isn’t the only thing heating up right now, so too is the housing market!

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Millennial HomebuyersWho are the Home Buying Millennials?
HousingWire’s Brena Swanson looks at the results of a recent mortgage study that breaks down the composition of today’s millennial home buyer, and a few surprises emerged: For instance, a quarter of them own more than one property, and only about 36% have college degrees.

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Skypoint Tower Downtown Tampa$2.7 million for the four retail condominiums on the ground floor of the ‪Skypoint Tower‬ is the highest price per foot seen in downtown Tampa for retail space.

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Urban Forest NeighborhoodsIn These Urban Forest Neighborhoods, The Houses Are Disguised As Trees…
The Lord Of The Rings Elf city of the future.

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http://www.TitleSecurity.net