How will Brexit affect the U.S. housing market?

While it’s true most Americans don’t particularly care whether or not Britain is part of European Union, we do care about the U.S. housing market and mortgage rates.

If you’re wondering if the Brexit vote would impact either, it has already started to affect us.  Uncertainty surrounding the Brexit vote was likely one of the biggest reasons behind the Federal Reserves decision not to raise U.S. interest rates in June.

Loans are about to get cheaper. Typically, mortgage rates fall when Treasury rates fall, and Treasuries just took a dive as money poured out of the U.K. and elsewhere into the safer bet of U.S. markets. It’s speculated the move will cause many wealthy foreigners to start selling their properties in the UK, especially in London as it becomes a less attractive place to set up offices to conduct global business. Therefore, demand for U.S. real estate could rise if global investors view America as open to global business.

With the low inventory, this will likey cause home prices to continue to rise due to the lack of supply and the increase in demand. Couple this with historically low interest rates and you have a recipe for a hot market.

 

Keith

 

Brexit Could Make Your House Worth More

Selling your home from an agents perspective…

My wife and I have decided recently it was time to practice what I’ve been preaching and take advantage of the great interest rates and move to a larger home to accommodate our growing family. The first thing I’ve noticed is that I have all of the same concerns that someone who doesn’t work in the industry 7 days a week would have. The biggest difference is I get to see the process from start to finish all the time so I know that after the stress of getting your home ready to list it can go really quickly from there if you list at an appropriate price. We’re still in a sellers market and that’s another reason the decision to make our move was an easy one. The inventory is still low, so the possibility of a quick sell is very real.

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So what does an agent do to get their house ready to sell? For me personally, the inspection and repair portion of a deal is by far the most stressful time for all parties involved. One way to remedy this is to get your home inspected and making the repairs before you even list. Having my home inspected and repairing the defects will offer myself and any potential buyers piece of mind going into this part of the transaction. To me that is easily worth the price of the inspection.

The very first thing we did at my house was de-clutter. This alone made a huge difference and my house already feels much larger because we removed anything we don’t regularly use and put it into storage. This is also a great time to donate things you don’t want to just move to your new home so it can sit in your basement and never be used. People don’t want to open closets and see stuff falling out of it because its so full. This will definitely give buyers the impression your home doesn’t have enough room for their stuff either.

Another thing that is a big help to making your home look as good as possible is to go through and give your home a good deep cleaning. Make sure all your light bulbs work, clean your tub and shower, clean your windows so the sun light can come in etc. A little elbow grease can go a long way to a quick sale. You should do your best to always make sure your home is ready to show on short notice and I know this is very difficult having two boys myself who love legos.

One of the last things we need to do to finish staging our home is to de-personalize our place. You may not be crazy about taking down family photos and your kids finger paintings off the refrigerator but buyers want to imagine themselves in your house and this will help.

This is just the start of the things you can do to help it go smoothly but is a great start! For more tips, click the links below…

Keith

http://www.hgtv.com/design/decorating/design-101/10-best-kept-secrets-for-selling-your-home

http://www.forbes.com/sites/trulia/2014/12/28/15-easy-ways-to-get-your-home-ready-to-sell/#68f648f46c43

http://www.today.com/home/diy-real-estate-tips-get-your-home-ready-sell-1D79832388

Should you wait for warmer weather to list your home?

A popular misconception amongst home owners is that it’s not a good idea to try and sell your home in the winter. It’s cold, it gets dark early, the landscaping is dead and there probably aren’t many people looking for new homes this time of year, right? Not so fast.

While it’s true that there aren’t as many house hunters out there this time of year, the ones who are hunting are buyers, not lookers. One of the biggest problems I run into as a buyers specialist this time of year is that there’s simply a lack of inventory for our clients. When a great place pops up, it’s gone quickly and it isn’t uncommon for multiple offers to be put on a home that’s priced right. According to online studies the average seller nets more above asking price from December to March than the rest of the year. The lack of inventory is an advantage to a seller because when a potential buyer sees something they like, there aren’t always other options out there. So why not sell before your competition is even on the market?

Another thing to consider is that interest rates are predicted to continue to rise. As the rates go up, a buyer can lose some of their buying power. It’s in a buyers best interest (literally) to buy sooner than later and I’m seeing people who aren’t on a time crunch still choosing to buy now.  This will also affect you once you sell your home and become a buyer. Another reason to sell now, so you can buy now before rates go up even more.

Give The Stiller Group a shout, we’d love to show you what is going on in our market and why the time to buy and sell is now! By the way, we’re never too busy for your referrals!

Keith

http://time.com/money/4083196/winter-home-sale-tips/