August 2019

Found 4 blog entries for August 2019.

If you are like most home sellers, you know of one or more present issues with your home that could impact the sale price. Every seller is forced to balance the desire to make money off of the home with the need to disclose known issues.

Sometimes there is a balancing act that can be surprisingly difficult. Over the years many owners have asked me “what do I have to disclose when selling my house?”

You do not have to be dishonest to worry that listing every little problem may make the sale harder. Like every home seller, you will need to determine what is important to disclose – and legally mandated – and what you can avoid talking about unless you have to.

What things you have to disclose when selling a house depends on the state you live in.

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The U.S. Census Bureau recently released their 2019 Q2 Homeownership Report. Some began to see the sky falling, believing the report showed Americans may be stepping back from their belief in homeownership.

The national homeownership rate (Americans who owned vs. rented their primary residence) increased significantly during the housing boom, reaching its peak of 69.2% in 2004. The Census Bureau reported that the second quarter of 2019 ended with a homeownership rate of 64.1%, which is down from the 64.8% rate for the fourth quarter of 2018. Based on this news, some started to question the consumer’s belief in the idea of homeownership as a major part of the American Dream.

Everyone Calm Down…

It is true the homeownership rate did fall. However,

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There’s no doubt that today’s housing market is changing, and everything we see right now indicates it is time to sell. Here’s a look at why selling now is likely to drive the greatest return on your largest investment.

Home values have been appreciating for several years now, growing at a strong, steady, and impressive pace. In fact, the average annual appreciation rate since 2012 has nearly doubled the average rate from the more normal market of the 1990s (think: pre-bubble).

 

Appreciation, however, is projected to shift back toward normal, meaning home prices will likely keep climbing over the next few years, but they are not projected to continue to increase at such a high rate.

Here’s What That Means for Homeowners:

As noted in

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It can be quite upsetting to find out that an appraiser thinks the home you want to buy is not worth what you thought it was. And a low appraisal can be more than just upsetting – unless you are a cash buyer, a low appraisal can make it impossible for you to purchase your dream home.

Lenders will only give you enough money to buy a home at fair market value. If the appraisal comes in low, you may have to come up with the difference.

Having an appraisal come in low is of course just as upsetting to a seller. When something like a low appraisal comes from out of left field, it can leave everyone disturbed.

Considering what an impact a low appraisal can have on the home selling and home buying process, it is a good idea to educate yourself on what

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