Working From Home? What Home Buyers Are Looking for Now
With major employers now stating that their employees will be working from home for the foreseeable future, many homebuyers have adjusted their list of desirables in their next home. Some not only need to plan for a home office space, but also need to accommodate the homeschooling or distance learning needs of their children as well. This is impacting the way homes are marketed and the type of features that have become important to buyers at all price points. Of course, homebuyers with larger budgets have the luxury of seeking homes with extra bedrooms or offices and dens already included. But many buyers are not as fortunate and need to find the needed space in more creative ways. The easiest way to add working space is within the bedrooms. This offers the ability to close a door for privacy. Larger bedrooms (both in master and secondary bedrooms) have been a top priority for homebuyers. Another important feature is an open floorplan which features a Great Room design. For generations, kids have done their homework at the kitchen table, and a spacious kitchen/family room combo makes it easier for home learning without becoming cluttered. Another option for homebuyers is a separate formal dining room which could be converted to a workspace. With all the changes in working and learning environments for both adults and kids, the home is even more important than ever. As needs change, homebuyers seek different features from their new dwellings.
4 Things Sellers Need To Know About Backup Offers
It’s no secret that most of the country is currently experiencing a strong seller’s market. Yet even in this competitive environment, almost 25% of all escrows fall through before closing. Home inspections, appraisal surprises, and loan approvals are just a few of the issues which can arise, causing the buyer to pull out of the deal. An essential component of any listing strategy should be a good backup offer, meaning that another buyer is willing to step in and close if escrow falls through. As you consider a backup offer, here are 4 things you need to know: 1. A Backup Offer Is Legally Binding - A backup offer is a fully executed offer, just like the original, so make sure the terms are acceptable. Typically, the buyer will include a contingency in the event they find another home. 2. Multiple Backup Offers - In a strong seller’s market, it is not unusual to accept multiple backup offers. Always clarify the position of each backup offer and whether you will continue to accept backup offers. 3. Leverage - Backup offers provide leverage during the escrow period as well as security for the seller. Use backup offers to discourage unreasonable requests for repairs or concessions during escrow. 4. Earnest Money - Backup offers do require the buyer to submit earnest money, just like the primary offer. This stays in an escrow account. Often this is smaller than a typical deposit with the condition to increase the amount if the offer becomes the primary one. Backup offers should be an important consideration in any home sale. Not only do they protect the seller if an escrow fails to close, but the buyer can also have another opportunity to close on a home they love.
5 Important Things to Consider Before Buying A Fixer-Upper Home
Purchasing a fixer-upper property can be an exciting and rewarding experience. HGTV is filled with programs of amateurs knocking down walls and tiling bathroom floors. The fact is that this is much harder than it looks and before diving headfirst into this kind of project, it’s critical to consider whether you are prepared for the venture. 5 Important Things to Consider Before Buying a Fixer-Upper Home 1. Financial Planning – The first step in buying a fixer-upper home is to establish a realistic budget. Include the purchase price, repairs costs, and any expected expenses for renovation or restoration. Once you have created a “known” list, then add extra for unexpected issues that will arise. 2. Time and Effort – Renovating a fixer-upper takes time and effort, even if you hire a general contractor to oversee the project. Consider the overall scope of the project and evaluate your skills and level of time commitment. 3. Structural Condition – Before making an offer, thoroughly inspect the property’s structure and foundation. Recognize the impact of any issues uncovered and make sure to budget for the proper corrections. 4. Real Estate Market and Location – Even a beautiful home in a terrible area is a bad investment. Consider such factors as property values, market trends and the potential for future appreciation. Work with a financial planner to make sure the investment fits your long-term goals. 5. Legal Considerations – Before writing the offer, familiarize yourself with local building codes, permit requirements, and zoning regulations. Ensure the changes you anticipate align with local requirements. Purchasing a fixer-upper home can be a wonderful investment and worthwhile project. By evaluating your budget, time commitment, property condition, and potential appreciation, you can be sure to choose the right situation for your goals and experience.
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