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5 Reasons to Rent Instead of Rushing to Buy

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Home shopping can be an exciting, yet nerve-wracking time. There are a lot of important decisions to be made and those choices can impact you and your family for many years to come. Is this the right house? Are we getting a fair deal? Are we making the right choice?

In a highly competitive housing market, there can be huge disadvantages to taking the time to carefully consider your decision. Wait to submit the offer? Lose the house. Have to sell your house before you can buy? You might get lucky, maybe not. It may seem counterintuitive to go from homeownership to renting, just to go back owning again, but here’s why you may want to consider renting instead of rushing.  

5 Reasons to Rent Instead of Rushing to Buy

       1). You’ll know your budget

A huge advantage to selling your home before you buy a new one is that you’ll know exactly what you’re working with in terms of finances. Planning on upsizing? You’ll want to know how much of a price increase you can afford. Downsizing? You’ll need to consider what to do with the profits of your sale. Either way, it’s much easier to do this math when you know what you’re concretely working with.

        2). You’ll be first in line

Without having a home of your own to sell before buying a new one, you are able to submit a more enticing offer to sellers, especially those looking for a quick close. This free-and-clear method, paired with knowing your budget, means that you will be ready to act on any home that interests you and work on your own timeframe.

       3). You can take advantage of the hot market

Real estate prices are at an all-time high in a lot of places, but experts debate how long this streak will last. Now may be the time for you to sell at a premium, but that doesn’t mean you want to buy at a premium, either. Rent just until you find the right deal.

       4). Buying a fixer-upper is a little easier

If you’ve already found a place to rent and you’re getting accustomed to your new temporary digs, it might not be such a stretch for you to imagine staying a little longer. Instead of buying a more expensive move-in ready home, you make the option of a reno project a little more palatable. After all, you just moved in, what’s another month or two– especially if it’ll shave a few years off your mortgage.

       5). You may get to remember the joys of renting

Building amenities are one of the truly great things about rental life and can be a great upside to renting between homes. From included utilities to complementary gyms or community pools, these features can definitely help to smooth the transition.

Want to find your perfect home from motivated sellers who want to see your offer? Check out the properties in our next upcoming time-limited event by clicking here!

house with a for sale sign in front

Real Estate 101: The Basics for the First Time Home Seller

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1. The Price is Right (or it needs to be!)

Have you ever fallen in love with an item in the store, but when you saw the price tag decided it wasn’t worth the cost? Maybe you decided to just wait until there’s a sale, figuring that the price would come down before the item sells out. If you’re selling your home, this is exactly what you don’t want to do. Getting the price of your home right can be one of the most difficult parts of the home selling process. Especially in a “hot” market like we’re experiencing now. If you price it too high, it’s going to take time to sell, but if you price is too low, you’re leaving money on the table.

One option would be to work with a real estate agent. Real estate agents have access to tons of information about previous home sales. For example: they can tell you about another home that was built in the same year, with the same number of beds and baths, with the same size lot just sold for $152,000 in 3 days! This info helps them suggest a proper price. While some people shy away from using an agent in the sale of their home, usually being deterred by the commission, a real estate agent can help you sell your home for a higher price, leaving you with more money–even after figuring in their commission.

Tip: If you’re not planning to use an agent, make sure you do your homework. Your first step will be to get a home appraisal. This will give you a good frame to start your pricing on. You’ll also want to check sites like Zillow or Redfin. You can see the estimated value of your home on these sites, but they can be off by tens of thousands of dollars. So, the best use for these sites is to research homes similar to yours. Not only can you see how much homes like yours are listed for, but also how long they’ve been on the market. Additionally, you can see the sale history. This research will ensure that you’re getting pricing where it needs to be.
 
interior of a living room
 

2. Prepare to be Seen

Before you stick the sign out in the yard or list your property online, you’ll want to make sure your home is ready to be seen. If you’ve already moved into another home, this will just be a deep clean of the home for sale. If you’re still living in this home, you’ll want to make sure it is picked up and ready to show at anytime. Staging the home by adding extra decorations or “homey” touches is great, but clutter-free and clean are the minimum.

Tip: If you’ve got the time and budget, it’s a good idea to throw a fresh coat of paint on the walls–especially if that hasn’t been done in a few years. Most advisers will tell you to not spend money on renovations before you move. However, a fresh coat of neutral paint is known help entice buyers and get you a great return on investment.
 
home with sale sign in yard
 

3. Get the Word Out

There’s a reason that real estate agents always put signs in the yard of the homes they’re selling–they work! Prepare yourself for it to work really fast as well, depending on your market. If you’re in a city or larger town and have a home in the low to middle-high price range, it’s very possible that as soon as you put the sign up, you’ll have people calling and knocking on your door. Make sure you’re prepared to take the next steps as soon as that sign hits the ground.

Tip: Not everyone lives in an area with a booming real estate market. For example, you may live in a rural area and you don’t see a lot of drive-by traffic. If this is the case, you’re going to need another tactic to sell your home. There are many websites that will list your home for free. However, because these are free listings, you may just blend in to the rest of the listings on the site. Another option to consider is an advanced marketing option like event marketing. Using an online event marketing platform, your home will stand out because of the interest gained through range pricing. Think of an opening bid and “Buy It Now” pricing – you’ll gain interest from those searching the lower price ranges and interest from those who want to jump on a deal right away. But, you still retain control of the final sale price. You can learn more about how this works here.
 
women at a business meeting
 

4. Understand the Players

If you’re handling the sale of your home without the help of an agent, it will be up to you to coordinate showings. Most buyers will not want to purchase the home sight-unseen, so expect to let potential buyers in for a look. In many cases, this includes buyers who are working with an agent. It may be uncomfortable for you to allow strangers to roam your house. However, this is how buyers fall in love with a property.

Tip: If you’re working with a seller directly, it’s a good idea to stay on premises, but if they have an agent the best thing to do is leave. The buyer’s agent will facilitate the showing (after all, they want their client to find a home), and it stops you from talking the buyer out of a sale.
 
accounting spreadsheet and calculator
 

5. Know the rules

This part gets a bit trickier for home selling DIY-ers. The laws concerning real estate vary by state.  There are laws as to what the necessary inspections are, the time frame for everything to be completed and what needs to be disclosed to the new buyers. In some states you need to tell potential buyers if there was a death in the home, in other states you are required report on your annoying neighbors, and the list goes on. In short, know the rules or risk getting sued.

Tip: Even if you choose to not use a real estate professional in your home selling, that doesn’t mean you should completely go this process alone. Selling real estate comes with many financial, legal, and tax implications so it’s best to consult a lawyer and an accountant with real estate expertise that can help ensure you have the proper documents and don’t wind up with any costly surprises down the road.

Selling your home is a very exciting process. It can lead to many positive changes and help set you up for future financial success, but it’s important to consider all the moving parts to make sure your experience is a positive one!

photo of open concept white kitchen to living room

6 Things to Do–and 4 to avoid!– for Great Real Estate Photos

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They say that a picture is worth 1000 words, but if that’s true then real estate photos are worth even more. In an industry that typically confuses “cozy” and “cramped” or “vintage” and “outdated”, having good quality real estate photos can bring more attention and interest to a home or listing you’re trying to sell.

While some real estate agents will suggest you hire a professional, there are many tips and tricks you can use yourself to create appealing home photos–without breaking the bank! Here are the 6 Must-Do things for taking great real estate photos and 4 things to avoid!


real estate photo lots of light
 
1). Clear Out the Clutter

The best home photos have enough items in them that a potential buyer can get a “feel” for the size of a room, but not so much that they get distracted by your possessions. Clear off your counter-tops, remove excessive knickknacks, and clear the floor of unnecessary objects.


 
room with blinds open
 
2). Let the Light In

How do you perceive a home that’s dark and shadowy? Scary, creepy, or just not right? Few things will put off a buyer than the impression that your home doesn’t have a lot of light. If you have blinds or curtains, open them! Overhead lighting? Turn it on! No overhead lighting? Grab some lamps (and set them up outside the frame). Natural light is the best for taking pictures and modern cameras have adapted remarkably well to preventing the wash-out effect that film cameras often faced. If you’re taking exterior pictures, schedule a time to take them where the sun will be behind you. If possible, otherwise about 1.5 hours before sunset seems to be the magical photo time. While it shouldn’t make a difference, having a sunny day or a pretty sunset will actually attract more attention to your listing than an overcast day will.
 

photo of house at dusk with lights on
 
3). Night Light Can be the Right Light

If your house looks good at night, show it off! While the night look isn’t for every home, homes with many windows and thoughtful landscaping look great when showcased at night, just don’t forget to also include daytime pictures!


photo of room shot from corner
 
4). Nobody Puts Baby in the Corner (Unless it’s a Real Estate Shot!)

Most often you’ll find that pictures taken from a corner are the most flattering. You’ll be able to include more of the room than in a picture taken from the middle of a wall. Additionally, room will appear actual-sized (if not larger), and visually it’s just more interesting.
 


 
5). Keep it Classy (and Legal!)

Some of the funniest “real estate fail” photos come from what people didn’t mean to take a picture of. Maybe it’s your reflection (sans pants) in the window or the unkempt state of your bathroom or any number of other didn’t-even-think-of-that things. Though, funny (and failing) is not what you’re going for here. Before you share your photos, it’s a good idea to have a friend look over them to make sure that there are no gross, funny, or illegal items shown in any part of your photos.


 
woman's hand while looking at photos online
 
6). Take More Than You Need

You should always take more photos than you need. If one turns out blurry or off-kilter you’ll have backup. It might turn out that the antique vent covers and wide woodwork that you rarely think about are actually the charming pièce de résistance that your buyers were hoping for. Having photos of close up details as well as broad photos will help you decide what the best features of your home might be.
 
Don’ts

 
1). Don’t Wait

While you may think that you need a fancy, expensive camera with all the bells and whistles, don’t let that stop you! It is very, very difficult to sell a property these days without photos as most buyers start their search online. While you will still get a better photo from an SLR professional-quality camera, the camera you’re using is much less important compared to how your shots are set up and any photos you can add will greatly help reach buyers.
 

2). Don’t Pretend

While you want to showcase your home in the best light, don’t be disingenuous with your photos. Don’t use a wide-angle lens (like those found in GoPro cameras or filters available for other camera models) to make the rooms appear larger or frame your shots to exclude the neighbor’s home that’s this close to your home. Keep in mind that buyers will be seeing your home in real life and you don’t want to waste your time or theirs with the wrong expectations. The same rule applies to photo editing. Yes, you want your real estate photos to stand out, but no, this is not the time for 45° angle shots or crazy, unnatural filters. Likewise, changing the brightness or contrast of a photo is fine, but completely transforming your room via Photoshop is not.
 

3). Don’t Forget the Good Stuff

When you list your home for sale, you’re also going to need to have a description of your property. Depending where you have your home posted, these descriptions may be keyword searchable meaning you’ll want to talk up the biggest selling points of your home, but don’t stop there. Make sure you have photos to back it up! Nothing is worse than a description saying that a home has a “lavish and unique wine cellar” with no picture to go along with it.
 

4). Don’t be Afraid to Stage

Sure, you don’t always have your dining room table set for formal dinner, but that doesn’t mean you shouldn’t for your photos! No matter who buys your home, they’re going to have different decor and tastes than you, so your job isn’t to make your rooms look like your rooms, you just need them to look the best they can be. Need to borrow a painting from another room? Do it! Want to move a television set out of your kid’s bedroom? Do it! There’s nothing wrong with changing your decor to attract a buyer!
 

Things Your Real Estate Agent Can’t Tell You

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5 things agents can’t tell you (and how to find out yourself)

Using a real estate agent is a great way to avoid many of the headaches (and potential heartaches!) associated with buying or selling a home. As part of their services they can help you appropriately price your home, negotiate on your behalf, and their access to an MLS –an exclusive network of property listings– can help you sell your home or find the right one before the general public ever sees it. But, as licensed professionals, there are some things that your agent can’t tell you.

Not won’t tell you, but legally or ethically, I’m-sorry-but-I-really-cannot-tell-you.

Now that doesn’t mean you’re on your own and just have to hope for the best, though. For that information, you’re going to have to do some of the digging yourself. Here are the 5 surprising things your real estate agent can’t tell you.

“This area is great for young families!”

This one seems so innocent and well-intentioned, but is actually illegal! Maybe you passed a park on the way to the home or noticed the nearby elementary school, but whether you’re looking to live in an area where your kids can roam with the neighbors or you’re trying to avoid children altogether, your agent isn’t allowed to tell you who lives in the area.

Reasoning: Under the 1968 Fair Housing Act, family structure is a protected class meaning a comment like this could dissuade older couples or a single party from the property, making it illegal.

How to find your answers: If driving through the area isn’t an option, Google maps is one of the best tools for doing neighborhood recon. Simply type in the address of the property you’re looking at and check out the area you’re interested in. Are there parks and schools nearby or is it in a more industrial area? Is the area filled with side streets and cul de sacs or is it on one of the main roads? Depending on what you’re looking for you may want to switch your search based on what you see.

“You don’t want to live in that area. That’s where the [nationality, gender, age group] live!”

In addition to not telling you where to live based on the demographics, your agent also cannot tell you not to live somewhere because of the people in the neighborhood.

Reasoning: As mentioned above, the Fair Housing Act prevents any discriminatory statements based on protected classes.

How to find your answers: You can find out more about the general demographics of an area by checking out the US Census Bureau’s website. This tool, with most recent studies being from 2016 can tell you the age, sex, and race of the population down to a zip code level.

“Are you sure you’re interested in that area? It’s pretty high crime.”

While you might think that an agent saying this is just looking out for you, this is another no-no statement. Crime statistics are public information, but because crime rates often lead to conclusions about the racial makeup of an area, your agent is best protected by letting you find your own conclusions.

Reasoning: Race is a protected class under the Fair Housing Act and whether it’s the intention or not, discussing the crime rate of a particular area could lead to assumptions about the racial makeup of that area.

How to find your answers: If finding out about crime in an area is of particular interest to you there are plenty of free sources to look. The National Sex Offender Public Website (NSOPW) offers a location-based lookup that links the data from public state, territorial, and tribal sex offender websites. To find incident-level crime lookup, you may have to check a couple of website as not every jurisdiction reports to every available site. Here are some good ones to start with: MyNeighborhoodUpdate, CrimeReports, SpotCrime, and NeighborhoodWatchDog. You can also check the website of the local police station as they may provide a link to the crime mapping site they use.

Buying home is an emotional time. It’s a big investment with a lot on the line, but having an agent you trust can make all the difference. Ready to take the leap and connect with a top agent? Check out Cashifyd, a program offered by RealtyHive that connects you with top local agents who offer cash back incentives when you buy or sell your home.

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Event Marketing: A New Tool for the Trade

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Read this next sentence and tell me if it sounds familiar. Lately, when you get a listing for a modestly-sized, fairly priced home and before you know it you get SO much interest, you can barely add it to your MLS before you start receiving offers– some even above list price. But when it comes to your commercial listings, vacation homes, or even some residential properties, for whatever reason, some properties just sit. And sit. And sit. Your sellers start to get restless, your listing expiration is coming up, and you’ve already considered a price reduction. What are you to do? Sure, almost everything will sell if you wait long enough, but that’s not the strategy that will make your sellers happy, after all, they’re ready to sell, not wait for some time in the eventual future. This is where event marketing can help.

What is event marketing?

Event marketing is an online auction marketing strategy that helps properties rise above the noise and clutter of traditionally marketed listings and grab the attention of potential buyers. Once an interested buyer becomes aware of the property, a genuine sense of urgency develops due to the auction format. Since there is a specific time and date assigned to obtain this “deal”, buyers have to act. This sense of urgency typically creates a very competitive bidding environment. Whether it’s at the online event or at any time prior to the event. In many cases, properties can sell prior to the event if the potential buyer’s offered “pre-auction” bid entices the seller to remove the property prior to the scheduled online event.

Advantages of Event Marketing for Real Estate

Increased exposure on a global level

It used to be that home buyers usually lived near the area they were buying. With the advent of telecommuting and increased globalization, buyers can come from anywhere in the world these days. In fact, according to the National Association of Realtors, foreign buyers closed on $135 billion worth of residential US real estate between April 2016 and March 2017. This is why online marketing is so important. Sure, a potential buyer could find your listing from your local MLS’s website, but why leave it to that? Using an event marketing platform exposes your property to a global audience, at no cost to you, the agent. Additionally, you can use it to generate more interest (and more offers) on your listing from all over the world.

Alternative to Price Reduction

One of the hardest subjects to tackle with your sellers has got to be the price reduction talk. Your sellers are emotionally and financially invested in their home. For this reason, it can be hard to convince them that it is not worth the price they’d like to ask for it–especially if they’re looking to sell quickly. While having hard facts can help with this discussion, for example talking them through what similar homes in their area have recently sold for, it doesn’t always go well.

Using an event marketing platform allows homes to have a lower suggested opening bid than current list price to attract more buyers. Yet, it allows the sellers to remain in control of the actual sale price. For example, a home can be listed at $390,000 with an opening bid of $290,000. If the seller receives a high bid of $350,000 they have the choice to accept the bid and move forward with the sale (after all, a bird in the hand is worth two in the bush), or reject the bid and start the process again.

The advantage of taking a property to auction in this method is twofold. On one hand a lower opening bid attracts more attention, more attention creates competition, and competition ultimately raises the price. On the other hand, this method can help determine the true value of a property. If a seller is receiving offers that are tens of thousands of dollars less than asking price, they may see the property is overpriced for the current market conditions.

Tool for Listing Extension

One of the most difficult parts of being a real estate agent is having your clients see the value of the service you provide. Sites such as Zillow assist sellers with by owner sales and a hot housing market. This leaves many clients wondering what you are doing that they couldn’t themselves (hint: a lot, but that’s a subject for another day). One of the advantages of event marketing is that it is another tool in your arsenal to extend your listing. You can go to your clients with this new and innovative process to help gain exposure and increase activity for their home. Interested in getting started with event marketing? Whether its commercial buildings or vacant land. Luxury homes or the Caribbean islands. RealtyHive has the experience and tools you need to move your listings through its event marketing platform. Click here to learn more or get started today!