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Jan 24

The Latest In Real Estate News

by EmilyDir

Home Buyers Reveal: 'What I Wish I Had Known Before Buying My First Home'

Love. Terror. Giddiness. Teeth-gnashing desperation. Buying your first home involves all these emotions, and more. And like so many other milestones in life, you won’t fully understand it until you go through the process yourself. In an effort to clue you into some of the challenges you'll face as a first-time home buyer, we asked some folks who've already gone through the ringer to spill what they wish they'd known earlier that would have saved them a ton of time, effort, and tears. Here's to hoping their 20/20 hindsight will help pave your own path to homeownership. – From Realtor

2017 Was the Best Year for Existing Home Sales Since 2006

Despite a weak December ending a trend of two straight months of increases, there were still more existing homes sold last year than in any year since 2006. The most recent data from the National Association of Realtors shows that existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.1% in 2017 to a 5.51 million sales pace. That bests 2016’s total of 5.45 million and becomes the highest that figure has been since 2006, when there were 6.48 million existing homes sold. This increase is in spite of December being an underwhelming month for existing home sales. According to the NAR report, existing home sales fell in December by 3.6% to a seasonally adjusted annual rate of 5.57 million from a downwardly revised 5.78 million in November. – From HousingWire

Ready To Get Started In Real Estate Investing? Consider This

Investing in single family rental properties can deliver strong immediate returns, plus long-term appreciation, in the right markets and under the right conditions. Generally speaking, there are three ways to invest in these properties. The first involves doing it yourself. You can read books, study online or attend classes, but if you’ve never invested in income-producing real estate before, it can be full of pitfalls. You can also consider working with an income property specialist real estate agent, or a real estate investment consultant, to find and purchase a property. In this scenario, the professional helps with the search, evaluation and acquisition phases of the process. At that point, you are typically on your own through what are arguably the more challenging parts of the process including finding contractors to renovate the property, attracting and signing tenants, managing the property, etc. Ultimately, you assume all the cost and all the risk in the hope that the property will generate cash flow. For example, you may purchase a property with the belief that it will require $20,000 in repairs and renovation only to find that hidden issues will double or even triple that cost. You might also discover that it is more difficult to find a tenant than you thought, or rents are less than you projected. – From Forbes

How the Government Shutdown Could Delay Buying and Selling Homes

As the first partial government shutdown during the Trump administration extends into the work week, home buyers should brace themselves for potential delays. The government shutdown, the first since 2013, began as Senate members could not agree on a spending bill and protections for the Dreamers, with both Republicans and Democrats voting against a House-passed bill. Deliberations over the weekend failed to put an end to the shutdown, though the Senate will vote Monday afternoon on a measure to fund the government through Feb. 8. If the government shutdown continues, it could hamper home buyers’ ability to close on mortgage loans. Why? The Internal Revenue Service needs to verify income of home buyers, among other reasons. – From MarketWatch

Beware of Landlords Offering Freebies and Discounts to Get You to Sign

Across the country, more landlords are attempting to entice tenants with concessions including months of free rent. In New York City’s borough of Manhattan, landlords were offering to cover part of the rent and other discounts and freebies for 36.2% of units on the market in December, according to a report from realty firm Douglas Elliman Real Estate and real-estate appraisal firm Miller Samuel. The figure was even higher in other parts of the city, such as Northwest Queens (50.2%) and Brooklyn (46.1%). A year ago, the shares of apartments being listed with such offers were 26.4% 13.7% for Manhattan and Brooklyn respectively. –From MarketWatch

6 Surprising Ways Home Staging Can Sabotage Your Sale

If there's one thing that's hammered home during the selling process, it's that prospective buyers hate walking into an empty house. They need to imagine themselves in your space, and that means seeing furniture, accessories, and other decor trappings that make a house feel like a home—and wake prospective buyers to the potential of the place. To the rescue: home staging. Consider it the professional makeover your home gets before the big dance. If done correctly, it can be a seller's best friend, slashing the time your home sits on the market and boosting your profits. But it's also possible for home staging to go desperately wrong, even when you think you're doing it right. Take heed of these oh-so-easy-to-make mistakes when staging your home. – From Realtor

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This post was created by: Emily Dir, Marketing Coordinator, Rainier Title

Emily Dir
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