My Advice for Homebuyers in Today’s Market

Here’s a great example of why you should buy a home sooner than later.

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Does it make sense to buy in today’s market? I’ve been hearing this question a lot lately, and I wanted to offer insight into why my answer is a resounding, “Yes!”

I recently saw a colleague of mine post about a house they sold in 2012 for $360,000; it’s a gorgeous home. The exact same house, with just a few updates, just sold for $692,000. That’s $330,000 worth of appreciation in just about 10 years. 

Now, the home didn’t increase in value by $30,000 every year. In the last few years, home prices have grown exponentially. Most of that value came within the last 12 to 18 months. The house might have gone from $450,000 to $692,000 during that time. 

I didn’t see this coming, and I don’t think anyone in their right mind would have thought the real estate market would be rebounding like this amidst a global pandemic.

"In the last few years, home prices have grown exponentially."

 

So does it make sense to buy in this market? Absolutely; real estate is a fantastic long-term investment. I guarantee that $692,000 home is going to sell for over a million dollars one day. The question is, do you want to be involved in a great investment like that?

If you have any real estate-related questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon. 

Zillow Made a Mistake Buying Homes

Here’s why Zillow shuttered their home-buying program at the end of 2021

Something happened at the end of 2021 that you might not have heard about. Many people visit one platform when they look for available properties. The name of that platform is Zillow, and for the last few years, they have been not only marketing homes but also buying them.


Zillow would make an offer on a property without seeing it, close that transaction, and send someone out to renovate it. They were buying and rehabbing houses all over the country, but at the end of 2021, they shut down that program.

At the end of the day, nothing can replace a seasoned agent.

It’s funny because clients used to bring up Zillow’s estimate at listing appointments. To me, those numbers felt like they were as much as 25% over or 35% below the actual price. It was interesting when Zillow announced that they would start buying properties based on these estimates.


After a couple of years of trying this, it turns out Zillow was losing money on almost every house they bought. They obviously hadn’t gone the right way with their algorithm. At the end of the day, nothing can replace a seasoned agent who knows the market, lives in the area, and works in it every day.


On top of that, every market is different, and every market changes. It can depend on what’s in the newspaper that day or what announcements were recently made. There are just too many pieces for an algorithm to put it all together. It was interesting to see if Zillow could succeed, but they couldn’t, and that’s why you still need to depend on your local experts.


If you have any questions, or if you truly want to know what your home is worth, please call or email me. I’d be happy to do a home valuation for you.

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A Brief Message About Home Preparation

How do you prepare your home for sale in today’s market?

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Homes have been selling with multiple offers, many of them getting well over their asking prices. Truth be told, I don’t know how long these market conditions will last, but I don’t see them slowing down anytime soon. 

That said, it’s still a good idea to get your home ready for the market. Buyers may be hungry for properties, but that doesn’t necessarily mean that they’ll make offers on homes they deem in poor condition. Walk around your home and look for any cosmetic issues that need to be addressed. Cosmetic issues could include paint, floors, countertops, and so on. Be sure to touch up any scratches or scuffs.

"It may take some time for subcontractors to get around to the small jobs."

You should know, however, that subcontractors in our area are very busy, so if you don’t have any major renovation plans, it may take some time for them to get around to the small jobs. I also can’t tell you exactly how much you’ll be able to recoup in this market, but you’ll probably be able to price your home at a number you’re comfortable with and still leave enough money on the table for your buyer to go in and make the changes they want.

If you’re in the market to sell a home or have questions about specific ways to prepare your home for the market, please reach out to us. We’re here to help.

My Advice for Handling Multiple Offers

Here’s my advice on how to handle multiple offers in this market.

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Whether you’re listing your home in Northeast Arkansas or anywhere else in the U.S., there’s one trend I keep seeing over and over: If the home is clean, neat, and ready to sell, most of the time it’ll get multiple offers. What’s the best way to handle multiple offers, though?

For starters, hopefully your listing agent lets other agents know that there are multiple offers on the table. Sometimes this scares other buyers off because they don’t want to get into a bidding war. However, we’ve found that after these same buyers have lost out on a house or two (or three), they’re willing to step up to the plate because they understand they’ll have to engage in a bidding war if they want a house in this market. 

"When you have multiple offers, why not play them against each other?"

That said, my team and I use the ‘highest and best’ method when handling multiple offers. Let’s say one of our sellers gets three offers for their home: one for $10,000 over asking price, one for $11,000 over asking price, and one for $12,000 over asking price. Let’s also imagine that one of these offers is an excellent offer—an offer the seller might even be willing to accept. When you have multiple offers, though, why not play those offers against each other?

In this case, we’d contact each agent, tell them we have multiple offers on the table, and give them notice that we’ll go over all the offers at, say, 5 p.m. If they want to leave their offers as they are, that’s fine, but now they know there are multiple offers on the table, and there’s a good chance the seller won’t counter any of them. They’ll probably just accept one of them because they’re all at or above list price. Now their client has the opportunity to put their best foot forward. 

Three to six months ago, if a buyer would’ve written an offer for a property, they probably would’ve gotten a counteroffer detailing which terms the seller would accept. Nowadays, the seller doesn’t have to do that. You can basically say that you have other offers and need the highest and best brought to you by a certain time. At that point, you can go over the offers and pick whichever one suits your needs. 

If you’d like to know more about juggling multiple offers, know what your home is worth in this market, or are thinking of buying a home, don’t hesitate to reach out to me. I’d be happy to help you.

Being a Buyer in a Seller’s Market

Homebuyers should check these three items off their to-do lists.

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If you’re a buyer in today’s crazy market, there are three things you need to do as soon as possible if

you want to be ready:

1. Get pre-qualified. If you’re financing your home purchase, you need to have a letter from a bank

that says you’re approved to buy a house for X amount, or else sellers perceive your offer as being

riskier to accept.

2. Get proof of funds. If you’re paying in cash, be sure to provide proof of funds, and mention in

your offer that you’re buying without any financing contingencies to put yourself in an even stronger

position.

 "Make sure that the agent you choose has experience in this fast-paced market."

3. Work with a superstar real estate agent (like me!). While people can go online to get

information about the properties they’re interested in as well as whatever information the listing

agent wants them to know, you can’t find out all the down-and-dirty stuff that goes on behind the

scenes.

There are many things about a property that you might need to know; a superstar agent will know to

ask about the seller’s property disclosure, utilities, bills of insurance, HOA requirements, and so on.

You also need to make sure that the agent you choose has experience in this fast-paced market.

It’s important that they’ve been through the ups and downs of the market so they know how to adjust

to shifting circumstances.

Don’t hesitate to reach out to me for any questions you have or help you need. I’d be happy to help

you navigate this market so that you can get a great deal on your next home and move on to a new

stage in life.

What Low Inventory Means for Buyers & Sellers

Here’s what our low inventory means for buyers and sellers.

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What’s the latest news from our Jonesboro real estate market? The biggest challenge we’re

facing is inventory. There aren’t enough homes on the market to meet demand. That means

if a home comes on the market that you’re interested in and fits all your criteria, you need to jump

on it. You have to get after it, because if you don’t, someone else will. If you’re a seller, this means

you can probably ask whatever you want in terms of price. Due to this lack of inventory, we’re

seeing houses sell for more money than I’ve ever seen before. 

Another reason resale home prices are surging is that lumber prices for new construction homes

have gone through the roof. In fact, just about everything you see on a new construction home has

increased in price dramatically. If new construction homes cost between $140 and $150 per square

foot, sellers who perhaps paid $120 per square foot for their current homes can now ask for $125

to $130 per square foot.

“ 

      I always used to say that real life is not like HGTV, but guess what? Now it is.

”

This obviously isn’t great news for buyers, but the silver lining is that you can lock in a ridiculously low interest rate right now. It seems like I’ve been talking about this for the past 15 years. Every time we think rates can’t possibly get any lower, they do. We’re seeing 15- and 30-year fixed rates as low as 2.9%, 2.5%, and even 2.1%. Although you’ll have to pay more for a home, some of the cost is offset by how low your monthly mortgage payment will be. 

In addition to being ready to jump on the next suitable listing, have your pre-qualification letter in-hand when you visit it because there’s an agent in front of you and an agent behind you showing that home. We recently listed a couple of homes that literally had lines outside their doors mere hours after going live on the market. I never thought I’d see that here in Jonesboro. I always used to say that real life is not like HGTV, but guess what? Now it is. As always, make sure you get in touch with a great real estate agent so they can guide you through the home-buying process. 

If you’d like to know what your home is worth or have questions about our Jonesboro market, don’t hesitate to reach out to me. I’d love to help you.

How to Pick a Mortgage Lender

The best way to pick a mortgage lender is to start your search by looking locally.

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How do I pick a mortgage broker?

The first thing that we recommend is to start by looking at your local lending options. If you do business with a local bank, give them a call and see if they have an in-house lender that you can speak with. If they do, then you’ll be working with someone in a place that you’re already familiar with and trust.

If for some reason you aren’t doing any local business or banking, we still recommend that you start your lender search locally. We deal with online lenders pretty frequently, and some of them are wonderful to work with. But, you still want to try and work with some local because you can have face-to-face interactions with them.

Even if you don’t bank locally, you should look for a local lender.

As far as lender rates go, they’re mostly regulated by the government and will, therefore, be similar from bank to bank. However, some of the fees can be different. To determine how much it may cost, you want to ask your potential lender for a Good Faith Estimate, or a GFE. The lender will print out all the fees and total cost of the particular loan.

You also want to make sure that you have all your documentation in order before speaking with a lender. You’ll need your W2’s, tax returns, at least two years of bank history, and other documents.

Those are just a few tips on how to find a local lender. If you have any other questions or you’re considering buy or selling a home, give us a call. We’d be happy to help.

Understanding Interest Rates and Down Payments

Interest rates and down payments change considerably between the different types of loans. Understanding your options will help you move forward with your transaction. 

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Where are we today in terms of interest rates? We’ve been hearing for years now that interest rates are at a historic low, and this is still the case today.

Right now, 30-year fixed interest rates are staying in the area of 3.75%. There are many kinds of loans available for mortgages, including VA loans, conventional loans, FHA loans, and rural development loans.

Between each of these loan types, both the down payment and the interest rate will vary.

The down payment and the interest rate will vary between loan types.

15-year fixed interest rates are locked in at about 3%. This kind of rate is less common, since it allows a buyer less time and increases mortgage payments. It does, however, lower the interest rate.

In terms of down payments, something I hear a lot is the misconception that you need to put 20% down. With all of the loans available, there are many options that don’t require 20%. In fact, VA loans are 0% down. The same can be said of rural development loans.

FHA is also low, at just 3% down, but conventional loans are about 5%.

If you still aren’t sure where to start, though, we’d love to help.

If you have any other questions or for more information, feel free to give us a call or send us an email. We look forward to hearing you soon.

How to Juggle Buying & Selling Timelines When Moving in Jonesboro

If you want to buy your next home in the same area, you need to balance your buying and selling timelines carefully. Here's how we accomplish that with our clients.

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When should you list your house if you plan on buying another house in the same area? This is a question I've received a lot from people here in the Jonesboro market recently.

I always tell people that we can find you a house 12 hours a day, seven days a week. However, when it comes to marketing and selling your current house, there's really only so much we can do as far as timelines go. Once we get your home listed and exposed to the market in every way, shape, and form, it's up to the buyers.

We can find a home any time, but selling your current home is up to the market.

We're not going to break any buyer's arm to buy your home (which usually wouldn't help anyway) but we'll expose it to as many buyers as possible. It won't necessarily be a waiting game since we'll be constantly marketing the home, but time can be somewhat against us at this stage.

That's why I tell people to get your house on the market as soon as you're ready to do something. Then, we'll scour the market for your next home. Over the last 12 years, we've never left anybody homeless!

This is especially true if you need to sell your current house to be able to buy the next one. If you have any other questions about buying and selling a home at the same time or you're ready to get yours on the market, give me a call soon. I'd love to help you out!

4 Huge Benefits That Come With Buying a Home

Buying a home brings with it four distinct benefits that you should know about.

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What are some of the benefits of buying a home? Let me share a quick story from my own personal experience to give you an idea.

Years ago when I bought my first property, I ended up having to put some sweat equity into it. A few years later, we sold that house and made some money because the market had improved at that point. We’d put some money down and we rolled that over several times to get to the point where I’m at today. That’s why whenever I’m asked about the benefits of buying a home, it’s easy for me to list the following four advantages:

When you rent, all you’re doing is buying a house for somebody else.

1. Appreciation: Most markets around the country are experiencing appreciation. If you buy a property, that property will typically increase in value five, 10, or 15 years down the road. For example, if you buy a home for $100,000 and there’s a 5% appreciation rate, it will be worth $120,000 five years from now. It’s exciting to know your money is growing without you having to do anything outside of maintaining the home’s condition and making your monthly mortgage payments just like if you were renting. 
2. Tax write-offs: You actually get to write off the interest on your mortgage. Meet with your CPA if you’re currently renting to see how much how much money this would put back into your pocket. This is the government’s way of encouraging you to own a home, which they believe is a smart investment. 
3. Freedom for modifications: When you own a home, you can paint, change things out, or do whatever else you want to the interior. 
4. Owning a home is cheaper: I own rental property, and the tenants of that property are actually paying me more than what my own payment on that property is. When you rent, all you’re doing is buying that house for somebody else. 

There are many benefits of buying a home, but those are some of the main ones. If you have any questions about this topic or are looking to buy or sell anytime soon, don’t hesitate to get in contact with me. I’m here to help.

5 Ways to Get Ready to Buy a Home in 2017

Are you thinking about buying a home this year while the market is so great? These five tips will get you on the right path.

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I've got some valuable tips I wanted to share with you today if you're thinking about buying a home in 2017. Starting these five habits will put you in prime position to buy a house this year:

1. Start saving money! There's a lot of time left in the year, so focus on saving as much money as you can for a down payment. Many times we can help with a down payment, but the more money you have on hand, the stronger you look to a mortgage lender. 
2. Build your credit and keep it clean: Make sure you make all your payments on time or even early. If you have a $1,000 credit limit and you have $900 on your card, it will really hurt your credit. We can also help in this area by getting you in touch with lenders who can help you get your credit in position for the lowest interest rate possible on a mortgage. 
Practicing living on a budget will help you save for a down payment.
3. Practice living on a budget or using a spending plan: Look at your current spending plan and making sure you're spending money on your future house with your goals, dreams, and ambitions in mind.
4. Get your handyman on: As you walk through houses and see the things you can do to improve the property, don't always ask the seller to do them because if they do, they'll just increase the home's price. If you're handy at all, look for the projects you can take care of before buying a house and even add value to it.
5. Be prepared to pounce: Make sure you have a dynamic real estate agent working hard for you to turn over every stone to find you the best possible property.  We always focus on finding your dream home at your dream price, so have your list of needs and wants ready, but also be open. The market changes daily, so you never know what you might or might not be able to get. 

If you're thinking about buying a home this year, give us a call or send us an email soon. I'd love to help you out!

How Do You Know If a Home Is Priced Fairly?

Having a buyer’s agent on your side will help ensure that you purchase a fairly priced home. Here’s how.

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A question I get asked pretty regularly is, “How do buyers know if a home is priced fairly?” The answer to that includes a few factors.

First, you need to hire an expert buyer’s agent. 

Once you speak with them and they’ve found you a perfect a home, they’ll see what comparable homes have sold for in that neighborhood recently. In the real estate world, we call these properties “comps.”

Comparables help ensure that a home is priced fairly.

If you’re looking for a specific floor plan in a specific area, your agent will look at homes with that same floor plan in the same area and see what other buyers have paid for those homes.

Usually a comparable home has already had an appraisal and inspection done as well, so the comparable home will be able to tell your agent if a home is priced correctly. 

If you have any questions or are in need of an expert buyer’s agent, please don’t hesitate to reach out to us with a phone call or an email. I look forward to hearing from you! 

How Do Home Inspections Work in Jonesboro?

One important part of the home buying process is the home inspection. The process can be a bit confusing, but we’re here to help. 

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We are fortunate to be able to serve a lot of different buyers in their quest to find a dream home at a dream price. One important part of the buying process is a home inspection. We provide all of our buyers a list of inspectors so that when they find their dream home, they are aware of who they need to call for an inspection.

When you are a buyer, you have 10 business days after your offer is accepted to conduct an inspection. This is called the due diligence period. You get to use your own home inspector, too.

Home inspectors work for the person paying them.

If there is a specific area of the home or system that you are concerned about, consider calling a specialist instead. Having a licensed roofer, plumber, or electrician go over any major concerns is a good idea.

Remember, home inspectors work for the person paying them, so we recommend hiring one so that they represent you. If you have any questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.

Knowing How to Handle Due Diligence in Jonesboro

Due diligence is probably a term you’ve heard before if you’ve ever dealt with buying or selling a home. It’s something we deal with all the time.

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When it comes to real estate, you’ve probably heard the term “due diligence,” but do you know what it means?

It’s a term we use on a regular basis. Say you’ve found your dream property. The due diligence period gives you time from contract to close to do your home inspection and other things that go on behind the scenes for you in a transaction.

This typically includes an appraisal to verify the value of the home for the bank, and a title search to make sure there are no issues with who owns the property. If you’re buying a condo or something in a neighborhood with a homeowners association (HOA), it gives you the opportunity to read through all the appropriate documents. Maybe you want to put some chickens, turkeys, or pigs or your property, but you’re buying in an area that doesn’t allow it. The due diligence period allows you time to do the research to find out if whatever you’re buying that property for will work out.

Due diligence gives you the time to clear everything up.

When you get your home under contract, make sure you’re going to be able to use that property in the way that you intended when you bought it.

Thanks for stopping by today. If you have any questions about this research or the due diligence period, feel free to send us an email or give us a call. We’d love to help you out.

How to Win a Bidding War in Jonesboro

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If you’re looking for a home today, you’ll realize there aren’t many properties available. Inventory is low in the Jonesboro area. Often, another buyer is looking at the same home you are. You won’t always know this, though.

We prepare our buyers ahead of time. We equip our clients with a pre-qualification letter early on if they’re not paying with cash. This shows a seller that a buyer is committed and serious. Think about that for a moment. If you were accepting bids for a home, who would you choose, a pre-qualified buyer or just your average buyer?

This is a simple strategy to help our buyers compete in multiple offer situations. If you or someone you know is looking to purchase a home this year, give me a call or email today!

Four Ways to Get Value Out of Your Home Inspection

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Any time that you're seriously considering buying a property, we recommend that you get a home inspection done. They do cost about $400, but they are well worth your money to ensure that you're not buying a broken home. I have four tips to help you get the most out of your home inspections.

1. Hire a professional: Research the Arkansas Board of Home Inspectors and find a professional in your area with the proper credentials and experience. Don't let your relative do an inspection for you. Cutting corners like this can end up hurting you in the long run.

2. Come prepared to the inspection: We encourage you to be there during the inspection, and you should be ready with questions for the inspector. Get estimates from the inspector about what they think it might cost to repair damaged items.

3. Compile a maintenance plan: Once you have the report from the inspector, create a list of things that you need to fix, and things that you can expect to fix in the future.

4. Look at the major items on the list: Make sure that you understand the condition of major mechanical items like your AC, roof, plumbing, electrical, and more. If one of these systems is damaged or needs replacing, you will definitely want to know about it.

Hopefully these tips have been helpful for you. If you have any questions about inspections or if you would like to know of a good inspector, please don't hesitate to contact me!

Should You Be Cautious about Making an Offer on a New Listing?

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We want to take a few minutes today to answer a question we have been getting a lot lately: “Should you wait to make an offer on a new listing?"

Recently, we’ve had a few homes that we have listed in the morning, scheduled multiple showings in the afternoon, and sold in the evening, all on the same day. It’s not uncommon for a few agents to call us the next day, wanting to put in offers for their clients. We are definitely in a seller’s market right now, as there is not a ton of inventory out there.

We are working with a lot of buyers right now who are looking for that perfect property. In this type of environment, we suggest making an offer right away on a home you like. It doesn’t mean you are 100% going to buy it, but it still gets the ball rolling and allows you to get your foot in the door if there is going to be a bidding war. Don’t hesitate, because you will lose the property if you do.

If you have any questions for us, feel free to send us a quick email or give us a phone call. We look forward to speaking with you soon!

Three Ways to Buy the Home that You Want

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We're seeing a competitive real estate market right now, and in order to help you compete with other buyers, I'd like to give you some tips on how you can make stronger offers to win the home that you want.

Making a solid offer:

This means that you're pre-qualified, you're putting down a nice down payment, you're ready with your paperwork, and you're coming into negotiations without a lot of contingencies.

Keep the offer clean and neat:

What I mean by this is that your offer should be clear, and if possible, it should have as few contingencies as possible. To ask for new flooring and a new fence would weaken your offer over others that aren't asking for these things, so try to avoid asking for too much.

Writing a personal letter to the seller:
If you take the time to write a heartfelt letter to the seller explaining why you like the home and why you want it, your offer will surely stand out. You will no longer be a number - you'll have a face and a story to go along with it. This can help to tug on the heart strings of the seller.

Hopefully these three tips can help you to strengthen your offers so you can win the Jonesboro home that you desire. As always, if you need any help buying or selling, please don't hesitate to contact me!

What's the Difference Between an Inspection and an Appraisal?

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Today, we cover a topic that confuses many people in the area. Home inspections and appraisals are often seen as interchangeable, but these are two very different processes that occur during a real estate transaction. 

In some ways, these two processes are the same: a third-party walks through the property and makes an assessment. However, the similarities end there. Appraisers work for the bank to determine the value of the house. Their job is to check out the house and ensure it's worth as much as the contract says it is, so the bank feels comfortable lending that amount of money.

The home inspector is going to give a more detailed look through the property. They're there to make sure there aren't any structural defects that could cost you down the road. You write them a check to do this for you, so they are representing you and your interests! 

We recommend all of our buyers get a home inspection to get a better idea of what they're buying. You don't want to purchase a home with defects that might cost you a lot of stress, time and money down the road! 

If you have any questions for us, or if you would like real estate assistance of any kind, we would love to hear from you! 

When Is Cash King in Real Estate?

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A lot of people have asked us lately if cash is really king when it comes to buying and selling homes. People often prefer cash, but it is not the end-all of real estate transactions.

When everything is all said and done, a seller shouldn't care too much where the money is coming from to pay for their home. A title search is going to be done and a lender will ensure that the buyer can pay for the home.

Cash buyers often think that they can put in lower offers because they have the money, but sometimes this turns off the seller. Just because someone is paying cash doesn't mean they deserve a better deal on the home.

However, there are instances where cash is preferred. Older properties are less likely to be financed by banks, so in a situation like that you may be better off going with a cash offer.

Unless the property is truly distressed and is unlikely to be financed, you want to weigh your options with cash buyers, as they are usually not willing to pay a lot more than people who have financed offers.

If you have any questions about this topic or if you'd like to know more about it, please don't hesitate to contact me. I'm always here to help you with Jonesboro real estate!