by KatieM | Nov 26, 2021 | For Buyers
When it comes to buying a home, you’re going to run into a lot of jargon you may not be familiar with. Knowing commonly used real estate terminology will be useful as you begin searching for the perfect home. For example, as you look through home listings, there’s a good chance that you’ll stumble onto the term “TLC” occasionally.
What Does ‘TLC’ Mean?
The acronym TLC stands for “tender, loving, care;” as in, the home is in need of it. If you see the TLC in the description, it doesn’t mean the seller has nostalgic feelings towards the home. It means the home needs work. It doesn’t sound like it, but the term TLC is often used for properties in need of significant renovation work and not just a touch-up.
TLC homes are fixer-uppers. You should expect to pay a substantial amount of money on repairs if you buy the home. For instance, a house in need of foundation repairs, roof replacement, or plumbing replacement could be listed as TLC.
Should You Buy a TLC?
Money-wise, there’s often a deal to be had when it comes to houses listed as TLC. It indicates the sellers don’t want to make the repairs themselves, which will be reflected in the asking price.
If you want a project (and you’re willing to put time and money into fixing up the house), then a TLC might be a good option. If you’re looking to invest in fixer-uppers to flip for a profit, TLCs are worth finding. However, if you don’t have the time or money to put into renovations, you may want to avoid TLC listings.
Be sure to understand what a TLC is when buying a home. For more home buying advice, contact us at Randy Lindsay today.
by KatieM | Nov 11, 2021 | For Sellers
The housing market in the U.S. has seen a massive boom in the past year and home values have been skyrocketing as a result. There are countless reasons for this. There are currently low-interest rates. And many people are moving away from big cities because they can work from home.
If you’re thinking about selling a home, is now the best time to do it?
Selling a Home in a Seller’s Market
Another reason why prices have increased so significantly is that many homeowners are staying put, while renters are desperate to become homeowners. This has resulted in a low supply and high demand, a big factor in driving up prices. Buyers are bidding against each other, which has led to properties being sold well above their valuations.
Buyers are willing to overpay because they want to lock into low mortgage rates while they’re still available. The moment those rates begin going back up, there’s a good chance that the number of buyers will drop.
Now is an excellent time to sell your home if you’ve been thinking about it. It’s crucial to consider your options.
Where Will You Move?
If you’re downsizing to an apartment or a smaller house, it’s a no-brainer. You need to sell. If you’re moving to an area where housing prices are lower, it’s also a good idea to sell now.
However, if you think you can sell and move into a similar house in a similar area, you might want to think twice. You’re going to end up paying more than you expect to buy a new house.
Now is an excellent time to sell but consider your buying and selling needs before you do. For more advice on selling a home, contact us at Randy Lindsay today.
by KatieM | Oct 28, 2021 | For Buyers
When it comes to buying a home, there’s a lot of due diligence that must be done. The last thing you want is to buy a house that requires you to invest even more money into repairs or improvements – especially if you weren’t counting on having to do that. One thing you should be sure to do before you buy a house is to have it tested for radon. The following are six things you should know about radon:
- Radon is a radioactive gas that’s naturally occurring. It comes from the decay of uranium found in basically every type of soil.
- Because it’s found in soil, radon can easily enter the home through cracks and holes in the foundation.
- Radon is invisible and odorless, which means testing is needed to identify whether a home has high levels of radon.
- Radon is one of the leading causes of lung cancer.
- According to the EPA, there are more than 21,000 radon-related deaths in the U.S. alone every year.
- Despite being dangerous, radon is so common that every house likely has it. Fortunately, low levels of radon are not dangerous. According to the EPA, 4.0 pCi/L is an acceptable level of radon.
Radon testing will identify whether there are dangerous levels of radon in the home. If this is the case, then radon mitigation will need to be performed to lower those levels to an acceptable number. The last thing you’ll want to do is move into a home that could be potentially dangerous, after all.
Before buying a home, ask if a radon test was recently performed. Radon tests should be done when buying a home as well as after any renovations were done to the home. For more advice about buying a home, contact us at Randy Lindsay today.
by KatieM | Oct 14, 2021 | For Sellers
Selling a home can be a challenging process. In fact, selling a home can be downright difficult if you don’t prepare your home for sale properly. Doing so involves understanding what factors can affect your ability to sell your home and taking steps to prevent those issues. With that in mind, the following are four important factors that can affect how long it takes to sell your house:
- Listing price – If you’re asking for more than the market value of your home, then fewer buyers will bother looking at it. Very few people will pay over market value for a house, which means your home could remain on the market for quite some time if it’s overpriced.
- Condition – Not only should you make repairs wherever they are required, but you should consider investing in simple updates as well, such as repainting the walls if the color has started to fade. A house in poor condition is less likely to sell for the simple reason that buyers don’t want to spend more money improving the home’s condition, nor do they want to spend the time it takes to do so.
- The local market – The local real estate market can dictate whether your home sells quickly or not. If you’re in a seller’s market, it means that there are lots of buyers competing with each other, which can make your home sell faster. However, if you’re in a buyer’s market, it means that there’s a large supply of homes for sale but fewer buyers who are interested.
- Poor marketing – You need to do much more than just list your property online to attract potential buyers. You need to stage your home effectively, take professional photographs, write detailed descriptions, and advertise on the right platforms to attract your target buyers. Poor marketing means fewer buyers will even know about your property.
You can prevent these factors from affecting your sale time by working with a local real estate agent. To speak with an agent about selling your home, contact us at Randy Lindsay today.
by KatieM | Sep 23, 2021 | For Buyers
When buying a home, you’ll notice a lot of different categories when perusing real estate listings. One status is “under contract.” This term means the purchase process has essentially begun between the seller and a buyer.
It doesn’t necessarily mean the house will be taken off the market. There’s still a chance the deal might fall through, which is why the listing isn’t removed.
When Does a Listing Go Under Contract?
When buyers want to make an offer, there are several steps they will have to take. They need to determine how much they want to offer and, typically, they’ll have to submit a pre-approvement letter. This shows they will have the funds necessary to support that offer. A buyer’s agent will submit an offer letter that includes all of this information.
Even if the seller accepts the offer, the house will still not be “under contract.” The buyer and seller will also have to agree to the contingencies. Once everything is agreed upon, the house goes under contract.
What Happens When a House Is Under Contract?
The house remains under contract until all contingencies are met. For instance, the sale may be contingent on the home inspection. If the inspector finds a problem and a solution can’t be found between the seller and buyer, the buyer might withdraw. The house will no longer be under contract. When this happens, other buyers will be able to make an offer to purchase.
While most houses that are under contract are sold, there are some that go back on the market because the deal fell through. Because of this, keep your eye open for desirable under-contract homes.
For more tips on buying a home, contact us at Randy Lindsay today.
