"For Sale by Owner" or FSBO, might sound appealing given the savings from commissions, but there are risks that accompany this choice. Opting for this approach means you as a seller assume several responsibilities solo, which are not only a challenge but may place the home in legal jeopardy.

According to a recent report from the National Association of Realtors (NAR), the two of the most challenging aspects for individuals selling their own homes are accurately determining the price and properly understanding and handling the paperwork. Here are some of the ways Realtors mitigate risks of selling your home.

The Price is Right

Determining the correct price for your home is critical when attempting to sell it. Selling your home independently…

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We end the year with moderate increases in home prices, constricted inventory, and many buyers feeling hesitant in the face of more expensive borrowing. As of November 2023, the median sale price for existing homes in the U.S. reached $387,600, marking the fifth consecutive month of year-over-year price increases and despite October's 8 percent, the average 30-year mortgage rate still stands at 6.88 percent, offering a welcome relief from recent 20-year highs.

Expert Forecasts for 2024: Home Price Projections and Sales

Experts anticipate a 2.8% increase in home prices by the end of 2023, with another rise of 1.5% projected for 2024. Bear in mind when so called "Experts" talk about real estate it's most often very generalized as they are speaking…

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At My NC Homes, we consistently blog about the growth in the Reseach Triangle Park. It is not only an incredible place to live now, but it has an incredibly bright future. In a recent study conducted by UNC's Kenan Institute, the Research Triangle region's economy has surged to become the third fastest-growing in the nation, outpacing its No. 4 ranking in 2022. We are outpacing Seattle and Austin, to name a few. This study defies expectations having outpaced an initial forecast of 1.6% growth this year, due to the boost in activity in the tech sector, education, and healthcare. 


 Dr. Gerald Cohen, Chief Economist at Kenan, attributes this performance to several factors, propelling the Triangle among the nation's largest metros, and we would like…

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Wondering what the Inflation Reduction Act is and how it can benefit, you as a homeowner? This might be one of the least aptly named opportunities to save money while increasing the energy efficiency of your home. Enacted last year, this key piece of legislation looks to combat climate change by promoting eco-friendly practices and encouraging clean energy initiatives. The trick is it was initially enacted as an incentive to businesses but has benefits for individuals who adopt green practices. I want to point out that these incentives and credits will be available for at least a few years if not longer; so there is no reason to worry about getting them all done within the next year. Homeowners can plan on updating/upgrading over a 3-5 year schedule…

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Where affordability concerns dominate headlines, potential home sellers, especially baby boomers, find themselves at a crossroads. Conventional wisdom suggests that waiting for mortgage rates to drop or prices to decrease is the prudent approach, but if you are downsizing, you stand to gain more than the conventional buyer who is borrowing. Let's explore some of the ways that baby boomers can win by selling now.

Mortgage Rates

Mortgage rates are hovering between 7-8%, which effectively creates a buyer's market for home buyers, who are not financing. A significant portion of potential buyers have been sidelined, providing a unique opportunity for those willing to navigate the challenges. According to a recent report by NAR, repeat buyers & people…

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Primary motivations for buying or selling a home, are infrequently related to mortgage rates, however, so much news reporting on rates can cloud decision-making around moving. If you're contemplating putting your house on the market in the Research Triangle Park area, it's likely due to a change unrelated to the FED. Mortgage rates are a factor that plays a pivotal role in your decision-making process, but they should not overshadow the primary reasons that prompted you to consider a move in the first place.

We cannot ignore that higher mortgage rates impact affordability, leading some homeowners to postpone selling, because they are nervous about securing a new home and borrowing at a higher rate. But there are other lifestyle changes and needs…

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There have been some moments this year, that Realtors have not been proud to show. Barbicore is one that is truly an acquired taste, and as we begin to close out 2023, we look forward to new trends that make our jobs, just a bit easier. Here is a pop quiz style list compiled from designer insights and consumer feedback, and what trends will last into 2024 and what trends will stay behind in 2023.

1. All-white Bathrooms, In or out?

Out! According to a survey by Fixr.com, over a quarter of interior designers are ready to bid farewell to all-white bathrooms. A shift is being made towards more vibrant shower tiles and jewel tones.

 

 

2. Patios to the Max, In or out?

In! With contingencies. Homeowners have been maximizing their outdoor…

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If you are putting off moving because you think that home prices will go down, you may want to rethink this strategy. There are a number of factors that have all experts predicting home prices continuing to rise. While the market may cool, and prices will likely not be going up by the soaring amounts that we saw in 2020 and 2021, {locally upwards of 20%}, make no mistake they are continuing to rise. Let's discuss the factors that come into play, latest data, and what strategies we think will be winners in the last quarter of 2023, and into 2024.

But what if prices drop?

If you put off moving because you're worried home prices might drop, you may want to rethink this strategy. Despite a massive increase in prices and the market correction in…

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It might be hard to believe, but we are seeing incredibly high demand for homes. It is not something new and housing experts have predicted that we would be seeing housing constriction for some time, but when homes come to market, they sell quickly, and generally for great terms. More significant than the demand for homes, is the constriction of inventory. For those contemplating the idea of listing their home, this presents a true advantage if your home is priced correctly. Let's dive into the all-important question. Will more homes be coming to market?

Spring, Summer, Fall Trends, in Reverse?

Traditionally, the peak of the housing market occurs is the spring buying season, and sellers in turn prepare homes to sell in the fall or winter months.…

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If you are like many baby boomers and considering cashing in on equity and favorable conditions for sellers, questions around whether you will move, or age in place, may be top of mind. Many people making this decision are considering whether they should buy a smaller home or if they should rent. While the answer to this question hinges on your individual circumstances, we have compiled some of the most important factors to weigh.

Rising Rents

Utilizing national census data, the trend clearly illustrates a consistent upward trajectory of rents since 1988. While opting to rent may seem like a good option, you could expose yourself to a higher rental payment over time. This is especially problematic if you are on a fixed income.

Conversely,…

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