What Factors Bring Down Property Value?

About 64% of US Citizens own real estate.

Many Americans see homeownership as a symbol of the American Dream, but it’s not always the easiest thing. Once you buy your dream home you may find things you didn’t notice before, and these little quirks can actually impact the value of your home.

It is important to look at both positive and negative home factors to determine if buying a home is right for you and your family. If you are planning on selling at some point, you want to understand common property value factors that can impact your sale.

This article will discuss factors that affect your property’s value in greater detail. Read on to discover how knowing what brings down property value can help you get top dollar for your property should you decide to move.

What brings down property value? – Outside factors

When considering what brings down the value of a house, it’s important to know that there can be all different kinds of factors, and several of these go beyond the house itself.

Bad neighborhood

No matter how nice a home is, it can become very undesirable if it’s in a bad neighborhood. Things like high crime rates, poor schools, and a lack of amenities will generally result in potential buyers being less interested. All homes in the area will therefore be worth less than they would in a better neighborhood.

If a neighborhood has a reputation for being unsafe or undesirable, it can be difficult to sell a home there, even if the home itself is in good condition. Sometimes all it takes is just one individual in the neighborhood to lower the value of surrounding properties. Unfortunately, a neighbor that’s lowering property value is something that you can’t do too much about.

Address and postal code

The address and postal code of a home can also affect its value. Homes in more reputable neighborhoods tend to be worth more, so having a prestigious postal code can make more of a difference than many people realize.

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Another factor is how easy it is to find a property. Homes with a street address that’s easy to find and remember will be more valuable, while the value can drop if a home is difficult to locate or has a hard-to-pronounce address.

Mortgage rates

The current state of the housing market and the economy as a whole can affect the value of homes. Higher mortgage rates can make it more difficult for buyers to afford to purchase a home. This can result in a decrease in demand for homes, leading to an overall decrease in home values.

Natural disasters

Homes that are located in areas prone to natural disasters, such as floods, hurricanes, or wildfires, will generally have lower values than homes in safer areas. This is because homes in these areas are at a greater risk of damage or destruction. Not only does this make them less desirable to live in, but it can often be more difficult to insure them.

Neighborhood foreclosures

This is another neighborhood-related factor – if multiple homes in an area are foreclosed upon, it can negatively impact the value of the remaining homes in that neighborhood.

Foreclosures can lead to a decline in property values and a decrease in demand for homes in the area. Neighborhoods with a high number of foreclosures are generally seen as less desirable, which may push the value of any homes there down even further.

Proximity to certain facilities or businesses

Everyone values convenience, so the proximity of a home to various facilities or businesses will affect its value. A home that’s close to a major highway or public transportation will generally be more valuable than a more remote property, as it affects how easy it is for people to get around.

Certain things can be located nearby which may cause the value of a home to go down. This includes things like factories, landfills, or other sources of pollution as they can have a negative impact on quality of life and might present potential health hazards. Noise is also a factor, so a home that’s close to a busy motorway, a railway line, or an airport will also often be less desirable.

What brings down property value? – Inside factors

Some of the most crucial factors influencing property value are to do with the house itself. One benefit here is that as an owner, you’ll have a good degree of control over these factors. As such, while they could lower the value of your property, you can also use them to your advantage to increase it.

Curb appeal

First impressions are crucial, and the curb appeal of a home can greatly affect its value. Curb appeal refers to the external appearance of a home including things like the paint, structure, and landscape. This can be one of the biggest factors that affect whether or not a potential buyer wants to take a closer look at a property.

A home with bad curb appeal will immediately put people off. Some typical things that can make the curb appeal of a home worse are things like an unkempt/overgrown yard or damage to the outside of the house.

Before putting your home up for sale, it may be worth taking some time to improve the curb appeal. Some things you can do include:

• Add a fresh coat of paint
• Install new lighting fixtures
• Hire a professional landscaper to get the front yard into better shape
• Clean the windows and siding
• Replace the front door with a newer one

It’s worth bearing in mind that all of these come at a cost. You should look into it to determine which of these are worthwhile to help you maximize your ROI.

Maintenance

Regardless of whether you’re planning on selling your house or not, one of the best pieces of property value advice anyone can give is that you should maintain your home. Proper maintenance is the best way to keep your home in good condition, which will ensure it’s comfortable to live in and will help you can get more for it if you decide to sell.

A home that hasn’t been properly maintained can end up with various issues such as a leaky roof, a broken HVAC system, or outdated appliances. This will always reduce the value. This is because buyers don’t want to have to deal with such issues when they move in.

If a buyer realizes a home has problems like these, they’re also likely to assume there are other problems that they might not be aware of. On top of this, it’s best to keep up with current trends to make your home more appealing.

A home that hasn’t been maintained probably won’t have been updated in many years either. People want modern amenities and finishes, so if yours is lacking these will have a lower value.

Too much clutter

Clutter may not seem like a huge issue – after all, it’s easy to have a clean-up and make things look much better. However, you want to make sure you get rid of any clutter before anyone comes to view your home.

If there’s a lot of mess around, it can make it difficult for potential buyers to envision themselves living there. This also doesn’t only come down to general mess and untidiness. A home that is filled with too much furniture, decorations, and personal items can make it seem less appealing to buyers.

You want a buyer to see it as their future home, rather than someone else’s current one. As such, items that are more unique to you and your family can make your home seem less desirable. This can apply to objects you have laying around, family photos on walls, unique ornaments, and more.

A property staging company can help with this. They’ll set your home up in a way that’s well-suited for sale. While you might think your home ends up looking a bit boring, things like generic furniture and neutral colors can help make it much easier to sell.

It’s also worth noting that it can be harder for people to get a good idea of the condition of your home if there’s clutter everywhere. Even if it’s in a good state it won’t matter much when people can’t tell.

Too much carpet

When it comes to factors that will lower the value of your home, some are obvious, and true in every case, but others are less expected. Carpets are all about personal preference, so you might think they wouldn’t have a huge impact on the value of a property. Too much of it, however, can often be unappealing to potential buyers.

There are various reasons that people don’t like carpets, such as the fact that they can be difficult to clean and maintain, and they can also trap odors and allergens. Homes with too much carpet can therefore be less desirable to potential buyers.

This will be even more significant if the carpet is in a bad state. Things like stains, tears, holes, or other signs of wear and tear will immediately put people off. As tastes change, certain carpets can also quickly become outdated, so those looking for a modern home will become less interested.

You should also bear in mind that there are some areas of a home where hardwood or tile flooring is more common. It’s not often you see carpet in a bathroom or a kitchen, for example. These can decrease the value of a home by a surprising amount.

Unnecessary or poorly made upgrades

You may think that all upgrades are a good thing, but this isn’t always the case. Unnecessary or poorly made upgrades can greatly reduce your home’s property value.

Some upgrades may not interest potential buyers, and when done poorly, they can indicate a lack of attention to detail. Bad upgrades may also indicate that the home’s construction is sub-par or that it hasn’t been maintained properly, potentially putting people off.

For example, a high-end luxury kitchen in a low-end neighborhood probably won’t appeal to many buyers in the area. It may also cost significantly more to install than it adds to the value of the home, making it a poor investment.

Interior aesthetics

Interior aesthetics play a major role in determining a home’s value. Poor aesthetics will naturally interest people less, so fewer people will consider buying it. This can relate to all kinds of things such as poor lighting, small or cramped rooms, and other issues with the home’s design and layout.

Buyers will look at an entire home and consider how everything works together. With that in mind, bathrooms and kitchens can often be the most important rooms to many buyers.Bathroom

A bathroom can quickly look outdated, so having one that doesn’t fit modern trends will have a sizable impact. Even if the rest of a home is perfect, an old-fashioned bathroom can be a make-or-break component for many buyers.Kitchen

Similarly, kitchens can quickly become outdated, and for many buyers, this will be an even bigger issue than an outdated bathroom. The state of your kitchen could well be the biggest factor when it comes to selling your home. Modern appliances will not only improve the look but make it more functional, which is always ideal.

It’s also important to note that both kitchens and bathrooms need to be kept clean. If either of them seems unhygienic, it will make your home much harder to sell to anyone

Get the best offer for your property from iBuyer.com

Now that you know what brings down property value, you can start to take action. When it comes time to sell your home, you will be glad for any previous work you’ve put in to make it more appealing to buyers.

The entire selling process can be incredibly long-winded and time-consuming. You can make things much quicker and easier, however, by using iBuyer. Simply enter your address and we’ll quickly be able to a cash offer, saving you a huge amount of time.

Click here to get a valuation for your home today.

Discover your home’s worth online for free in minutes!

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What If Home Appraisal Comes in Low?

In the last few years, the average value of a home appraisal has risen significantly. From 2013 to 2022, the average rose from $280,000 to $395,000. While this is good news for most homeowners interested in selling their houses, what if a home appraisal comes in low?

It’s the moment every homebuyer dreads. You await anxiously with trepidation as you wonder if this purchase that has meant so much will turn out okay or whether a low appraisal could potentially put all of your hard work for naught. Don’t worry just yet, though.

There is plenty you can do to understand better why a home appraisal comes in at less than expected and attempt to adjust the valuation should such an event occur. In this guide, we’ll discuss what steps to take following a low appraisal (plus a quicker option for selling your home).

What is a low appraisal?

A home appraisal is typically a report created by an independent appraiser that puts value on a property. A low home appraisal occurs when an appraiser evaluates a property and assesses it at a lower value than expected.

What causes a low appraisal?

Several factors can contribute to a low appraisal. Most often, they occur if the appraiser believes the property has defects, such as outdated finishes or an insufficient number of bedrooms, that keep it from being worth the agreed-upon purchase price.

Low home appraisals can be stressful for homeowners as they usually come with a low estimate of what the home is worth. This low appraisal affects the sale and potential refinancing plans due to inadequate loan-to-value ratios. The low appraisal can also be an obstacle if homeowners want to tap into their home equity.

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However, it’s essential to know that low appraisal shouldn’t automatically trigger distrust between buyers and sellers. Everything depends on the local market and specific house conditions. Likewise, independent professionals conduct home appraisals, so it’s essential to understand that a low appraisal reflects these two factors at play.

This is why you sometimes see a massive difference between appraisal value vs. market value.

How often do low appraisals happen?

Low home appraisals are not uncommon in real estate transactions and may require further negotiation to arrive at a satisfactory agreement between buyer and seller. However, that doesn’t mean they’re entirely common, either.

According to Fannie Mae, low appraisals happen in less than 8% of cases, and many low appraisals can be successfully renegotiated after an appeal. As mentioned above, the frequency of low appraisals depends on the following (among other factors):

• Local market
• Neighborhood conditions
• The independent appraiser

Although low appraisals don’t happen often, you need to consider this potential issue when searching for your ideal property. It could cause a slight road bump in your homebuying process, but it shouldn’t ruin it entirely.

How does an appraisal work?

As part of understanding this part of the home buying process, it’s helpful to really understand how home appraisals work from start to finish. Let’s start with a textbook definition. A home appraisal is a systematic process that real estate professionals use to determine the estimated value of a home.

This process typically begins with the appraiser visiting the home and closely inspecting it. The appraiser notes its condition and features, then collects additional information about home sales in the neighborhood.

Next, the appraiser compares similar home sales, adjusts for differences between them, and develops a figure that reflects what someone might pay for the home if it was listed on the market. This figure is considered the home’s estimated value. It then becomes part of an official report used to assess various legal and financial issues related to property ownership.

What if a home appraisal comes in low?

If a home appraisal comes back lower than expected, the next steps depend on why the home was appraised. If it was due to issues, such as poor condition, outdated appliances, or general wear and tear, you’d have to address them before conducting the appraisal again.

Likewise, you might get a low appraisal in a hot market. If the low appraisal is due to market trends, borrowers can try to negotiate with their lender or look for new financing options. It’s also possible that home buyers might need to put more money down or invest additional funds in home improvements if they want to get their current loan accepted by their lender.

In any case, understanding the necessary steps and consulting an experienced real estate professional are important measures home buyers can take to ensure they get the best outcome regarding their home appraisal. And try not to worry too much. Typically, this doesn’t mean it’s the end of the road for you and your dream home.

Can the seller back out if the appraisal is low? No, only the buyer can back out after a low appraisal. In some cases, if you’ve included an appraisal contingency in the contract, it might be possible. However, it’s rare that that ever happens.

What to do if you get a low appraisal

So, you’ve got a low appraisal, and the seller won’t budge. What are your next steps? Here are three tips for dealing with a low appraisal when selling a house.

Take a second look

Are you sitting there scratching you’re head and wondering, “What do I do if the appraisal comes back low?” Instead of guessing why the home appraisal came back low, take a deeper look at why.

Trust us. We know that if the appraisal of a home comes back low, it can be frustrating. However, taking a second look at what caused the value to be low can help identify what needs to be fixed to increase the appraised value.

Common issues dragging down the appraisal are deferred maintenance, repairs, renovations, or upgrades that don’t bring added value. With some elbow grease and a few fixes, it may be possible to bring the appraisal value in line with what you anticipated.

Renegotiate the purchase price

There is still a chance to renegotiate the purchase price. This could result in you and the seller reaching an agreement that works for both parties. You might also want to investigate why the appraisal came back low, as there could have been a miscalculation on behalf of the appraiser.

To renegotiate, ensure you have all your facts straight. Speak with the seller calmly, so they know you’re serious about reaching a suitable agreement. The most important thing to remember is that both parties must work towards an agreement that suits everyone’s needs.

Both sides should discuss the pros and cons of keeping the original purchase price versus renegotiating it. Candidly exploring all options will ensure the best outcome for all involved. This could involve adjusting the closing date or any incentives associated with getting to an agreeable renegotiated purchase price.

It’s also essential to stay within real estate laws when renegotiating contracts, so consulting an experienced attorney is sometimes a good idea. If you’re selling or buying a home through a real estate agency, they should also be able to help figure out how to get a lower price after appraisal (or if that’s even the right path to take).

Understand the buyer might walk away

Finally, understand that the buyer might walk away if you cannot agree on a new price or fix the issues that led to the low appraisal.

A buyer can lose confidence in purchasing a home if an appraisal reveals property defects or other factors pushing the home’s value below the offer price. When this happens, it is usually best for both parties to step back, reassess, and possibly renegotiate terms on the sale, as mentioned above.

If you’re the buyer and can make any additional repairs or other mitigating steps, consider those. This is especially true if you’re in a buyer’s market and your buyer has a lot of other options to choose from at the moment. Overall, trying to reach an agreement will ensure that all involved are satisfied with the outcome.

Tips for negotiating a low appraisal

So, what are you to do if the appraisal comes back low and you’re the one buying the house? You’ve got a few options, and it’s important to remember that you’re usually the one with the power here. You can take two main routes if you’ve exhausted all of your options and the seller won’t budge in renegotiating the sale price.

Request a second look

Generally, only two parties can challenge a home appraisal: the appraiser’s client (usually the lender) and the buyer. In this context, this means you’re able to request a review or a second appraisal. Any challenge or review must have valid grounds, as appraisers take extreme care in making sure appraisals are accurate and comprehensive.

However, that doesn’t mean that mistakes don’t happen. The most common mistakes appraisers make include miscalculation the square footage of the home or leaving out important yet hidden features that increase the home’s value. If you think the appraisal is wildly off from your offer or the home’s true value, speak with your agent about requesting a review.

Consider an all-cash offer

You might consider bringing an all-cash offer to the table as a last resort. Paying in full upfront eliminates any risk of having the deal fall through due to the appraisal value being lower than expected, as the seller doesn’t need the bank’s approval or appraisal results to go through with the deal.

Furthermore, all-cash offers typically surpass other offers in terms of speed and competitiveness, as all parties are certain that all agreed-upon funds will be delivered. This means you could close on your dream home even faster than other prospective buyers.

Tips for sellers to avoid a low appraisal

Now, what should you do if you’re a seller and want to avoid a low home appraisal? One of the most important steps you can take is having a pre-listing inspection. A pre-listing inspection will determine any issues the house has before it goes to the appraiser. This allows you to address and repair any problems that would otherwise arise during the appraisal process.

Additionally, it’s helpful if you provide evidence of necessary repairs you’ve made over the years to maintain the condition of your home. You should do this as part of preparing to sell your home, regardless of the appraisal.

For example, providing documents such as receipts that show past home maintenance or renovations you’ve completed can give assurance that the house has been kept up. This helps increases its overall value.

What about making new repairs or renovations right before you sell your home? It ultimately depends on the market, what buyers are looking for, and what upgrades you would make. Overall, we suggest you avoid overspending on unnecessary repairs. This may result in you losing money long-term.

The bottom line? Preparing well ahead of time can help avoid receiving a low home appraisal.

Sell your home on your terms

So, what if a home appraisal comes in low? Know it’s not your only option. In fact, the best option these days is to sell your home on your own terms.

Selling your home can be stressful and time-consuming, especially when you put it on the market. To get rid of these worries and get cash for your property quickly, get a cash offer for your home. You don’t need to get an appraisal or open your door to strangers during showings.

Plus, you don’t have to wait around to get closure as cash offers are usually available in days or weeks rather than months, like with a traditional sale on the market. Take the stress out of selling by getting a cash offer instead. It’s as simple as entering your home’s address into our home valuation tool (along with other information like the size and age) and seeing what it’s worth.

Ready to give it a try? Click here to use our free home value estimator tool.

Discover your home’s worth online for free in minutes!

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Why You Should Use a Real Estate Agent Rather Than Sell Your Home on Your Own

In today’s hyper-competitive real estate market, it may be tempting to forgo a real estate agent and list your home yourself. While a growing number of homeowners are finding success selling on their own, there are many reasons why you should still consider hiring an experienced professional to help market and sell your home.

1. Your Agent Can Handle the Details 24/7

Of all the responsibilities involved with homeownership, the process of selling your home can be the most time-consuming. It may take several weeks to prepare a home for sale and then many more weeks to get it listed on the market. An agent will know the best way to minimize your time on this end and maximize exposure to potential buyers.

2. Selling Your Home Is Stressful, but Your Realtor Will Help

While owning a home is one of the most rewarding experiences a person can have, selling one — particularly after living in it for many years — is often more stressful than buyers might expect. 

An agent can help ensure that stress doesn’t get out of hand by keeping things on schedule, preparing you for challenges, and getting information about your home to potential buyers through print materials, web postings, word of mouth, and beyond.

3. A Real Estate Agent Can Maximize Your Home’s Value

Pricing a home at fair market value, which is critical in getting top dollar, takes significant time and experience to get right. An agent will make sure that you have all the information necessary to price your home properly and avoid mistakes that can cost you big money.

4. A Realtor Can Help You Avoid Bad Buyers

Homebuyers come in all shapes and sizes, so make sure that you don’t end up with a buyer who leaves you high and dry during the process. Your real estate agent will help you weed out risky buyers and find the right one who will see the process through.

Working with an agent can help you save time, stress, and money and help you get the best price for your property. Contact your local real estate agent today to learn more.

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Six Warning Signs of Bad Leadership to Look For

No good idea can get very far without a leader to make it a reality. Even if you have the best ideas, a great staff, and tons of resources, if the leadership at the top is flimsy, the whole thing will come tumbling down like a house of cards. These six warning signs should all be big red flags that something’s gone very wrong or is about to, and you need to change course immediately.

1. They’re Missing

Physically or mentally, these leaders simply aren’t there for their teams. Maybe they’re too busy with other projects, or maybe they’re simply not dedicated enough to the project at hand. Either way, these leaders aren’t around enough to lead people effectively.

2. A Lack of Empathy

It should go without saying, but working for a sociopath who doesn’t care about others’ feelings at all should be a no-go. There’s a big difference between being “tough” and “dictatorial,” and you want to avoid the latter type of leader at all costs.

3. A Failure to Connect

Some people are good with facts and figures or abstract ideas but are awful at conversation. They’re awkward, they mumble, they don’t make eye contact – they just aren’t good at talking to people. There’s nothing wrong with being that way as a person. On the other hand, being that way as a leader just isn’t possible. Leaders need to be able to connect with people, and that means communicating with them.

4. False Charmers

At the other end of the spectrum are leaders who try to hide every fault and mask every failure behind the aura of their personal charisma. These are the people who’ll promise you everything will be “huge” and “the best” and that they’ll always “put you first.”

5. No Organizational Skills

Leaders can delegate organizational tasks, but they still need the company to be organized. Moreover, with all of the meetings and responsibilities they have, they need to be at least somewhat organized themselves. 

6. No Growth 

Nobody is perfect. At the same time, if your leader is a little too comfortable with glaring, crippling flaws, it should be a big red flag that they aren’t the one you need to take you to the top. 

None of these leadership “styles” are a winning strategy for companies or employees.

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The Miami Housing Market in 2023 – Here’s What 3 Reports Say

In 2022, Miami’s metro area population was 6,215,000. Compared to 2021, this was a 0.78% increase.

With its rich culture and diverse background, it’s easy to understand why people are flocking to Miami. There’s available access to some of the world’s finest beaches, beautiful weather year-round, and plenty of opportunities to enjoy outdoor activities.

There’s also no state income tax in Florida which adds to a thriving Miami housing market. Coupled with a good job market, the Sunshine State has quickly become a haven for residents from other states looking to relocate or simply vacation for an extended period of time.

However, people looking for short-term rentals have affected the Miami Housing Market. In addition to the shortage of available housing, there are other issues Miami’s real estate market presently faces. This helpful housing guide outlines what you need to know about the Miami housing market along with trends in market reports.

Keep reading to learn more.

What experts say 2023 holds for Miami real estate

According to Ines Hegedus-Garcia, Avanti Way Realty’s executive VP, should mortgage interest rates continue to soar, the sale price of homes might take a hit. A decline in mortgage rates may ultimately lead to a robust home sale market in 2023, with demand staying strong.

Arenci Properties Realty’s CEO, Fernando Arencibia Jr., explains that South Florida’s real estate is unique. South Florida’s real estate boasts high “in-migration” on an international and domestic level.

Should mortgage rates increase throughout the year, South Florida’s cash buyers and inbound movers can sustain the housing market. This may prevent home prices from crashing.

However, buyers will still meet calmer conditions, even if prices continue to appreciate.

Airbnb strains out Florida’s pricey, tight housing market

According to a recent report from a housing expert with Florida Atlantic University, renters in South Florida blame popular short-term rentals for expensive home rental prices. Condos, townhomes, single family homes, and apartments rented out for less than six months at a time negatively impact locals. For example, locals looking for year rentals find themselves without viable options.

This negatively impacts Palm Beach, Broward, and Miami-Dade counties. Ken H. Johnson, FAU’s finance professor, compiled anecdotal evidence to conclude these statements. He gathered information from 200 developers, tenants, and real estate agents in 2022.

Since Miami is amongst the world’s most expensive Airbnb market across the globe, locals are finding it difficult to compete with short-term prices. Short-term rental prices average $8,024 a month, according to a 2022 study by Compare the Market. This makes Miami the third most profitable city for Airbnb compared to other Airbnb rentals worldwide.

A Nothern American spokesperson for the Miami Herald explained that Miami commonly sees extended stays of greater than 28 days. Miami’s beautiful weather and plethora of outdoor activities make it an ideal place to live, work, and visit.

Johnston also explained that Miami homeowners should press for lease deals that are long-term. This helps the regional housing market and homeowner’s bottom line.

Renters are forced to take on roommates or cancel their leases. They may have to move back home with their parents.

This puts landlords at risk of not finding steady renters. The recession might mean less demand for short-term rentals but maintain demand for long-term rentals.

An unstable economy forces people to avoid short-term rentals. Less remote work and fewer vacations. It also adds to a reduced need for short-term rentals.

Airbnb remains committed to supporting housing solutions, as the vacation rental industry positively affects Florida’s economy.

Miami Beach doesn’t permit Airbnb rentals in the vast majority of residential areas. Anyone who has an illegal Airbnb may face fines from $20,000 to $100,000. However, those fines were reduced in 2018 after Airbnb sued.

Short term rentals

Professor Johnson from FAU concluded that short-term rentals negatively affect South Florida’s traditional home rental market. This information is largely anecdotal.

Some of this information comes from various conversations with real estate developers, real estate agents, and tenants. However, this information is consistent with national studies previously conducted.

A solution could be policymakers levying taxes on anyone renting their home for less than a year. This would help locals find access to year-long rentals.

It’s also worth noting that Miami-Dade County should experience a decrease in how quickly rental prices increase. This is good news for renters struggling to afford a competitive housing market.

A majority of people in South Florida spend over a third of their monthly income just on housing costs. Many essential workers were pushed out of Miami-Dade. They were unable to afford the area after the pandemic.

At one point, Miami-Dade announced a state of emergency because of housing. Mayor Daniella Levine Cava allocated funds for rental assistance. These funds were in the tens of millions of dollars and went to the neediest residents.

There is still an ongoing discussion over long-term solutions for affordable housing, especially workforce housing.

Coconut Grove residential market comes down to earth

Realtors have begun to see Coconut Grove’s residential market normalize. There’s low inventory and high prices with the pace of development most likely decreasing over the next year.

There’s also an increased demand due to heightened migration. As people migrate to Miami, there is also a lack of available inventory.

This continues to drive up rental prices. As such, locals are left racing to find rentals within their price range.

People are migrating from other states and new businesses and companies are expanding to Miami, making it their headquarters. Christine Martinez de Castro, CMC Group’s director of sales and marketing, explained that Miami still has lower home prices per square foot when compared to other major cities.

She explained that the increased demand and low inventory have slowly become a normal cycle for the housing market with prices remaining steady.

Year-over-year, the listing median price for Coconut Grove single-family houses has increased. Rocket Homes explains that, as of November 2022, the median home sale price is $1.4 million. This equates to roughly $701 per square foot.

Compared to November 2021, this is a 25% increase. There have also been 25.2% more homes sold than a year prior.

Since 2021, the cost of one-bedroom homes and apartments increased by 40.4%. The average price was $275,000 and is now $386,000.

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For Miami home prices, two bedrooms increased by 40.6%. This rise went from $675,000 to $949,000.

A three-bedroom apartment was valued at over $1 million in 2021 and is now $1.6 million in November 2022. This is a 39.1% increase.

Coconut Grove homes increased during the last year when compared to other local luxury residential real estate markets. Grove Isle increased by 45.5% in the last year. Sunrise Harbor increased by 52.9%, according to Rocket Homes.

The future of new development

Arnaud Karsenti of 13th Floor Investments believes the pace of development is expected to slow down in the next year.

Experienced developers will need to focus on starting fewer projects. This is an opportunity for them as reduced construction leads to an improved cost of building. This move will be strongly bolstered as the economy improves down the road.

Vita at Grove Isle, CMC Group’s brand new residential development located in Coconut Grove, will feature 65 luxury condos. The price starts at $5.1 million for three to four-bedroom dwellings.

According to Ms. Castro, Grove is running out of space for development. This makes Vita one of the only remaining sites to have water views that are completely unobstructed.

An increased price-setting ability comes from Coconut Grove’s restricted residential supply. This makes the area one of the strongest rental unit markets, according to Terra Group’s CEO David Martin.

Martin explains that Coconut Grove’s rental prices are most likely amongst the county’s highest. This is likely due to little new supply and high interest in that particular housing market.

Terra Grupp is presenting Grove Central with a 23-story tower complete with 402 apartments. These multi-family apartments are brought to Grove Central by the developer GRP Grove Metro Station.

The tower features 170,000 square feet of retail space. There are 1,295 residential and commercial parking spaces as well. The tower is conveniently located in Coconut Grove, next to the Metrorail station.

Understanding the Miami housing market

The Miami Housing Market may significantly change over the next year. A shortage of short-term rentals has placed a strain on locals in search of affordable housing.

Additionally, experienced developers may need to reduce the number of projects they begin in the future. This will hopefully lead to a reduced building cost.

If you’re looking to sell your house fast, there’s no time like the present. iBuyers can help you sell your house the quick and easy way, so be sure to contact us today. We’ll connect you with an iBuyer in your area.

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The 8 Best Real Estate Websites for Selling Your House

Are you looking to sell your house but don’t know where to start? Did you know that 99% of millennials and 90% of baby boomers search for their next home online? That’s right, the majority of home buyers are now turning to the internet to find their dream home.

So, it’s important to list your property on the best real estate websites to reach as many potential buyers as possible. In this article, we will take a look at the top-performing real estate companies and their websites that can help you sell your house quickly and for the best price possible. Let’s dive in and explore the best real estate websites for selling your house!

1. iBuyer.com

Best for instant offers

If you’re looking for a fast and easy way to sell your home, iBuyer.com might be the best real estate website for you. iBuyer.com is a service that allows you to sell your home quickly without having to go through the traditional selling process.

Instead of listing your home with a real estate agent and waiting for a buyer to come along, iBuyers will make you a cash offer for your home. Typically within 24 to 48 hours.

Here are some of the benefits of using iBuyer.com:

• iBuyer.com offers a fast and convenient way to sell your home
• With just a few clicks, you can get an offer for your home and close the sale within a few weeks
• Buyers buy homes as-is, sight unseen, so you don’t have to worry about making any repairs or staging your home to attract buyers
• iBuyer.com doesn’t charge any commissions or fees to sellers, which means you get to keep more of the sale price

These are some of the downsides of using iBuyer.com:

• iBuyer.com offers can be less for your home than you would get if you sold it on the open market
• iBuyer.com is currently only available in select markets, so you may not be able to use the service if you live in a less populated area
• You may not get the same level of personal attention and guidance that you would with a traditional real estate transaction

Most reviews for iBuyer.com are positive. Customers highlight the service’s straightforward process, easy transactions, fast process, and clear communication. Many customers appreciate the lack of realtor involvement and report receiving multiple offers in a short time.

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Overall, iBuyer.com seems to be a popular option for those looking to sell their homes quickly. Minus the hassle of traditional real estate transactions.

2. Orchard

Best for convenient selling

Orchard is a real estate website that aims to simplify the home selling process for homeowners looking to sell their houses quickly. The service allows you to buy a new home before you sell your old one. Orchard also offers a range of services designed to make the selling experience as convenient as possible.

Here are some of the benefits of using Orchard to sell your house:

Orchard offers a simple and straightforward selling process

• It provides homeowners with competitive offers that are fair and reflective of the current market value of their house
• Orchard purchases houses as-is, so homeowners don’t have to worry about making any repairs or renovations before selling
• Orchard provides professional support throughout the entire selling process

Despite these benefits, there are some downsides to using Orchard to sell your house:

• Orchard is currently only available in a few select cities so not all homeowners will be able to use their services
• Homeowners may have less control over the selling process compared to traditional methods
• Orchard may be convenient but its fees, closing costs, and mortgage repayment could end making it a pricier option

Overall, Orchard has received mostly positive customer reviews on websites like Trustpilot and Better Business Bureau (BBB). Clients found the buying and selling process to be straightforward and comfortable with excellent customer service. However, some customers were dissatisfied with Orchard’s unethical behavior and lack of expertise. Some home buyers also felt the process was irresponsible on their part.

Orchard has been accredited by the BBB since August 2018 and has received 10 complaints in the past 3 years. Out of 18 customer reviews on Better Business Bureau, Orchard has a rating of 3/5 stars.

3. HomeFinder

Best for finding local buyers

HomeFinder is a real estate website that specializes in connecting homeowners with local buyers. The website offers a range of services designed to help homeowners sell their houses quickly and easily to buyers in their area.

Here are some of the benefits of using HomeFinder to sell a house:

• HomeFinder’s local focus can be helpful for sellers who want to find buyers in their area and easily
• Despite this, HomeFinder still a wide reach and can connect sellers with potential buyers across the country
• HomeFinder offers a range of listing options that can be customized to fit the seller’s needs
• You can search through off market properties and foreclosures

Despite these benefits, there are some downsides to using HomeFinder to sell a house:

• Compared to other real estate websites, HomeFinder may have limited features and tools for sellers
• Some of HomeFinder’s services are only available to sellers who pay a fee
• HomeFinder.com hasn’t received many customer reviews online but those we found were mostly negative. Complaints are primarily about customer service, hidden fees, and lack of information.

According to Consumer Affairs and Trustpilot, HomeFinder.com has a rating of 3.1 and 2.8 stars out of 5, respectively. Of the 17 reviews, only 3 found the services satisfactory. Additionally, RevDex shows that eight highly unsatisfied customers have given HomeFinder a rating of only 1 star out of 5.

Overall, it is recommended that anyone considering doing business with HomeFinder takes all necessary precautions.

4. RealtyTrac

Best for foreclosure listings

RealtyTrac is a real estate website that specializes in foreclosure listings. This makes it an ideal choice for home buyers who are interested in purchasing foreclosed properties.

Here are some of the benefits of using RealtyTrac when selling or buying a home:

• RealtyTrac has a large inventory of foreclosed properties, giving buyers a wide range of options to choose from
• The website provides detailed information about each property
• RealtyTrac offers customized alerts that notify buyers when new foreclosed properties become available in their area
• It provides professional support to buyers throughout the entire purchasing process

However, there are some downsides to using RealtyTrac:

• RealtyTrac focuses exclusively on foreclosed properties, which may not be ideal for buyers who are interested in other types of properties
• Because RealtyTrac has such a large inventory, buyers may face stiff competition from other interested parties

The online reviews for RealtyTrac are mostly negative. Most of the negative reviews are from customers who were charged after the trial period ended. This is despite the website clearly stating that this would happen if they did not cancel before the trial ended.

One long-term customer of over five years complained that the website had gone downhill and was not what they signed up for. Despite this, some members still praise the service for being easy to navigate.

5. Zillow.com

Best for comprehensive listings

Zillow.com is one of the largest real estate websites in the US, with over 200 million unique visitors per month. Here are some benefits and downsides of using Zillow.com for selling your house:

These are some of the main benefits of using Zillow:

• Zillow.com offers a wide range of listings, including houses for sale, apartments for rent, and even real estate investments
• The website is completely free to use for both buyers and sellers
• Zillow.com is easy to use and navigate, even for people who are not familiar with real estate services
• The website offers detailed information about each property, including photos, location, price, and features

Here are some downsides of Zillow to consider:

• Zillow.com offers a feature called “Zestimate” that estimates the value of a property based on a variety of factors
• These estimates are not always accurate and can vary significantly from the actual market value of the property
• Zillow.com offers limited control for sellers over their listings
• Sellers may not be able to add or remove certain features from their listings or make changes to their pricing strategy
• Due to the popularity of Zillow.com, there is a lot of competition among sellers to get their listings noticed

Zillow has low ratings on Trustpilot and ConsumerAffairs.com. Many customers complaining about outdated listings on the website. Additionally, Zillow has received a D+ rating from the BBB, with 679 complaints filed against the company in the last 3 years.

Some customers have also reported poor customer service, with slow response times and unresponsive email communications. However, positive reviews often mention specific realtors associated with Zillow, rather than the website itself.

6. Sundae

Best for competitive cash offers

If you’re looking to sell your home quickly and get a competitive cash offer, Sundae is a great option to consider. Sundae is a real estate platform that focuses on buying homes in need of repair or renovation. This means they can offer cash offers that are often higher than traditional buyers.

Some of the benefits of Sundae include:

• Sundae offers a simple and fast process for selling your home
• They provide competitive cash offers that can be higher than traditional buyers
• Sundae can close a sale in as little as 10 days, which is much faster than traditional home sales
• They handle all aspects of the home sale process, including cleaning and repairs

Here are some of the downsides of using Sundae:

• Sundae focuses on buying homes in need of repair, which means they may not offer as much for homes in good condition
• It only operates in select markets, so not all homeowners may have access to their services

Sundae has received mostly positive reviews from customers. On Reviews.io, it has a 4.9 out of 5-star rating with 470 reviews, and on the BBB website, it has a 3.96 out of 5-star rating with 94 reviews. Sundae has an A+ rating and has been accredited by the BBB since 2019.

The positive reviews generally praise Sundae for making the selling process easy and quick. They appreciate that most of the process is conducted online. However, negative reviews tend to focus on sellers being dissatisfied with the low offers they receive for their properties.

7. Beycome

Best for FSBO

Beycome is an online real estate platform that connects buyers and sellers directly, cutting out the middleman. It’s an excellent option for homeowners who want to sell their house without the help of an agent.

The benefits of using Beycome for selling a house include:

• One of the biggest expenses of selling a home is paying real estate agent fees but with Beycome, you can avoid these fees and keep more money in your pocket
• When you sell your house using Beycome, you are in complete control of the process
• This includes your price, your listing, and negotiating directly with potential buyers
• Beycome provides a listing on the MLS (Multiple Listing Service), which is the database used by real estate agents so your home will be visible to a wide audience of potential buyers
• While you won’t have an agent representing you, Beycome provides professional support to help you throughout the selling process

Here are some of the downsides of using Beycome:

• While the MLS listing does provide exposure, it may not be enough to reach all potential buyers
• Without an agent, you may miss out on some buyers who are only working with agents
• Selling a house without an agent means you will have to do all the work yourself, including taking care of paperwork and negotiations
• Beycome is primarily focused on connecting buyers and sellers, and they don’t offer some of the additional services that a real estate agent might provide
• This means staging, professional photography, or marketing materials are all up to you

The majority of the online reviews for Beycome are positive, with many users noting that the website is easy to use. However, some negative reviews mention bad communication and lackluster customer service from Beycome. Some users also wished for more support in the selling process.

8. Lower.com

Best for low mortgage fees

Lower.com is a newer player in the online real estate industry that offers a streamlined, digital mortgage process with low fees. Here are some benefits and downsides of using their service:

Here are some of the benefits of using Lower.com when selling or buying a home:

• Lower.com offers some of the lowest fees in the industry, which can save you money in the long run
• The entire mortgage process can be completed online, making it more convenient and accessible for buyers
• Lower.com promises a quick turnaround time on mortgage applications, so you can close on your home faster
• It offers a personalized experience by matching you with a loan officer who can guide you through the process and answer any questions you may have

These are some downsides to consider:

• Lower.com only offers conventional, FHA, and VA loans, so if you’re looking for other loan types, you may need to look elsewhere
• Lower.com is an online-only lender, so if you prefer to meet with someone face-to-face, this may not be the best option for you
• Unlike some other online lenders, Lower.com doesn’t offer a wealth of educational resources to help you understand the mortgage process

Lower.com has an A+ rating from BBB and has been accredited since June 2022. It has received 45 complaints in the last 3 years for Lower.com but it has 4.84/5 stars from 16 customer reviews on the BBB website. On Trustpilot, Lower.com has a 4.9 out of 5 stars rating from 2,627 reviews.

Use the best real estate websites to reach more buyers

Selling your house can be a daunting task, but with the help of the best real estate websites, it doesn’t have to be. We’ve covered some of the best real estate websites and companies that can help you reach more buyers and sell your house faster. So, whether you’re looking to sell your home quickly, get a fair price, or avoid dealing with a realtor, there’s an option out there for you.

To find out more about selling your house and getting a cash offer, head to our home page and submit your home address now.

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The Las Vegas Housing Market in 2023: 5 Expert Opinions

It’s quite alarming that the median sale price for a Las Vegas home dropped from an all-time high of $432,000 in June 2022 to $375,000 in December 2022. These figures suggest that prices are falling for months.

Despite the sharp decline, the median sale price of a home in Vegas is still slightly higher than the national average. The Las Vegas real estate market is still relatively competitive as more out-of-towners move in.

So, whether you plan to move to the city or are already a resident, it’s important to understand the local housing market. With lots of commentaries on this market, sifting through the noise for the right information is quite daunting. It’s also easier for misinformation to get in your way when you want to buy or sell property in Vegas.

But if you know where to look, you’ll have reliable insights at your disposal. The best way to understand the Las Vegas housing market is to go through opinions from seasoned real estate experts.

This blog focuses on five expert opinions on what the market looks like. Read on for further enlightenment on this topic.

1. Housing market slows down after two years of increase

A recent report on the 2023 Las Vegas real estate market suggests that single-family home sales in the market dropped by 48.3% from January 2022. The report also found that the numbers dropped by 13.6 % from December 2022.

But, the median sales price of previously-owned single-family homes remained the same as in December 2022. The price was down 2.3% from January 2022 and is currently at the $425,000 mark. While buyers may see this as a great opportunity, sellers may find it difficult to get their properties sold quickly.

The data provided suggests that the housing market is likely to remain fierce in 2023. It will have a high demand and rising home values.

The Las Vegas real estate market currently favors both sellers and buyers. Since homes may sell quickly, buyers can negotiate better prices. However, a 3.7% decrease in home values, predicted by the Zillow market forecast, may give homeowners who want to sell their homes a hard time.

Redfin’s deputy chief economist, Taylor Marr, recently predicted a drop in resales. In particular, he predicted that the resales would fall by about 16% next year. His predictions also suggest that a home’s median sale price will go down by about 4%.

Brandon Roberts, a broker at Signature Real Estate Group, also expected the sales figures in the market to slow down. However, he didn’t anticipate the change to happen as sharply and fast as it did.

High-interest rates are likely to cause a decrease in home values. They could make it difficult for buyers to secure good financing and afford a property. Despite this, the desirable lifestyle, strong job market, and growing population in Vegas contribute to high housing demand, stabilizing the market.

As Americans paid higher prices for groceries and gasoline, the Federal Reserve increased the interest rates to fight inflation. Borrowing costs for home loans jumped sharply due to this sudden increase.

The sharp increase in mortgage rates resulted in widespread price cuts and huge drops in home sales. It also led to more incentives from home builders and big increases in inventory.

2. After two years of continuous growth, the rental market decreases

A report from the Nevada State Apartment Association found that the rental market in Las Vegas decreased over the past year. In particular, the report showed that the price was at $1,451 in the third quarter of 2022, which is below the national average ($1,620). The rent also decreased by 1% to $1,420 per month in the fourth quarter of 2022.

These figures are quite different from the previous years. Particularly, the previous years had a steep spike and annual rate change of more than 20% from 2020 to 2021.

Brian Carberry of rent.com believes that the low demand for rental housing is due to seasonality. According to him, apartments are usually in high demand from late spring to the summer. The demand slows down in the winter since not many people are moving.

NVSAA ‘s executive director, Robin Lee, believes that the rental landscape in Vegas hit a plateau this year. Lee predicts that the rent prices may increase slightly in the next year.

The NVSAA report also found that Las Vegas had a vacancy rate of about 8.5%, which led to low rent prices. Since the normal vacancy rate in the city is 6%, this figure is quite worrying.

Despite the high vacancy rates, more apartment units are coming up in the area. The existing inventory will expand by 5.2%, with the total number of local apartment units standing at 9,300.

Likely, rent prices in Nevada won’t go below the pre-pandemic levels, as Jon Leckie of rent.com puts it. Nevada remains among the few states that see the most significant drop in rents. But despite the decrease, renters interviewed by The Nevada Independent think that the city’s apartment costs are too high.

3. Low inventory and unemployment affect mortgage rates and house market

As builders slashed prices and buyers pulled back, the home construction market in Las Vegas was at a halt in November 2022. Newly signed purchase contracts (minus cancellations) brought in 313 net sales to builders. This figure represents a 59% decrease from the same month a year earlier, according to a Home Builders Research report.

The sales cancellation rate for builders went up to 40% for the fourth consecutive month in November 2022. It was a sharp increase compared to the sales cancellation rate of 12% in November 2021.

Home Builders Research’s president, Andrew Smith, noted that more sales are shifting rapidly as base home prices change. In particular, he pointed out that the sales are progressing to the $ 400,000 range from the $500,000-plus range.

According to Smith, prices are a huge concern in the current housing market as they were at the peak of the pandemic. But the conversation on these prices changed from how they are quickly falling.

Amid the slow sales, builders are offering high commissions to agents and incentives to buyers. The market continues to struggle due to challenging affordability conditions and supply chain disruptions. Elevated construction costs are also to blame for the bad state of the market.

One question on most people’s minds is whether the rising interest rates will cool the Las Vegas real estate market. Well, for the first time since 2008, the rates for 30-year fixed mortgages are above the 6% mark. The rates may increase this year, unlike what we saw in 2022, when the rates went as low as 6% and as high as 7%.

The higher mortgage rates may suggest a slowdown in the Vegas housing market. They reflect the Federal Reserve’s attempt at fighting inflation.

Low unemployment rates are also the cause of the drop in home prices. And even when people are working, they can’t seem to afford to pay off their mortgage or build equity to sell the property.

More people still want to live near the magnificent city with plenty of economic opportunities. But with the high mortgage rates, they have very limited options. Most potential buyers can’t participate in the market, and sellers have to seize any chance to make a sale.

4. Home prices lose ground comparing with previous years

The number of single-family houses sold in Las Vegas in December 2022 was 1,534. This figure reflects a 9% increase from November 2022 and a 57.7% decrease from 2021.

The median sales price of recently owned single-family homes dropped to $425,000 from $430,900. This was a 1.4% decrease from November 2022. The number was the same as the previous year.

Townhomes and condos had a median sales price of $260,000 in November and $246,950 in December. These figures represent a 5% decrease in a span of one month. The median sales price was also up 2% from the previous year.

In the luxury market, there were 60 home sales at an average price of $1 million and above in December. In contrast, there were 63 home sales in November 2022. Luxury homes also had a median sales price of $1,512,500 in December and $1,350,000 in November.

The number of listings in December was 1,677, which is down 20% from November. It was also down 23.6% from the previous year.

About 6,211 single-family homes listed for sale didn’t get any kind of offer by the end of December 2022. The number is up 175.9% from the same time in the previous year. Likewise, there were about 1,390 townhomes and condos listed without any offers in December, which is a 259.2% increase from the past year.

Home prices in Las Vegas continue to lose ground compared to the previous years as we enter the slowest time of the year for the housing market. Many sellers would wish for that time when homes sold for record-high prices.

Las Vegas Realtors’ president, Lee Barrett, noted that the falling prices and increased home inventory are creating a balanced market. Barret thinks that it will make things easier for buyers, despite the supply problem that it presents.

5. Inflation rates affecting the cost of living

The country is seeing an increase in the job sector, with many companies creating jobs. To be precise, employers created 223,000 jobs in December. This is proof that the economy will remain healthy despite the efforts by the Federal Reserve to raise interest rates.

With the newly created jobs, the unemployment rate dropped to 3.5% from 3.6%. The rate matched a 53-year low, as the Labor Department reports.

Even more, the average hourly pay growth slowed down in December for the first time in 16 months. The slowdown might force employers to increase prices to cope with the high labor costs.

Employees in the city earned 4.6% more in hourly wages on average in December 2022 compared to 12 months earlier. They also made 4.8% more in November and 5.6% more in March.

If the trends in the job market continue, there’s hope for a sustainable labor force, as Nick Bunker of Hiring Lab notes. Bunker, who heads the firm’s economic research department, also believes that we can’t know what to expect next year. But, he believes that there are signs of a soft landing instead of a recession in the market.

The job landscape of 2023 is quite cloudier. Many economists predict a recession in the second half of the year due to the high-interest rates. Officials from the central bank are also projecting that the rate hikes will result in an unemployment rate of 4.6% by the end of the year.

Federal Reserve Chair, Jerome Powell, emphasizes that the strong job growth may force employers to increase wages. Higher wages will attract more workers and help counter inflation.

Powell and other Federal Reserve officials believe that unemployment can help fight inflation on one condition: It will need to rise from the existing low level.

Looking to sell your house?

From a seller’s perspective, the Las Vegas housing market trends took a drastic turn in the past few months. It saw falling home prices and low home sales. Even more, properties stay on the market far longer than expected.

It’s advisable to list your property before the sales and prices drop any further. But, if you want to buy a house, wait until the interest rates drop, though there’s no guarantee in that.

If you don’t have the patience to wait, you may buy a property in the current Las Vegas housing market. The high mortgage rates mean that few buyers are competing for properties. So, you are likely to get a good deal buying a property now.

Get instant offers on your home on iBuyer.com. From our platform, you’ll find out what a trusted buyer is willing to pay for your property in minutes.

iBuyers gives you a quick cash offer, allowing you to sell your home fast and hassle-free. Get a no-obligation offer today to get yourself started with iBuyer.

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14 Questions To Ask Your Realtor When Selling Your Home

Are you overwhelmed with the process of selling your home? It’s important to have all the information you need to make the process smooth and successful. Knowing what questions to ask a realtor when selling your home is key.

In this article, we’ll go over 14 questions to ask a realtor when selling your home. From understanding the market and pricing strategy to marketing and closing details. These questions will help you understand the process and feel confident in your decision to sell.

Why hire a real estate agent?

Hiring a real estate agent to help you sell your home is a wise choice. A real estate agent has the expertise and experience to guide you through the process.

Agents have done this before and can guide you through anything that may come up while going through the motions. They have knowledge of the local real estate market, which can help you make informed decisions about pricing and timing.

Agents can handle negotiations, paperwork, and other details of the transaction, which can save you time and reduce stress. They can also advise you on legal and financial matters related to the transaction.

Agents have a network of service providers such as home inspectors, stagers, and contractors that can help you make your home ready to sell or move-in ready. In most cases, the commission charged by the agent is paid by the seller, so there is no additional cost to the buyer.

What questions to ask a realtor when selling your home?

When selling your home, it’s important to ask the right questions to your realtor to ensure a successful transaction. Three important questions to ask a realtor before selling your home include:

• What is their strategy for pricing and marketing your home
• How they will communicate with you throughout the process
• Do they have references or testimonials from past clients

These questions will give you insight into how your realtor plans to position your home in the market. You will learn how they will keep you informed and how other clients have felt about working with them. Asking these questions will help you make an informed decision about who to trust with the sale of your home.

If you’re still wondering what questions to ask a realtor when selling your home, here are some additional questions to ask your realtor when selling.

1. How long did you work as a real estate agent?

One of the questions to ask a realtor when selling your home is how long they have been working in the industry. This is a good way to gauge their level of experience and expertise. A realtor with several years of experience will:

• Have a better understanding of the local market
• Be more familiar with the buying and selling process
• Have a larger network of contacts in the industry
• Have a better understanding of how to price your home correctly
• How to market it
• How to negotiate with potential buyers

However, a newer realtor with less experience might have more motivation to work hard and go the extra mile for you.

2. Are you specialized in selling properties in my area?

A realtor who specializes in selling properties in your specific area will have a better understanding of the local market conditions. They can provide you with valuable insights about your neighborhood. Real estate agents who specialize in a specific area have a better understanding of things like home values, comparable sales, and local amenities.

They also tend to have a network of contacts in the area, including other real estate agents, home inspectors, and mortgage professionals. This could be beneficial in order to have a smooth transaction and a better idea of what to expect in the process.

3. How many clients do you represent right now?

It is important to know how many clients your realtor is representing. It can give you an idea of their availability and how much time and attention they can dedicate to your needs. If a realtor has too many clients, they may be unable to give you the personalized service and attention you need during the selling process.

Knowing the number of clients they are representing will give you a better understanding of their workload. You’ll know how it may impact the level of service you will be receiving.

4. What are your fees?

Knowing your realtor’s fees will give you a clear understanding of what costs you’ll be responsible for when selling your home. A realtor’s fee includes commission. This is a percentage of the sale price of the home.

They may also include additional charges for services such as advertising or staging. It’s important to ask your realtor to provide you with a detailed breakdown of their fees. This way, you can budget and have a clear understanding of what to expect.

It’s also important to ask if there are any other fees not included in the commission. These may include administrative fees etc.

5. How many houses did you sell in the last period?

A realtor who has sold a high number of houses in a specific period often has experience. They are successful in their field. They will have a good understanding of the local market conditions and trends.

This information can give you a better idea of what to expect during the selling process and the chances of a successful sale. However, it’s also important to consider other factors, such as:

• The realtor’s experience and expertise
• The local market conditions, when evaluating their ability to sell your home

6. How will you help me prepare my house for selling?

Preparing your house for selling is an important step in the process. It’s essential to ask your realtor how they plan to help you get your home ready for the market. A good realtor will have experience and knowledge in preparing homes for sale.

They will be able to provide you with tips and guidance on how to stage and present your home in the best possible light. They may suggest making repairs, decluttering, or neutralizing the decor, for example.

They should be able to provide you with resources such as professional cleaners, painters, and home stagers if needed.

7. How did you arrive at the sale price?

A good realtor will conduct a comparative market analysis (CMA) to determine the sale price of your home. A CMA compares your home to similar homes in your area that have recently sold and are currently for sale.

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It takes into account factors such as location, size, condition, and amenities. This will help determine a fair and accurate price for your home. Your realtor should also consider the current market conditions and trends. He should include the overall condition of your home when determining the sale price.

8. What is your sales/marketing plan?

A sales and marketing plan is important as it will give you a better understanding of how they plan to promote and sell your home. A good realtor will have a comprehensive plan in place that includes a variety of strategies for reaching potential buyers. They should be able to provide you with a detailed plan that includes things like:

• Listing your home on the Multiple Listing Service (MLS) and other real estate websites
• Hosting open houses
• Creating professional-grade property photographs, videos, and virtual tours
• Utilizing social media, email, and direct mail marketing
• Networking with other real estate agents to promote your home
• Utilizing open houses and other targeted marketing strategies

9. How long will my house be listed?

The length of time a home is listed on the market can depend on a variety of factors. They include the local real estate market, the condition of the home, and the asking price.

A good realtor will be able to provide you with an estimate of how long they expect your home to be on the market based on their experience and knowledge of the local market. It’s important to ask your realtor to provide you with a realistic timeline for the selling process so that you can plan. It’s important to discuss how often they will communicate with you about the progress of the sale. There must be a clear plan on how to adjust the strategy if the home is not selling as expected.

10. How will you sort the buyers?

There must be a system in place to pre-qualify buyers. This helps to make sure that they are serious and financially capable of buying your home. They should be able to explain the process they will use to evaluate offers, such as:

• Looking at the buyers’ financial qualifications
• The terms of the offer
• The contingencies included in the offer
• The motivation of the buyers
• The timeline for closing

11. What are my closing costs for the sale?

Closing costs are the fees and expenses associated with the sale of a home. They include things like title insurance, escrow fees, recording fees, and transfer taxes. It’s important to ask your realtor for a detailed breakdown of the closing costs you can expect to pay.

Some of these costs are negotiable. In some states, it is customary for the seller to pay a certain percentage of the closing costs. In other states, closing costs are split between the buyer and the seller. It’s important to ask your realtor to explain the closing costs in your area and to provide you with a clear understanding of what expenses you can expect to incur when selling your home.

12. How can I contact you?

A good realtor will provide you with multiple ways to reach them. These include their email, phone number, and a schedule of when they are available. Having your realtor contact allows you to get in touch with them when needed.

It’s good to inquire about the preferred method of communication and how often they will check their messages or email. This will ensure that you can reach them quickly and that you will be able to keep up with the progress of the sale.

13. Can you provide me with some references?

References are important as they will give you an idea of the level of service and results they have provided to their previous clients. A good realtor will be able to provide you with a list of references. These should include contact information, so you can speak with past clients about their experience working with the realtor.

It’s important to ask for references from clients who have recently sold their homes with your realtor and to reach out to them to ask about their experience. Ask how their realtor helped them to prepare their home for sale, how they marketed and advertised the property, how they handled the negotiation and closing process, and how satisfied they were with the final outcome.

This gives you a better understanding of the level of service and the results you can expect when working with them.

14. Why should I hire you?

Your realtor should be able to provide you with specific examples of their qualifications. These demonstrate their experience in the local market. They should also provide you with their:

• Level of education and certifications
• Their track record of successful sales

They should also be able to explain how they plan to market and sell your home, and the steps they will take to help you prepare your home for sale. They should also be able to explain the services they will provide, such as:

• Home staging
• Professional photography
• Virtual tours
• Advertising

A good realtor should be able to demonstrate their knowledge of the real estate market, their ability to understand your needs, and their ability to communicate effectively with you. They should also be able to answer any other questions you may have and explain how they will help you achieve your goals in the sale of your property.

Get a quick cash offer from iBuyer.com

Knowing what questions to ask a realtor when selling your home is key. Whether you’re looking to sell your home for cash or get the best market value, there are many options available. One of those options is iBuyer.com, a company that offers quick cash offers for homes.

iBuyers use technology and algorithms to assess the value of a home and make an offer, often within a matter of days. This can be a great option for those looking to sell their home. If you’re interested in getting a cash offer for your home, visit iBuyer.com today and take the first step in the process.

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Charlotte Housing Market in 2023 – Here’s What 5 Reports Say

Learning all you can about real estate can help you out no matter which side of the equation you’re on. You need to study the trends that dictate how people buy, sell, and rent homes, so that you can make informed decisions.

Homeownership is creeping toward 70% today, which means that plenty of properties are changing hands in every state.

The Charlotte NC housing market offers an interesting case study, because it’s one of the fastest growing cities, is in close proximity to hotspots up and down the east coast, and is one of the most educated areas of the country due to the number of colleges and universities nearby.

People are moving to Charlotte in droves due to career prospects. It’s routinely voted one of the best places to raise a family, and has plenty to offer in the way of nature, recreation, and networking.

However, the state of the housing market is an important detail that anyone living in the city of Charlotte, or considering a move must consider. Most people want to eventually count themselves among the 66% of homeowners in the United States.

Understanding the current state of Charlotte real estate and housing will help you figure out if this is the place to make that happen. This way, you can make a sound investment, whether you are deciding to buy your first home, do a property flip, or rent out a property.

Here’s what five different reports say about the Charlotte housing market in 2023.

1. The Forecast for 2023 Shows a Balanced Market

The population in the Queen City is just shy of a million people. This means that conceivably, the Charlotte NC real estate market should have a good mix of buyers and renters.

This holds up, as experts report that Charlotte isn’t a buyer’s market or a renter’s market – it’s balanced. The demand for housing is high, and people are moving to the city in droves due to a scorching job market.

According to a study by Laura Barrero and McKenzie Rankin of Axios Charlotte, home sales are down a bit, and many buyers are finding that they have their pick of options. Renters also have plenty of choices, because real estate developers are going out of their way to accommodate the high demand with new rental opportunities popping up all over.

They are building rental developments that cater to professionals in all industries. Many of these developments are mixed use, and feature upscale living combined with retail and office space.

People love having all of their amenities in one place, and Charlotte developers are creating opportunities that let people kick their feet up and enjoy where they live whenever they are away from work.

A balanced market for 2023 means that there are opportunities available across the board no matter which side of the fence that you’re on

This is good to know if you’re thinking of selling your house but aren’t sure what the market holds. Knowing that you will have interested buyers lets you feel confident that your portfolio will keep appreciating in value, whether you own one home or have an expansive list of properties that you rent out to tenants.

2. Charlotte Needs More Houses – Stock Is Running Out

For years, Charlotte was one of America’s best-kept secrets. It’s always been a lovely area, and little by little, businesses and industries began setting up shop, sports franchises kept moving in, and it became clear that this city is a growing powerhouse of opportunity.

Today, many people consider it a smaller Atlanta. The secret is out, and many people jumped into the market looking for opportunities, to the point that a lot of the housing in Charlotte has been bought up.

Not only is housing inventory low in the city of Charlotte, but it’s one of the lowest in the United States. This is a byproduct of the hot housing market, and is a trend that experts don’t expect to slow down anytime soon.

This high demand, mixed with low inventory, leads to prices going up even in places that weren’t formerly the most sought-after. It’s not currently the type of city that you should expect to think of what you want and then quickly and easily go out and find it.

Instead, people in Charlotte should always be prepared to put together a game plan for attacking the market and should have their ducks in a row. If you enter the market unprepared, not having the funds, or not doing your research, you should pretty much expect your dream property to get scooped up before you can get to it.

Even real estate experts who lived and worked through the Great Recession say that they haven’t seen anything quite like the low inventory that Charlotte is dealing with at the moment.

The fallout from 2008 is a big reason for this, as prices have spiked in Charlotte at faster rates than other cities in the same amount of time. Katie Peralta Soloff of Axios Charlotte reports that since more people are moving to Charlotte, this demand only keeps increasing, often at rates that are too hard to keep up with.

Knowing this, make sure that you do your due diligence and get the help of some professionals if you are hoping to find a quality deal in Charlotte. This means having an understanding of Charlotte home prices, neighborhoods, and other issues that might affect the state of housing inventory as you test the market.

It’ll help you make sure that you are prepared to make a deal, whether you’re buying or selling. Double that with the help of real estate agents or other professionals, and you’ll be poised to land the home that you want.

3. Slightly Increase in Rent Value Over the Upcoming Months

Make sure that you also have an understanding of rent value in the city of Charlotte.

It’s always important to understand the current market rent price anytime you decide to make a real estate decision. Currently, the rent prices in Charlotte are a reflection of what’s happening in the entire state of North Carolina.

Carolina renters are experiencing an uptick in what they pay each month, whether they have a 1-bedroom or multiple. In North Carolina, the median cost of rent as of January 2023 is $1,850. When you pair that with a burgeoning and quickly growing city like Charlotte, it’s easy to see why you should expect to pay a healthy amount of money for rent.

Rent is not only quite pricey, but it’s also on the rise. Marco Santarelli of Norada Real Estate Investments reports that the cost of rent is $50 more in January of 2023 than it was the year prior. More job opportunities mean more renters are moving in, so there’s no market incentive to lower the amount that tenants have to pay.

This differs from cities like Seattle. Ryan Fink recently explained how studies showed that rent was falling in the city.

People are often torn between whether it is better to buy or rent, but this option is sometimes taken off the table for people who aren’t able to find a home to purchase, or who don’t have enough time to find a home to purchase before accepting a new job.

Knowing this, many people are approaching and attacking the Charlotte rental market with the same zeal that they approach a new home purchase. You’ll need to have your ducks in a row, get your credit in order, and make sure that you have references in place so that you can land a new property rental without an issue.

This also means that many property owners are taking the time to convert real estate into rentals that tenants can take advantage of. Doing this requires you to take an honest assessment of your home to understand its market value.

A home estimator tool will let you know what kind of equity you’re working with, which can dictate how much you’re able to charge in rent.

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4. New Idea and Solutions for Housing Problems

While the Charlotte housing market isn’t without its problems just like any other market, the city also has some of the best and most creative solutions bubbling. There are a variety of new ideas being proposed and kicked around to help counteract many of these issues.

For one, developers are going out of their way to build some sprawling, quality rental properties in some of the most desirable areas. For example, Katie Peralta Soloff reports that the Queens Bridge Collective is a nearly $800 million real estate development that will feature 45 stories and 400 different residential units. It will also include 12,000 square feet of restaurant properties and other amenities that people can take advantage of.

This property will become part of the city’s beautiful skyline and is one of many new investments that developers are putting money into. Other examples include the Levine Museum Apartment Tower, The Pearl, and Carson and Tryon.

Expect these properties consist of a nice mix of high-end residential real estate, commercial, and restaurants featuring immaculate views and close proximity to the city’s most popular hotspots.

This shows a commitment to providing housing and fresh commerce for this growing city, and to accommodate the desires and needs of the diverse demographic of people currently living in the city and moving in.

5. Home Prices Still Rising in 2023

Perhaps the biggest takeaway to consider for the Charlotte real estate market is that home prices are still on the rise for 2023. Laura Barrero and McKenzie Rankin of Axios Charlotte report that the demand is just too high and inventory too low to consider otherwise.

As mortgage rates continue to spike in North Carolina and all over the country, it might be a bit more difficult for new buyers in Charlotte to enter the market without some backing and serious firepower.

By knowing the ins and outs of the market and what you are looking for, it gives you some insight into the asking price and other factors you should consider. You will also need to put together a decent down payment so that you can lock in terms that are favorable to you.

This is also a positive sign that you can expect your property values to keep going up throughout the years once you do land a home purchase.

The Charlotte Housing Market

These five reports explain what you should know about the Charlotte housing market in 2023. Making the decision to purchase or rent out a home is one that you should never take lightly. Having accurate information at your fingertips will help you take the right steps and find a deal when buying or selling a home.

The main takeaways that you need to know are that Charlotte is home to a balanced housing market, the stock of housing is running low, the rent value is slightly increasing, new housing solutions are popping up, and yes, home prices are still on the rise.

Knowing is half the battle, and once you are aware of what the housing market holds, you are poised to make the best decision for yourself, your family, and your real estate portfolio.

The next thing you need is the help of a company that can bridge that gap for you so that you can make whichever real estate transaction makes the most sense.

With iBuyer.com, you can go through the quick and pain-free process of posting and selling your home. The company will help you find the right offer, and will front you the cash so that the process goes through smoothly. This gives you more time to find your new home and make the arrangements that you need to.

You can even get a cash offer in as little as 24 hours. Ready to learn more?

For more information on iBuyer solutions, contact us online by submitting your address or call us at (866)655-1802 to speak to a specialist.

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The Detroit Housing Market in 2023: Here’s What 5 Reports Say

Last year, over 11,000 residential properties were sold across Detroit at a median price of $260,000. However, the Detroit real estate market is constantly changing.

Understanding the current market will ensure that you get a good deal when selling your property. It can also help you choose the right time to put your home on the market and when to explore alternative options.

So what will the Detroit housing market look like in 2023 and how will this affect homeowners? Read on to find out everything you need to know about Detroit housing prices and real estate market trends for the year ahead.

1. Prepandemic Detroit Housing Market Developments Resume in 2023

Before the COVID-19 pandemic began back in 2020, Detroit was preparing for a number of huge construction projects.

As the world returns to business as usual, these projects are back on the agenda. And this is great news for Detroit’s infrastructure and redevelopment.

Let’s take a closer look at some of the commercial and residential projects that are due to be completed in Detroit this year.

Major Real Estate Developments Opening in Detroit This Year

A number of huge real estate projects have been under construction for the last five years around the city. According to JC Reindl of the Detroit Free Press, these seek to transform existing landmarks in the city into hubs of business and community.

They offer a combination of retail spaces, event spaces, office facilities, hotels, and residential units. Some developments set to open this year in Detroit include:

• The Book Tower and Book Building development
• The Lee Plaza
• The Enclave
• Michigan Central Station

So be sure to check out these new attractions and everything they have to offer!

Godfrey Hotel

A number of amazing hotels are due to open around Detroit over the next year. These don’t just benefit tourists either!

They also create jobs within the community and offer amazing restaurants and event spaces.

Godfrey Hotel on Michigan avenue plans to do just that! This 227-room hotel in Corkwtown is due to open its doors at the end of spring.

Housing Developments in Detroit

Of course, real estate investors aren’t just interested in commercial spaces around Detroit. A number of huge residential projects are set to welcome their first residents this year.

These include:

• 229 residential apartments in the Book Tower and Book Building development
• 318 new homes near Lafayette Park (part of the Lafayette West housing development)
• 124 new homes in the Brush Park neighborhood (part of the Brush Watson development)
• 165 new homes in The Exchange in Greektown, an eye-catching, top-down housing development

So these new homes may have an impact on house prices in your local area.

Community Spaces

Community spaces are incredibly important in Detroit. This is probably why a lot of new developments try to incorporate community spaces into their design.

For example, the Book Tower, Lee Plaza, and Michigan Central Station will offer a host of restaurants, office spaces, and event spaces.

However, these aren’t the only community-focused spaces opening in Detroit this year. The Detroit Food Commons will also be opening its doors. This is a new, full-service grocery store on Euclid Street supported by the Detroit People’s Food Co-op.

This year we can also expect to see a decision about Detroit’s 60 empty school properties and how these will be used to serve the community.

What Does This Mean For Homeowners?

Investment in Detroit’s real estate infrastructure is great news for homeowners in the area. These projects improve the attractions around your neighborhood and create jobs for people moving to the area.

This can have a huge impact on home prices in your ZIP code. If a new project is due to open in your area then you may want to hold off selling for a month or so. Once it is up and running the value of your home could soar.

It is also worth looking at which areas real estate investors are interested in developing. Real estate developers are always looking for valuable land around Detroit.

If your home is in a valuable location it could be worth a lot to them, even if the building itself needs work. In that case, selling to an investor or iBuyer is a great way to get a fair price for your home.

2. Changes to Detroit Housing Prices Will Vary by ZIP Codes

As ever, home prices vary depending on where you live in Michigan.

In fact, around Detroit itself, some ZIP codes can expect to see price increases of more than 3.5%. However, neighboring ZIP codes have seen a drop in home value by 3.5% or more.

This is because changes in your neighborhood can have a huge impact on the value of your home. These developments might include:

• Job opportunities (or lack of opportunities) within your neighborhood
• Local crime rates
• Transport links
• Real estate developments in your area
• Local school rankings

For example, investment in real estate development can increase the value of your home. In comparison, a rise in crime or lack of employment opportunities can lower the value of your home.

ZIP Codes Expected to See an Increase in House Prices in Detroit

According to Joe Guillen and Annalise Frank at Axios Detriot, ZIP codes in south Detroit can expect to see the greatest value increase in 2023. These include:

• 48226 (an increase of 5.2%)
• 48216 (an increase of 8.1%)
• 48209 (an increase of 12.3%)
• 48210 (an increase of 9%)
• 48218 (an increase of 3.8%)
• 48229 (an increase of 4.4%)

A few areas in northeast Detroit can also expect to see increases in their property value. However, these won’t be quite as impressive as areas in the south of the city.

Properties in 48204, 48203, 48202, 48234, and 48224 will see rises of between 0.5 and 2.9%.

ZIP Codes Expected to See a Decrease in House Prices in Detroit

In some areas, the value of property is set to drop this year, especially in the east of the city. Homes in the Jefferson Chalmers neighborhood have dropped around 4% in value already.

Properties with 48207, 48213, 48214, and 48212 ZIP codes can expect to see a drop in value between 0.9 and 3.5%.

What Does This Mean For Homeowners?

Understanding the current market is vital if you are planning to sell your home. This can tell you the right time to sell your property or buy a new one.

For example, if your home has recently dropped in value it might be worth delaying selling it. In comparison, buying a property during a price lull could give you a great return on your investment well you come to sell it.

If you are looking to sell your home but its value has dropped, you may want to consider renting it out for the time being. This gives you additional income to tide you over until property prices start rising again.

Alternatively, you could look for an iBuyer. These buyers offer instant quotes and buy properties for development. So they are likely to give you a fair price.

3. The Detroit Real Estate Market is Still Running on a Lower Inventory

According to Whitney Burney at WXYZ Detroit, there are currently fewer houses on the Detroit real estate market.

Several months ago experts expected to see around a six-month supply of homes for sale. Now that figure has dropped to a one-month supply.

This could be a contributing factor to the increase in Detroit housing prices. With fewer properties on the market, buyers have to be more competitive with their offers.

However, it isn’t all good news for homeowners in Detroit. Rising interest on mortgage rates is putting a lot of potential buyers off searching for their dream homes.

This means that people may look to offer below the asking price or postpone their search altogether. As a result, the market is moving more slowly than it was about six months ago.

What Does This Mean For Homeowners?

The slower real estate market in Detroit will have a big impact on homeowners looking to sell a property.

If you are planning to put your home on the market then you can expect to wait longer for offers on it. You may also receive offers below your asking price. So some homeowners may prefer to wait it out until the offers start coming back up.

Alternatively, you could look into other options for selling your home quickly. Contacting real estate developers and iBuyers is a great way to do this.

On the plus side, the low real estate inventory also means that the value of your home could have gone up. If you have the financial stability to wait for a good offer, you could get a lot for your property.

4. Home Sales and Sale Prices Dropped in November

It’s fair to say that the US is in a state of economic uncertainty. With rising inflation, GDP contractor, and high-interest rates, many people are becoming reserved about how they spend their money. And this is set to continue throughout 2023.

So it’s hardly surprising that Detroit saw a drop in home sales figures in November last year. In fact, Candice Williams of The Detroit News reports that this figure fell by 33.8%.

This has had an impact on housing prices within the city, especially due to the mortgage interest that potential buyers face. While the inventory of homes available is still low, buyers are more reserved about making high offers.

As a result, sales prices for homes have also dropped in Detroit in the past months. Of course, this depends a little on where you live.

That said, this could change with time. For the last few years, buyers in America have enjoyed incredibly low interest rates. So the sudden rise in these rates may temporarily put the off buying.

As these rates stabilize and become the norm, buyers may start accepting them as part and parcel of owning a home.

What Does This Mean For Homeowners?

At the moment, real estate agents predict that, for the next few months, the market won’t favor buyers over sellers or vice versa. This means that making a return on your investment could be more challenging in 2023.

However, this depends a lot on the interest rates that buyers can expect to pay on your home.

This depends on how much your property costs and how much potential buyers need to borrow. If your property is within the 3% interest range, this isn’t too steep for potential buyers. In comparison, people looking at paying 5 to 6% or more are likely to offer below your property’s value.

So if you are selling a smaller property then you should still get a fair price for your home. If you’ve made a bigger investment you may want to hold off until interest rates have leveled out. Experts expect this to happen later in the year.

5. The City’s Persistent Housing Issues Aren’t Going Anywhere

It is no secret that residents of Detroit have faced a whole range of housing issues. This is partly due to poor quality accommodation and a lack of housing infrastructure.

Aaron Mondry interviewed a number of Detroit residents about their housing disasters over the last three years. Their experiences, published by Outlier Media, included:

• Rental scams
• The use of lead paint in properties
• Lack of access to water in homes
• Risk of flooding in the Canal District

The end of the COVID Emergency Rental Assistance Program in June 2022 also increased the demand for rental properties in Detroit.

What Does This Mean For Homeowners?

At the moment, you may face challenges when it comes to selling your property in Detroit. However, if you are a homeowner looking for additional income, you may be able to rent out an existing property.

In that case, it may be worth looking at what your property has to offer. Excellent rental properties need to:

• Be in a good location
• Be in great condition
• Offer useful amenities (such as laundry facilities, built-in appliances, and plenty of storage space)

Some buyers may also be looking to invest in real estate to rent out. Making sure your home accommodates renters easily will help to attract these buyers.

Key Takeaways For Homeowners in Detroit

As you can see, over the next 12 months a lot is going to happen within the Detroit housing market.

Although Detroit housing prices have dropped, the rental market is opening up. On top of this, the latest real estate developments could add value to your home in the coming months.

However, if you are looking to sell a property quickly, the Detroit real estate market might not be your best option. Low sale prices and slow movement mean that it could take a while to get a fair price for your home.

Fortunately, iBuyers are here to help. This is a quick and easy way to get a cash offer for your home that reflects its worth. So what are you waiting for?

Get a free home valuation from iBuyer today. We’re here to help.

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