J. Kent Erickson, Broker Associate
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iBuyers: What Is the “Cost of Convenience” When Selling Your Home?

Posted by on Sep 5, 2019 in Uncategorized | 0 comments

When thinking about selling their house, homeowners have many options. A relatively new option is using an “iBuyer.” What is an iBuyer? According to Jovio, the definition is: “A company or investor that uses Automated Valuation Models (AVMs) to make instant offers on homes. It allows sellers to close on a property quickly. Once sold, the company then turns around and resells the home for a profit.” Today, there are many iBuyer companies such as OfferPad, Zillow Offers, Knock, Opendoor, and Perch. Even some more traditional companies offer the same or similar services (ex. Keller Williams, Redfin, Realogy). Ivy Zelman reported in her ‘Z’ Report that some traditional brokers are partnering with some of the larger iBuyers too: “Keller Williams announced a partnership with Offerpad, aligning the largest franchise-based brokerage brand in the U.S. with the five-year-old iBuyer. The...

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Home Prices Up 5.05% Across the Country [INFOGRAPHIC]

Posted by on Jul 31, 2019 in Uncategorized | 0 comments

Some Highlights: The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report. In the report, home prices are compared both regionally and by state. Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you...

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Top 5 Reasons You Should NOT FSBO

Posted by on Jul 3, 2019 in Uncategorized | 0 comments

Rising home prices coupled with a lack of inventory in today’s market may cause some homeowners to consider selling their home on their own (known in the industry as a For Sale By Owner). However, a FSBO might not be a good idea for the vast majority of sellers. The top 5 reasons are listed below: 1. Online Strategy for Prospective Purchasers Recent studies have shown that 95% of buyers search online for a home. In comparison, only 13% use print newspaper ads. Most real estate agents have an Internet strategy to promote the sale of your home. Do you? 2. Results Come from the Internet Where did buyers find the home they actually purchased? 50% on the Internet 7% from a yard sign 28% from a Real Estate Agent 1% from newspapers The days of selling your house by putting up a sign...

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A Lack of Inventory Continues to Impact the Housing Market

Posted by on May 20, 2019 in Uncategorized | 0 comments

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up and distressed sales (foreclosures and short sales) have fallen to their lowest point in years. The market will continue to strengthen in 2019. However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory! Buyer demand naturally increases during the summer months, but supply has not kept up. Here are the thoughts of a few industry experts on the subject: Lawrence Yun, Chief Economist at National Association of Realtors “Further increases in inventory are highly desirable to keep home prices in check, the sustained steady gains in home sales can occur when home price appreciation grows at roughly the same pace as wage growth.” Jessica Lautz, Vice President of NAR “There’s a supply-demand...

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Mainstream Concerns about an Economic Slowdown Revisited

Posted by on May 14, 2019 in Real Estate Market, Uncategorized | 0 comments

Recently, we reported that many believe a recession could happen within the next two years. We explained that 70% of economists and market analysts surveyed last year believe that a recession will occur in 2019 or 2020 and that 42% of consumers currently looking to purchase a home also agree that a recession will occur this year or next. However, the U.S. economy has performed well in the first quarter of 2019 and that has caused some experts to change their thinking on an impending economic slowdown. Here are a few notable examples: Anthony Chan, Chief Economist at JPMorgan Chase “I feel really comfortable that the economy is slowing down this year, but not going into a recession… It doesn’t look, to me, like the odds of a recession in 2020 are there.” Dean Baker, Senior Economist at the Center for Economic &...

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The Cost of Renting vs. Buying This Spring [INFOGRAPHIC]

Posted by on May 12, 2019 in Uncategorized | 0 comments

Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a median-priced home (17.5%), the choice becomes obvious. Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this...

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