We have previously posted that pre-approval is a great first step in the homebuying process. But why is it so important? When you are looking for a home, the temptation to fall in love with a house that is outside your budget is very real. So, before you start shopping around, we recommend you know your price range, what you are comfortable paying monthly, and ultimately how much you can borrow for your loan. Getting a pre-approval letter from a lender is the only way to do this!

According to a recent survey from realtor.com, “…only 52% obtained a pre-approval letter before beginning their home search…”

This paperwork shows sellers you are a qualified buyer, something can really help you stand out from the crowd in the current ultra-competitive market. How competitive is today’s market? Extremely — especially among buyers! With limited inventory, there are many more buyers than sellers right now, and that is fueling the competition and causing bidding wars. Pre-approval shows homeowners you are a serious buyer. It help you stand out from the crowd if you get into a multiple-offer scenario — which is very likely. When a seller knows you are qualified to buy the home, you are in a better position to potentially win the bidding war and land the home of your dreams.

In addition, todays housing market is also changing from moment to moment. Interest rates are low, prices are going up, and lending institutions are constantly updating their standards. You are going to need guidance to navigate this process, so it is important to have a team of professionals (a loan officer and a real estate agent) making sure you take the right steps along the way and can show your qualifications as a buyer at the time you find a home to purchase.

In A Nutshell

In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. If you’re ready to buy this year, reach out a local real estate agent (who can also connect you with a trusted lender) before you start the home buying search.

Filed under: Uncategorized by Olga Gilmore

The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many though possible in the housing market. Here’s a look at four key areas that fundamentally defining the market this year.

Housing Market Recovery

The economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully, technology and innovation helped the industry power forward, and business gradually ramped back up as shelter-in-place orders were lifted. The result? Total transformation of the market from rock-bottom lows to exceptional highs. Today, the housing reovery is being called truly remarkable by many experts and is far exceeding expectations. From pending home sales to purchase applications, buyers are back in business and homes are selling — fast! According to the Housing Market Recovery Index by realtor.com, the market has surpassed pre-pandemic levels, and has regained the strength we remember from Februaryof this year:

Record-Breaking Mortgage Rates

Historically low mortgage rates are another 2020 game-changer. Today’s low rate is one of the big motivating factors bringing buyers back into the market. The average rate reach an all-time low on multiple occasions this year, and it continues to hover in record-low territory. When rates are this low, buyers have a huge opportunity to get more for their money when purchasing a home, something many are eager to find while continuing to spend more time than expected at home this year, and likely beyond.

Continued Home Price Appreciation

One of the key drivers of home price appreciation this year is historically low inventory. Inventory was low going into the pandemic, and it is still sitting well below the level needed for a normal market. Although sellers are slowly making their way back into the game, buyers are scooping up homes faster than they’re coming up for sale. This is a classic supply and demand scenario, forcing home prices to rise. Selling something when there is a higher demand for what is available naturally bumps up the price. If you’re ready to sell your house today, this may be the best time to make your move.

Increasing Affordability

Even as home prices continue to rise, affordability is working in favor of today’s homebuyers. According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power — an opportunity not to be missed, especially if your family’s needs have changed. If you now need space for a home office, gym, virtual classroom, and more, it may be time to reconsider your current house.

So What Does this Mean…?

With mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the market recovering like no other, 2020 has been quite a year for real estate — perhaps one we’ve never seen before and may never see again. Are you ready to take advantage of this year’s record breaking opportunities>?

Filed under: Uncategorized by Olga Gilmore

In response to the spread of the novel coronavirus, a significant number of people have been asked to work remotely resulting in a surge of people working from home for the first time. Many people work remotely every day and quite frankly it can definitely be a challenge. Here are a few tips to make it easier:

Create a dedicated work space and keep it organized

One of the most repeated pieces of advice in remote culture is to create a mini-office where you can focus on work, It doesn’t have to be large: kitchen counters, hallway desks, or the dining room table. But a dedicated work space helps create familiarity and discipline in your day. An once you create a spot for work, don’t let the mess of everyday life take over. Try to clear your desk of everything except a notepad and pen at the end of your work day.

Be flexible and take care of yourself

Even if you carve out a dedicated work space, give yourself permission to be flexible. You may get more work done from the comfort of a king size bed whenever you — or your children are — under the weather. But working from your bed should only happen during special circumstances; keep the goal to work outside your bedroom to prevent loss of sleep at night.

Sometimes you might just need to move around. You can move from spot to spot, walk around your house or apartment, or stand at the kitchen island for a while. Movement is something that comes up time and time again — maybe a 10 minute walk outside or a play date with a pet will do the trick.

Mind your Body

Normal offices are full of desks and chairs that often provide more structure and support than our home furniture. When we work from home, it’s important to pay attention to potential pain triggers. For example, sit in a chair with a back. Sitting on the sofa for a year may send your back into a tailspin. Other recommendations include using a laptop stand and separate keyboard and mouse to encourage better posture and even specific types of chairs that help you sit straight, i.e., balance ball chair.

Enbrace hot beverages

One of the perks of working from home is that you can indulge your favorite coffees and teas. Take the time to enjoy your morning experience and maybe think outside the box by trying different flavors or even an iced coffee.

Excerpts taken from: How to Work from Home, according to Curbed Editors. We’re experts at remote work. Here are our best tips. By Megan Barber@megcbarber  

Filed under: Uncategorized by Olga Gilmore

Americans are definitely moving and for a variety of different reasons. The current pandemic has re-shaped our lifestyles and our needs. Spending extra time where we currently live is enabling many families to re-evaluate what home ownership means and what they find most important in a home.

Here are some of the top reasons people are considering where they live and making moves this yearWORKING FROM HOME

Remote work is becoming the new norm in 2020, and its continuing on longer than most initially expected. Many in the workforce today are discovering they don’t need to live close to the office anymore, and they can get more for their money if they move a little further outside the city limits. If you’ve tried to convert your guest room or your dining room into a home office with not much success, it might be time to find a larger home. Truth is, your current house may not be designed for this kind of space, making remote work and continued productivity very challenging.

VIRTUAL SCHOOLING

With school starting, many districts are beginning the new academic year online. Education Week is tracking the reopening plans of schools across the country, and as of August 21st, 21 of the 25 largest school districts are choosing remote learning as their back-to-school instructional model.

With a need for a dedicated learning space, it may be time to find a larger home to provide your children with the same kind of quiet room to focus on their schoolwork, just like you likely need for your office work.

A HOME GYM

Staying healthy and active is a top priority for many Americans. With various levels of concern around the safety of returning to health clubs across the country, dreams of space for a home gym are growing stronger. Having room to maintain a healthy lifestyle at home – mentally and physically- may prompt you to consider a new place to live that includes space for at-home workouts.

OUTDOOR SPACE

Especially for those living in an apartment or a small townhouse, this is new priority for many as well. There are benefits to turning party of your backyard into a functional room – an outdoor space for play as well as entertaining or cooking. You may, however, not have the extra square footage today to have these designated areas – indoor or out.

MOVING MAY BE YOUR BEST OPTION

If you’re clamoring for extra space to accommodate your family’s changing needs, making a move may be your best bet, especially while you can take advantage of today’s low mortgage rates. Low rates are making homes more affordable than they have been in years. It’s great time to get more home for your money, just when you need the extra space.

Are your families’ needs changing? Have you been trying to decide if now is the time to buy a new home? If so, give us a call. We can help you find the “just right” house that meets all your needs.

Filed under: Uncategorized by Olga Gilmore

In today’s housing market, it can be a challenge for buyers to find homes to purchase, as the number of houses for sale is far below the current demand. Now, however, we’re seeing sellers slowly starting to come back into the market, a bright spark for potential buyers.Even with the number of homes coming into the market, the available inventory is well below where it needs to be to satisfy buyer interest. The National Association of Realtor reports: “Total housing inventory at the end of June totaled 1.57 million units, up 1.3% from May, but still down 18.2% from one year ago…” Houses today are selling faster than they’re coming to the market.

Why is this good for sellers? It’s a great time to enter the housing market when the competition in your area is low, meaning there are fewer sellers than interested buyers. You don’t want to wait for all of the other homeowners to list their homes before you do, providing more options for buyers to choose from. With sellers starting to get back into the market after five months of waiting, if you want to sell your house for the best possible price, now is a great time to do so.

Why is this good for buyers? It can be challenging to find a home in today’s low-inventory environment. If more sellers are starting to put their houses up for sale, there will be more homes for you to choose from, providing a better opportunity to find the home of your dreams while taking advantage of the affordability that comes with historically low mortgage rates.

Bottom Line. While we still have a long way to go to catch up with current demand, inventory is slowly starting to return to the market. If you’re thinking of moving this year, give us a call to better understand what’s happening in the local Austin area. You’ll want to be ready to make your move when the home of your dreams comes up for sale.

Filed under: Uncategorized by Olga Gilmore