If you are anything like me, you’ve been waiting eagerly for summer to arrive. Fingers crossed, it seems to be here. Bring on the vacations, the beach, the pool, and whatever it may bring.

Just like the weather, seasons change in real estate too. Whether the market gets a little more relaxed after a robust spring or whether the opposite happens for you, the only guarantee in real estate is change!

If you like good real estate content, here are some hot reads to fill your summer list:

Outdoor Living Spaces Add Value to A Home

As summer arrives, many homeowners are looking to enjoy their outdoor spaces. Outdoor rooms add real monetary value to a home and enjoyment and relaxation. If you want to enhance your backyard, don’t overlook a beautiful and functional garden.

The popularity of gardening exploded a few years ago when the pandemic interrupted our lives and affected our grocery stores. According to several surveys, home gardens are on the top of many lists for home buyer requests. If you’re planning a garden, consider several innovative gardening techniques.

As you plan your garden space, you’ll want to research. Learn what plants do well in your zone. Observe your property to see where the sun falls during the day. Decide what you want to plant, whether veggies, fruit, ornamentals, or a mix of all of these.

Reach out to other gardening friends and find out what works for them. Gardening success is multiplied when we learn from each other. Learn from the top five garden trends that home gardeners are jazzed about.

Best Real Estate Articles for June 2023

All About Real Estate Contingencies

If you’ve been following real estate for the last few years, you may be aware of the recent changes in the real estate market. We’ve seen a change in markets as interest rates rose in 2022.

As the market changes, so do the strategies needed to win offers. While competition is high, buyers tend to go light on contingencies to make their offer more competitive.

When the market is more relaxed, the competition is not so high, and buyers often feel that they can add more contingencies to their offers without risking being overlooked.

What if a buyer finds a home they love but is already under contract? Should they write a backup offer? Or should they move on?

They will want to investigate the contingencies in that offer and see how to proceed. What are contingencies? Bill Gassett has compiled a list of common contingencies explaining how long properties stay in contingent status. If you have never bought or sold, it will be worth reading.

FHA 203K Rehab Loan

If you are considering buying a fixer-upper, you will certainly want to learn about the pros and cons of the FHA 203K loan and see if it will work for you. Joe Boylan has a helpful tutorial about the types of FHA203K loans, their uses, and their costs. There are advantages over conventional loans, as well as disadvantages.

Learn about the benefits of the FHA 203K loan, like lower down-payment requirements and relaxed credit scores, as well as other advantages. As for cons, if you plan to do some DIY or hate paperwork, an FHA203K Rehab loan might not be the best solution.

Types of Agency in Real Estate

A real estate round-up wouldn’t be complete without some education in terminology, in my opinion. Sometimes within the industry, we forget that people don’t aren’t always familiar with our vernacular. Realtor® or real estate agent? Buyer’s agent or seller’s agent…or dual agent?

There are differences between various types of real estate agents, and those differences define the roles and services the agent offers. Bill Gassett points out that consumers will benefit from understanding how agency in real estate works to avoid mistakes.

Having the right agent or real estate broker in your corner can make all the difference. Buyers and sellers must understand the role of a real estate agent.

It is even more vital when dual agency is possible where the agent becomes a neutral party. When you understand the three types of real estate agents, there is a lower chance of issues.

I Counter that Counter to the Counter of Your Offer

When selling your home, you may receive an offer that’s not what you’re hoping for. In this case, you may want to consider making a counteroffer. A counteroffer is a new offer that changes one or more terms of the original offer.

As Alex Capozzolo points out, an effective counteroffer has to strike the balance between getting the deal at acceptable terms and price without alienating the seller.

The goal is crafting a successful counteroffer, knowing when to accept a counteroffer, and getting to a win-win. Learn how to crunch numbers and use some psychology with counteroffers in real estate.

When A Home Doesn’t Sell

We haven’t seen it often in the last few years, but it does happen…sometimes a home doesn’t sell. As Paul Sian explains, with markets shifting from a strong seller’s market to a buyer’s market in many areas of the country, we may see it happen more often.

So what goes wrong when a house doesn’t sell? There can be several reasons. One of the most common in a shifting market is pricing.

With higher mortgage rates, things have changed. Mortgage rates affect prices directly or indirectly, as buyers can afford less than they could when rates are lower. Be sure to check out all the reasons contributing to a home sitting on the market with no offers.

Patio Living for the Win

Who doesn’t love a relaxing evening with family and friends on a lovely summer evening? Or a cozy afternoon on your patio with a good book? People are ready for outdoor living after being cooped up for the colder months. Michelle Gibson gives five compelling reasons a patio can increase your property value.

A well-designed and aesthetically pleasing patio can add an entertaining area, effectively increasing your livable square footage. It is a valuable home improvement but at a much lower cost. Consider adding a patio if you’re looking for affordable ways to add value to your home.

PREVIOUS REAL ESTATE ROUNDUPS

Look at some of the excellent advice from previous real estate roundups.

 

Karen Highland About the authors: Karen and Chris Highland of the Highland Group with eXp Realty in Central Maryland have been helping people buy and sell residential real estate in and around Frederick, Maryland, for over 30 years.

“We’re passionate about educating consumers about the ins and outs of residential real estate and the local market and equipping them with realistic expectations about buying and selling a home.”