Spring has sprung, and the real estate market remains hot, with homes being sold over the asking price in record time. Buyers need to be ready to go if they will be competitive with their home purchase. Interest rates are rising, but this does not seem to be slowing the market.
We hope you enjoy this month’s articles for March 2022.
Disadvantages of Living in a Gated Community
Gated communities bring a sense of security and community for residents. There are drawbacks of living in a gated community that include the rules and regulations.
Sharon Paxson has written an article about the disadvantages of living in a gated community. In this article, there are the reasons that some residents find living in a gated community unappealing.
The most significant living expense in a gated community is the monthly home owner’s association fees. The monthly HOA fees can also go up, an additional cost for a homeowner. Other considerations about the gated community are the rules and regulations, including pet restrictions.
HOA’s can have breed and size restrictions and includes the number of pets a homeowner can have. Other limits include architectural conditions, limiting how a homeowner can change the home’s exterior.
How Does a CMA Work in Real Estate
You may have heard Realtors discussing CMA and may wonder what it is. CMA is a comparative market analysis that analyzes the recent comparable home sales in the area.
Bill Gassett has written an informative article about what is a CMA in Real Estate? The article discusses how a CMA report is provided to both buyers and sellers, and it analyzes comparable properties to the subject property to establish current real estate market value.
Real estate agents will often use comparable market analysis to establish a price range for a property. When creating a CMA, a real estate agent will consider the location, square footage, the number of bedrooms, and bathrooms are all factors to be considered.
Adjustments can be made to establish a more accurate value. Other considerations include the size of the lot, age of the home, condition of the house, and any upgrades. The school district is also important and does influence home value.
With inflation running wild, home prices change by the month, so real estate agents need to be on their game when pricing a home.
What to Know About Seller Financing?
Seller-provided financing is an option a seller may consider when selling a home. Seller financing means the property owner sells the property to the buyer and carries the mortgage.
Paul Sian has written an excellent article, what is seller financing? The article discusses seller financing terms, including the mortgage’s length, interest rate, and monthly payments.
Sellers may offer to finance a buyer if the buyer cannot obtain financing on their own.
With this type of financing, buyers may get better loan terms than what they would get from a mortgage lender. This does not happen very often, but sellers may offer short-term financing and allow the buyer to obtain the funding elsewhere. Most sellers are looking to cash out of the home. However, the mortgage payments can be an income stream for the seller.
Is A Tankless Hot Water Heater Better?
Traditional water heaters will generally last between 8 to 15 years. So when it is time to replace your water heater, you have some options.
Kevin Vitali has written an excellent article about should you switch to a tankless water heater. He discusses how a tankless hot water heater works, and it is a good idea to utilize one as they are energy-efficient versus a traditional water heater.
A traditional hot water heater ranges from 30 to 60 gallons for an average home. A tankless water heater only heats the water on demand. Either electricity or natural gas can fuel tankless hot water heaters. Using hot water on demand will save money in natural gas expenses.
Additionally, if you are going to be selling your home, a tankless water heater is highly desirable.
What to Know About Having Homeowners Insurance
When you are buying a home and getting a loan from a bank or other lending institution, you’ll be required to have a homeowners insurance policy. Homeowners insurance is one of the most intelligent purchases you can make. Without having home insurance, you would be up a creek and out of quite a bit of money when disaster strikes.
In his detailed article, Joe Boylan takes prospective homebuyers what they need to know about home insurance. It is worth your time reading and will answer many of your questions regarding insurance. It’s one of those costs when buying a house you certainly don’t want to forget about.
Why Are Buyers Losing in Multiple Offer Situations
Home prices continue to rise, and even though interest rates have risen, sellers see multiple offers on their homes for sale.
Michelle Gibson has written an excellent article about why buyers lose in multiple offer situations. She cites 12 reasons why buyers are losing out.
In the article, Michelle discusses one of the most common reasons is the low purchase price. When buyers make an offer in this market, they need to bring their A-game. Making an offer at the list price is considered a low offer.
Other reasons buyers are losing include low earnest money deposits, contingencies in the offer, and unrealistic closing dates. Be sure to work with an agent who can guide you with the home buying process in this competitive market.
An In-Depth Guide for Moving to Florida
There are many reasons to consider moving to Florida. Petra Norris has put together an excellent guide about moving to Florida. One principal reason living in Florida is fantastic is because it is one of only seven states that don’t require state income tax.
Petra describes how to set up residence in Florida and how to plan and protect your move. When planning your move to Florida, hire reputable movers and plan and learn about an intrastate move.
It is recommended that you obtain moving insurance to protect the value of your belongings. Other information in the post includes moving with your firearms. Florida is considered to be very second-amendment friendly. Many people are fleeing states with high taxes and are moving to Florida. This is a very detailed guide on moving to Florida.
Should You Buy A Home Without A Real Estate Agent
Are you considering buying a home but don’t want to utilize the services of a real estate agent? If so, then be sure to check out Luke Skar’s latest post buying a house without A Real Estate Agent. You may be considering this to save money, given that real estate agents are paid a commission when representing a buyer.
Keep in mind that the sellers pay the commission when a home is being sold. Most savvy buyers can find a home themselves with everything listed on the internet. However, it is a good idea to have an agent represent you.
A real estate agent will negotiate on your behalf and does have fiduciary responsibility. A real estate agent will help to negotiate the terms of the sale and protect your interests at the same time.
Some contingencies may be included with the purchase agreement, and there are essential timeframes that need to be adhered to. Your real estate agent will help you and guide you through the home purchase.
Things to Know About Sewer Line Repairs, Costs, and Not Getting Ripped Off
Sewer line replacement is generally not something one would think about. However, it will get your attention if your toilet backs up. Conor MacEvilly has written a detailed article about sewer line repair costs and how not to get ripped off. There are particular types of homes that are susceptible to having an increased risk of having broken sewer line issues.
Older homes, in particular, are more likely to have a sewer line issue because they have concrete or clay sections connected. The joints are where the problems can arise. Modern sewer lines are continuous PVC pipes without joints.
Homes with lots of trees and shrubs are more likely to have sewer problems. The roots can get into the sewer line. If a buyer purchases an older home or a home with mature trees, it is good to have the sewer line scoped.
Whenever you are doing any work to your house, it is essential to hire the right contractors. It’s critical to take the time to vet any professionals you’re considering hiring for work at your home.
This month’s articles include information about living in a gated community, sewer line repair, the definition of a CMA, and much more. We hope you enjoyed the articles and let us know what you like the best.
Be sure to reach out and let us know what you would like to see covered in the future The Best Real Estate Articles.
Previous Best of Real Estate Articles
- Best Real Estate Articles February 2022 – see what was popular last month for content to help buyers and sellers.
- Best Real Estate articles January 2022 – have a look at the best-featured articles from January.
About the Author: The above article, “Best Real Estate Articles for March 2022,” was written by Sharon Paxson, one of the top Newport Beach Real Estate agents. With experience since 2005, representing buyers, sellers, and landlords, we welcome the opportunity to share our expertise with you and guide you through your real estate transaction.