The Very Best Real Estate Advice For Buyers and Sellers
If you enjoy reading relevant real estate content, then be sure to check out this month’s Best Real Estate Articles May 2021. Top Real Estate agents and bloggers across the country continue to share timely articles.
With this competitive real estate market that we are experiencing, it is a great idea to be informed, as you never know what you may encounter with the home buying or selling process.
What is an Escalation Clause?
An escalation clause is a clause written in the purchase contract. This clause allows the buyer to increase their offer price automatically. If the buyer makes an offer, but the seller receives another and higher offer, the escalation clause allows the first buyer to increase their offer.
In this competitive market, the buyer should make the highest and best offer. Check out this article about what is an escalation clause written by Sharon Paxson.
The details of an escalation clause can vary, but there are a few common facts. The clause will state the original offer price as well as the maximum amount that buyer is willing to offer. There are risks associated with writing in an escalation clause as the buyer may end up paying more than they intended.
What Are The Pros and Cons of Subdivision Houses?
If you are considering purchasing a home in a subdivision, this article is a must-read. Bill Gassett has written an excellent article and the advantages and disadvantages of buying in a subdivision. In the article, you will find the definition of subdivision houses. Subdivisions can vary in size. Generally speaking, a developer purchased the land who will then sell the lots to other builders.
It is common to find a subdivision home with four or more different builders in the same subdivision. It is also common to see subdivisions with an HOA.
A subdivision may have single-family homes, but it could be a community of condos or townhomes. This is an excellent resource for anyone considering purchasing a home in a subdivision.
Should Landlords Accept Partial Rent Payments?
There are reasons why you should not accept partial rent payments. As a landlord, you are running a business, and while you are trying to be sympathetic to the tenant, it is not a good idea to accept partial payment.
G. Brian Davis has written a very detailed article about whether or not landlords should accept partial rent payments. In the article, he discusses that landlords should never accept partial payments after an eviction.
Another fact to consider is that the full late fee should always be charged to the tenant. He discusses making it easier on the tenants by accepting credit cards for the rent.
Even though the tenant will be accumulating debt, landlords will be receiving their monthly rent. This is an excellent article about accepting partial rent payments.
Moving During Covid
The Covid-19 pandemic has been challenging for just about everyone. Real Estate sales are quite different since things started. If you have not bought or sold a home in a while, you should understand some of the changes that have taken place. The same holds true with moving expectations. Your plan might end up being slightly altered from what you expected.
In the helpful resource, you will find some top-shelf tips on what you need to know about moving during Covid. Sharpen up your knowledge of what will be vital to know if you plan a move this Summer.
If you’re going to be moving a long distance or across the country, make sure you take a look at the tips for saving money with your move. You will see eight great tips on how to save on moving expenses.
Should I Hire a Buyer’s Agent?
The answer to this question is an unequivocal yes. Check out Petra Norris’s article about hiring a buyer’s agent. In the article, Petra discusses what a buyer’s agent is and how they will help a buyer purchase a home.
In this very competitive market, buyers need their own representation. Buyer’s agents have a legal responsibility to ensure everything is done in their client’s best interest and is their fiduciary.
A buyer’s agent should protect the buyer through the home buying process. She discusses the downside of going directly to the listing agent, as the listing agent’s first allegiance is to the seller.
A listing agent is working for the seller’s best interest. Be sure to check out this detailed article about the importance of hiring a buyer’s agent.
Tips For Winning in a Bidding War
Paul Sian has put together an excellent article about tips for winning in a bidding war. In this very timely article, you will find some excellent information about how to put together a winning offer. There is information about paying cash for the property versus getting a loan. Some buyers are in a position to pay cash, and others may need to obtain a loan.
If you are getting a loan, make sure you have a mortgage pre-approval and can close in 21 days. It is not just the price a buyer is willing to pay. It is also the terms that a seller will consider.
Sellers also ask for a rent back from the buyers, sometimes at no cost to the seller. Consider adding an escalation clause to the purchase agreement, which will automatically increase the price if another offer comes in higher. This is a great guide on how to prepare when purchasing a home.
What to Know About Boundary Lines When Buying or Selling
When you are buying or selling a home, understanding your property lines is crucial. In order to have good relations with your neighbors, you will want to both have the same expectations when it comes to the property boundaries.
In the helpful resource at Active Rain, you will see much of what you need to know about property lines, along with some excellent tips on how to locate yours. Before moving into your next home, take a look at the lot line guidance.
What is the Difference between a Realtor® and a Real Estate Agent?
Have you ever wondered what the difference is between a realtor and an agent? If so, check out Kevin Vitali’s post about the difference between a Realtor® and a Real Estate Agent? The state licenses a real estate salesperson or agent that they are doing business in. They have passed the exam and can practice real estate.
A Realtor® is a licensed agent who is a member of the National Association of REALTORS or NAR. Realtors must adhere to a certain code of ethics that is beneficial when working with buyers and sellers. This is an excellent explanation of the difference between a Realtor® and a real estate agent.
How Important is a Home Inspection
If you were fortunate enough to get your offer accepted, then you are at the next step of the home buying process, which is getting a home inspection. Danny Margagliano has written an excellent post about the importance of a home inspection. In this detailed article, you will find information about why you need an inspection.
He further explains how a home inspection will call out safety items in the house which need to be addressed. Other items may include deferred maintenance, but the inspection gives a buyer a good idea about the condition of the home.
It will also provide a buyer with information about costs that are upcoming with a home. There is also information about home warranties that are generally included with the purchase of the home. However, with this current competitive market, many buyers are waiving them. It is still a good idea to have a home warranty, at least for the first year of owning a home.
Reasons You Should Not Sell Your Home Off-Market!
There are many reasons why you should not sell your home off-market, especially in this market. The reasons may include many offers over the listing price. Check out Vicki Moore’s article about the reasons why you should not sell your home off-market. In the article, Vicki explains by selling off-market, you may be leaving money on the table.
When a home is priced at market value, it will likely have multiple offers over the asking price. Sellers may still choose to sell off-market because they don’t want to deal with the frenzy the real estate market is at this time. Or sellers may just want to retain their privacy. This is an excellent article about the reasons why you should not sell off-market.
Closing Costs Explained
When selling a home, nobody likes surprises. One of the most asked questions real estate agents get from home sellers is how much are my closing costs. Not really a surprise. It is a terrible feeling to think you will be coming away from your home sale with a certain amount of money, only to realize there were numerous expenses not accounted for.
In his thorough article, Joe Boylan breaks down all of the common closing costs you can expect.
Design Hacks for a Small Kitchen
We are all spending more time at home, causing all of us to have a more discriminating eye. If you have a small kitchen and are looking for some upgrades, then be sure to check out Michelle Gibson’s post on design hacks for a small kitchen. In the article, she discusses repainting as a coat of paint always makes the home look fresh and brighter.
Other ways to improve a kitchen are to change the countertops and to consider open shelving. Updating your cabinets will also improve the look and feel of the kitchen. These updates will improve the home’s value and add to your enjoyment of your own home.
This month we have provided you with information about how to compete in this market, including how to submit a winning offer and reasons not to sell your home off the market.
Top bloggers are writing information to reflect the current market and educate home buyers and sellers about real estate. Let us know what topics you would like to see covered in the future!
Previous Best of Real Estate Articles
Want to see more real estate roundups? Check out the previous few months’ roundups of the top real estate articles from around the web:
- Best Real Estate Articles April 2021 – see some of the excellent articles published in April covering numerous real estate topics.
- Best Real Estate Articles March 2021 – take a look at the March real estate roundup of the top articles for homebuyers, sellers, investors, and real estate agents.
About the author: Top Newport Beach, Real Estate agent Sharon Paxson, has written the above article “Best Real Estate Articles for May 2021”. With experience since 2005 representing buyers and sellers, we welcome the opportunity to share our knowledge and expertise with the home buying and seller process.