Whether preparing your home for sale, learning about the buying process, or managing investment properties, these expert tips offer valuable guidance. So grab a cozy blanket and your favorite hot drink—this November edition is filled with advice on navigating the real estate landscape this season.

The Real Estate Technology Wave – Surf or Crash?

“Will Real Estate Tech Flip the Game for Good?” by Chris Highland discusses how technology is transforming the real estate industry, with tools like AI, virtual property tours, and CRE software improving efficiency and decision-making.

Blockchain technology is also streamlining transactions through smart contracts, offering faster, more secure deals. These advancements make it easier for Realtors, buyers, and investors to access insights and manage deals more effectively.

However, adopting these technologies presents challenges such as high costs, learning curves, and integration issues with existing systems. The article also highlights concerns about data quality, job displacement, and over-reliance on tech. Despite these hurdles, embracing innovation can offer a competitive edge, while resisting it could leave players behind in a tech-driven market.

November Real Estate Roundup 2024

November Real Estate Roundup 2024

Selling a Home with Mold Issues

Selling a home with mold can be challenging, as mold affects a property’s appeal and value. While some buyers might shy away due to health risks, sellers can still attract buyers by addressing mold issues and disclosing them transparently.

Even when costly, mold remediation can be worth the investment as it enhances the property’s attractiveness and value.

Sellers are also legally required to disclose known mold issues in many states. Consulting with professionals for remediation, disclosing information to buyers, and highlighting other home strengths can help streamline the sale.

According to real estate expert Bill Gassett, to successfully sell a home with mold, it’s essential first to understand how mold impacts value and how to address it.

Finding and fixing moisture issues, professional remediation, and clear communication about remediation efforts can help reassure buyers. Sellers should also consider adjusting the listing price to reflect any remaining mold concerns and potentially offer credits to offset remediation costs.

Sellers can improve their chances of a smooth and successful sale by addressing mold early, providing transparency, and being open to negotiations.

Let’s Talk About Low-Ball Offers

In her article about lowball offers, Vicki Moore focuses on understanding the dynamics of lowball offers from buyer and seller perspectives in real estate. For buyers, a lowball offer—typically 20% or more below the asking price—can be a strategic move, especially if the home seems overpriced due to its condition, location, or time on the market.

However, buyers must tread carefully, as an overly low offer could offend the seller and close the door to further negotiations. Consulting with an experienced local agent can help buyers make more informed offers that are less likely to disrupt negotiations.

The article addresses common reactions to lowball offers for sellers, including whether to respond and the implications of receiving multiple such offers.

Sellers are advised to evaluate their situation objectively and consider market conditions before adjusting their prices. By approaching their home sale with a practical, business-oriented mindset, sellers can make better decisions that increase the likelihood of a successful transaction.

Annoying Home Buyer – Don’t Be One!

This article by Luke Skar explores common annoying mistakes home buyers make that can frustrate real estate agents and potentially derail the home-buying process.

Many of these behaviors stem from a lack of research, such as failing to learn about neighborhoods in advance or contacting listing agents directly despite having a buyer’s agent. These actions waste valuable time and can sour the relationship with the agent, ultimately affecting the buyer’s home search.

Beyond preparation, the article highlights behaviors that reflect poorly on buyers, like bringing pets to showings, damaging properties, or disrespectfully treating sellers’ homes.

Real estate agents also dislike behaviors that complicate negotiations, such as submitting lowball offers, expecting perfection from older homes, and hesitating to sign documents quickly.

The article advises buyers to respect their agent’s time, trust their expertise, and avoid adding unnecessary complications, ensuring a smoother and more successful home-buying experience.

Buyer Agency Agreement

With the recent changes due to the recent NAR (National Association of Realtors) lawsuit settlement, Paul Sian has written a timely explanation of the Buyer Agency Agreement. It behooves every home buyer to understand the agreement well before they jump into the home-buying process.

A Buyer’s Representation Agreement is a formal contract between a homebuyer and their chosen real estate agent that outlines the agent’s compensation and responsibilities.

With recent updates from the NAR, buyers and agents need to establish payment terms upfront. These agreements provide structure, define compensation, and ensure buyers understand the support they’ll receive, from price negotiations to repair requests.

Legal requirements for these agreements vary by state, with some mandating signed agency disclosure forms that clarify representation details before any showings.

As Paul points out, while buyers aren’t obligated to sign this agreement, working without one has risks. A buyer’s agent prioritizes the buyer’s interests, handling issues like verifying building permits or negotiating on repairs, which a listing agent—loyal to the seller—may overlook. Directly working with a listing agent or dual representation can complicate negotiations, as loyalty is split.

Who Is Responsible?

Understanding repair responsibilities in a rental unit can create tension between landlords and tenants. Joe Boylan has some helpful information for investors and landlords. At its core, the principle is simple: landlords are responsible for maintaining a habitable property and addressing wear-and-tear-related repairs, while tenants are liable for any damage caused by negligence or misuse.

Wear and tear includes inevitable, minor deterioration from everyday use, such as carpet wear or faded paint, whereas damage refers to more significant issues, like broken fixtures or large holes.

Knowing these differences helps avoid disputes, as does a precise move-in inspection, which establishes the property’s initial condition, protecting both parties.

The Basics of a Life Estate

If you are in the estate planning process, Kevin Vitali has written a helpful article about Life Estates and when to use them. A life estate is a strategic estate planning tool that grants an individual (the “life tenant”) the right to live in or use the property during their lifetime, while ultimate ownership (held by the “remainderman”) transfers upon the life tenant’s death.

This arrangement allows life tenants to remain in their homes without full ownership rights, limiting actions like selling or mortgaging the property without remainderman consent.

Life estates offer numerous advantages, including bypassing probate for the property, which simplifies the inheritance process and may reduce tax liabilities for heirs.

Additionally, life estates can shield property from creditors, provide housing security for the life tenant, and ensure family harmony by clearly defining ownership succession.

SEO for Real Estate Agents

This article, 50 Proven SEO Tactics for Real Estate Agents, provides a comprehensive guide to improving SEO for real estate professionals. It covers tips from foundational strategies like choosing the right website platform and customizing original content to more advanced techniques, such as optimizing URL structures, avoiding content duplication, and managing site speed.

Each tip is explained with insights from real estate experts, focusing on practical applications like linking structures, using niche marketing, and balancing content layout to engage readers and improve rankings.

The article offers actionable SEO strategies to enhance visibility, increase traffic, and attract quality leads in the competitive real estate market.

PREVIOUS REAL ESTATE ROUNDUPS

View other roundups from the last few months to get educated on numerous topics.

Karen Highland About the author: The above real estate roundup for November 2024 was written by Karen and Chris Highland of Chris Highland with eXp Realty in Central Maryland. They have been helping people buy and sell residential real estate in and around Frederick, Maryland, for over 32 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.”