We take a look at the best real estate content online in October 2022 covering everything from sprucing up your kitchen on a budget to what might lie in store for home sellers in 2023. Grab some Halloween candy and tuck in!
The Pros and Cons of Converting your Home to Heat Pumps
If your home’s current heating and cooling systems are entering the twilight years or months of their functional life, then it’s a good idea to start planning for your next HVAC system. Don’t wait until it stops working in the middle of winter or when it’s 95 degrees and humid outside!
Rather than just replacing your old gas or oil furnace or air conditioning unit with a new version of the same thing, it’s definitely worth taking a look at heat pumps. As described by Conor MacEvilly, heat pumps are surging in popularity for a number of reasons. They provide both heating and air conditioning in the same unit, are a lot more energy efficient plus they have lower carbon footprints.
Modern heat pumps are a big improvement from the original versions back in the 80s and 90s and today’s models are still efficient down to 13F!
The main disadvantage can be the upfront costs of covering to heat pumps. The final price tag will depend on factors such as whether you are tapping into an existing forced air system or if you need to go with ductless mini-splits instead. However, long term, it’s worth the investment.
What is a Realtor Commission?
One of the things many consumers want to know is how much a real estate agent charges for commission? Is there are going rate? Is there an average commission fee? Realtor commission can vary from place to place and from company to company. Nothing is ever set in stone when it comes to real estate commission.
It is an essential topic to understand, especially when your selling a home. For example, what are the Realtors going to do for me to earn their fees? Do some Realtors offer more than others? The article at Maximum Real Estate Exposure will provide you everything to know about Realtor fees.
How to Make your Kitchen Look Expensive Without Spending a lot of Money
Everybody loves a new kitchen and it is top of the list for many homeowners when you ask them which part of the home they would like to upgrade. Kitchen remodels can be really expensive, but you don’t have to break the bank to make more affordable changes that will have a big impact.
Gabrielle Olya has written an excellent article covering some of the inexpensive upgrades that can add some significant pop to your kitchen.
For example, as Bill Gassett suggests, one of many affordable kitchen upgrades is adding new granite countertops for around $60 per square foot (installed). Other low-cost upgrades include replacing outdated lighting, adding a new backsplash, a range hood, and a shiny new faucet. And nothing beats a new coat of pain for bang for the buck!
Common First-Time Home Buyer Mistakes.
If you buy the wrong size shoes you can always exchange them with the receipt. But when buying a home, (which costs a lot more), you don’t have that option. Make sure to avoid some of the mistakes that home buyers are prone to making.
Mortgage broker Eric Jeanette provides some savvy advice on what home buyers should avoid to secure optimal financing and a solid home. These include being honest with yourself and assessing your finances: what can you really afford for monthly payments? Make sure to talk with at least 3 different mortgage brokers and compare interest rates and closing costs.
It is critical to be aware of the potential resale value of the home. How is the type of home you are buying doing compared to the local market as a whole and how might it fare in the future?
All You Need to Know About Renting Self-Storage.
Many of us have more STUFF than we don’t have room for so renting storage space is a popular option. As Kevin Vitali details, the reasons for renting include a place to keep your furniture while transitioning to a new home, business records storage or just to free up space in your home.
Here are some things you need to know when renting self-storage space. Do you need short or longer-term storage, when will you have access to the unit, what security does the facility have in place and can I drive my vehicle right up to the door of the unit
For possessions that are more sensitive to temperature fluctuations and humidity, you might need to go with a climate-controlled unit.
Commercial Real Estate Terms You Need To Know.
Most people are familiar, or at least somewhat familiar with residential real estate terms and phrases but not very clued into the equivalent terms when it comes to commercial real estate. It’s a different kettle of fish!
If you are interested in dipping your toes into commercial real estate investing, Paul Sian provides you with a good introduction to the commercial real estate terms you need to know.
Knowing what they mean and how to interpret them will help differentiate a potentially good investment from a bad mistake.
Probably the most important factor is the Capitalization Rate which refers to the expected rate of return on a commercial real estate investment and is determined by the Net Operating Income and how much was paid for the investment. Another term is the Due Diligence Period which is the time a potential buyer has to review all aspects of the building including maintenance costs, taxes, and tenant leases.
What Home Sellers Can Expect in 2023
The residential real estate market was surging at the start of the year (2022) but has since cooled down significantly across the US. The combination of interest rates doubling since the start of the year, rising inflation plus the threat of a recession have all put a dampener on the market. Plus, homes were just getting too expensive!
Some homeowners might be kicking themselves for not selling before this but it’s almost impossible to time the market. So, what can home sellers expect in 2023?
As discussed by Alex Capozzolo here are some market changes you are likely to see next year (1) Buyers tightening their wallets and potentially holding off buying a home because of increased interest rates and inflation, (2) there will be a decline in the total number of home sales, (3) you can expect more buyers to walk on the sale because of greater buyer hesitancy and wanting to avoid buyer’s remorse, and (4) home sellers need to really focus on making sure their home stands out from the rest of the competing homes if they want to ensure their home sells.
Getting the list price right will be critical.
How to Find Abandoned Properties?
One type of property that gets talked about quite frequently is abandoned homes. These house are usually fairly easy to spot. They are typically the property that stands out but not in a good way. The obvious signs are boarded up windows, tall grass, and an eerie looking feel.
The upside is they can be excellent properties for investors to purchase and rehab. They also work well for contractors for the exact same reason. It leads many real estate investors to seek out abandoned properties to purchase. See what you need to know about abandoned houses at RISMedia.
Can You Buy Purchase a Home That is Pending or Contingent?
Sometimes buying a home can be truly frustrating. You can be searching for homes endlessly to find one that matches your criteria. All of a sudden your dream home has hit the market. Unfortunately, other home buyers love it too. You end up in a bidding war only to lose out to another buyer. The described scenario plays out all the time.
Is there anything you can do? Is the home gone for sure? Many consumers will search whether they can buy a contingent or pending home. See what you need to know about purchasing a property that is under contract with another buyer at Active Rain.
Become a Real Estate Broker in Massachusetts
Are you interested in becoming a real estate broker in Massachusetts. In order to become a broker, you must first become a real estate agent. It is not possible to become a broker right from the get go. The are many considerations when owning your own real estate brokerage. See everything you need to know in this insightful article with tons of excellent tips via Ryan Zomorodi.
PREVIOUS REAL ESTATE ROUNDUPS
Have a look at some of the excellent advice from previous real estate roundups.
- The best real estate articles for September 2022 – get a recap of some of the best buyer and seller articles for September.
- The best real estate articles for August 2022 – see excellent advice provided by bloggers around the country in August.
About the author: Conor MacEvilly has been a Seattle Realtor since 2008 in the beautiful Pacific Northwest and covers homes in the greater Seattle and Eastside areas. It never gets boring!