Locke Associates Real Estate Blog
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Selling your home is a big step. It usually involves a long to-do list, repairs, cleaning and a whole lot of purging! With our help, we can guide you through the process and ease some of those common stressors.
Many industries have been devasted by the COVID-19 pandemic. Real Estate is not one of them. Normally, the Real Estate Market tends to slow down in the late Summer, but this year it peaked in July, August and into September. The days on market are still low, houses are going under contract within days, and in most cases well over and above asking price.
Anyone that is contemplating about putting their home on the market should not wait. A seller will always be able to negotiate the best deal when demand is high, and the supply is limited.
Purchaser demand is so high, that the market is running out of inventory. Home sales are continuing to skyrocket, but the inventory of existing homes for sale is dropping dramatically.
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Have you ever thought about buying an investment property on your own? If you have, it’s important to understand the ins and outs of investment properties. There are a few main factors to consider before your purchase:
1. Location
2. Down Payment
3. Insurance
Location: The neighborhood should positively impact your home’s value and attract tenants or tourists. It’s crucial that your property will be able to generate enough income to comfortably cover your expenses for the property, such as your mortgage, property taxes, repairs or HOA fees.
Down Payment: Investment properties require a higher down payment if they are not owner-occupied. Typically, it is a minimum of 20% down, but it doesn’t hurt to put more down if you are able.
Insurance: Rental property or landlord insurance covers property damage, protects again liability and lost rental income. A business owner’s policy is common with vacation rentals, since you’re basically operating a mini hotel.
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Have you ever noted “Current Use” when viewing a listing on line? What does Current Use actually mean? The current manner which I am utilizing the property? A common thought but, not the case.
Whether it be land or a home, property can be classified as such.
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Working by referral is all about trust. Relationships are more important than transactions. Many agents in the marketplace take a transactional approach when it comes to sales. What does that mean exactly? It means they will identify a client, close the deal and then move on to the next one. At Locke Associates, we choose not to work that way because we want to build relationships with our clients. We believe the client deserves more from the professional that they decide to work with.