All posts by Stacy Burgin

Stacy Burgin is a well-respected and requested real estate agent, well-known for her integrity and total dedication to her clients. She has represented both sides of a transaction and she is comfortable dealing with her clients, whether they are the buyer or the seller of a property. She has the knowledge to understand the nuances of each real estate transaction and the personality to make each client feel as though they are the most important client she has. She is very professional and honest and her business acumen is exceptional. • Stacy has been in sales for over 18 years. During that time she has an extraordinary number of closings, both for the rental market and the selling/buying side of the business. One of her main strengths is that she does an excellent job of maintaining the lines of communication so that the client always knows where they stand and what the strategy is for each property. She has an excellent knowledge of all areas of the city and can work and list any property in the Houston and surrounding areas. She will go to where her clients want her to go, and she has represented clients in every single area of the city, from Clear Lake to Spring to Fulshear and Humble.

Does Your Home Have What Buyers Are Looking For?

Does Your Home Have What Buyers Are Looking For?

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There’s a great opportunity for today’s homeowners to sell their houses and make a move, yet due to the impact of the ongoing health crisis, some sellers are taking their time coming back to the market. According to Javier Vivas, Director of Economic Research at realtor.com:

“Sellers continue returning to the market at a cautious pace and further improvement could be constrained by lingering coronavirus concerns, economic uncertainty, and civil unrest.”

For homeowners who need a little nudge of motivation to get back in the game, it’s good to know that buyers are ready to purchase this season. After spending several months at home and re-evaluating what they truly want and need in their space, buyers are ready and they’re in the market now. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR) explains:

“A number of potential buyers noted stalled plans due to the pandemic and that has led to more urgency and a pent-up demand to buy…After being home for months on end – in a home they already wanted to leave – buyers are reminded how much their current home may lack certain desired features or amenities.”

The latest Market Recovery Survey from NAR shares some of the features and amenities buyers are looking for, especially since the health crisis has shifted many buyer priorities. The most common home features cited as increasingly important are home offices and space to accommodate family members new to the residence (See graph below):20200716 MEM ENGThe survey results also show that among buyers who indicate they would now like to live in a different area due to COVID-19, 47% have an interest in purchasing in the suburbs, 39% cite rural areas, and 25% indicate a desire to be in small towns.

As we can see, buyers are eager to find a new home, but there’s a big challenge in the market: a lack of homes available to purchase. Danielle Hale, Chief Economist at realtor.com explains:

“The realtor.com June Housing Trends Report showed that buyers still outnumber sellers which is causing the gap in time on market to shrink, prices to grow at a faster pace than pre-COVID, and the number of homes available for sale to decrease by more than last month. These trends play out similarly in the most recent week’s data with the change in time on market being most notable. In the most recent week homes sat on the market just 7 days longer than last year whereas the rest of June saw homes sit 2 weeks or more longer than last year.”

In essence, home sales are picking up speed and buyers are purchasing them at a faster rate than they’re coming to the market. Hale continues to say:

“The housing market has plenty of buyers who would benefit from a few more sellers. If the virus can be contained and home prices continue to grow, this may help bring sellers back to the housing market.”

Bottom Line

If you’re considering selling and your current house has some of the features today’s buyers are looking for, let’s connect. You’ll likely be able to sell at the best price, in the least amount of time, and will be able to take advantage of the low interest rates available right now when buying your new home.

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Mortgage Rates Hit Record Lows for Three Consecutive Weeks

Mortgage Rates Hit Record Lows for Three Consecutive Weeks

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Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below):20200715 MEM Eng 1

What does this mean for the buyers?

This is huge for homebuyers. Those currently taking advantage of the increasing affordability that comes with historically low-interest rates are winning big. According to Sam Khater, Chief Economist at Freddie Mac:

“The summer is heating up as record low mortgage rates continue to spur homebuyer demand.”

In addition, move.com notes:

“Summer home buying season is off to a roaring start. As buyers flooded into the market, realtor.com® monthly traffic hit an all-time high of 86 million unique users in June 2020. Breaking May’s record of 85 million unique users.  Realtor.com® daily traffic also hit its highest level ever of 7 million unique users on June 25.  Signaling that despite the global pandemic buyers are ready to make a purchase.”

Clearly, buyers are capitalizing on today’s low rates. As shown in the chart below, the average monthly mortgage payment decreases significantly when rates are as low as they are today.20200715 MEM Eng 2A lower monthly payment means savings that can add up significantly over the life of a home loan. It also means that qualified buyers may be able to purchase more home for their money. Maybe that’s a bigger home than what they’d be able to afford at a higher rate, an increasingly desirable option considering the amount of time families are now spending at home given today’s health crisis.

Bottom Line

If you’re in a position to buy a home this year, let’s connect to initiate the process while mortgage rates are historically low.

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25 Tips For Buying Your Dream Home in 2019 – Series

Tip 23 For Buying Your Dream Home in 2019

 

Pay for a Home Appraisalapproved

A home appraisal is a critical component of getting a mortgage. It provides the lender with the current market value of the property. The home’s maximum financial cost is the collateral for your loan, and it determines how much money a lender is willing to loan you. The lender often arranges for the appraisal, but in most cases, the buyer pays the bill.

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Tip 22 of 25 For Buying Your Dream Home in 2019 – Series

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Tip 22. Arrange for a Full Home Inspection

Tip 22, Once the sellers accept your offer, you should arrange for an inspection of the entire home. Don’t take anything for granted. Even if you flushed the toilet and ran the shower, a plumbing problem could still exist. The inspector can evaluate the property’s structure, utilities, and safety issues. The inspection report is going to list any visible problems that have been discovered, giving you the information you need to move forward with your home purchase.

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25 Tips For Buying Your Dream Home in 2019 – Series

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25 Tips For Buying Your Dream Home in 2019 – Series

 

tips for buying your dream home in 2019 – series continued…

20. Start Looking at Homes

Once you are ready to begin your search, let your agent know what your availability is. It is essential to look at as many homes as you can. Doing so allows you to avoid the regret that often follows when buyers purchase the first or second home that they see.

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Tip 19 For Buying Your Dream Home in 2019 – Series

Tip 19 For Buying Your Dream Home in 2019 – Series

 

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19. Figure Out the Type of Home You Want

It is important to let your real estate agent know if there are any styles of homes you don’t want to consider. For example, if you don’t want to live in a rancher, then you shouldn’t go to a showing for one. Figure out the different styles of construction that you are willing to consider and let your agent know.

You may also want to consider whether or not this is going to be a starter home or if it is going to be the forever home. If you are planning to live there for just a few years.  Then you can be more flexible with your choices.

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25 Tips For Buying Your Dream Home in 2019 – Series

picking a neighborhood

25 Tips For Buying Your Dream Home in 2019

25 tips for buying your dream home in 2019 – series continues…

 

18. Begin the Process of Picking a Neighborhood

Selecting your future neighborhood is an essential component of buying your dream home. Picking where you want to live before you begin searching for homes helps to minimize the risk of finding the perfect home but in a less-than-desirable location. Make a list of all of the essential features you need. This list may include details such as being located within a certain driving distance of your place of employment or inside of a highly rated school district.

Once you have those aspects figure out, you can make a list of secondary features that are desirable but not necessary. For example, you may like the idea of having mature trees in the yard, but they aren’t required for you to make an offer. Both of these lists guide your agent. As a result, more of the homes you look at should meet your specifications.

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25 Tips For Buying Your Dream Home in 2019 – Series

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25 Tips For Buying Your Dream Home in 2019 – Series

25 tips for buying your dream home in 2019 – series continues…

 

17. Go Through the Pre-approval Process for a Mortgage

Any offer that you make to buy a home is stronger if you have a pre-approval letter. Therefore you have two options that you can choose. The first option involves a simple credit check and financial review. As a result, to determine an estimate of how much money you can borrow.

The second option is an underwritten pre-approval. This involves a more thorough investigation of your financial capabilities. Therefore,this type of approval is looked upon more favorably by sellers than a fast pre-approval.  The underwritten pre-approval involves credit check,fraud review, and an evaluation.

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