Stagnant incomes and rising housing prices squeeze home buyers in Springfield MO and across the country as the seller’s market continues in full swing. According to a recent article by cnbc.com, home ownership is an elusive goals for a lot of younger buyers. By working with a real estate agent who finds bargains and amazing starter homes, it’s possible to overcome the challenges posed by the tight market. Experts point out wages have grown less than 10 percent since 2011 even though home prices bounced back from the 2007 financial crisis low. Continue reading
Is it time to sell your investment real estate in Springfield, MO?
If you inherited a home you thought would make a nice rental or bought one to flip as an investor, it’s never too late to call it quits on expensive renovation projects. The high cost of home repairs often deters aspiring home flippers and landlords from moving forward. Oftentimes it’s better to sell your investment real estate in Springfield MO. Continue reading
Putting a fresh coat of paint on your home won’t necessarily boost the home’s appraised value. Yet, many buyers will pay more for a home with on-trend colors because of perceived home worth. Most home appraisers think about your home’s size or square footage, the number of bathrooms, the garage size and other concrete factors. Potential buyers, on the other hand, concentrate on cosmetic details. Some buyers are willing to pay more than the appraised value for a home that has a nice appearance. According to an article by cbslocal, interior paint colors dramatically impact home sale profits. A study by Zillow looked at thousands of houses to figure out which colors boosted or deflated sale prices compared to basic white walls. Continue reading
When it comes to selling real estate in Springfield, MO, it pays to make home improvements. At the same time, how far should a home seller go? Does it make sense to refinance to free up money for remodels? According to a recent article by The Columbian, cash-out refinancing is on the rise just as it was during the housing boom in 2007 and 2008. Most financial experts warn home buyers and sellers against taking out interest-only loans, adjustable rate mortgages or cash-out refinance loans. Freddie Mac reported that 45 percent of home loan refinancing in the last quarter in 2016 involved cashouts, the highest rate since 2008. For many borrowers, cash-out refinances offer ways to improve a home. However, you will pay closing costs on the loan. Continue reading
If you’re looking for a reason the housing market is so tight, perhaps the baby boomers are to blame. The inventory of entry-level homes continues to remain low. Economists say higher home prices and lower inventory creates a housing struggle between reluctant baby boomer sellers and motivated millennial buyers. Millennials are finding themselves out in the cold because new construction has slowed, and longer-living baby boomers are staying put, setting up a simmering conflict between the two biggest generations in U.S. history. Continue reading