Chattanooga-Cleveland TN Real Estate and Community News

 

The Differences Between a Homeowner Sale and a Bank Foreclosure

 

Today I want to talk about the difference between a homeowner sale and a bank foreclosure.

There actually is not much difference. However, there is an emotional side to a homeowner sale, while banks have a strategy behind how they liquidate the property for foreclosures.

Banks work with appraisers and brokers for opinions on price before they put the home on the market. They also check for any condition issues to reflect that in the price just like a homeowner would.

The only big difference is that banks want to compete in the market, so they will have a strategy to do that. They also make price reductions on a more regular basis because they may have a bottom line that they have to meet to pay off a mortgage.

“Banks do price reductions on a more regular basis because they may have a bottom line that they have to meet to pay off a mortgage.”

Writing an offer on a bank foreclosure versus an offer for a homeowner sale is still the same. The offer will still have to be presented to the seller, whether that’s bank or the homeowner themselves, and then negotiated out like any other contract is.

Do not be afraid of bank foreclosures. There are a lot of stories about whether they are harder to deal with, easier to deal with, or if you can get a great deal on a property. That all depends on if the bank has rehabbed the property and got it ready to sell or if it has bigger issues like any home could.

All in all, bank foreclosures are still good properties to buy. You just have to make sure, as with any other property, that you get a home inspection completed first.

If you have any additional questions or are interested in buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.

 

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Oct. 16, 2019

Fall 2019 Home Price Update

Check out my website!
Friends and Clients —

The real estate market is in an unusual position right now. Let me explain.

First off, mortgages are once again incredibly low.

After increasing for much of last year, mortgages started dropping last November. And they've kept dropping, up to and including the present. The current 30-year fixed-mortgage rate stands at 3.49%, just 0.18% over the all-time historic low.

Second, home prices are rising again. This July, home prices rose 3.6% over the previous year.

However, we are also seeing fewer bidding wars. Just 10% of listed homes wound up in a bidding war this August, compared with 42% last year.

Finally, existing home sales are barely holding steady. Home sales dropped in every month for the past year and a half, but were slightly higher this July.

So you can see why it's an unusual position right now. Mortgage rates are incredibly low, making homes more affordable. And yet homes sales aren't taking off. Prices are increasing, but this isn't being driven by heated bidding wars.

So what's going on?

Well, it’s partially due to overall economic uncertainty. The stock market recently experienced several big swings, and this has pushed mortgage rates down while keeping some buyers on the sidelines.

But a much more important cause is likely to be the severe shortage of homes on the market.

Last autumn, we finally saw an increase in the supply of homes for sale. However, with the ongoing drop in interest rates, more demand soon overwhelmed the increase in supply.

Housing inventory was near all-time record lows in early summer, and this explains the low number of home sales. 

So what does this all mean for you?

Well, if you've been considering selling your home, then I think right now is the moment to act, for two simple reasons.

First, the current low mortgage rates are making homes very affordable to buyers. But this could change at any time. The mortgage rate could start swinging upwards, just like it did last year.

Second, home prices are at very healthy levels right now. That's largely due to the lack of inventory. But if mortgage rates start increasing, this too could change quickly.

The upshot is that if you list your home now, chances are good that you can sell it quickly and for a top price. Wait a few months, and the situation might change dramatically.

In case you'd like to see what your home is currently worth, take a look at this home value calculator, which takes into account recent Cleveland sales: 

Enter your home address here to find out what your home is currently worth

And if you are thinking about selling, give me a call at 423-896-6000. I've been talking to a lot of buyers around Cleveland, and I can give you my advice on how to best position and price your home in the current unusual market.

Have a great day,

Dustin Sherlin
423-896-6000
Sales@SherlinTeam.com
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Posted in Community News
Oct. 3, 2018

Home Sellers: Don’t Hire an Agent Before Asking Them These 5 Questions?

Home Sellers: Don’t Hire an Agent Before Asking Them These 5 Questions

 

If you’re selling your home and you need to hire an agent, here are five questions you should ask them in order to find out if they’ll be able to sell your home quickly and for top dollar:

1. “How long have you been selling homes?” This will give you an idea of their experience level.

2. “Do you have a written marketing plan?” Agents who have a more detailed marketing plan for their clients are typically more successful in selling homes consistently.

3. “Do you work with a team or as an individual?”

4. “What is your list-to-sale price ratio?” This number will tell you how good of a negotiator they are.

5. “Do you have a written marketing analysis?” Asking to see a written marketing analysis will allow you to actually see what the market is doing instead of listening to someone tell you where it’s at.

“Agents who have a more detailed marketing plan for their clients are typically more successful in selling homes consistently.”

If you have any other questions about what you should ask your agent before hiring them or you have any other real estate needs, don’t hesitate to call or email us anytime. We’d love to speak with you.

 

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Posted in Real Estate Videos
Oct. 3, 2018

3 Things That Can Kill Your Home Sale

3 Things That Can Kill Your Home Sale

 

You may think that your house is ready to go on the market as-is, but little things you would not expect can end up being big deal-breakers for buyers. This is why today I want to take a look at three silly things that could sabotage your home sale if you don’t fix them:

1. A messy lawn. Buyers likely won’t forgive a messy lawn. Your home may even stand out if a buyer sees you making an effort to clean it up while your neighbor’s yard is still 15 inches deep in leaves.

“A buyer is going to wonder why you did not take the extra steps to hide dangling TV cords.”

2. Animals. While buyers may not mind if animals live in the home that they are considering purchasing, they don’t want to see or smell any evidence of them.

3. Cords hanging from a mounted TV. Do not be surprised if a potential buyer’s eyes go straight to the dangling cords as they walk in. At that point, they’re going to wonder why you did not take the extra steps to hide those cords.

If you have any additional questions, please feel free to contact me. And, if you are thinking of selling your home, please call or email anytime. I would be happy to help.

 

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Posted in Real Estate Videos
Oct. 3, 2018

Cleveland Chattanooga Homes

The Differences Between a Homeowner Sale and a Bank Foreclosure

 

Today I want to talk about the difference between a homeowner sale and a bank foreclosure.

There actually is not much difference. However, there is an emotional side to a homeowner sale, while banks have a strategy behind how they liquidate the property for foreclosures.

Banks work with appraisers and brokers for opinions on price before they put the home on the market. They also check for any condition issues to reflect that in the price just like a homeowner would.

The only big difference is that banks want to compete in the market, so they will have a strategy to do that. They also make price reductions on a more regular basis because they may have a bottom line that they have to meet to pay off a mortgage.

“Banks do price reductions on a more regular basis because they may have a bottom line that they have to meet to pay off a mortgage.”

Writing an offer on a bank foreclosure versus an offer for a homeowner sale is still the same. The offer will still have to be presented to the seller, whether that’s bank or the homeowner themselves, and then negotiated out like any other contract is.

Do not be afraid of bank foreclosures. There are a lot of stories about whether they are harder to deal with, easier to deal with, or if you can get a great deal on a property. That all depends on if the bank has rehabbed the property and got it ready to sell or if it has bigger issues like any home could.

All in all, bank foreclosures are still good properties to buy. You just have to make sure, as with any other property, that you get a home inspection completed first.

If you have any additional questions or are interested in buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.

 

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Posted in Real Estate Videos
April 10, 2018

Home Warranty

Home Warranty

Posted in Preferred Vendors
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Remodeling/ Contractor

Remodeling/ Contractor

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Financial Advisor

Financial Adviser

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Roofer

Roofer 

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Title Company

Title Company 

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Home Inspectors

Home Inspectors 

 

 

Posted in Preferred Vendors