What's My Home Worth?

Establishing the right asking price is critical to the home selling process. Some sellers have said, "I need to start high because I can always come down, but I can't go up." That is not a good way to hit the market as a new listing. Research has shown that being overpriced is the number one reason houses don't sell. When your house goes on the market, the greatest potential for buyer traffic is in the first 30 days. By pricing it high to drop it later, you bypass your best candidates for buyers.

How To Determine The Right Asking Price?

There are a few ways to determine your home's worth. The fastest is a Property Value Website. The property valuation website uses the AVM or automated value model to estimate a property's worth. This is the fastest but least accurate. The values generated by AVMs are based on automated computer modeling from public records. They may not represent the home's actual value as they cannot consider the nuances of our local market. 

The second way is to hire a licensed real estate appraiser to appraise your property. We don't recommend hiring an appraiser for two reasons. The first reason is the cost, and the second is the appraisal report doesn't count for anything should you decide to sell your home. The only appraisal the buyer's lender will accept is the one they order. 

The third way to determine the value of your home on the market is a Comparable Market Analysis (CMA). A CMA is a free report prepared personally by one of our agents that compares your home to similar properties in your neighborhood that are currently for sale or have recently sold. By taking into account certain aspects of a home that may affect its value and marketability, including market conditions, location, and the home's amenities and overall condition, we can better assist you in determining the value of your home. Connect with us now to get started with a FREE CMA.

Should I Buy A House Now Or Wait Until 2024?

Should I buy a house now or wait for a recession?

This is one of the most popular questions we have heard over the past year.  If you are on the fence and need help deciding "Should I buy a house now or wait until 2024," download the FREE PDF report we posted.

Get the FREE Report "Should I Buy A House Now Or Wait Until 2024" Here!

Steps to Buying a House for the first time 

We meet people who are on a journey to purchase a new home daily. For many of the people we meet, this is the first time they have purchased a home. Many people we meet need help figuring out where to start with the process. Today we discuss the Steps to Buying a House for the first time.  

Step one: Meet a realtor. Years ago, this was done at t real estate office. With advancements in technology, that is no longer the case. Meeting a real estate agent is usually done over the phone, through an online property search website, or at a property.  

Step two: Determine the home purchase parameters. Where do you want to purchase, how much do you want to spend, and what features are you looking for?

Step three: Get Pre-Approved. Your real estate agent can share a list of preferred mortgage lenders with you, or you can use your local bank. 

Step four: View homes with your agent. Home buying is a process of elimination. Viewing homes, you don't like is not a waste of time. It helps you find the one you want. 

Step five: Write an offer/contract. Your agent will help you with the purchase contract terms and prepare the documents for you to sign.

Step six: Earnest Money Deposit. Earnest money is a good faith deposit the buyer puts down to show the seller that they are serious. The buyer gets the earnest back as a credit at closing. We will discuss earnest money in more detail at a later date. Earnest money is not required by law and is uncommon in some areas.

Step seven: Perform home inspections. Vance Team Realtors always recommend home inspections. Certain loans require specific kinds of inspections. Inspections are the responsibility of the buyer.

Step eight: Final walkthrough. After the lender has approved the loan and issued the "clear to close," the buyer can do a final walkthrough and verify the property is in the same condition as the day the contract was written.

Step nine: Closing. Closing day is the day you become the new homeowner. Closing is held at a title company or real estate office. 

Step ten: Possession/Occupancy. Possession/Occupancy varies from deal to deal. Sometimes, you get the keys at the closing table, and sometimes sellers might need a few days to move out. In our area, possession/occupancy is a negotiable part of the contract.

Download your PDF Home Buyers Process Checklist here.

Value Of US Residential Housing Has Almost Doubled Since The Early 2000s

According to recent data, the total value of US residential housing is estimated to be around 43 trillion dollars. This includes all types of residential properties, such as single-family homes, apartments, and condominiums.

The value of US residential housing has been steadily increasing over the years, driven by population growth, low-interest rates, and a strong economy. In fact, the value of US residential housing has more than doubled since the early 2000s.

One of the main reasons why the value of US residential housing is so high is because of the high demand for housing in the country. With a growing population and a strong economy, more and more people are looking to buy or rent homes, which drives up the value of residential properties.

Another factor that contributes to the high value of US residential housing is the quality of the properties themselves. Many homes in the US are built to high standards, with modern amenities and features that make them attractive to buyers and renters alike.

Overall, the value of US residential housing is a testament to the strength of the country's economy and the high demand for housing in the country. While there are certainly challenges and risks associated with the housing market, the overall outlook for US residential housing remains positive.

CoreLogic has a great article on the value of US housing. You can check it out here.

What Does The Pause In Interest Rate Hikes Mean For Home Buyers?

Overall, the Federal Reserve's decision not to raise rates this time is a positive for the real estate market, as it will likely help keep interest rates stable and support continued growth in the housing sector. However, it's essential to remember that many other factors can impact the real estate market, and it's always a good idea to stay informed and keep an eye on the latest trends and developments.

The National Association Of Realtors has a great article that details what this means to the real estate market.  You can read the full article here.

Find A Real Estate Agent

In our last blog post, "Is Now A Good Time To Sell A House," we discussed the recent National Association Of Realtors data showing home values rising 4%.  It is a great time to buy or sell real estate.  If you are selling, your profits are going to be higher.  If you buy now, the market is increasing, so you can expect positive equity.  

You need to find a real estate agent before you can do either.  We are Vance Team Realtors @ Home Experts Realty Hillsboro.  We are the premier real estate agents in Highland County.  We welcome the opportunity to serve you when you are ready.

What do you do next?

If you are considering selling your existing home, contact us to schedule a CMA (Comparative Market Analysis).  A CMA will show you how much you can expect to sell your home for.

If you are considering buying a home, contact one of our preferred lenders to get pre-approved.  Being pre-approved helps us to find you the right house.  Get pre-approved here.

Take a look at what our clients say about us on Google.

Is Now A Good Time To Sell A House?

It is a great time to sell.  Inventory is low, and demand is still strong.  If you need to downsize, upsize, or move to another area and have a home to sell, buyers are waiting for you.

According to recent data from the National Association of Realtors, home values across the United States have increased by an average of 4% over the past year.  This is excellent news for homeowners looking to sell their properties, as they can expect a higher return on their investment.  Additionally, this increase in home values is a positive sign for the overall health of the housing market, as it suggests that demand for homes is strong and buyers are willing to pay more for properties.  Of course, there are always regional variations in home values, so it's essential to consult with a local real estate agent to get a more accurate picture of what's happening in your area.  Overall, the trend of increasing home values is promising for anyone interested in buying or selling a home.

How Much Is Your Home Worth?

Get a FREE property valuation now to determine how much your home is worth.

When buying or selling real estate, it is good to understand how the price is determined.

What Determines Listing Price?

There are a lot of things that need to be done *just right* when selling your home – pricing it well & competitively is one of the most important.  What are the key factors that go into finding the right listing price?  When listing a home for sale, we prepare a comparative market analysis (CMA) first.  The CMA compares the subject home to others in the area that have sold over the past three to six months.  How your home compares to homes with similar square footage, bedrooms, bathrooms, lot size, and features is the best way to come up with a listing price. 

"We should start high and come down."  "We can come down, but we can't go up."

You might be making a mistake if you list your house for sale with that strategy in mind.  Research has shown that over-priced houses stay on the market longer, costing the seller more in lost profit.  Your best chance to find a buyer is within the first thirty days.  Read more about the Dangers Of Overpricing Your Home.  

Are you curious to know how much your home might be worth?  Try our online automated home valuation tool to determine how much your home is worth.  For a more detailed estimate, call us and schedule a time for us to do a comparable market analysis (CMA). 

Which Option Is Right For You?

Finding the perfect home is like embarking on a thrilling adventure! Whether you choose a move-in ready gem, a fixer-upper with untapped potential, or a house built from scratch, each option brings pros and cons. When you begin the hunt for your perfect nest, We will be here to help!

The summer buying season has kicked off, and we still have more buyers than sellers. That has been the trend for almost three years. We thought higher interest rates would cool the market down, and we would start to see an increase in inventory. Unfortunately, that has not been the case. Inventory is low, so competition for existing homes is fierce.

How Should You Proceed If You Are A Buyer?

Some buyers have decided to sit on the sidelines and wait for the "crash."  We don't believe a crash is coming, and don't suggest getting out of the market if you want to buy a home. Connect with us immediately to help get you on the path to home ownership.  

How Should You Proceed If You Want To Sell?

The time is right to sell your home. Values are holding steady and rising in some areas. We start by looking at your home and preparing a professional market analysis to show you how much it might sell for if you put it on the market. After that, we will walk you through the selling process. We even help you find your next home if you stay in the area.  Try our Property Valuation Website for a quick estimated property value.

Seeking New Talent

New Agents Wanted

Home Experts Realty started in Dayton, Ohio, in 2011.  Since 2011 the company has grown to the third largest real estate company in Dayton, has expanded to the Cincinnati market, and opened numerous satellite offices throughout South West Ohio.  The newest location opened in Hillsboro, Ohio, in April 2023.  The Hillsboro office is at 108 Trimble Place, Suite A, Hillsboro, Ohio, 45133.

We are seeking new talent to join us at the Hillsboro office.  Bryan & Rene Vance (Vance Team Realtors) manages and operates the Hillsboro office. If you have ever considered a career in real estate or are currently licensed and looking for a change, we would love to discuss joining us.  

Contact us today to learn more about our office and company.  We look forward to hearing from you.

Bryan 937-776-3405  Rene 937-205-6513

Watch This Short Video, And Then Call Us To Get Started!