Posts Tagged as 2016 Real Estate Trends

Closing Costs by State

Which States Have the Highest and Lowest Closing Costs?

After would-be buyers scrounge up a down payment, secure financing, and negotiate a winning offer, many are left with sticker shock following the announcement of closing costs, a not-so-tiny detail amongst real estate trends of ever-climbing costs in property purchases.

All things being equal – closing costs are not
Overall, closing costs tend to run between 3% and 6% of purchase price. However given the cost of home appraisals, credit reports, attorney and numerous other fees, not to mention highly-variable title and homeowner’s insurance, buyers can find hundreds of dollars in difference between lenders – so regardless of state, it pays to shop around.

What states stick-it to home buyers the most?
Given a $200,000 home, a 20% down payment, and excellent credit, let’s take a look at real estate trends involving closing cost quotes from these top-5 notoriously expensive states…

• Hawaii
The highest average closing costs in the nation at $2,655. (Which in reality is infinitely more painful, as the island-state’s median listing price is in the $510,000 range.)

• New York
An average $2,560 in closing costs. (Average median home price $720,000 – yowsa!)

• North Carolina
Averaging $2,409 in closing costs. (Average median home price $144,600. Whew.)

• Delaware
Averaging $ 2,358 in closing costs. (Average median home price, $211,700. Not too shabby.)

• South Carolina
Averaging $2,322 in closing costs. (Average median home price, $139,500. A bargain!)

A helping hand
Keeping an ear out (or researching) lenders in your area (and online) with the lowest closing costs to pass on to buyers is in your best interest. Help them understand what costs include, so last minute budget-busters don’t sink sales. Also help them understand that in this market, it’s unlikely closing costs will be covered by sellers, who often have many other interested buyers.

Don’t let the latest real estate trends put a squeeze on your sales. Find the help you need to stay on top, only with Properties Online.

Tips for Putting Together Marketing Videos

Are You One of the New Breed Realtors?

Just 15 short years ago, the real estate market was a different beast, with information buried in file folders and prospective property buyers unable to source necessary information without the help of an agent. Today’s real estate trends are quite different. Gone are paper and file cabinets, replaced with a glut of online websites, apps, and technology that puts buyers in the driver seat… How can you stay relevant?

Become a new breed of realtor
Advancements in the tech industry have provided tons of tools that allow agents to make better use of data – and remain connected on-the-go – necessities in today’s fast-paced market. If you’re not raising the bar for what it means to be a good agent here, you could get left behind by more tech-savvy agents, or the consumers themselves.

Making the mutation
Real estate today is no longer about possession of information; it now centers on the ability to translate that information into something useful for buyers and sellers. To accomplish this, you need technological resources designed to put you in the driver’s seat, proving your relevance through client experience.

Finding an edge
Technology that simplifies the buying or selling process for consumers adds incredible value. But why is this important when consumers have near-instant access to information? Because now clients suffer the opposite – information overload. Raw data is imperfect. Consumers are in need of timely and relevant information. Your edge is in the ways you find to provide it to them – fast – which makes finding the right technology that much more essential.

Continued evolution
As more advanced technologies are invented that change the market, bridging the gap from sellers to consumers, your continued evolution will be key to survival. Redefine yourself in the wake of today’s endlessly changing, tech-driven real estate trends. Make the move to a new breed of realtor with the help of Properties Online today.

2016 Real Estate Trends: The Move Towards Online Real Estate

Has 2016 Delivered on the Projected Commercial Real Estate Trends?

Trends are emerging that will disrupt “business as usual” in the commercial real estate market. Dropped your crystal ball? No worries – we’ll fill you in…

Time’s they are a changin’ – redefining this market segment and plotting a new course:

• More general development
In this sixth year of recovery, office, industrial, hotel and residential development are expected to grow as the economy shapes-up, interest rates increase, and access to financing widens.

• Retail stalls, warehouses boom
As e-commerce continues to change the landscape with faster delivery options and the rise of online shopping/in-store pickups.

• Autonomous vehicles and car sharing
Could transform real estate markets – and parking situations. This includes drones and driverless vehicle technology.

• Flexibility is key
The process of identifying space to meet consumer needs (variable schedules, shifting calendars, shared space) will be accelerated due to high demand. Real estate owners should be looking to form partnerships with these shared providers.

• Multi-tasking environments will be in huge demand
Places where people can work/live/play 24/7 – on-site and without the 30+ minute commute. And this re-urbanization is underway globally.

• Rising capital investments
As institutional investors strive to take advantage of these changes and boost portfolios. Mergers/acquisitions will rise, and REITs could go private through buyouts.

• Customer migration to online real estate shopping, sales, and more
Tenants/customers looking for better, faster service will rely on the Internet for more data access (i.e.: who has the space they’re looking for at the best price), as well as the streamlining of property operations (hint: controlling heating and air conditioning systems/costs are only the beginning). Real estate owners must start investigating ways these evolving technologies can improve interactions with tenants and customers now if they want to ensure future success.

Don’t get stuck in the past, look into the future of commercial real estate. Take advantage of the next generation of real estate sales technology. Grow with the changing world with Properties Online today.

Home Staging Doesn't Have to Break the Bank

The Wow Factor Doesn’t Have to Be Expensive – Staging Tips

While staging a home is very important when you are trying to move it quickly, spending too much on the staging process can take a big bite out of your profits. Here are a few real estate selling tips to help you stage a home without having to break the bank:

Depersonalize the Space

One person’s dream might be a potential buyer’s nightmare when it comes to decor. Small touches of personality generally are not a big deal, but when an entire room is dedicated to the owner’s clown painting collection, it can turn a lot of people off. Putting away items that are too personalized, such as eccentric collections and personal photos, for what should be a generic home showing is the key to getting people to imagine themselves in the space.

Highlight the Positive Features

Draw special attention to the aspects of a home that buyers typically love. If there is a fireplace, get a fire roaring (except in the middle of the summer) and show the home at night. Homes with several bedrooms should be given their own theme to highlight the fact that there are many different bedrooms for children to choose from. Water features should be turned on and any other outdoor areas should be prominently featured on your website so potential buyers know what to look for.

Stimulate Olfactory Nerves

Opening up the windows to get some fresh air in a stuffy house is a great way to get musty smells out before a potential buyer shows up. When you do not have that option, or even if you do but want to add to it, buying a few air fresheners will make a home smell pleasant, helping buyers to associate the house with positive thoughts.

For more staging tips, or to learn about how the web is becoming the dominant avenue for residential real estate sales, visit us at Properties Online.

What Does the Average Home Buyer Look Like?

Millennial Home Buyers Shake Up the Real Estate Market

In multiple markets, Millennials are snatching up housing, outpacing Boomers in the purchase of new homes in 88% of the top 100 Core Base Statistical Areas (CBSAs). In 33% of the top metro areas, they are even outpacing Gen-X buyers. Are you cashing in on the latest real estate trends for 2016?

Where are Millennials migrating?
Nationwide, 16.7% purchased a resale home; 30.04% a new home. Of the top 100 markets, Millennial purchases include:

  • Austin-Round Rock, Houston-The Woodlands-Sugar Land, and Dallas-Fort Worth-Arlington are the top 8 metros where millennials comprise a large percentage of buyers.
  • San Antonio – 39.6% of homes purchased by Millennials (Gen-X 30.33%; Boomers 13.96%)
  • Houston – 34.47% (Gen-X 34.47%; Boomers 11.57%)
  • The Chicago metro, including northwest Indiana and southeast Wisconsin, and the Washington, D.C. metro are also comprised of a large portion of Millennial buyers.

Are they buying lower-priced homes?
Millenials are also purchasing homes in areas that top median home sales, with four metro areas in California at the head of the list. These include California’s Bay area as well as (in order of expense):

  1. Napa, CA:
    The top median home price ranking, with three closings at a median price of $762,500.
  2. The San Francisco metro area, including San Francisco, Oakland, and Hayward:
    451 new home closings with a median price of $696,700.
  3. San Jose, CA, including Sunnyvale and Santa Clara:
    133 closings with a median price of $640,700.
  4. Southern California, including metro Los Angeles, Long Beach, and Anaheim:
    Sales in this region include 537 new home closings at a median price of $612,900.
  5. Urban Honolulu, HI
    125 home closings with a median price of $500,000.

In real estate trends for 2016, it appears Millennials’ are finally moving up. Do you have what it takes to cater to this new generation of homebuyers? Properties Online can help. Contact us today.