Homeowners Should Have Some “Fear of Missing Out” on This Market

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Buying a home, FOMO, homes for sale in Jacksonville FL, Jacksonville FL Real Estate, Jacksonville Real Estate, real estate, real estate advice, real estate information, Real Estate Team, real estate tips, Selling a home, selling your home, selling your home in the summer. summer real estate, The best real estate agent in Jacksonville

If you’ve been thinking about selling and hesitating or simply waiting, you may want to start thinking about how you’ll feel if you miss out on the best time to sell your house in a long time. You never know when (or if) conditions will be like this in the real estate market again.

It’s been a sellers’ market for quite some time now, and with rates going up significantly and home prices still historically high, there’s a lot of chatter about whether or not there’s a real estate “bubble” that’s about to pop. In particular, The Federal Reserve Bank of Dallas recently warned about the potential of a housing bubble and how buyers’ “fear of missing out” (FOMO) is making it worse.

On the other hand, a recent survey revealed that home buyers are still hopeful and feel that it will still be a good time to buy a home in the next three months. 

That’s despite the fact that even though there have been signs and reports about the market slowing, according to this Realtor Magazine article, as of March sellers have still been:

• Receiving an average of 5 offers on their home
• Selling for above list price over 57% of the time
• And 87% of listing sold in less than a month

Much of that may very well be fueled by buyers’ FOMO, but it can’t and won’t last forever. That’s how the real estate market works—it goes up, then it goes down, and then back up again in cycles. So even if you “miss out” on this moment in history, there will certainly be a time when home values are this high, or even higher. 

But will there be such a combination of high values, low inventory, historically low rates, andhigh demand? And when will it happen? How will you feel if you “miss out” now? 

Those are questions you need to ask yourself if you’ve been toying with the idea of selling your house. 

The Takeaway:

Don’t be fueled by fear of missing out, but definitely think about how it would affect you if you did, because the market’s still in your favor…for now at least. If you’re going to sell in the next few years, now is as good a time as any to take advantage of the fact that buyers are still hopeful, offers are plentiful and over asking price, and homes are selling quickly.

GITT (get in touch today!) Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

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Hate Your Neighbor? New Survey Shows You’re Not Alone

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Do you have a neighbor that annoys you? The chances are, you do! According to this REALTOR Magazine article, a recent survey done by Lending Tree revealed that 75% of Americans don’t like their neighbor.

What bugs people about their neighbors the most? Take your pick:

• They give off a “weird vibe” (28%)
• They’re too loud (27%)
• They’re rude (27%)
• Disruptive pets (17%)
• They’re nosy (16%)
• They don’t maintain their home (16%)
• Unruly kids (13%)
• Guests park in front of their home or in their spot (13%)
• They’re smokers and the smell is bothersome (11%)
• Disagree with political views (4%)
• They rent their house out short-term (3%)

So if you have a neighbor that annoys you for any of those reasons, just know that you’re not alone. But simply knowing that doesn’t make it any better, so here are a few tips on how to avoid or deal with neighbors you don’t get along with.

1. Try before you buyBefore you buy or rent a place, take a walk around the neighborhood during the time people will likely be outside. Get a feel for how they greet you…or don’t greet you. Chat with the neighbors you’ll potentially live directly next to if possible, and see what they’re like. Walk around and just watch and listen to what goes on in the area. If possible, do this on different days and times to get a more thorough feel.
2. Be pleasant and friendly Most people aren’t going to intentionally annoy someone who’s pleasant and friendly with them. Whether you like them or not, just being nice can go a long way in getting them to treat you nicely. And if they do something that bothers you, it’ll be easier to have a conversation and resolve the issue.
3. Avoid themPeople complain about how everybody is so busy nowadays, and even when they’re home, they spend all their time inside. So, you can probably live on the same street or in the same neighborhood as someone and not interact all that much. So if you don’t see eye to eye with someone, just do your best to avoid having to even lay eyes on them as much as possible. 
4. Have a chatIf you have a problem with a neighbor and can’t avoid them or the issue, don’t come at them aggressively. Bring up what bothers you in a diplomatic way. See how they react before you presume they’ll be defensive or argumentative. They may have no clue that they do something that bugs you, and they might be willing to do whatever it takes to keep the peace. 
5. Put it in writingIf you have a chat and it doesn’t go over well, or the problem persists, see if what they’re doing violates any local laws or ordinances. If it does, let them know that you’d prefer to avoid reporting the behavior to authorities, but will if it continues. Putting it in writing puts them on notice that you’re serious. But, it is a serious step, so only do this if it’s intolerable, because it’ll be hard to be on friendly terms at all afterwards. The best outcome you can hope for going this route is that they cease the behavior, but you still won’t be on good terms. 
6. Call the authoritiesIf it persists or escalates, you may just have to call the police or local authorities to step in.
7. Maybe moveThe last resort is to just move. If you don’t feel safe or comfortable, definitely consider moving. But if it’s just not ideal, and you wish you had better neighbors, think twice about moving. As you can see by the results of the survey, the chances are, even if you move somewhere else there’s a good chance you’ll have a neighbor you won’t like.

The Takeaway:

As statistics show, there’s a good chance you won’t like a neighbor wherever you move, which also means there’s a good chance one of your neighbors won’t like you. Even if you live on a one-way street, being a good neighbor is a two-way street. As much as a neighbor might annoy you, you could be doing something to annoy them. So think about how you’d want to be treated if that were the case, and treat your neighbors similarly. Try to handle your grievances with diplomacy, respect, and understanding.

Get in touch and let’s find you a GREAT neighbor! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Just Sold Your Home? Make Sure to Do These Things

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You just sold your house. Congratulations! But while you’ve knocked the biggest task off of your moving to-do list, there are still things you’ll need to take care of as you transition out of your current home and into a new living situation.

So what, exactly, are those things?

A recent article from realtor.com outlined key things sellers will definitely want to consider doing following the sale of their home, including:

• Organize and file all of your paperwork. After you sell your home, you may be tempted to toss your paperwork into a drawer and forget about it—but when tax day rolls around, you’ll need copies of any paperwork associated with the closing and settlement. Make sure to organize and file all of your paperwork in a safe place; that way, when April 15 hits, you’ll have everything you need for your taxes ready to go.
• Send change-of-address notices. Once you sell your home and move out, you want to make sure your mail follows you to your new address—so make sure to fill out your change of address form ASAP. (In fact, the US Postal Service recommends completing your change of address request 30 days before you move out.)
• Think about what you need from a buying agent. Sometimes, the agent that helped you sell your house is the perfect person to help you find a new home—but not always. Before you commit, think about what you need from a buyer’s agent—and whether your selling agent fits that criteria. (For example, if you’re moving to a new city, you’ll probably want to work with an agent that’s familiar with the area.) If you do opt for an agent other than the one who helped you sell your home, ask him or her for a referral to an agent they trust to help you with your purchase.

Want more tips? Get in touch! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Selling a Home in Today’s Market? Don’t Believe Everything You Hear

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People say a lot of things about selling a home in today’s market. But unfortunately, some of it isn’t true—and buying into those myths can have a negative impact on your home sale.

So what, exactly, are people saying about selling your home in today’s market that just don’t align with the facts?

A recent article from realtor.com outlined common myths about selling a home in today’s market that simply aren’t true, including:

• “Buyers will take anything—so there’s no need to renovate or repair.” Many sellers think that low inventory means that buyers will be willing to pay top dollar for any property. But the truth is, many buyers are put off by homes that appear like they need a lot of work. So while there’s no need to completely renovate your home prior to listing, making small, cosmetic repairs (like tidying up the landscaping or repainting the walls) can make a huge difference in how attractive your home is to buyers—and ultimately, how quickly (and profitably!) your home sells.
• “There’s no need to invest in marketing my home; in this market, homes sell themselves.” It may be a seller’s market—but that doesn’t mean, as a seller, you don’t have to put in any effort to sell your property. Buyers spend a lot of time scouting homes online—so if you want your home to sell, you’ll want to invest time and resources into making your listing as attractive as possible (for example, getting professional photos of your property).
• “In a bidding war, choosing the highest offer is always the right move.” Bidding wars are a common occurrence in today’s market—and many sellers believe that, if their home inspires a bidding war, they should accept the highest offer. But that’s not always true. There’s a lot more to an offer than just the purchase price—and going with a slightly lower offer with better terms (for example, more flexible closing terms or an all-cash offer) is often a better option than just choosing whichever offer has the highest dollar amount.

The Takeaway:

So what does this mean for you? If you’re thinking about selling your home, it’s important to arm yourself with the right information about how to navigate the current market—and to avoid buying into myths that could potentially derail your sale.

7 Ways for Homebuyers to Deal With Rising Interest Rates

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Buying a home, homes for sale in Jacksonville FL, interest rates, interest rates rising, Jacksonville FL Real Estate, Jacksonville Real Estate, Mortgage changes, mortgage rates, real estate, real estate advice, real estate information, Real Estate Team, real estate tips, rising interest rates, The best real estate agent in Jacksonville

If you’ve been considering buying a house — or if you’re actually in the process — you’ve probably heard two things quite a bit lately:

1. Interest rates are on the rise.
2. They’re still historically low.

Yes, they are still historically low, but that doesn’t change the fact that they’re higher than if you’d just bought a house a little while ago. Kind of painful to hear, huh? 

What you’d probably rather hear is that rates and house prices will come down in the near future, so just hold on a little while and waiting will have paid off. Unfortunately, it’s looking like rates could go up even more in the near future, and house prices aren’t looking like they’ll definitely take a dramatic tumble. 

So let’s look at some ways you can deal with rising interest rates to make your payments as manageable as possible, and maybe even save some money.

• Clean up your credit. The better your credit is, the better your rate will be. Take a look at your credit report and see if there’s anything glaringly wrong that you can have corrected. If it all looks foreign to you, ask your mortgage rep or a credit repair specialist to take a look and give you advice on anything they see that you could get corrected, pay off, or pay down in order to raise your credit score.
• Shop around. Check with several lenders and see who offers you the best rate. Or go through a mortgage broker who has access to many lenders and can do the shopping for you. Be careful if one sounds way too good to be true; they could be quoting you a much better rate, but beware of the fees. If you have access to a credit union or a smaller local bank that knows you, make sure to check with them—they often have better rates because they lend their own money and / or have a closer relationship with their customers.
• Buy discount points. Consider buying down your mortgage rate by paying “discount points.” These are fees you pay up front in order to get a lower mortgage rate. Buying a point will cost you 1% of your home loan and will generally buy your rate down by a quarter percent, although that can vary from lender to lender. Most will have a cap on how many points you can buy, and they also may offer you the option of buying lower increments than a full point. This is a good option if you plan on staying in the house for some time. Make sure to weigh how much it’ll cost you, and how long it’ll take to break even and then reap the benefits in terms of savings. 
• Lock in your rate. Even though rates have already been on the rise, there’s a good chance they’ll go up even more. Rate locks are typically only offered for up to 60 days, so if you’re serious about buying soon, consider locking in at the current rate. Make sure to ask your lender how much a rate lock will cost you, if anything. Also find out if they offer a “float down” option, which will allow you to get a lower rate than you locked in at, if the rates do happen to come down before you close on your house.
• Get an adjustable rate mortgage. Rates have been so low for so long that there wasn’t much demand for adjustable rate mortgages, since the 30-year fixed-rate mortgage was so affordable. But now that people are trying to save money however they can on their rate, adjustable rate loans are making a comeback. These typically afford you a better interest rate at a fixed rate, but only for a certain number of years before they adjust (as the name suggests). They could adjust up or down, depending upon what rates are when the time comes. To be safe, plan on the worst-case scenario of the rate being higher when that day comes. The length of time you have before the rate adjusts is often 5, 7, 10, or 15 years. These are perfect if you’re not even thinking about staying in the house for a full 30 years. So, consider how long you plan on staying in your house, and opt for one that won’t adjust before you move so you won’t be affected by a rate adjustment at all. For instance, if you’re pretty sure you’ll move in the next decade, a 10-year ARM might be the way to go.
• Pay biweekly. By paying half of your monthly mortgage payment once every two weeks, you end up making an extra payment per year. Doing this cuts years and lots of interest off of your loan. 
• Refinance when rates go down. Keep an eye on mortgage rates. When they come down a good amount, refinance your mortgage at a lower rate.

So, even if rates aren’t as low as they were in the recent past, you still have some options and control over how much interest you have to pay. Use one, or a mix of the strategies above, and you’re bound to save money! Let’s strategize together…Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com