Nearly Half of Buyers Cite Bidding Wars as Biggest Hurdle on the Path to Homeownership

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Thanks to historically low inventory and rising prices, today’s real estate market has been challenging for many buyers. But what, exactly, are the biggest challenges facing buyers today?

According to recent data from the National Association of Home Builders, nearly half of buyers in Q1 2021 (45 percent) cited continually losing out on bidding wars as the reason they haven’t been able to successfully purchase a home. (Not being able to find an affordable home was the second most cited reason, with 32 percent of buyers being unable to find a home in their price range.)

The Takeaway:

So, what does that mean for you? If you’ve been thinking about buying a home, it’s important to understand the challenges of the current market; that way, you can better prepare yourself for bidding wars—and be prepared to make offers that grab the attention of a seller and increase your chances of getting that offer accepted. We have worked in this type of market in the past and are experienced in helping our customers WIN the home they want and deserve! Give us a call…Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

It’s True What You Hear! There’s Never Been a Better Time to Sell!

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JUNE 29, 2020

NAR: Pending Home Sales Soar 44.3% in May

By Kerry Smith

The increase broke all records since NAR started tracking the sales. At May’s 99.6, the pending sales level was about equal to those in 2001. NAR’s economist calls it a “spectacular recovery for contract signings” and shows “the resiliency of American consumers.”

WASHINGTON – Pending home sales mounted a record comeback in May, seeing encouraging contract activity after two previous months of declines brought on by the coronavirus pandemic, according to the National Association of Realtors® (NAR). Every major region recorded an increase in month-over-month pending home sales transactions – and the South also experienced a year-over-year increase in pending transactions.

The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – rose 44.3% to 99.6 in May, chronicling the highest month-over-month gain in the index since NAR started the series in January 2001.

While the increase broke records, however, year-over-year, contract signings fell a slight 5.1%. An index of 100 is equal to the level of contract activity in 2001.

“This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers and their evergreen desire for homeownership,” says Lawrence Yun, NAR’s chief economist. “This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”

“More listings are continuously appearing as the economy reopens, helping with inventory choices,” Yun says. “Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”

According to data from realtor.com, active listings were up by more than 10% in May compared to April in several metro areas.

“The outlook has significantly improved, as new home sales are expected to be higher this year than last, and annual existing-home sales are now projected to be down by less than 10% – even after missing the spring buying season due to the pandemic lockdown,” Yun says.

NAR now expects existing-home sales to reach 4.93 million units in 2020 and new home sales to hit 690,000.

“All figures light up in 2021 with positive GDP, employment, housing starts and home sales.” Yun says that in 2021, sales are forecast to rise to 5.35 million units for existing homes and 800,000 for new homes.

The month of May saw each of the four regional indices rise on a month-over-month basis after all were down in April 2020. The Northeast PHSI grew 44.4% to 61.5 in May, although it was still down 33.2% year-to-year. In the Midwest, the index rose 37.2% to 98.8, down 1.4% from May 2019.

Pending home sales in the South increased 43.3% to an index of 125.5 in May – a 1.9% increase year-to-year. The index in the West jumped 56.2% in May to 89.2, down 2.5% from a year ago.

© 2020 Florida Realtors®

Aging in an Accessible Home

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Aging, Aging in an accessible home, aging parents, downsizing, home accessibility, Homes for sale in Jacksonville, homes for sale in Jacksonville FL, homes in Jacksonville, Real Estate Team

If you love your home and plan to live it in through your retirement years, you’ll want to be sure it’s safe for you as you face some of those little challenges aging presents. Assess your home and see if there are any changes you may need to make. Doing so will not only reduce the risk of injury, but it will also give your loved ones peace-of-mind, especially if you live alone.

Here’s what you’ll want to inspect as you consider aging in place:

1. Bathroom handrails. Next to the toilet and tub are top choices. Not only are they there for moments of instability, but they can help you raise and lower yourself more easily. You might also consider converting to a walk-in shower with a seat.

2. Non-slip surfacing. Showers and tubs are much safer if you reduce the chance of slippage. Having coating installed to facilitate your grip is a good idea.

3. Stairway railings. Both inside and outside stairways should have sturdy, useful rails (i.e. not just decorative).

4. Ample lighting. Consider adding lighting indoors and outdoors. Decreased visibility is a major contributor to falls. Lighting also adds security by deterring would-be burglars.

5. Sharp edges. Tables, countertops, and other areas were sharp edges are likely to be found should be replaced with rounded surfaces.

6. Flat thresholds. Transitions from room-to-room should be as bump-free as possible. You may be used to stepping over the occasional random stair or elevated threshold, but you might not be so agile as you age.

7. Storage height. If you’ve been used to climbing up and down step ladders to access your storage spaces, look for alternative storage options.

8. Furniture support. Is your couch too low? Do your chairs have arm rests for support? Are countertops too high? Find the sweet spot where comfort and safety meet.

Home size is often an issue as well, especially if there are upkeep and maintenance issues to consider. Of course, if you’ve decided your current home isn’t the greatest for an age-in-place approach to your golden years, we are happy to help you sell your current home or look for a new one:  Kevin and Jennifer Hanley, REALTORS – http://www.HanleyHomeTeam.com 904-515-2479 The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside

Tips for Adding a Bathroom to your Home

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Have you been living with a single-bathroom home? Is the time here to consider adding an extra full-bathroom or “water closet” to your existing layout? First, know that of all the renovations you can make to a single-bathroom home, adding an extra bathroom is one of the soundest investments you can make. With rare exception, the money you put into a second bathroom should pay handsomely when you list your house in the future. The bathroom is one of the most-used rooms in your home and it can have a profound impact on how prospective buyers see your home in the future once you’re ready to move on. If you’ve been curious about the process or want to make the leap two a two-bathroom home without relocating, you’ll want to keep some tips in mind about this special renovation project.

1. Think about where you can add a bathroom versus where you think it’s ideal. You’ll want to identify where your existing water and waste lines are in the home. Adding a bathroom across the house ups the complexity and expense.

2. Single-story homes with crawl spaces have a bit more flexibility for adding a bathroom since crawl spaces provide easy access for running plumbing lines. If you have a two-story house, aligning your new bathroom (either upstairs or down) with your existing one can ease plumbing challenges.

3. Adding a tub can add value, especially if you suspect future buyers might have children.

4. Natural light and ventilation are a big plus. While fans are common and should be installed, being able to draw in sunlight or air out a bathroom via an exterior wall can really upgrade the luxury feel.

5. Always get the proper permits for work and only collaborate with licensed and bonded contractors. You want to make sure you’re covered in the event of any problems and you’ll definitely want to be able to show future buyers that your work is legit and up to code.

6. Choose high-end design fixtures where possible, especially if the bathroom is small. Innovative luxury options can make the room feel larger and really add that “wow” factor. Some nice-to-have options include a towel warmer and separating the toilet from the rest of the room via a “water closet” partitioning. Go with neutral palettes and classic tiles for a timeless effect. You can always jazz up the space with rugs, towels, or other bath accessories.

If adding a bathroom sounds like more hassle than it’s worth, you might want to consider your next move! We’d be happy to help you find a home with your dream bathroom already included! Kevin and Jennifer Hanley, REALTORS – The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 www.HanleyHomeTeam.com

Hiring a Property Manager

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One of the most important decisions you can make as a real estate investor is hiring the right property manage for your investment property. The difference between a cash-flow positive property and a drag on your finances can be an experienced, professional property manager.

You should always interview more than one property management company when you’re evaluating property managers, but do you know what to look for in a property manager? If not, these tips will help put you on the right path.

1. Find certified property managers first. Consult the National Association of Residential Property Managers (http://www.narpm.org/) to seek out property managers with certifications and designations.

2. Look for property managers with ten to fifteen miles of your property. You need managers who are willing to be hands-on and local when it comes to managing emergencies and conducting inspections.

3. Make sure your manager conducts monthly inspections. Just because they’re local doesn’t mean they’re up on inspections, so get a guarantee they’ll inspect the property each month.

4. Inquire as to how many properties the property manager currently manages. You want to be sure they’re not taking on more properties than they can handle. It’s important your property remain a priority.

5. Ask what sort of technology they use to help them manage properties. PropertyWare, Yardi, HERO, and Appfolio are some of the leading software packages on the market. Also be sure to check out their website and any social media presence they may have.

6. Be clear about fees. Make sure you understand every detail about the manager’s fee structure.

7. Ask them to detail their screening process for tenants. Don’t be shy about asking them what sort of modifications they’re willing to make based on your preferences.

If you’re new to real estate investing, I’d be happy to start you on the path to diversifying your holdings with real property. Curious what’s on the market now? Get in touch:

Kevin and Jennifer Hanley, REALTORS – The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

 

What is an MLS?

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Do you understand what an MLS is? If you’re searching for a home, an MLS (Multiple Listing Service) is absolutely crucial for discovering homes and marketing homes to agents and potential buyers. Get a clear understanding of the benefits of an MLS!

Odds are you’ve spent a little time online searching for homes. After all, most home searches begin online. You may have even used a broker’s website or a site like Trulia or Zillow to help you browse listings.

But where does listing information come from?

Way back in the day, prior to the Information Age revolution, brokers used to gather and exchange information about their properties. The idea was fairly straightforward: I’ll help you sell your properties if you help me sell mine. It’s a “private offer of cooperation and compensation.” Cooperation meant the real estate industry could thrive and buyers and sellers could enjoy smoother transactions.

This spirit of cooperation gave rise to Multiple Listing Service(s) (MLS). By consolidating information about housing inventory in an MLS, listing brokers and buyers’ brokers can easily share up-to-date information about homes on the market. Though an MLS is typically a private database available to brokers, much of the information is syndicated to outside sites in the interest of casting wider net for buyers and sellers.

As an MLS is the primary source of information about a property, it tends to be the most accurate. It may also contain private information for use by brokers only, such as times the home is available for showings and seller contact information.

There are upwards of 850 MLS databases in the U.S. alone, and to a certain extent, there is market pressure to centralize these into a national MLS database. We’re sure to see changes in how Multiple Listing Services are used in the future, but the core benefits to home sellers and buyers is sure to remain.

Ready to put the power of an MLS to work for you? Search with me today for homes on the market right now.  You can search like us at http://www.HanleyHomeTeam.com or call us at 904-515-2479 – Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside

 

Pool Safety

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POOL SAFETY FINAL PRINTED – reprinted with permission

The Hanley Home Team wants our customers, and future customers, to remain happy and healthy this summer.  Please find the following important pool safety tips.  Of course, if you are looking for a pool home in the Jacksonville, FL area, please count on us!  Kevin and Jennifer Hanley, REALTORS, http://www.TheHanleyHomeTeam.com, Keller Williams Realty Atlantic Partners Southside, 904-515-2479

Jacksonville, FL just named #1 hottest real estate markets to watch in 2017!

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The entire article and list of cities can be found here: https://www.trulia.com/blog/10-hottest-real-estate-markets-to-watch-in-2017/

 

By Blake Miller | Dec 28, 2016 10:30AM

Trulia’s annual hot-market ranking has a few surprises in store.

There are lots of reasons to choose a place to put down roots. Maybe you’ve been transferred for work. Maybe you’ve always wanted to own real estate in Charleston, SC, and you’ve found a deal that’s too good to pass up. Whether you’re looking for an investment or a new city with new opportunities, Trulia has compiled a list of the top 10 real estate markets poised for growth in 2017 based on five key metrics including high affordability, strong job growth, low vacancy rates, home searches on Trulia, and, because of the 2016 election’s outcome, a big population of Republicans. Did your favorite city make the cut?

 

1. Jacksonville, FL: Jobs and a great location

Situated on the banks of the St. Johns River and oft-considered part of southern Georgia given its proximity to its northern neighbor, Jacksonville, FL, has quite a bit going for it. Why is it so appealing? First, there are serious job opportunities. Jacksonville posted a 3.8% job growth rate in 2016, which makes it one of the healthiest markets for employment opportunities in the state. Second, there’s an increasing influx of people — which contributes to the area’s very high ratio of inbound home searches on Trulia by out-of-towners versus outbound searches by locals looking to leave. “There are so many people moving here and very little leaving,” explains Michael Paull, an area real estate agent. “There’s long-term economic stability here plus great schools, fantastic weather, and proximity to the ocean.”

– See more at: https://www.trulia.com/blog/10-hottest-real-estate-markets-to-watch-in-2017/#sthash.bs8nOey2.dpuf

Fireplace Safety for Fall

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Gathering the family around a crackling fire can be one of the joys of the coldest months… or it can be a nightmare. It’s one thing to be seated cozily on the couch while the firewood glows, and quite another to be standing on the curb in the cold watching the fire department trying to save your home.

More than 14,000 fires begin each year in fireplaces, and fires are the cause of nearly $900 million dollars in property damage. Don’t be a victim because of shoddy maintenance or careless usage of your fireplace. This goes for both wood-burning and gas fireplaces.

Here are some tips to maintain your fireplace and protect your life:

1. Before the coldest months set in, get your fireplace inspected. Remember, most inspection companies will be very busy during the winter, so try and secure an inspection at least a month or so before you anticipate using your fireplace heavily.

2. Inspect your fireplace before you use it. Take a flashlight and look in the flue. Look for obstructions. Check for cracked bricks, missing mortar, or other signs of damage. Be sure to clean out any ashes and dispose of them in a metal-lid trash can.

3. Burn properly. This means using seasoned hardwood (which avoids creosote accumulation), and burning logs on an approved rack or elevated grate. Also, don’t burn trash, cardboard, or other debris in your home fireplace.

4. Keep the area around the fireplace clear. Don’t put your Christmas tree near the fireplace, or anything else which is liable to combust. If it’s flammable, keep it safely distant from those flames.

5. Guard against sparks. Sparks may periodically leap from your fireplace, so use a screen to prevent them from landing on rugs or nearby furniture.

6. Don’t leave the house with a fire burning. Extinguishing a fire before you leave is common sense, so don’t leave those burning logs unattended!

Would you like a home with a fireplace? Let us help you find just the right one:  Kevin and Jennifer Hanley, REALTORS http://www.HanleyHomeTeam.com 904-422-7626 Keller Williams Realty Atlantic Partners Southside

Keller Williams Keeps on Growing!

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Buying a home, Homes for sale in Jacksonville, homes in Jacksonville, Keller Wiliams, Keller Williams Realty Atlantic Partners Southside, Real Estate Team, The best real estate agent in Jacksonville

Keller Williams Q3 earnings continue to show growth

Keller Williams increased its agent count and number of transactions this quarter

BYAMBER TAUFEN STAFF WRITER

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Numbers only tell part of a company’s story, of course — but they’re an important indicator of how any given company is doing at any given point in time.

This quarter’s earnings report from Keller Williams continues to tell a story of growth.

The company reports $78.9 billion in sales volume in the third quarter of 2016, a 15.2-percent increase over the third quarter of 2015. It also reports that its agents closed 279,289 transactions in Q3 (up 12.7 percent over Q3 2015), and that franchisee owner profit and profit share increased 7.5 percent and 10.4 percent year-over-year, respectively.

“During September, when traditional real estate is content to slow down, we set all-time company records in every major production category we track,” said John Davis, president of Keller Williams, in a statement. “Our agents are focusing on the right activities at the right time. They’re expanding market share and funding bigger lives for their families.”

Keller Williams also reports that its net agent count grew by 5,431 agents in Q3, bringing its total agent count in the U.S. and Canada to 139,367. The company’s worldwide associate count is 152,331 and includes agents, office leadership, staff and coaches.

“While our top teams are closing more than 1,000 transactions annually, the median across Keller Williams is now between 7 and 8 [transactions per agent],” said Darryl Frost, spokesperson for Keller Williams.

“Our units per agent are holding strong, and both volume per agent and GCI [gross commission income] per agent have increased year-to-date in the midst of enormous gains in agent count,” added Frost.

“Our agents and local leadership teams are working hand-in-hand to build strong businesses and deliver a great consumer experience,” said Chris Heller, CEO of Keller Williams, in a statement.

Year to date, Keller Williams reported that:

• It’s global associate count is up 16.8 percent year-over-year.
• Closed transactions total 739,548 units, up 15.5 percent year-over-year.
• Its sales volume is $206.6 billion, up 18.9 percent year-over-year.
• Owner profit is $142 million, up 14.2 percent year-over-year.
• Profit share is $122.1 million, up 17.1 percent year-over-year.

For the fourth quarter of the year, Keller Williams is looking at these key performance indicators that could help forecast Q4 performance:

• In Q3 2016, agents took 177,134 new listings, an 8.2 percent increase over Q3 2015.
• The volume of listings taken totaled $53.4 billion, up 12.7 percent over Q3 2015.
• Agents wrote 295,977 contracts (projected to close in 60 days), up 11.9 percent over Q3 2015.

**Want your own awesome Keller Williams agent to help you buy or sell your home?  How about an entire team helping you!

Get in contact today – Kevin and Jennifer Hanley, REALTORS The Hanley Home Team 904-422-7626 Keller Williams Realty Atlantic Partners Southside http://www.HanleyHomeTeam.com