Your home is probably a lot more valuable now than it was a year ago. Median home prices increased by 14% in the past 12 months. But all sellers will not benefit equally from this increase, since they will need to purchase another home. Those that will benefit the most are downsizers and retirees with a significant amount of equity in their homes. If they are considering a smaller home or a condo and can be cash buyers they will have the edge on the market.
But if you are looking to upsize don’t dispair there are options for buying a new property while selling your home. With creativity, there are ways to make a contingent sale for purchase work for all parties and fiancing options are available that may make this transition go more smoothly. Happy to discuss selling your home in a manner that works for you and gives you the opportunity to take the next step on your real estate journey!
Adapted from Wall Street Journal “Sellers are Holding the Upper Hand” April 3-4, 2021 p. B3-4.
Working from home while quarantining has made many buyers reconsider minimum square footage for a practical and peaceful home. An extra room can be an office or just an oasis to scream in—workplace or refuge!
In addition to productive work-from-home spaces, creative areas for online schooling, fabulous kitchens and a room for exercise equipment are also on the list.
The pandemic has caused an increased demand for second homes and properties further away from the busy cities.
If you are thinking of making a change I am happy to discuss your next real estate chapter!
Home buyers routinely check a prospective neighborhood to find out where the nearest grocery store or coffee shop is located. Parents of young children are also interested in school attendance areas. Now add to the checklist whether the neighborhood you are considering has a large proportion of short-term rentals.
The growing popularity of renting a room, a granny apartment or a whole house to vacationers for extra income can result in communities with a high proportion of short-term residents on holiday.
If this is a concern, here are 6 ways to check out your prospective neighborhood.
An article in the February 26, 2021 Wall Street Journal outlines 6 ways to check out a prospective community.
- Search Vrbo and Airbnb for listings where you are considering buying. Locate the home you are considering and zoom into the cross streets on the sties’ maps, then zoom our looking for listings.
- Use airdna.co, the website used by the short-term rental industry. Click on “market minder” and input the ZIP Code where you are searching. This free site will show a map of short-term rentals, identify which are whole house rentals, which are shared houses, and how many days a year they are available.
- In a smaller municipality contact the city’s planning department and ask about the local short-term-rental laws. The gold standard in “platform accountability.” This is where platforms are held liable for listing rentals that violate local laws.
- Ask to read the Covenants, Conditions, and Restrictions (CC&R’s) of any community in which you are home shopping. Look for policies that ban or limit short-term renting and that spell out penalties for non-compliance.
- If you are considering a condominium home, discover whether there are short-term rentals in the complex and how they address rental violators. If there is an all-volunteer board, consider joining or becoming active.
- Look through a community’s minutes over the past year to see how often complaints about short-term rentals came up in meetings, or talk to potential neighbors about whether they are an issue.
Open floor plan 1 bedroom 1 bathroom unit in the TLofts. The unit features a private balcony, concrete floors, an open kitchen with stainless steel appliances, and in-unit laundry. Large closet in bedroom and storage closet off the living room gives lots of storage. 2 assigned parking places. The complex also has 40 guest parking spaces as well. Open to pets (dogs/cats) with pet deposit. Only $3,000 per month!
Showings will be available by appointment. Please contact me at 626-500-5504 or send me an email at firstname.lastname@example.org to schedule a tour and for details.