In real estate, continual changes and updates are par for the course. However, some developments bring about more significant shifts than others. On August 17th, 2024, a significant change will occur following a recent National Association of Realtors (NAR) settlement. If you're a buyer or seller, it's crucial to understand how this settlement may impact your real estate endeavors. This blog aims to provide buyers and sellers with a clear overview of upcoming modifications. The NAR Settlement: A Brief Overview The National Association of Realtors has long been a cornerstone in shaping the real estate industry, setting transaction guidelines and standards. However, recent legal discussions have led to a settlement that mandates new practices to increase market transparency and fairness. This settlement will be formally enacted on August 17th, 2024. What Buyers Need to Know For buyers, one of the most fundamental changes revolves around how information is disclosed during the buying process. Traditionally, buyers have relied on their agents for all pertinent details about a property, often without full clarity on the agent's commission structure. 1. Commission Transparency Starting August 17th, 2024, NAR's new guidelines will require full transparency regarding commissions. Previously, commissions were often bundled into the sale price, leaving buyers somewhat in the dark. Now, agents must provide a clear breakdown of commission fees upfront. This level of transparency empowers buyers to negotiate more effectively and ensures they understand exactly where their money is going. 2. Improved Access to Listings Another considerable change is improved access to property listings. Enhanced data-sharing agreements aim to level the playing field, making it easier for buyers to find homes that meet their criteria. This initiative means buyers should have access to more comprehensive databases, giving them a better chance of finding their dream home without redundant searches and limited information. 3. Educational Resource Finally, the settlement includes provisions for increased educational resources for buyers. From first-time homebuyer seminars to detailed guides on navigating the complexities of real estate transactions, these resources are designed to make the process more straightforward and less stressful. What Sellers Need to Know As buyers will see significant changes, sellers must adapt to this new landscape. 1. Transparency in Offers One of the most welcome changes for sellers is the requirement for more transparent offer disclosures. Sellers can now access clearer, more detailed offer sheets, including potential buyers' financial qualifications. This will enable sellers to make more informed decisions when evaluating multiple offers, reducing the risk of setbacks due to financing issues. 2. Commission Structuring For sellers, understanding commission structures will also become easier. The new guidelines mandate that agents must present all commission details openly, including any incentives that could influence their recommendations. As a seller, this empowers you to negotiate the terms more effectively and potentially save on costs. 3. Increased Market Exposure Enhanced MLS (Multiple Listing Service) integrations mean better exposure for your property. By standardizing data and making it more accessible, your property listing will have a broader reach. This effectively increases the pool of prospective buyers, thus giving your property a better chance of selling quickly and at a desirable price. Real Estate News Sector: What This Means for the Market The implications of this settlement extend beyond individual buyers and sellers. These changes signify a more transparent and competitive real estate news sector marketplace. Journalists and analysts will better grasp market dynamics, pricing trends, and the internal workings of real estate transactions. As a result, expect more data-driven reporting and in-depth market analyses. Real estate companies and professionals must adapt swiftly to these new regulations. It may take a few months to understand the full impact, but these changes will likely drive innovations in real estate transactions. Moreover, expect new tools and platforms designed to comply with the latest rules and offer additional value to buyers and sellers. The National Association of Realtors' settlement, taking effect on August 17th, 2024, is a substantial step toward a more transparent, equitable real estate market. Buyers and sellers alike stand to benefit from these changes, provided they stay informed and utilize the resources available to them. A more transparent commission structure, improved access to data, and enhanced educational opportunities are just a few of the positive shifts on the horizon. You can keep abreast of these developments to make the most out of your real estate transactions in this evolving landscape.

Who Qualifies for Physician Mortgage Loans? Medical Doctors (MD and DO): Tailored loan programs designed explicitly for doctors, considering high student loan debt and potential future earnings. Dentists (DDS and DMD): Many lenders extend physician loan benefits to dentists, offering favorable loan terms and rate options. Podiatrists (DPM): Specialized mortgage programs are available for podiatrists, though it might require direct engagement with lenders to access physician loan benefits. Chiropractors (DC): While less common, some lenders do include chiropractors, but alternative loan options like FHA or conventional loans might also be explored. Optometrists (OD): Some lenders offer physician loan benefits to optometrists, but alternative mortgage programs can also be considered if not available. Veterinarians (DVM): Not limited to human healthcare, veterinarians can also benefit from physician loan programs offered by select lenders. Pharmacists (PharmD): A few specialized programs cater to pharmacists, though conventional or FHA loans might be alternatives. Physician Assistants (PA): Limited options exist currently, but with increasing demand, eligibility might expand in the future. Nurse Practitioners (DNP, NP, RN): Emerging programs cater specifically to nurses and nurse practitioners, aligning with the growing demand for such specialized loans. Physical and Occupational Therapists (DPTs, PTs, MOTs): Under the umbrella of professional or healthcare professional loans, specialized terms might be available, albeit possibly with limitations on loan size. Other Medical Degrees: This category encompasses a range of professionals like acupuncturists, medical technicians, and pharmaceutical reps. Eligibility varies by lender, necessitating research into specific requirements. Alternative Options: If specialized physician loan programs aren't accessible, several alternative loan programs such as FHA, VA, and USDA loans can provide avenues for homeownership. It's crucial to consult with a knowledgeable Realtor or mortgage broker to explore all available options tailored to individual circumstances. In essence, while physician mortgage loans were initially designed with medical doctors in mind, the evolving landscape recognizes the financial nuances of various healthcare professionals. As such, a diverse range of professionals can potentially leverage specialized loan programs to facilitate their homeownership journey. Learn more today!    

Market Update: The real estate market is constantly evolving, and selling a home in a historic district presents its own unique set of challenges and considerations. As a seller, it's important to stay informed about market trends and understand the specific factors that can influence the sale of your historic home. In this blog post, we will discuss some key points to consider when selling a home in a historic district, as well as provide valuable tips to help you get your home market-ready. Real Estate News: Historic homes are often sought after by buyers who appreciate the charm, character, and architectural significance they possess. However, there are certain aspects that can complicate the selling process. For example, strict regulations and guidelines enforced by historic preservation boards may affect what you can and cannot do with your property. It's crucial to familiarize yourself with these rules to ensure a seamless selling experience. Things to Consider When Selling a Historic Home: 1. Preservation Guidelines: Before listing your home, find out if your property falls under any historic preservation guidelines or restrictions. These guidelines may impact renovations, additions, or even exterior paint color choices. Understanding these regulations will allow you to effectively communicate with potential buyers and streamline the negotiation process. 2. Historical Significance: Highlighting the historical significance of your home can be a powerful selling point. Research the history of your property, including any notable architectural features or previous owners who may have contributed to its significance. Having this information readily available can help create a compelling narrative that will attract potential buyers. 3. Maintenance and Repairs: Historic homes often require regular maintenance and repairs to preserve their original charm. Before listing your home, ensure that all necessary repairs are completed. This includes addressing issues with plumbing, electrical systems, and structural integrity. Buyers might be hesitant to take on a project with extensive repairs, so it's crucial to present your home in the best condition possible. 4. Appraisal Challenges: Selling a home in a historic district can pose appraisal challenges due to the uniqueness and limited comparables of these properties. It's important to work with a knowledgeable real estate agent who understands the intricacies of valuing historic homes. They will be able to provide you with a realistic appraisal range and guide you through negotiations with potential buyers. Get Your Home Market Ready: After considering the specific challenges of selling a historic home, it's time to focus on getting your property market-ready. Here are some tips to help you attract potential buyers: 1. Declutter and Stage: Remove unnecessary clutter and personal belongings to create a clean and inviting space. Consider hiring a professional stager who specializes in historic homes to highlight the unique features and maximize the appeal of each room. 2. Highlight Architectural Details: Emphasize the historical architectural details of your home by staging furniture and decor that complement the era in which it was built. This will help potential buyers visualize themselves living in the space and appreciate its unique charm. 3. Professional Photography: Invest in professional photography that captures the beauty and character of your historic home. High-quality images will attract more potential buyers and generate greater interest in your property. Columbus Homes: If you're selling a home in a historic district in Columbus, there are several local resources available to assist you. Columbus boasts a rich history and several historic districts, including German Village, Victorian Village, and Italian Village. Consider reaching out to local historical societies or preservation boards to gather additional information and resources specific to your neighborhood. Selling a home in a historic district can be a rewarding experience, but it requires careful planning and consideration. By understanding the unique challenges and preparing your home accordingly, you can successfully navigate the market and attract the right buyer who appreciates the historical significance and beauty of your property. Good luck with your historic home sale! —

Some HighlightsAs you get ready to sell your house, there are a few things you should add to your to-do list to make it inviting and boost curb appeal.To name just a couple, it’s a good idea to declutter, take down personal photos and items, touch up any scuffs on the walls, and tidy up your landscaping.Let’s connect so you have advice on what else you may want to do to get your house ready to sell this season.

If you're thinking about selling your house on your own, called “For Sale by Owner” or FSBO, there are some important things to consider. Going this route means taking on a lot of responsibilities by yourself – and that can be a bit of a headache.A recent report from the National Association of Realtors (NAR) found two of the most difficult tasks for people who sell their house on their own are getting the price right and understanding and performing paperwork.Here are just a few of the ways an agent helps with those difficult tasks.Getting the Price RightSetting the right price for your house is important when you're trying to sell it. If you're selling your house on your own, two common issues can happen. For starters, you might ask for too much money (overpricing). Alternatively, you might not ask for enough (underpricing). Either can make it hard to sell your house. According to NerdWallet:“When selling a home, first impressions matter. Your house’s market debut is your first chance to attract a buyer and it’s important to get the pricing right. If your home is overpriced, you run the risk of buyers not seeing the listing. . . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.”To avoid these problems, it's a good idea to team up with a real estate agent. Real estate agents know how to figure out the perfect price because they understand the local housing market. They can use their expertise to set a price that matches what buyers are willing to pay, giving your house the best chance to impress from the start.Understanding and Performing PaperworkSelling a house involves a bunch of paperwork and legal documentation that has to be just right. There are a lot of rules and regulations to follow, making it a bit tricky for homeowners to manage everything on their own. Without a pro by your side, you could end up facing liability risks and legal complications.Real estate agents are experts in all the contracts and paperwork needed for selling a house. They know the rules and can guide you through it all, reducing the chance of mistakes that might lead to legal problems or delays.So, instead of dealing with the growing pile of documents on your own, team up with an agent who can be your advisor, helping you avoid any legal bumps in the road.Bottom LineSelling your house is a big deal, and it can be complicated. Having a real estate agent can make a huge difference with setting the right price and managing all the details, so you can sell confidently. Connect with a local real estate agent to make the process smooth and take the stress off your plate.

When you read about the housing market, you’ll probably come across some information about inflation or recent decisions made by the Federal Reserve (the Fed). But how do those two things impact you and your homebuying plans? Here's what you need to know.The Federal Funds Rate Hikes Have StalledOne of the Fed’s primary goals is to lower inflation. In order to do that, they started raising the Federal Funds Rate to slow down the economy. Even though this doesn’t directly dictate what happens with mortgage rates, it does have an impact.Recently inflation has started to cool, a signal those increases worked and are bringing inflation back down. As a result, the Fed’s hikes have gotten smaller and less frequent. In fact, there haven’t been any increases since July (see graph below):And not only has the Fed decided not to raise the Federal Funds Rate the last three times the committee met, they’ve signaled there may actually be rate cuts coming in 2024. According to the New York Times (NYT):“Federal Reserve officials left interest rates unchanged in their final policy decision of 2023 and forecast that they will cut borrowing costs three times in the coming year, a sign that the central bank is shifting toward the next phase in its fight against rapid inflation.”This indicates the Fed thinks the economy and inflation are improving. Why does that matter to you and your plans to buy a home? It could end up leading to lower mortgage rates and improved affordability.Mortgage Rates Are Coming DownMortgage rates are influenced by a wide variety of factors, and inflation and the Fed’s actions (or as has been the case recently, inaction) play a big role. Now that the Fed has paused the increases, it looks more likely mortgage rates will continue their downward trend (see graph below): Although mortgage rates may remain volatile, their recent trend combined with expert forecasts indicate they could continue to go down in 2024. That would improve affordability for buyers and make it easier for sellers to move since they won’t feel as locked-in to their current, low mortgage rate.Bottom LineThe Fed’s decisions have an indirect impact on mortgage rates. By not raising the Federal Funds Rate, mortgage rates are likely to continue declining. Rely on a trustworthy real estate expert to give you expert advice about changes in the housing market and how they affect you.

Has your house been sitting on the market a while without selling? If so, you should know that’s pretty unusual, especially right now. That’s because the supply of homes available for sale is still far lower than what we’d see in a normal year. That means buyers have fewer options than they usually would, so your house should be an oasis in an inventory desert.So, if homebuyers have limited choices and your house still hasn’t sold, there’s a reason why. Let’s break one potential sticking point that may be turning buyers away: your asking price.Especially with today’s higher mortgage rates already putting a stretch on their budget, buyers are being a bit more sensitive about price. As a recent article from the Wall Street Journal (WSJ) says:“If you are serious about selling your home now, don’t get greedy with the asking price. This is still a seller’s home market as there simply aren’t enough affordable homes for sale in many parts of the country. But with average 30-year mortgage rates above 6%, buyers are much more price-sensitive than they were a year ago.”Why Setting the Right Price MattersWhile you want to maximize the return on your investment when you sell your house, you also need to be realistic based on current market conditions. The simple truth is your house is only going to sell for what people are willing to pay right now.This can be a hard thing to accept. Especially since emotions can run high during the selling process, which only complicates matters more. After all, you may have lived in this house for years, so it’s only natural you’re emotionally tied to it – and those heartstrings can make it harder to be objective. But it’s important to acknowledge that a bigger-than-expected price tag deters buyers and may make them dismiss your house as a possibility before even seeing it. And if no one’s looking at it, how will it sell?If you want to get your house sold, you’ll need to do something to spark interest in your home again. That’s where a local real estate agent comes in. They’ll help use data to find out if it’s priced too high for your local market. They balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more to find the right price for your house, so you can close this chapter and start your next one.Bottom LineWhile it’s true there aren’t that many homes available for sale right now, your home’s asking price still matters. And, if it’s not selling, it may be priced too high. 

If you're thinking about moving, it's important to know what's happening in the housing market. Here's an update on the supply of homes currently for sale. Whether you're buying or selling, the number of homes in your area is something you should pay attention to.In the housing market, there are regular patterns that happen every year, called seasonality. Spring is the peak homebuying season and also when the most homes are typically listed for sale (homes coming onto the market are known in the industry as new listings). In the second half of each year, the number of new listings typically decreases as the pace of sales slows down.The graph below uses data from Realtor.com to provide a visual of this seasonality. It shows how this year (the black line) is breaking from the norm (see graph below):Looking at this graph, three things become clear:2017-2019 (the blue and gray lines) follow the same general pattern. These years were very typical in the housing market and their lines on the graph show normal, seasonal trends.Starting in 2020, the data broke from the normal trend. The big drop down in 2020 (the orange line) signals when the pandemic hit and many sellers paused their plans to move. 2021 (the green line) and 2022 (the red line) follow the normal trend a bit more, but still are abnormal in their own ways.This year (the black line) is truly unique. The steep drop off in new listings that usually occurs this time of year hasn’t happened. If 2023 followed the norm, the line representing this year would look more like the dotted black line. Instead, what’s happening is the number of new listings is stabilizing. And, there are even more new listings coming to the market this year compared to the same time last year.What Does This Mean for You?For buyers, new listings stabilizing is a positive sign. It means you have a more steady stream of options coming onto the market and more choices for your next home than you would have at the same time last year. This opens up possibilities and allows you to explore a variety of homes that suit your needs.For sellers, while new listings are breaking seasonal norms, inventory is still well below where it was before the pandemic. If you look again at the graph, you’ll see the black line for this year is still lower than normal, meaning inventory isn’t going up dramatically and prices aren’t heading for a crash. And with less competition from other sellers than you’d see in a more typical year, your house has a better chance to be in the spotlight and attract eager buyers.Bottom LineWhether you're on the hunt for your next home or thinking of selling, now might just be the perfect time to make your move. If you have questions or concerns about the availability of homes in your local area, connect with a real estate agent.

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.  

It’s highly possible that an experienced home inspector could fail to find something wrong with your house. So it isn’t out of the question that you might not know about something wrong with it. But considering you live there, unless it’s something truly lurking below the surface that only a trained eye could find, the chances are you know a thing or two that’s wrong with your house. And if you do, you should disclose the issue(s) to potential buyers. But, according to a recent REALTOR Magazine article, 94% of homeowners do not disclose known issues with their home, hoping buyers wouldn’t notice. Well, they do notice, because 90% of buyers surveyed reported finding issues with the home after closing, including: Electrical (88%) Fixtures (58%) Plumbing (58%) Exterior structures (like sheds) (54%) Leaks (54%) Basement (52%) Water damage (46%) Heating and cooling (43%) Exterior facade (42%) Mold or termites (39%) Major appliances (34%) Roof (31%) Foundation (27%) Even if it’s something you’ve tolerated for many years (a common excuse sellers make), it doesn’t mean it’s something the buyer of your house should be expected to figure out and be okay with once they’ve lived in the home for a while. For instance: Is there a light switch that doesn’t actually work? It might aggravate the heck out of you, but you never wanted to spend the money to get it fixed, and maybe you hope the buyer just won’t notice until they live there. Or perhaps there’s a pipe that clogs once or twice a year and requires a plumber to come out to professionally snake it. That could easily go unnoticed during an inspection. But you know within a year they’ll have to deal with it, and within two years they’re going to figure out it’s something that happens regularly, and probably has been for years. But at that point, you’ll be long gone. Does your basement flood when it rains really hard? You may be able to paint over any water damage and get the musty smell out before listing your house, but that doesn’t fix the fact that your buyers will need to put on some boots and wet-vac an inch of water like you did after a heavy rain. Those are just a few examples, but what are the things that aggravate you about your house and your buyer will have to deal with? Put yourself in your buyers’ shoes (or boots, if you will), and have some empathy. Ideally, fix it for them before even selling it. (Oh, and you should disclose a known issue even if you fix it, by the way!) But if you can’t, or just don’t want to fix something, at least disclose it and let the buyer make an informed decision. Why should you disclose known issues, when 94% of sellers don’t? While buyers should do their due diligence, and their home inspector should catch any issues (and could be liable for missing things), there’s still a responsibility on the owner to disclose any known issues. If you fail to disclose, you could be liable! Just because the buyer didn’t realize there was an issue before closing on the purchase of your house, does not mean they can’t come after you for not disclosing a problem. The Takeaway: Disclosing issues with your house to potential buyers isn’t just the right thing to do, it’s your legal responsibility. Just because “everyone else does it,” and you may get away with it, isn’t a good reason to throw caution to the wind. Besides, just because there’s an issue and you disclose it doesn’t necessarily mean you have to fix it. That’s always negotiable, and the buyer can take it into consideration when making their offer. It may not even affect how much they’re willing to offer for your house. But if you try to hide it and they find out, you could find yourself losing a deal, or worse…a future lawsuit!

    If you’re a person who spends a lot of time in their kitchen, chances are, at some point you may want to make some changes or upgrades to the space. But kitchen renovations can be expensive. So, the question is, how can you upgrade your space without spending tens of thousands of dollars to do so? A recent article from realtor.com outlined kitchen upgrades that can transform the look and feel of your space without breaking the bank, including: Swap out your hardware. Replacing kitchen cabinets can be an expensive, time-consuming project. But if you want to refresh the look of your cabinets, you can do it quickly and affordably by swapping out the hardware. Switching out your existing hardware for knobs and pulls that better fit your personal style is an easy way to upgrade your kitchen—and you can pull off the project with a budget of about $100.   Personalize with paint. If you’re looking to completely change the look of your space, you won’t find a better budget-friendly project than painting cabinets and/or walls—and you can complete the project in a few days and with a budget of about $300. For a luxurious look, consider painting the walls in a rich, dark hue. Or, to open up the space, consider painting your cabinets in an airy neutral tone.   Add a kitchen island. If you have a large space to work with—and you want your kitchen upgrade to not only change the look and feel of your kitchen, but the functionality and the way you utilize the space—consider adding a kitchen island. Not only are islands both attractive and functional, they’re more affordable than you’d imagine. (You can find budget-friendly options between $125 and $1,000.)