Learn more about the Cypress, Texas Real Estate Market. You’ll find the latest stats from HAR (our local MLS). Have questions or thinking about making a move? Let’s talk!
- Whether you’re buying or selling – today’s housing market has plenty of good news to go around.
- Buyers can take advantage of today’s mortgage rates to escape rising rents and keep monthly payments affordable. Sellers can reap the benefits of multiple offers and a fast sale.
- If this sounds like good news to you, let’s connect today so you can capitalize on the unique opportunity you have in today’s market.
- Pricing your house right takes market experience and expertise.
- To find the best list price, your agent balances current market demand, values of homes in your neighborhood, where prices are headed, and your home’s condition.
- If you’re ready to sell, don’t guess the price. Let’s connect today so we price your house to attract multiple offers and maximize your return on investment.
It starts with the number of houses available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (see graph below):When the supply of houses for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which leads to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer. As this happens, home prices rise, and sellers are in the best position to negotiate deals that meet their ideal terms.
Right now, there are many buyers who are ready, willing, and able to purchase a home. Low mortgage rates and the ongoing rise in remote work have prompted buyers to think differently about where they live – and they’re taking action. If you put your house on the market while supply is still low, it will likely get a lot of attention from competitive buyers.
Today’s ultimate sellers’ market holds great opportunities for homeowners ready to make a move. Listing your house now will maximize your exposure to serious buyers who will actively compete against each other to purchase it. Let’s connect to discuss how to jumpstart the selling process.
courtesy of Keeping Current Matters
“The frequency of buyers being willing to pay more than the market data supports is increasing.”
While this is great news for today’s sellers, it can be tricky to navigate if the price of your contract doesn’t match up with the appraisal for the house. It’s called an appraisal gap, and it’s happening more in today’s market than the norm.
According to recent data from CoreLogic, 19% of homes had their appraised value come in below the contract price in April of this year. That’s more than double the percentage in each of the two previous Aprils.
The chart below uses the latest insights from NAR’s Realtors Confidence Index to showcase how often an issue with an appraisal slowed or stalled the momentum of a house sale in May of this year compared to May of last year.If an appraisal comes in below the contract price, the buyer’s lender won’t loan them more than the house’s appraised value. That means there’s going to be a gap between the amount of loan the buyer can secure and the contract price on the house.
In this situation, both the buyer and seller have a vested interest in making sure the sale moves forward with little to no delay. The seller will want to make sure the deal closes, and the buyer won’t want to risk losing the home. That’s why it’s common for sellers to ask the buyer to make up the difference themselves in today’s competitive market.
Courtesy of Keeping Current Matters
What Are Closing Costs?
According to Trulia:
“When you close on a home, a number of fees are due. They typically range from 2% to 5% of the total cost of the home, and can include title insurance, origination fees, underwriting fees, document preparation fees, and more.”
For example, for someone buying a $300,000 home, they could potentially have between $6,000 and $15,000 in closing fees. If you’re in the market for a home above this price range, your closing costs could be greater. As mentioned above, closing costs are typically between 2% and 5% of your purchase price.
Trulia gives more great advice, explaining:
“There will be lots of paperwork in front of you on closing day, and not enough time to read them all. Work closely with your real estate agent, lender, and attorney, if you have one, to get all the documents you need ahead of time.
The most important thing to read is the closing disclosure, which shows your loan terms, final closing costs, and any outstanding fees. You’ll get this form about three days before closing since, once you (the borrower) sign it, there’s a three-day waiting period before you can sign the mortgage loan docs. If you have any questions about the numbers or what any of the mortgage terms mean, this is the time to ask—your real estate agent is a great resource for getting you all the answers you need.”
As home prices are rising and more buyers are finding themselves competing in bidding wars, it’s more important than ever to make sure your plan includes budgeting for closing costs. Let’s connect to be sure you have everything you need to land your dream home.
March 16, 2021
NextHome recognizes Jessica Harless for her sales achievements in 2020
Pleasanton, CA — 3/16/2021 — NextHome is proud to congratulate Jessica Harless NextHome Realty Center in Cypress TX, on her achievement in receiving the President’s Circle Award. Her hard work in 2020, having sold 31 units and over $12.5M in volume, has been recognized by the NextHome franchise with this award.
The NextHome franchise, established in 2014, has experienced tremendous growth due to its consumer-focused branding, technology, and marketing. The franchise currently has 480+ offices across the country with over 4,400 members, in 48 states. Recently, the brand has been recognized as the No. 1 Franchise in the country for customer satisfaction by Franchise Business Review, ranked No. 79 on Entrepreneur magazine’s Franchise 500® list, and No. 3344 on Inc. magazine’s Inc. 5000 list of the fastest-growing private companies, along with many other accolades.
The NextHome franchise wouldn’t be where it is today without the “NextHomies” behind the brand. The “Humans Over Houses” slogan coined by NextHome has turned into a philosophy adopted by NextHomies as the meaning behind why they do what they do, and why they do it so well.
Recognizing hard work and dedication runs deep within the NextHome franchise through their annual Awards Program. The franchise is proud to recognize nearly 600 NextHomies for their impressive track record of sales achievements in 2020.
“Every year, I have the great privilege of congratulating each award winner on their impeccable performance from the previous year. And while this year it is through a video instead of on the main stage during our annual conference, sharing these recognitions is even more rewarding,” said James Dwiggins, Chief Executive Officer of NextHome, Inc. “Our NextHomies have gone through so many challenges last year due to the pandemic and tight inventory, but their underlying goal has never shifted, never faltered, they’ve continued to help families find their next home. Thank you for continuing to make a difference in the real estate industry, and in the lives of your communities.”
“NextHomies have always been much more than a real estate professional in their local communities. When your profession is to help others, that passion doesn’t stop at the end of a deal,” said Imran Poladi, Vice President of NextHome, Inc. “This past year, when each and every one of our communities experienced hurt and fear, our members stepped up to be a resource for their people. I’m overwhelmed, with hopefulness, that during a time of such negative circumstances, people were still able to reach the American Dream of homeownership thanks to hard-working, and caring, NextHome real estate professionals.”
About NextHome, Inc.
NextHome, Inc. is an independently owned national franchisor with a focus on changing the way consumers work with local agents and shop for real estate online. The NextHome franchise has 480+ offices and 4,400+ members across 48 states. The company closes over 29,000 transactions annually worth over $8.2B in volume.
The names of actual companies and products mentioned herein may be the trademarks of their respective owners. Each office is an independently owned and operated business.
It brings us great joy, and even more humility, to announce that NextHome has been ranked the number one franchise in the country in owner satisfaction by Franchise Business Review (FBR) for 2021!
Over 300 franchise brands participated in FBR’s research in 2020. More than 28,000 franchise owners shared their feedback on 33 benchmark questions about their experience and satisfaction with their franchise system. The independent survey covered areas such as training and support, operations, franchisor/franchisee relations, and financial opportunity.
Only seven years after its inception, our company has climbed to the very top of this list, landing the No. 1 position across all categories. This follows our No. 1 ranking in the real estate category and No. 3 overall for 2019 as announced last year.
Our entire corporate team would like to extend a heartfelt THANK YOU to all of you, our amazing NextHomies across the country. Without your support, we would not have the pleasure of achieving this incredible milestone together.
Thank you again and congratulations to each and every one of you!
To read more about FBR and this recognition, please click HERE.
Like our NextHome Facebook Page!