Vision Realtors

On any given day, people can easily find articles and news stories describing an impending bust of the so-called real estate bubble. Despite this gloomy prediction, many experts believe that the recent slowdown in housing will be a gradual and modest readjustment rather than sharp bust or decline. These experts believe that factors that lead to a sharp decline in the real estate market are just not present in the current economic outlook. In fact, a recent study by the Joint Center for Housing Studies at Harvard University noted that “despite the current cool-down, the long-term outlook for housing is bright.”

The rise and fall of the real estate market is subject to the forces of supply and demand, and these factors point to stable and positive growth in the real estate segment.

SUPPLY FACTORS

Limited supply of real estate makes it scarce and usually pushes home prices up. In contrast, an oversupply of real estate tends to put downward pressure on home prices. Despite the current slow down in the real estate market, factors that impact limited supply favor continued growth in the real estate market. Some of these factors include:

1. Builders have readjusted growth plans in regions that have an oversupply of new housing. Over time, any excess inventory is likely to be depleted and equilibrium achieved between supply and demand.

2. The availability of land in certain regions, as well land use regulations and associated compliance costs will continue to restrict the supply of new homes.

DEMAND FACTORS:

Housing located in regions with high demand tend to be more expensive than homes in regions with low demand. Factors that impact the demand for housing suggests a favorable long-term housing outlook. Some of these factors include:

1. No current evidence of significant and across-the-board job losses; forecasts of relatively low unemployment rates.

2. Long-term increased demand for second homes, vacation homes and senior housing by baby boomers.

3. Long-term increased demand for entry-level homes by the children of baby boomers.

4. Long-term increased demand for entry-level homes by immigrants.

5. Long-term increased demand for entry-level homes by second-generation Americans.

6. Forecasts that the outflows and inflows of the U.S. population in and out different regions will not significantly impact the overall U.S. real estate housing market.

7. Relative stability in interest rates.

8. Continued stability in long-term home appreciation rates.

9. Overall, rising rate of wealth across all age groups.

SUMMARY

In summary, strong household growth, overall rising incomes and wealth, and a stable economy all bode well for continued long-term growth in the real estate market. While the overall housing outlook is favorable, affordability will continue to be a challenge, as wages, especially in the lower income levels, have not kept up with housing costs.

Wealthy home buyers who buy multi-million dollar homes are typically self-made millionaires with new money, according to a recent online survey of 683 Coldwell Banker Previews International property specialists. The study revealed the top professions of these affluent customers. According to the respondents, 88 % of their customers are business or corporate executives, 37 % are physicians, 31 % are lawyers, 30 % are financial professional and 14 % are entertainers, entertainment executives or professional athletes.

Wealthy home buyers require their real estate agents to be equipped with special skills, according to the Coldwell Banker’s survey. Given the magnitude of the financial transactions involved in luxury home purchases, 78 % of sales associates said that the top most need their clients require from their real estate agents is privacy and confidentiality. The luxury customers also want their real estate agents to exercise discretion while dealing with their multi-million dollar transactions. Almost 70 % of respondents polled that their wealthy clients want their real estate professionals to offer customized services while 44 % said that the luxury home buyers want their agents to have good network and work relationship with executive assistants, CPAs and attorneys.

Wealthy home buyers also want their agents to know the inside scoop on the real estate market, according to 36 % of the respondents in the Coldwell Banker’s survey. Seventeen percent of the sales associates surveyed indicated that one of the necessary skills for real estate professionals working with affluent customers was the ability to provide emotional support to their clients. And according to 11 % of respondents, luxury customers want their real estate agents to establish personal rapport with their clients.

The study also included queries on the “must have” amenities that the affluent clientele want in their luxury homes. Wealthy home buyers want media rooms in their homes, according to 60 % of respondents and another 60 % polled that their affluent customers want “wired” homes. However, there are a few home design elements that are out among luxury home buyers. Gourmet kitchens, granite countertops and wet bars are no longer counted as luxuries by wealthy home buyers, according to the survey respondents.

The survey also found that the multi-million dollar home buyer pays a typical down payment of 20 % to 30 %, while a quarter of clients put down 30 % to 50 % of the sale price.

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A house seller\’s toughest nightmare could be selling to a buyer who vanishes enigmatically at some point in the process of making the deal or during the transaction. Typically when a real property dealings falls apart it is due to some good reason, and not owed to the buyers\’ whim. Usual problems call for property reviews, inspections and funding. Although frustrating as it seemed to be, the damage is generally minimal especially when a transaction comes apart ahead of time. But with an estimable team of real estate pros on your side, a lot of the problematic issues that turn out during a transaction or deals can be settled. Some realtors can buy your house as-is and give you the same amount that you would definitely net if you sell the house the traditional way with a Realtor. The qualified, knowledgeable, and trusted realtors can absolutely give you a hassle-free home selling experience.

The most usual ground why real estate transactions collapse is inspections. In this case buyers ought to include a review contingency in any property purchase agreement. A home inspection will disclose and reveal the material facts and possibly a few property defects. The fact is that even brand new houses can have issues which may not come across with the buyer’s expectations. Whenever defects are detected that the buyer can\’t take on, and that the sellers are unable to renovate, probably the transaction can go off if other matters can\’t be negotiated to compensate

Realtors suppose that listing a house for sale at a cost more than a couple of percentage points higher than other latest sales in the neighbourhood is among the biggest reasons why some properties do not sell. If you have a house for sale in Colorado Springs for instance, you need to determine the home rating in your area for houses similar to yours for you to examine what the market is like. Keep in mind that location is a vital factor in pricing. That is, owning the nicest and most captivating house in the neighbourhood may sense good to you as an owner, however it is not plausible to let you arrive at a much better asking or selling price.

When you are getting your house gear up to sell, focus on making repairs and not on improvements. Yet even the most valuable changes will only ruminate about ninety percent of your investment in the selling price increase. Rather than adding a bedroom or a bathroom, you can invest in a fresh and new coat of paint for all rooms, or you can replace a worn out carpet. Smarten up the exterior as well. Remember that the first impression that your house makes is most likely to be the most lasting one. And if you can\’t fund the necessary improvements then it is much reasonable to find a realtor that takes action, someone who can make the deal go through quickly and who have the resources and funding available to make it happen.