Real Estate

Interest Rates Hit a New 12 Month Low!

Interest Rates Hit New 12 Month Low!

Interest Rates Hit New 12 Month Low! | MyKCM

According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven’t been seen since February 2018!

Last week’s survey results reported an interest rate of 4.35%. This is a welcome change from the near 5% rates seen in mid-November. At 4.32%, the second week of February 2018 was the last time rates were this low. This can be seen in the chart below.

Interest Rates Hit New 12 Month Low! | MyKCM

Freddie Mac’s Chief Economist, Sam Khater, had this to say:

“Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year.

Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”

Bottom Line

If you plan on buying a home this spring, meet with a local real estate professional who can help prepare you for today’s market before rates increase!

 

...

Why Virtual Brokerages Are Not Netflix

No one denies that technology has completely changed the way we live.  It wasn't terribly long ago when having a PalmPilot meant you were on the cutting edge of the latest gadgets.  Now, within minutes of breaking my coffee pot, I can have one ordered that will arrive within hours.

Every industry has been shaken and the way we do business has to evolve.  You can either fight the change or embrace it head-on.  The same is true for how brokerages serve their agents and provide them the resources they need to thrive.  

To be perceived as more progressive, some newer real estate models are hailing the doom of brick and mortar real estate brokerages as an inevitable shift that they are ahead of.  They compare themselves with Netflix while contrasting brick and mortar brokerages as the Blockbusters that won't survive the shift.  

This is a great sales pitch that plays on the natural fear that comes from industry shifts in general. There is no doubt that an industry shift is taking place. They typically do when a customer's need is met in a new way and to stay in business companies are forced to evolve.  Again, think Amazon.  It wasn't online shopping the gave them the edge, it was free shipping.  For some reason, Walmart and Target have only recently jumped on board.

So, back to the sales pitch.  Is brick and mortar real estate on the way out?  

Let me start by saying that a real estate industry shift has NOTHING to do with a company having four walls.  In fact, Netflix also has a physical location where their employees work in Los Gatos, CA.  People having space to meet doesn't equate them being a relic like Blockbuster or Circuit City.  Those chains existed to advertise a product.  Brick...

Should I Hire an Agent When Buying a Home from a Builder?

You're ready to buy, but you don't want to buy an existing home in Charlotte. Instead, you want to buy from a builder and customize your new home to fit your needs. Should you hire a real estate agent for this transaction?

Buying from a builder may have you convinced you don't need an agent. However, the salesperson or agent working with you represents the builder and will likely try to get the best deal for the builder, not you. With new construction on the rise throughout Charlotte, it's important to know why you need a real estate agent when buying from a builder.

Advantages of Buying New Construction

When you choose to buy a new construction house in Charlotte, you'll get plenty of advantages. It's brand new with a longer warranty and will likely not have any of the logistic issues of buying from someone else. You don't have to wait for anybody to move out, but you do need an agent representing you.

While you can customize this home to fit your needs, a skilled real estate agent will ensure you get the best possible deal without any issues. Many buyers don't think about hiring an agent when buying new construction, but they really should.

Why Buyer Don't Hire an Agent for New Construction

One of the main reasons homebuyers in Charlotte don't hire an agent when buying from a builder is a misunderstanding of how that agent will be paid. They think they have to pay the commission, but this simply isn't true. A buyer's agent is paid by the seller, not the buyer of the property and this is true with new construction, too.

Another reason many don't hire an agent is their own...

How to Make the MOST out of your next Open House!

 

5 best practices for launching your home-buying journey.

Open houses are classics! They've been around for years and will continue to stay throughout the buying and selling process for years to come! 

But as a buyer, are you making the most out of your open house experience?

Here are some best practices and helpful questions for buyers at all ends of the home-buying spectrum

1- Open Houses are a great way to learn the market!

For the most part, open houses are just that — open. They make it possible for anyone to see a property in a certain time period, without an appointment or even being a very serious buyer. New buyers can use this opportunity to get a feel for the market before committing to an agent.

2- You don’t have to sign in (but don’t be rude)

The biggest fear of some newer buyers is that a real estate agent has to grab their information and call them all the time. For safety reasons, the agent is keeping a look out for who is coming and going. It’s polite to say hello and introduce yourself to the agent, but you can also politely decline to sign in and let them know you’re just looking.

 3 - Watch the other buyers

If you observe a lot of people walking in and out quickly, the home probably has some issues. However, if you notice the buyers are hanging around and asking questions, it could be a sign this is a well-priced and “hot” listing. If you’re interested,  this could help you learn about the competition.

4 - Ask the agent questions

Real Estate Agents are happy to help! Their goal is to answer questions and ensure you are well...