Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Oct. 22, 2021

Interesting Real Estate Facts and Statistics

Here are some interesting real estate facts and statistics that you can share with family and friends to show off your knowledge:

  • 90% of the world’s millionaires became rich thanks to real estate. (The College Investor)
  • There are no restrictions on foreign property ownership in Japan. (Plaza Homes Ltd.)
  • Individual real estate investors account for 74.4% of rental properties in the US. (US Census Bureau)
  • 79% of Americans consider owning a home one of the greatest goals to achieve (Bankrate)
  • The average age of all homebuyers in the US is 47 years old, while the average home seller is 57, according to real estate statistics (Bloomberg, NAR)
  • The average American is likely to move 12 times in their lifetime (Steinway)
  •  With an average rent of $695 for a single-family residence, Springfield, Montana, is the cheapest among the US’s most populous cities (GOBankingRates)
  • Our very own Atherton – zip code 94027 is the most expensive zip code in America with a median real estate sale price of slightly over $7 million (Mental Floss)
  • Surprisingly, Massachusetts is the priciest US state to buy a home in (MarketWatch)
  • The most expensive residence in the world is Buckingham Palace, England (Investopedia)
  • Scots paint their front door red, when they pay off their mortgage (Homes MSP)
  • Zillow is the most popular real estate and rental marketplace in the US (The Most Expensive Homes)
  • Austin, Texas, is the top commercial real estate market in the US (CXRE)
  • There are more single female homeowners in the US than single male homeowners (Lending Tree)
  • Staged homes sell 25% faster than non-staged ones (G2)
Posted in Market Updates
Oct. 12, 2021

Disabled and Planning To Move?

Moving boxesA disability doesn’t have to get in the way of moving somewhere new. Whether you're planning on staying in your current city or planning a move across state lines, there are some things that you should consider. Below are some helpful moving tips for people with disabilities.

Look Into Grants 

Many Americans with disabilities either live in inaccessible housing or are forced to move due to access issues. These moves can cause significant disruptions in a person's life. Fortunately, there are remedies. The U.S. Department of Housing and Urban Development (HUD) offers several programs and grants that make it easier for disabled people to find accessible housing and for landlords to make their properties accessible.

Know Your Rights

The ADA requires property owners to make reasonable accommodations for people with disabilities when selling their homes. While the law doesn't require a seller to make structural changes to the home, it does require the seller to make a reasonable effort to make the property accessible.

Check Your Credit Score and Find a Mortgage Lender

If you've got bad credit, you may have a hard time finding a mortgage or securing financing for a home. While your score isn't the only factor that lenders consider, it's a key indicator. Check your score and take any necessary steps to improve it before you start shopping for a new home. 

When you're ready to secure a mortgage, shop around. Different lenders have different guidelines and requirements. If you're taking advantage of housing assistance programs, you might need to use an approved lender. Before you settle on a mortgage provider, compare interest rates and offers.

Find a Good Real Estate Agent

Look for a real estate agent who specializes in the area you plan on moving to. To find a good real estate agent, look for reviews online. If accessibility is a major concern for you because of your particular disability, make sure your agent understands your needs, and don't be afraid to ask if they have experience working with disabled clients.

If you can't find a home that's already accessible, you might need to make modifications. These might include: 

             Ramps. If you have a walker or wheelchair, you should also find a home with a ramp leading into the house from the street.

             Level entry. Look for homes with level entryways, especially if you plan to transport a wheelchair inside.

             Wider doors and hallways. Look for homes where all doorways are wide enough for a wheelchair to pass through.

Packing and Moving

If you're not able to pack your things alone, make sure you ask for help from a trusted friend, family member, or local moving company. Discuss your disability with your moving company — many have teams dedicated to helping disabled clients. Check reviews on Facebook, Google, or Yelp before committing to a specific company.

Keep in mind that moving will cost more if you're relocating to another city or state or if you have a lot of belongings. However, sharing truck space with another family can help save on costs.

Making Things Easier

Moving to a new home is one of the biggest moves you'll ever make. Having a disability can make things even more daunting. But If you know what to expect, you can handle things more easily.

Del Rio Real Estate can help you find the perfect home that fits your needs and lifestyle. Get in touch with us today by calling 225-218-0888

Thank you to Patrick Young for providing this very informative article for my clients. Please view his website for more information. ableusa.info

Posted in Market Updates
Oct. 1, 2021

Open Houses

What Is an Open House?

In real estate, an open house is a scheduled time when a house or other dwelling is designated to be available for viewing by potential buyers. Usually, the owners or renters vacate the house when the broker/agent holds an open house.

The term open house can also refer to the real estate property itself; in either case, it applies to dwellings that are for sale by the owner. Also, they are often held to advertise a newly developed community.

KEY TAKEAWAYS

  • An open house is a scheduled period of time in which a home is available for viewing by potential buyers.
  • Open houses can attract interested buyers and lead to an offer or alert the realtor to issues with the space that might be pointed out.
  • On the other hand, open houses can entail a considerable amount of effort in organizing.
  • Some realtors may serve light refreshments at an open house or even cocktails during an evening open house.
  • An open house is a great, low-pressure way to show the house to potential buyers.

How an Open House Works

In the real estate market, buying and selling a property is an example of a relatively illiquid market with dissimilar products. Each house will be different from the next, even if they are in the same neighborhood or even on the same block. During an open house, the seller or seller's agent allows potential buyers to enter and walk through the property at their leisure or guided by a realtor.

The goal of an open house is to secure interest from buyers. Open houses allow interested buyers to take their time looking at the house and surrounding property, rather than a shorter one-on-one appointment with a broker.

Many open houses occur on weekends—Sundays in particular, and brokers use banners and other fanfare as advertisements. During an open house period, owners keep the houses clean and organized to attract potential buyers. Some owners or agents also serve coffee, cocktails, or hors d'oeuvres at these events.

Advantages and Disadvantages of Open Houses

For people trying to sell their homes, an open house provides an opportunity to attract interested buyers to the property. A well-executed event can generate excitement about the home and potentially lead to an offer. Many realtors advise their clients to hold an open house the first weekend after the property goes up for sale.

Even if the event does not snag a buyer, an open house can still be beneficial. As visitors walk through the home, they are likely to discuss their perceptions of the home. This feedback can alert the realtor to issues that might be preventing the house from selling. Unattractive paint colors, for example, can be an easy fix

Open House FAQs

How Do You Find an Open House?

You can find listings via online real estate marketplaces, on social media, and by simply calling local realtors and asking them about upcoming open houses in your area.

Can Anyone Go to an Open House?

Open houses are a way for potential buyers to see new homes on the market, but anyone can attend an open house. The NARS 2021 report found that seniors ages 75 to 95 years accounted for 6% of open house visits, which may lead some to believe that people go simply for the experience of viewing a home and taking in a free social engagement.2

Should You Go to an Open House Before Making an Offer?

You don't have to go to an open house before making an offer, but it is usually a good idea to a property in person before making an offer. However, during the 2020 economic crisis, many realtors ended up selling homes to eager buyers based solely on photographs and information available on online listings.3

What Should You Serve at an Open House?

You do not have to serve refreshments at an open house, but it might be nice to offer potential buyers coffee, tea, water, and cookies. If it is an evening event or a specialized open house, you could offer mocktails or cocktails with hors d'oeuvres.

Should You Stage an Open House?

Nearly half of buyers' agents (47%) agree that some form of staging is a good idea when selling a house, according to the National Association of Realtors. Staging a house is a skill, and it involves making a home appealing to a wide pool of buyers. Fresh paint, removing clutter, and keeping it extremely clean are easy ways to stage a home. When brokers sell a newly built home, they often use stagers to set up every room.4

How Long Do Open Houses Last?

The length of an open house event varies depending on the property, the broker, and the seller. It could be as short as one hour or an entire morning or afternoon. Open houses are not typically held all day, but some brokers prefer to have them. It is not atypical for a broker to hold several open house events when selling a home.

The Bottom Line

Open houses are one way to bring potential buyers into a home. There are a few types of open houses. Traditional ones are available to the public, and anyone interested in seeing the house can attend. For example, a broker's open house allows real estate professionals to view the property. During a broker's open house, buyers' agents are encouraged to set up showings for clients.

Open houses require work by the seller and their real estate agent and may not be worth the effort in some markets. Interested buyers can view homes first online with photographs and even 360-degree virtual tours of properties before making an in-person appointment. The advent of this technology has impacted how buyers view and buy homes, and while open houses are still helpful to sell a house, they may not always be necessary.

Posted in Market Updates
July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates