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Types of Markets

by Shannon Treece

It’s a buyer’s market. It’s a seller’s market. You’ve probably heard these terms before. But what do they really mean when you’re considering buying or selling a home?

A buyer’s market exists when the supply of homes in a particular market exceeds the demand. Since there are more homes for sale, and fewer buyers, homes tend to stay on the market longer and prices may drop.

As a home shopper, you would have more time to look for a home, and more negotiating leverage.

In a seller’s market, by contrast, there are more buyers looking around than there are homes for sale. This would be an advantage when selling a home because the demand would likely cause the home to sell more quickly and for a better price.

As a home shopper, however, you would have to make decisions more quickly, since others may be interested in the same properties.

As you can see, each market has its pros and cons – for both buyers and sellers.

Luckily, a Realtor® who understands your local market can help you navigate through either market condition and help get you into your next dream home.

Low offers - Should you or shouldn't you?

by Shannon Treece

You’ve spent a couple of weekends viewing homes. You’ve found a few that you like, but none were quite “it”. Then, finally, you visit a property that seems perfect for you. It has most of the features you’re looking for in a new home. You quickly fall in love with it.

But it’s not yours yet. You have to make an offer. The amount you offer will play a huge role in whether or not you get the home, and the price you’ll pay.

At this point, you might be tempted to put in a really low offer in the hopes that you’ll get a bargain.

But that’s usually not a good idea.

First, the seller (working with his or her REALTOR®) probably knows the current market value of the property. So your low-ball offer will not make a good impression.

Second, there might be another offer that comes in at the same time — one that’s closer to the listing price — and you might risk losing your chance to buy the property. So be cautious with the low-ball game. Chances are, you’ll lose.

There are lots of variables that come into play when determining the value of a property.  You will want to make sure that you are well educated on the process.  A good REALTOR® can help you make the right offer for the property you’re interested in purchasing. Call today.

Getting your Home Hunting Ducks in a Row...

by Shannon Treece

Say you’re shopping for a new home. Your goal is to find the ideal property, in a neighborhood that is just right for you, within a price range that you can afford.

What do you need — at minimum — to get started?

If you’re looking for ways to get your ducks in a row, here are some suggestions:

  • A property wish list. What does your ideal home look like? How many bedrooms does it need to have? Do you require a spacious recreational room? A large deck? A pool? A nice view? Get your wish list down on paper.
  • A neighborhood wish list. Where you live is just as important as what you live in. What qualities are you looking for in a neighborhood? A nearby park? Walking distance to a good school? Hiking trails? A shorter drive to work? Write it down.
  • A pre-approved mortgage. Getting the financing handled up front takes the guesswork out of what you can afford. Home sellers will also take any offers you make more seriously.
  • Realistic expectations. 99.9% of homes sell at or near the current market rates. So don’t expect to find a bargain that no one else has noticed. Your REALTOR® can help you understand which homes, in which neighborhoods, are available within your price range.
  • A great REALTOR®. Choosing the right real estate professional is crucial to making your home shopping experience less stressful and more productive. It also dramatically increases your chances of finding a home that fits your needs and budget.

Looking for more advice on finding your next dream home? Call today!  I'd love to help!

Making a Mountain Out of a Molehill?

by Shannon Treece

There’s an old expression: Don’t make a mountain out of a molehill. It refers, of course, to putting a problem or issue in the right perspective. Some things just aren’t worth worrying that much about – the molehills. However, there are other things that you do need to be concerned about – the mountains.

What does all this have to do with buying a home?

It’s difficult to find a property on the market that is absolutely perfect and has no issues what-so-ever. Even if you find a home that you fall in love with and that meets all your requirements, there are bound to be one or two areas of concern. That’s normal.

The trick is to determine whether a particular concern is a mountain or a molehill. For example, say you want a home with four bedrooms, but find one with three. That may seem like a big problem. But if you look closer, you may find that one of the rooms in the finished basement can easily be converted into a comfortable spare bedroom.

That particular issue is really a molehill, and shouldn’t prevent you from putting that home on your shortlist.

On the other hand, say you want a home in a nice neighborhood with local parks for your kids and a sidewalk out front. If a property you’re considering doesn’t have those features, you might not think it’s a serious issue. But consider how difficult it will be to take young kids for a walk and decide where you think they’ll play. You may actually have a mountain in front of you.

So, when shopping for a home, you need to understand which are minor issues that can be easily dealt with, and which are major issues that will seriously impact your enjoyment of the home.

That’s where a good Realtor® can help. Call today!

Displaying blog entries 1-4 of 4

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Photo of Shannon Treece Real Estate
Shannon Treece
The Janet Jones Company/REALTORS
7915 Cantrell
Little Rock AR 72227
Mobile: (501) 960-8743
Office: (501) 224-3201