Forum Posts

Irvy Jann Morenes
Website development
Website development
Nov 24, 2022
In Property Questions and Answers
Home prices are beginning to show signs of cooling as buyers have pulled back due to mortgage rates doubling this year, which is starting to convince sellers to lower their sales price. However, the overall housing supply remains limited as those who purchased homes in recent years at low mortgage rates are staying put. Additionally, many sellers are waiting for interest rates to drop to have a better chance of getting the price they want. While home prices continue to climb from last year, the price points are not as high as earlier this year, indicating the over-heated housing market is slowing down. Many housing insiders warn buyers against trying to time the market as the economy wades through this period of uncertainty.“Deciding to buy now or wait is going to depend on the individual buyer’s motivation and situation. Waiting may not be a viable option,” says Krista Forsberg, a real estate agent at Keller Williams Realty in Edina, Minnesota. “Even if a buyer can push pause on buying to later in the year or 2023, there isn’t likely to be significant improvement in prices or interest rates.” As we approach the end of 2022, housing experts maintain a watchful eye on the economy, which is still being pulled in all directions by stubbornly high inflation, rising interest rates, the war in Ukraine and Covid-19, to name a few. While housing has been the star of the U.S. economy the last few years, there are signs of wear. For instance, the 30-year fixed mortgage hitting a year high at 7.08% by late October, making it harder for buyers to access affordable housing.
Housing Market Predictions In 2022: Will Prices Drop? content media
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Irvy Jann Morenes
Website development
Website development
Nov 24, 2022
In Property Questions and Answers
In the United Kingdom (UK), the proportion of landlords that observed a significant increase in tenant demand for their property increased substantially. In the third quarter of 2022, the share of landlords that observed demand grow in the past three months was 39 percent compared to one percent that saw demand fall slightly. When it comes to home purchases, the housing market experienced increased demand and sales volumes, while the stock and supply of new homes decreased.
Distribution of landlords by observed change in demand for rental housing in the past three months in the United Kingdom (UK) content media
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Irvy Jann Morenes
Website development
Website development
Nov 19, 2022
In Property Questions and Answers
The private rented sector accounted for 4.5 million households in 2017/18, with the market having doubled in size since 2002 for reasons that include affordability constraints in the sales market. The impact of this trend can be seen most clearly in London, where private renters accounted for 29% of all tenure types, which compares to 19% for the whole country. Tenant demand will continue to exert upwards pressure on rental values in UK mainstream rental markets during the next five years and the largest cumulative growth is forecast to take place in the capital. We expect rental value growth to gain momentum after 2020 as more political certainty returns to the UK after it enters the transition phase in 2020. We forecast a similar pattern in prime London rental markets, with rental value growth over each of the following five years. While private investment and public spending will stimulate demand as the economy strengthens, there will also be downwards pressure on supply as more meaningful house price inflation returns to the sales market, prompting more owners to sell. We expect lower-value rental markets in the capital to outperform in the short-term, with 3% growth in prime outer London forecast for 2020, a trend that will be driven by this lack of supply as owners try to capitalise on any post-election 'bounce'. Furthermore, housing will remain a key political issue as the Conservative government looks to redress perceived imbalances across the country and any reversal of recent tax changes for buy-to-let investors appear unlikely. This will put further upwards pressure on rental values as stock reduced and lead to the increased professionalization of the private rented sector.
Five-year UK Residential Rental Market Forecasts content media
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Irvy Jann Morenes
Website development
Website development
Nov 12, 2022
In Property Questions and Answers
1. Outdoor makeover Many buyers are attracted to having a garden and/or outdoor living area, but can be fearful of the upkeep that it may bring. Even if you are not naturally a green-fingered person, it is important that a potential buyer sees the benefits of a garden instead of the work that may go into it – most people will not want a jungle growing at the back of their new home. Create an area for outdoor dining and give your garden a face lift by mowing the lawn or cutting back the hedges. If you do have any spare budget to spend then why not call the local landscape gardeners to come round and give it a once over. 2. Those ‘I’ll do it next weekend’ jobs As a house becomes a home you start to forget about those small DIY jobs you always promised to get around to – you may even feel like that wonky shelf or that peeling wallpaper gives the house a quirky charm, but unfortunately most buyers won't feel the same. Leaky taps, rusty radiators, scuffed floor tiles, chipped skirting boards or exposed light fittings are all minor issues which you may have stopped noticing but can be fixed very easily. As small as these jobs may seem, they can have a big impact on a buyer’s mentality on buying your home. 3. Show off your space Buyers want the most for their money, so giving them the feeling of spacious living is important. You can always get the hard hat out and start knocking down walls to create open plan living, or, you could just simply declutter your rooms. Add mirrors to smaller rooms to give the illusion that they are larger than they seem or get inventive with storage to help open up the rooms potential. 4. First Impressions count Before a buyer even has the chance to enter your property they will be making their first impression of your home from its outside appearance. Make sure that your house is as attractive from the kerb as it is from the inside, if you’re lucky enough to have a front garden, then make sure it looks welcoming. You often only have one chance to give potential buyers the right impression; whether they’re driving past your home or scrolling through properties online. 5. Think neutral Painting your son’s room black during a grunge phase may not have been your idea but now is a great time to neutralise your rooms. Certain buyers might be able to look through your quirky sense of wall art or ignore any drab wallpaper but for many this can be a big turn off. The key to getting the right price for your home is making it appealing to as many buyers as possible – that’s why thinking neutral can be key.
5 top tips to boost the value of your home content media
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Irvy Jann Morenes
Website development
Website development
Nov 07, 2022
In Property Questions and Answers
Landlord Causes of Stress: Finding good tenants 73% of landlords said finding good tenants was moderately or extremely difficult (UK Landlord Survey 2021). This can certainly be a tricky part of the process, especially for first-timers or landlords needing to find a tenant quickly. The first step to finding good tenants is creating a high-quality advert. If your listing doesn’t do your property justice, your chances are already limited. Clear photos, a well-written description, and setting a realistic and competitive rental price will mean your property is well placed to attract the right tenants. Whilst the advert should showcase your property, it must also be honest and accurate. There’s no point only showing photos of the best rooms or ‘forgetting’ to mention that the garden is shared. Sure, you might get more enquiries, but if a tenant arrives and the property is not as expected, it’s a waste of everyone’s time. Landlords should carefully consider their specific tenant criteria. If you’re looking for students, don’t want smokers, or would prefer no pets in your rental, clearly state this in the property description. Landlord Causes of Stress: Handling maintenance issues Solving maintenance issues can be a significant cause of stress for landlords. Keeping the property and the tenant safe is a landlord responsibility, but arranging maintenance work can be tricky, particularly for emergencies that require a fast response. 59% of landlords revealed they found managing maintenance issues to be moderately or extremely difficult. Specifically, getting a good price from contractors proved most challenging, with 78% of landlords finding this difficult. A close second was finding a reliable contractor at 72% (UK Landlord Survey 2021). Preparing a list of reliable tradespeople makes things much easier. We recommend having at least two dependable professionals for each maintenance area. Whether a plumber, electrician or gardener, relying on a single contractor is risky. And if they’re good at their job, they aren’t likely to be available at short notice.
What are Common Causes of Stress for Landlords? content media