Friday, March 19, 2021 / by Josh Montgomery
What Is the Strongest Tailwind to Today’s Recovering Economy?
Last year started off with a bang. Unemployment was under 4%, forecasters were giddy with their projections for the economy, and the residential housing market had the strongest January and February activity in over a decade.
Then came the announcement on March 11, 2020, from the World Health Organization declaring COVID-19 a worldwide pandemic. Two days later, the White House declared it a national emergency. Businesses and schools were forced to close, shelter-in-place mandates were enacted, and the economy came to a screeching halt. As a result, unemployment in this country skyrocketed to 14.9%.
A year later, the economy is recovering, and the U.S. has regained more than half of the jobs that were originally lost. However, some businesses are still closed, and many schools are still struggling to reopen. Despite the past and current challenges, there is one industry that’s prove ...
Thursday, March 18, 2021 / by Josh Montgomery
When thinking about selling, homeowners often feel they need to get their house ready with some remodeling to make it more appealing to buyers. However, with so many buyers competing for available homes right now, renovations may not be as vital as they would be in a more normal market. Here are two things to keep in mind if you’re thinking of selling this season.
1. There aren’t enough homes for sale right now.
A normal market has a 6-month supply of houses for sale, but today’s housing inventory sits far below that benchmark. According to the National Association of Realtors (NAR), there’s only a 1.9-month supply of homes available today. As a result, buyer competition is high and homes are only on the market for about 21 days, during which time many receive multiple offers from hopeful buyers.
In a competitive market that’s moving so quickly, it makes sense to sell your house when buyers are scooping homes up . ...
Wednesday, February 17, 2021 / by Josh Montgomery
In today’s real estate market, the buzz is all about how it’s a great time to sell your house. Buyer demand is high, and there simply aren’t enough homes available to buy to meet that growing need. This means now is the time to make a move so you can close the deal on your ideal terms.
Even in today’s strong sellers’ market, there are homeowners who are choosing not to sell due to ongoing concerns around the health crisis, financial uncertainty, and life in general. According to Zillow, here are the top three reasons homeowners who are thinking of selling sometime in the next three years are not putting their houses on the market right now:
34% – Life is too uncertain right now
31% – Financial uncertainty
25% – COVID-19 health concerns
If you identify with any of these, you’re not alone. Whether it’s the future of your employment situation or simply being uncomfort ...
Tuesday, April 25, 2017 / by Scott Foster
1741 Junipero Avenue
Long Beach, CA
Selling residential income and commercial properties often takes a unique approach to sell the property—and to maximize the profit potential for the Seller. Our Residential Income and Commercial Specialist, Rebecca Themelis was able to work with a Seller who thought that she would not be able to get her property sold—and achieved spectacular results!
First, Rebecca gathered the previous three years of operating statements and created a detailed investment model, with research going into how much similar properties were renting their units for and calculating the exact expenses required to operate the property, to accurately predict the cash flow.
Rebecca then educated both the potential Buyers and their Agents, creating a win-win environment for those involved, and was able to generate twenty-five offers over a four-day period. Rebecca sold the property for 20% over the asking price which afforded an additio; ...
Thursday, April 20, 2017 / by Scott Foster
The escrow process can be a complicated and often technical necessity of buying and selling real estate. The escrow company and its officer have many duties to juggle on behalf of the Realtor, Seller, and Buyer during the real estate transaction. Understanding the various duties and functions of the escrow can assist all parties in ensuring a successful and timely transaction as everyone involved has a part to play.
The Escrow Officer’s main duty is to remain a neutral third party between Buyer and Seller in a real estate purchase transaction at all times. The Escrow Officer is not to be involved in negotiations between Buyer, Seller, and/or Lender.
Additional escrow officer duties and responsibilities are as follows:
Receive and hold Buyer’s funds in a non-interest paying trust account during escrow.
Read and comply with all agreements as detailed in the Purchase Contract and Joint Escrow Instructions as it pertains to the escrow process.
Follow mutu ...