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Real Estate News
Updated: Thursday, December 8, 2022


3 Things to Consider Before Buying a Home in Winter

There are plenty of benefits to buying a home during the cold winter months. Generally, there are fewer people shopping for homes in the winter, which means you might have less competition when bidding on a house. Additionally, you have a higher chance of closing a deal - according to Zillow.nbsp;

However, you need to take several key factors into consideration when home shopping during the holiday season or after. Here are three tips that will help you pick the right house and avoid serious problems in the future.nbsp;

1. Find Issues Beneath the Snow and Ice with a Home Inspectionnbsp;

A blanket of snow or ice on a home can hide serious problems, which is why its vital that you schedule a professional home inspection before you make any solid commitments. You might not be a home expert, so checking the place out with a naked eye wont work.nbsp;

A professional home inspector will provide you with the opportunity to address any problems before closing on the house - or steer you away from a bad house enti>

  • Nearly 20 percent of home inspectors found problems with the roofnbsp;
  • 18.7 percent found at least one issue with the electrical systemnbsp;
  • 18.4 percent found problems with the windows
  • 13.6 percent discovered issues with the plumbing systemnbsp;
  • 12.2 percent found issues with the water heater

nbsp;

Whether you use the inspection as a contingency in your contract or as a sign that the home isnt for you, its certainly worth having that information as you make your big decision.nbsp;

2. Note Signs That Could Indicate Heating/Insulation Problemsnbsp;

One good thing about home shopping during the winter months is that you can easily determine how well a home is retaining its heat - or how poorly.nbsp;

For example, if you note long icicles hanging from the edge of a roof, it could be a sign that the roof isnt properly insulated. Your roof is losing heat, which melts the snow and ice above, causing icicles to form. Similarly, if you feel cold air streaming in through closed windows or cracks in shut doors, you know that youre looking at a home that needs some work.nbsp;

Even if the home does seem to have proper installation, take note of its warmth and how updated its heating system is. You dont want to move in only to find out you need an enti>

The good news is you dont have to be an expert when examining a homes heating system. However, youll definitely want to check out a comprehensive furnace guide with information on inspections and replacements.nbsp;

3. Look for Signs of Household Pests

Pests problems can be especially bad in the winter. As the weather gets colder, critters like mice, bats, racoons, snakes, and insects can sneak indoors to stay warm. In fact, rodents alone invade an estimated 21 million American homes every winter according to the National Pest Management Association.

This is why its vital that you take a good look at the basement and attic of the home.nbsp;

Droppings, small holes in the walls, and smells can be surface level indicators of pest problems. However, you need to get a pest control service in the house to look for more discreet signs of infestations.nbsp;

Pest control can cost hundreds to thousands of dollars depending on the severity of the infestation. Even if there are no immediate signs of problems, an expert will be able to tell you if the home has any vulnerabilities that could open the door for unwanted pests in the future.nbsp;

Like we said, winter can be a good time to buy a home. Theres less competition with other buyers and sellers can be more motivated to strike a bargain.nbsp;

However, dont let those opportunities steer you away from doing due diligence on your inspections of the house. Everything from the heating and plumbing systems should be thoroughly examined for signs of weakness - or expensive repairs.nbsp;

As long as you check everything out before signing any contracts, you should be in good shape to purchase a great home during the winter months, even with snow and ice plaguing the marketnbsp;


Amy McConaghy is >
> Full Story

How Much More Could Housing Prices Drop?

With soaring interest rates, homebuilder confidence continues to plunge. The metric declined for the 10th straight month in October, with continued weakening in demand. In September, there was an unexpected rise in new home sales, but economists were quick to warn that it would likely be short-lived. The National Association of Home Builders recently said that prices could be on the brink of collapsing.

Builder confidence dropped to 38 in the most recent data, which represented a decline of eight points. Its at half of where it was six months ago, and its at the lowest level since 2012, not including the plunge at the start of the pandemic in 2020, which was historic.

The National Association of Home Builders said the continued collapse in confidence is evidence that rising interest rates, bottlenecks for building materials, and elevated home prices are weakening the housing market. Possible buyers traffic has decreased to the lowest level in a decade, and sales outlooks are getting worse.

The chair of the association, Jerry Konter, said in a statement that the spiking mortgage rates had created a situation thats unhealthy and unsustainable. He said this year would probably be the first since 2011 to see a drop in the number of housing starts, which are homes on which construction begins.

Other analysts and economists share a similarly bearish outlook. Ian Shepherdson, the chief economist at Pantheon Macro, said the disastrous numbers make it apparent that the reported jump in the sale of new homes last month was more noise than an indicator of a turnaround, especially with the most recent surge in mortgage rates.

Shepherdson predicts that construction and the sale of new homes will continue going down until early 2023, with home prices decreasing by 15 to 20.

Charlie Dougherty, a Wells Fargo economist, predicts that median new home prices will go down almost 7 next year, with some housing markets seeing disproportionate losses. He considers those markets with the most losses the ones that experienced big booms in the height of the pandemic. nbsp;

Chief Economist for NAHB, Robert Dietz, said that some analysts have indicated the housing market is more balanced now. Still, the reality is that the homeownership rate will decline in the upcoming quarters because construction costs and interest rates will stay elevated. Those converging effects will price out many prospective buyers.

High prices worldwide have led central banks to have to reverse some of their pandemic policies put in place to shore up markets. The Federal Reserves interest rate hikes have been aggressive and incredibly impactful to the booming housing market during the pandemic.

This summer, new home sales went down to a six-year low, and the significant drops in mortgage applications indicate the collapse will deepen and worsen.

Jerome Powell, the Fed Chair, has repeatedly indicated that home prices are going to cool as rates normalize after historic lows during the pandemic.

We dont know exactly how much more home prices have to go down, but its possible theyre just starting a steep decline.


> Full Story

How Important is Video Marketing?

This is a question I believe everyone should be asking themselves. I say this as a coach, entrepreneur, business owner and not to try and get sales.

I am going to refer to a survey by Wyzowl.

Think for a minute,

Where is video applicable on social media?

What platforms use video?

What platforms are video-centric?

Ya, pretty much all of them, or they will be soon.

I do believe we are in a race to the bottom of stupidity with mindless videos, but we can discuss that another time. But it does fall into this from the survey.

nbsp;92 of video marketers feel the level of noise and competition have increased in the last year.

It is the Noise I am referring to above.

Before I get into some real meaty things I want to preface it with this, I see a lot of agents asking about how to brand themselves. I often see questions around

Shopping Carts

Check Out Dividers

Place Mats

Coffee Sleeves

If you do these and they work Id love to talk with you. But, I have never been compelled to buy based upon these. Heck, I do not even notice them. So I would tend to do nothing with them. I have coached and trained many agents and I have never heard of anyone with success doing these.

Take some time to understand the NAR Generational Trends Report.

You will learn in this report that 62-72 of consumers found their agent by

Worked with in the past

Was a friends, neighbor

Was referred by a friend, family member

Or knew them from the community.

The shopping cart was not on the list. Basically, I always go after the Lions Share and that is referrals and networking. Take a look at this.

87 of video marketers say video, in general, gives them a good return on their investment. 84 of video marketers say video has helped them generate leads.

People watch an average of 18 hours of online video per week.

18-49 years old watch more Youtube per week than all of cable combined.

85 of people would like to see more videos from brands in 2021.

Marketers have rapidly come to understand the ROI of video - from just 33 who believed they got a positive ROI from video in 2015, the number now sits at 87.

If you do not have a solid video marketing strategy and a way to positively stand out in the community then you are missing a massive segment of the market and you just blend into the noise of the other 1.5million agents.

How many agents are in your market?

Who stands out?

Who is the most recognized?

Is it you?

If not you are cheating yourself.

People do not do video for 3 main reasons.

Fear

Knowledge

Time

At Explore My Town we help you overcome these and succeed in a way that nobody else can.

Fear - We overcome this and face the fear together. We build confidence and within a month you wont even remember you were scared. Here is a secret Everyone sucks in the beginning, over time we improve together.

Knowledge - Why to say, how to film, equipment, editing. We help you here greatly. We script and edit the video. We use simple equipment, including your cell phone as the camera. We also manage the marketing and retargeting so you get max visibility.

Time - Since we take all the heavy lifting off of the process, all you need to do is shoot the video. If you tell me you dont have time I will hold you accountable, you have the time it is just not prioritized.

Couple this with amazing training from industry leaders and you will become the Star of your Community in no time.

So back to the initial question, How important is video marketing?

Let me say it like this. It is EVERYTHING.

If this sounds logical to you, learn more about what we do atnbsp;https://www.partnerwithmytown.com/

nbsp;

Till next time,

Johnny Mo


> Full Story



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