Tami Savage, Realtor

Your Key to a New Lifestyle

There has never been a better time to sell your home! 🏡

By Tami Savage

Do you have a crystal ball? Well, neither do I.

Right now, there has never been a better time to sell your home, but that may not always be the case.

Hi, I'm Tami Savage with the exp realty.

Back in 2008, when it was very similar to now, prices were booming, we were seeing multiple offers and bidding wars. Buyers were fighting for properties and bidding up prices so high that they weren't even appraising. It was almost like overnight, we went from having it be a total seller's market to being a buyer's market. It truly was insane. We went from having no inventory to having a surplus of inventory. That in conjunction with the bad mortgages caused the real estate market to crash and people were losing their homes left and right.

Now, I don't think we're going to see that happen. However, I do personally feel that there is going to be a correction in the market. I feel it so much so, that I personally just sold my own residence.

So, we just don't have a crystal ball and if you're waiting for the market to go up you just never know when it could shift.

Also think of this. If you sell your home and you get a surplus of money that you weren't expecting because the market is so strong, that means you'll also have more money to purchase a higher priced home.

Also keep in mind that the higher the price of the home typically the less competition there is. You'll still most likely be competing, just like the buyers are for the home you're selling, but if you're moving up and not down at a different price point, chances are it won't be as competitive as what you experienced when you sold.

I'm Tami Savage, your key to a new lifestyle.

Thanks so much and have a great day!

Oh, and be sure to look out for more videos on why now is the right time to sell and I'd love it if you check out my new YouTube Channel, Tami Savage realtor.

See you soon!

YouTube: https://www.youtube.com/channel/UCje-ynLSmvEYv1nXUpNTiMw
Facebook: https://www.facebook.com/TamiSavageRealtor/
Instagram: https://www.instagram.com/tamisavagerealtor/
Linkedin: https://www.linkedin.com/in/tamisavage/

Americans See Real Estate as a Better Investment Than Stocks or Gold

By Tami Savage

Americans See Real Estate as a Better Investment Than Stocks or Gold

Last month, in a post on the Liberty Street Economics blog, the Federal Reserve Bank of New York noted that Americans believe buying a home is definitely or probably a better investment than buying stocks. Last week, a Gallup Poll reaffirmed those findings.

In an article on the current real estate market, Gallup reports:

“Gallup usually finds that Americans regard real estate as the best long-term investment among several options — seeing it as superior to stocks, gold, savings accounts and bonds. This year, 41% choose real estate as the best investment, up from 35% a year ago, with stocks a distant second.”

Here’s the breakdown:

America's Choice of Best Long-Term Investment: Real Estate 41%, Stocks 26%, Gold 18%, Savings Accounts 9%, & Bonds 3%. Source: Gallup 2021

The article goes on to say:

“The 41% choosing real estate is the highest selecting any of the five investment options in the 11 years Gallup has asked this question.”

Is real estate really a secure investment right now?

Some question American confidence in real estate as a good long-term investment right now. They fear that the build-up in home values may be mirroring what happened right before the housing crash a little more than a decade ago. However, according to Merrill Lynch, J.P. Morgan, Morgan Stanley, and Goldman Sachs, the current real estate market is strong and sustainable.

As Morgan Stanley explains to their clients in a recent Thoughts on the Market podcast:

“Unlike 15 years ago, the euphoria in today’s home prices comes down to the simple logic of supply and demand. And we at Morgan Stanley conclude that this time the sector is on a sustainably, sturdy foundation . . . . This robust demand and highly challenged supply, along with tight mortgage lending standards, may continue to bode well for home prices. Higher interest rates and post pandemic moves could likely slow the pace of appreciation, but the upward trajectory remains very much on course.”

Bottom Line

America’s belief in the long-term investment value of homeownership has been, is, and will always be, very strong.

Don’t Forget to Budget for Closing Costs

By Tami Savage

Don’t Forget to Budget for Closing Costs

When buying a home, it’s important to have a budget and make sure you plan ahead for certain homebuying expenses. Saving for a down payment is the main cost that comes to mind for many, but budgeting for the closing costs required to get a mortgage is just as important.

What Are Closing Costs?

According to Trulia:

“When you close on a home, a number of fees are due. They typically range from 2% to 5% of the total cost of the home, and can include title insurance, origination fees, underwriting fees, document preparation fees, and more.”

For example, for someone buying a $300,000 home, they could potentially have between $6,000 and $15,000 in closing fees. If you’re in the market for a home above this price range, your closing costs could be greater. As mentioned above, closing costs are typically between 2% and 5% of your purchase price.

Trulia gives more great advice, explaining:

“There will be lots of paperwork in front of you on closing day, and not enough time to read them all. Work closely with your real estate agent, lender, and attorney, if you have one, to get all the documents you need ahead of time.

The most important thing to read is the closing disclosure, which shows your loan terms, final closing costs, and any outstanding fees. You’ll get this form about three days before closing since, once you (the borrower) sign it, there’s a three-day waiting period before you can sign the mortgage loan docs. If you have any questions about the numbers or what any of the mortgage terms mean, this is the time to ask—your real estate agent is a great resource for getting you all the answers you need.”

Bottom Line

As home prices are rising and more buyers are finding themselves competing in bidding wars, it’s more important than ever to make sure your plan includes budgeting for closing costs. Let’s connect to be sure you have everything you need to land your dream home.

When It Comes To Selling a House, Your Time Is Money [INFOGRAPHIC]

By Tami Savage

When it Comes to Selling a House, Your Time is Money. Selling a house is no small task. If you decide to try to do it on your own, keep in mind you'll be responsible for all the expert-level work of a real estate professional: Pricing Your House, Listing and Marketing Your house, Legal Documenation, Staging Decisions, Safely Arranging Open Houses and Showings, Negotiating with All Parties, Navigating Local Laws and Regulations. If you're ready to sell while the market is in your favor, let's connect to make sure you have the professional expertise you need every step of the way.

Some Highlights

  • Selling a house is no small task. If you decide to try to do it on your own, keep in mind you’ll be responsible for all the expert-level work of a real estate professional.
  • The vital tasks an agent manages for you include listing and marketing your house, handling legal documentation, negotiating with all parties, and navigating local laws and regulations.
  • If you’re ready to sell while the market is in your favor, let’s connect to make sure you have the professional expertise you need every step of the way.

Your House Could Be the Oasis in an Inventory Desert

By Tami Savage

Your House Could Be the Oasis in an Inventory Desert

Homebuyers are flooding the housing market right now to take advantage of record-low mortgage rates. Many have a sense of urgency to find a home soon since experts forecast a steady rise in both rates and home prices this year and next. As a result, buyer demand greatly outweighs the current housing supply. Here’s how the shortage of houses for sale sets yours up to be the oasis in an inventory desert.

According to the National Association of Realtors (NAR), today’s housing inventory sits at an incredibly low 2.1-month supply, far below the 6-month mark for a neutral market. Inventory of single-family homes a year ago was already very low, and as you can see in the graph below, this year’s levels are even lower:

Today’s housing inventory sits at an incredibly low 2.1-month supply, far below the 6-month mark for a neutral market. Inventory of single-family homes a year ago was already very low, and as you can see in this graph, this year’s levels are even lower. Source: NAR

Due to these market conditions, today’s buyers frequently enter fierce bidding wars while trying to purchase a home. This in turn drives up home prices and gives sellers incredible leverage in the negotiation process, two big wins if you’re going to sell your house this year.

Bottom Line

In such a hot market, it can feel as though the supply of homes has virtually dried up, leaving buyers to wander in an inventory desert. That’s why there’s never been a better time to sell. To a parched buyer needing to secure a home as soon as possible, your house could be a true oasis.

Wesley Chapel May 2021 Market Update

By Tami Savage

Hey Wesley Chapel, are you ready for your real estate market update?
I'm Tami Savage with eXp Realty. What an exciting time in the real estate market.
As you've probably heard by now, we have a super hot market.
Homes are flying off the shelf, bidding wars and multiple offers are giving sellers more leverage than ever before.
Buyers are doing things like removing all of the contingencies, upping their deposits, giving insane rent backs to the seller, and not asking for any repairs.
They are doing whatever it takes to get into these homes.
So let's take a look at what's happening so far this month.
The average days on the market for Wesley Chapel is 17, while our median is only four, and the national average is 21.
The average list price for a home in Wesley Chapel is $362,228 which is considerably less
from last month at $346,229 which is approximately 4.6% increase.
The average selling price is $335,297 which is about 7.4% below list price.
As you can see, the Wesley Chapel market is on fire, and buyers are in need of properties.
If you're looking to get the most return on your investment and more money in your
pocket with less hassle, then there's never been a better time.
I'm Tami Savage with eXp Realty, your key to a new lifestyle.
Thanks so much for watching and have a great day!

Let’s Connect

727-282-4390 (mobile)

 

Let me help you buy or sell your next home!

eXp Realty

Realtor Stellar MLS Equal Opportunity Housing