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Buying A Home | Elite Results Realty Blog

Monday, July 6, 2020   /   by Vyral Marketing

Should You Have Representation When Buying a New Build Home?

Should you have buyer representation when buying a new home from a builder?

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Some people think you can save money by not using an agent to buy a new build home, when in fact, that’s not the case. There are no cost savings if you purchase without an agent; if you go directly to the builder, they’ve already built in the commission. Sometimes, we can even negotiate a discount—I’ve negotiated $10,000 in savings on a new home from the builder when two representatives said that there was no way they could go under the list price. Those savings represented more than 3% of the new home’s value!

That’s why it’s so important to understand that the representative of the new home is there to protect the interests of the builder. They’re only there to get the most money possible for the builder.

Registering with a buyer’s agent is the b ...

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  buying a home

Wednesday, June 24, 2020   /   by Vyral Marketing

How Can Buyers Compete in This Hot Market?

Buyers: Here’s how to gain an edge in our market.

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Right now, we’re seeing a lot of bidding wars in our hot seller’s market, and I’ve personally seen multiple-offer scenarios with $10,000, $20,000, and even $50,000 above asking price. In many cases, buyers are waiving appraisals and inspections altogether—that’s how crazy it can be out there!

So, as a potential buyer, how can you compete? Thankfully, there are real solutions that don’t involve getting yourself into a financial situation you’re not comfortable with. Recently, we helped one buyer get an offer accepted for less than asking price and beat out 10 other buyers in a very competitive price range. They didn’t have to wave appraisals or inspections either! Here are just a few of the ways that can happen for you:
1. Make your offer stand out. Working with a buyer who’s a ...

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  buying a home

Wednesday, June 10, 2020   /   by Vyral Marketing

How Mortgage Rates Are Calculated

Here’s why current mortgages rates hover around 3.5%, not 0.5% or 2.5%.

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Oftentimes, people will wonder why mortgage rates don’t follow suit when the fed funds rate drops significantly—as was the case at the onset of the COVID-19 pandemic and our current recession. The truth is, in today’s market, mortgage rates are not determined by the fed funds rate.

Though not calculated on the fed funds rate, mortgage rates do align closely with the 10-year Treasury yield. If you look at the history of the 10-year Treasury, you’ll notice that that yield tends to be about 2% lower than mortgage rates.

Back in 2007, when we saw the market crashing, mortgage rates were at 6.5% to 7%, and the Treasury yield was at 4.5% to 5%. It took a couple of years for the Fed to step in and start buying Treasury bonds, which caused the rates to go down.

The 10-year ...

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  elite results realty, buying a home, market updates

Friday, April 20, 2018   /   by Rob Hale

Give us a chance to beat Opendoor!

The seller's market story continues, but there is more going on in this real estate market than meets the eye. 

Have you ever heard of iBuyers? These are tech-driven real estate investors, like Opendoor and OfferPad, that are absorbing more of the market share. Their total sales dollars have increased 14 percent over the last year. Other investing companies are also buying up properties. This is one of the reasons supply is so low right now. 

These companies are responsible for a growing amount of purchases throughout the valley. They bring cash offers and promise a quick and hassle-free transaction. Sounds great, right? Well then how about an even higher cash offer, that also comes with a quick and hassle-free transaction. That is what we can bring you. 

We have had several clients come to us recently after getting a purchase offer from one of these iBuyers. They wanted to check and see how these offers would compare to what we could do for them. We are happy t ...

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  real estate market, buying a home, seller's market, cash purchase

Thursday, January 11, 2018   /   by Elite Results Team

Home prices likely to increase in 2018

We advised buyers who were on the fence one year ago that if they were planning on buying within the next couple years, they should do it sooner because prices would continue to rise for the foreseeable future. 

At the dawn of 2018, we have the same guidance. In fact, it's even more urgent than one year ago. The market is in an interesting predicament as we start the new year. Supply is extremely low, and this typically means one thing for prices: ↑ ↑ ↑

Here are numbers to give you an idea of what the market is doing: 

Active listings are down by nearly 14 percent from one year ago (and 9 precent from last month)*
Average sales price per square foot is up 8 percent from last year (while general inflation has stayed the same) 

Other factors add to the urgency, including rising interest rates.

So what does this mean for you? 

Buyers: If you are in the market, you should probably put the pedal to ...

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  real estate market, buying a home, selling a home, seller's market, housing trends