53% – Suburb / Subdivison
18% – Small Town
16% – Urban / Central City
11% – Rural Area
3% – Resort / Recreational Area
Source: NATIONAL ASSOCIATION OF REALTORS®, 2014 Home Buyer and Seller Generational Trends
Where The Buyers Are
The Real Estate Market’s Improving – Agents Needed!
If you considering a career in real estate or a firm change; then check-out Ferguson Realtors at www.TopofKnox.com or give us a call at (800) 747-0713.
Factors Influencing Urban Buyers’ Neighborhood Choice
64% – Quality of neighborhood
58% – Convenient to job
42% – Overall affordability of homes
36% – Convenient to friends or family
32% – Convenient to entertainment / leisure activities
29% – Convenient to shopping
27% – Convenient to parks / recreational facilities
26% – Design of neighborhood
20% – Convenient to schools
19% – Quality of school district
12% – Convenient to health facilities
8% – Availability of larger lots or acreage
7% – Convenient to airport
5% – Other
4% – Home in a planned community
Source: NATIONAL ASSOCIATION OF REALTORS®, 2013 Profile of Home Buyers and Sellers
Tips For a Smooth Loan Approval
•Don’t apply for new credit
•Don’t co-sign on a loan
•Don’t dispute anything on your credit report
•Don’t change bank accounts
•Don’t close any credit card accounts
•Don’t finance any elective medical procedure
•Don’t make a major purchase (car, boat, jewelry, etc.)
•Don’t max out or over charge your credit card accounts
•Don’t open a new credit card account
•Don’t take out a new loan
•Don’t transfer balances from one account to another
If you encounter a special situation, it is best to discuss it with your lender.
Source: Mortgage Options Lending
Community Preference Survey
The NATIONAL ASSOCIATION OF REALTORS® 2013 Community Preference Survey reveals the following preferences in neighborhoods and where people want to live:
86% value privacy from neighbors when choosing a home.
75% of small town and rural residents would still live in a rural area if they could choose any plave to live.
60% prefer a neighborhood with a mix of houses, stores and businesses that are easy to walk to.
42% complain that there are too few shops or restaurants within an esy walk of their house.
Sources: NATIONAL ASSOCIATION OF REALTORS® & The Council of Residential Specialists
2014 Profile of Home Buyers and Sellers
This information was obtained from an annual survey that was conducted by the NATIONAL ASSOCIATION OF REALTORS®. Here are the highlights from the latest report:
•Thirty-three percent of recent home buyers were first time buyers.
•For 43 percent of the home buyers, the first step in the home-buying process was looking online for properties.
•Ninty-two percent of buyers used the internet in some way in their home search.
•Real estate agents were viewed as a useful information source by 98 percent of the buyers who used an agent while searching for a home.
•Seventy percent of home sellers only contacted one agent before selecting the one to assist with their home sale.
•The share of home sellers who sold their home without the assistance of a real estate agent was nine percent.
Source: NATIONAL ASSOCIATION OF REALTORS®
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Are you considering a career in real estate or a firm change?
If so; visit www.TopofKnox.com to learn more.
Common Real Estate Terms
These terms are handy to know terms when you are involved in either buying or selling real estate:
Disclosure Statements
These are most often prepared by the person selling a property. They can include a property condition disclosure, a lead based paint disclosure (for properties built prior to 1978), and a septic disclosure to name a few. You should ask for copies prior to preparing a written offer.
Good Faith Estimate
A lender is required to provide a borrower this document at loan application. It provides the borrower a breakdown of their loan costs, closing costs and downpayment required. It also gives an estimate of the total monthly payment. The numbers from the Good Faith Estimate and the closing statement should align fairly close, if not you should ask questions.
MIP
This stands for Mortgage Insurance Premium. If your obtaining a mortgage with a loan to value greater than 80%, then the lender will require mortgage insurance in most cases. The premium is usually paid as part of your monthly house payment. For some loan programs a portion of the premium is collected when the loan is funded.
Lien
This is a claim by someone or a company on a property, usually for money owed. In Tennesse a Deed of Trust is filed with the Register of Deeds in the county where the property is located. This document reflects the terms of the loan, and is a matter of public record.
Buyer’s Market
This is a a term used when the market is in the buyer’s favor. The buyer usually has the advantage when it comes to negotiations. A buyer’s market occurs when there are more homes for sale than there are buyers to purchase them, thus forcing sellers to me more aggressive with pricing. Usually homes take in excess of six months to sell in this type of market.
Seller’s Market
This term is used when there are not enough homes available for the number of buyers looking to purchase. This environment gives the seller the advantage when it comes to negotiations. In this type of market you will see home prices on the rise as many properties will receive multiple offers. In this kind of market, homes that are priced right and in good condition may only be on the market for a few weeks.
One of Our Agents Had This to Say
I have worked for Ferguson Realtors for 16 years and they have promoted, supported and help grow my professional career in real estate. Ferguson Realtors is always on the cutting edge of technology with high quality video, photos, websites and creative ideas in advertising to get homes Sold! Their ethics and integrity, that is the Ferguson name, is also unparalleled in the business. Ferguson Realtors has a personable and friendly atmosphere to work in, while being one of the leading Realtors in the industry. Ferguson Realtors is a company that I am proud to say that I hold my license with and plan to continue my career with for years to come.
Are you considering a career in real estate or a company move? If so; check us out at www.topofknox.com.
Consider A LeadingRE Firm For Your Real Estate Needs
Leading Real Estate Companies of the World® is a network of over 500 of the very best real estate firms that are located in nearly 50 countries. These firms have 3,500 offices with 120,000 sales associates. In 2013 these firms had sales of $314 billion dollars representing over one million transactions, which placed Leading Real Estate Companies of the World® #1 in sales volume in the United States.
Sales volume numbers for 2013 were as follows:
Leading Real Estate Companies of the World® – $314 billion
Coldwell Banker – $267 billion
Re/Max – $221 billion
Keller Williams – $131 billion
Century 21 – $122 billion
Prudential – $114 billion
Berkshire Hathaway Home Services – $80 billion
Real Living – $44 billion
Sotheby’s International Realty – $28 billion
ERA – $22 billion
Realty Executives – $19 billion
Better Homes & Gardens – $12 billion
Firms affiliated with Leading Real Estate Companies of the World® can offer sellers global exposure of their home in addition to strong marketing expertise at the local level. Leading Real Estate Companies of the World® has the resources to market your property to the highest possible number of potential buyers. With 120,000 talented associates around the world, they expose your property to buyers on six continents ensuring more eyes are on your property. In addition they receive inbound clients from other affiliates around the globe who are interested in purchasing a home.
If you are looking for the best real estate firm to sell your home, then you need to consider a firm that’s affiliated with Leading Real Estate Companies of the World®.
Source: Leading Real Estate Companies of the World®