Your REALTOR®:
Kevin Kleifges
September 2022
Real
Helping people find their Dream Homes


What Happens During the Final Walk-Through?
When you buy a house, it’s already a pressure-filled process. There’s a low inventory of homes right now, even with prices dropping in many markets due to rising interest rates and declining demand. Since there are still inventory issues, some homebuyers are doing things they wouldn’t ordinarily, like waiving home inspections or using escalation clauses in their contracts.
      Regardless of what you might do to get the house of your dreams, one thing you shouldn’t skip is the final walk-through.
      The final walk-through is your chance to ensure the house is in the same condition as when you made an offer.  If the seller is doing repairs or
MORTGAGE RATES
U.S. averages as of September 2022:


30 yr. fixed: 5.55%
15 yr. fixed: 4.85%
5/1 yr. adj: 4.36%






or improvements you negotiated, you need to make sure those were done and that they were done correctly.
      Who Comes to the Final Walk-Through? A buyer and
houseWondering What Your Home Is Worth?

Let me show you




5 Things to Know About Buying a Modular Home
     Modular homes are prefabricated, which means they’re built in a factory. After the home is built, it’s delivered to a building site, and then it’s assembled and put on a foundation. Some people decide to buy modular homes because they can be less expensive than a traditionally built home, usually because the process of building modular homes is more efficient.
      The following are five things to know before you invest in a modular home.
      1. The Basics A modular home is built by section in factories. These factors are giant facilities that assemble homes based on the International Residential Code or IRC. Under the IRC, these facilities are required to make sure they’re assembling homes that comply with state and



Buyers Increasingly Back Out of Deals
     For the past two years, the demand for real estate has been enormous. Several factors converged for that to be the case. For example, the pandemic meant people could work remotely, so they could move anywhere in the country. Inflation led buyers to want a hard asset, like property, and there’s also a low inventory of homes, so buyers were clamoring and often engaged in bidding wars.
      Now, after two years of a frenzied market, things might be changing.
      According to a new report from Redfin, around 60,000 purchase agreements fell through in the U.S. in July, which was around 15% of all the homes that went under contract in June. This was the highest cancellation rate since early 2020 when the initial days of the pandemic led to an almost complete stop of the real estate market and associated transactions.
      So why are people backing out of their

Buying a Home Right Now: Easy? No. Smart? Yes.

Through all the volatility in the economy right now, some have put their search for a home on hold, yet others have not. According to ShowingTime, the real estate industry’s leading showing management technology provider, buyers have started to reappear over the last several weeks. In the latest report, they revealed:

“The March ShowingTime Showing Index® recorded the first nationwide drop in showing traffic in eight months as communities responded to COVID-19. Early April data show signs of an upswing, however.”

Why would people be setting appointments to look at prospective homes when the process of purchasing a home has become more difficult with shelter-in-place orders throughout the country?

Here are three reasons for this uptick in activity:

1. Some people need to move. Whether because of a death in the family, a new birth, divorce, financial hardship, or a job transfer, some families need to make a move as quickly as possible.

2. Real estate agents across the country have become very innovative, utilizing technology that allows purchasers to virtually:

  • View homes
  • Meet with mortgage professionals
  • Consult with their agent throughout the process

All of this can happen within the required safety protocols, so real estate professionals are continuing to help families make important moves.

3. Buyers understand that mortgage rates are a key component when determining their monthly mortgage payments.

Mortgage interest rates are very close to all-time lows and afford today’s purchaser the opportunity to save tens of thousands of dollars over the lifetime of the loan.

Looking closely at the third reason, we can see that there’s a big difference between purchasing a house last year and purchasing one now   

Rates today on average are 3.33% versus 3.94% one year ago.  On a 200K loan, you will save $25,000 over the life of the loan! 50K on a 400K loan not to mention the lower monthly payments!

Bottom Line

Many families have decided not to postpone their plans to purchase a home, even in these difficult times.

If you need to make a move, reach out to me today at 703-346-3783. I am a trusted and experienced real estate advisor that will safely and professionally guide you through the process

 



  Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
More Articles
August Real Estate Roundup
Do You Pay Capital Gains on Inherited Property?
A Guide to the Mortgage Interest Deduction
Will Homeowners’ Insurance Cover Natural Disasters?
What Exactly is a HELOC?


Kevin Kleifges, REALTOR
E-mail: kkleifges@gmail.com
Website: http://www.KevinsProperties.com
703-346-3783
Coldwell Banker
703-346-3783
1900 Baton Drive
Vienna VA 22182


Equal Housing Opportunity

unsubscribe
 
E-mail this Newsletter to a friend