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Value | Dave Magua Group Blog

Thursday, December 1, 2022   /   by Dave Magua

A SELLER-AGENT ACTION PLAN FOR PREPPING A HOUSE FOR MARKET

People often spend decades making their home a visual showcase of their life, family, interests and more. They enjoy having friends and relatives over to see what they’ve collected and displayed in rooms and on walls.
But when it comes time to finally sell the house, asking the owners to remove a lot of those personal items can be a sensitive topic for you as the seller agent. As you know, potential homebuyers liking something in a house for sale means little, but if they don’t like something–that could unnecessarily plant a negative association with that particular home in their minds.
We recently spoke with several REALTORS? who shared some sage advice and strategic tips for helping sellers make their home as neutral-appearing as possible so homebuyers can envision the space as being theirs.
Of course, helping them understand the importance of removing anything personal on view, such as family photos on walls, religious symbols, posters of celebrities or athletes) ...

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Friday, November 4, 2022   /   by Dave Magua

Prices may be dropping, but homes still have loads of Equity

As happened during the Great Recession, home prices today are beginning to fall after experiencing an extended period of red-hot price gains.
But unlike those days, most homeowners have a trump card in hand: They’re still swimming in positive equity.
In fact, nearly half of U.S. residential properties with a mortgage in the third quarter of 2022 had equity that was greater than the remaining amount owed on their respective loans, according to a report Wednesday from Attom.
The real estate data provider found that nearly 49 percent of properties were “equity rich” by this standard last quarter. That represents a slight uptick from the previous quarter and a significantly higher share than in the same period in 2021 when 40 percent of homes were considered equity rich.
The amount of equity built up since the Great Recession — including a significant rise over the past three years alone — ensures a softer landing for many homeowneN ...

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Thursday, August 4, 2022   /   by Dave Magua

Knock unveils new plan to help homebuyers reduce mortgage rate

Power Buyer Knock believes it’s found a creative way to help take some of the sting out of rising mortgage rates — by letting homebuyers use the equity in their existing home to buy down their mortgage rate or make a bigger down payment on their next home purchase.
The new interest-free home equity advance announced by Knock Tuesday is available to homebuyers using the company’s “Home Swap” product to buy their next home before they sell their existing property.
“With mortgage rates doubling since the start of the year and home prices continuing to grow at double-digits, buying a home has gotten a lot more expensive,” Knock co-founder and CEO Sean Black said in a statement. “At the same time, homeowners have more of their wealth tied up in their home than any other time in history.”
Americans have about $11 trillion in tappable equity tied up in their homes, or about $207,00 on average, according to a recent analysis&nbR ...

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Wednesday, July 13, 2022   /   by Dave Magua

Homebuyers are canceling deals at highest rate since start of COVID

About 60,000 home-purchase agreements were canceled in June 2022, or about 14.9% of all homes that went under contract throughout the month, according to a new report from Redfin.
Such figures of canceled contracts have not been seen since early pandemic days in March and April 2020, when the number of contracts that fell through hit 17.6 percent and 16.4 percent, respectively. By contrast, 12.7 percent of contracts fell through in May 2022 and 11.2 percent fell through in June 2021.
Redfin’s analysis includes MLS data dating back to early 2017. The brokerage also pointed out in its report that homes that fall out of contract one month may have entered a contract in a different month, i.e., a property whose contract was canceled in June may have initially gone under contract in May.

“The slowdown in housing-market competition is giving homebuyers room to negotiate, which is one reason more of them are backing out of deals,” Redfin Deputy Chief EconomistN ...

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