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        <title>Mid Michigan Real Estate Blog</title>
        <link>https://www.lascorealestategroup.com/blog/</link>
        <description>Read current information and news for Fenton, Michigan real estate.  Browse information on houses for sale near the Fenton, Michigan area.  </description>
<item>
    <guid>https://www.lascorealestategroup.com/blog/time-to-prep-your-home-for-the-market.html</guid>
    <link>https://www.lascorealestategroup.com/blog/time-to-prep-your-home-for-the-market.html</link>
        <author>jen@lascorealestategroup.com (Jennifer Lasco)</author>
        <title>Time to prep your home for the market</title>
    <description> <![CDATA[ 

In Michigan, as the first day of spring arrives, the real estate market starts to heat up. Timing, price, and appearance are the name of the game when establishing value inreal estate. When any of these three factors are jeopardized, the value of the propertydiminishes. The Lasco Real Estate Group houses a team of experts to help you understand that factors that help you buy and sell homes successfully, with your goals and your finances in mind.


Let’s talk about it.


● Timing: It’s a known fact that unlike fine wine, the longer a house stays on themarket, the more it depreciates. In every market and in every neighborhood,there’s an “Average Days On Market” figure that Realtors can access. Whenproperties linger past this, they become stigmatized and buyers want a “deal.”So when showings are denied, offers are ignored, or the house is madeundesirable, listings linger longer than they should — and depreciate in value.


● Price: Buyers search for properties within the brackets they can afford. If alisting is overpriced, it’s also overlooked, and therefore sits on the market (referto previous paragraph). When one party refuses to price the house accordingto its value, or they refuse to sign off on price modifications to lower it whenthe market necessitates a price correction, this causes the sale to lag — andthus, depreciate.


● Appearance: Buyers who pay top dollar expect to walk into their dream home,and that means it’s spotless, depersonalized, smells fresh, has plenty of naturallight, and is decorated like a model home. When they instead walk into ahouse that’s dark and dirty, stinks, and is cluttered with the owners’ “stuff,”most buyers turn and walk right out. For those who put in an offer, the appealis the price rather than the appearance. This means a lowball offer.


If you are a seller in Fenton, Linden, Lake Fenton, Grand Blanc, Holly or Brighton, looking in a subdivision, city or to buy a home on a lake, Lasco Real Estate Group should be the first call that you make.  Our team can help you list your current home to sell, and find a new home to buy.


As a home buyer in Fenton, Linden, Lake Fenton, Grand Blanc, Holly or Brighton, you need a real estate agent that has the time, experience and resources to help you secure the perfect property in a fast paced market.  The Lasco Real Estate Group has many realtors that can help find your perfect match.


If you are thinking of selling your home in Fenton, Linden, Grand Blanc, Clarkston, or Holly, Michigan, call us today to get started.  


Jennifer Lasco


owner/broker


Lasco Real Estate Group


www.LascoRealEstateGroup.com

 ]]> </description>
    <pubDate>Thu, 27 Mar 2025 16:10:00 -0400</pubDate>
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<item>
    <guid>https://www.lascorealestategroup.com/blog/finally-ready-to-move-lets-talk-about-best-practices.html</guid>
    <link>https://www.lascorealestategroup.com/blog/finally-ready-to-move-lets-talk-about-best-practices.html</link>
        <author>jen@lascorealestategroup.com (Jennifer Lasco)</author>
        <title>Finally ready to Move? Let's talk about best practices</title>
    <description> <![CDATA[ 




If asked to describe the real estate market over the last few years in one word, 'challenging 'sums it up nicely. Over the last few years, we have watched the inventory shrink, the prices remain strong and stable, and the mortgage interest rates hit over 7. We have watched buyers and sellers drop out of the market, waiting to see where the crazy post-COVID economy would take us. If ever there was a time that a professional realtor could be the difference between success and failure in a transaction, that time is now.  






Whether a buyer or a seller, 2025 is the balanced market of opportunity that we have all been waiting for. The new year has brought a much more favorable inventory than we have seen in years, and lower interest rates are the icing on the cake. If you've been thinking about a move, here are some tips to get you from where you are to where you want to be.  









The first and most crucial step is to understand your financial position. Call an experienced agent to walk through your property to help assess your home's condition and pinpoint its current value in today's market. A walk-through can help determine if your home is show-ready or if a bit of furniture staging or home updating could increase the value of your property.  






In addition to showing you how your home stacks up against the comparable properties in the area and suggesting a listing price, your CMA valuation can also be used to quickly calculate the approximate net proceeds you will clear after closing costs to help determine what funds you will have to use for your next home.  






Once you have determined your financial position and have a clear idea of where you are thinking about moving, your realtor can help recommend qualified lenders in the area that offer the types of loans most beneficial for your transaction. Different financing options may be available in the city or a more rural setting, just like for a detached single family home or a condo.  






Understanding the types of financing that can be used can make a world of difference in terms of convenience for your move. A perfect example may be a bridge loan, which allows you to buy your new home before you sell your current home so that you don't have to worry about matching up contract timelines and can move when it is most convenient for you.  






Once you have a solid grasp of your financial picture, you are ready to prepare your home to list. Here are a few tips to consider when buying or selling:  






Seller/ Listing Tips:  









Address any repairs necessary before listing. If surface-level, buyers will notice issues when walking through your home and submit lower offers; if the repair items are more significant and possibly less visible, they will come up during the inspection. Completing repairs beforehand allows for a smooth transaction and more money in your pocket in the end.  












Professional photography is a must. Buyers fall in love with your home online before they see it, so make sure the photos are bright and clear and show your home in the best light.  












Price intelligently based on market comps, not emotion. When you price yourself out of the market, and your home sits, you will lose much more in the end. Your price can be strong  









and competitive yet still realistic.  









Create space in your home. Clutter, oversized furniture, full cabinets, and closets make your house feel much smaller than it is.  









5. Deep cleaning your home is often overlooked but so very necessary. If you don't have the time, your agent can recommend a company to come in and help.  






Buyer Tips:  









Make sure that you have a current pre-qualification from a lender. Knowing what you are comfortable spending is imperative for making quick moves in a fast market.  












Negotiate wisely. A skilled agent can offer non-monetary options to help create a compromise between buyer and seller needs to craft an unbeatable offer.  












Keep your mind open to options outside your idea of the perfect property. Clients are often surprised to fall in love with a home that wasn't what they had pictured. An experienced agent will listen throughout showings and be able to present unexpected options but an ideal fit.  









Whether the time is now, next month, or in a few years, start speaking with an agent to get property and market updates sent to your inbox a few times a year to keep you in the know. Realtors have great tools to share with our clients and are always happy to help.  








Happy house hunting  






Jennifer Lasco Owner/Broker Lasco Real Estate Group  






 


 ]]> </description>
    <pubDate>Thu, 20 Mar 2025 12:18:00 -0400</pubDate>
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    <guid>https://www.lascorealestategroup.com/blog/what-should-i-look-for-during-a-home-inspection.html</guid>
    <link>https://www.lascorealestategroup.com/blog/what-should-i-look-for-during-a-home-inspection.html</link>
        <author>jen@lascorealestategroup.com (Jennifer Lasco)</author>
        <title>What Should I Look for During a Home Inspection? </title>
    <description> <![CDATA[ 
Introduction


Buying a home is a significant investment, and ensuring that the property is in good condition is crucial. A thorough home inspection can help you identify potential issues and make an informed decision. In this comprehensive guide, we’ll explore what you should look for during a home inspection, providing valuable insights to help you navigate this essential step in the home-buying process.






Why Home Inspections Are Essential


Before delving into the specifics of what to look for during a home inspection, it’s important to understand why these inspections are so crucial. A home inspection can:




Reveal Hidden Issues: Surface-level aesthetics can hide significant problems that only a professional can uncover.


Save Money: Identifying issues early can save you from costly repairs down the line.


Provide Negotiation Leverage: Discovering issues before finalizing a purchase can give you leverage to negotiate a better price or request repairs.


Ensure Safety: Ensuring the home is safe for you and your family is paramount.




Preparing for the Home Inspection


Choose a Qualified Home Inspector


Selecting a qualified and experienced home inspector is the first step. Look for inspectors with:




Proper Licensing and Certifications: Ensure the inspector is licensed and certified by relevant authorities.


Experience: An inspector with several years of experience is more likely to identify issues.


Positive Reviews: Check online reviews and ask for references.




Understand the Inspection Process


Familiarize yourself with the home inspection process. Typically, an inspection will cover:




Structural Components: Foundation, walls, roof, etc.


Exterior Components: Siding, doors, windows, etc.


Roofing: Shingles, flashing, gutters, etc.


Plumbing: Pipes, water heaters, fixtures, etc.


Electrical Systems: Wiring, outlets, panels, etc.


Heating and Cooling Systems: HVAC units, ductwork, etc.


Interior Components: Walls, ceilings, floors, etc.


Insulation and Ventilation: Attic and crawlspace ventilation, insulation, etc.




Key Areas to Focus On During a Home Inspection


Foundation and Structure


The foundation and structural integrity of a home are critical. Look for:




Cracks and Shifts: Inspect the foundation for cracks or shifts, which can indicate settling or structural issues.


Water Damage: Signs of water damage can compromise structural integrity.


Sagging or Bowing: Check for sagging floors or bowing walls.




Roof and Attic


A roof in poor condition can lead to significant problems. Inspect for:




Shingle Condition: Look for missing, damaged, or curled shingles.


Flashing: Ensure flashing around chimneys and vents is intact.


Attic Ventilation: Proper ventilation prevents moisture buildup and mold growth.




Plumbing System


A functioning plumbing system is essential. Check for:




Leaky Pipes: Look under sinks and around fixtures for leaks.


Water Pressure: Test faucets and showers for adequate water pressure.


Water Heater: Ensure the water heater is in good working condition and appropriately sized.




Electrical System


A safe electrical system is non-negotiable. Inspect for:




Outdated Wiring: Look for knob-and-tube or aluminum wiring, which can be fire hazards.


Breaker Panel: Ensure the breaker panel is properly labeled and not overloaded.


Functional Outlets: Test outlets for proper grounding and functionality.









Heating and Cooling Systems


Heating and cooling systems impact comfort and energy efficiency. Check for:




HVAC Condition: Inspect HVAC units for signs of wear or damage.


Ductwork: Ensure ductwork is properly sealed and insulated.


Thermostat: Test the thermostat for proper operation.




Interior Components


Inspect the home’s interior for:




Walls and Ceilings: Look for cracks, stains, or signs of water damage.


Floors: Check for sagging, unevenness, or damage.


Doors and Windows: Ensure doors and windows open and close properly, and check for drafts.







Insulation and Ventilation


Proper insulation and ventilation are key to energy efficiency and comfort. Check for:




Attic Insulation: Ensure there is adequate insulation in the attic.


Crawlspace Ventilation: Proper ventilation in crawlspaces prevents moisture buildup and mold.


Exhaust Fans: Check for functional exhaust fans in bathrooms and kitchens.




Exterior Components


The exterior of the home is your first line of defense against the elements. Inspect for:




Siding and Trim: Look for damage, rot, or missing pieces.


Doors and Windows: Check for proper sealing and any signs of rot or damage.


Gutters and Downspouts: Ensure gutters and downspouts are clear and directing water away from the foundation.




Common Issues Found During Home Inspections


Understanding common issues that arise during home inspections can help you know what to expect. Some of these include:




Roof Problems: Missing shingles, leaks, and inadequate flashing.


Plumbing Issues: Leaks, outdated piping, and poor water pressure.


Electrical Problems: Outdated wiring, overloaded breaker panels, and non-functional outlets.


Foundation Issues: Cracks, water damage, and settling.


HVAC Problems: Old units, inadequate ductwork, and poor maintenance.


Mold and Mildew: Often found in basements, attics, and bathrooms.




Negotiating After the Home Inspection


After receiving the home inspection report, you can use the findings to negotiate with the seller. Consider:




Requesting Repairs: Ask the seller to address significant issues before closing.


Price Reduction: Negotiate a lower price to account for necessary repairs.


Closing Credits: Request credits at closing to cover repair costs.




When to Walk Away


Sometimes, the issues uncovered during a home inspection may be too significant or costly to address. Situations where walking away might be the best option include:




Major Structural Issues: Significant foundation problems or structural damage.


Extensive Water Damage: Severe water damage that indicates ongoing problems.


Unsafe Electrical Systems: Outdated or dangerous electrical wiring.


Unresolved Mold Problems: Widespread mold that poses health risks.




Hiring Specialists for Further Inspection


In some cases, the home inspector might recommend further inspection by specialists. These specialists can provide a more detailed assessment of specific issues, such as:




Structural Engineers: For significant foundation or structural concerns.


Plumbers: For complex plumbing issues.


Electricians: For detailed electrical system evaluations.


Roofing Experts: For extensive roof damage.




DIY Home Inspection Tips


While a professional inspection is crucial, you can perform a preliminary inspection yourself. Here are some DIY tips:




Check the Roof: Use binoculars to inspect the roof for visible damage.


Inspect the Foundation: Walk around the home to check for visible cracks or shifts.


Test the Plumbing: Turn on faucets and showers to check for pressure and leaks.


Check Electrical Outlets: Use a tester to check for proper grounding and functionality.




Final Thoughts


A thorough home inspection is an essential part of the home-buying process. By understanding what to look for and being prepared, you can ensure that your potential new home is a sound investment. Remember, the goal of a home inspection is not only to identify issues but also to give you peace of mind and confidence in your purchase.


For more personalized assistance and expert advice, contact the professionals at Lasco Real Estate Group. Our team is here to help you every step of the way in your home-buying journey.  We have many local home inspectors we worth with on a weekly basis and can provide  you with several contacts so you can choose the best to inspect your new home.
 ]]> </description>
    <pubDate>Sun, 04 Aug 2024 07:10:00 -0400</pubDate>
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    <guid>https://www.lascorealestategroup.com/blog/the-crucial-role-of-specialized-divorce-real-estate-agents.html</guid>
    <link>https://www.lascorealestategroup.com/blog/the-crucial-role-of-specialized-divorce-real-estate-agents.html</link>
        <title>The Crucial Role of Specialized Divorce Real Estate Agents in Your Property Settlement</title>
    <description> <![CDATA[ 

In the tumultuous landscape of divorce, the decisions you make today can shape your financial future for years to come. One such decision that often gets overlooked is choosing the right real estate agent. While many people might opt for a general real estate agent, there are compelling reasons to consider the expertise of a real estate agent who specializes in divorce cases. Here's why:


1. Understanding the Emotional Complexity: Divorce is emotionally taxing, and it can cloud judgment when it comes to selling or dividing assets. A specialized divorce real estate agent is not only well-versed in the legal and financial aspects of property settlements but also possesses the emotional intelligence to navigate the unique challenges that couples face during this trying time.


2. Legal and Financial Expertise: Divorce involves legal intricacies, especially when it comes to property division, which can significantly impact your financial future. A divorce real estate agent specializing in these cases is well-versed in understanding the legal nuances and ensuring that your property transactions are compliant with divorce agreements and court orders.


3. Effective Communication Skills: Effective communication is key in ensuring that both parties involved in the divorce are on the same page. A specialized divorce real estate agent can serve as a neutral party, facilitating clear communication between the divorcing parties and helping to prevent potential conflicts that can arise during the property sale process.


4. Familiarity with Unique Divorce Real Estate Scenarios: Divorcing couples may face unique real estate situations, such as selling an underwater property or dealing with the emotional ties to a family home. Specialized divorce real estate agents have experience handling these scenarios and can offer valuable guidance tailored to your specific situation.


5. Resourceful Network: These agents often have an extensive network of professionals, including attorneys, financial advisors, and appraisers who are well-acquainted with divorce-related property matters. This network can be invaluable in ensuring a smooth and successful property settlement process.


6. Saving Time and Money: A specialized divorce real estate agent can help expedite the property sale process, potentially saving you time and money. They understand the urgency of finalizing property settlements and can guide you through the process efficiently.


7. Protection of Your Interests: A divorce real estate agent's primary goal is to protect your interests and ensure that the property sale aligns with your divorce settlement. Their specialized expertise allows them to advocate for you effectively, whether it involves negotiating a fair sale price or addressing any issues that may arise during the transaction.


In conclusion, choosing a real estate agent who specializes in divorce cases is an investment in your future. Their unique blend of legal, financial, emotional, and interpersonal skills can make the property settlement process smoother and less stressful, ultimately helping you move forward with your life. During this challenging time, don't underestimate the power of having a dedicated professional by your side, guiding you through the intricacies of selling or dividing your property. 
 ]]> </description>
    <pubDate>Wed, 25 Oct 2023 12:19:00 -0400</pubDate>
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    <guid>https://www.lascorealestategroup.com/blog/make-it-a-stress-free-buying-experience.html</guid>
    <link>https://www.lascorealestategroup.com/blog/make-it-a-stress-free-buying-experience.html</link>
        <title>Make It A Stress-free Buying Experience</title>
    <description> <![CDATA[ 

Buying a new home is an exciting and significant milestone in anyone's life. It's a big financial decision that requires careful planning, research, and preparation. Whether you're a first-time homebuyer or an experienced homeowner, there are several steps you can take to ensure a successful and stress-free home buying experience.


1. Determine your budget


Before you start looking at homes, you need to determine your budget. This includes considering your income, expenses, and other financial obligations. You should also factor in any additional costs associated with buying a home, such as closing costs, property taxes, and maintenance expenses.


2. Get pre-approved for a mortgage


Getting pre-approved for a mortgage is a crucial step in the home buying process. It not only helps you determine your budget but also shows sellers that you're a serious buyer. A pre-approval letter from a lender will give you an idea of how much you can borrow and at what interest rate.


3. Find a trusted real estate agent


Working with a trusted real estate agent can make the home buying process much smoother. They can help you find properties that meet your needs and budget, negotiate with sellers, and guide you through the entire process from start to finish.


4. Start your search


Once you've determined your budget, gotten pre-approved for a mortgage, and found a trusted real estate agent, it's time to start your search. Your agent can help you narrow down your options based on your criteria, such as location, size, and amenities.


5. Make an offer


When you've found a home that meets your needs and budget, it's time to make an offer. Your agent can help you determine a fair price based on market conditions and negotiate with the seller on your behalf.


6. Have the home inspected


Before closing on the home, it's essential to have it inspected by a professional. This will help identify any potential issues with the property and allow you to address them before finalizing the sale.


7. Close on the home


Once the inspection is complete, and any necessary repairs have been made, it's time to close on the home. This involves signing all the necessary paperwork, paying any closing costs, and transferring ownership of the property.


Buying a new home is a significant investment, but it can also be a rewarding one. By following these steps and working with a trusted real estate agent, you can find a home that meets your needs and budget and enjoy the benefits of homeownership for years to come.
 ]]> </description>
    <pubDate>Fri, 05 May 2023 11:34:00 -0400</pubDate>
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    <guid>https://www.lascorealestategroup.com/blog/tips-for-selling-your-home---your-front-door-color-matters.html</guid>
    <link>https://www.lascorealestategroup.com/blog/tips-for-selling-your-home---your-front-door-color-matters.html</link>
        <author>jen@lascorealestategroup.com (Jennifer Lasco)</author>
        <title>Tips for Selling your Home - Your front door color matters</title>
    <description> <![CDATA[ 
There are many ways to freshen up your home when you are thinking of selling.  A few top line items are creating space within your home, freshen up paint, wash walls/baseboards/outside windows... And make sure that your home has curb appeal  The front door will be where your potential buyers are waiting to enter the house, what they are staring at when they are waiting for their agent, and what they see when they drive by checking out the house before and after they make their offer.



Check out a few great tips here:



https://www.bhg.com/home-improvement/exteriors/curb-appeal/the-dos-and-don-ts-of-choosing-a-front-door-color/



Call or text me anytime to help with buying and selling


-Jen


c. 248.840.6059
 ]]> </description>
    <pubDate>Tue, 07 Mar 2023 09:18:00 -0500</pubDate>
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    <guid>https://www.lascorealestategroup.com/blog/why-it-may-be-time-to-add-newly-built-homes-to-your-search.html</guid>
    <link>https://www.lascorealestategroup.com/blog/why-it-may-be-time-to-add-newly-built-homes-to-your-search.html</link>
        <title>WHY IT MAY BE TIME TO ADD NEWLY BUILT HOMES TO YOUR SEARCH</title>
    <description> <![CDATA[ 

Why It May Be Time To Add Newly Built Homes to Your Search












If you put a pause on your home search because you weren’t sure where you’d go once you sold your house, it might be a good time to get back into the market. If you’re willing to work with a trusted agent to consider a newly built home, you may have even more options and incentives than you realize. That may be why the National Association of Home Builders (NAHB) says the share of buyers looking for new construction is increasing:




“According to the quarterly Housing Trends Report, the popularity of new construction homes is continuing to rebound . . .”




Here are a few reasons more buyers may be drawn to newly built homes.


More Options To Choose from and Potential Builder Incentives


When looking for a home, you can choose between existing homes (those that are already built and previously owned) and newly constructed ones. While the inventory of existing homes has increased this year, it’s still below more typical years like 2019. Currently, according to the National Association of Realtors (NAR), there is a 3.2-month supply at the current sales pace. For reference, a roughly 6-month supply is considered a balanced market, leaving us in a sellers’ market today.


While it’s a smaller segment of the overall inventory of homes for sale, the supply of newly built homes has grown even more. The National Association of Home Builders (NAHB) explains:




“New single-family home inventory remained elevated at a 9.2 months’ supply (of varying stages of construction). A measure near a 6 months’ supply is considered balanced.”




Here’s why this matters to you. While you have more homes to choose from in either category, there’s one extra benefit of newly built homes. Because the inventory of newly built homes has grown so much, builders are motivated to sell their properties before they build more.


Back in the housing crash of 2008, builders were building too many homes, and that oversupply is part of what contributed to the housing bubble bursting. Now, builders don’t want to have a surplus of inventory in their pipeline, and many are offering buyers incentives to help move that inventory along. As Doug Duncan, Chief Economist at Fannie Mae, explains:




“. . . a continual increase in the number of completed homes available for sale is now occurring, with the inventories of such homes now at the highest level since July 2020. . . . This suggests to us that builders may be increasingly willing to offer more aggressive incentives and discounts to maintain sales of completed inventory.”




While specifics will vary by builder and market, some buyers are seeing builders reduce prices and offer incentives. To find out what’s available in your area, lean on a trusted real estate professional.


Lifestyle Benefits of Buying a Newly Built Home


In addition to more supply and the potential for builder incentives, newly built homes have various benefits that may suit your lifestyle. For example, you likely won’t have as many little repairs to tackle, like leaky faucets, shutters to paint, and other odd jobs around the house. That can free up time for you to do other things you’re passionate about.


Another perk of a new home is that nothing in the house is used. It’s brand new and uniquely yours from day one. You’ll have all new appliances, windows, roofing, and more. These things can help lower your energy costs, which can add up to significant savings over time. You may even have the latest and greatest technology features built into your new home.


Builder sums up why some buyers today are turning to newly built homes:




“For some, it’s the lure of something new and modern. For others, it’s the move-in ready experience. And now there’s another factor to consider when making this decision: technology.”




If any of these benefits appeal to you, it’s time to connect with a trusted real estate advisor to learn more.


Bottom Line


If you’re considering a newly built home, let’s connect so you have an expert guide on what’s available in our local market. Together we’ll explore your options and the benefits of an all-new home.


 ]]> </description>
    <pubDate>Tue, 15 Nov 2022 12:36:00 -0500</pubDate>
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    <guid>https://www.lascorealestategroup.com/blog/3-trends-that-are-good-news-for-todays-homebuyers.html</guid>
    <link>https://www.lascorealestategroup.com/blog/3-trends-that-are-good-news-for-todays-homebuyers.html</link>
        <title>3 Trends That Are Good News for Today’s Homebuyers</title>
    <description> <![CDATA[ 
While higher mortgage rates are creating affordability challenges for homebuyers this year, there is some good news for those people still looking to buy a home.


As the market has cooled this year, some of the intensity buyers faced during the pandemic's peak frenzy has also cooled. Here are just a few trends that may benefit you when you go to buy a home today.


1. More Homes To Choose from


During the pandemic, the housing supply hit a record low at the same time buyer demand skyrocketed. This combination made it difficult to find a home because there just weren’t enough to meet buyer demand. According to Calculated Risk, the supply of homes for sale increased by 39.5 for the week ending October 28 compared to the same week last year.


Even though it’s still a sellers’ market and supply is lower than normal levels, you have more to choose from in your home search. That makes finding your dream home a bit less difficult.


2. Bidding Wars Have Eased


One of the top stories in real estate over the past two years was the intensity and frequency of bidding wars. But today, things are different. With more options, you’ll likely see less competition from other buyers looking for homes. According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined. This September, the average was 2.5 offers per sale. In contrast, last September, the average was 3.7 offers per sale.


If you tried to buy a house over the past two years, you probably experienced the bidding war frenzy firsthand and may have been outbid on several homes along the way. Now you have a chance to jump back into the market and enjoy searching for a home with less competition.


3. More Negotiation Power


And when you have less competition, you also have more negotiating power as a buyer. Over the last two years, more buyers were willing to skip important steps in the home buying process, like the appraisal or inspection, to try to win a bidding war. But the latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving those contingencies is going down.


As a buyer, this is good news. The appraisal and the inspection give you important information about the value and condition of the home you’re buying. And if something turns up in the inspection, you have more power today to renegotiate with the seller.


A survey from realtor.com confirms more sellers are accepting offers that include contingencies today. According to that report, 95 of sellers said buyers requested a home inspection, and 67 negotiated with buyers on repairs as a result of the inspection findings.


Bottom Line


While buyers still face challenges today, they’re not necessarily the same ones you may have been up against just a year or so ago. If you were outbid or had trouble finding a home in the past, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today.
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    <pubDate>Thu, 03 Nov 2022 10:41:00 -0400</pubDate>
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    <guid>https://www.lascorealestategroup.com/blog/millennials-are-still-a-driving-force-of-todays-buyer-demand.html</guid>
    <link>https://www.lascorealestategroup.com/blog/millennials-are-still-a-driving-force-of-todays-buyer-demand.html</link>
        <title>Millennials Are Still a Driving Force of Today’s Buyer Demand</title>
    <description> <![CDATA[ 
If you’re thinking about selling your house but wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what they’re looking for.


While the millennial generation has been dubbed the renter generation, that namesake may not be appropriate anymore. Millennials, the largest generation, are actually a significant driving force for buyer demand in the housing market today. Here’s why.


Millennial Homebuying Power


While there’s no denying higher mortgage rates are making it more challenging to afford a home today, many millennials are still eager and able to buy homes – whether it’s their first or they’re moving up. That’s in large part because of the value they place on education.


A recent article from First American says millennials may be the most educated generation in our nation’s history. Because of that, they tend to earn higher wages, and that translates to greater homebuying power. Odeta Kushi, Deputy Chief Economist at First American, explains:




“In 2020, millennials with a bachelor’s degree had a median household income of over $100,000, while those with at least a graduate degree had a median household income of over $120,000. Compare those income levels with the median household income of millennials with just a high school degree (or some college) of $60,000 and the earning power benefits of higher education are undeniable. . . . Millennials’ pursuit of higher education is good news for the housing market. . . because education is the key to unlock both greater earning power and, in turn, homeownership.”




And since wages are one of the key things that factor into affordability when it comes to buying a home, these higher earnings can help millennials achieve their homeownership goals.


Millennials Continue To Be a Driving Force of Demand


A number of studies have looked into how the millennial generation views homeownership and how they’re uniquely positioned to define the housing market moving forward. As the largest generation, the volume of potential millennial homebuyers will have an impact on the market for years to come. As an article in Forbes explains:




“At about 80 million strong, millennials currently make up the largest share of homebuyers (43) in the U.S., according to a recent National Association of Realtors (NAR) report. Simply due to their numbers and eagerness to become homeowners, this cohort is quite literally shaping the next frontier of the homebuying process. Once known as the ‘rent generation,’ millennials have proven to be savvy buyers who are quite nimble in their quest to own real estate. In fact, I don’t think it’s a stretch to say they are the key to the overall health and stability of the current housing industry.”




If you’re thinking of selling your house but are hesitant because you’re worried that buyer demand has disappeared in the face of higher mortgage rates, know that isn’t the case for everyone. While demand has eased this year, millennials are still looking for homes. As Mark Fleming, Chief Economist at First American, says in an article:




“While not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.”




Bottom Line


Millennials are interested in and well-positioned to achieve their homeownership dreams. If you’re ready to sell your house, know that it may be just what they’re looking for.
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    <pubDate>Wed, 02 Nov 2022 15:11:00 -0400</pubDate>
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    <guid>https://www.lascorealestategroup.com/blog/what-happens-to-housing-when-theres-a-recession.html</guid>
    <link>https://www.lascorealestategroup.com/blog/what-happens-to-housing-when-theres-a-recession.html</link>
        <title>What Happens to Housing when There’s a Recession?</title>
    <description> <![CDATA[ 
Since the 2008 housing bubble burst, the word recession strikes a stronger emotional chord than it ever did before. And while there’s some debate around whether we’re officially in a recession right now, the good news is experts say a recession today would likely be mild and the economy would rebound quickly. As the 2022 CEO Outlook from KPMG says:




“Global CEOs see a ‘mild and short’ recession, yet optimistic about global economy over 3-year horizon . . .


 More than 8 out of 10 anticipate a recession over the next 12 months, with more than half expecting it to be mild and short.”




To add to that sentiment, housing is typically one of the first sectors to rebound during a slowdown. As Ali Wolf, Chief Economist at Zonda, explains:




“Housing is traditionally one of the first sectors to slow as the economy shifts but is also one of the first to rebound.”




Part of that rebound is tied to what has historically happened to mortgage rates during recessions. Here’s a look back at rates during previous economic slowdowns to help put your mind at ease.


Mortgage Rates Typically Fall During Recessions


Historical data helps paint the picture of how a recession could impact the cost of financing a home. Looking at recessions in this country going all the way back to 1980, the graph below shows each time the economy slowed down mortgage rates decreased.


Fortune explains mortgage rates typically fall during an economic slowdown:




“Over the past five recessions, mortgage rates have fallen an average of 1.8 percentage points from the peak seen during the recession to the trough. And in many cases, they continued to fall after the fact as it takes some time to turn things around even when the recession is technically over.”




While history doesn’t always repeat itself, we can learn from and find comfort in the trends of what’s happened in the past. If you’re thinking about buying or selling a home, you can make the best decision by working with a trusted real estate professional. That way you have expert advice on what a recession could mean for the housing market.


Bottom Line


History shows you don’t need to fear the word recession when it comes to the housing market. If you have questions about what’s happening today, let’s connect so you have expert advice and insights you can trust.
 ]]> </description>
    <pubDate>Wed, 26 Oct 2022 16:02:00 -0400</pubDate>
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