Home values shot up over the past year. Now, in the second half of 2021, demand remains high. But did you know that condo prices, on average, have only risen about half as much as single-family homes?

The difference is especially pronounced in some of the major East and West Coast cities, Bankrate.com notes. For a striking example, take San Jose. The price of an average San Jose home has risen 11% year-over-year — while the rise in condo prices is a laid-back 2%.

What explains the extra high demand (and pricing) for houses over condos? When the pandemic took hold, a wave of buyers headed for suburbia, seeking extra personal and working space. The work-from-home trend freed many to leave condos and apartments near their jobs. The newly remote workers could now buy homes and cabins with space and scenery.

The upshot? Condominiums are available. In many markets, they are still surprisingly affordable. To boost buyers’ savings further, condo insurance is cheaper than home insurance. Plus, condos tend to be compact and insulated by adjacent units, so owners don’t spend so much on heating and air conditioning. Add in today’s low interest rates. First-time buyers have an opportunity here.

☛ Selling your home this year? Many buyers continue to work remotely. New work arrangements are influencing buyer preferences.

Before jumping into condo living, potential buyers might ask: “What kind of title will I actually get?” Or even: “What will I have to do as a condo owner?” Let’s take a look.  

Continue reading “With Home Prices Soaring, Condos Are a Relative Bargain. Here’s How Their Deeds Work.”

You start off the marketing and sale of your home with a listing agreement. This document controls all the terms of the sale. It sets the keynote for a string of important decisions and legal agreements.

In this article, we’ll discuss some recent news about listing agreements, as well as the broad-brush concepts every seller must know. First, we look at some sales tactics to look out for before you even think of selling. Then, we’ll explore how to understand the terms of the agreement you’ll sign when you’re ready.

Continue reading “Selling Your Home? A Few Things to Know About Listing Agreements”

If a company says it’s selling land on the moon, should we believe it? What about the planets? Is Martian land for sale? Is Venus available? Here’s the story so far. 

Continue reading “Extraterrestrial Real Estate: Is a Lunar Deed Legit?”

Floating homes are hallmarks of many coastal and riverside cities. There are also amphibious houses — built on land, but capable of rising up off the ground when storm waters rush in. Flexible utility pipes move to meet the water as its ebbs and flows.

Putting homes over water serves to expand the available real estate and can help keep prices down. The waterside lifestyle also appeals to those who’d like to get away from the city hustle and live where they play. Not surprisingly, interest in this type of construction is growing. We might even say it’s buoyant!

Continue reading “Buying a Floating Home? Here’s How to Plan Your Purchase.”

Can Deed Restrictions Include Rather Than Exclude?

U.S. home prices have outpaced U.S. employees’ wages. This creates a number of problems in real estate. For one, it shuts a lot of people out of the market. Most of today’s renters simply have no choice but to keep on renting. And whether they rent or own, many employees find themselves in long-distance commutes, because they cannot afford to live anywhere near their workplaces.

Landlords are increasing rents sharply these days. Consider Phoenix. Rents in all Phoenix suburbs have risen “by the double-digit percentages since the pandemic,” Zumper reports. Meanwhile, many residential areas throughout the United States have single-family-only zoning. Building affordable, multi-unit homes on a property is not allowed in those areas.

Every day, stock market commentators say we dodged the financial bullet when we powered through the pandemic by Zoom, Teams, and DocuSign. Yet many still struggle to afford homes. How can the affordability problem be solved?

Continue reading “Solving the Affordability Problem”

Is the hot seller’s market of Summer 2021 tempting you to put your home on the market and watch the offers roll in? To get ready quickly, you might wonder if you should put a clause in your contract to announce you’re selling the house as-is.

A seller may use the term as-is to point out that the house isn’t in pristine condition. The unspoken message? The home is available at a discount to those who’ll upgrade it themselves. In other words, as-is hints to buyers: Please don’t come back after the inspection to request repairs, replacements, and price concessions!

But you can always speak with your agent about contractual language that limits the buyer’s leverage in an inspection contingency. Selling the home as-is adds vagueness to the transaction, and might not be your best strategy.

Let’s flesh this out with some general considerations for sellers.

Continue reading “Selling Your Home As-Is? Here’s What You Should Know”

Hindsight is 20-20 vision. Homeowners learn something from each home they buy. Looking back, most homeowners can tell you what they did well — and a few things they could have done better. So, what can’t-miss items need your attention before you buy?

We’ve said it before. There’s no overstating the power of a great real estate agent and a diligent mortgage specialist. Their combined know-how can guide you through every step.

Still, you’ll want to keep your own eyes open. Without further ado, here are 6 questions to ask yourself when preparing to buy a home.  

Continue reading “Own Without Remorse: Six Questions to Ask Yourself Before Buying a Home”