Selling your home in this booming real estate market? Plan accordingly | Business

With the real estate market in Berks County and much of the United States booming, it might be tempting to consider selling your home to take advantage of soaring prices.

But while most homes will move near or above their maximum value right now – and quickly – the idea that sellers automatically stand to cash could be wrong.

“Yes, it’s a sellers market,” said Hilary Notario, a real estate agent at RE / MAX of Reading. “Inventories are low and interest rates are low, which means values ​​are high for the seller.

“However, the flip side is if you turn around and buy. Once you contract, that’s the problem for the seller.

Homeowners who are considering selling and are aware of the difficulty of being in the market today have undoubtedly studied the conundrum. You can almost certainly unload your property and get a premium back, but where will you go and what will you pay?

And although by far the most striking example, this is just one aspect sellers should carefully weigh before putting up a “for sale” sign in the front yard.

Just because homes are bought with seemingly little regard for price or condition doesn’t mean sellers should fly. Notario, who has 14 years of industry experience, recommends formulating a plan in advance.

Here are some of his suggestions:

The selling price is not everything

The first potential pitfall is to read that home values ​​have gone up and immediately consider dollar signs in your head. If you’re then going to turn around and buy, you’re also buying high – or spilling your equity, essentially.

In other words, it is not necessarily the bottom line numbers that determine the majority of home sales.

“The key here, I believe, is interest rates,” Notario said. “Once interest rates go up, your purchasing power goes down, so I really don’t think that has anything to do with values ​​at this point.

“If you buy at a low rate, 2.5, 3%, that’s cheap money. If those rates go back up to 4% and 5%, you won’t be able to afford that $ 300,000 home or $ 400,000 if you’re at the limit. You may have bought a bigger house because of the rate.

Be ready to move

It sounds obvious, but the reality is that many buyers don’t fully realize how competitive the market is until they research and their offers fall short of a few homes. It is incredibly stressful, even if your current residence is not under contract.

Add the pressure of a looming settlement deadline and not really knowing where you’ll be resting your head at night, and all of a sudden you’re courting disaster.

“You should make registration conditional on finding suitable accommodation,” Notario said, offering other solutions if the need arises to lift this possibility. “Get pre-approved, start looking ASAP and maybe consider a short term rental or stay with a family member”

Building a new home can also eliminate competition and provide a concrete window for moving day, Notario said – although construction delays have become more common.

Make repairs

While it’s true that buyers are forgoing inspections and even buying homes on sight in order to bolster their offerings, Notario still advises sellers to fix their properties.

Sure, some buyers may be willing to ignore the condition of a property or feel comfortable with a “senior fixer” – but their bank might not feel the same.

“An FHA loan won’t accept peeling paint, for example,” Notario said. “A seller who is preparing to put up for sale needs to consider these kinds of things and make the repairs ahead of time. “

Hire an agent

There is a feeling that any home will sell for above its true value at this time, which has encouraged more homeowners to attempt to list the property themselves.

While you could very well move it this way, Notario offered some compelling reasons why you should always hire a real estate agent to handle the listing.

“FSBOs (for sale by owner) are very common right now,” Notario said. “The owners think, ‘Hey, this is a sellers’ market, I can do it myself.’

“The downside is that they don’t have access to marketing, which is expensive. FSBOs generally sell for less than homes with an agent. “

Stay grounded

Real estate is cyclical, Notario reminds us, and the current bubble will eventually burst – or at least deflate. It could be when interest rates go up. This could be when COVID market protections are lifted, resulting in an anticipated backlog of foreclosures.

Perhaps the most powerful reminder is not to get caught up in chaos and follow the advice of the professionals.

Your house is not something to play with.

“Some of these salespeople got a little pushy,” Notario said. “But when they become buyers, they are brought back to earth. “

Source link

Farmer’s Market Map for Hurstville Plaza | County Chief of St George and Sutherland

Hurstville Plaza may soon host a weekly farmers market as part of a development application submitted to the Georges River Council.

St George-based company, Kisari Farmers Market wants to establish a market in Hurstville Plaza every Thursday from 12 p.m. to 6 p.m.

There would be 20 food stalls selling fresh fruits and vegetables as the main focus.

Some stalls would also sell processed food to take away and others would sell food for immediate consumption.

COVID security measures will be in place in markets, including hand sanitizing stations and social distancing protocols.

The markets will provide social, economic and employment benefits, according to the AD environmental effects statement.

“The market will provide a valuable weekly community. It will have a beneficial social impact which will also have a beneficial economic effect on other businesses in the region, bringing customers from outside to Hurstville. The market provides jobs for local youth. from the community.

“The proposed development is considered to be in the interest of the public at large and has received considerable support from Georges River Council. The market has over 150,000 Facebook and Instagram followers.”

Hurstville Plaza has been the scene of other successful markets in recent years, including the Eat / Art Night Markets in 2019 and its popular Christmas Markets.

Source link

Decision day on £ 2.4million covered market plan for Jaywick

PLANS for a new £ 2.4million covered market and business units to help regenerate Jaywick have been recommended for approval by planners.

The project includes 25 affordable business units, a training room, cafe, public washrooms, community garden and public works at the corner of Brooklands and Lotus Way.

Almost £ 2million of the program’s funding comes from the South East Local Enterprise Partnership (SELEP) of the Getting Building Fund, £ 105,000 from the Tendring Council and £ 350,000 from Essex County Council.

The planning request will be presented to the Tendring Council planning committee this evening.

If the request is approved, construction is expected to begin later this year and be completed in 2022.

Colbea worked with the project team to bring their expertise to inform the internal design and use of the workspace to encourage business growth, community collaboration and ensure success. long term of the Jaywick workspace.

Tendring Council said feedback from a consultation was positive, with people hailing the program as a way to bring the community closer together, provide shops, services and a place to work in the region, and raise the profile and reputation of Jaywick Sands.

Some of the survey participants expressed concerns about maintenance and safety and making sure the facility works for the local population.

The plans have been restarted for approval by planning officers on the condition that Essex County Council freeways assist in the introduction of any future parking restriction plans for surrounding roads.

A report said: “The development is seen as sustainable development by creating local employment opportunities, improving Jaywick’s reputation and the visual appearance of a key site in the community, which will complement other projects of regeneration resulting in an increase in the value of both commercial and residential properties.

Source link

State auto-IRAs actually appear to stimulate the creation of private market plans, according to Pew

Financial advisers who market retirement plans to employers have observed in recent years that the growing list of states that have made automatic enrollment in payroll deduction personal retirement accounts (auto-IRA for short) mandatory could change the retirement savings activity. These plans could also deeply undermine their business and potentially disrupt the private plan market at their own expense.

In fact, the reverse seems to be happening. State-wide savings programs designed to increase retirement savings for those without access to an employer-sponsored plan appear to encourage companies to sponsor their own plans, according to a news report. Pew Institute study.

In states that have created their own automatic enrollment payroll deductions IRAs, employers with plans continue to offer them, and businesses without plans are still adopting new ones at similar or higher rates than before. state options would be available, Pew discovered. Their research used preliminary data from annual returns to the US Department of Labor by employer-sponsored plans.

“As I always thought, Self-IRAs would create an opportunity for advisors to go into employers and say, ‘I can give you a better plan, tailored to your needs, that will be really good for your employees. and for you as a business owner, ”Melissa Kahn, executive director of retirement policy at State Street Global Advisors, told Financial Advisor magazine. “It has been very good for the advisers.

Pew’s findings are timely, as more states consider adding automatic IRA enrollment mandates for employers and, nationally, the chairman of the Ways and Means Committee of the House, Richard Neal (D-MA), is considering adding a federal automatic IRA mandate to SECURE 2.0 or to future legislation.

So far, eight states, including California, Illinois, and Oregon, have self-IRA programs in place, which require most employers with 10 or more employees and no pension plans to enroll. automatically workers to the state plan. Maine and New York have just passed laws to create self-enrolling IRA plans.

Workers are 15 times more likely to save for retirement if they can do so at work, according to a Pew study. And that’s a good thing given that some 57 million Americans don’t have access to a workplace pension plan.

Thanks to the state’s 8 plans, more than 20 million of the 57 million workers who did not have access to a pension plan are now able to save, according to the Center for Retirement Initiatives at Georgetown University.

The plan industry, analysts and advisers, however, have all been concerned about the fallout for employers and the pension market. Would state programs kill the private plan market by suppressing the desire or interest of companies to adopt their own 401 (k) or comparable plans? Would some employers even decide that they no longer needed the pension plans they have? Or, alternatively, could these programs stimulate the growth of new diets?

The deployment of state mandates has in fact seemed to attract the attention of employers and steer them towards their own benefit plans. Among small and medium-sized employers without a plan, 51% said they would launch their own plan rather than enrolling workers in the state-sponsored program, Pew found.

To read more stories, click here

Source link