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Home buyer deal breakers

Posted by Mehran Aram on Mon, Sep 9, 2019 @ 09:09 AM

Just give the handle a jiggle. That window doesn’t open. The gate doesn’t latch. These not uncommon phrases may be a part of your everyday living but when selling your home, they can be deal breakers. Studies have shown that its these “nickel and dime” issues that really peeve home buyers, especially if they are not told about them ahead of time.

These small things, like a toilet that runs, a stuck front door or a wobbly ceiling fan are things long time homeowners have just learned to live with but experts warn that if home inspectors don’t catch them, they should be disclosed so as to not catch the buyer off guard.

To ensure a swift and smooth home sale transaction, agents advise sellers to make these minor repairs. Although they may not cost very much or be noticeable right away, they can go a long way when listing your home for sale. Homeowners are also like to save money by making the repair themselves than waiting for the buyer to ask for a credit in escrow at twice the price.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home buying, Mortgage rates, home selling, Realtors, home buyers, Home Sellers, Home Listings, Real Estate Agent

Agentless home buying

Posted by Mehran Aram on Sun, May 12, 2019 @ 07:05 AM

The vast majority of Americans, as many as 9 in 10, use an agent to help them in buying or selling a home. But online real estate brokerage Redfin is looking to shake things up. The company recently introduced Redfin Direct, a way to save on commission by buying a home without a representative.

The idea is to make home buying as simple as buying a product on Amazon. In fact, Redfin CEO Glenn Kelman called it “a buy button for real estate”. But experts warn that this type of real estate transaction might not be for everyone. First-time buyers tend to rely heavily on their agent to help them navigate the process. Eliminating that personal interaction could lead to dissatisfied buyers.

A buyers’ agent also provide the added value of being able to negotiate and be familiar with a market – something Redfin’s new program doesn’t address.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home buying, Redfin, Mortgage rates, Realtors, home buyers, Real Estate Agent, Redfin Direct, Digital Home Buying