Honesty
is the first chapter in the book of Wisdom
-Thomas Jefferson
Saturday, June 27, 2020
What's with the Surge of Homebuyers?
It has been a while since we've seen this madhouse real estate market in Lansing and in other areas of the southeast suburbs. Homes are getting 3-4 showings a day. Multiple offers that are over list price.
We have a theory, although we have no data to prove it:
Many of the buyers are coming from the city.
Maybe there is a high crime rate where they live?
Maybe they are concerned about social distancing which may be harder to do in the city?
It makes you wonder why there is such a demand for housing in a covid market, where the virus just won't go away.
Good People want safety and good health for their family.
We want that for them too.
Nothing more rewarding then sitting at a closing, watching the happiness in the new homeowners face.
Wednesday, June 17, 2020
Homeowner thinks He's Going Crazy
Question: I need some sound advice about the current market because I think I'm going crazy.
Just when I already thought prices in my area were already double what the average income qualifies for in mortgage payments, I'm now even more shocked to see new listings that are $50,000 or more overpriced in desirable areas according to online valuations.
Why are seller's agents overpricing the houses, according to fair market values from recently sold homes? How do they justify such prices? Why do brokers encourage buyers to invest at these prices, when common sense tells me, if rates go up, and people are shut out of the market, there will be even fewer qualified buyers, so prices have to go down! Do brokers have any code of ethics for the crisis they're creating in this market? Please tell me something to ease my misery about the current market!
Answer: You're not crazy. There are several answers.
First, why do you think online valuations are accurate? Do online sites have appraisers in your neighborhood who reported to them recently, or do they work by statistics which may be out-of-date, inaccurate and not reflective of individual properties? Online sites work on averages assuming all homes are alike. They even compare regular homes to foreclosed homes, which is ridiculous.
Second, imagine if you were a seller. Would you hire a broker to sell the property for less than market value? If brokers are over-pricing properties then buyers won't buy. Asking prices will soon fall if buyers just say no.
Third, home values are not based on a multiple of average incomes. They are based on what the market will bear. In effect, buyers are self-selected by their willingness to purchase at a given price and their financial ability to do so. Seen another way, homes are not universally affordable.
As a buyer you must use your own judgment. If prices make no sense to you, vote with your dollars and don’t buy now. Use the services of a Realtor, someone obligated to work in your best interest as a purchaser, to better understand local trends and to spot properties that meet your requirements.
Sunday, June 7, 2020
Tuesday, June 2, 2020
Hello Everyone,
Just wanted to give you an update on our phone numbers and my new Email address.
We switched companies from Coldwell Banker to McColly Real Estate a couple of weeks ago.
McColly is now the number 1 company in many areas including Lake County Indiana and the south suburbs of Chicagoland.
We switched because we felt McColly offered more to our clients with less fees. Coldwell Banker was getting to corporate and we felt our clients were not in their best interests.
I’m sure you see the McColly signs everywhere!
We hope you will still refer your friends and relatives to us.
We still sell Real estate in both Illinois & Indiana for your convenience.
Our new address is 850 Deer Creek Dr, Schererville, across from Aldi and the Schererville Post Office.
Contact information:
Cathy: 708-828-3304. Or 219-577-5905
E-Mail: Cathyhiggins@mccolly.com or Cathyah@aol.com
Cathy & Jim Higgins
Realtors / Brokers
Licensed in Illinois & Indiana
McColly Real Estate
219-577-5905 or 708-828-3304
E-Mail: cathyah@aol.com
Website: www.Cathyhiggins.com
Website: www.Cathyhiggins.com
We Sold 60 Homes Last Year for a Reason!
Trying to Buy a Home in Indiana
Question: We are selling our home and we are trying to buy a Home in Indiana. We have placed offers on 3 properties and they were all rejected because we had a home to sell. There were multiple offers on 2 of these 3 homes. Our agent said eventually we will find a seller who will accept our contract even when we must sell our home first. Your thoughts?
Answer: If you want to buy a home in a hot market, then you need to change your thinking. Why would a seller accept your offer contingent on selling your home, when they have other offers that are non-contingent? Your Plan A will not work in a hot market.
We recommend using Plan B: Sell your current home first, then stay with a friend or relative or look for a short-term rental until you find a home. Your Church members would be a great place to look for possible rentals.
Plan B eliminates a lot of stress because your home is sold, the money is in the bank and you are in a great position to get your next offer accepted. Plus, you do not have to settle for a home that you are not completely in love with. Why rush or settle? A home is a big investment.
If you can afford it, and if you qualify to buy another home without selling yours, you can also buy your dream home non-contingent. You may own 2 homes for a short time, but you can stay in your own home and work on the other home before you move in.
Mark Twain said these wise words: “Never allow someone to be your priority while allowing yourself to be their option.”
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