What Happens When A Home Purchase Contract Expires?, The Perils Of Overpricing, Did Home Buyer Down Payments Peak?

What Happens When A Home Purchase Contract Expires?

Real Estate Tip:

Overpricing a property reduces its selling price-it inevitably ends with price cutting & a weak negotiating position. The longer a property stays on the market, the less it will sell for. The key to selling a property for top dollar is pricing it correctly in the 1st 30-45 days it's on the market.

Real Estate News:

Home buyers retreated from record-high down payments across the U.S., with down payments reaching an average of 14.5% and a median down payment amount of $30,300 in the third quarter of 2024, down from the Q2 2024 historical peak of 14.9% and $32,700.

Functional Obsolescence, How To Rent Property Fast, Fannie-Freddie 1st Time Home Buyer 'first-look' period

How Do I Rent My Property Fast?

Real Estate Tip:

Avoid poorly designed homes--this is often referred to as functional obsolescence.  Functional obsolescence reduces the desirability of your home and makes it more difficult to sell.  Here are some examples that you should steer clear of: 
1) One outlet per room
2) Bedrooms with no closest
3) No bathrooms on first floor
4) Knob-and-tube wiring or fuses instead of a circuit breaker box   

Real Estate Insights:
 

Fannie, Freddie give non-investor home buyers 'first look' period [View Article]: Fannie Mae and Freddie Mac are giving first time homeowners an additional 5 day head start on investors to make offers on some of its properties.  First time homeowners now have 20 days with no competition from investors to view houses and submit bids.  Some of the property listings also come with attractive mortgage terms like 5% down payments and no mortgage insurance.  Fannie Mae’s listings can be found on homepath.com and Freddie Mac’s listings on homesteps.com.