Great report from last month! Sellers love to see that our median sales price is holding strong - up 25.1% over March of 2023 at $285,000 for the region. Our inventory is up to 3.3 months meaning if no more homes came on the market after today it would take 3.3 months to run out of inventory. 5-6 months is a healthy economy where we have approximately the same number of buyers and sellers.

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Homeowners' Associations (HOAs) are organizations typically found in planned unit developments (PUDs), condominiums, and some neighborhoods that enforce rules and regulations for the homes within their jurisdiction. Homeowners who belong to an HOA are most often required to pay regular fees, which are used to maintain common areas, amenities, and services within the community.

HOAs often have a set of bylaws and covenants that outline the rules and regulations that homeowners must follow. These rules can cover a wide range of topics, such as architectural guidelines, landscaping requirements, noise restrictions, and pet policies. Violating these rules can result in fines or other penalties imposed by the HOA.

In addition to enforcing rules, HOAs also…

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It’s a popular question -  are final walk-through’s really necessary before closing on your new home? Oftentimes, those final moments before signing on the home are rushed with moving, stopping at the bank to get that cashier’s check, or last minute errands. We really try to encourage Buyers to be as prepared as possible and leave ample time for that final walk-through. If buyers are coming in from out of town, we encourage them to either leave early enough to give us time to fully inspect the home or stay in the town of the property the night before. We know, we know, it is a stressful time.

Final walk-throughs are highly recommended by our team before closing on a property. Once that deed is signed and recorded, the property is yours. There is no…

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Just like with January, home sales are happening at great numbers (up 14%) leading us to believe our spring market has started and will continue into summer ☀️ Larger numbers of inventory have done a couple things - pushed our days on market out a bit, as well as pushed our median sales price down. Our market would still argue inventory is a need and affordability is still a concern.

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To get prepared to buy a home, there are several steps you can take to ensure a smooth and successful home buying process. Here are some of our tips to help you get started!

1. Determine your budget: Calculate how much you can afford to spend on a home by considering your income, expenses, and savings. This will help you determine your price range and avoid looking at homes that are outside of your budget. Your lender can also help in this process.

2. Check your credit score: Your credit score plays a significant role in the mortgage approval process. Check your credit score and take steps to improve it if necessary, such as paying off debts or correcting any errors on your credit report.

3. Save for a down payment: Start saving for a down payment on…

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The settlement statement is a document used in real estate transactions to outline all the fees and charges associated with the purchase of a property. It includes details such as the purchase price, loan amount, closing costs, and any other expenses related to the transaction. The statement helps both buyers and sellers understand the financial aspects of the deal and ensures transparency in the closing process.

Some items you may find on your settlement statement are -

1. Purchase price: The agreed-upon price for the property being purchased.
2. Loan amount: The amount of money borrowed from a lender to finance the purchase, if applicable.
3. Closing costs: Fees associated with the closing of the transaction, such as title insurance, appraisal…

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After the purchase agreement and appropriate disclosures and addendums are signed and the earnest money deposit has been made, we move into a phase of the transaction called the due diligence phase. This is the time when everyone updates their insurance company and post office of the upcoming move, the final packing and touch-ups around the home happen, etc etc., and ultimately, all contingencies need to be addressed.

Contingencies in a real estate transaction refer to specific conditions that must be met in order for the sale to proceed. If any of these contingencies are not met during the contingency period defined in the purchase agreement, the buyer may have the option to back out of the sale without penalty and take back their earnest money…

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