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Duke Warner March 2019 Trend Report

Trend Report

Welcome Spring! We are officially out of the winter months and deep in Spring weather, the market trends are gearing up for what we think is going to be a busy summer. Despite the rainy weather, people are shopping and selling homes. First of all, the numbers look great for this time of year. Our trend report shows the steady market in both Redmond and Bend. It continues to encourage and motivate our brokers & clients alike. Check out the details below and let us know if you have any questions or comments. Or if you want to schedule a time to meet with one of our highly qualified brokers. Make this Spring memorable by finding your dream home or selling your current residence. We have incredible homes for potential buyers and talented agents ready to sell your current home.

April 1st Inventory and March Activity

With 357 active listings as of April 1st, the Bend market is thriving with options and opportunity. Redmond’s active listings as of April 1st showed 170 homes overall, which is great for this time of year. The numbers are encouraging and with the active market throughout the winter months, we believe Spring is going to be no different.

March was a more active month for Redmond than it was in February. Showing 65 homes sold, 78 new homes on the market and 88 homes pending. Also, the bulk of active homes on the market in Redmond were in the $225,000 – $325,000 and $325,100 -$425,000 price range. The $225,000 – $325,000 had 55 active listings and the $325,100 – $425,000 showed 62 active listings.

Similarly, in Bend, the numbers in March show us that there are plenty of homes to choose from right now. In March, there were 19 active listings in the $225,000-$325,000 range, 83 in the $325,100-$425,000 range, 69 in the $425,100-$525,000 range and 46 in the $525,100-$625,000 price range. As you can see from our Market Trend Report, there were quite a few homes available in the higher price ranges as well, showing 64 active homes in the $925,100 & up price range.

With the steady market, buyers look for competitive pricing as they compare properties. If you are a seller and you are considering pricing for your property, we encourage you to consult with your Duke Warner Broker for great advice. They will share their expertise and let you know how to price according to the market trends and current housing competition. Our realtors can help you plan, sort out the details and get you started on your home buying or selling journey.

Sold and Pending Listings

Bend had 158 pending in February and March finished with 206 pending homes! A big jump that indicates action in our local market this Spring. For sold listings, there were 108 sold in February and 149 in March. In Redmond, we saw 48 in February and 65 in March. We continue to see great numbers in the market!

Looking Ahead          

Central Oregon is a wonderful place to live. Both Bend and Redmond markets are active and full of options for buyers in all price ranges. Consider your options and look ahead. Certainly keep us in mind for your real estate ventures. Whether you are buying or selling, we can help! Our professional brokers can offer great insights as you navigate your next home experience. Give us a call today and let us help you get started! We can be reached at 541.382.8262 or send us an email at info@dukewarner.com.

 

 

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Homeowners Associations; The Pros & Cons

Homeowners Association Law relates to the creation and enforcement of organizations and their rules that manage and community associations and help to maintain their appearance and value. Most homeowners’ associations (HOA’s) and condominiums are made up of a common residential asset managed through a chosen Board of Directors. Membership is mandatory upon the purchase of real estate situated in the association. State laws, local bylaws, and organizational rules all relate to the management of the community.

If you’re looking for properties in neighborhoods, chances are you’ll come across more than a few homes that are within HOAs. As mentioned above, typically if you buy a property within an HOA, the membership is mandatory.  While there are both pros and cons to living within an HOA, ultimately you’ll want to buy in a neighborhood that serves your needs best. Duke Warner brokers are here to help you figure out what’s best for your lifestyle.

Cons

Buyers don’t like the idea of being told what they can or cannot do with their own property. If you fall under that type, then living in an HOA might not be for you. HOA’s limit parking availability and they can require that certain decorations must be up or down at various times of the year. Running a business out of your home? You will want to check with any potential HOA’s that represents properties you like. Some HOA’s have strict rules about running business from your home. Not all HOA’s are the same, but it’s important to check with the regulations before you buy.

Fees can be a big part of why people don’t want to buy within an HOA. Some HOA fees can be on the higher end or lower end, it just depends on how they’re managed. The monthly HOA fee is something most buyers aren’t eager about. It depends on how you weigh the added benefit if the regulations within a neighborhood, and how they affect the ongoing value of your home, versus the cost of ongoing monthly or yearly payments.

Benefits

One benefit of living within an HOA is that the overall appearance of your neighborhood is better. Living within an HOA means that higher standards are set for the appearance of properties. Lawns must be mowed, houses must be painted, houses can’t be painted in wild colors, etc. Some HOAs are formed by the developer and are run by a Board of Directors. As houses within the development sell, the Board of Director’s transitions over to a Board of Elected Residents. Some HOAs opt to have a management company run them, so residents aren’t responsible for meetings and organization. It’s best to keep HOAs within residents, because most residents are invested in their own neighborhoods.

Living within an HOA ensures that all homeowners take care of their homes. It also helps keep the value of homes higher, as neighborhoods look cleaner and stay well-maintained. It also ensures that the proper steps are taken when dealing with any issues in the neighborhood. If your neighbor’s dog is barking, or there have been one too many loud parties, rather than starting a spat between neighbors, the HOA can be notified and will handle the situation.

Decisions, Decisions

Know what you’re looking for in a property, and choose whether an HOA is right for you. It is an important decision when buying a home. Research the HOA that manages the neighborhood you are interested in and read the fine print. HOAs are typically beneficial, but it’s important to know what you are getting into by joining. If you’re looking for higher standards within your community, and want your neighborhood in Bend, Oregon to appear well-maintained, an HOA is right for you. If you want more freedom to do what you want with your home, it’s better to look in neighborhoods that don’t have managing HOA’s. At Duke Warner Realty, we are committed to helping you navigate questions you might have when purchasing a home. Whether it’s within a neighborhood with an HOA, or not. Give us a call today!

 

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Duke Warner February 2019 Market Trends Report

Market Trends

Watching the market trends this winter has been encouraging. One might assume we’d see a big drop in home buying and selling with the crazy weather we’ve had, but it hasn’t gone that way at all. Instead, we are seeing a very steady market as we head into Spring. We are hopeful the numbers will just continue to hold strong. History tells us they may get better as the snow thaws & flowers bloom.

The steady market in both Redmond and Bend that we saw last year has continued into the start of this year. January’s numbers were encouraging in Bend and Redmond alike. February was no different. Check out the details below and let us know if you have any questions or comments. You may want to schedule a time to meet with one of our highly qualified brokers. Make this your best real estate year yet! We’ve got beautiful homes for potential buyers and talented agents ready to sell your current home.

March 1st Inventory and February Activity

With 370 active listings as of March 1st, the Bend market is thriving with options and opportunity. Redmond’s active listings as of March 1st showed 176 homes overall, which is great for this time of year. Continued steady numbers show buyer and seller interest alike.

February was a slightly more active month for Redmond than it was in January, showing 48 homes sold, 81 new homes on the market and 62 homes pending. The bulk of active homes on the market in Redmond were in the $225,000 – $325,000 and $325,100 -$425,000 price range. The $225,000 – $325,000 had 55 active listings and the $325,100 – $425,000 showed 58 active listings.

For Bend, the numbers back in January showed us that there are plenty of homes to choose from this time of year. In February, there were 17 active listings in the $225,000-$325,000 range, 82 in the $325,100-$425,000 range, 79 in the $425,100-$525,000 range and 38 in the $525,100-$625,000 price range. As you can see from our Market Trend Report, there were quite a few homes available in the higher price ranges as well.

With the steady market, buyers look for competitive pricing as they compare properties. If you are a seller and you are considering pricing for your property, we encourage you to consult with your Duke Warner Broker for great advice. They will share their expertise and let you know how to price according to the market trends and current housing competition. Our realtors can help you plan, sort out the details and get you started on your home buying or selling journey. You can also find some great suggestions by reading our blog titled, “Good Information to Share with Your Realtor.”

Sold and Pending Listings

Bend had 159 pending in January and that remained steady with 158 in February. For sold listings, there were 125 sold in January and 108 in February. In Redmond, we saw 46 sold properties in January and 48 in February. While there are a few fluctuations, overall, we continue to see great numbers in the market!

Looking Ahead          

Central Oregon is a wonderful place to live. Both Bend and Redmond markets are active and full of options for buyers in all price ranges. As you consider your options and look ahead, whether you want to buy or sell a home, keep us in mind for your real estate ventures. Our professional brokers can offer great insights as you navigate your next home experience. Give us a call today and let us help you get started! We can be reached at 541.382.8262 or send us an email at info@dukewarner.com.

 

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Home Loan Options

It can be hard to determine what kind of loan works best for you when it comes to choosing a mortgage. It’s hard to break down the benefits and cons of each, so we’re here to explain what each loan is, and how it could possibly affect you. If you’re interested in applying for a home loan, talk to your Bend Realtors and see which lenders they recommend.

Fixed and Adjustable

There are two types of mortgages that you can come by, a fixed rate or adjustable rate. When you have a fixed rate mortgage, your loans have a fixed rate of interest, meaning they have the same rate of interest from the time you get them until when you pay them off. An adjustable mortgage has a rate that adjusts with the market, it might go up or go down as the market changes.

Each kind of loan has benefits and problems, but it’s up to you to decide what you’re willing to commit to. With a fixed rate you know your rate won’t change, even if the market changes. This means that if the rates drop lower than yours, you’re still stuck paying the rate you locked into. The flip side to this is that if you have an adjustable rate and the market rates soar, you’re stuck paying higher prices. Talk to a local lender and discuss which would work best for you.

Government and Conventional Loans

A conventional home loan is one that isn’t issued by the government in any way. Most consider conventional home loans to be regular home loans. A government issued home loan is one that is guaranteed through the government. Here are the different types:

FHA

An FHA Loan is part of a mortgage insurance program. These types of loans are available to first time homebuyers and other home buyers. With this loan the government is insuring the lender against any losses they might have from borrowing money. FHA loans are managed by the Department of Housing and Urban Development. With this loan you can put a lower payment down, as low as 3.5%. With this also comes mortgage insurance, that might make your monthly mortgage payment higher.

VA

If you’ve ever been a military service member or are a family member of one, you qualify for a VA loan program.  This mortgage is guaranteed by the VA. The benefit of this kind of loan is that veterans and their families can get 100% financing when they buy their home which means they have no down payment at all.

USDA or RHS Loans

Managed through the Rural Housing Service, part of the Department of Agriculture, this is for more rural residents. If you have a steady, but low or modest income, and other financing isn’t available to you, a USDA loan might be a good option. It takes into consideration the adjusted median income of the rural area, and bases the loan off of that.

Buying a Home

There are a lot of different steps to take when it comes to buying a home. Picking the right kind of loan is one of them. This can be the biggest part of purchasing a house, other than finding a property that is perfect for you. Talk to your Bend Oregon Realtors today, & see which lenders they recommend. Meet with a lender and find out which mortgage or home loan is right for you.

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Duke Warner January 2019 Trend Report

Trends

Now that we are seeing some true winter weather, we might expect to see a significant dip in the market trends, but that’s just not the case. Follow our monthly trend report to stay up to date with the local market trends and fluctuations. In December, we saw a continuation of a steady market in both Redmond and Bend and that carried over into the start of the new year. January’s numbers were encouraging in Bend and Redmond alike. We closed out 2018 with an active market in Bend and Redmond for sellers & buyers and continued that streak through January. The Central Oregon market looks promising as we slowly ease out of winter and look forward to the Spring months ahead.

Inventory

The number of active listings in Bend dropped slightly from 398 in December to 356 in January. Redmond had 182 active listings in December and then a few less with 176 active listings in January. The numbers in January for Bend show us that there are plenty of homes to choose from. There were 18 active listings in the $225,000-$325,000 range, 78 in the $325,100-$425,000 range, 86 in the $425,100-$525,000 range and 37 in the $525,100-$625,000 price range.

With the steady market, buyers look for competitive pricing as they compare properties. If you are a seller and you are considering pricing for your property, we encourage you to consult with your Duke Warner Broker for great advice, they will share their expertise and let you know how to price according to the market trends and current housing competition. If you’d like, ask your Duke Warner broker to review a market trend report so you can feel confident in their knowledge of local buying and selling trends.

Sold and Pending Listings

Redmond’s market had fewer price reductions in January than we saw in December and almost double the amount of pending homes at of the end of January, showing 72 pending. Redmond’s new, active listings stayed about the same, showing 59 in December and 58 in January.

Bend had 137 pending homes in December, and it increased a bit to 159 pending in January. For sold listings, we’ve seen a slight drop during the winter months with December showing 160 sold homes in Bend and 125 sold in January. We saw 63 sold listings in December, for Redmond’s market and 46 in January. We are seeing a slight fluctuation in the market which is normal for this time of year. Winter weather came a little bit later this year and as we look towards the coming months, we can expect the markets to reflect the changing seasons ahead.

Looking Ahead          

Central Oregon markets have remained steady and full of options for buyers in all price ranges. As you consider your options and look ahead for new investments, changing homes or just following the market trends, keep us in mind for all your real estate needs in 2019. For a deeper understanding of the local market trends, consider reading back through our past trend report archive, there is a lot of great information provided. Give any one of our skilled brokers a call and let us help you with your next housing adventure. You can see our current listings on our website at https://www.dukewarner.com/.

 

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Choosing the Right Neighborhood

Central Oregon has grown quite a bit over the years and with that growth, we’ve seen everything from new neighborhoods to new businesses nestled in a neighborhood, new subdivisions and lots of options to buy when you are house hunting. We’ve all heard it said many times, location is everything, and we don’t disagree! There are many things people are willing to overlook when it comes to buying a home, whether there aren’t as many bathrooms as you’d like, or some of the bedrooms are downstairs while others are upstairs. Sometimes the home we want doesn’t have a big enough yard, or it’s got too big of a yard and we dread maintaining it during the warmer months. Most of the little things are preference issues that we can usually live with if it’s the perfect house otherwise.

Location on the other hand, isn’t something most people want to overlook. For most house hunters, location is the most important factor when looking for a home to buy. We’ve come up with a few tips to consider when picking your perfect home to buy.

SAFE NEIGHBORHOOD

Choosing your home has less to do with the actual home itself and more to do with the location of the home. Homes can always be altered, remodeled, changed. But a neighborhood is permanent and so you’ll want to research the neighborhood before buying a home. Safe neighborhoods are important not just for you and your loved ones, but it’s also important for the resale value of the home. Thinking like a seller might seem like a far-off concept but keeping it in mind will help you down the road.

Do a little research about previous crime in the area, introduce yourself to neighbors and ask them what they think about their neighborhood, notice who is out walking~ are there children playing in the neighborhood park? These things will be great indicators to whether or not the adults in the neighborhood trust the surrounding area and the people in it.

CURRENT DEVELOPMENT

Check out the amenities the neighborhood offers, perhaps there is a pool, park or store within the neighborhood. Drive or walk around the neighborhood and make note of current building or homes for sale. If you can, find out what future development is scheduled, this will indicate continued growth in the neighborhood which will increase the value of the home you purchase.

CENTRAL ACCESS

There are a lot of neighborhoods that are centrally located to grocery stores, coffee shops, auto shops and more. Try to find a neighborhood that fits your lifestyle, so you don’t have to make long commutes for your groceries, medical help and ideally, for your job. Spending less time in your car and more time at home is the ideal for most people, so finding a home centrally located to your daily needs will support your life with convenience and accessibility.

A great example of a centrally located neighborhood is the Brookswood development south of town in Bend, Oregon. Not only does the neighborhood have schools nearby, there is also a grocery store and many other small businesses located within the neighborhood itself.

GOOD SCHOOLS

Buying a home that is in a good school district is important, even if you don’t have children or your children are already grown. Good schools increase the value of surrounding homes and land. Research shows that buyers inquire about the school district often when looking to buy a home. Accessibility to schools is also a key factor for home buyers, for example they want to know if there is transportation for children within or near the desired neighborhood.

RESALE VALUE

Resale value is an important factor to consider when buying a home, even if you don’t plan to sell anytime soon. Knowing the facts about the neighborhood can be solid indicators of how desirable your home or lot will be in the future.

As mentioned above, the home you are interested must be one you feel fits your needs, but the location is the most important factor when looking to buy a home. Doing your research, asking your broker to provide specific stats about the other homes surrounding the one you are interested in and checking out the neighborhood itself will help you make the best decisions when buying your home. Our local brokers in Bend, Oregon, are here to help, so feel free to contact us at www.dukewarner.com if you’d like more information or want to tour some neighborhoods today.

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Duke December 2018 Trend Report

As we settle into what appears to be a rather mild winter, we continue to see a steady market in the Central Oregon Real Estate scene. The trends for December show a continuation of a steady market in both Redmond and Bend. We closed out 2018 with an active market in Bend and Redmond for sellers and buyers alike. As we begin the new year, we see steady numbers across the board and look forward to an exciting year with the Central Oregon market.

Inventory

The number of active listings in Bend dropped slightly from 457 in November to 398 in December. In Redmond, there were 199 active listings in November and then a few less with 182 active listings in December. The numbers in December for Bend show us that there are plenty of homes to choose from. There were 20 active listings in the $225,000-$325,000 range, 97 in the $325,100-$425,000 range, 102 in the $425,100-$525,000 range and 41 in the $525,100-$625,000 price range. Both Bend and Redmond’s market had fewer price reductions in December than we saw in November and fewer pending homes at of the end of December, for both cities. Redmond’s new, active listings increased slightly from 58 in November to 59 in December.

With the steady market, buyers look for competitive pricing as they compare properties. If you are a seller and you aren’t sure what to list your home or property for, consult with your Duke Warner Broker for great advice, they will share their expertise and let you know how to price according to the market and competition.

Sold and Pending Listings

The number of pending listings dropped slightly in December from November, in both Bend and Redmond markets. For Redmond, we saw 58 pending homes in November and 46 in December. Bend had 163 pending homes in November and it dropped a bit to 137 pending in December. For sold listings, we’ve seen a slight drop during the winter months with November showing 170 sold homes in Bend and 160 sold in December. Sold listings in Redmond dipped from 73 in November to 63 in December.  We aren’t seeing too much of a fluctuation in the market which is great for this time of year. Winter is in full swing; the holidays are behind us and we start the new year with a renewed sense of excitement for future market trends.

Looking Ahead          

2018 market trends were consistent and encouraging, which paves the way to hopefulness for the new year in the Central Oregon markets. Be sure to take time to compare properties and gather as much information as necessary to make educated decisions about the market. Get out and see what’s available and give us a call if you’d like one of our brokers to show you around! There is a wonderful selection of bare land, residential properties as well as commercial properties.

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Examples of Mortgages You Can Get

Different Types of Mortgages

If you’re looking at becoming a first-time home owner, you may need to brush up on your mortgage knowledge. Talk to your real estate broker and see if they can recommend a lender for you to talk to about your mortgage options. Getting pre-approved when you’re house hunting can be a great advantage to getting the home that you want. If you’re pre-approved you already know what sort of financial situation you are in, and what sort of mortgage you can afford. Check out the following list and learn about different types of mortgages available. Then, talk to a lender to see which mortgage option works best for you.

Fixed-Rate Mortgage

A fixed rate mortgage means that the interest rate for the loan, is locked in at the beginning of the mortgage agreement. Fixed rate mortgages can come in terms of 10-15-30 years. The most common of mortgages is a fixed rate 30 year mortgage. This provides the owner with the lowest mortgage payment per month, as it divides the loan into 30 years of payments, with a fixed rate of interest.

Fixed rate mortgages are also popular because they are the most predictable; the owner knows what their payment will be month to month for the entire timeline of their term in years.

Adjustable Rate Mortgages

There are many different types of adjustable rate mortgages(ARM), but the essential idea is that the interest rate can change over time.  If a home buyer gets a one year ARM, the interest rates on their loan change to the current market rate, once a year on the anniversary of their loan. This can be risky as you could wind up paying different amounts of mortgage payments from year to year. They payment amount may go down, but it also may go up.

10/1 ARM’s also change in interest as time goes on. This features a fixed interest rate for the first 10 years, but then is subject to change every year to the current market interest. This loan is typically for 30 years, and is typically used by homeowners who intend to pay their home off before the initial 10 years have passed.

Balloon Mortgages

Balloon mortgages feature a much shorter term and a fixed rate of interest, much like a fixed rate mortgage. The difference is that balloon mortgages feature a larger or balloon payment at the end of the loan. The monthly payments are lower and typically go to interest being accrued. Balloon mortgages are great for responsible borrowers, and typically are for people who intent to sell the house before the balloon payment is due. These mortgages can get tricky, as you’ll be required to re-finance if you can’t afford the balloon payment when it’s due.

Check out the different types of mortgages and see what you can afford, and how long a payment schedule you want to commit to. Talk to a lender to see what your options are and what makes the most sense for you. We also suggest checking out our monthly Trend Report to learn more about the local market trends.

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Duke Trend Report for Bend & Redmond for November 2018

We are continuing to see a positive and consistent market as we leave the fall season behind and head into the winter months. The trends for November show a continuation of a steady market in both Redmond and Bend. The Fall months were an active time in Bend and Redmond for sellers and buyers alike, and now that we’ve moved into the colder months, we are still seeing positive trends throughout Central Oregon, along with a great selection of homes and bare land to choose from.

Inventory

The number of active listings in Bend dropped slightly from 553 in October to 457 in November. In Redmond, there were 223 active listings in October and then a slight drop with 199 active listings in November. The numbers for Bend show us that there are plenty of homes to choose from. There were 24 active listings in the $225,000-$325,000 range, 111 in the $325,100-$425,000 range, 109 in the $425,100-$525,000 range and 57 in the $525,100-$625,000 price range. Both Bend and Redmond’s market had fewer price reductions in November than we saw in October and slightly fewer pending homes as of the end of November, for both cities. Redmond’s new, active listings dropped slightly from 82 in October to 58 in November.

With the steady market, buyers look for competitive pricing as they compare properties. If you are a seller and you aren’t sure what to list your home or property for, consult with your Duke Warner Broker for great advice, they will share their expertise and let you know how to price according to the market and competition.

Sold and Pending Listings

The number of pending listings dropped slightly in November from October, in both Bend and Redmond markets. For Redmond, we saw 85 pending homes in October and 58 in November. Bend had 189 pending homes in October and it dropped a bit to 163 pending in November. For sold listings, October gave us impressive numbers with 222 in Bend and slightly less in November at 170 sold. Sold listings in Redmond dipped from 89 in October to 73 in November.  We aren’t seeing much of a fluctuation in the market which is great for this time of year. Winter is in full swing and the holidays are here as we see the continued buzz in the market.

Looking Ahead          

As we round out the year with consistent numbers, we are encouraged and excited with the number of active listings, for buyers and sellers alike. The winter season can be a great time to shop for homes. Be sure to take time to compare properties and gather as much information as necessary to make educated decisions about the market. Get out and see what’s available and give us a call if you’d like one of our Central Oregon Real Estate Brokers to show you around!

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Tips for Buying a Home This Winter

There is a myth when it comes to home buying that says it’s more affordable to buy during the warmer months. We’ve discovered, with years and years of experience, that the winter months are just as successful for both home buyers and home sellers. This winter is no exception as we’ve seen a hearty market here in Central Oregon over the past several months. It is both encouraging and exciting for the upcoming months, whether you plan to house hunt or put your home on the market.

There are many different things to consider depending on what time of year you are buying a home and knowing some of the following tips might help you save money and time while you hunt for the perfect house for you and your family. It helps to remember that each season presents different issues you will want to consider, and winter is no different. The positives outweigh the drawbacks and buyers looking for a new home during winter have less competition, so you can take your time and really shop around before deciding on “the one.”

  • Consider what is under the snow, ice and puddles~ ask to see pictures of the yard during other seasons so you can see what the grass looks like, etc.
  • Look for leaky roofs, cracked driveways, any ice dams or potential for such, this should be addressed right away for future planning
  • Notice if icicles are hanging from the gutters…a properly insulated home shouldn’t have icicles. Find out how the home is heated and if there are portable heaters being used in any of the rooms.
  • Be flexible with scheduling, it’s the holidays and people might have guests staying in their home, so don’t expect last-minute showings during the holidays
  • Ask to see all documentation on any remodeling, roof replacements, etc. so you know the work was certified
  • Allow more time for closing~ the holidays can throw schedules off so be prepared for things to take a little bit longer during the winter months.
  • Be sure to schedule inspections and make sure the inspector can see everything, it might be a challenge, but you don’t want something major overlooked because it was hard to reach due to snow, etc. Ask the experts to be mindful of areas harder hit during the winter months.

It’s often said winter is a buyer’s market, so get out there and start your house hunting today! Feel free to give us a call and meet with one of our expert brokers. We are all committed to helping you find the home of your dreams, any time of the year!