Nicole Strom Realtor️ 12 hours ago

Would you pay more for a home near Costco? Research found that Costco openings did not significantly change nearby home values on average. However, homes within five miles experienced stronger results in certain markets: • 7.9% growth in counties with above-average population density • 5.2% growth in counties with above-average household income Those increases were measured about 2.5 years after a Costco opened. There is a little more to the story. Costco carefully selects communities with the population, income, traffic, and consumer demand needed to support a new location. In some cases, Costco may not create the growth as much as confirm that growth was already happening. For buyers, the sweet spot may be living a few minutes away, rather than directly next door. Convenience is valuable. Traffic, delivery trucks, parking lot lights, noise, and a view of a loading dock are not. When I evaluate a home near Costco or another major development, I look at the actual property, not simply the distance on a map. Access, surrounding land, traffic patterns, views, noise, and future development can all affect how buyers respond when it is time to sell. Would living close to Costco be a benefit for you, or would you rather avoid the traffic?

Nicole Strom Realtor️ 2 days ago

What exactly is a seller concession? Think of it as the seller giving the buyer money at the closing table to help pay some of the buyer’s approved homebuying expenses. Buyers need money for more than the down payment. They may also have lender fees, title expenses, homeowners insurance, property taxes, prepaid interest, and other closing costs. These expenses are often estimated at approximately 2% to 5% of the loan amount. For example, a buyer purchases a home for $500,000 and needs $15,000 for closing costs and prepaid expenses. The seller agrees to contribute $10,000. That credit could reduce the buyer’s additional cash needed from $15,000 to $5,000. How much is allowed depends on the loan and down payment: • Conventional, less than 10% down: Up to 3% • Conventional, 10% to 24.99% down: Up to 6% • Conventional, 25% or more down: Up to 9% • FHA: Up to 6% • USDA: Up to 6% • VA: Up to 4% for items the VA classifies as concessions VA rules also allow sellers to pay certain customary buyer closing costs without those amounts counting toward the 4% concession limit. These are maximum limits, not amounts a seller is required to provide. Some sellers do not have enough equity or sale proceeds to help. If a highly desirable home is marketed below its perceived market value and receives multiple offers, asking for a concession could make the buyer’s offer less competitive. In our market, 67% of the transactions that closed during July and August included seller concessions. Concessions are common, but they are not guaranteed. My job is to look at the specific home, competition, seller’s position, buyer’s loan, and buyer’s financial needs before recommending how an offer should be structured. Sometimes we ask for help with closing costs. Sometimes strengthening the offer is more important. Every home and every negotiation is different.

Nicole Strom Realtor️ 3 days ago

Selling This Fall? You Want To Get These 4 Things Right.

http://simplifyingthemarket.com

Selling This Fall? You Want To Get These 4 Things Right.

Selling your house this fall is absolutely doable. But there’s something you…