A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their house in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.
In a recent blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:
A smaller home means less space, but it also means less time, stress and money spent on upkeep. Let’s assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1–1.6 million in the bank to get you through your golden years. Use the proceeds from selling your current home to pay cash for a smaller one. Just imagine what you could do with no mortgage holding you down! If you can’t pay cash, aim for a 15-year fixed rate mortgage and put at least 10–20% down on your new home. Apply the $500 you saved from downsizing to your new monthly payment. At 3% interest, you could pay off a $200,000 mortgage in less... Read More
Norris & Company Real Estate recently recognized their December 2015 Top Performing Associates.
Debbie Bell, Jane Schwiering, Beth Livers’ Sand and Land team, Cheryl Burge and Chip Landers attained the highest dollar volume of closed sales for the month.
The highest dollar volume of new listings was achieved by Dan Downey, Becky Rossway, Pam Pendleton, Jane Schwiering, Debbie Bell, Sue Yahraes and Lucy Hendricks. Congratulations to all of our Top Producers!... Read More
If you’re considering getting into the landlord game, you might wonder whether it’s best to buy a single family home or a condominium. Many people believe it best to stay away from condominiums because of all the issues with homeowners associations, and they have a point. However, single family homes have many issues, too, so don’t make up your mind so quickly. Consider these things:
Investment returns When you’re buying an investment property, the first thing you should do is pencil out your real estate deal to see if it has fair cash-on-cash investment returns. As a general rule, you’ll find that single family homes typically have lower cash-on-cash returns than condominium properties. So a fair deal on a single family home might be a cash-on-cash return of 3 to 5 percent, while a condominium might have 4 to 7% returns. The condominium will probably take this round, but every property is different, so you need to pencil out your specific deal to understand the returns.
Tenant turnover Every time your tenants leave, you’ll need to re-rent the property. And it’s a lot of work! You have to advertise, take calls and emails, show the property, draft a lease, do a credit check, move the old tenant out,... Read More
Norris & Company brokers and associates remain in a constant state of learning to bring innovation and fresh solutions to every real estate transaction. Those letters that frequently appear after a Realtor’s name mean that he or she has invested the time, energy and financial resources to offer clients an advanced level of knowledge and skills. The designations represent specialized training in a specific aspect of the industry or in marketing luxury properties.
So what do the designation letters represent? Here is a descriptive list offered by the National Association of Realtors and its affiliates:
ABR® – Accredited Buyer’s Representative
An ABR designated agent focuses on working directly with buyer-clients at every stage of the home-buying process. They are trained to thoroughly represent buyer-clients in real estate transactions and provide the quality of service and degree of fiduciary responsibility that sellers have customarily received.
ALHS -- Accredited Luxury Home Specialist
ALHS agents are members of an elite group of exceptional and dedicated real estate professionals. As a testimony to their commitment, these high caliber agents subscribe to The Luxury Home Council's strict guidelines that demonstrate the agent's expertise in this highly demanding segment of the real estate marketplace.