Mission Realty Real Estate Podcast with Clayton Gits

Clayton Gits
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Mission Realty Real Estate Podcast with Clayton Gits Podcast

If you are looking to buy or sell a Richmond Virginia home, get all the information and the latest updates, tips, and tricks from Clayton Gits- your professional Richmond Virginia Real Estate Agent.

  1. 04/11/2018

    Appreciation Rates: Where They Were, Where They Are, and Where They're Going

    Over the past five years, home prices have appreciated dramatically. Today, I’d like to take a look at where they are now and what we can expect from the future. Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation Today, we’re going to take a look at where home prices were five years ago and where they are now. It’s hard to believe what a difference those few years made.  From December of 2012 until December of 2017, home prices increased 37.4% on a national level. Local appreciation varied between states, as you can see in the graphic I’ve included in the video above, but the overall change constituted a fantastic recovery.   In Virginia, prices appreciated by 15% over that five-year span. Florida, which had been heavily affected by the crash, saw an appreciation of 46% over that same period. Even more impressively, Nevada saw an appreciation of 66%.  There isn’t one state that has gone backward, so we are definitely trending in the right direction. For all of you out there who love data, you can find some additional information on price projects here.  “ It looks as though home prices will continue to appreciate for the foreseeable future. ” One thing I do want to note, though, is that economists predict prices to increase by an additional 18.2% over the next five years. The Bulls are actually predicting a 27.4% increase, while the Bears predict an increase of 8.3%. Ultimately, all of this is dependant upon the global economy. If unforeseen circumstances arise, these predictions could change.  Still, so far it looks as though home prices will continue to appreciate for the foreseeable future. This means that right now is a great time to buy while prices are still low. It’s also a great time to list, since now is one of the best times to move up in years. Inventory is low, which means homes that are on the market often see great success. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

  2. 03/27/2018

    How Soon Is the Next Housing Bubble?

    Many are concerned that we’re about to see another housing bubble, but is this really the case? Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation Since 2012, home prices have significantly increased. As this trend continues, many are wondering when it will stop. Is a housing bubble on the horizon? According to economists, the next housing bubble isn’t expected to hit until 2024. This means there are six years to prepare.  Freddie Mac’s chief economist Sean Becketti has said, “The evidence indicates there currently is no house price bubble in the U.S., despite the rapid increase of house prices over the last five years.”  Other economists have shared similar opinions. Christopher Thornberg, a partner at Beacon Economics, says “There is no direct or indirect sign of any kind of bubble.”  “ The rise in prices is something buyers are certainly paying attention to. ” While we may not be headed for a bubble in the near future, the rise in prices is something buyers are certainly paying attention to. Of course, there’s no way to accurately predict what will happen to our market or our economy.  Also, interest rates are going up for the first time in years. You can find more information about today’s interest rates here.  The rise in interest rates is yet another factor that could impact purchasing power, which could cause further pressure on housing prices.  If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

  3. 02/22/2018

    What Makes Now the Perfect Time to Buy or Sell in Our Market?

    Now is a great time to buy in our market. This fact also makes it a great time to sell. Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation Now is a great time to buy a home in our market, and because of that, it’s also a great time to sell. Let me explain. For the first time in years, mortgage rates are going up significantly. Why? Because the economy is improving significantly. There’s a direct correlation there—as the economy improves, interest rates rise. If you’re a buyer and you want to get the cheapest financing possible to buy your home, you need to buy now. Freddie Mac is forecasting that interest rates will be close to 5% by the end of the year. Take advantage of this situation before the spring market hits. Buyers need to act quickly and start buying homes, but there’s very little inventory available out there. There are more buyers than there are homes to sell, which is what makes now a great opportunity to sell as well. If you list now, you won’t have nearly as much competition as you would in the spring. Furthermore, according to the National Association of Realtors’ Chief Economist, Lawrence Yun, “The pool of interested buyers at the end of the year significantly outweighed what was available for sale.” Now is the perfect storm for buying and selling, so if you’re thinking about doing either, take advantage of this situation before the spring market hits. If you have any questions about the state of our current market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d be happy to help you.

  4. 01/26/2018

    What Do Buyers and Sellers Across the Country Really Think of Their Realtors?

    The National Association of Realtors just released the 2017 edition of their Home Buyers and Sellers Profile. Let’s look over what their surveys found. Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation Each year, the National Association of Realtors releases a profile of buyers and sellers. They’ve just recently put out the 2017 edition of this profile, and I’m excited to go over it with you today. After surveying buyers and sellers from across the country, the Association found that 60% of respondents feel that Realtors have helped them to better understand the real estate process. Also, 56% of respondents stated that their agent was honest in pointing out flaws with listings they visited during their home search. This openness is something I really encourage in the agents I work with. I would much rather see an agent talk a buyer out of a home that isn’t right for them than see a deal be made. There is a lot of value in working with a Realtor during your real estate transaction. Another statistic listed in the profile was that 47% of respondents felt their agent negotiated better terms for their sales contract. Additionally, 46% of respondents felt they had better access to service providers such as home inspectors thanks to the help of their agent. 44% of buyers also felt their knowledge of search areas was improved with the help of their Realtor. This just goes to show why it’s important to hire a Realtor. Finally, 38% felt their Realtors negotiated a better price. The respondents for this last statistic came from both buyers and sellers. As you can see, there is a lot of value in working with a Realtor during your real estate transaction. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

  5. 01/15/2018

    The Latest Scam in Real Estate

    Scammers have been hacking into a title company’s email or Realtor’s email to steal money from homebuyers. What can you do to avoid this scam? Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation The latest scam in real estate is affecting a lot of people. I wanted to make sure that you are aware of it and go over a few ways you can avoid it. When you go through the process of closing on a home, there is a lot of interaction between you, your real estate agent, and the title company. These scammers are hacking into either the title company’s email account or the Realtor’s email account. They watch all of this sensitive information going back and forth. Once they are inside the real estate agent’s account, they can effectively take over the agent’s identity and email false wiring instructions to homebuyers. Once the buyer wires the money to the new account the hacker made, the hacker takes the money and runs. Since the hacker used the real estate agent’s email or the title company’s email, most buyers don’t know what’s happened until their money is gone. What can you do to avoid this scam? The most important thing to remember is that we will never ever ask you to send funds or a copy of a check via email. We won’t do it, and the title companies we represent won’t do it. We will never ask you to send funds via email. We’ve heard some nightmares about $50,000, $60,000, and $70,000 closing checks that are stolen because of hacked email accounts. If you get an email that appears to be from your Realtor or title company asking you to send sensitive account information via email, don’t do it. Call your Realtor to let them know what’s going on. Do as much as you can over the phone. I know that we hate talking on the phone these days, but make sure you call your Realtor or title company or handle things in person in order to avoid email whenever possible. I also recommend that you work with a Realtor and title company that uses an encrypted service for their email. We are moving in this direction to protect ourselves and our clients. Although we will never ask you to send funds via email, there is just too much sensitive information floating around. We want to protect our clients, so we are encrypting everything that we do. Ultimately, make sure you never send any sensitive financial account information over the web, and certainly don’t send it over email. That is the best way to avoid this latest scam. If you have any other questions about avoiding this scam or about real estate in general, just give me a call or send me an email. I would be happy to help you.

  6. 12/21/2017

    4 Advantages Homeownership Offers Over Renting

    To explain the true cost of not owning a home, I have the top four advantages homeownership provides that renting doesn’t. Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation There are four main advantages to buying a home that, as a renter, you can’t enjoy.  First, there are five great financial benefits:  Homeownership is a form of forced savings.  It provides tax savings.  Homeownership allows you to lock in your monthly housing costs. Buying a home today, on a national scale, is cheaper than renting.  No other investment vehicle lets you live inside it.  Second, studies have shown that homeowners have, on average, 44 times the amount of wealth that renters do.  The average homeowner has 44 times the wealth that the average renter does. Third, if you purchase a home with an average purchase price in 2017, you can build more than $48,000 in family wealth over the next five years.  Finally, some people argue that renting eliminates the cost of taxes and home repairs, but any expenses the landlord incurs are included in the rent payment.  If you are renting, I hope you have a greater appreciation of the value of homeownership. If you have any questions about the cost of not owning a home or you’re curious what it would take for you to buy a home, don’t hesitate to reach out to me. I’d love to help you.

  7. 12/08/2017

    The Truth Behind Rising Home Prices

    Why are home prices on the rise locally and nationally? I’ll explain the real reason to you today. Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation Why are home prices increasing? I did a little research and am excited to uncover the real reason for you today. Ultimately, it all boils down to supply and demand. I’m not trying to oversimplify things; this really is what’s happening at the local and national level. As you can see in the chart in the video above, anything less than six months of inventory is considered a seller’s market. In this kind of market, home prices will go up. A market with six or seven months of inventory is considered a neutral market. Home prices will only appreciate with inflation. We have not had a neutral market in quite a while. Anything above seven months of inventory puts us in a buyer’s market. Since there is an oversupply of inventory, prices start to go down. We have been in a seller’s market for the last five years. Here in Richmond, inventory levels tend to vary by location. The further out you get from the city, the more these numbers get skewed. At the national level, however, we have been in a seller’s market for the past four or five years. According to the National Association of Realtors, there are only 3.9 months of inventory for sale. That is the reason that home prices are going up. It looks like we will remain in a seller’s market for the foreseeable future. Again, here in Richmond, inventory can vary from area to area. If you have any questions about inventory levels in your specific neighborhood, just give me a call or send me an email. I would be happy to help you!

  8. 10/16/2017

    When Are You Committed to a Real Estate Agent?

    .embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; height: auto; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; } When are you committed to a real estate agent? Today, I’ll answer three common questions about agent exclusivity for homebuyers. Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation As a homebuyer, when are you actually committed to a real estate agent? There are three key points to consider.  1. Why do agents demand exclusivity when representing you on the buy side? I have eight buyer’s agent that work in our real estate company. They work really hard. Finding you a home means they are working seven days a week. They are passionate about serving you as homebuyers.  When buyers show you houses, they use their years of expertise to find you a home. Some agents may show 20 or 30 houses to potential clients before they find one they want to make an offer on. That’s why agents have the agreement in place; they want to make sure they get paid.  That said, the buyer’s agent does technically work for you for free. The seller actually pays their commission. The buyer’s agent just wants to get paid for their hard work. In our market, you typically agree to work with an agent for six months. 2. Did you already sign a buyer’s agent agreement? What does that mean if you did? Typically in our market, when you agree to work with a buyer’s agent, you will work with them for a period up to six months to find the home of your dreams.  3. How can you terminate the agreement if you aren’t happy with the buyer’s agent’s services?  In most cases, you can simply say, “I’m just not happy. It’s nothing personal, this is a business relationship. I would like to walk away.”  For the most part, no Realtor wants to work with someone who is unhappy with services. Sometimes it can get ugly if the agent is not willing to terminate that agreement. In that case, you can go over the agent’s head to their broker.  Again, that rarely happens. In most cases, you’re going to meet your buyer’s agent and have some sort of relationship before you work out the exclusivity agreement.  Those are just a few things you should keep in mind when working with a buyer’s agent. If you have any other questions about hiring an agent or buying a home, just give me a call or send me an email. I would be happy to help you! If you have any questions for us, don’t hesitate to give us a call or send us an email. We would love to hear from you.

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If you are looking to buy or sell a Richmond Virginia home, get all the information and the latest updates, tips, and tricks from Clayton Gits- your professional Richmond Virginia Real Estate Agent.

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