RealNews RoundUp
Each week I round-up the best real estate articles and break them down for you in an easy to digest format. Here are the articles I’ve found most interesting over the last couple weeks:
The Article: CNBC: Barbara Corcoran says young people should ‘get in the game of real estate’ as fast as they can—here’s why
The Highlights: Barbara Corcoran from TV's popular "Shark Tank" advises to buy real estate as soon as you can—even if it means becoming partners with family members to help get in the game ASAP and sharing the profits when you sell. And, even if it means buying something smaller than you’d prefer just so you have a “chip to trade up with” when the time comes.
Having made a big real estate mistake of her own when she was young, Corcoran says, “Forget about the timing. The timing of what you earn on that home has more to do with when you have to move than when you buy in. You’re not in charge of that, your life is."
Put concisely, her advice on when to buy real estate is always NOW.
My Take: Barbara’s got it right! I always say time in the market over timing the market. It’s better to purchase a property that’s less than your ideal (smaller, maybe a little outdated…) than to wait for a “perfect” house—especially if you’re a first-time buyer.
Traditionally, real estate appreciates 2%-4% annually, so continuing to rent, even for as little as 2 years, could mean you’ve lost the opportunity to earn equity—not to mention tax breaks available to homeowners and the pride of ownership you feel when you own your own house.
Save for your first down payment and get in the game!
Want some more insights? Check out my posts here and here
Article: Inman: 6 Ways to Optimize Your Listing Images
The Highlights: In real estate, a picture is worth MORE than a thousand words…especially in luxury real estate. The main goal of real estate photography is to generate interest in the property. The photos need to stand out! The author gives these tips:
1. Set your photographers up for success: Let in natural light, add in plants and pops of color, and add in seasonal touches with
2. Challenge Convention: Find some unique angles which highlight the home’s architectural and/or decorative details.
3. Quality AND Quantity: Capture lots of photos and choose only the BEST ones in the listing—you want to leave some mystery so people visit in person.
4. Make Post-Production a Priority: Sometimes you can’t capture the home at the *perfect* time. Editing a sunset sky later on sets a mood and captures interest.
5. Videos for Different Audiences: Capture video in different formats for different social platforms, and focus on the flow of the property.
6. Think Outside the Box: Look at photographers who have great
My Take: These are some great tips for realtors, especially #2! Even professional real estate photographers can sometimes miss the opportunity to capture a home’s best details. Photos like the ones below read more like lifestyle photography which invokes an emotional response from homebuyers—that’s exactly what you want!
I also like #4 as a tactic to stand out amongst the rest of the listings on the MLS. A bold sky or “twilight shot” as your primary photo is unique and inviting and will get people to “stop the scroll”
As a homeowner, what can you do to prep for photos? My best (and easiest!) suggestion is to work with a stager to help provide specific guidance. If you want to get a head start, declutter, do a deep clean, paint walls in a neutral color, to make your home look fresh and inviting!
The Article: Forbes: 21 Best Cities to Invest in Real Estate in 2023
The Highlights: The housing market has been tumultuous over the last few years, but even in the high interest/high home home price environment we’re in right now, there are still opportunities for investors.
As an example, with the lack of inventory nationwide, many potential buyers may be unable to find affordable entry-level housing, prompting them to transition into single-family rentals instead.
Wherever you choose to invest, maximize your return by looking for the following things:
· High rental occupancy
· High rentals relative to your mortgage repayments
· A low tenant default rate
After analyzing data and trends from around the country, topping the list of the 21 best places to invest are Boise, Houston, and Dallas.
My Take: As an investor, you should always crunch the numbers and look closely at the local market. There are wild swings not only regionally throughout the United States, but city-to-city too.
This article gives detailed numbers regarding single family rental trends and breaks down local job market data, but it’s always good to talk to a local realtor for the best advice.
Additionally, you should consider what type of investment property is most suitable for the area you’re looking to invest in and for you personally! There are big differences between short and long term rentals, and you need to find what works best for you and your goals/lifestyle.
That said, there’s some GREAT advice in this article, and they’ve analyzed some of the most important stats. Every investment comes with risk, but I think if your property is in the right location and you’ve done your research, there will always be a market for single-family rentals.
Additionally, consistent real estate appreciation means buy-and-hold real estate investors can make money month-to-month and gain equity over time while a renter pays down the loan for you. That’s a win!
For more investment advice, watch here!