Real Estate Contracts, Saving Money & Retirement

 What should you know about Contracts, Green Home Products or Retiring relating to Real Estate?

The weather is warming up and summer is well on it’s way. Start planning what your summer will bring by learning about contingencies, eco-friendly home tech products, and why now is a great time for retirees to cash in on their home equity. What You Should Know About Contingencies Whether you’re a home buyer or a home seller, it’s important to understand what a contingency is and how you can use it to your advantage. Contingencies are terms you can include in a contract that must be met before the sale can be completed. Some popular contingency types are explained below. A financing contingency is one of the most common options buyers include in an offer. This contingency stipulates that if the buyer is unable to secure a loan to buy the property, they can back out of the purchase. This ensures that they aren’t held responsible for purchasing the home if their loan falls through. A home sale contingency is a popular option for people who are selling the home they currently live in to pay for the home they hope to buy. When they submit an offer on the new home they wish to buy and include this contingency, they are offering to buy the home after their current home sells. A home inspection contingency states that a buyer’s offer is dependent on a home inspection not revealing any large, unforeseen problems.  A sight-unseen contingency is sometimes used in a seller’s market. It states that the buyer is willing to move forward and purchase the home without actually seeing it in person. This can be appealing to sellers with busy schedules who don’t have time to allow many different buyers to tour their home. Green Home Products That Could Save You Money Saving money on electricity and saving the environment are the standard benefits of going with eco-friendly fixtures and appliances. However, some homeowners take it to the next level by leveraging the latest in home-tech. Here are some of the cool products that are innovating eco-friendly housing. Smart Faucets There are many eco-friendly appliances you can use in your home, but one that’s come a long way recently is the smart faucet. Now, Kohler has created a voice-activated smart faucet that can react to your commands to dispense certain quantities of water, preventing waste and saving time. Smart faucets can also save water by using motion-sensors that automatically turn water off and on at the wave of a hand. In-Home Recycling Center While the world is more aware of recycling options, many people want to do more. Lasso Loop has created a new device the size of a dishwasher that cleans, shreds, and compresses your recyclables, cutting down on how much trash ends up in landfills. Retiring Soon? It May Be Time to Sell Now! If you’re thinking of retiring soon, now may be a great time to start thinking about selling your home! Interest rates and housing inventory are low, meaning many sellers are receiving multiple offers on their homes. Suburban homes especially are in high demand with people looking for more yard space to enjoy from the comfort of their own homes. Homes and neighborhoods with amenities such as a pool, playground area, and walking trails are also in high demand. Space for a home office and more room for the family to spread out are also popular at the moment. If your home has any of these features, and you’re planning to retire and downsize in the next few years, you may want to consider acting now. 2020 had record low mortgage rates and once rates begin rising again, buyer numbers may drop. In recent years, sellers have often been asked to pay closing costs, make repairs, and accept other concessions. Right now, many sellers are receiving escalation clauses above asking price for their homes and having more of their own concessions met.  If you’d like to know how much your home is worth in the current market, give me a call! I’ll be glad to help. Rene Hills, Associate Broker Real Estate One 511 E. Front Street, Traverse City, MI 49686 Email Me: rene@renehills.com Website: www.renehills.com