You’re probably used to helping buyers figure out how much they’ll spend in closing costs, but do they know what that home will cost them after they close?
As a real estate professional, your job is to know all of the nitty-gritty details that impact buyers, sellers and homeowners who aren’t planning to buy or sell in the foreseeable future.
With the vast majority of homeowners experiencing buyer’s remorse and the costs of homeownership skyrocketing, it’s time to look beyond transaction costs to help clients understand what it will cost to own the home they love. This week, we’re looking at the hidden elements of real estate — from hidden costs to hidden listings — and even some marketing mistakes that may be hiding in plain sight.
Home insurance premiums are up 50%+ in 19 metros since by Nick Pipitone
A new analysis from Zillow and Thumbtack finds the typical U.S. homeowner now pays $16,566 a year on top of the mortgage for maintenance, property taxes and insurance. That’s up 32 percent over five years, and in some markets, homeowners now pay more for insurance each year than for property taxes.
“Many households focus so much on winning the home and underestimate what it costs to live in it,” Kara Ng, a senior economist at Zillow, said in a statement. “Since these homeownership costs vary so much by market, homeshoppers should run the numbers and understand what they can truly afford before they make an offer.”
From hidden staging mistakes to hidden listings and hidden home value, these stories from Inman contributors offer plenty of insight to help you communicate with clients and avoid unexpected issues.
6 home staging mistakes that look fine until the photo
Sometimes it’s what you don’t see IRL that impacts the way a home is marketed. Staging expert Lori Matzke recalls a design decision that looked great in the moment but didn’t translate in photos and shares strategies on avoiding hidden problems in your next listing.
The portal wars are making real estate look shady
When clients aren’t getting a clear picture of their local market, the consequences can be significant — both for them and for your business. Dezireh Eyn offers insight on why earning consumer trust requires industry transparency.
How to help buyers get off the fence — show them the
Sometimes, hidden costs give way to hidden benefits when you’re comparing buying versus renting. Carl Medford crunches the numbers with the help of Inman’s powerful market calculator to help you (and your clients) figure out which financial moves make the most sense for their specific situation.
