What does the housing market have to do with Insurance?
Some would say not a whole lot, and some would ask why is an insurance agency blogging about the housing market.
Let me tell you that our agency has many specialties, we offer a ton of advice to many different industries. Our fearless leader Jimmy J. Fox happens to be a industry leading Real Estate Agent here in Columbus, Ohio. And many of our team members carry their Real Estate License!
What does that mean for you?
Fortunately we offer a ton of experience and one of the biggest mistakes made in today's HOT market is that homes are priced incorrectly out the gate. With the forever increasing in home values and the DTI (Debt To Income) ratios rising from %45 to %50 that means more people are able to afford more expensive homes, stretch their already tight budgets out a little further to get that better school district, bigger home, more land, etc...
GET TO THE POINT ALREADY!
When marketing a new house that is going to hit the market, you have to know the demands that are our there and you don't want to exclude any audience that could be a buyer or possibly create the much needed buzz for the property at hand. Think of it this way, if you are marketing the home @ $199,999. You will miss everyone that is looking for the homes @ $200,000 and up in the areas that are driving the higher prices. Same thing goes it you price the house @ $200,000. When people are on Zillow, Realtor, Trulia they have preset limits that people often use. to search for houses in the area, so if your home falls right below or slightly over it they you are losing out on a major part of the population possibly interested in your home.
Stay away from the following pricing levels if possible.....
With the bidding wars that we have in today's housing market you want to make sure you are including the biggest audience available.
Next article we will discuss how your Home insurance plays an important part in the housing market!