What does contingent mean in real estate?

This is a question that we get all the time from our home buyer and seller clients, especially those trying to buy a home, so I wanted to answer it for you. So the short answer is that it means that the seller has accepted an offer and property is moved to pending status - it is under contract to be sold to someone else.

A lot of times our buyers and sellers will be looking on the online portal sites like Zillow, Realtor.com, Trulia, things like that, and they'll see a house that they love and it says contingent or backup - something like that. So what does that mean?

There are two statuses that a realtor can put a property in when it goes under contract. The first is called pending sale. So what that…

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One of the biggest questions we all seem to be asking these days is: When are we going to start to see an economic recovery? As the country begins to slowly reopen, moving forward in strategic phases, business activity will help bring our nation back to life. Many economists indicate a recovery should begin to happen in the second half of this year. Here’s a look at what some of the experts have to say.

Jerome Powell, Federal Reserve Chairman

“I think there’s a good chance that there’ll be positive growth in the third quarter. And I think it’s a reasonable expectation that there’ll be growth in the second half of the year…

So, in the long run, I would say the U.S. economy will recover. We’ll get back to the place we were in February; we’ll…

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Hey, it's Andy with the Mandel team at RE/MAX and I'm here to bring you your March 2021 Housing Market Update. As always, for the purposes of these videos, we're giving you the leading indicators to show you where the real estate market is headed.

We're gonna talk about Boca, Parkland, and Coral Springs. Those are the areas where our team does the predominant amount of our business. And we're talking about single-family houses only. No condos, no townhouses, no country clubs, and no 55-and-over communities. So, let's get into it!

The first stat we like to look at is the number of new homes hitting the market. That is down on average 25% compared to this time last year. So, we're seeing fewer homes hit the market. At the same time, the number…

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We’re currently experiencing historically low mortgage rates. Over the last fifty years, the average on a Freddie Mac 30-year fixed-rate mortgage has been 7.76%. Today, that rate is 2.81%. Flocks of homebuyers have been taking advantage of these remarkably low rates over the last twelve months. However, there’s no guarantee rates will remain this low much longer.

Whenever we try to forecast mortgage rates, we should consider the advice of Mark Fleming, Chief Economist at First American:

“You know, the fallacy of economic forecasting is don’t ever try and forecast interest rates and/or, more specifically, if you’re a real estate economist mortgage rates, because you will always invariably be wrong.”

Many things…

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There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.

This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.

A recent study by the John Burns Real Estate Consulting…

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The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities.

Selling in the winter can give you a few advantages. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter…

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It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.

It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.

1. Why am I Buying a Home?

Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually the…

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Is Getting a Home Mortgage Still Too Difficult?

Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.

Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase…

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