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Buy a Home Home Purchase

2020 New Home Sales Rising Faster Than Supply

2020 new home sales are rising faster than home builders can replenish their supply. Sales of new homes rose to its highest level in over 14 years during the month of August. As a result, there is a very low 3.3 months’ worth of inventory. Generally, the new home sales market is considered “balanced” when there is a six month supply of new homes for sale.

Home buyers can expect to see rising home prices. However, the greatest demand is at price points below $300,000 for first-time home buyers. In hot markets such as Orlando, Florida, new residential construction rose by 22% from August 2019 to August 2020. Across the United States, much of the rising cost is attributable to a severe housing shortage. Builders have not kept pace with demand for several reasons. Many still have fears ever since the 2008 market crash. Also, they may have difficulty in building due to zoning issues or neighbor concerns about parking and density.

Home Builders Facing High Lumber Prices, Other Constraints

  1. Lumber futures reached a record high of $1,000 per 1,000 board feet in September. The commodity has been the top-performing major raw material during 2020, due to high demand from home builders and home owners undertaking do-it-yourself (DIY) home remodeling projects.
  2. Buildable lots have been in low supply, hampering 2020 new home sales. As early as January, 40% of single-family builders reported the supply of lots was low, and 18% reported the supply as very low. Because of the low supply, lot prices have been increasing, and lot sizes have been decreasing.
  3. Construction workers continue to be in short supply. The Home Builders Institute recognizes a shortage of workers. This shortage is due to increasing demand for housing and a low supply of existing homes for sale. Skilled workers are retiring from the home building industry. However, not enough new workers coming into the field to replace those who are retiring.

New Construction Loans for 2020 New Home Sales

Transferees looking for a new construction loan should be aware of how it differs from a traditional mortgage loan. Tim Hofmann, Vice President, Construction Lending Administration Manager at TIAA Bank previously shared that a new construction loan has the following features:

  1. Can be thought of as a specific dollar amount “line of credit
  2. The length of a new construction loan coincides with the time to build the home, usually around 12 months.
  3. Home builders/borrowers obtain funds by submitting requests for draws to the lender.
  4. New construction loans are not sold off to investors; they remain within the lender’s portfolio.
  5. Each draw request is accompanied by an interest payment at that specific time on what is drawn.
  6. Following completion of the home build, the lender grants a mortgage for the new home.
  7. The new mortgage issued by the lender results in paying off the construction loan balance.

What Does This Mean for 2020 New Home Sales?

Transferees seeking a new construction loan to build a home should first review their current financial arrangements with a qualified lender. Depending on their financial circumstances, transferees with mortgages on their current home may still be able to qualify for a new construction loan. Lending requirements will determine if they can qualify for a new construction loan while still holding their current mortgage debt.

What Should Employers do?

Employers that have transferees who are seeking a new construction loan for their relocation should direct them to speak with qualified lenders and financial advisors for guidance on 2020 new home sales. They should also direct them to speak with an experienced and qualified Realtor® who can assist them in determining where they want to live in the new location.

Employers should also review and benchmark their relocation policy with a Relocation Management Company (RMC). RMCs that have knowledge and experience with relocations involving new home sales are ideal sources for policy updates and best practice information. They will also understand the reasons why employers should always encourage transferees to buy instead of rent.

There may be some necessary relocation policy enhancements to allow for exceptions that arise from transferees who want to obtain a new construction loan. The 2020 real estate market balance between supply and demand is not equal. As a result, pricing, availability, and speed of real estate transactions may impact the ability of transferees to obtain financing. These same issues may also hinder transferees’ ability to arrange new home sales in their most preferred locations.

Conclusion

GMS’ team of domestic relocation experts has helped thousands of our clients understand how to provide solutions for transferees looking to purchase a new home. During the challenging 2020 new home sales market, it is important for employers to provide new hires and transferees with guidance and resources. This will help employers ensure a smooth and successful relocation process.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

New SafeRelo™ COVID-19 Knowledge Portal

GMS recently launched its new SafeRelo™ COVID-19 Knowledge Portal featuring a number of helpful resources including:

  • Curated selection of news and articles specific to managing relocation programs and issues relating to COVID-19
  • Comprehensive guide to national, international, and local online sources for current data
  • Program/Policy Evaluation (PPE) Tool for instant relocation policy reviews

Contact our experts online to learn how to help transferees maneuver through the 2020 new home sales market, or give us a call at 800.617.1904 or 480.922.0700 today.

GMS is sharing public knowledge and can help companies more clearly understand new construction loans for relocations. However, GMS is not a CPA firm or a lender, and is not giving financial advice. Everyone’s financial situation is different; individuals and employers should consult their lenders and financial advisors prior to making any decisions.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Buy a Home Domestic Relocation Domestic Relocation Tips Home Purchase

Relocation Mortgage Application: Top 5 Questions for Transferees

Many transferees seek to buy a home in their new location, and will need to submit a relocation mortgage application. GMS recommends that companies should encourage transferees to buy a home instead of renting. Transferees who buy a home establish roots in their new community and can settle in more comfortably. Also, if a company offers home purchase benefits, this sends a strong signal of commitment on their part to the transferee.

What is a Relocation Mortgage?

A relocation mortgage is an alternative mortgage product. Transferees may be eligible for benefits that will help them move and purchase a home. In some cases, employers may contribute subsidies to help cover the costs of closing. They may help transferees obtain a lower interest rate on the mortgage by paying an upfront fee, also known as paying for points.

GMS spoke with Anthony Hughes, Relocation Account Manager at Quicken Loans. Anthony agreed to share his advice and guidance for transferees who need to submit a relocation mortgage application.

Top 5 Questions for Transferees Who Plan to Submit a Relocation Mortgage Application

Anthony highlights 5 major questions that transferees must address when they are working with the dedicated team of VIP relocation mortgage bankers at Quicken Loans. Answers to these questions will provide information that is helpful for the mortgage process.

By knowing the transferee’s answers to these questions, it will help ensure the team at Quicken Loans is setting proper expectations for them from the first call through closing. Anthony states that Quicken Loans’ goal is for each transferee’s mortgage experience to be as seamless and stress free as possible during their relocation.

Relocation Mortgage Application Top 5 Questions

Question #1: Employment

  • Are you a new hire? Transferring internally?  Did you get a promotion?
  • What is your start date for your new role, what is your new role, and how much will your new income be?
  • Do you have an offer letter available to provide us?

Question #2: Timeline/Goals/Awareness

  • Have you relocated before?
  • When are you looking to have everything finalized?
  • Do you have a timeline in place?

Question #3: Departure Home versus Destination Home

  • What are your plans with your current home?
  • Do you need to sell your current home to have the funds to qualify for your new mortgage?
  • Do your benefits include a Guaranteed Buyout Option (GBO) or Buyer Value Option (BVO) that will impact your relocation mortgage application?
  • How much are you looking to spend on your new home?
  • Are you familiar with the real estate market in the new area?

Question #4: Assets

  • What assets do you have on hand?
  • What are your account balances?
  • Where are the funds coming from for your new home purchase? Proceeds? Equity advance? Cash on hand? Gift?

Question #5: Credit Report

  • What is included in the credit report?
  • What is your score?
  • Could we utilize dedicated down payment funds in a better way?

Reviewing the Answers on the Relocation Mortgage Application

Anthony shares that once Quicken Loans has reviewed these top 5 questions with a transferee, the team will provide them with details around the Quicken Loans Mortgage First program. This program enables Quicken Loans to fully underwrite the transferee’s loan prior to their first house hunting trip. Quicken Loans’ Mortgage First approval is stronger than just a traditional pre-qualification. As a result, this approval can give transferees the upper hand when making an offer on a new home.

What Does This Mean?

Transferees who want to submit a relocation mortgage application to buy a new home should review their current financial arrangements with a qualified lender. Anthony states that Quicken Loans has several informative guides to help transferees understand the relocation mortgage application process, including a “Do’s and Don’ts of Relocating to a New Home” flyer. Transferees who have a mortgage on their current home may be able to obtain another mortgage for a new home. However, this depends on their specific financial circumstances. Transferees should understand that they must be approved for the total amount of current mortgage debt and their new mortgage loan.

What Should Employers do for Transferees Who Want to Submit a Relocation Mortgage Application?

Employers with transferees looking to buy a new home should direct them to speak with qualified lenders and financial advisors for guidance. They should review their relocation policy to ensure their policy represents industry best practices and provides strong support for their talent acquisition program.

Employers should also work with an experienced and knowledgeable Relocation Management Company (RMC). By engaging the RMC early in the process, employers will be assured of all the important points that relate to the transferee’s ability to buy a new home and arrive to their new location on schedule.

Conclusion

Global Mobility Solutions’ team of domestic relocation experts has helped thousands of our clients understand how to communicate important points relating to how transferees should submit their relocation mortgage application. Our team can help your company understand how to proceed by providing guidance to transferees on obtaining important and timely information from qualified lenders and financial advisors.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

New SafeRelo™ COVID-19 Knowledge Portal

GMS recently launched its new SafeRelo™ COVID-19 Knowledge Portal featuring a number of helpful resources including:

  • Curated selection of news and articles specific to managing relocation programs and issues relating to COVID-19
  • Comprehensive guide to national, international, and local online sources for current data
  • Program/Policy Evaluation (PPE) Tool for instant relocation policy reviews

Contact our experts online to discuss how to provide guidance for a transferee in submitting their relocation mortgage application, or give us a call at 800.617.1904 or 480.922.0700 today.

GMS is sharing public knowledge and can help companies more clearly understand mortgage loans for transferees. However, GMS is not a CPA firm or a lender, and is not giving financial advice. Everyone’s financial situation is different; individuals and employers should consult their lenders and financial advisors prior to making any decisions.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Domestic Relocation Domestic Relocation Tips Domestic Relocation Trends Home Purchase United States Economy

2020 Best States for Homeowners

What are the 2020 best states for homeowners? While the world may be in the midst of the COVID-19 pandemic, the housing market has been performing at a blistering pace. According to Lawrence Yun, Chief Economist and Senior Vice President, Research at the National Association of Realtors®, the housing market is booming due to record low interest rates, and to current homeowners looking for larger homes with the shift to remote work. Yun also believes this trend will lead to a secondary level of demand into the next year.

Pursuing the American Dream of Homeownership

Homeownership is a consistent goal in the pursuit of the American dream. It is often cited as the number one way that people can build wealth. The United States Census Bureau reports that the median net worth of homeowners is 80 times larger than the net worth of renters. Beyond building wealth, there are several economic reasons why people want to own a home, and several personal reasons.

Economic Reasons for Homeownership

  • Tax benefits let homeowners deduct mortgage interest, property taxes, and some home buying costs
  • Homes appreciate in value over time
  • Mortgage payments help homeowners build equity in a home
  • Equity in a home is a form of savings
  • Fixed-rate mortgage payments do not increase over the years

Personal Reasons for Homeownership

  • Freedom to make changes and upgrades
  • Stability helps reinforce neighborhood relationships
  • Desire for more space
  • Further distance from neighbors
  • Ability to pursue hobbies and interests more easily
  • Avoid dealing with security, pet, and utility deposits

The 2020 Best States for Homeowners

Home buyers will want to know the 2020 best states for homeowners so they can plan accordingly. SmartAsset recently published their sixth annual study on the 2020 best states for homeowners. The financial technology company analyzed several factors that home buyers may consider as they seek to purchase a new home. These factors include ten metrics that cover prices per square foot, costs for insurance, property taxes, closing costs, and other factors.

2020 Best States for Homeowners

  1. Wyoming
  2. Idaho
  3. Indiana
  4. Utah
  5. New Hampshire
  6. Massachusetts
  7. Maine
  8. Arizona
  9. Wisconsin
  10. Washington

Importantly, the study notes that homes appreciated in the five western states by over 5% on an annual basis the past year. Also, the three states in the Northeast rank high for low insurance costs and low burglary rates.

2020 Worst States for Homeowners

  1. Connecticut
  2. Illinois
  3. Texas
  4. Maryland (tie)
  5. Kansas (tie)
  6. California
  7. Louisiana
  8. New Jersey
  9. Delaware
  10. New Mexico

Of the 2020 worst states, metrics such as insurance, home appreciation, and effective property tax rate are comparatively less favorable than similar metrics in the 2020 best states for homeowners.

What Does This Mean?

Home buyers with the flexibility to locate in other markets should be aware of the 2020 best states for homeowners. As housing market demand continues to rise, buyers should work with knowledgeable and experienced real estate agents. Employers with new hires and transferees who are looking to purchase a home one of the 2020 best states for homeowners should work with a Relocation Management Company (RMC). RMCs that have knowledge and experience with relocations are ideal sources for information relating to local housing market requirements. They will also understand the reasons why employers should encourage transferees to buy instead of rent.

Conclusion

GMS’ team of domestic relocation experts has helped thousands of our clients understand how to provide solutions for their new hires and transferees who are looking to buy or sell a home. Our network of top agents market homes following industry best practices. As a result, they will help home buyers and sellers understand how to find and purchase homes in the 2020 best states for homeowners.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

New SafeRelo™ COVID-19 Knowledge Portal

GMS recently launched its new SafeRelo™ COVID-19 Knowledge Portal featuring a number of helpful resources including:

  • Curated selection of news and articles specific to managing relocation programs and issues relating to COVID-19
  • Comprehensive guide to national, international, and local online sources for current data
  • Program/Policy Evaluation (PPE) Tool for instant relocation policy reviews

Contact our experts online to learn more about the 2020 best states for homeowners, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Talent Management Talent Mobility United States Economy

Working from Home with Kids: Helpful Tips and Ideas

Many parents entering the school year may now be working from home with kids. Several school districts throughout the nation are using online classes during the COVID-19 pandemic. The ease of logging in to a classroom and listening to a teacher may sound appealing. However, for some parents there are new challenges to address that they did not have while working in an office or facility. Beyond managing their own time, now they must manage time for the kids. Also, many homes may not have been set up to create an ideal at-home learning environment.

GMS Experts Share Their Tips and Ideas for Working from Home with Kids

Similar to many of our clients and network partners, GMS has several employees who are parents and are currently working from home with kids. Many of these employees have had to learn how to manage the “new normal” of supervising their kids all day while also managing a full workload. We asked them if they would be willing to share their experiences. In this way, several of their best practice tips and ideas might help our clients, network partners, and their employees who are also working from home with kids.

GMS Experts: Working from Home with Kids

Ryan Burger, Proposal Manager

Sam Hoey, Senior Vice President, Business Development

Wesley Hurst, Director, Financial Services

Danielle Sanzobrino, Senior Vice President, Account Management

1. What is your current situation?

Listening in to Provide Guidance if Needed

working from home with kids

Ryan: We’ve got 2 girls in Kindergarten and 4th grade who have been learning in a virtual environment since the 2020 Spring Break began. Fortunately, both my wife and I are able to work remotely from our home offices on both floors of our house. We have the kids separated in their own working areas, one on each floor. As a result, this allows us to keep an ear out while they work with their classes on Microsoft Teams in the event of a technical issue, or if one of our girls needs some “redirection” to focus on the task at hand.

Zooming Along

Sam: We have two middle school girls who are on zoom calls most of the day. They have desks set up in their rooms with all the supplies they need. The downside to this though is that it can be very dangerous since I have caught both of them napping this week during a morning class.

Wesley: We have 4 kids (12, 9, 6, and 4). Currently they are doing distance learning where they have zoom chats with their teachers and classmates. Our youngest is at home with us working on Pre-K workbooks while the other kids are meeting with their teachers. Some kids are handling the added stress of distance learning better than others, but we all do the best we can.

Danielle: We have three children. Two in Middle School and one in High School. All three have online schooling three days a week, and in person schooling twice a week. The children log into a different zoom meeting for each class.

2. How you are juggling work time with supervision and/or teaching the kids’ time?

Ryan: To help keep the girls in the groove, we’ve come up with a pretty nifty schedule for them, with plenty of “brain breaks” throughout the day. These include times for them to step away from the computer, play in the back yard with our dogs, read a new book, FaceTime their friends, and maybe even unload the dishwasher every now and then (I’m still waiting for that to happen on its own). We’ve found that by segmenting their day in to dedicated times for learning and for having fun, they’re able to finish their “school day” on time.

Lunch with the Kids

working from home with kids

Throughout the day, my wife and I pop out of our respective offices every hour or so, or between meetings, to check in with them and make sure they’re staying on target and on schedule. Rather than working through lunch, as I’m apt to do, I’ve been stopping to eat lunch with the kids daily, which gives me to opportunity to spend some time with them in the middle of the day, talk about what they’re working on, and help them to plan out their afternoon. Connecting with the girls over lunchtime makes working from home with kids a fun experience.

To-do Lists

Sam: This can be challenging. I check in with both girls in the morning, at lunchtime, and then in the evening to help review their emails and To-do’s together. This helps us ensure that they are meeting deadlines and prepared for any upcoming tests.

Wesley: My spouse owns a business doing professional wedding photography, unfortunately with COVID-19 her business has slowed dramatically as weddings were canceled/moved. She has stepped into an additional role as teacher with this change. I wish we had a nickel for each time the kids have heard “Stay quiet dad is on a call!”…we might have enough to retire.

If Necessary, Contact the Teacher

working from home with kids

Danielle: I check in with the children at lunch and after school to ensure they understand their assignments and responsibilities. Any time there is a question that we can’t assist with the kids e-mail their teacher and cc me on the communication. We are lucky that our children are old enough that they don’t require constant supervision during the day.

3. What have you purchased or modified to help working from home with kids be as good as possible?

Ryan: A useful set of gadgets we’ve purchased that have helped in keeping the girls on task has been a handful of Amazon Echo Dots (which I lovingly call “wiretaps”). Small and unobtrusive, we’re able to set timers and reminders throughout the day for the kids. When my wife and I are both on conference calls, our Echoes can remind the kids to log in to their next meeting, or notify them that it’s time to take a brain break.

Tutoring Options

Sam: I have one daughter who has ADHD and has trouble focusing and another who has high anxiety about her advanced classes – two extreme different cases. I called the girls’ middle school and asked if there were any teachers who were interested in a tutoring gig. One of the teachers happily accepted the job and comes to our house a few days a week. Honestly, she’s the best therapy around since she is able to calm the situation, provide the advice from a teacher’s perspective and help with the math skills that my husband and I have forgotten how to do. I constantly tell her that she’s better than a fine glass of wine!

Retail Strategy Pays Dividends for Working from Home with Kids

working from home with kids

Wesley: We watched IKEA’s online stock like a hawk and when kid’s desks went on sale we ran to the store and bought one for each of them (under $50 for each!). Having their own little workspace has helped them get in the mood for school. Having over the ear headphones so they can tune out some of the ambient noise and focus on their lessons has also been very helpful.

Danielle: We are fortunate that each child already had a dedicated work space. We have placed limits on their I-Phone access during the school day. The only apps left on are school-related.

4. Can you provide any recommendations based on your experience that might help others in your situation?

Ryan: Set up a dedicated area for your children to do their work, preferably away from a family living area or where they spend the majority of their free time. We wanted our kids to have the ability to finish their school day and “walk out” of their physical learning area. Being able to close a real office door and walk into a space dedicated for family time has been an extremely successful element in my personal work/life balance so far in 2020. Allowing our kids to have a similar set up allows them to check out mentally for the day and go back to “just being kids.”

There’s Always Tomorrow!

Sun shining in the sky

Sam: When feeling overwhelmed, reach out to teachers, counselors and other parents for support. Everyone is in the same boat working from home with kids, and have all had frustrating days that don’t go very well. Take deep breaths and remember that tomorrow is a new day.

We are all in this Together

Wesley: I think remembering that this is hard for everyone is important. It can feel isolating when we are all struggling with our individual challenges. I think we need to extend grace to our teachers who are struggling as much or more than we are. I also think we need to give ourselves some grace too as we are all trying to deal with an unprecedented challenge.

Danielle: Plan each home school day as if your child was actually going to school. Have your children get fully dressed, make their beds, and pack a lunch.

5. Do you have any specific tips for managing the work hours versus school hours intersection?

Ryan: My advice is to set up a routine and stick to it. It may not look or feel glamourous, but a schedule is one of the few things you have complete control over during the madness of 2020. By generating a predictable, repeatable routine, you’re able to settle in and relax because you know exactly what you’re going to be doing next.

Woman with dark hair wearing a yellow sweater looking at computer working from home
Sam Hoey’s dog, Macy, dressed as a UPS delivery driver for Halloween

Walk the Dog for a Quick Break

Sam: When stress levels are high, I send the girls on a bike ride or outside to walk the dog. Taking a quick break and getting some fresh air and exercise works wonders. Also, a quick run to the Starbucks or Dunkin Donuts drive thru is another winner!

Alexa to the Rescue

Wesley: We have an Amazon Alexa upstairs and downstairs. The kids have learned to get in the habit of setting timers for themselves. For example, we might tell them for the next 45 minutes they need to focus and get their homework done. Helping them schedule dedicated time to specific tasks has been instrumental in all of us keeping our sanity.

Healthy and Nutritious Snack Options

Green, Yellow, and Red Apples

Danielle: We write out afterschool chores and snack options on a white board at the beginning of each week to help manage their down time. We do not ask the kids to start homework until their father gets home from work, typically between 5:30-6:00. That way they have some down time before evening activities begin.

What Should Employers do to Help Employees Working from Home with Kids?

Employers should encourage employees who are parents working from home with kids to develop optimal solutions to issues such as time management and productivity. Talent Management programs should take into account how remote workplaces might affect employee performance. Helpful resources should also be made available for employees.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients navigate issues that impact employees working at remote locations. As a result, our team can help your company share tips for parents who are working from home with kids. Remote work environments should be conducive to the employee’s health, welfare, and productivity.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Contact our experts online to discuss how your company can share tips for parents who are working from home with kids, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Buy a Home Home Purchase

2020 Fastest Selling Housing Markets: What Do They Have in Common?

As with all things for this year of the COVID-19 pandemic, the 2020 fastest selling housing markets are somewhat surprising. According to a report published at Realtor.com®, many of these markets are not the kind that usually top these lists. Using a data-driven approach, their economics team found ten zip codes in cities and towns throughout the nation that are experiencing extremely high demand and very fast home sales. While demand for more space may be part of the driving force, record low interest rates also help make the case for buying.

What are the 2020 Fastest Selling Housing Markets?

Realtor.com notes the following cities and towns experiencing excessive demand for housing:

  1. Colorado Springs, Colorado
  2. Reynoldsburg, Ohio
  3. Rochester, New York
  4. Melrose, Massachusetts
  5. South Portland, Maine
  6. Topeka, Kansas
  7. Hudson, New Hampshire
  8. Worcester, Massachusetts
  9. Springfield, Virginia
  10. Raleigh, North Carolina

8 of these markets are on the east coast of the US. Some of these markets are near larger cities. Many share some commonalities.

2020 Fastest Selling Housing Markets with Moving Incentives

At least two of the markets with high demand also feature moving incentives. Some of the moving incentives are located at the state level, while others such as Topeka’s “Choose Topeka” incentives are located within the specific market.

Maine

South Portland, Maine, may be benefiting from Maine’s Opportunity Maine Tax Credit. This incentive focuses on drawing younger residents to the state to offset its rapidly aging overall population. The state has noted that by 2026, up to a quarter of its resident will be 65 years of age or older. Thus the need for the incentive that offers recent college graduates working in the state a direct credit of their student loan payments against any state income tax.

Kansas

Topeka, Kansas, may be benefiting from its “Choose Topeka” moving incentive. Developed by a partnership between GO Topeka and local Topeka businesses, the program offers eligible participants and their employers a variety of incentives to move to Topeka:

Participant Benefits

Up to $15,000 in funds in Year 1

  • Renting: $10,000
  • Home Purchase: $15,000

Source of funds for the incentives: GO Topeka/Joint Economic Development Organization (JEDO) and Employer, match at 50%

Employer Benefits

Providing that the employer fully funds $10,000 up to $15,000 with an employee transfer to Topeka:

  • After Year 1, GO Topeka/JEDO reimburse up to $5,000 ($10K) or $7,500 ($15K) to employer for employee retention

2020 Fastest Selling Housing Markets with Proximity to Larger Cities

Seven of the markets with high demand are located very near much larger cities that have a wide range of amenities. Demand may be increasing due to a variety of factors, such as greater affordability compared to the larger city, or demand for more space as a result of the pandemic encouraging social distancing.

Boston

The markets of Worcester, Massachusetts; Melrose, Massachusetts; and Hudson, New Hampshire offer proximity to Boston, one of the most desirable cities on the East Coast noted for history, education, and technology. While Worcester and Hudson are nearly an hour or more drive from Boston, Melrose is just about 20 minutes from downtown.

Columbus

The market of Reynoldsburg, Ohio, offers close proximity to the state’s capital city of Columbus. Home of Ohio State University, Columbus is filled with cultural attractions, theaters, a bustling nightlife, and beautiful historic sections such as German Village.

Denver

The market of Colorado Springs, Colorado is located nearly 80 miles south of downtown Denver. The city is a growing tech hub, with many businesses relocating to or expanding in Denver to gain access to its amenities, surrounding mountains with abundant natural beauty, and highly educated workforce. Growth in Denver and surrounding cities is pushing Colorado Springs to become one of the 2020 fastest selling housing markets.

Portland

The market of South Portland, Maine, shares part of a border with Portland, and is located directly south of the larger city. Portland is the state’s largest metropolitan area and serves as the economic hub of Maine. Offering a beautiful setting along Casco Bay, U.S. News and World Report ranks Portland at #23 in Best Places to Live, and #7 in the Best Places to Live for Quality of Life out of 125 US metropolitan areas.

Washington, DC

The market of Springfield, Virginia offers close proximity to the nation’s capital. Washington is one of the most visited cities in the US, offering an abundance of iconic sights, national history, and cultural attractions. Technically not a city or a town, Springfield is a “census-designated place” in Fairfax County. The place is just about 30 minutes from downtown.

2020 Fastest Selling Housing Markets in Their Own Right

Both Rochester, New York, and Raleigh, North Carolina qualify as a fastest selling market in their own right. Both of these cities may be benefiting from several unique factors such as the “Work from Anywhere” trend, economic growth initiatives, and local housing affordability.

Rochester

Rochester is the third largest metropolitan region in New York. Offering comparatively affordable housing options, with a cost of living index of 78.4, much lower than average. The median home price in Rochester is about $75,000. By comparison, the cost of living index in Manhattan is 258.3, with a median home price of $1,202,300.

Raleigh

Raleigh and its surrounding metropolitan area is a growing tech hub within the Research Triangle Region. The city is also home to SAS, the world’s largest private software company. Raleigh has been noted as one of the Top 10 fastest growing cities in the nation.

What Does This Mean for the 2020 Fastest Selling Housing Markets?

Home buyers with the flexibility to locate in other markets should be aware of the 2020 fastest selling housing markets. With demand increasing and days on market declining, interested buyers should work with knowledgeable and experienced real estate agents. Employers with new hires and transferees who are looking to purchase a home one of the 2020 fastest selling housing markets should work with a Relocation Management Company (RMC). RMCs that have knowledge and experience with relocations are ideal sources for information relating to local housing market requirements.

The GMS network of real estate agents consistently leads the industry in the way its top agents market homes. Each agent has access to the latest technology and best practices for marketing real estate. They will understand how to approach the dynamics of housing markets undergoing extremely high demand.

Conclusion

GMS’ team of domestic relocation experts has helped thousands of our clients understand how to provide solutions for their new hires and transferees who are looking to buy or sell a home. Our network of top agents market homes following industry best practices. They will help home buyers and sellers understand how to be successful in the 2020 fastest selling housing markets.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

New SafeRelo™ COVID-19 Knowledge Portal

GMS recently launched its new SafeRelo™ COVID-19 Knowledge Portal featuring a number of helpful resources including:

  • Curated selection of news and articles specific to managing relocation programs and issues relating to COVID-19
  • Comprehensive guide to national, international, and local online sources for current data
  • Program/Policy Evaluation (PPE) Tool for instant relocation policy reviews

Contact our experts online to learn more about the 2020 fastest selling housing markets, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

Categories
Buy a Home Home Purchase

Mortgage Appraisal Versus Relocation Appraisal: What are the Differences?

How does a Mortgage Appraisal compare to a Relocation Appraisal? Many Global Mobility Solutions clients offer home sale programs as part of a transferee’s relocation package. To facilitate the home sale, two appraisals are required. However, these two appraisals have very different purposes. Understanding these differences is important for clients as they work with their Relocation Management Company. Knowing the differences will help clients manage a successful relocation.

GMS spoke with Joe Gurth, Vice President at Fidelity Residential Solutions who agreed to share his advice and guidance on the differences between a Mortgage Appraisal and a Relocation Appraisal.

What are the Differences Between a Mortgage Appraisal Versus a Relocation Appraisal?

According to Joe Gurth, Fidelity Residential Solutions identifies 8 clear differences between a Mortgage Appraisal and a Relocation Appraisal. GMS clients should learn about these differences. They should also understand how the differences relate to their company’s relocation program.

In looking at these two types of appraisals, it is evident there are significantly vast differences in four distinct areas:

  1. Purpose
  2. Use
  3. Marketing
  4. Analysis

Reviewing these four areas with a goal of identifying the 8 clear differences between a Mortgage Appraisal and a Relocation Appraisal will provide important insight and clarity.

Area #1: Purpose of a Mortgage Appraisal versus a Relocation Appraisal

  1. A Mortgage Appraisal has a singular purpose: to provide an estimate of the home’s market value. This value may not correspond with the sales price on the purchase contract. In fact, some homes may appraise for more than the contract sales price. Alternatively, some homes may appraise for less than the contract sales price. By comparison, a Relocation Appraisal is meant to provide an estimate of the anticipated sales price. The value of the home is not a factor in a Relocation Appraisal; the only factor is the sales price.
  1. When a Mortgage Appraisal is created, the decision making timeframe is long term. Some mortgages may have a life of 30 years. As a result, mortgage lenders peer into the distant future to help ensure the home’s value will remain intact over the mortgage’s life term. By comparison, a Relocation Appraisal has a short term timeframe for decision making. This short timeframe may cover only up to 120 days. During these 120 days, the transferee’s relocation process will undergo planning, review, and implementation.

Area #2: Use of a Mortgage Appraisal versus a Relocation Appraisal

  1. A Mortgage Appraisal is meant to help facilitate the mortgage lending process. It is the mortgage lender who receives the Mortgage Appraisal. The lender may examine various indicators that reflect the home’s value, its condition, and other factors as they consider their lending decisions. By comparison, a Relocation Appraisal is only intended to help facilitate a corporate relocation. It is the client who receives the Relocation Appraisal. The client may be looking at indicators that relate to how long the home may stay on the market before it is sold. Most Client Relocation policies require two Relocation Appraisals be completed, then typically average those results to create the Corporate Buyout Price.

Special Appraisal Forms

  1. A Mortgage Appraisal is prepared using the Uniform Residential Appraisal Form (1004). This is conducted by a trained and licensed Mortgage Appraisal professional. These professionals usually work for a licensed Appraisal Management Company. This appraisal professional is working for the mortgage lender. By comparison, a Relocation Appraisal is prepared using the Worldwide ERC® Summary Appraisal Form (updated 2010). This is conducted by a trained and licensed real estate appraisal professional following Worldwide ERC®’s specific set of definitions and guidelines. This appraisal professional is working for the client.
  1. Included in a Mortgage Appraisal are points covering the design and appeal of a home, however these are not necessarily the major points for a lender’s consideration. By comparison, for a Relocation Appraisal the design and appeal of a home are of critical consideration. The short timeframe of a Relocation Appraisal (up to 120 days or 4 months) means design and appeal may have a significant impact on the corporate relocation process.

Area #3: Marketing Time and Market Value of a Mortgage Appraisal versus a Relocation Appraisal

  1. A Mortgage Appraisal’s marketing time may be thought of as comparatively unlimited. It is not tied to a specific, time-defined process. Mortgage terms have note specific dates, but dates may be able to change if the lender agrees. Terms such as the interest rate or points might also affect the timing. By comparison, a Relocation Appraisal is most certainly tied to a specific time-defined process. Marketing time is not to exceed the 120 days/4 month timeframe that covers the transferee’s relocation process.
  1. A Mortgage Appraisal is conducted only after a home has already been on the market. As a result, changes may have been instituted for the home’s marketing program prior to the appraisal. Any number of other factors may also have changed, perhaps in response to marketing feedback or issues homeowners have taken care of. All of this information may impact the market value of the home, and as a result may impact the Mortgage Appraisal. By comparison, marketing a home occurs after the date of a Relocation Appraisal. Also, each Appraiser must make an opinion about the time the home will be on the market.

Area #4: Retrospective Analysis with a Mortgage Appraisal versus a Relocation Appraisal

  1. What is a retrospective analysis for an appraisal? Such an analysis is an overall review of factors that could impact the appraisal’s results. These factors may include risks that could affect the sale price of the home. This information is specifically used for forecasting purposes. A Mortgage Appraisal does not provide for any forecasting in a retrospective analysis. By comparison, a Relocation Appraisal does include an element of forecasting. This is important for clients and their budgeting processes. With a forecast, clients can further understand aspects of the Relocation Appraisal that may impact budgets in the future.

What Should Employers Expect?

It is important for employers to expect that transferees who may be part of a home sale program during a relocation may not clearly understand the differences between a Mortgage Appraisal and a Relocation Appraisal. Employers should also expect that they are the client for the Relocation Appraisal. As a result, it is the employer who will receive the Appraisal from the professional.

What Should Employers do?

Employers should understand the difference between a Mortgage Appraisal and a Relocation Appraisal. Employers should determine how best to communicate guidance for their transferees. They may have a number of questions regarding their home’s Mortgage Appraisal versus the Relocation Appraisal. It is important for employers to work with their Relocation Management Company to understand the purpose and use of a Relocation Appraisal and how it relates to their company’s relocation and home sale program.

Conclusion

Global Mobility Solutions’ team of global relocation experts has helped thousands of our clients with their corporate relocation programs. We can help your company understand the differences between a Mortgage Appraisal versus a Relocation Appraisal. We can also help your company understand how these appraisals relate to your company’s home sale program with the expert assistance of Joe Gurth and the team at Fidelity Residential Solutions.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Learn best practices from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online to learn more about the differences between a Mortgage Appraisal versus a Relocation Appraisal, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Buy a Home Home Purchase

How Top Agents Market Homes

The GMS network of real estate agents consistently leads the industry in the way its top agents market homes. Each agent has access to the latest technology and best practices for marketing real estate. They must also meet Key Performance Indicators (KPIs) to ensure they meet GMS’ required level of performance in areas such as customer satisfaction.

The Top 25 Ways That Top Agents Market Homes

GMS spoke with Erik R. Brown of Compass, Realtor®, TV host, speaker, and author of “One in a Million: Everything You Need to Know to Find the Best Realtor®.” Erik agreed to share his industry knowledge and market expertise on all of the ways the GMS network of top agents market homes.

According to Erik, these are the Top 25 ways agents will market your home:

  1. Pre-List/Coming Soon Marketing

This is marketing for a home that is not officially on the market yet. However, it should be on the market within the next few weeks. Agents, buyers, and others can preview the home, but information is limited.

  1. Professional Copywriting
  1. Personalized Tours

Top Agents Market Homes with Effective Signage

  1. Yard Sign and Interior Signage

Keep in mind that certain locations may have restrictions on yard signs. For example, Homeowner Associations may require such signs to meet size limitations, or to be placed on the homeowner’s property, not association common areas.

  1. Professional Photography
  1. Interactive Video Showings

The National Association of Realtors® (NAR) notes three key tips to help realtors pivot to a virtual experience with video showings:

  • Choose the appropriate app
  • Communicate the size of the home
  • Debrief your client after the showing

These tips help realtors to present effective video showings.

Top Agents Market Homes with Customized Virtual and Video Tours

  1. Virtual Neighborhood Tours

Prospective buyers can visit neighborhoods from the comfort of their own home. Videos show various aspects of neighborhoods including parks, local stores, and amenities.

  1. Virtual and Video Home Tours

What is a virtual home tour? This is an online video that lets customers view a home in great detail without ever stepping foot inside. Top agents market homes with virtual home tours to help identify highly interested prospective buyers. Prospective buyers use virtual home tours to determine the specific homes they may actually want to see in person. Those who actually then visit a home are more likely to be highly interested prospects.

  1. Dynamic Physical and Digital Listing Brochures

Digital PDF flipbooks help bring homes to life and are easy to share and view electronically.

  1. Market to Targeted Online Groups
  1. Organic Social Media

Listening to customers is where organic social media really shines. Reviewing comments, shares, and other social interaction provides valuable information that can help refine messaging and bring key features to light.

Using the Multiple Listing Service

  1. MLS (Multiple Listing Service) and Top Realty Websites

According to NAR, the MLS is a “private offer of cooperation and compensation by listing brokers to other real estate brokers.” MLS provides an online system that allows listing brokers to easily find other brokers who are working with buyers to help sell their clients’ homes.

  1. Home Branded Website
  1. Online Broker Reciprocity

Reciprocity is a system where brokers allow other brokers to share their real estate listings. This helps greatly expand the marketing reach of the home’s listing. It also places real estate professionals in control of listings on the internet.

  1. Our Pre-Qualified Buyers

Events and Open House Help Top Agents Market Homes

  1. Live or Virtual Open Houses

A virtual open house makes use of technology to host attendees who want to visit an open house through an electronic platform. Top agents market homes on various platforms for virtual open houses. These platforms may include Facebook Live, Zoom, GoToMeeting, WebEx, YouTube Live, and Skype, among many others.

  1. Preferred Vendor Assistance

Homeowners may need help with projects around their home prior to selling. Preferred vendors with specific experience provide a ready and vetted source of expertise.

  1. Marketing Launch Summary

Marketing plans should be well-defined and include a full summary that shows how and when each marketing aspect will launch.

  1. Live Virtual Events

Live virtual events are designed to showcase a home’s key features. A virtual party might be held to show an outdoor space especially suited for gatherings. Alternatively, a cooking demonstration might be staged in a gourmet kitchen with upscale appliances.

Top Agents Market Homes using Technology

  1. Enhanced Physical or 3D Staging

Enhanced 3D staging provides an upscale and sophisticated visual experience. The technology increases appeal with high-end design and state-of-the-art visual staging techniques.

  1. Reverse Prospect Local Agents
  1. Text Message Campaign
  1. Social Media Targeted Ad Plan

Custom Email Marketing and Call Campaigns Help Top Agents Market Homes

  1. E-Blast and Cross Marketing

What is an e-blast? For real estate marketing, this would be a targeted message sent to a specific list of real estate prospects. Top agents market homes to a segment of prospects who will receive a targeted message. For example, they may have an interest in purchasing a home in the particular area. Alternatively, they may have an interest in purchasing a home that meets specific criteria.

  1. Call Campaign

A call campaign would center on a segment of prospects meet specific criteria depending on the location and home.

What Does This Mean?

Top agents market homes using the latest technologies and proven sales strategies. GMS’ network of real estate agents lead the industry in customer service and performance excellence. These services also enable real estate agents to provide clients with best-in-industry solutions, valuable information, and expert guidance.

Conclusion

GMS’ team of global relocation experts has helped thousands of our clients understand how to provide solutions for their new hires and transferees who are looking to buy or sell a home. Our network of top agents market homes following industry best practices while leveraging state-of-the-art technology to help sell clients’ homes with superior results.

GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Contact our experts online to learn how top agents market homes, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Domestic Relocation Domestic Relocation Tips Domestic Relocation Trends United States Economy

Population Estimates Show Continuing Growth for Southern United States

Through the end of 2019, the United States Census Bureau population estimates show continuing growth for many southern states. This growth is mainly reflective of domestic migration, with a secondary factor of natural increase (higher number of births over deaths). Overall, the southern region of the nation saw both the largest numeric growth and percentage growth from 2018 to 2019.

The impact of the COVID-19 pandemic may result in some variations for 2020 and beyond. However, the same factors that are driving current population estimates are most likely to continue affecting future growth. This has broad implications for corporate growth initiatives and talent acquisition.

Population Estimates Show Southern Region Growing, Other Regions Declining

The Southern region of the U.S. is growing faster than the nation as a whole. Overall, the southern region accounts for over 65% of the nation’s population growth from 2018-2019.

Region Total Growth Percentage Growth
United States 1,552,022 0.5%
South 1,011,015 0.8%

By comparison, the Northeast Region saw population decline over the same period by 63,817, or -0.1%. The Northeast did experience a population gain of 97,152 due to natural increase over this time period, as well as an increase in net international migration of 134,145. However, net domestic migration out of the Northeast in the amount of 294,331 led to the overall population decline. The loss of nearly 300,000 residents from the Northeast is significant, and may be due to a variety of factors.

Cities and Suburbs

Many states in the Northeast feature comparatively small cities and towns. For example, the state of Connecticut’s largest city is Bridgeport, with a population of about 144,399. Georgia’s largest city is Atlanta, with a population of about 506,811. Regions losing population often face other difficulties such as a declining tax base and diminishing economic prosperity.

Adding suburbs to the city’s population estimates may shed further light. Greater Bridgeport has an estimated population of 305,000, while the entire Bridgeport-Stamford-Norwalk-Danbury metropolitan statistical area has a population of about 948,000 residents. Atlanta, on the other hand, has an urban population of 4.5 million residents. Also, the Atlanta metropolitan area has over 5.6 million residents. The largest city and metropolitan region in Connecticut does not compare favorably to the economic growth, size, and vitality of the largest city and metropolitan region in Georgia.

What do Population Estimates Show for the Southern Region?

Of the top 5 states in total numeric growth in population estimates from 2018-2019, four are in the South, and one is in the Southwest:

Rank State Numeric Growth % Growth
1 Texas 367,215 1.3%
2 Florida 233,420 1.1%
3 Arizona 120,693 1.7%
4 North Carolina 106,469 1.0%
5 Georgia 106,292 1.0%

Clearly the South continues its long period of population growth, while other regions of the U.S. lag. This pattern will result in many changes, from political representation to the ability to fund major infrastructure projects.

Why do People Continue Moving to the Southern Region of the U.S.?

There are several reasons why people decide to move to a new location. In terms of general population trends in the U.S., a few factors often top the list:

1. Jobs

Not surprisingly, all five of the top ranking states for growth in population estimates also rank in the top 20% of states for job growth from 2018-2019.

2. Cost of Living

Each of the top ranking states have cost of living that is lower than half of the other states in the nation. Georgia in particular ranks as the 9th least expensive state for cost of living.

3. Weather

People looking for beautiful weather will find it at each of the top ranking states. Factors that determine a state’s ranking for weather include comfortable temperatures, dry weather, and at least 60% annual sunshine.

What Do Population Estimates Mean for Employers?

Employers should review their future growth plans to determine if certain locations may be more amenable for expansion and talent acquisition. Many states have been investing significantly in education, a key component for state prosperity. The U.S. Census Bureau reports that spending per pupil increased for the sixth consecutive year nationwide. Taking into account variations in cost of living, spending per pupil appears to be somewhat comparable among many states and regions.

Conclusion

GMS’ team of domestic relocation experts has helped thousands of our clients develop hiring and recruiting programs that attract highly skilled job seekers to meet corporate growth objectives. As a result, our team can help your company understand the importance of population estimates for states as they relate to talent acquisition and your company’s ability to attract new hires and transferees.

GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Contact our experts online to learn more about population estimates as they relate to corporate growth and talent acquisition, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

Categories
Domestic Relocation Domestic Relocation Challenges Domestic Relocation Tips Domestic Relocation Trends Home Purchase

Virtual Experience in Real Estate

Many real estate activities can easily be done through a virtual experience. This allows home buyers and sellers a greater measure of flexibility to fit their needs. It also helps the real estate industry comply with guidelines set in place regarding the COVID-19 pandemic. By working with a Realtor® who is adept at utilizing a virtual experience for real estate activities, home buyers and sellers can have peace of mind.

What is a Virtual Experience in Real Estate?

GMS spoke with Ann Anderson, Relocation Director at Leading Edge Real Estate. The company has been perennially noted as one of the Top Places to Work by The Boston Globe. Ann agreed to share her industry knowledge and market expertise on what a virtual experience is in real estate.

COVID-19 and Real Estate

Ann believes that our experience with COVID-19 will change the way we all live, work, and play. For Leading Edge, their number one priority is the safety of their clients. As such, the company has adapted their buying and selling processes with a focus on client safety. Ann notes that Leading Edge is able to provide an almost 100% virtual experience for their clients.

What is the Home Buyer Virtual Experience at Leading Edge?

According to Ann, for home buyers looking to purchase a home that is currently occupied, Leading Edge and other top-notch real estate companies GMS works with now offers the following process:

Consultation, Online Views

  1. Virtual consultations using popular meeting platforms such as Zoom or Google Hangouts
  2. Document signatures captured electronically using Dotloop real estate transaction management solution
  3. Online searching for homes
  4. Virtual experience tours of homes, either 3D virtual tour online, or a live virtual tour (open house or private showing)

Offer, Contract, Deposit

  1. Electronic offer submittal (once seller receives an acceptable offer, that specific buyer can see the property in person within 24 hours; following the viewing, the seller will execute the offer)
  2. Contract to purchase the home is executed electronically
  3. DepositLink is used to electronically transfer the deposit

Inspections, Appraisal, Financing, Closing

  1. Inspections are ordered and conducted (if not waived)
  2. Appraisal is completed
  3. Smoke and Carbon Monoxide (CO) detector inspection can be deferred for 90 days after restrictions are lifted (buyer responsibility)
  4. Buyer obtains financing commitment if applicable
  5. Title 5 Septic System Inspection if applicable
  6. Final in-person walk-through (if not waived)
  7. Closing

Ann states that Leading Edge has received many favorable comments from home buyers about the ease of use for these virtual services.

What is the Home Seller Virtual Experience at Leading Edge?

Similar to the experience for home buyers, Leading Edge now offers the following process for home sellers of occupied homes:

Consultation, Digital Marketing

  1. Virtual consultations using popular meeting platforms such as Zoom or Google Hangouts
  2. Document signatures captured electronically using Dotloop real estate transaction management solution
  3. Virtual walk-through and preparation for the home: Leading Edge provide home sellers with guidance on staging and de-cluttering the home; each listing will have a seller’s description; sellers can take photos and Leading Edge will create a video tour of the home and a digital brochure.
  4. Virtual experience “Open House” event with advertising and promotion; seller will conduct a live video tour during the Open House and Leading Edge agent will be online to answer questions
  5. Virtual private showings that Leading Edge will schedule; seller will conduct a live video tour for the showing and Leading Edge agent will be online to answer questions

Offer, Contract, Deposit

  1. Electronic offer submittal (once seller receives an acceptable offer, that specific buyer can see the property in person within 24 hours; following the viewing, the seller will execute the offer)
  2. Contract to purchase the home is executed electronically
  3. DepositLink is used to electronically transfer the deposit

Inspections, Appraisal, Financing, Closing

  1. Inspections are ordered and conducted (if not waived)
  2. Purchase and Sale agreement is executed
  3. Appraisal is completed
  4. Smoke and Carbon Monoxide (CO) detector inspection can be deferred for 90 days after restrictions are lifted (buyer responsibility)
  5. Buyer obtains financing commitment if applicable
  6. Title 5 Septic System Inspection if applicable
  7. Final in-person walk-through (if not waived)
  8. Closing

What Does This Mean?

The real estate industry has been at the forefront of adopting new technologies to assist clients. Ann notes that Leading Edge Real Estate is continually adapting their processes to focus on client safety. Additionally, the company and other top-notch real estate companies GMS works with features best-in-industry marketing practices. They also leverage the latest technologies to ensure the highest level of customer satisfaction for home buyers and sellers.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients understand how to provide solutions for their new hires and transferees who are looking to buy or sell a home. As a result, our team can help your company learn about the virtual experience in real estate transactions. This will help employees benefit from new technologies for successful home buying and selling. It will also help ensure their health and safety under the current COVID-19 pandemic guidelines.

GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Contact our experts online to learn more about the virtual experience in real estate, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Buy a Home Domestic Relocation Domestic Relocation Challenges Domestic Relocation Tips Domestic Relocation Trends Home Purchase

Virtual Agent Services: Helping Home Buyers and Sellers During COVID-19

Home buyers and sellers can use a variety of virtual agent services during the current COVID-19 pandemic, if they find the right agent. A few select real estate agents offer a full suite of services to clients that are flexible and effective, meeting the demands of today’s real estate market. These virtual agent services are ideally suited to help ensure proper social distancing and other requirements necessary to protect buyers and sellers from exposure to COVID-19.

What are Virtual Agent Services?

GMS spoke with Erik R. Brown of Compass, Realtor®, TV host, speaker, and author of “One in a Million: Everything You Need to Know to Find the Best Realtor®.” Erik agreed to share his industry knowledge and market expertise on virtual agent services.

Erik notes that buyers are still buying, and homes are still selling, even during COVID-19. Many clients who were in the process of buying and selling prior to the pandemic have turned to virtual agent services. Many of these services had been in place prior to the precautions, often as part of a broader suite of exclusive marketing services. Additionally, newer tools have been created that leverage proven technology already in use in the real estate industry.

Ensuring Health and Safety with Virtual Agent Services

The health and safety of clients and communities is always a priority for the real estate industry. Erik states that these virtual agent services allow him to continue to provide the best-in-industry service that his clients deserve. Most services can be provided through digital, mobile, and social media platforms, enhancing their reach and visibility.

Virtual Agent Services for Buyers

  1. Virtual Neighborhood Walks let buyers explore new neighborhoods and communities, and help them see nearby local features such as parks, schools, and shopping centers
  1. Interactive Video Showings where a real estate agent will take buyers on a virtual journey through a home, noting specific features to enhance desirability and highlight items of interest to buyers
  1. Video Mail (V-mail) provides video directly to interested buyers so they have an immediate experience and memory of their first interaction with the home
  1. Live Virtual Buyer Events helps buyers see homes as they are used for cooking demonstration, game nights, or social events that bring life to the home and highlight unique features

Virtual Agent Services for Sellers

  1. Virtual Open Houses let sellers share their home with a targeted audience while showcasing key features to interested buyers across multiple platforms
  1. Dynamic Digital Listing Brochures helps highlight the most desirable features of a home in an immersive experience to help buyers see virtually everything of interest
  1. Digital Ads for Facebook & Instagram promote the home to a highly targeted audience with expertly designed ads optimized for the highest performance on the social media platform
  1. Real-time Digital Ad Insights capture ad campaign results quickly and easily, and let real estate agents act swiftly to market and sell the home
  1. Enhanced 3D Staging provides an upscale and sophisticated visual experience that increases appeal with high-end design and state-of-the-art visual staging technology

What Does This Mean?

As Erik notes, virtual agent services leverage proven technology to help home buyers and home sellers remain safe and protect their health during the current COVID-19 pandemic. These services also enable real estate agents to provide clients with best-in-industry solutions, valuable information, and superior results.

Conclusion

GMS’ team of global relocation experts has helped thousands of our clients understand how to provide solutions for their new hires and transferees who are looking to buy or sell a home. Our team can help your company understand how to leverage virtual agent services during the current COVID-19 pandemic. This will help employees to conduct successful real estate transactions while focusing on the health and safety of everyone.

GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Contact our experts online to learn more about virtual agent services, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

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