Tag: Home Sales

Categories
Buy a Home Home Purchase

2020 New Home Sales Rising Faster Than Supply

Woman with dark hair and white shirt, man with dark hair and blue shirt, both looking at blueprints, in front of new construction, as they pursue a plan toward 2020 New Home Sales

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

Portrait happy family sitting on couch, hugging, unpacking cardboard boxes with belongings in modern living room, looking at camera, happy wife and husband moving into new house, relocation

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

Three bison grazing in front of the Teton Range in Grand Teton National Park, Wyoming, a state that is #1 on the 2020 Best States for Homeowners ranking

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
Buy a Home Home Purchase

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

Fastest-selling housing markets

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
Corporate Relocation

Virtual Staging: Increasing Your Home’s Appeal to Buyers

Virtual staging to increase your home's appeal to buyers

Many home sellers with vacant properties can increase their home’s appeal to buyers through virtual staging. Virtually staging a property is a cost effective option that provides sellers with attractive listing photos. These photos can be used in brochures, online listings, and other home marketing materials. As a result, buyers are more likely to show stronger interest in the home. Also, the photos will attract a much larger buyer audience.

What is Virtual Staging?

GMS spoke with Jay Bell and Krisztina Bell, Founders and Marketing Directors of Virtually Staging Properties (VSP). Jay and Krisztina agreed to share their industry knowledge on virtual staging and other aspects of staging properties to increase their appeal to buyers.

The Virtual Staging Process

According to Jay and Krisztina, virtual staging done by VSP starts with actual photographs that sellers provide. The process includes:

  1. Seller provides actual photographs to VSP
  2. VSP Professionals review the property details provided and develop a staging plan
  3. Current furnishings and décor are utilized to provide superior results and unmatched realism
  4. Photos are transformed into warm, inviting and attractive images that are transmitted to the client for use in marketing the property

The process results in significantly more attractive images that appeal to buyers. High quality and visually appealing photos show buyers what the home will look like with beautiful furnishing and professional staging. Buyers are more inclined to purchase when they see dazzling and engaging photos.

What are the Benefits of Virtual Staging?

Jay and Krisztina note a continuing trend toward a “virtual world” where the percentage of buyers who bid on homes without even seeing them keeps increasing. Home sellers want these buyers to see their property as attractive. In a virtual world, virtual staging has risen in importance to sellers. Benefits of this service include:

  • Customized approach fits every client’s needs
  • Home’s unique characteristics are highlighted
  • Cost effective solution appeals to budget-conscious clients
  • Works in any space: main living areas, flex rooms, outdoor areas
  • Quick turnaround time of approximately 2 business days once client correctly submits their order

VSP offers cost effective solutions that cover a number of scenarios and packages:

  • Pro Virtual Staging exclusively for professional home stagers and interior designers
  • Custom Virtual Staging
  • Express Virtual Staging (using furnishing from the VSP Express Inventory)

Virtual Staging Costs Versus Traditional Home Staging Costs

One of the greatest benefits of virtual staging is how the cost compares to traditional home staging. On average, clients using virtual staging receive a range of photos they can use for a one-time cost. VSP has options ranging from $39 per photo for Express to $60 per photo for Custom, with the total cost for a typical set of 5 staged photos ranging from $195 to $300 respectively.

By comparison, costs for traditional home staging are much higher. They may include $300-$600 for the first consultation, and $500 to $600 for each staged room on a monthly basis. Combined with a staging contract three-month minimum, and costs per month could rise to $2,000 or more. For traditional home staging, a total cost at the end of a three-month minimum contract may be over $6,000.

Combining Virtual Staging with Traditional Home Staging Provides the Best of Both Options

Jay and Krisztina offer both virtual staging and traditional home staging to their clients. These services have become complimentary marketing tools with agents and sellers. Their clients appreciate that they can traditionally stage all the main areas in a vacant listing and virtually stage other flex rooms and outdoor spaces while staying within their marketing budget.

Three major benefits of this approach include:

  1. Offering a form of staging that is economical for smaller budgets
  2. Assisting clients who do not want to have furnishings brought into their home
  3. Offering another option for clients who request furnishings they may not keep in their inventory

What Does This Mean?

Home sellers who are looking for a cost effective solution that will create attractive and realistic photos should consider virtual staging. Companies such as VSP offer a variety of solutions that can be customized to fit each client’s specific marketing needs. As a result, sellers will receive photos that draw interest from buyers. Sellers will also be able to reach a wider audience of buyers with their virtual staging photos.

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 have knowledge that helps home sellers understand the best and most cost effective solutions to marketing their homes such as using virtual staging to create visually appealing photos for marketing materials.

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 home seller marketing solutions such as virtual staging, or give us a call at 800.617.1904 or 480.922.0700 today.

Categories
Buy a Home Home Purchase

Mortgage Appraisal Versus Relocation Appraisal: What are the Differences?

A family with the realtor in front of the house they just had appraised

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.

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Categories
Buy a Home Home Purchase

Renting Versus Buying: 2020’s Record Low Interest Rates Help Make the Case

Excited expectant couple hold the keys to their new home. They are standing in front of the house on a sunny day.

Many of Global Mobility Solutions’ clients have transferees relocating to a new destination who must decide on renting versus buying. There may be several reasons why a transferee would choose one option over the other. GMS recommends companies encourage transferees to buy instead of renting. When transferees choose to buy, there are several benefits for both the client and the transferee.

GMS spoke with Anthony Hughes, Relocation Account Manager at Quicken Loans. Anthony agreed to share his advice and guidance on this topic, along with some examples.

What is New in the Renting Versus Buying Concept for 2020?

According to Anthony, this concept has been a hot topic for the past few years. However, it is even hotter in 2020 with interest rate averages being in the upper-2’s to low-3’s depending on the client profile. With both options, the choice depends on what the client is most comfortable doing.

However, in several markets across the country, clients who buy are able to save money and “invest in themselves” for less than they are paying in rent. As Anthony states, “Wouldn’t it be great if everyone could ‘live the American dream’ of owning their own home?”

Pros and Cons of Renting Versus Buying

Anthony believes transferees should look at both the pros and the cons of renting versus buying before they make any decision.

The Renting Side of the Question

Renting Pros:

  • Mobility/freedom to move around
  • Landlord pays for maintenance
  • Does not require expensive closing costs
  • No fluctuation in monthly housing expenses
  • Allows you to test-drive different living spaces

Renting Cons:

  • You don’t build any equity if you choose renting versus buying
  • Limited ability to customize your living space
  • Rent could go up over time
  • Landlord might sell or decide to stop renting
  • Limited sense of home stability/permanence

The Buying Side of the Question

Buying Pros:

Buying Cons:

  • Closing costs can be prohibitive
  • Responsibility for maintenance and repairs that require time and effort
  • Less flexibility to move (at greater difficulty/expense)
  • Home value may decrease
  • Recent tax laws could hamper tax benefits

Renting Versus Buying: Real World Examples

On the concept of renting versus buying, the proof is in the numbers. Looking at some of the hottest markets/states that GMS serves, below are three examples that do not include taxes or homeowner’s insurance. In all scenarios, there are huge opportunities for savings.  Anthony shared these three real world examples to help illustrate the concept:

Texas Renting Versus Buying

Average 3-bedroom rental: $1,550

Average Purchase Price: $211,199

  • 20% Down Payment
  • Avg. 3.25% interest rate
  • 30 year fixed conventional mortgage

*Total Monthly Payment: $919.15

*Does not include HOI or Taxes as these are based on property specific

Arizona Renting Versus Buying

Average 3-bedroom rental: $1,600

Average Purchase Price: $277,574

  • 20% Down Payment
  • Avg. 3.25% interest rate
  • 30 year fixed conventional mortgage

*Total Monthly Payment: $1,208.02

*Does not include HOI or Taxes as these are based on property specific

North Carolina Renting Versus Buying

Average 3-bedroom rental: $1,360

Average Purchase Price: $174,380

  • 20% Down Payment
  • Avg. 3.25% interest rate
  • 30 year fixed conventional mortgage

*Total Monthly Payment: $758.91

*Does not include HOI or Taxes as these are based on property specific

What Does This Mean for Renting Versus Buying Decisions?

2020’s record low interest rates help transferees understand renting versus buying decisions with more clarity on the financial side of things. Transferees should consider the pros and cons of renting versus buying and weigh the importance of each factor in their decision-making process. Anthony notes that Quicken Loans offers complimentary mortgage reviews. If a GMS client’s transferee was ever unsure or just wanted to see what it looked like, the team at Quicken Loans would be glad to have a conversation.

What Should Employers do to Assist Transferees with Renting Versus Buying Decisions?

Employers with transferees looking to buy a home should direct them to speak with qualified lenders and financial advisors for guidance. Employers should also review their relocation policies to determine if enhancements can be made to further promote homeownership.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients understand how to communicate the important points of renting versus buying to their transferees. Our team can help your company understand how to proceed by providing guidance to transferees on obtaining 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.

Contact our experts online to discuss how to assist your company’s transferees with understanding the concept of renting versus buying, or give us a call at 800.617.1904 or 480.922.0700 today.

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.

Request your complimentary relocation policy review

Categories
Home Purchase

California Solar Panel Mandate: What Does This Mean for Relocation?

Solar panel technician with drill installing solar panels on roof

As of January 1, 2020, the California solar panel mandate is the first statewide residential requirement for solar power in the United States. This mandate has several stipulations that require compliance for new construction homes. New residential homebuilders have direct impact, and must do one of two things:

  1. Install solar panels on new homes
  2. Build a solar power system that serves a group of new homes

The requirement may be waived if the property does not receive enough sunlight for the solar panels to be useful. However, the California solar panel mandate applies to virtually all new construction on buildings that are three floors or less, including:

  • Single family homes
  • Condominiums
  • Apartment buildings

Where Did the California Solar Panel Mandate Come From?

The California solar panel mandate was approved in 2018 by the California Energy Commission (CEC). The ruling is part of the state’s 2019 update of standards for building energy efficiency. The state is also working to reduce greenhouse gas emissions.

What is the Cost to Home Buyers?

On average, the new requirement may add $8,000 to $10,000 to the cost of a new home. The CEC estimates the California solar panel mandate will increase monthly mortgage payments by $40. However, it also estimates homeowners will save an average of $80 each month on energy costs.

What is the Difference between Leased and Owned Solar Panels?

Leased Solar Panels and the California Solar Panel Mandate

For home buyers, it is important to know if the solar panels on the home are purchased or leased. Solar panel leases may last several years. Some mortgage lenders will not allow leased solar panels to be included in a home’s valuation for mortgage purposes. Also, home buyers would need to agree to take over the payments on a leased solar panel system.

As such, home buyers should learn important points from the home seller such as:

  • Contract details
  • Length of lease term
  • Monthly fees
  • Warranty coverage
  • Manufacturer of the solar panels
  • Installation company
  • System size (how much power does the system generate)
  • Whether the local utility offers net metering (lets home owners sell excess electricity back to the power grid)
  • Does their company’s relocation program allow for leased equipment

Home sellers with leased solar panel systems should look into their options, including:

  1. Should they pay for the remainder of the contract?
  2. Can they find a buyer willing to take on lease payments?
  3. What are the requirements to transfer a lease?
  4. Is the warranty transferable? If yes, for how long?
  5. What is the cost to remove or relocate the solar panels if the buyer requests this?
  6. Will their relocation benefits be affected by leased equipment?

Owned Solar Panels and the California Solar Panel Mandate

Home sellers that own, rather than lease, their solar panels are in a comparatively better position. Several studies confirm that solar panels add value to a home. The California solar panel mandate will have the effect of increasing the value of homes that have solar panels installed by the home builder. Some estimates show homes with solar panels usually sell for around $15,000 more than other homes.

There are a few other significant benefits for home owners who choose to install solar panel systems:

  • There may be tax and other incentives
  • Solar panel prices continue to decline in cost
  • Owners may recover the cost of the system upon sale of the home

Also, some home owners may be able to receive credits on their energy bill under net metering systems when they send excess energy back to the utility company.

What Does The California Solar Panel Mandate Mean?

Home buyers should be aware of the new California solar panel mandate. This and other initiatives will continue to impact the real estate market in many ways. Employers with new hires and transferees who are looking to purchase a home in California or other markets with similar requirements 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, and will understand how to approach issues relating to solar panel systems and the California solar panel mandate.

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 have knowledge that helps home buyers and sellers understand what the California solar panel mandate means for their home buying and selling.

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 impact of the California solar panel mandate on home buyers and sellers, 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

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 Challenges Domestic Relocation Tips Domestic Relocation Trends Home Purchase

Virtual Experience in Real Estate

Couple using VR headset at home, having fun.

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.

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Contact Us

About Us

GMS Client Login

Privacy Policy

Other Services

Our Technology

Global Relocation

Group Moves

U.S. & Canadian Relocation

Address

Global Mobility Solutions
15333 N. Pima Road
Scottsdale AZ, 85260

1.800.617.1904
Available 24/7/365

About

Contact Us

About Us

GMS Client Login

Privacy Policy

Address

Global Mobility Solutions
15333 N. Pima Road
Scottsdale AZ, 85260

1.800.617.1904
Available 24/7/365

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