Get your Derby hats and bow ties ready for this fun Sunshine Kids Kentucky Derby Gala on the Green watch party! DJ, Mint Julips, heavy hors d’oeuvres, beautiful setting, and more - all for a great cause! The Sunshine Kids Foundation is a 40+ year non-profit that provides children with cancer an opportunity to get out of their clinical settings and enjoy being KIDS, doing fun things others take for granted!!!
Mediterranean style home located in Bocage, featuring every amenity imaginable! 9,000 Square feet, three story home with 7 bedrooms, 5 full baths and 2 half baths! Formal living and dining rooms, second living area with 500-gallon saltwater fish tank, gourmet kitchen with a pizza oven, home theatre with mini kitchen, gun safe, fitness room, sauna and heated and cooled rec space. The master suite features a walk-in wardrobe, jetted tub and steam shower. Large verandas overlook the lush landscaping, heated salt water pool and putting green. The lower level of the home can be used as an apartment or an in-law suite. For more information or to schedule a tour, contact Angela Blissett, 618-9212!
Berkshire Hathaway HomeServices Showcase Properties would like to recognize the “Showcase Agents” for the month of March-
Romana Miley, Jackie Johnson, Aleda Holmes, Kristin Kruger, Tesi Rodriguez, Kim Lee, Tim Vierkandt, and Talli Sizemore!
These highly trained and motivated professionals continue to set the standard for productivity, professionalism, client satisfaction, and commitment to career development. Our team of professionals at Berkshire Hathaway HomeServices Showcase Properties is “Committed to Excellence - Every Day in Every Way.”
MARKET UPDATE
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FINANCIAL ADVICE
About Earnest Money Deposits
When a buyer and seller agree on a purchase price and terms, the buyer shows the seller a sign of good faith in the form of earnest money. The amount of the earnest money deposit is negotiable, so be sure to ask a real estate sales professional what is normal for the local market. It is deposited with an escrow agent or title company, a neutral third-party that serves to finalize the transaction for both sides.
Earnest money is designed to protect the seller. It shows the buyer is serious, but if the buyer doesn’t follow through with the contract, the seller could lose valuable marketing time when the transaction doesn’t close. They’ll have to start all over again to market the home. There are also opportunity costs – the seller could have possibly sold the home to a different buyer and perhaps for better terms. For that reason, the seller can keep the earnest money.
This also protects the buyer. The buyer can get out of a sales contract and get their money back if contingencies outlined in the purchase agreement aren’t met. Typical contingencies are that the buyer’s lender agrees to make the loan, the appraisal meets or exceeds the sales price of the home, the home passes inspection or that the buyer sells their current home before closing on the seller’s home.
Earnest money paid upfront in the transaction means the buyer has to come up with less money at closing or the deposit can be used as part or all of the down-payment.
If the closing does not take place, the buyer and seller must reach a mutual agreement as to which party will receive the earnest money. If they cannot agree, they must pursue it to court for a decision.
NO PURCHASE NECESSARY. Enter contest at www.BHHSPawfectHome.combetween April 11, 2022 at 12:00 p.m. Eastern Time (“ET”) U.S. and June 6, 2022 at 11:59 p.m. ET U.S.. Open to legal residents of the 50 U.S. & D.C., Canada and Mexico who are 18+ at time of entry. Limit 1 base entry per person per day. There are 3 prizes of custom made pet homes available to be won (Estimated Value: U.S. $5,000 each). See Official Rules for full details on how to enter, eligibility requirements, prize description and limitations. Sponsor: BHH Affiliates, LLC, 18500 Von Karman, #400, Irvine, California 92612 U.S.A..
HOMEBUYERS' ADVICE
How A Real Estate Agency Works
Real estate professionals are licensed by regulators in the state where they practice. A candidate must be sponsored by a licensed real estate broker, take state-approved training, pass the licensing test, and then join the sponsoring broker’s firm as a salesperson and agent of the broker.
State licensing laws allow certain types of representation in fairness to consumers. Some agents act as fiduciaries for their clients which means they owe loyalty to the one who hired them, but in that case, they also owe honesty and fairness to other parties in the transaction. Other agents act as facilitators which means they can work with both parties in the transaction honestly and fairly but they can’t show favoritism to either side.
A seller's agent, also called a listing agent, has signed representation and listing agreements with the seller. The agent can show the seller’s home to buyers, but can’t share confidential information from the seller to move the sale along. A buyer’s agent works the same way with the buyer and can’t disclose confidential information to the seller.
Buyers and sellers can use the same agent under dual agency, but both parties must sign a consent form. Dual agency is common when a listing agent finds a buyer for the seller’s home. If both parties want fiduciary-level service, the real estate broker can assign a different agent to assist the buyer.
Contact your Berkshire Hathaway HomeServices Showcase Properties agent for more information about the levels of service they offer.
HOMEBUYERS' Advice
Decreasing Demand or Supply Constraints?
In 2021, existing-home sales rose 8.5% over 2020, the highest level since 2006 as supplies of homes for sale fell to an all-time low of 910,000, equivalent to 1.8 months of available inventory.
In December 2021, housing sales declined 7.1% over December 2020. The National Association of REALTORS (NAR) explained that the dip was likely due to supply constraints over decreasing demand from homebuyers. Employment in December rose by nearly 200,000 and the unemployment rate was 3.9%. Also favoring homebuyers, salaries rose 4.7% year-over-year, even while those gains were countered by the highest rate of inflation since 1982, a 7% increase from 2020.
The cost of housing, including owner-occupied and rented homes, rose 4.1%, the fastest rate since 2007. Meanwhile, the U.S. Bureau of Labor Statistics reported that building costs rose nearly 19% in 2021 which slowed construction, along with materials and labor shortages. For these reasons, the housing industry is unlikely to increase supplies of new homes by only 2% in 2022, which will make existing homes more coveted.
Homeownership is an excellent hedge against inflation, primarily because buying a home at a fixed price and interest rate where it applies. While home prices and interest rates continue to rise, the cost of housing decreases as long as the homeowner retains the property.
With signs positive that housing demand will continue, NAR predicts that mortgage interest rates will stay under 4% and that home prices will rise 3% to 5% by the end of 2022.
SUNSHINE KIDS
Our Company is a Proud Supporter of Sunshine Kids™
