Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn’t as frenzied as it was during the ‘unicorn’ years when houses were selling quicker than ever, they’re still selling faster than normal.
The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:
When you look at the most recent data (shown in green), it’s clear homes are selling faster than they usually would (shown in blue). In fact, the only years when houses sold even faster than they are right now were the abnormal ‘unicorn’ years (shown in pink). According to Realtor.com:
“Homes spent 69 days on the market, which is three days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.”
Homes are selling faster than the norm for this time of year – and your house may sell quickly too. That’s because more people are looking to buy now that mortgage rates have come down, but there still aren’t enough homes to go around. Mike Simonsen, Founder of Altos Research, says:
“. . . 2024 is starting stronger than last year. And demand is increasing each week.”
If you’re pondering whether now’s the right moment to sell your home, rest assured that the latest data indicates it is indeed an opportune time. The housing market is showing remarkable strength, even more so than usual for this time of year. To stay informed about the latest developments in your local market, connect with me, your trusted real estate agent. Let’s navigate this market together and make the most of this advantageous situation.
Article Source: www.keepingcurrentmatters.com
As you think about the year ahead, one of your big goals may be moving. But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell. Here’s why.
Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may not feel as locked-in to your current mortgage rate right now. That downward trend in rates has made moving more affordable now than it was just a few months ago.
Another reason today’s rates make now a good time to sell? More buyers are jumping back into the market. Many had been waiting on the sidelines for rates to fall, but now that that’s happening, they’re eager and ready to buy. That means more demand for your house. According to Sam Khater, Chief Economist at Freddie Mac:
“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”
Right now, there are still more people looking to buy a home than there are houses for sale, which puts you in a great position. But keep in mind, with the recent uptick in new listings, we’re seeing more sellers may already be re-entering the market.
Listing your house now helps you beat your competition and makes sure your house will stand out. And if you work with an agent to price it right, it could sell fast and get multiple offers. U.S. News explains:
“When there is low housing inventory, sellers could get top dollar for their homes.”
Experts forecast home prices will keep going up this year. What does that mean for you? If you’re ready to sell your current house and plan to buy another one, it may be a good idea to think about moving now before prices go up more. That would give you the chance to buy your next home before it gets more expensive.
Homeowners today have tremendous amounts of equity. In fact, a recent report from CoreLogic says the average homeowner with a mortgage has more than $300,000 in equity.
If you’ve been waiting to sell because you were worried about home affordability, know your equity can really help with your next move. It might even cover a big part, or maybe all, of the down payment for your next home.
If you’re considering selling your house and making a move, let’s connect! I’m here to guide you through the process and help you get a head start on the competition. Reach out to me, and let’s turn your real estate goals into a reality.
Article Source: www.keepingcurrentmatters.com
In the dynamic world of real estate, staying ahead of the curve is crucial for home sellers looking to make a successful sale. As we step into 2024, it’s essential to understand the localized trends shaping the current real estate market. In this blog post, we will explore key insights into what’s driving buyer interest in our local area and how sellers can strategically capitalize on these trends.
One noticeable trend in our local real estate market is the increasing demand for homes with well-designed outdoor spaces. Whether it’s a spacious backyard, a cozy patio, or a rooftop terrace, buyers are seeking properties that offer a connection to nature and a comfortable outdoor living experience. As a seller, consider highlighting and optimizing your outdoor spaces to attract potential buyers looking for a harmonious blend of indoor and outdoor living.
In line with the global push towards sustainability, our local market is witnessing a growing interest in homes with eco-friendly and energy-efficient features. Buyers are placing a premium on properties that boast energy-efficient appliances, solar panels, and other green innovations. If your home incorporates such features, make sure to showcase them prominently in your marketing materials to appeal to environmentally conscious buyers.
With the rise of remote work, the proximity of a property to coworking spaces, coffee shops, and other remote work-friendly environments has become a significant factor for buyers. Highlight the convenience of your home’s location in relation to these remote work hubs, emphasizing the ease of maintaining a work-life balance for potential buyers who have embraced a flexible work arrangement.
In 2024, buyers are showing a strong preference for homes equipped with smart technology. From smart thermostats and security systems to integrated home automation, technology is becoming a key selling point. If your property boasts smart features, be sure to showcase them in your listings to appeal to tech-savvy buyers who value convenience and modern living.
For families and prospective buyers with children, the quality of local schools continues to be a decisive factor. Explore the current school ratings and highlight any notable improvements or achievements in the educational institutions in your area. Additionally, emphasize nearby amenities such as parks, recreational facilities, and community services, as they contribute significantly to the overall desirability of a neighborhood.
As the real estate market remains competitive, strategic pricing is paramount. Analyze recent comparable sales in your area to determine a competitive yet realistic asking price for your property. Consider consulting with a local real estate agent for a comprehensive pricing strategy that aligns with the current market conditions.
Understanding and leveraging localized real estate trends is key for home sellers aiming to achieve success in 2024. By aligning your property with the preferences of today’s buyers, emphasizing unique features, and pricing strategically, you can increase your chances of attracting serious and motivated buyers. Stay informed, stay adaptable, and make the most of the opportunities presented by the ever-evolving real estate landscape in our local market.
The new year is right around the corner, and you might be wondering if 2024 will be the right time to buy or sell a home. If you want to make the most informed decision possible, it’s important to know what the experts have to say about what’s ahead for the housing market. Spoiler alert: the projections may be better than you think. Here’s why.
Take a look at the latest home price forecasts from Fannie Mae, the Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR):
As you can see in the orange bars on the left, on average, experts forecast prices will end this year up about 2.8% overall, and increase by another 1.5% by the end of 2024. That’s big news, considering so many people thought prices would crash this year. The truth is, prices didn’t come tumbling way down in 2023, and that’s because there just weren’t enough homes for sale compared to the number of people who wanted or needed to buy them, and that inventory crunch is still very real. This is the general rule of supply and demand, and it continues to put upward pressure on prices as we move into the new year.
Looking forward, experts project home prices will continue to rise next year, but not quite as much as they did this year. Even though the expected rise in 2024 isn’t as big as in 2023, it’s important to understand home price appreciation is cumulative. In simpler terms, this means if the experts are right, according to the national average, after your home’s value goes up by 2.8% this year, it should go up by another 1.5% next year. That ongoing price growth is a big part of why owning a home can be a smart decision in the long run.
While 2023 hasn’t seen a lot of home sales relative to more normal years in the housing market, experts are forecasting a bit more activity next year. Here’s what those same three organizations project for the rest of this year, and in 2024 (see graph below):
While expectations are for just a slight uptick in total sales, improved activity next year is a good thing for the housing market, and for buyers and sellers like you. As people continue to move, that opens up options for hopeful buyers who are looking for a home.
So, what do these forecasts show? The housing market is expected to be more active in 2024. That may be in part because there will always be people who need to move. People will get new jobs, have children, get married or divorced – these and other major life changes lead people to move regardless of housing market conditions. That will remain true next year, and for years to come. And if mortgage rates come down, we’ll see even more activity in the housing market.
If you’re considering buying or selling, staying informed about the future of the housing market is crucial. Connect with me today to discuss the latest forecasts and strategize for your next move. As your dedicated real estate partner, I’m here to ensure you make the most informed decisions every step of the way.
Article Source: www.keepingcurrentmatters.com
If you’re thinking about buying or selling a home, you might have heard that it’s tough right now because mortgage rates are higher than they’ve been over the past few years, and home prices are rising. That much is true. Take a look at the graph below. It breaks down how the current affordability situation stacks up to recent years.
The National Association of Realtors (NAR) explains how to read the values on the graph:
“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home.”
The black dotted line represents that 100 value on the index. Essentially, the higher the bar, the more affordable homes are. As you can see, the orange bar for today shows higher mortgage rates and home prices have created a clear challenge. But, while affordability is definitely tighter right now, that doesn’t mean the housing market is at a standstill.
According to NAR, based on the pace of sales right now, just under 4 million homes will sell this year. With some simple math, let’s break down what that really means for you:
So, on average, over 10,000 homes sell each day in this country. Whether you’re a buyer or a seller, this goes to show there are still ways to make your move possible, even at a time when affordability is tight.
You may be wondering how other homebuyers and sellers are making this happen now. One of the biggest game-changers in today’s market is working with a trusted local real estate agent. Great agents are helping other people just like you navigate today’s market and the current affordability situation, and their insight is invaluable right now.
True professionals will be able to offer advice tailored to your specific wants, needs, budget, and more. Not to mention, they’ll also be able to draw on their experience of what’s working for other buyers and sellers right now. This could mean broadening your search, if needed, to include other housing types like condos, townhouses, or neighborhoods a bit further out to help offset some of the affordability challenges today.
You might think there aren’t many people buying or selling homes right now since affordability is tighter than it’s been in quite some time, but that’s not the case. It’s true that buying a home has become more expensive over the past couple of years, but people are still moving.
If you’re hoping to buy or sell a home today, know that other people are still making their goals a reality – and that’s happening in large part because of the help and advice of skilled real estate agents. Let’s make it happen together. Reach out and connect with a local real estate agent who’s ready to turn your dreams into keys.
Article Source: www.keepingcurrentmatters.com
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As the year winds down, you may have decided it’s time to make a move and put your house on the market. But should you sell now or wait until January? While it may be tempting to hold off until after the holidays, here are three reasons to make your move before the new year.
Typically, in the residential real estate market, homeowners are less likely to list their houses toward the end of the year. That’s because people get busy around the holidays and sometimes deprioritize selling their house until the start of the new year when their schedules and social calendars calm down. But that gives you an opportunity to get one step ahead.
Selling now, while other homeowners may hold off until after the holidays, can help you get a leg up on your competition. Start the process with a real estate agent today so you can get your house on the market before your neighbors do.
Even though the supply of homes for sale did grow compared to last year, it’s still low. That means there aren’t enough homes on the market today. While some buyers may also delay their plans to move until January, others will still need to move for personal reasons or because something in their life has changed.
Those buyers are still going to be active later this year and will be seriously motivated to make their move happen because they need to. Unfortunately, the challenge they’ll face is a shortage of available inventory to meet their needs. A recent article from Investopedia says:
“. . . if your house is up for sale in the winter and someone is looking at it, chances are that person is serious and ready to buy. Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.”
Keep in mind that homeowners today have record amounts of equity. According to CoreLogic, the average amount of equity per mortgage holder has climbed to almost $290,000. That means the equity you have in your house right now could cover some, if not all, of a down payment on the home of your dreams.
And as you weigh the reasons to sell before year-end, it’s important to remember the reasons that sparked your desire to move in the first place. Maybe it’s time for a new home in a location that suits you better, one that offers the perfect space for you and your loved ones, or maybe your needs have evolved over time. A local real estate agent can help you determine how much home equity you have and how you can use it to achieve your goal of making a move.
Don’t miss out on the advantages of listing your home before the new year. With reduced competition, motivated buyers, and potential equity gains, this is the perfect time to act. Contact me today and achieve your goals before winter arrives.
Article Source: www.keepingcurrentmatters.com
When it comes to selling your house, you’re probably trying to juggle the current market conditions and your own needs as you plan your move.
One thing that may be working in your favor is how few homes there are for sale right now. Here’s what you need to know about the current inventory situation and what it means for you.
When you’re selling something, it helps if what you’re selling is in demand, but is also in low supply. Why? That makes it even more desirable since there’s not enough to go around. That’s exactly what’s happening in the housing market today. There are more buyers looking to buy than there are homes for sale.
To tell the story of just how low inventory is, here’s the latest information on active listings, or homes available for sale. The graph below uses data from Realtor.com to show how many active listings there were in September of this year compared to what’s more typical in the market.
As you can see in the graph, if you look at the last normal years for the market (shown in the blue bars) versus the latest numbers for this year (shown in the red bar), it’s clear inventory is still far lower than the norm.
Buyers have fewer choices now than they did in more typical years. And that’s why you could still see some great perks if you sell today. Because there aren’t enough homes to go around, homes that are priced right are still selling fast and the average seller is getting multiple offers from eager buyers. Based on the latest data from the Confidence Index from the National Association of Realtors (NAR):
An article from Realtor.com also explains how the limited number of houses for sale benefits you if you’re selling:
“. . . homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019 . . . as still-limited supply spurs homebuyers to act quickly . . .”
Because the supply of homes for sale is so low, buyers desperately want more options – and your house may be just what they’re looking for. If you work with me to get your house listed at the right price for today’s market. You could still see it sell quickly and potentially get multiple offers.
Article Source: www.keepingcurrentmatters.com
When it comes to selling your home, one of the fundamental decisions you’ll need to make is whether to sell it “as is” or invest in repairs and upgrades. Both options have their advantages and drawbacks, and the choice you make will significantly impact the selling process. In this blog post, we’ll explore the pros and cons of both approaches to help you make an informed decision.
Saves Time and Effort: Selling your home as is means you won’t have to invest time, energy, or money into repairs and renovations. This can be particularly appealing if you’re in a hurry to sell or if the property is in need of significant work.
Transparent Pricing: With an as-is sale, the price reflects the current condition of the property. This can attract buyers who are looking for a fixer-upper and are prepared for the work involved.
Reduced Stress: Preparing a home for sale can be stressful and time-consuming. Selling as is can alleviate some of that stress, allowing you to focus on the next steps in your life.
Lower Sale Price: Generally, homes sold as is tend to fetch lower prices than properties that have been updated or well-maintained. Buyers often expect a discount to compensate for the work they’ll need to put in.
Limited Buyer Pool: An as-is sale may deter some potential buyers who are looking for a move-in-ready home. This could reduce the overall interest in your property.
Negotiation Challenges: Buyers may use the property’s condition as leverage in negotiations, leading to further price reductions.
Higher Sale Price: Investing in repairs and upgrades can significantly increase your home’s value. You can attract buyers looking for a property in excellent condition and willing to pay a premium for it.
Wider Buyer Appeal: A well-maintained home appeals to a broader range of buyers, including those who are not looking for a fixer-upper.
Faster Sale: In some cases, making necessary repairs and upgrades can help your home sell faster. Buyers appreciate properties that are move-in ready.
Upfront Costs: The most significant drawback to making repairs and upgrades is the upfront cost. It may take time and money to complete these projects, which can delay the listing process.
Uncertain Return on Investment: While improvements can increase your home’s value, the return on investment is not always guaranteed. Some renovations may not add as much value as you expect.
Inconvenience: Preparing a home for sale, including repairs and upgrades, can be inconvenient, especially if you’re still living in the property.
The decision between selling your home as is or investing in repairs and upgrades depends on your specific circumstances and goals. Here are some factors to consider:
Your Timeline: If you need to sell quickly, selling as is may be the best option. However, if you have time to invest in improvements, it can be worthwhile.
Property Condition: The extent of necessary repairs and the overall condition of your home will influence your decision. Minor repairs may be more manageable than major renovations.
Market Conditions: Evaluate the current real estate market in your area. In a seller’s market, you may have more flexibility to sell as is, whereas a buyer’s market may require more effort.
Budget: Consider your financial situation and determine how much you can afford to invest in repairs and upgrades.
Buyer Expectations: Understand what buyers in your area are looking for. Are they seeking turnkey homes, or are they open to fixer-uppers?
Ultimately, the decision should align with your goals and priorities. If you’re unsure, don’t hesitate to reach out to me, your trusted real estate agent. I’m here to provide you with expert guidance based on my extensive market knowledge.
There are advantages and disadvantages to both selling your home as is and making repairs and upgrades. It’s essential to assess your unique situation and make an informed decision that aligns with your goals and financial considerations. Remember, there is no one-size-fits-all answer, and what’s right for one seller may not be the best choice for another. Your unique circumstances and aspirations are at the heart of the decision-making process.
If you’re thinking about selling your home this fall, you might have heard some spooky stories about the real estate market that could send a chill down your spine. But fear not, dear homeowners, for I’m here to help you debunk these haunted home selling myths and navigate the real estate terrain with confidence.
Ah, the myth of the perfect season! While spring is traditionally considered prime time for real estate, fall has its unique advantages. The market doesn’t disappear into thin air once the leaves start to fall. In fact, selling during the fall season can be advantageous, as serious buyers are still actively searching, and there’s less competition. Plus, the cozy atmosphere of your home during the autumn months can make it even more appealing to potential buyers.
This myth is a classic case of spooky misinformation. Overpricing your home can actually scare away potential buyers. Today’s buyers are well-informed and work with experienced real estate agents who can spot an overpriced listing from a mile away. Instead, price your home competitively from the start. A well-priced home is more likely to attract multiple offers, which can lead to a higher selling price in the end.
No, you can’t just sweep those creaky floors and drafty windows under the rug. Buyers today are thorough and will have a home inspection as part of the process. Instead of trying to hide issues, address them upfront. Fix what needs fixing and disclose any known issues. Honesty goes a long way in building trust with potential buyers.
Cash buyers can be appealing because they often come with fewer contingencies. However, waiting for a cash buyer can prolong the selling process. Most buyers rely on financing, and with low-interest rates, they can be just as reliable and financially secure as cash buyers. Don’t scare away potential offers by holding out for cash.
Some homeowners believe they can skip staging during the fall because their homes already have a cozy, warm feel. While fall does bring natural charm, staging is still essential. It helps potential buyers visualize how they can make your home their own. Consider adding seasonal touches, like tasteful fall decor, to enhance the ambiance.
In the age of online listings, it might seem like you can handle the sale of your home on your own. However, a real estate agent brings valuable expertise to the table. They know the local market inside and out, can help you price your home correctly, and negotiate on your behalf. Plus, they can save you time and stress in what can be a complex process.
Don’t be spooked by the idea of open houses. They can still be effective for attracting potential buyers and showcasing your home. In today’s digital age, open houses can also be promoted online, allowing a wider audience to discover your property.
Don’t let these haunted home selling myths haunt your real estate journey. Fall is a fantastic time to sell your home, and by avoiding these misconceptions, you can enjoy a smooth and successful selling experience. Remember, the real estate market may have its quirks, but it’s not as scary as it seems when you’re armed with the right knowledge and a trusted real estate agent by your side. Happy selling!
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