The holidays are quickly approaching, and contrary to popular belief, this is still a popular time to purchase a home. Indeed, many buyers are under additional pressure to close quickly at this time of year. Holiday home buyers are frequently looking to start a new job or secure financing before the end of the year for tax purposes. Others may have been waiting for a change in mortgage rates that did not occur over the summer, while the rest may simply want to move in before the cold weather arrives.
You don’t have to wait until the warmer months to list your home for whatever reason. However, if you do decide to sell during the holidays, there are a few rules to follow, particularly when it comes to one of the best parts of the season: decorations. Let’s look at the reasons why decorating your home when selling during the holidays can help it sell and some do’s and don’ts to keep in mind this holiday season when your home is on the market:
If your home is well decorated when selling during the holidays, without going too far, it will be more appealing to home buyers. There is something magical about festive decorations for children, and sometimes for adults as well.
A home that is decorated will be more inviting and will make buyers more likely to want to look around. Since the home is more appealing, there should be a greater chance that you receive offers.
Homebuyers want to imagine themselves living in your home, and a beautifully decorated home for the holidays looks very inviting. It will be cozier and seem like a nicer place to live. They should also be able to easily imagine their family and friends enjoying festivities in the home.
Decorating when selling during the holidays, isn’t going to be as easy as most other years. But if you keep it simpler than you usually would, it should be less difficult. Try to coordinate the decorations with the look of the home without doing too much.
You should also make sure your home is decluttered when decorating for the holidays. This will further make it easier for buyers to see themselves living in the home.
Decluttering is something you should do at whatever time of the year you are selling your home. It will make the home look better when it’s photographed for the property listings, and look tidier for showings. Since you are going to have to pack everything up for your move, you will need to deal with all the stuff in your home anyway. Decluttering your home and getting rid of things you no longer need, will make packing easier as well.
If you don’t bother with decorations because you are preparing to move, it could give a negative impression to potential buyers.
Buyers will expect homes they tour during the holidays to have decorations, and other properties they see will have them. If your home isn’t decorated, buyers may not like your home as much compared to the other homes they have seen.
And if every other home on the street is decorated, your home will not only look out of place, it may appear strange to buyers. You never want your home to look dull compared to your neighbors when selling.
If you don’t have a tradition of decorating your house in your family, either for religious or other reasons, check with your Realtor for their advice on what you should do.
If your festive decorations enhance your home, a buyer could find a personal connection to your home. This will increase the chances of them making an offer. Emotional connections can actually be as important as the features or the layout of the home to help you find a buyer.
• Do complete a deep cleaning of your home before decorating and make sure to dust off and clean your decorations as well.
• Do keep your home elegant when decorating it for the holidays is to stick to a neutral color palette
• Do use warm scents like cinnamon, peppermint, pumpkin, pine, and apple to make your home feel more cozy.
• Don’t overdo it; your house will look cluttered and smaller
• Don’t use large and gaudy decorations or put up a Christmas tree that will make your space feel smaller.
• Don’t put out decorations with specific religious themes so not to detract buyers of other religions.
Decorations can make buyers more attracted to the idea of living in your home, making buying the home a more appealing prospect. If you don’t have festive decor, your home will look out of place compared to your neighbors and the other homes buyers have been looking at. So make sure to keep this in mind when selling a home during the holidays.
Decorating your home when you are selling during the holidays will ultimately improve how easy your home is to sell. There are top ways staging your home can attract buyers, make a connection, and it might even cheer you up at the same time.
Each year, homeowners planning to make a move are faced with a decision: sell their house during the holidays or wait. And others who have already listed their homes may think about removing their listings and waiting until the new year to go back on the market.
The truth is many buyers want to purchase a home for the holidays, and your house might be just what they’re looking for. Here are five great reasons you shouldn’t wait to sell your house.
1. While the supply of homes for sale has increased this year, there still aren’t enough homes on the market to keep up with buyer demand. As Nadia Evangelou, Senior Economist & Director of Forecasting at the National Association of Realtors (NAR), explains:
“There’s still this gap between demand and supply because we were underbuilding for many years. . . . So now we see demand is slowing, but it still outpaces supply.”
2. Serious homebuyers are out looking right now. Millennials are driving homebuying demand today, and many are eager to make a purchase. Mark Fleming, Chief Economist at First American, explains:
“While not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.”
3. The desire to own a home doesn’t stop during the holidays. In fact, homes decorated for the holidays appeal to many buyers. Plus, purchasers who look for homes during the holidays are ready to buy.
4. You can restrict the showings in your house to days and times that are most convenient for you. That can help you minimize disruptions, which is especially important this time of year.
5. Rents have skyrocketed in recent years. And, many buyers are looking to escape rising rents and avoid falling into the rental trap for another year. As an article from Zillow says:
“Over the next 12 months, rents are expected to grow more than inflation, the stock market and home values.”
Your home could be their ticket to leaving renting behind for good.
There are still many reasons it makes sense to list your house during the holiday season. Reach out to me to determine if selling now is your best move.
Article Source: www.keepingcurrentmatters.com
If you’re thinking about selling your house but wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what they’re looking for.
While the millennial generation has been dubbed the renter generation, that namesake may not be appropriate anymore. Millennials, the largest generation, are actually a significant driving force for buyer demand in the housing market today. Here’s why.
While there’s no denying higher mortgage rates are making it more challenging to afford a home today, many millennials are still eager and able to buy homes – whether it’s their first or they’re moving up. That’s in large part because of the value they place on education.
A recent article from First American says millennials may be the most educated generation in our nation’s history. Because of that, they tend to earn higher wages, and that translates to greater homebuying power. Odeta Kushi, Deputy Chief Economist at First American, explains:
“In 2020, millennials with a bachelor’s degree had a median household income of over $100,000, while those with at least a graduate degree had a median household income of over $120,000. Compare those income levels with the median household income of millennials with just a high school degree (or some college) of $60,000 and the earning power benefits of higher education are undeniable. . . . Millennials’ pursuit of higher education is good news for the housing market. . . because education is the key to unlock both greater earning power and, in turn, homeownership.”
And since wages are one of the key things that factor into affordability when it comes to buying a home, these higher earnings can help millennials achieve their homeownership goals.
A number of studies have looked into how the millennial generation views homeownership and how they’re uniquely positioned to define the housing market moving forward. As the largest generation, the volume of potential millennial homebuyers will have an impact on the market for years to come. As an article in Forbes explains:
“At about 80 million strong, millennials currently make up the largest share of homebuyers (43%) in the U.S., according to a recent National Association of Realtors (NAR) report. Simply due to their numbers and eagerness to become homeowners, this cohort is quite literally shaping the next frontier of the homebuying process. Once known as the ‘rent generation,’ millennials have proven to be savvy buyers who are quite nimble in their quest to own real estate. In fact, I don’t think it’s a stretch to say they are the key to the overall health and stability of the current housing industry.”
If you’re thinking of selling your house but are hesitant because you’re worried that buyer demand has disappeared in the face of higher mortgage rates, know that isn’t the case for everyone. While demand has eased this year, millennials are still looking for homes. As Mark Fleming, Chief Economist at First American, says in an article:
“While not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.”
Millennials are interested in and well-positioned to achieve their homeownership dreams. If you’re ready to sell your house, know that it may be just what they’re looking for.
Article Source: www.keepingcurrentmatters.com
Today’s housing market is different than it was just a few months ago. And if you’re thinking about selling your house, that may leave you wondering what you need to do differently as a result. The answer is simple. Taking the time upfront to prep your house appropriately and create a solid plan can help bring in the greatest return on your investment.
Here are a few simple tips to make sure you maximize the sale of your house this fall.
One of the first things buyers will notice is the price of your house. That’s because the price sends a message to home shoppers. Pricing your house too high to begin with could put you at a disadvantage by discouraging buyers from making an offer. On the flip side, pricing your house too low may make buyers worry there’s some underlying issue or something wrong with the home.
Your goal in pricing your house is to gain the attention of prospective buyers and get them to make an offer. And with price growth and buyer demand moderating, as well as a greater supply of homes available for sale, pricing your home appropriately for where the market is today has become more important than ever before.
But how do you know that perfect number? Pricing your house isn’t a guessing game. It takes skill and expertise. Work with a trusted real estate advisor to determine the current market value for your home.
It may sound simple but keeping your house clean is another key to making sure it gets the attention it deserves. As realtor.com says in the Home Selling Checklist:
“When selling your home, it’s important to keep everything tidy for buyers, and you never know when a buyer is going to want to schedule a last-minute tour.”
Before each buyer visits, assess your space and determine what needs your attention. Wash the dishes, make the beds, and put away any clutter. Doing these simple things can reduce potential distractions for buyers.
For more tips, check out this checklist for preparing your house for sale. Ultimately an agent is your best resource for tailored advice, but this list can help get you started.
Finally, it’s important for buyers to see all the possible ways they can make your house their next home. An easy first step to create this blank canvas is removing personal items, like pictures, awards, and sentimental belongings. It’s also a good idea to remove any excess furniture to help the rooms feel bigger and make sure there’s ample space for touring buyers to stand and look at the layout.
If you’re unsure what should be packed away and what can stay, consult your trusted real estate advisor. Spending the time on this step can pay off in the long run. As a recent article from the National Association of Realtors (NAR) explains:
“Staging is the art of preparing a home to appeal to the greatest number of potential buyers in your market. The right arrangements can move you into a higher price-point and help buyers fall in love the moment they walk through the door.”
Selling a house requires prep work and expertise. If you’re looking to sell your house this season, lean on a trusted real estate professional for advice on how to get it ready to list, how to help it stand out in today’s shifting market, and more. Reach out to me to get started.
Article Source: www.keepingcurrentmatters.com
There’s no denying the housing market is undergoing a shift this season as buyer demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.
One of the biggest stories today is the growing supply of homes for sale. Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.
If you’re selling your house to make a move, it means you’ll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find somewhere to go, know your options have improved.
Just remember, while data shows the number of homes for sale has increased this year, housing supply is still firmly in sellers’ market territory. To be in a balanced market where there are enough homes available to meet the pace of buyer demand, there would need to be a six months’ supply of homes. According to the latest report from the National Association of Realtors (NAR), in July, there was only a 3.3 months’ supply.
While you’ll have more options for your own home search, inventory is still low, and that means your home will still be in demand if you price it right. That’s why the most recent data from NAR also shows the average home sold in July still saw multiple offers and sold in as little as 14 days.
The home price appreciation the market saw over the past few years has likely given your equity (and your net worth) a considerable boost. Danielle Hale, Chief Economist at realtor.com, explains:
“Home owners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .”
If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help. It may be just what you need to cover a large portion (if not all) of the down payment on your next home.
If you’re thinking about selling your house this season, work with me so you have the expert insights you need to make the best possible move today.
Article Source: www.keepingcurrentmatters.com
In today’s fast-moving market, many homeowners wonder what if anything needs to be renovated before selling their home. That’s where a trusted real estate agent comes in. I can assist you in thinking through current market conditions and how they affect what you should and should not do before selling your home.
Here are some considerations that a professional will help you with.
Buyers today have more options than they did last year because the supply of homes for sale has increased so dramatically this year. That may mean you’re not able to ignore some of those repairs or cosmetic updates you could have skipped in previous months. As a recent article from realtor.com says:
“To stand out in the market, sellers should make their home attractive to buyers, which usually means some selective updates.”
The key word here is selective. Since it’s still a sellers’ market, focusing on a few key areas may be enough to make your house stand out from other options. And since inventory is still low overall, it’s also possible buyers may be willing to handle the renovations themselves once they move in. It all depends on buyer demand and the available inventory in your local area. For advice on what’s happening in your market and what to do to make your house show well, lean on a professional.
In addition to ensuring that your home makes a good first impression, you should think about the return on investment (ROI) for any renovations. According to the National Association of Realtors’ (NAR) 2022 Remodeling Impact Report, the following projects may yield the highest return when you sell your home (see visual below):
Again, your best resource is having a good real estate advisor. When your agent comes to your home for a walk-through and consultation, they’ll use their knowledge to advise you on what you might need to repair, replace, or refinish. They also know what other sellers do before listing their homes, as well as how buyers react to those upgrades, so they can point you in the right direction. According to Dr. Jessica Lautz, NAR’s Vice President of Demographics and Behavioral Insights:
“This year, the winner was hardwood flooring. Hardwood floor refinishing and putting in new wood flooring had the most significant value, . . .”
Make sure your real estate professional is aware of any projects you’ve already completed or those you intend to complete before listing. They’re not just a resource to help you decide where to direct your efforts; they’re also skilled at highlighting any upgrades in your listing. Potential buyers will be aware of the features that may help them decide to purchase the home.
You can message me for expert advice on what work needs to be done and how to make it as appealing to future buyers as possible. Every home is unique, so speaking with an agent is essential to ensuring you make the right decisions when selling this season..
In today’s shifting market, it’s important to spend your time and money wisely when you’re getting ready to move. Work with me to find out where to focus your efforts before you sell.
Article source: keepingcurrentmatters.com;NAR; realtor.com
It’s true that record levels of home price appreciation have spurred significant equity gains for homeowners over the past few years. As Diana Olick, Real Estate Correspondent at CNBC, says:
“The stunning jump in home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth.”
That’s great for your home’s value over the last couple of years, but what if you’ve lived in your home for longer than that? You may be wondering how much equity you truly have.
The National Association of Realtors (NAR) has done a study to calculate the typical equity gains over longer spans of time. The data they compiled could be enough to motivate you to move. Just remember, to find out how much equity you have in your specific home, you’ll want to get a professional equity assessment from a trusted real estate advisor.
Let’s start by establishing how you build equity in your home. While price appreciation is clearly a factor that can help boost your equity, you also build equity over time as you pay down your home loan. NAR explains:
“Home equity gains are built up through price appreciation and by paying off the mortgage through principal payments.”
The study from NAR breaks down the typical equity gain over time (see graph below). It calculates the equity a homeowner potentially gained if they purchased the median-priced home 5, 10, or 30 years ago and still own it today.
These six-figure numbers are impressive and certainly enough to help you fuel a move into your next home, but they’re not a promised amount. Remember, your own equity gain will be different. It depends on how long you’ve been in the house, your home’s condition, any upgrades you’ve made, your area, and much more.
If you want to find out how much equity you have, partner with a trusted real estate professional for an equity assessment on your home. They can provide an expert opinion on what your house is worth today and how the equity you’ve gained over time can help you when you purchase your next home. It may be some (if not all) of what you need for your next down payment.
If you’re thinking about selling your house and making a move, home equity can be a real game-changer, especially if you’ve been in your current home for a while. If you’re ready to find out how much equity you have, let’s connect. I’m here to help you keep an eye on the market and prepare for your home purchase.
Source: www.keepingcurrentmatters.com
If you find yourself constantly checking listings online or longing for a change in scenery, it might be time to make that move. The signs that it’s time to sell your home are often subtle and hard to identify, but once you know what they are, you can make an informed decision about whether now is the right time for you. Let me help you figure out if you’re ready to sell your home or not.
Here are five signs it’s finally time to sell your home and move on:
If you’re a homeowner, you know all about the expenses that come with maintaining a property—and it can be overwhelming. You may want to sell your current home and buy one that requires less maintenance, or you may just want to get rid of the responsibility altogether and rent instead.
If you’re thinking of selling your home, it’s important to know how much money you can expect to get for it.
If you’re trying to avoid bankruptcy or foreclosure, you should only sell when you own enough equity in your home to be able to pay down your current mortgage and come out with a 20% down payment for your next home.
You’ll also want to make sure you have some extra cash in the bank to support the move. You’ll want to factor in marketing costs, the cost of staging your home, moving costs, real estate commissions, and closing costs. If you won’t have enough cash flow to be able to cover these expenses, you should consider selling your house off-market.
Having a strong understanding of your financial position will help you understand if it’s a good time for you to sell. It will also help you develop a plan after the sale, so that when you buy your next house, it will be one that works well with your overall lifestyle goals and financial situation.
When thinking of selling your home, it’s important to think about the market you’re selling in. If your neighborhood has sold fast, or if prices are going up, then it might be a good time to sell.
Real estate experts recommend selling your home if any of the following conditions are true:
• Homes in your neighborhood that have sold
• What price they have sold at
• How fast they’ve sold
• Local trends in the housing market
Once you’ve looked at factors outside of your control (like how much interest rates are), you’ll want to consider factors within your control, like budgeting and setting a price range for your home.
Selling your home is a big deal. It’s not just about the money it’s about your emotional journey as well. It’s a time of reflection and change.
You’ll have to put in time, energy, and maybe even some effort helping to prepare the home for house hunters. The negotiation process can also be emotionally taxing. You must also feel ready to declutter your home and leave behind all the memories you and your family made there. Make sure you’re emotionally ready for all of this before deciding whether or not to sell.
Always keep your goals in mind, and remember that there are a number of things you’ll want to look at when deciding whether or not to sell your house. Being ready is the most important thing, so get started on the preparations early the whole process goes faster if you’re well-prepared when it comes time to go through with it.
When you feel like you’re ready to start considering selling your home, your best bet is to consult with local professionals who can help you to understand your options or when you have questions, and their advice when they offer recommendations about what you should or shouldn’t be doing. It can save you time and money in the long term if you actually take real estate professionals into consideration from day one.
If you’re thinking of selling soon, or simply wanting to gain a better understanding of the process involved in selling a house, contact me and I will be able to help you along the way.
The current sellers’ market is a great opportunity for homeowners who are thinking about selling. But what does being in a sellers’ market really mean?
If you haven’t been following real estate news, you’ve likely heard about how strong market conditions are for people who want to sell their homes. It’s no surprise that there’s so much talk about how strong the markets have been lately. After all, if you’re looking to sell your house, it’s nice to know that there are plenty of buyers out there who are ready and willing!
In a seller’s market, there are more buyers than there are homes for sale. The result? Prices go up as buyers compete for the few options that are available, and sellers are less likely to make concessions because they may receive multiple offers. Also, homes tend to stay on the market for a shorter amount of time, making it easier for sellers to close and move on.
The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still very low. There’s a 2-month supply of homes at the current sales pace.
Historically, a 6-month supply is necessary for a normal or neutral market where there are enough homes available for active buyers. That puts today deep in sellers’ market territory (see graph below):
The housing market is so tight right now that there are only a few houses for sale at any given time. This means that buyers have to compete with each other for the houses they want and will likely submit very attractive offers in order to get them.
Plus, mortgage rates and home prices are climbing so serious buyers are motivated to make their purchase soon before those two things rise further. If you put your house on the market while supply is still low, it will likely get a lot of attention from competitive buyers.
The signs are pointing to a strong real estate market that’s poised to grow even stronger. If you’re listing your home, now is the time to do so. With the inventory of homes on the market at an all-time low, the opportunities are simply too good to pass up. Let’s get started on getting your house ready for buyers.
Source: Keeping Current Matters. “What You Need To Know About Selling in a Sellers’ Market” April 28, 2022. Accessed June 06, 2022. https://www.keepingcurrentmatters.com /2022/04/28 /what-you-need-to-know-about-selling-in-a-sellers-market/
Get Your Home List-Ready More Quickly than Ever
When you’re thinking about selling your home, it can be hard to imagine what it might look like after some time and effort have been put into preparing it for the market. You may even think that your house is not ready for sale yet. If this is the case for you, you should be aware that in today’s property market, your home may be closer to being ready for sale than you believe. According to a realtor.com study of recent sellers, many were able to get their property ready in less than a month. It says:
“With many homeowners expecting a quick sale, and in many cases a lack of contingencies, the preparation process took less than a month for over 50% of home sellers this past year, with 20% completing it in less than two weeks.”
Sellers who anticipate to sell quickly are following current buyer trends. Buyers in today’s market are serious about finding a house soon, as mortgage rates and housing prices rise. However, due to the restricted quantity of available properties for sale, those buyers have few choices. As a result, many people may be prepared to take on renovations once they buy.
As a result, you may be able to focus on less time-consuming preparations before listing your home for sale. According to the poll, some of the top items previous sellers did before selling in the last year were landscaping, small cosmetic improvements, and paint touch-ups (see image below):
Of course, every situation is different, and knowing what repairs or changes your home requires to stand out in your neighborhood is crucial. That’s where a reputable real estate agent comes in. NextAdvisor discusses in a recent article:
“. . . Real estate can be hyper-local, and demand can vary from one neighborhood to the next. It’s a good idea to work with a local real estate professional to determine an ideal listing price and if any improvements or repairs need to be completed before putting your home on the market.”
Your trusted real estate expert is well-versed in the ins and outs of the market in your neighborhood. They will assist you in determining where you should and should not spend your time and money – and this will allow you to list rapidly.
You can benefit from the same real estate market conditions as experienced sellers, but partnering with a local real estate advisor will help you get your home ready to go on the market as soon as possible. This way, you’ll have more options—you can preview homes that are now on the market or decide to list your house sooner than later. That’s why I offer an array of services designed to provide you with streamlined service and seamless communication throughout the listing and sale process—allowing you to get one step closer to your real estate goals. Now’s the time to get started selling your house in today’s market, so don’t wait. And before you know it, another chapter of your life will have closed and a new one will be waiting to begin.
Keeping Current Matters. “Your House Could Be Closer to List-Ready Than You Think.”May 04, 2022. Accessed May 23, 2022. https://www.keepingcurrentmatters.com/2022/05/04/your-house-could-be-closer-to-list-ready-than-you-think/
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