Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Jan. 10, 2022

Why Putting Off Selling Your Home Could Cost You a Small Fortune

Many homeowners planning to sell in 2022 may believe it is best to wait for the spring buying season, as approximately 40% of house sales occur between April and July. However, this year’s expected to be substantially different from the norm. 

Exterior of residential house surrounded by trees

Here are five reasons why you should list your home now rather than in the spring.

Buyers Are Looking Right Now and Ready to Purchase

Buyers are still quite active in the market, according to the most recent index, which includes November showings. This graph demonstrates that the index is higher than last year and substantially higher than the three years preceding the pandemic when comparing November's data to previous years. There are clearly a lot of people looking for your house.

 

Other Sellers Plan to List Earlier This Year

According to the law of supply and demand, if you want to get the greatest price and negotiate your ideal contract terms, list your home when there is high demand and little competition.

According to studies, 65 percent of sellers wanting to sell in 2022 have either already listed their house (19%) or are going to do so this winter. Listing before this competition enters the market makes sense if you want the best price and the best capacity to negotiate the other parameters of the sale of your home.

 

Newly Constructed Homes Will Be Your Competition This Spring

Over 979,000 new single-family housing units were allowed through building permits in 2020. Because of labor constraints and supply chain bottlenecks caused by the epidemic, many of those homes have yet to be built. However, they will be completed in 2022. When it comes time to sell your home, this will add to the competition. You should consider beating these freshly constructed homes to the market to ensure that your home receives as much attention as possible from potential buyers.

 

There Will Never Be a Better Time To Move-Up

If you're thinking about upgrading to a larger, more expensive home, now is the time to do it. Over the next 12 months, prices are expected to rise by about 5%. If you delay, it will cost you more (both in terms of a down payment and a mortgage payment). Right now, you can lock in your 30-year housing cost with a mortgage rate in the low threes. If you plan to sell in 2022, you should do so now rather than later, as mortgage rates are expected to rise throughout the year.

 

It May Be Time To Make A Change

Consider why you're considering selling in the first place and whether it's worthwhile to wait. Is it more necessary to wait than to be near to your loved ones right now? Is your health more essential than waiting? Is it more vital to wait than to have the space you require?

The solutions to those inquiries are only known to you. Consider what's most important to act on now as we approach 2022 and think about your goals and priorities.

 

If you've been considering whether or not to sell your home and are interested in learning more about market conditions in your region, speak with a local real estate agent who can assist you in determining the best time to sell.

 

 

Jan. 3, 2022

How to Sell Your House in 2022

While the housing market had a record-breaking year in 2021, remaining a seller's market throughout the year, don't expect a quick shift to a buyer's market in 2022. While the new year may bring a more balanced market, expect to see an increase in listings, individuals shifting to more inexpensive areas, a greater focus on climate hazards, and a rush to acquire houses as mortgage rates rise at the start of the year.

 

House Exterior during Daytime

Whether you're a first-time home seller or a seasoned pro, this step-by-step guide will walk you through the process of selling your property this year.

 

Hire a home inspector

You're probably wondering to yourself, "Wait, isn't that the obligation of the buyer?" You are correct. However, if a house inspector discovers something that needs to be fixed, wouldn't it be better to fix it before starting negotiations?

 

Being informed of the state of your home will help you during the bargaining process with possible buyers. As you may be aware, buyers frequently use their house inspection as a bargaining chip with sellers, such as asking you to lower your list price. It's less likely that anything new will surface and affect your negotiation if you've already handled these repairs.

 

Make repairs and small upgrades to your house

After you've received a detailed list of recommended repairs, it's time to either do the work yourself or hire someone to do it for you. This could also be a good time to make minor improvements that will increase the value of your home.

 

With the shift to remote work, certain home features, such as a home office, have become essential for homeowners. Even if your home doesn't have a designated office space, a smaller bedroom or the space beneath the stairwell can be easily transformed into one. Staging the space with tasteful decorations such as plants and a bookshelf can help potential buyers imagine themselves in the space.

 

Declutter and prep your house to sell

Make decluttering and prepping your home a priority while deciding how to sell your house. The aim is to keep the quantity of material in your area to a minimum so that future owners may imagine themselves (and their belongings) in it. Even eliminating personal images allows prospective purchasers to consider what they would place on those walls.

 

Find a real estate agent

Finding a real estate agent is simple; however, finding an excellent real estate agent can be difficult. When it comes to hiring a real estate agent to represent your best interests, you'll want to know what you're looking for.

 

After you've chosen a real estate agent, you and your agent should devise a strategy for selling your home. It should include a timeframe for everything from pricing your home to getting it posted on the Multiple Listing Service (MLS) through personal showings. A plan of action will guarantee that you and your agent are on the same page at all times.

 

Price your house right

Comparables, also known as comps, are recently sold properties in your region that might help you decide on a price. These houses should be similar in size, location, and have recently sold. Furthermore, you should price your products strategically. Rather than comparing your home's price to others in the region, strategy your pricing based on its unique selling attributes.

 

Conducting an appraisal is another possibility. Home appraisers are licensed specialists who will determine the value of your home based on its condition and the current housing market.

 

Hire a professional photographer to take photos of your home

Professional photography sells a home faster than anything else. This is especially true now when many would-be buyers begin their search for a home on the internet. Consider yourself in the buyer's position. They go online and look at every home that comes up for sale in their targeted interests as soon as it's advertised. Your listing will likely receive very little traffic if it is represented online by badly shot images. Not to mention the fact that houses with professionally shot images sell for more money on average than other listings.

 

List your home to sell

Your real estate agent will list your home on the MLS (Multiple Listing Service) so that it can be found by potential purchasers on real estate websites.

 

You must market your home on your own. Please share this information with your relatives and friends. Also, make sure you understand when the optimal moment is to sell a home.

 

Have a plan in case your house doesn't sell quick

Although you and your real estate agent should have discussed this in advance, not every house sells quickly. There are other elements at play, and depending on the health of the house market in your area, your real estate agent may need to employ additional techniques to sell your home.

 

Negotiate the sale price of your home

Because each home sold and purchased is unique, there will be numerous aspects to consider. This is the point at which your agent really shines. They'll guide you through the negotiation process and provide you guidance on how to proceed when offers come in.

 

Traditionally, the homebuying season begins in late spring, but we predict it to start in late January in 2022. Because purchasers will want to take advantage of historically low mortgage rates before they start to rise, this is the case. So, if you're planning to sell this year, you should start preparing your home immediately.

Dec. 27, 2021

Do Open Houses Sell Homes?

Although an open house does not damage a home's prospects of selling, whether it is the most important aspect in selling the home is arguable.

 

Unless the seller's home is in a very popular neighborhood with busy streets nearby, the open house is unlikely to attract a large crowd. It's possible that a buyer who drove by would return later to buy, but that would have happened regardless of the open house.

 

White and Brown Concrete Building

 

Are the Visitors Active Homebuyers?

 

The majority of purchasers who are serious about buying a property work with real estate agents. When they decide to buy a house, they'll contact an agent, and their agents will send them listings as new houses come on the market.

 

Agents will sometimes list houses with the instruction that no showings would be allowed until the open house date, however, this is more common in seller's markets and is not the standard.

 

First-Time Homebuyers

 

Many first-time homebuyers begin their search by visiting open houses to determine the communities they prefer and the type of home they want to purchase. It gives them some nice ideas for when they're ready, which isn't right now.

 

The majority of these visitors are on reconnaissance missions.

 

Other Agents

 

Agents who didn't list with the seller could pay a visit to examine how the agent who did acquire the listing has prepared the home for sale.

 

Other agents who weren't able to visit the home throughout the week may drop by to introduce themselves and inspect the property to see whether it meets the needs of any of their clients.

 

Open houses are a great way for agents to meet new individuals, and their business relies on them. Visitors could be potential customers for other properties down the road. Agents get the opportunity to meet potential homebuyers who may eventually become clients.

 

While the majority of open houses do not result in a sale, the National Association of Realtors points to a study that suggests open houses aren't all bad.

 

 

On average, homes that are exhibited in open houses sell for $9,000 more and spend approximately a week less on the market. However, no link has been established between the open house and the sales.

Dec. 20, 2021

Tips for Selling a House in an Undesirable Location

You need to sell your house, but it's not in the greatest part of town. You can't change the reality that your home backs up to a major highway or is next to a landfill, no matter how nice your custom french doors, chef's kitchen, or other desirable amenities are.

 

White and Brown House on Green Grass Field Under White Clouds

 

Even a house adjacent to a high-voltage power line or right in the middle of an airport flight route might attract a buyer and fetch a reasonable price with the appropriate technique. Learn how real estate experts recommend approaching the difficult issue of selling a house in a bad neighborhood.

 

Be Upfront With Problems

A vendor should be entirely honest about a home's unfavorable location. Nothing is more frustrating than discovering this when potential buyers arrive at a property for the first time. If you catch someone off guard like that, they might not even bother entering the residence.

 

Hire An Agent That Sold Homes In Your Location

A bad location shouldn't be combined with shoddy marketing, shoddy property presentation, or an incorrect price; these factors together could make finding a buyer even more difficult. Rather than taking a chance, select a great real estate agent who has sold homes in your neighborhood before. That particular experience could provide priceless insight into how to overcome the mental barriers that prevent consumers from selecting properties in your community.

 

Put A Positive Spin On A Potential Negative

For one customer, a deterrent may be a benefit for another. A house located across the street from a school, for example, maybe avoided by buyers concerned about traffic and noise.

For families, however, a school-close location may mean easier drop-off and pick-up, as well as more leisurely mornings. So, in your ad and during showings, emphasize the potential benefits of your home's location.

 

Set A Realistic Price

You may have the most beautiful house on the street. It won't sell for top money if it's flanked by decaying eyesores or next to a huge, continuous building site.

The amount by which an unfavorable location reduces the value of your home is determined by the type of circumstance you're in.

 

Hold A Lot Of Open Houses

The more open houses you can arrange when your property is in a risky area, the better. Seeing your home's outstanding features in person helps persuade skeptics to ignore location concerns. The more people you can show your home's best characteristics to, the more likely you are to receive an offer.

Promote your open houses on social media platforms like Facebook and Instagram, as well as through newspaper ads and yard signs in your community.

 

Don't Skimp Away With Staging

With careful staging, you can transform the interior of your property and make potential buyers forget about its less-than-ideal location. Fresh, neutral paint, an attractive living room with updated furnishings, clutter-free bedrooms, and a dazzling kitchen will dazzle them.

 

Highlight Positive Changes In Your Neighborhood

The development of new restaurants, stores, or parks might excite potential buyers about the neighborhood's future. Make sure to keep potential buyers up to date on any new developments in your region. Perhaps development on a new mall will start next year. Alternatively, a few more hip restaurants are going to open around the corner.

 

Appeal To Buyers Who Are Open To Compromises

Concentrate your efforts on attracting first-time purchasers to your house. They're usually less fussy than other buyers since they just want to get into a house and start creating equity in a place they can call home rather than renting.

Because first-time homebuyers are often motivated by price, a property in a less desired location that is larger and cheaper than similar homes in a quiet neighborhood may be enticing.

 

Plan For A Longer Selling Timeline

You're probably wondering how long it takes to sell a house in a difficult region. That relies on a variety of things, including the nature of the geographical issue and the house's quality. It can take at least twice as long to sell a home in a desirable location.

If you're dealing with a major location challenge, you may need to add even more time to your schedule.

 

 

 

 

 

Dec. 13, 2021

12 Key Factors That Makes Your Property Value Increase

 

Top-view Photography of City

 

The term "appreciation" refers to a rise in the worth of a property. Appreciation is the result of a variety of variables interacting and eventually merging to raise values.

 

Here are the factors that cause property values to increase over time and how to obtain a home value estimate.

 

12 Key Factors That Makes Your Property Value Increase

 

Location, location, location

 

You've probably heard that the most important aspect in determining the value of a home is its location. But what exactly does this imply?

 

A home's worth does not increase over time. In truth, when a house gets older, its physical attributes deteriorate. The property itself appreciates in value. This is why location is so important. And a variety of factors influence whether a location is beneficial or detrimental to property values.

 

 

Community improvement

Homes in urban areas with close proximity to employers, restaurants, shopping, and recreation have historically held a high value. Improvements to the community and area, such as the addition of restaurants, parks, or public transit, can boost home value.

 

Home values are also boosted by community enhancements such as the creation of nature trails.

 

Demand for rural homes

Rural property values have recently increased, despite the fact that urban home values have generally grown faster. Home values in rural towns have risen as a result of the surge in remote employment and school alternatives, as homebuyers seek more room to work, rest, and play.

 

Outside of the city, prices are rising at a far quicker rate than within the city.

 

Decrease in crime rates

The value of a home in a low-crime neighborhood tends to be higher. Home values rise as a neighborhood's or community's crime rate decreases. An older neighborhood population can be related to a drop in crime, according to Forbes, because adolescents are more at risk for dangerous behavior.

 

Improved school performance

When a school district performs well, as measured by state grades and ratings from greatschools.org, buyer demand increases in the neighborhoods within the district's zone, driving up property values.

 

The state or other relevant agency may redesign school zones from time to time, relocating communities to new schools or dispersing them among existing schools. As the neighborhood becomes more popular to purchasers, homes reallocated to higher-performing schools may see an increase in property value.

 

Homeowners Associations

According to statistics, properties governed by homeowners associations (HOAs) have a 5-6 percent higher value than comparable non-HOA properties. HOA laws and restrictions are well-known for beautifying and maintaining neighborhoods, improving quality of life, and safeguarding property values. As a result, when HOAs are implemented in existing neighborhoods, property values rise.

 

Historic preservation

Despite the limited renovation possibility, historic preservation can increase the value of a home, contrary to popular assumptions.

 

Supply and Demand

 

Supply and demand play a big role in the housing market, as we've seen recently. Simply said, as the housing supply shrinks, resulting in a shortage of inventory, property values rise.

 

When there is a real estate inventory deficit, it indicates there are fewer sellers than buyers.

 

To make matters worse, there is a scarcity of building materials and trained personnel needed to construct new dwellings. The ongoing shortage of real estate inventory has boosted property values all around the country. Buyers engage in bidding wars to get home from the restricted inventory as the low supply of homes for sale meets strong buyer demand, driving up property values.

 

Real Estate Comps

 

As the sale prices of comparable properties (also known as real estate comps) in your neighborhood rise, so does the value of your home. Real estate comps are homes in your neighborhood that are similar to yours in terms of age, square footage, materials, features, and condition. Comps are used by appraisers and real estate brokers to determine the value of a property or the price of a listing.

 

When bidding wars erupt in a neighborhood, homes sell for higher prices than similar homes have sold for previously. If bidding wars continue, this allows sellers to market their homes at greater prices and earn even higher sale prices.

 

Size and usable space of your home

 

In the viewpoint of appraisers and buyers, the more usable square footage, the higher the home value. The term "useful space" refers to living space and, in some cases, heated living space. Usable space does not usually include the square footage of finished basements and attics.

 

Your property value improves to varying degrees if you add square footage to your home with a home addition, finished attic, or basement. Especially if the extra room can be converted into a home office.

 

Property extensions such as auxiliary dwelling units (ADUs) or mother-in-law suites can boost the value of a home by up to 38 percent in addition to adding usable space. According to Freeman, ADUs are in increased demand post-pandemic as families welcome elderly parents and adult children into their homes. Homebuyers are enticed by the possibility of earning more money.

 

Age and condition of your home

 

A newer home will have a higher worth than an older property since the physical attributes of your home decline in value. The amount and severity of repairs required are used by appraisers to determine the condition of your home. A well-maintained older home with a solid foundation and structure, as well as functional systems, will be worth more.

 

Buyers should pay attention to the quality and style of materials and fixtures, such as hardware, tile, and energy-efficient features, to determine the age of your property. You increase the value of your home by keeping it in good structural and aesthetic condition.

 

Upgrades and updates

 

Remodeling increases the value and marketability of your house when done correctly. You may see that a home with similar age, size, and layout to yours has been evaluated at a significantly greater value than yours. The home has most likely been improved as a result. More homebuyers and greater offers are attracted to homes that have been updated with modern features or layouts.

 

Zoning Regulations

 

The market value of a home is influenced by its zoning. Municipalities utilize zoning to set local ordinances that govern how property can be used within a given geographic area. The usage of a property can be classified as residential, commercial, or industrial. Low-, medium-, and high-density residential zones are some more particular examples.

 

While zoning regulations are intended to safeguard a home's value, population and job growth may necessitate residential expansion. Upzoning is the process of changing zoning laws to allow for more future development. Upzoning can have a variety of outcomes, and the merits are frequently contested. Upzoning has been found in studies to boost the market value of residences with development potential.

 

Interest Rates

 

Home prices are rising as mortgage interest rates fall. Simply said, when the cost of owning and maintaining a property decreases, new homeowners enter the market. Current homeowners who can afford to upgrade to a larger or more modern home join the market as well. Home values rise as a result of the strong demand.

 

Healthy Economy

 

Economic growth improves property values in the same way. As employment rates rise, more people will be able to afford to buy a home. More purchasers enter the market when the economy is strong and consumer confidence is high, enhancing demand and property values.

 

Politics

 

Politics and the economy, on the other hand, frequently go hand in hand. Market values can grow as a result of government initiatives that either intentionally or incidentally promote the economy and improve the consumer climate.

 

Legislative action

Lower interest rates and tax incentives are examples of government initiatives that might improve demand and increase property values in a sluggish real estate market.

 

Political climate

The political situation of a country has a big impact on consumer confidence. During election off-years, market values tend to climb more. Furthermore, a geographic region's political leanings might have an impact on real estate values.

 

Disasters

 

When homes are damaged by natural or man-made disasters, the value of untouched properties rises as a result of lower supply and higher demand from displaced homeowners. Property values in unaffected neighboring areas, in particular, tend to climb. While it may appear that the contrary is true, homeowners who have been acclimated to regional natural catastrophes are willing to pay higher homeowner's insurance rates in order to stay in the area.

 

Natural and man-made disasters can both spur community growth, such as the construction of a stronger seawall. Following a disaster, sellers may make changes to their homes to make them more appealing to potential purchasers.

 

Generational Shifts

 

According to data from the National Association of Realtors, millennials have become a larger share of the buying pool in recent years, upsetting the real estate market. Two segments of millennial buyers (ages 22-30 and 31-40) together account for 37 percent of all homebuyers.

 

These buyers are foregoing starter homes in cities in favor of larger, more expensive suburban homes, whose values are rising as a result of the increased demand.

 

Real estate values rise as a result of a variety of causes, including the development of community features and the entry of younger homeowners into the market. The impact of these factors on the value of your home is determined by the timing and location.

 

You can contact a top real estate agent in your area who has experience in property valuation and evaluation.

 

 

 

 

 

Dec. 6, 2021

The Process of Selling a House

The process of selling a home is not a one-and-done deal. It is a series of steps. You'll have to deal with state rules governing specific types of sales, which may have an impact on the sale's finality. However, several steps in the home-selling process are quite typical.

White Single-story Houses Beside Body of Water

Contract Signing

The first stage is for the seller and the buyer to reach an agreement on price and terms. The seller has three options: accept the offer, reject it outright, or counteroffer. The technique might consist of a single counteroffer or a series of counteroffers that are exchanged back and forth between the buyer and seller over a period of time.

Ideally, there will be a convergence of ideas at some point. The status of the listing then changes from active to pending sale.

Some realtors post a "pending" or "in escrow" or "under contract" sign in the yard, but a house isn't sold just because the seller has accepted an offer.

 

Inspections

Prior to closing, buyers should have a house inspection performed. Depending on the age, condition, and location of the property, other sorts of inspections may be necessary.

If an inspection reveals an unforeseen issue, a buyer may pursue additional negotiations with the seller. This is especially true if the fault is one that will cost a lot of money to fix.

Then there are the repairs, which take time and aren't completed until the house is sold. It isn't even deemed sold unless the buyer is pleased with the inspection results.

 

Loan Approval

After all of the buyer's supporting paperwork has been received by the lender and an appraisal has been completed, the buyer's mortgage file is sent to underwriting. It can take anywhere from a few days to a few weeks to complete the underwriting process.

The appraisal must back up the purchase price that was agreed upon. If the appraiser submits a low appraisal, more negotiations will take place, or a new appraisal may be ordered.

After the loan is authorized, the house is still not considered sold.

 

Contingency Sale

Before moving forward with the purchase of a new house, a buyer may need to close escrow on an existing home. This is known as a contingency sale, and in order to proceed forward with the contract, the contingency must usually be satisfied or released.

Signing a release of contingencies or performing another act, such as depositing all cash to stop escrow, is one way to meet a contingency. However, even if the buyer pays the entire purchase price in cash, the residence may not yet be fully sold, especially if the buyer can only be held liable for liquidated damages in the event of default.

 

The process is overwhelming, especially to first-time sellers and buyers. It is always advisable to ask a local real estate agent to help you get through the nitty-gritty process of homeownership smoothly.  

 

Dec. 1, 2021

Tips for a First-Time Home Seller in Real Estate

Buying and selling a home are two completely different things. When it comes to buying a property, it's all about emotions and feelings, but when it comes to selling a home, it's all about maximizing profit potential, as listing agents like to put it. The advice presented here is applicable to first-time home sellers as well as any seller in need of a real estate refresher.

White and Brown Concrete Building

Price Your Home Accurately

Here, a reputable listing agent can assist you. Choose someone who isn't your cousin's sister-in-law and just works in real estate. Selecting an experienced real estate agent who sells a significant number of listings, particularly in your community, will benefit you much.

You don't want to make a bad first impression by overpricing your home and then lowering it. You also don't want to throw money away. Your agent will conduct a comparative market study and generate a value estimate (often referred to as a CMA).

 

Home Staging Boost Selling Power and Appeal

Inquire with your agent about how to prepare your home for sale. With about half of the furniture eliminated, most homes seem better. You've done your job well if a buyer walks in the door and wonders if anyone lives there. Consider home staging to increase your attractiveness and selling power.

The single most effective enhancement you can make is painting. Don't let dings in the woodwork or scrapes on the walls give the impression that your property has been neglected.

 

Best Day to List Your Home

Choose the best day to put your house on the market. This period will vary depending on your local neighborhood, the weather, the time of year, and a variety of other factors, including the current health of your real estate market. On the first day on the market, you only get one chance to present your home in its finest light.

 

Ask Your Agent's Standard Commission

Consider the larger picture and benefits of hiring this person if the agent's regular real estate commission looks appropriate. Despite what you may read or hear, or the tendency of real estate websites to make the process appear as simple as clicking a mouse, your home will not sell itself. It's not the case. You have no idea what you're missing out on. You will almost certainly rely on the pros you hired to sell your house to acquire the most money from the transaction.

 

Host an Open House

Inquire with your agent if the open house will be advertised online. Many people have no desire to buy a property until they see an open house and fall in love with it.

 

Insist in Professional Photography

Of course, if you've engaged a top-notch selling agent, professional images are almost certainly already included. It's not enough to get the photo's angle absolutely right.

The most popular photographs have a lot of color and depth to them, and they're really appealing. Before the virtual tour or photo tour goes live, make sure you approve it.

 

Review Your Listing Online

Examine your home's listing on a variety of websites to ensure that the information provided is correct. Real Estate agents do their utmost to ensure accuracy, but because it is your property, you are the expert on the details. If you see a feature that is missing, contact your agent right away and request that it be added.

 

Line Up Movers Early

You can begin packing before your home goes on the market, giving you an advantage in the process. Being prepared will also give you peace of mind. It's stressful enough to sell something.

Nov. 22, 2021

Selling Your Home in a Seller's Market

In a seller's market, selling a home is very different than selling a property in a buyer's market. It is a fantastic time to sell if you are fortunate enough to be in a seller's market in your area. Not only will you have fewer days on the market, but you may also receive many offers, perhaps driving up the selling price.

 

Aerial Photography of Gray Houses

 

Drivers of High Demand

 

In a seller's market, some homes, particularly those deemed as distinctive and difficult to sell in any real estate market, will have a better chance of selling. There may be few and far between homes for sale. - the nicest residences will get the most attention if there isn't much to select from. The unsightly houses, on the other hand, will still sell because there aren't many options.

 

Low mortgage interest rates may also be a factor in rising demand.

 

 

Ways to Attract Multiple Offers in a Seller's Market

 

Some individuals believe that all you need to do is put a sign in your yard and the market will take care of the rest. In a seller's market, it may be simpler to sell, but selling a home requires much more than putting a sign out front. It necessitates a plan.

 

Prepare the Home for Sale

 

Home staging may or may not be included in the process of preparing your home for sale, but it must include a thorough cleaning from top to bottom. In a seller's market, buyers will overlook minor flaws since there aren't enough homes to select from.

 

Go on the Market on Friday

 

The greatest day of the week to sell a house is usually Friday. Setting listings to "go live" on Thursday night at midnight is an excellent tactic since buyers will see them among the new listings when they wake up Friday morning. To make the web presentation pop, make sure all photos are color-corrected and flawless.

 

Limit Showings

 

People often desire what they believe they are unable to obtain. Allowing tours of your home at all hours of the day is not a good idea—limit the hours and days. This will compel some buyers to tour when other buyers are present, perhaps creating a competitive environment.

 

Lower the Sales Price

 

More buyers will be attracted if you put the price just a smidgeon below market value. It will also give bidders some leeway to start bidding above the asking price. It isn't required, but it is a viable technique in some marketplaces.

 

Do Not Set a Time for Offer Presentation

 

You will lose some buyers if you inform them that you will assess all offers on a specific day and at a specific hour. Buyers do not want to be kept waiting to see if their offer is approved.

 

There is also a sizable group of purchasers who would indicate they do not want to be part of several offers. It's too late by the time they find out—they're already involved in something else.

 

 

It takes time, effort, and experience to sell a home; work with a reputable real estate agent if you want to maximize the sale of your home in today's market.

Nov. 15, 2021

Tips to Help You Sell Your Home in the Winter

When it comes to buying and selling homes, there is no shortage of advice and opinions. These viewpoints are frequently founded on perceptions that sound wonderful but are unrelated to real-world experience. The common thinking holds that selling a home during the winter months is a bad idea.

 

 Snow Covered Wooden House Near Trees

 

Unless you live in a continuously bright climate, winter might not be the ideal time to put your home on the market. While it may not be as desirable as the summer for reasons of convenience and comfort, properties do sell in the winter, and there is a case to be made that it is actually the best time to sell.

 

Winter Buyers Are Serious and Motivated

 

In the winter, prospective house buyers are serious, motivated, and eager to buy. It's usually because they have no choice. Their existing living arrangement may have abruptly altered, or they may have been forced to relocate due to job changes - whatever the case may be, they are serious about finding a new home, and their search is typically urgent.

 

January is a Big Month for Job Relocations 

 

The beginning of a new year is generally the beginning of a new job. Personnel transfers and relocations are common in large organizations at the start of the year. January relocations attract determined homebuyers who want to get settled as soon as possible. 

 

Typically, the goal is to move only once, and not again in the spring. These individuals are looking to get their children back in school and their lives back on track, which qualifies them as excellent buyers.

 

Tips for Selling in the Winter

 

Clear a Path

Snowdrifts can obscure visual indicators that one needs to descend to the next walkway, perhaps resulting in calamity. You can also place a rubber mat or a container by the front door to catch wet umbrellas and shoes.

 

If the temperature drops below freezing, footprints on freshly fallen snow will turn to ice, so cover them with a layer of sand or salt. Make sure there's a passage from the roadway to the sidewalk so tourists don't have to push their way through drifts.

 

Let in the Light

Unless the view or outdoor scenery is very disagreeable, pull up the shades, open the shutters, and push back the drapes on every window. Turn on all of the lights in the house, including those in the appliances and closets. Placing spotlights on the floor behind furniture might help to lighten dark areas with few windows.

 

Make Everything Sparkle

Of course, you want to clear out your personal belongings. This is true regardless of the season. Buyers may not always be able to see past it and envision themselves happily and comfortably in your home.

 

Turn Up the Heat

Increase the temperature on the thermostat. You want the temperature inside to be pleasant and to encourage customers to stay longer, especially on a cold day, but you don't want to go overboard.

 

It's preferable to heat the house a few degrees warmer than usual right before the showing, then return to normal. When the buyer is there, the heat will not be activated.

 

Create a Mood

You want your rooms to appear especially warm, cozy, and inviting. A few subtle tricks can go a long way:

  • Toss afghans or throws across the arms of your sofa.
  • Set a breakfast tray on the bed with a coffee cup and saucer, napkin, and reading material.

Instill a spirit of summer in your audience. Fill vases with flowers and place them throughout the house. Photographs of flower gardens and beautiful green lawns—anything but rain or snow—should be displayed.

 

Serve Winter Foods

Hot apple cider and chocolate are both excellent beverage options. On a cold day, creamy soups and stews are delightful. To avoid dealing with cutlery, serve them in shot glasses or paper cups.

 

Provide Specific Information

Attach printed cards to things and place them around rooms to convey additional information that the customer may overlook or be unaware of.

 

Place a card on an antique chandelier that will stay with the property, revealing its age and other pertinent information. If you've removed the washer and dryer, hang a card detailing the laundry room on the wall to let visitors know where they can find them. If your basement steps are steep, attach a card to the railing warning purchasers to watch their step or their heads.

 

So, go ahead - sell your home in the winter! You have nothing to lose. It could be the perfect time to sell, so talk to your local agent about selling your house this season.

 

 

 

 

 

Nov. 8, 2021

Mortgage Rates are Expected to Rise Further in 2022, According to Experts

If you're buying a home, mortgage rates are one of the numerous factors that influence how much you can afford. When interest rates are low, you can obtain a lot more house for your money. Mortgage rates have dropped to an all-time low in the last year, and they've remained there for the past year. However, rates have started to rise in recent weeks. The average 30-year fixed rate was 3.14 percent this week.

Top-view Photography of City

 

“The average 30-year fixed-rate mortgage (FRM) is expected to be 3.0 percent in 2021 and 3.5 percent in 2022.” - Freddie Mac

 

“Right now, we forecast mortgage rates to average 3.3 percent in 2022, which, though slightly higher than 2020 and 2021, by historical standards remains extremely low and supportive of mortgage demand and affordability.” - Doug Duncan, Senior VP & Chief Economist, Fannie Mae

 

"Consensus forecasts predict that mortgage rates will hit 3.2 percent by the end of the year, and 3.7 percent by the end of 2022.” - First American

 

If interest rates climb by half a percentage point in the following year, it will affect how much you pay each month over the life of the loan – and that can add up quickly. As the market prices and mortgage rates rise, it will become more expensive to buy a home.

 

Industry analysts predict that rates will climb in the months ahead, as evidenced by the quotes above. 

Buying before mortgage rates grow even higher will help you take advantage of today's homebuying affordability, whether you're buying your first house, moving up to your ideal home, or downsizing because your needs have changed. That could be the game-changer you've been looking for to help you reach your homeownership aspirations.

 

If you're planning to buy or sell a home in the coming year, it's a good idea to act now rather than later, before mortgage rates rise. Contact Midwest Realty and discuss your next best move!