Category Archives: For Sellers

5 Reasons You Should Sell This Summer

gIXppZ_KflA2L2mVARTPFoNW48wCjOBJ2r4GIlE4NNnPUm9kJnbnHfG5iokopkwdiTeFgPaWVeGb4w8vjV8i2T4gr4mAeiqt5iwKoXQ6EuWN9-GnFhq0MSb858QTcmcfEiPvTRoGDW_JZXiKr1a_08D3em8=s0-d-e1-ft

Here are five reasons listing your home for sale this summer makes sense.

1. Demand Is Strong The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home. Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now Housing inventory is currently at a 4.2-month supply, well under the 6-months needed for a normal housing market. This means, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory could be coming to the market soon. There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market this summer. Also, builder’s confidence in the market has hit its highest mark in over 11 years. Experts are predicting that new construction of single-family homes will ramp up this summer. The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker Fannie Mae anticipates an acceleration in home sales that will surpass 2007’s pace. As the market continues to strengthen, banks will be inundated with loan inquiries causing closing-time lines to lengthen. Selling now will make the process quicker & simpler. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to a new low of 42 days, after seeing a 12-month high of 48 days in January.

4. There Will Never Be a Better Time to Move Up If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 4.9% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock in your 30-year housing expense with an interest rate around 4% right now. Rates are projected to increase in the next 12 months.

gIXppZ_KflA2L2mVARTPFoNW48wCjOBJ2r4GIlE4NNnPUm9kJnbnHfG5iokopkwdiTeFgPaWVeGb4w8vjV8i2T4gr4mAeiqt5iwKoXQ6EuWN9-GnFhq0MSb858QTcmcfEiPvTRoGDW_JZXiKr1a_08D3em8=s0-d-e1-ftgIXppZ_KflA2L2mVARTPFoNW48wCjOBJ2r4GIlE4NNnPUm9kJnbnHfG5iokopkwdiTeFgPaWVeGb4w8vjV8i2T4gr4mAeiqt5iwKoXQ6EuWN9-GnFhq0MSb858QTcmcfEiPvTRoGDW_JZXiKr1a_08D3em8=s0-d-e1-ft.jpg5. It’s Time to Move on with Your Life Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should? Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire. That is what is truly important.

Which Homes Have Appreciated the Most?

Which Homes Have Appreciated the Most? | www.EdgemontRealEstate.wordpress.com

Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 7.1%. CoreLogic, in their most recent Home Price Insights Report, reveals that national home prices have increased by 6.9% year-over-year. The CoreLogic report broke down appreciation even further into four different price categories:

  1. Lower Priced Homes: priced at 75% or less of the median
  2. Low-to-Middle Priced Homes: priced between 75-100% of the median
  3. Middle-to-Moderate Priced Homes: priced between 100-125% of the median
  4. High Price Homes: priced greater than 125% of the median

Here is how each category did in 2016: Which Homes Have Appreciated the Most? | www.EdgemontRealEstate.wordpress.com

Bottom Line

The lower priced homes (which are more in demand) appreciated at greater rates than the homes at the upper ends of the spectrum.

Economic Confidence May Be Housing’s Buoy

Consumers are getting more confident about the economy and their finances, and that could bode well for the real estate market, according to the National Association of REALTORS®’ latest Housing Opportunities and Market Experience survey.

Indeed, the share of households who say the economy is improving surged to its highest share in the survey’s five-quarter history, reaching 62 percent (up from 48 percent a year ago).

The majority of positive sentiment about the economy is coming from respondents living in the Midwest and rural areas, according to the survey. Last March, 49 percent of Midwesterners and 35 percent of Americans living in rural areas thought the economy was improving. Today, 67 percent of Midwesterns and 63 percent of rural residents report an improvement to the economy.

“Confidence levels generally rise after a presidential election as the nation hopes for the best,” says Lawrence Yun, NAR’s chief economist. “Even though it is a highly polarized country, consumers for the most part have upbeat feelings about the economy right now. Stronger business and consumer morale typically lead to even more hiring and spending, which in turn encourages more households to make big decisions like buying a home. These positive developments would be especially good news for prospective homebuyers in the more affordable Midwest region.”

Households are also feeling more confident about their finances. Respondents in the HOME survey reported confidence that their financial outlook will improve over the next six months. Financial confidence is at the highest levels in the survey’s history (reaching 62.6 on the index in March, up from a 58.1 reading a year ago).

Renters, however, may not be as confident. Fifty-six percent of renters say now is a good time to buy, down from 62 percent a year ago. Younger households, renters, and Americans living in more pricey areas, like the western region, are the least optimistic about buying. Meanwhile, 80 percent of homeowners say now is a good time to buy a home.

“Inventory conditions are even worse than a year ago and home prices and mortgage rates are on an uphill climb,” says Yun. “These factors are giving many renter households a pause about it being a good time to buy, even as their job prospects improve and wages grow. Unless there’s a significant boost in supply levels this spring, these constraints will unfortunately slow or delay some prospective buyers’ pursuit of purchasing a home.”

Source: “2017 Q1 HOME Survey,” National Association of REALTORS® (March 2017)

Pets Have Pull for Homebuyers and Renters

Three bathrooms? Check.

Garage? Check.

Doggy door? Check.

Pets Have Pull for Homebuyers and Renters

Pets are family—and homes have to accommodate family. According to a recently released report by the National Association of REALTORS® (NAR), 81 percent of Americans say their pets play a role in their housing situation—so much so that 89 percent say they would not give up their pet due to a housing restriction. What’s more: Nineteen percent of Americans say they would consider moving for their pet, while 12 percent have moved for their pet.

Moving is not the only option for pet owners, however. More than half (52 percent) of Americans in the report completed a renovation for their pet, such as adding a dog door, building a fence around the yard or installing laminate flooring.

Pets also have pull when it comes to buying or renting a home, according to the report. One-third of pet owners will not make an offer on a home that does not meet the needs of their pet, while 61 percent have a hard time finding a pet-friendly homeowners association or rental.

“In 2016, 61 percent of U.S. households either had a pet or planned to get one in the future, so it is important to understand the unique needs and wants of animal owners when it comes to homeownership,” says NAR President Bill Brown. “REALTORS® understand that when someone buys a home, they are buying it with the needs of their whole family in mind; ask pet owners, and they will enthusiastically agree that their animals are part of their family.”

Access: A Key Component in Getting Your House SOLD!

Access: A Key Component in Getting Your House SOLD! | Keeping Current Matters

So, you’ve decided to sell your house. You’ve hired a real estate professional to help you with the entire process, and they have asked you what level of access you want to provide to potential buyers. There are four elements to a quality listing. At the top of the list is Access, followed by Condition, Financing, and Price. There are many levels of access that you can provide to your agent so that he or she can show your home.

Here are five levels of access that you can give to buyers, along with a brief description:

  1. Lockbox on the Door – this allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.
  2. Providing a Key to the Home – although the buyer’s agent may need to stop by an office to pick up the key, there is little delay in being able to show the home.
  3. Open Access with a Phone Call – the seller allows showing with just a phone call’s notice.
  4. By Appointment Only (example: 48 Hour Notice) – Many buyers who are relocating for a new career or promotion start working in that area prior to purchasing their home. They often like to take advantage of free time during business hours (such as their lunch break) to view potential homes. Because of this, they may not be able to plan their availability far in advance or may be unable to wait 48 hours to see the house.
  5. Limited Access (example: the home is only available on Mondays or Tuesdays at 2pm or for only a couple of hours a day) – This is the most difficult way to be able to show your house to potential buyers.

In a competitive marketplace, access can make or break your ability to get the price you are looking for, or even sell your house at all.

Thinking of Selling? Why Now is the Time

Thinking of Selling? Why Now is the Time | Keeping Current Matters

It is common knowledge that a large number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year. The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring, as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed the months in which most people listed their homes for sale in 2016. Here is a graphic showing the results:

Thinking of Selling? Why Now is the Time | Keeping Current Matters

The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,820,000.

That number spiked to 2,140,000 by May!

What does this mean to you?

With the national job situation improving, and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring; they are out looking for a home right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition for a buyer.

Bottom Line

It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today.

Listing in the Winter Attracts More Serious Buyers

A recent study of more than 7 million home sales over the past four years revealed that the season in which a home is listed may be able to shed some light on the likelihood that the home will sell for more than asking price, as well as how quickly the sale will close.

kcm-share-5

It’s no surprise that listing a home for sale during the spring saw the largest return, as the spring is traditionally the busiest season for real estate. What is surprising, though, is that listing during the winter came in second!

“Among spring listings, 18.7 percent of homes fetched above asking, with winter listings not far behind at 17.5 percent. While 48.0 percent of homes listed in spring sold within 30 days, 46.2 percent of homes in winter did the same.”

The study goes on to say that:

“Buyers [in the winter] often need to move, so they’re much less likely to make a lowball offer and they’ll often want to close quickly — two things that can make the sale much smoother.” 

Bottom Line

If you are debating listing your home for sale in 2017, keep in mind that the spring is when most other homeowners will decide to list their homes as well. Listing your home this winter will ensure that you have the best exposure to the serious buyers who are out looking now!

The study used the astronomical seasons to determine which season the listing date fell into (Winter: Dec. 21 – Mar. 20; Spring: Mar. 21 – June 20; Summer: June 21 – Sept 21; Autumn: Sept 21 – Dec. 20).

If Your Home Hasn’t Sold Yet… Check the Price!

kcm-share-2

The residential housing market has been hot. Home sales have bounced back solidly and are now at their second highest pace since February 2007. Demand has remained strong throughout the winter as many real estate professionals are reporting bidding wars with many homes selling above listing price. What about your house?

If your house hasn’t sold, it is probably because of the price.

If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. See chart below.

20170109-kcm-eng-768x576

Bottom Line

The housing market is hot. If you are not seeing the results you want, sit down with your agent and revisit the pricing conversation.

Avoid the Groundhog Day Experience When Staging a Home

Living inside a staged home can be a daunting task when the seller has to be in a constant state of upkeep. The experience can be grueling for sellers when their personal life becomes public display to strangers and their criticisms. If you’re going to be living in the home while selling you have to be willingly inconvenienced – not only emotionally, but physically.

So, what’s the best way to get out from under the microscope? Sell fast of course. In order to create an irrestible space with home staging you must work at it, and work at it…over and over and over again. It can get pretty redundant, like in that movie Groundhog’s Day with Bill Murray.

Image result for groundhog house

Having a property on the market can have you feeling the same way as Bill Murray did — reliving the nightmare over everyday. In the case of the home seller, making the beds, putting away the laundry, washing the dishes, vacuuming, dusting the list is not only daunting, but endless! A home seller needs to focus on the why though to stay motivated. It’s important to maintain a home while on the market because today may be the day that special someone will walk in the door and say “WOW! I have to have this home!”

To avoid the Groundhog Day rut while still accomplishing these daily tasks try:

  • Try talking to a friend that motivates you and will inspire you.
  • Stick to a schedule so you know you have time allotted to get the house in order.
  • Hire someone to take on the tasks you rather not do or don’t have time to complete.
  • Play some music to lighten the mood.
  • Reward yourself occasionally for a job well done.

Need some help getting started? Check out Tori’s checklists to get a handle on how to maintain your home more efficient and how to utilize your time to see the biggest return on your investment.

Staging Your Home for Sale in the Snow

While winter isn’t traditionally considered the best time to sell your home, there’s no reason you can’t get an offer during the colder months with the right staging. In fact, a study found that homes sold faster and for more money in the winter months, even in cold cities like Chicago. Here are five winter home staging tips that can increase your appeal to potential buyers.
Sales in the Snow - 5 Home Staging Tips for Wintertime

1. Clear the Walkways

Whether you live in an area with heavy snow all winter or you’ve had a big storm on a day with several showings scheduled, all areas of the yard should be accessible for buyers. That means not only making sure there’s a safe, snow-free path to the front door, but also that paths are cleared to any outdoor areas the buyer will want to view. This means sheds, patios, garages and recreation areas. And while entries can get grimy if your family is in and out with their boots on, this area should be kept spotless and clear of debris.

2. Let There Be Light

Although our instinct in winter is to hunker down indoors, put your home in its best light by opening all shades and draperies, as well as turning on all available light sources (including closet lights). The exception? Turn off televisions and computers, which don’t necessarily add to the warm glow you’re trying to achieve.

3. Keep it Toasty

Speaking of a warm glow, your home should project a feeling of warmth to potential buyers when it’s cold outside. If you have a fireplace that’s in good condition, that’s a great place to start. Try setting your thermostat a degree or two higher than usual to give buyers a reason to linger instead of heading back out into the weather. Ask a real estate company whether homebuyers in your area would respond well to layers of soft throws, rugs, pillows and other richly textured fabrics.

4. Embrace the Holidays

While REALTORS® usually advise to pack away personal belongings when staging a home to create a clean canvas for buyers, tasteful holiday decorations can help create the warm, family feel you’re trying to achieve. Think lush wreaths, a tree with inviting white lights, and candles in the windows for subtle yet powerful emotional appeal.

5. Don’t Ignore the Outdoors

Although your landscaping won’t look as gorgeous as it does in the spring, pots of evergreens can help add some color to your walkways and yard. Always make sure that gutters are cleaned and shrubs are trimmed, too.

By Dixie Somers