Spring is in the air – are you ready to SPRING into the market?

Currently the biggest challenge in the real estate market is the lack of inventory. Having said that … the biggest advantage to sellers in the real estate market is the lack of inventory.  Now let that set in a minute! So, what are you waiting for? If you are currently on the fence – it may be high time to think about getting off the fence, and spring into the market. Perhaps you have a few unanswered questions that cause you to pause – getting those questions answered, will only help you to move forward.

While we may be seeing the market shift a little bit to be a more “balanced market” it is still weighing in favor of sellers, due to the lack of inventory – but regardless it is not any less important for sellers to get their home “show ready” as best as they can. This exercise allows seller to achieve the best outcome when looking at their bottom-line sales price. For some, this can be a grueling and overwhelming task, but if you get organized and break it down it doesn’t have to be, and will very well be worth your while.

Below are some helpful tips and tricks that will help you through this process and make your home one the buyers will keep at the TOP of their A list.

First, walk through your home with a “buyer’s eye”, taking note of any items that need to be cleaned, repaired, or replaced. 

Make a checklist – Prioritize your tasks. Be sure to keep your list in plain sight so you can check off each item as you go – delegating tasks where you can. Seeing your progress can help you feel less overwhelmed. 

First impressions matter – and they start right at the front door. A fresh coat of paint on the door and trim, (if needed,) a seasonal wreath and a potted plant at the front door is a special touch, and one that will give the buyer that “welcoming feeling” of home. Tend to the landscape of the property, ensuring bushes are trimmed back and grass is manicured nicely. Pull weeds from flower beds and mulch as needed. A good first impression only happens once. So while buyers do their “drive by” of your home, as many will do prior to scheduling a showing – if the property looks tired and unkept, the home may not even make it to their show list. 

Cut the Clutter – I can’t stress this enough! We are all guilty of accumulating a lot of “stuff” through the years – some good stuff, some “I don’t need anymore” stuff. You don’t realize how much stuff you have, until you start “uncluttering the clutter”. Now is the time to sort through your belongings – box up what you plan to bring to your new home, the rest should either be tossed or sent to Goodwill or left in the home for staging purposes. There are so many great social media sites that allow you to either sell or “gift” those items you no longer don’t need or want to someone who may repurpose or treasure them as you did. The goal is to allow buyers to imagine their belongings in the home. 

If it’s broken – fix it or replace it. Repair or replace anything that is broken or in poor condition. Tend to inexpensive things like, a leaky faucet, loose doorknob, or the like. Make sure all light bulbs are working, and plumbing fixtures are in good shape. Check to make sure mechanicals & small appliances are in good working order. If you are not able to fix or replace the item, where appropriate it can be listed “as is.”

You want the buyer to feel that the home was well cared for, so as to not put any doubt in their mind of “what else” could be wrong with the home. These little items can save you a lot more money in the end.

Paint can go a long way – Putting a fresh coat of paint on walls and trim can change a room dramatically. Paint in neutral colors. This at a minimal cost, but money well spent. 

Clean, clean, clean – Clean from top to bottom and inside out!

Floors – Steam clean or shampoo carpets, and polish laminate, tile, or wood floors. 

Be mindful to the sense of smell – smells strongly affects emotions. Unpleasant aromas can overwhelm an otherwise perfect presentation. 

Wash windows – Windows let light and warmth inside and improves the view from any room. Clean every window thoroughly and don’t forget the sills, sashes and any blinds, curtains, or other accents.

Inspect Driveways – Seal cracks where possible. Pull weeds in or near these areas and trim grass along all edges.

Paint or clean exterior of the home – If time allows, a new coat of exterior paint, especially on window trim and accents can do wonders for your homes “curb appeal”. 

So your work is now complete and you have a good pricing strategy in place – Next step … Let the “Show” begin! 

During showings, open all window treatments to maximize natural light, and if the weather permits, open a window for fresh air. Turn on all interior lights, including those in bathrooms, hallways, and closets.

Following some of these small tips, along with a good pricing strategy from a real estate professional, will help make your house shine, and put you a step ahead of your competition – getting you home SOLD, for the most value, is always my goal, along with the most favorable terms, and getting you where you want to be on your time!

Laura

The Key To Your Real Estate Success

Helping buyers and sellers achieve their real estate goals

BUY, SELL, OR STAY?

If you are still on the fence, trying to decide how you would like to move forward or not, now, or later – you get the idea. Waiting to see “what the market does” is not a good strategy, nor should it be the driving force in your decision-making process. It should only be about “your why?” It may be that your kids are grown, and are off to college, or starting their new chapter in life. Perhaps it’s time to start yours? Downsizing may be something to consider. Perhaps moving to warmer climate, or moving closer to family or friends? Some may want to make their lives a little bit easier, and want to live and enjoy a home that offers “one level living.” All are good reasons for your why! Perhaps you’re not sure where you’re going, or how you can get there. If that be the case, let’s talk! That may be a good place to start. 

So, while you are in “decision mode” get inspired! Get out your checklist and have at it! If you don’t have one, make one – and decluttering will always be at the TOP of that list … just saying! Doing those little things from painting a few rooms, sprucing up the bathroom with some nice new fixtures, or perhaps some new lighting fixtures to give your home a little personality. These are just a few small and inexpensive things, that can make a world of difference to you, should you decide to stay, or for when the time is right, and you go decide to sell. 

Whether you are thinking about selling your home, or perhaps you’ve just purchased a home – I thought I would give you a sneak peek back to The 2022 Remodeling Impact Report from the National Association of Realtors (NAR) which highlights popular home improvements and illustrate the rate of return they bring for that investment …. Good information to know if you currently own, thinking of selling, or after your purchase … Buy, Sell, or Stay?

Laura

The Key To Your Real Estate Success

Helping buyers and seller achieve their real estate goals

THE IMPORTANCE OF UNDERSTANDING YOUR HOMES VALUE 

 

As we are all seeing the shift in the real estate market, it is important to keep a good pulse on it, especially if you are considering selling your home this year.  Good news for sellers … inventory still continues to be very low in our area, which in essence keeps home values in a good place. But with spring peeking its head out … and it may just be a little sooner than we think, this will be the bigger tell-tale to be mindful of as we look forward to the spring real estate market.

If you are in a place where now is the time to “make your move,” it is important to keep the following in mind …

Price It Right!

I can’t stress this enough! Pricing your home correctly on “Day 1” is key to getting the activity and interest needed to get your home under contract, and to the closing table! There are many factors that surround these strategies and speaking with a local real estate advisor such as myself, can help you navigate your way through the process. As those who know me, know my favorite saying is, “we only know what we know now,” and gathering all the information you need to know now to “move forward” is key. Perhaps there will be a few things you’ll need to do to get your home “show ready” prior to listing your home that will gain the most value for your home is good information to know now. On the other hand, there may be things you “think” you need to do to get your home “show ready,” that you really don’t. This is good information to know and conversations you should be having with your agent right from the get-go.

Set Expectations

We are getting back to basics – getting back to a more “normal market” if you will. No longer can we “price ahead of the market” and then expect to get at or over that asking price. The risk you bear for over-pricing a home in this shifting market is “time & money.” Don’t get me wrong – we are still very much in a seller’s market – but it is not the same “crazed” market that we had experienced the last 2+ years. If we are to be successful in this market, we must accept the fact that the market is changing, and we need to adjust our expectations along with that change.

First step, speak to a trusted real estate advisor, to discuss what your real estate goals are, and how your agent of choice will help you get there. You will want he/she to prepare a Comparative Market Analysis (CMA) on your home to see what your home’s value is in today’s market. Fast forward …once you have all your information, and a plan in place, and you have now made the decision to make your move – my best advice to you would be the following – aside from getting your home “show-ready,” price your home right! Homes that are priced right, will sell quickly. Pricing your home at market value based upon current market conditions will attract a larger buyer pool that could ultimately net you a higher price. Pricing your home right on “Day 1” is critical, and in not doing so, you may find yourself “chasing the market” and ultimately netting less than you would have had you only priced it correctly to begin with.

Case in point …

I just closed on a property, (under contract in less than a week) – where the sellers gained close to an additional $50,000 in equity value on top of their already built in equity … which was well over what they ever thought possible. How do you ask? By listening to my advice and pricing their home right!!! 

When I first met with my clients/aka friends … to go over the marketing and pricing of their condo prior to placing it on the market … I just asked them if they had any idea of where their value was, and where they believed their list price should be? Let’s just say, I was right … and they were happily very wrong!!! 

Are you wondering what the current market value of your home is? Feel free to contact me. I would be happy to provide you with a complimentary market analysison your home! 

Laura 

The Key To Your Real Estate Success

Helping buyers and sellers achieve their real estate goals

SHOULD I WAIT UNTIL SPRING TO “MAKE MY MOVE?”

We all can agree that the spring is usually the busiest of seasons when it comes to the real estate market. Often we will see many buyers and sellers wait for spring to make their move. But knowing what we have experienced these last past two years – is this really the best strategy for buyers? When you think back on the last two years, where buyers either felt they had over-paid for a property, or just felt beaten down by the process with the multitude of offers and bidding wars on properties they were offering on – Do you really want to go down the road again? If you are a buyer, who is ready to buy a home but is waiting on spring market to make your move … you may want to consider these few things. 

It’s all about the competition …

Buyer Competition

The reality is, there are less buyers out there looking to buy a home in the winter months, giving “ready” buyers a little bit of the upper hand without feeling the pressure of buyer competition. Having said that, the same holds true for sellers, who tend to wait until spring to make their move, giving buyers less options to choose from. But keep in mind … it only takes “one house” that could be the perfect home for you! With the lack of inventory still being the driving force of the market, buyer competition can be a key factor to getting your offer accepted by the seller. During the winter months, sellers may be a little bit more willing to negotiate with you knowing the real estate frenzy of the last 2 years, for now, appears to be in the rear-view mirror. 

Spring vs Winter Market

In years past, the housing market has gone through predictable seasonal trends in market activity. Winter as we know it, typically is a quiet time of year for real estate, while spring will see an increase of buyers entering the market as they begin their home search. Experts predict that this year will be no exception. Thus, if you are a “ready” buyer” now may just be the right time to start or continue your home search before your competition grows as more buyers enter the market.

Sellers May Be More Motivated

Low demand from buyers means sellers may be more likely to work with you. In fact, sellers have been more willing to negotiate this winter because there are fewer buyers in the market. But keep in mind, the advantages buyers have this winter may be short lived. The competition you face could be greater come spring, if you wait to make a move … and with increased buyer demand gives the seller less motivation to negotiate with you

Laura

The Key To Your Real Estate Success

Helping buyers and sellers achieve their real estate goals

WHAT ARE EXPERTS SAYING ABOUT MORTGAGE RATES IN 2023

In an effort to bring down inflation, the Federal Reserve took action. In response to this action, mortgage rates jumped up rapidly from the record lows we saw in 2021, which was just up over 7% last October. As a result, buyers that were in the market early on came to realize that their purchasing power was less as interest rates increased. Buyers needed to make decisions based upon this reality, lower their purchase price to stay within their budget, or put a pause on their home purchasing plans and go into wait and see mode. 

Today, the rate of inflation is starting to slow, and as a result, we have seen mortgage rates follow suit dipping below last year’s peak. Sam Khater, Chief Economist at Freddie Mac, states “While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.

This could be potentially great news if you’re a buyer looking to jump in/back into the housing market. Any drop in mortgage rates will give the buyer more purchasing power by bringing down your monthly mortgage payment. This means the lower mortgage rates that experts forecast for this year may just be what the buyers need to get off the sidelines and back into the game. 

While this is great news for the buyers, let’s set the expectations … yes, rates are expected to take a dip in 2023 – but they are not expected to drop back down to the rates we saw in 2021. Greg McBride, Chief Financial Analyst at Bankrate, states  “I think we could be surprised at how much mortgage rates pull back this year. But we’re not going back to 3 percent anytime soon, because inflation is not going back to 2 percent anytime soon.

It’s important to have reasonable expectations of what you can expect this year when it comes to mortgage rates. Speak to a professional mortgage lender to get good sound advice as you start your journey towards homeownership. Remember, knowledge is power that enables you to put your best foot forward. You may be pleasantly surprised with even just a mild drop in mortgage rates on how that will affect your monthly mortgage payment.

If you are just getting into the market, I would suggest as a first step … speak with a professional mortgage lender and get pre-approved. From there, you will get a bit of an education on the process and a good understanding of what your budget will afford you as you start your home search. 

Laura

The Key to Your Real Estate Success

Helping buyers & sellers achieve their real estate goals