Southern Indiana Real Estate BlogRecently posted or modified blog posts in the category - Selling Your Homehttps://www.wardrealtyservices.com/blog/Copyright WardRealtyServices.com2024-03-21T08:49:19-07:00tag:wardrealtyservices.com,2012-09-20:22525How to Sell Your House Fast
Here’s how to sell your house…fast!
If you want expert guidance while selling your home, <a href="https://www.wardrealtyservices.com/about/jeremy-ward-team/">call The Jeremy Ward Team today</a>. We are here for you!2024-03-21T08:46:53-07:002024-03-21T08:49:19-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:22489Why Today’s Seller’s Market Is Good for Your Bottom Line
Thinking about <a href="https://www.mykcm.com/2024/03/06/why-access-is-so-important-when-selling-your-house/" rel="noopener noreferrer" target="_blank">selling your house</a> and wondering if now’s a good time to do it? Here’s what you need to know. Even though the number of <a href="https://www.mykcm.com/2024/02/27/why-todays-housing-supply-is-a-sweet-spot-for-sellers/" rel="noopener noreferrer" target="_blank">homes for sale</a> has been growing this year, there still aren’t enough homes on the market for all the buyers who want to buy.
So, what does that mean for you? To keep it simple, it means it’s still a seller’s market. Here’s how it works:
A neutral market is when supply and demand is balanced. Basically, there are enough homes to meet buyer demand based on the current sales pace, and home prices hold fairly steady.
A buyer’s market is when there are more homes for sale than there are buyers. When that happens, buyers have more negotiation power because sellers are willing to make compromises to close the deal. In a buyer’s market, sellers may have to do price cuts to re-ignite interest in their home, and prices may go down. But we haven’t seen this for years since there are so few homes available to buy.
In a seller’s market, it’s just the opposite. When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which can lead to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer upfront. This could drive the final sale price of your house up.
The graph below uses <a href="https://www.nar.realtor/newsroom/existing-home-sales-rose-3-1-in-january" rel="noopener noreferrer" target="_blank">data</a> from the National Association of Realtors to show just how deep into seller’s market territory we still are today:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240313/20240314-Months-Inventory-of-Homes-for-Sale.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240313/20240314-Months-Inventory-of-Homes-for-Sale.png" alt="a screenshot of a chart" /></a>
What Does This Mean for You?
The market is still working in your favor. If you lean on <a href="https://www.mykcm.com/2024/02/28/why-you-want-an-agents-advice-for-your-move/" rel="noopener noreferrer" target="_blank">an agent</a> for advice on how to get your house <a href="https://www.mykcm.com/2024/02/19/its-time-to-prepare-your-house-for-a-spring-listing/" rel="noopener noreferrer" target="_blank">list ready</a> and how to price it competitively, it should get a lot of attention from eager buyers. That means you’ll likely get multiple offers and see your house <a href="https://www.mykcm.com/2024/02/06/houses-are-still-selling-fast/" rel="noopener noreferrer" target="_blank">sell quickly</a> and for top dollar. As a recent article from Ramsey Solutions <a href="https://www.ramseysolutions.com/real-estate/housing-market-forecast" rel="noopener noreferrer" target="_blank">explains</a>:
“A seller’s market is when demand for homes is higher than the supply of homes. And that’s still the case right now. If you’re planning to sell your house, you can expect to sell it fairly quickly for close to your asking price—as long as your asking price is realistic for the current market.”
Today’s housing market still favors sellers. If you’re ready to sell your house, let’s connect so you can start making your moves.
2024-03-14T16:45:38-07:002024-03-14T16:46:55-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:22459The Spring Market Is a Sweet Spot if You’re Looking To Sell<img src="https://assets.site-static.com/userfiles/819/image/Screenshot_2024-03-08_at_4.21.32_PM.png" width="592" height="1716" />
Wondering if now’s a good time to sell your house? Based on how many homes are on the market, there are two big reasons why this spring is looking so good for sellers.
Thanks to an uptick in inventory over last year, you’ve got more options for your next home. But there are still fewer homes for sale than there’d normally be, meaning your house should stand out and get a lot of attention from buyers.
If you want to sell your house, this spring is the sweet spot. When you’re ready, <a href="https://www.wardrealtyservices.com/contact/" target="_blank">let’s chat</a> to get the ball rolling.
2024-03-08T14:20:04-07:002024-03-08T14:22:55-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:22440Why Access Is So Important When Selling Your House
If you’re gearing up to <a href="https://www.mykcm.com/2024/02/27/why-todays-housing-supply-is-a-sweet-spot-for-sellers/" rel="noopener noreferrer" target="_blank">sell your house</a> this spring, one of the early conversations you’ll have with your agent is about how much access you want to give buyers. And you may not realize just how important it is to make your house easy to tour.
Spring is the peak homebuying season, so opening up your house to as many showings as possible can really help you <a href="https://www.mykcm.com/2024/02/06/houses-are-still-selling-fast/" rel="noopener noreferrer" target="_blank">capitalize</a> on all the extra buyer activity we see at this time of year.
Since buyer competition ramps up in the spring, buyers are going to want to move fast to see your house once they find <a href="https://www.mykcm.com/2024/02/19/its-time-to-prepare-your-house-for-a-spring-listing/" rel="noopener noreferrer" target="_blank">your listing</a>. And, if they see it and fall in love with it at a time they know they’re competing with other buyers, you may be more likely to get the offer you’re looking for on your home.
It’s understandable you want to keep the disruptions to your own schedule to a minimum, and you may be stressed about having to keep it clean, but it’s worth it. As an article from Investopedia <a href="https://www.investopedia.com/articles/mortgages-real-estate/08/home-seller-mistakes-selling-house.asp" rel="noopener noreferrer" target="_blank">explains</a>:
“If someone wants to view your house, you need to accommodate them, even if it inconveniences you. Clean and tidy the house before every single visit. A buyer won’t know or care if your house was clean last week. It’s a lot of work, but stay focused on the prize.”
To figure out what’s best for you, your agent will walk you through options like the ones below. This list breaks things down, starting with what’s most convenient for buyers and getting less buyer-focused as the list goes on:
Lockbox on the Door – A key is available via a lockbox, which makes it easy for agents to show the home to potential buyers. This gives the most flexibility because the key is on-site and convenient.
Providing a Key to the Home – An agent would have to stop by an office to pick up the key with this option. This is still pretty convenient for showings, but not quite as simple.
Open Access with a Phone Call – You allow a showing with just a phone call’s notice, which can be great for someone who sees your house while driving by.
By Appointment Only – This gives you a more advanced warning so you can get the house tidied up and be sure you have somewhere else you can go in the meantime. But it’s also a bit more restrictive.
Limited Access – You might go this route if you only want to have your house available on specific days or at certain times of day. But realize this is the most difficult and least flexible of the choices.
As an article from U.S. News Real Estate <a href="https://realestate.usnews.com/real-estate/slideshows/secrets-to-selling-your-home-faster?slide=15" rel="noopener noreferrer" target="_blank">says</a>:
“Buyers like to see homes on their schedule, which often means evenings and weekends. Plus, they want to be able to tour a home soon after they find it online, especially if they're competing with other buyers. If your home can be shown with little or no notice, more prospective buyers will see it. If you require 24 hours’ notice, they may choose to skip your home altogether.”
<a href="https://www.mykcm.com/2024/02/28/why-you-want-an-agents-advice-for-your-move/" rel="noopener noreferrer" target="_blank">Your agent</a> is going to help you find the right path forward based on your schedule and what’s working for other sellers in your area. And if you’ve got a hardline on granting buyers more access or have interested out of town buyers that just can’t be there in person, your agent will get creative and help you explore other options like video tours, virtual showings, and more.
When it comes to selling your house, you want to be sure to get as much buyer activity as you can. Let’s connect to talk about which level of access helps make that possible.
2024-03-06T11:39:29-07:002024-03-06T11:40:22-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:22400Why Today’s Housing Supply Is a Sweet Spot for Sellers
Wondering if it still makes sense to <a href="https://www.mykcm.com/2024/02/01/dont-wait-until-spring-to-sell-your-house/" rel="noopener noreferrer" target="_blank">sell your house </a>right now? The short answer is, yes. And if you look at the current number of homes for sale, you’ll see two reasons why.
An article from <a href="https://www.calculatedriskblog.com/2024/02/housing-february-26th-weekly-update.html" rel="noopener noreferrer" target="_blank">Calculated Risk</a> shows there are 15.6% more homes for sale now compared to the same week last year. That tells us inventory has grown. But going back to 2019, the last normal year in the housing market, there are nearly 40% fewer homes available now:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240226/20240227-Inventory-is-rising-but-its-still-low.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240226/20240227-Inventory-is-rising-but-its-still-low.png" alt="a graph with red and blue squares" /></a>
Here’s a breakdown of how this benefits you when you sell.
1. You Have More Options for Your Move
Are you thinking about <a href="https://www.mykcm.com/2024/01/22/3-must-dos-when-selling-your-house-in-2024/" rel="noopener noreferrer" target="_blank">selling</a> because your current house is too big, too small, or because your needs have changed? If so, the year-over-year growth gives you more options for your home search. That means it may be less of a challenge to find what you’re looking for.
So, if you were holding off on selling because you were worried you weren’t going to <a href="https://www.mykcm.com/2023/12/05/when-you-sell-your-house-where-do-you-plan-to-go/" rel="noopener noreferrer" target="_blank">find a home</a> you like, this may be just the good news you needed. Partnering with a local real estate <a href="https://www.mykcm.com/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/" rel="noopener noreferrer" target="_blank">professional</a> can help you make sure you’re up to date on the <a href="https://www.mykcm.com/2024/01/16/why-you-may-want-to-seriously-consider-a-newly-built-home/" rel="noopener noreferrer" target="_blank">homes available</a> in your area.
2. You Still Won’t Have Much Competition When You Sell
But to put that into perspective, even though there are more homes for sale <a href="https://www.mykcm.com/2023/12/13/the-surprising-trend-in-the-number-of-homes-coming-onto-the-market/" rel="noopener noreferrer" target="_blank">now</a>, there still aren’t as many as there’d be in a normal year. Remember, the <a href="https://www.calculatedriskblog.com/2024/02/housing-february-26th-weekly-update.html" rel="noopener noreferrer" target="_blank">data</a> from Calculated Risk shows we’re down nearly 40% compared to 2019. And that large a deficit won't be solved overnight. As a recent article from Realtor.com <a href="https://www.realtor.com/research/january-2024-data/" rel="noopener noreferrer" target="_blank">explains</a>:
“. . . the number of homes for sale and new listing activity continues to improve compared to last year. However the inventory of homes for sale still has a long journey back to pre-pandemic levels.”
For you, that means if you work with an agent to price your house right, it should still get a lot of attention from <a href="https://www.mykcm.com/2023/12/18/why-now-is-still-a-great-time-to-sell-your-house/" rel="noopener noreferrer" target="_blank">eager buyers</a> and could <a href="https://www.mykcm.com/2024/02/06/houses-are-still-selling-fast/" rel="noopener noreferrer" target="_blank">sell fast</a>.
If you're a homeowner looking to sell, now's a good time. You'll have more options when buying your next home, and there's still not a ton of competition from other sellers. If you’re ready to move, let’s connect to get the ball rolling.
2024-02-27T13:39:36-07:002024-02-27T13:41:00-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:22360It’s Time To Prepare Your House for a Spring Listing
If you're thinking of <a href="https://www.mykcm.com/2024/02/06/houses-are-still-selling-fast/" rel="noopener noreferrer" target="_blank">selling</a> your house this spring, now is the perfect <a href="https://www.mykcm.com/2024/02/01/dont-wait-until-spring-to-sell-your-house/" rel="noopener noreferrer" target="_blank">time</a> to start getting it ready. With the market gearing up for its busiest time of year, it'll be important to make sure your house shines bright among the competition.
Here are some valuable tips you can use to get your house <a href="https://www.mykcm.com/2024/01/22/3-must-dos-when-selling-your-house-in-2024/" rel="noopener noreferrer" target="_blank">market-ready</a>.
Declutter and Organize
First impressions matter, and if your house is a mess, that can easily turn off potential buyers. Before listing, take the time to declutter and organize each room. Decluttering is about more than just tidying up – it's about creating a sense of space and openness that allows potential buyers to envision themselves living in your home. <a href="https://www.moving.com/tips/how-to-declutter-your-home-before-moving/" rel="noopener noreferrer" target="_blank">According</a> to Moving.com:
“Decluttering and organizing your space will go a long way in appealing to potential buyers. . . .decluttering will help the buyers see themselves living in your home. Less clutter inside a home also helps a place appear larger and cleaner, which should attract more buyers.”
Deep Clean Your Kitchen and Bathrooms
The kitchen and bathrooms are focal points for many buyers, and often influence their overall opinion of the house. Ensure these spaces dazzle by giving them a thorough deep cleaning. Pay attention to details like scrubbing grout lines, polishing fixtures, and decluttering countertops. A sparkling kitchen and bathroom can leave a lasting positive impression on potential buyers.
Maintain Your Yard
Your home’s exterior is the first thing potential buyers see, so it’s important to make a good impression from the moment they arrive. A well-maintained yard not only enhances curb appeal, but also shows buyers the home has been well taken care of.
Take the time to spruce up your yard by mowing the lawn, trimming bushes, and clearing away any debris or dead plants. Remember, the goal is to create a welcoming environment that entices buyers to step inside and imagine themselves living there. U.S. News <a href="https://realestate.usnews.com/real-estate/articles/easy-ways-to-add-curb-appeal-to-your-home-this-fall" rel="noopener noreferrer" target="_blank">says</a>:
“A beautifully landscaped front yard can elevate an ordinary house into a charming home and will help homes sell faster and for more money.”
Find a Listing Agent
A skilled <a href="https://www.mykcm.com/2023/12/29/the-benefits-of-working-with-an-agent-when-you-sell-your-house-infographic/" rel="noopener noreferrer" target="_blank">listing agent</a> is your partner in minimizing <a href="https://www.mykcm.com/2024/01/02/things-to-consider-if-your-house-didnt-sell/" rel="noopener noreferrer" target="_blank">stress</a> when selling your home. Lean on your agent for advice on decluttering, staging, and enhancing your home's appeal to potential buyers. Their insights into market trends and recommendations for reliable contractors and stagers are invaluable. As Realtor.com <a href="https://www.realtor.com/advice/sell/what-should-i-expect-from-my-realtor/" rel="noopener noreferrer" target="_blank">says</a>:
“A good listing agent will help you price your home . . . recommend a photographer and stager to make it look its best, and put your home on the multiple listing service.”
By decluttering, deep cleaning, and tidying up your house, you can create a welcoming environment that resonates with buyers and increases your chances of a successful <a href="https://www.mykcm.com/2023/12/18/why-now-is-still-a-great-time-to-sell-your-house/" rel="noopener noreferrer" target="_blank">sale</a>. Let’s connect on what you need to do to get your house ready to sell this spring.
2024-02-19T15:16:54-07:002024-02-19T15:18:10-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:22290Home Equity Can Be a Game Changer When You Sell
Are you on the fence about selling your house? While affordability is improving this year, it’s still tight. And that may be on your mind. But understanding your home equity could be the key to making your decision easier. An article from Bankrate <a href="https://www.bankrate.com/home-equity/what-is-home-equity/" rel="noopener noreferrer" target="_blank">explains</a>:
“Home equity is the difference between your home's value and the amount you still owe on your mortgage. It represents the paid-off portion of your home.
You'll start off with a certain level of equity when you make your down payment to buy the home, then continue to build equity as you pay down your mortgage. You'll also build equity over time as your home's value increases.”
Think of equity as a simple math equation. It's the value of your home now minus what you owe on your mortgage. And guess what? Recently, your equity has probably grown more than you think.
In the past few years, home prices skyrocketed, which means your home's value – and your equity – likely shot up, too. So, you may have more equity than you realize.
How To Make the Most of Your Home Equity Right Now
If you're thinking about moving, the equity you have in your home could be a big help. <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights-q3-2023/" rel="noopener noreferrer" target="_blank">According</a> to CoreLogic:
“. . . the average U.S. homeowner with a mortgage still has more than $300,000 in equity . . .”
Clearly, homeowners have a lot of equity right now. And the latest data from the <a href="https://data.census.gov/cedsci/all?q=mortgage" rel="noopener noreferrer" target="_blank">Census</a> and <a href="https://www.attomdata.com/news/market-trends/home-sales-prices/attoms-q4-2023-home-equity-and-underwater-report/" rel="noopener noreferrer" target="_blank">ATTOM</a> shows over two-thirds of homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity (shown in blue in the chart below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240208/20240208-Americans-Sitting-on-Tremendous-Equity-1.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240208/20240208-Americans-Sitting-on-Tremendous-Equity-1.png" /></a>
That means roughly 70% have a tremendous amount of equity right now.
After you sell your house, you can use your equity to help you buy your next home. Here’s how:
Be an all-cash buyer: If you’ve been living in your current home for a long time, you might have enough equity to buy your next home without having to take out a loan. If that’s the case, you won’t need to borrow any money or worry about mortgage rates. Investopedia <a href="https://www.investopedia.com/articles/personal-finance/071114/should-you-pay-all-cash-your-next-home.asp" rel="noopener noreferrer" target="_blank">states</a>:
“You may want to pay cash for your home if you're shopping in a competitive housing market, or if you'd like to save money on mortgage interest. It could help you close a deal and beat out other buyers.”
Make a larger down payment: Your equity could also be used toward your next down payment. It might even be enough to let you put a larger amount down, so you won’t have to borrow as much money. The Mortgage Reports <a href="https://themortgagereports.com/18520/20-percent-downpayment-risk-mortgage-interest-rate" rel="noopener noreferrer" target="_blank">explains</a>:
“Borrowers who put down more money typically receive better interest rates from lenders. This is due to the fact that a larger down payment lowers the lender’s risk because the borrower has more equity in the home from the beginning.”
The Easy Way To Find Out How Much Equity You Have
To find out how much equity you have in your home, ask a real estate agent you trust for a Professional Equity Assessment Report (PEAR).
Planning a move? Your home equity can really help you out. Let’s connect to see how much equity you have and how it can help with your next home.
2024-02-09T09:22:11-07:002024-02-09T09:23:44-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:22276Houses Are Still Selling Fast
Have you been thinking about <a href="https://www.mykcm.com/2024/02/01/dont-wait-until-spring-to-sell-your-house/" rel="noopener noreferrer" target="_blank">selling your house</a>? If so, here’s some good news. While the housing market isn't as frenzied as it was during the <a href="https://www.mykcm.com/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a> when houses were selling quicker than ever, they’re still selling faster than normal.
The graph below uses <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">data</a> from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240205/20240206-Homes-Spent-Less-Time-on-Market.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240205/20240206-Homes-Spent-Less-Time-on-Market.png" /></a>
When you look at the most recent data (shown in green), it's clear homes are selling faster than they usually would (shown in blue). In fact, the only years when houses sold even faster than they are right now were the abnormal ‘unicorn’ years (shown in pink). <a href="https://www.realtor.com/research/january-2024-data/" rel="noopener noreferrer" target="_blank">According</a> to Realtor.com:
“Homes spent 69 days on the market, which is three days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.”
What Does This Mean for You?
Homes are <a href="https://www.mykcm.com/2024/01/22/3-must-dos-when-selling-your-house-in-2024/" rel="noopener noreferrer" target="_blank">selling faster</a> than the norm for this time of year – and your house may sell quickly too. That’s because more people are looking to buy now that <a href="https://www.mykcm.com/2024/01/17/2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers/" rel="noopener noreferrer" target="_blank">mortgage rates</a> have come down, but there still aren’t <a href="https://www.mykcm.com/2023/12/18/why-now-is-still-a-great-time-to-sell-your-house/" rel="noopener noreferrer" target="_blank">enough homes</a> to go around. Mike Simonsen, Founder of Altos Research, <a href="https://www.housingwire.com/articles/the-strong-spring-real-estate-market-will-surprise-you-altos/" rel="noopener noreferrer" target="_blank">says</a>:
“. . . 2024 is starting stronger than last year. And demand is increasing each week.”
If you’re wondering if it’s a good time to <a href="https://www.mykcm.com/2024/01/17/2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers/" rel="noopener noreferrer" target="_blank">sell your home</a>, the most recent data suggests it is. The housing market appears to be stronger than it usually is at this time of year. To get the <a href="https://www.mykcm.com/2024/01/29/will-a-silver-tsunami-change-the-2024-housing-market/" rel="noopener noreferrer" target="_blank">latest updates</a> on what’s happening in our local market, let’s connect.
2024-02-07T10:04:18-07:002024-02-07T10:06:05-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:22256Don’t Wait Until Spring To Sell Your House
As you think about the year ahead, one of your big goals may be moving. But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell. Here's why.
1. Take Advantage of Lower Mortgage Rates
Last October, the 30-year fixed <a href="https://www.mykcm.com/2024/01/17/2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers/" rel="noopener noreferrer" target="_blank">mortgage rates</a> peaked at 7.79%. In January, they hit their <a href="https://www.freddiemac.com/pmms/archive" rel="noopener noreferrer" target="_blank">lowest level</a> since May. That means you may not feel as locked-in to your current mortgage rate right now. That downward trend in rates has made moving <a href="https://www.mykcm.com/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/" rel="noopener noreferrer" target="_blank">more affordable</a> now than it was just a few months ago.
Another reason today’s rates make now a good time to sell? More buyers are jumping back into the market. Many had been waiting on the sidelines for rates to fall, but now that that’s happening, they’re eager and ready to buy. That means more demand for your house. <a href="https://freddiemac.gcs-web.com/node/28286/pdf" rel="noopener noreferrer" target="_blank">According</a> to Sam Khater, Chief Economist at Freddie Mac:
“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”
2. Get Ahead of Your Competition
Right now, there are still more people looking to buy a home than there are houses for sale, which puts you in a great position. But keep in mind, with the recent uptick in <a href="https://www.mykcm.com/2024/01/24/are-more-homeowners-selling-as-mortgage-rates-come-down/" rel="noopener noreferrer" target="_blank">new listings</a>, we’re seeing more sellers may already be re-entering the market.
<a href="https://www.mykcm.com/2024/01/22/3-must-dos-when-selling-your-house-in-2024/" rel="noopener noreferrer" target="_blank">Listing your house</a> now helps you beat your competition and makes sure your house will stand out. And if you work with an agent to price it right, it could sell fast and get multiple offers. U.S. News <a href="https://realestate.usnews.com/real-estate/articles/understanding-housing-inventory-and-what-it-means-for-you" rel="noopener noreferrer" target="_blank">explains</a>:
“When there is low housing inventory, sellers could get top dollar for their homes.”
3. Make the Most of Rising Home Prices
<a href="https://www.mykcm.com/2024/01/23/experts-project-home-prices-will-increase-in-2024/" rel="noopener noreferrer" target="_blank">Experts forecast</a> home prices will keep <a href="https://www.mykcm.com/2024/01/12/home-prices-forecast-to-climb-over-the-next-5-years-infographic/" rel="noopener noreferrer" target="_blank">going up</a> this year. What does that mean for you? If you're ready to sell your current house and plan to buy another one, it may be a good idea to think about moving now before prices go up more. That would give you the chance to buy your next home before it gets more expensive.
4. Leverage Your Equity
Homeowners today have tremendous amounts of <a href="https://www.mykcm.com/2024/01/09/ways-your-home-equity-can-help-you-reach-your-goals/" rel="noopener noreferrer" target="_blank">equity</a>. In fact, a recent <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights-q3-2023/" rel="noopener noreferrer" target="_blank">report</a> from CoreLogic says the average homeowner with a mortgage has more than $300,000 in equity.
If you've been waiting to sell because you were worried about home affordability, know your equity can really help with your next move. It might even cover a big part, or maybe all, of the down payment for your next home.
If you're thinking about <a href="https://www.mykcm.com/2023/12/29/the-benefits-of-working-with-an-agent-when-you-sell-your-house-infographic/" rel="noopener noreferrer" target="_blank">selling your house</a> and moving to another one, let’s connect to get the process started now so you can get a leg up on your competition.
2024-02-02T08:49:27-07:002024-02-02T08:50:58-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:22227Are More Homeowners Selling as Mortgage Rates Come Down?
If you’re looking to <a href="https://www.mykcm.com/2024/01/05/achieving-your-homebuying-dreams-in-2024-infographic/" rel="noopener noreferrer" target="_blank">buy a home</a>, the recent downward trend in <a href="https://www.mykcm.com/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/" rel="noopener noreferrer" target="_blank">mortgage rates</a> is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale.
The Mortgage Rate Lock-In Effect
Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac <a href="https://www.freddiemac.com/research/forecast/20231220-us-economy-expanded-in-2023" rel="noopener noreferrer" target="_blank">explains</a>:
“The lack of housing supply was partly driven by the rate lock-in effect. . . . With higher rates, the incentive for existing homeowners to list their property and move to a new house has greatly diminished, leaving them rate locked.”
These homeowners decided to stay put and keep their current lower mortgage rate, rather than move and take on a higher one on their next home.
Early Signs Show Those Homeowners Are Ready To Move Again
According to the <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">latest data</a> from Realtor.com, there were more homeowners putting their houses up for sale, known in the industry as new listings, in December 2023 compared to December 2022 (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240117/20240124-Sellers-Are-Re-entering-the-market.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240117/20240124-Sellers-Are-Re-entering-the-market.png" /></a>
Here's why this is so significant. Typically, activity in the <a href="https://www.mykcm.com/2024/01/03/thinking-about-buying-a-home-ask-yourself-these-questions/" rel="noopener noreferrer" target="_blank">housing market</a> cools down in the later months of the year as some sellers choose to delay their moves until January rolls around.
This is the first time since 2020 that we’ve seen an uptick in new listings this time of year. This could be a signal that the rate lock-in effect is easing a bit in response to <a href="https://www.mykcm.com/2023/12/20/why-mortgage-rates-could-continue-to-decline/" rel="noopener noreferrer" target="_blank">lower rates</a>.
What This Means for You
While there isn’t going to suddenly be an influx of options for your <a href="https://www.mykcm.com/2023/11/21/are-there-actually-more-homes-for-sale-right-now/" rel="noopener noreferrer" target="_blank">home search</a>, it does mean more sellers may be deciding to list. According to a <a href="https://www.jchs.harvard.edu/blog/homeowner-mobility-stalls-amid-rising-interest-rates" rel="noopener noreferrer" target="_blank">recent article</a> from the Joint Center for Housing Studies (JCHS):
“A reduction in interest rates could alleviate the lock-in effect and help lift homeowner mobility. Indeed, interest rates have recently declined, falling by a full percentage point from October to November 2023 . . . Further decreases would reduce the barrier to moving and give homeowners looking to sell a newfound sense of urgency . . .”
And that means you may see more homes come onto the market to give you more <a href="https://www.mykcm.com/2023/12/11/the-perfect-home-could-be-the-one-you-perfect-after-buying/" rel="noopener noreferrer" target="_blank">fresh options</a> to choose from.
As mortgage rates come down, more sellers may re-enter the market – that gives you an opportunity to find the home you’re looking for. Let’s connect so you’ve got a local expert on your side who’ll help you stay on top of the latest listings in our area.
2024-01-26T14:19:39-07:002024-01-26T14:21:21-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:222033 Must-Do’s When Selling Your House in 2024
If one of the goals on your list is <a href="https://www.mykcm.com/2024/01/17/2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers/" rel="noopener noreferrer" target="_blank">selling your house</a> and <a href="https://www.mykcm.com/2024/01/16/why-you-may-want-to-seriously-consider-a-newly-built-home/" rel="noopener noreferrer" target="_blank">making a move</a> this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home.
A great way to balance those emotions and make sure you’re confident in your decision is to keep these three best practices in mind when you’re <a href="https://www.mykcm.com/2024/01/09/ways-your-home-equity-can-help-you-reach-your-goals/" rel="noopener noreferrer" target="_blank">ready to sell</a>.
1. Price Your Home Right
The <a href="https://www.mykcm.com/2023/12/19/expert-quotes-on-the-2024-housing-market-forecast/" rel="noopener noreferrer" target="_blank">housing market</a> shifted in 2023 as <a href="https://www.mykcm.com/2023/12/20/why-mortgage-rates-could-continue-to-decline/" rel="noopener noreferrer" target="_blank">mortgage rates</a> rose and <a href="https://www.mykcm.com/2024/01/12/home-prices-forecast-to-climb-over-the-next-5-years-infographic/" rel="noopener noreferrer" target="_blank">home price appreciation</a> started to <a href="https://www.mykcm.com/2023/10/20/home-price-growth-is-returning-to-normal-infographic/" rel="noopener noreferrer" target="_blank">normalize</a> once again. As a seller, you still need to recognize how important it is to price your house appropriately based on where the market is today. Hannah Jones, Economic Research Analyst for Realtor.com, <a href="https://www.realtor.com/news/trends/home-seller-alert-weve-found-the-very-best-week-to-list-your-home-in-2023/" rel="noopener noreferrer" target="_blank">explains</a>:
“Sellers need to become familiar with their local market and work closely with a local agent to make sure their listing is attractive to buyers. Buyers feeling the pressure of affordability are likely to be pickier, so a well-priced, well-maintained home is the ticket to drumming up big demand.”
If you price your house too high, you run the risk of deterring <a href="https://www.mykcm.com/2023/12/18/why-now-is-still-a-great-time-to-sell-your-house/" rel="noopener noreferrer" target="_blank">buyers</a>. And if you go too low, you’re leaving money on the table. An experienced <a href="https://www.mykcm.com/2023/12/21/sell-smarter-why-working-with-a-real-estate-agent-may-beat-going-solo/" rel="noopener noreferrer" target="_blank">real estate agent</a> can help determine what your ideal asking price should be, so your house moves quickly and for top dollar.
2. Keep Your Emotions in Check
Today, homeowners are staying in their houses <a href="https://www.mykcm.com/2023/12/27/retiring-soon-why-moving-might-be-the-perfect-next-step/" rel="noopener noreferrer" target="_blank">longer</a> than they used to. According to the <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">National Association of Realtors</a> (NAR), since 1985, the average time a homeowner has owned their home has increased from 6 to 10 years (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240118/20240122-Todays-homeowners-are-staying-in-their-houses-for-an-average-of-10-years.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240118/20240122-Todays-homeowners-are-staying-in-their-houses-for-an-average-of-10-years.png" /></a>
This is much more than what used to be the norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you bought or the house where your loved ones grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.
For some homeowners, that makes it even tougher to separate the emotional value of the house from fair market price. That’s why you need a real estate professional to help you with the negotiations and the best pricing strategy along the way. Trust the professionals who have your best interests in mind.
3. Stage Your Home Properly
While you may love your decor and how you’ve customized your house over the years, not all buyers will feel the same way about your vibe. That’s why it’s so important to make sure you focus on your home’s first impression, so it appeals to as many buyers as possible.
Buyers want to be able to picture themselves in the home. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. As Jessica Lautz, Deputy Chief Economist and Vice President of Research at NAR, <a href="https://www.nar.realtor/newsroom/nearly-half-of-sellers-agents-said-staging-a-home-reduced-its-time-on-market-nar-report-finds" rel="noopener noreferrer" target="_blank">says</a>:
“Buyers want to easily envision themselves within a new home and home staging is a way to showcase the property in its best light.”
A real estate professional can help you with expertise on getting your house <a href="https://www.mykcm.com/2023/12/22/get-your-house-ready-to-sell-this-winter-infographic/" rel="noopener noreferrer" target="_blank">ready to sell</a>.
If you’re considering selling your house, let’s connect so you have help navigating the process while prioritizing these must-do’s.
2024-01-24T12:15:56-07:002024-01-24T12:17:11-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:221722 Reasons Why Today’s Mortgage Rate Trend Is Good for Sellers
If you’ve been holding off on selling your house to <a href="https://www.mykcm.com/2023/12/27/retiring-soon-why-moving-might-be-the-perfect-next-step/" rel="noopener noreferrer" target="_blank">make a move</a> because you felt mortgage rates were too high, their recent downward trend is exciting news for you. Mortgage rates have descended since last October when they hit 7.79%. In fact, they’ve been <a href="https://freddiemac.gcs-web.com/node/28231/pdf" rel="noopener noreferrer" target="_blank">below 7%</a> for over a month now (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240116/20240116-Mortgage-Rates-Continue-to-Hover-in-the-Mid-6-percent-Range.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240116/20240116-Mortgage-Rates-Continue-to-Hover-in-the-Mid-6-percent-Range.png" /></a>
And while they’re not going back to the 3% we saw during the <a href="https://www.mykcm.com/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a>, they are expected to continue to <a href="https://www.mykcm.com/2023/12/20/why-mortgage-rates-could-continue-to-decline/" rel="noopener noreferrer" target="_blank">go down</a> from where they are now in the near future. As Dean Baker, Senior Economist at the Center for Economic Research, <a href="https://cepr.net/contrary-to-what-the-washington-post-tells-you-homeownership-rates-for-young-people-are-above-the-pre-pandemic-level/" rel="noopener noreferrer" target="_blank">explains</a>:
“It also appears that mortgage rates are now falling again. They will almost certainly not fall to pandemic lows, although we may soon see rates under 6.0 percent, which would be low by pre-Great Recession standards.”
Here are two reasons why this recent trend, and the <a href="https://www.mykcm.com/2023/12/19/expert-quotes-on-the-2024-housing-market-forecast/" rel="noopener noreferrer" target="_blank">expectation</a> it’ll continue, is such <a href="https://www.mykcm.com/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/" rel="noopener noreferrer" target="_blank">good news</a> for you.
You May Not Feel as Locked-In to Your Current Mortgage Rate
With mortgage rates already significantly lower than they were just a few months ago, you may feel less locked-in to the current mortgage rate you have on your house. When mortgage rates were higher, <a href="https://www.mykcm.com/2023/12/22/get-your-house-ready-to-sell-this-winter-infographic/" rel="noopener noreferrer" target="_blank">moving</a> to a new home meant possibly trading in a low rate for one up near 8%.
However, with rates dropping, the difference between your current mortgage rate and the new rate you’d be taking on isn’t as big as it was. That makes <a href="https://www.mykcm.com/2023/12/18/why-now-is-still-a-great-time-to-sell-your-house/" rel="noopener noreferrer" target="_blank">moving</a> more affordable than it was just a few months ago. As Lance Lambert, Founder of ResiClub, <a href="https://www.resiclubanalytics.com/p/lockin-effect-told-2-maps?utm_source=www.resiclubanalytics.com&utm_medium=newsletter&utm_campaign=the-lock-in-effect-as-told-by-2-maps&jwt_token=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJzdWJzY3JpYmVyX2lkIjoiZTFhYmVkNWYtMjMwOC00ZDlhLWEzY2YtMmNiNmJkNzg0YTc0IiwiZXhwIjoxNzA0MjI5Njg4LCJpc3MiOiJodHRwczovL2FwcC5iZWVoaWl2LmNvbSIsImlhdCI6MTcwNDA1Njg4OH0.kgtTWNpT6CQaG3sypDr0uRJAnyMH9ozLhjjxYVWTThI" rel="noopener noreferrer" target="_blank">explains</a>:
“We might be at peak “lock-in effect.” Some move-up or lifestyle sellers might be coming to terms with the fact 3% and 4% mortgage rates aren’t returning anytime soon.”
More Buyers Will Be Coming to the Market
According to <a href="https://brightmls.com/article/market-survey-winds-of-change-expected-for-2024" rel="noopener noreferrer" target="_blank">data</a> from Bright MLS, the top reason buyers have been waiting to take the plunge into homeownership is high mortgage rates (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240116/20240116-Top-3-Reasons-Buyers-Paused-Decision.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240116/20240116-Top-3-Reasons-Buyers-Paused-Decision.png" /></a>
Lower mortgage rates mean buyers can potentially save money on their home loans, making the prospect of purchasing a home more attractive and affordable. Now that rates are easing, more buyers are likely to feel they’re ready to jump back into the market and make their move. And more buyers mean more demand for your house.
If you’ve been waiting to sell because you didn’t want to take on a larger mortgage rate or you thought buyers weren’t out there, the recent decline in mortgage rates may be your sign it’s time to move. When you’re ready, let’s connect.
2024-01-19T10:55:54-07:002024-01-19T10:57:25-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:22097Things To Consider If Your House Didn’t Sell
If your listing has expired and your house didn’t sell, it's completely normal to feel a mix of frustration and disappointment. Understandably, you're probably wondering what may have gone wrong. Here are three questions to think about as you figure out what to <a href="https://www.mykcm.com/2023/12/05/when-you-sell-your-house-where-do-you-plan-to-go/" rel="noopener noreferrer" target="_blank">do next</a>.
Did You Limit Access to Your House?
One of the biggest mistakes you can make when selling your house is restricting the days and times when potential buyers can tour it. Being flexible with your schedule is important, even though it might feel a bit stressful to drop everything and leave when buyers want to see it. After all, minimal access means minimal exposure to buyers. ShowingTime <a href="https://showingtimeplus.com/resources/blog/6-reasons-your-house-isnt-getting-showings-and-how-to-fix-it" rel="noopener noreferrer" target="_blank">advises</a>:
“. . . do your best to be as flexible as possible when granting access to your house for showings.”
Sometimes, the most <a href="https://www.mykcm.com/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/" rel="noopener noreferrer" target="_blank">determined buyers</a> might come from far away. Since they’re traveling to see your house, they may not be able to change their plans easily if you only offer limited times for showings. So, try to make your house available as much as you can to accommodate them. It's simple – if no one’s able to look at it, how will it sell?
Did You Make Your House Stand Out?
When you're selling your house, the old saying matters: you never get a second chance to make a first impression. Putting in the work to make the exterior of your home look nice is just as important as how you stage it inside. Freshen up your landscaping to boost your home’s curb appeal so you can make an impact upfront. As an article from U.S. News <a href="https://realestate.usnews.com/real-estate/articles/how-to-sell-your-home-while-living-in-it" rel="noopener noreferrer" target="_blank">says</a>:
“After all, if people drive by, but aren’t interested enough to walk through the front door, you’ll never sell your house.”
But don’t let that impact stop at the front door. By removing personal items and reducing clutter inside, you give buyers more freedom to picture themselves in the home. Plus, a fresh coat of paint or thorough floor cleaning can work wonders in sprucing up the house for potential buyers.
Did You Price Your House at Market Value?
Setting the right price is key. While it might be tempting to push the price higher to maximize your profit, <a href="https://www.mykcm.com/2023/12/14/if-your-house-hasnt-sold-yet-it-may-be-overpriced/" rel="noopener noreferrer" target="_blank">overpricing your house</a> can actually turn off potential buyers and slow down the selling process. Forbes notes:
“Pricing a home too high could lead to a slower sale or force the seller to drop their price.”
If your house is priced higher than others like it, it may discourage buyers, resulting in increased time on the market. Pay attention to the feedback people give your agent during open houses and showings. If lots of people are saying the same thing, it might be a good idea to think about lowering the price.
For all these insights and more, rely on a trusted real estate agent. A great agent will offer expert advice on relisting your house with effective strategies to get it sold.
It’s natural to feel disappointed when your listing has expired and your house didn’t sell. Let’s connect to determine what happened, and what changes you should make to get your house back on the market.
2024-01-05T11:41:19-07:002024-01-05T11:42:40-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:22084Retiring Soon? Why Moving Might Be the Perfect Next Step`
If you’re thinking about retirement or have already retired this year, it’s a good time to consider if your current house is still a good fit for the next chapter in your life.
Fortunately, you may be in a better position to <a href="https://www.mykcm.com/2023/12/05/when-you-sell-your-house-where-do-you-plan-to-go/" rel="noopener noreferrer" target="_blank">make a move</a> than you realize. Here are a few things to think about as you decide whether or not to sell and make a move.
How Long You’ve Been in Your Home
From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">rising</a> today, meaning many homeowners are living in their houses even longer (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231220/20231227-Homeowners-Are-Living-In-Their-Homes-Longer-In-Recent-Years.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231220/20231227-Homeowners-Are-Living-In-Their-Homes-Longer-In-Recent-Years.png" /></a>
When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those <a href="https://www.mykcm.com/2023/11/13/life-changing-events-that-move-the-housing-market/" rel="noopener noreferrer" target="_blank">life changes</a> and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.
How Much Equity You’ve Gained
Additionally, if you’ve been in your house for more than a few years, you’ve likely built-up significant equity that can fuel your next move. That’s because the longer you’ve been in your house, the more likely it’s grown in value due to <a href="https://www.mykcm.com/2023/12/04/experts-project-home-prices-will-rise-over-the-next-5-years/" rel="noopener noreferrer" target="_blank">home price appreciation</a>. Data from the Federal Housing Finance Agency (FHFA) <a href="https://www.fhfa.gov/DataTools/Tools/Pages/House-Price-Index-(HPI).aspx" rel="noopener noreferrer" target="_blank">illustrates</a> that point (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231220/20231227-How-Home-Prices-Have-Grown-over-Time.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231220/20231227-How-Home-Prices-Have-Grown-over-Time.png" /></a>
While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by nearly 60%. And the average homeowner who’s owned their home since 1991 saw it more than triple in value over that time.
Consider Your Retirement Goals
Whether you're looking to downsize, relocate to a dream destination, or simply be closer to loved ones, your home equity can be a key to realizing your homeownership goals. NAR <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">shares</a> that for recent home sellers, the primary reason to move was to be closer to loved ones.
Whatever your home goals are, a trusted <a href="https://www.mykcm.com/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/" rel="noopener noreferrer" target="_blank">real estate agent</a> can work with you to find the best option. They’ll help you <a href="https://www.mykcm.com/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/" rel="noopener noreferrer" target="_blank">sell</a> your current house and <a href="https://www.mykcm.com/2023/12/08/your-homebuying-adventure-infographic/" rel="noopener noreferrer" target="_blank">guide you</a> through buying the home that’s right for your lifestyle today.
Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore the available homes in our area.
2024-01-03T17:46:36-07:002024-01-03T17:48:26-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:22059Get Your House Ready To Sell This Winter<img src="https://assets.site-static.com/userfiles/819/image/Get-Your-House-Ready-To-Sell-This-Winter-MEM.png" width="1300" height="2063" />
As you get ready to sell your house, there are a few things you should add to your to-do list to make it inviting and boost curb appeal.
To name just a couple, it’s a good idea to declutter, take down personal photos and items, touch up any scuffs on the walls, and tidy up your landscaping.
Connect with a trusted real estate professional for advice on what else you may want to do to get your house ready to sell this season.
2023-12-27T11:02:37-07:002023-12-27T11:03:56-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:22046Sell Smarter: Why Working with a Real Estate Agent May Beat Going Solo
If you're thinking about selling your house on your own, called “For Sale by Owner” or FSBO, there are some important things to consider. Going this route means taking on a lot of responsibilities by yourself – and that can be a bit of a headache.
A recent report from the National Association of Realtors (NAR) found two of the most difficult tasks for people who sell their house on their own are getting the price right and understanding and performing paperwork.
Here are just a few of the ways an agent helps with those difficult tasks.
Getting the Price Right
Setting the right price for your house is important when you're trying to sell it. If you're selling your house on your own, two common issues can happen. For starters, you might ask for too much money (overpricing). Alternatively, you might not ask for enough (underpricing). Either can make it hard to sell your house. According to NerdWallet:
“When selling a home, first impressions matter. Your house’s market debut is your first chance to attract a buyer and it’s important to get the pricing right. If your home is overpriced, you run the risk of buyers not seeing the listing.
. . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.”
To avoid these problems, it's a good idea to team up with a real estate agent. Real estate agents know how to figure out the perfect price because they understand the local housing market. They can use their expertise to set a price that matches what buyers are willing to pay, giving your house the best chance to impress from the start.
Understanding and Performing Paperwork
Selling a house involves a bunch of paperwork and legal documentation that has to be just right. There are a lot of rules and regulations to follow, making it a bit tricky for homeowners to manage everything on their own. Without a pro by your side, you could end up facing liability risks and legal complications.
Real estate agents are experts in all the contracts and paperwork needed for selling a house. They know the rules and can guide you through it all, reducing the chance of mistakes that might lead to legal problems or delays.
So, instead of dealing with the growing pile of documents on your own, team up with an agent who can be your advisor, helping you avoid any legal bumps in the road.
Selling your house is a big deal, and it can be complicated. Having a real estate agent can make a huge difference with setting the right price and managing all the details, so you can sell confidently. Let’s connect to make the process smooth and take the stress off your plate.
2023-12-22T14:45:03-07:002023-12-22T14:46:35-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:22031Why Now Is Still a Great Time To Sell Your House
If you were worried buyer demand disappeared when mortgage rates went up, the data shows there are plenty of interested buyers still out there. The housing market isn't as frenzied as it was during the ‘unicorn’ years when buyer demand was through the roof, mortgage rates were historically low, and home values rose like we’ve never seen before. But that doesn’t mean the market is at a standstill.
Nationally, demand is still high compared to the last normal years in the housing market and plenty of buyers are making moves right now. Here’s the data to prove it.
Showing Traffic Is Up
The <a href="https://www.showingtime.com/showingtime-showing-index/" rel="noopener noreferrer" target="_blank">ShowingTime Showing Index</a> is a measure of how frequently buyers are touring homes. The graph below uses that index to show buyer activity over the past eight Octobers:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231212/20231218-Showing-Traffic-Above-Pre-Unicorn-Years.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231212/20231218-Showing-Traffic-Above-Pre-Unicorn-Years.png" /></a>
In the graph, the ‘unicorn’ years are shown in pink. You can see demand has dipped some since then. That’s in response to higher mortgage rates. But, when you compare 2023 to the blue bars on the left that represent the last normal years in the market (2018-2019), you can tell <a href="https://www.mykcm.com/2023/11/20/is-your-house-the-top-thing-on-a-buyers-wish-list-this-holiday-season/" rel="noopener noreferrer" target="_blank">buyers</a> are still more active than the norm.
But showing traffic isn’t the only way to see buyer demand is still high. The number of offers other sellers are getting and the average days homes are on the market tell the same story.
Sellers Are Still Seeing Multiple Offers
According to the latest <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" rel="noopener noreferrer" target="_blank">data</a> from the National Association of Realtors (NAR), sellers are receiving an average of <a href="https://cdn.nar.realtor/sites/default/files/documents/2023-10-realtors-confidence-index-11-21-2023.pdf" rel="noopener noreferrer" target="_blank">2.5 offers</a> on their houses. Let’s look at how that compares to recent years (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231212/20231218-Average-Number-of-Offers-Still-Higher-Than-Pre-Unicorn-Years.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231212/20231218-Average-Number-of-Offers-Still-Higher-Than-Pre-Unicorn-Years.png" /></a>
It’s true that’s fewer than the number of offers sellers were receiving during the ‘unicorn’ years (shown in pink). But compared to last year, the number is up slightly. And it’s higher than it was in the more normal, pre-‘unicorn’ years in the housing market too.
Homes Priced Right Are Selling Fast
And it’s not just that sellers are still typically getting multiple offers more than the norm, they’re also seeing their homes sell fast. That’s a direct result of strong buyer demand. According to <a href="https://zillow.mediaroom.com/2023-11-13-Buyer-demand-hanging-tough,-despite-rates-and-seasonal-cooldown" rel="noopener noreferrer" target="_blank">Zillow</a>:
“. . . low inventory levels are spurring surprisingly strong competition . . . demand has remained resilient, and attractive, appropriately priced listings are moving quickly.”
To help showcase that homes for sale are still going quickly, let’s look at <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" rel="noopener noreferrer" target="_blank">data</a> from NAR on the median days on market for this same time of year from 2018 through now (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231212/20231218-Median-Days-On-The-Market-Fewer-Than-Pre-Unicorn-Years.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231212/20231218-Median-Days-On-The-Market-Fewer-Than-Pre-Unicorn-Years.png" /></a>
As the graph shows, this year homes are sitting on the market only slightly longer than they were during the frenzy of the ‘unicorn’ years. And compared to the last normal years in the market, homes are still selling much faster than they did back then. That’s good news for sellers because it means there are eager buyers out there right now.
You haven't missed your chance to sell at a time when sellers are receiving multiple offers, and homes are selling fast. When you’re ready to sell your house, let’s connect to get the ball rolling.
2023-12-19T13:43:22-07:002023-12-19T13:46:41-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21951When You Sell Your House, Where Do You Plan To Go?
If you’re thinking about selling your house, you may have heard the supply of homes for sale is still low, and that means your house should stand out to buyers who are craving more options. But you may also be wondering, once you sell, how does the current supply impact your own move? And, will you be able to find a home you want to buy with inventory this low?
One thing that can help you find your next home is exploring all your options, including both homes that have been lived in before as well as newly built ones. Let’s look at the benefits of each one.
The Pros of Newly Built Homes
First, let’s look at the advantages of purchasing a newly constructed home. With a brand-new home, you’ll be able to:
Create your perfect home. If you build a home from the ground up, you’ll have the option to select the custom features you want, including appliances, finishes, landscaping, layout, and more.
Cash-in on energy efficiency. When building a home, you can choose energy-efficient options to help lower your utility costs and reduce your carbon footprint.
Minimize the need for repairs. Many builders offer a warranty, so you’ll have peace of mind on unlikely repairs. Plus, you won’t have as many little projects to tackle.
Have brand new everything. Another perk of a new home is that nothing in the house is used. It’s all brand new and uniquely yours from day one.
The Pros of Existing Homes
Now, let’s compare that to the perks that come with buying an existing home. With a pre-existing home, you can:
Explore a wider variety of home styles and floorplans. With decades of homes to choose from, you’ll have a broader range of floorplans and designs available.
Join an established neighborhood. Existing homes give you the option to get to know the neighborhood, community, or traffic patterns before you commit.
Enjoy mature trees and landscaping. Established neighborhoods also have more developed landscaping and trees, which can give you additional privacy and curb appeal.
Appreciate that lived-in charm. The character of older homes is hard to reproduce. If you value timeless craftsmanship or design elements, you may prefer an existing home.
The choice is yours. When you start your search for the perfect home, remember that you can go either route – you just need to decide which features and benefits are most important to you. As an article from The Mortgage Reports says:
“When building, you gain more freedom to tailor the design, materials, and features, but it demands more time and involvement. Conversely, buying an established home offers immediate occupancy . . . yet may require compromises. Your choice should align with your budget, timeline, customization preferences, and the local real estate landscape.”
Either way, working with a local real estate agent throughout the process is mission-critical to your success. They'll help you explore all of your options based on what matters most to you in your next home. Together, you can find the home that’s right for you.
If you have questions about the options in our area, let’s discuss what's available and what's right for you. That way you’ll be ready to make your next move with confidence.
2023-12-06T15:00:09-07:002023-12-06T15:01:08-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21868Is Your House the Top Thing on a Buyer’s Wish List this Holiday Season?
This time every year, homeowners who are planning to move have a decision to make: sell now or wait until after the holidays? Some sellers with homes already on the market may even remove their listing until the new year.
But the truth is, <a href="https://www.mykcm.com/2023/11/06/reasons-to-sell-your-house-before-the-new-year/" rel="noopener noreferrer" target="_blank">many buyers</a> want to purchase a home for the holidays, and your house might be just what they’re looking for. As an article from Fortune Builders <a href="https://www.fortunebuilders.com/selling-a-home/" rel="noopener noreferrer" target="_blank">explains</a>:
“ . . . while a majority of people take a step back from the real estate market during the holiday months, you may find when the temperature drops, your potential for a great real estate deal starts to rise.”
To help prove that point, here are four reasons you shouldn’t wait to sell your house.
1. The desire to own a home doesn’t stop during the holidays. While a few buyers might opt to delay their moving plans until January, others may <a href="https://www.mykcm.com/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/" rel="noopener noreferrer" target="_blank">need to move</a> now because something in their life has changed. The buyers who look for homes at this time of year are usually motivated to make their move happen and are eager to buy. A recent article from Investopedia <a href="https://www.investopedia.com/articles/personal-finance/102615/why-holidays-are-good-time-sell-your-house.asp" rel="noopener noreferrer" target="_blank">says</a>:
“Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.”
2. While the supply of <a href="https://www.mykcm.com/2023/10/24/the-perks-of-selling-your-house-when-inventory-is-low/" rel="noopener noreferrer" target="_blank">homes for sale</a> has increased a little bit lately, overall inventory is still lower than it was before the pandemic. What does that mean for you? If you work with <a href="https://www.mykcm.com/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/" rel="noopener noreferrer" target="_blank">an agent</a> to price your house at market value, it could still sell quickly because today’s buyers are craving more options – and your home may be exactly what they’re searching for.
3. You can determine the days and times that are most convenient for you for home showings. That can help you minimize disruptions to your own schedule, which can be especially important during this busy time of year. Plus, you may find buyers are more flexible on when they’ll tour a house this time of year because they have more time off from work around the holidays.
4. And finally, homes decorated for the holidays appeal to many buyers. For those buyers, it’s easy to picture gathering with their loved ones in the home and making memories of their own. An <a href="https://www.ramseysolutions.com/real-estate/selling-your-home-in-winter" rel="noopener noreferrer" target="_blank">article</a> on selling at this time of year offers this advice:
“If you’re selling around a holiday and have decorations up, make sure they accent—not overpower—a room. Less is more.”
There are plenty of good reasons to put your house on the market during the holiday season. Let's chat and see if it's the right time for you to sell.
2023-11-21T09:24:16-07:002023-11-21T09:25:39-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21804Reasons To Sell Your House Before the New Year
As the year winds down, you may have decided it's time to make a move and put your house on the market. But should you sell now or wait until January? While it may be tempting to hold off until after the holidays, here are three reasons to make your move before the new year.
Get One Step Ahead of Other Sellers
Typically, in the residential real estate market, homeowners are less likely to list their houses toward the end of the year. That’s because people get busy around the holidays and sometimes deprioritize selling their house until the start of the new year when their schedules and social calendars calm down. But that gives you an opportunity to get one step ahead.
Selling now, while other homeowners may hold off until after the holidays, can help you get a leg up on your competition. Start the process with a <a href="https://www.mykcm.com/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/" rel="noopener noreferrer" target="_blank">real estate agent</a> today so you can get your house on the market before your neighbors do.
Get Your House in Front of Eager Buyers
Even though the supply of <a href="https://www.mykcm.com/2023/09/29/explaining-todays-low-housing-supply-infographic/" rel="noopener noreferrer" target="_blank">homes for sale</a> did grow compared to last year, it’s still low. That means there aren’t enough homes on the market today. While some buyers may also delay their plans to move until January, others will still need to move for <a href="https://www.mykcm.com/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/" rel="noopener noreferrer" target="_blank">personal reasons</a> or because something in their life has changed.
Those buyers are still going to be active later this year and will be seriously motivated to make their move happen because they need to. Unfortunately, the challenge they'll face is a shortage of available inventory to meet their needs. A recent article from Investopedia <a href="https://www.investopedia.com/articles/personal-finance/102615/why-holidays-are-good-time-sell-your-house.asp" rel="noopener noreferrer" target="_blank">says</a>:
“. . . if your house is up for sale in the winter and someone is looking at it, chances are that person is serious and ready to buy. Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.”
Use Your Equity To Fuel Your Move
Keep in mind that homeowners today have record amounts of <a href="https://www.mykcm.com/2023/09/01/homeowners-have-a-lot-of-equity-right-now-infographic/" rel="noopener noreferrer" target="_blank">equity</a>. According to <a href="https://www.corelogic.com/press-releases/home-equity-increases-winter-spring-reducing-underwater-properties-q2/" rel="noopener noreferrer" target="_blank">CoreLogic</a>, the average amount of equity per mortgage holder has climbed to almost $290,000. That means the <a href="https://www.mykcm.com/2023/09/19/your-home-equity-can-offset-affordability-challenges/" rel="noopener noreferrer" target="_blank">equity</a> you have in your house right now could cover some, if not all, of a down payment on the home of your dreams.
And as you weigh the reasons to sell before year-end, it's important to remember the reasons that sparked your desire to move in the first place. Maybe it’s time for a new home in a location that suits you better, one that offers the perfect space for you and your loved ones, or maybe your needs have evolved over time. A local real estate agent can help you determine how much home equity you have and how you can use it to achieve your goal of making a move.
Listing your home before the new year can offer unique benefits. Less competition, motivated buyers, and your equity gains can all play to your advantage. Reach out, and let's achieve your goals before winter sets in.
2023-11-08T09:58:45-07:002023-11-08T09:59:45-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21767The Perks of Selling Your House When Inventory Is Low
When it comes to <a href="https://www.mykcm.com/2023/09/19/your-home-equity-can-offset-affordability-challenges/" rel="noopener noreferrer" target="_blank">selling your house</a>, you’re probably trying to juggle the current market conditions and your <a href="https://www.mykcm.com/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/" rel="noopener noreferrer" target="_blank">own needs</a> as you plan your move.
One thing that may be working in your favor is how few homes there are for sale right now. Here’s what you need to know about the current <a href="https://www.mykcm.com/2023/08/25/todays-housing-market-has-only-half-the-usual-inventory-infographic/" rel="noopener noreferrer" target="_blank">inventory</a> situation and what it means for you.
The Supply of Homes for Sale Is Far Below the Norm
When you’re selling something, it helps if what you’re selling is in demand, but is also in <a href="https://www.mykcm.com/2023/09/14/why-is-housing-inventory-so-low/" rel="noopener noreferrer" target="_blank">low supply</a>. Why? That makes it even more desirable since there’s not enough to go around. That’s exactly what’s happening in the housing market today. There are more buyers looking to buy than there are homes for sale.
To tell the story of just how low <a href="https://www.mykcm.com/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/" rel="noopener noreferrer" target="_blank">inventory</a> is, here’s the latest information on active listings, or homes available for sale. The graph below uses <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">data</a> from Realtor.com to show how many active listings there were in September of this year compared to what’s more typical in the market.
<a href="https://www.mykcm.com/content/images/20231023/20231024-The-Supply-of-Homes-for-sale-Is-Still-Low.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231023/20231024-The-Supply-of-Homes-for-sale-Is-Still-Low.png" /></a>
As you can see in the graph, if you look at the last normal years for the market (shown in the blue bars) versus the latest numbers for this year (shown in the red bar), it’s clear <a href="https://www.mykcm.com/2023/09/29/explaining-todays-low-housing-supply-infographic/" rel="noopener noreferrer" target="_blank">inventory</a> is still far lower than the norm.
What That Means for You
<a href="https://www.mykcm.com/2023/08/30/buyer-traffic-is-still-stronger-than-the-norm/" rel="noopener noreferrer" target="_blank">Buyers</a> have fewer choices now than they did in more typical years. And that’s why you could still see some great perks if you sell today. Because there aren’t enough homes to go around, homes that are priced right are still selling fast and the average <a href="https://www.mykcm.com/2023/09/04/why-its-still-a-sellers-market-today/" rel="noopener noreferrer" target="_blank">seller</a> is getting multiple offers from eager buyers. Based on the latest data from the <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" rel="noopener noreferrer" target="_blank">Confidence Index</a> from the National Association of Realtors (NAR):
69% of homes sold in less than a month.
2.6 offers: the average number of offers on recently sold homes.
An <a href="https://www.realtor.com/research/september-2023-data/" rel="noopener noreferrer" target="_blank">article</a> from Realtor.com also explains how the limited number of houses for sale benefits you if you’re selling:
“. . . homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019 . . . as still-limited supply spurs homebuyers to act quickly . . .”
Because the supply of homes for sale is so low, buyers desperately want more options – and your house may be just what they’re looking for. Let’s connect to get your <a href="https://www.mykcm.com/2023/10/09/key-skills-you-need-your-listing-agent-to-have/" rel="noopener noreferrer" target="_blank">house listed</a> at the right price for today’s market. You could still see it sell quickly and potentially get multiple offers.
2023-10-31T10:02:57-07:002023-10-31T10:04:26-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21752The Risks of Selling Your House on Your Own
Are you thinking about selling your house as a For Sale by Owner (FSBO)? If so, know there's a whole lot more time and expertise needed in that process than you might think. While the idea of doing it all by yourself might seem tempting, it's important to recognize the challenges you may face if you take it on all by yourself. As a recent article from Bankrate explains:
“Choosing the right price, crafting a compelling listing, marketing to potential buyers, coordinating showings, preparing paperwork: All of these are tasks that, in the absence of a real estate agent, you will have to do yourself.”
Here’s a bit more information on just a few of those things and how you may miss out if you don’t use an agent.
You May Not Price it Right
<a href="https://www.mykcm.com/2023/07/31/pricing-your-house-right-still-matters-today/" rel="noopener noreferrer" target="_blank">Pricing</a> your house right is key to a successful sale. Real estate agents have experience navigating this housing market and understand the art of pricing a home to sell today. Unfortunately, homeowners who sell on their own often lack this all-important experience. That can lead to two common consequences: overpricing or underpricing the house.
An article from Nerd Wallet offers this advice:
“If your home is overpriced, you run the risk of buyers not seeing the listing. . . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.”
Don’t run this risk. Instead, partner with an agent to make sure your house is priced at current market value, so it catches the eyes of eager buyers. This will put your house in a position to make the best first impression possible.
You Don’t Have as Much Experience in Marketing a House
In this digital age, online marketing has become a real game-changer, especially when it comes to selling your house. A recent report from the National Association of Realtors (NAR), explains:
“Among all generations of home buyers, the first step taken in the home search process was to look online for properties.”
When you partner with a real estate agent who knows how to take advantage of online marketing tools and resources, you'll be able to get in front of these tech-savvy house hunters, boosting your chances of a successful sale. But, if you're attempting to sell your house on your own, you might find yourself missing out on the full power of online and social media strategies.
You May Not Be Comfortable Handling All the Back-and-Forth
When you decide to sell your house, you're not just on a quest to find a buyer; you're also stepping into a world of negotiations. You’ll have to coordinate with a bunch of people, including the buyer, the buyer’s agent, the inspection company, the appraiser, and more. It's a dance where every move counts, and the expertise of a real estate agent can make a world of difference in keeping these negotiations on track and sealing the deal.
As NerdWallet says:
“Your listing agent will also, of course, be on your side throughout negotiations. They'll double-check paperwork that comes through, communicate with the buyer's agent and other parties to the sale, and generally stay on top of things through to closing day.”
If you're thinking about selling your house and the idea of going it alone has crossed your mind, be sure to think through that decision carefully. Let's connect to discuss how a real estate agent has the experience needed to take all that stress off your plate.
2023-10-27T14:07:35-07:002023-10-27T14:09:54-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21710Are Grandparents Moving To Be Closer to Their Grandkids?
During the pandemic, many people distanced themselves from their loved ones for health reasons. <a href="https://www.mykcm.com/2023/09/13/should-baby-boomers-buy-or-rent-after-selling-their-houses/" rel="noopener noreferrer" target="_blank">Grandparents</a> were told to stay away from their grandkids, especially as schools started to open. That’s because it would have been risky to visit with their grandchildren who may have gotten sick from school.
Now that the pandemic has passed, many grandparents want more than ever to be near their grandchildren again to make up for that lost time. But how are they getting that “Grandparent Wish?” The data tells us many are <a href="https://www.mykcm.com/2023/09/11/planning-to-retire-your-equity-can-help-you-make-a-move/" rel="noopener noreferrer" target="_blank">moving</a> to make sure they’re getting more quality time.
Grandparents Are Moving To Be Near Loved Ones
Recent <a href="https://store.realtor/2022-nar-profile-of-home-buyers-and-sellers-download/" rel="noopener noreferrer" target="_blank">data</a> from the National Association of Realtors (NAR) shows people between the ages of 55 and 74 are moving farther (more than 100 miles) than any other age group (see graph below):
<a href="https://www.mykcm.com/content/images/20231005/20231010-Grandparents-are-moving-farther-away.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231005/20231010-Grandparents-are-moving-farther-away.png" /></a>
The average age of grandparents in the U.S. is <a href="https://www.bgsu.edu/ncfmr/resources/data/family-profiles/westrick-payne-grandparents-characteristics-age-fp-23-02.html#%3A%7E%3Atext%3DGrandparenthood%20is%20more%20common%20among%2Cthose%20in%20midlife%20(33%25)" rel="noopener noreferrer" target="_blank">67 years</a>. The logical leap is that at least some of the people who are moving the furthest are grandparents. But what’s causing them to move so far?
The same report from NAR shows the top <a href="https://store.realtor/2022-nar-profile-of-home-buyers-and-sellers-download/" rel="noopener noreferrer" target="_blank">reason</a> people move is to be closer to loved ones (see graph below):
<a href="https://www.mykcm.com/content/images/20231005/20231010-Sellers-Want-to-be-near-loved-ones.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231005/20231010-Sellers-Want-to-be-near-loved-ones.png" /></a>
Based on this data, it’s fair to say many grandparents are getting their wish of more quality time with their grandchildren by moving to be closer to them. And after experiencing isolation and loneliness during the COVID pandemic, that’s an especially good thing.
If you’re a grandparent, you know how important your grandchildren are. And you may be willing to sell and move just to be closer by. As Vance Cariaga, a journalist at Go Bank Rates, <a href="https://www.gobankingrates.com/retirement/planning/boomers-moving-further-from-home-close-to-grandbabies-is-it-good-financial-move/" rel="noopener noreferrer" target="_blank">explains</a>:
“Never underestimate the power of grandchildren – especially when it comes to lifestyle and financial decisions. Recent data shows that many baby boomers are relocating further away from home than they used to so they can be closer to their grandbabies.”
The data shows grandparents are moving further to be near their grandchildren. If you have grandchildren of your own, maybe you can relate. When you decide it’s time to be closer to your loved ones, let's connect.
2023-10-19T18:13:17-07:002023-10-19T18:15:25-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21701Key Skills You Need Your Listing Agent To Have
<a href="https://www.mykcm.com/2023/08/29/why-you-may-still-want-to-sell-your-house-after-all/" rel="noopener noreferrer" target="_blank">Selling</a> your house is a big decision. And that can make it feel both exciting and a little bit nerve-wracking. But the key to a successful sale is finding the perfect listing agent to work with you throughout the process. A listing agent, also known as a <a href="https://www.mykcm.com/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/" rel="noopener noreferrer" target="_blank">seller's agent</a>, helps market and sell your house while advocating for you every step of the way.
But, how do you know you've found the perfect match in an agent? Here are three key skills you’ll want your listing agent to have.
They Price Your House Based on the Latest Data
While it may be tempting to pick the agent who suggests the highest asking price for your house, that strategy may <a href="https://www.mykcm.com/2023/09/28/why-your-house-didnt-sell/" rel="noopener noreferrer" target="_blank">cost you</a>. It’s easy to get caught up in the excitement when you see a bigger number, but overpricing your house can have consequences. It could mean it’ll sit on the market longer because the higher price is actually deterring buyers.
Instead, you want to pick an agent who’s going to have an open conversation about how they think you should price your house and why. A great agent will base their pricing strategy on solid data. They won't throw out a number just to win your listing. Instead, they'll show you the facts, explain their pricing strategy, and make sure you're on the same page. As NerdWallet <a href="https://www.nerdwallet.com/article/mortgages/are-all-real-estate-agents-the-same-which-realtor-is-right-for-you" rel="noopener noreferrer" target="_blank">explains</a>:
“An agent who recommends the highest price isn't always the best choice. Choose an agent who backs up the recommendation with market knowledge.”
They’re a Great Negotiator
The home-selling process can be emotional, especially if you’ve been in your house for a long time. You’re connected to it and have a lot of memories there. This can make the negotiation process harder. That’s where a trusted professional comes in.
A skilled listing agent will be calm under pressure and will be your point-person in all of those conversations. Their experience in handling the back-and-forth gives you with the peace of mind that you've got someone on your side who’s got your best interests in mind throughout this journey.
They’re a Skilled Problem Solver
At the heart of it all, a listing agent's main priority is to get your house sold. A great agent never loses sight of that goal and will help you prioritize your needs above all else. If they identify any necessary steps you need to take, they’ll be open with you about it. Their commitment to your success means they'll work with you to address any potential roadblocks and find creative solutions to anything that pops up along the way.
BankRate <a href="https://www.bankrate.com/real-estate/finding-best-real-estate-agent/#go-with-your-gut" rel="noopener noreferrer" target="_blank">explains</a> it like this:
“Just as important as the knowledge and experience agents bring is their ability to guide you smoothly through the process. Above all, go with an agent you trust and will feel comfortable with."
Whether you're a first-time seller or you’ve been through selling a house before, a great listing agent is the key to success. Let’s connect so you have a skilled local expert by your side to guide you through every step of the process.
2023-10-17T13:28:25-07:002023-10-17T13:30:34-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21666Home Prices Are Not Falling
During the fourth quarter of last year, some housing experts projected <a href="https://www.mykcm.com/2023/09/08/home-price-forecasts-revised-for-2023-infographic/" rel="noopener noreferrer" target="_blank">home prices</a> were going to crash in 2023. The media ran with those forecasts and put out headlines calling for doom and gloom in the housing market. All of this negative news coverage made a lot of people have doubts about the strength of the residential real estate market.
If it made you question if you should delay your own <a href="https://www.mykcm.com/2023/09/22/how-remote-work-helps-with-your-house-hunt-infographic/" rel="noopener noreferrer" target="_blank">plans to move</a>, here’s what you really need to know.
Home Prices Never Crashed
Disregard what you saw in the headlines. The actual <a href="https://www.zillow.com/research/data/" rel="noopener noreferrer" target="_blank">data</a> shows home prices were <a href="https://www.mykcm.com/2023/09/05/expert-home-price-forecasts-revised-up-for-2023/" rel="noopener noreferrer" target="_blank">remarkably resilient</a> and performed far better than the media would have you believe (see graph below):
<a href="https://www.mykcm.com/content/images/20230929/20231003-Percent-Change-In-Home-Values.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230929/20231003-Percent-Change-In-Home-Values.png" /></a>
This graph uses <a href="https://www.blackknightinc.com/data-reports/" rel="noopener noreferrer" target="_blank">reports</a> from three trusted <a href="https://www.freddiemac.com/research/indices/house-price-index" rel="noopener noreferrer" target="_blank">sources</a> to clearly illustrate prices have <a href="https://www.mykcm.com/2023/08/11/home-prices-are-back-on-the-rise-infographic/" rel="noopener noreferrer" target="_blank">already rebounded</a> after experiencing only slight declines nationally. That’s a far cry from the crash so many articles called for.
The declines that did happen (shown in red), weren’t drastic but were short-lived. As Nicole Friedman, a reporter at the Wall Street Journal (WSJ), <a href="https://www.wsj.com/economy/housing/the-fall-in-home-prices-may-already-be-over-3496d6bb" rel="noopener noreferrer" target="_blank">says</a>:
“Home prices aren’t falling anymore. . . The surprisingly quick recovery suggests that the residential real-estate downturn is turning out to be shorter and shallower than many housing economists expected . . .”
Even though some media coverage made a big deal about home prices pulling back, the slight correction that happened is already in the rearview mirror. Basically, this data shows you home prices aren’t falling anymore – they’re actually going back up.
What’s Next for Home Prices?
The consensus from experts is that <a href="https://www.mykcm.com/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/" rel="noopener noreferrer" target="_blank">home price growth</a> will continue in the years ahead and is <a href="https://www.mykcm.com/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/" rel="noopener noreferrer" target="_blank">returning to normal</a> levels for the market. That means we’ll still see home prices appreciating, just at a slower pace than the last few years – and that’s a good thing.
Some news sources will see home price growth slowing and put out stories that make you think prices are falling again. The return of misleading headlines like those is already having an impact on how homebuyers are feeling again. You can see how this affects general opinion in the <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/national-housing-survey/national-housing-survey-archive" rel="noopener noreferrer" target="_blank">Consumer Confidence Survey</a> from Fannie Mae (see graph below):
<a href="https://www.mykcm.com/content/images/20230929/20231003---of-Americans-Who-Think-Home-Prices-Will-Go-Down-over-the-Next-12-Months.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230929/20231003---of-Americans-Who-Think-Home-Prices-Will-Go-Down-over-the-Next-12-Months.png" /></a>
While the percentage of Americans who think prices will fall has been slowly declining this year, the latest Consumer Confidence data indicates that’s ticked back up recently (shown in red). This change is surprising especially since the home price data shows prices are going up, not down. It tells you the impact the media still has on public opinion.
Don’t fall for the negative headlines and become part of this statistic. Remember, data from a number of sources shows home prices aren’t falling anymore.
Even though the media may make things sound doom and gloom, the data shows home prices aren’t falling anymore. So, don’t let the headlines scare you or delay your plans. Let's connect so you have a trusted resource to cut through the noise and tell you what’s really happening in our area.
2023-10-12T15:40:24-07:002023-10-12T15:43:26-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21570Should Baby Boomers Buy or Rent After Selling Their Houses?
Are you a baby boomer who’s lived in your current house for a long time and you’re ready for a change? If you’re thinking about <a href="https://www.mykcm.com/2023/09/04/why-its-still-a-sellers-market-today/" rel="noopener noreferrer" target="_blank">selling your house</a>, you have a lot to consider. Will you move to a different state or stay nearby? Is it time to <a href="https://www.mykcm.com/2023/09/07/get-ready-for-smaller-more-affordable-homes/" rel="noopener noreferrer" target="_blank">downsize</a> or do you want more space to accommodate your loved ones? But maybe the biggest consideration boils down to this – will you buy your next home or choose to rent instead?
That decision ultimately depends on your current situation and your future plans. Here are two important factors to help you decide what’s right for you.
Expect Rents to Keep Going Up
The graph below uses <a href="https://www.census.gov/housing/hvs/files/currenthvspress.pdf" rel="noopener noreferrer" target="_blank">data</a> from the Census to show how rents have been climbing steadily since 1988:<a href="https://www.mykcm.com/content/images/20230912/20230913-Median-Asking-Rent-Since-1988.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230912/20230913-Median-Asking-Rent-Since-1988.png" /></a>Rents have been going up consistently over the long run. If you choose to rent, there’s a risk your rental payment will go up each time you renew your lease. Having a higher rental expense may not be something you want to deal with every year.
When you buy a home with a fixed-rate mortgage, it helps stabilize your monthly housing payment. This allows you to lock in your monthly payment for the duration of your home loan. That keeps your payments steady and predictable for the long haul. Freddie Mac <a href="https://myhome.freddiemac.com/blog/homebuying/should-inflation-change-your-homebuying-plans" rel="noopener noreferrer" target="_blank">sums</a> it up like this:
“. . . homeowners with fixed-rate loans will see little to no change to their monthly housing cost over the life of their loan. You can be confident in knowing that your mortgage payments won’t change much in the long term, even when life’s other costs do.”
Owning Your Home Comes with Unique Benefits
<a href="https://www.aarp.org/brandamp/anywhere-buy-instead-of-rent.html" rel="noopener noreferrer" target="_blank">According</a> to AARP, buying your next home is a better long-term strategy than renting:
“Though each option has pros and cons, buying provides more pros, with a broader range of benefits.”
To help you choose what you’ll do after you sell, here are just a few of the benefits of homeownership that article covers:
Owning your home can help you <a href="https://www.mykcm.com/2023/08/15/equity-is-a-game-changer-for-homeowners-looking-to-sell/" rel="noopener noreferrer" target="_blank">save money</a> for the future. Your home, and the <a href="https://www.mykcm.com/2023/09/11/planning-to-retire-your-equity-can-help-you-make-a-move/" rel="noopener noreferrer" target="_blank">equity</a> you build as a homeowner, can provide generational wealth that could be passed on to loved ones, giving them a better life.
You might not have to pay a monthly mortgage payment at all. If you have enough equity to <a href="https://www.mykcm.com/2023/09/01/homeowners-have-a-lot-of-equity-right-now-infographic/" rel="noopener noreferrer" target="_blank">buy</a> your next home outright, you wouldn’t have a monthly mortgage payment. While you might still need to cover property taxes or maintenance fees, not having to worry about a monthly mortgage payment could be a big relief.
Aging in place can be simpler. If your needs change, owning your home gives you the freedom to make renovations and updates that can make everyday life easier.
If you're a baby boomer who’s wondering whether you should buy or rent your next home, let’s connect. With rents going up and homeownership providing so many benefits, it may make sense to consider buying your next home.
2023-09-21T12:42:18-07:002023-09-21T12:44:07-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21537Why It’s Still a Seller’s Market Today
Even though activity in the housing market has slowed from the frenzy that was the <a href="https://www.mykcm.com/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a>, it’s still a seller’s market because the <a href="https://www.mykcm.com/2023/08/25/todays-housing-market-has-only-half-the-usual-inventory-infographic/" rel="noopener noreferrer" target="_blank">supply of homes</a> for sale is so low. But what does that really mean for you? And why are conditions today so good if you want to <a href="https://www.mykcm.com/2023/08/29/why-you-may-still-want-to-sell-your-house-after-all/" rel="noopener noreferrer" target="_blank">sell your house</a>?
The latest <a href="https://www.nar.realtor/newsroom/existing-home-sales-slipped-2-2-in-july" rel="noopener noreferrer" target="_blank">Existing Home Sales Report</a> from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Housing inventory is measured by the number of available homes on the market. It’s also measured by months’ supply, meaning the number of months it would take to sell all those available homes based on current demand. In a balanced market, there’s usually about a six-month supply. Today, we have only about 3 months’ supply of homes at the current sales pace (see graph below):
<a href="https://www.mykcm.com/content/images/20230831/20230904-Months-Inventory-of-homes-for-sale.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230831/20230904-Months-Inventory-of-homes-for-sale.png" /></a>As the visual shows, given the current <a href="https://www.mykcm.com/2023/08/08/theres-only-half-the-inventory-of-a-normal-housing-market-today/" rel="noopener noreferrer" target="_blank">inventory of homes</a>, it’s still a seller's market.
Today, we’re nowhere near what’s considered a balanced market. In fact, the current months’ supply is half of what’s typical of a normal market. That means there just aren’t enough homes to go around based on today’s <a href="https://www.mykcm.com/2023/08/30/buyer-traffic-is-still-stronger-than-the-norm/" rel="noopener noreferrer" target="_blank">buyer demand</a>.
As Lawrence Yun, Chief Economist for NAR, <a href="https://www.cnn.com/2023/07/20/homes/existing-home-sales-june/index" rel="noopener noreferrer" target="_blank">says</a>:
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
How Does Being in a Seller’s Market Benefit You?
Sellers, these conditions give you a real edge. Right now, there are buyers who are ready, willing, and able to purchase a home. And, because there's a shortage of homes up for sale, the ones that do hit the market are like magnets for those buyers.
If you work with a local real estate agent to <a href="https://www.mykcm.com/2023/08/10/about-11000-houses-will-sell-today/" rel="noopener noreferrer" target="_blank">list your house</a> right now, in good condition, and at the <a href="https://www.mykcm.com/2023/07/31/pricing-your-house-right-still-matters-today/" rel="noopener noreferrer" target="_blank">right price</a>, it could get a lot of attention. You might even end up with multiple offers.
Bottom Line
Today’s seller’s market sets you up with a big advantage when you sell your house. Because supply is so low, your house will be in the spotlight for motivated buyers who are craving more options. Let’s connect so you understand what’s happening in our local area as you get ready to enter the market.
2023-09-14T14:16:17-07:002023-09-14T14:17:28-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21485Why You May Still Want To Sell Your House After All
Even though you may feel reluctant to <a href="https://www.mykcm.com/2023/08/01/sellers-dont-let-these-two-things-hold-you-back/" rel="noopener noreferrer" target="_blank">sell your house</a> because you don’t want to take on a <a href="https://www.mykcm.com/2023/07/19/explaining-todays-mortgage-rates/" rel="noopener noreferrer" target="_blank">mortgage rate</a> that’s higher than the one you have now, there’s more to consider. While the financial side of things does matter, your personal needs may actually matter just as much. As an article from <a href="https://www.bankrate.com/real-estate/should-i-sell-my-house-now-or-wait/#sell-now" rel="noopener noreferrer" target="_blank">Bankrate</a> says:
“Deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market.”
So, ask yourself this: why did I want to move in the first place?
Chances are your primary motivation wasn’t just financial in nature. Why you’re really thinking about <a href="https://www.mykcm.com/2023/08/08/theres-only-half-the-inventory-of-a-normal-housing-market-today/" rel="noopener noreferrer" target="_blank">selling</a> likely has more to do with something changing in your life or a shift in what you need out of your house.
Reasons Homeowners Still Need To Sell Today
Let’s explore some of the most common reasons sellers are <a href="https://www.mykcm.com/2023/07/27/homebuyers-are-still-more-active-than-usual/" rel="noopener noreferrer" target="_blank">moving</a> today. A recent <a href="https://www.builderonline.com/data-analysis/whats-behind-this-years-high-sales-volume-despite-the-lock-in-effect_o" rel="noopener noreferrer" target="_blank">article</a> from Builder Online helps shed light on this. In this research, they identified the following categories:
Marriage – If you just got married, you may find you either need more space than you currently have, or the two of you want to find a new place you picked out together.
Divorce – If you’re getting separated or are divorcing your partner, chances are it’ll be difficult to live under the same roof. Selling the place you have, so you can own get your own spot, may be necessary.
Births – If your household is growing, you may need more square footage, including more bedrooms. If you’re running out of room for everyone, you may not be able to wait to move.
Deaths – If you’ve recently lost a loved one, it can be hard to spend time in that home. You may need to move for financial reasons or because you no longer need all the space.
Retirement – If you’re in the process of retiring, or you just did, you may be looking to downsize to cut costs, relocate to be closer to loved ones, or move to a dream location. In this new phase of life, your current home may not be able to deliver what you need.
You may find you share one of these top motivators. If any of these resonate with you, it may be <a href="https://www.mykcm.com/2023/08/10/about-11000-houses-will-sell-today/" rel="noopener noreferrer" target="_blank">time to move</a> so you can find a house better suited to your changing needs. A survey from Realtor.com finds other sellers are in the same boat. It <a href="https://mediaroom.realtor.com/2023-04-17-Realtor-com-R-Survey-82-of-Those-Looking-to-Buy-and-Sell-a-Home-Feel-Locked-In-by-Low-Mortgage-Rate" rel="noopener noreferrer" target="_blank">says</a>, 1 in 4 sellers are choosing to move for personal reasons, even with current <a href="https://www.mykcm.com/2023/08/03/how-inflation-affects-mortgage-rates/" rel="noopener noreferrer" target="_blank">mortgage rates</a>:
“. . . more than half of seller-buyers (56%) who are planning to sell in the next 12 months said they are waiting for rates to come down, while 25% need to sell soon for personal reasons.”
If you need to sell now because something in your own life has changed, don’t let rates hold you back from what you want. You have options to help make that move possible. You can use the <a href="https://www.mykcm.com/2023/08/07/four-ways-you-can-use-your-home-equity/" rel="noopener noreferrer" target="_blank">equity</a> you already have in your current home toward your next purchase. And with <a href="https://www.mykcm.com/2023/08/15/equity-is-a-game-changer-for-homeowners-looking-to-sell/" rel="noopener noreferrer" target="_blank">how much</a> equity homeowners have right now, you may be able to finance less than you’d expect, or pay all cash to avoid borrowing at all.
Bottom Line
When you're ready to prioritize your changing needs, let’s connect. You need an expert on your side to help you list your house and find a home that delivers on everything you're looking for.
2023-09-04T05:59:04-07:002023-09-04T05:59:55-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21369About 11,000 Houses Will Sell Today
Some homeowners have been waiting for months to put their <a href="https://www.mykcm.com/2023/08/01/sellers-dont-let-these-two-things-hold-you-back/" rel="noopener noreferrer" target="_blank">house</a> on the market because they don’t think people are <a href="https://www.mykcm.com/2023/07/18/homebuyers-are-getting-used-to-the-new-normal/" rel="noopener noreferrer" target="_blank">buying</a> homes right now. If that’s you, know that even though the housing market has slowed compared to the <a href="https://www.mykcm.com/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/" rel="noopener noreferrer" target="_blank">frenzy</a> of a couple of years ago, it isn’t at a standstill. Contrary to what you may believe, buyers are still active and plenty of homes are selling right now.
<a href="https://www.nar.realtor/newsroom/existing-home-sales-retreated-3-3-in-june-monthly-median-sales-price-reached-second-highest-amount" rel="noopener noreferrer" target="_blank">According</a> to the National Association of Realtors (NAR), based on the pace of sales right now, just over 4 million homes will sell this year. With some simple math, let’s break down what that really means for you:
4.16 million homes divided by 365 days in a year = 11,397 houses sell each day
11,397 divided by 24 hours in a day = 475 houses sell per hour
475 divided by 60 minutes in an hour = about 8 houses sell each minute
So, on average, about 11,000 homes sell each day in this country.
A real estate expert can give you more information about how many houses are being sold in your neighborhood, the amazing <a href="https://www.mykcm.com/2023/07/14/low-housing-inventory-is-a-sweet-spot-for-sellers-infographic/" rel="noopener noreferrer" target="_blank">advantages</a> that sellers are experiencing right now, and the most important things buyers are searching for in your area. Together you’ll use this knowledge to shape how you market your house based on local trends.
Bottom Line
If you’ve been waiting to sell because you don’t think there are buyers out there, know today’s market is <a href="https://www.mykcm.com/2023/07/27/homebuyers-are-still-more-active-than-usual/" rel="noopener noreferrer" target="_blank">active</a>. Every day you wait, around 11,000 other homeowners are <a href="https://www.mykcm.com/2023/07/12/renting-or-selling-your-house-whats-the-best-move/" rel="noopener noreferrer" target="_blank">selling</a>. In the time it took you to read this, eight homes sold. When you’re ready to sell too, let’s connect.
2023-08-17T14:17:26-07:002023-08-17T14:18:54-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21300Sellers: Don’t Let These Two Things Hold You Back
Many homeowners thinking about <a href="https://www.mykcm.com/2023/07/07/the-benefits-of-downsizing-for-homeowners-infographic/" rel="noopener noreferrer" target="_blank">selling</a> have two key things holding them back. That’s feeling locked in by today’s higher mortgage rates and worrying they won’t be able to find something to buy while supply is so low. Let’s dive into each challenge and give you some helpful advice on how to overcome these obstacles.
Challenge #1: The Reluctance to Take on a Higher Mortgage Rate
According to the Federal Housing Finance Agency (FHFA), the <a href="https://www.fhfa.gov/DataTools/Downloads/Pages/National-Mortgage-Database-Aggregate-Data.aspx" rel="noopener noreferrer" target="_blank">average interest rate</a> for current homeowners with mortgages is less than 4% (see graph below):
<a href="https://www.mykcm.com/content/images/20230731/20230801-Average-Mortgage-Rate-Is-Less-Than-4-.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230731/20230801-Average-Mortgage-Rate-Is-Less-Than-4-.png" /></a>But today, the typical 30-year fixed <a href="https://www.mykcm.com/2023/07/19/explaining-todays-mortgage-rates/" rel="noopener noreferrer" target="_blank">mortgage rate</a> offered to buyers is closer to <a href="https://www.freddiemac.com/pmms" rel="noopener noreferrer" target="_blank">7%</a>. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as the mortgage rate lock-in effect.
The Advice: Waiting May Not Pay Off
While experts project <a href="https://www.mykcm.com/2023/07/05/two-questions-to-ask-yourself-if-youre-considering-buying-a-home/" rel="noopener noreferrer" target="_blank">mortgage rates</a> will gradually fall this year as <a href="https://www.mykcm.com/2023/06/23/homeownership-helps-protect-you-from-inflation-infographic/" rel="noopener noreferrer" target="_blank">inflation</a> cools, that doesn’t necessarily mean you should wait to sell. Mortgage rates are notoriously hard to predict. And, right now <a href="https://www.mykcm.com/2023/07/17/home-prices-are-rebounding/" rel="noopener noreferrer" target="_blank">home prices</a> are back on the rise. If you move now, you’ll at least beat rising home prices when you buy your next home. And, if experts are right and rates fall, you can always refinance later if that happens.
Challenge #2: The Fear of Not Finding Something to Buy
When so many homeowners are reluctant to take on a higher rate, fewer homes are going to come onto the market. That’s going to keep <a href="https://www.mykcm.com/2023/07/14/low-housing-inventory-is-a-sweet-spot-for-sellers-infographic/" rel="noopener noreferrer" target="_blank">inventory</a> low. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://themortgagereports.com/104622/homeowners-become-landlords" rel="noopener noreferrer" target="_blank">explains</a>:
“Inventory will remain tight in the coming months and even for the next couple of years. Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years.”
Even though you know this <a href="https://www.mykcm.com/2023/07/06/todays-housing-inventory-is-a-sweet-spot-for-sellers/" rel="noopener noreferrer" target="_blank">limited housing supply</a> helps your house stand out to eager buyers, it may also make you feel hesitant <a href="https://www.mykcm.com/2023/06/26/the-true-cost-of-selling-your-house-on-your-own/" rel="noopener noreferrer" target="_blank">to sell</a> because you don’t want to struggle to find something to purchase.
The Advice: Broaden Your Search
If fear you won’t be able to find your next home is the primary thing holding you back, remember to consider all your options. Looking at all housing types including condos, townhouses, and even <a href="https://www.mykcm.com/2023/06/29/where-will-you-go-if-you-sell-newly-built-homes-might-be-the-answer/" rel="noopener noreferrer" target="_blank">newly built homes</a> can help give you more to choose from. Plus, if you’re able to work fully <a href="https://www.mykcm.com/2023/07/13/how-remote-work-expands-your-homebuying-horizons/" rel="noopener noreferrer" target="_blank">remote</a> or hybrid, you may be able to consider areas you hadn’t previously searched. If you can look further from your place of work, you may have more affordable options.
Bottom Line
Instead of focusing on the challenges, focus on what you can control. Let’s connect so you’re working with a professional who has the experience to navigate these waters and find the perfect home for you.
2023-08-04T14:52:44-07:002023-08-04T14:54:16-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21190Low Housing Inventory Is a Sweet Spot for Sellers<img src="https://assets.site-static.com/userfiles/819/image/Low-Housing-Inventory-Is-a-Sweet-Spot-for-Sellers-MEM.png" width="1300" height="3510" />
Some Highlights
Today’s housing <a href="https://www.mykcm.com/2023/07/06/todays-housing-inventory-is-a-sweet-spot-for-sellers/" rel="noopener noreferrer" target="_blank">inventory</a> is still well below more <a href="https://news.move.com/2023-06-29-Realtor-com-R-June-Housing-Report-Home-Prices-Post-Their-First-Annual-Decline-Since-Before-2017" rel="noopener noreferrer" target="_blank">normal years</a>.
This low inventory is why homes that are priced right are still <a href="https://cdn.nar.realtor/sites/default/files/documents/2023-05-realtors-confidence-index-06-22-2023.pdf" rel="noopener noreferrer" target="_blank">selling</a> quickly and seeing multiple offers.
If you want to <a href="https://www.mykcm.com/2023/07/10/reasons-your-home-may-not-be-selling/" rel="noopener noreferrer" target="_blank">sell</a> your house, now is a great time because <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">inventory</a> is still low. Let’s <a href="https://www.mykcm.com/2023/06/30/key-reasons-to-use-a-real-estate-agent-when-you-sell-infographic/" rel="noopener noreferrer" target="_blank">connect</a> to start the <a href="https://www.mykcm.com/2023/06/26/the-true-cost-of-selling-your-house-on-your-own/" rel="noopener noreferrer" target="_blank">process</a>.
2023-07-19T11:40:19-07:002023-07-19T11:42:04-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21178Renting or Selling Your House: What's the Best Move?
If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of <a href="https://www.mykcm.com/2023/07/06/todays-housing-inventory-is-a-sweet-spot-for-sellers/" rel="noopener noreferrer" target="_blank">selling</a> it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years.
While a short-term rental can be a tempting idea, you may find the reality of being responsible for one difficult to take on. Here are some of the challenges you could face if you rent out your house instead of <a href="https://www.mykcm.com/2023/05/25/the-benefits-of-selling-now-according-to-experts/" rel="noopener noreferrer" target="_blank">selling</a> it.
A Short-Term Rental Comes with Responsibilities
Successfully managing your house as a short-term rental takes a lot of time and effort. You’ll have to juggle tasks like dealing with reservations, organizing check-ins, and tackling cleaning, landscape, and maintenance duties. Any one of those can feel demanding, but all together it’s a lot to handle.
Short-term rentals experience high turnover rates, as new guests check in and out frequently. This home traffic can lead to increased wear and tear on your property—meaning you may need to make more frequent repairs or replace your furniture, fixtures, and appliances more often.
Think through your ability to make that level of commitment, especially if you plan to use a platform that advertises your rental listing. Most of them have specific requirements hosts must meet. An article from Bankrate <a href="https://www.bankrate.com/real-estate/should-i-sell-or-rent-my-house/" rel="noopener noreferrer" target="_blank">explains</a>:
"Managing a rental property can be time-consuming and challenging. Are you handy and able to make some repairs yourself? If not, do you have a network of affordable contractors you can reach out to in a pinch? Consider whether you want to take on the added responsibility of being a landlord, which means screening tenants and fielding issues, among other responsibilities, or paying for a third party to take care of things instead."
There’s a lot to consider before taking the leap and converting your house into a short-term rental. If you aren’t ready for the work it takes, it could be wise to <a href="https://www.mykcm.com/2023/06/29/where-will-you-go-if-you-sell-newly-built-homes-might-be-the-answer/" rel="noopener noreferrer" target="_blank">sell</a> instead.
Short-Term Rental Regulations
As the short-term rental industry continues to grow, regulations have increased. Legal restrictions commonly include limits on the number of vacation rentals in a particular location. This is especially true in larger cities and tourist destinations where there may be concerns about overcrowding or housing shortages for permanent residents. Restrictions may also apply to the type of property that can be used for short-term rentals.
Many cities also require homeowners to obtain a license or permit before renting out their properties. Nick Del Pego, CEO at Deckard Technologies, <a href="https://www.nar.realtor/magazine/broker-news/network/what-your-clients-need-to-know-about-short-term-rentals" rel="noopener noreferrer" target="_blank">explains</a>:
“Renting short-term rentals is considered a business by most local governments, and owners must comply with specific workplace regulations and business licensing rules established in their local communities.”
It is important to thoroughly check whether short-term rentals are regulated or prohibited by the local government and your homeowners association (HOA) before even considering renting out your home.
Bottom Line
Converting your home into a short-term rental isn’t a decision you should make without doing your research. To decide if selling your house is a better alternative, let’s connect today.
2023-07-17T16:18:32-07:002023-07-17T16:20:06-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21152Reasons Your Home May Not Be Selling
When it comes to selling your house, you want three things: to sell it for the most money you can, to do it in a certain amount of time, and to do all of that with the fewest hassles. And, while the current housing market is generally favorable to sellers due to today’s <a href="https://www.mykcm.com/2023/07/06/todays-housing-inventory-is-a-sweet-spot-for-sellers/" rel="noopener noreferrer" target="_blank">limited housing supply</a>, there are still factors that can cause delays or even prevent a house from selling.
If you're having trouble getting <a href="https://www.mykcm.com/2023/06/29/where-will-you-go-if-you-sell-newly-built-homes-might-be-the-answer/" rel="noopener noreferrer" target="_blank">your house to sell</a> in today's sellers’ market, here are a few things to think about.
Limited Access – If You Can’t Show It, You Can’t Sell It.
One of the biggest mistakes you can make as a seller is limiting the days and times when buyers can view your home. In any market, if you want to <a href="https://www.mykcm.com/2023/06/30/key-reasons-to-use-a-real-estate-agent-when-you-sell-infographic/" rel="noopener noreferrer" target="_blank">maximize the sale</a> of your house, you can’t limit potential buyers’ ability to view it. Remember, minimal access equals minimal exposure.
In some cases, some of the most motivated buyers may come from outside of your local area. Because they’re traveling, they might not have the luxury to adjust their schedules when faced with limited options to tour your house, so make it available as much as possible.
Priced Too High – Price It To Sell, Not To Sit.
<a href="https://www.mykcm.com/2023/06/12/are-home-prices-going-up-or-down-that-depends/" rel="noopener noreferrer" target="_blank">Pricing</a> is a critical factor that can significantly impact your home sale. While it's tempting to push the price higher to try to maximize your profit, overpricing can deter potential buyers and lead to your home sitting on the market longer.
Jeff Tucker, Senior Economist at Zillow, <a href="https://www.forbes.com/sites/brendarichardson/2023/02/16/expect-the-spring-housing-market-to-be-calm-but-competitive/?sh=bf3b22457bd7" rel="noopener noreferrer" target="_blank">notes</a>:
“. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.”
Not to mention, buyers today have access to a number of tools and resources to view available homes in your area. If your house is priced unreasonably high compared to similar homes, it may drive potential buyers away. Listen to the feedback your agent is getting at open houses and showings. If the feedback is consistent, it may be time to re-evaluate and potentially lower the price.
Not Freshened Up Before Listing – If It Looks Good, It’ll Make a Good Impression.
When selling your house, the old saying “you never get a second chance to make a first impression” matters. Putting in the work on the exterior of your home is just as important as what you stage inside. Freshen up your landscaping to improve your home’s curb appeal so you can make an impact upfront. As an article from Investopedia <a href="https://www.investopedia.com/investing/types-home-renovation-which-ones-boost-value/" rel="noopener noreferrer" target="_blank">says</a>:
“Curb-appeal projects make the property look good as soon as prospective buyers arrive. While these projects may not add a considerable amount of monetary value, they will help your home sell faster—and you can do a lot of the work yourself to save money and time.”
But don’t let that stop at the front door. By removing personal items and reducing clutter inside, you give buyers more freedom to picture themselves in the home. Additionally, a new coat of paint or cleaning the floors can go a long way to freshening up a room.
For all of these things, lean on your real estate agent for expert advice based on your unique situation and feedback you get from buyers throughout the process.
Bottom Line
If your house isn’t getting the attention you feel it deserves and isn’t selling in the timeframe you wanted, it’s time to ask your trusted real estate agent for advice on what you may need to revisit or change in your approach. To get those expert insights, let’s connect.
2023-07-13T14:20:35-07:002023-07-13T14:21:55-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21132Today’s Housing Inventory Is a Sweet Spot for Sellers
One of the biggest challenges in the housing market right now is how <a href="https://www.mykcm.com/2023/05/11/the-best-time-to-sell-your-house-is-when-others-arent-selling/" rel="noopener noreferrer" target="_blank">few homes</a> there are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still is, let’s take a look at the latest information on active listings, or homes for sale in a given month, as it compares to more normal levels.
According to a recent report from <a href="https://news.move.com/2023-06-29-Realtor-com-R-June-Housing-Report-Home-Prices-Post-Their-First-Annual-Decline-Since-Before-2017" rel="noopener noreferrer" target="_blank">Realtor.com</a>:
“On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.”
The <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">graph</a> below helps illustrate this point. It uses historical data to provide a more concrete look at how much the numbers are still lagging behind the level of inventory typical of a more normal market (see graph below):
<a href="https://www.mykcm.com/content/images/20230705/20230706-the-supply-of-homes-for-sale-is-still-low.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230705/20230706-the-supply-of-homes-for-sale-is-still-low.png" /></a>
It’s worth noting that 2020-2022 are not included in this graph. That’s because they were truly <a href="https://www.mykcm.com/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/" rel="noopener noreferrer" target="_blank">abnormal years</a> for the housing market. To make the comparison fair, those have been omitted so they don’t distort the data.
When you compare the orange bars for 2023 with the last normal years for the housing market (2017-2019), you can see the count of active listings is still far below the norm.
What Does This Mean for You?
If you’re thinking about <a href="https://www.mykcm.com/2023/06/26/the-true-cost-of-selling-your-house-on-your-own/" rel="noopener noreferrer" target="_blank">selling your house</a>, that low inventory is why this is a <a href="https://www.mykcm.com/2023/05/25/the-benefits-of-selling-now-according-to-experts/" rel="noopener noreferrer" target="_blank">great time</a> to do so. Buyers have fewer choices now than they did in more normal years, and that’s continuing to impact some key statistics in the housing market. For example, sellers will be happy to see the following data from the latest <a href="https://cdn.nar.realtor/sites/default/files/documents/2023-05-realtors-confidence-index-06-22-2023.pdf" rel="noopener noreferrer" target="_blank">Confidence Index</a> from the National Association of Realtors (NAR):
The percent of homes that sold in less than a month ticked up slightly to 74%.
The median days on market went down to 18 days, showing homes are still selling fast when priced right.
The average number of offers on recently sold homes went up to 3.3 offers.
Bottom Line
When supply is so low, your house is going to be in the spotlight. That’s why sellers are seeing their homes sell a little faster and get more offers right now. If you’ve thought about <a href="https://www.mykcm.com/2023/06/13/your-needs-matter-more-than-todays-mortgage-rates/" rel="noopener noreferrer" target="_blank">selling</a>, now’s the time to <a href="https://www.mykcm.com/2023/05/26/moving-now-can-give-your-house-its-day-in-the-sun-infographic/" rel="noopener noreferrer" target="_blank">make a move</a>. Let’s connect to get the process started.
2023-07-11T14:11:45-07:002023-07-11T14:13:36-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21095The True Cost of Selling Your House on Your Own
<a href="https://www.mykcm.com/2023/05/11/the-best-time-to-sell-your-house-is-when-others-arent-selling/" rel="noopener noreferrer" target="_blank">Selling your house</a> is no simple task. While some homeowners opt to sell their homes on their own, known as a FSBO (For Sale by Owner), they often encounter various challenges without the guidance of a real estate agent. If you’re currently considering selling your house on your own, here’s what you should know.
The most recent <a href="https://www.nar.realtor/sites/default/files/documents/2022-highlights-from-the-profile-of-home-buyers-and-sellers-report-11-03-2022_0.pdf" rel="noopener noreferrer" target="_blank">Profile of Home Buyers and Sellers</a> from the National Association of Realtors (NAR) surveyed homeowners who’d recently sold their own homes and asked what difficulties they faced. Those <a href="https://www.mykcm.com/2023/05/25/the-benefits-of-selling-now-according-to-experts/" rel="noopener noreferrer" target="_blank">sellers</a> say some of the greatest challenges were prepping their home for sale, pricing it right, and properly managing the required paperwork, just to name a few.
When it comes to selling your most <a href="https://www.mykcm.com/2023/06/06/real-estate-is-still-considered-the-best-long-term-investment-1/" rel="noopener noreferrer" target="_blank">valuable asset</a>, consider the invaluable support that a real estate agent can provide. By partnering with an agent, you can navigate the complexities of the selling process with confidence. Here are just a few of the many ways an agent is essential to your home sale:
1. Marketing and Exposure
Effective marketing is a key piece of attracting qualified buyers to your property. Real estate agents have access to various marketing tools and platforms, including MLS listings, professional photography, virtual tours, and extensive professional networks. They can create a compelling listing that highlights your home's best features and reaches a wider audience.
If you sell on your own, you may struggle to match the reach of agents, resulting in limited exposure and, ultimately, fewer potential buyers.
2. Managing Liability and Legal Considerations
Today, more disclosures and regulations are mandatory when selling a house. And all that paperwork and all the legal aspects of selling a home can be a lot to manage. Selling a house without professional guidance exposes homeowners to potential liability risks and legal complications.
Real estate agents are well-versed in the contracts, disclosures, and regulations necessary during a sale. Their expertise helps minimize the risk of errors or omissions that could lead to legal disputes or delays.
3. Negotiations and Contracts
Negotiating the terms of a home sale can be challenging, especially when emotions are involved. You may find it overwhelming to navigate these negotiations alone. Without an agent, you assume this responsibility on your own. This means you’ll have full accountability for working and negotiating with:
The buyer, who wants the best deal possible.
The buyer’s agent, who will use their expertise to advocate for the buyer.
The home inspection company, who works for the buyer.
The home appraiser, who assesses the property’s value to protect the lender.
Rather than going toe-to-toe with all these parties alone, lean on an expert. Real estate agents act as intermediaries, skillfully negotiating on your behalf and ensuring that your best interests are protected. They have experience in handling tough negotiations, counteroffers, and contingencies. When you sell your house yourself, you’ll need to be prepared to manage these vendors on your own.
4. Pricing and Housing Market Knowledge
Determining the right asking <a href="https://www.mykcm.com/2023/06/12/are-home-prices-going-up-or-down-that-depends/" rel="noopener noreferrer" target="_blank">price</a> for your property is crucial. It requires in-depth knowledge of the local real estate market, including recent sales data, neighborhood trends, and the current demand for properties. Real estate agents have access to comprehensive <a href="https://www.mykcm.com/2023/05/16/the-worst-home-price-declines-are-behind-us/" rel="noopener noreferrer" target="_blank">market data</a> and the expertise to analyze it accurately.
When you sell your house on your own without this comprehensive information, you risk overpricing or underpricing your home. This can result in an extended time on the market and also the risk of leaving money on the table - which decreases your future buying power. An agent is a key piece of the <a href="https://www.mykcm.com/2023/06/05/oops-home-prices-didnt-crash-after-all/" rel="noopener noreferrer" target="_blank">pricing</a> puzzle.
Bottom Line
While selling a home on your own might seem appealing at first, the challenges that come with it can quickly become overwhelming. The expertise that a real estate agent brings to the table is vital for a successful sale. Instead of tackling it alone, let’s connect to make sure you have an expert on your side.
2023-06-30T08:30:56-07:002023-06-30T08:31:54-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21091Eco-Friendly, Energy-Efficient Homes Attract Buyers
Are you planning to <a href="https://www.mykcm.com/2023/06/13/your-needs-matter-more-than-todays-mortgage-rates/" rel="noopener noreferrer" target="_blank">sell</a> your house? If so, you may be surprised to hear just how much buyers value energy efficiency and eco-friendly features today. This is especially true as <a href="https://www.mykcm.com/2023/05/26/moving-now-can-give-your-house-its-day-in-the-sun-infographic/" rel="noopener noreferrer" target="_blank">summer</a> officially kicks off.
In fact, the <a href="https://www.nar.realtor/newsroom/majority-of-agents-brokers-find-value-in-promoting-energy-efficiency-in-listings-according-to-nar" rel="noopener noreferrer" target="_blank">2023 Realtors and Sustainability Report</a> from the National Association of Realtors (NAR) shows 48% of agents or brokers have noticed consumers are interested in sustainability.
So, if you’re considering selling your house, why does this matter to you? It helps you know what you can do to make your house even more appealing to today’s buyers. <a href="https://www.nar.realtor/newsroom/majority-of-agents-brokers-find-value-in-promoting-energy-efficiency-in-listings-according-to-nar" rel="noopener noreferrer" target="_blank">According</a> to Jessica Lautz, Deputy Chief Economist and VP of Research at NAR:
"Buyers often seek homes that either lessen their environmental footprint or reduce their monthly energy costs. There is value in promoting green features and energy information to future home buyers."
Consider Upgrading Your Home To Make It More Appealing
If you want to upgrade your house in a way that maximizes its green appeal, you need to work with a local agent to understand what buyers in your area are looking for. The same NAR <a href="https://www.nar.realtor/newsroom/majority-of-agents-brokers-find-value-in-promoting-energy-efficiency-in-listings-according-to-nar" rel="noopener noreferrer" target="_blank">report</a> identifies the following green home features as most important to buyers at a national level:
Windows, doors, and siding
Proximity to frequently visited places
A comfortable living space
A home’s utility bills and operating costs
While you can’t change the location of your house, you can take action to make sure it’s as comfortable as possible while also setting up the next owners for lower operating costs. ENERGY STAR <a href="https://www.energystar.gov/products/energy_star_home_upgrade" rel="noopener noreferrer" target="_blank">shares</a> some suggested upgrades as ones that may be worth considering:
Heating and cooling: Ensure your HVAC system is properly maintained and regularly serviced to maximize its efficiency. Consider upgrading to a high-efficiency model, if needed.
Water heater: Your water heater uses a lot of energy. Upgrading to a heat pump water heater can significantly reduce energy consumption and appeal to environmentally conscious buyers.
Smart thermostat: A big part of your energy bill goes to heating and cooling. Install a programmable thermostat to better regulate temperature settings. This not only enhances comfort but can also lower energy usage.
Attic insulation: Proper sealing and insulation in your attic help prevent air leaks and maintain a comfortable temperature, reducing the strain on heating and cooling systems.
Energy-efficient windows: Replacing old, drafty windows with energy-efficient ones can minimize heat transfer and lower your energy bills.
It's worth noting that you may be able to take advantage of <a href="https://www.bankrate.com/real-estate/eco-friendly-homes-sell-better/" rel="noopener noreferrer" target="_blank">tax credits and rebates</a> for <a href="https://www.mykcm.com/2023/04/21/why-you-may-want-an-energy-efficient-home-infographic/" rel="noopener noreferrer" target="_blank">energy-efficient</a> home installations and upgrades. These incentives could help offset a portion of the costs associated with eco-friendly home improvements.
As you prepare to <a href="https://www.mykcm.com/2023/05/25/the-benefits-of-selling-now-according-to-experts/" rel="noopener noreferrer" target="_blank">sell</a> your house, it's important to recognize that real estate agents are valuable resources. They can help you determine which upgrades would be most appealing for buyers in your area and provide guidance on which green features to highlight in your listing. If you’ve already made these updates recently, tell your agent so they can feature them in your listing.
Bottom Line
Focusing on energy efficiency and eco-friendly features can help make your house more appealing to buyers today. Let’s connect to ensure you’re choosing the right upgrades for our area.
2023-06-28T13:52:56-07:002023-06-28T13:54:06-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21065Your Needs Matter More Than Today’s Mortgage Rates
If you’re thinking about <a href="https://www.mykcm.com/2023/05/25/the-benefits-of-selling-now-according-to-experts/" rel="noopener noreferrer" target="_blank">selling your house</a> right now, chances are it’s because something in your life has changed. And, while things like <a href="https://www.mykcm.com/2023/06/07/the-main-reason-mortgage-rates-are-so-high/" rel="noopener noreferrer" target="_blank">mortgage rates</a> are a key part of your decision on what you’ll buy next, it’s important to not lose sight of the reason you want to make a change in the first place.
It’s true <a href="https://www.mykcm.com/2023/05/19/the-impact-of-changing-mortgage-rates-infographic/" rel="noopener noreferrer" target="_blank">mortgage rates</a> have climbed from the record lows we saw in recent years, and that has an impact on <a href="https://www.mykcm.com/2023/04/26/the-three-factors-affecting-home-affordability-today/" rel="noopener noreferrer" target="_blank">affordability</a>. With rates where they are right now, some homeowners are deciding they’ll wait to sell because they don’t want to move and have a higher mortgage rate on their next home. As Danielle Hale, Chief Economist at Realtor.com, <a href="https://news.move.com/2023-04-17-Realtor-com-R-Survey-82-of-Those-Looking-to-Buy-and-Sell-a-Home-Feel-Locked-In-by-Low-Mortgage-Rate" rel="noopener noreferrer" target="_blank">explains</a>:
“. . . homeowners who locked in a 30-year fixed rate in the 2-3% range don't necessarily want to give that up in exchange for a rate in the 6-7% range.”
But your lifestyle and your changing needs should matter more. Here are a few of the most common reasons people <a href="https://www.mykcm.com/2023/04/04/two-reasons-you-should-sell-your-house/" rel="noopener noreferrer" target="_blank">choose to sell</a> today. Any one of these may be more important than keeping your current mortgage rate.
As Ali Wolf, Chief Economist at Zonda, says in a <a href="https://twitter.com/AliWolfEcon/status/1664356987683893248?cxt=HHwWgMCz5Zb3_ZguAAAA" rel="noopener noreferrer" target="_blank">recent tweet</a>:
“First-time and move-up buyers are both active . . . the latter driven by life changes. Divorce, marriage, new higher paid job, and existing home unsuitable all referenced.”
Relocation
Some of the things that can motivate a move to a new area include changing jobs, a desire to be closer to friends and loved ones, wanting to live in a dream location, or just looking for a change in scenery.
For example, if you live in suburbia and just landed your dream job in NYC, you may be thinking about selling your current home and moving to the city for work.
Upgrading
Many homeowners decide to sell to move into a larger home. This is especially common when there’s a need for more room to entertain, a home office or gym, or additional bedrooms to accommodate a growing number of loved ones.
For example, if you’re living in a condo and decide it’s time to seek out a home with more space, or if your household is growing, it may be time to find a home that better fits those needs.
Downsizing
With <a href="https://www.mykcm.com/2023/05/24/owning-a-home-helps-protect-against-inflation/" rel="noopener noreferrer" target="_blank">inflation</a> driving up everyday expenses, homeowners may also decide to sell to reduce maintenance and costs. Or, they may sell because someone’s moved out of the home recently and there’s now more space than needed. It could also be that they’ve recently retired or are ready for a change.
For example, you’ve just kicked off your retirement and you want to move to somewhere you can enjoy the warm weather and have less house to maintain. Your new lifestyle may be better suited for a different home.
Change in Relationship Status
Divorce, separation, or marriage are other common reasons individuals sell to buy different homes.
For example, if you’ve recently separated, it may be difficult to still live under one roof. Selling and downsizing may be better options.
Health Concerns
If a homeowner faces mobility challenges or health issues that require specific living arrangements or modifications, they might sell their current home to find one that works better for them.
For example, you may be looking to sell your home and use the proceeds to help pay for a unit in an assisted-living facility.
With higher mortgage rates, there are some affordability challenges right now – but your needs and your lifestyle matter too. As a recent article from Bankrate <a href="https://www.bankrate.com/real-estate/should-i-sell-my-house-now-or-wait/#sell-now" rel="noopener noreferrer" target="_blank">says</a>:
“Deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market. . . . Your future plans and goals should be a significant part of the equation . . .”
Bottom Line
If you’re ready to sell your house so you can make a move, let’s connect so you have an expert on your side to help you navigate the process and find a home that can deliver on what you’re looking for.
2023-06-21T08:20:40-07:002023-06-21T08:22:03-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20980The Benefits of Selling Now, According to Experts
If you’re trying to decide if now’s the time to <a href="https://www.mykcm.com/2023/05/05/reasons-to-sell-your-house-today-infographic/" rel="noopener noreferrer" target="_blank">sell your house</a>, here’s what you should know. The limited number of homes available right now gives you a <a href="https://www.mykcm.com/2023/04/11/the-big-advantage-if-you-sell-this-spring/" rel="noopener noreferrer" target="_blank">big advantage</a>. That’s because there are <a href="https://www.mykcm.com/2023/05/18/powerful-job-market-fuels-homebuyer-demand/" rel="noopener noreferrer" target="_blank">more buyers</a> out there than there are homes for sale. And, with so <a href="https://www.mykcm.com/2023/05/11/the-best-time-to-sell-your-house-is-when-others-arent-selling/" rel="noopener noreferrer" target="_blank">few homes</a> on the market, buyers will have fewer options, so you set yourself up to get the <a href="https://www.mykcm.com/2023/05/03/buyer-activity-is-up-despite-higher-mortgage-rates/" rel="noopener noreferrer" target="_blank">most eyes possible</a> on your house.
Here’s what industry experts are saying about why selling now has its benefits:
<a href="https://themreport.com/news/data/03-21-2023/existing-home-sales" rel="noopener noreferrer" target="_blank">Lawrence Yun</a>, Chief Economist at the National Association of Realtors (NAR):
“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”
<a href="https://www.bankrate.com/real-estate/housing-market-predictions/#predictions" rel="noopener noreferrer" target="_blank">Selma Hepp</a>, Chief Economist at CoreLogic:
“We have not seen the traditional uptick in new listings from existing homeowners, so undersupply of housing will continue to heighten market competition and put pressure on prices in most regions. Some markets are already heating up considerably, but price premiums that we saw last spring and summer are unlikely.”
<a href="https://news.move.com/2023-03-30-Realtor-com-R-March-Housing-Report-Spring-Thaw-Lures-Buyers-Back-into-the-Housing-Market" rel="noopener noreferrer" target="_blank">Clare Trapasso</a>, Executive News Editor at Realtor.com:
“Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country . . .”
<a href="https://www.marketwatch.com/picks/after-seven-straight-months-of-home-price-declines-heres-what-6-economists-and-real-estate-pros-say-to-expect-from-the-housing-market-this-spring-df79d2c3" rel="noopener noreferrer" target="_blank">Jeff Tucker</a>, Senior Economist at Zillow:
“. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.”
Bottom Line
If you’re thinking about selling your house, let’s connect so you have the expert insights you need to make the best possible move today.
2023-05-25T05:44:14-07:002023-05-25T05:45:52-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20950Homeowners Have Incredible Equity To Leverage Right Now
Even though <a href="https://www.mykcm.com/2023/04/05/why-arent-home-prices-crashing/" rel="noopener noreferrer" target="_blank">home prices</a> have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) <a href="https://www.nar.realtor/blogs/economists-outlook/single-family-homeowners-typically-accumulated-225K-in-housing-wealth-over-10-years" rel="noopener noreferrer" target="_blank">explains</a> how your equity grows over time:
“Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.”
How Your Equity Can Help You Achieve Your Goals
The equity you build up over the years can be used to your advantage when you sell your current house and buy your <a href="https://www.mykcm.com/2023/05/08/it-may-be-time-to-consider-a-newly-built-home/" rel="noopener noreferrer" target="_blank">next home</a>. If you no longer have the space you need, it might be time to move into a larger home. Or it’s possible you have too much space and need something <a href="https://www.mykcm.com/2023/05/04/how-homeowners-win-when-they-downsize/" rel="noopener noreferrer" target="_blank">smaller</a>. No matter the situation, your equity can be a powerful tool you can use to help you make a move in <a href="https://www.mykcm.com/2023/04/26/the-three-factors-affecting-home-affordability-today/" rel="noopener noreferrer" target="_blank">today’s market</a>. That’s because it may be some (if not all) of what you need for your down payment on your next home.
And how much equity you have may surprise you. A recent survey from Realtor.com <a href="https://news.move.com/2023-04-17-Realtor-com-R-Survey-82-of-Those-Looking-to-Buy-and-Sell-a-Home-Feel-Locked-In-by-Low-Mortgage-Rate" rel="noopener noreferrer" target="_blank">finds</a> many homeowners today estimate they’ve built up a significant amount of equity:
<a href="https://files.keepingcurrentmatters.com/content/images/20230512/20230515-homeonwers-today-estimate-they-have-a-significant-amount-of-equity.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230512/20230515-homeonwers-today-estimate-they-have-a-significant-amount-of-equity.png" /></a>
The <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights-q4-2022/" rel="noopener noreferrer" target="_blank">latest data</a> from CoreLogic helps solidify why homeowners are feeling so good about the equity they’ve likely gained over time. As Selma Hepp, Chief Economist for CoreLogic, <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights-q4-2022/" rel="noopener noreferrer" target="_blank">says</a>:
“While equity gains contracted in late 2022 due to home price declines in some regions, U.S. homeowners on average still have about $270,000 in equity, nearly $90,000 more than they had at the onset of the pandemic.”
How a Skilled Real Estate Agent Can Help
If you’re looking to leverage your equity to boost your buying power in today’s market, having a trusted agent by your side makes a difference.
A real estate professional can help you better understand the value of your home, so you’ll get a clearer picture of how much equity you likely have. As a recent article from Bankrate <a href="https://www.bankrate.com/real-estate/sell-your-house-while-buying-another/" rel="noopener noreferrer" target="_blank">says</a>:
“Hiring a skilled real estate agent can give you a realistic estimate of home prices in your area and how to price your current home. Using that figure, you can calculate how much equity you have and what your net proceeds will look like, so you can apply that money toward the down payment and closing costs of your new home.”
Having a solid understanding of your equity is key when it comes to making decisions about buying or selling your home. A skilled agent can help you navigate the often-complicated process of <a href="https://www.mykcm.com/2023/04/13/want-to-sell-your-house-this-spring-price-it-right/" rel="noopener noreferrer" target="_blank">selling</a> your house and ensure the transaction goes smoothly.
Bottom Line
Today, many homeowners are sitting on a substantial amount of equity, and you may be one of them. Let’s connect so we can estimate how much equity you have and plan how you can use it toward the purchase of your next home.
2023-05-15T15:52:43-07:002023-05-15T15:53:45-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20939The Best Time To Sell Your House Is When Others Aren’t Selling
If you’re thinking about <a href="https://www.mykcm.com/2023/04/19/falling-out-of-love-with-your-house-it-may-be-time-to-move/" rel="noopener noreferrer" target="_blank">selling</a> your house, you should know the number of homes for sale right now is low. That’s because, this season, there are fewer sellers listing their houses for sale than the norm.
Looking back at every <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">April</a> since 2017, the only year when fewer sellers listed their homes was in April 2020, when the pandemic hit and stalled the housing market (shown in red in the graph below). In more typical years, roughly 500,000 sellers add their homes to the market in April. This year, we saw fewer than 400,000 sellers entering the market in April (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230510/20230511-the-number-of-sellers-listing-their-homes-is-lower-than-the-norm.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230510/20230511-the-number-of-sellers-listing-their-homes-is-lower-than-the-norm.png" /></a>
While there are a number of factors contributing to this trend, one thing keeping inventory low right now is that some homeowners are reluctant to move when the mortgage rate they have on their current house is lower than the one they could get today on their next house. It’s called rate lock.
As a recent survey from Realtor.com <a href="https://news.move.com/2023-04-17-Realtor-com-R-Survey-82-of-Those-Looking-to-Buy-and-Sell-a-Home-Feel-Locked-In-by-Low-Mortgage-Rate" rel="noopener noreferrer" target="_blank">explains</a>, 56% of people who are planning to sell in the next 12 months say they’re waiting for rates to come down.
While this wait-and-see approach is right for some sellers, it also creates an opening for more eager sellers to jump in now.
If your current house truly doesn’t fit your needs anymore and you’re ready to move, don’t miss this chance to <a href="https://www.mykcm.com/2023/02/20/spring-into-action-boost-your-homes-curb-appeal-with-expert-guidance/" rel="noopener noreferrer" target="_blank">stand out</a>. When fewer sellers are putting their homes up for sale, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house. That’s why your house could see <a href="https://www.mykcm.com/2023/04/11/the-big-advantage-if-you-sell-this-spring/" rel="noopener noreferrer" target="_blank">multiple offers</a> as buyers compete over the limited supply of homes for sale – especially if you <a href="https://www.mykcm.com/2023/04/13/want-to-sell-your-house-this-spring-price-it-right/" rel="noopener noreferrer" target="_blank">price it right</a>.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://themreport.com/news/data/03-21-2023/existing-home-sales" rel="noopener noreferrer" target="_blank">says</a>:
“Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties."
Bottom Line
If you’re ready to sell now, beat the competition before it comes onto the market. If you do, your house should stand out and could get multiple offers. Let's connect to get you market ready.
2023-05-11T14:10:48-07:002023-05-11T14:11:53-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20912How Homeowners Win When They Downsize
Downsizing has long been a popular option when homeowners reach <a href="https://www.mykcm.com/2023/02/22/a-smaller-home-could-be-your-best-option/" rel="noopener noreferrer" target="_blank">retirement</a> age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a <a href="https://www.mykcm.com/2023/03/28/how-homeownership-is-life-changing-for-many-women/" rel="noopener noreferrer" target="_blank">change</a> in their lives or no longer feel like their <a href="https://www.mykcm.com/2023/04/19/falling-out-of-love-with-your-house-it-may-be-time-to-move/" rel="noopener noreferrer" target="_blank">house</a> fits their needs may benefit from downsizing too. U.S. News <a href="https://realestate.usnews.com/real-estate/articles/dos-and-donts-of-downsizing-your-home" rel="noopener noreferrer" target="_blank">explains</a>:
“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”
And when inflation has made most things significantly more expensive, saving money where you can has a lot of appeal. So, if you’re thinking about ways to budget differently, it could be worthwhile to take your home into consideration.
When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com <a href="https://www.realtor.com/advice/move/how-to-downsize-your-home-with-zero-regrets/" rel="noopener noreferrer" target="_blank">shares</a>:
“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”
That windfall is thanks to your <a href="https://www.mykcm.com/2023/03/13/leverage-your-equity-when-you-sell-your-house/" rel="noopener noreferrer" target="_blank">home equity</a>. If you’ve been in your house for a while, odds are you’ve developed a considerable amount of equity. Your home equity is an asset you can use to help you <a href="https://www.mykcm.com/2023/04/28/ways-to-overcome-affordability-challenges-in-todays-housing-market-infographic/" rel="noopener noreferrer" target="_blank">buy a home</a> that better suits your needs today.
And when you’re ready to make a move, your team of real estate experts will be your guides through every step of the process. That includes setting the right price for your house when you sell, finding the best location and size for your next home, and understanding what you can <a href="https://www.mykcm.com/2023/04/26/the-three-factors-affecting-home-affordability-today/" rel="noopener noreferrer" target="_blank">afford</a> at today’s mortgage rate.
What This Means for You
If you’re thinking about downsizing, ask yourself these questions:
Do the original reasons I bought my current house still stand, or have my needs changed since then?
Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
What are my housing expenses right now, and how much do I want to try to save by downsizing?
Once you know the answers to these questions, meet with a real estate advisor to get an answer to this one: What are my options in the <a href="https://www.mykcm.com/2023/04/04/two-reasons-you-should-sell-your-house/" rel="noopener noreferrer" target="_blank">market</a> right now? A local housing market professional can walk you through how much equity you have in your house and how it positions you to win when you downsize.
Bottom Line
If you’re looking to save money, downsizing your home could be a great help toward your goal. Let’s connect to talk about your goals in the housing market this year.
2023-05-05T08:38:45-07:002023-05-05T08:39:54-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20786Falling out of Love with Your House? It May Be Time To Move.
Owning a home means having a place that’s solely your own and provides the space, features, and location you and your loved ones need. But what happens when your needs change? If this hits home for you, it may be time to make a move.
According to the latest <a href="https://cdn.nar.realtor/sites/default/files/documents/2023-home-buyers-and-sellers-generational-trends-report-03-28-2023.pdf" rel="noopener noreferrer" target="_blank">Home Buyers and Sellers Generational Trends Report</a> from the National Association of Realtors (NAR), the average person has lived in their current house for ten years. If you’ve been in your home for a while, think about how much in your life has changed since you moved in. Even if you thought it would be your forever home when you bought it, it doesn’t have to be. Work with a local real estate agent to explore all your options in today’s market before settling for your current home.
That’s actually what a lot of homeowners are doing right now. A recent <a href="https://www.realtor.com/research/2023-q1-sellers-survey/" rel="noopener noreferrer" target="_blank">survey</a> from Realtor.com finds that, of people who are considering <a href="https://www.mykcm.com/2023/04/11/the-big-advantage-if-you-sell-this-spring/" rel="noopener noreferrer" target="_blank">selling</a> in 2023, one in three are thinking about <a href="https://www.mykcm.com/2023/03/24/have-you-thought-about-why-you-might-want-to-sell-your-house-infographic/" rel="noopener noreferrer" target="_blank">moving</a> because their home no longer meets their needs. And according to the same report from NAR, that’s consistent with this year’s top reasons for selling, which include:
Want to move closer to friends or family
Moving due to retirement
Home is too small or too large
Change in family situation
Job relocation
If things in your life have changed, it may be time to make a move. And there’s good news: it’s still a great time to <a href="https://www.mykcm.com/2023/04/04/two-reasons-you-should-sell-your-house/" rel="noopener noreferrer" target="_blank">sell</a>. Here’s why.
We’re in a strong <a href="https://www.mykcm.com/2023/03/30/were-in-a-sellers-market-what-does-that-mean/" rel="noopener noreferrer" target="_blank">sellers’ market</a>. That means homes listed at <a href="https://www.mykcm.com/2023/04/13/want-to-sell-your-house-this-spring-price-it-right/" rel="noopener noreferrer" target="_blank">market value</a> and in <a href="https://www.mykcm.com/2023/04/14/home-inspections-for-sellers-what-you-need-to-know-infographic/" rel="noopener noreferrer" target="_blank">good condition</a> are getting attention from buyers and selling quickly. Lean on your expert real estate advisor for the best advice on getting your house ready to sell.
Your equity can power your next move. There’s a good chance you have a significant amount of equity right now thanks to record levels of price appreciation in recent years. When you sell, you can use that <a href="https://www.mykcm.com/2023/03/13/leverage-your-equity-when-you-sell-your-house/" rel="noopener noreferrer" target="_blank">equity</a> to help afford your next home. In fact, NAR’s report from above shows 38% of recent buyers used the money from the sale of their previous home to cover the down payment on their next one. Work with a local real estate agent to learn how much equity you have and what you can do with it in today’s housing market.
Bottom Line
If your home no longer meets your needs, consider selling it so you can find your dream home. Let’s connect so you can learn about your options.
2023-04-20T11:25:47-07:002023-04-20T11:47:30-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20760Want To Sell Your House This Spring? Price It Right.
Over the last year, the housing market’s gone through significant change. While it’s still a <a href="https://www.mykcm.com/2023/03/30/were-in-a-sellers-market-what-does-that-mean/" rel="noopener noreferrer" target="_blank">sellers’ market</a>, homes that are priced right are selling, and they get the most attention from buyers right now. If you’re thinking of selling your house this spring, it’s important to lean on your expert real estate advisor when it comes to setting a list price. As Realtor.com <a href="https://www.realtor.com/advice/sell/what-first-time-home-sellers-need-to-know-to-be-successful-this-spring/" rel="noopener noreferrer" target="_blank">explains</a>:
“Move-in-ready homes with curb appeal and in desirable areas—and that are priced to sell—are especially likely to move quickly this spring.”
In today’s market, how you price your house will not only make a big difference to your bottom line, but to how quickly your house will sell.
Why Pricing Your House Right Matters
Your asking price sends a message to potential buyers, especially today.
If it’s priced too low, you may leave money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home.
If it’s priced too high, you run the risk of deterring buyers. When that happens, you may have to lower the price to drive interest when your house sits on the market for a while. But be aware that a price drop can be seen as a red flag by some buyers who will wonder what it means about the home.
To avoid either headache, price it right from the start. A <a href="https://www.mykcm.com/2022/12/29/planning-to-sell-your-house-its-critical-to-hire-a-pro/" rel="noopener noreferrer" target="_blank">real estate professional</a> knows how to determine the ideal asking price. They balance the value of homes in your neighborhood, current market trends, buyer demand, the condition of your house, and more to find the right price. This helps lead to stronger offers and a greater likelihood your house will sell quickly.
The visual below helps summarize the impact your asking price can have:
<a href="https://files.keepingcurrentmatters.com/content/images/20230412/20230412-price-it-right-MEM.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230412/20230412-price-it-right-MEM.png" /></a>
Bottom Line
Homes priced at the current market value are selling faster and at a better price right now. To make sure you price your house appropriately, maximize your sales potential, and minimize your hassles, let’s connect today.
2023-04-14T09:41:43-07:002023-04-14T09:43:04-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20753The Big Advantage If You Sell This Spring
Thinking about selling your house? If you’ve been waiting for the <a href="https://www.mykcm.com/2023/04/10/homebuyer-activity-shows-signs-of-warming-up-for-spring/" rel="noopener noreferrer" target="_blank">right time</a>, it could be now while the supply of homes for sale is so low. HousingWire <a href="https://news.move.com/2023-03-30-Realtor-com-R-March-Housing-Report-Spring-Thaw-Lures-Buyers-Back-into-the-Housing-Market" rel="noopener noreferrer" target="_blank">shares</a>:
“. . . the big question is whether we are finally starting to see the seasonal spring increase in inventory. The answer is no, because active listings fell to a new low last week for 2023 . . .”
The National Association of Realtors (NAR) <a href="https://www.nar.realtor/newsroom/existing-home-sales-surged-14-5-in-february-ending-12-month-streak-of-declines" rel="noopener noreferrer" target="_blank">confirms</a> today’s housing inventory is low by looking at the months’ supply of homes on the market. In a balanced market, about a six-month supply is needed. Anything lower is a sellers’ market. And today, the number is much lower:
“Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.”
Why Does Low Inventory Make It a Good Time To Sell?
The less inventory there is on the market when you <a href="https://www.mykcm.com/2023/04/04/two-reasons-you-should-sell-your-house/" rel="noopener noreferrer" target="_blank">sell</a>, the less competition you’re likely to face from other sellers. That means your house will get more attention from the buyers looking for a home this spring. And since there are significantly more buyers in the market than there are homes for sale, you could even receive more than one offer on your house. <a href="https://cdn.nar.realtor/sites/default/files/documents/2023-02-realtors-confidence-index-03-21-2023.pdf" rel="noopener noreferrer" target="_blank">Multiple offers</a> are on the rise again (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230410/20230411-average-number-of-offers-received-on-the-most-recent-closed-sale-MEM.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230410/20230411-average-number-of-offers-received-on-the-most-recent-closed-sale-MEM.png" /></a>
If you get more than one offer on your house, it becomes a bidding war between buyers – and that means you have greater leverage to sell on your terms. But if you want to maximize the opportunity for a bidding war to spark, be sure to lean on your expert real estate advisor. While we’re still in a strong <a href="https://www.mykcm.com/2023/03/30/were-in-a-sellers-market-what-does-that-mean/" rel="noopener noreferrer" target="_blank">sellers’ market</a>, it isn’t the frenzy we saw a couple of years ago, and today’s buyers are focused on the houses with the greatest appeal. Clare Trapasso, Executive News Editor at Realtor.com, <a href="https://news.move.com/2023-03-30-Realtor-com-R-March-Housing-Report-Spring-Thaw-Lures-Buyers-Back-into-the-Housing-Market" rel="noopener noreferrer" target="_blank">explains</a>:
"Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country. So, this spring, it's especially important for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.”
Bottom Line
If you’ve been waiting for the right time to sell your house, low inventory this spring sets you up with a big advantage. Let’s connect today to make sure your house is ready to sell.
2023-04-12T10:31:30-07:002023-04-12T10:33:16-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20718We’re in a Sellers’ Market. What Does That Mean?
Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today’s low supply of homes for sale is still a sellers’ market. But what does that really mean? And why are conditions <a href="https://www.mykcm.com/2023/03/08/2-things-sellers-need-to-know-this-spring/" rel="noopener noreferrer" target="_blank">today</a> so good if you want to list your house?
It starts with the <a href="https://www.mykcm.com/2023/02/17/the-spring-housing-market-could-be-a-sweet-spot-for-sellers-infographic/" rel="noopener noreferrer" target="_blank">number of homes</a> available for sale. The latest <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" rel="noopener noreferrer" target="_blank">Existing Home Sales Report</a> from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230329/20230329-months-inventory-of-homes-for-sale-MEM.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230329/20230329-months-inventory-of-homes-for-sale-MEM.png" /></a>
What Does This Mean for You?
When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find one to purchase. That creates increased competition among purchasers and keeps upward pressure on prices. And if buyers know they’re not the only one interested in a home, they’re going to do their best to submit a very attractive offer. As this happens, <a href="https://www.mykcm.com/2023/03/13/leverage-your-equity-when-you-sell-your-house/" rel="noopener noreferrer" target="_blank">sellers </a>are positioned to negotiate deals that meet their ideal terms. Lawrence Yun, Chief Economist at NAR, <a href="https://www.nar.realtor/newsroom/existing-home-sales-surged-14-5-in-february-ending-12-month-streak-of-declines" rel="noopener noreferrer" target="_blank">says</a>:
“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”
Right now, there are still <a href="https://www.mykcm.com/2023/03/16/what-buyer-activity-tells-us-about-the-housing-market/" rel="noopener noreferrer" target="_blank">buyers</a> who are ready, willing, and able to purchase a home. If you list your house right now in good condition and at the <a href="https://www.mykcm.com/2023/03/29/4-key-tips-for-selling-your-house-this-spring/" rel="noopener noreferrer" target="_blank">right price</a>, it could get a lot of attention from competitive buyers.
Bottom Line
Today’s sellers’ market holds great opportunities for homeowners ready to <a href="https://www.mykcm.com/2023/03/27/get-ready-the-best-time-to-list-your-house-is-almost-here/" rel="noopener noreferrer" target="_blank">make a move</a>. Listing your house now will maximize your exposure to serious, competitive buyers. Let’s connect to discuss how to jumpstart the selling process.
2023-03-31T15:33:26-07:002023-03-31T15:35:32-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20705Get Ready: The Best Time To List Your House Is Almost Here
If you’re <a href="https://www.mykcm.com/2023/03/08/2-things-sellers-need-to-know-this-spring/" rel="noopener noreferrer" target="_blank">thinking</a> about selling this spring, it’s time to get moving – the best week to list your house is fast approaching.
Experts at <a href="https://www.realtor.com/research/best-time-to-sell-2023/" rel="noopener noreferrer" target="_blank">realtor.com</a> looked at seasonal trends from recent years (excluding 2020 as an uncharacteristic year due to the onset of the pandemic) and determined the ideal week to list a house this year:
“Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2023 is approaching quickly. The week of April 16-22 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year.”
If you’ve been waiting for the best time to sell, this is your chance. But remember, before you put your house on the market, you’ve got to <a href="https://www.mykcm.com/2023/02/24/checklist-for-selling-your-house-this-spring-infographic/" rel="noopener noreferrer" target="_blank">get it ready</a>. And if you haven’t started that process yet, you’ll need to move quickly. Here’s what you should <a href="https://www.mykcm.com/2023/03/03/where-will-you-go-after-you-sell-your-house-infographic/" rel="noopener noreferrer" target="_blank">keep</a> in mind.
Work with an Agent To Determine Which Updates To Make
Start by prioritizing which updates you’ll make. In February, realtor.com <a href="https://www.realtor.com/research/2023-q1-sellers-survey/" rel="noopener noreferrer" target="_blank">asked</a> more than 1,200 recent or potential home sellers what updates they ended up making to their house before listing it (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230323/20230329-which-updates-did-you-make-MEM.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230323/20230329-which-updates-did-you-make-MEM.png" /></a>
As you can see, the most common answers included landscaping and painting. <a href="https://www.mykcm.com/2023/03/14/an-expert-gives-you-clarity-in-todays-housing-market/" rel="noopener noreferrer" target="_blank">Work</a> with a trusted real estate agent to determine what projects make the most sense for your goals and local market.
If Possible, Plan To Have Your House Staged
Once you’ve made any necessary repairs and updates to your house, consider having it staged. According to the <a href="https://www.nar.realtor/research-and-statistics/research-reports/profile-of-home-staging" rel="noopener noreferrer" target="_blank">National Association of Realtors</a> (NAR), 82% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home. Additionally, almost half of buyers’ agents said home staging had an effect on most buyers’ view of the home in general. Homes that are staged typically sell faster and for a higher price because they help <a href="https://www.mykcm.com/2023/03/16/what-buyer-activity-tells-us-about-the-housing-market/" rel="noopener noreferrer" target="_blank">potential buyers</a> more easily picture their new life in the house.
Bottom Line
Are you ready to <a href="https://www.mykcm.com/2023/03/02/equity-gains-for-todays-homeowners/" rel="noopener noreferrer" target="_blank">sell</a> this spring? <a href="https://www.mykcm.com/2023/03/01/an-expert-makes-all-the-difference-when-you-sell-your-house/" rel="noopener noreferrer" target="_blank">Let’s connect</a> to <a href="https://www.mykcm.com/2023/03/21/the-role-of-access-in-selling-your-house/" rel="noopener noreferrer" target="_blank">plan</a> your next steps. You can start by making a checklist of what you think your house needs to get ready. Then, we can work together to prioritize your list and move forward together.
2023-03-28T12:35:33-07:002023-03-28T12:37:33-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20684The Role of Access in Selling Your House
Once you’ve made the decision to <a href="https://www.mykcm.com/2023/03/13/leverage-your-equity-when-you-sell-your-house/" rel="noopener noreferrer" target="_blank">sell</a> your house and have <a href="https://www.mykcm.com/2023/03/01/an-expert-makes-all-the-difference-when-you-sell-your-house/" rel="noopener noreferrer" target="_blank">hired</a> a real estate agent to help, they’ll ask how much access to your home you want to give potential buyers. Your answer matters more now than it did in recent years. Here’s why.
At the height of the buying <a href="https://www.mykcm.com/2023/03/16/what-buyer-activity-tells-us-about-the-housing-market/" rel="noopener noreferrer" target="_blank">frenzy</a> seen during the pandemic, there was a rise in the number of homebuyers who put offers on houses sight unseen. That happened for three reasons:
Extremely low housing inventory
A lot of competition from other buyers wanting to take advantage of historically low mortgage rates
And general wariness of in-person home tours during a pandemic
Today, the market’s changing, and buyers can usually be more selective and take more time to explore their <a href="https://www.mykcm.com/2023/02/20/spring-into-action-boost-your-homes-curb-appeal-with-expert-guidance/" rel="noopener noreferrer" target="_blank">options</a>.
So, in order to show your house and <a href="https://www.mykcm.com/2023/02/24/checklist-for-selling-your-house-this-spring-infographic/" rel="noopener noreferrer" target="_blank">sell</a> it efficiently, you’ll want to provide buyers with as much access as you can. Before letting your agent know what works for you, consider these five levels of access you can provide. They’re ordered from most convenient for a buyer to least convenient. Remember, your agent will be better able to sell your house if you provide as much access to buyers as possible.
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.
Providing a Key to the Home – This would require an agent to stop by an office to pick up the key, which is still pretty convenient for a buyer.
Open Access with a Phone Call – This means you allow a showing with just a phone call’s notice.
By Appointment Only – For example, you might want your agent to set up a showing at a particular time and give you advance notice. That way you can prepare the house and be sure you have somewhere else you can go in the meantime.
Limited Access – This might mean you’re only willing to have your house available on certain days or at certain times of day. In general, this is the most difficult and least flexible way to show your house to potential buyers.
As today’s housing market <a href="https://www.mykcm.com/2023/02/28/what-you-should-know-about-rising-mortgage-rates/" rel="noopener noreferrer" target="_blank">changes</a>, be sure to work with your local agent to give buyers as much access as you can to your house when you sell.
Bottom Line
Access can have a big impact on the sale of your house. Let’s <a href="https://www.mykcm.com/2023/03/14/an-expert-gives-you-clarity-in-todays-housing-market/" rel="noopener noreferrer" target="_blank">connect</a> today if you’re ready to <a href="https://www.mykcm.com/2023/03/03/where-will-you-go-after-you-sell-your-house-infographic/" rel="noopener noreferrer" target="_blank">make</a> a <a href="https://www.mykcm.com/2023/03/08/2-things-sellers-need-to-know-this-spring/" rel="noopener noreferrer" target="_blank">move</a> this spring.
2023-03-22T16:58:38-07:002023-03-22T17:01:00-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20609Checklist for Selling Your House This Spring<img src="https://assets.site-static.com/userfiles/819/image/Checklist-For-Selling-This-Spring-MEM.png" width="1300" height="2453" />
As you get ready to <a href="https://www.mykcm.com/2023/02/06/the-top-reasons-for-selling-your-house/" title="sell your house">sell your house</a>, there are specific things you can add to your <a href="https://www.mykcm.com/2023/02/20/spring-into-action-boost-your-homes-curb-appeal-with-expert-guidance/" title="to-do list">to-do list</a>.
These include decluttering, taking down personal photos and items, and power washing outdoor surfaces.
Let’s connect so you have advice on what you may want to do to get your house ready to <a href="https://www.mykcm.com/2023/02/17/the-spring-housing-market-could-be-a-sweet-spot-for-sellers-infographic/" title="sell this season">sell this season</a>.
2023-02-27T13:25:25-07:002023-02-27T13:27:34-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20585 The Top Reasons for Selling Your House
<article id="post-107232" class="post-107232 post type-post status-publish format-standard has-post-thumbnail hentry category-sellers category-interest-rates category-selling-myths">
Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.
Today, <a href="https://blog.firstam.com/economics/why-housing-market-potential-increased-for-the-second-straight-month" title="93%" target="_blank" rel="noopener noreferrer">93%</a> of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is important, but there are plenty of <a href="https://www.mykcm.com/2023/01/12/is-it-time-to-sell-your-second-home/" title="reasons">reasons</a> you may still need or want to move. <a href="https://www.realtrends.com/articles/15-predictions-to-help-you-plan-your-real-estate-business/?utm_campaign=Newsletter%20-%20RealTrends%20Daily%20Update&utm_medium=email&_hsmi=242803681&_hsenc=p2ANqtz--cgeSndq-bGP9pHDdzMaLYQzDYmTRBNTPj4HTxWlZvvqwyFWbY3LjDS8Un0xv50kKZdWj23iAj0m5-1VvPh2A9IFNzTwEjkv82QTcDm5ZDdRvaWE0&utm_content=242803681&utm_source=hs_email" title="RealTrends" target="_blank" rel="noopener noreferrer">RealTrends</a> explains:
“Sellers who don’t have to move won’t be moving. The most common sellers will be: Homeowners downsizing . . . people moving to get more space, [households] looking for better schools…etc.”
So, if you’re on the fence about selling your house, consider the other reasons homeowners are choosing to make a move. A recent report from the National Association of Realtors (NAR) <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" title="breaks down" target="_blank" rel="noopener noreferrer">breaks down</a> why homeowners have decided to sell over the past year:
<a href="https://files.mykcm.com/2023/02/02171323/homeowners-top-reasons-to-sell-MEM.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-107234" src="https://files.mykcm.com/2023/02/02171323/homeowners-top-reasons-to-sell-MEM.png" alt="The Top Reasons for Selling Your House | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2023/02/02171323/homeowners-top-reasons-to-sell-MEM.png 1000w, https://files.mykcm.com/2023/02/02171323/homeowners-top-reasons-to-sell-MEM-600x450.png 600w, https://files.mykcm.com/2023/02/02171323/homeowners-top-reasons-to-sell-MEM-768x576.png 768w, https://files.mykcm.com/2023/02/02171323/homeowners-top-reasons-to-sell-MEM-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
As the visual shows, the most commonly cited reasons for selling were the desire to move closer to loved ones, followed by moving due to retirement, and their neighborhood becoming less desirable. Additionally, the need for more space factored in, as did a change in household structure.
If you also find yourself wanting a change in location or needing space your current house just can’t provide, it may be time to sell.
What you want and need in a home can be reason enough to move. To find out what’s right for you, work with a trusted real estate professional who will offer <a href="https://www.mykcm.com/2023/01/05/3-best-practices-for-selling-your-house-this-year/" title="advice">advice</a> and expert guidance throughout the process. They’ll be able to lay out all your options – giving you what you need to make a confident decision.
Bottom Line
When deciding whether or not to move, you have a lot to <a href="https://www.mykcm.com/2023/01/10/the-truth-about-negative-home-equity-headlines/" title="consider">consider</a>. There are plenty of non-financial reasons to factor in. Let’s connect today to weigh the benefits of selling your house.
</article>
2023-02-21T14:53:39-07:002023-02-21T14:56:24-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20583The Spring Housing Market Could Be a Sweet Spot for Sellers<img src="https://assets.site-static.com/userfiles/819/image/The-Spring-Housing-Market-Could-Be-A-Sweet-Spot-For-Sellers-MEM.png" width="1300" height="3025" />
Some Highlights:
The <a href="https://www.mykcm.com/2023/02/08/number-of-homes-for-sale-up-from-last-year-but-below-pre-pandemic-years/" title="biggest challenge">biggest challenge</a> in the housing market is how few houses there are for sale compared to the number of people who want to buy.
The number of <a href="https://www.realtor.com/research/january-2023-data/" title="homes for sale" target="_blank" rel="noopener noreferrer">homes for sale</a> is up from last year but below pre-pandemic numbers, and that means we’re still in a sellers’ market.
The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about <a href="https://www.mykcm.com/2023/02/06/the-top-reasons-for-selling-your-house/" title="selling">selling</a>, let’s connect today.
2023-02-20T14:13:20-07:002023-02-20T14:18:01-07:00Jeremy Ward