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Real Estate News July 2022 Your referrals are always appreciated and treated with friendly, professional care. Rising Mortgage Rates May Affect Asking Prices When the Federal Reserve first lowered national interest rates at the start of the COVID-19 pandemic, buyers essentially flooded the market. Now that interest rates are increasing, some sellers are lowering their asking prices to make sure that buyer interest doesn’t begin to wane. If you’re searching for your dream home, you may be able to find it at a reasonable price. Dropping Prices In May 2021, 6.2% of homes reduced their listing prices. During May 2022, this number increased to 10.5% of homes. It may seem like a small adjustment, but it’s not the only indicator. Increased Inventory The number of newly listed homes has increased by 6% over last year, which is another sign of possible price drops to come. The national median home price is still up compared to 2021 and 2020, but if more and more sellers start to reduce their asking prices, this points towards the real estate market shifting back to buyers. When market conditions are favorable to buyers, the negotiating power doesn’t remain solely with the seller. Even if a seller hasn’t dropped their asking price, they may be open to doing so during negotiations. Even though interest rates are increasing, now is a great time to buy if you have good financials and access to enough funds for the down payment. Even a small decrease in asking prices and buyer competition should give you a better opportunity to buy a home at the right price. Let’s connect and discuss yoru options! Please allow me to be your “Go To” source for information on the market.
You are welcome to call or email me at any time if I can be of service in any way!You should know the value of your home! Find out what it is worth in the market today. If you would like a complimentary custom evaluation of your home, including comparisons to other homes that have recently sold, are on the market, or to request a market snapshot of your neighborhood please reach out. You can also email me at: dmarett@cbunited.com |
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184 Things I Do for Real Estate Clients.
Your real estate agent play’s a critical role in the real estate transaction.
The general public is not always aware of all the service agents provide to both buyers and sellers during the course of a transaction probably because most of these important services are performed behind the scenes.
Pre-listing activities
1. Make appointment with seller for listing presentation.
2. Send a written or e-mail confirmation of appointment and call to confirm.
3. Review appointment questions.
4. Research all comparable currently listed properties.
5. Research sales activity for past 18 months from MLS and public databases.
6. Research “average days on market” for properties similar in type, price and location.
7. Download and review property tax roll information.
8. Prepare “comparable market analysis” (CMA) to establish market value.
9. Obtain copy of subdivision plat/complex layout.
10. Research property’s ownership and deed type.
11. Research property’s public record information for lot size and dimensions.
12. Verify legal description.
13. Research property’s land use coding and deed restrictions.
14. Research property’s current use and zoning.
15. Verify legal names of owner(s) in county’s public property records.
16. Prepare listing presentation package with above materials.
17. Perform exterior “curb appeal assessment” of subject property.
18. Compile and assemble formal file on property.
19. Confirm current public schools and explain their impact on market value.
20. Review listing appointment checklist to ensure completion of all tasks.
Listing appointment presentation
21. Give seller an overview of current market conditions and projections.
22. Review agent and company credentials and accomplishments.
23. Present company’s profile and position or “niche” in the marketplace.
24. Present CMA results, including comparables, solds, current listings and expireds.
25. Offer professional pricing strategy based and interpretation of current market conditions.
26. Discuss goals to market effectively.
27. Explain market power and benefits of multiple listing service.
28. Explain market power of Web marketing, IDX, and REALTOR.com.
29. Explain the work the broker and agent do “behind the scenes” and agent’s availability on weekends.
30. Explain agent’s role in screening qualified buyers to protect against curiosity seekers.
31. Present and discuss strategic master marketing plan.
32. Explain different agency relationships and determine seller’s preference.
33. Review all clauses in listing contract and obtain seller’s signature.
After listing agreement is signed
34. Review current title information.
35. Measure overall and heated square footage.
36. Measure interior room sizes.
37. Confirm lot size via owner’s copy of certified survey, if available.
38. Note any and all unrecorded property lines, agreements, easements.
39. Obtain house plans, if applicable and available.
40. Review house plans, make copy.
41. Order plat map for retention in property’s listing file.
42. Prepare showing instructions for buyers’ agents and agree on showing time with seller.
43. Obtain current mortgage loan(s) information: companies and account numbers.
44. Verify current loan information with lender(s).
45. Check assumable loan(s) and any special requirements.
46. Discuss possible buyer financing alternatives and options with seller.
47. Review current appraisal if available.
48. Identify Homeowner Association manager is applicable.
49. Verify Homeowner Association fees with manager–mandatory or optional and current annual fee.
50. Order copy of Homeowner Association bylaws, if applicable.
51. Research electricity availability and supplier’s name and phone number.
52. Calculate average utility usage from last 12 months of bills.
53. Research and verify city sewer/septic tank system.
54. Calculate average water system fees or rates from last 12 months of bills.
55. Or confirm well status, depth and output from Well Report.
56. Research/verify natural gas availability, supplier’s name and phone number.
57. Verify security system, term of service and whether owned or leased.
58. Verify if seller has transferable Termite Bond.
59. Ascertain need for lead-based paint disclosure.
60. Prepare detailed list of property amenities and assess market impact.
61. Prepare detailed list of property’s “Inclusions & Conveyances with Sale.”
62. Complete list of completed repairs and maintenance items.
63. Send “Vacancy Checklist” to seller if property is vacant.
64. Explain benefits of Homeowner Warranty to seller.
65. Assist sellers with completion and submission of Homeowner Warranty application.
66. When received, place Homeowner Warranty in property file for conveyance at time of sale.
67. Have extra key made for lockbox.
68. Verify if property has rental units involved. And if so:
69. Make copies of all leases for retention in listing file.
70. Verify all rents and deposits.
71. Inform tenants of listing and discuss how showings will be handled.
72. Arrange for yard sign installation.
73. Assist seller with completion of Seller’s Disclosure form.
74. Complete “new listing checklist.”
75. Review results of Curb Appeal Assessment with seller and suggest improvements for saleability.
76. Review results of Interior Decor Assessment and suggest changes to shorten time on market.
77. Load listing time into transaction management software.
Entering property in MLS database
78. Prepare MLS Profile Sheet–agent is responsible for “quality control” and accuracy of listing data.
79. Enter property data from Profile Sheet into MLS listing database.
80. Proofread MLS database listing for accuracy, including property placement in mapping function.
81. Add property to company’s Active Listings.
82. Provide seller with signed copies of Listing Agreement and MLS Profile Data Form within 48 hours.
83. Take more photos for upload into MLS and use in flyers. Discuss efficacy of panoramic photography.
Marketing the listing
84. Create print and Internet ads with seller’s input.
85. Coordinate showings with owners, tenants and other agents. Return all calls–weekends included.
86. Install electronic lock box. Program with agreed-upon showing time windows.
87. Prepare mailing and contact list.
88. Generate mail-merge letters to contact list.
89. Order “Just Listed” labels and reports.
90. Prepare flyers and feedback forms.
91. Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability.
92. Prepare property marketing brochure for seller’s review.
93. Arrange for printing or copying of supply of marketing brochures or flyers.
94. Place marketing brochures in all company agent mailboxes.
95. Upload listing to company and agent Internet sites, if applicable.
96. Mail “Just Listed” notice to all neighborhood residents.
97. Advise Network Referral Program of listing.
98. Provide marketing data to buyers from international relocation networks.
99. Provide marketing data to buyers coming from referral network.
100. Provide “Special Feature” cards from marketing, if applicable.
101. Submit ads to company’s participating Internet real estate sites.
102. Convey price changes promptly to all Internet groups.
103. Reprint/supply brochures promptly as needed.
104. Review and update loan information in MLS as required.
105. Send feedback e-mails/faxes to buyers’ agents after showings.
106. Review weekly Market Study.
107. Discuss feedback from showing agents with seller to determine if changes will accelerate the sale.
108. Place regular weekly update calls to seller to discuss marketing and pricing.
109. Promptly enter price changes in MLS listings database.
The offer and the contract
110. Receive and review all Offer to Purchase contracts submitted by buyers or buyers’ agents.
111. Evaluate offer(s) and prepare “net sheet” on each for owner to compare.
112. Counsel seller on offers. Explain merits and weakness of each component of each offer.
113. Contact buyers’ agents to review buyer’s qualifications and discuss offer.
114. Fax/deliver Seller’s Disclosure to buyer’s agent or buyer upon request and prior to offer if possible.
115. Confirm buyer is pre-qualified by calling loan officer.
116. Obtain pre-qualification letter on buyer from loan officer.
117. Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing date.
118. Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent.
119. Fax copies of contract and all addendum’s to closing attorney or title company.
120. When Offer-to-Purchase contract is accepted and signed by seller, deliver to buyer’s agent.
121. Record and promptly deposit buyer’s money into escrow account.
122. Disseminate “Under-Contract Showing Restrictions” as seller requests.
123. Deliver copies of fully signed Offer to Purchase contract to sellers.
124. Fax/deliver copies of Offer to Purchase contract to selling agent.
125. Fax copies of Offer to Purchase contract to lender.
126. Provide copies of signed Offer to Purchase contract for office file.
127. Advise seller in handling additional offers to purchase submitted between contract and closing.
128. Change MLS status to “Sale Pending.”
129. Update transaction management program to show “Sale Pending.”
130. Review buyer’s credit report results–Advise seller of worst and best case scenarios.
131. Provide credit report information to seller if property is to be seller-financed.
132. Assist buyer with obtaining financing and follow up as necessary.
133. Coordinate with lender on discount points being locked in with dates.
134. Deliver unrecorded property information to buyer.
135. Order septic inspection, if applicable.
136. Receive and review septic system report and access any impact on sale.
137. Deliver copy of septic system inspection report to lender and buyer.
138. Deliver well flow test report copies to lender, buyer and listing file.
139. Verify termite inspection ordered.
140. Verify mold inspection ordered, if required.
Tracking the loan process
141. Confirm return of verification’s of deposit and buyer’s employment.
142. Follow loan processing through to the underwriter.
143. Add lender and other vendors to transaction management program so agents, buyer and seller can track progress of sale.
144. Contact lender weekly to ensure processing is on track.
145. Relay final approval of buyer’s loan application to seller.
Home inspection
146. Coordinate buyer’s professional home inspection with seller.
147. Review home inspector’s report.
148. Enter completion into transaction management tracking software program.
149. Explain seller’s responsibilities of loan limits and interpret any clauses in the contract.
150. Ensure seller’s compliance with home inspection clause requirements.
151. Assist seller with identifying and negotiating with trustworthy contractors for required repairs.
152. Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed.
The Appraisal
153. Schedule appraisal.
154. Provide comparable sales used in market pricing to appraiser.
155. Follow up on appraisal.
156. Enter completion into transaction management program.
157. Assist seller in questioning appraisal report if it seems too low.
Closing preparations and duties
158. Make sure contract is signed by all parties.
159. Coordinate closing process with buyer’s agent and lender.
160. Update closing forms and files.
161. Ensure all parties have all forms and information needed to close the sale.
162. Select location for closing.
163. Confirm closing date and time and notify all parties.
164. Solve any title problems (boundary disputes, easements, etc.) or in obtaining death certificates.
165. Work with buyer’s agent in scheduling and conducting buyer’s final walk through prior to closing.
166. Research all tax, HOA, utility and other applicable prorations.
167. Request final closing figures from closing agent (attorney or title company).
168. Receive and carefully review closing figures to ensure accuracy.
169. Forward verified closing figures to buyer’s agent.
170. Request copy of closing documents from closing agent.
171. Confirm the buyer and buyer’s agent received title insurance commitment.
172. Provide “Home Owners Warranty” for availability at closing.
173. Review all closing documents carefully for errors.
174. Forward closing documents to absentee seller as requested.
175. Review documents with closing agent (attorney).
176. Provide earnest money deposit from escrow account to closing agent.
177. Coordinate closing with seller’s next purchase, resolving timing issues.
178. Have a “no surprises” closing so that seller receives a net proceeds check at closing.
179. Refer sellers to one of the best agents at their destination, if applicable.
180. Change MLS status to Sold. Enter sale date, price, selling broker and agent’s ID numbers, etc.
181. Close out listing in transaction management program.
Follow-up after closing
182. Answer questions about filing claims with Homeowner Warranty company, if requested.
183. Attempt to clarify and resolve any repair conflicts if buyer is dissatisfied.
184. Respond to any follow-up calls and provide any additional information required from office files.
Courtesy of Adwerx blog.
Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home, but before you make any large purchases, move your money around, or make any big-time life changes, consult your loan officer – someone who will be able to tell you how your decisions will impact your home loan.
Below is a list of Things You Shouldn’t Do After Applying for a Mortgage. Some may seem obvious, but some may not.
1. Don’t Change Jobs or the Way You Are Paid at Your Job. Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.
2. Don’t Deposit Cash into Your Bank Accounts. Lenders need to source your money, and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.
3. Don’t Make Any Large Purchases Like a New Car or Furniture for Your New Home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios…higher ratios make for riskier loans…and sometimes qualified borrowers no longer qualify.
4. Don’t Co-Sign Other Loans for Anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payments against you.
5. Don’t Change Bank Accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer any money, talk to your loan officer.
6. Don’t Apply for New Credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO® score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.
7. Don’t Close Any Credit Accounts. Many clients erroneously believe that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those determinants in your score.
Bottom Line
Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.
Six Expert Tips for New Home-buyers
People searching for a first home do a lot of homework. Studying everything from amenities to neighborhoods and house types is a common task. Sometimes, people get hung on a few details and may not realize they are overlooking some important factors. This blog covers six crucial things new buyers should remember during the home search and contract process.
Leave Some Cushion in the Price
While it may seem limiting to go with a lower-end option, choosing a home below the maximum budget can be rewarding. This choice gives buyers the chance to get a lower interest rate and monthly payment. Buyers can spend the extra income on home repairs, upgrades, and new decor. By dropping the top dollar below qualification levels, buyers may find more opportunities because the decrease might put the group at the highest end of the next lowest price bracket.
Know that Negotiation Can Continue After the Inspection
Nothing is set in stone when the appraisal and home inspection reports come into the agent’s office. If there are problems with major systems in the home, then it is perfectly acceptable to ask the seller for concessions. Either the seller can fix the problem, or they can lower the asking price to allow the buyer to cover the cost. In a tight market, this tactic may not be productive. It is an excellent idea to study the area closely to see how fast houses are selling and how many offers each one gets before setting a top price.
The Better the School District, the Higher the Home Values
People want the best schools for their children. Homes in areas with excellent school districts and areas with high ratings for education are often in extreme demand. Buying in these areas will give homeowners peace of mind that the house value will remain high. The downside to living in these areas are regular increases in property taxes to maintain these schools. This trend is the same for areas with excellent elementary schools and those with top colleges and universities.
The Bigger the Down Payment, the Lower the Monthly Costs
Saving up a sizable down payment can do wonders for a first-time home-buyer. The more money a person can put down on a property, the less risky they are for securing a loan. The more money one pays upfront, the less the mortgage and interest payment each month. With more money down, lenders will offer a lower interest rate because they can trust the buyer to pay back the money over a riskier borrower. A bigger down payment means the buyer can pay off the loan faster or keep more money for utilities and updates each month.
Always Read the HOA Fine Print
When purchasing a property in a subdivision or master-planned community, there will be fees from the Homeowner’s Association. These costs are a requirement on top of the monthly mortgage and insurance payments. The fees often cover yard work, outdoor maintenance, street repairs, lighting, and community property like clubhouses, swimming pools, tennis courts, and playgrounds in the area. Some of these fees can be hundreds of dollars a month while others require a yearly membership fee. Knowing all of these costs makes it easier for buyers to budget expenses to see if living in the home is affordable.
Save Contractors Fees By Doing Familiar Tasks
Another way for new buyers to save money on the total home cost is to choose a fixer-upper. If the home inspection shows minor damage that the buyer can fix, then it may save them thousands of dollars in contractor’s fees to do the job themselves. Any problems with unfamiliar renovations are easier to afford to contract out when a homeowner takes care of minor issues they know how to repair. Instead of hiring out all the work, a new buyer can save the cost of outsourcing painting and smaller projects. Some things should be left to professional installation such as blown insulation, which is desired because of its high R Value.
New buyers have a lot of research to do before buying a home. Home and Garden Television tells readers to always get a property survey or property line inspection when buying a house. This survey will protect the new buyer from future disputes about boundaries and building fences and other items.
With these six tips, potential property owners can understand the options and think about different ways to use money to leverage a better loan payment. By choosing to investigate a variety of options, buyers do not get set on one style, price, or condition of a home giving them more ideas and opportunities to find the home they want. These tips can help buyers avoid settling for a house that fits the budget by making sure the money fits the buyer’s preferences.
Shared aticle by Marshall Gayden RIS Media June 22,2022 EVP of Mortgage Insurance Sales at Radia
Real estate agents know all too well, today’s homebuyers are navigating one of the most difficult housing markets in recent memory, and affordability has become a major obstacle. Home prices are at the highest levels ever recorded, there is limited inventory to choose from, competition for affordable homes is still fierce and recent mortgage rate increases have sapped some of their purchasing power. Buyers are stressed—exhausted by the process and strained financially by the increasing cost to buy.
Mortgage insurance (MI) may be the key to helping more buyers afford a home in this environment. It works by lowering the traditional 20% down payment barrier, which has become increasingly difficult for buyers to save up. With the median price of a home in the United States now above $300,000, that means buyers need to have more than $60,000 saved for a 20% down payment. With a 3% down payment loan made possible by private MI, those buyers only need about $9,000.
Thinking of MI as an advantage for homebuyers requires a change of perspective for many agents who are used to viewing it as something to be avoided at all costs. But consider this: MI has a range of benefits that can help struggling buyers achieve their dream of owning a home even in this challenging market.
Here are four significant ways MI can help buyers:
Afford a home sooner. Waiting to save a 20% down payment can be a huge barrier for many homebuyers. And, as home prices continue to rise, the savings needed also increases. With private MI, a buyer may be able to purchase a home with as little as 3% down and begin to build equity and long-term wealth.
Increase their budget. If your buyer is struggling to find the right home in their price range, MI can help increase their purchasing power by putting a lower percentage down on a more expensive home. For example, a buyer planning to make a 20% down payment on a $300,000 home could use those same savings to put 15% on a $400,000 home if they qualify for the loan amount.
Cover an appraisal gap. MI can be a simple and nearly seamless solution that may also work for buyers facing an appraisal gap. In certain instances, MI may be used to shift the loan-to-value ratio (LTV) and restructure the loan so buyers can cover appraisal gaps and still have enough money to meet minimum down payment requirements.
Preserve their savings. Even for buyers who could afford a 20% down payment, they may still prefer a lower down payment with MI as an opportunity to set aside some cash as a cushion for uncertain economic times.
Keep in mind that most MI products are temporary. Once the homeowner makes a certain number of payments or the property appreciates to a certain loan-to-value ratio and meets loan seasoning requirements, the insurance may be eligible for cancelation. When home prices go up rapidly, as they have in recent years, the payment can drop away even faster.
It is time to change the mindset on MI to a benefit—not a burden—for those who need it. MI helps millions of buyers achieve their dreams of homeownership each year.
REAL ESTATE NEWS JUNE 2022
Brought to you by Debbie Marett GRI Realtor®
Your referrals are always appreciated and treated with friendly, professional care
Housing Market Still Favors Sellers–but has it Set to a Change?
Ever since interest rates decreased at the beginning of the pandemic, the real estate market throughout most of the country has heavily favored sellers. When interest rates decrease, more buyers enter the market to secure mortgage loans with low interest rates. High buyer demand means that sellers oftentimes receive multiple bids.
The combination of low interest rates, extremely quick sales, low inventory, and rapidly increasing price gains, has the housing market favoring sellers by a considerable amount. While this is still true today, market conditions may be set to change in the near future.
What the Future Indicates for Buyers
Over the past six months, interest rates have been steadily increasing. While rates averaged around 3.05% towards the end of 2021, they have since increased to an average of 5.10% as of May. Even though there are still a high number of potential buyers on the market, the higher interest rates have allowed the market to stabilize somewhat.
Keep in mind that home values rose by upwards of 20% over the course of 2021, which means that buying a home today may be somewhat more expensive than it was just one year ago. If you’re set to buy a home, the housing market pivoting away from sellers is highly beneficial.
While home prices may have been lower one year ago, the increased buyer competition in the market made it difficult for many buyers to make bids that were high enough to satisfy the seller. Once demand decreases among buyers, home inventory will increase, which means that you may find it easier to purchase a home without needing to make an offer that’s far higher than the listing price.
In general, you should expect demand to still be relatively high and housing inventory to be relatively low. However, both of these metrics have improved in recent months, which means that the market shouldn’t be as intense as it was in 2021. Home prices are also expected to rise this year but shouldn’t come close to the 20% increase that occurred last year.
What the Future Indicates for Sellers
If you’re looking to sell your home but worry that the market may not be favorable for doing so, the truth is that the housing market still favors sellers. The main difference is that there may not be a lengthy bidding war when you list your home on the market. However, sellers still hold ample amounts of negotiating power when an offer is made. If you want to make sure that your home is sold without delay, perform any necessary upgrades and repairs before placing your home on the market.
While it’s unlikely that the housing market will shift completely to favoring buyers, it’s looking increasingly likely that the market will be more balanced over the next year or so. A balanced and healthy market is great for buyers and sellers alike.
An open letter to sellers about today’s housing market
This is a great takeaway on the current state of our market and some tips!
May 16, 2022 By Ryan Lundquist
Some key takeaways:
1) You’ve lost power: The market is still competitive, but it’s not what it was in February. The truth is buyers have gained more power lately. Most agents say they are easily getting about half as many offers compared to a few months ago. So, instead of getting eight offers, you might only get a few. And if you’re priced too high, you’ll probably get zero offers.
2) Buyers are growing more sensitive: Mortgage rates skyrocketing means affordability has taken a beating, in other words, if they are paying top dollar, they are growing pickier about what they buy.
3) Don’t aim for unicorns: Be careful of the idea of a unicorn buyer who is going to swoop in, ignore the comps, and pay top dollar in cash for your home.
5) Avoid strongarm moves: Buyers are picky about getting into contract AND staying in contract. Sellers asking “Remove the appraisal contingency, pay me an extra $25,000, and give me your firstborn child.” These things still happen in some price ranges (okay, not the child thing), but the market is starting to see just a little bit more sanity lately.
6) Be ready to negotiate: Listen to what buyers are asking for, and help the deal feel good for them too. This isn’t just about you.
7) It’s not time to push the price: Look, sellers aren’t entitled to always netting more than recent sales. Price reasonably and see what the market gives you. There are some situations where you might need to price lower than recent sales too to generate interest. Forget about record-breaking sales or your overpriced neighbor. What is getting into contract right now? That’s the ONLY thing that matters.
8) Tighten up the details: Buyers have become more sensitive about condition, so it can help to address minor cosmetic repairs before you hit the market (if you can). Buyers notice details, and solving minor issues only helps give them fewer reasons to say NO.
9) The market is softening: Talk to your agent about the temperature and be in tune with signs of softening. As you see stuff like this, let it influence your strategy for pricing and negotiating.
10) Don’t expect to go $100,000 over: “The temperature has changed,” or “It’s still competitive, but it’s not what it was.” On that note, don’t be afraid to reduce the price if needed. You are not giving up value if value wasn’t ever there in the first place.
For the entire article visit
How to Spruce Up your Place for a Summer Sale
If you’re interested in putting your home on the market, doing so during the warm summer months is a great idea. Once temperatures increase and plants begin to grow, it’s much easier to enhance a home’s curb appeal. Pair those curb enhancements with some interior upgrades and you’ll be on your way to a speedy summer sale.
Address Curb Appeal with Easy Tasks
When you want to spruce your place up, you should first devote some of your attention to addressing your home’s curb appeal. Your home’s exterior will be the first thing that potential buyers see when they visit your home. Making a good first impression is essential towards converting prospective buyers into legitimate offers.
Consider giving your front door a fresh coat of paint. Use bright colors like yellow or red to set the scene for the warmer summer months. If the door is relatively old, you may want to replace it entirely to get a better return on your investment. Make sure that your lawn is kept freshly mowed and that any noticeable weeds are pulled.
Consider New Appliances and Bathroom Upgrades
The two most important rooms for most buyers are the kitchen and the bathroom. You could enhance the appeal of your home by upgrading bathroom amenities or purchasing new kitchen appliances. In fact, stainless steel appliances are particularly tempting to new buyers according to a recent survey by HomeLight. You might also consider painting these rooms in a light neutral color to reflect more light and make them appear bigger.
As for bathroom upgrades, you could replace your lighting, paint your vanity, or upgrade your faucets. Even small touches like adding a nice rug or installing a beautiful shower curtain could enhance your home’s appearance.
Don’t Forget to Stage your Home
If you want potential buyers to be interested in your home, they need to be able to envision living there while they tour your property, which means that the place shouldn’t be completely empty. It’s also important that your home is free of clutter and doesn’t include too many personal items. If you’re finding it difficult to properly stage your home, consider hiring a staging professional.
Add Some Plants and Artwork
During the hot summer months, your home interior should have a cool and calm atmosphere. You can achieve this environment by using cooler paint hues, adding some indoor plants, and hanging calming artwork. Travel and aquatic-themed pieces are a great choice during the summer.
Whether you’re ready to sell this summer or a year from now, I can help you decide which improvements make the most sense for your property – call me anytime!
Please allow me to be your “Go To” source for information on the market. You are welcome to call or email me at any time if I can be of service in any way!
Visit my blog for articles and insight to the market.
You should know the value of your home! Find out what it is worth in the market today.
If you would like to receive a complimentary custom evaluation of your home, including comparisons to other homes that have recently sold, are on the market, or to request a market snapshot of your neighborhood please reach out
You can also email me at: dmarett@cbunited.com
How is the Market? Real Estate Snapshot & Market Reports
Are you a buyer or seller who consistently needs to know what is happening in your market area? Here is a way that you can subscribe to real time accurate data on your area, neighborhood or county.
https://austxrealestate.com/market-reports
Burnet County – Travis County – Williamson County – Hays County
Buyers are regaining some control as the market shifts and supply grows, according to a new report.
The report, released Thursday by the online brokerage Redfin, found that more than one in five sellers dropped their asking price during May 2022, the highest rate since October 2019, as mortgage rates sit at over 5 percent, and an increasing share of buyers find themselves priced out of the market.
Redfin’s Homebuyer Demand Index — which uses requests for home tours and other homebuying services from Redfin agents to gauge buyer demand — declined 9 percent during May, as pending sales posted their largest annual decline since Spring 2020, and the number of homes for sale posted their smallest decline since the same period.
The data points to a market that is starting to cool off and shift slightly in the favor of homebuyers according to Redfin, but supply challenges are likely to persist and keep prices elevated.
“The sudden surge in mortgage rates led to a sudden and significant cooldown in the housing market in May,” Redfin Economics Research Lead Chen Zhao said in a statement. “However, mortgage rates are now stabilizing and homes remain in short supply, so while we do expect home-price growth rates to decline, we don’t expect prices to fall much at the national level. For homebuyers trying to determine the best timing this year, the main benefit of waiting is that there may be less competition as supply starts to build up.”
Meanwhile, mortgage application activity was down 14 percent from a year earlier, according to Redfin, as rates shot up but stabilized, decreasing slightly to 5.02 percent during the week ending June 2. The increased rates come as the median price of a single-family home shot up 17 percent year-over-year to $412,450.
Though the median monthly mortgage payment declined slightly in March, now sitting at $2,391, it is still up 40 percent from May 2022, when it was just $1,710 and mortgage rates were at 2.99 percent.
Thinking of Selling Your Home Yourself? Think Again…
Surveys show that many homeowners and homebuyers are not aware of the true value a REALTOR® provides during the course of a real estate transaction.
The National Association of Realtors found that homes sold through the Multi-Listing Service sold 20 days faster on average, and 20% of FSBO listings had to renew their listing on the MLS because they didn’t sell. … There’s a reason a real estate agent is a full-time job.
Most people hire a real estate agent to sell their home. In fact, 91% of Texans did so in 2020, according to research by the National Association of REALTORS®. If you are considering selling your home on your own, make sure you know what you are in for. The process can be complicated and the stakes high.
Here are just a few of the many reasons a REALTOR® is the best choice to help you sell your home:
Nobody Knows the Market Better Than a REALTOR®
REALTORS® are engaged every day in buying and selling real estate. They know what factors help a property sell quickly and for the highest price. They also understand what causes homes to languish on the market. A REALTOR® will help you make the best decisions to realize your goals.
A REALTOR® Can Help You Get Ready to Sell
Wondering what updates to tackle before putting your home on the market? Unsure how to price your property? What you decide could lead to tens of thousands of dollars in gains or losses. A REALTOR® brings a wealth of experience to help you optimize your sale in these and many other areas. You won’t have to figure out on your own what disclosures are required, which forms to use, and other important considerations.
REALTORS® Make the Whole Process Smoother
It’s exciting when your home goes under contract. But there’s a long road from accepting an offer to successfully closing a sale. A REALTOR® is your trusted resource to guide you the rest of way. A REALTOR® can also help you deal with surprises that pop up with appraisals, inspections, insurance, your loan, and dozens of other steps required to successfully sell your home.
Not All Agents are REALTORS®
Only REALTORS® pledge to follow a strict code of ethics and are expected to maintain a high level of real estate knowledge. When you are thinking of selling your home, talk to a REALTOR®.
© 2022 Coldwell Banker Residential LLC
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