Lewis County Real Estate BlogRecently posted or modified blog posts in the category - Selling Your Homehttps://www.goodmorningrealty.com/blog/Copyright GoodMorningRealty.com2022-08-23T13:40:29-07:00tag:goodmorningrealty.com,2012-09-20:9999What Sellers Need To Know in Today's MarketWhat Sellers Need To Know in Today’s Housing Market
<img width="750" height="410" src="https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="What Sellers Need To Know in Today’s Housing Market | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
If you’re thinking about <a href="https://www.simplifyingthemarket.com/2022/07/18/wondering-where-youll-move-if-you-sell-your-house-today/?a=829054-cdfef645eb06a86521e738ea57ce090a" title="selling your house" target="_blank" rel="noopener noreferrer">selling your house</a>, you may have heard about the housing market slowing down in recent months. While it’s still a sellers’ market, the peak frenzy the market saw over the past two years has cooled some. If you’re asking yourself if you’ve missed your chance to sell your house and make a move, the good news is you haven’t – motivated buyers are still out there. But you do need to price your house right for today’s market. Here’s why.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/newsroom/existing-home-sales-slid-5-4-in-june" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
It’s true buyer demand has slowed over the past few months as higher mortgage rates made it more expensive to buy a home. The result is fewer <a href="https://www.simplifyingthemarket.com/2022/08/10/is-the-shifting-market-a-challenge-or-an-opportunity-for-homebuyers/?a=829054-cdfef645eb06a86521e738ea57ce090a" title="bidding wars" target="_blank" rel="noopener noreferrer">bidding wars</a> and less competition among buyers (see visual below):
<a href="https://files.mykcm.com/2022/08/22152839/20220823-MEM-Eng-1.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-104252" src="https://files.mykcm.com/2022/08/22152839/20220823-MEM-Eng-1.png" alt="What Sellers Need To Know in Today’s Housing Market | MyKCM" width="600" height="450" /></a>
But don’t forget – that’s compared to the severely overheated market we saw over the past two years. According to the latest <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-07-realtors-confidence-index-08-18-2022.pdf" title="Confidence Index" target="_blank" rel="noopener noreferrer">Confidence Index</a> from NAR:
“. . . 39% of homes sold above list price, down from 51% a month ago and 50% a year ago.”
While this is a slower pace than even one month ago, serious buyers are still actively in the market, and they’re buying homes that are priced right. In fact, the Confidence Index also notes the average home is selling in just 14 days.
If you’re aiming to sell your house, be sure you’re working with your agent to price it for today’s housing market. As buyer demand softens, it’s important to understand this isn’t the same market as last year. It’s not even the same market as just a few months ago. But it is still a <a href="https://www.simplifyingthemarket.com/2022/08/04/why-its-still-a-sellers-market/?a=829054-cdfef645eb06a86521e738ea57ce090a" title="sellers’ market" target="_blank" rel="noopener noreferrer">sellers’ market</a>.
If you’re ready to sell your house, seek the advice of a <a href="https://www.simplifyingthemarket.com/2022/07/28/a-real-estate-professional-helps-you-separate-fact-from-fiction/?a=829054-cdfef645eb06a86521e738ea57ce090a" title="real estate professional" target="_blank" rel="noopener noreferrer">real estate professional</a>. In some cases, you’ll need to adjust your expectations accordingly to meet the market where it is today. Selma Hepp, Interim Lead, Deputy Chief Economist at CoreLogic, <a href="https://www.corelogic.com/intelligence/u-s-home-price-insights-august-2022/" title="explains" target="_blank" rel="noopener noreferrer">explains</a> what’s happening and what it means when you sell:
“Signs of a broader slowdown in the housing market are evident, . . . This is in line with our previous expectations and given the notable cooling of buyer demand due to higher mortgage rates. . . . Nevertheless, buyers still remain interested, which is keeping the market competitive — particularly for attractive homes that are properly priced.”
Bottom Line
While the housing market has cooled from its overheated frenzy, it’s still a sellers’ market. Let’s connect so you understand what’s happening with buyer demand and home prices in our local area as you get ready to enter the market.
2022-08-23T13:38:00-07:002022-08-23T13:40:29-07:00Britt Abbeytag:goodmorningrealty.com,2012-09-20:9021Your House Could Be Closer to List-Ready than You Think!Your House Could Be Closer to List-Ready Than You Think
<img width="750" height="410" src="https://files.mykcm.com/2022/05/02122631/20220504-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Your House Could Be Closer to List-Ready Than You Think | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/05/02122631/20220504-KCM-Share.jpg 750w, https://files.mykcm.com/2022/05/02122631/20220504-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/05/02122631/20220504-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
One of the biggest concerns for a homeowner looking to sell is the time they’ll have to put in before listing their house. If that’s the case for you, you should know – your home might be closer to list-ready than you think in today’s housing market. A <a href="https://www.realtor.com/research/2022-spring-home-sellers/" title="survey" target="_blank" rel="noopener noreferrer">survey</a> of recent sellers from realtor.com finds that many were able to get their house ready in less than a month. It says:
“With many homeowners expecting a quick sale, and in many cases a lack of contingencies, the preparation process took less than a month for over 50% of home sellers this past year, with 20% completing it in less than two weeks.”
Those sellers expecting to sell quickly are following recent <a href="https://www.simplifyingthemarket.com/2022/04/28/what-you-need-to-know-about-selling-in-a-sellers-market/?a=829054-cdfef645eb06a86521e738ea57ce090a" title="buyer trends" target="_blank" rel="noopener noreferrer">buyer trends</a>. With <a href="https://www.simplifyingthemarket.com/2022/04/13/where-are-mortgage-rates-headed/?a=829054-cdfef645eb06a86521e738ea57ce090a" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> and <a href="https://www.simplifyingthemarket.com/2022/03/24/what-you-can-expect-from-the-spring-housing-market/?a=829054-cdfef645eb06a86521e738ea57ce090a" title="home prices" target="_blank" rel="noopener noreferrer">home prices</a> rising, buyers in today’s market are serious about finding a home quickly. But with the limited number of homes for sale, there are very few <a href="https://www.simplifyingthemarket.com/2022/04/01/its-still-a-sellers-market-infographic/?a=829054-cdfef645eb06a86521e738ea57ce090a" title="options" target="_blank" rel="noopener noreferrer">options</a> for those buyers to choose from. That means many may be willing to take on projects after they purchase.
Because of this, you may be able to focus on less time-consuming tasks before putting your house on the market. According to the survey mentioned above, some of the top things recent sellers completed before listing over the past year include <a href="https://www.simplifyingthemarket.com/2022/04/29/give-your-curb-appeal-a-boost-before-you-sell-infographic/?a=829054-cdfef645eb06a86521e738ea57ce090a" title="landscaping" target="_blank" rel="noopener noreferrer">landscaping</a>, making minor cosmetic updates, and touching-up paint (see image below):
<a href="https://files.mykcm.com/2022/05/02122634/20220504-MEM-Eng-1.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-102020" src="https://files.mykcm.com/2022/05/02122634/20220504-MEM-Eng-1.png" alt="Your House Could Be Closer to List-Ready Than You Think | MyKCM" width="600" height="450" /></a>
A Real Estate Advisor Will Help Streamline the Process and Keep You Focused
Of course, each situation is different, and knowing what repairs or updates your house needs to stand out in your local area is critical. That’s where a trusted <a href="https://www.simplifyingthemarket.com/2022/04/12/why-a-real-estate-professional-is-key-when-selling-your-house/?a=829054-cdfef645eb06a86521e738ea57ce090a" title="real estate professional" target="_blank" rel="noopener noreferrer">real estate professional</a> comes in. In a recent article, <a href="https://time.com/nextadvisor/mortgages/mortgage-news/sping-2022-housing-market-predictions/" title="NextAdvisor" target="_blank" rel="noopener noreferrer">NextAdvisor</a> explains:
“. . . Real estate can be hyper-local, and demand can vary from one neighborhood to the next. It’s a good idea to work with a local real estate professional to determine an ideal listing price and if any improvements or repairs need to be completed before putting your home on the market.”
Your trusted real estate advisor knows the ins and outs of the market in your specific area. They’ll help you identify the places where you should and shouldn’t spend your time and money – and that can enable you to list quickly.
Bottom Line
If you’re ready to take advantage of the incredible conditions for sellers in today’s real estate market but are worried about the time it’ll take to get your home ready, you might be closer than you think. Let’s connect so you can see what you need to do before listing your house today.
2022-05-05T11:52:00-07:002022-05-05T11:58:27-07:00Britt Abbeytag:goodmorningrealty.com,2012-09-20:5773Great Time to Sell Your Vacation HomeWhy This is an Absolutely Great Time to Sell Your Vacation Home
As COVID restrictions continue to diminish and travel plans start to become "normal" again, many are planning to travel again for the first time in a year. Many are electing to buy a vacation home, which provides more stability and investment opportunities as well.
There has been a non-deniable increase in demand for vacation homes both locally and afar, with many realizing they prefer to socialize with smaller groups of family and friends rather than staying in large resorts. Not only are vacation homes seen as more pandemic-friendly, but they can also provide long term escapes from suburban and urban environments. Many buyers realize that with high-speed internet being built-out, they now have options on where and when they work. We have seen many buyers that have chosen to make Brantingham, Chase Lake, Lake Bonaparte, the Adirondacks and the Tug Hill their "home office", and it's a trend I believe will continue in the future.
Couple significant increase in demand with low inventory, low interest rates and recent gains in stock market portfolios and you have the perfect storm historically high market values for second homes. We predict that this demand will only increase as we head into summer. If you own a vacation property and would like to take advantage of today's high buyer interest, we'd love to discuss your opportunities.2021-04-15T06:46:00-07:002021-04-15T07:21:38-07:00Britt Abbeytag:goodmorningrealty.com,2012-09-20:5249Why You Should Consider Selling in the Winter<img src="https://assets.site-static.com/userfiles/2932/image/selling-in-the-winter-attracts-serious-buyers.jpg" alt="Selling In Winter Attracts Serious Buyers" title="Selling In Winter Attracts Serious Buyers" height="410" width="750" />
The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities.
Selling in the winter can give you a few advantages. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter the time of year. Keeping your house on the market in the winter might bring the right buyer to your door. Real estate agents also tend to be less busy during these months and commit more time to getting your home sold.
Studies have shown winter buyers are buying because they need to move right away either for a relocation or personal situation. They will want to close quickly and allow for a much smoother sale.
Bottom Line
If you need to sell your home right away, or have some time but want to see what is out there, consider listing in the winter. Most homeowners who are going to sell will list their home in the spring, making for a competitive market. The winter allows buyers who are in a hurry to move consider your home and sell for more money than you would have in the spring.2021-02-12T15:08:00-07:002021-02-12T15:09:58-07:00Britt Abbey