If you’re thinking about selling your house, recent headlines about home prices falling month-over-month may have you second guessing your decision—but perspective matters.
While home prices are down slightly month-over-month in some markets, home values are still up almost 10% nationally on a year-over-year basis. A nearly 10% gain is still dramatic compared to the more normal level of appreciation, which is 3-4%.
Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
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During the pandemic, second homes became popular because of the rise in work-from-home flexibility. That’s because owning a second home, especially in the luxury market, allowed those homeowners to spend more time in their favorite places or with different home features. Keep in mind, a luxury home isn’t only defined by price. In a recent article, Investopedia shares additional factors that push a home into this category: location, such as a home on the water or in a desirable city, and features, the things that make the home itself feel luxurious.
If you’re getting ready to buy your first home, you’re likely focused on saving up for everything that purchase involves. One cost that’s likely top of mind is your down payment. But don’t let a common misconception about how much you need to save make the process harder than it could be.
Understand 20% Isn’t Always the Typical Down Payment
“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”
Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be closer to your homebuying dream than you realize. According to the National Association of Realtors(NAR), the median down payment hasn’t been over 20% since 2005. In fact, the median down payment today is only 14%. And it’s even lower for first-time homebuyers at just 6% (see graph below):
These six steps will help you prepare your home for this shifting market.
In the last couple of years, as long as your house had a roof, floor, and walls, someone would come along and probably write you a very big check. However, this market is shifting, and that's no longer happening. You have to prepare your home before you put it on the market. Here are a few ways you can do that:
1. Clean your home thoroughly. I drive a pickup truck all over these mountains. According to my wife, it's not exactly the cleanest truck. I was going to sell it, but before that, I have to wash it, wax it, and clean the leather. It would be spotless. You need to do the same with your home before you put it on the market.
2. Remove all the bad odors from your home. There's an older lady that lived with a lot of cats; I'm sure you can guess what that home smelled like when she moved out and the house was enclosed. The odor just got progressively worse. I ended up having to bring in a company to rip down all the carpet, deodorize the home, and have a new carpet pulled out. Since we don't have buyers lining up like we had in the past, you have to address the odor before you list.
3. Start moving your things out. Rent a place, and start moving some of your furniture. This will make your space and rooms look bigger.
“Try to be impartial by putting on your buyer's glasses.”
4. Remove some family photographs from the house. Many folks have photographs of their family memories, and they're all over the wall. Start removing some of them. Having a few family photos is normal, but don't have so many that your potential buyer can’t envision themselves enjoying your home and creating their own family memories.
5. Invite someone over to give you an honest opinion. If you're hiring an agent to sell your home, they should call balls and strikes by pointing out the things that need to be addressed, cleaned, repaired, and fixed. If you're going to sell it on your own, get a friend that is known for speaking the truth, sometimes to a fault.
6. Think like a buyer. Buyers will come in and look at your home for the first time. My advice is to scrutinize your home as if you’re seeing it for the first time. Do the trees or bushes need trimming? Does it need a fresh coat of paint? What's your initial impression? Try to be impartial by putting on your buyer's glasses.
These are my six tips for selling a home in this shifting market. As always, if you have any questions about this topic or anything else that’s related, call or email my team or me. We’d love to connect with you!
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It’s possible to still get top dollar if you price your home correctly.
During the last couple of years, you could list a home on the market and expect to get a full asking price. There might even be a bidding war, or you might get more than asking price. However, the market has shifted. To attract buyers, you’ll now have to price your home correctly. Here are six tips to help you price your property:
1. Know why you’re selling. If you're selling because of some family need or change, you can price a little below market value because you need it sold urgently. If you're selling just to test the market, can price a little above market value.
2. Don’t tell your reason for selling. Keep that reason to yourself. At some point when your home's on the market, you’ll have a buyer's agents in your home. If you disclose your reason, they’ll beat you with the negotiations. Do not give them that advantage, and call your agent to handle this for you instead.
“You can go to open houses of properties that are similar to yours to check out the competition.”
3. Ignore the assessed tax value. Depending on your location, the assessed value can change every few years, so it’s better not pay attention to it.
4. Do your homework. If you're going to sell on your own, go to open houses of properties that are similar to yours. Get a feel of your competition, and maybe decide to get an agent, so you can have a professional give you a comparable market assessment and the value of your home. They'll analyze the market, and explain how they came up with the pricing.
5. Pay for an appraisal. You can get an appraisal if you’re not convinced of the pricing your agent has come up with.
6. Give yourself room to negotiate. Most buyers don't want to pay a full price because the media is telling them the market is falling, so you want to have a little room where you can negotiate.
If you need help with pricing your home in today’s shifting market, call or email me or my team. We'd love to be your real estate consultant!
If you’re thinking about buying or selling a home this year, you may have questions about what’s happening with home prices today as the market cools. In the simplest sense, nationally, experts don’t expect prices to come crashing down, but the level of home price moderation will depend on factors like supply and demand in each local market.
That means, moving forward, home price appreciation will continue to vary by location, with more significant changes happening in overheated areas. Here’s a quick snapshot of what the experts are saying:
There’s no denying mortgage rates are higher now than they were last year. And if you’re thinking about buying a home, this may be top of mind for you. That’s because those higher rates impact how much it costs to borrow money for your home loan. As you set out to make a purchase this winter, you’ll need to be strategic so you can find a home that meets your needs and budget.
With the rapid shift that’s happened in the housing market this year, some people are raising concerns that we’re destined for a repeat of the crash we saw in 2008. But in truth, there are many key differences between what’s happening today and the bubble in the early 2000s.
One of the reasons this isn’t like the last time is the number of foreclosures in the market is much lower now. Here’s a look at why there won’t be a wave of foreclosures flooding the market.
Rick Andrews has been working with me for the last several weeks and has done more to market the home I have for sale than any previous RE Agent. He is responsive, candid, experienced, and highly knowledgeable of the area. So far, so good! Phillis Walker – Home Sold!
Wish all Business was ran this way. Rick is doing above all my expectations. Great communications & follow up. John Nicholson – Home Sold!
Without Rick’s patience and ability to make the deal work the closing would have never taken place. I would strongly recommend Rick as an agent that can get the job done. If I ever had another need for a Real Estate Broker in the North Georgia and Western North Carolina area I would certainly get Rick as my agent. Bill H. Barnet – Home Sold!
I want to thank you for working quickly in selling our acre of property in Blackwell. Rick is doing a great job got a deal real quick! You did a great service, just wanted to let you know. Mark Amos – Vacant Lot Sold!
