Rhode Island Real Estate BlogRecently posted or modified blog posts in the category - Selling Your Homehttps://www.premrg.com/blog/Copyright PremRG.com2023-10-26T09:57:04-07:00tag:premrg.com,2012-09-20:6265Key Skills You Need Your Listing Agent To Have
<img src="https://assets.site-static.com/userfiles/1161/image/20231009-Key-skills-you-need-your-listing-agent-to-have.jpg" width="750" height="410" style="display: block; margin-left: auto; margin-right: auto;" />
<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. . .”
Bottom Line
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.
2023-10-09T09:51:00-07:002023-10-26T09:57:04-07:00Tianna Sanabriatag:premrg.com,2012-09-20:6257Why Your House Didn’t Sell
<img src="https://assets.site-static.com/userfiles/1161/image/20230928-Why-your-house-didn-t-sell.jpg" width="750" height="410" style="display: block; margin-left: auto; margin-right: auto;" />
If your listing expired and your house didn’t <a href="https://www.mykcm.com/2023/09/04/why-its-still-a-sellers-market-today/" rel="noopener noreferrer" target="_blank">sell</a>, you’re likely feeling a little frustrated. Not to mention, you're also probably wondering what went wrong. Here are three questions to think about as you figure out what to do next.
Did You Limit Access to Your House?
One of the biggest mistakes you can make when <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 your house</a> is restricting the days and times when <a href="https://www.mykcm.com/2023/08/30/buyer-traffic-is-still-stronger-than-the-norm/" rel="noopener noreferrer" target="_blank">potential buyers</a> can tour it. Being flexible with your schedule is important when you're selling your house, 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://www.showingtime.com/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 determined <a href="https://www.mykcm.com/2023/09/20/remote-work-is-changing-how-some-buyers-search-for-their-dream-homes/" rel="noopener noreferrer" target="_blank">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’s it going to sell?
Did You Make Your House Stand Out?
When <a href="https://www.mykcm.com/2023/08/15/equity-is-a-game-changer-for-homeowners-looking-to-sell/" rel="noopener noreferrer" target="_blank">selling your house</a>, 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 improve 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. Additionally, a new coat of paint or cleaning the floors can go a long way to freshening up a room.
Did You Price Your House Compellingly?
Setting 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> is extremely important when you're selling your house. Even though it might feel tempting to push the price higher to maximize your profit, overpricing can scare away buyers and make it hard to sell quickly. Business Insider <a href="https://www.businessinsider.com/mistakes-people-make-trying-to-sell-home-real-estate-agents-tips-2019-5" rel="noopener noreferrer" target="_blank">notes</a>:
“. . . the biggest mistake sellers make is overpricing their home.”
If your house is priced higher than others like it, it could make buyers lose interest. 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 <a href="https://www.mykcm.com/2023/08/24/more-jobs-and-better-pay-leads-to-more-buyer-demand/" rel="noopener noreferrer" target="_blank">sold</a>.
Bottom Line
It’s natural to feel disappointed when your listing has expired and your house didn’t <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</a>. Let’s connect to figure out what happened and what to reconsider or change if you want to get your house back on the market.
2023-09-28T09:25:00-07:002023-10-26T09:28:47-07:00Tianna Sanabriatag:premrg.com,2012-09-20:6250The Perks of Selling Your House When Inventory Is Low
<img src="https://assets.site-static.com/userfiles/1161/image/20231024-The-Perks-of-Selling-Your-House-When-Inventory-Is-Low.jpg" width="750" height="410" style="display: block; margin-left: auto; margin-right: auto;" />
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 . . .”
Bottom Line
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.
2023-09-18T09:07:00-07:002023-10-26T09:10:51-07:00Tianna Sanabriatag:premrg.com,2012-09-20:5647The Benefits of Selling Now, According to Experts
<img src="https://assets.site-static.com/userfiles/1161/image/20230525-the-benefits-of-selling-now-according-to-experts.jpg" width="750" height="410" style="display: block; margin-left: auto; margin-right: auto;" />
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.
2023-05-26T10:12:16-07:002023-06-09T09:35:00-07:00Tianna Sanabriatag:premrg.com,2012-09-20:5477The Big Advantage If You Sell This Spring
<img src="https://assets.site-static.com/userfiles/1161/image/20230411-the-big-advantage-if-you-sell-this-spring-KCM.jpg" width="750" height="410" style="display: block; margin-left: auto; margin-right: auto;" />
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.
2023-04-14T06:43:30-07:002023-04-17T07:20:37-07:00Tianna Sanabriatag:premrg.com,2012-09-20:5403Have You Thought About Why You Might Want To Sell Your House?<img src="https://assets.site-static.com/userfiles/1161/image/download_13.jpg" width="1300" height="3033" />
Some Highlights
If you’re on the fence about <a href="https://www.mykcm.com/2023/02/24/checklist-for-selling-your-house-this-spring-infographic/" rel="noopener noreferrer" target="_blank">selling</a> your house, it’s worth <a href="https://www.mykcm.com/2023/03/08/2-things-sellers-need-to-know-this-spring/" rel="noopener noreferrer" target="_blank">considering</a> all the reasons why <a href="https://www.mykcm.com/2023/03/13/leverage-your-equity-when-you-sell-your-house/" rel="noopener noreferrer" target="_blank">moving</a> could make <a href="https://www.mykcm.com/2023/03/16/what-buyer-activity-tells-us-about-the-housing-market/" rel="noopener noreferrer" target="_blank">sense</a> for you.
If you find your home no longer <a href="https://www.realtor.com/research/2023-q1-sellers-survey/" rel="noopener noreferrer" target="_blank">meets</a> your needs, it may be time to <a href="https://www.realtrends.com/articles/15-predictions-to-help-you-plan-your-real-estate-business/" rel="noopener noreferrer" target="_blank">sell</a>.
You have a lot to <a href="https://www.mykcm.com/2023/03/02/equity-gains-for-todays-homeowners/" rel="noopener noreferrer" target="_blank">consider</a> when <a href="https://www.mykcm.com/2023/03/03/where-will-you-go-after-you-sell-your-house-infographic/" rel="noopener noreferrer" target="_blank">deciding</a> if you should move. <a href="https://www.mykcm.com/2023/03/14/an-expert-gives-you-clarity-in-todays-housing-market/" rel="noopener noreferrer" target="_blank">Let’s connect</a> today to <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">go over</a> the benefits of <a href="https://www.mykcm.com/2023/03/21/the-role-of-access-in-selling-your-house/" rel="noopener noreferrer" target="_blank">selling</a> your house.
2023-03-27T06:39:43-07:002023-03-27T06:42:07-07:00Tianna Sanabriatag:premrg.com,2012-09-20:5136The Top Reasons for Selling Your House<img src="https://assets.site-static.com/userfiles/1161/image/the-top-reasons-for-selling-your-house-kcm.jpg" width="750" height="410" style="display: block; margin-left: auto; margin-right: auto;" />
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.2023-02-06T11:11:57-07:002023-02-16T08:38:45-07:00Tianna Sanabriatag:premrg.com,2012-09-20:4932Winter Home Selling Checklist <img src="https://assets.site-static.com/userfiles/1281/image/Winter_Home_Selling_Checklist.jpg" width="525" height="350" style="display: block; margin-left: auto; margin-right: auto;" />
Selling your home in the wintertime isn't as difficult as you might think. In fact, with a little preparation and the right mindset, you can have your home sold before spring arrives! To help get you started, we've put together this checklist of 10 tips for selling your home this winter.
1. Price your home correctly. Winter is a great time to capitalize on motivated buyers who may be looking to take advantage of lower prices or tax incentives. Be sure to price your home competitively – this may even mean pricing it slightly below market value in order to attract the most interest from potential buyers.
2. Make your home inviting and comfortable for prospective buyers. Since winter weather can make outdoor activities less desirable, you want to make sure that people touring your home feel welcome and at ease inside. Invest in some cozy blankets, warm accents like scented candles or an area rug, and offer complimentary hot drinks while people tour the property.
3. Maximize natural lighting indoors. With shorter days during the winter, it can be harder to show off your home’s full potential. Make sure that windows are clean and unblocked by furniture or curtains, so potential buyers can get the most out of the natural light when viewing your home.
4. Keep a consistent temperature indoors. Temperature fluctuations can make prospective buyers uncomfortable, which could possibly lead to lost interest in your property. Set your thermostat at a comfortable level and keep it there throughout any open house or tour of the property.
5. Maintain your outdoor space throughout the winter months. Even if snow accumulates on outdoor surfaces like driveways or walkways, make sure these areas stay clear whenever possible so that prospective buyers have an easy time getting in and out of the property.
6. Install new energy efficient features. Winter months can be costly for homeowners in terms of energy bills, making it a great time to capitalize on the installation of energy-saving features such as solar panels or double-paned windows. Not only will these features make your home more attractive to prospective buyers, but they could help you save money on utility costs too!
7. Stage your home with cozy winter decor and decorations. Instead of using summery accents like beach towels or sand buckets, switch up your staging materials with warm blankets and seasonal decorations that evoke a sense of comfort and coziness in potential buyers’ minds.
8. Hire an experienced real estate agent to list your home. Selling a home during the winter months can be challenging, so it’s important to hire an experienced agent who knows how to market your property in the best way possible for the season.
9. Utilize digital marketing tools to maximize exposure. With more people stuck at home due to cold weather, take advantage of industry websites and social media platforms to spread word about your property listing and gain maximum exposure from potential buyers.
10. Have patience when selling your home during winter months. It may take longer than usual to find the right buyer for your home during the winter season, but with a little preparation and perseverance you should be able to get your house sold before spring arrives!
By following these 10 simple tips, you can ensure that your home is ready to go on the market this winter and attract serious buyers in no time! Good luck!
Good luck as you start selling your home this winter season! With a little preparation and the right mindset, you’ll be able to maximize exposure for your property and ensure it sells before spring arrives. With these 10 tried-and-true tips, you’ll have everything you need to make sure your house goes quickly. Happy Selling!
The Winter Home Selling Checklist team.2022-12-12T10:20:47-07:002022-12-12T13:17:46-07:00Tianna Sanabriatag:premrg.com,2012-09-20:4850Why You Should Sell Your Home Before The Holidays <img src="https://assets.site-static.com/userfiles/1161/image/10_Reasons_why_you_should_ssell_your_home_before_the_holidays.jpg" width="525" height="350" style="display: block; margin-left: auto; margin-right: auto;" />
The holidays are a time for family, friends, and celebration. It's also a great time to sell your home! Here are 10 reasons why you should list your home before the holiday season begins:
1. There is less competition from other sellers.
2. Buyers who are looking during the holidays are serious about buying.
3. You can avoid having your home sit on the market for months on end.
4. The buyers who are looking during the holiday season have more money to spend.
5. You can get a head start on the spring market.
6. Homes that are listed during the holiday season tend to sell faster than those that aren't listed at all.
7.Your home will show better when decorated for the holidays.
8. You can use the holiday season as a marketing opportunity.
9. You'll have more time to find your next home.
10. Selling during the holidays can be a great way to start the New Year off on the right foot!
So if you're thinking of selling your home, don't wait until the spring. List it now and take advantage of the holiday season!2022-11-15T09:22:51-07:002022-12-01T11:29:19-07:00Tianna Sanabriatag:premrg.com,2012-09-20:4824Can I Still Sell my House in Today's Market? <img src="https://assets.site-static.com/userfiles/1161/image/Will_My_House_Still_Sell_in_Todays_Market.jpg" width="525" height="350" style="display: block; margin-left: auto; margin-right: auto;" />
The housing market has been on the rise lately, and many people are curious if they should sell their house now. The answer to that question is: it depends. Selling a house in today's market can be tricky, but it is definitely not impossible. There are a few things you need to keep in mind before putting your house up for sale. In this blog post, we will discuss the current state of the housing market and what you need to do to sell your house quickly and for a good price!
The first thing you need to consider is the current state of the housing market. The market has been on the rise for the past few years, but it is still not as strong as it was before the recession. This means that there are still a lot of houses on the market and not as many buyers. However, if you price your
house correctly, it will definitely sell.
The second thing you need to consider is your own financial situation. If you are in a good financial position, now is a great time to sell your house. However, if you are still paying off a mortgage or other debts, you may want to wait until your financial situation improves before putting your house on the market.
The third thing you need to consider is your own personal situation. Are you moving for a new job? Do you need to downsize? Are you upsizing? These are all important factors to consider when deciding whether or not to sell your house.
If you are considering selling your house, the first step is to contact a real estate agent. They will be able to help you price your house correctly and give you more information on the current state of the housing market. They can also help you find a buyer quickly and negotiate a good price for your home.
Selling a house in today's market can be tricky, but it is definitely possible. If you consider the current state of the market, your financial situation, and your personal situation, you will be able to make the best decision for your family. Contact a real estate agent today to get started!
If you are thinking of selling your house or have any questions about the process, feel free to contact us. We would be happy to help you through the process and answer any of your questions!2022-11-09T11:34:09-07:002022-11-15T09:22:39-07:00Tianna Sanabriatag:premrg.com,2012-09-20:4766Why Perspective Matters When Selling Your Home<img src="https://assets.site-static.com/userfiles/1281/image/Why_Perspective_Matters_When_Selling_Your_Home.jpg" width="1050" height="700" />
When selling your home, perspective matters. You may think your home is worth a certain price, but if the market disagrees then you're going to have a hard time selling. In this blog post, we'll discuss why perspective matters when it comes to selling your home and how you can adjust your expectations accordingly. Keep reading to learn more!
If you're selling your home, it's important to have the right perspective. You may think your home is worth a certain price, but if the market disagrees, you will have a hard time selling. It's important to be realistic about your home's value and what buyers are willing to pay. There are a few things you can do to help get the right perspective:
-Research your local market. Look at recent sales of similar homes in your area and get a realistic idea of what your home is worth.
-Talk to a real estate agent. They will be able to give you an expert opinion on your home's value and how much it could sell for.
-Look at online listings. See what other homes in your area are being listed for and use that as a guide.
<img src="https://assets.site-static.com/userFiles/1281/image/Seller_1.png" width="1080" height="1080" alt="Real estate photo" data-uw-rm-ima="gn" />
Once you have a realistic idea of your home's value, you can start to sell it for the right price. If you overprice your home, it will sit on the market and eventually sell for less. If you underprice your home, you may sell it quickly but for less money than it's worth. Either way, it's important to have the right perspective when selling your home.
If you're not sure what your home is worth or how to price it correctly, talk to a real estate agent. They will be able to help you through the process of selling your home for the right price!
<img src="https://assets.site-static.com/userFiles/1281/image/Seller_2.png" width="1080" height="1080" alt="Real estate photo" data-uw-rm-ima="gn" />2022-10-25T07:58:00-07:002022-10-25T08:02:14-07:00Tianna Sanabriatag:premrg.com,2012-09-20:4570Here’s Why It’s Still a Sellers’ Market
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<img src="https://assets.site-static.com/userfiles/1161/image/20220902-MEM-1046x1874.png" width="1046" height="1874" />
Some Highlights
While buyer demand has moderated and housing supply has grown in recent months, it’s still a sellers’ market because inventory is low.
The latest data shows sellers continue to benefit from serious buyers and competitive offers. In July, the average home received 2.8 offers and 39% sold over the asking price.
You haven’t missed your <a href="https://www.premrg.com/sellers/" title="opportunity">opportunity</a> to sell. Let’s connect to start the process today.
</article>
2022-09-06T06:06:00-07:002022-09-15T11:52:09-07:00Tianna Sanabriatag:premrg.com,2012-09-20:4246How Your Equity Can Grow over Time
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<img src="https://assets.site-static.com/userfiles/1161/image/20220706-KCM-Share.jpg" width="750" height="410" />
It’s true that record levels of <a href="https://www.mykcm.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation" title="home price appreciation">home price appreciation</a> have spurred significant <a href="https://www.mykcm.com/2022/06/21/the-average-homeowner-gained-64k-in-equity-over-the-past-year/" title="equity gains">equity gains</a> for homeowners over the past few years. As Diana Olick, Real Estate Correspondent at CNBC, <a href="https://www.cnbc.com/2022/02/03/housing-wealth-is-setting-new-records-for-both-owners-and-sellers.html#:~:text=The%20stunning%20jump%20in%20home,in%202020%2C%20according%20to%20CoreLogic" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“The stunning jump in home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth.”
That’s great for your home’s value over the last couple of years, but what if you’ve lived in your home for longer than that? You may be wondering how much equity you truly have.
The National Association of Realtors (NAR) has done <a href="https://www.nar.realtor/blogs/economists-outlook/metro-wealth-reports-as-of-2022-q1" title="a study" target="_blank" rel="noopener noreferrer">a study</a> to calculate the typical equity gains over longer spans of time. The data they compiled could be enough to motivate you to move. Just remember, to find out how much equity you have in your specific home, you’ll want to get a professional equity assessment from a trusted real estate advisor.
How Your Equity Grows
Let’s start by establishing how you build equity in your home. While price appreciation is clearly a factor that can help boost your equity, you also build equity over time as you pay down your <a href="https://www.mykcm.com/2022/06/22/things-to-avoid-after-applying-for-a-home-loan/" title="home loan">home loan</a>. NAR <a href="https://www.nar.realtor/research-and-statistics/research-reports/metro-area-housing-wealth-gains" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“Home equity gains are built up through price appreciation and by paying off the mortgage through principal payments.”
Average Equity Growth over Time
The study from NAR breaks down the <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-q1-metro-area-housing-wealth-gains-05-24-2022.pdf" title="typical equity gain" target="_blank" rel="noopener noreferrer">typical equity gain</a> over time (see graph below). It calculates the equity a homeowner potentially gained if they purchased the median-priced home 5, 10, or 30 years ago and still own it today.
<a href="https://files.mykcm.com/2022/07/05165641/20220706-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-103286" src="https://files.mykcm.com/2022/07/05165641/20220706-MEM-Eng-1.png" alt="How Your Equity Can Grow over Time | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/07/05165641/20220706-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/07/05165641/20220706-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/07/05165641/20220706-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/07/05165641/20220706-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
These six-figure numbers are impressive and certainly enough to help you fuel a move into your next home, but they’re not a promised amount. Remember, your own equity gain will be different. It depends on how long you’ve been in the house, your home’s condition, any upgrades you’ve made, your area, and much more.
If you want to find out how much equity you have, partner with a trusted real estate professional for an equity assessment on your home. They can provide an expert opinion on what your house is worth today and how the equity you’ve gained over time can help you when you purchase your next home. It may be some (if not all) of what you need for your next down payment.
Bottom Line
If you’re thinking about <a href="https://www.mykcm.com/2022/06/15/a-majority-of-consumers-say-its-a-good-time-to-sell-your-house/" title="selling your house">selling your house</a> and making a move, home equity can be a real game-changer, especially if you’ve been in your current home for a while. If you’re ready to find out how much equity you have, let’s connect.
</article>
2022-07-06T06:22:00-07:002022-09-23T10:19:41-07:00Tianna Sanabriatag:premrg.com,2012-09-20:4229If You’re Selling Your House This Summer, Hiring a Pro Is Critical<img src="https://assets.site-static.com/userfiles/1161/image/20220630-KCM-Share.jpg" width="750" height="410" />
It can be tempting, especially with how hot the housing market has been over the past two years, to consider <a href="https://www.mykcm.com/2022/06/15/a-majority-of-consumers-say-its-a-good-time-to-sell-your-house/" title="selling your home">selling your home</a> on your own. But today’s market is at a <a href="https://www.mykcm.com/2022/06/14/is-the-housing-market-correcting/" title="turning point">turning point</a>, making it more essential than ever to work with a real estate professional.
Not only will a trusted real estate advisor keep you updated and help you make the best decisions based on current <a href="https://www.mykcm.com/2022/05/31/what-does-the-rest-of-the-year-hold-for-the-housing-market/" title="market trends">market trends</a>, but they’re also experts in managing the many aspects of selling your house.
Here are five key reasons why working with a real estate professional makes sense today.
1. A Professional Follows the Latest Market Trends
With higher <a href="https://www.mykcm.com/2022/05/17/why-rising-mortgage-rates-push-buyers-off-the-fence/" title="mortgage rates">mortgage rates</a>, rising <a href="https://www.mykcm.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/" title="home prices">home prices</a>, and a growing number of <a href="https://www.mykcm.com/2022/06/07/why-the-growing-number-of-homes-for-sale-is-good-for-your-move-up/" title="homes for sale">homes for sale</a>, today’s housing market is showing signs of a shift back toward more pre-pandemic levels. When conditions change, following the trends and staying on top of new information is crucial when you sell.
That makes working with an expert real estate advisor critical today. They know your local area and follow national trends too. More importantly, they’ll know what this data means for you, and as the market shifts, they’ll be able to help you navigate it and make your <a href="https://www.mykcm.com/2022/05/23/work-with-a-real-estate-professional-if-you-want-the-best-advice/" title="best decision">best decision</a>.
2. A Professional Helps Maximize Your Pool of Buyers
Your agent’s role in bringing in buyers is important. Real estate professionals have a large variety of tools at their disposal, such as social media followers, agency resources, and the Multiple Listing Service (MLS) to ensure your house is viewed by the most buyers. Investopedia <a href="https://www.investopedia.com/articles/personal-finance/071514/8-reasons-not-sell-your-home-without-agent.asp#toc-4-agents-access-large-networks" title="explains" target="_blank" rel="noopener noreferrer">explains</a> why it’s risky to sell on your own without the network an agent provides:
“You don’t have relationships with clients, other agents, or a real estate agency to bring the largest pool of potential buyers to your home. A smaller pool of potential buyers means less demand for your property, which can translate into waiting longer to sell your home and possibly not getting as much money as your house is worth.”
3. A Professional Understands the Fine Print
Today, more disclosures and regulations are mandatory when selling a house. That means the number of legal documents you’ll need to juggle is growing. The National Association of Realtors (NAR) explains it best, <a href="https://magazine.realtor/sales-and-marketing/handouts-for-customers/for-sellers/8-reasons-to-work-with-a-realtor" title="saying" target="_blank" rel="noopener noreferrer">saying</a>:
“Selling a home typically requires a variety of forms, reports, disclosures, and other legal and financial documents. . . . Also, there’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.”
A real estate professional knows exactly what needs to happen, what all the paperwork means, and how to work through it efficiently. They’ll help you review the documents and avoid any costly missteps that could occur if you try to handle them on your own.
4. A Professional Is a Trained Negotiator
If you sell without a professional, you’ll also be solely responsible for all the negotiations. That means you’ll have to coordinate with:
The buyer, who wants the best deal possible
The buyer’s agent, who will use their expertise to advocate for the buyer
The inspection company, which works for the buyer and will almost always find concerns with the house
The appraiser, who assesses the property’s value to protect the lender
Instead of going toe-to-toe with all these parties alone, lean on an expert. They’ll know what levers to pull, how to address everyone’s concerns, and when you may want to get a second opinion.
5. A Professional Knows How To Set the Right Price for Your House
If you sell your house on your own, you may over or undershoot your asking price. That could mean you’ll leave money on the table because you priced it too low or your house will sit on the market because you priced it too high. <a href="https://www.mykcm.com/2022/06/06/why-you-need-an-expert-to-determine-the-right-price-for-your-house/" title="Pricing a house">Pricing a house</a> requires expertise. NAR <a href="https://magazine.realtor/sales-and-marketing/handouts-for-customers/for-sellers/8-reasons-to-work-with-a-realtor" title="explains" target="_blank" rel="noopener noreferrer">explains</a> it like this:
“A great real estate agent will look at your home with an unbiased eye, providing you with the information you need to enhance marketability and maximize price.”
Real estate professionals know the ins and outs of how to price your house accurately and competitively. To do so, they compare your house to recently sold homes in your area and factor in the current condition of your home. These steps are key to making sure it’s set to move quickly while still getting you the highest possible final <a href="https://www.mykcm.com/2022/06/24/why-an-agent-is-essential-when-pricing-your-house-infographic" title="sale price">sale price</a>.
Bottom Line
Whether it’s following local and national trends and guiding you through a shifting market or pricing your house right, a real estate agent has essential insights you’ll want to rely on throughout the transaction. Don’t go at it alone. If you plan to sell, let’s connect so you have an expert on your side.2022-07-01T07:54:00-07:002022-09-01T06:32:32-07:00Tianna Sanabriatag:premrg.com,2012-09-20:4150Home Price Deceleration Doesn’t Mean Home Price Depreciation
<article id="post-102950" class="post-102950 post type-post status-publish format-standard has-post-thumbnail hentry category-buyers category-sellers category-housing-market-updates category-pricing">
<img src="https://assets.site-static.com/userfiles/1161/image/20220616-KCM-Share.jpg" width="750" height="410" />Experts in the real estate industry use a number of terms when they talk about what’s happening with home prices. And some of those words sound a bit similar but mean very different things. To help clarify what’s happening with <a href="https://www.mykcm.com/2022/05/24/sellers-have-an-opportunity-with-todays-home-prices/" title="home prices">home prices</a> and where experts say they’re going, here’s a look at a few terms you may hear:
Appreciation is when home prices increase.
Depreciation is when home prices decrease.
Deceleration is when home prices continue to appreciate, but at a slower pace.
Where Home Prices Have Been in Recent Years
For starters, you’ve probably heard home prices have skyrocketed over the past two years, but homes were actually appreciating long before that. You might be surprised to learn that home prices have climbed for <a href="https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qpo" title="122" target="_blank" rel="noopener noreferrer">122</a> consecutive months (see graph below):
<a href="https://files.mykcm.com/2022/06/15152359/20220616-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-102951" src="https://files.mykcm.com/2022/06/15152359/20220616-MEM-Eng-1.png" alt="Home Price Deceleration Doesn’t Mean Home Price Depreciation | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/06/15152359/20220616-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/06/15152359/20220616-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/06/15152359/20220616-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/06/15152359/20220616-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
As the graph shows, houses have gained value consistently over the past 10 consecutive years. But since 2020, the increase has been <a href="https://www.fhfa.gov/Media/PublicAffairs/Pages/US-House-Prices-Rise-18pt7-Percent-over-the-Last-Year-Up-4pt6-Percent-from-the-Fourth-Quarter.aspx" title="more dramatic" target="_blank" rel="noopener noreferrer">more dramatic</a> as home price growth accelerated.
So why did home prices climb so much? It’s because there were more buyers than there were homes for sale. That imbalance put upward pressure on home prices because demand was high and supply was low.
Where Experts Say Home Prices Are Going
While this is helpful context, if you’re a buyer or seller in today’s market, you probably want to know what’s going to happen with home prices moving forward. Will they continue that same growth path or will home prices fall?
Experts are <a href="https://www.mykcm.com/2022/05/31/what-does-the-rest-of-the-year-hold-for-the-housing-market/" title="forecasting">forecasting</a> ongoing appreciation, just at a decelerated pace. In other words, prices will keep climbing, just not as fast as they have been. The graph below shows home price forecasts from seven industry leaders. None are calling for prices to fall (see graph below):
<a href="https://files.mykcm.com/2022/06/15152405/20220616-MEM-Eng-2.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-102953" src="https://files.mykcm.com/2022/06/15152405/20220616-MEM-Eng-2.png" alt="Home Price Deceleration Doesn’t Mean Home Price Depreciation | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/06/15152405/20220616-MEM-Eng-2.png 1000w, https://files.mykcm.com/2022/06/15152405/20220616-MEM-Eng-2-600x450.png 600w, https://files.mykcm.com/2022/06/15152405/20220616-MEM-Eng-2-768x576.png 768w, https://files.mykcm.com/2022/06/15152405/20220616-MEM-Eng-2-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Mark Fleming, Chief Economist at First American, <a href="https://blog.firstam.com/economics/the-housing-market-is-slowing-by-design-but-dont-expect-a-bust" title="identifies" target="_blank" rel="noopener noreferrer">identifies</a> a key reason why home prices won’t depreciate or drop:
“In today’s housing market, demand for homes continues to outpace supply, which is keeping the pressure on house prices, so don’t expect house prices to decline.”
And although <a href="https://www.mykcm.com/2022/05/11/are-there-more-homes-coming-to-the-market/" title="housing supply">housing supply</a> is starting to tick up, it’s not enough to make home prices decline because there’s still a gap between the number of homes available for sale and the volume of buyers looking to make a purchase.
Terry Loebs, Founder of the research firm Pulsenomics, notes that most real estate experts and economists anticipate home prices will continue rising. As he <a href="https://www.forbes.com/sites/brendarichardson/2022/06/07/rising-rates-and-buyer-urgency-keep-home-price-gains-above-20-in-april/?sh=c5446d229ec7" title="puts it" target="_blank" rel="noopener noreferrer">puts it</a>:
“With home values at record-high levels and a vast majority of experts projecting additional price increases this year and beyond, home prices and expectations remain buoyant.”
Bottom Line
Experts forecast price deceleration, not depreciation. That means home prices will continue to rise, just at a slower pace. Let’s connect so you can get the full picture of what’s happening with home prices in our local market and to discuss your buying and selling goals.
</article>
2022-06-16T10:21:00-07:002022-09-23T10:18:33-07:00Tianna Sanabriatag:premrg.com,2012-09-20:4101Why You Need an Expert To Determine the Right Price for Your House<img src="https://assets.site-static.com/userfiles/1161/image/20220606-KCM-Share.jpg" width="750" height="410" />
If your lifestyle has changed recently and you’re ready to make a move, taking advantage of today’s <a href="https://www.mykcm.com/2022/04/28/what-you-need-to-know-about-selling-in-a-sellers-market/" title="sellers’ market">sellers’ market</a> might be just the answer for your <a href="https://www.mykcm.com/2022/05/27/bright-days-are-ahead-when-you-move-up-this-summer-infographic/" title="summer plans">summer plans</a>. With homes continuing to get <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-04-realtors-confidence-index-05-19-2022.pdf" title="multiple offers" target="_blank" rel="noopener noreferrer">multiple offers</a>, this could be your moment to get the contract you’re looking for on your house if you’re ready to sell.
And here’s the thing – you need an expert on your side to ensure you make all the right moves when you do, especially when it comes to pricing your house. Even in this <a href="https://www.mykcm.com/2022/05/31/what-does-the-rest-of-the-year-hold-for-the-housing-market/" title="competitive market">competitive market</a>, you can’t stick just any price tag on your home and get the deal you want. A key piece of the puzzle is setting the right asking price so you can help buyers notice your home (and get excited about it) from the very first time they view the listing. That’s where a real estate professional comes in.
Why Pricing Your House Right Is Important
The price you set for your house sends a message to potential buyers. Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with the property. Not to mention, if you undervalue your house, you could leave money on the table which decreases your future buying power.
On the other hand, price it too high, and you run the risk of deterring buyers. When that happens, you may have to do a price drop to try to re-ignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.
In other words, think of pricing your home as a target. Your goal is to aim directly for the center – not too high, not too low, but right at market value. Pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. That makes it more likely you’ll see multiple offers, too. And if a bidding war happens, you’ll likely get an even higher final sale price. Plus, when homes are priced right, they tend to sell quickly.
To get a look into the potential downsides of over or underpricing your house and the perks that come with pricing it at market value, see the chart below:
<a href="https://files.mykcm.com/2022/06/03144515/2020606-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-102786" src="https://files.mykcm.com/2022/06/03144515/2020606-MEM-Eng-1.png" alt="Why You Need an Expert To Determine the Right Price for Your House | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/06/03144515/2020606-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/06/03144515/2020606-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/06/03144515/2020606-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/06/03144515/2020606-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Lean on a Professional’s Expertise
There are several factors that go into pricing your house, and balancing them is the key. That’s why it’s important to lean on an expert <a href="https://www.mykcm.com/2022/05/23/work-with-a-real-estate-professional-if-you-want-the-best-advice/" title="real estate advisor">real estate advisor</a> when you’re ready to move. A local real estate advisor is knowledgeable about:
The value of homes in your neighborhood
The current demand for houses in today’s market
The condition of your house and how it affects the value
A real estate professional will balance these factors to make sure the price of your house makes the best first impression and gives you the greatest return on your investment in the end.
Bottom Line
If you’re thinking about selling, pricing your house appropriately is key. Let’s connect to make sure your house is priced right for the local market, for your home’s condition, and to stand out from the competition.2022-06-06T08:10:00-07:002022-09-01T06:33:19-07:00Tianna Sanabriatag:premrg.com,2012-09-20:4037Sellers Have an Opportunity with Today’s Home Prices<img src="https://assets.site-static.com/userfiles/1161/image/20220524-KCM-Share0.jpg" width="750" height="410" />
As <a href="https://www.mykcm.com/2022/04/20/how-to-approach-rising-mortgage-rates-as-a-buyer/" title="mortgage rates">mortgage rates</a> started to rise this year, many homeowners began to wonder if the value of their homes would fall. Here’s the good news. Historically, when mortgage rates rise by a percentage point or more, home values continue to <a href="https://www.mykcm.com/2022/03/24/what-you-can-expect-from-the-spring-housing-market/" title="appreciate">appreciate</a>. The latest data on home prices seems to confirm that trend.
According to <a href="https://www.corelogic.com/intelligence/u-s-home-price-insights/" title="data" target="_blank" rel="noopener noreferrer">data</a> from CoreLogic, home price appreciation has been re-accelerating since November. The graph below shows this increase in home price appreciation in green:
<a href="https://files.mykcm.com/2022/05/18135654/20220524-MEM-Eng.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-102507" src="https://files.mykcm.com/2022/05/18135654/20220524-MEM-Eng.png" alt="Sellers Have an Opportunity as Home Prices Re-Accelerate | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/05/18135654/20220524-MEM-Eng.png 960w, https://files.mykcm.com/2022/05/18135654/20220524-MEM-Eng-600x450.png 600w, https://files.mykcm.com/2022/05/18135654/20220524-MEM-Eng-768x576.png 768w, https://files.mykcm.com/2022/05/18135654/20220524-MEM-Eng-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>This is largely due to an ongoing imbalance in <a href="https://www.mykcm.com/2022/04/14/on-the-fence-of-whether-or-not-to-move-this-spring-consider-this/" title="supply and demand">supply and demand</a>. Specifically, <a href="https://www.mykcm.com/2022/04/28/what-you-need-to-know-about-selling-in-a-sellers-market/" title="housing supply">housing supply</a> is still low, and demand is high. As mortgage rates started to rise this year, many homebuyers rushed to make their purchases before those rates could climb higher. The increased competition drove home prices up even more. Selma Hepp, Deputy Chief Economist at CoreLogic, <a href="https://www.corelogic.com/intelligence/us-sp-corelogic-case-shiller-index-registers-new-high-up-19-8-in-february/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“Home price growth continued to gain speed in early spring, as eager buyers tried to get in front of the mortgage rate surge.”
And experts say prices are <a href="https://www.mykcm.com/2022/05/10/will-home-prices-fall-this-year-heres-what-experts-say/" title="forecast">forecast</a> to continue appreciating, just at a more moderate pace moving forward. A recent article from Fortune <a href="https://fortune.com/2022/04/27/how-likely-home-prices-decline-in-every-major-housing-market-corelogic/amp/" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“. . . the swift move up in mortgage rates . . . doesn’t mean home prices are about to crash. In fact, every major real estate firm with a publicly released forecast model . . . still predicts home prices will climb further this year.”
What This Means for You
If you’re thinking about <a href="https://www.mykcm.com/2022/05/04/your-house-could-be-closer-to-list-ready-than-you-think/" title="selling your house">selling your house</a>, you should know you have a great opportunity to list your home and capitalize on today’s <a href="https://www.mykcm.com/2022/05/02/todays-home-price-appreciation-is-great-news-for-existing-homeowners/" title="home price appreciation">home price appreciation</a>. As prices rise, so does the value of your home, which gives your <a href="https://www.mykcm.com/2022/04/08/do-you-know-how-much-equity-you-have-in-your-home-infographic/" title="equity">equity</a> a big boost.
When you <a href="https://www.mykcm.com/2022/04/29/give-your-curb-appeal-a-boost-before-you-sell-infographic/" title="sell">sell</a>, you can use that <a href="https://www.mykcm.com/2022/03/21/the-average-homeowner-gained-more-than-55k-in-equity-over-the-past-year/" title="equity">equity</a> toward the purchase of your next home. And at today’s record-level of appreciation, that equity may be enough to cover some (if not all) of your <a href="https://www.mykcm.com/2021/12/22/the-perks-of-putting-20-down-on-a-home/" title="down payment">down payment</a>.
Bottom Line
History shows rising mortgage rates have not had a negative impact on home prices. Now is still a great time to sell your house thanks to ongoing price appreciation. When you’re ready to find out how much equity you have in your current home and what’s happening with home prices in your local area, let’s connect.2022-05-24T09:09:00-07:002022-09-23T10:21:05-07:00Tianna Sanabriatag:premrg.com,2012-09-20:3565Sellers: Don’t Wait Until Spring To Make Your Move<img src="https://assets.site-static.com/userfiles/1161/image/20220118-KCM-Share.jpg" width="750" height="410" />
As you plan out your goals for the <a href="https://www.mykcm.com/2021/12/17/2022-housing-market-forecast-infographic/" title="year">year</a>, moving up to your dream home may top the list. But, how do you know when to make your move? You want to time it just right so you can get the most out of the sale of your current house. You also want to know you’re making a good investment when you buy your new home. What you may not realize is, that opportunity to get the best of both worlds is already here.
You don’t want to wait until spring to spring into action. The current market conditions make <a href="https://www.mykcm.com/2021/12/13/if-you-think-the-housing-market-will-slow-this-winter-think-again/" title="this winter">this winter</a> an ideal time to move. Here’s why.
1. The Number of Homes on the Market Is Still Low
Today’s limited supply of houses for sale is putting sellers in the driver’s seat. There are far more buyers in the market than there are homes available, and that means buyers are eagerly waiting for your house. Listing your house now makes it the center of attention. As a seller, that means when it’s priced correctly, you can expect it to sell quickly and get multiple <a href="https://www.mykcm.com/2021/11/16/sellers-youll-likely-get-multiple-strong-offers-this-season/" title="strong offers">strong offers</a> this season. Just remember, experts project <a href="https://www.mykcm.com/2021/11/18/home-sales-about-to-surge-we-may-see-a-winter-like-never-before/" title="more inventory">more inventory</a> will come to market as we move through the winter months. The realtor.com <a href="https://www.realtor.com/research/2022-national-housing-forecast/" title="2022 forecast" target="_blank" rel="noopener noreferrer">2022 forecast</a> says this:
“After years of declining, the inventory of homes for sale is finally expected to rebound from all-time lows.”
Selling now may help you maximize the return on your investment before your house has to face more competition from other sellers.
2. Your Equity Is Growing in Record Amounts
Current homeowners are sitting on record amounts of <a href="https://www.mykcm.com/2021/12/21/the-average-homeowner-gained-56700-in-equity-over-the-past-year/" title="equity">equity</a> thanks to today’s home price appreciation. According to the <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" title="latest report" target="_blank" rel="noopener noreferrer">latest report</a> from CoreLogic, the average homeowner gained $56,700 in equity over the past 12 months.
That much equity can open doors for you to make a move. If you’ve been holding off on selling because you’re worried about how rising prices will impact your own <a href="https://www.mykcm.com/2021/12/08/struggling-to-find-a-home-to-buy-new-construction-may-be-an-option/" title="home search">home search</a>, rest assured your equity can help fuel your next move. It may be just what you need to cover a large portion – if not all – of the <a href="https://www.mykcm.com/2021/12/22/the-perks-of-putting-20-down-on-a-home/" title="down payment">down payment</a> on your next purchase.
3. While Rising, Mortgage Rates Are Still Historically Low
In January of last year, mortgage <a href="http://www.freddiemac.com/pmms/" title="rates" target="_blank" rel="noopener noreferrer">rates</a> hit the lowest point ever recorded. Today, rates are starting to rise, but that doesn’t mean you’ve missed out on locking in a low rate. Current mortgage rates are still far below what they’ve been in <a href="https://www.mykcm.com/2021/11/08/two-graphs-that-show-why-you-shouldnt-be-upset-about-3-mortgage-rates/" title="recent decades">recent decades</a>:
In the 2000s, the average mortgage rate was 6.27%
In the 1990s, the average rate was 8.12%
Even with mortgage rates rising above 3%, they’re still worth taking advantage of. You just want to do so sooner rather than later. Experts are projecting rates will continue to rise throughout this year, and when they do, it’ll <a href="https://www.mykcm.com/2021/11/24/how-smart-buyers-are-approaching-rising-mortgage-rates/" title="cost you more">cost you more</a> to purchase your next home.
4. Home Prices Are Going To Keep Rising with Time
According to industry leaders, <a href="https://www.mykcm.com/2021/12/15/what-everyone-wants-to-know-will-home-prices-decline-in-2022/" title="home prices">home prices</a> will also continue appreciating this year. While experts are forecasting more moderate home price growth than last year, it’s important to note prices will still be moving in an upward direction throughout 2022.
What does that mean for you? If you’re selling so you can move into a bigger home or downsize to the home of your dreams, you want to consider moving now before rates and prices rise further. If you’re ready, you have an opportunity to get ahead of the curve by purchasing your next home before rates and prices climb higher.
Bottom Line
If you’re considering selling to move up or downsize, this may be your moment, especially with today’s low mortgage rates and limited inventory. Let’s connect today to get set up for homebuying success this year.2022-01-24T12:46:00-07:002022-09-23T10:23:34-07:00Tianna Sanabriatag:premrg.com,2012-09-20:3312Should I Update My House Before I Sell It? [INFOGRAPHIC]<article id="post-99906" class="post-99906 post type-post status-publish format-standard has-post-thumbnail hentry category-sellers category-infographics">
<img src="https://assets.site-static.com/userfiles/1161/image/20211112-MEM-1046x1723.png" width="1046" height="1723" />
Some Highlights
If you’re deciding whether you should make <a href="https://www.remodeling.hw.net/cost-vs-value/2021/" title="updates" target="_blank" rel="noopener noreferrer">updates</a> before you <a href="https://www.mykcm.com/2021/11/09/how-sellers-win-when-housing-inventory-is-low/" title="sell">sell</a> your house, lean on your <a href="https://www.mykcm.com/2021/09/29/dont-tackle-selling-your-home-on-your-own-an-agent-can-help/" title="agent">agent</a> to be your guide.
If the market is flooded with houses for sale, updates may be necessary for your house to stand out. In our current <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-09-realtors-confidence-index-10-21-2021.pdf" title="sellers’ market" target="_blank" rel="noopener noreferrer">sellers’ market</a>, the added expenses might not be worth it.
Let’s connect so you have expert advice on which updates are important in <a href="https://www.mykcm.com/2021/09/24/its-still-a-sellers-market-infographic/" title="today’s market">today’s market</a>.
</article>2021-11-12T13:58:00-07:002022-09-23T10:26:11-07:00Tianna Sanabriatag:premrg.com,2012-09-20:3154Why It’s Still Safe To Sell Your Home<img src="https://assets.site-static.com/userfiles/1161/image/20210913-KCM-Share.jpg" width="750" height="410" />
If you’re on the fence about whether or not you want to sell your house this year, there’s good news. <a href="https://www.mykcm.com/2021/06/14/the-right-expert-will-guide-you-through-this-unprecedented-market/" title="Real estate professionals">Real estate professionals</a> are highly experienced in how to sell houses safely during the pandemic. Over the last year, agents have adopted new technologies and safety measures designed to keep you safe. And experts say these practices are here to stay. As Bob Goldberg, CEO of the National Association of Realtors (NAR), <a href="https://www.nar.realtor/newsroom/realtors-believe-drones-cyber-security-real-estates-most-impactful-emerging-tech" title="puts it" target="_blank" rel="noopener noreferrer">puts it</a>:
“The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate.”
Below is a closer look at some of the <a href="https://www.mykcm.com/2020/04/08/how-technology-is-enabling-the-real-estate-process/" title="new tools">new tools</a> real estate professionals are using to better serve sellers.
New and Existing Technology Are Impacting the Process
In the <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtor-technology-survey" title="2021 Realtor Technology Survey" target="_blank" rel="noopener noreferrer">2021 Realtor Technology Survey</a>, NAR asks real estate professionals their opinions on the most valuable pieces of technology for their business over the past 12 months. The graph below highlights the top five tools those agents said are true game-changers:<a href="https://files.mykcm.com/2021/09/08125819/20210913-MEM-Eng-1.png" target="_blank" rel="" class="use_kcm_lightbox"><img loading="lazy" class="aligncenter wp-image-99263" src="https://files.mykcm.com/2021/09/08125819/20210913-MEM-Eng-1.png" alt="Why It’s Still Safe To Sell Your Home | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2021/09/08125819/20210913-MEM-Eng-1.png 1000w, https://files.mykcm.com/2021/09/08125819/20210913-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2021/09/08125819/20210913-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2021/09/08125819/20210913-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a><a href="https://www.mykcm.com/2020/04/17/how-technology-is-helping-buyers-navigate-the-home-search-process-infographic/" title="Tools">Tools</a> that allow agents to serve clients at a distance and limit exposure to others, including eSignature, lockboxes, and video conferencing, became increasingly important during the last year. Those same tools are just as essential today. Restricting the number of people a seller must interact with during the process is the best way to keep all parties involved in a sale safe.
Trusted Advisors Stay Up to Date on Guidelines for In-Person Showings
As things change in our day-to-day lives, the guidance on how to stay safe changes as well. NAR regularly updates the <a href="https://www.nar.realtor/coronavirus/guide-for-realtors" title="resources" target="_blank" rel="noopener noreferrer">resources</a> available to real estate professionals to ensure the latest recommendations and best practices are readily available. This includes suggestions on how to continue to conduct safe in-person showings.
Agents also follow <a href="https://www.cdc.gov/coronavirus/2019-ncov/prevent-getting-sick/disinfecting-your-home.html" title="guidance" target="_blank" rel="noopener noreferrer">guidance</a> from the Centers for Disease Control (CDC) to make sure homes are safe. The CDC’s advice includes information on how to clean high-touch surfaces like doorknobs, tables, and countertops so they’re disinfected for all.
This past year changed the way agents do things for the better. Real estate professionals use new technology, tools, cleaning procedures, and the latest guidance to meet your changing needs. The goal is to keep you safe and build your confidence throughout the sales process.
Bottom Line
It’s important to know that your safety is still a top priority when it comes to selling this year. Let’s connect today so you can have the best tools available to help you take advantage of today’s sellers’ market.2021-09-13T13:31:00-07:002022-09-01T07:52:25-07:00Tianna Sanabriatag:premrg.com,2012-09-20:3082What Does Being in a Sellers’ Market Mean?<img src="https://assets.site-static.com/userfiles/1161/image/20210817-KCM-Share.jpg" width="750" height="410" />
Whether or not you’ve been following the real estate industry lately, there’s a good chance you’ve heard we’re in a serious sellers’ market. But what does that really mean? And why are conditions today so good for people who want to list their house?
It starts with the number of houses available for sale. The latest <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" title="Existing Home Sales Report " target="_blank" rel="noopener noreferrer">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.mykcm.com/2021/08/16121526/20210817-MEM-Eng-1.png" target="_blank" rel="" class="use_kcm_lightbox"><img loading="lazy" class="aligncenter wp-image-99005" src="https://files.mykcm.com/2021/08/16121526/20210817-MEM-Eng-1.png" alt="What Does Being in a Sellers’ Market Mean? | MyKCM" width="600" height="338" srcset="https://files.mykcm.com/2021/08/16121526/20210817-MEM-Eng-1.png 1000w, https://files.mykcm.com/2021/08/16121526/20210817-MEM-Eng-1-600x338.png 600w, https://files.mykcm.com/2021/08/16121526/20210817-MEM-Eng-1-768x432.png 768w, https://files.mykcm.com/2021/08/16121526/20210817-MEM-Eng-1-100x56.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>When the <a href="https://www.mykcm.com/2021/07/27/a-look-at-housing-supply-and-what-it-means-for-sellers/" title="supply of houses">supply of houses</a> 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 leads to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do <a href="https://www.mykcm.com/2021/06/08/in-todays-market-listing-prices-are-like-an-auctions-reserve-price/" title="their best">their best</a> to submit a very <a href="https://www.mykcm.com/2021/06/21/5-things-homebuyers-need-to-know-when-making-an-offer/" title="attractive offer">attractive offer</a>. As this happens, <a href="https://www.mykcm.com/2021/07/06/a-look-at-home-price-appreciation-through-2025/" title="home prices rise">home prices rise</a>, and <a href="https://www.mykcm.com/2021/07/12/4-major-incentives-to-sell-this-summer/" title="sellers">sellers</a> are in the best position to negotiate deals that meet their ideal terms.
Right now, there are many buyers who are ready, willing, and able to purchase a home. Low <a href="https://www.mykcm.com/2021/07/19/what-you-should-do-before-interest-rates-rise/" title="mortgage rates">mortgage rates</a> and the ongoing rise in remote work have prompted buyers to think differently about where they live – and they’re taking action. If you put your house on <a href="https://www.mykcm.com/2021/07/13/why-this-isnt-your-typical-summer-housing-market/" title="the market">the market</a> while supply is still low, it will likely get a lot of attention from competitive buyers.
Bottom Line
Today’s ultimate sellers’ market holds great opportunities for homeowners ready to make a move. Listing your house now will maximize your exposure to serious buyers who will actively compete against each other to purchase it. Let’s connect to <a href="https://www.mykcm.com/2021/06/28/save-time-and-effort-by-selling-with-an-agent/" title="discuss">discuss</a> how to jumpstart the selling process.2021-08-17T07:50:00-07:002022-09-23T10:29:57-07:00Tianna Sanabriatag:premrg.com,2012-09-20:3079A Look at Home Price Appreciation and What It Means for Sellers
<article id="post-98984" class="post-98984 post type-post status-publish format-standard has-post-thumbnail hentry category-sellers category-housing-market-updates category-pricing">
<img src="https://assets.site-static.com/userfiles/1161/image/20210816-KCM-Share.jpg" width="750" height="410" />
When you hear the phrase <a href="https://www.mykcm.com/2021/07/06/a-look-at-home-price-appreciation-through-2025/" title="home price appreciation">home price appreciation</a>, what does it mean to you? Through context clues alone, chances are you know it has to do with rising home prices. And as a seller, you know rising home prices are good news for your potential sale. But let’s look past the dollar signs and dive deeper into the concept. To truly understand home price appreciation, you need to know how it works and why it matters to you.
<a href="https://www.investopedia.com/terms/a/appreciation.asp" title="Investopedia" target="_blank" rel="noopener noreferrer">Investopedia</a> defines appreciation like this:
“Appreciation, in general terms, is an increase in the value of an asset over time. The increase can occur for a number of reasons, including increased demand or weakening supply, or as a result of changes in inflation or interest rates. This is the opposite of depreciation, which is a decrease in value over time.”
When we consider this definition and how it applies to real estate, a few words stick out: <a href="https://www.mykcm.com/2021/06/09/home-price-appreciation-is-as-simple-as-supply-and-demand/" title="supply and demand">supply and demand</a>. In today’s real estate market, we’re experiencing high buyer demand and very few sellers listing their homes for sale (see maps below):<a href="https://files.mykcm.com/2021/08/12135719/20210816-MEM-Eng-1.png" target="_blank" rel="" class="use_kcm_lightbox"><img loading="lazy" class="aligncenter wp-image-98986" src="https://files.mykcm.com/2021/08/12135719/20210816-MEM-Eng-1.png" alt="A Look at Home Price Appreciation and What It Means for Sellers | MyKCM" width="600" height="338" srcset="https://files.mykcm.com/2021/08/12135719/20210816-MEM-Eng-1.png 1000w, https://files.mykcm.com/2021/08/12135719/20210816-MEM-Eng-1-600x338.png 600w, https://files.mykcm.com/2021/08/12135719/20210816-MEM-Eng-1-768x432.png 768w, https://files.mykcm.com/2021/08/12135719/20210816-MEM-Eng-1-100x56.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>No matter the industry, anytime there’s more demand than supply, prices naturally rise. It happens because buyers are willing to pay more to secure the scarce product or service they’re looking for. That’s exactly what’s happening in today’s real estate market. Buyers are competing with one another to purchase a home, leading to bidding wars that drive prices up. For sellers, the rising prices mean that opportunity is knocking.
According to <a href="https://www.quickenloans.com/learn/appreciation" title="Quicken Loans" target="_blank" rel="noopener noreferrer">Quicken Loans</a>, the national average home price appreciation rate is between 3-5% in a typical year. Today, home prices are appreciating well beyond the norm thanks to high demand. Here are the latest expert projections on the rate of home price appreciation for this year (see chart below):<a href="https://files.mykcm.com/2021/08/12135722/20210816-MEM-Eng-2.png" target="_blank" rel="" class="use_kcm_lightbox"><img loading="lazy" class="aligncenter wp-image-98987" src="https://files.mykcm.com/2021/08/12135722/20210816-MEM-Eng-2.png" alt="A Look at Home Price Appreciation and What It Means for Sellers | MyKCM" width="600" height="338" srcset="https://files.mykcm.com/2021/08/12135722/20210816-MEM-Eng-2.png 1000w, https://files.mykcm.com/2021/08/12135722/20210816-MEM-Eng-2-600x338.png 600w, https://files.mykcm.com/2021/08/12135722/20210816-MEM-Eng-2-768x432.png 768w, https://files.mykcm.com/2021/08/12135722/20210816-MEM-Eng-2-100x56.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Compared to the normal pace of 3-5% appreciation per year, the current average forecast of nearly 11.5% is significant.
For sellers, this means that with the current <a href="https://www.mykcm.com/2021/08/04/sellers-make-todays-home-price-appreciation-work-for-you/" title="rise in prices">rise in prices</a>, your house may be worth more than you realize. That price appreciation helps give your <a href="https://www.mykcm.com/2021/07/23/pop-quiz-can-you-define-these-key-terms-in-todays-housing-market-infographic/" title="equity">equity</a> a boost. Equity is the difference between what you owe on the home and its market value based on factors like price appreciation. It works like this (see chart below):<a href="https://files.mykcm.com/2021/08/12135724/20210816-MEM-Eng-3.png" target="_blank" rel="" class="use_kcm_lightbox"><img loading="lazy" class="aligncenter wp-image-98988" src="https://files.mykcm.com/2021/08/12135724/20210816-MEM-Eng-3.png" alt="A Look at Home Price Appreciation and What It Means for Sellers | MyKCM" width="600" height="338" srcset="https://files.mykcm.com/2021/08/12135724/20210816-MEM-Eng-3.png 1000w, https://files.mykcm.com/2021/08/12135724/20210816-MEM-Eng-3-600x338.png 600w, https://files.mykcm.com/2021/08/12135724/20210816-MEM-Eng-3-768x432.png 768w, https://files.mykcm.com/2021/08/12135724/20210816-MEM-Eng-3-100x56.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>You can use your <a href="https://www.mykcm.com/2021/06/23/homeowner-wealth-increases-through-growing-equity-this-year/" title="built-up equity">built-up equity</a> to power a move into your dream home, or you can put it toward <a href="https://www.mykcm.com/2021/07/09/your-home-equity-can-take-you-places-infographic/" title="life-changing goals">life-changing goals</a> like funding an education or opening a business.
But don’t wait. While price appreciation is strong now, those <a href="http://www.freddiemac.com/research/forecast/20210715_quarterly_economic_forecast.page" title="same experts" target="_blank" rel="noopener noreferrer">same experts</a> say it’ll start to appreciate at a more normalized pace next year. If you list your house sooner rather than later, you’ll be in a better position to capitalize on the higher-than-average home price appreciation we’re seeing today.
Bottom Line
If you’re thinking of selling your house, there really is no time like the present. Let’s connect so you can get an expert market analysis of your home and its potential.
</article>
2021-08-16T06:36:00-07:002022-09-23T10:30:26-07:00Tianna Sanabriatag:premrg.com,2012-09-20:3054Sellers: Make Today’s Home Price Appreciation Work for You<img src="https://assets.site-static.com/userfiles/1161/image/20210804-KCM-Share.jpg" width="750" height="410" />
Home prices continue to rise as we move through the summer, and that’s good news for <a href="https://www.mykcm.com/2021/07/12/4-major-incentives-to-sell-this-summer/" title="sellers">sellers</a> who are looking to maximize their home’s potential. If you’re on the fence about whether to list your house now or later, the question you should really ask is: will this price appreciation last?
Here’s what three leading industry experts have to say about what lies ahead:
<a href="https://www.nar.realtor/newsroom/existing-home-sales-expand-1-4-in-june" title="Lawrence Yun," target="_blank" rel="noopener noreferrer">Lawrence Yun,</a> Chief Economist, National Association of Realtors (NAR):
“At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year.”
<a href="https://www.corelogic.com/intelligence/find-stories/us-sp-corelogic-case-shiller-rockets-to-16-6-reaches-new-records/" title="Selma Hepp" target="_blank" rel="noopener noreferrer">Selma Hepp</a>, Deputy Chief Economist, CoreLogic:
“The imbalance between robust demand and dismal availability of for-sale homes has led to a continual bidding over asking prices, which reached record levels in recent months . . . . Nevertheless, with more new listings and new home construction, home price acceleration that has built momentum, and continues to reach new highs, will likely slow later this summer but remain in double digits.”
<a href="https://www.bloomberg.com/news/articles/2021-07-22/u-s-mortgage-rates-slide-to-lowest-in-more-than-five-months?sref=BRvilyBN" title="George Ratiu" target="_blank" rel="noopener noreferrer">George Ratiu</a>, Chief Economist, realtor.com:
“Many sellers are going to take advantage of higher prices. This summer is going to signal the move to the next chapter, and this will very much be the year they’re going to put their home on the market.”
What It Means for You:
The experts agree that the summer months give sellers a great opportunity to capitalize on today’s home prices. And while prices aren’t expected to depreciate, the rise in prices is forecast to moderate over <a href="https://www.mykcm.com/2021/07/06/a-look-at-home-price-appreciation-through-2025/" title="the next few years">the next few years</a>. That means selling your house today could set you up for a bigger win.
Bottom Line
Listen to the experts. If you’re ready to make a move, let’s connect to discuss <a href="https://www.mykcm.com/2021/07/08/selling-your-house-make-sure-you-price-it-right/" title="selling your house">selling your house</a> sooner rather than later so you can take advantage of today’s home price appreciation before it moderates.2021-08-04T10:28:00-07:002022-09-23T10:30:48-07:00Tianna Sanabriatag:premrg.com,2012-09-20:3039A Look at Housing Supply and What It Means for Sellers<img src="https://assets.site-static.com/userfiles/1161/image/20210727-KCM-Share0.jpg" width="750" height="410" />
One of the hottest topics of conversation in today’s real estate market is the <a href="https://www.mykcm.com/2021/06/15/hope-is-on-the-horizon-for-todays-housing-shortage/" title="shortage of available homes">shortage of available homes</a>. Simply put, there are many more potential buyers than there are homes for sale. As a seller, you’ve likely heard that low supply is good news for you. It means your house will get more attention, and likely, more offers. But as life begins to return to normal, you may be wondering if that’s something that will change.
While it may be tempting to blame the pandemic for the current inventory shortage, the pandemic can’t take all the credit. While it did make some sellers hold off on listing their houses over the past year, the truth is the low supply of homes was years in the making. Let’s take a look at the root cause and what the future holds to uncover why now is still a great time to sell.
Where Did the Shortage Come From?
It’s not just today’s high buyer demand. Our low supply goes hand-in-hand with the number of new homes built over the past decades. According to Sam Khater, VP and Chief Economist at <a href="http://www.freddiemac.com/perspectives/sam_khater/20210415_single_family_shortage.page" title="Freddie Mac" target="_blank" rel="noopener noreferrer">Freddie Mac</a>:
“The main driver of the housing shortfall has been the long-term decline in the construction of single-family homes.”
Data in a <a href="https://cdn.nar.realtor/sites/default/files/documents/Housing-is-Critical-Infrastructure-Social-and-Economic-Benefits-of-Building-More-Housing-6-15-2021.pdf" title="recent report" target="_blank" rel="noopener noreferrer">recent report</a> from the National Association of Realtors (NAR) tells the same story. New home construction has been lagging behind the norm for quite some time. Historically, builders completed an average of 1.5 million new housing units per year. However, since the housing bubble in 2008, the level of new home construction has fallen off (see graph below):<a href="https://files.mykcm.com/2021/07/26170119/20210727-MEM-Eng-1.png" target="_blank" rel="" class="use_kcm_lightbox"><img loading="lazy" class="aligncenter wp-image-98794" src="https://files.mykcm.com/2021/07/26170119/20210727-MEM-Eng-1.png" alt="A Look at Housing Supply and What It Means for Sellers | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2021/07/26170119/20210727-MEM-Eng-1.png 1000w, https://files.mykcm.com/2021/07/26170119/20210727-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2021/07/26170119/20210727-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2021/07/26170119/20210727-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>The same NAR report elaborates on the impact of this below-average pace of construction:
“. . . the underbuilding gap in the U.S. totaled more than 5.5 million housing units in the last 20 years.”
“Looking ahead, in order to fill an underbuilding gap of approximately 5.5 million housing units during the next 10 years, while accounting for historical growth, new construction would need to accelerate to a pace that is well above the current trend, to more than 2 million housing units per year. . . .”
That means if we build even more new houses than the norm every year, it’ll still take a decade to close the underbuilding gap contributing to today’s supply-and-demand mix. Does that mean today’s ultimate <a href="https://www.mykcm.com/2021/03/29/what-it-means-to-be-in-a-sellers-market/" title="sellers’ market">sellers’ market</a> is here to stay?
We’re already starting to see an increase in <a href="https://www.mykcm.com/2021/07/05/home-builders-ramp-up-construction-based-on-demand/" title="new home construction">new home construction</a>, which is great news. But newly built homes can’t bridge the supply gap we’re facing right now on their own. In the <a href="https://www.jchs.harvard.edu/sites/default/files/reports/files/Harvard_JCHS_State_Nations_Housing_2021.pdf" title="State of the Nation’s Housing 2021 Report" target="_blank" rel="noopener noreferrer">State of the Nation’s Housing 2021 Report</a>, the Joint Center for Housing Studies of Harvard University (JCHS) says:
“…Although part of the answer to the nation’s housing shortage, new construction can only do so much to ease short-term supply constraints. To meet today’s strong demand, more existing single-family homes must come on the market.”
Early Indicators Show More Existing-Home Inventory Is on Its Way
When we look at existing homes, the latest reports signal that <a href="https://www.mykcm.com/2021/07/14/housing-supply-is-rising-what-does-that-mean-for-you/" title="housing supply is growing">housing supply is growing</a> gradually month-over-month. This uptick in existing homes for sale shows things are beginning to shift. Based on recent data, <a href="https://twitter.com/odetakushi/status/1407344750534041615" title="Odeta Kushi" target="_blank" rel="noopener noreferrer">Odeta Kushi</a>, Deputy Chief Economist at First American, has this to say:
“It looks like existing inventory is starting to inch up, which is good news for a housing market parched for more supply.”
Lawrence Yun, Chief Economist at NAR, <a href="https://www.nar.realtor/real-estate-today" title="echoes that sentiment:" target="_blank" rel="noopener noreferrer">echoes that sentiment:</a>
“As the inventory is beginning to pick up ever so modestly, we are still facing a housing shortage, but we may have turned a corner.”
So, what does all of this mean for you? Just because life is starting to return to normal, it doesn’t mean you missed out on the best time to sell. It’s not too late to take advantage of <a href="https://www.mykcm.com/2021/06/16/dont-wait-to-sell-your-house/" title="today’s sellers’ market">today’s sellers’ market</a> and use <a href="https://www.mykcm.com/2021/07/06/a-look-at-home-price-appreciation-through-2025/" title="rising equity">rising equity</a> and <a href="https://www.mykcm.com/2021/07/19/what-you-should-do-before-interest-rates-rise/" title="low interest rates">low interest rates</a> to make your next move.
Bottom Line
It’s still a great time to sell. Even though housing supply is starting to trend up, it’s still hovering near historic lows. Let’s connect to discuss how you can list your house now and use the inventory shortage to get the best possible terms for you.2021-07-27T10:40:00-07:002022-09-23T10:32:34-07:00Tianna Sanabriatag:premrg.com,2012-09-20:2956Don’t Wait To Sell Your House
<article id="post-98216" class="post-98216 post type-post status-publish format-standard has-post-thumbnail hentry category-sellers category-housing-market-updates category-move-up-buyers-buyers category-selling-myths">
<img src="https://assets.site-static.com/userfiles/1161/image/20210616-KCM-Share.jpg" width="750" height="410" />
We’re in the ultimate sellers’ market right now. If you’re a homeowner thinking about selling, you have a huge advantage in today’s housing market. High buyer demand paired with very few houses for sale makes this the optimal time to sell for those who are ready to do so. Whatever the move you want to make looks like, here’s an overview of what’s creating the prime opportunity to sell this summer.
High Buyer Demand
Demand is strong, and buyers are actively searching for homes to purchase. In the <a href="https://cdn.nar.realtor/sites/default/files/documents/REALTOR_Confidence_Index_052021.pdf" title="Realtors Confidence Index Survey" target="_blank" rel="noopener noreferrer">Realtors Confidence Index Survey</a> published monthly by the National Association of Realtors (NAR), buyer traffic is considered “very strong” in almost every state. Homebuyers aren’t just great in number right now – they’re also determined to find their dream home. NAR shows the average home for sale today receives five offers from hopeful buyers. These increasingly frequent bidding wars can drive up the price of your house, which is why high demand from competitive homebuyers is such a win for this summer’s sellers.
Low Inventory of Houses for Sale
Purchaser demand is so high, the market is running out of available homes for sale. Danielle Hale, Chief Economist at realtor.com, <a href="https://money.com/covid-housing-shortage-timeline-sellers/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“For most sellers listing sooner rather than later could really pay off with less competition from other sellers and potentially a higher sales price… They’ll also avoid some big unknowns lurking later in the year, namely another possible surge in COVID cases, rising interest rates and the potential for more sellers to enter the market.”
NAR also <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" title="reveals" target="_blank" rel="noopener noreferrer">reveals</a> that unsold inventory sits at a 2.4-months’ supply at the current sales pace. This is far lower than the historical norm of a 6.0-months’ supply. Homes are essentially selling as fast as they’re hitting the market. Below is a graph of the <a href="https://cdn.nar.realtor/sites/default/files/documents/ehs-04-2021-single-family-only-2021-05-21.pdf" title="existing inventory" target="_blank" rel="noopener noreferrer">existing inventory</a> of single-family homes for sale:<a href="https://files.mykcm.com/2021/06/11124146/20210616-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-98219" src="https://files.mykcm.com/2021/06/11124146/20210616-MEM-Eng-1.png" alt="Don’t Wait To Sell Your House | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2021/06/11124146/20210616-MEM-Eng-1.png 1000w, https://files.mykcm.com/2021/06/11124146/20210616-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2021/06/11124146/20210616-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2021/06/11124146/20210616-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>At the same time, homebuilders are increasing construction this year, but they can’t keep up with the growing demand. While reporting on the inventory of newly constructed homes, the U.S. Census Bureau <a href="https://www.census.gov/construction/nrs/pdf/newressales.pdf" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“The seasonally-adjusted estimate of new houses for sale at the end of April was 316,000. This represents a supply of 4.4 months at the current sales rate.”
What Does This Mean for You?
If you’re thinking of putting your house on the market, don’t wait. A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening in the real estate market today.
Bottom Line
As vaccine rollouts progress and we continue to see the economy recover, <a href="https://www.mykcm.com/2021/05/19/sellers-are-ready-to-enter-the-housing-market/" title="more houses">more houses</a> will come to the market. Don’t wait for the competition in your neighborhood to increase. If you’re ready to make a move, now is the time to sell. Let’s connect today to get your house listed at this optimal moment in time.
</article>
2021-06-16T10:17:00-07:002022-09-28T07:12:31-07:00Tianna Sanabriatag:premrg.com,2012-09-20:2279To Renovate or Not To Renovate Before You Sell
<article id="post-97557" class="post-97557 post type-post status-publish format-standard has-post-thumbnail hentry category-sellers category-pricing category-selling-myths">
<img src="https://assets.site-static.com/userfiles/1161/image/20210318-KCM-Share.jpg" width="750" height="410" />
When thinking about selling, homeowners often feel they need to get their house ready with some remodeling to make it more appealing to buyers. However, with so many <a href="https://www.mykcm.com/2021/01/14/why-right-now-may-be-the-time-to-sell-your-house/" title="buyers">buyers</a> competing for available homes right now, renovations may not be as vital as they would be in a more normal market. Here are two things to keep in mind if you’re thinking of selling this season.
1. There aren’t enough homes for sale right now.
A normal market has a 6-month supply of houses for sale, but today’s housing inventory sits far below that benchmark. According to the National Association of Realtors (NAR), there’s only a <a href="https://www.nar.realtor/newsroom/existing-home-sales-tick-up-0-6-in-january" title="1.9-month" target="_blank" rel="noopener noreferrer">1.9-month</a> supply of homes available today. As a result, buyer competition is high and homes are only on the market for about <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-01-realtors-confidence-index-02-19-2021.pdf" title="21 days" target="_blank" rel="noopener noreferrer">21 days</a>, during which time many receive multiple offers from hopeful buyers.
In a competitive market that’s moving so quickly, it makes sense to sell your house when buyers are scooping homes up as fast as they’re being listed. Spending costly time and money on renovations before you sell might just mean you’ll miss your key window of opportunity. While certain repairs on your house may be important, your best move right now is to work with a real estate advisor to determine which improvements are truly necessary, and which ones are not likely to be deal-breakers for buyers.
Today, many buyers are more willing to take on home improvement projects themselves in order to get the home they’re after, even if it means putting in a little extra work. <a href="https://www.homeadvisor.com/r/wp-content/uploads/2020/12/DP6355-StateOfHomeSpending-2020-R4.pdf" title="Home Advisor" target="_blank" rel="noopener noreferrer">Home Advisor</a> explains:
“When it comes to the number of home improvement projects completed, Gen Z homeowners are leading the pack, completing an average of 3.5 projects. Millennials closely follow Gen Z, taking on an average of 3.3 projects, followed by Gen X at 2.8 projects. Boomers completed an average of 2 projects, and the Silent Generation completed the fewest projects, on average, at 1.8 per household. Compared to 2019, millennials are spending 60% more on home improvement and doing on average 30% more projects.”
In this market, it may be wise to let future homeowners remodel the bathroom or the kitchen to make design decisions that are best for their specific taste and lifestyle. As a seller, your dollars and time might be better spent working on small cosmetic updates, like refreshing some paint and power washing the exterior. Instead of over-investing in your home with upgrades that the buyers may change anyway, work with a real estate professional to determine the key <a href="https://www.mykcm.com/2021/03/05/how-to-prepare-your-house-for-a-winning-sale-this-spring-infographic/" title="projects">projects</a> that will maximize your listing, without overdoing it.
2. Focus on getting a good return on your investment.
When planning any bigger projects to tackle, you and your real estate agent will want to discuss the potential return on your investment and if those projects are worth the cost. Some homes do need a kitchen or bathroom renovation, roof repairs, or other major work, but definitely not all of them. You might be surprised by how well your house could fair in today’s sellers’ market. <a href="https://www.remodeling.hw.net/cost-vs-value/2020/key-trends-in-the-2020-cost-vs-value-report" title="Hanley Wood" target="_blank" rel="noopener noreferrer">Hanley Wood</a> states:
“The 2020 Cost vs. Value report shows a predictable increase in costs for all 22 remodeling projects but a consistent dip in the perceived value of those projects at the time of home sale, as estimated by real-estate professionals in more than 100 metro areas across the U.S. This results in a slight downturn on the return on investment for nearly all projects relative to the trends we saw in last year’s report.”
Ideally, homeowners getting ready to move should try to avoid over-investing in big renovations if they won’t make that money back when they sell their house. According to the 2020 State of Home Spending report from <a href="https://www.homeadvisor.com/r/wp-content/uploads/2020/12/DP6355-StateOfHomeSpending-2020-R4.pdf" title="Home Advisor" target="_blank" rel="noopener noreferrer">Home Advisor</a>:
“The average household spending on home services rose to $13,138, an increase over last year’s survey results, where homeowners who did projects spent $9,081 on average in 2019.”
Before you renovate, contact a local real estate professional to see if it’s the best course of action. You may find out that putting your house on the market as-is will help you sell quickly, and it may result in the best return on your investment. Every home is different, but a conversation with your agent is mission-critical to make sure you make the right moves when selling this season.
Bottom Line
We’re in a strong sellers’ market, and that means you have the <a href="https://www.mykcm.com/2021/02/24/how-much-leverage-do-todays-house-sellers-have/" title="leverage">leverage</a> to sell your house on your terms. Let’s connect today to determine if renovating is really the best way to spend your time and money before you sell.
</article>
2021-03-18T10:43:00-07:002022-09-23T10:30:09-07:00Tianna Sanabriatag:premrg.com,2012-09-20:22505 Reasons to Sell Your House This Spring<img src="https://assets.site-static.com/userfiles/1161/image/20210308-KCM-Share.jpg" width="750" height="410" />
When selling a house, most homeowners hope for a quick and profitable transaction that puts them in a position to make a great move. If you’re waiting for the best time to win as a seller, the market is calling your name this spring. Here are five reasons why this is the perfect time to sell your house if you’re ready.
1. There’s high demand from homebuyers.
Buyer demand is strong right now, and buyers are active in the market. ShowingTime, which tracks the average number of buyer showings on residential properties, recently announced that buyer showings are up 51.5% compared to this time last year. Daniil Cherkasskiy, Chief Analytics Officer at ShowingTime, <a href="https://www.showingtime.com/blog/january-2021-showing-index-results/" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“As anticipated, demand for real estate remains elevated and continues to be affected by low levels of inventory…On average, each home is getting 50 percent or more requests this year compared to January of last year. As we head into the busy season, it’s likely we’ll push into even more extreme territory until the supply starts catching up with demand.”
When your house is positioned to get a ton of attention from competitive buyers, you’re in the best spot possible as the seller.
2. There aren’t enough houses for sale.
Purchaser demand is so high, the market is <a href="https://www.mykcm.com/2021/02/22/where-have-all-the-houses-gone/" title="running out">running out</a> of available houses for sale. Recently, realtor.com <a href="https://www.realtor.com/research/february-2021-data/" title="reported" target="_blank" rel="noopener noreferrer">reported</a>:
“Nationally, the inventory of homes for sale in February decreased by 48.6% over the past year, a higher rate of decline compared to the 42.6% drop in January. This amounted to 496,000 fewer homes for sale compared to February of last year.”
The National Association of Realtors (NAR) also <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" title="reveals" target="_blank" rel="noopener noreferrer">reveals</a> that, while home sales are skyrocketing, the inventory of existing homes for sale is continuing to drop dramatically. Houses are essentially selling as fast as they’re hitting the market – in fact, NAR <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" title="reports" target="_blank" rel="noopener noreferrer">reports</a> that the average house is on the market for only 21 days.
It’s this imbalance between high buyer demand and a low supply of houses for sale that gives sellers such an advantage. A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening in the real estate market today.
3. You have a lot of leverage in today’s market.
Clearly, many more people are interested in buying than selling this spring, creating the ultimate <a href="https://www.mykcm.com/2021/02/26/its-a-sellers-market-infographic/" title="sellers’ market">sellers’ market</a>. When this happens, homeowners in a position to sell have the upper hand in negotiations.
According to NAR, agents are <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-01-realtors-confidence-index-02-19-2021.pdf" title="reporting" target="_blank" rel="noopener noreferrer">reporting</a> an average of 3.7 offers per house and an increase in bidding wars. As a seller, this means the ball is in your court – so much so that you can use your <a href="https://www.mykcm.com/2021/02/24/how-much-leverage-do-todays-house-sellers-have/" title="leverage">leverage</a> to negotiate the best possible contract. Demand is there, and now is the perfect time to sell for the most favorable terms.
4. It’s a great way to use your home equity.
According to the latest <a href="https://www.corelogic.com/insights-download/homeowner-equity-report.aspx" title="data" target="_blank" rel="noopener noreferrer">data</a> from CoreLogic, as of the third quarter of 2020, the average homeowner gained $17,000 in equity over the past year, and that number continues to grow as <a href="https://www.mykcm.com/2021/03/02/home-prices-what-happened-in-2020-what-will-happen-this-year/" title="home values">home values</a> appreciate. <a href="https://www.mykcm.com/2021/02/17/3-ways-home-equity-can-have-a-major-impact-on-your-life/" title="Equity">Equity</a> is a type of forced savings that grows during your time as a homeowner and can be put toward bigger goals like buying your next dream home.
Mark Fleming, Chief Economist at First American, <a href="https://blog.firstam.com/economics/housing-market-potential-reaches-highest-level-since-2007" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.”
5. It’s a chance to find a home that meets your needs.
So much has changed over the past year, including what many of us need in a home. Spending extra time where we currently live is enabling many of us to re-evaluate homeownership and what we find most important in a home.
Whether it’s a house that has the features suited to working remotely, space for virtual or hybrid schooling, a home gym or theater, or something else, selling this spring gives you a chance to make a move and <a href="https://www.mykcm.com/2021/02/25/are-there-going-to-be-more-homes-to-buy-this-year/" title="find">find</a> the home of your dreams.
Bottom Line
Today’s housing market belongs to the sellers. If you’ve considered making a move but have been waiting for the right market conditions, your wait may be over. Let’s connect so you’ll be positioned to win when you sell your house this spring.2021-03-10T08:39:00-07:002022-09-28T07:20:42-07:00Tianna Sanabriatag:premrg.com,2012-09-20:2139 Is Right Now the Right Time to Sell?
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<img src="https://assets.site-static.com/userfiles/1161/image/20210129-MEM-1046x1262.png" width="1046" height="1262" />
Some Highlights
If you’re on the fence about selling your house, now is a great time to take advantage of sky-high demand, low supply, and fierce buyer competition.
With buyer <a href="https://www.mykcm.com/2021/01/14/why-right-now-may-be-the-time-to-sell-your-house/" title="demand">demand</a> rising and historically <a href="https://www.realtor.com/research/weekly-housing-trends-view-data-week-jan-23-2021/" title="low inventory" target="_blank" rel="noopener noreferrer">low inventory</a> for sale, if you’re in a position to move, your house may really stand out from the crowd.
Let’s connect today to get your listing process underway.
</article>
2021-01-29T11:14:00-07:002022-09-28T07:23:48-07:00Tianna Sanabriatag:premrg.com,2012-09-20:2096Is This the Year to Sell My House?<img src="https://assets.site-static.com/userfiles/1161/image/20200107-KCM-Share.jpg" width="750" height="410" />
If one of the questions you’re asking yourself is, “Should I sell my house this year?” consumer sentiment about selling today should boost your confidence in the right direction. Even with the current health crisis that continues to challenge our nation, Americans still feel good about selling a house. Here’s why.
According to the latest <a href="https://www.fanniemae.com/newsroom/fannie-mae-news/home-purchase-sentiment-dips-slightly-may-have-plateaued-now" title="Home Purchase Sentiment Index" target="_blank" rel="noopener noreferrer">Home Purchase Sentiment Index</a> from Fannie Mae, 57% of consumer respondents to their survey indicate now is a good time to buy a home, while 59% feel it’s a good time to sell one:
“The percentage of respondents who say it is a good time to sell a home remained the same at 59%, while the percentage who say it’s a bad time to sell decreased from 35% to 33%. As a result, the net share of those who say it is a good time to sell increased 2 percentage points month over month.”
As you can see, many still believe that, despite everything going on in the world, it is still a good time to sell a house.
Why is now a good time to sell?
There simply are not enough homes available to meet today’s <a href="https://www.mykcm.com/2021/01/05/why-not-to-wait-until-spring-to-make-a-move/" title="buyer demand">buyer demand</a>, and they’re selling just as quickly as they’re coming to the market. According to the National Association of Realtors (NAR), unsold inventory available today sits at a <a href="https://www.nar.realtor/newsroom/existing-home-sales-decrease-2-5-in-november" title="2.3-month supply" target="_blank" rel="noopener noreferrer">2.3-month supply</a> at the current sales pace, which is down from a 2.5-month supply from the previous month. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory to balance out.
With so few homes available for buyers to choose from, we’re in a true <a href="https://www.mykcm.com/2020/12/10/why-it-makes-sense-to-sell-your-house-this-holiday-season/" title="sellers’ market">sellers’ market</a>. Homeowners ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers who are feeling the pull of intense competition when it comes to finding their dream home. Lawrence Yun, Chief Economist for NAR, <a href="https://www.nar.realtor/newsroom/pending-home-sales-slide-2-6-in-november" title="notes" target="_blank" rel="noopener noreferrer">notes</a> how quickly homes are selling right now, further confirming the benefits to sellers this season:
“The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates.”
However, this sweet spot for sellers won’t last forever. As more homes are listed this year, this tip toward sellers may start to wane. According to Danielle Hale, Chief Economist at realtor.com, <a href="https://www.realtor.com/news/trends/housing-market-2021-forecast/" title="more choices" target="_blank" rel="noopener noreferrer">more choices</a> for buyers are on the not-too-distant horizon:
“The bright spot for buyers is that more homes are likely to become available in the last six months of 2021. That should give folks more options to choose from and take away some of their urgency. With a larger selection, buyers may not be forced to make a decision in mere hours and will have more time to make up their minds.”
Bottom Line<br />
If you’re ready to make a move, you can feel good about the current sentiment in the market and the advantageous conditions for today’s sellers. Let’s connect today to determine the best next step when it comes to selling your house this year.2021-01-07T13:23:00-07:002022-09-28T07:25:06-07:00Tianna Sanabriatag:premrg.com,2012-09-20:20943 Must-Do’s When Selling Your House This Year<img src="https://assets.site-static.com/userfiles/1161/image/20210104-KCM-Share.jpg" width="750" height="410" />
It’s exciting to put a house on the market and to think about making new memories in new spaces. However, despite the anticipation of what’s to come, we can still have deep sentimental attachments to the home we’re leaving behind. Growing emotions can help or hinder a sale depending on how we manage them.
When it comes to the bottom line, homeowners need to know what it takes to avoid costly mistakes when it’s time to move. Being mindful and prepared for the process can help you stay on the right track when selling your house this year.
1. Price Your Home Right
When <a href="https://www.mykcm.com/2020/12/10/why-it-makes-sense-to-sell-your-house-this-holiday-season/" title="inventory">inventory</a> is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing price. Believe it or not, that’s not always true. Don’t forget that the buyer’s bank will send an appraisal to determine the fair value for your house. The bank will not lend more than what the house is worth, so be aware that you might need to renegotiate the <a href="https://www.mykcm.com/2020/12/28/why-its-important-to-price-your-house-right-today/" title="price">price</a> after the appraisal. A real estate professional will help you set the true value of your home.
2. Keep Your Emotions in Check
Today, homeowners are living in their houses for a longer period of time. Since 1985, the average tenure, or the time a homeowner has owned their home, has increased from 5 to 10 years (as shown in the graph below):<a href="https://files.mykcm.com/2020/12/17112858/20210104-MEM-Eng-1.jpg" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-96876" src="https://files.mykcm.com/2020/12/17112858/20210104-MEM-Eng-1.jpg" alt="3 Must-Do’s When Selling Your House This Year | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2020/12/17112858/20210104-MEM-Eng-1.jpg 1000w, https://files.mykcm.com/2020/12/17112858/20210104-MEM-Eng-1-600x450.jpg 600w, https://files.mykcm.com/2020/12/17112858/20210104-MEM-Eng-1-768x576.jpg 768w, https://files.mykcm.com/2020/12/17112858/20210104-MEM-Eng-1-100x75.jpg 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>This is several years longer than what used to be the historical 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 children 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 harder to negotiate and separate the emotional value of the house from the fair market price. That’s why you need a real estate professional to help you with the negotiations along the way.
3. Stage Your Home Properly
We’re generally quite proud of our décor and how we’ve customized our houses to make them our own unique homes, but not all buyers will feel the same way about your design. That’s why it’s so important to make sure you stage your house with the buyer in mind.
Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. Stage and declutter so they can visualize their own dreams as they walk down the hall. A real estate professional can help you with tips to get your home ready to stage and sell.
Bottom Line
Today’s sellers’ market might be your best chance to make a move. If you’re considering selling your house, let’s connect so you have the help need to navigate through the process while prioritizing these must-do’s.a2021-01-04T07:22:00-07:002022-09-01T08:02:22-07:00Tianna Sanabriatag:premrg.com,2012-09-20:2083Why It’s Important to Price Your House Right Today<img src="https://assets.site-static.com/userfiles/1161/image/20201228-KCM-Share.jpg" width="750" height="410" />
Even in today’s <a href="https://www.mykcm.com/2020/12/10/why-it-makes-sense-to-sell-your-house-this-holiday-season/" title="sellers’ market">sellers’ market</a>, setting the right price for your house is one of the most valuable things you can do. According to the <a href="https://cdn.nar.realtor/sites/default/files/documents/forecast-Q3-2020-us-economic-outlook-0-11-17-2020.pdf" title="U.S. Economic Outlook" target="_blank" rel="noopener noreferrer">U.S. Economic Outlook</a> by the National Association of Realtors (NAR), existing home prices nationwide are forecasted to increase by 4.5% in 2021. This means experts anticipate home values will continue climbing next year. Danielle Hale, Chief Economist for realtor.com, <a href="https://www.realtor.com/research/2021-national-housing-forecast/" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“We expect price gains to ease somewhat in 2021 and end 5.7% above 2020 levels, decelerating steadily through the spring and summer, and then gradually reaccelerating toward the end of the year.”
How to Price Your House
When it comes to setting the right price for your house, the goal is to increase visibility and drive more buyers your way. Instead of trying to win the negotiation with one buyer, you should price your house so that demand is maximized and more buyers want to take a look.
As a seller in today’s market, you might be thinking about pricing your house on the high end while so many of today’s buyers are <a href="https://www.mykcm.com/2020/11/23/dont-let-buyer-competition-keep-you-from-purchasing-a-home/" title="searching">searching</a> harder than ever just to find a home to purchase. But here’s the thing – a high price tag does not mean you’re going to cash in big on the sale. It’s actually more likely to deter buyers.
Right now, even when there are so few houses for sale, your house is more likely to sit on the market longer or require a price drop that can send buyers running if it isn’t priced just right from the very beginning.<a href="https://files.mykcm.com/2020/12/15153223/20201228-MEM-Eng-1.jpg" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-96792" src="https://files.mykcm.com/2020/12/15153223/20201228-MEM-Eng-1.jpg" alt="Why It’s Important to Price Your House Right Today | MyKCM" width="600" height="338" srcset="https://files.mykcm.com/2020/12/15153223/20201228-MEM-Eng-1.jpg 1000w, https://files.mykcm.com/2020/12/15153223/20201228-MEM-Eng-1-600x338.jpg 600w, https://files.mykcm.com/2020/12/15153223/20201228-MEM-Eng-1-768x432.jpg 768w, https://files.mykcm.com/2020/12/15153223/20201228-MEM-Eng-1-100x56.jpg 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>It’s important to make sure your house is priced correctly by working with a trusted real estate professional throughout the process. When you price it competitively from the start, you won’t be negotiating with one buyer. Instead, you’ll likely have multiple buyers competing for the house, potentially increasing the final sale price.
The key is to make sure your house is priced to sell immediately. This way, it will be seen by the greatest number of buyers. More than one of them may be interested, and it will be more likely to sell at a competitive price.
Bottom Line
Let’s connect to price your house correctly from the start so you can maximize your exposure and your return.2020-12-28T08:02:00-07:002022-09-28T07:25:30-07:00Tianna Sanabriatag:premrg.com,2012-09-20:2081Did You Outgrow Your Home in 2020?<img src="https://assets.site-static.com/userfiles/1161/image/20201223-KCM-Share.jpg" width="750" height="410" />
It may seem hard to imagine that the home you’re in today – whether it’s your starter home or just one you’ve fallen in love with along the way – might not be your forever home.
Many needs have changed in 2020, and it’s okay to admit if your house no longer fits your lifestyle. If you’re now working remotely, facilitating virtual school, trying to exercise at home, or simply just spending more time in your own four walls, you may be bursting at the seams in your current house.
According to the latest <a href="https://www.corelogic.com/insights/home-price-index.aspx" title="Home Price Insights" target="_blank" rel="noopener noreferrer">Home Price Insights</a> from CoreLogic, prices have appreciated 7.3% year-over-year. At the same time, the National Association of Realtors (NAR) <a href="https://www.nar.realtor/newsroom/existing-home-sales-decrease-2-5-in-november" title="reports" target="_blank" rel="noopener noreferrer">reports</a> that inventory has dropped 22% from one year ago.<a href="https://files.mykcm.com/2020/12/22131852/20201223-MEM-Eng-1.jpg" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-96908" src="https://files.mykcm.com/2020/12/22131852/20201223-MEM-Eng-1.jpg" alt="Did You Outgrow Your Home in 2020? | MyKCM" width="600" height="210" srcset="https://files.mykcm.com/2020/12/22131852/20201223-MEM-Eng-1.jpg 1000w, https://files.mykcm.com/2020/12/22131852/20201223-MEM-Eng-1-600x210.jpg 600w, https://files.mykcm.com/2020/12/22131852/20201223-MEM-Eng-1-768x269.jpg 768w, https://files.mykcm.com/2020/12/22131852/20201223-MEM-Eng-1-100x35.jpg 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>These two statistics are directly related to one another. As inventory has decreased and demand has increased, prices have been driven up.
This is great news if you own a home and you’re thinking about selling. The <a href="https://www.mykcm.com/2020/12/17/homeowner-equity-increases-an-astonishing-1-trillion/" title="equity">equity</a> in your house has likely risen as prices have increased. Even better is the fact that there’s a large pool of <a href="https://www.mykcm.com/2020/12/15/the-holidays-arent-stopping-homebuyers-this-year/" title="buyers">buyers</a> out there searching for the American dream, and your home may be high on their wish list.
Bottom Line
If you think you’ve outgrown your current home, let’s connect to discuss local market conditions and determine if now is the best time for you to sell.2020-12-23T07:18:00-07:002022-09-28T07:25:44-07:00Tianna Sanabriatag:premrg.com,2012-09-20:2060Why It Makes Sense to Sell Your House This Holiday Season<img src="https://assets.site-static.com/userfiles/1161/image/20201208-KCM-Share.jpg" width="750" height="410" />
If you’re one of the many homeowners thinking about taking your house off the market for the holidays, hang on. You definitely don’t want to miss the great selling opportunity you have right now. Here’s why this month is the optimal time to make sure your house is available for holiday buyers.
The latest <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" title="Existing Home Sales Report" target="_blank" rel="noopener noreferrer">Existing Home Sales Report</a> from The National Association of Realtors (NAR) shows the inventory of houses for sale has dropped to an astonishing all-time low. It now sits at a 2.5-month supply 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.mykcm.com/2020/12/03144945/20201210-MEM-Eng-1.jpg" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-96698" src="https://files.mykcm.com/2020/12/03144945/20201210-MEM-Eng-1.jpg" alt="Why It Makes Sense to Sell Your House This Holiday Season | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2020/12/03144945/20201210-MEM-Eng-1.jpg 1000w, https://files.mykcm.com/2020/12/03144945/20201210-MEM-Eng-1-600x450.jpg 600w, https://files.mykcm.com/2020/12/03144945/20201210-MEM-Eng-1-768x576.jpg 768w, https://files.mykcm.com/2020/12/03144945/20201210-MEM-Eng-1-100x75.jpg 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>When the supply of houses for sale is as low as it is today, it’s much harder for buyers to find homes to purchase. This means competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractive <a href="https://www.mykcm.com/2020/11/30/5-tips-for-homebuyers-who-want-to-make-a-competitive-offer/" title="offers">offers</a>.
As this happens, prices rise and sellers are in the best position to negotiate deals that meet their <a href="https://www.mykcm.com/2020/10/14/the-1-reason-not-to-wait-to-list-your-house-for-sale/" title="ideal terms">ideal terms</a>. So, if your neighbors decide to remove their listings this season, your house may quickly rise to the top of a holiday buyer’s wish list if you stay on the market.
Today, there are many buyers who are ready, willing, and able to purchase. Record-low <a href="https://www.mykcm.com/2020/12/02/with-home-values-surging-is-it-still-affordable-to-buy-right-now/" title="mortgage rates">mortgage rates</a> and a year filled with unique <a href="https://www.mykcm.com/2020/11/16/why-working-from-home-may-spark-your-next-move/" title="changes">changes</a> have prompted buyers to think differently about where they live and to take action. The supply of homes for sale is not keeping up with this high demand, making now the optimal time to sell your house.
Bottom Line
Home prices are <a href="https://www.mykcm.com/2020/10/22/home-values-projected-to-keep-rising/" title="appreciating">appreciating</a> in today’s sellers’ market. Making your home available over the next few weeks will give you the most exposure to buyers who will be actively competing against each other to purchase it.2020-12-11T06:57:00-07:002022-09-28T07:27:55-07:00Tianna Sanabriatag:premrg.com,2012-09-20:1960The #1 Reason Not to Wait to List Your House for Sale<img src="https://assets.site-static.com/userfiles/1161/image/20201014-KCM-Share.jpg" width="750" height="410" />
Many industries have been devastated by the economic shutdown caused by the COVID-19 virus. Real estate is not one of them.
Mark Fleming, Chief Economist for First American, just <a href="https://blog.firstam.com/economics/housing-market-potential-reaches-highest-level-since-2007" title="reported" target="_blank" rel="noopener noreferrer">reported</a>:
“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”
Buyer demand is still strong heading into the fall. ShowingTime, which tracks the average number of buyer showings on residential properties, just <a href="https://www.showingtime.com/blog/august-2020-showing-index-results/" title="announced" target="_blank" rel="noopener noreferrer">announced</a> that buyer showings are up 61.9% compared to the same time last year. They went on to say:
“Normally, real estate activity begins to slow down in the late summer, but this year it peaked in July, August and into September.”
There Is One Big Challenge
Purchaser demand is so high, the market is running out of available homes for sale. Just last week, realtor.com <a href="https://news.move.com/2020-09-24-Realtor-com-R-Weekly-Housing-Report-Nearly-400-000-Fewer-Homes-Have-Been-Listed-Since-the-Start-of-the-Pandemic" title="reported" target="_blank" rel="noopener noreferrer">reported</a>:
“Since the beginning of the COVID pandemic in March, nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory.”
The National Association of Realtors (NAR) <a href="https://cdn.nar.realtor/sites/default/files/documents/ehs-08-2020-single-family-only-2020-09-22.pdf" title="revealed" target="_blank" rel="noopener noreferrer">revealed</a> that, while home sales are skyrocketing, the inventory of existing homes for sale is dropping dramatically. Below is a graph of existing inventory (September numbers are not yet available):<a href="https://files.mykcm.com/2020/10/09093357/20201014-MEM-Eng-1.jpg" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-96102" src="https://files.mykcm.com/2020/10/09093357/20201014-MEM-Eng-1.jpg" alt="The #1 Reason Not to Wait to List Your House for Sale | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2020/10/09093357/20201014-MEM-Eng-1.jpg 1000w, https://files.mykcm.com/2020/10/09093357/20201014-MEM-Eng-1-600x450.jpg 600w, https://files.mykcm.com/2020/10/09093357/20201014-MEM-Eng-1-768x576.jpg 768w, https://files.mykcm.com/2020/10/09093357/20201014-MEM-Eng-1-100x75.jpg 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>Homebuilders are increasing construction, but they cannot keep up with the high demand. Bill McBride, founder of the Calculated Risk blog, in discussing inventory of newly constructed houses, <a href="https://www.calculatedriskblog.com/" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“The months of supply decreased to 3.3 months…This is the all-time record low months of supply.”
What does this mean for sellers?
Anyone thinking of putting their home on the market should not wait. A seller will always negotiate the best deal when demand is high and supply is limited. That’s exactly the situation in the real estate market today.
Next year, when the pandemic is hopefully behind us, there will be many more properties coming to the market. Don’t wait for that increase in competition in your neighborhood. Now is the time to sell.
Bottom Line
Let’s connect today to get your house on the market at this optimal time to sell.2020-10-14T09:25:00-07:002022-09-28T07:30:50-07:00Tianna Sanabriatag:premrg.com,2012-09-20:1925 Homes Across the Country Are Selling Fast<img src="https://assets.site-static.com/userfiles/1161/image/20200918-MEM-1046x1575.jpg" width="1046" height="1575" />
Some Highlights
Buyers are actively searching for and purchasing homes at a record-breaking pace. According to the latest report from the National Association of Realtors (NAR), in July, <a href="https://cdn.nar.realtor/sites/default/files/documents/2020-07-realtors-confidence-index-08-21-2020.pdf" title="68% of homes" target="_blank" rel="noopener noreferrer">68% of homes</a> were on the market for less than a month.
With homes moving from listing day to pending sale in an average of just 22 days, it’s a great time to sell a house.
Let’s connect today so you can make your move while buyers are scooping homes up faster than they’re coming to market.
2020-09-18T06:45:00-07:002022-09-28T07:33:54-07:00Tianna Sanabriatag:premrg.com,2012-09-20:1804Best Time to Sell? When Competition Is at an All-Time Low
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<img src="https://assets.site-static.com/userfiles/1161/image/20200708-KCM-Share.jpg" width="750" height="410" />
In a <a href="https://www.lendingtree.com/home/mortgage/lendingtree-survey-more-than-two-thirds-of-home-sellers-would-accept-a-lower-offer-price-amid-covid-19-crisis/" title="recent survey" target="_blank" rel="noopener noreferrer">recent survey</a> of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are “seriously worried.” That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.
The latest <a href="https://www.nar.realtor/sites/default/files/documents/ehs-05-2020-breakouts-of-single-family-condo-and-co-op-2020-06-22.pdf" title="Existing Home Sales Report" target="_blank" rel="noopener noreferrer">Existing Home Sales Report</a> published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/pending-home-sales" title="Pending Sales Report" target="_blank" rel="noopener noreferrer">Pending Sales Report</a> (homes going into contract) surpassed last month’s number by over <a href="https://www.mykcm.com/2020/07/01/a-historic-rebound-for-the-housing-market/" title="44%">44%</a>, which far exceeded analysts’ projections of 15%. ShowingTime <a href="https://www.showingtime.com/blog/may-2020-showing-index-results/?utm_source=feedotter&utm_medium=email&utm_campaign=blog_digest" title="reported" target="_blank" rel="noopener noreferrer">reported</a> that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4% nationwide over the same time last year.
While buyer activity is surging, the number of listings has fallen to an all-time low. Zelman Associates, in their latest <a href="http://www.zelmanassociates.com/" title="residential real estate report" target="_blank" rel="noopener noreferrer">residential real estate report</a>, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.
Bidding Wars Heating Up Again
With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers. NAR, in a <a href="https://www.nar.realtor/blogs/economists-outlook/nearly-3-offers-per-home-sold-in-may-2020" title="recent blog post" target="_blank" rel="noopener noreferrer">recent blog post</a>, revealed:
“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”
Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.
Bottom Line
If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal.
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2020-07-09T09:53:00-07:002022-09-28T07:43:20-07:00Tianna Sanabriatag:premrg.com,2012-09-20:17036 Reasons Why Selling Your House on Your Own Is a Mistake
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<img src="https://assets.site-static.com/userfiles/1161/image/20200520-KCM-Share1.jpg" width="750" height="410" />
There are many <a href="https://www.mykcm.com/2019/12/27/working-with-a-local-real-estate-professional-makes-all-the-difference-infographic/" title="benefits">benefits</a> to working with a real estate professional when selling your house. During challenging times like the one we face today, it becomes even more important to have an expert help guide you through the process. If you’re considering selling on your own, known in the industry as a For Sale By Owner or FSBO, please consider the following:
1. Your Safety Is a Priority
During this pandemic, your family’s safety comes first. When you FSBO, it is incredibly difficult to control entry into your home. A real estate professional will have the proper protocols in place to protect not only your belongings, but your family’s health and well-being too. From regulating the number of people in your home at one time to ensuring proper sanitization during and after a showing, and even facilitating virtual tours for buyers, agents are equipped to follow the latest industry <a href="https://www.nar.realtor/coronavirus-a-guide-for-realtors" title="standards" target="_blank" rel="noopener noreferrer">standards</a> recommended by the National Association of Realtors (NAR) to help protect you and your family.
2. A Powerful Online Strategy Is a Must to Attract a Buyer
Recent <a href="https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends" title="studies" target="_blank" rel="noopener noreferrer">studies</a> have shown that, even before COVID-19, the first step 44% of all buyers took when looking for a home was to search online. Throughout the process, that number jumped to 93%. Today, those numbers have grown exponentially. Most real estate agents have developed a strong Internet and social media strategy to promote the sale of your house. Have you?
3. There Are Too Many Negotiations
Here are just a few of the people you’ll need to negotiate with if you decide to FSBO:
The buyer, who wants the best deal possible
The buyer’s agent, who solely represents the best interest of the buyer
The inspection companies, which work for the buyer and will almost always find challenges with the house
The appraiser, if there is a question of value
As part of their training, agents are taught how to negotiate every aspect of the real estate transaction and how to mediate the emotions felt by buyers looking to make what is probably the largest purchase of their lives.
4. You Won’t Know if Your Purchaser Is Qualified for a Mortgage
Having a buyer who wants to purchase your house is the first step. Making sure they can afford to buy it is just as important. As a FSBO, it’s almost impossible to be involved in the mortgage process of your buyer. A real estate professional is trained to ask the appropriate questions and, in most cases, will be intimately aware of the progress that’s being made toward a purchaser’s mortgage commitment. Further complicating the situation is how the current mortgage market is rapidly evolving because of the number of families out of work and in mortgage forbearance. A loan program that was there yesterday could be gone tomorrow. You need someone who is working with lenders every day to guarantee your buyer makes it to the closing table.
5. FSBOing Has Become More Difficult from a Legal Standpoint
The documentation involved in the selling process has increased dramatically as more and more disclosures and regulations have become mandatory. In an increasingly litigious society, the agent acts as a third-party to help the seller avoid legal jeopardy. This is one of the major reasons why the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.
6. You Net More Money When Using an Agent
Many homeowners believe they’ll save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission. A study by Collateral Analytics revealed that FSBOs don’t actually save anything by forgoing the help of an agent. In some cases, the seller may even net less money from the sale. The study found the difference in price between a FSBO and an agent-listed home was an average of 6%. One of the main reasons for the price difference is effective exposure:
“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”
The more buyers that view a home, the greater the chance a bidding war will take place.
Bottom Line
Listing on your own leaves you to manage the entire transaction yourself. Why do that when you can hire an agent and still net the same amount of money? Before you decide to take on the challenge of selling your house alone, let’s connect to discuss your options.
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2020-05-20T11:51:00-07:002020-05-20T11:55:49-07:00Tianna Sanabriatag:premrg.com,2012-09-20:1616Keys to Selling Your House Virtually<img src="https://assets.site-static.com/userfiles/1161/image/20200422-KCM-Share.jpg" width="750" height="410" />
In a recent survey by <a href="https://news.move.com/2020-04-16-Would-You-Buy-a-Home-Without-Stepping-Foot-Inside" title="realtor.com" target="_blank" rel="noopener noreferrer">realtor.com</a>, people thinking about selling their homes indicated they’re generally willing to allow their agent and some potential buyers inside if done under the right conditions. They’re less comfortable, however, hosting an open house. This is understandable, given the health concerns associated with social contact these days. The question is, if you need to sell your house now, what virtual practices should you use to make sure you, your family, and potential buyers stay safe in the process?
In today’s rapidly changing market, it’s more important than ever to make sure you have a digital game plan and an effective online marketing strategy when selling your house. One of the ways your agent can help with this is to make sure your listing photos and virtual tours stand out from the crowd, truly giving buyers a detailed and thorough view of your home.
So, if you’re ready to move forward, virtual practices may help you win big when you’re ready to sell. While abiding by state and local regulations is a top priority, a real estate agent can help make your sale happen. Agents know exactly what today’s buyers need, and how to put the necessary digital steps in place. For example, according to the same survey, when asked to select what <a href="https://www.mykcm.com/2020/04/17/how-technology-is-helping-buyers-navigate-the-home-search-process-infographic/" title="technology">technology</a> would be most helpful when deciding on a new home, here’s what today’s homebuyers said, in order of preference:
Virtual tour of the home
Accurate and detailed listing information
Detailed neighborhood information
High-quality listing photos
Agent-led video chat
After leveraging technology, if you have serious buyers who still want to see your house in person, keep in mind that according to the National Association of Realtors (NAR), there are ways to proceed <a href="https://www.nar.realtor/coronavirus-a-guide-for-realtors" title="safely" target="_blank" rel="noopener noreferrer">safely</a>. Here are a few of the guidelines, understanding that the top priority should always be to obey state and local restrictions first:
Limit in-person activity
Require guests to wash their hands or use an alcohol-based sanitizer
Remove shoes or cover with booties
Follow <a href="https://www.cdc.gov/coronavirus/2019-ncov/prevent-getting-sick/prevention.html?CDC_AA_refVal=https%3A%2F%2Fwww.cdc.gov%2Fcoronavirus%2F2019-ncov%2Fprepare%2Fprevention.html" title="CDC" target="_blank" rel="noopener noreferrer">CDC</a> guidance on social distancing and wearing face coverings
Getting comfortable with your agent – a true trusted advisor – taking these steps under the new safety standards might be your best plan. This is especially important if you’re in a position where you need to sell your house sooner rather than later.
Nate Johnson, CMO at realtor.com ® notes:
“As real estate agents and consumers seek out ways to safely complete these transactions, we believe that technology will become an even more imperative part of how we search for, buy and sell homes moving forward.”
It sounds like some of these new practices might be here to stay.
Bottom Line
In a new era of life, things are shifting quickly, and virtual strategies for sellers may be a great option. Opening your doors up to digital approaches may be game-changing when it comes to selling your house. Let’s connect so you have a trusted real estate professional to help you safely and effectively navigate through all that’s new when it comes to making your next move.2020-04-23T10:22:00-07:002020-04-23T10:24:15-07:00Tianna Sanabriatag:premrg.com,2012-09-20:1493Thinking of Selling? Now May Be the Time.<img src="https://assets.site-static.com/userfiles/1161/image/20200226-KCM-Share.jpg" width="750" height="410" />
The housing market has started off much stronger this year than it did last year. Lower mortgage interest rates have been a driving factor in that change. The average 30-year rate in 2019, according to Freddie Mac, was 3.94%. Today that rate is closer to 3.5%.
The Census Bureau also just <a href="https://www.census.gov/housing/hvs/files/currenthvspress.pdf" title="reported" target="_blank" rel="noopener noreferrer">reported</a> the highest homeownership rate since 2014 for people under 35. This is evidence that owning their own home is becoming more important to Millennials as they reach the age where marriage and children are part of their lives.
According to the latest <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" title="Realtors Confidence Index Survey" target="_blank" rel="noopener noreferrer">Realtors Confidence Index Survey</a> from the National Association of Realtors (NAR), buyer demand across the country is strong. That’s not the case, however, with seller demand, which remains weak throughout most of the nation. Here’s a breakdown by state:<a href="https://files.mykcm.com/2020/02/25053907/20200226-MEM-Eng-1.jpg" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img class="aligncenter wp-image-91579" src="https://files.mykcm.com/2020/02/25053907/20200226-MEM-Eng-1.jpg" alt="Thinking of Selling? Now May Be the Time. | MyKCM" width="600" height="258" srcset="https://files.mykcm.com/2020/02/25053907/20200226-MEM-Eng-1.jpg 720w, https://files.mykcm.com/2020/02/25053907/20200226-MEM-Eng-1-600x258.jpg 600w, https://files.mykcm.com/2020/02/25053907/20200226-MEM-Eng-1-100x43.jpg 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>Demand for housing is high, but supply is extremely low. NAR also just <a href="https://www.nar.realtor/newsroom/existing-home-sales-drop-1-3-in-january" title="reported" target="_blank" rel="noopener noreferrer">reported</a> that the actual number of homes currently for sale stands at 1.42 million, which is one of the lowest totals in almost three decades. Additionally, the ratio of homes for sale to the number purchased currently stands at 3.1 months of inventory. In a normal market, that number would be nearly double that at 6.0 months of inventory.
What does this mean for buyers and sellers?
Buyers need to remain patient in the search process. At the same time, buyers must be ready to act immediately once they find the right home.
Sellers may not want to wait until spring to put their houses on the market. With demand so high and supply so low, now is the perfect time to sell your house for the greatest dollar value and the least hassle.
Bottom Line
The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.2020-02-27T11:15:00-07:002020-02-27T11:17:19-07:00Tianna Sanabriatag:premrg.com,2012-09-20:1445The #1 Reason to List Your House Right Now<img src="https://assets.site-static.com/userfiles/1161/image/20200212-KCM-Share.jpg" width="750" height="410" />
The success of the U.S. residential real estate market, like any other market, is determined by supply and demand. This means we need to look at how many potential purchasers are in the market versus the number of houses that are available to buy. With early 2020 housing data now rolling in, it’s quite evident there are two big stories impacting this year’s residential real estate market:
1. Buyer demand is already extremely strong<br />2. Housing supply is at a historically low level
Demand
ShowingTime is a firm that compiles data from property showings scheduled across the country. The latest ShowingTime Showing Index <a href="https://www.showingtime.com/showingtime-showing-index/" title="reveals" target="_blank" rel="noopener noreferrer">reveals</a> how showings have increased in each of the country’s four regions for five months in a row.
Supply
Move.com also just released <a href="https://news.move.com/2020-02-07-U-S-Housing-Supply-Reaches-New-Low" title="information" target="_blank" rel="noopener noreferrer">information</a> indicating that the number of homes currently for sale has declined rapidly and now sits at the lowest level in almost a decade. They explained,
“National housing inventory declined 13.6 percent in January, the steepest year-over-year decrease in more than 4 years, pushing the supply of for sale homes in the U.S. to its lowest level since realtor.com began tracking the data in 2012.”
In response to these numbers, Danielle Hale, Chief Economist at realtor.com, said,
“Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale. With fewer homes coming up for sale, we’ve hit another new low of for sale-listings in January.”
The decrease in inventory impacted every price range, too. Here’s a graph showing the data released by move.com:<a href="https://files.mykcm.com/2020/02/11061421/20200212-MEM-Eng-1.jpg" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img class="aligncenter wp-image-91395" src="https://files.mykcm.com/2020/02/11061421/20200212-MEM-Eng-1.jpg" alt="The #1 Reason to List Your House Right Now | MyKCM" width="600" height="338" srcset="https://files.mykcm.com/2020/02/11061421/20200212-MEM-Eng-1.jpg 720w, https://files.mykcm.com/2020/02/11061421/20200212-MEM-Eng-1-600x338.jpg 600w, https://files.mykcm.com/2020/02/11061421/20200212-MEM-Eng-1-100x56.jpg 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Bottom Line
Since there’s a historic shortage of homes for sale, putting your home on the market today could drive an excellent price and give you additional negotiating leverage when selling your house. Let’s get together to determine if listing your house now is your best move.2020-02-12T10:19:00-07:002020-02-12T12:19:17-07:00Tianna Sanabriatag:premrg.com,2012-09-20:1429First-Time Buyers Are Searching for Existing Homes This Year
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<img src="https://assets.site-static.com/userfiles/1161/image/20200127-KCM-Share.jpg" width="750" height="410" />
In the latest Housing Trends Report, the National Association of Home Builders (NAHB) measured the share of adults planning to buy a home over the next 12 months. The report indicates the percentage of all buyers that will be first-time buyers looking to purchase a home grew from 58% in Q4 2018 to 63% in Q4 2019.
The results <a href="http://eyeonhousing.org/2020/01/share-of-first-time-home-buyers-rises-significantly-in-the-final-quarter-of-2019/" title="revealed" target="_blank" rel="noopener noreferrer">revealed</a>,
“Millennials are the most likely generation to be making plans to purchase a home within a year (19%), followed by Gen Z (13%) and Gen X (12%)…Prospective buyers in the youngest two generations are primarily first-time buyers: 88% of Gen Z buyers and 78% of Millennial buyers are reaching out to homeownership for the first time in their lives.”
With a high demand from first-time homebuyers and a shortage of <a href="https://www.mykcm.com/2020/01/16/housing-inventory-vanishing-what-is-the-impact-on-you/" title="inventory">inventory</a> in the current market, selling your existing home this year might be your best move. Why? Because when homebuyers begin their search, they’re not all looking for new construction. Many are eager to find a little charm and character in a place to call home – possibly yours.
In fact, according to the same study, there is a significant demand for existing homes:
“In terms of the type of home these prospective home buyers are interested in, 40% are looking to buy an existing home and 19% a newly-built home. The remaining 41% would buy either a new or existing home.”
With <a href="https://www.mykcm.com/2020/01/09/theres-a-long-line-of-buyers-waiting-for-your-house/" title="showing activity">showing activity</a> up among buyers and more new construction coming to <a href="https://www.mykcm.com/2020/01/23/the-1-reason-it-is-difficult-to-find-your-dream-home/" title="market">market</a>, as a homeowner, you have the opportunity to sell your existing house now and move up into a new one, or <a href="https://www.mykcm.com/2020/01/22/how-buyers-can-win-by-downsizing-in-2020/" title="downsize">downsize</a> into a home that better fits your current and ever-changing needs.
Bottom Line
Not all buyers are looking for a newly built house. If you’re ready to take advantage of <a href="https://www.mykcm.com/2020/01/06/3-benefits-to-buying-your-dream-home-this-year/" title="low mortgage rates">low mortgage rates</a> and a high demand for your existing home, let’s get together to determine how we will market the charming details of your current house to potential buyers.
</article>
2020-01-30T11:11:00-07:002020-01-30T11:13:05-07:00Tianna Sanabriatag:premrg.com,2012-09-20:1401Why You Shouldn’t “For Sale By Owner”<img src="https://assets.site-static.com/userfiles/1281/image/20191230-KCM-Share.jpg" width="750" height="410" />
Rising home prices coupled with the current inventory in today’s market may cause some homeowners to consider selling their homes on their own (known in the industry as a For Sale By Owner). However, a FSBO might be hard to execute well for the vast majority of sellers.
Here are the top 5 reasons not to FSBO:
1. Online Strategy for Prospective Purchasers
<a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" title="Studies" target="_blank" rel="noopener noreferrer">Studies</a> have shown that 93% of buyers search online for a home. That’s a pretty staggering number! Most real estate agents have an Internet strategy to promote the sale of your home. Do you?
2. Results Come from the Internet
According to <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" title="NAR" target="_blank" rel="noopener noreferrer">NAR</a>, here’s where buyers found the homes they actually purchased:
55% on the Internet
28% from a Real Estate Agent
10% Other
6% from a Yard Sign
1% from Newspapers
The days of selling your house by putting up a sign in your yard or placing an ad in the paper are long gone. Having a strong Internet strategy is crucial.
3. There Are Too Many People to Negotiate With
Here’s a list of some of the people with whom you must be prepared to negotiate if you decide to FSBO:
The buyer, who wants the best deal possible
The buyer’s agent, who solely represents the best interest of the buyer
The buyer’s attorney (in some parts of the country)
The home inspection companies, which work for the buyer and will almost always find some problems with the house
The appraiser, if there is a question of value
4. FSBOing Has Become Increasingly Difficult
The <a href="https://www.mykcm.com/2019/06/18/why-is-so-much-paperwork-required-to-get-a-mortgage/" title="paperwork">paperwork</a> involved in buying or selling a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.
5. You Net More Money When Using an Agent
Many homeowners believe they’ll save the real estate commission by selling on their own, but the seller and buyer can’t both save the commission.
A report by <a href="https://wp.zillowstatic.com/38/ZGReport2018_Download-a27213.pdf" title="Zillow" target="_blank" rel="noopener noreferrer">Zillow</a> revealed that FSBOs are inclined to do so because they believe it will save money (46 percent cite this among their top three reasons), but they don’t actually save anything, and eventually end up listing with an agent.
The same report revealed that,
“While 36% of sellers that (at first) attempted to sell their homes on their own, only 11 percent of sellers—in other words, less than a third…actually sold without an agent.”
It appears working with a real estate professional is the best answer.
Bottom Line
Before you decide to take on the challenges of selling your house on your own, let’s get together to discuss your needs.2020-01-16T13:08:00-07:002020-01-16T13:09:22-07:00Tianna Sanabriatag:premrg.com,2012-09-20:1398There’s a Long Line of Buyers Waiting for Your House<img src="https://assets.site-static.com/userfiles/1161/image/20200109-KCM-Share.jpg" width="750" height="410" />
If you’re following what’s happening in the housing market <a href="https://www.mykcm.com/2020/01/08/the-new-spring-real-estate-market-is-here-are-you-ready/" title="right now">right now</a>, you know that many people believe the winter months aren’t a good time to sell a home. As realtor.com Senior Economist George Ratiu recently noted,
“Sellers tend to be more reluctant to list during the colder time of year when the market typically makes a seasonal slowdown.”
However, a <a href="https://www.showingtime.com/blog/november-2019-showing-index-results/" title="recent report" target="_blank" rel="noopener noreferrer">recent report</a> by ShowingTime reveals how this year is different. Buyer activity is way up compared to the same time last year. The report explains,
“The nation’s 12.6% growth in home showings compared to 2018 was the most significant jump in buyer traffic during the current four-month streak of year-over-year increases. The West Region saw the greatest growth in activity, with a 23.1% jump – the region’s greatest in the history of the Showing Index.”
The increase has spread across all four regions of the country, as the graph below shows:<a href="https://files.mykcm.com/2020/01/08055937/20200109-MEM-ENG.jpg" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img class="aligncenter wp-image-90769" src="https://files.mykcm.com/2020/01/08055937/20200109-MEM-ENG.jpg" alt="There’s a Long Line of Buyers Waiting for Your House | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2020/01/08055937/20200109-MEM-ENG.jpg 720w, https://files.mykcm.com/2020/01/08055937/20200109-MEM-ENG-600x450.jpg 600w, https://files.mykcm.com/2020/01/08055937/20200109-MEM-ENG-100x75.jpg 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Bottom Line
Waiting for the “spring buyers’ market” may be a mistake this year. It seems the purchasers are already out and looking to buy.2020-01-16T12:49:00-07:002020-01-16T12:51:53-07:00Tianna Sanabriatag:premrg.com,2012-09-20:1374Why Get a Pre-Listing Inspection?
Buying a home? <a href="https://www.premrg.com/property-search/results/?searchtype=3">Click here to perform a full home search</a>
Selling a home? <a href="https://www.premrg.com/sellers/">Click here for a FREE Home Price Evaluation</a><br /><br />
Does getting a pre-listing home inspection help home sellers reach their real estate goals?
My selling partner, Michael Veltri does recommend pre-listing inspections. He’s found that they help out later in the selling process, during the buyer’s home inspection. A pre-listing inspection can spot and address many of the items that would only be examined during the buyer’s inspection.
When a buyer has an inspection done, they sometimes blow minor things way out of proportion. In their eyes, minor repairs can become huge, glaring flaws that cause them to second-guess their purchase or make wild demands of the seller.
However, if you have a home inspection done before buyers even view your home, you can assess minor repairs and have them fixed early. Pre-listing inspections can help save you money—buyers won’t fixate on small issues or be tempted to ask you for a credit at closing.
Michael also recommends home sellers share the results of the pre-listing inspection with the buyer upfront. Even if you had to address a major issue with the home during your early inspection, it’s better to be forthcoming about that information. Informing them that the issues you spotted were corrected by licensed professionals may make them more comfortable pursuing your property all the way to the closing table, potentially positioning you to sell your home quicker and for more money.
If you have any questions about pre-listing inspections or selling your home in general, don’t hesitate to reach out to us. We’d be glad to help you.2020-01-07T11:34:00-07:002020-01-07T12:38:49-07:00Kaylee Dankerttag:premrg.com,2012-09-20:13205 Reasons to Sell This Winter<img src="https://assets.site-static.com/userfiles/1161/image/20191202-KCM-Share.jpg" width="750" height="410" />
Below are five compelling reasons to list your house this winter.
1. Demand Is Strong
The latest <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" title="Buyer Traffic Report" target="_blank" rel="noopener noreferrer">Buyer Traffic Report</a> from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase, and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
<a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" title="Inventory" target="_blank" rel="noopener noreferrer">Inventory</a> is still under the 6-month supply needed for a normal housing market. This means in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market.
Historically, a homeowner would <a href="https://www.mykcm.com/2019/04/16/homeowners-now-is-a-good-time-to-sell-your-house/" title="stay">stay</a> an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
Many homeowners were reluctant to list their homes over the last couple of years, for fear they would not find a home to move into. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.
3. Buyers Are Serious at This Time of Year
Traditionally, homeowners <a href="https://www.mykcm.com/2019/11/04/the-1-reason-to-list-your-house-in-the-winter/" title="think">think</a> about spring as a great time to list their homes, when more buyer traffic may be out there actively searching. In the winter, however, the buyers who are seeking a home – whether for relocation or otherwise – are serious ones. They’re ready to make offers and they’re eager to move, often quickly. Your house may be exactly what they’re looking for, so listing when other potential sellers are holding off may be your best opportunity to shine.
4. There Will Never Be a Better Time to Move Up
If your next move will be into the premium or luxury market, now is the time to move up. There is currently ample <a href="https://www.mykcm.com/2019/10/22/depending-on-the-price-youre-going-to-need-advice/" title="inventory">inventory</a> for sale at higher price ranges. This means if you’re planning on selling a starter or trade-up home and moving into your dream home, you’ll be able to do that now. Demand for your entry-level home is high, and inventory in the luxury or premium market is too.
According to <a href="https://www.corelogic.com/insights/home-price-index.aspx" title="CoreLogic" target="_blank" rel="noopener noreferrer">CoreLogic</a>, prices are projected to appreciate by 5.6% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and in your mortgage) if you wait.
5. It’s Time to Move On With Your Life
Look at the <a href="https://www.mykcm.com/2019/05/21/are-older-generations-really-not-selling-their-homes/" title="reason">reason</a> you decided to sell in the first place and determine whether it’s worth waiting. Is money more important than being with family? Are you ready to go on with your life the way you think you should?
Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market this winter. Perhaps the time has come for you and your family to move on and start living the life you desire.
That is what is truly important.2019-12-02T12:01:00-07:002019-12-02T12:06:38-07:00Tianna Sanabriatag:premrg.com,2012-09-20:13147 Reasons to List Your House This Holiday Season<img src="https://assets.site-static.com/userfiles/1161/image/20191125-KCM-Share.jpg" width="750" height="410" />
Around this time each year, many homeowners decide to wait until after the holidays to list their houses. Similarly, others who already have their homes on the market remove their listings until the spring. Let’s unpack the top reasons why listing your house now or keeping it on the market this winter may be the best choice you can make.
Here are seven great reasons not to wait:<br />
Relocation buyers are out there now. Many companies are still hiring throughout the holidays, and they need their new employees to start as soon as possible.
Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now.
You can restrict the showings on your home to days and times that are most convenient for you. You will remain in control.
Homes show better when decorated for the holidays.
There is minimal competition for you as a seller right now. Over the past few months we’ve seen the supply of homes for sale decreasing year-over-year, as shown in the graph below:<a href="https://files.mykcm.com/2019/11/21110651/20191125-MEM.jpg" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img class="aligncenter wp-image-90443" src="https://files.mykcm.com/2019/11/21110651/20191125-MEM.jpg" alt="7 Reasons to List Your House This Holiday Season | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2019/11/21110651/20191125-MEM.jpg 2000w, https://files.mykcm.com/2019/11/21110651/20191125-MEM-600x450.jpg 600w, https://files.mykcm.com/2019/11/21110651/20191125-MEM-1024x768.jpg 1024w, https://files.mykcm.com/2019/11/21110651/20191125-MEM-768x576.jpg 768w, https://files.mykcm.com/2019/11/21110651/20191125-MEM-1536x1152.jpg 1536w, https://files.mykcm.com/2019/11/21110651/20191125-MEM-100x75.jpg 100w, https://files.mykcm.com/2019/11/21110651/20191125-MEM-1046x785.jpg 1046w, https://files.mykcm.com/2019/11/21110651/20191125-MEM-1484x1113.jpg 1484w" sizes="(max-width: 600px) 100vw, 600px" /></a>
The desire to own a home doesn’t stop during the holidays. Buyers who were unable to find their dream homes during the busy spring and summer months are still searching, and your home may be the answer.
Late fall and early winter make up the “<a href="https://www.mykcm.com/2019/11/04/the-1-reason-to-list-your-house-in-the-winter/" title="sweet spot">sweet spot</a>” for sellers. The supply of listings increases substantially after the holidays. Also, in many parts of the country, <a href="https://www.mykcm.com/2019/11/05/planning-on-buying-a-home-be-sure-you-know-your-options/" title="new construction">new construction</a> will continue to surge and reach new heights in 2020, which will lessen the demand for your house next year.
Bottom Line
It may make the most sense to list your home this holiday season. Let’s get together to determine if selling now is your best move.2019-11-25T10:39:00-07:002019-11-25T10:41:28-07:00Tianna Sanabriatag:premrg.com,2012-09-20:1284Thinking of Selling Your Home? The Waiting Is The Hardest Part.<img src="https://assets.site-static.com/userfiles/1281/image/20191029-KCM-Share.jpg" width="750" height="410" />
Tom Petty famously penned the words, “the waiting is the hardest part” in his early 80’s hit song The Waiting, and his thought process can surprisingly also be applied to individuals considering selling their homes today. Traditional thinking would suggest it may be best to wait until the spring to sell when there is a flood of buyers in the market, but right now may in fact be an even better time to list your home.
We can see the overall economy is good: wages are rising, there are near record-low unemployment rates, and mortgage <a href="http://www.freddiemac.com/pmms/" title="interest rates" target="_blank" rel="noopener noreferrer">interest rates</a> are still very low too. Over the past 10+ years the housing market has stabilized, so what (if anything) is the biggest challenge in the housing market today?
The answer is simple: it’s inventory.
According to the <a href="https://www.nar.realtor/newsroom/existing-home-sales-decrease-2-2-in-september" title="Existing Home Sales Report" target="_blank" rel="noopener noreferrer">Existing Home Sales Report</a> by the National Association of Realtors,
“Total housing inventory at the end of September sat at 1.83 million, approximately equal to the amount of existing-homes available for sale in August, but a 2.7% decrease from 1.88 million one year ago. Unsold inventory is at a 4.1-month supply at the current sales pace, up from 4.0 months in August and down from the 4.4-month figure recorded in September 2018.”
What does this mean?
While homes are coming to the market, they aren’t coming fast enough! Right now, across the country there is less than 6 months of overall inventory of homes for sale, putting us in a <a href="https://www.mykcm.com/2019/10/14/existing-home-sales-report-indicates-now-is-a-great-time-to-sell/" title="seller’s market">seller’s market</a>. The challenge is that there are not enough homes for sale to increase the supply needed for the number of people who want to buy, especially in the starter and middle-level markets.
To be in a balanced market (meaning we have enough inventory for the number of buyers in the market), we need to have 6 months of inventory available. Today we are nowhere near that number, and as a matter of fact, the last time we reached that height was August 2012 (as shown in the graph below):<a href="https://files.mykcm.com/2019/10/25120831/20191029-MEM-ENG1.jpeg" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img class="aligncenter wp-image-90183" src="https://files.mykcm.com/2019/10/25120831/20191029-MEM-ENG1.jpeg" alt="Thinking of Selling Your Home? The Waiting Is The Hardest Part. | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2019/10/25120831/20191029-MEM-ENG1.jpeg 720w, https://files.mykcm.com/2019/10/25120831/20191029-MEM-ENG1-600x450.jpeg 600w, https://files.mykcm.com/2019/10/25120831/20191029-MEM-ENG1-100x75.jpeg 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>When we look at the inventory challenge today, we can see that now is a great time to sell your house. Truthfully, waiting may end up being the hardest part in the long run. This landscape is a great place for sellers who own homes in the starter and middle-level markets to take the opportunity to sell in a sellers’ market, before inventory catches up with demand. Serious buyers are actively in the market and ready to make a move at this time of year. When inventory is limited at the lower end, like it is today, selling before more homes are listed could mean a significant seller’s advantage to those who are ready to move up. The upper level of the market has much more inventory available to move into, so it’s a win across the board.
Bottom Line
If you’re considering selling your home, don’t wait – now is the time to make your move! Take advantage of the high housing demand and the low inventory of homes for sale at the lower end of the market and use your purchasing power while mortgage rates are low to go after the move-up home of your dreams. Let’s get together to decide if now is the right time for you.2019-11-13T09:27:00-07:002019-11-13T09:28:20-07:00Tianna Sanabriatag:premrg.com,2012-09-20:1267The #1 Reason to List Your House in the Winter
<article id="post-90201" class="post-90201 post type-post status-publish format-standard has-post-thumbnail hentry category-sellers category-move-up-buyers-buyers category-selling-myths">
<img src="https://assets.site-static.com/userfiles/1161/image/20191104-KCM-Share.jpg" width="750" height="410" />
Many sellers believe spring is the best time to put their homes on the market because buyer demand traditionally increases at that time of year. What they don’t realize is if every homeowner believes the same thing, then that’s when they’ll have the most competition.
So, what’s the #1 reason to list your house in the winter? Less competition.
Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. The chart below was created using the <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" title="months supply" target="_blank" rel="noopener noreferrer">months supply</a> of listings from the National Association of Realtors.<a href="https://files.mykcm.com/2019/10/31074917/20191104-MEM-1-ENG.jpeg" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img class="aligncenter wp-image-90202" src="https://files.mykcm.com/2019/10/31074917/20191104-MEM-1-ENG.jpeg" alt="The #1 Reason to List Your House in the Winter | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2019/10/31074917/20191104-MEM-1-ENG.jpeg 720w, https://files.mykcm.com/2019/10/31074917/20191104-MEM-1-ENG-600x450.jpeg 600w, https://files.mykcm.com/2019/10/31074917/20191104-MEM-1-ENG-100x75.jpeg 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>As you can see, the ‘sweet spot’ to list your house for the most exposure naturally occurs in the late fall and winter months (November – January).
Temperatures aren’t the only thing that heats up in the spring – so do listings!<a href="https://files.mykcm.com/2019/10/31074943/20191104-MEM-2-ENG.jpeg" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img class="aligncenter wp-image-90203" src="https://files.mykcm.com/2019/10/31074943/20191104-MEM-2-ENG.jpeg" alt="The #1 Reason to List Your House in the Winter | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2019/10/31074943/20191104-MEM-2-ENG.jpeg 720w, https://files.mykcm.com/2019/10/31074943/20191104-MEM-2-ENG-600x450.jpeg 600w, https://files.mykcm.com/2019/10/31074943/20191104-MEM-2-ENG-100x75.jpeg 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>In 2018, listings increased from December to May. Don’t wait for these listings and the competition that comes with them to come to the market before you decide to list your house.
Added Bonus: Serious Buyers Are Out in the Winter
At this time of year, purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere ‘lookers.’ The lookers are at the mall or online doing their holiday shopping.
Bottom Line
If you’ve been debating whether or not to sell your house and are curious about market conditions in your area, let’s get together to determine the best time to list your house.
</article>
2019-11-04T13:06:00-07:002019-11-04T13:08:40-07:00Tianna Sanabriatag:premrg.com,2012-09-20:1256Existing-Home Sales Report Indicates Now Is a Great Time to Sell<img src="https://assets.site-static.com/userfiles/1161/image/20191014-Share-KCM.jpg" width="750" height="410" />
The best time to sell anything is when demand for that item is high and the supply of that item is limited. The latest <a href="https://www.nar.realtor/newsroom/existing-home-sales-increase-1-3-in-august" title="Existing-Home Sales Report" target="_blank" rel="noopener noreferrer">Existing-Home Sales Report</a> released by the National Association of Realtors (NAR), reveals that demand for housing continues to be strong, but the supply is struggling to keep pace. With this trend likely continuing throughout 2020, now is a great time to sell your house.
THE EXISTING-HOME SALES REPORT
The most important data revealed in <a href="https://www.nar.realtor/newsroom/existing-home-sales-increase-1-3-in-august" title="this report" target="_blank" rel="noopener noreferrer">this report</a> was not actually sales. In reality, it was the inventory of homes for sale (supply). The report explained:
Total housing inventory at the end of August decreased 2.6% to 1.86 million homes available for sale.
Unsold inventory is lower than the 4.3-month figure recorded in August 2018.
This represents a 4.1-month supply at the current sales pace.
According to Lawrence Yun, Chief Economist at NAR,
“Sales are up, but inventory numbers remain low and are thereby pushing up<br />home prices.”
In real estate, there is a simple guideline that often applies here. Essentially, when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see greater appreciation. Between a 6 to 7-month supply is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and can expect depreciation in home values (see below):<a href="https://files.mykcm.com/2019/10/07091314/20191014-MEM.jpg" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img class="aligncenter wp-image-89685" src="https://files.mykcm.com/2019/10/07091314/20191014-MEM.jpg" alt="Existing-Home Sales Report Indicates Now Is a Great Time to Sell | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2019/10/07091314/20191014-MEM.jpg 1280w, https://files.mykcm.com/2019/10/07091314/20191014-MEM-600x450.jpg 600w, https://files.mykcm.com/2019/10/07091314/20191014-MEM-768x576.jpg 768w, https://files.mykcm.com/2019/10/07091314/20191014-MEM-1024x768.jpg 1024w, https://files.mykcm.com/2019/10/07091314/20191014-MEM-100x75.jpg 100w, https://files.mykcm.com/2019/10/07091314/20191014-MEM-1046x785.jpg 1046w" sizes="(max-width: 600px) 100vw, 600px" /></a>As we mentioned before, there is currently a 4.1-month supply of homes on the market, and houses are going under contract fast. The Existing Home Sales Report also shows that 49% of properties were on the market for less than a month when they were sold. In August, properties sold nationally were typically on the market for 31 days. As Yun notes, this should continue,
“As expected, buyers are finding it hard to resist the current rates…The desire to take advantage of these promising conditions is leading more buyers to the market.”
Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market, and supply will fail to catch up with demand if a sizable supply does not enter the market.
Bottom Line
If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers who are out there searching for your house to become their dream home.2019-10-23T11:26:00-07:002019-10-23T11:28:32-07:00Tianna Sanabriatag:premrg.com,2012-09-20:1251Homes Are Selling Quickly [INFOGRAPHIC]<img src="https://assets.site-static.com/userfiles/1161/image/20191018-MEM.jpg" width="1500" height="1941" />
Some Highlights:
The National Association of REALTORS® surveyed their members for the release of their Confidence Index.
The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices, and market conditions.
Homes across the country are selling quickly, in an average of just 31 days.
49% of homes sold in less than a month.
2019-10-18T12:38:00-07:002019-10-18T12:40:12-07:00Tianna Sanabria