May is finally here and things are starting to brighten up!
If you’re like most people, this is the time of year when you start making plans for the summer. Perhaps you’re considering a vacation to somewhere exotic or adventurous. Maybe you’re just hoping to stay close to home to spend some extra quality time with family and friends.
Whatever your plans are for the next few months, I wish you and your family a wonderful time.
Speaking of a wonderful time, this is also a great time of year for real estate. As you may have already noticed, things start to get a lot more active in the local housing market during spring and summer. There are a wide variety of properties for sale, and a lot of new buyers looking for their next dream home.
So, if you have any questions about what’s happening in the market, be sure to give me a call. I’d be happy to give you an update.
March 2019 National Housing Report
HOME SALES YEAR-OVER-YEAR DIFFERENCE -8.6%
March 2018 to March 2019
MEDIAN SALES PRICE FEBRUARY 2019 $246,000
+3.4% from March 2018
AVERAGE OF 59 DAYS ON THE MARKET
+2 days from March 2018
*** Average of 54 metro areas.
Should You Buy the “Less Than Perfect” Home?
When you’re shopping for a new home, you want to find a property that has all the features and characteristics you want. Perhaps you’re looking for a large deck surrounded by picturesque landscaping, a beautiful kitchen with gleaming marble countertops, or a cozy living room with a fireplace.
You should be looking for the ideal home. You deserve it! But some home buyers become fixated on finding the “perfect” property, and pass too quickly on those homes that don’t quite measure up.
That can be a mistake, because some of those less-than-perfect properties have the potential to become your next dream home.
First, a home that is lacking some desirable features will probably cost less. Those savings may be more than enough to cover any needed upgrades or renovations.
Secondly, if you look at a home in terms of its potential, rather than the features it happens to have now, there will be more properties available on the market for you to consider.
If you’re determined to have a large wrap-around deck for entertaining, for example, don’t cross homes off your list that don’t have this feature. At least not yet. Instead, view these properties with an eye on potential. Is the backyard big enough to accommodate a large deck? How would that deck look if it were added to this particular property? How much would such a renovation cost?
There’s no doubt about it. You want to find a home that has the features and characteristics you want. If you work with me, there is a good chance you’ll find a property that has most, if not all of them.
But, keep an open mind. Sometimes a “diamond in the rough” can – with an upgrade or renovation – become a home you’ll treasure for years.
Your Home’s Spring Maintenance Checklist
- Every spring, your home needs some extra TLC!
- Whether you plan on selling your home this spring or not, conducting this maintenance will help ensure your home functions well for the rest of the year.
- I can be a great resource for finding local contractors who can help!
5 Reasons To Sell Your House This Spring!
Here are five compelling reasons listing your home for sale this spring makes sense.
1. Demand Is Strong
The latest Buyer Traffic Index 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, multiple buyers are competing with each other for the same home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing inventory is still under the 6-month supply needed for a normal housing market. This means that, in most of the country, there are not enough homes for sale to satisfy the number of buyers.
Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire 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 are granted the freedom to move.
Many homeowners were reluctant to list their home over the last couple of years for fear that they would not find a home to move in to. 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 to decide to sell.
3. The Process Will Be Quicker
Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. Buyers know exactly what they can afford before home shopping. This makes the entire selling process much faster and simpler. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 47 days.
4. There Will Never Be a Better Time to Move Up
If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has created a buyer’s market. This means that if you are planning on selling a starter or trade-up home, it will sell quickly, AND you’ll be able to find a premium home to call your own!
According to CoreLogic, prices are projected to appreciate by 4.6% 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 mortgage payment) if you wait.
5. It’s Time to Move on With Your Life
Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom 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. 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.
Featured Zillow Review From April 2019
“The highest compliment anyone can give me is to recommend me to a friend. If you know of anyone with a real estate need, I would appreciate your referral, and promise to take good care of them”.