Southern Indiana Real Estate BlogRecently posted or modified blog posts in the category - Home Selling Tipshttps://www.wardrealtyservices.com/blog/Copyright WardRealtyServices.com2023-12-15T14:23:08-07:00tag:wardrealtyservices.com,2012-09-20:22010If Your House Hasn’t Sold Yet, It May Be Overpriced
Has your house been sitting on <a href="https://www.mykcm.com/2023/11/15/the-latest-2024-housing-market-forecast/" rel="noopener noreferrer" target="_blank">the market</a> a while without <a href="https://www.mykcm.com/2023/11/20/is-your-house-the-top-thing-on-a-buyers-wish-list-this-holiday-season/" rel="noopener noreferrer" target="_blank">selling</a>? If so, you should know that’s pretty unusual, especially right now. That’s because the <a href="https://www.mykcm.com/2023/11/21/are-there-actually-more-homes-for-sale-right-now/" rel="noopener noreferrer" target="_blank">supply of homes</a> available for sale is still far lower than what we’d see in a normal year. That means buyers have fewer options than they usually would, so your house should be an oasis in an <a href="https://www.mykcm.com/2023/10/24/the-perks-of-selling-your-house-when-inventory-is-low/" rel="noopener noreferrer" target="_blank">inventory</a> desert.
So, if homebuyers have limited choices and your house still hasn’t sold, there’s a reason why. Let’s break one potential sticking point that may be turning buyers away: your asking price.
Especially with today’s higher mortgage rates already putting a stretch on their budget, <a href="https://www.mykcm.com/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/" rel="noopener noreferrer" target="_blank">buyers</a> are being a bit more sensitive about price. As a recent article from the Wall Street Journal (WSJ) <a href="https://www.wsj.com/articles/is-now-a-good-time-to-sell-your-home-ac27dc9b" rel="noopener noreferrer" target="_blank">says</a>:
“If you are serious about selling your home now, don’t get greedy with the asking price. This is still a seller’s home market as there simply aren’t enough affordable homes for sale in many parts of the country. But with average 30-year mortgage rates above 6%, buyers are much more price-sensitive than they were a year ago.”
Why Setting the Right Price Matters
While you want to maximize the return on your investment when you <a href="https://www.mykcm.com/2023/10/19/the-risks-of-selling-your-house-on-your-own/" rel="noopener noreferrer" target="_blank">sell your house</a>, you also need to be realistic based on current market conditions. The simple truth is your house is only going to sell for what people are willing to pay right now.
This can be a hard thing to accept. Especially since emotions can run high during the selling process, which only complicates matters more. After all, you may have lived in this house for years, so it’s only natural you’re emotionally tied to it – and those heartstrings can make it harder to be objective.
But it’s important to acknowledge that a bigger-than-expected price tag deters buyers and may make them dismiss your house as a possibility before even seeing it. And if no one’s looking at it, how will it sell?
If you want to get your house sold, you’ll need to do something to spark interest in your home again. That’s where a local <a href="https://www.mykcm.com/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/" rel="noopener noreferrer" target="_blank">real estate agent</a> comes in. They’ll help use data to find out if it’s priced too high for your local market. They balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more to find the right price for your house, so you can close this chapter and start your next one.
While it’s true there aren’t that many homes available for sale right now, your home’s asking price still matters. And, if it’s not selling, it may be priced too high. 2023-12-15T14:20:45-07:002023-12-15T14:23:08-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21641Why Your House Didn’t Sell
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>.
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.
2023-10-06T15:12:09-07:002023-10-06T15:14:37-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21392Equity Is a Game Changer for Homeowners Looking To Sell
If you’re a homeowner, you might be torn on whether or not to <a href="https://www.mykcm.com/2023/07/31/pricing-your-house-right-still-matters-today/" rel="noopener noreferrer" target="_blank">sell your house</a> right now. Maybe that’s because you don’t want to take on a higher <a href="https://www.mykcm.com/2023/08/03/how-inflation-affects-mortgage-rates/" rel="noopener noreferrer" target="_blank">mortgage rate</a> on your next home. If that’s your <a href="https://www.mykcm.com/2023/08/01/sellers-dont-let-these-two-things-hold-you-back/" rel="noopener noreferrer" target="_blank">biggest hurdle</a>, understanding your equity may be exactly what you need to help you feel more comfortable making your move.
What Equity Is and How It Works
Equity is the current value of your home minus what you owe on the loan. And recently, that <a href="https://www.mykcm.com/2023/06/16/how-owning-a-home-grows-your-wealth-with-time-infographic/" rel="noopener noreferrer" target="_blank">equity</a> has been growing far faster than you may expect.
Over the last few years, home prices rose dramatically, and that gave your equity a big boost very quickly. While the market has <a href="https://www.mykcm.com/2023/07/25/dont-fall-for-the-next-shocking-headlines-about-home-prices/" rel="noopener noreferrer" target="_blank">started to normalize</a>, there’s still an imbalance between the <a href="https://www.mykcm.com/2023/08/08/theres-only-half-the-inventory-of-a-normal-housing-market-today/" rel="noopener noreferrer" target="_blank">number of homes</a> available for sale and the <a href="https://www.mykcm.com/2023/07/27/homebuyers-are-still-more-active-than-usual/" rel="noopener noreferrer" target="_blank">number of buyers</a> looking to make a purchase. And it’s because homes are in such high demand that <a href="https://www.mykcm.com/2023/07/17/home-prices-are-rebounding/" rel="noopener noreferrer" target="_blank">prices</a> are back on the rise today. Rob Barber, CEO of ATTOM, a property data provider, <a href="https://www.attomdata.com/news/market-trends/home-sales-prices/attom-q2-2023-u-s-home-equity-and-underwater-report/" rel="noopener noreferrer" target="_blank">explains</a>:
“Equity levels were high even during the recent downturn, and now they are going back up and better than ever.”
How Equity Benefits You in Today’s Market
With today’s <a href="https://www.mykcm.com/2023/07/07/the-benefits-of-downsizing-for-homeowners-infographic/" rel="noopener noreferrer" target="_blank">affordability challenges</a>, that equity can be a game changer when you move. Here’s why. Based on data from <a href="https://www.attomdata.com/news/market-trends/home-sales-prices/attom-q2-2023-u-s-home-equity-and-underwater-report/" rel="noopener noreferrer" target="_blank">ATTOM</a> and the <a href="https://data.census.gov/cedsci/all?q=mortgage" rel="noopener noreferrer" target="_blank">Census</a>, nearly two-thirds (68.7%) of homeowners have either paid off their mortgages or have at least 50% equity (see chart below):<a href="https://www.mykcm.com/content/images/20230814/20230815-Americans-Sitting-On-Tremendous-Equity.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230814/20230815-Americans-Sitting-On-Tremendous-Equity.png" /></a>
That means roughly 70% have a tremendous amount of equity right now.
Once you <a href="https://www.mykcm.com/2023/06/26/the-true-cost-of-selling-your-house-on-your-own/" rel="noopener noreferrer" target="_blank">sell your house</a>, you can use your equity to help with your next purchase. It could be some (if not all) of what you’ll need for your next down payment. It may even be enough to allow you to put a considerably larger down payment on your next home, so you don’t have to finance quite as much. And, if you’ve been in your current house for years, you may have even built up enough equity to pay in all cash. If that’s true for you, you’d be able to avoid borrowing altogether, so you wouldn’t have to worry about today’s <a href="https://www.mykcm.com/2023/07/19/explaining-todays-mortgage-rates/" rel="noopener noreferrer" target="_blank">mortgage rates</a>.
How To Find Out How Much Equity You Have
The best way to learn how much you have is to reach out to a trusted real estate agent for a Professional Equity Assessment Report (PEAR).
Bottom Line
If you’re planning to <a href="https://www.mykcm.com/2023/06/13/your-needs-matter-more-than-todays-mortgage-rates/" rel="noopener noreferrer" target="_blank">make a move</a>, the equity you’ve gained can make a big impact. To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, let’s connect.
2023-08-21T12:53:14-07:002023-08-21T12:54:29-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21289Pricing Your House Right Still Matters Today
While this isn’t the frenzied market we saw during the <a href="https://www.mykcm.com/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a>, homes that are priced right are still selling quickly and seeing multiple offers right now. That’s because the number of <a href="https://www.mykcm.com/2023/07/06/todays-housing-inventory-is-a-sweet-spot-for-sellers/" rel="noopener noreferrer" target="_blank">homes for sale</a> is still so low. <a href="https://cdn.nar.realtor/sites/default/files/documents/2023-06-realtors-confidence-index-07-20-2023.pdf" rel="noopener noreferrer" target="_blank">Data</a> from the National Association of Realtors (NAR) shows 76% of homes sold within a month and the average saw 3.5 offers in June.
To set yourself up to see advantages like these, you need to rely on an agent. Only an agent has the expertise needed to find the right asking price for your house. Here’s what’s at stake if that price isn’t accurate for today’s market value.
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 it. 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 from ever touring it in the first place. When that happens, you may have to do a price drop to try to re-ignite interest in your house when it <a href="https://www.mykcm.com/2023/07/10/reasons-your-home-may-not-be-selling/" rel="noopener noreferrer" target="_blank">sits on the market</a> 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.
A <a href="https://www.nerdwallet.com/article/mortgages/price-home-sell" rel="noopener noreferrer" target="_blank">recent article</a> from NerdWallet sums it up like this:
"Your house’s market debut is your first chance to attract a buyer and it’s important to get the pricing right. If your home is overpriced, you run the risk of buyers not seeing the listing . . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house."
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. Plus, when homes are priced right, they still tend to sell quickly.
To get a high-level 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://www.mykcm.com/content/images/20230727/20230731-Underpriced-Market-Value-Overpriced.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230727/20230731-Underpriced-Market-Value-Overpriced.png" /></a>
Lean on a Professional’s Expertise to Price Your House Right
So why is an agent essential in finding the right price? Your local agent has the skill and the insight necessary to find the market value of your home. They’ll use their expertise to determine a realistic listing price by assessing:
The prices of recently sold homes
The current market conditions
The size and condition of your house
The location of your house
Bottom Line
Pricing your house at market value is critical, so don’t rely on guesswork. Let’s connect to make sure your house is priced right for today’s market.
2023-08-03T14:53:39-07:002023-08-03T14:56:14-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20765Home Inspections for Sellers: What You Need To Know<img src="https://assets.site-static.com/userfiles/819/image/Home-Inspections-For-Sellers-What-You-Need-To-Know-MEM.png" width="1300" height="2598" />
Some Highlights
The <a href="https://www.investopedia.com/terms/h/home-inspection.asp#:~:text=A%20home%20inspection%20is%20an,potential%20fire%20or%20safety%20hazards." rel="noopener noreferrer" target="_blank">inspection</a> is a major part of the home <a href="https://www.mykcm.com/2023/03/30/were-in-a-sellers-market-what-does-that-mean/" rel="noopener noreferrer" target="_blank">selling</a> process.
Many buyers used to waive inspections to be more competitive with their offer, but recently, inspections and repairs are <a href="https://www.realtor.com/research/2022-summer-sellers-survey/" rel="noopener noreferrer" target="_blank">becoming popular</a> again.
<a href="https://www.wardrealtyservices.com/about/jeremy-ward-team/">Let’s connect</a> so you have an expert on your side who can help you <a href="https://www.mykcm.com/2023/03/29/4-key-tips-for-selling-your-house-this-spring/" rel="noopener noreferrer" target="_blank">determine</a> the repairs and updates your house needs before you sell.
2023-04-17T09:02:16-07:002023-04-17T09:04:24-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20736Two Reasons You Should Sell Your House
Wondering if you should sell your house this year? As you make your decision, think about what’s motivating you to consider moving. A recent <a href="https://www.realtor.com/research/2023-q1-sellers-survey/" rel="noopener noreferrer" target="_blank">survey</a> from realtor.com asked why homeowners are thinking about selling their houses this year. Here are the top two reasons (see graphic below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230403/20230404-why-are-you-considering-selling-your-home-in-2023-MEM.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230403/20230404-why-are-you-considering-selling-your-home-in-2023-MEM.png" /></a>
Let’s break those reasons down and explore how they might resonate with you.
1. I Want To Take Advantage of the Current Market and Make a Profit
When you decide to sell your house, how much you’ll make from the sale will likely be top of mind. So, here’s some good news: according to the latest data, the average seller can expect a strong return on their investment when they make a move. ATTOM <a href="https://www.attomdata.com/hnr/us-home-seller-profits-top-50-percent-in-2022-despite-market-slowdown/" rel="noopener noreferrer" target="_blank">explains</a>:
“The $112,000 profit on median-priced home sales in 2022 represented a 51.4% return on investment compared to the original purchase price, up from 44.6% last year and from 32.8% in 2020.”
Even though home prices have declined slightly in some markets, they’re still much higher overall than they were just a few years ago. To understand what’s happening with home prices in your area and the current value of your house, work with a local real estate professional. They can give you the best advice on how much you could gain if you sell this year.
2. My Home No Longer Meets My Needs
The average person has been in their house for <a href="https://www.nar.realtor/blogs/economists-outlook/eleven-takeaways-from-the-2022-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">ten years</a>. That’s a long time when you think about how much may have changed in your life since you moved in. And typically, those changes have a direct impact on what you need in a home. Whether it’s more (or less) space, different features, or a location closer to your work or loved ones, your current house may no longer check all the boxes of what feels like home to you. If that’s the case, it could be time to work with a real estate agent to find a better fit.
Bottom Line
If you’re thinking about selling your house, there’s probably a good reason for it. Let’s connect so you can make a move that’ll help you accomplish your goals this year.
2023-04-05T16:03:28-07:002023-04-05T16:10:15-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:207124 Key Tips for Selling Your House This Spring
Spring has arrived, and that means more and more people are getting their homes ready to sell. But with recent shifts in real estate, this year’s <a href="https://www.mykcm.com/2023/03/08/2-things-sellers-need-to-know-this-spring/" rel="noopener noreferrer" target="_blank">spring housing market</a> will be different from the frenzy of the past several years. To sell your house quickly, without hassles, and for the most money, be sure to follow these four simple tips:
1. Make Sure You Give Buyers Access
One of the biggest mistakes you can make as a seller is limiting the days and times when buyers have access to view your home. In any market, if you want to <a href="https://www.mykcm.com/2023/03/21/the-role-of-access-in-selling-your-house/" rel="noopener noreferrer" target="_blank">maximize</a> the sale of your house, you can’t limit potential buyers’ access to view it. If it’s not accessible, it could cost you by sitting on the market longer and ultimately selling for a lower price.
2. Make Your Home Look as Good as Possible on the Inside
For anything to sell, especially your home, it must look inviting. Your real estate agent can give you <a href="https://www.mykcm.com/2023/03/27/get-ready-the-best-time-to-list-your-house-is-almost-here/" rel="noopener noreferrer" target="_blank">expert advice</a> on ideal staging for your home. Even updating a room with fresh paint, steam cleaning carpets, or removing clutter from the garage can make a big impact.
3. First Impressions Matter
The old saying “you never get a second chance to make a first impression” matters when <a href="https://www.mykcm.com/2023/02/24/checklist-for-selling-your-house-this-spring-infographic/" rel="noopener noreferrer" target="_blank">selling your house</a>. Often, the first impression a buyer gets is what they see as they walk up to the front door. Putting in the work in on the exterior of your home is just as important as what you stage inside. Freshen up your landscaping to improve your home’s curb appeal so you can make an impact with potential buyers.
4. Price It Right
This is probably the most important aspect of selling your home in today’s real estate market. If a house is <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">priced competitively</a>, it’s going to sell. Period. To do this, you have to know what’s happening with home prices in your area and understand the factors that are affecting the market right now. That’s why it’s best to work with a trusted real estate professional who can ensure you list your house at the right price.
Bottom Line
Everyone <a href="https://www.mykcm.com/2023/03/24/have-you-thought-about-why-you-might-want-to-sell-your-house-infographic/" rel="noopener noreferrer" target="_blank">selling their home</a> wants three things: to sell it for the most money they can, to do it in a certain amount of time, and to do all of that with the fewest hassles. To accomplish these goals, <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> so you can understand the steps you need to take to sell your home this spring.
2023-03-30T09:32:00-07:002023-03-31T09:36:31-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20654 Leverage Your Equity When You Sell Your HouseOne of the benefits of being a homeowner is that you build equity over time. By <a href="https://www.mykcm.com/2023/02/06/the-top-reasons-for-selling-your-house/" title="selling">selling</a> your house, that equity can be used toward purchasing your next home. But before you can put it to use, you should understand exactly what equity is and how it grows. Bankrate <a href="https://www.bankrate.com/home-equity/what-is-home-equity/" title="explains" target="_blank" rel="noopener noreferrer">explains</a> it like this:
“Home equity is the portion of your home you’ve paid off – in other words, your stake in the property as opposed to the lender’s. In practical terms, home equity is the appraised value of your home minus any outstanding mortgage and loan balances.”
Majority of Americans Have a Large Amount of Equity
If you’ve owned your home for a while, you’ve likely built up some equity – and you may not even realize how much. Based on data from the <a href="https://data.census.gov/cedsci/all?q=mortgage" title="U.S. Census Bureau" target="_blank" rel="noopener noreferrer">U.S. Census Bureau</a> and <a href="https://www.attomdata.com/news/market-trends/home-sales-prices/attom-q4-2022-u-s-home-equity-and-underwater-report/" title="ATTOM" target="_blank" rel="noopener noreferrer">ATTOM</a>, the majority of Americans have a substantial amount of equity right now (see graph below):
<a href="https://files.mykcm.com/2023/03/10100319/americans-sitting-on-tremendous-equity-MEM.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-107831" src="https://files.mykcm.com/2023/03/10100319/americans-sitting-on-tremendous-equity-MEM.png" alt="Leverage Your Equity When You Sell Your House | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2023/03/10100319/americans-sitting-on-tremendous-equity-MEM.png 960w, https://files.mykcm.com/2023/03/10100319/americans-sitting-on-tremendous-equity-MEM-600x450.png 600w, https://files.mykcm.com/2023/03/10100319/americans-sitting-on-tremendous-equity-MEM-768x576.png 768w, https://files.mykcm.com/2023/03/10100319/americans-sitting-on-tremendous-equity-MEM-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
And having such large amounts of equity is a benefit to homeowners in more ways than one. Rick Sharga, Executive Vice President of Market Intelligence at ATTOM, <a href="https://www.housingwire.com/articles/almost-45-of-homeowners-are-now-equity-rich/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“Record levels of home equity provide security for millions of families, and minimize the chance of another housing market crash like the one we saw in 2008.”
Over time, your home equity grows. In addition to providing financial stability while you own your house, when you’re ready to sell it, that money could go a long way toward <a href="https://www.mykcm.com/2023/02/13/what-you-should-know-about-closing-costs/" title="paying">paying</a> for your next home.
Bottom Line
By <a href="https://www.mykcm.com/2023/01/30/where-will-you-go-if-you-sell-you-have-options/" title="selling">selling</a> your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect today so you can find out how much home equity you have and start <a href="https://www.mykcm.com/2023/02/15/should-you-consider-buying-a-newly-built-home/" title="planning">planning</a> your next move.2023-03-14T16:26:40-07:002023-03-14T16:27:59-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20633 2 Things Sellers Need To Know This Spring
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A lot has changed over the past year, and you might be wondering what’s in store for the spring housing market. If you’re planning to sell your house this season, here’s what real estate experts are saying you should keep in mind.
1. Houses That Are Priced Right Are Still Selling
Houses that are <a href="https://www.mykcm.com/2023/02/20/spring-into-action-boost-your-homes-curb-appeal-with-expert-guidance/" title="updated and priced">updated and priced</a> at their current market value are still selling. Jeff Tucker, Senior Economist at Zillow, <a href="https://www.forbes.com/sites/brendarichardson/2023/02/16/expect-the-spring-housing-market-to-be-calm-but-competitive/?sh=6fc73d8357bd" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.”
The need to price your house right is so important today because the market has changed so much over the past year. Danielle Hale, Chief Economist at realtor.com, <a href="https://news.move.com/2023-03-02-Realtor-com-R-February-Housing-Report-More-Choices-for-Buyers-as-Inventory-Recovery-Continues-at-Breakneck-Speed" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“With a smaller pool of buyers today and more competition from other homes on the market, homesellers will likely need to adjust their price expectations in the market this spring.”
While this spring housing market is different than last year’s, sellers with proper expectations who lean on a real estate expert for the best advice on <a href="https://www.mykcm.com/2023/01/23/want-to-sell-your-house-price-it-right/" title="pricing">pricing</a> their house well are still finding success. And that’s great news if you’re thinking about <a href="https://www.mykcm.com/2023/02/17/the-spring-housing-market-could-be-a-sweet-spot-for-sellers-infographic/" title="selling">selling</a>.
2. Buyers Are Still Out There
As mortgage rates have risen and remain volatile, some buyers have pressed pause on their plans. But there are still plenty of <a href="https://www.mykcm.com/2023/02/14/why-its-easy-to-fall-in-love-with-homeownership-1/" title="reasons">reasons</a> people are buying homes today. Lisa Sturtevant, Chief Economist at Bright MLS, <a href="https://www.usnews.com/news/economy/articles/2023-02-27/pending-home-sales-crush-estimates-rise-8-1-in-january" title="spells out" target="_blank" rel="noopener noreferrer">spells out</a> the mindset of today’s buyers:
“For some buyers, higher mortgage rates simply means buying a home is out of the question unless home prices fall. For others, higher mortgage rates will be a hurdle but ultimately will not keep them from getting back into the market after sitting on the sidelines for months.”
That’s why, if you’re interested in selling your house this spring, it’s helpful to work with a real estate agent who can help connect you with those buyers who are ready to purchase a home.
Bottom Line
There are still clear opportunities for sellers this spring. If you’re wondering if it’s the right time to make a move, let’s connect today.
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2023-03-08T16:12:45-07:002023-03-08T16:13:52-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20627Where Will You Go After You Sell Your House?<img src="https://assets.site-static.com/userfiles/819/image/Checklist-For-Selling-This-Spring-MEM.png" width="1300" height="2453" />
Some Highlights
If you’re thinking of <a href="https://www.mykcm.com/2023/03/01/an-expert-makes-all-the-difference-when-you-sell-your-house/" title="selling">selling</a> your house, be sure to explore all the options you have for your next home.
Both <a href="https://www.mykcm.com/2023/02/15/should-you-consider-buying-a-newly-built-home/" title="newly built homes">newly built homes</a> and existing homes offer plenty of unique benefits.
If you have questions about the <a href="https://www.mykcm.com/2023/02/22/a-smaller-home-could-be-your-best-option/" title="options">options</a> in our area, let’s discuss what’s <a href="https://www.mykcm.com/2023/02/08/number-of-homes-for-sale-up-from-last-year-but-below-pre-pandemic-years/" title="available">available</a> and what’s right for you.
2023-03-06T14:06:13-07:002023-03-06T14:48:36-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20619An Expert Makes All the Difference When You Sell Your House
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If you’re thinking of selling your house, it’s important to work with someone who understands how the market is changing and what it means for you. Here are five reasons working with a <a href="https://www.mykcm.com/2023/02/20/spring-into-action-boost-your-homes-curb-appeal-with-expert-guidance/" title="professional">professional</a> can ensure you’ll get the most out of your sale.
1. They’re Experts on Market Trends
With today’s housing market defined by change, it’s critical to work with someone who knows the <a href="https://www.mykcm.com/2023/02/21/the-two-big-issues-the-housing-markets-facing-right-now/" title="latest information">latest information</a> and how it impacts your goals. An expert real estate advisor knows about national trends and your local area too. More importantly, they’ll give insight to what all of this means for you, so they’ll be able to help you make a decision based on trustworthy, data-bound information.
2. A Local Professional Knows How To Set the Right Price for Your Home
Home price appreciation has <a href="https://www.mykcm.com/2023/01/20/whats-really-happening-with-home-prices-infographic/" title="moderated">moderated</a> this year. If you sell your house on your own, you may be more likely to overshoot your asking price because you’re not as aware of where prices are today. <a href="https://www.mykcm.com/2023/01/23/want-to-sell-your-house-price-it-right/" title="Pricing your house">Pricing your house</a> too high can deter buyers or cause your house to sit on the market for longer.
Real estate professionals look at a variety of factors, like the condition of your home and any upgrades you’ve made, with an unbiased eye. They compare your house to recently sold homes in your area to find the best price for today’s market so your house sells quickly.
3. A Real Estate Advisor Helps Maximize Your Pool of Buyers
Since buyer demand has cooled this year, you’ll want to do what you can to help bring in more buyers. Real estate professionals have a wide range of tools at their disposal, such as social media followers, agency resources, and the Multiple Listing Service (MLS), to ensure your house gets in front of people looking to make a purchase. 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.”
Without access to your agent’s tools and marketing expertise, your buyer pool – and your home’s selling potential – is limited.
4. A Real Estate Expert Will Read – and Understand – 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) <a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-sellers/8-reasons-to-work-with-a-realtor" title="puts it" target="_blank" rel="noopener noreferrer">puts it</a> like this:
“There’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.”
5. A Local Professional Is a Skilled Negotiator
In today’s market, buyers are regaining some negotiation power. If you <a href="https://www.mykcm.com/2023/02/17/the-spring-housing-market-could-be-a-sweet-spot-for-sellers-infographic/" title="sell">sell</a> without an expert, you’ll be responsible for any back-and-forth. 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 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.
Bottom Line
Don’t go at it alone. If you’re planning to <a href="https://www.mykcm.com/2023/02/06/the-top-reasons-for-selling-your-house/" title="sell your house">sell your house</a> this spring, let’s connect so you have an expert by your side to guide you in today’s market.
</article>
2023-03-03T12:51:25-07:002023-03-03T12:57:32-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20593Spring into Action: Boost Your Home’s Curb Appeal with Expert GuidanceTo sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but <a href="https://www.mykcm.com/2023/02/08/number-of-homes-for-sale-up-from-last-year-but-below-pre-pandemic-years/" title="inventory">inventory</a> is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, homes that are updated and <a href="https://www.mykcm.com/2023/01/23/want-to-sell-your-house-price-it-right/" title="priced">priced</a> at market value are still selling fast.
Today, homes with curb appeal that are presented well are still selling quickly, and sometimes over asking <a href="https://www.mykcm.com/2023/01/20/whats-really-happening-with-home-prices-infographic/" title="price">price</a>. According to Danielle Hale, Chief Economist at <a href="https://www.realtor.com/news/trends/a-tale-of-2-housing-markets-why-some-homes-still-cause-heated-bidding-wars-while-others-sit-unsold/" title="realtor.com" target="_blank" rel="noopener noreferrer">realtor.com</a>:
“In a market where costs are still high and buyers can be a little choosier, it makes sense they’re going to really zero in on the homes that are the most appealing.”
With the spring buying season just around the corner, now’s the time to start getting your house ready to sell. And the best way to determine where to spend your time and money is to work with a trusted real estate agent who can help you understand which improvements are most valuable in your local market.
Curb Appeal Wins
One way to prioritize updates that could bring a good return on your investment is to find smaller projects you can do yourself. Little updates that boost your curb appeal usually work well. <a href="https://www.investopedia.com/investing/types-home-renovation-which-ones-boost-value/" title="Investopedia" target="_blank" rel="noopener noreferrer">Investopedia</a> puts it this way:
“Curb-appeal projects make the property look good as soon as prospective buyers arrive. While these projects may not add a considerable amount of monetary value, they will help your home sell faster—and you can do a lot of the work yourself to save money and time.”
Small cosmetic updates, like refreshing some paint and power washing the exterior of your home, create a great first impression for buyers and help it stand out. Work with a real estate professional to find the low-cost projects you can tackle around your house that will appeal to buyers in your area.
Not All Updates Are Created Equal
When deciding what you need to do to your house before selling it, remember you’re making these repairs and updates for someone else. Prioritize projects that will help you sell faster or for more money over things that appeal to you as a homeowner.
The 2022 Remodeling Impact Report from the National Association of Realtors (NAR) <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf" title="highlights" target="_blank" rel="noopener noreferrer">highlights</a> popular home improvements and what sort of return they bring for the investment (see graph below):
<a href="https://files.mykcm.com/2023/02/16133943/typical-cost-recovery-for-common-remodeling-projects-MEM-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-107538" src="https://files.mykcm.com/2023/02/16133943/typical-cost-recovery-for-common-remodeling-projects-MEM-1.png" alt="Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2023/02/16133943/typical-cost-recovery-for-common-remodeling-projects-MEM-1.png 960w, https://files.mykcm.com/2023/02/16133943/typical-cost-recovery-for-common-remodeling-projects-MEM-1-600x450.png 600w, https://files.mykcm.com/2023/02/16133943/typical-cost-recovery-for-common-remodeling-projects-MEM-1-768x576.png 768w, https://files.mykcm.com/2023/02/16133943/typical-cost-recovery-for-common-remodeling-projects-MEM-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Remember to lean on your trusted real estate advisor for the best advice on the updates you should invest in. They’ll know what local buyers are looking for and have the latest insights of what your house needs to sell quickly this spring.
Bottom Line
As we approach the spring season, now’s the time to get your house ready to <a href="https://www.mykcm.com/2023/02/06/the-top-reasons-for-selling-your-house/" title="sell">sell</a>. Let’s connect today so you can find out which updates make the most sense.2023-02-22T13:10:22-07:002023-02-22T13:11:45-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:20356What Every Seller Should Know About Home PricesIf you’re trying to decide whether or not to <a href="https://www.simplifyingthemarket.com/2022/11/28/your-house-could-be-the-1-item-on-a-homebuyers-wish-list-during-the-holidays/?a=449944-4cf5617461979320c601b621502c88f9">sell your house</a>, recent headlines about home prices may be top of mind. And if those stories have you wondering what that means for your home’s value, here’s what you really need to know.
What’s Really Happening with Home Prices?
It’s possible you’ve seen news stories mentioning a drop in home values or home price depreciation, but it’s important to remember those headlines are designed to make a big impression in just a few words. But what headlines aren’t always great at is painting the full picture.
While home prices are down slightly month-over-month in some markets, it’s also true that home values are up nationally on a year-over-year basis. The graph below uses the latest <a href="https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-20-city-composite-home-price-nsa-index/#news-research">data</a> from S&P Case-Shiller to help tell the story of what’s actually happening in the <a href="https://www.spglobal.com/spdji/en/index-announcements/article/sp-corelogic-case-shiller-index-continued-to-decline-in-september/" target="_blank">housing market</a> today:
<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/12/09102420/home-price-growth-since-january-2019-MEM.png?a=449944-4cf5617461979320c601b621502c88f9"><img loading="lazy" class="aligncenter wp-image-47595" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/12/09102420/home-price-growth-since-january-2019-MEM.png" alt="What Every Seller Should Know About Home Prices | Simplifying The Market" width="650" height="488" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/12/09102420/home-price-growth-since-january-2019-MEM.png 960w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/12/09102420/home-price-growth-since-january-2019-MEM-400x300.png 400w" sizes="(max-width: 650px) 100vw, 650px" /></a>
As the graph shows, it’s true <a href="https://www.simplifyingthemarket.com/2022/11/09/whats-ahead-for-mortgage-rates-and-home-prices/?a=449944-4cf5617461979320c601b621502c88f9">home price</a> growth has moderated in recent months (shown in green) as buyer demand has pulled back in response to higher <a href="https://www.simplifyingthemarket.com/2022/11/21/mortgage-rates-will-come-down-its-just-a-matter-of-time/?a=449944-4cf5617461979320c601b621502c88f9">mortgage rates</a>. This is what the headlines are drawing attention to today.
But what’s important to notice is the bigger, longer-term picture. While home price growth is moderating month-over-month, the percent of appreciation year-over-year is still well above the home price change we saw during more normal years in the market.
The bars for January 2019 through mid-2020 show home price appreciation around 3-4% a year was more typical (see bars for January 2019 through mid-2020). But even the latest data for this year shows prices have still climbed by roughly 10% over last year.
What Does This Mean for Your Home’s Equity in Southern Indiana and Louisville?
While you may not be able to capitalize on the 20% appreciation we saw in early 2022, in most markets your home’s value, on average, is up 10% over last year – and a 10% gain is still dramatic compared to a more normal level of appreciation (3-4%).
The big takeaway? Don’t let the headlines get in the way of your <a href="https://www.simplifyingthemarket.com/2022/11/16/top-questions-about-selling-your-home-this-winter/?a=449944-4cf5617461979320c601b621502c88f9">plans to sell</a>. Over the past two years alone, you’ve likely gained a substantial amount of <a href="https://www.simplifyingthemarket.com/2022/11/04/homeownership-wins-over-time-infographic/?a=449944-4cf5617461979320c601b621502c88f9">equity</a> in your home as home prices climbed. Even though <a href="https://www.simplifyingthemarket.com/2022/12/06/whats-going-on-with-home-prices-ask-a-professional/?a=449944-4cf5617461979320c601b621502c88f9">home price moderation</a> will vary by market moving forward, you can still use the boost your <a href="https://www.simplifyingthemarket.com/2022/11/14/home-equity-a-source-of-strength-for-homeowners-today/?a=449944-4cf5617461979320c601b621502c88f9">equity</a> got to help power your move.
As Mark Fleming, Chief Economist at First American, <a href="https://blog.firstam.com/economics/house-prices-decline-but-equity-buffers-remain-robust" target="_blank">says</a>:
“Potential home sellers gained significant amounts of equity over the pandemic, so even as affordability-constrained buyer demand spurs price declines in some markets, potential sellers are unlikely to lose all that they have gained.”
Bottom Line
If you have questions about home prices or how much equity you have in your current home, connect with an agent at Ward Realty Services so you have an expert’s advice.2022-12-12T09:30:00-07:002022-12-12T10:10:12-07:00Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:20299What Homeowners Want To Know About Selling in Today’s MarketIf you’re thinking about <a href="https://www.simplifyingthemarket.com/2022/11/02/sell-your-house-before-the-holidays/?a=449944-4cf5617461979320c601b621502c88f9">selling your house</a>, you’re likely hearing about the cooling housing market and wondering what that means for you. While it’s not the peak intensity we saw during the pandemic, we’re still in a sellers’ market. That means you haven’t missed your window. Realtor.com <a href="https://www.realtor.com/advice/sell/home-selling-rules-youve-heard-lately-that-you-might-want-to-break/" target="_blank">explains</a>:
“. . . while prospective home sellers may lament that they missed their prime window, in reality, this is still a terrific time to sell. In fact, according to a recent Realtor.com® home seller survey, 95% of sellers who sold their home in the past year got more than they paid for it.
Nonetheless, some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.”
The key to success today is being realistic and working with a trusted real estate advisor at Ward Realty Services who can help you set your expectations based on where the market is now, not where it was over the past few years.
Here are a few things experts say today’s sellers need to consider.
Be Willing To Negotiate
At the peak of the pandemic frenzy, sellers held all the leverage because Southern Indiana and Kentucky inventory was at record lows and buyers were willing to enter bidding wars over homes that were available. This year, the <a href="https://www.simplifyingthemarket.com/2022/10/18/the-latest-on-supply-and-demand-in-housing/?a=449944-4cf5617461979320c601b621502c88f9">supply of homes</a> for sale has increased as the market cooled. Even though inventory is still low overall, buyers today have more options, and with that comes more <a href="https://www.simplifyingthemarket.com/2022/09/15/buyers-are-regaining-some-of-their-negotiation-power-in-todays-housing-market/?a=449944-4cf5617461979320c601b621502c88f9">negotiation power</a>.
As a seller, that means you may see more Southern Indiana and Kentucky real estate buyers getting an inspection, requesting repairs, or asking for help with closing costs today. You need to be prepared to have those conversations. As Ali Wolf, Chief Economist at Zonda, <a href="https://www.realtor.com/advice/sell/reasons-home-sales-fall-through/" target="_blank">says</a>:
“Today’s market is different than it was just six months ago. . . Sellers that want the contract to move forward should be willing to work with the buyer. . . Consider helping with the closing costs or addressing many of the items on the home inspection list.”
Price Your Home at Market Value
It’s not just that the number of Southern Indiana and Kentucky homes for sale has grown this year. <a href="https://www.simplifyingthemarket.com/2022/10/27/millennials-are-still-a-driving-force-of-todays-buyer-demand/?a=449944-4cf5617461979320c601b621502c88f9">Buyer demand</a> has also pulled back in light of higher <a href="https://www.simplifyingthemarket.com/2022/11/09/whats-ahead-for-mortgage-rates-and-home-prices/?a=449944-4cf5617461979320c601b621502c88f9">mortgage rates</a>. As a result, pricing your house appropriately so you can catch the eyes of serious buyers is important. Greg McBride, Chief Financial Analyst at Bankrate, <a href="https://www.bankrate.com/real-estate/housing-trends/" target="_blank">explains</a>:
“Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still selling quickly.”
You don’t want to overreach with your price and deter buyers. At the same time, you don’t want to undervalue your home and leave money on the table. This is another area where an <a href="https://www.simplifyingthemarket.com/2022/06/24/why-an-agent-is-essential-when-pricing-your-house-infographic/?a=449944-4cf5617461979320c601b621502c88f9">agent’s expertise</a> comes in handy.
Think About Your First Impression on Buyers
Buyers have more options and are more particular about their investment since it costs more to buy a home given today’s mortgage rates. As a result, you need to make sure your house shows well. As an article from realtor.com <a href="https://www.realtor.com/advice/sell/how-home-sellers-can-prepare-for-a-recession-and-still-sell-their-home/" target="_blank">says</a>:
“To stand out in the market, sellers should make their home attractive to buyers, which usually means some selective updates.”
This could include everything from staging the home, to making small <a href="https://www.simplifyingthemarket.com/2022/09/12/getting-your-house-ready-to-sell-work-with-an-agent-for-expert-advice/?a=449944-4cf5617461979320c601b621502c88f9">cosmetic updates</a>, tackling repairs, or undergoing renovations. A trusted real estate professional will help you assess what may be worthwhile to do compared to other recently sold homes in your area.
Bottom Line
To sum it all up, your house should still sell today and move quickly if you’re realistic about today’s market. As a <a href="https://zillow.mediaroom.com/2022-10-31-Pressure-is-back-on-sellers-to-attract-buyers-as-demand-softens" target="_blank">press release</a> from Zillow puts it:
“. . . sellers need to do things right to attract the attention of these buyers — pricing their home competitively and making their listing attractive to online home shoppers.”
For expert advice on how to quickly sell your house in a shifting market, connect with a Ward Realty Services expert today.2022-11-22T04:15:00-07:002022-11-22T04:21:39-07:00Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:19252Selling Louisville or Southern Indiana Homes? Don’t Wait Until Spring To Make Your Move As you plan out your goals for the <a href="https://www.simplifyingthemarket.com/2021/12/17/2022-housing-market-forecast-infographic/?a=449944-4cf5617461979320c601b621502c88f9">year</a>, moving to your dream Kentucky or Southern Indiana 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 Southern Indiana 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.simplifyingthemarket.com/2021/12/13/if-you-think-the-housing-market-will-slow-this-winter-think-again/?a=449944-4cf5617461979320c601b621502c88f9">this winter</a> an ideal time to move. Here’s why.
1. The Number of Southern Indiana Homes for Sale on the Market Is Still Low
Today’s limited supply of houses for sale in the Southern Indiana area 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.simplifyingthemarket.com/2021/11/16/sellers-youll-likely-get-multiple-strong-offers-this-season/?a=449944-4cf5617461979320c601b621502c88f9">strong offers</a> this season. Just remember, experts project <a href="https://www.simplifyingthemarket.com/2021/11/18/home-sales-about-to-surge-we-may-see-a-winter-like-never-before/?a=449944-4cf5617461979320c601b621502c88f9">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/" target="_blank">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. Equity for Southern Indiana Homes Is Growing in Record Amounts
Current homeowners are sitting on record amounts of <a href="https://www.simplifyingthemarket.com/2021/12/21/the-average-homeowner-gained-56700-in-equity-over-the-past-year/?a=449944-4cf5617461979320c601b621502c88f9">equity</a> thanks to today’s home price appreciation. According to the <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" target="_blank">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.simplifyingthemarket.com/2021/12/08/struggling-to-find-a-home-to-buy-new-construction-may-be-an-option/?a=449944-4cf5617461979320c601b621502c88f9">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.simplifyingthemarket.com/2021/12/22/the-perks-of-putting-20-down-on-a-home/?a=449944-4cf5617461979320c601b621502c88f9">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/" target="_blank">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.simplifyingthemarket.com/2021/11/08/two-graphs-that-show-why-you-shouldnt-be-upset-about-3-mortgage-rates/?a=449944-4cf5617461979320c601b621502c88f9">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.simplifyingthemarket.com/2021/11/24/how-smart-buyers-are-approaching-rising-mortgage-rates/?a=449944-4cf5617461979320c601b621502c88f9">cost you more</a> to purchase your next home.
4. Prices for Southern Indiana Homes Are Going To Keep Rising with Time
According to industry leaders, <a href="https://www.simplifyingthemarket.com/2021/12/15/what-everyone-wants-to-know-will-home-prices-decline-in-2022/?a=449944-4cf5617461979320c601b621502c88f9">home prices</a> will also continue appreciating this year. While experts are forecasting more moderate Southern Indiana 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 for Your Hoosier or Kentucky Move
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.2022-01-19T07:19:00-07:002022-01-19T13:28:02-07:00Marketing Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:19220Why Waiting To Sell Your House Could Cost You a Small FortuneMany homeowners who plan to sell in 2022 may think the wise thing to do is to wait for the spring buying market since historically about <a href="https://www.fortunebuilders.com/homebuyers-guide-to-the-busy-spring-selling-season/" target="_blank">40 percent</a> of home sales occur between April and July. However, this year’s expected to be much different than the norm. Here are five reasons to list your house now rather than waiting until the spring.
1. Buyers Are Looking Right Now, and They’re Ready To Purchase
The ShowingTime Showing Index reports data from more than six million property showings scheduled across the country each month. In other words, it’s a gauge of how many buyers are out looking at homes at the current time.
The latest index, which covers <a href="https://www.showingtime.com/blog/november-2021-showing-index-results/" target="_blank">November showings</a>, reveals that buyers are still very active in the market. Comparing this November’s numbers to previous years, this graph shows that the index is higher than last year and much higher than the three years prior to the pandemic. Clearly, there’s an influx of buyers searching for your home.
<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/01/04142831/20220105-MEM-Eng-1.png?a=449944-4cf5617461979320c601b621502c88f9"><img loading="lazy" class="aligncenter wp-image-45794" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/01/04142831/20220105-MEM-Eng-1.png" alt="Why Waiting To Sell Your House Could Cost You a Small Fortune | Simplifying The Market" width="650" height="488" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/01/04142831/20220105-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/01/04142831/20220105-MEM-Eng-1-400x300.png 400w" sizes="(max-width: 650px) 100vw, 650px" /></a>
Also, at this time of year, only those purchasers who are serious about buying a home will be in the market. You and your loved ones won’t be inconvenienced by casual searchers. Freddie Mac addresses this in a <a href="https://myhome.freddiemac.com/blog/homeownership/20170129-pros-cons-buying-home-in-winter" target="_blank">recent blog</a>:
“The buyers who are willing to house hunt in a winter market, when there are fewer options, are typically more serious. Plus, year-end bonuses and overtime payouts give people more purchasing power.”
And that theory is proving to be true right now based on the number of buyers who have put a home under contract to purchase. The National Association of Realtors (NAR) publishes a monthly Pending Home Sales Index which measures housing contract activity. It’s based on signed real estate contracts for existing single-family homes, condos, and co-ops. The <a href="https://www.nar.realtor/newsroom/pending-home-sales-subside-2-2-in-november" target="_blank">latest index</a> shows:
“…housing demand continues to be high. . . . Homes placed on the market for sale go from ‘listed status’ to ‘under contract’ in approximately 18 days.”
Comparing the index to previous Novembers, while it’s slightly below November 2020 (when sales were pushed to later in the year because of the pandemic), it’s well above the previous three years.
<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/01/04142832/20220105-MEM-Eng-2.png?a=449944-4cf5617461979320c601b621502c88f9"><img loading="lazy" class="aligncenter wp-image-45795" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/01/04142832/20220105-MEM-Eng-2.png" alt="Why Waiting To Sell Your House Could Cost You a Small Fortune | Simplifying The Market" width="650" height="488" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/01/04142832/20220105-MEM-Eng-2.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/01/04142832/20220105-MEM-Eng-2-400x300.png 400w" sizes="(max-width: 650px) 100vw, 650px" /></a>
The takeaway for you: There are purchasers in the market, and they’re ready and willing to buy.
2. Other Sellers Plan To List Earlier This Year
The law of supply and demand tells us that if you want the best price possible and to negotiate your ideal contract terms, put your house on the market when there’s strong demand and less competition.
A <a href="https://news.move.com/2021-11-11-Low-Temps,-High-Expectations-Realtor-com-R-Survey-Shows-65-of-Prospective-Sellers-Plan-to-Enter-the-Market-this-Winter" target="_blank">recent study</a> by realtor.com reveals that, unlike in previous years, sellers plan to list their homes this winter instead of waiting until spring or summer. The study shows that 65% of sellers who plan to sell in 2022 have either already listed their home (19%) or are planning to put it on the market this winter.
Again, if you’re looking for the best price and the ability to best negotiate the other terms of the sale of your house, listing before this competition hits the market makes sense.
3. Newly Constructed Homes Will Be Your Competition in the Spring
In 2020, there were over <a href="https://www.census.gov/construction/bps/" target="_blank">979,000</a> new single-family housing units authorized by building permits. Many of those homes have yet to be built because of labor shortages and supply chain bottlenecks brought on by the pandemic. They will, however, be completed in 2022. That will create additional competition when you sell your house. Beating these newly constructed homes to the market is something you should consider to ensure your house gets as much attention from interested buyers as possible.
4. There Will Never Be a Better Time To Move-Up
If you’re moving into a larger, more expensive home, consider doing it now. Prices are projected to appreciate by <a href="https://www.simplifyingthemarket.com/2021/12/15/what-everyone-wants-to-know-will-home-prices-decline-in-2022/?a=449944-4cf5617461979320c601b621502c88f9">approximately 5%</a> over the next 12 months. That means it will cost you more (both in down payment and mortgage payment) if you wait. You can also lock in your 30-year housing expense with a mortgage rate in the <a href="http://www.freddiemac.com/pmms/" target="_blank">low 3’s</a> right now. If you’re thinking of selling in 2022, you may want to do it now instead of waiting, as mortgage rates are <a href="https://www.simplifyingthemarket.com/2021/11/03/experts-project-mortgage-rates-will-continue-to-rise-in-2022/?a=449944-4cf5617461979320c601b621502c88f9">forecast to rise</a> throughout the year.
5. It May Be Time for You To Make a Change
Consider why you’re thinking of selling in the first place and determine whether it’s worth waiting. Is waiting more important than being closer to your loved ones now? Is waiting more important than your health? Is waiting more important than having the space you truly need?
Only you know the answers to those questions. Take time to think about your goals and priorities as we move into 2022 and consider what’s most important to act on now.
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 connect so you have expert advice on the best time to put your house on the market.2022-01-05T07:46:00-07:002022-01-05T13:48:38-07:00Marketing Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:19215Why Selling Your House With a Professional Is EssentialSelling your house is no simple task. And when you sell on your own – known as a FSBO (or For Sale by Owner) – you’re responsible for handling some of the more difficult aspects of the process without the expert guidance you need.
The <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-highlights-from-the-profile-of-home-buyers-and-sellers-11-11-2021.pdf" target="_blank">2021 Profile of Home Buyers and Sellers</a> from the National Association of Realtors (NAR) surveys homeowners who recently sold their house on their own and asks what difficulties they faced. Those sellers say some of the biggest headaches are prepping their house for sale, pricing it right, and handling the required paperwork.
Working with an agent is the best way to ensure you have an expert on your side to guide you at every turn. Agents have the skills and knowledge that are essential to navigating each step with ease, efficiency, and accuracy. Here are just a few things a <a href="https://www.simplifyingthemarket.com/2021/11/26/reasons-to-hire-a-real-estate-professional-infographic/?a=449944-4cf5617461979320c601b621502c88f9">real estate agent</a> will do to make sure you get the most out of your sale.
1. Make the Best First Impression
Selling your house requires a significant amount of time and effort. Doing it right takes expertise and an understanding of today’s buyers. Your agent knows the answers to common questions, such as:
Do I need to take down my personal art?
How much landscaping does my house need?
What colors should I paint my walls?
Your time and money are important, and you don’t want to waste either one focusing on the wrong things. A real estate advisor relies on their experience to answer these questions and more, allowing you to make the right investments to <a href="https://www.simplifyingthemarket.com/2021/12/03/a-checklist-for-selling-your-house-this-winter-infographic/?a=449944-4cf5617461979320c601b621502c88f9">prep your house</a> before you list.
2. Maximize Your Buyer Pool – and Your Sale
Today, the average home is getting <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-11-realtors-confidence-index-12-22-2021.pdf" target="_blank">3.6 offers</a> per sale according to recent data from NAR. That’s great news if you’re planning to sell, since the more offers you receive, the more likely you are to sell your house in a bidding war, and for a <a href="https://www.simplifyingthemarket.com/2021/11/09/how-sellers-win-when-housing-inventory-is-low/?a=449944-4cf5617461979320c601b621502c88f9">higher price</a>.
Real estate agents have an assortment of tools at their disposal, like social media followers and agency resources, that will ensure your house is viewed by the most buyers. Without access to these tools and your agent’s marketing expertise, your buyer pool – and your home’s selling potential – is limited.
3. Understand the Documentation, Including the Fine Print
Today, when a house is sold, more disclosures and regulations are mandatory, meaning the number of legal documents to juggle is growing. It’s hard to understand all the requirements and fine print (especially if you’re not an expert). That’s why your advisor is an invaluable guide.
Your agent knows exactly what needs to happen, what all the paperwork means, and can work through it efficiently. They’ll help you review the documentation and avoid any costly missteps that could happen if you tackle it on your own.
4. Act as Your Expert Negotiator
If you sell without an agent, you’ll also be solely responsible for all negotiations. That means you 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. Your agent relies on experience and training to make the right moves throughout the <a href="https://www.simplifyingthemarket.com/2021/11/02/sellers-have-incredible-leverage-in-todays-market/?a=449944-4cf5617461979320c601b621502c88f9">negotiation</a>. They’ll know what levers to pull, how to address each individual concern, and when you may want to get a second opinion. When you sell your house yourself, you’ll need to be prepared to have these conversations on your own.
5. Price It Right
Real estate professionals have the expertise 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 house. These factors are key to making sure your house is priced to move quickly and get you the maximum return on your investment.
When you sell as a FSBO, you’re operating without this advantage. That could cost you in the long run if you <a href="https://www.simplifyingthemarket.com/2021/07/08/selling-your-house-make-sure-you-price-it-right/?a=449944-4cf5617461979320c601b621502c88f9">price your house</a> too high or too low.
Bottom Line
There’s a lot that goes into selling your house, and it takes time, effort, and expertise to truly maximize your sale. Instead of tackling it alone, let’s connect to make sure you have an expert on your side.2022-01-03T11:19:00-07:002022-01-03T11:21:34-07:00Marketing Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:19086Sellers: You’ll Likely Get Multiple Strong Offers This SeasonAre you thinking about <a href="https://www.simplifyingthemarket.com/2021/11/05/numbers-dont-lie-its-still-a-great-time-to-sell-infographic/?a=449944-4cf5617461979320c601b621502c88f9">selling</a> your house right now, but you’re not sure you’ll have the time to do so as the holidays draw near? If so, consider this: even as the holiday season approaches, there are plenty of buyers out there, and they really want <a href="https://www.simplifyingthemarket.com/2021/10/28/does-your-house-have-what-buyers-want/?a=449944-4cf5617461979320c601b621502c88f9">your house</a>. Here’s why selling this winter is a win for you.
Today’s buyers are still dealing with a limited number of homes for sale. Thanks to continued <a href="https://www.simplifyingthemarket.com/2021/10/27/housing-challenge-or-housing-opportunity-it-depends/?a=449944-4cf5617461979320c601b621502c88f9">low inventory</a>, those buyers are competing with one another for their dream home. And when that happens, if your house is one of the few on the market, it will rise to the top of the pool – and it will be worth it.
According to the latest data from the <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-09-realtors-confidence-index-10-21-2021.pdf" target="_blank">National Association of Realtors</a> (NAR), the average seller received 3.7 offers on their house in September. For a view into what’s happening at the state level, take a look at the map below:<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/11/15102903/20211115-MEM-Eng-1-1.png?a=449944-4cf5617461979320c601b621502c88f9"><img loading="lazy" class="aligncenter wp-image-45512" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/11/15102903/20211115-MEM-Eng-1-1.png" alt="Sellers: You’ll Likely Get Multiple Strong Offers This Season | Simplifying The Market" width="650" height="488" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/11/15102903/20211115-MEM-Eng-1-1.png 960w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/11/15102903/20211115-MEM-Eng-1-1-400x300.png 400w" sizes="(max-width: 650px) 100vw, 650px" /></a>Nationwide, the average seller today is getting nearly four offers. That number is significant because it means you’ll likely have multiple offers to pick from if you sell your house this season. To put things into perspective, no matter where your state falls, remember that you really only need one good offer to close the deal.
Any offer you receive will likely be from a highly motivated buyer who’s doing everything they can to beat the <a href="https://www.simplifyingthemarket.com/2021/10/08/whats-causing-todays-competitive-real-estate-market-infographic/?a=449944-4cf5617461979320c601b621502c88f9">competition</a>. The stakes for buyers are high. They’ve been looking for a house and they want to lock in their dream home before <a href="https://www.simplifyingthemarket.com/2021/10/19/what-does-the-future-hold-for-home-prices/?a=449944-4cf5617461979320c601b621502c88f9">prices</a> and <a href="https://www.simplifyingthemarket.com/2021/11/03/experts-project-mortgage-rates-will-continue-to-rise-in-2022/?a=449944-4cf5617461979320c601b621502c88f9">mortgage rates</a> rise further next year. Chances are, they’ll get creative with the terms of their offer, which could include waiving contingencies and offering over the asking price – both of which are great news for <a href="https://www.simplifyingthemarket.com/2021/11/02/sellers-have-incredible-leverage-in-todays-market/?a=449944-4cf5617461979320c601b621502c88f9">you</a>.
If you’re on the fence about when to sell, remember your house is a hot commodity this season. As other sellers take a break for the holidays with plans to re-list their homes in the new year, you can put your house in front of motivated buyers by making your move today. That means your house will be the <a href="https://www.simplifyingthemarket.com/2021/10/18/sellers-your-house-could-be-an-oasis-for-buyers-seeking-more-options/?a=449944-4cf5617461979320c601b621502c88f9">center of attention</a>, and likely the center of a bidding war too.
Bottom Line
Selling now gives you even more opportunity to win big as buyers compete for your house in today’s market.2021-11-16T09:24:00-07:002021-11-16T09:27:18-07:00Marketing Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:18839Why 2021 Is Still the Year to Sell Your HouseIf you’re trying to decide whether or not to <a href="https://www.simplifyingthemarket.com/2021/08/06/ready-to-sell-but-dont-know-where-youll-go-infographic/?a=449944-4cf5617461979320c601b621502c88f9">sell your house</a>, this is the time to think seriously about making a move. Fannie Mae’s recent <a href="https://www.fanniemae.com/research-and-insights/surveys/national-housing-survey" target="_blank">Home Purchase Sentiment Index</a> (HPSI) reveals the number of respondents who say it’s a good time to sell is higher now than it was over the past few summers (see graph below). Today, the majority of consumers, 75 percent, say it’s a good time to <a href="https://www.simplifyingthemarket.com/2021/08/09/the-community-and-economic-impacts-of-a-home-sale/?a=449944-4cf5617461979320c601b621502c88f9">sell a house</a>.
<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/24123303/20210825-MEM-Eng-1.png?a=449944-4cf5617461979320c601b621502c88f9"><img loading="lazy" class="aligncenter wp-image-45010" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/24123303/20210825-MEM-Eng-1.png" alt="Why 2021 Is Still the Year To Sell Your House | Simplifying The Market" width="650" height="488" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/24123303/20210825-MEM-Eng-1.png 960w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/24123303/20210825-MEM-Eng-1-400x300.png 400w" sizes="(max-width: 650px) 100vw, 650px" /></a>
Why is sellers sentiment up year-over-year?
The higher good time to sell sentiment has to do with today’s <a href="https://www.simplifyingthemarket.com/2021/07/22/todays-real-estate-market-explained-through-4-key-trends/?a=449944-4cf5617461979320c601b621502c88f9">market conditions</a>, specifically low housing supply and high buyer demand. In the simplest terms, we don’t have enough houses available for sale to meet buyer demand.
According to <a href="https://www.nar.realtor/newsroom/existing-home-sales-climb-2-0-in-july" target="_blank">the latest data</a> from the National Association of Realtors (NAR), we’re still firmly in a <a href="https://www.simplifyingthemarket.com/2021/08/17/what-does-being-in-a-sellers-market-mean/?a=449944-4cf5617461979320c601b621502c88f9">sellers’ market</a> because housing supply is well below a balanced norm (shown in the graph below).<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/24123311/20210825-MEM-Eng-2.png?a=449944-4cf5617461979320c601b621502c88f9"><img loading="lazy" class="aligncenter wp-image-45011" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/24123311/20210825-MEM-Eng-2.png" alt="Why 2021 Is Still the Year To Sell Your House | Simplifying The Market" width="650" height="488" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/24123311/20210825-MEM-Eng-2.png 960w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/24123311/20210825-MEM-Eng-2-400x300.png 400w" sizes="(max-width: 650px) 100vw, 650px" /></a>Clearly, the scales are tipped in a seller’s favor today. But while <a href="https://www.simplifyingthemarket.com/2021/07/27/a-look-at-housing-supply-and-what-it-means-for-sellers/?a=449944-4cf5617461979320c601b621502c88f9">housing supply</a> is undeniably low, the right side of the graph shows how the inventory situation is improving little by little each month as more sellers list their homes for sale.
As a seller, that means each month, buyers have more options to pick from. By extension, that means your house may get less buyer attention with time. Danielle Hale, Chief Economist for realtor.com, <a href="https://www.realtor.com/research/weekly-housing-trends-view-data-week-july-31-2021/" target="_blank">explains it like this</a>:
“More homeowners continue to list homes for sale compared to a year ago… Notably, while new listings continue to lag behind a more ‘normal’ 2019 pace, the gap is shrinking. Even though homes continue to sell quickly thanks to high demand and limited supply, new listings are subtly shifting the balance of market conditions in favor of buyers.”
So, what’s that mean for you?
If you’ve been waiting for the perfect time to sell, there may not be a better chance than right now. Inventory is gradually increasing each month, so selling sooner rather than later will help you maximize your <a href="https://www.simplifyingthemarket.com/2021/08/04/sellers-make-todays-home-price-appreciation-work-for-you/?a=449944-4cf5617461979320c601b621502c88f9">home’s potential</a>.
Bottom Line
If you’re planning to sell your house, 2021 is still the year to do it. The unique mix of low supply and high demand won’t last forever. Let’s connect to discuss what you need to do now to sell your house and take advantage of this sellers’ market.2021-08-26T06:49:00-07:002021-08-30T09:20:06-07:00Marketing Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:18813Sellers Are in a 'Sweet Spot' [Infographic]<img src="https://assets.site-static.com/userfiles/819/image/images1/info.png" width="1300" height="2938" />2021-08-16T08:04:00-07:002021-08-16T11:53:45-07:00Marketing Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:18697Selling Your House? Make Sure You Price It RightThere’s no denying we’re in a <a href="https://www.simplifyingthemarket.com/2021/06/16/dont-wait-to-sell-your-house/?a=449944-4cf5617461979320c601b621502c88f9">sellers’ market</a>. With low inventory and high buyer demand, homes today are selling above the asking price at a record rate. According to the latest <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-05-realtors-confidence-index-06-22-2021.pdf" target="_blank">Realtors Confidence Index Survey</a> from the National Association of Realtors (NAR):
Homes typically sell within 17 days (compared to 26 days one year ago).
The average home sold has five offers to pick from.
54% of offers are over the asking price.
Because so many buyers are competing for so few homes, bidding wars are driving up <a href="https://www.simplifyingthemarket.com/2021/07/06/a-look-at-home-price-appreciation-through-2025/?a=449944-4cf5617461979320c601b621502c88f9">home prices</a>. According to an average of leading expert projections, existing home prices are expected to increase by <a href="https://www.simplifyingthemarket.com/2021/06/30/what-do-experts-see-on-the-horizon-for-the-second-half-of-the-year/?a=449944-4cf5617461979320c601b621502c88f9">8.9%</a> this year.
Yet even in today’s red-hot sellers’ market, it’s important to price your house right. While it may be tempting to price your house on the high side to capitalize on this trend, doing so could limit your house’s potential.
Why Pricing Your House Right Matters
Here’s the thing – a high price tag doesn’t mean you’re going to cash in big on <a href="https://www.simplifyingthemarket.com/2021/05/24/3-things-to-prioritize-when-selling-your-house/?a=449944-4cf5617461979320c601b621502c88f9">the sale.</a> While you may be trying to maximize your return, the tradeoff may be steep. A high list price is more likely to deter buyers, sit on the market longer, or require a price drop that can raise questions among prospective buyers.
Instead, focus on setting a price that’s fair. <a href="https://www.simplifyingthemarket.com/2021/06/14/the-right-expert-will-guide-you-through-this-unprecedented-market/?a=449944-4cf5617461979320c601b621502c88f9">Real estate professionals</a> know the value of your home. By pricing your house based on its current condition and similar homes that have recently sold in your area, your agent can help you set a price that’s realistic and obtainable – and that’s good news for you and for buyers.<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/07134847/20210708-MEM-Eng-1.png?a=449944-4cf5617461979320c601b621502c88f9"><img loading="lazy" class="aligncenter wp-image-44695" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/07134847/20210708-MEM-Eng-1.png" alt="Selling Your House? Make Sure You Price It Right. | Simplifying the Market" width="650" height="232" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/07134847/20210708-MEM-Eng-1.png 2459w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/07134847/20210708-MEM-Eng-1-600x214.png 600w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/07134847/20210708-MEM-Eng-1-1024x366.png 1024w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/07134847/20210708-MEM-Eng-1-1536x549.png 1536w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/07134847/20210708-MEM-Eng-1-2048x732.png 2048w" sizes="(max-width: 650px) 100vw, 650px" /></a>When you price your house right, you increase your home’s visibility, which drives more buyers to your front door. The more buyers that tour your home, the more likely you’ll have a multi-offer scenario to create a bidding war. When multiple buyers compete for your house, that sets you up for a bigger win.
Bottom Line
When it comes to pricing your house, working with a local real estate professional is essential. Let’s connect so we can optimize your exposure, your timeline, and the return on your investment, too.2021-07-09T06:48:00-07:002021-07-08T09:51:33-07:00Marketing Ward Realty Services