When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause.
Should I Move with Today’s Mortgage Rates?
Category: For Sellers
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Why Overpricing Your House Can Cost You
If you’re trying to sell your house, you may be looking at this spring season as the sweet spot – and you’re not wrong.
The Best Week To List Your House Is Almost Here
Are you thinking about making a move?
What Are Experts Saying About the Spring Housing Market?
If you’re planning to move soon, you might be wondering if there’ll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market.
Why Today’s Seller’s Market Is Good for Your Bottom Line
Thinking about selling your house and wondering if now’s a good time to do it?
The Benefits of Downsizing When You Retire
If you’re taking a look at your expenses as you retire, saving money where you can has a lot of appeal. One long-standing, popular way to do that is by downsizing to a smaller home.
When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:
“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”
That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve built up a considerable amount of equity. And that equity is something you can use to help you buy a home that better fits your needs today. Daniel Hunt, CFA at Morgan Stanley, explains:
“Home equity can be a significant source of wealth for retirees, often representing a large portion of their net worth. . . . Retirement planning can be complex, but your home equity shouldn’t be overlooked.”
And when you’re ready to use that equity to fuel your next move, your real estate agent will be your guide through every step of the process. That includes setting the right price for your current house when you sell, finding the home that best fits your evolving needs, and understanding what you can afford at today’s mortgage rate.
What This Means for You
If you’re thinking about downsizing, ask yourself these questions:
- Do the original reasons I bought my current house still stand, or have my needs changed since then?
- Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
- What are my housing expenses right now, and how much do I want to try to save by downsizing?
Then, meet with a real estate agent to get an answer to this one: What are my options in the market right now? A local real estate agent can walk you through how much equity you have in your house and how it positions you to win when you downsize.
Bottom Line
Want to save money in retirement? Consider downsizing – it could really help you out. When you’re ready, connect with a local real estate agent about your goals in the housing market this year.
Why Access Is So Important When Selling Your House
If you’re gearing up to sell your house this spring, one of the early conversations you’ll have with your agent is about how much access you want to give buyers. And you may not realize just how important it is to make your house easy to tour.
Spring is the peak homebuying season, so opening up your house to as many showings as possible can really help you capitalize on all the extra buyer activity we see at this time of year.
Since buyer competition ramps up in the spring, buyers are going to want to move fast to see your house once they find your listing. And, if they see it and fall in love with it at a time they know they’re competing with other buyers, you may be more likely to get the offer you’re looking for on your home.
It’s understandable you want to keep the disruptions to your own schedule to a minimum, and you may be stressed about having to keep it clean, but it’s worth it. As an article from Investopedia explains:
“If someone wants to view your house, you need to accommodate them, even if it inconveniences you. Clean and tidy the house before every single visit. A buyer won’t know or care if your house was clean last week. It’s a lot of work, but stay focused on the prize.”
To figure out what’s best for you, your agent will walk you through options like the ones below. This list breaks things down, starting with what’s most convenient for buyers and getting less buyer-focused as the list goes on:
- Lockbox on the Door – A key is available via a lockbox, which makes it easy for agents to show the home to potential buyers. This gives the most flexibility because the key is on-site and convenient.
- Providing a Key to the Home – An agent would have to stop by an office to pick up the key with this option. This is still pretty convenient for showings, but not quite as simple.
- Open Access with a Phone Call – You allow a showing with just a phone call’s notice, which can be great for someone who sees your house while driving by.
- By Appointment Only – This gives you a more advanced warning so you can get the house tidied up and be sure you have somewhere else you can go in the meantime. But it’s also a bit more restrictive.
- Limited Access – You might go this route if you only want to have your house available on specific days or at certain times of day. But realize this is the most difficult and least flexible of the choices.
As an article from U.S. News Real Estate says:
“Buyers like to see homes on their schedule, which often means evenings and weekends. Plus, they want to be able to tour a home soon after they find it online, especially if they’re competing with other buyers. If your home can be shown with little or no notice, more prospective buyers will see it. If you require 24 hours’ notice, they may choose to skip your home altogether.”
Your agent is going to help you find the right path forward based on your schedule and what’s working for other sellers in your area. And if you’ve got a hardline on granting buyers more access or have interested out of town buyers that just can’t be there in person, your agent will get creative and help you explore other options like video tours, virtual showings, and more.
Bottom Line
When it comes to selling your house, you want to be sure to get as much buyer activity as you can. Connect with a local real estate agent to talk about which level of access helps make that possible.
Why You Want an Agent’s Advice for Your Move
No matter how you slice it, buying or selling a home is a big decision. And when you’re going through any change in your life and you need some guidance, what do you do? You get advice from people who know what they’re talking about.
Moving is no exception. You need insights from the pros to help you feel confident in your decision. Freddie Mac explains it like this:
“As you set out to find the right home for your family, be sure to select experienced, trusted professionals who will help you make informed decisions and avoid pitfalls.”
And while perfect advice isn’t possible – not even from the experts, what you can get is the very best advice out there.
The Power of Expert Advice
For example, let’s say you need an attorney. You start off by finding an expert in the type of law required for your case. Once you do, they won’t immediately tell you how the case is going to end, or how the judge or jury will rule. But what a good attorney can do is walk you through the most effective strategies based on their experience and help you put a plan together. They’ll even use their knowledge to adjust that plan as new information becomes available.
The job of a real estate agent is similar. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. That’s because it’s impossible to know everything that’s going to happen throughout your transaction. Their role is to give you the best advice they can.
To do that, an agent will draw on their experience, industry knowledge, and market data. They know the latest trends, the ins and outs of the homebuying and selling processes, and what’s worked for other people in the same situation as you.
With that expertise, a real estate advisor can anticipate what could happen next and work with you to put together a solid plan. Then, they’ll guide you through the process, helping you make decisions along the way. That’s the very definition of getting the best – not perfect – advice. And that’s the power of working with a real estate advisor.
Bottom Line
If you’re looking to buy or sell a home, you want an expert on your side to help you each step of the way. Connect with a real estate professional so you have advice you can count on.
Why Today’s Housing Supply Is a Sweet Spot for Sellers
Wondering if it still makes sense to sell your house right now? The short answer is, yes. And if you look at the current number of homes for sale, you’ll see two reasons why.
An article from Calculated Risk shows there are 15.6% more homes for sale now compared to the same week last year. That tells us inventory has grown. But going back to 2019, the last normal year in the housing market, there are nearly 40% fewer homes available now:
Here’s a breakdown of how this benefits you when you sell.
1. You Have More Options for Your Move
Are you thinking about selling because your current house is too big, too small, or because your needs have changed? If so, the year-over-year growth gives you more options for your home search. That means it may be less of a challenge to find what you’re looking for.
So, if you were holding off on selling because you were worried you weren’t going to find a home you like, this may be just the good news you needed. Partnering with a local real estate professional can help you make sure you’re up to date on the homes available in your area.
2. You Still Won’t Have Much Competition When You Sell
But to put that into perspective, even though there are more homes for sale now, there still aren’t as many as there’d be in a normal year. Remember, the data from Calculated Risk shows we’re down nearly 40% compared to 2019. And that large a deficit won’t be solved overnight. As a recent article from Realtor.com explains:
“. . . the number of homes for sale and new listing activity continues to improve compared to last year. However the inventory of homes for sale still has a long journey back to pre-pandemic levels.”
For you, that means if you work with an agent to price your house right, it should still get a lot of attention from eager buyers and could sell fast.
Bottom Line
If you’re a homeowner looking to sell, now’s a good time. You’ll have more options when buying your next home, and there’s still not a ton of competition from other sellers. If you’re ready to move, talk to a local real estate agent to get the ball rolling.
It’s Time To Prepare Your House for a Spring Listing
If you’re thinking of selling your house this spring, now is the perfect time to start getting it ready. With the market gearing up for its busiest time of year, it’ll be important to make sure your house shines bright among the competition.
Here are some valuable tips you can use to get your house market-ready.
Declutter and Organize
First impressions matter, and if your house is a mess, that can easily turn off potential buyers. Before listing, take the time to declutter and organize each room. Decluttering is about more than just tidying up – it’s about creating a sense of space and openness that allows potential buyers to envision themselves living in your home. According to Moving.com:
“Decluttering and organizing your space will go a long way in appealing to potential buyers. . . .decluttering will help the buyers see themselves living in your home. Less clutter inside a home also helps a place appear larger and cleaner, which should attract more buyers.”
Deep Clean Your Kitchen and Bathrooms
The kitchen and bathrooms are focal points for many buyers, and often influence their overall opinion of the house. Ensure these spaces dazzle by giving them a thorough deep cleaning. Pay attention to details like scrubbing grout lines, polishing fixtures, and decluttering countertops. A sparkling kitchen and bathroom can leave a lasting positive impression on potential buyers.
Maintain Your Yard
Your home’s exterior is the first thing potential buyers see, so it’s important to make a good impression from the moment they arrive. A well-maintained yard not only enhances curb appeal, but also shows buyers the home has been well taken care of.
Take the time to spruce up your yard by mowing the lawn, trimming bushes, and clearing away any debris or dead plants. Remember, the goal is to create a welcoming environment that entices buyers to step inside and imagine themselves living there. U.S. News says:
“A beautifully landscaped front yard can elevate an ordinary house into a charming home and will help homes sell faster and for more money.”
Find a Listing Agent
A skilled listing agent is your partner in minimizing stress when selling your home. Lean on your agent for advice on decluttering, staging, and enhancing your home’s appeal to potential buyers. Their insights into market trends and recommendations for reliable contractors and stagers are invaluable. As Realtor.com says:
“A good listing agent will help you price your home . . . recommend a photographer and stager to make it look its best, and put your home on the multiple listing service.”
Bottom Line
By decluttering, deep cleaning, and tidying up your house, you can create a welcoming environment that resonates with buyers and increases your chances of a successful sale. Connect with a trusted real estate agent for advice on what you need to do to get your house ready to sell this spring.