Some Highlights
Source: KCM #ForSellers #Infographics #Move-UpBuyers #Pricing
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In the current sellers’ market, many homeowners wonder what, if anything, needs to be remodeled before they list their house. That’s where a trusted real estate professional comes in. They can help you think through today’s market conditions and how they impact what you should – and shouldn’t – renovate before selling.
Here are some considerations a professional will guide you through: 1. With current supply challenges, buyers may be willing to take on projects of their own. A more balanced market typically sees a 6-month supply of homes for sale. Above that, and we’re in a buyers’ market. Below that, and we’re in a sellers’ market. According to a recent report by the National Association of Realtors (NAR), our current supply of homes for sale, while rising, still remains solidly in sellers’ market territory: “Unsold inventory sits at a 2.6-month supply at the current sales pace, modestly up from May’s 2.5-month supply but down from 3.9 months in June 2020.” So, what’s that mean for you? If you’re a seller trying to decide whether or not to renovate, this is especially important because it’s indicative of buyer behavior. When there aren’t enough homes for sale, buyers may be more willing to purchase a home that doesn’t meet all their needs and renovate it themselves later. 2. Not all renovation projects are equal. You don’t want to spend time and money on a project that isn’t worth the cost or is too niche design-wise for some homebuyers. According to an article by Renofi.com, basing home updates on what’s trendy right now can be a costly mistake: “The last thing you as a homeowner want to do is center your home design around a passing fad – even worse, one thats design quality won’t last a good while.” Before making any decisions, talk to your real estate advisor. They have insight into what other sellers are doing before listing their homes and how buyers are reacting to those upgrades. Don’t spend the time and money to be trendy – if your buyer wants to upgrade to the newest fad later, they can. 3. If you’ve already made upgrades this past year, your agent can help spotlight them. If you have already completed some renovations on your house, you’re not alone. The pandemic kept people at home last year, and during that time, many homeowners completed some home improvement projects. HomeAdvisor’s 2021 State of Home Spending Report found: “35% of households that completed an improvement project undertook some type of interior painting, while 31% completed a bathroom remodel and 26% installed new flooring.” Let your real estate professional know if you fall in this category. They can highlight any recent upgrades you’ve made in your house’s listing. Bottom Line When it comes to renovations, your return-on-investment should be top of mind. Talk with your local real estate professional to find out what projects you should prioritize before you sell and how to highlight your upgrades to maximize your house’s potential. Source: KCM #ForSellers #Pricing #SellingMyths While more homes are coming to the market, our housing supply can’t keep up with today’s incredible buyer demand. This should be welcome news if you’re thinking of selling this summer, as your home will be in the spotlight. DM me today so we can discuss why now is the best time to list your house.
#instarealtor #realestatetipsoftheday #realestatetipsandadvice #justsold # There are many headlines about how housing affordability is declining. The headlines are correct: it’s less affordable to purchase a home today than it was a year ago. However, it’s important to give this trend context. Is it less expensive to buy a house today than it was in 2005? What about 1995? What happens if we go all the way back to 1985? Or even 1975? Obviously, the price of a home has appreciated dramatically over the last 45 years. So have the prices of milk, bread, and just about every other consumable. Prices rise over time – we know it as inflation. However, when we look at housing, price is just one component that makes up the monthly cost of the home. Another key factor is the mortgage rate at the time of purchase. Let’s look back at the cost of a home over the last five decades and adjust it for inflation by converting that cost to 2021 dollars. Here’s the methodology for each data point of the table below:
As the chart shows, when adjusted for inflation, there were only two times in the last 45 years that it was less expensive to own a home than it is today.
Bottom Line If you want to buy a home, don’t let the headlines about affordability discourage you. You can’t get the deal your friend got last year, but you will get a better deal than your parents did 20 years ago and your grandparents did 40 years ago. Source: KCM #Buying Myths #For Buyers #Interest Rates #Pricing It’s no secret that one of the top stories in today’s real estate market is low housing supply and high buyer demand. If you’re a first-time buyer looking for a starter home or are someone who’s interested in downsizing, it may be worth considering a condominium (condo) as a worthwhile option. In fact, trends indicate condos are gaining popularity among buyers. In the latest Existing Homes Sales Report from the National Association of Realtors (NAR), the data shows condo sales rising throughout the first half of this year (see graph below): There are a few reasons more and more people are opting to buy condos – the benefits of condo life can be quite compelling. Let’s explore the main perks to find out if a condo is a good fit for you. AffordabilityAccording to the NAR report, the median sales price of a condo is roughly $59,000 less than the median price of a single-family detached home (see graph below). This makes condos a great option for first-time homebuyers, those with limited down payment savings, or those looking to save money by downsizing. Maintenance
A recent article from BankRate adds low maintenance as another perk of a condo lifestyle. Generally, exterior maintenance for condos is handled by a Homeowner’s Association (HOA). This can include things like landscaping and upholding a certain standard of cleanliness and condition for walkways, siding, and roofs. If you’re looking for a lower-maintenance option or see the appeal in being hands-off with upkeep, condos may be a good choice for you. With exterior maintenance off your plate, you’ll have more time for yourself and your hobbies. Amenities You can use that free time to enjoy some of the value-adding features your condo community may have, which could include dog parks, pools, a rentable clubhouse and grilling area for events, and more. If being able to host or attend community social outings is important to you, condos may give you more opportunities to enjoy the company of your neighbors. As a bonus, some condos even have gyms and on-site security teams. Ultimately, the choice is yours. Condos are great options that often come with various features and benefits that may be important for your lifestyle. Fannie Mae sums up the appeal nicely: “Condominiums, or condos, can be great alternatives to detached homes. City dwellers, singles, couples, seniors, and many others may find condos that suit their needs and budgets. Others may simply prefer low-maintenance living. Buyers who feel ‘priced out’ of homes may discover condos offer an affordable homeownership alternative.” Bottom Line If you’re looking for a home, it may be time to consider a condo as an option. Connect with a local real estate professional to explore if one would be a good fit for your homeownership needs. Source: KCM #BuyingMyths #FirstTimeHomeBuyers #ForBuyers #HousingMarket #Updates #Pricing
Today's housing market is nothing like it was in 2008. Let's connect if you have concerns about today's market so we can talk about why it's so different.
#TopGranbyRealtor #StephenSimard #RealBrokerLLC #GranbyRealEstate #GranbyConnecticut #FindyourGranbyhome #Newhomesforsale #SimardRealtyGroup #Granbyhomesforsale #JoinRealBrokerLLC #Simsburyhomes If you’re thinking of buying or selling a house, chances are you’re focusing on the many extraordinary ways it’ll change your life. What you may not realize is that decision impacts people’s lives far beyond your own. Home purchases and sales are significant drivers of economic activity. They have a major impact on your community and the entire U.S. economy via the multiple industries and professionals that take part in the process. The National Association of Realtors (NAR) releases a report each year that highlights just how much economic activity a home sale generates. The chart below shows how the sale of both a newly built home and an existing home impact the economy: To dive a level deeper, NAR also provides a detailed look at how that varies state-by-state for newly-built homes (see map below): As you can see, a single home sale can have a massive effect on the overall economy. Ali Wolf, Chief Economist for Zonda, talks about this in a recent article, noting there’s a significant impact at each distinct phase of the transaction:
“The housing market contributes to the economy in four main stages: during planning and land development, throughout the actual construction of the home, at the point of sale, and upon moving in.” When you buy or sell a home, you’re leaving a lasting impression on the community at large in addition to fulfilling your own needs. That’s because each stage of the process involves numerous contractors, specialists, lawyers, town and city officials, and so many other professionals. Every individual you work with, from your trusted real estate advisor to the architects who design new homes, has their own team of professionals involved behind the scenes. Bottom Line Homebuyers and sellers are economic drivers in their community and beyond. If you’re thinking of buying or selling, reach out to your trusted real estate advisor today to start the process. It won’t just change your life; it’ll make a powerful impact on your entire community. Source : KCM #forbuyers #forsellers #housingmarketupdates #newconstruction #simardrealtygroup #realbrokerllc Some Highlights
SOURCE KCM #ForSellers #Infographics #MoveUpBuyers #NewConstruction #SimardRealtyGroup In today’s unprecedented housing market, you may need to change the way you look at the asking price of a home. Frequent and competitive bidding wars are creating an auction-like atmosphere in many real estate transactions right now. DM me to learn what you can expect as a homebuyer in our local market.
#listingprice #biddingwars #homebuyers #buyingahome #multipleoffers #sellersmarket #expertanswers #stayinformed #staycurrent #powerfuldecisions #confidentdecisions #realestate #homevalues #homebuying #realestatetipsandadvice #keepingcurrentmatters In April, the National Association of Home Builders (NAHB) posted an article, Home Buyers’ Preferences Shift Towards New Construction, which reported: “60% of people who were looking to buy a home in 2020 said they’d prefer new construction to an existing home.” However, it seems buyers are now shifting their preferences back to existing homes. The latest Consumer Confidence Survey reveals the percentage of Americans planning to buy a home in the next six months is virtually the same as it was back in March. However, the percentage that plan to buy a newly constructed home is lower for that same period. NAHB confirms this sentiment in their latest Housing Trends Report. The organization explains that existing homes are now the top preference among today’s buyers. Here’s a breakdown of those findings: Why the shift?
There are several reasons why buyer preference is shifting. Here are two that impact purchasers looking to move in now:
Bottom Line If you’re a homeowner looking to sell, your house is more attractive to a greater number of buyers as compared to earlier in the year. This might be the time to contact a local real estate professional to discuss the possibility. SOURCE KCM #BuyingMyths #HousingMarketUpdates #NewConstrcution #SimardRealtyGroup #RealBrokerLLC |
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