In today’s real estate market, more houses are coming to market every day. Eager buyers are searching for their dream homes, so setting the right price for your house is one of the most important things you can do. According to CoreLogic’s latest Home Price Index, home values have risen at over 6% a year over the past two years, but have started to slow to 3.6% over the last 12 months. By this time next year, CoreLogic predicts home values will be 5.4% higher. With prices slowing from their previous pace, homeowners must realize that pricing their homes a little over market value to leave room for negotiation will actually dramatically decrease the number of buyers who will see their listing (see the chart below). Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house so demand for the home is maximized. By doing so, the seller will not be negotiating with a buyer over the price, but will instead have multiple buyers competing with each other over the house.
The secret is making sure your house is Priced To Sell Immediately (PTSI). That way, your home will be seen by the most potential buyers. It will sell at a great price before more competition comes to the market. Bottom Line If you’re debating listing your house for sale, reach out to a local real estate professional to discuss how to price your home appropriately and maximize your exposure. SOURCE KCM #Pricing #MoveUpBuyers #PricedtoSell #SimardRealtyGroup #eXpRealty
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For Sale! 8 Winter Village Rd, Granby CT @ $399k!
"Move right into this gorgeous cul-de-sac home, turn key and ready to make your own. Curb appeal and pride of ownership shine throughout. Freshly painted with neutral colors, hardwood floors, crown molding, and built-ins. The first floor boasts an eat-in kitchen, 9 ' ceilings, &. opens to the family room featuring a pellet stove fireplace insert, French doors to the back patio, and the perfect yard for all events." Read more info and view photos here: https://8wintervillagerd.thebestlisting.com/ #ForSale #8WinterVillage #Granby #SellingCT #SimardRealtyGroup #eXpRealty Some Highlights:
SOURCE KCM #Infographic #FallMarket #Sellers #SellingYourHome #SimardRealtyGroup #eXpRealty For Sale 33 Canal St, Weatogue, CT @ $515k!
"Great opportunity with this high visibility mixed use property set conveniently in Simsbury. First floor is currently a pediatrician office. Attractive well kept building with large front porch/entrance, plenty of parking, 3 car detached garage, and newer roof. " See more property info and photos here: https://33canalst.thebestlisting.com/ #ForSale #OntheMarket #33Canal #Weatouge #SellingCT #SimardRealtyGroup #joineXpRealty One of the benefits of homeownership is that it is a “forced savings plan.” Here’s how it works: You make a mortgage payment each month. Part of that payment is applied to the principal balance of your mortgage. Each month you owe less on the home. The difference between the value of the home and what you owe is called equity. If your home has appreciated since the time you purchased it, that increase in value also raises your equity. Over time, the equity in your home could be substantial. Recently, CoreLogic revealed that the average homeowner gained more than $65,000 in equity over the last 5 years. Unlike last decade, homeowners are no longer foolishly tapping into that equity. In 2006-2008, many owners used their homes like an ATM by pulling equity out to purchase new cars, jet skis, or lavish vacations. They were pulling out cash (equity) from an appreciating asset, and then spending it on rapidly depreciating items. That is not happening anymore. Over 50% of Homes Have at Least 50% Equity The number of homeowners that currently have at least 50% equity in their home is astonishing. According to the Urban Institute, 37.1% of all homes in the country are mortgage-free. In a home equity study, ATTOM Data Solutions revealed that of the 62.9% of homes with a mortgage, 25.6% have at least 50% equity. That number has been increasing over the last five years: By doing a little math, we can see that 53.2% of all homes in this country have at least 50% equity right now. Of all homes, 37.1% are mortgage-free and an additional 16.1% with a mortgage have at least 50% equity.
Bottom Line Homeownership is different than renting. When you own, your housing expense (the mortgage payment) comes back to you in the form of equity in your home. That doesn’t happen with your rent payment. Your rent helps build your landlord’s equity instead. SOURCE KCM #RentVSBuy #HomeOwnership #HousingMarketUpdates #SimardRealtyGroup #eXpRealty FOR SALE! 37 Salmon Brook St. Granby CT @ $234,900!
"Come see this value priced cape set on an open 1.6 acre level lot. Inside find a generous sized eat in kitchen with center island, pantry, bay window, and ample cabinet space. Hardwood floors throughout. Newer roof, vinyl siding, & energy efficient windows. " Read full property info here: https://37salmonbrookst.thebestlisting.com/ #ForSale #37SalmonBrook #Granby #SellingCT #SimardRealtyGroup #eXpRealty When searching for a home, you may end up selecting a property in a community with a Homeowners Association (HOA). Before you buy, it’s important to know how an HOA works and what they mean for you.
According to a recent article on realtor.com, “In a nutshell, an HOA helps ensure that your community looks its best and functions smoothly…The number of Americans living in homes with HOAs is on the rise, growing from a mere 1% in 1970 to 25% today, according to the Foundation for Community Association Research.” An HOA is governed by a board nominated by those living in the neighborhood. It is designed to make sure the residents have a support structure to maintain the value of the community while abiding by a set of guidelines called Common Restrictive Covenants (CC&R), “Simply put, CC&Rs are just the rules you’ll have to follow if you live in that community. Unlike zoning regulations, which are government-imposed requirements on how land can be used, restrictive covenants are established by HOAs to maintain the attractiveness and value of the property.” It’s important for homeowners to understand that each HOA is a little different, and they usually have monthly or quarterly fees required for homeowners. These fees can vary based on property size, number of residents, amenities, and more. There may be additional fees charged to homeowners if the reserve fund for the HOA cannot cover a major or unexpected cost, like severe storm damage. The fees, however, also help maintain common areas such as swimming pools, tennis courts, elevators (for high-rise buildings), and regular wear and tear. Although they are an added cost to the homeowner, an HOA can be a major benefit when it comes to maintaining the value of your neighborhood and your property. The same article continues to say, “After your offer to buy a home is accepted, you are legally entitled to receive and review the community’s CC&Rs over a certain number of days (typically between three and 10)…If you spot anything in the restrictive covenants you absolutely can’t live with, you can bring it up with the HOA board or just back out of your contract completely (and keep your deposit).” Most lenders will factor your HOA fees into your loan package, ensuring the amount of the loan is appropriate for what you can truly afford. There are some great benefits to having an HOA oversee your neighborhood, and it’s important to understand what fees, structures, and regulations will come into play if there is an HOA where you’d like to live. Bottom Line When you’re looking at a potential property to buy, be sure to work with a professional who can help you understand the neighborhood’s HOA structure and fees. This way, you’ll feel confident and fully informed when buying a home. SOURCE KCM #MoveUpBuyers #ForSellers #ForBuyers #SimardRealtyGroup #joineXpRealty For Sale! 11 Granby Farms Rd, Granby CT @ $417,399!
"The outdoor living space features park-like grounds w/ extensive perennial gardens, blueberry, raspberry bushes, & a strawberry patch. With just under 2 acres the property offers plenty of space for all your activities. The second floor hosts four bedrooms, a full bath, & master suite w/ walk in closet & full bath. Downstairs find a versatile finished lower level adding 650 sq ft." View more photos and property info here: https://11granbyfarmsrd.thebestlisting.com/ #ForSale #Granby #SellingCT #SimardRealtyGroup #eXpRealty CoreLogic’s Home Price Index (HPI) Report revealed, “National home prices increased 3.6% year over year in July 2019 and are forecast to increase 5.4% from July 2019 to July 2020.” They also analyzed four individual home-price tiers, showing the increase in each. Here’s the breakdown: To clarify the methodology, CoreLogic explains,
“The four price tiers are based on the median sale price and are as follows: homes priced at 75% or less of the median (low price), homes priced between 75% and 100% of the median (low-to-middle price), homes priced between 100% and 125% of the median (middle-to-moderate price) and homes priced greater than 125% of the median (high price).” What does this mean if you’re selling? Price appreciation can differ depending on your price range. If you’re a homeowner thinking of selling, connect with a real estate professional to find out how much your home is increasing in value, so you can price it competitively for today’s market. SOURCE KCM #InterestRates #Pricing #HomePrices #SimardRealtyGroup #eXpRealty
Whether you're interested in buying a home or selling your house, the current market is full of opportunity. Let's get together to explore your options!
#GranbyHomes #Homesforsale #Realestate #Simsburyhomes #HomeValues #RealEstateAdvise #RealtorGranby #RealEstateSimsbury #StephenSimard #eXpRealty |
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