Studies have shown that, in many cases, the largest asset a family owns is the house they live in. Over the last twelve months, that asset has gained substantial value. CoreLogic just released their 2019 3rd Quarter Homeowner Equity Insights Report. The report revealed that: “U.S. homeowners with mortgages (roughly 64% of all properties) have seen their equity increase by a total of nearly $457 billion since the third quarter 2018, an increase of 5.1%, year over year.” The equity in a property is determined by comparing the current value of the property against the outstanding mortgage debt. As prices rise, the equity in a home increases. The report went on to explain that the average homeowner gain in equity over the last twelve months was $5,300.Here’s a map showing the average equity gain by state: Since the housing crash in 2008, many homeowners have felt trapped in their current houses, as they didn’t have enough equity to sell. The gains in equity over the past few years may have freed some homeowners who have a desire to move.
Bottom Line If you’re curious about your home’s equity, contact a local real estate professional for a market analysis of the current value of your house. You may be pleasantly surprised. SOURCE KCM #ForSellers #HousingMarketUpdates #SimardRealtyGroup #eXpRealty
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This coming year the housing market will be defined by 3 things- inventory, interest rates, and appreciation. But the biggest issue the housing market will face in 2020 is an inventory shortage. There aren’t enough homes on the market for buyers, especially on the lower end of the market. This is a topic that has come up frequently within the past several months.
Based on what is forecasted, we know that interest rates are projected to remain low and that appreciation is expected to continue as we move into 2020. Additionally, the upcoming election will provoke many unique perspectives on the health of the US housing market. The challenge will be understanding what is actually happening and how you can best position yourself if you are thinking of buying or selling your home. Here are several perspectives to consider on the inventory issue facing housing next year:According to realtor.com: “Despite increases in new construction, next year will once again fail to bring a solution to the inventory shortage that has plagued the housing market since 2015. Inventory could reach a historic low as a steady flow of demand, especially for entry level homes, and declining seller sentiment combine to keep a lid on sales transactions.” Diana Olick at CNBC: “Inventory has been falling annually for five straight months, after it recovered slightly toward the end of last year, due to a spike in mortgage rates. Rates began falling again by spring of this year. Homebuilders have been increasing production slowly, but it’s not enough to meet the increasingly strong demand.” George Ratiu, Senior Economist with realtor.com “As millennials — the largest cohort of buyers in U.S. history — embrace homeownership and take advantage of this year’s unexpectedly low mortgage rates, demand is outstripping supply, causing inventory to vanish. The housing shortage is felt acutely at the entry-level of the market, where most millennials are looking to break into the market for their first home.” Bottom Line The most important thing you can do is understand what is happening in your local market. You may not be able to avoid some of the issues brought on by low inventory, but you can be educated and prepared.Let’s connect and discuss the options that make the most sense for you and your family. SOURCE KCM #Inventory #Interest #Appreciation #SimardRealtyGroup #eXpRealty It’s exciting to put a house on the market and to think about making new memories in new spaces, but we can have deep sentimental attachments to the homes we’re leaving behind, too. Growing emotions can help or hinder a sale, depending on how we manage them. When it comes to the bottom line, homeowners need to know what it takes to avoid costly mistakes. Being mindful of these things and prepared for the process can help you avoid some of the most common mishaps when selling your house. 1. Overpricing Your Home When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask for when we price our homes. Believe it or not, that’s far from the truth. Don’t forget that the buyer’s bank will send an appraisal to determine the fair value for your home. The bank will not lend more than what the house is worth, so be mindful that you might need to renegotiate the price after the appraisal. A real estate professional will help you to set the true value of your home. 2. Letting Your Emotions Interfere with the Sale Today, most homeowners have been living in their houses for an average of 10 years (as shown in the graph below): This is several years longer than what used to be the norm, since many homeowners have been recouping from negative equity situations over the past 10 years. The side effect, however, is when you live for so long in one place, you may get even more emotionally attached to your space. If it’s the first home you bought after you got married or the house where your children grew up, it very likely means something extra special to you. Every room has memories and it’s hard to detach from the sentimental value.
For some homeowners, that makes it even harder to negotiate, separating the emotional value of the home from the fair market price. That’s why you need a real estate professional to help you with the negotiations in the process. 3. Not Staging Your Home We’re generally quite proud of our décor and how we’ve customized our houses to make them our own personalized homes, but not all buyers will feel the same way about your design. That’s why it’s so important to make sure you stage your home with the buyer in mind. Buyers want to envision themselves in the space, so it truly feels like their own. They need to see themselves in the space with their furniture and keepsakes – not your pictures and decorations. Stage and declutter your home so they can visualize their own dreams as they walk through your house. A real estate professional can help you with tips to get your home ready to stage and sell. Bottom Line Today’s seller’s market might be your best chance to make a move. If you’re considering selling your house, sit down with a local real estate professional to help you navigate through the process while avoiding common seller mistakes. SOURCE KCM #ForSellers #ForBuyers #2020 #SimardRealtyGroup #eXpRealty
Excerpt for today's video: The Winter Buyer & Seller eGuides are a great way to learn more about what's most important in the market today - and they're available now! Let's connect to get them in your hands, so you can feel confident when buying or selling a home.
#TopGranbyRealtor #StephenSimard #ExpRealty #GranbyRealEstate #GranbyConnecticut #FindyourGranbyhome #Newhomesforsale #SimardRealtyGroup #Granbyhomesforsale #JoinExpRealty #Simsburyhomes For Sale! 29 Byron Dr, Granby, CT @ $264,900
"Inside find a generous sized kitchen with ample cabinet space, stainless refrigerator, and eat in area. Additional features included hardwood floors, a wood burning fireplace in the formal living room, built in shelving, and a family room. " Want more photos and property information? Click the link below: https://29byrondr.thebestlisting.com/ #ForSale #Granby #SellingCt #SimardRealtyGroup #joineXpRealty The reality of what we’re seeing this month is that homes are selling fast. In today’s strong seller’s market, bidding wars are common and expected with starter or entry-level homes. In most areas of the country, first-time buyers have been met with fierce competition throughout their homebuying experience. Some have been out-bid multiple times before finally going into contract on a home to call their own. Right now, inventory is the big challenge. Here’s what we know today: According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), there is currently a 3.9-month supply of homes for sale, which can drive this kind of hefty buyer competition. Remember, anything less than 6 months of inventory is a seller’s market. Even though the month’s supply of inventory is not increasing, ironically, the number of homes for sale is. This means homes are coming up for sale, but they’re being sold quickly. The graph below shows the year-over-year change in inventory over the last 12 months. As depicted above, the percentage of available inventory has fallen for four consecutive months when compared to the previous year.
So, what does this mean? If you’re a buyer, be sure to get pre-approved for a mortgage and be ready to make a competitive offer, so you can move quickly. Chances are, homes high on your wish list are likely going to go fast. Bottom Line If you’re thinking of buying a home, make sure you’re taking the right steps at the beginning of the process, so you’re a top contender if you ultimately find yourself in a bidding war. Reach out to a local real estate professional to determine what you need to do to make your move toward homeownership. SOURCE KCM #FirstTimeHomeBuyers #ForBuyer #SimardRealtyGroup #eXpRealty Price Improved! 13 N Pond Rd, Southwick, MA @ $230k!
"The 46-acre spring-fed pond North Pond is the deepest and clearest of the three sections. In the evening you will enjoy sitting on your dock or in the yard watching the sunset glistening over the lake. Hop on your boat for a long cruise North Pond offers it all. Set on the quiet end of the lake with a more natural feel." View full property description and photos here: https://13npondrd.worldsbestlisting.com/ #PriceReduces #ForSale #Southwick #SellingMA #SimardRealtyGroup #joineXpRealty
Knowing what's happening in the real estate market is key to making your home search a successful one. Let's connect to determine how low mortgage rates and more can drive your process forward.
#GranbyHomes #Homesforsale #Realestate #Simsburyhomes #HomeValues #RealEstateAdvise #RealtorGranby #RealEstateSimsbury #StephenSimard #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. " Read more here: https://33canalst.thebestlisting.com/ #ForSale #Weatogue #SellingCT #SimardRealtyGroup #eXpRealty Some Highlights
SOURCE KCM #ForSellers #Infographic #MoveUpBuyers |
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