The Jersey Shore Real Estate BlogRecently posted or modified blog posts in the category - Selling Your Homehttps://www.murphyleegroup.com/blog/Copyright MurphyLeeGroup.com2024-02-16T14:00:59-07:00tag:murphyleegroup.com,2012-09-20:14877Summer Rental
<a href="http://realtimerental.com/p.asp?mp=1408B1443o0OL~153140" target="iframe_a">Try this</a>2024-02-16T13:59:45-07:002024-02-16T14:00:59-07:00Curtis Leetag:murphyleegroup.com,2012-09-20:14098Reasons To Sell Your House Before the New Year<img src="https://files.keepingcurrentmatters.com/content/images/20231106/Reasons-To-Sell-Your-House-Before-the-New-Year.png" width="600" style="font-size: 17px;" />
As the year winds down, you may have decided it's time to make a move and put your house on the market. But should you sell now or wait until January? While it may be tempting to hold off until after the holidays, here are three reasons to make your move before the new year.
Get One Step Ahead of Other Sellers
Typically, in the residential real estate market, homeowners are less likely to list their houses toward the end of the year. That’s because people get busy around the holidays and sometimes deprioritize selling their house until the start of the new year when their schedules and social calendars calm down. But that gives you an opportunity to get one step ahead.
Selling now, while other homeowners may hold off until after the holidays, can help you get a leg up on your competition. Start the process with a <a href="https://www.simplifyingthemarket.com/en/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" rel="noopener noreferrer" target="_blank">real estate agent</a> today so you can get your house on the market before your neighbors do.
Get Your House in Front of Eager Buyers
Even though the supply of <a href="https://www.simplifyingthemarket.com/en/2023/09/29/explaining-todays-low-housing-supply-infographic/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" rel="noopener noreferrer" target="_blank">homes for sale</a> did grow compared to last year, it’s still low. That means there aren’t enough homes on the market today. While some buyers may also delay their plans to move until January, others will still need to move for <a href="https://www.simplifyingthemarket.com/en/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" rel="noopener noreferrer" target="_blank">personal reasons</a> or because something in their life has changed.
Those buyers are still going to be active later this year and will be seriously motivated to make their move happen because they need to. Unfortunately, the challenge they'll face is a shortage of available inventory to meet their needs. A recent article from Investopedia <a href="https://www.investopedia.com/articles/personal-finance/102615/why-holidays-are-good-time-sell-your-house.asp" rel="noopener noreferrer" target="_blank">says</a>:
“. . . if your house is up for sale in the winter and someone is looking at it, chances are that person is serious and ready to buy. Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.”
Use Your Equity To Fuel Your Move
Keep in mind that homeowners today have record amounts of <a href="https://www.simplifyingthemarket.com/en/2023/09/01/homeowners-have-a-lot-of-equity-right-now-infographic/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" rel="noopener noreferrer" target="_blank">equity</a>. According to <a href="https://www.corelogic.com/press-releases/home-equity-increases-winter-spring-reducing-underwater-properties-q2/" rel="noopener noreferrer" target="_blank">CoreLogic</a>, the average amount of equity per mortgage holder has climbed to almost $290,000. That means the <a href="https://www.simplifyingthemarket.com/en/2023/09/19/your-home-equity-can-offset-affordability-challenges/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" rel="noopener noreferrer" target="_blank">equity</a> you have in your house right now could cover some, if not all, of a down payment on the home of your dreams.
And as you weigh the reasons to sell before year-end, it's important to remember the reasons that sparked your desire to move in the first place. Maybe it’s time for a new home in a location that suits you better, one that offers the perfect space for you and your loved ones, or maybe your needs have evolved over time. A local real estate agent can help you determine how much home equity you have and how you can use it to achieve your goal of making a move.
Bottom Line
Listing your home before the new year can offer unique benefits. Less competition, motivated buyers, and your equity gains can all play to your advantage. Reach out, and let's achieve your goals before winter sets in.2023-11-06T13:27:40-07:002023-11-06T13:29:10-07:00Curtis Leetag:murphyleegroup.com,2012-09-20:13877Key Skills You Need Your Listing Agent To Have<img src="https://files.keepingcurrentmatters.com/content/images/20231005/20231009-Key-skills-you-need-your-listing-agent-to-have.png" width="600" style="font-size: 17px;" />
<a href="https://www.simplifyingthemarket.com/en/2023/08/29/why-you-may-still-want-to-sell-your-house-after-all/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" rel="noopener noreferrer" target="_blank">Selling</a> your house is a big decision. And that can make it feel both exciting and a little bit nerve-wracking. But the key to a successful sale is finding the perfect listing agent to work with you throughout the process. A listing agent, also known as a <a href="https://www.simplifyingthemarket.com/en/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" rel="noopener noreferrer" target="_blank">seller's agent</a>, helps market and sell your house while advocating for you every step of the way.
But, how do you know you've found the perfect match in an agent? Here are three key skills you’ll want your listing agent to have.
They Price Your House Based on the Latest Data
While it may be tempting to pick the agent who suggests the highest asking price for your house, that strategy may <a href="https://www.simplifyingthemarket.com/en/2023/09/28/why-your-house-didnt-sell/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" rel="noopener noreferrer" target="_blank">cost you</a>. It’s easy to get caught up in the excitement when you see a bigger number, but overpricing your house can have consequences. It could mean it’ll sit on the market longer because the higher price is actually deterring buyers.
Instead, you want to pick an agent who’s going to have an open conversation about how they think you should price your house and why. A great agent will base their pricing strategy on solid data. They won't throw out a number just to win your listing. Instead, they'll show you the facts, explain their pricing strategy, and make sure you're on the same page. As NerdWallet <a href="https://www.nerdwallet.com/article/mortgages/are-all-real-estate-agents-the-same-which-realtor-is-right-for-you" rel="noopener noreferrer" target="_blank">explains</a>:
“An agent who recommends the highest price isn't always the best choice. Choose an agent who backs up the recommendation with market knowledge.”
They’re a Great Negotiator
The home-selling process can be emotional, especially if you’ve been in your house for a long time. You’re connected to it and have a lot of memories there. This can make the negotiation process harder. That’s where a trusted professional comes in.
A skilled listing agent will be calm under pressure and will be your point-person in all of those conversations. Their experience in handling the back-and-forth gives you with the peace of mind that you've got someone on your side who’s got your best interests in mind throughout this journey.
They’re a Skilled Problem Solver
At the heart of it all, a listing agent's main priority is to get your house sold. A great agent never loses sight of that goal and will help you prioritize your needs above all else. If they identify any necessary steps you need to take, they’ll be open with you about it. Their commitment to your success means they'll work with you to address any potential roadblocks and find creative solutions to anything that pops up along the way.
BankRate <a href="https://www.bankrate.com/real-estate/finding-best-real-estate-agent/#go-with-your-gut" rel="noopener noreferrer" target="_blank">explains</a> it like this:
“Just as important as the knowledge and experience agents bring is their ability to guide you smoothly through the process. Above all, go with an agent you trust and will feel comfortable with. . .”
Bottom Line
Whether you're a first-time seller or you’ve been through selling a house before, a great listing agent is the key to success. Let’s connect so you have a skilled local expert by your side to guide you through every step of the process.2023-10-10T09:32:31-07:002023-10-10T09:37:13-07:00Curtis Leetag:murphyleegroup.com,2012-09-20:10898 3 Questions You May Be Asking About Selling Your House Today<img src="https://assets.site-static.com/userfiles/1482/image/kcm-infographic-1668002059.jpg" width="800" height="2017" />
Some Highlights
If you’re planning to <a href="https://www.mykcm.com/2022/10/03/how-to-prep-your-house-for-sale-this-fall/" title="sell your house">sell your house</a> this year, you likely have <a href="https://www.mykcm.com/2022/09/19/will-my-house-still-sell-in-todays-market/" title="questions">questions</a> about what the shift in the housing market means for your home sale.
You might be wondering: Should I wait <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" title="to sell" target="_blank" rel="noopener noreferrer">to sell</a>? Are <a href="https://www.showingtime.com/blog/august-2022-showing-index-results/" title="buyers" target="_blank" rel="noopener noreferrer">buyers</a> still out there? And can I afford to buy my <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" title="next home" target="_blank" rel="noopener noreferrer">next home</a>?
Let’s connect so you can get answers to these questions and learn about the opportunities you still have in today’s housing market.
2022-11-14T09:09:49-07:002022-11-14T09:12:48-07:00Curtis Leetag:murphyleegroup.com,2012-09-20:10583Perspective Matters When Selling Your House Today<img src="https://assets.site-static.com/userfiles/1482/image/35OceanBreezeDusk-800.jpg" width="800" height="533" />
Does the latest news about the housing market have you questioning your plans to <a href="https://www.simplifyingthemarket.com/2022/09/29/if-youre-thinking-of-selling-your-house-this-fall-hire-a-pro/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="sell your house" target="_blank" rel="noopener noreferrer">sell your house</a>? If so, perspective is key. Here are some of the ways a trusted real estate professional can explain <a href="https://www.simplifyingthemarket.com/2022/09/14/is-the-real-estate-market-slowing-down-or-is-this-a-housing-bubble/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="the shift" target="_blank" rel="noopener noreferrer">the shift</a> that’s happening today and why it’s still a sellers’ market even during the cooldown.
Fewer Homes for Sale than Pre-Pandemic
While the supply of homes available for sale has increased this year compared to last, we’re still nowhere near what’s considered a balanced market. A <a href="https://www.calculatedriskblog.com/2022/10/housing-october-10th-weekly-update.html" title="recent article" target="_blank" rel="noopener noreferrer">recent article</a> from Calculated Risk helps put this year’s increased inventory into context (see graph below):
<a href="https://files.mykcm.com/2022/10/12112113/20221013-MEM-Eng-1.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-105077" src="https://files.mykcm.com/2022/10/12112113/20221013-MEM-Eng-1.png" alt="Perspective Matters When Selling Your House Today | MyKCM" width="600" height="450" /></a>
It shows supply this year has surpassed 2021 levels by over 30%. But the further back you look, the more you’ll understand the big picture. Compared to 2020, we’re just barely above the level of inventory we saw then. And if you go all the way back to 2019, the last normal year in real estate, we’re roughly 40% below the housing supply we had at that time.
Why does this matter to you? When inventory is low, there is still demand for your house because there just aren’t enough homes available for sale.
Homes Are Still Selling Faster Than More Normal Years
And while homes aren’t selling as quickly as they did a few months ago, the average number of days on the market is still well below pre-pandemic norms – in large part because inventory is so low. The graph below uses data from the <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-08-realtors-confidence-index-09-21-2022.pdf" title="Realtors’ Confidence Index" target="_blank" rel="noopener noreferrer">Realtors’ Confidence Index</a> by the National Association of Realtors (NAR) to illustrate this trend:
<a href="https://files.mykcm.com/2022/10/12112115/20221013-MEM-Eng-2.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-105078" src="https://files.mykcm.com/2022/10/12112115/20221013-MEM-Eng-2.png" alt="Perspective Matters When Selling Your House Today | MyKCM" width="600" height="450" /></a>
As the graph shows, the pre-pandemic numbers (shown in blue) are higher than the numbers we saw during the pandemic (shown in green). That’s because the average days on the market started to decrease as homes sold at record pace during the pandemic. Most recently, due to the cooldown in the housing market, the average days on the market have started to tick back up slightly (shown in orange) but are still far below the pre-pandemic norm.
What does this mean for you? While it may not be as fast as it was a couple of months ago, homes are still selling much faster than they did in more normal, pre-pandemic years. And if you price it right, your home could still go under contract quickly.
Buyer Demand Has Moderated and Is Now in Line with More Typical Years
Buyer demand has softened this year in response to rising <a href="https://www.simplifyingthemarket.com/2022/09/27/how-an-expert-can-help-you-understand-inflation-mortgage-rates/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a>. But again, perspective is key. Getting 3-5 offers like <a href="https://www.simplifyingthemarket.com/2022/09/21/top-reasons-homeowners-are-selling-their-houses-right-now/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="sellers" target="_blank" rel="noopener noreferrer">sellers</a> did during the pandemic isn’t the norm. The graph below uses <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-08-realtors-confidence-index-09-21-2022.pdf" title="data" target="_blank" rel="noopener noreferrer">data</a> from NAR going back to 2018 to help tell the story of this shift over time (see graph below):
<a href="https://files.mykcm.com/2022/10/12112108/20221013-MEM-Eng-3.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-105075" src="https://files.mykcm.com/2022/10/12112108/20221013-MEM-Eng-3.png" alt="Perspective Matters When Selling Your House Today | MyKCM" width="600" height="450" /></a>
Prior to the pandemic, it was typical for homes sold to see roughly 2-2.5 offers (shown in blue). As the market heated up during the pandemic, the average number of offers skyrocketed as record-low mortgage rates drove up demand (shown in green). But most recently, the number of offers on homes sold today (shown in orange) has started to return to pre-pandemic levels as the market cools from the frenzy.
What’s the takeaway for you? Buyer demand has moderated from the pandemic peak, but it hasn’t disappeared. The buyers are still out there, and if you <a href="https://www.simplifyingthemarket.com/2022/08/09/selling-your-house-your-asking-price-matters-more-now-than-ever/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="price your house" target="_blank" rel="noopener noreferrer">price your house</a> at current market value, you’ll still be able <a href="https://www.simplifyingthemarket.com/2022/09/19/will-my-house-still-sell-in-todays-market/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="sell your house" target="_blank" rel="noopener noreferrer">sell your house</a> today.
Bottom Line
If you have questions about selling your house in today’s housing market, let’s connect. That way you have context around what’s happening now, so you’re up to date on what you can expect when you’re ready to move.
2022-10-15T10:43:00-07:002022-11-14T09:06:39-07:00Curtis Leetag:murphyleegroup.com,2012-09-20:6410Demand for Vacation Homes Is Still Strong<img width="750" height="410" src="https://files.mykcm.com/2021/06/23154753/20210624-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Demand for Vacation Homes Is Still Strong | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2021/06/23154753/20210624-KCM-Share.jpg 750w, https://files.mykcm.com/2021/06/23154753/20210624-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2021/06/23154753/20210624-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" style="font-size: 17px;" />
The pandemic created a tremendous interest in <a href="https://www.simplifyingthemarket.com/2021/06/07/why-you-may-want-to-cash-in-on-your-second-home/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="vacation homes" target="_blank" rel="noopener noreferrer">vacation homes</a> across the country. Throughout the last year, many people purchased second homes as a safe getaway from the challenges of the health crisis. With many professionals working from home and many students taking classes remotely, it made sense to see a <a href="https://www.simplifyingthemarket.com/2020/09/14/two-new-surveys-indicate-urban-to-suburban-lean/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="migration away" target="_blank" rel="noopener noreferrer">migration away</a> from cities and into counties with more vacation destinations.
The <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-vacation-home-counties-report-06-15-2021.pdf" title="2021 Vacation Home Counties Report" target="_blank" rel="noopener noreferrer">2021 Vacation Home Counties Report</a> from the National Association of Realtors (NAR) shows that this increase in vacation home sales continues in 2021. The report examines sales in counties where “vacant seasonal, occasional, or recreational use housing account for at least 20% of the housing stock” and compares that data to the overall residential market.
Their findings show:
Vacation home sales rose by 16.4% to 310,600 in 2020, outpacing the 5.6% growth in total existing-home sales.
Vacation home sales are up 57.2% year-over-year during January-April 2021 compared to the 20% year-over-year change in total existing-home sales.
Home prices rose more in vacation home counties – the median existing price rose by 14.2% in vacation home counties, compared to 10.1% in non-vacation home counties.
This coincides with data released by Zelman & Associates on the <a href="https://www.simplifyingthemarket.com/2021/06/07/why-you-may-want-to-cash-in-on-your-second-home/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="increase in sales" target="_blank" rel="noopener noreferrer">increase in sales</a> of second homes throughout the country last year.
As the data above shows, there is still high demand for <a href="https://www.simplifyingthemarket.com/2021/04/15/why-this-is-a-great-year-to-sell-your-vacation-home/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="second getaway homes" target="_blank" rel="noopener noreferrer">second getaway homes</a> in 2021 even as the pandemic winds down. While we may see a rise in second-home sellers as life returns to normal, ongoing <a href="https://www.simplifyingthemarket.com/2021/06/09/home-price-appreciation-is-as-simple-as-supply-and-demand/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="low supply and high demand" target="_blank" rel="noopener noreferrer">low supply and high demand</a> will continue to provide those sellers with a good return on their investment.
Bottom Line
If you’re one of the many people who purchased a vacation home during the pandemic, you’re likely wondering what this means for you. If you’re considering selling that home as life returns to normal, you have options. There are still plenty of buyers in the market. If, on the other hand, you want to keep your second home, enjoy it! Current market conditions show that it’s a good ongoing investment.
2021-06-28T13:59:00-07:002021-06-28T14:00:30-07:00Curtis Leetag:murphyleegroup.com,2012-09-20:6302 Don’t Wait To Sell Your House<img width="750" height="410" src="https://files.mykcm.com/2021/06/11124143/20210616-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Don’t Wait To Sell Your House | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2021/06/11124143/20210616-KCM-Share.jpg 750w, https://files.mykcm.com/2021/06/11124143/20210616-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2021/06/11124143/20210616-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" style="font-size: 17px;" />
We’re in the ultimate sellers’ market right now. If you’re a homeowner thinking about selling, you have a huge advantage in today’s housing market. High buyer demand paired with very few houses for sale makes this the optimal time to sell for those who are ready to do so. Whatever the move you want to make looks like, here’s an overview of what’s creating the prime opportunity to sell this summer.
High Buyer Demand
Demand is strong, and buyers are actively searching for homes to purchase. In the <a href="https://cdn.nar.realtor/sites/default/files/documents/REALTOR_Confidence_Index_052021.pdf" title="Realtors Confidence Index Survey" target="_blank" rel="noopener noreferrer">Realtors Confidence Index Survey</a> published monthly by the National Association of Realtors (NAR), buyer traffic is considered “very strong” in almost every state. Homebuyers aren’t just great in number right now – they’re also determined to find their dream home. NAR shows the average home for sale today receives five offers from hopeful buyers. These increasingly frequent bidding wars can drive up the price of your house, which is why high demand from competitive homebuyers is such a win for this summer’s sellers.
Low Inventory of Houses for Sale
Purchaser demand is so high, the market is running out of available homes for sale. Danielle Hale, Chief Economist at realtor.com, <a href="https://money.com/covid-housing-shortage-timeline-sellers/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“For most sellers listing sooner rather than later could really pay off with less competition from other sellers and potentially a higher sales price... They’ll also avoid some big unknowns lurking later in the year, namely another possible surge in COVID cases, rising interest rates and the potential for more sellers to enter the market.”
NAR also <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" title="reveals" target="_blank" rel="noopener noreferrer">reveals</a> that unsold inventory sits at a 2.4-months’ supply at the current sales pace. This is far lower than the historical norm of a 6.0-months’ supply. Homes are essentially selling as fast as they’re hitting the market. Below is a graph of the <a href="https://cdn.nar.realtor/sites/default/files/documents/ehs-04-2021-single-family-only-2021-05-21.pdf" title="existing inventory" target="_blank" rel="noopener noreferrer">existing inventory</a> of single-family homes for sale:<a href="https://files.simplifyingthemarket.com/2021/06/11124146/20210616-MEM-Eng-1.png?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-98219" src="https://files.mykcm.com/2021/06/11124146/20210616-MEM-Eng-1.png" alt="Don’t Wait To Sell Your House | MyKCM" width="600" height="450" style="display: block; margin-left: auto; margin-right: auto;" /></a>
On a local level
Southern Ocean County isn't immune to the lack of inventory. May of 2021 there are less than 25% of the homes for sale as in May of 2016.
<img src="https://assets.site-static.com/userfiles/1482/image/Invnroty.png" width="1024" height="768" />
New Construction
At the same time, homebuilders are increasing construction this year, but they can’t keep up with the growing demand. While reporting on the inventory of newly constructed homes, the U.S. Census Bureau <a href="https://www.census.gov/construction/nrs/pdf/newressales.pdf" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“The seasonally‐adjusted estimate of new houses for sale at the end of April was 316,000. This represents a supply of 4.4 months at the current sales rate.”
What Does This Mean for You?
If you’re thinking of putting your house on the market, don’t wait. A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening in the real estate market today.
Bottom Line
As vaccine rollouts progress and we continue to see the economy recover, <a href="https://www.simplifyingthemarket.com/2021/05/19/sellers-are-ready-to-enter-the-housing-market/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="more houses" target="_blank" rel="noopener noreferrer">more houses</a> will come to the market. Don’t wait for the competition in your neighborhood to increase. If you’re ready to make a move, now is the time to sell. Let’s connect today to get your house listed at this optimal moment in time.
2021-06-16T08:10:00-07:002021-06-16T09:17:24-07:00Curtis Leetag:murphyleegroup.com,2012-09-20:6289Why You May Want To Cash in on Your Second Home<img width="750" height="410" src="https://files.mykcm.com/2021/06/03153705/20210607-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Why You May Want To Cash in on Your Second Home | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2021/06/03153705/20210607-KCM-Share.jpg 750w, https://files.mykcm.com/2021/06/03153705/20210607-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2021/06/03153705/20210607-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" style="font-size: 17px;" />
When stay-at-home mandates were enforced last year, many households realized their homes didn’t really fulfill their new lifestyle needs. An office (in some cases two), a media room, space for children to learn, a gym, and a large yard are all examples of amenities that became highly desirable almost overnight.
Zelman & Associates recently reported that <a href="https://www.zelmanassociates.com/research/reports/2021/05/real-estate-broker-survey-continued-price-surge-re" title="sales" target="_blank" rel="noopener noreferrer">sales</a> of primary residences grew by 9% in 2020. That increase in demand was met by the lowest supply of homes for sale in history. High demand and low supply caused prices to skyrocket over the past twelve months. Here are three home price indexes released most recently that show how home values have risen:
<a href="https://www.fhfa.gov/Media/PublicAffairs/Pages/US-House-Prices-Rise-12pt6-Percent-over-the-Last-Year-Up-3pt5-Percent-in-the-First-Quarter.aspx" title="FHFA Agency House Price Index" target="_blank" rel="noopener noreferrer">FHFA Agency House Price Index</a> shows a 13.9% increase
<a href="https://www.corelogic.com/insights-download/home-price-index.aspx" title="CoreLogic Home Price Insights Report" target="_blank" rel="noopener noreferrer">CoreLogic Home Price Insights Report</a> shows an 11.3% increase
<a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20210525-1381359/1381359_cshomeprice-release-0525.pdf" title="S&amp;P Case-Shiller U.S. National Home Price Index" target="_blank" rel="noopener noreferrer">S&P Case-Shiller U.S. National Home Price Index</a> shows a 13.2% increase
Prices increased by double digits in every region of the country and in 19 of 20 major metros. Chicago was the only exception, where prices still rose by 9%.
What does this mean to those who purchased a second home during the pandemic?
Many people didn’t want to give up a home in the city or close to their office. Instead, they purchased a larger second home farther away and moved there to stay safe and have more space. According to the same Zelman report, sales for second homes rose an astonishing 27% in 2020.
That large second-home retreat on a lake or in the mountains would demand a higher price than the average house. Let’s assume a buyer purchased such a home for $500,000. Assuming the middle 13.2% appreciation shown above, that home would now be worth about $566,000.
Those who bought second homes to improve their lifestyle during the height of the pandemic, or those who just wanted to be in a safer environment, also made a great investment.
What should these homeowners do now as the pandemic is receding, and the economy is reopening?
The buyers of those second homes now have a decision to make. Many will move back to the original home they still own (the one that’s closer to work, friends, and family). Should they keep the second home? That could depend on answers to questions like these:
Now that you may have to go back to the office (at least a few days a week) and students are required to physically attend school, would you still use the second house enough to warrant the expenses of an additional home?
Would you go to the second home on most weekends, or would you return to the movie theater, attend sporting events, eat out at fine restaurants, or spend your time traveling again?
Bottom Line
If you purchased a larger second home during the pandemic, you were able to make day-to-day life much easier for those important to you. You also made it much safer. However, with those goals already accomplished, you now need to decide whether to continue paying the extra expenses or sell the house and cash in your profit. If you decide selling makes sense, let’s connect today to discuss the value of your second home.
2021-06-07T01:22:00-07:002021-06-15T01:24:08-07:00Curtis Leetag:murphyleegroup.com,2012-09-20:2976Tips to Sell Your Home Faster<img width="750" height="410" src="https://files.mykcm.com/2019/11/21112617/20191127-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Tips to Sell Your Home Faster | MyKCM" srcset="https://files.mykcm.com/2019/11/21112617/20191127-KCM-Share.jpg 750w, https://files.mykcm.com/2019/11/21112617/20191127-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2019/11/21112617/20191127-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" style="font-size: 17px;" />
When selling your house, there are a few key things you can prioritize to have the greatest impact for a faster sale:
1. Make Buyers Feel at Home
<a href="https://www.simplifyingthemarket.com/2019/02/06/the-konmari-method-helping-you-prep-your-house-for-sale/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="Declutter" target="_blank" rel="noopener noreferrer">Declutter</a> your home! Pack away all personal items like pictures, awards, and sentimental belongings. Make buyers feel like they belong in the house. According to the 2019 Profile of Home Staging by the National Association of Realtors, “83% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.”
Not only will your house spend less time on the market, but the same report mentioned that, “One-quarter of buyers’ agents said that staging a home increased the dollar value offered between 1 – 5%, compared to other similar homes on the market that were not staged.”
2. Keep It Organized
Since you took the time to declutter, keep it organized. Before buyers arrive, pick up toys, make the bed, and put away clean dishes. According to the same report, the kitchen is one of the most important rooms to <a href="https://www.simplifyingthemarket.com/2018/07/13/want-to-sell-your-house-faster-dont-forget-to-stage-infographic/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="stage" target="_blank" rel="noopener noreferrer">stage</a> in order to attract more buyers. Put out a scented candle or some cookies fresh from the oven. Buyers will remember the smell of your home.
3. Price It Right
More inventory coming into the market guarantees there will be some competition. You want to make sure your home is noticed. A key to selling your house is ensuring it is <a href="https://www.simplifyingthemarket.com/2019/09/23/is-your-house-priced-to-sell-immediately/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="Priced to Sell Immediately (PTSI)" target="_blank" rel="noopener noreferrer">Priced to Sell Immediately (PTSI)</a>. This means you’ll be driving more traffic to your property, and ultimately creating more interest in your home.
4. Give Buyers Full Access
One of the top four elements when selling your home is <a href="https://www.simplifyingthemarket.com/2019/09/10/the-role-access-plays-in-getting-your-house-sold-2/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="access" target="_blank" rel="noopener noreferrer">access</a>. If your home is available anytime, that opens up more opportunity to find a buyer right away. Some buyers, especially those relocating, don’t have much time available. If they cannot get into the house, they will move on to the next one.
Bottom Line
If you want to sell your home in the least amount of time at the best price with as little hassle as possible, The Murphy-Lee Group can offer useful guidance. Let’s connect today to determine what you need to do to sell your home as quickly as possible.
2019-11-27T09:20:00-07:002019-11-27T09:24:59-07:00Eileen Murphytag:murphyleegroup.com,2012-09-20:2872Preparing Your House For Sale - Transform A House For Sale Into A House Sold<img src="https://assets.site-static.com/userfiles/1482/image/prepare1_1.jpg" width="2358" height="3675" />
<img src="https://assets.site-static.com/userfiles/1482/image/prepare2.jpg" width="800" height="1248" />
<img src="https://assets.site-static.com/userfiles/1482/image/prepare3.jpg" />2019-11-05T04:02:00-07:002019-11-05T04:14:17-07:00Eileen Murphytag:murphyleegroup.com,2012-09-20:2870The #1 Reason to List Your House in the Winter<img width="750" height="410" src="https://files.mykcm.com/2019/10/31075015/20191104-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="The #1 Reason to List Your House in the Winter | MyKCM" srcset="https://files.mykcm.com/2019/10/31075015/20191104-KCM-Share.jpg 750w, https://files.mykcm.com/2019/10/31075015/20191104-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2019/10/31075015/20191104-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" style="font-size: 17px;" />
Many sellers believe spring is the best time to put their homes on the market because buyer demand traditionally increases at that time of year. What they don’t realize is if every homeowner believes the same thing, then that’s when they’ll have the most competition.
So, what’s the #1 reason to list your house in the winter? Less competition.
Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. The chart below was created using the <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" title="months supply" target="_blank" rel="noopener noreferrer">months supply</a> of listings from the National Association of Realtors.<a href="https://files.simplifyingthemarket.com/2019/10/31074917/20191104-MEM-1-ENG.jpeg?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-90202" src="https://files.mykcm.com/2019/10/31074917/20191104-MEM-1-ENG.jpeg" alt="The #1 Reason to List Your House in the Winter | MyKCM" width="600" height="450" /></a>As you can see, the ‘sweet spot’ to list your house for the most exposure naturally occurs in the late fall and winter months (November – January).
Temperatures aren’t the only thing that heats up in the spring – so do listings!<a href="https://files.simplifyingthemarket.com/2019/10/31074943/20191104-MEM-2-ENG.jpeg?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-90203" src="https://files.mykcm.com/2019/10/31074943/20191104-MEM-2-ENG.jpeg" alt="The #1 Reason to List Your House in the Winter | MyKCM" width="600" height="450" /></a>In 2018, listings increased from December to May. Don’t wait for these listings and the competition that comes with them to come to the market before you decide to list your house.
Added Bonus: Serious Buyers Are Out in the Winter
At this time of year, purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere ‘lookers.’ The lookers are at the mall or online doing their holiday shopping.
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 get together to determine the best time to list your house.
2019-11-04T12:12:00-07:002019-11-04T12:15:36-07:00Curtis Leetag:murphyleegroup.com,2012-09-20:27265 Reasons to Sell This Fall<img width="750" height="410" src="https://files.mykcm.com/2019/08/30064452/20190903-Share-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="5 Reasons to Sell This Fall | MyKCM" srcset="https://files.mykcm.com/2019/08/30064452/20190903-Share-KCM.jpg 750w, https://files.mykcm.com/2019/08/30064452/20190903-Share-KCM-600x328.jpg 600w, https://files.mykcm.com/2019/08/30064452/20190903-Share-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" style="font-size: 17px;" />
Below are 5 compelling reasons listing your home for sale this fall makes sense.
1. Demand Is Strong
The latest <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" title="Buyer Traffic Report" target="_blank" rel="noopener noreferrer">Buyer Traffic Report</a> from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase…and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" title="inventory" target="_blank" rel="noopener noreferrer">inventory</a> is still under the 6-month supply that is needed for a normal market. This means that in the majority of the country, there are not enough homes for sale to satisfy the number of buyers.
Historically, a homeowner would <a href="https://www.simplifyingthemarket.com/2019/04/16/homeowners-now-is-a-good-time-to-sell-your-house/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="stay" target="_blank" rel="noopener noreferrer">stay</a> an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
Many homeowners were reluctant to list their homes over the last couple of years, for fear that they would not find a home to move to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.
3. The Process Will Be Quicker
Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to Ellie Mae’s latest <a href="https://www.elliemae.com/mortgage-data/origination-insight-reports" title="Origination Insights Report" target="_blank" rel="noopener noreferrer">Origination Insights Report</a>, the time needed to close a loan is 43 days.
4. There Will Never Be a Better Time to Move Up
If your next move will be into a premium or luxury home, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you're planning on selling a starter or trade-up home and moving into your dream home, you’ll be able to do that in the luxury or premium market.
According to <a href="https://www.corelogic.com/insights-download/home-price-index.aspx" title="CoreLogic" target="_blank" rel="noopener noreferrer">CoreLogic</a>, prices are projected to appreciate by 5.2% over the next year. If you’re moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage) if you wait.
5. It’s Time to Move on with Your Life
Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should?
Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.
That is what is truly important.
2019-09-03T21:33:00-07:002019-09-03T21:36:38-07:00Eileen Murphytag:murphyleegroup.com,2012-09-20:2699A Recession Does Not Equal a Housing Crisis<img src="https://assets.site-static.com/userfiles/1482/image/IMG_20190830_154943.jpg" width="1080" height="1350" />
There is plenty of talk in the media about a pending economic slowdown.
The good news is, home values actually increased in 3 of the last 5 U.S. recessions, and decreased by less than 2% in the 4th.
Many <a href="https://www.mykcm.com/2019/08/01/how-to-judge-the-impact-of-the-next-economic-slowdown-on-housing/" title="experts predict">experts predict</a> a potential recession is on the horizon. However, housing will not be the trigger, and home values will still continue to appreciate, just at a slower rate (see below). It will not be a repeat of the crash in the 2008 housing market.
<img src="https://assets.site-static.com/userfiles/1482/image/Slide3.JPG" width="960" height="720" />
All indicators are that yes, real estate will it have a change in the rate of appreciation, but that doesn't mean prices will reverse/drop. The rest of 2019 looks strong, so if you are thinking of selling NOW may be the time. Reach out to us, we are happy to discuss your home, your neighborhood. All real estate is local, national, political or economic issues don't play out the same everywhere. We're happy to discuss how we see things as they affect The Jersey Shore.2019-08-30T12:56:00-07:002019-08-30T13:33:50-07:00Curtis Leetag:murphyleegroup.com,2012-09-20:2671The Benefits of Growing Equity in Your Home<img width="750" height="410" src="https://files.mykcm.com/2019/08/13103355/20190814-Share-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="The Benefits of Growing Equity in Your Home | MyKCM" srcset="https://files.mykcm.com/2019/08/13103355/20190814-Share-KCM.jpg 750w, https://files.mykcm.com/2019/08/13103355/20190814-Share-KCM-600x328.jpg 600w, https://files.mykcm.com/2019/08/13103355/20190814-Share-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" style="font-size: 17px;" />
Over the last couple of years, we’ve heard quite a bit about rising home prices. Today, expert projections still forecast continued growth, just at a <a href="https://www.simplifyingthemarket.com/2019/08/07/appreciation-is-strong-it-might-be-time-to-sell/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="slower pace" target="_blank" rel="noopener noreferrer">slower pace</a>. One of the often-overlooked benefits of rising home prices is the positive impact they have on home equity. Let’s break down three ways this is a win for homeowners.
1. Move-Up Opportunity
With the rise in prices, homeowners naturally experience an increase in home equity. According to the <a href="https://www.corelogic.com/insights-download/homeowner-equity-report.aspx" title="Homeowner Equity Insights" target="_blank" rel="noopener noreferrer">Homeowner Equity Insights</a> from CoreLogic,
“In the first quarter of 2019, the average homeowner gained approximately $6,400 in equity during the past year.”
This increase in profit means if homeowners decide to sell, they’ll be able to put their equity to work for them as they make plans to move up into their next home.
2. Gain in Seller’s Profit
ATTOM Data Solutions recently released their Q2 2019 Home Sales Report, indicating the seller’s profit jumped at one of the fastest rates since 2015. They <a href="https://www.attomdata.com/news/market-trends/figuresfriday/top-10-major-cities-with-the-biggest-home-seller-gains/" title="said" target="_blank" rel="noopener noreferrer">said</a>:
“A look at the national numbers showed that U.S. homeowners who sold in the second quarter of 2019 realized an average home price gain since the original purchase of $67,500...the average home seller gain of $67,500 in Q2 2019 represented an average 33.9 percent return as a percentage of the original purchase price.”
Looking at the amount paid when they bought their homes, and then the amount they received after selling, we can see that some homeowners were able to walk away with a significant gain.
3. Out of a Negative Equity Situation
Negative equity occurs when there is a decline in home value, an increase in mortgage debt, or both. Many families experienced these challenges over the last decade. According to the same report from CoreLogic,
“U.S. homeowners with mortgages (roughly 63% of all properties) have seen their equity increase by a total of nearly $485.7 billion since the first quarter 2018, an increase of 5.6%, year over year.
In the first quarter of 2019, the total number of mortgaged residential properties with negative equity decreased…to 2.2 million homes, or 4.1% of all mortgaged properties.”
The good news is, many families have moved beyond a negative equity situation, and no longer owe more on their mortgage than the value of their home.
Bottom Line
If you’re a current homeowner, you may have more equity than you realize. Your equity can open the door to future opportunities, such as moving up to your dream home. Let’s get together to discuss your options and start to put your equity to work for you.
2019-08-14T18:32:00-07:002019-08-14T18:34:49-07:00Curtis Leetag:murphyleegroup.com,2012-09-20:2657Appreciation Is Strong: It Might Be Time to Sell<img width="750" height="410" src="https://files.mykcm.com/2019/08/06120543/20190807-Share-KCM1.jpg" class="attachment-entry size-entry wp-post-image" alt="Appreciation Is Strong: It Might Be Time to Sell | MyKCM" srcset="https://files.mykcm.com/2019/08/06120543/20190807-Share-KCM1.jpg 750w, https://files.mykcm.com/2019/08/06120543/20190807-Share-KCM1-600x328.jpg 600w, https://files.mykcm.com/2019/08/06120543/20190807-Share-KCM1-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" style="font-size: 17px;" />
There’s no doubt that today’s housing market is changing, and everything we see right now indicates it is time to sell. Here’s a look at why selling now is likely to drive the greatest return on your largest investment.
Home values have been appreciating for several years now, growing at a strong, steady, and impressive pace. In fact, the average annual appreciation rate since 2012 has nearly doubled the average rate from the more normal market of the 1990s (think: pre-bubble).<a href="https://files.simplifyingthemarket.com/2019/08/06094815/20190807-MEM-1.jpg?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-88026" src="https://files.mykcm.com/2019/08/06094815/20190807-MEM-1.jpg" alt="Appreciation Is Strong: It Might Be Time to Sell | MyKCM" width="600" height="450" /></a>Appreciation, however, is projected to shift back toward normal, meaning home prices will likely keep climbing over the next few years, but they are not projected to continue to increase at such a high rate.
Here’s What That Means for Homeowners:
As noted in the latest <a href="https://pulsenomics.com/surveys/#home-price-expectations" title="Home Price Expectation Survey" target="_blank" rel="noopener noreferrer">Home Price Expectation Survey</a> (HPES) powered by Pulsenomics, experts forecast an average annual appreciation rate closer to <a href="https://www.simplifyingthemarket.com/2019/07/30/how-to-increase-your-equity-over-the-next-5-years/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="3.2% over the next five years" target="_blank" rel="noopener noreferrer">3.2% over the next five years</a>, which is more in line with a historically normal market (3.6%). The good news is, there’s still time to take advantage of the current strength of home prices by selling your house now.<a href="https://files.simplifyingthemarket.com/2019/08/06094859/20190807-MEM-2.jpg?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-88027" src="https://files.mykcm.com/2019/08/06094859/20190807-MEM-2.jpg" alt="Appreciation Is Strong: It Might Be Time to Sell | MyKCM" width="600" height="450" /></a>Looking at the projections as they stand today, 2019 is slated to drive the strongest appreciation as compared to the upcoming few years. With average home prices still <a href="https://www.simplifyingthemarket.com/2019/08/02/existing-home-sales-point-toward-a-good-time-to-sell-infographic/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="on the rise" target="_blank" rel="noopener noreferrer">on the rise</a>, the pace at which they are predicted to continue increasing will likely soften by 2020.
Bottom Line
If you’re thinking about selling your house, now is a great time to make your move. Don’t get stuck waiting until projected home price appreciation rates potentially re-accelerate again in 2023. You’ll likely earn the greatest return on your investment by selling now before the prices start to normalize next year.
2019-08-08T03:32:00-07:002019-08-08T03:35:29-07:00Curtis Leetag:murphyleegroup.com,2012-09-20:26514 Tips to Sell Your Home Faster<img width="750" height="410" src="https://files.mykcm.com/2019/07/04105656/20190710-Share-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="4 Tips to Sell Your Home Faster | MyKCM" srcset="https://files.mykcm.com/2019/07/04105656/20190710-Share-KCM.jpg 750w, https://files.mykcm.com/2019/07/04105656/20190710-Share-KCM-600x328.jpg 600w, https://files.mykcm.com/2019/07/04105656/20190710-Share-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" style="font-size: 17px;" />
Since June of last year, we have seen an increase in the inventory of homes for sale month per month. Every spring and summer, the inventory increases because people want to sell their home. For those with children, they may want to be in their new home for the beginning of the school year.
If you are one of those sellers, you may find these 4 tips helpful in getting your home sold more quickly.
1. Make buyers feel at home
<a href="https://www.simplifyingthemarket.com/2019/02/06/the-konmari-method-helping-you-prep-your-house-for-sale/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="Declutter" target="_blank" rel="noopener noreferrer">Declutter</a> your home! Pack away all personal items like pictures, awards, and sentimental belongings. Make them feel like they belong in this house! According to the <a href="https://www.nar.realtor/research-and-statistics/research-reports/profile-of-home-staging" title="Profile of Home Staging" target="_blank" rel="noopener noreferrer">Profile of Home Staging</a> by the National Association of Realtors,
“83% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.”
Not only will your house spend less time on the market, but the same report mentioned that,
“One-quarter of buyers’ agents said that staging a home increased the dollar value offered between 1 – 5%, compared to other similar homes on the market that were not staged.”
2. Keep it organized
Since you took the time to declutter, keep it organized! Before the buyers show up, pick up toys, make the bed, and put away clean dishes. It is also a good idea to put out some cookies fresh from the oven or a scented candle. Buyers will remember the smell of your home! According to the same report, the kitchen is one of the most important rooms to stage in order to attract more buyers.
3. Give buyers full access
One of the top four elements when selling your home is <a href="https://www.simplifyingthemarket.com/2019/05/06/why-access-is-one-of-the-most-important-factors-in-getting-your-house-sold/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="access" target="_blank" rel="noopener noreferrer">access</a>! If your home is available anytime, that opens up more opportunity to find a buyer right away. Some buyers, especially those relocating, don’t have much time available. If they cannot get into the house, they will move on to the next one.
4. Price it right
As we mentioned at the beginning, more inventory coming into the market guarantees there will be some competition. You want to make sure your home is noticed. The key to selling your house in 2019 is ensuring it is <a href="https://www.simplifyingthemarket.com/2019/03/21/is-your-house-priced-to-sell-immediately-ptsi/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="Priced to Sell Immediately (PTSI" target="_blank" rel="noopener noreferrer">Priced to Sell Immediately (PTSI</a>). That way, your home will be seen by the greatest amount of buyers and will sell at a great price before more competition comes to market!
Bottom Line
If you want to sell your house in the least amount of time at the best price with as little hassle as possible, a local real estate professional is a useful guide. Call them today to find out what you need to do to sell your home more quickly.
2019-08-03T06:36:00-07:002019-08-02T20:40:23-07:00Eileen Murphytag:murphyleegroup.com,2012-09-20:2652What should I declutter when showing my kitchen?
Most buyers want room for their kitchen appliances. <br />So don't hold back when prepping for an open house.2019-08-02T21:23:00-07:002019-08-06T14:36:12-07:00Curtis Leetag:murphyleegroup.com,2012-09-20:2639How to Increase Your Equity Over the Next 5 YearsHow to Increase Your Equity Over the Next 5 Years
<img width="750" height="410" src="https://files.mykcm.com/2019/07/25115453/20190730-Share-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="How to Increase Your Equity Over the Next 5 Years | MyKCM" srcset="https://files.mykcm.com/2019/07/25115453/20190730-Share-KCM.jpg 750w, https://files.mykcm.com/2019/07/25115453/20190730-Share-KCM-600x328.jpg 600w, https://files.mykcm.com/2019/07/25115453/20190730-Share-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
Many of the questions currently surrounding the real estate industry focus on home prices and where they are heading. The most recent Home Price Expectation Survey (HPES) helps target these projected answers.
Here are the results from the <a href="https://pulsenomics.com/surveys/#home-price-expectations" title="Q2 2019 Survey" target="_blank" rel="noopener noreferrer">Q2 2019 Survey</a>:
Home values will appreciate by 4.1% in 2019
The average annual appreciation will be 3.2% over the next 5 years
The cumulative appreciation will be 16.8% by 2023
Even experts representing the most “bearish” quartile of the survey project a cumulative appreciation of over 6.7% by 2023
What does this mean for you?
A substantial portion of family wealth comes from home equity. As the value of a family’s home (an asset) increases, so does their equity.
Using the projections from the HPES, here is a look at the potential equity a family could earn over the next five years if they purchased a $250,000 home in January of 2019:<a href="https://files.simplifyingthemarket.com/2019/07/25114818/20190730-MEM.jpg?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-87933" src="https://files.mykcm.com/2019/07/25114818/20190730-MEM.jpg" alt="How to Increase Your Equity Over the Next 5 Years | MyKCM" width="600" height="450" /></a>Based on gains in home equity, their family wealth could increase by $42,000 over that five-year period.
Bottom Line
If you don’t yet own a home, now may be the time to purchase. Owning or moving up to your dream home could allow you to ride the increase in equity of a growing asset.
<a href="https://pulsenomics.com/surveys/" title="Home Price Expectation survey" target="_blank" rel="noopener noreferrer">Home Price Expectation survey</a> - Every quarter, Pulsenomics surveys a distinguished panel of over 100 economists, investment strategists, and housing market analysts regarding their 5-year expectations for future home prices in the United States.
2019-07-31T07:51:00-07:002019-07-31T07:53:25-07:00Curtis Leetag:murphyleegroup.com,2012-09-20:2638Why Now Is the Perfect Time to Sell Your HouseWhy Now Is the Perfect Time to Sell Your House
<img width="750" height="410" src="https://files.mykcm.com/2019/07/30111643/20190731-Share-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Why Now Is the Perfect Time to Sell Your House | MyKCM" srcset="https://files.mykcm.com/2019/07/30111643/20190731-Share-KCM.jpg 750w, https://files.mykcm.com/2019/07/30111643/20190731-Share-KCM-600x328.jpg 600w, https://files.mykcm.com/2019/07/30111643/20190731-Share-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
As a homeowner, it’s always tempting to dream about the next big project you’re going to tackle. The possibilities are endless. Should I renovate? Should I refinance? Should I stay? Should I move? The list goes on and on.
In today’s housing market, it’s actually a great time to shift your thoughts toward selling your house and moving up into the home of your dreams. Here’s why:
<a href="https://www.simplifyingthemarket.com/2019/07/17/what-a-difference-a-year-makes-for-sellers/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="Inventory" target="_blank" rel="noopener noreferrer">Inventory</a> is on the rise, but there’s still an overall <a href="https://www.simplifyingthemarket.com/2019/07/29/3-expert-insights-on-inventory-in-the-current-market/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="shortage" target="_blank" rel="noopener noreferrer">shortage</a> of houses for sale (less than a 6-month supply found in a more normal market), so homes are going under contract quickly. In fact, the National Association of Realtors (NAR) <a href="https://www.nar.realtor/sites/default/files/documents/2019-06-realtors-confidence-index-07-23-2019.pdf" title="Realtors® Confidence Index Survey" target="_blank" rel="noopener noreferrer">Realtors® Confidence Index Survey</a> reports that right now homes are only staying on the market for an average of 27 days. That’s less than one month, an even more accelerated pace from the 36-day trend we saw <a href="https://www.simplifyingthemarket.com/2019/04/26/existing-home-sales-slow-to-start-spring-infographic/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="last spring" target="_blank" rel="noopener noreferrer">last spring</a>.<a href="https://files.simplifyingthemarket.com/2019/07/29131511/20190731-1.jpg?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-87956" src="https://files.mykcm.com/2019/07/29131511/20190731-1.jpg" alt="Why Now Is the Perfect Time to Sell Your House | MyKCM" width="600" height="450" /></a>The same report also indicates there are more interested buyers than active sellers today, which is one of the big factors driving <a href="https://www.simplifyingthemarket.com/2019/07/15/home-price-appreciation-forecast/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="home prices" target="_blank" rel="noopener noreferrer">home prices</a> higher.<a href="https://files.simplifyingthemarket.com/2019/07/29131605/20190731-2.jpg?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-87957" src="https://files.mykcm.com/2019/07/29131605/20190731-2.jpg" alt="Why Now Is the Perfect Time to Sell Your House | MyKCM" width="600" height="450" /></a><a href="https://files.simplifyingthemarket.com/2019/07/29131638/20190731-3.jpg?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-87958" src="https://files.mykcm.com/2019/07/29131638/20190731-3.jpg" alt="Why Now Is the Perfect Time to Sell Your House | MyKCM" width="600" height="450" /></a>This power combination provides an ideal environment for sellers aiming to close a quick sale and earn a big return as we wrap up the summer season.
Bottom Line
There’s still time to make a move before the school year starts and the fall weather sets in. Maybe it’s time to make a change. Let’s get together to determine if selling now is the right decision for your family.
2019-07-31T07:40:00-07:002019-07-31T07:54:11-07:00Eileen Murphytag:murphyleegroup.com,2012-09-20:26403 Expert Insights On Inventory In The Current Market<img width="750" height="410" src="https://files.mykcm.com/2019/07/25102556/20190729-Share-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="3 Expert Insights On Inventory In The Current Market | MyKCM" srcset="https://files.mykcm.com/2019/07/25102556/20190729-Share-KCM.jpg 750w, https://files.mykcm.com/2019/07/25102556/20190729-Share-KCM-600x328.jpg 600w, https://files.mykcm.com/2019/07/25102556/20190729-Share-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" style="font-size: 17px;" />
The current housing landscape presents greater home values, low interest rates, and high buyer demand. All of these factors point to the <a href="https://www.simplifyingthemarket.com/2019/07/24/mid-year-housing-market-update-three-things-to-know-today/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="strong" target="_blank" rel="noopener noreferrer">strong</a> market forecasted to continue throughout the rest of the year.
There is, however, one thing that may cause the industry to tap the brakes: an overall lack of housing inventory. <a href="https://www.simplifyingthemarket.com/2019/04/18/buyer-demand-surging-as-spring-market-begins/?a=108807-d6c8f96ed3f2a0891ac0f84bcb0a1c3a" title="Buyer demand" target="_blank" rel="noopener noreferrer">Buyer demand</a> naturally increases during the summer months, but the current supply is not keeping up.
Here is a look at what a few industry experts have to say:
<a href="https://www.nar.realtor/newsroom/existing-home-sales-falter-1-7-in-june" title="Lawrence Yun,&nbsp;Chief Economist&nbsp;at&nbsp;National Association of Realtors" target="_blank" rel="noopener noreferrer">Lawrence Yun, Chief Economist at National Association of Realtors</a>
“Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices.”
<a href="https://blog.firstam.com/economics/why-lower-mortgage-rates-have-not-closed-the-housing-market-performance-gap" title="Mark Fleming,&nbsp;Chief Economist&nbsp;of&nbsp;First American" target="_blank" rel="noopener noreferrer">Mark Fleming, Chief Economist of First American</a>
“Market conditions are ripe for increasing home sales with one glaring exception. The supply of homes for sale remains tight, keeping existing home sales below potential.”
<a href="https://themreport.com/daily-dose/07-09-2019/is-the-housing-markets-slowdown-coming-to-an-end/amp" title="Danielle Hale,&nbsp;Chief Economist&nbsp;of&nbsp;Realtor.com" target="_blank" rel="noopener noreferrer">Danielle Hale, Chief Economist of Realtor.com</a>
“We're not seeing as many new listings come up on the market…It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we've ever seen.”
Bottom Line
If you’re thinking of selling, now may be the time. Demand for your house will be strong during a period when there is very little competition, ideally leading to a quick sale and a great return on your investment.
2019-07-30T09:00:00-07:002019-07-31T08:04:56-07:00Curtis Leetag:murphyleegroup.com,2012-09-20:2623Why You Should Consider Selling in the Winter<img src="https://assets.site-static.com/userfiles/1482/image/selling-in-the-winter-attracts-serious-buyers.jpg" alt="Selling In Winter Attracts Serious Buyers" title="Selling In Winter Attracts Serious Buyers" height="410" width="750" />
The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities.
Selling in the winter can give you a few advantages. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter the time of year. Keeping your house on the market in the winter might bring the right buyer to your door. Real estate agents also tend to be less busy during these months and commit more time to getting your home sold.
Studies have shown winter buyers are buying because they need to move right away either for a relocation or personal situation. They will want to close quickly and allow for a much smoother sale.
Bottom Line
If you need to sell your home right away, or have some time but want to see what is out there, consider listing in the winter. Most homeowners who are going to sell will list their home in the spring, making for a competitive market. The winter allows buyers who are in a hurry to move consider your home and sell for more money than you would have in the spring.2019-07-22T13:15:00-07:002019-07-22T13:18:16-07:00Curtis Lee