Real estate is always a hot topic and with good reason. The market has changed significantly in the last few years, and this latest season has undergone more shifts. The number of homes for sale is rising as buyer demand slows. Uniquely, this shift offers sellers key opportunities and benefits when selling.

You Have More Options for Your Move

Higher mortgage rates have created low buyer demand. This has helped cool down the frenzy of buyer demand that has occurred over the past couple of years. As a seller, this seems like a downside, but this could benefit you.

If you’re selling your house to make a move, you’ll have more options for your home search. You have to opportunity to be choosier in your next home purchase and find a home that checks all of your boxes.

The Number of Homes on the Market Is Still Low

While the number of homes on the market is increasing, it’s still low when you compare it to historic numbers, making the housing supply firmly in sellers’ market territory. A balanced market to meet buyer demand holds six months’ supply of homes. According to the latest report from the National Association of Realtors (NAR), there was only a 3.3 months supply in July 2022.

Because inventory is still low, if you price your home correctly, there will still be high demand. NAR recorded that the average home in July 2022 sold in as little as 14 days and received multiple offers.

Your Equity Has Grown by Record Amounts

Danielle Hale, Chief Economist at realtor.com, states that “Home owners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .”

These last few years of home price appreciation have significantly boosted your home equity. That equity may be just what you need to cover a significant portion (if not all) of the down payment on your next home.

If you have been thinking about selling and are wondering if now is the right time for you, contact me today!

I’m honest, fair, ethical and I have expert level knowledge of our market. I’m a fierce negotiator and I will always put your interests first. I will sell your home for it’s highest value and best terms to help you get where you want to be. My Buyer representation is of the highest quality and I have expert level knowledge of the real estate contracts to help get your offer accepted. My relationships with others in my industry are very important and there are numerous real estate agents, title agents, lenders, home inspectors and surveyors that know me, trust me and want to work with me.

As mortgage rates started to rise this year, many homeowners began to wonder if the value of their homes would fall. Historically, when mortgage rates rise by a percentage point or more, home values continue to appreciate. Currently, home values continue to grow because of the ongoing imbalance in supply and demand. Specifically, housing supply is still low, and demand is high. As mortgage rates started to rise this year, many homebuyers rushed to make their purchases before those rates could climb higher. The increased competition drove home prices up even more.

Selma Hepp, Deputy Chief Economist at CoreLogic, states that:

“Home price growth continued to gain speed in early spring, as eager buyers tried to get in front of the mortgage rate surge.”

What This Means for You

If you’re thinking about selling your house, now is a great time to do it. Home prices are high, and there are plenty of buyers out there who are willing to pay top dollar for your property. If you want to get the most money possible for your home, now is the time to put it on the market.

As prices rise, so does the value of your home, which gives your equity a big boost. When you sell, you can use that equity toward the purchase of your next home. And at today’s record-level of appreciation, that equity may be enough to cover some (if not all) of your down payment.

Of course, every real estate transaction is unique, and you should always consult with a real estate professional to get the most accurate information specific to your situation. History shows rising mortgage rates have not harmed home prices. Thanks to ongoing price appreciation, now is still a great time to sell your house. Let’s connect when you’re ready to find out how much equity you have in your current home and what’s happening with home prices in your local area.

Liz Norvelle believes that building a relationship based on respect and trust is what truly matters.

The exceptional customer service that Liz provides will establish the groundwork for a relationship with her clients that will continue into the future when you’re ready for your next home or when friends and family come to join you in your new home town.

Please contact Liz, she will take the time to get to know you and assist you in finding a home that best fits your lifestyle needs.

If you’re planning to sell this year, you’re probably thinking about what you’ll need to do to get your house ready to appeal to the most buyers. It’s crucial to work with a trusted real estate professional who knows your local market to get your home ready to sell. But consider a few things when deciding what to renovate and update before listing this season. Here are three things to keep top of mind as you’re making your list of projects to tackle this year.

The Number of Homes for Sale Is Very Low

Because there’s such a limited supply of homes available for sale, you’re in a unique position when you sell your house to benefit from multiple offers and a quick process. According to the National Association of Realtors (NAR), the latest data indicates inventory is hitting an all-time low. 

But you want to do so while buyers are still scooping homes up as fast as they’re being listed. Spending time and money on renovations before you sell could mean you’ll miss your crucial window of opportunity. Of course, certain repairs may be essential. The best way to determine where to spend your time and money is to work with a real estate advisor to confirm which improvements are truly needed and which ones aren’t likely to be deal-breakers for buyers.

Buyers May Be Willing To Take on Projects When They Purchase Your House

Today, many buyers are more willing to take on home improvement projects themselves to get the house they’re after, even if it means putting in a little extra work. A recent survey from Freddie Mac finds that:

“. . . nearly two-in-five potential homebuyers would consider purchasing a home requiring renovations.”

If more buyers are willing to tackle repairs on their own, it may be wise to let the future homeowners remodel the bathroom or the kitchen to make design decisions for their specific tastes and lifestyle. Depending on the structural condition of your house, your efforts may be better spent working on minor cosmetic updates, like refreshing some paint and power washing the exterior to make sure the home stands out. Work with a real estate professional to determine the key projects to tackle that will give you the greatest return on your investment.

Your Agent Will Help You Spotlight the Upgrades You’ve Made

Over the past year, many people made a significant number of updates to their homes. With more homeowners taking on more projects in the past 12 months, there’s a good chance you’ve already made updates to your home that could appeal to buyers. If that’s the case, your real estate advisor will find ways to highlight those upgrades in your listing.

Every home is different, so a conversation with your agent is mission-critical to make sure you make the right moves when selling this season. Contact a local real estate professional for expert advice on what work needs to be done and how to make it as appealing as possible to future buyers.

In a sellers’ market like today’s, spending your time and money wisely is essential when you’re getting ready to move. Let’s connect today so you can find out where to target your efforts before you list.

Selling your house is no simple task. And when you sell on your own – known as a FSBO (or For Sale by Owner) – you’re responsible for handling some of the more difficult aspects of the process without the expert guidance you need.

The 2021 Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveys homeowners who recently sold their house on their own and asks what difficulties they faced. Those sellers say some of the biggest headaches are prepping their house for sale, pricing it right, and handling the required paperwork.

Working with an agent is the best way to ensure you have an expert on your side to guide you at every turn. Agents have the skills and knowledge that are essential to navigating each step with ease, efficiency, and accuracy. Here are just a few things a real estate agent will do to make sure you get the most out of your sale.

1. Make the Best First Impression

Selling your house requires a significant amount of time and effort. Doing it right takes expertise and an understanding of today’s buyers. Your agent knows the answers to common questions, such as:

• Do I need to take down my personal art?
• How much landscaping does my house need?
• What colors should I paint my walls?

Your time and money are important, and you don’t want to waste either one focusing on the wrong things. A real estate advisor relies on their experience to answer these questions and more, allowing you to make the right investments to prep your house before you list.

2. Maximize Your Buyer Pool – and Your Sale

According to recent data from NAR, the average home is getting 3.6 offers per sale. That’s great news if you’re planning to sell, since the more offers you receive, the more likely you are to sell your house in a bidding war, and for a higher price.

Real estate agents have an assortment of tools at their disposal, like social media followers and agency resources, that will ensure the most buyers view your house. Without access to these tools and your agent’s marketing expertise, your buyer pool – and your home’s selling potential – is limited.

3. Understand the Documentation, Including the Fine Print

Today, more disclosures and regulations are mandatory when a house is sold, meaning the number of legal documents to juggle is growing. It’s hard to understand all the requirements and fine print (especially if you’re not an expert). That’s why your advisor is an invaluable guide.

Your agent knows exactly what needs to happen, what all the paperwork means, and can work through it efficiently. They’ll help you review the documentation and avoid any costly missteps that could happen if you tackle it on your own.

4.  Act as Your Expert Negotiator

You’ll also be solely responsible for all negotiations if you sell without an agent. That means you have to coordinate with:

• The buyer, who wants the best deal possible
• The buyer’s agent, who will use their expertise to advocate for the buyer
• The inspection company, which works for the buyer and will almost always find concerns with the house
• The appraiser, who assesses the property’s value to protect the lender

Instead of going toe-to-toe with all these parties alone, lean on an expert. Your agent relies on experience and training to make the right moves throughout the negotiation. They’ll know what levers to pull, how to address each individual concern, and when you may want to get a second opinion. When you sell your house yourself, you’ll need to be prepared to have these conversations on your own.

5. Price It Right

Real estate professionals have the expertise to price your house accurately and competitively. To do so, they compare your house to recently sold homes in your area and factor in the current condition of your house. These factors are key to making sure your house is priced to move quickly and get you the maximum return on your investment.

When you sell as a FSBO, you’re operating without this advantage. That could cost you in the long run if you price your house too high or too low.

Bottom Line

There’s a lot that goes into selling your house, and it takes time, effort, and expertise to truly maximize your sale. Instead of tackling it alone, let’s connect to make sure you have an expert on your side. 

Liz Norvelle

Liz Norvelle is a true example of a quality Real Estate Professional.  Liz’s exceptional customer service establishes the groundwork for a long-lasting relationship with her clients.  Contact Liz today, she will take the time to get to know you and assist you in finding a home that best fits your lifestyle needs.  (928)458-4025