Now’s a Great Time To Sell Your House

 Article Courtesy of Keeping Current Matters/The KCM Blog

 

Thinking about selling your house? If you are, you might be weighing factors like today’s mortgage rates and your own changing needs to figure out your next move.

Here’s something else to consider. According to the latest Home Purchase Sentiment Index (HPSI) from Fannie Mae, the percent of respondents who say it’s a good time to sell is on the rise (see graph below):

Why Are Sellers Feeling so Optimistic?

One reason why is because right now is traditionally the best time of year to sell a house. A recent article from Bankrate says:

“Late spring and early summer are generally considered the best times to sell a house. . . . While today’s rates are relatively high, low inventory is still keeping sellers in the driver’s seat in most markets.”

These are the seasons when most people move. That means buyer demand grows. And because there still aren’t enough homes for sale to meet that demand, sellers see some serious perks. According to Rocket Mortgage:

“Homes that are listed at the end of spring and the beginning of summer typically sell faster at a higher sales price.”

What Does This Mean for You?

More sellers are coming to realize conditions are ripe for a move. And that’s one reason why we’re seeing more homeowners put their homes up for sale. If you think you might want to get in on the action, it’s a good idea to start preparing.

A local real estate agent can help you get your house ready by offering advice on how best to fix it up and make it appealing to buyers in your area.

They also know if you list during the peak buying seasons of spring and early summer, you might sell quickly and for a higher price.

Bottom Line

If you list during the spring and early summer, you might sell your house quickly and for a higher price. When you're ready to make the most of today's seller’s market, get in touch with a local real estate agent.

 

 

UPDATE ON SALES IN SUN CITY CAROLINA LAKES

I'm frequently asked about how our market is doing and that question can be looked at in different ways.  For example...

• Is this a Buyer's Market or a Seller's market?
• Are prices going up... or down?  
• How long are homes staying on the market?

 

 Let's take a look at all of these questions.

 

IS THIS A BUYER'S MARKET OR A SELLER'S MARKET?

The answer to this question can always be found by using the "Up-to-Date Stats for SCCL" tab at the top of this page.  The interactive charts on that page have the most current stats available through CMLS through the end of the previous month.  

 

 Home Inventory Determines What Kind of Market We Are In

Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale. 

• Less than 6 months of inventory = Seller's Market with upward pressure on prices
• More than 6 months of inventory = Buyer's Market with downward pressure on prices

 As shown below, as of the end of March, we remain in a Seller's Market.

 

SINGLE FAMILY RESIDENCES

 

 

 

CARRIAGE HOMES AND VILLAS

 

 

ARE PRICES GOING UP... OR DOWN?

In my October 12, 2023 posting, FIRST HOME SELLS FOR OVER $1,000,000 IN SCCL, I said that "some (folks) are now listing higher than current comps would suggest is appropriate, and are having to reduce their asking price."  In a posting on October 13, 2023 (with an update on 10/25) I followed up with The Importance of Pricing a Home Right. That being said, today prices appear to be much more in line with prices of comparable homes that have sold in the last six months, including those which were originally priced high and then reduced.

HOW LONG ARE HOMES STAYING ON THE MARKET?

The charts below show the number of Days on Market (DOM) for single family residences (SFRs) and Carriage Homes/Villas that are currently UNDER CONTRACT.  Since the beginning of April, 12 SFRs and one Villa have gone under contract.  Seven of those SFRs have gone UNDER CONTRACT since this past Saturday, April 20th.

SINGLE FAMILY RESIDENCES

 

VILLA

The Top 5 Reasons You Need a Real Estate Agent when Buying a Home

Article Courtesy of Keeping Current Matters/The KCM Blog

You may have heard headlines in the news lately about agents in the real estate industry and discussions about their commissions. And if you’re following along, it can be pretty confusing. But here’s the thing you really need to know – expert advice from a trusted real estate agent is priceless, now more than ever. And here’s why.

A real estate agent does a lot more than you may realize.

Your agent is the person who will guide you through every step when buying a home and look out for your best interests along the way. They smooth out a complex process and take away the bulk of the stress of what’s likely your largest purchase ever. And that’s exactly what you want and deserve.

This is at least a part of the reason why a recent survey from Bright MLS found an overwhelming majority of people agree an agent is a key part of the homebuying process (see visual below):

To give you a better idea of just a few of the top ways agents add value, check out this list.

1. Deliver Industry Experience

The right agent – the professional – will coach you through everything from start to finish. With professional training and expertise, agents know the ins and outs of the buying process. And in today’s complex market, the way real estate transactions are executed is constantly changing, so having the best advice on your side is essential.

2. Provide Expert Local Knowledge

In a world that’s powered by data, a great agent can clarify what it all means, separate fact from fiction, and help you understand how current market trends apply to your unique search. From how quickly homes are selling to the latest listings you don’t want to miss, they can explain what’s happening in your specific local market so you can make a confident decision.

3. Explain Pricing and Market Value

Agents help you understand the latest pricing trends in your area. What’s a home valued at in your market? What should you think about when you’re making an offer? Is this a house that might have issues you can’t see on the surface? No one wants to overpay, so having an expert who really gets true market value for individual neighborhoods is priceless. An offer that’s both fair and competitive in today’s housing market is essential, and a local expert knows how to help you hit the mark.

4. Review Contracts and Fine Print

In a fast-moving and heavily regulated process, agents help you make sense of the necessary disclosures and documents, so you know what you’re signing. Having a professional that’s trained to explain the details could make or break your transaction, and is certainly something you don’t want to try to figure out on your own.

5. Bring Negotiation Expertise

From offer to counteroffer and inspection to closing, there are a lot of stakeholders involved in a real estate transaction. Having someone on your side who knows you and the process makes a world of difference. An agent will advocate for you as they work with each party. It’s a big deal, and you need a partner at every turn to land the best possible outcome.

Bottom Line

Real estate agents are specialists, educators, and negotiators. They adjust to market changes and keep you informed. And keep in mind, every time you make a big decision in your life, especially a financial one, you need an expert on your side.

Expert advice from a trusted professional is priceless. Connect with a local real estate agent today.

 

Why Overpricing Your House Can Cost You

Article Courtesy of Keeping Current Matters/The KCM Blog

If you’re trying to sell your house, you may be looking at this spring season as the sweet spot – and you’re not wrong. We’re still in a seller’s market because there are so few homes for sale right now. And historically, this is the time of year when more buyers move, and competition ticks up. That makes this an exciting time to put up that for sale sign.

But while conditions are great for sellers like you, you’ll still want to be strategic when it comes time to set your asking price. That’s because pricing your house too high may actually cost you in the long run.

The Downside of Overpricing Your House

The asking price for your house sends a message to potential buyers. From the moment they see your listing, the price and the photos are what’s going to make the biggest first impression. And, if it’s priced too high, you may turn people away. As an article from U.S. News Real Estate says:

“Even in a hot market where there are more buyers than houses available for sale, buyers aren’t going to pay attention to a home with an inflated asking price.”

That’s because no homebuyer wants to pay more than they have to, especially not today. Many are already feeling the pinch on their budget due to ongoing home price appreciation and today’s mortgage rates. And if they think your house is overpriced, they may write it off without even stepping foot in the front door, or simply won’t make an offer if they think it’s priced too high.

If that happens, it’s going to take longer to sell. And ideally you don’t want to have to think about doing a price drop to try to re-ignite interest in your house. Why? Some buyers will see the price cut as a red flag and wonder why the price was reduced, or they’ll think something is wrong with the house the longer it sits. As an article from Forbes explains:

“It’s not only the price of an overpriced home that turns buyers off. There’s also another negative component that kicks in. . . . if your listing just sits there and accumulates days on the market, it will not be a good look. . . . buyers won’t necessarily ask anyone what’s wrong with the home. They’ll just assume that something is indeed wrong, and will skip over the property and view more recent listings.”

Your Agent’s Role in Setting the Right Price

Instead, pricing it at or just below current market value from the start is a much better strategy. So how do you find that ideal asking price? You lean on the pros. Only an agent has the expertise needed to research and figure out the current market value for your home.

They’ll factor in the condition of your house, any upgrades you’ve made, and what other houses like yours are selling for in your area. And they’ll use all of that information to find that target number. The right price will bring in more buyers and make it more likely you’ll see multiple offers too. Plus, when homes are priced right, they still tend to sell quickly.

Bottom Line

Even though you want to bring in top dollar when you sell, setting the asking price too high may deter buyers and slow down the sales process.

Connect with a local real estate agent to find the right price for your house, so we can maximize your profit and still draw in eager buyers willing to make competitive offers.

I'm excited to share the news that I have

joined a new real estate firm!

NorthGroup Real Estate has over 1200 agents, 

 with offices in 4 states (SC, NC, GA, FL).

 

 Making the switch to NorthGroup will allow me
to continue to provide excellent service to my clients,
while also giving me the opportunity 

to reach my personal goals.

 

Please note that my preferred business email is now:

PookBelliniHomes@gmail.com

Please send a quick email to my new address so I can add you as a contact.