4 Tips for Making a Competetive Offer

Article Courtesy of Keeping Current Matters/The KCM Blog

So, you’ve been searching for that perfect house to call ‘home,’ and you’ve finally found it! The price is right, and in such a competitive market, you want to make sure you make a good offer so that you can guarantee that your dream of making this house yours comes true!
Below are 4 steps provided by Freddie Mac to help buyers make offers, along with some additional information for your consideration:

1. Determine Your Price

“You’ve found the perfect home and you’re ready to buy. Now what? Your real estate agent will be by your side, helping you determine an offer price that is fair.”

Based on your agent’s experience and key considerations (like similar homes recently sold in the same neighborhood or the condition of the house and what you can afford), your agent will help you to determine the offer that you are going to present.
Getting pre-approved will not only show home-sellers that you are serious about buying, but it will also allow you to make your offer with confidence because you’ll know that you have already been approved for a mortgage in that amount.

2. Submit an Offer

“Once you’ve determined your price, your agent will draw up an offer, or purchase agreement, to submit to the seller’s real estate agent. This offer will include the purchase price and terms and conditions of the purchase.”

Talk with your agent to find out if there are any ways in which you can make your offer stand out in this competitive market! A licensed real estate agent who is active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer.

3. Negotiate the Offer

“Oftentimes, the seller will counter the offer, typically asking for a higher purchase price or to adjust the closing date. In these cases, the seller’s agent will submit a counteroffer to your agent, detailing their desired changes, at this time, you can either accept the offer or decide if you want to counter.
Each time changes are made through a counteroffer, you or the seller have the option to accept, reject or counter it again. The contract is considered final when both parties sign the written offer.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller or even cancel the contract altogether.

4. Act Fast

The inventory of homes listed for sale has remained well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.
Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as quickly as possible.

Bottom Line

Whether you’re buying your first home or your fifth, having a local professional on your side who is an expert in his or her market is your best bet in making sure the process goes smoothly. Happy house hunting!

Ronald McDonald House Charlotte is Always An Amazing Experience

Thanks to my amazing friends for doing such an awesome job making dinner at Ronald McDonald House on Saturday!
Looking forward to preparing another meal
with another group of friends on May 31st!

Denise Townsend, Marsha Adams, Donna Sullivan, Pook Bellini, Joan Welch, Mike Welch, Cathy Eaton, Megan Moran

So, how's the market in Sun City Carolina Lakes?

Photo courtesy of Dan Peters

May is off to an amazing start here in SCCL!  

Today is May 10th and already 11 single family homes have gone UNDER CONTRACT! Additionally, five properties have CLOSED this month.  Those properties went UNDER CONTRACT in March and April.

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

At the end of April there was a 3.9 month supply of homes.

At that time, there were 45 ACTIVE SFR listings. 

Today there are only 36 ACTIVE single family residential (SFR) homes on the market and, at the current rate of homes going UNDER CONTRACT, that means we're looking at a 3.27 month supply of homes.

5/22/19 UPDATE:  As of today...

• 42 ACTIVE single family (SFR) homes on the market
• 13 SFR homes have gone UNDER CONTRACT this month, including 1 that has already CLOSED. 
• 9 SFR homes have CLOSED this month!
• Current supply:  3.5 months

• 6 ACTIVE Carriage Homes & Villas on the market
• 4 Carriage Homes & Villas have gone UNDER CONTRACT this month!
• 0 Carriage Homes & Villas have CLOSED this month.
• Current supply: 1.5 months

__________________________________

I update stats for SCCL daily and the interactive charts for various market conditions update monthly.  Please be sure visit the up-to-date stats tab above regularly for the most current information on all homes in SCCL, including Carriage Homes and Villas.

Also, be sure to visit the property search tab above to check out the current listings in SCCL, as well as at TreeTops and Carolina Orchards.  Or, if you'd prefer, contact me for a personalized search with automatic updates.

TreeTops by Lennar continues to have a large collection of inventory homes, many of which have had very significant price reductions.  Lennar is also offering great incentives for homes purchased in May.  Contact me for details.  Remember it is always in your best interest to have your own representation when purchasing a home from a builder.  Please contact me if you are planning to visit TreeTops or Carolina Orchards.

JUST LISTED IN SCCL

UNDER CONTRACT
 
Fabulous Vernon Hill with Basement!

VIRTUAL TOUR

Your Fabulous New Dream Home is Now Available

Article Courtesy of Keeping Current Matters/The KCM Blog

Over the last several years, many “baby boomers” have undergone a metamorphosis. Their children have finally moved out and they can now dream about their own future. For many, a change in lifestyle might necessitate a change in the type of home they live in.
That two-story, four-bedroom colonial with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. When they decide to travel to be with friends and family, locking up the house is too time-consuming and worrisome.
Instead, a nice ranch home with 2-3 bedrooms and two baths might better fulfill their new needs and lifestyle. The challenge many “boomers” have faced when trying to downsize to the perfect new home has been a lack of inventory.
The average number of years a family stays in their home has increased by fifty percent since 2008, causing fewer houses to come to the market. During the same time, new home builders were concentrating most of their efforts on large, luxury, expensive houses.

However, that is starting to change.

According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes rose to a seasonally adjusted annual rate of 692,000 units in March. The great news is that more of those homes were sold at the lower end of the price range.
In a press release last week, the National Association of Home Builders (NAHB) explained that:

“The median sales price was $302,700, with strong gains in homes sold at lower price points. The median price of a new home sale a year earlier was $335,400.”

NAHB Chief Economist Robert Dietz offered further detail:

“We saw a large gain at lower price points where demand is strong. In March of 2019, 50% of new home sales were priced below $300,000, compared to 39% in March of 2018.”

Bottom Line

If you are a “boomer” thinking of selling your old house in order to buy a new home that better fits your current lifestyle, now may be the perfect time! 

What Would Make You Sell Your House?

 Article Courtesy of Keeping Current Matters/The KCM Blog

There are many reasons why a homeowner decides to sell their house and move. The latest Generational Trends Report from the National Association of Realtors asked recent home sellers to share their reason for moving.

The younger the respondents, the more likely their top response centered around needing a larger home (ages 29 to 53). Relocating for a job was the top reason for those ages 54 to 63 and the second most popular response for those under 53. The chart below shows the breakdown for these two reasons.

For homeowners over the age of 64, wanting to be closer to friends and family served as the top motivator to move. Downsizing to a smaller home or moving due to retirement came in as a close second and third.

Have you outgrown your current house? Are you a homeowner who can relate to wanting to be closer to family and friends? Is your house becoming a burden to clean now that the kids have moved out?

Bottom Line

Contact a local real estate professional who can help set you on the path to selling your current house and finding the home that fits your needs, today!

The KonMari Method: Helping You Prep Your House For Sale

Article Courtesy of Keeping Current Matters/ The KCM Blog

One of the biggest challenges sellers face when listing their house is decluttering. Cleaning out some of the more personal decorating choices allows buyers to imagine themselves living in the house.

Those planning to sell soon are in luck! Marie Kondo, the inventor of the KonMari Method of Tidying Up, has gained popularity with her new Netflix series. She gives some great tips for sorting through years of accumulated possessions that we all collect in our homes.

“The KonMari Method™ encourages tidying by category – not by location – beginning with clothes, then moving on to books, papers, komono (miscellaneous items), and, finally, sentimental items. Keep only those things that speak to the heart, and discard items that no longer spark joy. Thank them for their service – then let them go.”

When you subjectively look at all of your belongings, you can sort through the ones that mean the most to you. Not only will you increase space for more joy-bringing items in your new home, but you will also have a much easier time packing remaining belongings!

“Remember, tidying up isn’t about getting rid of stuff. It is about creating an environment that sparks joy and improves your quality of life.”

When selling your house, first impressions matter! Before you or your agent schedule a photographer to take photos for your listing, make sure to tour your home with fresh eyes. Look for any imperfections that a buyer might notice.

When you sort through your more sentimental items, consider packing them away to ensure that you know where they all are. That way, they are safe during open houses and showing appointments. This will also cut down on the amount of packing you need to do right before you move!

Bottom Line

Whether you are selling your house to move up to a larger one, downsizing, or moving in with family, only bring the items that truly spark joy for you. This will not only help cut down on the items you move, but also ensures that you’re off to a great start in your new home!

Data Says April is the Best Month to List Your Home for Sale

Article Courtesy of Keeping Current Matters/The KCM Blog

The spring housing market is off to the races! The inventory of homes for sale is increasing, buyers are out in force, and interest rates have remained low, piquing the interest of buyers and sellers previously on the fence about making a move.

New research from realtor.com shows that the first week of April is actually the best time to list your house for sale! The report used “trends in median listing prices, views per property on realtor.com, home price drops, median days on market, and number of listings on the market over the last three years,” to determine a ranking for every week of the year.

Listing your home in the first week of April contributes 14x more property views, 5% less competition from other home sellers, and results in the home being sold 6 days faster!
Below is a graph indicating the average score for each month of the year.

It should come as no surprise that April and May dominate as the top months to sell. The second quarter of the year (April, May, June) is referred to as the Spring Buyers Season, when competition is fierce to find a dream home, often leading to bidding wars.

However, there is one caveat worth mentioning. When broken down by metro, realtor.com noticed that while warmer climates share an overall trend, they have different top sales months. The best month to get the most exposure in Miami, FL, for instance, is August, while in Phoenix, AZ, June leads the charge.

If you’re thinking of selling your home this year, the time to list is NOW! According to the National Association of Realtors, 41% of homes sold last month were on the market for less than 30 days! If you list now, you’ll have a really good chance to sell in April or May, setting yourself up for the most exposure!

Bottom Line

Contact a local real estate professional who can show you the market conditions in your area to get the most exposure to the buyers ready and willing to make a move!

Home Maintenance Tips for Spring

While we've had more than our fair share of rain over the past few months and we may be growing weary of soggy yards and green pollen, there is a definite upside to all of the rain - our trees and plants are loving it!  

Although blossoms have already fallen from many of the flowering trees, the dogwoods are now in bloom, and all of the trees are popping their beautiful greenery.  All of these signs of Spring are reminders that it's time to take care of our seasonal maintenance and prepare ourselves for the warmer weather that lies ahead.

Infographic Courtesy of Keeping Current Matters/The KCM Blog

 

Some Highlights:

• Every spring, your home needs some extra TLC!
• Whether you plan on selling your home this spring or not, conducting this maintenance will help ensure your home functions well for the rest of the year.
• Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!

Here are some visual tips for Springtime maintenance, courtesy of HGTV:
http://www.hgtv.com/design/decorating/clean-and-organize/10-home-maintenance-tips-for-spring-pictures
Be sure to click on "View the Gallery" to see the tips. 

3 Graphs that Show What You Need to Know About Today's Real Estate Market

Article Courtesy of Keeping Current Matters/The KCM Blog

The Housing Market has been a hot-topic in the news lately. Depending on which media outlet you watch, it can start to be a bit confusing to understand what’s really going on with interest rates and home prices!

The best way to show what’s really going on in today’s real estate market is to go straight to the data! We put together the following three graphs along with a quote from Chief Economists that have their finger on the pulse of what each graph illustrates.

Interest Rates: 

“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence – two of the most important drivers of home sales. Rising sales demand coupled with more inventory than previous spring seasons suggests that the housing market is in the early stages of regaining momentum.” – Sam Khater, Chief Economist at Freddie Mae

Income:

“A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound.” – Lawrence Yun, Chief Economist at NAR

Home Prices:

“Price growth has been too strong for several years, fueled in part by abnormally low interest rates. A mild deceleration in home sales and Home Price Index growth is actually healthy, because it will calm excessive price growth — which has pushed many markets, particularly in the West, into overvalued territory.” – Ralph DeFranco, Global Chief Economist at Arch Capital Services Inc.

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Bottom Line 

These three graphs indicate good news for the spring housing market! Interest rates are low, income is rising, and home prices have experienced mild deceleration over the last 9 months. If you are considering buying a home or selling your house, contact a local real estate professional that can help you understand this data at the local level and its impact on you.