How an Agent Helps Market Your House

Article Courtesy of Keeping Current Matters / The KCM Blog

You’re ready to sell your house. But what do you need most from your real estate agent? Well, the National Association of Realtors (NAR) asked that very question to recent sellers and found one of the top things they were looking for is help marketing their house to potential buyers. Maybe that’s what you need the most help with too.

You expect your real estate agent to write a great description of your house for the listing and pair it with some high-quality photos. But that’s not all you’re going to get when you partner with a great agent.

They’ll do a lot more to make sure your house stands out. Here are some of the most common methods real estate agents use to market homes according to that same report from NAR (see graph below):

 

 

 

 

So, how can you benefit from your agent using these methods?

• Listing on the MLS – By listing your house on the MLS, it will get more visibility from other real estate agents and buyers. This could lead to more traffic, which could ultimately help you see an increase in offers and ultimately a better price.
• Using a Yard Sign – A yard sign catches the eye of people driving or walking by. This method drums up local interest since people who live nearby might have friends or family looking to move into the area. It also prominently displays your agent’s contact information, so interested buyers can get in touch easily.
• Having an Open House – When your agent advertises and hosts your open house, buyers see others are interested in your house, too. This competition can lead to stronger offers. An open house is also easier for you since you only need to leave once for many buyers to visit. Plus, your agent may get useful feedback on what people like or don’t like, which can help you make improvements to attract more buyers later, if needed.
• Showcasing on Your Agent’s Website – Having your house visible on your agent’s website allows for a professional presentation of your property. Additionally, people visiting your agent’s website are more likely to be serious buyers who are ready to make a move.
• Social Networking – Your real estate agent works hard to have a wide-ranging social media presence. Marketing your house this way allows them to reach a large audience. It also makes it easy for people to share your listing with friends and loved ones who might be interested.
• Providing Virtual Tours – Virtual tours are extremely convenient for buyers, especially those who are relocating from out of town. This method allows them to tour anytime, day or night. It shows your agent is using the latest technology to market your house.

There are many tools that can be used to market your house. As NerdWallet sums up:

“A good real estate agent will have a robust plan to promote your listing in an effort to find the right pool of buyers. Adding your home to databases of available homes called multiple listing services (MLS), open houses, 3D virtual tours, professional photography and broker tours for buyers’ agents (particularly for luxury homes) are all factors that may go into a marketing plan.”

As a seller, it’s smart to work with a creative local real estate agent who can maximize them to make sure you get as many eyes on your house as possible.

Bottom Line

When it comes to marketing your house, working with a pro has tons of benefits. If you’re ready to sell, but don’t know where to start, connect with a local real estate agent.

 

Your Agent Is the Key To Pricing Your House Right [INFOGRAPHIC]

 Infographic and Highlights Courtesy of Keeping Current Matters/The KCM Blog

Has your home been sitting on the market for a while?

 

Some Highlights

• The asking price for your house can impact your bottom line and how quickly it sells.
• Both under- and overpricing have drawbacks. So to find the right price for your house, lean on your agent for their expertise.
• Don’t pick just any price for your listing. Trust your real estate professional to help you find the perfect price for your house.

NORTH GROUP REAL ESTATE - APRIL 2024 STATS

Thinking of Selling? You Want an Agent with These Skills

Article Courtesy of Keeping Current Matters/The KCM Blog

Selling your house is a big decision. Your home is one of the biggest investments you’ve probably ever made, and it’s a place where you’ve created countless memories. That combo means there’s going to be a lot of emotions involved. You want someone who understands your perspective, knows what it feels like, and is an expert at helping homeowners just like you navigate the process of selling a home.

That’s where a good listing agent, also known as a seller’s agent, comes in. Here are just a few skills you’ll want your agent to have.

The Ability To Turn Something Complex into Something Simple

Some agents are going to use big, fancy real estate terms to try and impress you. But you shouldn’t have to know all the industry jargon in order to understand what they’re saying. If anything, it’s an agent’s job to keep it simple, so you don’t get overwhelmed or confused.

A great agent is going to be someone who is very good at explaining what’s happening in the housing market in a way that’s easy to understand. But they’ll take it one step further than that. They’ll explain what’s going on and, specifically, what that means for you. That way you’re always in the loop and it’s a lot easier to feel confident when you’re making a big decision. As Business Insider explains:

“Maybe you have a better rapport with one of the agents you’re considering, or you just feel like they’re easier to approach. You’re going to be working closely with this person, so it’s important to choose an agent you’re comfortable with.”

A Data-Based Approach on How To Price Your House

While it may be tempting to pick the agent who suggests the highest asking price for your house, that strategy may cost you. 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 your house will sit on the market longer because the higher price is actually turning away buyers.

Instead, partner with an agent who’s going to have an open conversation about how they recommend you should price your house. They won’t throw out a number just to win your listing. A great agent will back up their number with solid data, explain their pricing strategy, and make sure you’re both on the same page. As NerdWallet explains:

“An agent who recommends the highest price isn’t always the best choice. Choose an agent who backs up the recommendation with market knowledge.”

A Fair, but Objective Negotiator

The home-selling process can be emotional, especially if you’ve been in your house for a long time. But that sentimental tie can make it harder to be objective during negotiations. That’s where a trusted professional can really make a difference.

They’re skilled negotiators who know how to stay calm under pressure. You can count on them to handle the back-and-forth and have your best interests at heart throughout the process. Not to mention, they’ll be able to rely on their market expertise and what they’re seeing work in other transactions to offer the best advice possible. As Rocket Mortgage explains:

“Whether this is your first or third time selling a house, listing agents work to help make the home selling process smoother and less stressful. These real estate professionals know the ins and outs of the industry and can help you secure the best deal.”

Bottom Line

Whether you're a first-time seller or you’ve been through this before, a great listing agent is the key to your success. Connect with a real estate professional so you have a skilled local expert by your side to  guide you through every step of the process.

YOUR BUYER'S AGENT WEARS MANY HATS

THE RETURN OF THE CICADAS

We're all hearing them... now learn their story.

This amazing 7 minute video about the life cycle of the cicadas is absolutely fascinating!  

 

 THE RETURN OF THE CICADAS

What Is Going on with Mortgage Rates?

 Article Courtesy of Keeping Current Matters/The KCM Blog

You may have heard mortgage rates are going to stay a bit higher for longer than originally expected. And if you’re wondering why, the answer lies in the latest economic data. Here’s a quick overview of what’s happening with mortgage rates and what experts say is ahead.

 

Economic Factors That Impact Mortgage Rates

When it comes to mortgage rates, things like the job market, the pace of inflation, consumer spending, geopolitical uncertainty, and more all have an impact. Another factor at play is the Federal Reserve (the Fed) and its decisions on monetary policy. And that’s what you may be hearing a lot about right now. Here’s why.

The Fed decided to start raising the Federal Funds Rate to try to slow down the economy (and inflation) in early 2022. That rate impacts how much it costs banks to borrow money from each other. It doesn’t determine mortgage rates, but mortgage rates do respond when this happens. And that’s when mortgage rates started to really climb.

And while there’s been a ton of headway seeing inflation come down since then, it still isn’t back to where the Fed wants it to be (2%). The graph below shows inflation since the spike in early 2022, and where we are now compared to their target rate:

 

As the graph shows, we’re much closer to their goal of 2% inflation than we were in 2022 – but we’re not there yet. It’s even inched up a hair over the last 3 months – and that’s having an impact on the Fed’s plans. As Sam Khater, Chief Economist at Freddie Mac, explains:

“Strong incoming economic and inflation data has caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates.”

Basically, long story short, inflation and its impact on the broader economy are going to be key moving forward. As Greg McBride, Chief Financial Analyst at Bankrate, says:

“It’s the longer-term outlook for economic growth and inflation that have the greatest bearing on the level and direction of mortgage rates. Inflation, inflation, inflation — that’s really the hub on the wheel.”

When Will Mortgage Rates Come Down?

Based on current market data, experts think inflation will be more under control and we still may see the Fed lower the Federal Funds Rate this year. It’ll just be later than originally expected. As Mike Fratantoni, Chief Economist at the Mortgage Bankers Association (MBA), said in response to the Federal Open Market Committee (FOMC) decision yesterday:

“The FOMC did not change the federal funds target at its May meeting, as incoming data regarding the strength of the economy and stubbornly high inflation have resulted in a shift in the timing of a first rate cut. We expect mortgage rates to drop later this year, but not as far or as fast as we previously had predicted.”

In the simplest sense, what this says is that mortgage rates should still come down later this year. But timing can shift as new employment and economic data come in, geopolitical uncertainty remains, and more. This is one of the reasons it’s usually not a good strategy to try to time the market. An article in Bankrate gives buyers this advice:

“ . . . trying to time the market is generally a bad idea. If buying a house is the right move for you now, don’t stress about trends or economic outlooks.”

Bottom Line

If you have questions about what’s happening in the housing market and what that means for you, connect with a trusted real estate professional.

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.