Boise Real Estate BlogRecently posted or modified blog posts in the category - Selling Your Homehttps://www.waypointidaho.com/blog/Copyright WayPointIdaho.com2024-03-18T15:19:29-07:00tag:waypointidaho.com,2012-09-20:36533Summer Home Selling: Tips for Quick SuccessSelling Your Home in Summer: Essential Tips for a Swift Sale
<img src="https://assets.site-static.com/userfiles/2242/image/summer-home-selling-tips.jpg" width="600" height="343" alt="Essential Summer Tips for a Swift Sale" title="Summer Home Selling Tips" />
Summer brings longer days, warmer weather, and a bustling real estate market. If you're considering putting your home on the market during this peak season, there are several strategies to enhance its appeal and maximize your chances of a quick and profitable sale. Here are essential tips to successfully sell your home this summer.
1. Gain Market Insight
The real estate landscape can vary significantly, even within small regions like the <a href="https://www.waypointidaho.com/treasure-valley/" title="Learn more about the Treasure Valley">Treasure Valley</a>. Understanding the nuances of your local market is crucial. Each neighborhood can command different prices and set distinct expectations. With the influx of new construction, it's essential to position your existing home competitively to capture buyers' attention. Engaging a knowledgeable real estate agent who can navigate these complexities will ensure your home is priced and marketed effectively to stand out in the vibrant summer market.
2. Boost Curb Appeal
First impressions are everything, especially when potential buyers have more options. Enhance your home's exterior with meticulous lawn care, a fresh coat of paint, and vibrant summer blooms to make your property the neighborhood standout. These enhancements are not just about aesthetics; they're crucial in setting the right tone for what buyers can expect inside.
3. Accentuate Outdoor Living
Summer is synonymous with outdoor living, making this one of your home's selling points. Whether it's a cozy patio, a sparkling pool, or a spacious backyard, ensure these areas are as immaculate and inviting as your interior spaces. Professional staging can transform these outdoor spaces into irresistible showcases of summer enjoyment, significantly boosting your home's appeal.
4. Offer Flexible Showings
Summer schedules can be hectic with vacations and varied activities. Offering flexible showing times can greatly enhance your home's accessibility to potential buyers. The easier it is for buyers to view your property, the higher your chances of securing a sale. A willingness to accommodate can be the difference between a swift sale and a lingering listing.
Conclusion
Selling your home in summer can be exceptionally rewarding with the right approach. By deeply understanding your local market, enhancing your home's curb appeal, showcasing outdoor living spaces, and accommodating potential buyers' schedules, you can attract serious interest and swiftly conclude your sale. Remember, the uniqueness of your home and market demands a customized strategy. Partner with a seasoned real estate agent to navigate the summer market successfully and make your home sale a resounding success.
<img src="https://assets.site-static.com/userfiles/2242/image/best-summer-house-selling-tips.jpg" width="525" height="350" alt="Summer Home Selling Tips" title="How to Sell Your Home in the Summer" />2024-03-18T14:33:34-07:002024-03-18T15:19:29-07:00Jesse Tafftag:waypointidaho.com,2012-09-20:30478Home Renovations That Add Value to Your PropertyKey Home Improvements with High ROI
<img src="https://assets.site-static.com/userfiles/2242/image/top-home-renovations-for-roi.jpg" width="600" height="343" alt="Top Home Renovations" title="Top Home Renovations to Boost ROI" />
When contemplating which home improvement projects to embark on, homeowners often wonder: "Which renovations add the most value?" In today's competitive real estate market, understanding which upgrades offer a promising ROI can set your property apart. Here's a comprehensive guide to value-boosting home renovations.
1. Modern Kitchen Upgrades
The kitchen remains a focal point:
Opt for energy-efficient appliances.
Modernize cabinets and countertops with popular materials like quartz.
Incorporate contemporary lighting solutions.
2. Bathroom Remodeling for Today's Buyer
Bathrooms can be deal-breakers:
Add modern fixtures to master ensuites.
Install eco-friendly toilets and showerheads.
Refresh with neutral, contemporary tiles.
3. Enhancing Curb Appeal
Captivate buyers at first glance:
Prioritize landscaping with mature trees or perennial plants.
Modernize external fixtures: doors, mailboxes, and more.
Add or renovate patios and decks.
4. Open Floor Concepts: Today's Demand
Maximize space and flow:
Remove non-structural barriers for an open-plan design.
Brighten spaces with strategic lighting or skylights.
5. Prioritizing Energy Efficiency
Eco-friendly homes are in demand:
Upgrade to energy-efficient windows.
Improve insulation for better temperature regulation.
Investigate solar panel installations.
6. Basement & Attic Transformations
Optimize every corner of your home:
Convert basements into versatile spaces.
Transform attics into functional areas like home offices.
7. Flooring: A Game-Changer
Ditch outdated carpets:
Choose durable hardwood for communal areas.
Use moisture-resistant materials for specific zones.
8. A Paint Job: The Ultimate Refresh
Revitalize your home:
Opt for universally appealing neutral shades.
9. Incorporating Smart Home Technologies
Stay ahead with technology:
Integrate programmable thermostats.
Ensure security with advanced systems.
Explore smart lighting and voice assistants.
Conclusion
Tailoring your home renovations to market trends and potential buyer needs can ensure a lucrative ROI. Always consider local preferences and consult with real estate experts to stay updated on the latest in home improvement ROI.2023-09-19T05:00:00-07:002023-09-15T11:09:04-07:00Jesse Tafftag:waypointidaho.com,2012-09-20:17355Don't think you need a buyers agent?Buying a Home Alone?
Don’t think you need a Buyer’s Agent?? Make sure you watch this before deciding!
Bryce: Don't think you guys need a buyer's agent. Think again. Alright, guys, so we're in a very crazy market, not only across the nation, but also obviously here in Idaho, we see a lot of, you know, fizz bows for sale by owners, people that think they can just get around, you know, not having to use a real estate agent and it's so important and I'm not even a real estate agent know whether you use one or not doesn't, you know, do anything to me, but it really benefits you guys and here are a couple of reasons why. Jesse go and tell.
Jesse: Exactly! So why it's important to have a buyer's agent. The biggest one is, of course, a buyer's agent separate from the selling side, whether it's a seller or for sale by the owner. You have sole and separate representation. So as a buyer's agent, we're contractually obligated to represent you as a buyer and if you work with the listing agent or the seller, their interest is in the sell or selling the home or the sellers, the sellers rights, and you kind of come second the buyers. So there's a huge conflict of interest and that's number one. But the other pieces that a lot of people think about are not just purchase price, there's a lot more that goes into the purchase process after the offer is accepted. So yes, maybe you're like, okay, I'm good with that price. I'm gonna go directly to the listing agent or the seller and say, I'm going to the right, can you help me write up an offer. After that, there are several critical pieces to the purchase process, the inspection and inspection contingency, and the appraisal and appraisal contingency that could come up as a problem for you as the buyer, but you are working with someone who is representing the seller or you're working directly with the seller, and you probably won't be able to negotiate near as well or understand your rights as a buyer.
Bryce: So, potentially lose earnest money during that process.
Jesse: Exactly! Yeah, lose your deposit, lose your earnest money or just not know, what you have available to you to negotiate. So one of the big examples that we've had or seen personally is a lot of buyers don't necessarily understand all the ins and outs of a home. So if something comes up on that inspection, and it may be the looks and sounds major to you, it might be pretty minor. So you might be canceling a purchase over a $500 repair or someone could be negotiating with you for a much larger amount when you know it could be a very major and so that's the inspection contingent and then also on the appraisal contingency if you waive either of these you still have several rights to cancel the transaction and get your earnest money back and most buyers that aren't familiar with real estate may not know those.
Bryce: Exactly and they lose out on that guys, I've done multiple deals where we have a for sale by owner and you know, something comes up where I'm legally not allowed to facilitate you know, anything that would be you know, perceived as real estate advice. I'm not a licensed real estate agent I can't do that and then a lot of times I get asked those questions, and I legally cannot answer them and so, you know, you could be again losing earnest money not getting closing costs paid for when they potentially could be like, there's a whole set of questions that I get asked sometimes and again, I can't do it, because I'm not a licensed real estate agent and I think it's so critical, especially in this market to work with a buyer's agent and a seller's agent, depending on which party you're associated with.
Jesse: Exactly! So there are potential downsides and there's also just a lot of strategies that we see every single day and I've gone through over hundreds of transactions that we know how to make things work and get them done for our clients that, you know, not every buyer could do just by Googling how to purchase a home. Don't hesitate. There's no cost to even chat. There's no cost to use a buyer's agent. There's really absolutely no reason to not have one but if you are still on the fence, let's chat, and if I can convince you greatly. If not, you know good luck with your purchase.
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<br /><br /><img src="https://assets.site-static.com/userfiles/2242/image/dont-think-you-need-a-buyers-agent.png" width="1280" height="720" alt="Don't think you need a buyer's agent?" title="Buying a home on your own?" />2022-01-03T09:22:00-07:002022-08-18T08:24:09-07:00Jesse Tafftag:waypointidaho.com,2012-09-20:113084 Tips to Maximize the Sale of Your House4 Tips to Maximize the Sale of Your House
<img width="750" height="410" src="https://files.mykcm.com/2021/04/22163726/20210426-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="4 Tips to Maximize the Sale of Your House | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2021/04/22163726/20210426-KCM-Share.jpg 750w, https://files.mykcm.com/2021/04/22163726/20210426-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2021/04/22163726/20210426-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
Homeowners ready to make a move are definitely in a great position to sell today. Housing inventory is incredibly low, driving up buyer competition. This gives homeowners <a href="https://www.simplifyingthemarket.com/2021/02/24/how-much-leverage-do-todays-house-sellers-have/?a=696480-c26675b02d6a42182b59631571553266" title="leverage" target="_blank" rel="noopener noreferrer">leverage</a> to sell for the best possible terms, and it’s fueling a steady rise in home prices.
In such a hot market, houses are selling quickly. According to the National Association of Realtors (NAR), homes are typically on the market for just <a href="https://www.nar.realtor/newsroom/housing-market-reaches-record-high-home-price-and-gains-in-march" title="18" target="_blank" rel="noopener noreferrer">18</a> short days. Despite the speed and opportunity for sellers, there are still steps you can take to prep your house to shine so you get the greatest possible return.
1. Make Buyers Feel at Home
One of the ways to make this happen is to take time to declutter. Pack away any personal items like pictures, awards, and sentimental belongings. The more neutral and tidy the space, the easier it is for a buyer to picture themselves living there. According to the <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-profile-of-home-staging-report-04-06-2021.pdf" title="2021 Profile of Home Staging" target="_blank" rel="noopener noreferrer">2021 Profile of Home Staging</a> by NAR:
“82% 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 potentially attract the attention of more buyers and likely sell quickly, but the same report also notes:
“Eighteen percent of sellers' agents said home staging increased the dollar value of a residence between 6% and 10%.”
As Jessica Lautz, Vice President of Demographics and Behavior Insights for NAR, <a href="https://magazine.realtor/daily-news/2021/04/06/nar-survey-design-shows-raise-buyer-expectations" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“Staging a home helps consumers see the full potential of a given space or property…It features the home in its best light and helps would-be buyers envision its various possibilities.”
2. Keep It Clean
On top of making an effort to declutter, it’s important to keep your house neat and clean. Before a buyer stops by, be sure to pick up toys, make the beds, and wash the dishes. This is one more way to reduce the number of things that can distract a buyer from the appeal of the home.
Ensure your home smells fresh and clean as well. Buyers will remember the smell of your house, and according to the same report from NAR, the kitchen is one of the most important rooms of the house to focus on if you want to attract more buyers.
3. Give Buyers Access
Buyers are less likely to make an offer on your house if they aren’t able to easily schedule a time to check it out. If your home is available anytime, that opens up more opportunities for multiple buyers to go from curious to eager. It also allows buyers on tight schedules to still get in to see your house.
While health continues to be a great concern throughout the country, it’s important to work with your agent to find the best <a href="https://www.simplifyingthemarket.com/2020/11/13/tips-to-sell-your-house-safely-right-now-infographic/?a=696480-c26675b02d6a42182b59631571553266" title="safety measures" target="_blank" rel="noopener noreferrer">safety measures</a> and digital practices for your listing. This will drive visibility and create access options that also keep everyone in the process safe.
4. Price It Right
Even in a sellers’ market, it’s crucial to set your house at the <a href="https://www.simplifyingthemarket.com/2020/12/28/why-its-important-to-price-your-house-right-today/?a=696480-c26675b02d6a42182b59631571553266" title="right price" target="_blank" rel="noopener noreferrer">right price</a> to maximize selling potential. Pricing your house too high is actually a detriment to the sale. The goal is to drive high attention from competing buyers and let bidding wars push the final sales price up.
Work with your trusted real estate professional to determine the best list price for your house. Having an expert on your side in this process is truly essential.
Bottom Line
If you want to sell on your terms, in the least amount of time, and for the best price, today’s market sets the stage to make that happen. Let’s connect today to determine the best ways to maximize the sale of your house this year.
2021-04-26T05:02:00-07:002021-04-26T07:03:45-07:00Jesse Tafftag:waypointidaho.com,2012-09-20:11182 Why This Is a Great Year to Sell Your Vacation HomeWhy This Is a Great Year to Sell Your Vacation Home
<img width="750" height="410" src="https://files.mykcm.com/2021/04/13164149/20210415-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Why This Is a Great Year to Sell Your Vacation Home | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2021/04/13164149/20210415-KCM-Share.jpg 750w, https://files.mykcm.com/2021/04/13164149/20210415-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2021/04/13164149/20210415-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
As vaccines are administered and travel resumes, many of us are beginning to plan for those long-awaited vacations we missed out on over the past year. Some households are focusing their efforts on buying a vacation home rather than staying in a hotel, too. The National Association of Home Builders (NAHB) <a href="https://eyeonhousing.org/2021/03/second-homes-15-percent-of-new-home-sales/" title="reports" target="_blank" rel="noopener noreferrer">reports</a>:
“Second homes (i.e., homes sold to buyers who are not going to occupy the home year-round, but use it as a vacation home, investment property, etc.) account for 15 percent of new single-family home sales.”
It’s not surprising that there’s an increase in demand for vacation homes. The majority of Americans are realizing they prefer to be around small groups, as shown in a recent <a href="https://theharrispoll.com/wp-content/uploads/2021/03/Harris-Poll-COVID-1-year-FINAL-3.pdf" title="survey" target="_blank" rel="noopener noreferrer">survey</a> from The Harris Poll:
“Social distancing taught consumers new things about how they like to socialize; (75%) said, ‘during COVID social distancing I realized I preferred smaller social gatherings at home or at friends’ place.’”
Not only are vacation homes seen as a potentially more pandemic-friendly way to travel and socialize, but they can also serve as an extended home-away-from-home. With more Americans being given the option to continue working remotely or retire earlier than expected, vacation homes can be used year-round. The NAHB <a href="https://eyeonhousing.org/2020/12/second-home-markets-show-construction-growth/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“Remote work arrangements have made it possible for some wealthier Americans to move to alternate locations that are not just small, suburban shifts from within their current metro area. More fundamentally, second home demand may also be benefitting by an acceleration of retirement plans, as well as stock market gains.”
Bottom Line
The demand for vacation homes has increased and will continue to rise as we head into summer. If you own a house in a destination area and have thought about selling, now is a great time to take advantage of today’s high buyer interest. Let’s connect to discuss your opportunities in our local market.
2021-04-15T04:46:00-07:002021-04-20T13:14:35-07:00Jesse Tafftag:waypointidaho.com,2012-09-20:11053 Don’t Sell on Your Own Just Because It’s a Sellers’ MarketDon’t Sell on Your Own Just Because It’s a Sellers’ Market
<img width="750" height="410" src="https://files.mykcm.com/2021/04/01150051/20210406-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Don’t Sell on Your Own Just Because It’s a Sellers’ Market | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2021/04/01150051/20210406-KCM-Share.jpg 750w, https://files.mykcm.com/2021/04/01150051/20210406-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2021/04/01150051/20210406-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
In a <a href="https://www.simplifyingthemarket.com/2021/02/26/its-a-sellers-market-infographic/?a=696480-c26675b02d6a42182b59631571553266" title="sellers’ market" target="_blank" rel="noopener noreferrer">sellers’ market</a>, some homeowners might be tempted to try to <a href="https://www.simplifyingthemarket.com/2021/03/08/5-reasons-to-sell-your-house-this-spring-2/?a=696480-c26675b02d6a42182b59631571553266" title="sell" target="_blank" rel="noopener noreferrer">sell</a> their house on their own (known as For Sale By Owner, or FSBO) instead of working with a trusted real estate professional. When the inventory of homes for sale is as <a href="https://www.simplifyingthemarket.com/2021/01/28/what-record-low-housing-inventory-means-for-you/?a=696480-c26675b02d6a42182b59631571553266" title="low" target="_blank" rel="noopener noreferrer">low</a> as it is today, buyers are eager to snatch up virtually any house that comes to market. This makes it even more tempting to <a href="https://www.simplifyingthemarket.com/2020/12/30/why-selling-your-house-on-your-own-in-2021-is-a-mistake/?a=696480-c26675b02d6a42182b59631571553266" title="FSBO" target="_blank" rel="noopener noreferrer">FSBO</a>. As a result, some sellers think selling their house will be a <a href="https://www.simplifyingthemarket.com/2021/02/24/how-much-leverage-do-todays-house-sellers-have/?a=696480-c26675b02d6a42182b59631571553266" title="breeze" target="_blank" rel="noopener noreferrer">breeze</a> and see today’s market as an opportunity to FSBO. Let’s unpack why that’s a big mistake and may actually cost you more in the long run.
According to the <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" title="Profile of Home Buyers and Sellers" target="_blank" rel="noopener noreferrer">Profile of Home Buyers and Sellers</a> published by the National Association of Realtors (NAR), 41% of homeowners who tried to sell their house as a FSBO did so to avoid paying a commission or fee. In reality, even in a sellers’ market, selling on your own likely means you’ll net a lower profit than when you sell with the help of an agent.
The NAR report explains:
“FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $217,900 in 2020 (up from $200,000 in 2019), and still far lower than the median selling price of all homes at $242,300. Agent-assisted homes sold for a median of $295,000...Sellers who began as a FSBO, then ended up working with an agent, received 98 percent of the asking price, but had to reduce their price the most before arriving at a final listing price.”
When the seller knew the buyer, that amount was even lower, coming in at $176,700 (See graph below):<a href="https://files.simplifyingthemarket.com/2021/04/01150053/20210406-MEM-Eng-1.png?a=696480-c26675b02d6a42182b59631571553266" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-97703" src="https://files.mykcm.com/2021/04/01150053/20210406-MEM-Eng-1.png" alt="Don’t Sell on Your Own Just Because It’s a Sellers’ Market | MyKCM" width="600" height="450" /></a>That’s a lot of money to risk losing when you FSBO – far more than what you’d save on commission or other fees. Despite the advantages sellers have in today’s market, it’s still crucial to have the support of an expert to guide you through the process. Real estate professionals are trained negotiators with a ton of housing market insights that average homeowners may never have. An agent’s expertise can alleviate much of the stress of selling your house and help you close the best possible deal when you do.
Bottom Line
If you’re ready to sell your house this year and you’re considering doing so on your own, be sure to think through that decision carefully. Odds are, you stand to gain the most by working with a knowledgeable and experienced real estate agent. Let’s connect to discuss <a href="https://www.simplifyingthemarket.com/2021/01/08/reasons-to-hire-a-real-estate-professional-infographic/?a=696480-c26675b02d6a42182b59631571553266" title="how" target="_blank" rel="noopener noreferrer">how</a> a trusted advisor can help you, especially in today’s market.
2021-04-06T05:06:00-07:002021-04-20T13:27:31-07:00Jesse Tafftag:waypointidaho.com,2012-09-20:107185 Reasons to Sell Your House This Spring5 Reasons to Sell Your House This Spring
<img width="750" height="410" src="https://files.mykcm.com/2021/03/05103636/20210308-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="5 Reasons to Sell Your House This Spring | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2021/03/05103636/20210308-KCM-Share.jpg 750w, https://files.mykcm.com/2021/03/05103636/20210308-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2021/03/05103636/20210308-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
When selling a house, most homeowners hope for a quick and profitable transaction that puts them in a position to make a great move. If you’re waiting for the best time to win as a seller, the market is calling your name this spring. Here are five reasons why this is the perfect time to sell your house if you’re ready.
1. There’s high demand from homebuyers.
Buyer demand is strong right now, and buyers are active in the market. ShowingTime, which tracks the average number of buyer showings on residential properties, recently announced that buyer showings are up 51.5% compared to this time last year. Daniil Cherkasskiy, Chief Analytics Officer at ShowingTime, <a href="https://www.showingtime.com/blog/january-2021-showing-index-results/" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“As anticipated, demand for real estate remains elevated and continues to be affected by low levels of inventory…On average, each home is getting 50 percent or more requests this year compared to January of last year. As we head into the busy season, it’s likely we’ll push into even more extreme territory until the supply starts catching up with demand.”
When your house is positioned to get a ton of attention from competitive buyers, you’re in the best spot possible as the seller.
2. There aren’t enough houses for sale.
Purchaser demand is so high, the market is <a href="https://www.simplifyingthemarket.com/2021/02/22/where-have-all-the-houses-gone/?a=696480-c26675b02d6a42182b59631571553266" title="running out" target="_blank" rel="noopener noreferrer">running out</a> of available houses for sale. Recently, realtor.com <a href="https://www.realtor.com/research/february-2021-data/" title="reported" target="_blank" rel="noopener noreferrer">reported</a>:
“Nationally, the inventory of homes for sale in February decreased by 48.6% over the past year, a higher rate of decline compared to the 42.6% drop in January. This amounted to 496,000 fewer homes for sale compared to February of last year.”
The National Association of Realtors (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, while home sales are skyrocketing, the inventory of existing homes for sale is continuing to drop dramatically. Houses are essentially selling as fast as they’re hitting the market – in fact, NAR <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" title="reports" target="_blank" rel="noopener noreferrer">reports</a> that the average house is on the market for only 21 days.
It’s this imbalance between high buyer demand and a low supply of houses for sale that gives sellers such an advantage. 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.
3. You have a lot of leverage in today’s market.
Clearly, many more people are interested in buying than selling this spring, creating the ultimate <a href="https://www.simplifyingthemarket.com/2021/02/26/its-a-sellers-market-infographic/?a=696480-c26675b02d6a42182b59631571553266" title="sellers’ market" target="_blank" rel="noopener noreferrer">sellers’ market</a>. When this happens, homeowners in a position to sell have the upper hand in negotiations.
According to NAR, agents are <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-01-realtors-confidence-index-02-19-2021.pdf" title="reporting" target="_blank" rel="noopener noreferrer">reporting</a> an average of 3.7 offers per house and an increase in bidding wars. As a seller, this means the ball is in your court – so much so that you can use your <a href="https://www.simplifyingthemarket.com/2021/02/24/how-much-leverage-do-todays-house-sellers-have/?a=696480-c26675b02d6a42182b59631571553266" title="leverage" target="_blank" rel="noopener noreferrer">leverage</a> to negotiate the best possible contract. Demand is there, and now is the perfect time to sell for the most favorable terms.
4. It’s a great way to use your home equity.
According to the latest <a href="https://www.corelogic.com/insights-download/homeowner-equity-report.aspx" title="data" target="_blank" rel="noopener noreferrer">data</a> from CoreLogic, as of the third quarter of 2020, the average homeowner gained $17,000 in equity over the past year, and that number continues to grow as <a href="https://www.simplifyingthemarket.com/2021/03/02/home-prices-what-happened-in-2020-what-will-happen-this-year/?a=696480-c26675b02d6a42182b59631571553266" title="home values" target="_blank" rel="noopener noreferrer">home values</a> appreciate. <a href="https://www.simplifyingthemarket.com/2021/02/17/3-ways-home-equity-can-have-a-major-impact-on-your-life/?a=696480-c26675b02d6a42182b59631571553266" title="Equity" target="_blank" rel="noopener noreferrer">Equity</a> is a type of forced savings that grows during your time as a homeowner and can be put toward bigger goals like buying your next dream home.
Mark Fleming, Chief Economist at First American, <a href="https://blog.firstam.com/economics/housing-market-potential-reaches-highest-level-since-2007" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.”
5. It’s a chance to find a home that meets your needs.
So much has changed over the past year, including what many of us need in a home. Spending extra time where we currently live is enabling many of us to re-evaluate homeownership and what we find most important in a home.
Whether it’s a house that has the features suited to working remotely, space for virtual or hybrid schooling, a home gym or theater, or something else, selling this spring gives you a chance to make a move and <a href="https://www.simplifyingthemarket.com/2021/02/25/are-there-going-to-be-more-homes-to-buy-this-year/?a=696480-c26675b02d6a42182b59631571553266" title="find" target="_blank" rel="noopener noreferrer">find</a> the home of your dreams.
Bottom Line
Today’s housing market belongs to the sellers. If you’ve considered making a move but have been waiting for the right market conditions, your wait may be over. Let’s connect so you’ll be positioned to win when you sell your house this spring.
2021-03-08T06:21:00-07:002021-04-20T13:24:25-07:00Jesse Tafftag:waypointidaho.com,2012-09-20:10539 Is It a Good Time to Sell My House?Is It a Good Time to Sell My House?
<img width="750" height="410" src="https://files.mykcm.com/2021/03/02144052/20210304-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Is It a Good Time to Sell My House? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2021/03/02144052/20210304-KCM-Share.jpg 750w, https://files.mykcm.com/2021/03/02144052/20210304-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2021/03/02144052/20210304-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
Last year, many homeowners thought twice about selling their houses due to the onset of the health crisis. This year, however, homeowners are beginning to regain their confidence when it comes to selling <a href="https://www.simplifyingthemarket.com/2020/11/13/tips-to-sell-your-house-safely-right-now-infographic/?a=696480-c26675b02d6a42182b59631571553266" title="safely" target="_blank" rel="noopener noreferrer">safely</a>. The latest Home Purchase Sentiment Index (<a href="https://www.fanniemae.com/media/38211/display" title="HPSI" target="_blank" rel="noopener noreferrer">HPSI</a>) by Fannie Mae shows that 57% of consumers believe now is a good time to sell.
Doug Duncan, Vice President and Chief Economist at Fannie Mae, <a href="https://www.fanniemae.com/research-and-insights/surveys/national-housing-survey" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“Overall, the index’s monthly increase was driven largely by a substantial jump in the share of consumers reporting that it’s a good time to sell a home, with many citing favorable mortgage rates, high home prices, and low housing inventory as their primary rationale.”
Normally, spring is the busiest season in the housing market – the time when many homeowners decide to list their houses. While this is obviously not a normal year since the pandemic is still very much upon us, experts are optimistic that consumer positivity around selling will lead to more homeowners making moves this year. Duncan continues to say:
“We will pay close attention to see if this newfound optimism develops into a trend.”
What does this mean if you’re thinking of selling your house?
The fact that there are so few houses available for sale today is one driver that’s encouraging consumers to think more positively about selling. The National Association of Realtors (NAR) states:
"Total housing inventory at the end of January amounted to 1.04 million units, down 1.9% from December and down 25.7% from one year ago (1.40 million).”
With so few homes available to buy, your house will be more likely to rise to the top of an eager purchaser’s wish list in this competitive market. Today’s high buyer <a href="https://www.simplifyingthemarket.com/2021/02/22/where-have-all-the-houses-gone/?a=696480-c26675b02d6a42182b59631571553266" title="activity" target="_blank" rel="noopener noreferrer">activity</a> is creating upward pressure on home <a href="https://www.simplifyingthemarket.com/2021/03/02/home-prices-what-happened-in-2020-what-will-happen-this-year/?a=696480-c26675b02d6a42182b59631571553266" title="prices" target="_blank" rel="noopener noreferrer">prices</a> and more multiple-offer scenarios. According to the <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-01-realtors-confidence-index-02-19-2021.pdf" title="Realtors Confidence Index Survey" target="_blank" rel="noopener noreferrer">Realtors Confidence Index Survey</a> from NAR, the average home for sale is receiving 3.7 offers today, up from 2.3 offers just one year ago. This makes selling even more enticing.
In this kind of <a href="https://www.simplifyingthemarket.com/2021/02/26/its-a-sellers-market-infographic/?a=696480-c26675b02d6a42182b59631571553266" title="sellers’ market" target="_blank" rel="noopener noreferrer">sellers’ market</a>, you have a huge <a href="https://www.simplifyingthemarket.com/2021/02/24/how-much-leverage-do-todays-house-sellers-have/?a=696480-c26675b02d6a42182b59631571553266" title="advantage" target="_blank" rel="noopener noreferrer">advantage</a> in the process. And here’s another win – you can also use your <a href="https://www.simplifyingthemarket.com/2021/01/06/the-importance-of-home-equity-in-building-wealth/?a=696480-c26675b02d6a42182b59631571553266" title="equity" target="_blank" rel="noopener noreferrer">equity</a> toward a down payment on a new home when you move.
Wondering where you’ll go if you try to move while it’s so challenging to find a home to buy? Well, in many areas, there are more homes available at the higher end of the <a href="https://www.simplifyingthemarket.com/2021/02/10/the-luxury-market-is-attracting-buyers-in-2021/?a=696480-c26675b02d6a42182b59631571553266" title="market" target="_blank" rel="noopener noreferrer">market</a>, so finding a move-up home may be less of an issue if you’re ready to search for your dream home this spring.
Bottom Line
If you pressed pause on selling your house last year, now may be the best time to put your plans back into motion while inventory is so low. Let’s connect today to get the process started.
2021-03-04T06:12:00-07:002021-04-27T06:46:58-07:00Jesse Tafftag:waypointidaho.com,2012-09-20:10414 How Much Leverage Do Today’s House Sellers Have?How Much Leverage Do Today’s House Sellers Have?
<img width="750" height="410" src="https://files.mykcm.com/2021/02/22171719/20210224-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="How Much Leverage Do Today's House Sellers Have? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2021/02/22171719/20210224-KCM-Share.jpg 750w, https://files.mykcm.com/2021/02/22171719/20210224-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2021/02/22171719/20210224-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
The housing market has been scorching hot over the last twelve months. Buyers and their high demand have far outnumbered sellers and a short supply of houses. According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), sales are up 23.7% from the same time last year while the inventory of homes available for sale is down 25.7%. There are 360,000 fewer single-family homes for sale today than there were at this time last year. This increase in demand coupled with such limited supply is leading to more bidding wars throughout the country.
Rose Quint, Assistant Vice President for Survey Research with the National Association of Home Builders (NAHB), recently <a href="https://eyeonhousing.org/2021/02/share-of-home-buyers-getting-outbid-almost-doubles-2/" title="reported" target="_blank" rel="noopener noreferrer">reported</a>:
“The number one reason long-time searchers haven’t made a home purchase is not because of their inability to find an affordably-priced home, but because they continue to get outbid by other offers.”
A survey in the NAHB report showed that 40% of buyers have been outbid for a home they wanted to purchase. This is more than twice the percentage in 2019, which was 19%.
What does this mean for sellers today?
It means sellers have tremendous leverage when negotiating with buyers.
In negotiations, leverage is the power that one side may have to influence the other side while moving closer to their negotiating position. A party's leverage is based on its ability to award benefits or eliminate costs on the other side.
In today’s market, a buyer wants three things:
To buy a home
To buy now before prices continue to appreciate
To buy now and take advantage of historically low mortgage rates while they <a href="https://www.simplifyingthemarket.com/2021/02/23/the-reason-mortgage-rates-are-projected-to-increase-and-what-it-means-for-you/?a=696480-c26675b02d6a42182b59631571553266" title="last" target="_blank" rel="noopener noreferrer">last</a>
These three buyer needs give the homeowner tremendous leverage when selling their house. Most realize this leverage enables the seller to sell at a good price. However, there may be another need the seller has that can be satisfied by using this leverage.
Here’s an example:
Odeta Kushi, Deputy Chief Economist at First American, recently <a href="https://blog.firstam.com/economics/housing-market-potential-poised-to-grow-in-2021" title="identified" target="_blank" rel="noopener noreferrer">identified</a> a situation in which many sellers are finding themselves today:
“As mortgage rates are expected to remain near 3%, millennials continue to form households and more existing homeowners tap their equity for the purchase of a better home…Many homeowners may want to upgrade, but do not for fear that they will be unable to find a home to buy.”
She then offers a possible solution:
“While the fear of not being able to find something to buy will not disappear in a limited supply environment, new housing supply can incentivize existing homeowners to move.”
There’s no doubt many sellers would love to build a new home to perfectly fit their <a href="https://www.simplifyingthemarket.com/2021/01/12/4-reasons-people-are-buying-homes-in-2021/?a=696480-c26675b02d6a42182b59631571553266" title="changing" target="_blank" rel="noopener noreferrer">changing</a> wants and needs. However, most builders require that they sell their house first. If the seller sells their home, where would they live while their new home is being constructed?
Going back to the concept of leverage:
As mentioned, buyers have compelling reasons to purchase a home now, and many homeowners have challenges to address if they want to sell. Perhaps they can make a deal to satisfy each party’s needs. But how?
The seller may decide to sell their home to the buyer at today’s price, which will enable the purchaser to take advantage of current mortgage rates. In return, the buyer might lease the house back to the seller for a pre-determined length of time while the seller’s new home is being built. A true win-win negotiation.
Not every buyer will agree to such a deal – but you only need one.
That’s just one example of how a seller might be able to overcome a challenge because of the leverage they have in today’s market. Maybe you feel a need to make certain repairs before selling. Perhaps you need time to get permits or approvals for certain upgrades you made to the house. Whatever the challenge, you may be able to work it out.
Bottom Line
If you’re considering selling your house now but worry a huge obstacle stands in your way, let's connect. Maybe with the leverage you currently have, you can negotiate a deal that will allow you to make the move of your dreams.
2021-02-24T07:42:00-07:002021-04-27T06:42:59-07:00Jesse Tafftag:waypointidaho.com,2012-09-20:8625Is This the Year to Sell My House?Is This the Year to Sell My House?
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If one of the questions you’re asking yourself is, “Should I sell my house this year?” consumer sentiment about selling today should boost your confidence in the right direction. Even with the current health crisis that continues to challenge our nation, Americans still feel good about selling a house. Here’s why.
According to the latest <a href="https://www.fanniemae.com/newsroom/fannie-mae-news/home-purchase-sentiment-dips-slightly-may-have-plateaued-now" title="Home Purchase Sentiment Index" target="_blank" rel="noopener noreferrer">Home Purchase Sentiment Index</a> from Fannie Mae, 57% of consumer respondents to their survey indicate now is a good time to buy a home, while 59% feel it’s a good time to sell one:
“The percentage of respondents who say it is a good time to sell a home remained the same at 59%, while the percentage who say it’s a bad time to sell decreased from 35% to 33%. As a result, the net share of those who say it is a good time to sell increased 2 percentage points month over month.”
As you can see, many still believe that, despite everything going on in the world, it is still a good time to sell a house.
Why is now a good time to sell?
There simply are not enough homes available to meet today’s <a href="https://www.simplifyingthemarket.com/2021/01/05/why-not-to-wait-until-spring-to-make-a-move/?a=696480-c26675b02d6a42182b59631571553266" title="buyer demand" target="_blank" rel="noopener noreferrer">buyer demand</a>, and they’re selling just as quickly as they’re coming to the market. According to the National Association of Realtors (NAR), unsold inventory available today sits at a 2.3-month supply at the current sales pace, which is down from a 2.5-month supply from the previous month. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory to balance out.
With so few homes available for buyers to choose from, we’re in a true <a href="https://www.simplifyingthemarket.com/2020/12/10/why-it-makes-sense-to-sell-your-house-this-holiday-season/?a=696480-c26675b02d6a42182b59631571553266" title="sellers’ market" target="_blank" rel="noopener noreferrer">sellers’ market</a>. Homeowners ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers who are feeling the pull of intense competition when it comes to finding their dream home. Lawrence Yun, Chief Economist for NAR, notes how quickly homes are selling right now, further confirming the benefits to sellers this season:
"The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates."
However, this sweet spot for sellers won’t last forever. As more homes are listed this year, this tip toward sellers may start to wane. According to Danielle Hale, Chief Economist at realtor.com, <a href="https://www.realtor.com/news/trends/housing-market-2021-forecast/" title="more choices" target="_blank" rel="noopener noreferrer">more choices</a> for buyers are on the not-too-distant horizon:
“The bright spot for buyers is that more homes are likely to become available in the last six months of 2021. That should give folks more options to choose from and take away some of their urgency. With a larger selection, buyers may not be forced to make a decision in mere hours and will have more time to make up their minds.”
Bottom Line<br />
If you’re ready to make a move, you can feel good about the current sentiment in the market and the advantageous conditions for today’s sellers. Let’s connect today to determine the best next step when it comes to selling your house this year.
2021-01-09T05:26:00-07:002022-02-03T10:50:51-07:00Jesse Tafftag:waypointidaho.com,2012-09-20:7000Why You Should Consider Selling in the Winter<img src="https://assets.site-static.com/userfiles/2242/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.2020-06-24T16:02:00-07:002021-04-28T07:50:20-07:00Jesse Taff