Real Estate

5 Strategies to Help Sell Your Home in 2023: Tips From A Local Real Estate Professional

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Picture of a house for sale

Are you thinking about selling your home? It’s a big decision, and it’s natural to want all the help you can get. That’s why I’m sharing my best advice and I’ve compiled it into a few key tips. Whether your goal is to attract high offers, sell quickly, or just make the process go smoothly, these strategies will help you get the best possible results.

One of the most effective ways to sell your home fast and get the returns you want is to work with a professional real estate agent. Not only do they have the expertise to help you with tasks like pricing, marketing, and negotiations, but they also often have a network of connections to help you prepare your home for sale. It’s no surprise, then, that only 10% of homes are sold by owner (FSBO), according to the National Association of Realtors® (NAR). In fact, a NAR report found that the median FSBO home sells for $105,000 less than homes sold with the help of an agent.

As the housing market continues to adjust in 2023, it’s important to remember that buyers are no longer as eager to make offers above the listing price, waive contingencies, or get into bidding wars. Instead, top agents are advising motivated sellers to focus on tried-and-true strategies. Here are some tips to help you sell your home successfully:

Work With A High Quality Agent

Did you know that a top agent can help clients sell their homes for up to 10% more than the average real estate agent? When you work with me you’ll get the same hard work, attention to detail, and marketing that my team and I provide to everyone.

Enhance the interior of your home

If you want to show off your home’s value to potential buyers, start by making some improvements to the interior. These are some of the most impactful changes you can make:

Tackle repairs and upgrades: One of the quickest ways to set your home up for a fast sale is to tackle any deferred maintenance and necessary repairs. However, it’s important to do your research and focus on the upgrades that will give you the highest return on investment (ROI) and that are in high demand in your area. To get a sense of current preferences, you can visit open houses in the neighborhood, or you can hire a professional to conduct a pre-listing inspection. This will help you identify any essential repairs that could hold up the sale of your home later on. I also help my clients in their decision making by advising them about what people are looking for and touring their home before they start renovations or improvements.

Deep clean the interior: A thorough cleaning can help you sell your home in several ways. It prevents potential buyers from getting distracted by dirt or clutter, enhances the features of your home that might otherwise go unnoticed, and reassures buyers that there aren’t any other neglected amenities hiding in your home. For older homes in particular, it might be worth hiring a professional cleaning service to make sure every corner is sparkling.

Depersonalize and stage the space: It’s important to remove personal items and clutter from your home to make it easier for buyers to envision themselves living there. You should also consider staging the space to highlight the best features of your home and make it feel more inviting. This might involve rearranging furniture, adding some pops of color with decorative accessories, or bringing in some greenery to add life to the space.

Improve your home’s curb appeal

The first thing buyers see when they pull up to your home is the exterior, so it’s important to make a good impression. Here are some ways to enhance your home’s curb appeal:

Spruce up the landscaping: A well-manicured lawn and nicely trimmed bushes can go a long way in creating a positive first impression. If your landscaping is looking a bit overgrown, consider hiring a professional to tidy it up. You might also want to add some colorful flowers or potted plants to add a splash of color.

Touch up the paint: If your home’s exterior is looking a bit shabby, a fresh coat of paint can make a big difference. Choose a neutral color that will appeal to a wide range of buyers, and be sure to pay attention to details like trim and shutters.

Add some exterior lighting: Exterior lighting can create a warm and welcoming ambiance, and it’s also a practical feature that can help with safety and security. Consider adding some lanterns, sconces, or floodlights to highlight your home’s best features.

Be flexible and open to negotiation

While it’s important to have a clear idea of what you want to get out of the sale of your home, it’s also crucial to be open to negotiation. Buyers may come to the table with requests or counteroffers, and it’s up to you to decide whether or not you’re willing to compromise. It can be helpful to have a real estate agent by your side to advise you on what’s reasonable and what’s not.

Price your home correctly

Pricing your home correctly is essential to attracting buyers and getting the best possible return on your investment. If you price your home too high, it may sit on the market for too long and turn off potential buyers. On the other hand, if you price it too low, you’ll leave money on the table. A real estate agent can help you determine the right price based on market conditions and local demand, as well as the features and condition of your home.

By following these tips, you’ll be well on your way to a successful and profitable home sale. With the right strategy and a little bit of effort, you can achieve your home selling goals.

Contact me today to start a conversation about selling your home and how I can help you all throughout the process.

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The Pros and Cons of Buying an ‘As Is’ Property: What You Need to Know Before Making a Purchase

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Have you ever come across the term “as is” in a real estate listing and wondered what it means? Essentially, an “as is” sale means that the seller is selling the property in its current condition and will not be making any repairs or improvements before the sale. This can be because the seller doesn’t have the funds or desire to fix any issues with the property, or because the property has been through foreclosure or inherited by an estate agent who doesn’t know its condition.

While this may sound like a red flag to some buyers, others, such as real estate investors, may see it as an opportunity. These properties often have lower list prices, and the sellers may be open to negotiating even lower offers. However, it’s important to keep in mind that an “as is” sale can also be risky. You could be getting a bargain, but you could also be throwing your money into a black hole if the property has serious issues that are not immediately apparent.

So, should you consider buying an “as is” property? It’s definitely worth considering, especially if you’re able to negotiate a lower price. However, it’s essential to take one precaution before making a purchase: a home inspection. This will give you a better understanding of any issues that the property may have, both current and potential. A home inspection typically costs around $300 to $800 and is paid for by the buyer (not the seller), as this ensures that the inspector is not working for the seller’s interests.

But the home inspection is just the first step in the process of buying an “as is” property. It’s also important to be aware of your legal rights as a buyer. Even if a property is being sold “as is,” the seller is still required to disclose any known issues. And as a buyer, you can still negotiate an offer that is contingent upon a home inspection.

So, while an “as is” sale can potentially be a good deal, it’s important to be cautious and do your due diligence. Don’t let the promise of a low price cloud your judgment – make sure to thoroughly inspect the property and understand any potential issues before committing to a purchase. It may take a little extra time and effort, but it will be worth it in the long run to ensure that you’re making a wise investment.

Homeowners Still Have Positive Equity Gains over the Past 12 Months

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Homeowners Still Have Positive Equity Gains over the Past 12 Months

If you’re a homeowner, your net worth got a big boost over the past few years thanks to rapidly rising home prices. Here’s how it happened and what it means for you, even as the market moderates.

Equity is the current value of your home minus what you owe on the loan.

Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home prices appreciated substantially.

And while home price appreciation has moderated this year, and even depreciated slightly in some overheated markets, that doesn’t mean you’ve lost all the equity you gained during the pandemic frenzy.

To prove you still have equity you can use, the latest Homeowner Equity Insights from CoreLogic finds the average homeowner equity has actually grown by $34,300 over the past 12 months.

That’s right, despite the headlines, the average homeowner still gained positive equity over the last year in just about every market. While the gains aren’t as dramatic as they were in the previous quarter due to home price moderation, they’re still significant. And if you’ve been in your home for longer than a year, chances are you have even more equity than you realize.

While that’s the national number, if you want to know what happened over the past year in your area, look at the map below from CoreLogic:

Homeowners Still Have Positive Equity Gains over the Past 12 Months | MyKCM

Why This Is So Important Right Now

While equity helps increase your overall net worth, it can also help you achieve other goals, like buying your next home. When you sell your current house, the equity you’ve built up comes back to you in the sale, and it may be just what you need to cover a large portion – if not all – of the down payment on your next home.

So, if you’ve been holding off on selling because you weren’t sure what the headlines meant for your bottom line, rest assured you’ve still gained equity in recent years, and it can help fuel your move.

Bottom Line

If you’re planning to make a move, the equity you’ve gained over time can make a big impact. To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, let’s connect.

* This post first appeared here.

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Mortgage Rates Are Dropping. What Does That Mean for You?

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Mortgage Rates Are Dropping. What Does That Mean for You?

Mortgage rates have been a hot topic in the housing market over the past 12 months. Compared to the beginning of 2022, rates have risen dramatically. Now they’re dropping, and that has to do with everything happening in the economy.

Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains it well by saying:

“Mortgage rates dropped even further this week as two main factors affecting today’s mortgage market became more favorable. Inflation continued to ease while the Federal Reserve switched to a smaller interest rate hike. As a result, according to Freddie Mac, the 30-year fixed mortgage rate fell to 6.31% from 6.33% the previous week.”

So, what does that mean for your homeownership plans? As mortgage rates fluctuate, they impact your purchasing power by influencing the cost of buying a home. Even a small dip can help boost your purchasing power. Here’s how it works.

The median-priced home according to the National Association of Realtors (NAR) is $379,100. So, let’s assume you want to buy a $400,000 home. If you’re trying to shop at that price point and keep your monthly payment about $2,500-2,600 or below, here’s how your purchasing power can change as mortgage rates move up or down (see chart below). The red shows payments above that threshold and the green indicates a payment within your target range.

Mortgage Rates Are Dropping. What Does That Mean for You? | MyKCM

This goes to show, even a small quarter-point change in mortgage rates can impact your monthly mortgage payment. That’s why it’s important to work with a trusted real estate professional who follows what the experts are projecting for mortgage rates for the days, months, and year ahead.

Bottom Line

Mortgage rates are likely to fluctuate depending on what happens with inflation moving forward, but they have dropped slightly in recent weeks. If a 7% rate was too high for you, it may be time to contact a lender to see if the current rate is more in line with your goal for a monthly housing expense.

* This post first appeared here.

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Planning to Retire? It Could Be Time To Make a Move.

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Planning to Retire? It Could Be Time To Make a Move.

If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs.

Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about when making that decision.

Consider How Long You’ve Been in Your Home

From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):

Planning to Retire? It Could Be Time To Make a Move. | MyKCM

When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.

Consider the Equity You’ve Gained

Additionally, if you’ve been in your home for more than a few years, you’ve likely built up significant equity that can fuel your next move. That’s because the longer you’ve been in your home, the more likely it’s grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):

Planning to Retire? It Could Be Time To Make a Move. | MyKCM

While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by over 50%. And the average homeowner who’s owned their home for 30 years saw it almost triple in value over that time.

Consider Your Retirement Goals

Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, that equity can help you achieve your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones. Plus, retirement played a large role for those moving greater distances.

Whatever your home goals are, a trusted real estate advisor can work with you to find the best option. They’ll help you sell your current house and guide you as you buy the home that’s right for you and your lifestyle today.

Bottom Line

Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore your opportunities in our local market.

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