March2019MVPSocialMediaImage-1551378668160

It’s easy to look up how much money you have in your savings account or the real-time value of your stock investments. But determining the dollar value of a home is trickier.

As a seller, knowing your home’s worth helps you price it correctly when you put it up for sale. If you price it too high, it may sit on the market. But price it too low and you may be losing out on a good chunk of money (nobody wants that!). For buyers, it’s important to know a home’s worth before you make an offer. You want your offer to be competitive, but you don’t want to overpay for the property.

Even if you’re not a buyer or seller right now, as a current homeowner you might just be curious about the value of your home. Keeping track of your home’s worth year over year helps you understand the trends in your market. So when you are ready to sell, you can take advantage of a good window of opportunity.

The good news is, a trained real estate agent—who understands the nuances of your particular neighborhood—can determine the true market value of your property … and at no cost to you!

THE THREE TYPES OF HOME VALUES

When you start the process of buying or selling a home, you’ll frequently hear the words appraised value, assessed value, and true market value. It’s important to know the difference between each one so you can make better, informed decisions.

Appraised Value

A professional appraiser is in charge of determining the appraised value of a home. These appraisals are typically required by a lender when a buyer is financing the property. And while the lender is the one requiring this information, the appraiser does not work for the lender.1 Your appraiser should be an objective, licensed professional who doesn’t have allegiance to the buyer, seller, or lender—no matter who is paying their fee.

The number the appraiser comes up with (the appraised value) assures the lender that the buyer is not overpaying for the property. For example, imagine a seller lists a home for $400,000. They reach a deal with the buyer to sell the home for $375,000. However, if an appraiser evaluates the property and determines that the appraised value is actually $325,000, then the lender will not lend for an amount higher than that appraised value of $325,000.2

When figuring out this number, an appraiser will compare the property to similar homes in your neighborhood, and they’ll evaluate factors such as location, square footage, appliances, upgrades, improvements, and the interior and exterior of the home.

Assessed Value

The assessed value of a home is determined by your local municipal property assessor. This value matters when your county calculates property taxes each year. The lower your assessed value, the less property tax you’ll pay.3

To come up with this value, your assessor will evaluate what comparable homes in the neighborhood have sold for, the size of your home, age, overall condition, and any improvements or upgrades that have been made. However, most assessors don’t have full access to your home, so their information is limited.

Assessments are done annually to determine how much property tax you owe. Many counties use a multiplier (typically between 60%-80%) to calculate the final assessed value. So, if the assessor determines that the value of the home is $300,000, but the county uses a 70% multiplier, the assessed value of the home would be $210,000 for tax purposes.4

If your assessed value isn’t as high as you envisioned, don’t sweat it. Many homeowners appeal their assessment in favor of a lower valuation so that they can save money on property taxes. If you’re interested in appealing your property tax assessment, let us know. We offer complimentary assistance and would be happy to help you build your case.

True Market Value

True market value is established by your real estate agent. It basically refers to the value that a buyer is willing to pay for the property. A good real estate agent is an expert in determining true market value because they have hands-on experience buying and selling properties. They understand the mindsets of buyers in your market and know what they’ll pay for a desirable house, townhouse, or condo.

As a seller, knowing your true market value is important because it helps you choose how much to list your property for. It can also help you decide if you want to make any improvements to your home before putting it on the market. Your agent can help you figure out which updates and upgrades will have the biggest impact on your true market value.

WHAT’S THE DEAL WITH ONLINE CALCULATORS?

When figuring out your home’s value, you might be tempted to see what popular real estate sites like Zillow, Redfin, and Trulia have to say. When you use an online calculator to determine your home’s value on these sites, it is just an estimate. It’s not an actual appraisal or the “true market value.” These sites all have their own algorithms for coming up with their estimates. For example, Zillow comes up with their “Zestimates” by calculating “public and user-submitted data, taking into account special features, location, and market conditions.” 5

These online estimates can be a great starting point for opening up the conversation with your real estate agent about your home’s worth. But even Zillow recommends that you use a real estate agent for coming up with the actual market value of your home. The site says that once you get your “Zestimate,” you should still get “a comparative market analysis from a real estate agent.”

Having an agent involved in this process is essential because they understand the market better than a computer ever could. They’re showing property in your city every single day, and they know the particular preferences of buyers and sellers in the area. Young professionals, large families, empty nesters, and other groups are all looking for different things in a home. A local agent has most likely worked with all of them, so they understand what every segment in your market is specifically looking for.

HOW AN AGENT FINDS YOUR HOME’S TRUE MARKET VALUE

So, how does an actual real estate agent determine true market value? They’ll start by doing a comparative market analysis (CMA). This means they’ll compare your home’s features to similar properties in your area. For the CMA, the agent looks at the below factors to influence their assessment of your home’s worth:6

  • Neighborhood sales – Your agent will look at similar, recently sold homes in your neighborhood to see what they sold for and what they have in common with your house.
  • The exterior – What does your home look like from the outside? Your agent will factor in curb appeal, the style of the house, the front and backyard, and anything else that impacts how the house looks to everyone walking and driving by.
  • The interior – This is everything inside the walls of the house. Square footage, number of bedrooms and bathrooms, appliances, and more all influence the overall market value.
  • Age of the home – Whether you have a newer or older home affects the number your agent comes up with as part of their assessment.
  • Style of the home – The style of your home is important because buyers in different markets have different tastes. If buyers prefer ranch-style homes and you have one, then your home may sell for a premium (aka more money!).
  • Market trends – Because a local agent has so much experience in your market, they have their finger on the pulse of your area’s trends and know what buyers are willing to pay for a property like yours.
  • Location, location, location – This one’s probably the most obvious. Your agent will think about how popular the area is, how safe it is, and what schools are like.

A computer algorithm simply can’t take all of these factors into account when calculating the value of your home. The reality is, nothing beats the accuracy of a real estate agent or professional appraiser when it comes to determining a home’s true market value.

YOUR AGENT IS THERE EVERY STEP OF THE WAY

Determining a home’s true market value is a real estate agent’s forte. If you’re a seller, your agent will help you find your home’s market value so you can list it at the right price.

For buyers, your agent will help you determine the value so you can come up with a fair offer. Your agent can also set up a personalized home search on the Multiple Listing Service (MLS) for you so you’ll receive emails of listings that meet your criteria. This will help you see what’s out there in your city and how properties are being priced.

Get a Complimentary Report With Your Home’s True Market Value

Curious about your home’s true market value? Call us to request a free, no-obligation Comparative Market Analysis to find out exactly how much your home is worth!

Sources:

  1. Chicago Tribune – https://www.chicagotribune.com/suburbs/chi-ugc-article-what-is-the-difference-between-market-value-a-2013-09-30-story.html
  1. SFGATE – https://homeguides.sfgate.com/market-value-vs-appraised-value-1206.html
  1. ValuePenguin – https://www.valuepenguin.com/mortgages/what-is-the-assessed-value-of-a-house
  1. Movoto – https://www.movoto.com/blog/homeownership/assessed-value-vs-market-value/
  1. Zillow – https://www.zillow.com/how-much-is-my-home-worth/
  1. com – https://www.realtor.com/advice/sell/assessed-value-vs-market-value-difference/

 

 

OPEN HOUSE: SUNDAY FEB. 17, 2019 12pm-2pm | 164 BALDWIN Road

BaldwinRd164

http://tours.mixedmediaco.com/115321/164-baldwin-birmingham-mi-48009

OPEN HOUSE:164 BALDWIN Road, Birmingham 48009-1356
SUNDAY FEB. 10, 2019 12pm-2pm
4 BD 2.1 BA 2844 SQ FT
MLS# 218101342 $995,000

Stunning, peaceful location in the most sought after area in Birmingham. This gorgeous home backs up to the Rouge River and is just steps away through trails to the Waterfall and Quarton Lake Park. Spacious and sprawling, this home has unique features such as copper gutters, refinished original hardwood floors throughout entire home, Pewabic tile foyer floor and fireplace surround, and eco friendly dyed cement baths. Dual staircases and a high-end gourmet kitchen with exquisite Vermont Verde Antique marble countertops, new stainless steel appliances and custom lined oak cabinets. The two story great room with it’s custom fireplace boasts a cathedral ceiling and a beautiful wall of windows overlooking the sprawling, private yard and brick paver patio. Custom built-in desk and wall units create a cozy office off the kitchen. So many more unique features you just have to see to believe! Could easily be expanded to over 6000 sq.ft. BATVAI

OPEN HOUSE: SUNDAY FEB. 10, 2019 12pm-2pm | 164 BALDWIN Road

BaldwinRd164

http://tours.mixedmediaco.com/115321/164-baldwin-birmingham-mi-48009

OPEN HOUSE:164 BALDWIN Road, Birmingham 48009-1356
SUNDAY FEB. 10, 2019 12pm-2pm
4 BD 2.1 BA 2844 SQ FT
MLS# 218101342 $995,000

Stunning, peaceful location in the most sought after area in Birmingham. This gorgeous home backs up to the Rouge River and is just steps away through trails to the Waterfall and Quarton Lake Park. Spacious and sprawling, this home has unique features such as copper gutters, refinished original hardwood floors throughout entire home, Pewabic tile foyer floor and fireplace surround, and eco friendly dyed cement baths. Dual staircases and a high-end gourmet kitchen with exquisite Vermont Verde Antique marble countertops, new stainless steel appliances and custom lined oak cabinets. The two story great room with it’s custom fireplace boasts a cathedral ceiling and a beautiful wall of windows overlooking the sprawling, private yard and brick paver patio. Custom built-in desk and wall units create a cozy office off the kitchen. So many more unique features you just have to see to believe! Could easily be expanded to over 6000 sq.ft. BATVAI

feb2019

If you’re a current homeowner, or in the market to buy, you’re probably curious about the latest trends in home design.

Sellers who make strategic updates before listing a property can generate increased interest from buyers and, in some cases, a premium selling price. And buyers should consider which features of a home will need updating immediately (or in the near future) so they can factor renovation costs into their overall budget.

Even if you have no immediate plans to buy or sell, we advise our clients to be thoughtful about the colors, materials, and finishes they select when planning a remodel. Making over-personalized or unpopular design choices could hurt a home’s value when it does come time to sell. And selecting out-of-style or overly-trendy elements could cause your renovation to feel dated quickly.

To help, we’ve rounded up eight of the hottest home design trends for 2019. Keep in mind, not all trends will work well in every house. If you plan to buy, list, or renovate a property, consult a professional who can help you realize your vision and maximize the impact of your investment.

1. WARMER PAINT COLORS

White and grey aren’t going anywhere, but expect to see warmer tones and more earthy neutrals popping up in 2019. Cold whites are being replaced by warmer, softer whites. And warmer tones of grey have become a popular alternative to the cooler grays we were seeing earlier in the decade. Dove grey—with a lilac undertone—is a particular favorite with designers this year.

Sherwin Williams chose Cavern Clay, a warm terracotta, as its 2019 color of the year, while Behr selected Blueprint, a mid-tone blue. Benjamin Moore’s selection is Metropolitan, a sophisticated grey.

If you’re preparing to sell your home, consider a light, neutral paint color. Neutral colors provide a blank canvas upon which a buyer can envision placing their belongings, and lighter colors make a room appear larger and brighter.

2. MIXED METALS

Don’t feel limited to using one metallic finish throughout your home—or even throughout a single room. Designers are mixing metals in 2019, and their favorites include copper, brass, pewter, gunmetal, and matte black.

Experts suggest picking one metal hue to dominate your color palette and a contrasting tone to complement it. If your room has a warm color palette, choose a warm-hued primary metal, such as brass or copper. For cool palettes, choose a cool-toned metal, like pewter or stainless steel. You can also experiment with mixing finishes, such as polished and hammered copper.

From faucets to cabinet pulls to accent pieces, swapping out your old or dated fixtures is an easy—and relatively inexpensive—way to modernize your decor. Mixing metals adds depth and gives your room a more curated look.

3. OUTDOOR ELEMENTS

Bringing outdoor elements into the home can help warm up a sterile space. And natural materials can soften a modern design esthetic.

Homeowners are increasingly looking for ways to incorporate these materials throughout their home. Especially popular right now: stone, copper, concrete, and wood. From concrete showers to agate stone tiles, designers are finding unexpected ways to bring the outside in.

One notable exception: granite countertops. Engineered quartz—a combination of ground quartz and resin—overtook natural granite stone as the most popular countertop material in 2018. This durable, low-maintenance, highly-customizable product has won over homeowners and designers alike.

4. ALTERNATIVE APPLIANCES

Stainless steel has been the industry standard for years, but the market is trending toward variety and fresh alternatives. Homeowners have more options available than ever to personalize their kitchens with vibrant colors, black stainless, or modern white appliances. Another favorite? Integrated appliances that blend seamlessly into cabinetry. Built-in column refrigerators, which allow you to customize the design and size of your freezer and refrigerator, are becoming a “must-have” in high-end homes.

Advancements in technology have also brought a new wave of appliances to the market. Induction cooktops are replacing commercial gas ranges as a gourmet favorite. And french door ovens and steam ovens are also gaining in popularity—especially ones with smart features you can control from an app on your smartphone.

5. COLORFUL KITCHENS

White will always be a classic choice, but color is finally coming back to kitchens. More homeowners are choosing cabinets in alternative neutrals like black, cream, and grey, along with colorful options like green and blue. Also popular? Wood cabinets in stains like warm chestnut and fruitwood.

Two-tone kitchen cabinets remain a homeowner favorite, as well. To incorporate this trend, try pairing darker lower cabinets with lighter upper cabinets or a colorful kitchen island with neutral-colored perimeter cabinets.

6. OPEN SHELVING

Swapping upper kitchen cabinets for open shelves continues to be a popular choice in 2019. It’s a cost-effective update that can make a kitchen feel larger and brighter. However, it’s not a practical option for everyone. Before you commit, test it out by removing your cabinet doors for a few weeks. See how it feels to have your glasses and dishware on display.

Not ready to give up all your upper cabinet storage space? Replace just one or two upper cabinets with open shelves for a lower-commitment but still-updated look.

7. STATEMENT TILE

The ubiquitous white subway tile is finally fading in popularity. In 2019, homeowners are gravitating toward more colorful choices, creative textures and finishes, and alternative shapes. Especially hot right now: hexagons, arabesques, diamonds, and Moroccan fish scales.

Natural stone remains a favorite, including marble, quartzite and river rock. But advancements in porcelain tile that mimics stone, and even concrete, has made it an attractive, affordable, and low-maintenance alternative.

8. SHOWCASE CEILINGS

Once an afterthought, ceilings are taking center stage. While 2018 was all about statement walls, statement ceilings are shaping up to be the darling of 2019. Designers are using bold paint colors, wallpaper, intricate moldings, fabric, and other materials to transform a ceiling into something truly special.

Want to incorporate this trend without going too bold? Choose a classic design, like coffered or wooden beams. Or stick with wood paneling or tin tiles for a more timeless look. Even something as simple as painting a ceiling the same color as the walls can make your space feel more modern.

DESIGNED TO SELL

Are you contemplating a remodel? Want to find out how upgrades could impact the value of your home? Give us a call for a free consultation!

Buyer preferences can vary greatly by neighborhood and price range. We can share the insights we’ve gathered from working with buyers in this market … and offer tips on how to maximize the return on your remodeling investment. And if you’re in the market to sell, we can run a Comparative Market Analysis on your home to find out how it compares to others in the area.

Want to learn more about how to stage your home to sell? Contact us at [insert preferred method] to request a free copy of our report: 10 Staging Secrets From the Pros for a Quick Sale at Top Dollar!

Sources:
1. Decor Mag –
https://www.decoraid.com/blog/home-design-trends-2019
2. Gates Interior Design –

Hottest new Kitchen and Bath Trends for 2019


3. House Beautiful –
https://www.housebeautiful.com/home-remodeling/interior-designers/a24844028/home-trends-for-2019/
4. Houzz –
https://www.houzz.com/ideabooks/114552119/list/32-home-design-trends-that-will-rule-in-2019
5. Invaluable –
https://www.invaluable.com/blog/mixing-metals/
6. Real Simple –
https://www.realsimple.com/home-organizing/decorating/decorating-tips-techniques/design-trends-2019-according-to-designers
7. Sebring –
https://sebringdesignbuild.com/top-trends-in-kitchen-design/

OPEN HOUSE SCHEDULE JANUARY 26 & 27

SAT & SUN 164 BALDWIN Road, Birmingham 48009
Saturday Jan 26th 1pm-3pm
Sunday Jan 27th 12pm-2pm

BaldwinOH
http://tours.mixedmediaco.com/115321/164-baldwin-birmingham-mi-48009

Stunning, peaceful location in the most sought after area in Birmingham. This gorgeous home backs up to the Rouge River and is just steps away through trails to the Waterfall and Quarton Lake Park. Spacious and sprawling, this home has unique features such as copper gutters, refinished original hardwood floors throughout entire home, Pewabic tile foyer floor and fireplace surround, and eco friendly dyed cement baths. Dual staircases and a high-end gourmet kitchen with exquisite Vermont Verde Antique marble countertops, new stainless steel appliances and custom lined oak cabinets. The two story great room with it’s custom fireplace boasts a cathedral ceiling and a beautiful wall of windows overlooking the sprawling, private yard and brick paver patio. Custom built-in desk and wall units create a cozy office off the kitchen. So many more unique features you just have to see to believe! Could easily be expanded to over 6000 sq.ft. BATVAI


7605 DEVINS Ridge, Independence Twp 48348
Sunday Jan. 27th 1pm-3pm

DevinsRidge

BRIDGE VALLEY FAMILY RESORT ALL ON 1.5 ACRE LOT. ESTATE BOASTS 5 BEDROOMS. 2 OWNER SUITES WITH PRIVATE BATHS, JETTED JACUZZI AND SHOWERS.TWO STORY GREAT ROOM WITH SURROUND SOUND,GORGEOUS BUILT INS,FIELDSTONE GAS FIREPLACE AND LARGE WINDOWS FOR BEAUTIFUL VIEWS OF NATURE. OPEN CONCEPT KITCHEN PERFECT FOR ENTERTAINING. HOME HAS GRANITE AND TILE BATHS THROUGHOUT. CUSTOMIZED LAUNDRY AND MUDD ROOM WITH GRANITE SINK, CABINET AND CUBBIES. LOWER LEVEL IS A FINISHED WALK OUT WITH LARGE FAMILYROOM,SURROUND SOUND, STONE GAS FIREPLACE,BUILT IN CABINETRY,FULL BATH,AMPLE STORAGE. EXTERIOR HAS AN IN GROUND HEATED 36×18 POOL WITH DIVING BOARD, BREATHLESS LANDSCAPING,AND AMPLE YARD TO PLAY. Much, much more. BATVAI

OPEN HOUSE SCHEDULE: SUN JAN. 20, 2019

12:00 PM – 2:00 pm

HickoryGrove

http://s3.amazonaws.com/veewme.videos.output/1080-mp4/8082aa34-6456-464c-9500-94a351a61917-1080p.mp4

Completely updated (2016) NEW high-end kitchen, NEW baths, NEW flooring, NEW windows, super energy efficient condo with the best views in the complex. Quiet, kind neighbors. Bloomfield Hills schools! Close to St Joe’s Hospital, Chrysler Headquarters, Downtown Birmingham, doctors offices and many restaurants. Miles of sidewalks for exercise. NEW Thermatru doors, Oxbow windows, pet proof carpet. All NEW furnace overhaul. Gorgeous new kitchen with quartz countertops and Stainless Steel appliances. Both bathrooms completely remodeled. Beautifully refinished hardwood floors and new paint throughout. Private, partially finished basement with a real bar perfect for gatherings. Brand new water system at the complex and seller has paid assessment! One car shared garage. BATVAI – Watch Video Tour and be amazed!


3:00 PM – 5:00 PM

BaldwinRd164

http://s3.amazonaws.com/veewme.videos.output/1080-mp4/8082aa34-6456-464c-9500-94a351a61917-1080p.mp4

Stunning, peaceful location in the most sought after area in Birmingham. This gorgeous home backs up to the Rouge River and is just steps away through trails to the Waterfall and Quarton Lake Park. Spacious and sprawling, this home has unique features such as copper gutters, refinished original hardwood floors throughout entire home, Pewabic tile foyer floor and fireplace surround, and eco friendly dyed cement baths. Dual staircases and a high-end gourmet kitchen with exquisite Vermont Verde Antique marble countertops, new stainless steel appliances and custom lined oak cabinets. The two story great room with it’s custom fireplace boasts a cathedral ceiling and a beautiful wall of windows overlooking the sprawling, private yard and brick paver patio. Custom built-in desk and wall units create a cozy office off the kitchen. So many more unique features you just have to see to believe! Could easily be expanded to over 6000 sq.ft. Also for lease $6,995 p/m MLS#218101395 BATVAI

November2018MVPSocialMediaImage-1541434727717

‘Tis the Season: 5 Reasons Why Winter is a Great Time to Buy or Sell a Home

It’s a common misconception that you shouldn’t try to buy or sell a home during the fall and winter months.

This is generally considered the “offseason” in real estate. Many sellers mistakenly believe that the cold weather will keep buyers away and that no one is looking over the holidays. Unfortunately, many real estate professionals perpetuate this myth by advising their clients to “wait until the spring” to list their home.

The truth is, homes are bought and sold year round. And while the market is typically quieter during the fall and winter, savvy buyers and sellers know how to use this slow down to their advantage. In fact, depending on your circumstances, now may be the ideal time for you to purchase or list a home.

If you’re in the market to buy or sell, there’s no need to wait for the spring. Read on to discover the top five reasons that it can pay to buy or sell a home during the offseason!

  1. LESS COMPETITION

What’s the number one reason to buy or sell a home during the offseason? Less competition!

This can be particularly beneficial if you’re a seller. Come spring, a huge wave of new listings will hit the market. But if you list now, you will have fewer comparable homes with which to compete.

In the spring and summer months, it can be difficult for your property to stand out in a crowded market. You may end up with a surplus of homes for sale in your neighborhood. Indeed, it’s not uncommon to see multiple listings on a single street during the peak selling season.

Inventory in the fall and winter months, however, can be significantly lower. That means your home will not only receive more attention from buyers, but you may also gain the upper hand in your negotiations. In fact, research found that homes listed in the winter are nine percent more likely to sell, and sellers net more above asking price in the winter than any other time of year.1

Buyers also have a lot to love about the real estate offseason. While some buyers need to move during the winter, many bargain hunters search this time of year in hopes of scoring a great deal.

Smart buyers will continue to scan the market during the fall and winter for hidden gems that pop up during the offseason. There are always highly motivated sellers who need to sell quickly. And with less competition to bid against you, you’re in a better position to negotiate a great price. If you’ve been looking for a good deal on a home or investment property, now may be the best time to look!

So while a “slow market” may scare off some buyers and sellers, it can actually be the perfect time of year for you to list or purchase a home. While the rest of the market is hibernating until spring, take advantage of this opportunity to get a jump start on your competition!

  1. EVERYONE’S MORE MOTIVATED

During the spring and summer, you’re likely to encounter “lookie-loo” buyers who are just testing the waters and unrealistic sellers who are holding out for a better offer. But the serious buyers and sellers stay active during the cold weather and holiday season, often because they need to move quickly. In fact, research shows that homes listed in the winter sell faster than any other time of year.1

January and February are peak job hiring months, which brings a surge of buyers who need to relocate quickly to start a new job.2 And of course life changes like retirement, marriage, divorce, and new babies come year round. While families often find it more convenient to move during the summer when school is out, the reality is that many don’t have the option to wait. According to the National Association of Realtors, 55 percent of all buyers purchased their home at the time they did because “it was just the right time,” not because of seasonal factors.3

If you prefer to deal with serious, highly-motivated buyers and sellers who want to act fast and don’t want to waste your time, then the offseason may be the perfect real estate season for you.

  1. GREATER PERSONAL ATTENTION

Another key benefit to buying and selling in the offseason is the increased personal attention you’ll receive.

While we strive to provide unparalleled client service throughout the year, we simply have more time available for each individual client during slower periods. Similarly, we find the other real estate professionals in our network—including title agents, inspectors, appraisers, insurance agents, and loan officers—are able to respond faster and provide more time and attention during the offseason than they are during the busy spring and summer months. The result is a quicker and more streamlined closing process for all involved.

  1. COST SAVINGS

Clients who move during the offseason often report significant cost savings. Moving costs may be discounted by 15 percent or more during the winter months, and moving companies can typically offer more flexibility in their scheduling.4

Home renovations and repairs can also be less expensive in the offseason.5 Whether you’re fixing up your property prior to listing it or remodeling your new home before moving in, contractors and service providers who are hungry for business are often willing to work for a discount this time of year. If you wait until the spring and summer, you may be forced to pay a premium.

Home stagers and decorators are also more likely to negotiate their fees during the winter. And you can often score great deals on new furniture and decor during the holiday sales.

Whether you’re buying or selling, count cost savings as another compelling reason to consider an offseason move.

  1. EASIER TO MAINTAIN CURB APPEAL

Finally, listing your home during the fall and winter offers one key—but often overlooked—advantage: less lawn maintenance!

Good curb appeal is crucial when selling your home. According to a recent report by the National Association of Realtors, 44 percent of home buyers drove by a property after viewing it online but did NOT go inside for a walkthrough.6 That means if your curb appeal is lacking, buyers may never make it through the door.

If you list your home during the peak of the selling season, we will generally advise you to implement a frequent schedule of mowing, edging, watering, weeding, and trimming shrubs and hedges. You’ll probably want to plant flowers, as well, to brighten your exterior. After all, a lush landscape is a key element in attracting spring and summer buyers.

If you list in the offseason, however, your lawn maintenance list is significantly reduced. While we do recommend that our sellers keep their exterior clean, tidy, and free of leaves, snow, and ice, you will probably spend much less time on outdoor maintenance during the winter than you would if you listed your home in the summer.

ARE YOU READY TO MAKE YOUR MOVE?

Now that you know all the great reasons to buy or sell a home in the offseason, it’s time to decide whether you’re ready to make your move.

Every client’s circumstances are unique. Whether you need to move quickly or you simply want to take advantages of all benefits this season has to offer, it’s a great time to enter the market.

Give us a call today to schedule a FREE consultation … and you could be ringing in the New Year in your new home!

Sources:

  1. Redfin –
    https://www.redfin.com/blog/2013/12/why-winter-is-the-hottest-time-to-sell-your-home.html#.VjKYm2SrTKI
  2. Top Resume –
    https://www.topresume.com/career-advice/the-best-times-of-the-year-to-job-search
  3. National Association of Realtors –
    https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers
  4. Angie’s List –
    https://www.angieslist.com/articles/why-winter-can-be-best-time-move.htm
  5. Build Direct –
    https://www.builddirect.com/blog/the-best-times-of-the-year-to-get-deals-on-home-remodels/
  6. National Association of Realtors –
    https://www.nar.realtor/sites/default/files/reports/2017/2017-home-buyer-and-seller-generational-trends-03-07-2017.pdf

Dispelling the Myth About Home Affordability

Blog - DispellingWe have all seen the headlines that report that buying a home is less affordable today than it was at any other time in the last ten years, and those headlines are accurate. But, have you ever wondered why the headlines don’t say the last 25 years, the last 20 years, or even the last 11 years?

The reason is that homes were less affordable 25, 20, or even 11 years ago than they are today.
Obviously, buying a home is more expensive now than during the ten years immediately following one of the worst housing crashes in American history.

Over the past decade, the market was flooded with distressed properties (foreclosures and short sales) that were selling at 10-50% discounts. There were so many distressed properties that the prices of non-distressed properties in the same neighborhoods were lowered and mortgage rates were kept low to help the economy.

Low Prices + Low Mortgage Rates = High Affordability
Prices have since recovered and mortgage rates have increased as the economy has gained strength. This has and will continue to impact housing affordability moving forward.

However, let’s give affordability some historical context. The National Association of Realtors (NAR) issues their Affordability Index each month. According to NAR:

“The Monthly Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent monthly price and income data.”

NAR’s current index stands at 138.8. The index had been higher each of the last ten years, peaking at 197 in 2012 (the higher the index the more affordable houses are).

But, the average index between 1990 and 2007 was just 123 and there were no years with an index above 133. That means that homes are more affordable today than at any time during the eighteen years between 1990 and 2007.

Bottom Line
With home prices continuing to appreciate and mortgage rates increasing, home affordability will likely continue to slide. However, this does not mean that buying a house is not an attainable goal in most markets as it is less expensive today than during the eighteen-year stretch immediately preceding the housing bubble and crash.

 

Pre-Approval: Your 1st Step in Buying a Home

blog - 1st stepIn many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you through this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

Capacity: Your current and future ability to make your payments
Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
Collateral: The home, or type of home, that you would like to purchase
Credit: Your history of paying bills and other debts on time
Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line
Many potential homebuyers overestimate the down payment and credit scores necessary to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so.