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Many people believe that selling their house during “the spring buyers’ market” is the best thing to do. Their reasoning is that there will be more buyers than there are during the winter months and, therefore, their house will sell quicker and for a higher price.
Historically, this made sense. However, today’s real estate market is not following the rules of the past.
The National Association of Realtors (NAR) measures buyer “foot traffic” each month. It receives data on the number of properties shown to a prospective purchaser by a Realtor® (based on the number of lockboxes used). The data reveals the number of buyers out actively looking for a home, not just window shopping on the internet. NAR explains:
“Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future.”
According to the latest Foot Traffic Report, buyer traffic is greater now than it was during this year’s spring market and there are more buyers out now than at any other time in the last five years (March of 2012).
The chart below shows that buyer activity over the last three months (blue bars) was greater than it was during this past spring market (green bars).
If you are waiting for next spring to list your home because you think that’s when the buyers will be out in force, perhaps you should reconsider. Buyers are out right now!
Why is there so much paperwork mandated by the lenders for a mortgage loan application when buying a home today? It seems that they need to know everything about you and requires three separate sources to validate each and every entry on the application form.
Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.
There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.
During the run-up to the housing crisis, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen again.
Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don’t want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.
The housing crash that mandated that banks be extremely strict on paperwork requirements also allowed you to get a mortgage interest rate around 4%.
The friends and family who bought homes ten or twenty years ago experienced a simpler mortgage application process, but also paid a higher interest rate (the average 30-year fixed rate mortgage was 8.12% in the 1990s and 6.29% in the 2000s).
If you went to the bank and offered to pay 7% instead of around 4%, they would probably bend over backward to make the process much easier.
Instead of concentrating on the additional paperwork required, let’s be thankful that we are able to buy a home at historically low rates.
December 9th – 10:00 a.m to 4:00 p.m.
We invite you to celebrate the holiday season with this festive house tour that offers unique access to some of the most historic, architecturally significant and beautiful homes in the area – with enriching insight about each house.
Purchase advance tickets ($25)
Inquire about special pricing for groups of 10 or more, only available with advance purchase. Tickets can be purchased the day of the event for $30.
The Old North End Holiday Home Tour raises funds to benefit TwoCor, a local youth non-profit. TwoCor helps at-risk young people in our community by providing healing and training for a productive life.
Find out more about TwoCor at www.TwoCor.org.
For general tour questions, please email: CleliaD@TwoCor.org
Here are five reasons listing your home for sale this winter makes sense.
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.
Take advantage of the buyer activity currently in the market.
Housing inventory is still under the 6-month supply that is needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon.
Historically, the average number of years a homeowner stayed in their home was six, but has hovered between nine and ten years since 2011. There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.
Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 44 days, after seeing a 12-month high of 48 days in January.
If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly, AND you’ll be able to find a premium home to call your own!
Prices are projected to appreciate by 4.7% over the next year according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.
Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?
Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.
“Already on pace this year to break its home sales record, Colorado Springs will continue to be one of the nation’s hottest housing markets in 2018.
That’s a prediction from Realtor.com, an online real estate service that ranked Colorado Springs as No. 8 in its national housing forecast for next year.
Realtor.com based its rankings on home sales and price increases expected next year. It predicts median prices in the Springs will rise 5.7 percent in 2018 over this year, while annual sales will grow by 3.1 percent on a year-over-year basis. The forecast includes single-family homes, townhomes and condominiums.
“I’m a little surprised we’re No. 8. I thought we’d be higher than that,” said Debbie Howes, a broker at Re/Max Performance in Woodland Park and board chairwoman of the Pikes Peak Association of Realtors.
Don’t get her wrong; Howes said she’s happy Colorado Springs is one of Realtor.com’s Top 10 markets for next year. But since the Springs is enjoying strong job growth and a resurgent economy, she thought it might climb even higher.
Single-family home sales in the Colorado Springs area – excluding townhomes and condos – set a record high of 15,318 in 2016, according to Pikes Peak Association of Realtors data. Based on the number of sales each month in 2017, this year’s total should blow past last year’s mark.
Median prices, meanwhile, have set record highs on four occasions this year, topping out at $285,250 in June, Realtors Association figures show.
“I really kind of like where we’re at,” Howes said of the Springs market. The (Colorado Springs) Chamber and EDC, it looks like they’re doing a wonderful job of bringing companies in.”
She also applauded the Chamber and EDC’s efforts to work with existing companies that are expanding.
But not everything is rosy when it comes to the housing market, Howes said. It’s tough for some buyers to find entry-level homes, she said.
“Our teachers, our policemen, our firemen,” Howes said. “They have good jobs. But right now, they’re losing out on the bidding wars in those below-$300,000 houses.
“I don’t want us to become a nation of renters,” Howes added. “I want us to be homeowners because that’s when we have a strong economy, that’s when people care about their homes, they care about their community, they care about their city.””
Contact the reporter: 636-0228
Facebook: Rich Laden
It may seem like a sellers’ market thanks to continuous news coverage about the rising costs of buying, but it’s still a complex endeavor if you want to do it right. Even if you’ve made costly improvements like granite countertops, new appliances, or a new roof, it may not be enough to put you in the best position.
Seven common issues seller’s experience without an experienced, trustworthy professional include:
Realtors have their eye on the market and they are aware of the prices, the time frame, and the conditions of other homes for sale. Starting out with your home priced too high discourages buyers from giving your home consideration, and your property could be listed for longer than necessary. An experienced Realtor will suggest an appropriate listing price based on your home’s current value, comparable sales nearby, and other relevant data.
If buyers spot a handful of items that need repair, they’re going to wonder how well the rest of the home has been maintained. Don’t ignore things like a loose hand rail, sagging screen doors or jiggly door knobs, fix them before you have showings. It’s also a good idea to clear your gutters, patch holes in your walls and address dripping faucets. When your Realtor walks through it, they will view it through the buyer’s eyes and let you know what projects will get your home in show-worthy shape.
Fixing up your home to sell, or at least making repairs before listing it, is a good start. But, sellers often misunderstand which alterations to make without spending time and money on unnecessary updates. Realtors know what buyers are looking for and what needs to be done in order for your home to make the best presentation.
A lot of sellers think they can put a “For Sale by Owner” sign in the yard and a few photos online and have buyers come pouring in. However, getting the best deal means using all of the marketing options available to you. This includes online advertising with professional, quality pictures of your home. Realtors have access to sites that the public doesn’t, and the more people who see your house, the better your chances are of getting the best deal.
“In this age when buyers start their searches online, quality photos are crucial to actually bring them in the door.”
Buying and selling a home is a naturally emotional process. But, the blood, sweat and tears you’ve put into it does not make it someone else’s “perfect,” home. Unfortunately, a seller’s love for their home can impact their perception of reality. Again, an experienced Realtor can give you an unbiassed view of any objections buyers may have.
It’s okay to paint your house any color you like while you live there. However, when you’re ready to sell, distinct paint colors or wallpaper just means work for potential buyers. Decorating is a very personal thing and it can cost a lot to paint a house, and the thought of stripping wallpaper can be a deal-breaker.
Your furniture arrangement may work effortlessly for your family, but it may not appeal to everyone. Often simply moving the furniture can create a better flow, but in some cases professional staging is key to creating the welcoming environment needed to attract buyers. Don’t reject staging or become offended if your agent recommends staging, it is just the act of strategically placing neutral furnishings for the best attention.
The bottom line is – if your goal is to sell your home with the best outcome, you should hire a qualified Realtor and then listen to their instructions.
Realtors have years of experience and unlimited resources to help you evaluate your best options based on your situation and the local market conditions. For a no-obligation consultation, call today: 719-955.8578 or email us at: Brandon@BuyWithBrandon.com.