Depending on the community you are buying or selling in, the real estate market may be competitive and moving faster than you might expect. While the market varies, there are three clear signs to look for that indicate a seller’s market:
Is it a Seller’s Market Now?
The real estate industry is evolving quickly, and technology has changed how most customers find, view, and buy a property. The internet remains one of the most popular resources for home buyers, according to The National Association of Realtors; 95% of customers who recently purchased a home report that they heavily used websites throughout their search process, and a record 51% actually found their ideal home that way.
As interest rates begin to slowly tick upwards, homeowners should take note. So far these small increases have not had a huge impact. But, since more increases are expected over the next year – and even more in the coming 3 years--refinancing or selling and then buying a new home may become costlier as time goes by.
If you have been watching the real estate market and think that the price of homes is steadily increasing, you are correct. The median price of an existing home in the U.S. rose to a record $252,800 in May.
This means that sellers can expect more return on their investment and buyers should get moving now, because continued increases are expected over the next few months, and even years.
It pays to have a good real estate agent documenting all the conditions and disclosures in the sale of your home. This includes excluding specific items that you, as the seller, want to take with you when you move. If this is the first time you have sold your home, you may wonder which items are considered part of the deal – and therefore must be left behind – and which ones you take with you no questions asked.
Baseball season is still in full swing, with practice and games keeping you at the field for most of the week. Then, there is your daughter’s softball practice and games, and of course weekend dance classes or birthday parties that require your last free moments. How can you possibly sell a home and keep up with your busy schedule as a parent? Preparation is key.
For some, retirement eventually means downsizing or moving to a community with amenities that complement their retirement interests (like golf courses, lakes, or even just one-floor living).
No home is perfect, though you may be browsing and think there are a few out there that fit your needs and desires better than your current home. It can be hard to decide whether your current house should undergo some renovations to make it what you want, or if you should simply sell and buy one that is turn-key ready.
Here are five things to consider when weighing whether to renovate or to move:
When it comes to renovations, we all tend to picture the life we’ll live in that newly upgraded space. But, there are some pricey renovations that will not bring you much in value when it comes time to sell and that you probably won’t end up using. There are some very common ones that homeowners think will be beneficial and end up being a waste of money.
As a home seller, you may feel you know your home better than anyone else. Since you’re emotionally and financially invested in the property, it’s understandable why you may feel that it’s going to sell and it’s going to go for top dollar, especially in a hot market. Although it is a seller’s market right now, that doesn’t mean a great sale is guaranteed. You still need to help your Realtor out by seriously listening to their advice and being honest with them.
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