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Compass Contemplations for Thursday
- By Leonard Steinberg
- Posted
sell
5 Reasons to Sell This Winter
- By Michael Lyons
- Posted
Below are five compelling reasons to list your house this winter.
1. Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains 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, in many areas of the country, multiple buyers are competing with each other to buy the same home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Inventory is still under the 6-month supply needed for a normal housing market. This means in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market.
Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
Many homeowners were reluctant to list their homes over the last couple of years, for fear they would not find a home to move into. That is all changing now as more homes come to the market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.
3. Buyers Are Serious at This Time of Year
Traditionally, homeowners think about spring as a great time to list their homes, when more buyer traffic may be out there actively searching. In the winter, however, the buyers who are seeking a home – whether for relocation or otherwise – are serious ones. They’re ready to make offers and they’re eager to move, often quickly. Your house may be exactly what they’re looking for, so listing when other potential sellers are holding off may be your best opportunity to shine.
4. There Will Never Be a Better Time to Move Up
If your next move will be into the premium or luxury market, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you’re planning on selling a starter or trade-up home and moving into your dream home, you’ll be able to do that now. Demand for your entry-level home is high, and inventory in the luxury or premium market is too.
According to CoreLogic, prices are projected to appreciate by 5.6% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and in your mortgage) if you wait.
5. It’s Time to Move On With Your Life
Look at the reason you decided to sell in the first place and determine whether it’s worth waiting. Is money more important than being with family? Are you ready to go on with your life the way you think you should?
Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market this winter. Perhaps the time has come for you and your family to move on and start living the life you desire.
That is what is truly important.
« Buyers Are Looking For Your Home [INFOGRAPHIC]
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein
Compass Contemplations for Friday
- By Leonard Steinberg
- Posted
DID YOU KNOW? Construction on U.S. new houses fell more than 9% in September, but a recent surge in permits suggests the decline in so-called housing starts is just a brief pause in a real estate market reinvigorated by lower mortgage rates. Housing starts slid to an annual rate of 1.26 million last month from a revised 1.39 million in August. (Marketwatch)
DID YOU KNOW? Of the 618,000 “millennial millionaires” - those currently aged 23 - 37 years old with a net worth of over $1 million - in the USA, 44% are concentrated in California. California also has the highest percentage of business owners (23%) and the highest percentage of real estate investors. New York ranks No. 2, home to 14% of the millennial millionaire population. (CNBC)
DID YOU KNOW? Hedge funder Ray Dalio - speaking at the IMF and World Bank annual meetings - said the global business cycle is in a “great sag” and the world’s economy holds at least two parallels to the 1930s. Here are some of his thoughts:
* Monetary policy, and especially interest rate reductions, were unlikely to offer much stimulus.
* The world was also experiencing the biggest wealth gap since the 1930s and that was creating political stress. In the USA the top one-tenth of 1% of the population has a net worth that is approximately equal to the bottom 90%.
* Like the 1930s, we have a rising power challenging an existing world power in the form of China-U.S. challenges.
* There were four types of wars to watch for — trade, technology, currency and geopolitical. (CNBC)
DID YOU KNOW? Total national real estate website visits - not unique visitors - in the month of September looked like this:
Zillow: 179 million
Redfin: 46,5 million
Compass: 3,543 million
Coldwell Banker: 2,9 million
Sothebys Realty: 2,773 million
Corcoran: 922,151
Elliman: 390,000
Thanks to Jeremy Schwartz from Compass SEO Analytics who provided this information.
Compass Contemplations for Sunday
- By Leonard Steinberg
- Posted
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Everybody Calm Down! This Is NOT 2008
- By Michael Lyons
- Posted
 Last week realtor.com released the results of a survey that produced three major revelations:
Since we are currently experiencing the longest-ever economic expansion in American history, there is reason to believe a recession could occur in the not-too-distant future. And, it does make sense that buyers and sellers remember the horrors of 2008 when they hear the word “recession.” Ali Wolf, Director of Economic Research at the real estate consulting firm Meyers Research, addressed this point in a recent interview:
Most experts, however, believe if there is a recession, it will not resemble 2008. This housing market is in no way the same as it was just over a decade ago. Zillow Economist, Jeff Tucker, explained the difference in a recent article, Recessions Typically Have Limited Effect on the Housing Market:
George Ratiu, Senior Economist at realtor.com, also weighed in on the subject:
In the past 23 years, there have been two national recessions – the dot-com crash in 2001 and the Great Recession in 2008. It is true that home values fell 19.7% during the 2008 recession, which was caused by a mortgage meltdown that heavily impacted the housing market. However, while stock prices fell almost 25% in 2001, home values appreciated 6.6%. The triggers of the next recession will more closely mirror those from 2001 – not those from 2008. Bottom LineNo one can accurately predict when the next recession will occur, but expecting one could possibly take place in the next 18-24 months is understandable. It is, however, important to realize that the impact of a recession on the housing market will in no way resemble 2008. |
5 Reasons to Sell This Fall
- By Michael Lyons
- Posted
Below are 5 compelling reasons listing your home for sale this fall makes sense.
1. Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains 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, in many areas of the country, multiple buyers are competing with each other to buy the same home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing inventory is still under the 6-month supply that is needed for a normal market. This means that in the majority of the country, there are not enough homes for sale to satisfy the number of buyers.
Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
Many homeowners were reluctant to list their homes over the last couple years, for fear that they would not find a home to move to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.
3. The Process Will Be Quicker
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 simpler, as buyers know exactly what they can afford before shopping for a home. According to Ellie Mae’s latest Origination Insights Report, the time needed to close a loan is 43 days.
4. There Will Never Be a Better Time to Move Up
If your next move will be into a premium or luxury home, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you’re planning on selling a starter or trade-up home and moving into your dream home, you’ll be able to do that in the luxury or premium market.
According to CoreLogic, prices are projected to appreciate by 5.2% over the next year. If you’re moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage) if you wait.
5. It’s Time to Move on with Your Life
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 having the freedom to go on with your life the way you think you should?
Only you know the answers to these questions. 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.
That is what is truly important.
Top Priorities When Moving with Kids
- By Michael Lyons
- Posted
According to the Pew Research Center, around 37% of U.S students will be going back to school soon and the rest have already started the new academic year. With school-aged children in your home, buying or selling a house can take on a whole different approach when it comes to finding the right size, location, school district, and more.
Recently, the 2019 Moving with Kids Report from the National Association of Realtors®(NAR) studied “the different purchasing habits as well as seller preferences during the home buying and selling process.” This is what they found:
When Purchasing a Home
The major difference between the homebuyers who have children and those who do not is the importance of the neighborhood. In fact, 53% said the quality of the school district is an important factor when purchasing a home, and 50% select neighborhoods by the convenience to the schools.
Buyers with children also purchase larger, detached single-family homes with 4 bedrooms and 2 full bathrooms at approximately 2,110 square feet.
Furthermore, 26% noted how childcare expenses delayed the home-buying process and forced additional compromises: 31% in the size of the home, 24% in the price, and 18% in the distance from work.
When Selling a Home
Of those polled, 23% of buyers with children sold their home “very urgently,” and 46% indicated “somewhat urgently, within a reasonable time frame.” Selling with urgency can pressure sellers to accept offers that are not in their favor. Lawrence Yun, Chief Economist at NAR explains,
“When buying or selling a home, exercising patience is beneficial, but in some cases – such as facing an upcoming school year or the outgrowing of a home – sellers find themselves rushed and forced to accept a less than ideal offer.”
For sellers with children, 21% want a real estate professional to help them sell the home within a specific time frame, 20% at a competitive price, and 19% to market their home to potential buyers.
Bottom Line
Buying or selling a home can be driven by different priorities when you are also raising a family. If you’re a seller with children and looking to relocate, let’s get together to navigate the process in the most reasonable time frame for you and your family.
« What’s the Latest on Interest Rates?
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Why Now Is the Perfect Time to Sell Your House
- By Michael Lyons
- Posted
As a homeowner, it’s always tempting to dream about the next big project you’re going to tackle. The possibilities are endless. Should I renovate? Should I refinance? Should I stay? Should I move? The list goes on and on.
In today’s housing market, it’s actually a great time to shift your thoughts toward selling your house and moving up into the home of your dreams. Here’s why:
Inventory is on the rise, but there’s still an overall shortage of houses for sale (less than a 6-month supply found in a more normal market), so homes are going under contract quickly. In fact, the National Association of Realtors (NAR) Realtors® Confidence Index Survey reports that right now homes are only staying on the market for an average of 27 days. That’s less than one month, an even more accelerated pace from the 36-day trend we saw last spring.
The same report also indicates there are more interested buyers than active sellers today, which is one of the big factors driving home prices higher.
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This power combination provides an ideal environment for sellers aiming to close a quick sale and earn a big return as we wrap up the summer season.
Bottom Line
There’s still time to make a move before the school year starts and the fall weather sets in. Maybe it’s time to make a change. Let’s get together to determine if selling now is the right decision for your family.
5 Tips to Help You Find the Accessible Home of Your Dreams
- By Michael Lyons
- Posted
Having trouble finding a home that fits your accessibility needs? You’re not alone. Homebuyers searching for accessible homes often find the process difficult and frustrating. However, these helpful home-buying tips can make locating your ideal home so much easier. Here’s where you should start when it comes to finding and buying a mobility-friendly home.
Plan Your New-Home Checklist Now
Searching for and buying a new home can be a hectic process. To keep essential tasks from getting lost in the shuffle, come up with a list of projects you need to complete to feel safe and comfortable in your new home. Be sure to put changing your locks at the top of that checklist so your new property will be secured from the start. Research top-quality locksmiths in and around your area. You can also use online resources to take care of other tasks around the home, such as hiring house cleaners or setting up necessary utilities.
Make Organizing Finances a Top Priority
Your new-home checklist should also include making financial accommodations to help you purchase your new home. This is a good time to meet with your financial advisor to go over any essential information that will be needed during the home-buying process. This is a step many buyers skip, but financial advisors can provide practical solutions to help you make the most of your home purchase. What’s more, advisors can often make securing home financing as stress-free as possible. That includes accounting for any additional expenses you may incur later, such as costs of accessibility renovations or other upgrades to your home.
Start Your Search with a Real Estate Pro
Many home-buying articles will advise you to begin your home search online, but this is another area where it pays to work with the pros. While that may work in many cases, homebuyers who are looking for specialty or luxury features in a home are better off contacting an experienced real estate professional. This is especially true when those specialty features include accommodations for accessibility. Finding a home with those features can be complicated, but a real estate company with experience in your desired area will be able to anticipate those complications and prepare solutions to offset them.
Look for Stylish, But Safe, Accessibility Upgrades
Your home should be safe and accessible, but that does not mean you have to sacrifice style and luxury. There are so many beautiful ways to incorporate accessibility into a home without those features being overtly obvious. French doors, for example, are a lovely option for wider doorways, while open floor plans can make moving around much easier. For larger homes with multiple floors, a custom elevator can improve your quality of life and add a touch of luxury as well. Your realtor can help you search for available local properties with these small touches so you can find a home that fits your needs and dreams.
Wait Before Making Accessibility Changes on Your Own
Once you and your realtor have put together a list of accommodations you need in a new home, your search should be much easier. However, you still may have trouble finding a property that completely fits with your needs. As you look at potential properties, keep in mind that you can always make renovations once you move in. Living in your home for a bit before you plan extensive upgrades will give you a better idea of what projects you need to make your home more comfortable. Plus, you can plan to employ a contractor to complete multiple jobs at once, rather than spacing them out over time.
Mobility issues do not have to prevent you from finding the home of your dreams. There are plenty of homes with accessibility features on the market — you just need to know where to start to make finding a home that fits you a simple task. Consult an experienced realtor and use the tips above to take the guesswork out of finding an accessible home in your area.
The Death of the Vacant Listing?
- By Leonard Steinberg
- Posted
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