4 Signs a Property Is Priced Too High

No one wants to pay too much for a house. It can be a frustrating prospect, plus it makes your payments higher and could make appreciation seem less likely.

If home values fall too much, you could end up underwater, which means owing more on your mortgage than your home is worth.

But you shouldn’t be worried about that. 

Fortunately, there are ways to spot an overpriced home. To ensure you don’t overpay, we’ll watch for these signs.

• Its days on market (DOM) is high. If a home has been on the market a while, it likely means no one who has toured it has thought it was worth the price. This typically indicates a price point that’s too high or something wrong with the home.
  
• It has a higher price than similar properties. Unless a home has standout or luxury features, it should be priced similarly to those around it. If its price is notably higher for no obvious reason, consider it overpriced.
  
• It’s gone on and off the market repeatedly. When a house is put on and taken off the market several times, it often means one of two things: Either they’re trying to reset the DOM, or it’s gone under contract multiple times, but the buyers have pulled out.
  
• Nearby homes are selling much faster. If a home is priced appropriately for its area, size and condition, it should sell at relatively the same price and speed as neighboring properties.

It’s true that sometimes a home is priced higher due to luxury amenities or other features. If that’s not the case and a home is just overpriced, there are strategies we can use to make the deal work in your favor.

Ready to start your home search? Get in touch today.

Get Tips for Your Home Goals in 2023

It’s a new year, and that means new possibilities.

For some, that might mean buying a house for the first time. For existing homeowners, it could mean improving your current space — or selling it to move on to a place that feels like a better fit for your family.

Whatever your plans, setting small milestones can help you get there. Are you ready to make those home-related goals a reality this year? Here’s how:

If you want to buy a home:

• Get your finances in order. Improve your credit score, pay off larger debts, and save for upfront costs.
• Have the right professionals on your side. Choose your mortgage lender, home inspector and other professionals you want to work with — and get in touch for assistance from an expert agent.
• Keep an eye on the market. Set up listing alerts within your price range. Once something catches your eye, reach out to schedule a showing.

If you’re selling your home:

• Declutter and make repairs. Remove personal items and make major and cosmetic repairs to items that could otherwise take away from the home’s value.
• Get professional, staged photos. Make the home look move-in ready, and bring in a real estate photographer to take listing photos and create a video tour.
• Have a plan for a new property. Determine what’s next: Will you downsize or look for a bigger home? Solidify your plan before you sell.

If you plan to make home improvements:

• Do research. Find out which projects can add value. Then, see if you need permits from the city and get cost estimates from contractors.
• Figure out financing. How will you pay for the updates? Cash-out refinancing and home equity loans and lines of credit are popular options.
• Hire professionals for big projects. Don’t attempt to DIY anything that needs specialty knowledge, including electrical and plumbing tasks. 

Do you need help buying or selling a home this year? Get in touch today so we can get started.

What Does (and Doesn’t) Come With a Home

When you tour a house for sale, it’s often staged, complete with appliances, window dressings, furniture and decor.

These items can certainly make a place look appealing, but the reality is that most of them won’t come with the house if you decide to buy.

So, what exactly do you get when you purchase a house from its previous owners? Do you know which items stay and which ones go? Here’s what you should know:

Only “attached” fixtures tend to come with the house. This means ceiling fans, security systems, built-in appliances, window screens, storm doors, blinds and similar items should remain part of the home. Removable items — like curtains or furniture, for example — aren’t attached and probably wouldn’t be included.

Outdoor items that are fixed to the property are included. The mailbox, a built-in fire pit, plants, shrubbery and an in-ground pool would all be examples of items that stay. Portable things, though — like a hot tub or unattached grill — typically would not come with the house.

Almost everything is up for negotiation. If there’s a certain item you saw and loved in the home, we can discuss it to negotiate with the seller and their agent. Depending on how in-demand the property is (and how special the item is), the seller may ask for more money — but, in some cases, they may be willing to throw it in for free.

Sometimes, sellers will specifically call out items they don’t want included in the sale — even some attached items. We’ll talk about negotiating and comparing these elements of an offer as we go.

Do you need help finding your next home? Get in touch today to get started.

What to Know About the Housing Market

Anyone who lived through the 2008 recession and subsequent housing market crash is likely feeling a little worried. After all, home prices have risen quite a bit in the past few years, and inflation is at a 40-year high.

But does that mean we’ll find ourselves in a situation similar to the late 2000s?

Likely not — because today’s market conditions are starkly different from what was happening in that period.

And in fact, the 2022 housing market is quite strong. Here’s why:

Demand far outweighs supply. Housing inventory is extremely low, and demand continues to surge. Demand will likely remain strong for the foreseeable future as the practices of remote work and buying and selling online continue. These two factors keep home values up and provide a steady stream of buyers as properties hit the market.

Lending standards are stricter. It was much easier to get a mortgage 15 years ago. After the crash, lenders created more rigorous standards for borrowers and the financial situation they need to be in to take on a mortgage. Due to these tighter requirements, most homeowners aren’t at risk of foreclosure if the economy heads toward a recession.

Homeowners have a lot of equity. The average homeowner gained over $55,000 in equity in 2021 alone. In the event of a recession, most homeowners could sell their homes and still make a healthy profit.

There’s no crystal ball to predict the future, but the housing market is on strong footing, even through the ups and downs. 

Want to discuss your goals for buying or selling real estate in today’s market? Please reach out.

4 Reasons a Home is a Retirement Asset

As a homeowner, your house is likely your biggest asset.

It can help you build wealth and improve your finances — and in retirement, it might serve as a much-needed source of financial support.

That last part is important. Whether you’re 25 or 55, having a plan is critical to an enjoyable and worry-free retirement.

Want to know how your home can help you plan for your golden years? Here are four ways it can factor in:

1. You can leverage your home equity. Most homeowners are sitting on serious amounts of equity right now. You can tap into that by taking out a home equity loan or home equity line of credit (HELOC). In retirement, these can be great options for covering medical bills, paying off higher-interest debts, or funding home improvements.
   
2. You can sell and use the profits. Many retirees choose to sell their homes and downsize to a smaller property. If you decide to take this route, you can use the sale proceeds to support your retirement — plus, you’ll enjoy a smaller home that’s easier to maintain.
   
3. You can refinance. Refinancing could help in a couple of ways: A regular refinance may help you reduce your monthly payment and create liquidity. But if you opt for a cash-out refinance, it could also give you funds to use toward your retirement goals.
   
4. You can rent out your home. Your house can become a source of regular income in retirement if you rent out a room or the whole home for short- or long-term tenants. Get in touch to learn about local laws and restrictions.

A home can be a valuable financial asset at any life stage. Are you interested in buying a new property? Get in touch today for help.

Stage Your Home with These 5 Tips

Staging is a vital tool when selling a property. The majority of buyer’s agents say staging can increase offers by anywhere from 1% to 20%, according to a report from the National Association of Realtors. 

On a home listed at $400,000, that could mean up to $80,000 more.

Do you want to market your property better, or potentially fetch a higher sale price? Keep these staging tips in mind:

1. Focus on important rooms. If you don’t have time or want to spend enough to stage the whole house, focus your efforts on a few rooms. NAR’s staging report shows that buyers value staging most in the living room, main bedroom and kitchen.
   
2. Let some light in. Light (particularly natural light) opens up a space and makes it appear larger, so focus on light-reflecting colors and lightweight drapery. You can also add a few carefully placed mirrors to reflect even more light.
   
3. Consider the use of the room. You want buyers to envision themselves in the home, so focus on what each room is used for when staging. Show them what life could be like if they purchase the home: Set the table in the dining room, add a cozy throw blanket to the living room sofa, and turn on the reading lamps by the bedside.
   
4. Don’t forget outdoor spaces. Curb appeal is important, too. Spend time arranging your front door and porch, cleaning up the yards and making your home look more welcoming.
   
5. Keep it simple. Be wary of staging your home with too-trendy decor. Minimalist, neutral palettes are timeless, and they’ll ensure your home appeals to everyone who steps foot in it.

Want help selling your property? Get in touch so we can work together to make it stand out from the competition.

5 Ideas to Improve Your Outdoor Space

We’re finally approaching summer: The days are getting longer, the sun is shining and the weather’s getting warmer — it’s the perfect opportunity to spend more time outdoors.

Is your backyard or patio ready for heavier use?

If not, there’s still time, and you don’t need to spend a lot to make it happen. Here are five great ways to upgrade your outdoor area as we close in on the summer months.

• Update Fences: Are there broken posts or holes your neighbors can see through? Repair the fence to ensure your privacy before summertime rolls in. You can also give it a new coat of paint or stain to improve your yard’s overall aesthetic.
  
• Install a Focal Point: Every outdoor space needs a focal point — something to add visual appeal and interest. Fountains can be a great option, as can blooming gardens, well-lit walking paths or vine-covered pergolas.
  
• Include Nature: Adding potted or planted flowers and bushes are great ways to bring nature into your outdoor area. You can also invite local fauna by installing a birdbath or hummingbird feeder.
  
• Create an Outdoor Room: Outdoor dining rooms, living areas and even full-fledged outdoor kitchens are on-trend. They can extend your usable living space and provide a great area for entertaining.
  
• Add a Gathering Point: Have a place your family and guests can gather. It can be a fire pit surrounded by folding chairs, an outdoor kitchen with a full dining set or a cozy outdoor couch to sit on and mingle. Choose one that fits your aesthetic, budget and entertaining style best.

Are you looking for a home with plentiful outdoor space? Get in touch today to start your search.

3 Ways to Make the Most of Color at Home

If you’re thinking of updating, remodeling or repairing your home this year, it’s time to start planning. 

Want to make the most of your efforts? Don’t overlook color. Color plays a big role in your home’s aesthetic and mood, and it can affect your overall property value, too. 

If you’re not sure where to start, get acquainted with the trending hues for 2022 and take a look at these tips for incorporating color like a pro.

1. Let the colors of the year guide you. A great place to start is by reviewing the “colors of the year.” For 2022, hues of green are in for two of the most well-known brands. Benjamin Moore went with October Mist, a pale, silvery green, while Sherwin-Williams opted for Evergreen Fog, a soothing “green-meets-gray” shade. Pantone went in a different direction with Very Peri, a periwinkle shade with violet-red undertones meant to “encourage courageous creativity.”

2. Have a color-placing strategy. How will you use the colors? You can opt for a more nuanced approach and paint an accent wall, your crown molding or your baseboards, or you could go all-out and use it on your kitchen cabinets or even an entire room or ceiling. Another option: You could focus on accessories like bedding or drapes if you want something more temporary. 

3. Factor in durability and upkeep. White and light hues photograph well and make a room look nice and clean. On the downside, they may get dirty easily and often require a lot of cleaning and upkeep. They’re typically not good choices in a well-used space (like a playroom or right around the kitchen sink or oven, for example).

Planning to sell your home or buy a new one this year? Reach out today for guidance.

4 Ways to Update Without Remodeling

Renovation projects can be time-consuming and expensive. Fortunately, they’re not your only option if you’re looking to change up the look or feel of your house.

Even a few small changes can make a big impact — as long as you pick the right ones.

Do you want to update your house without overspending or committing to weeks or months of construction hassle? Then try one of these four simple projects:

Create More Space

Want more space but can’t afford a full-on addition? Try to enlarge your rooms organically. Add more lights and mirrors, paint the walls a brighter color, or rearrange the furniture to make better use of the space.

Try a Backsplash

You don’t need new counters or cabinets to make a big impact in the kitchen. Sometimes just adding a new backsplash — even the stick-on tile kind — can be a great way to transform a room. It even works in the bathroom, too.

Add an Accent Wall

Full paint jobs can be expensive, especially if you call in a pro. Can’t afford it? Consider an accent wall instead. You could even use a fun, patterned wallpaper for an extra pop.

Reimagine Your Pantry

Adding more storage space in the kitchen is always a valuable improvement. And you don’t necessarily need to knock out a wall or add more cabinets. Instead, add more shelves, install pot organizers, or add pull-out trays to make grabbing back-of-the-cabinet items easier.

Is your house no longer meeting your needs? It may be time for a new property. Get in touch today to start your next home search.

How to Prep for a Successful Home Sale

Are you thinking about selling your home? 

Supply is low and demand is high right now, which means many sellers are seeing quick turnarounds and healthy profits.

Still, despite the hot market, selling a home isn’t easy. If you want the experience to be as smooth as possible, prepping early and enlisting help are key. 

Want to make sure you’re primed for a fast and profitable home sale? Here’s what you can do:

Focus on curb appeal. Curb appeal can make a huge difference, so spend time painting the shutters, power-washing the exterior and tidying up the landscaping to make sure your home catches buyers’ eyes.

Declutter and clean. Pare down your belongings and get the house looking cleaner than ever. You want it to be pristine for any listing photos and videos.

Have an exit plan. Showings can be tricky, especially if you have kids or pets. Make sure you have a plan for how you’ll keep the home clean, and know where you’ll go when a showing is scheduled.

Know your next steps. Where will you go after you sell? In a hot market, it may be hard to find a home to buy right away. Make sure you have a backup plan, like a friend’s house or a rental you can use in the meantime.

Prep for the costs. Selling isn’t free. You’ll need to budget for things like repairs, upgrades, staging costs and commissions. If you’re buying a new home, you’ll have additional costs, too.

Do you need help with your sale or want to find out how much your home is worth? Reach out today.