Key Insights on Home Price Growth's Return to Normalcy [INFOGRAPHIC] 2023 Update

Home Price Growth Is Returning to Normal [INFOGRAPHIC] Some Highlights If you're wondering what’s happening with home prices, know they’re still rising at a slower pace – and that’s perfectly normal for this time of year.   Based on typical seasonality in the market, prices increase most in the spring during the peak buying season, and then price growth slows down as the year progresses. Home prices aren’t falling. They’re just rising slower and going back to normal seasonal trends. That’s a good thing. If you're curious about prices in our area, let’s connect.

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Risks of Selling Your Home Without a Realtor: What Every Seller Should Know

The Risks of Selling Your House on Your Own Are you considering selling your house as a For Sale by Owner (FSBO)? If so, know there's much more time and expertise needed in that process than you might think. While the idea of doing it all alone might seem tempting, it's essential to recognize the challenges you may face if you take it all alone. As a recent article from Bankrate explains: “Choosing the right price, crafting a compelling listing, marketing to potential buyers, coordinating showings, preparing paperwork: All of these are tasks that, in the absence of a real estate agent, you will have to do yourself.” Here’s a bit more information on a few things and how you may miss out if you don’t use an agent. You May Not Price it Right. Pricing your house right is key to a successful sale. Real estate agents have experience navigating this housing market and understand the art of pricing a home to sell today. Unfortunately, homeowners who sell on their own often lack this all-important experience. That can lead to two expected consequences: overpricing or underpricing the house. An article from Nerd Wallet offers this advice: “If your home is overpriced, you run the risk of buyers not seeing the listing. . . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.” Don’t run this risk. Instead, partner with an agent to ensure your house is priced at current market value so it catches the eyes of eager buyers. This will put your house in a position to make the best first impression possible. You Don’t Have as Much Experience in Marketing a House In this digital age, online marketing has become a game-changer, especially when selling your house. A recent report from the National Association of Realtors (NAR) explains: “Among all generations of home buyers, the first step taken in the home search process was to look online for properties.” When you partner with a real estate agent who knows how to take advantage of online marketing tools and resources, you'll be able to get in front of these tech-savvy house hunters, boosting your chances of a successful sale. But, if you're attempting to sell your house alone, you might miss out on the full power of online and social media strategies. You May Not Be Comfortable Handling All the Back-and-Forth When you decide to sell your house, you're not just on a quest to find a buyer but also stepping into a world of negotiations. You’ll have to coordinate with many people, including the buyer, the buyer’s agent, the inspection company, the appraiser, and more. It's a dance where every move counts and the expertise of a real estate agent can make a world of difference in keeping these negotiations on track and sealing the deal. As NerdWallet says: “Your listing agent will also, of course, be on your side throughout negotiations. They'll double-check paperwork that comes through, communicate with the buyer's agent and other parties to the sale, and generally stay on top of things through to closing day.” Bottom Line If you're considering selling your house and the idea of going it alone has crossed your mind, think through that decision carefully. Let's connect to discuss how a real estate agent has the experience needed to take all that stress off your plate.

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Maximizing Your Profits: A Seller's Guide to Successful Real Estate Transactions

Maximizing Profits: A Seller's Guide to Real Estate Success Selling a property can be challenging, but with the right strategies and knowledge, you can ensure a successful and profitable transaction in the real estate market. This blog will discuss essential tips to help sellers maximize their profits and succeed in the real estate market. Home Preparation for Real Estate Success: First impressions matter when it comes to selling a home. Before listing your property, invest time preparing it to attract potential buyers. Key steps include decluttering, deep cleaning, and staging, which can significantly enhance your home's appeal. Please consider making repairs and renovations; however, ensure they align with your budget and focus on improvements that offer the best return on investment. Setting the Right Price: Determining the right price for your property is crucial. Overpricing can deter potential buyers, while underpricing may cost you money. You should consult a professional real estate agent to help you arrive at an accurate and competitive listing price. Real estate agents can access comprehensive market data and assess your property's value based on recent sales and market trends. Effective Marketing Strategies: To attract the right buyers, an effective marketing strategy is essential. Utilize professional photography, virtual tours, and detailed property descriptions to grab the attention of potential buyers. Expand your reach by leveraging online and offline marketing channels like listing websites, social media platforms, open houses, and real estate publications. Negotiation Skills: Negotiation skills play a vital role in maximizing profits. Be prepared to negotiate with potential buyers to secure the best possible price. Establish a bottom line and be open to compromises on certain aspects, such as closing costs or repairs. A successful negotiation should result in a win-win situation where both parties are satisfied with the outcome. The Closing Process: The closing process involves various legal and financial procedures. Ensure all necessary paperwork, inspections, and appraisals are completed accurately and on time. Being well-prepared and organized during closing can help avoid delays and ensure a smooth transaction. Understanding Tax Implications: Understanding tax implications is vital for maximizing your profits. You can consult a tax advisor to determine any capital gains tax or other tax obligations associated with selling your property. Proper tax planning can help you minimize tax liabilities and retain more profits. The Value of a Real Estate Agent: Working with a professional real estate agent is invaluable. You can choose an agent with a proven track record and expertise in your local market. An experienced agent can guide you through the entire selling process, provide accurate pricing advice, negotiate, and ensure you're doing a smooth closing. Handling Unique Cases: Every real estate transaction is unique, and sometimes sellers encounter challenging situations. Whether dealing with difficult tenants, selling an inherited property, or navigating a divorce, consult a real estate professional with experience handling such cases. They can offer tailored guidance to help you overcome obstacles and maximize profits. Post-Sale Considerations: After closing the deal, make sure to tie up any loose ends. Cancel utilities, transfer insurance, and update your address with relevant institutions. Additionally, consider leaving a positive review for your real estate agent, as referrals and recommendations can be beneficial in the future. Maximizing profits as a seller requires careful planning, effective marketing, and skilled negotiation. Following these tips and working with a professional real estate agent can increase your chances of achieving a successful sale and maximizing your profits. Best of luck on your real estate journey!

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Understanding the Long-Term Impact: Are Rising Mortgage Rates Here to Stay?

Are Higher Mortgage Rates Here To Stay? Mortgage rates have been back on the rise recently, and that’s getting a lot of attention from the press. If you’ve been following the headlines, you may have even seen rates recently reached their highest level in over two decades (see graph below):     That can feel like a little bit of a gut punch if you’re thinking about making a move. If you’re wondering whether or not you should delay your plans, here’s what you need to know.     How Higher Mortgage Rates Impact You    There’s no denying mortgage rates are higher now than in recent years. And, when rates are up, that affects overall home affordability. It works like this. The higher the speed, the more expensive it is to borrow when buying a home. That’s because, as rates trend up, your monthly mortgage payment for your future home loan also increases.    Urban Institute explains how this is impacting buyers and sellers right now:   “When mortgage rates go up, monthly housing payments on new purchases also increase. For potential buyers, increased monthly payments can reduce the share of available affordable homes . . . Additionally, higher interest rates mean fewer homes on the market, as existing homeowners have an incentive to hold on to their home to keep their low interest rate.”   Basically, some people are deciding to put their plans on hold because of where mortgage rates are right now. But what you want to know is: is that a good strategy?   Where Will Mortgage Rates Go From Here?   You're not alone if you’re eager for mortgage rates to drop. A lot of people are waiting for that to happen. But here’s the thing. No one knows when it will. Even the experts can’t say with certainty what will happen next.    Forecasts project rates will fall in the months ahead, but the latest data says rates have been climbing lately. This disconnect shows just how tricky mortgage rates are to project.    The best advice for your move is this: don’t try to control what you can’t control. This includes trying to time the market or guess the future of mortgage rates. As CBS News states:   “If you're in the market for a new home, experts typically recommend focusing your search on the right home purchase — not the interest rate environment.”   Instead, build a team of skilled professionals, including a trusted lender and real estate agent, who can explain what’s happening in the market and what it means for you. If you need to move because you’re changing jobs, want to be closer to family, or are in the middle of another significant life change, the right team can help you achieve your goal, even now.  Bottom Line The best advice for your move is: don’t try to control what you can’t control – especially mortgage rates. Even the experts can’t say for sure where they’ll go from here. Instead, focus on building a team of trusted professionals to keep you informed. When you’re ready to get the process started, let’s connect.

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