Over the last few years, many sellers have been hesitant to put their houses on the market because they feared not being able to find another home to buy.
We’ve reported on inventory shortages in the past, and it’s been a constant concern for potential buyers throughout recent years. New research shows the inventory concern is starting to decrease among potential buyers.
According to First American, the two leading obstacles to homeownership that buyers feel today are Affordability and Limited Inventory. This means the feeling that homes are less affordable has risen, while the fear of limited inventory has decreased, delivering a wealth of good news for sellers.At the same time, over the past 12 months, we’ve seen a steady month-over-month increase in the number of homes coming to market for purchase. In the past, the lack of listings and available inventory slowed down the real estate market. This recent increase in current inventory has many buyers and sellers now thinking it is time to make their move – and rightfully so! For the last two months, we’ve seen over 4 months of inventory become available for sale, a promising number that’s been slowly increasing this year and creating more buying opportunities.To further support the idea of an improving real estate market, Sam Khater, the Chief Economist at Freddie Mac says,
“…In the near-term, we expect the housing market to continue to improve from both a sales and price perspective.”
Many experts, like Sam, believe the second half of 2019 will drive a stronger market than we saw at the beginning of the year. This is great news for homeowners who have put off getting their houses on the market and are now ready to make a move.
What a difference we’ve seen over the course of this year! If you’re thinking of selling, now is the time as inventory is on the rise.
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Since June of last year, we have seen an increase in the inventory of homes for sale month per month. Every spring and summer, the inventory increases because people want to sell their home. For those with children, they may want to be in their new home for the beginning of the school year.
If you are one of those sellers, you may find these 4 tips helpful in getting your home sold more quickly.
1. Make buyers feel at home
Declutter your home! Pack away all personal items like pictures, awards, and sentimental belongings. Make them feel like they belong in this house! According to the Profile of Home Staging by the National Association of Realtors,
“83% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.”
Not only will your house spend less time on the market, but the same report mentioned that,
“One-quarter of buyers’ agents said that staging a home increased the dollar value offered between 1 – 5%, compared to other similar homes on the market that were not staged.”
2. Keep it organized
Since you took the time to declutter, keep it organized! Before the buyers show up, pick up toys, make the bed, and put away clean dishes. It is also a good idea to put out some cookies fresh from the oven or a scented candle. Buyers will remember the smell of your home! According to the same report, the kitchen is one of the most important rooms to stage in order to attract more buyers.
3. Give buyers full access
One of the top four elements when selling your home is access! If your home is available anytime, that opens up more opportunity to find a buyer right away. Some buyers, especially those relocating, don’t have much time available. If they cannot get into the house, they will move on to the next one.
4. Price it right
As we mentioned at the beginning, more inventory coming into the market guarantees there will be some competition. You want to make sure your home is noticed. The key to selling your house in 2019 is ensuring it is Priced to Sell Immediately (PTSI). That way, your home will be seen by the greatest amount of buyers and will sell at a great price before more competition comes to market!
If you want to sell your house in the least amount of time at the best price with as little hassle as possible, a local real estate professional is a useful guide. Call us today to find out what you need to do to sell your home more quickly.
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You decided to sell your house, and you can’t wait to buy a new place. There’s just one thing standing in your way: You’ve got to close the deal on your current one first. You just hope it doesn’t take months to get an offer. You want to sell your house fast!
Well, there’s one tried-and-true trick that’s proven to reduce your home’s time on the market. A study by the Real Estate Staging Association found that homes staged before listing received an offer in just 23 days on average. That’s 90% faster than those who waited months after listing to bother staging.
If your budget’s tight, you may think you can’t afford to stage your home. But Micki Esposito, a real estate agent in Georgia (Augusta + Atlanta), offers five free tricks to help you sell your house quickly.
1. Channel Your Inner Neat Freak
You always knew your tidying tendencies would come in handy one day. Now it’s time to clutter-bust your way to buyers’ hearts!
Dawn admits decluttering isn’t rocket science—but it is the key to creating a pleasing environment. Pay particular attention to common junk magnets like:
- Kitchen and bathroom counters
- Fireplace mantels
- Laundry room shelves
- Magazine racks
No decluttering advice would be complete without a call to streamline your closets. “If your closet is crowded, I’m going to think my stuff won’t fit,” Micki says. Wow buyers by showing them how much space there is for stuff—not how much stuff there is in the space.
Word with expert real estate advisor to help you sell your home.
2. Rearrange the Furniture
Once all the clutter’s out of the way, take a step back and look at the big picture. Does your home invite buyers to sit and stay a while? Can buyers flow freely through your home without bumping into things? If not, you’ve got work to do!
Start by putting bulky pieces in storage and moving furniture away from the walls. “Oftentimes, the room is arranged so the children can play in the middle of the room or the TV can be seen easily from every chair and sofa,” Micki says. Buyers want to walk in and see an open—yet intimate—space that inspires conversation, not channel-surfing.
An experienced advisor can lend a fresh eye and help you reimagine your home. “Go to different rooms and see if there are pieces that you can repurpose for the living room to get the effect you want,” Micki suggests.
Buyers want to walk in and see an open—yet intimate—space that inspires conversation, not channel-surfing.
Cleaning your home for home showings is common sense. But many folks underestimate just how clean it needs to be.
This isn’t your run-of-the-mill weekend tidy-up. Think of it as spring cleaning on steroids. You’ve got to think about what buyers look for and get down to the nitty-gritty so that even the smallest details shine. From ceiling fans and window blinds to baseboards and tile grout, no surface goes unscrubbed!
Don’t forget to get your windows squeaky-clean. “There needs to be as much light coming in as possible,” Micki says.
4. Set the Table
Staging paints a picture for potential buyers so they can envision life in your home. “If I see that a family can live here, I will think my family can live here too,” Micki explains.
And nothing represents family life quite like the dinner table.
That’s why Micki recommends giving the dining room some staging attention. Bring your good china, flatware and linens out of hiding. Or add seasonal flair with a dash of bold colors. You don’t have to go over the top with every piece of dinnerware you own. Keep things simple by setting just two places at the table or arranging a decorative centerpiece on top of a neutral table runner. You can find loads of inspiration on Pinterest and Houzz.
If I see that a family can live here, I will think my family can live here too. – Micki Esposito, real estate advisor
Find more staging tips and advice in our free Home Seller’s Guide.
5. Bring the Outside In
Make your house feel like home by taking advantage of what’s in full bloom right outside your door. “[Fresh flowers] are so inviting,” Micki says. “They warm up a room and send the message that this is a really nice space to be in.” If plucking decorations from your yard isn’t an option, stop by your local grocery store and pick out a fresh bouquet that’s already been prearranged. If you run short on vases, display your finds in an antique pitcher or Mason jar for a touch of vintage charm.
And flowers don’t have to be the only star of the show. If you grow your own fruits and veggies, entice buyers with a bowl of fresh produce on the kitchen counter.
Use That Extra Cash to Sell Your House Fast
If you do have a little cash to spend, here’s what Micki recommends to sell your house on a tight timeline and a small budget: “If you’ve got $400, I would spend it on paint and mulching the front yard.” Why? Because buyers give you about six seconds to make the sale—three seconds from the curb and three seconds from the foyer.
Of course, every home is different. Before you spend a dime freshening your home up, ask a real estate advisor you trust for advice. A true pro knows what buyers in your area want and can help you maximize your home’s appeal without busting your budget.
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Here are 5 compelling reasons listing your home for sale this summer makes sense.
1. Demand Is Strong
The latest Buyer Traffic Index 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, multiple buyers are competing with each other for 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 needed for a normal housing market. This means that, in most of the country, there are not enough homes for sale to satisfy the number of buyers.
Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire 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 are granted the freedom to move.
Many homeowners were reluctant to list their home over the last couple of years for fear that they would not find a home to move in 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 to 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. Buyers know exactly what they can afford before home shopping. This makes the entire selling process much faster and simpler. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 43 days. (Last numbers available.)
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! The inventory of homes for sale at these higher price ranges has created a buyer’s market. This means that if you are planning on selling a starter or trade-up home, it will sell quickly, AND you’ll be able to find a premium home to call your own!
According to CoreLogic, prices are projected to appreciate by 4.8% 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 mortgage payment) 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 start living the life you desire.
That is what is truly important.
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