To sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but inventory is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, homes that are updated and priced at market value are still selling fast. Today, homes with curb appeal that are presented well are still selling quickly, and sometimes over asking price. According to Danielle Hale, Chief Economist at realtor.com: “In a market where costs are still high and buyers can be a little choosier, it makes sense they’re going to really zero in on the homes that are the most appealing.” With the spring buying season just around the corner, now’s the time to start getting your house ready to sell. And the best way to determine where to spend your time and money is to work with a trusted real estate agent who can help you understand which improvements are most valuable in your local market. Curb Appeal Wins One way to prioritize updates that could bring a good return on your investment is to find smaller projects you can do yourself. Little updates that boost your curb appeal usually work well. Investopedia puts it this way: “Curb-appeal projects make the property look good as soon as prospective buyers arrive. While these projects may not add a considerable amount of monetary value, they will help your home sell faster—and you can do a lot of the work yourself to save money and time.” Small cosmetic updates, like refreshing some paint and power washing the exterior of your home, create a great first impression for buyers and help it stand out. Work with a real estate professional to find the low-cost projects you can tackle around your house that will appeal to buyers in your area. Not All Updates Are Created Equal When deciding what you need to do to your house before selling it, remember you’re making these repairs and updates for someone else. Prioritize projects that will help you sell faster or for more money over things that appeal to you as a homeowner. The 2022 Remodeling Impact Report from the National Association of Realtors (NAR) highlights popular home improvements and what sort of return they bring for the investment (see graph below): Remember to lean on your trusted real estate advisor for the best advice on the updates you should invest in. They’ll know what local buyers are looking for and have the latest insights of what your house needs to sell quickly this spring. Bottom Line As we approach the spring season, now’s the time to get your house ready to sell. Let’s connect today so you can find out which updates make the most sense.

Some Highlights The biggest challenge in the housing market is how few houses there are for sale compared to the number of people who want to buy. The number of homes for sale is up from last year but below pre-pandemic numbers, and that means we’re still in a sellers’ market. The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about selling, let’s connect today.

  The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year. Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying. Cristian deRitis, Deputy Chief Economist, Moody’s Analytics: “The current state of the housing market is that it is certainly in transition.” Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School: “Housing is going to ease up. I think 2023 will be a turnaround year.” Lawrence Yun, Chief Economist, National Association of Realtors (NAR): “Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.” Robert Dietz, Chief Economist and Senior Vice President, National Association of Home Builders (NAHB): “. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.” Bottom Line If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for. Let’s connect to talk about the latest trends in our area.

Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago. Today, 93% of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is important, but there are plenty of reasons you may still need or want to move. RealTrends explains: “Sellers who don’t have to move won’t be moving. The most common sellers will be: Homeowners downsizing . . . people moving to get more space, [households] looking for better schools…etc.” So, if you’re on the fence about selling your house, consider the other reasons homeowners are choosing to make a move. A recent report from the National Association of Realtors (NAR) breaks down why homeowners have decided to sell over the past year: As the visual shows, the most commonly cited reasons for selling were the desire to move closer to loved ones, followed by moving due to retirement, and their neighborhood becoming less desirable. Additionally, the need for more space factored in, as did a change in household structure. If you also find yourself wanting a change in location or needing space your current house just can’t provide, it may be time to sell. What you want and need in a home can be reason enough to move. To find out what’s right for you, work with a trusted real estate professional who will offer advice and expert guidance throughout the process. They’ll be able to lay out all your options – giving you what you need to make a confident decision. Bottom Line When deciding whether or not to move, you have a lot to consider. There are plenty of non-financial reasons to factor in. Let’s connect today to weigh the benefits of selling your house.