Article from Keeping Current Matters | Sep 7, 2021

If you’re trying to decide when to sell your house, there may not be a better time to list than right now. The ultimate sellers’ market we’re in today won’t last forever. If you’re thinking of making a move, here are four reasons to put your house up for sale sooner rather than later.

1. Your House Will Likely Sell Quickly

According to the Realtors Confidence Index released by the National Association of Realtors(NAR), homes continue to sell quickly – on average, they’re selling in just 17 days. As a seller, that’s great news for you.

Average days on market is a strong indicator of buyer demand. And if homes are selling quickly, buyers have to be more decisive and act fast to submit their offer before other buyers swoop in.

2. Buyers Are Willing To Compete for Your House

In addition to selling quickly, homes are receiving multiple offers. That same survey shows sellers are seeing an average of 4.5 offers, and they’re competitive ones. The graph below shows how the average number of offers right now compares to previous years:Reasons You Should Consider Selling This Fall | MyKCMBuyers today know bidding wars are a likely outcome, and they’re coming prepared with their best offer in hand. Receiving several offers on your house means you can select the one that makes the most sense for your situation and financial well-being.

3. When Supply Is Low, Your House Is in the Spotlight

One of the most significant challenges for motivated buyers is the current inventory of homes for sale. Though it’s improving, it remains at near-record lows. The chart below shows how today’s low inventory stacks up against recent years. The lighter the blue is in the chart, the lower the housing supply.Reasons You Should Consider Selling This Fall | MyKCMIf you’re looking to take advantage of buyer demand and get the most attention for your house, selling now before more listings come to the market might be your best option.

4. If You’re Thinking of Moving Up, Now May Be the Time

If your current home no longer meets your needs, it may be the perfect time to make a move. Today, homeowners are gaining a significant amount of wealth through growing equity. You can leverage that equity, plus current low mortgage rates, to power your move now. But these near-historic low rates won’t last forever.

Experts forecast interest rates will rise. In their forecast, Freddie Mac says:

“While we forecast rates to increase gradually later in the year, we don’t expect to see a rapid increase. At the end of the year, we forecast 30-year rates will be around 3.4%, rising to 3.8% by the fourth quarter of 2022.”

When rates rise, even modestly, it’ll impact your monthly payment and by extension your purchasing power.

Bottom Line

Don’t delay. The combination of housing supply challenges, low mortgage rates, and extremely motivated buyers gives sellers a unique opportunity this season. If you’re thinking about making a move, let’s chat about why it makes sense to list your house now.

 

Contact the team at CA Real Estate Group and let us help you navigate your next move!

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.

Melanie Pinola and A.A. Newton | Lifehacker.com | 3/15/21

Have a plan

Renovations rarely go exactly to plan, but that doesn’t mean you should wing it. Last-minute changes are both stressful and expensive, so get the non-negotiable details hammered out first. At minimum, this means knowing what results you want and how much money—and time—it will take to achieve them.

Modeling and design tools like Floorplanner are super helpful in the planning phase. Create a couple different versions of the same project, then add a 10-15% buffer to your budget estimates to prepare for inevitable surprises.

Add value when possible

If you’re not sure where to start with home improvements, it can be helpful to prioritize projects that increase your home’s value. Updated kitchens and bathrooms are pretty much always a safe bet, as are any renovations that increase square footage, like finished basements and decks. But buyer preferences vary from market to market, so be sure to focus on what’s popular and valuable where you live—not broad national trends.

Tackle quick, time-sensitive projects first

Some home improvements are more urgent than others. If a project will save you money immediately or prevent devastating damage in the future, bump it to the top of the priority list. That goes double for quick, easy fixes, like sealing drafts and replacing filters.

Find your DIY threshold

Even if you’re an experienced DIY-er with a well-stocked workshop, not all home improvement projects are suitable for amateurs. Before starting a project, gauge your interest level: How much work are you really willing to put in? Is that effort worth the money you’ll save? Be brutally honest.

If you have no idea what you’re getting into, don’t commit until you’ve spent, at minimum, a solid couple of hours watching YouTube tutorials and pricing out materials. Remember: Just because you can doesn’t mean you should.

Bone up on DIY knowledge

Everyone should know a few basic repair skills, and thanks to the internet, learning them has never been easier. If you can, start with a specific question: Is my garbage disposal broken or just clogged? Do I really need to clean my dishwasher filter? How do you refinish a coffee table? You’ll click with some blogs and video personalities more than others; next time, start with them.

If you’re more of a hands-on learner, try volunteering: You’ll learn new skills and help people at the same time. Many hardwares stores offer free clinics on basic home repair and improvement skills, too, so be sure to check the offerings in your area.

Save money by scrimping—and splurging—responsibly

Major renovations are expensive, but going full Scrooge on every single line item only creates more work later. Instead, identify where you can and can’t afford to be a little stingy. A good rule of thumb: Shell out for anything catastrophically expensive and/or difficult to replace, like hot water heaters and electrical work. For easily replaceable items—shower heads, light fixtures, drawer pulls—cheap is fine. You should also consider how much use and enjoyment you’ll get from an item. If you’re an avid cook, skimp on floor tiles so you can splurge on the stove of your dreams.

Understand your financing options

Unfortunately, most home improvements do not pay for themselves. If you can’t afford to finance the project in full with cash, you should know the different ways you can finance your home improvement without putting your home at risk.

Personal loans and credit cards can be useful for small-to-medium projects, depending on the interest rate and terms, while home equity loans (HELs) and lines of credit (HELOCs) can help finance major renovations and repairs. Improvements that increase your home’s value can cut down on private mortgage insurance payments, but keep in mind you’ll have to pay to get your home reassessed on top of everything else.

Get your tools right

You can’t really improve your home with just your bare hands—most projects require at least a multi-tool. Before you start a project of any size, be sure your toolbox actually contains the tools you’ll need. Keep in mind that some project genres need special equipment, particularly if they involve plumbing or electrical systems. When in doubt, Google it.

Find the perfect contractor

Finding a handyman or contractor you trust is a lot like finding the right dentist or therapist: Harder than it sounds, and with incredibly high stakes. It’s important to vet potential contractors carefully using these criteria:

  • Word of mouth: Ask friends, family, and neighbors for recommendations—especially if they have industry connections
  • Check for complaints: Look up your state’s consumer protection office and your local building inspection office
  • Learn which licenses and permits are required in your area for contractors, electricians, plumbers, and painters
  • Get proof of insurance: Ask contractors to provide you with their insurance details so you can verify it with the provider
  • Ask for references, then actually check them out
  • Meet with every potential candidate so you get a feel for their style
  • Get quotes—and track them with a spreadsheet or other list

For even more specific questions you should ask, check out the Federal Trade Commission’s guide on hiring a contractor.

Always keep your next project in mind

When one project ends, another begins—such is the nature of home improvement. Planning your next move is a lot harder when you can’t remember the good ideas you had while working on something else. Keep a detailed list of your project goals in a spreadsheet, notebook, or even a good old-fashioned Pinterest board so you’ll always know what’s next.

 

☎ Contact us for a list of vendors we already work with and think are pretty fantastic!  Christine Almarines (714) 476-4637

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