If you’re on the fence about selling your house, now is a great time to take advantage of sky-high demand, low supply, and fierce buyer competition. With buyer demand rising and historically low inventory for sale, if you’re in a position to move, your house may really stand out from the crowd.
Let’s connect today to get your listing process underway.
Buying a home in today’s sellers’ market doesn’t have to feel like an uphill battle. Here are four ways to make sure you’re positioned for success when making a home purchase, even when the scale tips toward sellers:
Let’s connect to make sure you’re armed for victory in the housing market this season.
In a year when we’re learning to do so much remotely, home buying is no exception. From going to work to attending school, grocery shopping, and even seeing our doctors online, digital practices have changed the way we live.
This year, rather than delaying their home purchases, buyers – alongside their trusted real estate professionals – turned to the internet to do more than just a typical home search. In some cases, they bought homes without even stepping foot inside. In fact, one in every 20 homebuyers purchased a house sight-unseen during the coronavirus pandemic, according to the National Association of Realtors (NAR).
“People really didn’t buy houses sight-unseen, traditionally. It’s still not a huge number, but it has gone up, and we have definitely seen that trend accelerate.” says Jessica Lautz, Vice President of Demographics and Behavioral Insights at the NAR.
Today, digital practices help homebuyers and sellers walk through many steps in the process virtually. While following the regulations set forth by the CDC and all local guidelines, this year, agents quickly empowered buyers and sellers with virtual tours, floor plans, high-quality photos, videos, online open houses, and more.
And in true 2020 fashion, virtual practices helped buyers safely narrow down their top choices, so they didn’t have to unnecessarily walk into more homes than they needed to see throughout the process. At a time when health and safety are top priorities, current technology is making it possible for buyers and sellers to move their real estate plans forward at their own comfort levels, even through a worldwide pandemic.
For many, this means buyers no longer have to physically tour every home they want to see, and sellers don’t need to open their doors over and over again throughout the process. Safety can come first, and trusted real estate professionals are here to help.
Record-low mortgage rates in 2020 have sparked high demand among homebuyers. Current homeowners, however, haven’t put their houses on the market so quickly. This makes finding a home to buy today challenging for many potential buyers. With an obstacle like this, those searching for their dream homes may be pressing pause on their searches as we approach the end of the year, but that could be a big mistake for many hopeful house hunters. Here’s why:
According to the most recent Housing Trends Report from the National Association of Home Builders (NAHB): “The length of time spent searching for a home continues to grow.”
The report indicates that 62 percent of buyers now spend three months or more looking for a home, an increase from 58 percent one year ago. A primary cause for the delay is the heavy competition today’s buyers face when making an offer on a home.
Based on recent data from the National Association of Realtors (NAR), the average house in today’s market receives 3.4 offers before it’s sold. This means for every buyer who purchases a home, there are on average two or three buyers who have to begin their search all over again.
Compared to this time last year, the NAHB report shows that buyers are having more success finding homes in their price range. However, it also notes the percentage of buyers saying they’re getting outbid when they make an offer has jumped from 15 percent to 27 percent. Buyers are indicating that bidding wars are a major obstacle to finding their next home.
If this is a challenge you’re up against in your home search, you’re not alone. Feeling stuck in the process can be frustrating, but if there’s ever been a year to power through, this is the one. Experts anticipate home prices will continue to rise into 2021, and the incredibly low interest rates we’ve seen this year are also forecasted to increase as the economy strengthens. Hopeful homebuyers who decide to hold off on their search until there’s less competition run the risk of finding a more expensive housing market when they start looking again.
If affordability is a key motivator behind your decision to buy a home, this winter is still the best time to make it happen.
In today’s real estate market, the buzz is all about how it’s a great time to sell your house. Buyer demand is high, and there simply aren’t enough homes available to buy to meet that growing need. This means now is the time to make a move so you can close the deal on your ideal terms.
Even in today’s strong sellers’ market, there are homeowners who are choosing not to sell due to ongoing concerns around the health crisis, financial uncertainty, and life in general. Here are the top three reasons homeowners who are thinking of selling sometime in the next three years are not putting their houses on the market right now:
34% – Life is too uncertain right now
31% – Financial uncertainty
25% – COVID-19 health concerns
If you identify with any of these, you’re not alone. Whether it’s the future of your employment situation or simply being uncomfortable having guests in your home for showings, life feels a lot different than it did at this time last year.
The good news is, real estate professionals have spent the majority of 2020 figuring out how to sell homes safely, and it’s paying off for those who are choosing to move this year. In fact, experienced agents such as myself are doing two things very well to make selling your house possible:Continue Reading
Getting homeowners insurance when you purchase a house is a non-negotiable. But while standard home insurance policies provide a high level of coverage and protection, they don’t cover everything — and in order to protect your home (and your investment), it’s important to understand what potential issues might fall outside your home insurance umbrella.
Here are a few things that you may be surprised to learn that your homeowner’s insurance doesn’t cover:
So, what does this mean for you? If you’re thinking about buying a home, it’s important to understand the limits of your home insurance policy, and that you purchase additional coverage or maintenance agreements when necessary to protect your home.
I now have over 6 months of experience selling houses during the pandemic and can make the process easier and safer for you today. COVID-19 protocols and technology are making it possible to continue selling houses in Green Valley AZ, and buyer’s agents and their clients are complying with COVID-safe showing practices, as well as state and local regulations.
Let’s connect to discuss how to sell your house safely in today’s housing market.
One of the biggest misconceptions for home buyers is how much you’ll need to save for a down payment. Contrary to popular belief, you don’t always have to put 20 percent down to buy a house.
A recent survey by Point2Homes notes that 88 percent of buyers say “they have significantly less savings than the average national down payment amount, which is $62,600.”
Thankfully, neither 20 percent, nor $62,600., is not the amount every buyer needs for a down payment. There are many different options available. That amount can also be significantly less, depending on the purchase price of the house.
According to the National Association of Realtors (NAR), “The median existing-home price for all housing types in August was $310,600.” (These are the latest numbers available). NAR also indicates that:
“In 2019, the median down payment was 12 percent for all buyers, six percent for first-time buyers, and 16 percent for repeat buyers.”Continue Reading
Every day in the U.S., roughly 10,000 people turn 65. Prior to the health crisis that swept the nation in 2020, most people had to wait until they retired to make a move to the beach, the golf course, or the senior living community they were looking to settle into for their later years in life. This year, however, the game changed.
Many of today’s workers who are nearing the end of their professional careers, but maybe aren’t quite ready to retire, have a new choice to make: should I move before I retire?
If the sun and warm weather are calling your name and you have the opportunity to work remotely for the foreseeable future, now may be a great time to purchase that home in the southwest you’ve always dreamed of where you can enjoy golf all winter long and take in the spectacular mountain views. Whether it’s a second home or a future retirement home, spending the next few years in a place that truly makes you smile every day might be the best way to round out a long and meaningful career.
“The pandemic was unexpected, working from home was unexpected, but nonetheless many companies realized that workers can be just as productive working from home…We may begin to see a boost in people buying retirement homes before their retirement,” explains Lawrence Yun, Chief Economist at the National Association of Realtors (NAR).
According to the 20th Annual Transamerica Retirement Survey, 3 out of 4 retirees (75 percent) own their homes, and only 23 percent have mortgage debt (including any equity loans or lines of credit). Since entering retirement, almost 4 in 10 retirees (38 percent) have moved into a new home. They’re making a profit by selling their current homes in today’s low inventory market and using their equity to purchase their future retirement homes. It’s a win-win.Continue Reading
According to CoreLogic, homeowners across the country are gaining significant equity. Over the past year, the average homeowner gained $9,800 in equity, growing their overall net worth.
If you’re ready to sell your house and begin looking for your dream home, let’s connect to plan how your equity can make that possible.
