Selling Your Home

Spring is finally here, but the spring market feels like it's been here for a while. If you have been paying any attention at all to the real estate market lately, you probably have heard a good bit about multiple offers, prices increasing, interest rates, and short days on market. But what does it all mean, and what does it mean for YOU and your real estate goals? I'm going to break down some of the info here for you, and give you my assessment (based on experience and research, but obviously not guaranteed) on what it all means, and how it impacts you. I've heard lots of people say they've thought of waiting to buy until the market cools, or until it "crashes." Here are my thoughts on that: the market is unlikely to "crash," at least not anytime soon. This is not a bubble in the sense of the last bubble ('06-'08). The problem there was primarily that lenders were loaning money to anyone, with very low standards proving they could pay it back. The market now is really a product of a few factors- The last bubble burst, putting some builders out of business, and causing most to slow down or stop building "spec" homes completely. A whole new generation of buyers has dropped into the buying pool (Hi Millenials!) Rates have been at all time lows for the last couple of years (yes, they have ticked up a bit, but they are still comparatively low to the "average" market.) Covid/quarantine/work and school from home...the list goes on regarding how we live in our homes, and how that has changed over the past couple of years, so more people are moving to accommodate those things. In the end, this crazy market is really a result of basic supply and demand. There are simply not enough homes for all the people who want or need to buy a home. So...will prices go down? Well, my thought is that prices won't go down anytime soon. The good news? They likely won't continue to increase at the same rate as they have been. If you're a buyer, what does all that mean? Well, my sentiment is always that if it's the right time for YOU to buy, it's a good time to buy. That is to say, sometimes there's no way to "outsmart" the market if you're buying a home to use as your primary residence. If you're going to be paying to live somewhere, and you usually are, you may as well be paying towards your own equity, rather than someone else's. Even if rates are higher than you'd like. You can always refinance if/when they go down again. If you're looking to buy an investment property, that's a trickier thing, because there aren't a lot of deals happening right now. (There are some, though, so it's not impossible!) In either case, talking through the possibilities, and the market conditions, in the area you're looking, BEFORE you find that place you want to call home, is invaluable in this market. The most important things you can do when buying in this market: Have realistic expectations (many people are writing 4-6 offers before they're getting to one that "sticks") Have a plan (know how much you can and are willing to spend, how much of a down payment is reasonable, and what your payments will be) Be ready to move forward quickly (and have all of those ducks in a row, including a pre-approval letter from a lender) when something comes on the market that you love If you're selling- yes, it is still a great time to sell, and things are going very quickly, often with few contingencies, and in many cases, OVER the asking price. That doesn't mean you can just throw a sign in the yard, though! Doing the prep work to get your home ready still makes a difference if you want to maximize the offers and the final selling price. This means cleaning, maybe a bit of yard work, staging, and overall, just making sure your house shines in its best light. It also means working with an agent who uses professional photography, who will do all the same things to market your property in this market that they will in a less "hot" market, and who will walk you through those things that will maximize the return on your investment. The difference that will make really is surprising, and can mean the difference in 5 offers vs 25. But, you say, "we can only accept one, though." True. But having more competition pushes everyone to build a better offer, giving you better terms, and a better price. Trust me. It's worth it. Do you want more details on the market or the neighborhood where you live (or want to live?) Reach out to me. I'd love to help you navigate the process, or just help you determine if it is a good time to buy or sell.  

Selling Your Home During the Holidays So you've been thinking about selling your home, but time got away from you, you've been busy, there was a lot to do (and forget about any updates or repairs that required building materials this year), and now it's the holiday season. You may as well just wait, right? Not so fast! While generally it is true that the market slows a bit during the winter and around the holidays, this market is different. Yes, I know I sound like a broken record, but just stick with me, and I'll explain. Benefits to Selling During the Holiday Season There are a few benefits of selling around the holidays, in any year, and in any market. First and foremost, there is just not as much competition. While you may not have a flood of showings, you can rest assured that those buyers looking around the holidays are actually looking to buy, and not just curious neighbors or folks out for a walk. But this year? Well, it's all that and then some. As I've mentioned before, this market is not a bubble (like the one back in '07-'09), but really is driven by a housing inventory shortage coupled with interest rates lower than we've seen in years. That means we've not really seen any of the normal drops in the market over the last year. In fact, the days on the market for our entire MLS area is still hovering right around 7 days. (That's the average, too, not the median.) Additionally, we're still at only 1.1 months inventory throughout our MLS area. That's still a long way from a balanced market (6-7 months of inventory). Even though it's a seller's market, there are still some special ways to prepare when you're selling in the holiday season. Top Tips to Sell Your Home During the Holidays Focus on your curb appeal! It matters more now than ever, when things tend to be a little more brown, gray, and the light is not as warm. Clean, clean, clean! Clean those windows, the entry area, and yes, even the trim. Add a fresh, new door mat, maybe a wreath, and a couple of containers with something evergreen. Tone down the outdoor holiday decor, if over the top is your style. Don't go totally Clark Griswold on the house if you want buyers to actually see the house, and not be distracted by the decorations. (I literally cannot stress this enough.) Use a Realtor® to list your home. (I know, sounds biased, but it really does make a difference.) Let's amend that to, "Use a Realtor® who works with a great professional photographer." Having professional photos is a non negotiable these days. I don't care how good your phone camera is. Pro photos will show your house off better. Every single time. Knowing your "perfect buyer." Your agent will know not only "who" your target buyer is, but how to reach them. Especially this time of year, when inclement and chilly weather is the norm, having an agent who will do a video, multiple photos, floorplans, or the like definitely makes it easier for buyers to know whether it's a favorite or a maybe before they even ring the door plan. Go easy on the indoor decor too. The line between great decor and too much is not actually that fine. Think more "warm and cozy holiday cheer" and less "where are we going to put our 900 piece Santa collection." (Pro tip- keep those in the box so they're ready to go to your new home.) Make sure it's easy to move around, and doesn't look cluttered. Got loads of wrapped presents? Keep those to a minimum, too, and if you've got the hottest video game console to be wrapped, just tuck it in a closet. No need to tempt anyone unnecessarily. There's also the bonus of the kids not easily finding their gifts before the big day. Doing some holiday baking? Good smells sell! Keep the feast of the seven fishes to the restaurants this year, but go nuts with the cookies, rum cakes, spiced cider, etc. Again, warm and cozy is never unwelcome in the winter! Perhaps the MOST important, price it to sell! I'm never going to be the agent who wants you to underprice your home, but especially in the winter months, when there are in theory fewer buyers out there looking, not shooting the moon with the price helps position you better in the market. If you're working with me, or any good agent, we'll sit down with you to review the comparables, their sold prices, and how your home stacks up to that. We'll use all the data available to come up with a great plan to help you maximize your investment, your time, and get you to your goals. What questions do you have about selling your home during the holiday season? I'd love to help you determine if now is a good time for you to sell!

Have you been hearing all the talk about the real estate market in the last 6 months or so, and wondering if maybe it actually IS the right time to sell? You're not the only one. (I've even thought about it myself!) But where to begin? Well, the obvious solution is just to call me, right? Kidding. Well, kind of... Stick with me. Here are a few things to think about as you get ready sell your home in the Richmond area. Obviously, I'd like you to call me, but if not me, call your agent of choice. Sooner than you think. We will walk through your home and pull the data to help give you a comprehensive list of to do's, discuss your personal goals, and touch on pricing, at least within a range. No one knows your home as well as you do. So, if there are items that you know need repairing, making a list of those and starting to get them checked off is a great place to start. Clean, clean, and clean some more. (I have a comprehensive cleaning list to remind you of the things buyers tend to look at that sellers often forget.) Staging is often important in our market and others. Depending on your home, that may mean just decluttering, and depersonalizing your space, and others it means a full staging with furniture, art, and accessories. Know the comparables and price it well. Yes, the market has been wild for the past few months, but pricing has always been, and will always be, a crucial component of a successful home sale. That means paying attention to the comparables, the market, and your own personal goals to get the pricing right. Getting your home prepped can sometimes be accomplished very quickly, but more often than not, it takes a little bit of time (Real talk? The average time it takes to prep a home for sale is 2 months, from start to finish.) The most important thing to know? Call your agent as soon as you start thinking about selling. That will absolutely reduce your prep time, keep you on the right track, and make sure that any money you spend helps maximize your time and sales price and minimize your stress.  Are you ready?   

Today, I’m diving into an important topic that could make a big difference in the amount of money you net from your home sale. If you haven't been living under a rock, you probably know the market is HOT. There are more buyers who need houses than houses for sale. That means your home is in demand and it’s not even listed yet! That sounds like great news for you, doesn't it? It is! As a result of this market, I know there are lots of potential sellers thinking… "Hmm maybe we should just put a sign up in the front yard and see what happens." The truth is, the worst thing you can do as a seller in a hot market is to go it alone on the sale of your home. So before you head to the local hardware store for that "For Sale By Owner" sign, keep reading... I know you're doing the math and figuring out how much selling your home on your own could potentially save you... but I wanted to shed some light on a few important things to consider before you decide to go that route. If you're looking to the internet to determine that perfect listing price, you could be losing a significant amount of money. Online home values aren't always entirely accurate which means basing your list price on what the internet is saying could result in you leaving money on the table. Remember, those online "valuation" tools are just guessing, because they haven't been in your home, or anyone else's. They don't know that you just redid your bathrooms, or that the neighbor did not. Contracts and negotiations can feel like a foreign language if you're not a real estate professional. Not understanding how to navigate these or have someone work in your best interest could result in sticky situations and money lost. Demand - when you're in a hot market, one of the greatest benefits to the seller is that they're typically in the driver's seat. When there are more buyers than listings for sale, your house can spark a bidding war when it hits the market. However, without an agent helping you prep your home for the market, price it strategically, market it with a variety of methods and really get it out there, you can really miss out on that demand. You might have a buyer or two, but that isn't going to drive the price up (and get you an offer with the best terms) like it would if you had someone working for you. The best advice I can give to someone thinking about selling is this - Before you make the decision to do it alone, do some research and find an agent who has good reviews, comes highly recommended and who you can learn something about before reaching out. What does their experience look like? What are their clients saying? Schedule a consultation with them to see how they can help you net the most money possible from your home sale. Successful home selling is rooted in doing your research and making smart decisions that are going to position you in the best place possible when your house hits the market! (And I'm here to help!)