Should you even really buy a house in 2023? The market seems like it's totally crazy and interest rates are bananas. Even in this high-interest rate environment, there are some really good reasons why buying a home still may be a better option than renting. Probably the biggest one is that owning a home really is kind of an inflation buster. So what does that mean? Well, if you notice, if you rent or you're looking at rentals, you probably see that rentals continuously go up almost every year, rents are going up in almost every area. So if you're renting, you are hoping that you're going to continue making more to get maybe a nicer place a bigger place, whatever, or to just stay in the place you are, that's going to continually get more expensive. When you buy even with interest rates being a little higher, you are locking in that payment for usually a 30-year term, a 15-year, 20-year, or 30-year term, you kind of can't beat that if your payment is say $2,000. Today, it's still going to be $2,000 in 20 years. Whereas if you rent something that maybe costs $1,500 today if you stayed in that same place, I couldn't even begin to tell you what you're going to be paying in 15 or 20 years. Now, that's not to say that there aren't some extra expenses and things that come along with owning a home. So over time, you do gain appreciation, which is a really great investment when you're living there anyway because you're always going to pay to live somewhere. And the benefit of sort of stockpiling that money for yourself rather than paying someone else's mortgage, as you often hear it referred to in a rental. There's a value in there not just monetary, but a pride of ownership. Additionally, sometimes your landlord may not be really keen on you painting the kitchen cabinets, a mural in the kid's rooms, making some renovations to the bathroom, that sort of thing. And when you own your home, you really can customize it to just what you want it to be. There are also tax benefits that come with owning a home as opposed to renting. But always consult a tax professional when you're thinking or talking about any sort of tax-related things because I am not one. And remember, even though interest rates are higher right now if you can afford the payment right now, you are pretty, I'm not going to say guaranteed but almost guaranteed, that at some point rates will tick down and your payment is likely to become less rather than more (if you refinance). Whereas with renting it is 100% guaranteed to go up over time. So if you're thinking maybe I would be interested in buying a home, I'd love to talk to you and help you walk through all of the steps. Look at all the information and see if it is the right choice for you right now. Or maybe it's something you want to do in the next six months to a year. I'd love to talk to you give me a call. Reach out via email and let's set up a time to chat to see if it is the right decision for you.

When you're getting your home ready to sell, not all dollars are created equal. Obviously, you want to be doing maintenance all along as you're living in a home. So things like maintaining your house and maintaining the exterior of your house. But when we're looking at getting a home on the market, even if it's six months from now, there are some things that you're going to have to put money into that are not going to feel like the high ROI you would like them to be, I'm going to list a few of the maintenance and then I'm going to list a few of the high ROI items that you can do. A balance of those is gonna give you a really good outcome when you go to sell. So here are my top four in each category. Trees and yard. You want to make sure that your trees are not dead, they don't have dead limbs, they're not hanging over the roof, they're not hanging over your driveway or shed or garage. Because as soon as somebody sees a dead tree or a tree that's threatening the house, they're going to add that to their list of projects. And right now, when people are adding to that list of projects, they're not necessarily coming in at a lower price where they would negotiate. Often they're just backing right out the door and getting in their car to get to another house that seems like less work. Plumbing and electrical is the number two and probably in my opinion, the most important. Make sure everything flushes that your outlets work, lights work fans work, and that things look like they're in generally good condition. Your systems. Your HVAC, your water heater, and any sort of systems you have, really need to be in good working order too. Finally the roof. Make sure you don't have any roof leaks, make sure that there's no debris on your roof, and that it doesn't look stained or damaged. And certainly that it's not damaged so that buyers feel really solid when they come in and get excited about the things that you have to offer. Rather than making a list of things that they feel like they need to do. Here are some of the things that add value very definitively. do a little bit more to that landscaping. Make it actually look good. Put mulch down, plant some shrubs, that type of thing. That generally returns about 100% on your investment. That is just a no-brainer. The minor kitchen remodel. So that may be painting your cabinets and maybe just adding new appliances. Maybe it's just putting on a new countertop. It doesn't mean gutting redo the whole kitchen. But that minor kitchen remodel has an ROI of about 98%. Ideally, you do this a few months before you move and you actually can enjoy it as well. A minor bathroom remodel. Same thing. it actually has an average ROI of about 102% anything that gives it just a little extra update a little extra pizzazz, brings it into 2023. You're gonna be in good shape on those. And finally, did you know that you can get a 90% ROI on just replacing your front door? Make sure that you're not only focusing on those ROI things, you're also focusing on the things that are going to negatively impact you if you don't do them. I always will take the time to come to visit your house, and make sure that we've got a solid list that's prioritized other things that you should do when you're getting ready. And that means call your agent, ideally me, before you're even really ready to sell. Six months away, four months away, so we can get all those things done to give you the highest net result possible.

So great, waving an inspection is a great way to get your contract at the top of the heap in a multiple-offer situation, but should YOU do it? I am going to tell you that if you don't have some sort of risk tolerance, don't do it. But if you do have a little bit of risk tolerance, there are ways to get around it. So you can pay an inspector a couple of hundred dollars to walk through the property with you and give you a general idea of how those systems, that you may not know how to assess, what kind of condition they're in. But at the end of the day, you are 100% going to have something happen, whether you have an inspection or not. I call these oh s**t moments, it might be six weeks, it might be six days, it might be a year. You can also buy a home warranty, the seller can buy a home warranty for you, or you can buy one yourself, but they're not going to cover everything. So you're still going to need a buffer. It is always a bit of a risk when you have a home that things might go wrong. So if you are on a razor-thin margin, a razor-thin budget, and you can only afford your mortgage payment, that may not be the house you want to buy anyway, inspection or not. But ultimately, your options are probably to pay way more than the asking price and ask for that inspection, giving the seller some sort of security, that they're going to have still a higher offer, even if they end up with items that they have to repair. Or you're gonna still probably pay more than you want in this market and waive the inspection. It's kind of up to you and where your risk tolerance is. But remember, at the end of the day, if everything is equal, that seller is always going to pick the offer that is the least risk for them. So the more risk you can take on the better price you are going to get on the house that you're purchasing. If you want to take a look at more ways to build an offer, write an offer, or buy a home in general, check out some of my other YouTube videos. Or better yet, give me a call. I'd love to talk to you and I'd love to help you find your dream home.

If you are under contract, and on your way to closing, you're super excited, you've started packing, and you started envisioning how you're going to design your space, here are a few things that you don't want to do if you actually want to close on your house and close on time. First of all, don't buy a car. Please, for the love of all that is holy, don't buy a car. If your car dies, and I have had clients for whom this happened, they have had to bite the bullet and buy a car in between contract and closing. But call the lender, let them know the situation, let them know what's happening, and ask them what to do before you go off half-cocked and do it. Because that can really impact your debt-to-income ratio and that can throw your loan way off track. Second, don't drag your feet on getting information to your lender. They do not want to ask you for a thousand documents and have to keep up with all of those things any more than you want to provide them. But they will not ask you for something they don't need. And as frustrating as it is. And as much as you want to yell at, you know, Marjorie that called you yesterday. And now she wants three more documents. It is not her. So don't yell at her. Just give them the documents they need because there is a process that they have to follow. And their systems going to tell them, oh, now we need this. And yes, sometimes that's the last minute. Third, don't quit your job, even if you get a fantastic job offer. Try to wait out the old job until closing and then take the new job. Yes, you can get a loan if you've been in the same career, same field for the last couple of years. So it may be fine, but it also may not. The best rule of thumb is to try to keep everything the same as it was when you made a loan application. And keep it that way until closing. If you have any more questions about the financial process or what it takes to get a loan and get into a home, I have some terrific lender partners that I'd love to put you in touch with and they would be happy to help you with that side of things. If you have general questions about buying or what it takes to go from contemplating a purchase to contract to close. Give me a call. I'd love to answer any questions you might have. And obviously, I'd love to help you get into the home that you want to be in.

Most seasons, I like to do a "Must Do" list of things that I want to make sure I do before the time slips by. Sometimes they're simple, and sometimes more elaborate, but I love them because they make me think about the things that I particularly love or look forward to about that season, and sometimes just the reminder makes me happy. Always, it pushes me to do a bit more than the everyday mundane that we often get stuck in. So, without further ado, here's my Spring/Early Summer list of things I am looking forward to doing in and around RVA! (In no particular order) 1 Friday Cheers kicks off this week- Nothing says Summer in RVA quite like it! 2 Have a picnic at Maymont- With your love, family, friends, or a great book 3 Visit the Sno Shack in Mechanicsville for a Tiger's Blood shave ice 4 Patio dinners! My faves- Can Can, The Daily, or East Coast Provisions 5 First Fridays in the Arts District 6 Head to Sneed's Nursery and pick up some native plants (and plant them!) 7 Take a drive to Topping for lunch on the water at Merroir. 8 GrowRVA South of the James Market at Forest Hill Park for produce (and treats) 9 Strawberry season at Agriberry Farms means Strawberry Shortcake! 10 Get out on the James on a warm day 11 Learn something new about Richmond 12 Fire up the grill and enjoy the patio at home Do you have a list like this? What is a must do you have for this spring?

Something about spring just inspires projects, for me at least. Whether you're selling or you just want to enjoy your home more, there are loads of low-cost home improvement projects that can provide a high return on investment. Here are my top 10 ways to add value to your home with a low investment and high return in Spring 2023. Add a Fresh Coat of Paint One of the easiest and most affordable ways to add value to your home is by painting the interior and/or exterior. A fresh coat of paint can instantly make your home look newer and more appealing to potential buyers. Upgrade Your Lighting Installing new light fixtures can make a big impact on the look and feel of your home. Consider replacing outdated fixtures with modern and energy-efficient options that can brighten up your space. Improve Your Landscaping A well-maintained lawn and garden can significantly improve your home's curb appeal. Consider adding some colorful flowers, planting new trees or shrubs, and trimming any overgrown bushes. Update Your Kitchen Hardware Upgrading your kitchen hardware, such as cabinet knobs and drawer pulls, can make your kitchen look newer and more modern. This is an affordable way to add value to your home without having to do a complete kitchen renovation. Add Some Outdoor Lighting Outdoor lighting can enhance the appearance of your home's exterior while also providing safety and security. Consider installing solar-powered pathway lights, string lights, or floodlights to illuminate your outdoor living spaces. Replace Your Front Door Replacing your front door with a new, energy-efficient one can make a big impact on your home's curb appeal. Choose a door that complements the style of your home and adds a pop of color to make it stand out. Add a Backsplash to Your Kitchen A stylish backsplash can transform the look of your kitchen without breaking the bank. Consider installing a tile or mosaic backsplash to add color and texture to your space. Upgrade Your Bathroom Fixtures Replacing old bathroom fixtures, such as faucets, showerheads, and towel racks, can give your bathroom a modern and updated look. This is an easy and affordable way to add value to your home. Clean and Organize Your Garage A clean and organized garage can make a big impact on potential buyers. Consider adding shelves or storage bins to keep your garage tidy and clutter-free. Replace Your Window Treatments Upgrading your window treatments can add a touch of style to your home while also improving energy efficiency. Consider replacing old curtains with blinds or shades that are both functional and stylish. By making small upgrades such as painting, upgrading lighting fixtures, and improving landscaping, you can make your home more attractive to potential buyers (or yourself!) without having to spend a lot of money.

Well, spring is in full swing now, and April showers may have brought flowers, but they certainly didn't bring lots of real estate inventory. Things are still moving quickly, so here's a bit of a recap: The average sales price for our entire MLS area was $402,414 in April. That's up from $403,244 last April, and a good jump from March of this year at $386,797. The price stability and increases really are largely due to the lack of supply in the market. Rates have certainly risen since last year, but for the most part, it hasn't pushed many people out of the market. Our inventory as April closed out stood at 1933 homes for sale, down from 2203 in March, and down from 2022 in April of last year. Supply is just not where we need it to be (frankly, in either rentals or sales) and the demand is definitely out there. As I've said before, the market is considered to be balanced at 6 months supply of inventory, and while we're definitely better than we have been (February '22 had us as low as .7 month), we are still only at 1.2 months. That means that if no other homes came on the market, it would take 1.2 months for the supply to be exhausted. That's not much. What does this all mean for you if you're looking to sell? What about buying? Is it just a crazy time to do that?? These questions are both so unique to your own situation, I always hesitate saying, "it's a great/bad time to sell/buy," to a degree, regardless of the market. What I can say, though, is that if you've been contemplating selling and you thought the market was going to drop as rates went up, that hasn't proven to be true. In most areas, we are still very decidedly in a seller's market, so no doubt that it's a good time to sell. If you're thinking of buying, and it's a great time for you otherwise- new job, lease is up, new baby, new job...whatever, it's not a terrible time to buy- prices do not have the same upward pressure that they had a year ago. Yes, we're seeing multiple offer scenarios, but not every house, not every time, and often not as insane as the offers were last spring. We are seeing more inspections, more appraisals, and a bit more negotiations on some homes. But, it's not the time to drag your feet if you're looking. It's a good time to really know what your negotiables and must haves are, and work with an agent with a solid grasp on the market (like me) that will tell you what they think will get the home you want, rather than just guessing. Keep in mind, too, that there is no perfect market. If rates are lower, prices will be higher, and vice versa. It's nearly impossible to time the market, too. So if it's a good time FOR YOU, it's probably a good time. If you have questions about buying or selling in this market, reach out. I'd love to talk to you and help you determine if it's a great time for YOU.

So I have lots of clients, especially millennial clients, who frankly could live in a one-bedroom apartment for the rest of their lives and be totally fine with it. But the one thing that they're going to buy a house for... their dog. We are actually seeing more and more people buy homes for their dogs or their pets. So, if you're one of those people that is thinking, I want to buy a house, but it really has to be a good fit for my dog, here are some of the things that you want to think about. First of all, you want to make sure it has a yard, probably a fence. Fences are not cheap. So if you find a house that has already got a fence, that's definitely a win. Is it a walkable neighborhood? Is it somewhere that you're going to go out and take your little guy for a stroll in the evenings or before work? Do you feel comfortable doing that? Are there sidewalks? Is there a good shoulder that's going to give you a lot of space? Richmond is such a dog-friendly city. We've got lots of cool dog parks and cool places to go. You can bring your pet from breweries to dog parks and that's just a great way for you and your pet to meet new people and dogs. So if you're one of those people that is looking and really wants to be dog-centric in what you're looking for to call home, I'd love to help you. Maxwell can weigh in. He won't necessarily be at every show but he will give his opinion.

It's hard to watch or listen to the news on any platform lately without getting some sort of news on the housing market. To hear the national news, things have cooled tremendously, but we all know that real estate is really local, right? The story around here is, more or less, a simple tale of supply and demand. A six month supply of housing units is widely considered to be a balanced market (neither buyer nor seller’s market), and we are still in a market with only just over 1 month’s supply. That means the simple concept of supply and demand is going to keep prices steady for a while, and in many pockets of our market, keep things competitive. (For perspective, in February of 2022, the inventory low- we had only .7 months.) For the same sort of perspective, in February or 2022, we only had 1544 active listings in our MLS, and this February, we closed out with 1792. That’s just not that big of a jump, and the buyers are still out there. In fact, homes last year this time were selling on average for close to 107% of listing price, but this year, they are still selling at nearly 98%. (And that’s an average. The median list price to closing price percentage is sitting at 100%) Last January, the average sales price of a home in the area was $378,029. This January, that price is up to $388,060. Yes, that’s up, for sure, but it’s important to note that the average price in May 2022 was $435,893. Does that mean the market has dropped/cooled/changed? Well, sort of. Things have definitely been flattening out from the wild spikes of the last couple of years, and if you were hoping to get on the market and garner 20 cash offers with huge escalations and no inspections, you may well have missed that boat. However, despite what you hear on the national news, our market is in a much softer correcting cycle than many in the country. Anecdotally, we have seen more and more buyers be able to have home inspections, appraisals, etc, over the last few months. That's been a very welcome change for the buyers out there, and we are still seeing them, but perhaps to a lesser degree at the moment. As we head into spring, and the spring market, we're definitely seeing more of those multiple offers, and more situations where those things are being waived again. In short, while rates have definitely gone up, there are still lots of buyers out there looking for homes, and just not enough homes out there for them. While we do anticipate that inventory loosening up a bit as the weather warms, we definitely need more listings! If you're thinking of selling, it's definitely a great time. And if you're thinking of buying, we can get you where you want to be! What will it take? Just a little bit of planning, a little creative/out of the box thinking, and yes- patience. If you have questions about the market, or just your little section of it, reach out! I'd love to break down the data that matters for YOU. *Graph and data- MarketStats by ShowingTime    

It is a good time to buy? Is it a good time to sell? What's the market doing? These are just a few of the questions I always get asked as a realtor. Didn't answer your questions? Let's talk! DM me on Instagram @cindybennettrealestate or via my website at cindybennett.net.