Two things can kill a home sale before a buyer ever steps foot through the front door: Having poor-quality listing photos, or having no listing photos at all.
This is why, if you plan on listing your home soon, it’s imperative that you hire a professional photographer to take photos of it. As I always say, photos are your first opportunity to sell your house.
New listings jumped 8% year-over-year nationally, the largest increase since 2013
Total listings in the 45 largest markets are now up 6% on average over last year
This increase in housing inventory has sparked two different reactions. Some are saying this is the first sign of a potential collapse while others are saying it is a welcomed reprieve from the lack of inventory that has stalled the market recently. As Zelman & Associates reported in a recent ‘Z Report’:
“With the rate of home price appreciation starting to decelerate alongside the uptick in inventory, we expect significant debate whether this is a bullish or bearish sign.”
Is this a sign the market might crash?
There are those who look at the increase in inventory as a sign that we are returning to the market we saw last decade. However, a closer look shows that we are nowhere near the levels of inventory we reached before the crash in 2008.
It is officially fall! I love this time of year, with the cooler temperatures and changing leaves. It’s a shame that so many people think they can’t or shouldn’t sell their homes during the fall or winter. But today I’m here to tell you not to discount the winter as a great selling season—in fact, it could be the best time to sell. Many sellers take their homes off the market this time of year, meaning less competition for you. The winter has low supply, but there’s always demand for homes, and selling in the fall or winter could make you more money.
Posted by Dan Bennett on Monday, October 15, 2018 at 10:45 AMBy Dan Bennett / October 15, 2018Comment
In many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you through this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”
Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:
Capacity: Your current and future ability to make your payments
Capital or cash reserves: The money, savings, and investments...
When listing your home, it’s important that you price it appropriately for what you’re delivering to the market.
When I talk to sellers whose homes fail to sell, I'm always curious how the listing price was determined. When I hear an agent asked the seller where they wanted to price it, I wonder why that wasn't a huge red flag. Pricing your home correctly is imperative to getting it sold and I believe that is one of the most important reasons you hire a Realtor. Overpricing it, for instance, could lead to you selling it for less than what you would have if you had priced it correctly from the beginning.
The condition of your property, the location, and what you are competing with all play into your price. The lesser known factor in determining where you should price your home is taking into account how people search for homes today. Make sure you work with an expert agent who can give you the appropriate price for your home based on the current market. Keep in mind, though, that markets shift and prices change. The price I give your home in February, before you have too much competition, will likely be different from the price I would give you in April when the inventory levels...