Tag: homesales

Homeowners Should Have Some “Fear of Missing Out” on This Market

If you’ve been thinking about selling and hesitating or simply waiting, you may want to start thinking about how you’ll feel if you miss out on the best time to sell your house in a long time. You never know when (or if) conditions will be like this in the real estate market again.

It’s been a sellers’ market for quite some time now, and with rates going up significantly and home prices still historically high, there’s a lot of chatter about whether or not there’s a real estate “bubble” that’s about to pop. In particular, The Federal Reserve Bank of Dallas recently warned about the potential of a housing bubble and how buyers’ “fear of missing out” (FOMO) is making it worse.

On the other hand, a recent survey revealed that home buyers are still hopeful and feel that it will still be a good time to buy a home in the next three months.

That’s despite the fact that even though there have been signs and reports about the market slowing, according to this Realtor Magazine article, as of March sellers have still been:

  • Receiving an average of 5 offers on their home
  • Selling for above list price over 57% of the time
  • And 87% of listing sold in less than a month

Much of that may very well be fueled by buyers’ FOMO, but it can’t and won’t last forever. That’s how the real estate market works—it goes up, then it goes down, and then back up again in cycles. So even if you “miss out” on this moment in history, there will certainly be a time when home values are this high, or even higher.

But will there be such a combination of high values, low inventory, historically low rates, and high demand? And when will it happen? How will you feel if you “miss out” now?

Those are questions you need to ask yourself if you’ve been toying with the idea of selling your house.

The Takeaway:

Don’t be fueled by fear of missing out, but definitely think about how it would affect you if you did, because the market’s still in your favor…for now at least. If you’re going to sell in the next few years, now is as good a time as any to take advantage of the fact that buyers are still hopeful, offers are plentiful and over asking price, and homes are selling quickly.

by megpachas

Should You Decorate When Selling Your Home During The Holiday Season?

    The holidays are arguably the most festive time of the year. And for many people, part of that festiveness is plenty of festive, holiday-themed decorations. But if you’re selling your home, going too over-the-top with your decorations can put off potential buyers.

    So, the question is, can you decorate your home for the holidays without hurting your home sale?

    An article from realtor.com outlined the rules you need to follow if you want to get into the holiday spirit with your decorations without derailing your home sale, including:

    • Avoid personalized decorations. If you want to sell your home, potential buyers need to be able to picture themselves in the space. But if your home is plastered with personalized holiday decorations, it’s going to be nearly impossible to do that—so while you might love your personalized Christmas stockings or your array of holiday cards from friends and family, keep them packed away until your home is sold.
    • Go classic. Classic, elegant holiday decorations are always going to have a wider appeal to buyers than more kitschy, over-the-top decor.
    • Look to your neighbors. Your buyers are looking at your neighborhood just as much as they’re looking at your home—so when it comes to holiday decor, look to your neighbors for inspiration. If every home on your block is decked out for the holidays, you don’t want to skip decorating altogether—and, on the flip side, if your neighbors all opted out of holiday decorations, your don’t want to deck your home in bright lights and an avalanche of “Happy Holidays”-inspired decor.

    Bottom line? It is possible to sell your home and decorate it for the holidays—as long as you decorate with potential buyers (and your home sale) in mind.

    by megpachas

    Freddie Mac Predicts Strong Real Estate Market In 2020 and 2021

                                                 

      2020 is here—and it looks like this year is going to be a strong one for the real estate market.

      In a recent article outlining their market forecast, Freddie Mac projected an overall optimistic view for the real estate market in 2020, and into 2021. “With low interest rates, modest inflation and a solid labor market, the U.S. housing market continues to show strength. Our forecast is for the U.S. housing market to maintain momentum over the next two years,” they write in the article.

      Some of their market projections include:

      • Interest rates for 30-year fixed-rate mortgages will drop slightly, from 4 percent in 2019 to 3.8 percent in 2020
      • Home sales will hit 6 million in 2019—but continue to rise, hitting a projected 6.1 million in 2020 and 6.2 million in 2021
      • Home price growth will slow, from 3.2 percent in 2019 to 2.9 percent in 2020 and 2.1 percent in 2021

      The Takeaway:

      What does this mean for you? It looks like a strong real estate market which is good for both buyers and sellers—so no matter what kind of real estate move you’re considering, 2020 and 2021 are projected to be great years.

      by megpachas