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Hey, Millennial Homeowners!! It May Be Time to Sell

by Melissa Thompson

Contrary to what many believe, Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S. than any other age group in 2017 and the most recent Census Bureau report shows that the homeownership rate among Millennials is finally on the rise.

Many Millennials took advantage of post housing crash prices and the First-Time Homebuyers’ Tax Creditand jumped into homeownership in 2010. If you are one of these buyers, now may be the time to sell for many reasons. Here are a few:

1. Equity Build-Up

Home prices have been on the rise since the beginning of 2012 and your house may have appreciated by more than you think. ATTOM Data Solutions, in their Q2 2017 U.S. Home Sales Report revealed that:

“…homeowners who sold in the second quarter realized an average price gain of $51,000 since purchase — the highest average price gain for home sellers since Q2 2007, when it was $57,000.

The average home seller price gain of $51,000 in Q2 2017 represented an average return of 26 percent on the previous purchase price of the home, the highest average home seller return since Q3 2007, when it was 27 percent.”

2. Projected Home Price Increases

If you just got married or just found out you are about to become a parent, you may have plans to move up a bigger home or perhaps move to a different area. Waiting to buy a more expensive home in this market probably doesn’t make sense. The experts contacted for the Home Price Expectation Survey are projecting home prices to increase by nearly 5% over the next year. Yes, your house’s price will increase but not as much as a home currently valued higher than yours.

3. Projected Interest Rate Increases

The Mortgage Bankers’ AssociationFreddie Mac, Fannie Mae and the National Association of Realtors are each projecting mortgage rates to increase over the next year.

Higher PRICES + Higher INTEREST RATES = LARGER MORTGAGE PAYMENTS.

Bottom Line

If you are lucky enough to be one of those Millennials who purchased a house in 2010 (or even later), now might be the perfect time to move up to the home of your dreams! 

Contact your local expert’s at The Melissa Thompson Team 901-729-9526 to find out how much your current home is worth! 

By: KCM Crew

20 Tips for Preparing Your House for Sale

by Melissa Thompson

Some Highlights:

  • When listing your house for sale your top goal will be to get the home sold for the best price possible!
  • There are many small projects that you can do to ensure this happens!
  • Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!

​​Contact your local expert’s at The Melissa Thompson Team 901-729-9526 to find out how much your current home is worth! 

By: KCM Crew

5 Important Things to Fix Before Putting Your House on the Market

by Melissa Thompson

If you want the best price for your house, you may have to do some repairs before selling it. Potential buyers will be willing to spend more for a home that doesn’t need a lot of work.  Here are 5 important things to fix before selling:

  1. Exterior - When was the last time the exterior of your house was painted?  Is the paint faded and chipping?  Is wood rotting around the windows?  Is your front door dingy?  First impressions matter when it comes to selling your home and buyers will get their first impression when they see the outside of your house whether in pictures or in person.  Don’t forget the landscaping.  A well-kept lawn and simple, but clean flower beds will go a long way toward creating an enticing aesthetic for your property.
  2. Interior Paint - If the walls are looking a bit shabby and the trim a bit grimy, painting is a quick and easy fix.  The same applies if you went through a crazy color phase a few years back and decorated with hues that might not appeal to everyone.  Choose neutral colors that will allow buyers to focus on the spaces without being distracted.
  3. Kitchen - The kitchen is one of the most important rooms that buyers focus on when looking at a house.  So, if yours is looking run-down you will want to update it.  It will be worth the investment to replace appliances that are on their last legs or putting in a new granite counter.  Or it might be as simple as repainting cabinets and adding shiny, new handles.
  4. Bathroom - Nothing turns buyers off faster than an unsightly bathroom.  Sparkling, clean fixtures and a fresh coat of paint will go a long way toward impressing someone searching for their dream home.  Inexpensive touches like a decorative mirror or a lovely picture on the wall will add to the ambiance without breaking the bank.
  5. Flooring - If your carpets are stained or thread bare, it is worth your while to replace them.  Otherwise, buyers may ask for a carpet allowance when they make an offer on your house.  The same applies if your vinyl floors are in bad shape.  Hardwoods are always popular, but you may want to consider getting them refinished if they are looking old and scruffy.

It may seem counter intuitive to spend money on repairing or fixing up a house you are getting ready to sell, but at the end of the day, it will not only help you sell your house faster, but you will get a better price for it too.

http://www.yourkeytomemphis.com/Blog/75-of-Homeowners-Think-Now-is-a-Good-Time-to-Sell

http://www.yourkeytomemphis.com/Blog/Quick-Fix-Tricks-to-Make-Your-House-Sparkling-Clean

http://www.yourkeytomemphis.com/Blog/Tips-for-Showing-Your-Home-to-Potential-Buyers

75% of Homeowners Think Now is a Good Time to Sell!

by Melissa Thompson

The National Association of Realtors (NAR) recently released the findings of their Q2 Homeownership Opportunities and Market Experience (HOME) Survey. The report covers core topics like, “if now is a good time to buy or sell a home, the perception of home price changes, perceived ability to qualify for a mortgage, and [an] outlook on the U.S. economy.”

The survey revealed that 75% of homeowners think now is a good time to sell, compared to 70% last quarter. This is a considerable increase from more than a year ago when 66% agreed.

Even though homeowners believe that now is a good time to sell, many have not taken the step to list their homes, as inventory shortages still exist across the country. Lawrence Yun, NAR’s Chief Economist, had this to say:

"There are just not enough homeowners deciding to sell because they’re either content where they are, holding off until they build more equity, or hesitant seeing as it will be difficult to find an affordable home to buy...

As a result, inventory conditions have worsened and are restricting sales from breaking out while contributing to price appreciation that remains far above income growth.”

Bottom Line

If you are wondering if now is a good time to sell your house, let’s get together to discuss the opportunities available in our market. 901.729.9526 or melissa@yourkeytomemphis.com. 

By: KCM Crew

Quick Fix Tricks to Make Your House Sparkling Clean!

by Melissa Thompson

Putting your house on the market can be stressful in many ways.  Not only are you preparing to move yourself, you also need to keep your home looking as perfect as possible  for potential buyers.  Here are some quick fix tricks to help you get your house in order and ready to show:

 1. Cleaning the Microwave - No matter how dirty your microwave is, you can have it clean and shining in less than five minutes with this trick!  Slice a lemon in two.  Put it in a cup and add some cinnamon.  Place the cup in the microwave and “cook” on low power for 10 minutes.  Wipe the inside of the microwave clean with a damp cloth.  The cinnamon makes it smell nice.

2. Dusting That Lasts - The secret here is to wipe your furniture down with a little bit of cooking oil on a paper towel. This will do two things.  The first is that it will make your furniture shine nicely.  The second is that it adds an anti-static layer which repels dust.  You will need to dust again eventually, but not for a much longer time.

3. Getting Kids’ Artwork Off the Wall for Good - Finding that your creative child has used a wall for artwork with a pen or permanent marker is the worst! The good news is that the stain can be removed.  Try squeezing toothpaste (not the gel kind) onto a damp cloth.  Rub the toothpaste over the stain and watch it disappear. Here are some other ways to get marker off walls.

4. Keeping Window Tracks Clean - If you’re showing your house on a nice day, you’re going to want to have your windows open.  But if you do that, you want to make sure that the window tracks are super clean.  The easiest way to make sure they are, is to sprinkle the area with baking powder and then add vinegar.  Don’t worry when it starts to bubble; it’s supposed to do that!  Leave it for 15 minutes.  Then wipe it clean with a paper towel and done!

5. Shiny Bathtubs -  You won’t believe how easy it is to clean your bathtubs this way!  First, warm (don’t boil) some vinegar in the microwave.  Mix it with equal parts soap solutions in a spray bottle.  Spray all over the bath.  Leave it for about 30 minutes.  Come back and wipe clean.  The shine you get will amaze you! Don't forget to keep that toilet bowl clean and shiny as well!

6. Keeping Animal Fur off Blankets - Do you have pets that shed?  If so, you know the struggle of keeping your house fur free.  Vacuuming regularly helps, but doesn’t keep the fur off things such as blankets and throws.  Believe it or not, there is a way to do that. Wash them once in white vinegar and you will discover that the fur never sticks to them afterward!

Hopefully these brilliant, time-saving tips will help you keep your house ready to show!

 

http://www.yourkeytomemphis.com/Blog/Top-Home-Renovations-for-Maximum-ROI

http://www.yourkeytomemphis.com/Blog/Tips-for-Showing-Your-Home-to-Potential-Buyers

http://www.yourkeytomemphis.com/Blog/3-Charts-That-Shout-List-Your-Home-Today

Displaying blog entries 1-5 of 5