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3 Charts That Shout, ‘List Your Home Today!’

by Melissa Thompson

3 Charts That Shout, ‘List Your Home Today!’ | Keeping Current Matters

In school, we all learned the theory of supply and demand. When the demand for an item is greater than the supply of that item, the price will surely rise.

SUPPLY

The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 3.8-month supply. This is considerably lower than the 6-month supply necessary for a normal market.

3 Charts That Shout, ‘List Your Home Today!’ | Keeping Current Matters

DEMAND

Every month NAR reports on the number of buyers out in the market looking for homes, which is also known as buyer traffic. As seen on the map below, buyer demand in March was strong or very strong in 45 out of 50 states nationwide, and Washington, DC.

3 Charts That Shout, ‘List Your Home Today!’ | Keeping Current Matters

Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream homes (if they are even able to find a home they wish to purchase).

Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.

HOME EQUITY

Many homeowners underestimate the amount of equity they currently have in their homes. According to a recent Fannie Mae study, 37% of homeowners believe that they have more than 20% equity in their homes. In reality, CoreLogic’s latest Equity Report tells us that 78.9% actually do!

3 Charts That Shout, ‘List Your Home Today!’ | Keeping Current Matters

Many homeowners who are undervaluing the equity they have in their homes may feel trapped, which may be contributing to the lack of inventory in the market.

Bottom Line

If you are debating selling your home this year, let The Melissa Thompson Team evaluate the equity you have in your home, as well as the opportunities available in your market. 901.729.9526 or [email protected]  

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Selling a Home in Spring 2017? Here’s What You Should Know!

by Melissa Thompson

  1. It’s a Seller’s Market - According to Lawrence Yun, chief economist and senior vice president of research for The National Association of Realtors, this season is expected to be a great time to be a seller. The spring season is heating up for sellers as there are more buyers and fewer sellers than last year.  Since it is a high-demand, low-supply environment, people trying to sell their homes will see a lot of foot traffic from eager buyers. In addition, if they price their homes right for their market, they could end up with multiple offers for their homes. This trend looks like it will continue despite rising mortgage rates, Yun said, as job growth and the U.S. economy remain strong.
     
  2. The chief economist for Zillow, Svenja Gudell, says, “We’re seeing a lot of demand for entry-level homes and things that are a little less expensive, as many millennials and first-time buyers are very active.” While starter homes are in high demand and will likely sell more quickly, more expensive homes are selling more slowly. Homes that are priced over $500,000 are staying on the market longer.
     
  3. Timing is Everything.  Zillow conducted a study of listings in markets across the country and found that, nationwide, homes listed between May 1 and May 15 sold an average of nine days faster and for an average of 0.8 percent more than homes listed at other times. In most markets, listings posted on a Friday or Saturday performed best.
    "These times differ from one market to the next," Gudell said. "It's spread over March, April and May, and warmer markets will start earlier. Markets with deep, snowy winters tend to start a bit later."

     
  4. Aesthetically Pleasing Homes Sell Faster.  Spring is the perfect time of year to show off your home.  Take advantage of flowers blooming and trees blossoming by keeping your yard neat and tidy.  That first impression may be what draws people to look at your property.
     
  5. More Options=Greater Odds.  Some people may think that selling in the spring is a bad idea because there is less competition during other months of the year.  But less competition means fewer buyers.  Many realtors feel that competition is a positive thing in the real estate market and can assist homeowners in getting a better deal.
     
  6. School’s Out for Summer.  Many homeowners want to time their purchase of a new home with the end of the school year so that they are not moving their children to a different school mid-year.  If the closing occurs in early summer, it gives the family a couple of months to get acclimated to their new area before the new school year begins.
     
  7. More Buyers=More Offers.  The best thing that can happen for a seller is to receive multiple offers that result in a bidding war.  This is most likely to happen in the spring when more people are house hunting.

Spring is a time for new beginnings. The weather is nicer; the days are longer and people are excited to get out and look at homes. So, don’t miss out on this opportunity.  If you are thinking about selling your house this year, put it on the market now with The Melissa Thompson Team901.729.9526 or [email protected]

 

http://www.yourkeytomemphis.com/Blog/Dont-Let-Your-Luck-Run-Out

http://www.yourkeytomemphis.com/Blog/Spring-Fever-Already

http://www.yourkeytomemphis.com/Blog/5-Design-Trends-to-Avoid-When-Selling-Your-Home

Spring Fever Already?

by Melissa Thompson

Three Home Maintenance Projects You Can Do to Chase Away the Winter Blues!

March is here and chances are the winter doldrums are getting to you.  Now is a good time to start tackling some home maintenance tasks that will remind you that spring is right around the corner!

Clean Your Gutters
Once the last frost of winter has passed, it is important to have your gutters and downspouts cleaned and, if necessary, repaired.  Clogged gutters and downspouts can cause wood trim in the eaves to rot and that can leave and opening for all kinds of critters to invade your house.  If you’re not sure what to look for, you can have a home inspector come and look for you. 

Another benefit to cleaning out your gutters and downspouts early in the season is that it can help to prevent damage from spring rains. If they are installed and cleaned properly, they will divert water away from the house and keep it from collecting around your foundation.

Prep Your Yard

Your lawn may be looking sad as the winter months have taken their toll, but it doesn’t have to stay that way.  Giving your lawn a little attention toward the end of winter will make for a lush, green lawn this spring and summer.

The first step is to aerate your soil.  When soil is compacted, it is too hard for water, air and roots to penetrate.  That makes it hard on grass.  You can rent a core aerator from a local equipment rental store. A half day’s rental generally costs about $40.  This machine, which resembles a large rotary tiller, uses steel tubes to take plugs of soil from the lawn and deposit them on the ground.  You can reduce compaction by aerating once a year and this will increase the vitality of your lawn.

 

The second step is to mow the old grass low.  If you have cool-season grass such as bluegrass, fescue, or perennial ryegrass, you can skip this part.  But if you have warm-season grass such as Bermuda, buffalo grass centipede, St. Augustine or Zoysia, you will want to mow that old, brown grass low at the end of winter to remove the accumulation of thatch, an accumulation of dead stems and leaves.  If you leave the thatch, it will prevent water and nutrients from reaching the roots and will encourage disease.  Cut Bermuda lawns to ½ inch and leave the clippings in place to decompose.  Mow other types to 1 inch.  If you use a regular mower, bag the clippings; then compost or discard them.  Mowing low allows more sun to reach and warm the soil which helps the grass to green up.

The final step is to stop weeds.  As the temperatures rise and reach 70 degrees, the seeds of lawn weeds begin to sprout.  Late winter is a good time to stop them by applying a pre-emergence lawn weed preventer.  When used properly, it creates a barrier atop the soil to keep weeds from sprouting.  Make sure not to aerate after using the weed preventer or you will break the barrier.  Do not use this type of product if you are planting new grass though, because it will keep grass seeds from coming up as well.

Caulk Windows and Doors

Winter can be hard on your home.  Now is the time to inspect the caulking around your windows and doors and to repair any damage left behind by old man winter. Check around your windows, doors, and corner trim to prevent water infiltration and avoid costly repairs.

Using high-quality siliconized acrylic latex caulk that is rated for exterior use will cut down on the amount of caulking you will have to do.  It has good adhesion and flexibility, cleans up easily with water, and is paintable as well.  Make sure you know what you are doing and avoid common mistakes in caulking.

 

 

 

http://www.yourkeytomemphis.com/Blog/Making-Your-Home-More-Desirable-in-2017-Home-Improvement-Projects

http://www.yourkeytomemphis.com/Blog/No-Matter-What-the-Groundhog-Says-Here-are-5-Reasons-to-Sell-Before-Spring

http://www.yourkeytomemphis.com/Blog/Fixing-Up-the-House-End-of-Summer-Style

 

Where Did Americans Move in 2016?

by Melissa Thompson

Where Did Americans Move in 2016? | Keeping Current Matters

Some Highlights:

  • For the 5th year in a row, the Northeast saw a concentration of “High Outbound” activity.
  • For the first time ever, South Dakota held the top spot for “High Inbound” states.
  • Much of America’s outbound activity can be attributed to Boomers relocating to warmer climates after retiring.

 

 

Learn more about buying or selling Memphis Real Estate at yourkeytomemphis.com. 901.729.9526 or [email protected]

Winter Is Coming… 5 Reasons to Sell Now!

by Melissa Thompson

Winter Is Coming… 5 Reasons to Sell Now! | Keeping Current Matters

People across the country are beginning to think about what their life will look like next year. It happens every fall; we ponder whether we should relocate to a different part of the country to find better year-round weather, or perhaps move across the state for better job opportunities. Homeowners in this situation must consider whether they should sell their house now or wait.

If you are one of these potential sellers, here are five important reasons to sell now instead of in the dead of winter.

1. Demand Is Strong

The latest Realtors’ Confidence Index from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now!

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

According to NAR’s latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market (which is 4.5-months).

This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market soon.

Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase, reaching historic levels in 2017. Last month’s new home sales numbers show that many buyers who have not been able to find their dream homes within the existing inventory have turned to new construction to fulfill their needs.

The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

Fannie Mae announced that they anticipate an acceleration in home sales that will surpass 2007's pace. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen. Selling now will make the process quicker & simpler. 

4. There Will Never Be a Better Time to Move Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.2% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

According to Freddie Mac’s latest report, you can also lock-in your 30-year housing expense with an interest rate around 3.57% right now. Interest rates are projected to increase moderately over the next 12 months. Even a small increase in rate will have a big impact on your housing cost.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.  

That is what is truly important.

If you are considering putting your home up for sale, visit our website, call 901-729-9526  or email [email protected]yourkeytomemphis.com to get started!

 

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