Sandy Kay Homes

Category: Buy and Sell Info News

  • 4 Tips to Maximize the Sale of Your House

     

    4 Tips to Maximize the Sale of Your House | MyKCM

    Homeowners ready to make a move are definitely in a great position to sell today. Housing inventory is incredibly low, driving up buyer competition. This gives homeowners leverage to sell for the best possible terms, and it’s fueling a steady rise in home prices.

    In such a hot market, houses are selling quickly. According to the National Association of Realtors (NAR), homes are typically on the market for just 18 short days. Despite the speed and opportunity for sellers, there are still steps you can take to prep your house to shine so you get the greatest possible return.

    1. Make Buyers Feel at Home

    One of the ways to make this happen is to take time to declutter. Pack away any personal items like pictures, awards, and sentimental belongings. The more neutral and tidy the space, the easier it is for a buyer to picture themselves living there. According to the 2021 Profile of Home Staging by NAR:

    “82% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.”

    Not only will your house potentially attract the attention of more buyers and likely sell quickly, but the same report also notes:

    “Eighteen percent of sellers’ agents said home staging increased the dollar value of a residence between 6% and 10%.”

    As Jessica Lautz, Vice President of Demographics and Behavior Insights for NAR, says:

    “Staging a home helps consumers see the full potential of a given space or property…It features the home in its best light and helps would-be buyers envision its various possibilities.”

    2. Keep It Clean

    On top of making an effort to declutter, it’s important to keep your house neat and clean. Before a buyer stops by, be sure to pick up toys, make the beds, and wash the dishes. This is one more way to reduce the number of things that can distract a buyer from the appeal of the home.

    Ensure your home smells fresh and clean as well. Buyers will remember the smell of your house, and according to the same report from NAR, the kitchen is one of the most important rooms of the house to focus on if you want to attract more buyers.

    3. Give Buyers Access

    Buyers are less likely to make an offer on your house if they aren’t able to easily schedule a time to check it out. If your home is available anytime, that opens up more opportunities for multiple buyers to go from curious to eager. It also allows buyers on tight schedules to still get in to see your house.

    While health continues to be a great concern throughout the country, it’s important to work with your agent to find the best safety measures and digital practices for your listing. This will drive visibility and create access options that also keep everyone in the process safe.

    4. Price It Right

    Even in a sellers’ market, it’s crucial to set your house at the right price to maximize selling potential. Pricing your house too high is actually a detriment to the sale. The goal is to drive high attention from competing buyers and let bidding wars push the final sales price up.

    Work with your trusted real estate professional to determine the best list price for your house. Having an expert on your side in this process is truly essential.

    Bottom Line

    If you want to sell on your terms, in the least amount of time, and for the best price, today’s market sets the stage to make that happen. Let’s connect today to determine the best ways to maximize the sale of your house this year.

  • Don’t Be Fooled by Remarkable Real Estate Headlines

     

    Don’t Be Fooled by Remarkable Real Estate Headlines | MyKCM

    Don’t be impressed by the headlines reporting year-over-year housing numbers for the next several months (data covering March, April, May, and June). The data will most likely show eye-popping one-year increases.

    While the year-over-year jumps will certainly be striking, consumers should take these numbers with a grain of salt, as the situation highlights a short-term quirk in the reporting of this data. Essentially, the increases will reflect a combination of two things: sharply lower housing numbers during last year’s virus-related market collapse and the subsequent strong rebound. This will result in what will appear to be unbelievable growth.

    Let’s use single-family home sales as an example:Don’t Be Fooled by Remarkable Real Estate Headlines | MyKCMAs the graph reveals, last spring’s buying market was anything but typical. Instead of sales increasing, they fell sharply as a result of stay-at-home orders that virtually shut the real estate industry down.

    This spring’s real estate market will bounce back with more normal seasonal sales increases. The percentage increase in sales will be astronomical – not because sales have skyrocketed, but instead because they will be compared to last year’s low numbers.

    Bottom Line

    There are likely to be some sensational headlines about real estate over the coming months. However, don’t be fooled. The actual story is that the real estate market is finally back to normal.

  • Will the Housing Market Maintain Its Momentum?

    Will the Housing Market Maintain Its Momentum? | MyKCM

    Last week’s Existing Home Sales Report from the National Association of Realtors (NAR) shows sales have dropped by 3.7% compared to the month before. This is the second consecutive month that sales have slumped. Some see this as evidence that the red-hot real estate market may be cooling. However, there could also be a simple explanation as to why existing home sales have slowed – there aren’t enough homes to buy. There are currently 410,000 fewer single-family homes available for sale than there were at this time last year.

    Lawrence Yun, Chief Economist at NAR, explains in the report:

    “The sales for March would have been measurably higher, had there been more inventory. Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising.”

    Yun’s insight was supported the next day when the Census Bureau released its Monthly New Residential Sales Report. It shows that newly constructed home sales are up 20.7% over the previous month.

    Buyer demand remains strong. With more of the adult population becoming vaccinated and job creation data showing encouraging signs, existing-home inventory is expected to grow in the coming months.

    What will this mean for home sales going forward?

    Fannie Mae, Freddie Mac, and the Mortgage Bankers Association (MBA) have all forecasted that total home sales (existing homes and new construction) will continue their momentum both this year and next. Here’s a graph showing those projections:Will the Housing Market Maintain Its Momentum? | MyKCM

    Bottom Line

    Living through a pandemic has caused many to re-evaluate the importance of a home and the value of homeownership. The residential real estate market will benefit from both as we move forward.

  • Now that the Fed has cut rates, what’s next for mortgage rates?

    August 2, 2019

    Are your buyers aware of the opportunity offered by today’s market?

    After the Fed’s rate cut, there’s lots of talk about lower rates. Whether mortgage rates rise or fall from here, it’s still a great time to be a homebuyer
    Many homebuyers may be expecting lower mortgage rates in the wake of the Federal Reserve’s decision* on Wednesday, July 31, to reduce their benchmark federal-funds rate, the first easing of monetary policy in over ten years. Because it was so widely expected, the Fed’s move was already reflected in mortgage rates. That is, the cut in the short-term rate was already “priced into” mortgage yields by the time it came. The only question ahead of the rate cut was how aggressive it might be – a half-point cut or, as it turned out to be, a quarter-point cut?

    The key point to remember: Although mortgage rate changes can be volatile, they move in response to shifting market conditions and in anticipation of Fed policy. They do not change in reaction to a Fed policy change that was widely anticipated.

    Additionally, mortgage rates and other long-term rates are influenced by many other factors than just the Fed, which operates on securities with very short maturities. As recently as last December, when the Fed raised the target on its benchmark rate by 0.25%, mortgage rates were falling and were almost a quarter-point lower than November’s average rate of 4.87%.

    And that decline in December was just the beginning of a continuing drop in mortgage rates through the first seven months of 2019. The 30-year fixed-rate mortgage averaged 3.77% in July.

    The great news is that we are enjoying the lowest mortgage rates we’ve had in a couple of years. Consider the impact from the decline in rates since November. For the 30-year fixed-rate mortgage, the decline from November’s 4.87% to July’s 3.77% reduces the monthly principal and interest payment by $65 for every $100,000 borrowed, a savings of over $23,000 over the term of the loan.

    While mortgage rates have been falling, home price increases have been decelerating. The most recent reading of a popular home price gauge shows a 5.1% increase over the past twelve months. A year ago, home prices were rising at a 7.4% rate.

    Meanwhile, home sales have been cooling off, with existing home sales 4.2% lower through the first half of 2019 than the same period last year. But applications for home loan purchases are up 6% over last year, reflecting an increase in first-time homebuyers.

    The combination of low mortgage rates, a more balanced housing market, and slower home price growth may give your customers additional motivation to act now to purchase a new home.

    And, as the recent Wells Fargo Homeownership Study shows, Americans continue to highly value homeownership – and it remains a top priority for them in achieving financial security.

    *The Fed’s action
    The Fed lowered its target range for the federal-funds rate by a quarter-point, to 2.00% to 2.25%. Previously, the target range, the Fed’s primary policy lever for rates on short-term securities, was 2.25% to 2.50%.

    It’s the first rate cut in over ten years and ends a series of nine consecutive quarter-point increases that began in December 2015.1

    Belana ChechelnitskyHome Mortgage Consultant
    NMLSR ID 357881

    Wells Fargo Home Mortgage | 1995 EL CAMINO REAL SUITE 200 | SANTA CLARA, CA 95050
    MAC A0580-024
    Cell 408-219-9141

  • Why buy a retirement home when you’re working?

    Deciding to buy a retirement home while you are still working is a decision that is based on a long term projection of your future income and plans. Here are some of the reasons to buy your final retirement home now.
    1. You will more easily be able to qualify for the loan while you have a steady income
    2. You can enjoy the home as a vacation home
    3. You can vacation rent the home and get a tax deduction and income while you are not using it. Financing the home as a second home and not an investment property has potential financing and tax advantages
    4. Interest rates are at an all time low
    5. Good development locations are being purchased as our population grows so there are more opportunities now before the baby boomers retire
    6. Building costs: materials, labor and permits are increasing not decreasing
    7. You are tired of the stock market
    Read more…