Home Staging Tips to Attract Buyers and Sell Faster
Home staging tips are important for a successful sale. Selling your home quickly and at the right price takes more than just listing it online. To draw in potential buyers and secure top offers, your home needs to stand out. That’s where home staging comes in.
By strategically preparing your home—through redecorating, repairing, and making it look its best—you can make a lasting impression and significantly increase its appeal.
Florida Back to School Sales Tax Holiday for Florida July 29 – August 11, 2024
Florida’s Back to School Sales Tax Holiday begins Monday, July 29, 2024, which means shoppers won’t pay sales tax on most of the things found on a student’s supply list! Sales Tax Holiday ends August 11, 2024.
How To Increase My Home’s Value: 7 Weekend Projects
Increase Your Home’s Value with These 7 Weekend Projects.
Mid-Year Real Estate Market Update 2024
Mid-Year Real Estate Market Update 2024 What Buyers and Sellers Need to Know Time for a mid-year real estate market update in 2024. Read on for our take on this year’s most important real estate news and get a sneak peek into what analysts predict is around the corner for 2024. First A Review Last December, when the Federal Reserve projected a series of benchmark rate cuts in the coming year, some analysts speculated that mortgage rates—which had recently peaked near 8%—would fall closer to 6% by mid-2024.1,2,3 Unfortunately, persistent inflation has delayed the central bank’s timeline and kept the average 30-year mortgage rate hovering around 7% so far this year.2 While elevated mortgage rates have continued to dampen the pace of home sales and affordability, there have been some positive developments for frustrated homebuyers. Nationwide, the inventory shortage is starting to ease, and an uptick in starter homes coming on the market has helped to slow the median home price growth rate, presenting some relief to cash-strapped buyers.4 There are also signs that sellers are adjusting to the higher rate environment, as a growing number list their properties for sale.4 Still, economists say a persistent housing deficit—combined with tighter lending standards and historically high levels of home equity—will help keep the market stable.5 What does it mean for you? Read to get the info you need as buyers and sellers. Mortgage Rate Cuts Will Take Longer Than Expected At its most recent meeting on May 1, the Federal Reserve announced that it would keep its overnight rate at a 23-year high in response to the latest, still-elevated inflation numbers.6 While mortgage rates aren’t directly tied to the federal funds rate, they do tend to move in tandem. So, while expected, the Fed’s announcement was further proof that a meaningful decline in mortgage rates—and a subsequent real estate market rebound—is farther off than many experts predicted. “The housing market has always been interest rate sensitive. When rates go up, we tend to see less activity,” explained Realtor.com chief economist Danielle Hale in a recent article. “The housing market is even more rate sensitive now because many people are locked into low mortgage rates and because first-time buyers are really stretched by high prices and borrowing costs.”7 Many experts now speculate that the first benchmark rate cut will come no sooner than September, so homebuyers hoping for a cheaper mortgage will have to remain patient. “We’re not likely to see mortgage rates decline significantly until after the Fed makes its first cut; and the longer it takes for that to happen, the less likely it is that we’ll see rates much below 6.5% by the end of the year,” predicted Rick Sharga, CEO at CJ Patrick Company, in a May interview.8 What does it mean for you? Mortgage rates aren’t expected to fall significantly any time soon, but that doesn’t necessarily mean you should wait to buy a home. A drop in rates could lead to a spike in home prices if pent-up demand sends a flood of homebuyers back into the market. Reach out to schedule a free consultation so we can help you chart the best course for your home purchase or sale. BUYERS ARE GAINING OPTIONS AS SELLERS RETURN TO THE MARKET There is a silver lining for buyers who have struggled to find the right property: More Americans are sticking a for-sale in their yard.9 Given the record-low inventory levels of the past few years, this presents an opportunity for buyers to find a place they love—and potentially score a better deal. In 2023, inventory remained scarce as homeowners who felt beholden to their existing mortgage rates delayed their plans to sell. However, a recent survey by Realtor.com shows that a growing number of those owners are ready to jump in off the sidelines.10 While the majority of potential sellers still report feeling “locked in” by their current mortgage, the share has declined slightly (79% now versus 82% in 2023). Additionally, nearly one-third of those “locked-in” owners say they need to sell soon for personal reasons, and the vast majority (86%) report that they’ve already been thinking about selling for more than a year.10 Renewed optimism may also be playing a part. “Both our ‘good time to buy’ and ‘good time to sell’ measures continued their slow upward drift this month,” noted Fannie Mae Chief Economist Doug Duncan in an April statement.11 However, the current stock of available homes still falls short of pre-pandemic levels, according to economists at Realtor.com. “For the first four months of this year, the inventory of homes actively for sale was at its highest level since 2020. However, while inventory this April is much improved compared with the previous three years, it is still down 35.9% compared with typical 2017 to 2019 levels.”4 What does it mean for you? If you’ve had trouble finding a home in the past, you may want to take another look. An increase in inventory, coupled with relatively low buyer competition, could make this an ideal time to make a move. Reach out if you’re ready to search for your next home. If you’re hoping to sell this year, you may also want to act now. If inventory levels grow, it will become more challenging for your home to stand out. We can craft a plan to maximize your profits, starting with a professional assessment of your home’s current market value. Contact us to schedule a free consultation. HOME PRICES ARE RISING AT A MORE MANAGEABLE PACE Homebuyers struggling with high borrowing costs have something else to celebrate. The national median home price has remained relatively stable over the past year, due to sellers bringing a greater share of smaller, more affordable homes to the market.4 In addition to offering cheaper homes, a recent survey found that home sellers are also adjusting their expectations when it comes to pricing. In many regions, just 12% anticipate a bidding war (down from 23% last year) and only 15% expect to sell above list
10 Pro Tips for a Smooth Home Move
Whatever your circumstances, the road to the closing table can be riddled with obstacles — from issues with showings and negotiations to inspection surprises. But many of these complications are avoidable.
Real Estate Market Forecast: Opportunities for Home Buyers and Sellers in 2024
Real Estate Market Forecast: Trends for this year show many opportunities for home buyers and sellers in 2024. Look for interest rates and the number of houses listed to change.
My Home Didn’t Sell… Now What?
My Home Didn’t Sell… Now What? We’ve outlined the top five reasons a home doesn’t sell—and action steps you can take to overcome each of these issues.
10 Tips to Attract the Best Offers for Your Home
Several articles have been released concerning home design trends in 2023. We have chosen ten of these designs that you could try, as a do-it-yourself project, to update your property this year.
How to Avoid Home Buyer’s Remorse
Several articles have been released concerning home design trends in 2023. We have chosen ten of these designs that you could try, as a do-it-yourself project, to update your property this year.
Home Sellers: How to Get the Highest Price For My Home
In this article are some tips to get the highest price when selling your home. It is all about preparation, pricing, and promotion to get the top dollar for your home.
Selling Your Home: Sellers Checklist
If you want to maximize your sale price, it’s still important to prepare your home before putting it on the market. We have included a check list for your convenience.
Sellers: How to Get Highest Price For My Home
In this article are some tips to get the highest price when selling your home. It is all about preparation, pricing, and promotion to get the top dollar for your home.
Home Sellers: Avoid These 7 Costly Mistakes
Whatever your circumstances, the road to the closing table can be riddled with obstacles — from issues with showings and negotiations to inspection surprises. But many of these complications are avoidable.
Overcome Inflation With Real Estate Investments
The Top Home Design Trends for 2022 are represented in the above photo. Key words: warm, inviting, minimalist, back to nature, rounded, earth tones, variety of textures. These design trends will be covered in this article.
Higher Rates Short Supply Real Estate 2022
A high offer price gets attention. But most sellers consider a variety of factors when evaluating an offer. With that in mind, here are five tactics you can utilize to sweeten your proposal and outshine your competition.
Write A Winning Real Estate Offer
A high offer price gets attention. But most sellers consider a variety of factors when evaluating an offer. With that in mind, here are five tactics you can utilize to sweeten your proposal and outshine your competition.
Real Estate Market Trends Palm Beaches 2022
What’s the state of housing market in SE Florida 2022? Home prices soared in south Florida by a record 29% between January 2021 – January 2022, a history maker.
Ways to Safely Show and Sell Your Home
Follow these key guidelines during in-person showings of homes to protect health & well-being of all.
Storage Ideas Buyers Like
Storage Ideas Buyers Like Thanks to Marie Kondo and her hit Netflix series “Tidying Up,” home organization is a hot topic right now. Marie encourages her viewers to minimize their possessions and keep only those items that “spark joy.” With spring in full bloom, now is the perfect time to do some spring cleaning and add organizational systems to your own home. Not only will you clear out clutter, your efforts can actually increase the value of your home. Ready to give it a try? Here are six home organization ideas that will “spark joy” for you and your property value. Boost Bathroom Storage Capacity When was the last time you cleaned out your bathroom cupboards? If it’s been awhile, remove everything and take a look at each item. Toss any old or expired products—keep only what you actually use. If your vanity has drawers, add drawer organizers, so you have a dedicated space for smaller items, like makeup and jewelry. For deep cabinets, install roll-out shelves or baskets to maximize the use of space. And don’t forget about the walls! Mount open shelves to store towels. If you’re short on storage space, a cabinet over the toilet can offer additional room for supplies. These inexpensive additions can make your morning routine a little easier while giving your bathroom a more custom feel. And on average, minor bathroom remodeling projects like these see a 102% return at resale.1 Sort through the items in your laundry room and throw away or donate anything you no longer need or use. If you’ve been holding onto a collection of old washcloths and single socks, it’s time to say goodbye. Then give your laundry room an upgrade with some customized organizational features. A mix of open cubbies and cabinets with doors will give you plenty of options for storing detergents and supplies. If you have space, a divided hamper or set of laundry baskets can provide a place to sort your clothes before washing. Install a hanging rod or drying rack for delicates and a flat work surface for ironing and folding clothes. With a few simple tweaks, you can turn this chore into a score! Fully Utilize Your Basement or Attic Basements, although rare in southeast Florida, and attics can easily become a dumping ground for clutter. If that’s the case in your home, you know what to do! Once you’ve conducted a thorough clean out, think about how you can better utilize the space to meet your family’s needs. Install cabinets and a table so you can use the area as a craft room. Or you could turn it into a game room with a media center and ping-pong table. Investing in your basement will not only add function for your family, but also the average basement remodel can see up to a 70% return on investment when it’s time to sell.2 If you have an attic, consider adding a cedar closet to store your off-season clothing. The cedar lining will keep your clothes free from moths and smelling fresh year round.3 Turning your attic into a more usable space will pay off down the road, too. A finished attic sees an estimated 60% return on investment.2 Cleaning out the closet is a chore most of us dread, but by now, you’re a pro! Get rid the clothes and shoes that don’t fit you, are uncomfortable to wear, or that no longer “spark joy.” Then it’s organizing time. So where do you start? You’ll want to create a designated space for each type of clothing: high hanging rods for dresses and long jackets, lower rods for skirts and shirts, and shelves for folded items like jeans. And accessories need a place to go, too. Add racks for your shoes, drawers for jewelry, hooks for hats, and shelves or racks for handbags. A well-equipped closet can be a major draw for buyers—the average return on a closet remodel is 57%.4 But more importantly, it’ll improve your day-to-day life. Surveyed homeowners gave their closet remodel a “Joy Score” of 10 out of 10, higher than kitchen or bath upgrades.5 Install Built-in Bookcases and Cabinets Built-in furniture adds functionality and storage to a room while giving your home a high-end look. Built-in bookcases can turn an empty room into an office. Custom cabinets can be used in a living room to display media equipment while providing hidden storage for DVDs, board games, and family albums. When designing any built-in feature, remember not to go too custom. A design that only fits your tastes or belongings could turn off future buyers. Instead, select standard sizes and classic finishes to appeal to a broad range of buyers when it comes time to sell. If you can no longer fit your car in your garage, it may be time for a clean out. Similar to an attic or basement, the garage can quickly become overrun with clutter. A thorough cleaning will help you assess which items are worth keeping. When adding organizational systems your garage, start with a small rack to store yard tools and larger racks for bikes and sports equipment. Overhead racks are a great place to put seasonal items and bulky luggage. A workbench against a wall lined with pegboard and hooks creates a dedicated space to use and store tools. If you have children or pets, add a cabinet with a lock. This will give you a place to securely store harsh chemicals and sharp tools. With a little effort, you’ll be pulling in your car (and buyers) in no time! SPRING INTO ACTION If you’re searching for service providers to help with your spring cleaning or home organization efforts, let us know! We can connect you with our network of local home improvement professionals. We can also help you determine which organizational upgrades will add the most value to your home. Call/ text us at 561-339-1779 and let us know how we may help! Sources: HGTV: https://www.hgtv.com/lifestyle/real-estate/top-home-updates-that-pay-off-pictures Nationwide: https://blog.nationwide.com/valuable-home-improvements/ HGTV: https://www.hgtv.com/design/remodel/interior-remodel/maximum-home-value-storage-projects–attic The
Top 10 Tips for Selling Your Home
Top 10 Tips for Selling Your Home Decide if you are really ready to sell. Here are a few thoughts to consider: Getting your home ready to sell and hiring the right people have costs with time, money, and emotions. Homeowners tend to love their homes. Make sure you’re emotionally ready to let go. Low interest rates are projected to continue to the end of this year. If space or functionality is the issue, sometimes taking out loans for renovations could be a better fit for you than going to a larger house and a bigger mortgage payment. 1 Selling Options If you want to sell your home faster, then the first step is to hire a professional real estate agent or a licensed Realtor®. The ideal person will know the local market and able to provide you with a professional CMA or Comparative Market Analysis of your home with the others in your area. Keep in mind that a Realtor® will help with the entire process, from hiring a professional photographer who will take top-notch photos of your home to negotiating for the best price. Realtors® also write a real estate listing that sells your home. Planning and hosting showings of your home, as well as marketing your property to get it seen by buyers, is included in their services. Another option is to sell your home yourself, known as FSBO or For Sale By Owner. Everything done is up to you, the owner. Contact the Martin Group of Realtors® at 561-339-1779 for your FREE consultation, without any obligation. 2 De-clutter, De-personalize, Clean De-clutter: Take half the stuff out of your closets, then neatly organize what’s left. Rearrange the furniture so your home looks inviting and so buyers can move through your home without bumping into anything. If necessary, put bulky items in storage. A crowded room looks like a small room. De-personalize: Remove all your family photos and memorabilia. You want buyers to see the house as a home for their family, not yours. Remove political and religious items, your children’s artwork (and everything else) from the refrigerator and anything that marks the house as your territory rather than neutral territory. The same goes for any collections such as figurines, sports memorabilia or kids’ toys that can make a buyer think less about the house and more about you. Family photos can be replaced by neutral art or removed entirely – just be sure to remove any nails and repair nail holes where any hanging photos used to be. Clean Everything! Nothing turns off buyers like a dirty house. Hire a company to deep clean if you can’t do it yourself. When your home is on the market, no matter what time of day, it should be clean and neat. Key places to keep clean while your home is on the market include: kitchen countertops, inside kitchen cabinets and appliances, floors and room corners where dust collects, shelves, bathroom countertops and cabinets, toilets, tubs and showers, inside closets, windows, inside and out, walls, baseboards, doors and garage. 3 Make Minor Repairs Focus on quick repairs to address things that could deter potential buyers. Survey the house and you can probably take care of the easy repairs yourself: Fix loose tiles, leaky faucets, paint scuffed areas on walls, fresh coat of paint on outside of front door, tighten door knobs and handles, fix mailboxes, deep clean carpet or replace when there are pet stains, and replace nonworking light bulbs and smoke detectors. Depending on how much time and money you want to spend getting the home ready, you might also need to update fixtures, buy new appliances, install new hardware on the cabinets, and give the interior a fresh coat of Depending on how much time and money you want to spend getting the home ready, you might also want to update fixtures, buy new appliances, install new hardware on the cabinets, and give the interior a fresh coat of light neutral paint color. 4 Refresh Flooring Deep Clean or Replace Carpeting Clean, Buff, or Refinish Hardwood Floors Clean, Buff or Replace Tile 5 Landscape the Front Yard If you want to sell quickly, then it’s essential to make a good first impression. And the first thing a buyer sees is a home’s exterior and how it fits into the surrounding neighborhood. To boost your home’s curb appeal: Paint the front door, plant colorful blooming flowers, sweep away spiderwebs and debris from windows, eaves, and porches.Wash the windows inside and outside, fix broken light fixtures and mailboxes. Make sure the trees, shrubs, and lawn are kept nicely trimmed. Plus get patios, sidewalks, porch ceilings, driveways and house pressure-washed, if needed. Keep in mind that a tidy exterior not only looks nice, but also signals to potential buyers that you’ve taken good care of the place. 6 Offer Buyers Some Extras Another way to make the home purchase more attractive to a buyer is to offer something to sweeten the deal. You could offer, for example, to pay some or all of the closing costs. Buyers are looking for a deal, especially since the price of sold homes have increased in the 2022 market. Another tip is to offer a transferable home warranty, which provides discounted repair and replacement services for household appliances and systems. A potential buyer may feel more at ease knowing that the home is protected, which could make your home more attractive than a competing home. Do your best to make the buyers feel that they are getting something extra with your home that other listings do not have. 7 Determine Best Selling Price Price it right to sell quickly! One of the most effective ways to sell your home fast is to price it competitively. And be ready to lower the price if you don’t have any offers by a certain date. If your home is overpriced, it will take a lot longer to sell plus you probably will end up selling it for much less.
10 Top Reasons To Sell a Home Now in Current Palm Beaches Real Estate Market
Top 10 reasons to sell a home NOW in the current real estate market with advantages/ disadvantage to sellers. Text Call 561-339-1779 To List A Home.
How to Bridge the Real Estate Appraisal Gap
Today’s Real Estate Market Unlike Any Other If you’re searching for drama, don’t limit yourself to Netflix. Instead, tune in to the real estate market, where the competition among buyers has never been fiercer. And with homes selling for record highs,1 the appraisal process—historically a standard part of a home purchase—is receiving more attention than ever. That’s because some sellers are finding out the hard way that a strong offer can fizzle quickly when an appraisal comes in below the contract price. Traditionally, the sale of a home is contingent on a satisfactory valuation. But in a rapidly appreciating market, it can be difficult for appraisals to keep pace with rising prices. Thus, many sellers in today’s market favor buyers who are willing to guarantee their full offer price—even if the property appraises for less. For the buyer, that could require a financial leap of faith that the home is a solid investment. It also means they may need to come up with additional cash at closing to cover the gap. Whether you’re a buyer or a seller, it’s never been more important to understand the appraisal process and how it can be impacted by a quickly appreciating and highly competitive housing market. It’s also crucial to work with a skilled real estate agent who can guide you to a successful closing without overpaying (if you’re a buyer) or overcompensating (if you’re a seller). Find out how appraisals work—and in some cases, don’t work—in today’s unique real estate environment. Appraisal Requirements An appraisal is an objective assessment of a property’s market value performed by an independent authorized appraiser. Mortgage lenders require an appraisal to lower their risk of loss in the event a buyer defaults on their loan. It provides assurance that the home’s value meets or exceeds the amount being lent for its purchase. In most cases, a licensed appraiser will analyze the property’s condition and review the value of comparable properties that have recently sold. Mortgage borrowers are usually expected to pay the cost of an appraisal. These fees are often due upfront and non-refundable.2 Appraisal requirements can vary by lender and loan type, and in today’s market in-person appraisal waivers have become much more common. Analysis of the property, the local market, and the buyer’s qualifications will determine whether the appraisal will be waived. Not all properties or buyers will qualify, and not all mortgage lenders will utilize this system.3 If you’re applying for a mortgage, be sure to ask your lender about their specific terms. If you’re a cash buyer, you may choose—but are not obligated—to order an appraisal. Appraisals in a Rapidly Shifting Market An appraisal contingency is a standard inclusion in a home purchase offer. It enables the buyer to make the closing of the transaction dependent on a satisfactory appraisal wherein the value of the property is at or near the purchase price. This helps to reassure the buyer (and their lender) that they are paying fair market value for the home and allows them to cancel the contract if the appraisal is lower than expected. Low appraisals are not common, but they are more likely to happen in a rapidly appreciating market, like the one we’re experiencing now.4 That’s because appraisers must use comparable sales (commonly referred to as comps) to determine a property’s value. These could include homes that went under contract weeks or even months ago. With home prices rising so quickly,5 today’s comps may be lagging behind the market’s current reality. Thus, the appraiser could be basing their assessment on stale data, resulting in a low valuation. How Are Buyers and Sellers Impacted by a Low Appraisal? When a property appraises for less than the contract price, you end up with an appraisal gap. In a more balanced market, that could be cause for a renegotiation. In today’s market, however, sellers often hold the upper hand. That’s why some buyers are using the potential for an appraisal gap as a way to strengthen their bids. They’re proposing to take on some or all of the risk of a low appraisal by adding gap coverage or a contingency waiver to their offer. Appraisal Gap Coverage Buyers with some extra cash on hand may opt to add an appraisal gap coverage clause to their offer. It provides an added level of reassurance to the sellers that, in the event of a low appraisal, the buyer is willing and able to cover the gap up to a certain amount.6 For example, let’s say a home is listed for $200,000 and the buyers offer $220,000 with $10,000 in appraisal gap coverage. Now, let’s say the property appraises for $205,000. The new purchase price would be $215,000. The buyers would be responsible for paying $10,000 of that in cash directly to the seller because, in most cases, mortgage companies won’t include appraisal gap coverage in a home loan.6 Waiving The Appraisal Contingency Some buyers with a higher risk tolerance—and the financial means—may be willing to waive the appraisal contingency altogether. However, this strategy isn’t for everyone and must be considered on a case-by-case basis. It’s important to remember that waiving an appraisal contingency can leave a buyer vulnerable if the appraisal comes back much lower than the contract price. Without an appraisal contingency, a buyer will be obligated to cover the difference or be forced to walk away from the transaction and relinquish their earnest money deposit to the sellers.7 It’s vital that both buyers and sellers understand the benefits and risks involved with these and other competitive tactics that are becoming more commonplace in today’s market. We can help you chart the best course of action given your individual circumstances. What To Expect as Appraisal Gaps Grow In today’s real estate market, low inventory and high demand are driving up home prices. As many as 39% of homes are getting offers over the listing price, based on the latest Realtors Confidence Index from the National Association of Realtors (NAR). Shawn Telford, Chief Appraiser at CoreLogic, elaborates: __________________________ “The frequency of buyers
Is the Real Estate Market Going to Crash?
At the beginning of the pandemic, fears of an economic recession and an ensuing mortgage meltdown were top of mind for homeowners all across the country. For many buyers and sellers, the two seemed to go hand in hand, just as they did in the 2008 economic crisis. This time around, because of lessons learned in 2008, banks are better funded, homeowners are holding more accrued equity, and, crucially, much of the economic activity is focused on financial factors outside the housing market.
10 Tips to Buy and Sell A Home at the Same Time
What will I do if I sell my home before I can buy the next house? Ten Tips are given in this article to help you when faced with this challenge of buying and selling a home at the same time..