3 Reasons to Consider Selling This Fall

Fall is an underrated time for home sellers. Here are a few reasons why.

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Sometimes it pays to go against the crowd. The real estate market is definitely at a peak during the spring and summer, but going against this trend and listing your home in the fall can have some great benefits:

1. Buyers are more serious. During the spring and summer, many buyers are more curious than actually committed to purchasing a property. On the other hand, buyers in the fall tend to be more serious. Many have been searching throughout the summer and have not found their perfect home yet. Others are simply forced to look for a new home because of a new job, a work relocation, or because they want to complete their move ahead of the holidays. In other words, fall buyers make up in dedication for what they might lack in numbers.   

           Fall is a great time to make a move up.

2. There's less competition. It's no secret that most homes are listed in the spring and summer. However, homes that are not sold by the end of the summer are often delisted. Otherwise, they start to draw less interest because of the time they have spent on the market. If you list in the fall, you have the benefit of standing out, as well as facing less competition than during the "hotter" seasons.

3. It's easier to move up. If you're looking to buy a new home and also sell your current one, then the fall market may offer the best opportunity to do so. You will enter the market with confidence and without stress, while many sellers who have been unsuccessful in selling their homes during the summer will be more eager to sell during this time. This can lead to very flexible negotiations that will work in your favor.

If you have any questions about why the fall is such an opportune time for you to sell or about the home selling process in general, don’t hesitate to give me a call at 703-328-3434 or email me at Janet@TheGreshGroup.com. I look forward to hearing from you soon.

3 Questions to Ask Any Agent Before You Hire Them

Before hiring a real estate agent, you need to do some vetting. Here are the questions that we recommend you ask.

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Buying an Greater Washington DC area home?

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Buying or selling a home is a major project. Having a trustworthy agent to guide you through that project can be an invaluable asset. But how can you vet potential real estate agents to see who would be a good fit for you? Here are three important questions you should ask to get started: 

1. "How many homes have you sold in the last 12 months?" Many real estate agents will tell you the number of years they have in the business. That's useful, but their recent activity can be more relevant than their total experience. Asking this question can tell you how well they know the market, as well as how successful you can expect them to be in your case.

Bonus Question: You will probably want to ask whether the agent works primarily with buyers or sellers, because many agents specialize to some extent in one or the other.

2. "Can I have the contact info for your last three deals?" Anybody can say they are a marvelously effective real estate agent. But talking to actual past clients can help you decide whether this is true or a bunch of hot air. When you do talk to a real estate agent's previous clients, you don't need to get too fancy to get useful information. Simply ask them to share their experience.  

You want to get a sense that this agent is somebody you can trust.

3. "What is your strategy for my specific needs?" As a buyer, you will want the agent to explain how they will search for your new home, how many homes you can expect to see, and how the agent handles multiple offers. As a seller, you will want to know how and where the agent will advertise your home. 

So what kinds of answers should you look for to these questions?

Ideally, you will want to get a sense that this agent is somebody you can trust and that you feel comfortable working with.

At the same time, you will want them to be experienced and diligent, as evidenced by recent successful deals and a concrete plan of action for your situation. 

If you ever want to know how I measure up on these questions, you can always give me a call at 703-328-3434 or send an email to Janet@TheGreshGroup.com. I'd love to hear what your specific situation is and whether I would be a good match to help you in the current Northern Virginia real estate market.

When Do the Experts Think the Best Time to Sell Is?

The best time of year to sell your home might not be what you think it is. Here’s what we mean.

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There's a bit of a controversy brewing among real estate experts. The topic is the best time of year to sell a home. On one hand, real estate agents across the country agree: Spring is the best time to sell your home.  

However, do the facts actually support this view? The folks at real estate web platform HomeLight wanted to find out, so they crunched the numbers on actual home sales in different markets to see when the best time to sell a home actually was. 

In general, spring did come out on top in many situations. However, there were also many exceptions. 

For example, in Greenville, SC, the best month was July, beating out the average sales price by 150%. In Breckenridge, CO, February was the winner, with a 106% increase over the average. In Tomball, TX, homes sold in October for 133% more than the average for the year.  

It’s not as simple as saying that spring is the best time to sell your home.

What does this all mean for you? If you want a broad recommendation for when to sell your home, then simply listing your home now at the very start of spring is a recommendation that can't be beat. 

There are plenty of other details that go into the optimal decision. Weather is a big one. Recent real estate trends in the area would be another. The specifics of your own home and the kinds of homebuyers it is likely to attract is a third and crucial aspect. There are fewer homebuyers in the fall and winter, but they tend to be more serious and eager to find a home before the holidays. In the summertime, there might be added pressure to buy a home before the school season starts. 

In short, it's not as simple as saying spring is the best time to sell your home. If you have any questions for me, give me a call at 703-328-3434 or send me an email at Janet@TheGreshGroup.com and we can discuss all the unique attributes your home, put them in the context of recent trends in the Northern Virginia real estate market, and come up with a winning strategy of when you should list to get the best price. I look forward to hearing from you soon!

Existing Home Sales Surge into Summer

Some Highlights:

• Existing Home Sales reached their third highest mark this year in May.
• Inventory of homes for sale has dropped 8.4% since last year, marking the 24th consecutive month of year-over-year declines.
• NAR’s Chief Economist, Lawrence Yun had this to say: “Those able to close on a home last month are probably feeling both happy and relieved. Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher.”

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

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.

Read more here.

Buyer’s Market Helps Premium Home Sales Soar

We previously reported how a shortage of inventory in the starter and trade-up home markets is driving prices up and causing bidding wars, creating a true seller’s market. At the same time, in the premium home market, an over-abundance of inventory has started to see prices come down and put buyers in the driver’s seat, creating the beginning of a buyer’s market.

Last week, the National Association of Realtors released their Existing Home Sales Report which shed some additional light on the impact of inventory levels on sales in each price range.

Read more here.

The Importance of Home Equity in Retirement Planning

We often discuss the difference in family wealth between homeowner households and renter households. Much of that difference is the result of the equity buildup that homeowners experience over the time that they own their home. In a report recently released by the nonpartisan Employee Benefit Research Institute (EBRI), they reveal how valuable equity can be in retirement planning.

Read more here.

Do You Know How Much Equity You Have in Your Home?

CoreLogic’s latest Equity Report revealed that 91,000 properties regained equity in the first quarter of 2017. This is great news for the country, as 48.2 million of all mortgaged properties are now in a positive equity situation.

Price Appreciation = Good News for Homeowners

Read more here.

Top Home Renovations for Maximum ROI

Some Highlights:

• Whether you are selling your home, just purchased your first home, or are a homeowner planning to stay put for a while, there is value in knowing which home improvement projects will net you the most Return On Investment (ROI).
• While big projects like adding a bathroom or a complete kitchen remodel are popular ways to increase a home’s value, something as simple as updating landscaping and curb appeal can have a quick impact on a home’s value.
• For more information about top renovation projects that net you the most ROI, you can check out the complete list here.

Are Home Prices Approaching Bubble Territory?

As home values continue to rise, some are questioning whether we are approaching another housing bubble. Zillow just reported that:

“National home values have surpassed the peak hit during the housing bubble and are at their highest value in more than a decade.”

Though that statement is correct, we must realize that just catching prices of a decade ago does not mean we are at bubble numbers. Here is a graph of median prices as reported by the National Association of Realtors (NAR).

Read more here.

The Impact Your Interest Rate Makes

Some Highlights:

• Interest rates have come a long way in the last 30 years.
• The interest rate you secure directly impacts your monthly payment and the amount of house that you can afford if you plan to stay within a certain budget.
• Interest rates are at their lowest in years… RIGHT NOW!
• If buying your first home, or moving up to the home of your dreams is in your future, now may be the time to act!

Mortgage Interest Rates Reverse Course in 2017

To start the year, housing experts all agreed on one thing: 2017 was going to be the year we would see mortgage interest rates begin to rise. After years of historically low rates, and an improving economy, the question wasn’t if they would increase but instead how much they would increase. Some thought we could see rates hit 5-5.5% by the end of the year.

Read more here.

If Your Home Hasn’t Sold Yet… Definitely Check the Price!

The residential housing market has been hot. Home sales have bounced back solidly and are now at their fourth highest pace over the past year. Demand has remained strong ­throughout spring as many real estate professionals are reporting bidding wars with many homes selling above listing price. What about your house?

Read more here.

5 Reasons You Should Sell This Summer

Here are five reasons listing your home for sale this summer makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report 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! More often than not, multiple buyers are competing with each other to buy a home.

Take advantage of the buyer activity currently in the market.

Read more here.here.

Can Your Real Estate Agent Answer These Important Questions?

Whether you are selling or buying a home, the real estate agent you hire is critical to guaranteeing your family makes the right decision. Most agents can walk you through the process and explain the industry ‘lingo,’ but you should expect so much more than that.
The housing crisis made everyone aware that truly understanding the real estate market is more complicated than it seems. Today, there are many questions your real estate agent must be able to answer to ensure your family is making the right decision. 

Read more here. 

How’s the Real Estate Market? Find Out What the Experts Are Saying

As we head into summer, it is a great time to review how the 2017 real estate market is doing so far. Here is what the experts are saying:

Doug Duncan, Fannie Mae Chief Economist

“Positive demographic factors should continue to reshape the housing market, as rising employment and incomes appear to be positively influencing millennial homeownership rates.”

Read more here.

5 Reasons to Hire a Real Estate Professional When Buying or Selling!

Whether you are buying or selling a home it can be quite an adventurous journey, which is why you need an experienced real estate professional to guide you on the path to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO.

The 5 reasons you NEED a real estate professional in your corner haven’t changed, but have rather been strengthened by the projections of higher mortgage interest rates & home prices as the market continues to pick up steam.

Read more here.

Selling Your Home? Is Your Listing ‘Pet-Friendly’?

One of the many benefits of owning your own home is the freedom to find your ‘furever’ friend. By pointing out the aspects of your home that make it ‘pet-friendly’ in your listing, you’ll attract these buyers rather than alienate the 61% of American households that have a pet!

If you are one of the many homeowners looking to list your home for sale, how do you stand out to the millions of pet parents searching for their dream homes?

Whether a dog person, a cat person, or someone who prefers the company of another pet species, 99% of pet owners say that they consider their animal to be family. When finding a home, 95% of animal owners believe it is important that a housing community allows animals.

Read more here. 

3 Reasons the Housing Market is NOT in a Bubble

With housing prices appreciating at levels that far exceed historical norms, some are fearful that the market is heading for another bubble. To alleviate that fear, we just need to look back at the reasons that caused the bubble ten years ago.

Last decade, demand for housing was artificially propped up because mortgage lending standards were way too lenient. People that were not qualified to purchase were able to obtain a mortgage anyway. Prices began to skyrocket. This increase in demand caused homebuilders in many markets to overbuild.

Eventually, the excess in new construction and the flooding of the market with distressed properties (foreclosures & short sales), caused by the lack of appropriate lending standards, led to the housing crash.

Read more here.

Inventory Shortages Are Slowing Down the Market

The real estate market is moving more and more into a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the summer, supply is not keeping up.

Read more here.