Market Updates November 15, 2024

Navigating Shifts: November 2024 Denver Metro Market Update

As we delve into October’s real estate activities, the Denver Metro market presents a compelling narrative of fluctuation and adjustment. This month, we observed how brief economic stimuli and election anticipations uniquely influenced market behaviors, underscoring the complexities of current real estate dynamics. October’s Market Dynamics:

  • Active Listings: Slightly decreased by 1.57% from last month to 10,940 homes, yet remain 46.22% higher compared to the same period last year, emphasizing a broader availability of options for buyers.
  • Pending Sales: Increased modestly by 1.07% to 3,578, indicating continued buyer engagement despite the rate fluctuations and broader economic signals.
  • Closed Sales: Rose by 2.35% to 3,443, likely a reflection of the lower interest rates in September encouraging buyers to close on homes.
  • New Listings: Declined by 7.16% to 4,691, as sellers opted to wait out the pre-election uncertainty, though there’s an overall increase of 22.54% year-over-year, showing a significant rise compared to previous years.

This month’s statistics reveal a market that is balancing itself amid varying pressures. The closed sales have responded positively to the September interest rate dip, yet the broader rise in median days in MLS—from 25 to 26 days—suggests that homes are taking slightly longer to sell.

Segment-Specific Insights:

  • Detached Homes: Showed resilience with closed sales up by 5.99% and a noticeable improvement in sales volume, up 10.21% from the previous month. This segment’s average close price also saw a rise, indicating robust value retention.
  • Attached Homes: Faced challenges, with closed sales down by 8.52% and a decrease in sales volume. However, pending sales in this segment grew by 6.27%, hinting at potential rebounds.

Outlook for November: Post-election, the market is expected to gain clarity which could invigorate both buying and selling activities. Sellers might find renewed interest as buyers gain confidence with the political uncertainty resolved, potentially leading to an increase in transactions and stabilization in home prices.

Need Personalized Guidance? The market is complex, but you don’t have to navigate it alone. Whether you’re considering buying or selling, or simply want to understand how these trends affect your property values, I’m here to provide expert advice and strategic insights.

This update is based on information provided by the Denver Metro Association of Realtors® for the period of  October 1, 2024, through  October 31, 2024, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.

Real Estate News, Tips, & Tricks October 25, 2024

What To Expect from Mortgage Rates and Home Prices in 2025

Curious about where the housing market is headed in 2025? The good news is that experts are offering some promising forecasts, especially when it comes to two key factors that directly affect your decisions: mortgage rates and home prices.

Whether you’re thinking of buying or selling, here’s a look at what the experts are saying and how it might impact your move.

Mortgage Rates Are Forecast To Come Down

One of the biggest factors likely affecting your plans is mortgage rates, and the forecast looks positive. After rising dramatically in recent years, experts project rates will ease slightly throughout the course of 2025 (see graph below):

a graph showing the rate of a forecastWhile that decline won’t be a straight line down, the overall trend should continue over the next year. Expect a few bumps along the way, because the trajectory of rates will depend on new economic data and inflation numbers as they’re released. But don’t get too hung up on those blips and reactions from the market as they happen. Focus on the bigger picture.

Lower mortgage rates mean improving affordability. As rates come down, your monthly mortgage payment decreases, giving you more flexibility in what you can afford if you buy a home.

This shift will likely bring more buyers and sellers back into the market, though. As Charlie Dougherty, Director and Senior Economist at Wells Fargo, explains:

“Lower financing costs will likely boost demand by pulling affordability-crunched buyers off of the sidelines.”

As that happens, both inventory and competition among buyers will ramp back up. The takeaway? You can get ahead of that competition now. Lean on your agent to make sure you understand how the shifts in rates are impacting demand in your area.

Home Price Projections Show Modest Growth

While mortgage rates are expected to come down slightly, home prices are forecast to rise—but at a much more moderate pace than the market has seen in recent years.

Experts are saying home prices will grow by an average of about 2.5% nationally in 2025 (see graph below):

a graph of green barsThis is far more manageable than the rapid price increases of previous years, which saw double-digit percentage growth in some markets.

What’s behind this ongoing increase in prices? Again, it has to do with demand. As more buyers return to the market, demand will rise – but so will supply as sellers feel less rate-locked.

More buyers in markets with inventory that’s still below the norm will put upward pressure on prices. But with more homes likely to be listed, supply will help keep price growth in check. This means that while prices will rise, they’ll do so at a healthier, more sustainable pace.

Of course, these national trends may not reflect exactly what’s happening in your local market. Some areas might see faster price growth, while others could see slower gains. As Lance Lambert, Co-Founder of ResiClub, says:

“Even if the average national home price forecast for 2025 is correct, it’s possible that some regional housing markets could see mild home price declines, while some markets could still see elevated appreciation. That has been, after all, the case this year.”

Even the few markets that may see flat or slightly lower prices in 2025 have had so much appreciation in recent years – it may not have a big impact. That’s why it’s important to work with a local real estate expert who can give you a clear picture of what’s happening where you’re looking to buy or sell.

Bottom Line

With mortgage rates expected to ease and home prices projected to rise at a more moderate pace, 2025 is shaping up to be a more promising year for both buyers and sellers.

If you have any questions about how these trends might impact your plans, let’s connect. That way you’ve got someone to help you navigate the market and make the most of the opportunities ahead.

Market Updates October 15, 2024

Seasonal Shifts and Market Adjustments – October 2024 Denver Metro Market Update

As we transition into fall, the Denver Metro real estate market reflects the season’s change, revealing both subtle shifts and significant movements across various segments. This month’s metrics provide insight into how the market is adapting as we approach the final quarter of the year. Key Statistics for September 2024:

  • Active Listings: Increased to 11,115 homes, up 3.65% from last month and a significant 45.69% year-over-year, indicating a substantial rise in available properties. New Listings: Slightly decreased by 1.19% to 5,053, maintaining a steady flow despite the seasonal change.
  • Pending Sales: Saw an increase of 3.64% to 3,761, suggesting that buyer interest remains resilient.
  • Closed Sales: Experienced a decline of 19.18% to 3,092, a typical lagging response to previous market activities.

This month’s notable change is the median days in the MLS, which increased to 25 days, indicating that homes are taking longer to sell. Additionally, the median close price slightly decreased to $576,171, reflecting the market’s reaction to broader economic influences, including recent interest rate adjustments by the Federal Reserve.

Market Dynamics:

Detached Homes: Active listings have shown a robust year-over-year increase, signaling more choices for buyers in this segment. The market for detached homes remains competitive, though the increase in days on MLS suggests a shift towards a more balanced market.

Attached Homes: Continue to face challenges, with only a modest increase in active listings and a notable decrease in close prices. This segment’s dynamics are influenced by rising HOA fees and insurance costs, which are impacting buyer decisions.

Looking Forward: As we approach the presidential election and the holiday season, market dynamics may continue to fluctuate. Sellers considering when to list their homes might aim for the spring, historically the peak selling season. Meanwhile, buyers might find opportunities now, as homes are spending more time on the market and experiencing more price reductions.

For those navigating this market, timing and patience are key. Sellers need to be prepared for potentially longer selling periods, while buyers may benefit from the increased negotiating power and the ability to be selective.

Need Guidance? Navigating a transitioning market requires strategic insight and careful planning. Whether you’re buying or selling, I’m here to offer expert advice and support to help you make informed decisions based on the latest market trends.

This update is based on information provided by the Denver Metro Association of Realtors® for the period of  September 1, 2024, through  September 31, 2024, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.

Uncategorized September 20, 2024

What To Know About Closing Costs

Now that you’ve decided to buy a home and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process. And while your down payment is probably the number one expense on your mind, don’t forget about closing costs. Here’s what you need to know.

What Are Closing Costs?

Simply put, your closing costs are the additional fees and payments you have to make at closing. And while they’ll vary based on the price of the home and how it’s being financed, every buyer has these, so they shouldn’t be a surprise. It’s just that some people forget to budget for them. According to Freddie Mac, this part of the homebuying process typically includes:

  • Application fees
  • Credit report fees
  • Loan origination fees
  • Appraisal fees
  • Home inspection fees
  • Title insurance
  • Homeowners insurance
  • Survey fees
  • Attorney fees

Some of these are one-time expenses that are baked into your closing costs. Others, like homeowners’ insurance, are initial installment payments for ongoing responsibilities you’ll have once you take possession of the home.

How Much Are Closing Costs?

The same Freddie Mac article goes on to say:

“Closing costs vary greatly depending on your location and the price of your home. Typically, you should be prepared to pay between 2% and 5% of the home purchase price in closing fees.”

With that in mind, here’s how you can get an idea of what you’ll need to budget. Let’s say you find a home you want to purchase at today’s median price of $422,600. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $8,452 and $21,130.

But keep in mind, if you’re in the market for a home above or below this price range, your numbers will be higher or lower.

Tips To Reduce Your Closing Costs

If you’re wondering if there’s any way to inch that down a little bit, NerdWallet lists a few things that could help:

  • Negotiate with the Seller: Some sellers are willing to cover part or all of these expenses — especially since homes are staying on the market a bit longer now. Sellers may be more motivated to compromise, and you’ll find you have a bit more negotiation power. So don’t hesitate to ask them for concessions like paying for the home inspection or giving you a credit toward closing costs.
  • Shop Around for Home Insurance: Since rising home insurance is a challenge in many areas of the country right now, take the time to get a clear picture of all your options. Each insurance company offers their own policies and coverage, so get multiple quotes and see how they compare. Choosing a policy that provides reliable coverage at a competitive rate can make a difference.
  • Look into Closing Cost Assistance: Just like there are programs out there to help with your down payment, options exist to get support with closing costs too. While they’ll vary by area, there are programs for various income levels, certain professions, and specific towns or neighborhoods too. If you want to learn more, Experian says:

“Your real estate professional should be able to steer you toward applicable programs, and the U.S. Department of Housing and Urban Development (HUD) maintains a  helpful resource for finding homebuying assistance programs in every state.”

Bottom Line

Planning for the fees and payments you’ll need to cover when you’re closing on your home is important – and it doesn’t have to be a big surprise. With the right experts on your side, you can make sure you’re prepared. Let’s connect so you have someone you can go to for more tips and advice.

Uncategorized September 13, 2024

End of Summer Market Assessment – August 2024 Denver Metro Market Update

As the summer concludes, the Denver Metro real estate market has shown distinctive trends that diverge from the norm, making this August an intriguing period for analysis. Let’s delve into the data to understand the current market dynamics.

Key Metrics for August 2024:

  • Active Listings: Reached 10,724 homes, marking a modest month-over-month increase of 1.32% and a substantial year-over-year increase of 56.37%, indicating a growing inventory that is reshaping the market.

  • New Listings: Experienced a slight decrease of 0.76% from the previous month, yet have shown a year-over-year increase of 4.76%, suggesting a steady return of sellers despite fluctuating market conditions.

  • Pending Sales: Increased by 3.74% month-over-month and 7.70% year-over-year, demonstrating continued buyer interest in the face of evolving market conditions.

  • Closed Sales: Decreased by 7.55% month-over-month, reflecting the typical delay between sales agreement and closing, with expectations for a rebound in the coming months.

Focused Insights:

Attached Market: Has faced challenges with increased HOA fees and insurance premiums, making transactions more complex. Active listings in this segment saw a slight increase of 0.40% month-over-month, with a significant 70.92% increase year-over-year. The median days in MLS for attached homes jumped to 26 days, emphasizing a slower market that allows for more buyer deliberation.

Detached Market: Showed a robust increase in active listings by 50.85% compared to last year. The stability in median close prices suggests a continued demand in this segment. However, the slight decrease in new listings and closed sales indicates a cautious approach from both buyers and sellers.

Market Climate: The pace of the market has allowed buyers to be more selective, leading to a lack of urgency in making offers unless properties align closely with their preferences. The OMAR Market Trends Committee notes an increase in transactions falling out of contract, likely due to buyer hesitations, lending complications, and stringent seller conditions.

Looking Ahead: As we transition into fall, the potential adjustments in mortgage rates could further influence buyer and seller behaviors. This period might offer strategic opportunities for those prepared to navigate the complexities of a transitioning market.

Navigating Market Changes: In a market that’s less driven by urgency, aligning with a knowledgeable Realtor® can provide crucial advantages. Whether you are buying or selling, accurate market analysis and strategic positioning are key to achieving your real estate goals.

Reach Out for Expert Advice: If you are contemplating a move in the current market or need insights into specific segments, I’m here to assist. Together, we can craft a strategy that reflects your objectives and the latest market conditions.

This update is based on information provided by the Denver Metro Association of Realtors® for the period up to the end of August 2024.

Real Estate News, Tips, & Tricks September 12, 2024

Are We Heading into a Balanced Market?

If you’ve been keeping an eye on the housing market over the past couple of years, you know sellers have had the upper hand. But is that going to shift now that inventory is growing? Here’s a breakdown of what you need to know.

What Is a Balanced Market?

A balanced market is generally defined as a market with about a five-to-seven-month supply of homes available for sale. In this type of market, neither buyers nor sellers have a clear advantage. Prices tend to stabilize, and there’s a healthier number of homes to choose from. And after many years when sellers had all the leverage, a more balanced market would be a welcome sight for people looking to move. The question is – is that really where the market is headed?

After starting the year with a three-month supply of homes nationally, inventory has increased to four months. That may not sound like a lot, but it means the market is getting closer to balanced – even though it’s not quite there yet. It’s important to note this increase in inventory is not leading to an oversupply that would cause a crash. Even with the growth lately, there’s still nowhere near enough supply for that to happen.

The graph below uses data from the National Association of Realtors (NAR) to give you an idea of where inventory has been in the past, and where it’s at today:

No Caption ReceivedFor now, this is still seller’s market territory – it’s just not as frenzied of a seller’s market as it’s been over the past few years. As Mark Fleming, Chief Economist at First Americansays:

“The faster housing supply increases, the more affordability improves and the strength of a seller’s market wanes.”

What This Means for You and Your Move

Here’s how this shift impacts you and the market conditions you’ll face when you move. Lawrence Yun, Chief Economist at NAR, explains:

“Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”

The graphs below use the latest data from NAR and Realtor.com to help show examples of these changes:

Homes Are Sitting on the Market Longer: Since more homes are on the market, they’re not selling quite as fast. For buyers, this means you may have more time to find the right home. For sellers, it’s important to price your house right if you want it to sell. If you don’t, buyers might choose better-priced options.

Sellers Are Receiving Fewer Offers: As a seller, you might need to be more flexible and willing to compromise on price or terms to close the deal. For buyers, you could start to face less intense competition since you have more options to choose from.

Fewer Buyers Are Waiving Inspections: As a buyer, you have more negotiation power now. And that’s why fewer buyers are waiving  inspections. For sellers, this means you need to be ready to negotiate and address repair requests to keep the sale moving forward.

How a Real Estate Agent Can Help

But this is just the national picture. The type of market you’re in is going to vary a lot based on how much inventory is available. So, lean on a local real estate agent for insight into how your area stacks up.

Whether you’re buying or selling, understanding how the market is changing gives you a big advantage. Your agent has the latest data and local insights, so you know exactly what’s happening and how to navigate it.

Bottom Line

The real estate market is always changing, and it’s important to stay informed. Whether you’re buying or selling, understanding this shift toward a balanced market can help. If you have any questions or need expert advice, don’t hesitate to reach out.

Uncategorized August 29, 2024

Today’s Biggest Housing Market Myths

Have you ever heard the phrase: don’t believe everything you hear? That’s especially true if you’re thinking about buying or selling a home in today’s housing market There’s a lot of misinformation out there. And right now, making sure you have someone you can go to for trustworthy information is extra important.

If you partner with a real estate agent, they can clear up some common misconceptions and reassure you by backing them up with research-driven facts. Here are just a few misconceptions they can help disprove.

1. I’ll Get a Better Deal Once Prices Crash

If you’ve heard home prices are going to come crashing down, it’s time to look at what’s actually happening. While prices vary by local market, there’s a lot of data out there from numerous sources that shows a crash is not going to happen. Back in 2008, there was a dramatic oversupply of homes that led to prices crashing. Across the board, there’s an undersupply  of homes for sale today. That makes this market a whole different scenario (see chart below):

No Caption ReceivedSo, if you think waiting will score you a deal, know that data shows there’s not a cash on the horizon, and waiting isn’t going to pay off the way you’d hoped.

2. I Won’t Be Able To Find Anything To Buy

If this nagging fear about finding the right home if you move is still holding you back, you probably haven’t talked with an expert real estate agent lately. Throughout the year, the supply of homes for sale has grown. Data from Realtor.com helps put this into context. While there are still fewer homes on the market than in a more normal year like 2019, inventory is still above where it was at this time last year (see graph below):

No Caption ReceivedSo, if you’re remembering all that media coverage about record-low supply during the pandemic, you can rest a bit easier. While the market isn’t back to normal just yet, inventory is moving in a healthier direction. And that means as your options improve, you can let go of this now outdated myth because finding a home to buy won’t feel quite so impossible anymore.

3. I Have To Wait Until I Have Enough for a 20% Down Payment

Many people still believe you need a 20% down payment to buy a home. To show just how widespread this myth is, Fannie Mae says:

“Approximately 90% of consumers overstate or don’t know the minimum required down payment for a typical mortgage.”

And if you look at the date from the National Association of Realtors (NAR), you can see the typical homeowner isn’t putting down as much as you might expect (see graph below):

First-time homebuyer are typically only putting down 6%. That’s far less than the 20% so many people think they need. And if you’re looking at that graph and you’re more focused on how the number for repeat buyers is closer to 20%, here’s what you need to realize. That’s only because they have so much equity built up in their current house that can be used to make a larger down payment for their next move.

This goes to show you don’t have to put 20% down, unless it’s specified by your loan type or lender. Many people put down a lot less. Not to mention, depending on the type of home loan you get, you may only need to put 3.5% or even 0% down So, if you’re buying your first home, you likely don’t need nearly as much for your down payment as you may think.

An Agent’s Role in Fighting Misconceptions

If you put your move on pause because you heard one or more of these myths yourself, it’s time to talk to a trusted agent. An expert agent has more data and the facts, just like this, to reassure you and help break through any misconceptions that may be holding you back.

Bottom Line

If you have questions about what you’re hearing or reading, let’s connect. You deserve to have someone you can trust to get the facts.

Market Updates August 15, 2024

Mid-Summer Market Dynamics: July 2024 Denver Metro Market Update

As July unfolds, the Denver Metro real estate market continues to defy expectations, mirroring the unpredictability of our local weather. With a blend of surprising shifts and new patterns, understanding the current landscape is more crucial than ever for both buyers and sellers.

July’s key real estate metrics reveal significant changes:

  • Active Listings: Increased dramatically to 10,584, up 3.62% from last month and a substantial 68.03% from last year. This significant rise illustrates a market teeming with options.
  • Average Days in the MLS: Grew to 15 days, indicating homes are staying on the market longer, up 15.38% month-over-month and 66.67% year-over-year.
  • New Listings: Decreased by 11.58% to 5,825 from last month, yet have risen 7.58% year-over-year, reflecting a nuanced seller behavior in response to the market’s shifts.

This season, the traditional patterns of peak selling have shifted due to the overarching influence of higher interest rates and evolving market perceptions. While some areas and price ranges have shifted towards a buyer’s market, overall, we are gradually moving towards a more balanced market with a current inventory lasting 2.86 months.

Insights for July:

  • Sellers: The key to success in this shifting landscape is patience. Homes prepared meticulously and priced conservatively are still attracting buyers, though they may face longer wait times.
  • Buyers: With increasing options and a slower pace, now is an opportune time to negotiate and secure a home that fits both needs and budget. The low close-price-to-list-price ratio, the lowest year-to-date since 2020, suggests that sellers are open to negotiations.
  • Market Outlook: The slowdown in new listings combined with a steady rate of pending sales indicates a market that is cautious yet continuous. The expectations of a rate cut this fall could spur a new wave of buyer activity, potentially increasing competition and nudging prices upward again.

As we look towards the end of summer, the Denver market offers both challenges and opportunities. The ability to navigate this market with savvy understanding and strategic patience could be akin to finding the best deals during a major sale—timing and knowledge are everything.

Looking Ahead: With the potential for interest rate adjustments and the upcoming presidential election, the market may experience significant changes in buyer behavior and sales activity. Staying informed and prepared will be essential for those looking to engage with the Denver real estate market effectively.

Need Tailored Advice? Whether buying, selling, or just considering your options, the right strategy is key in this complex market. Reach out for personalized guidance and expert insights to navigate these unique conditions successfully.

This update is based on information provided by the Denver Metro Association of Realtors® for the period of  July 1, 2024, through  July 31, 2024, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.

Real Estate News, Tips, & Tricks August 2, 2024

Why Your Asking Price Matters Even More Right Now

If you’re thinking about selling your house, here’s something you really need to know. Even though it’s still a seller’s market today, you can’t pick just any price for your listing.

While home prices are still appreciating in most areas, they’re climbing at a slower pace because higher mortgage rates are putting a squeeze on buyer demand. At the same time, the supply of homes for sale is growing. That means buyers have more options and your house may not stand out as much, if it’s not priced right.

Those two factors combined are why the asking price you set for your house is more important today than it has been in recent years.

And some sellers are finding that out the hard way. That’s leading to more price reductions. Mike Simonsen, Founder and President of ALTOS Research, explains:

“Looking at the price reductions data set . . . It all fits in the same pattern of increasing supply and homebuyer demand that is just exhausted by high mortgage rates. . . As home sellers are faced with less demand than they expected, more of them have to reduce their prices.”

That’s because they haven’t adjusted their expectations to today’s market. Maybe they’re not working with an agent, so they don’t know what’s happening around them. Or they’re not using an agent who prioritizes being a local market expert. Either way, they aren’t basing their pricing decision on the latest data available – and that’s a miss.

If you want to avoid making a pricing mistake that could turn away buyers and delay your sale, you need to work with an agent who really knows your local market. If you lean on the right agent, they’ll help you avoid making mistakes like:

  • Setting a Price That’s Too High: Some sellers have unrealistic expectations about how much their house is worth. That’s because they base their price on their gut or their bottom line, not the data. An agent will help you base your price on facts, not opinion, so you have a better chance of hitting the mark.
  • Not Considering What Houses Are Actually Selling for: Without an agent’s help, some sellers may use the wrong comparable sales (comps) in their area and misjudge the market value of their home. An agent has the expertise needed to find true comps. And they’ll use those to give you valuable insights into how to price your house in a way that’s competitive for you and your future buyer.
  • Overestimating Home Improvements: Sellers who have invested a significant amount of money in home improvements may overestimate how much those upgrades affect their home’s value. While certain improvements can increase a home’s appeal, not all upgrades are going to get a great return on their investment. An agent factors in what you’ve done and what buyers in your area actually want as they set the price.
  • Ignoring Feedback and Market Response: Some sellers may be resistant to lowering their asking price based on feedback they’re getting in open houses. An agent will remind the seller how important it is to be flexible and respond to market feedback in order to attract qualified buyers.

In the end, accurate pricing depends on current market conditions – and only an agent has all the data and information necessary to find the right price for your house. The right agent will use that expertise to develop a pricing strategy that’s based on current market conditions and designed to get your house sold That way you don’t miss the mark.

Bottom Line

The right asking price is even more important today than it’s been over the last few years. To avoid making a costly mistake, let’s work together.

Real Estate News, Tips, & Tricks July 26, 2024

Why Fixing Up Your House Can Help It Sell Faster

If you’re thinking about selling your house, you should know there are buyers who are ready and able to pay today’s high prices. But they want a home that’s move-in ready. A recent press release from Redfin explains:

Buyers are still out there and they’re willing to pay today’s high prices, but only if the house is in really good shape. They don’t want to spend extra money on paint or new appliances.”

It makes sense when you think about it. They’re having to pay a lot of money for a house in today’s market. That means they may not be able to easily afford upgrades after they move in. So, if your home is outdated or needs some work, buyers might pass it by or offer a lower price than you were hoping for.

And there are a lot of homes that need upgrades right now. Millions are entering their prime remodel years, meaning they’re between 20 and 39 years old. Maybe yours is one of them. According to John Burns Research and Consulting (JBRC), the number of homes in their prime remodel years is high and growing (see graph below):No Caption Received

If your house falls into this category, it’s important to consider making selective updates to help it appeal to buyers, so it sells faster. But how do you know where to spend your time and money?

Why You Need a Real Estate Agent

By working with a local real estate agent to be strategic about the improvements you make, you can be sure you’re making a smart investment. Put simply, not all upgrades are worth the cost. As Bankrate says:

Before you spend money on costly upgrades, be sure the changes you make will have a high return on investment. It doesn’t make sense to install new granite countertops, for example, if you only stand to break even on them, or even lose money.”

 And, as that same Bankrate article goes on to say, that’s where a local real estate agent comes in:

“. . . a good real estate agent will know what local buyers expect and can help you decide what needs doing and what doesn’t.”

Your agent will know what buyers in your area are looking for and what they’re willing to pay for it. By working together, you can avoid spending money on upgrades that won’t pay off. Instead, they’ll fill you in on which changes will make your house more appealing and valuable.

Bottom Line Selling a house right now requires more than just putting up a For Sale sign. You need to make sure it’s in good condition to attract buyers who are willing to pay today’s high prices.

The way to do that is by making smart improvements that will give you the best return on your investment. Let’s work together so you know what buyers are looking for and what your house needs before selling.