Today’s housing market is making a truly impressive turnaround, and it’s also setting up some outstanding opportunities for buyers and sellers. Whether you’re thinking of buying or selling a home this year, there are perks today that are rarely available, and definitely worth looking into. Here are the top two. Current buyers and sellers are looking for their new home!
The Biggest Perk for Buyers: Low Mortgage Rates
The most impressive buyer incentive today is the average mortgage interest rate. Just last week, mortgage rates hit an all-time low for the eighth time this year. The 30-year fixed-rate is now averaging 2.88%, the lowest rate in the survey’s history, which dates back to 1971 (See graph below):
This is a huge advantage for buyers. To put it in perspective, it means that today you can get a lower rate than any of the past two generations of homebuyers in your family if you decide to purchase at this time.
In addition, the National Mortgage News notes how today’s buyers have increasing purchasing power due to these low mortgage rates:
“Purchasing power rose 10% year-over-year…With interest rates hitting record lows, buyers were able to afford $32,000 “more house” as of July 23 than they could the year before with the same monthly payment.”
This is a great perk for buyers who are hoping to potentially get more for their money in a home, something many are considering today as they re-evaluate the amount of space they ideally need for their families. It is an opportunity not seen in 50 years, and one not to be missed if the time is right for you to buy a home.
The Biggest Perk for Sellers: Low Inventory
Today, there are simply not enough houses on the market for the number of buyers looking to purchase them. According to the National Association of Realtors (NAR):
“Total housing inventory at the end of June totaled 1.57 million units, up 1.3% from May, but still down 18.2% from one year ago (1.92 million).”
The red bars in the graph below indicate that the inventory of homes coming into the market continues to decline. It was low as we entered the pandemic and has reduced even further this year. Houses today are selling faster than they’re being listed, and that’s creating an even greater supply shortage (See graph below):
The lack of inventory has been a challenging situation for a while now, and with low mortgage rates fueling buyer demand, inventory is even harder for buyers to find today. Buyers are eager to purchase, and because of the shortage of homes available, they’re encountering more bidding wars. This is one of the factors keeping home prices strong, an advantage for sellers. Lawrence Yun, Chief Economist for NAR notes that this trend may continue, too:
“Home prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply.”
With low inventory and high buyer demand, homeowners can potentially earn an increasing profit on their houses and sell them quickly in this sizzling summer market.
Whether you’re thinking about buying or selling at home, there are some key perks available right now. Let’s connect today to discuss how they may play to your advantage in our local market. Current buyers and sellers are in need to sell their homes and in need to buy a home.
If you are thinking of buying or selling your home contact Alisa Squillacote for more information!
You absolutely have to make your listing stand out because, first of all, there are so many homes available for sale now. But that’s not the whole story. You also have to make your listing stand out online where listings have exploded in the last few years. In fact, the national association of realtors maintains that of people 36 years old and younger 99% do their home shopping online. They pursue listing photos, assess neighborhoods, and compare houses all online. So because you must make your listing count online, here are 6 ways to make your property listing stand out in Palm Beach County.
1. Stage it Well
You just can’t stick photos of empty rooms in your listing. If you want your property listing to stand out in Palm Beach County, you’ll have to stage those rooms. Staging will help you sell faster, as well as increase the perceived value of your property. When rooms are staged, it also allows potential buyers to envision the house as a home they could live in. on average, staged homes sell for 17% more than those that aren’t staged and sell 87% faster
2. Use plenty of professional-quality photos
Any listing requires great photos, but it’s even more critical with online listings because buyers may never see the property in person until the very end of the buying process. Further, people spend more time looking at listing photos than they do reading the description. So using professional quality photos will make your property listing stand out in Palm Beach County. The better the photos – both in quality and with respect to the right views – the more your listing will stand out from all the others.
3. Include a floor plan
A great tactic to make your property listing stand out is to include a floor plan. A full % of home buyers claim that a floor plan makes a listing stand out for them. It will give potential buyers a much better feel for your house than shots of individual rooms, allowing them to envision the flow of the property and what it would be like living there.
4. Emphasize and highlight the best features
You should always emphasize and highlight only what is best, the truly appealing features, in your home. Your agent can help you identify the features and attributes that will appeal to buyers most and then help you highlight them in your listing.
5. Use the right keywords for the target market and searches
Because you need to make your property listing stand out online, you have to incorporate the right keywords in titles, headings, and description. These keywords will allow search engines to serve up your listing for people searching for a property like yours. And to determine the best keywords, you will need a thorough knowledge of both your target market and the neighborhood. You need to know what potential buyers within your target market are looking for when it comes to features and amenities. Again, your agent can be a valuable asset here.
6. Hire professionals
Finally, to make your property listing stand out in Palm Beach County, you shouldn’t try to do it all yourself. Your listing will stand out all the more when you hire professionals to apply their specialized expertise to the listing. These professionals include stagers. Photographers, and maybe even copywriters to write the property description. And a good local real estate agent is almost a necessity because understanding the local market is critical for creating a listing that will stand out.
Okay, you’re planning to move…and want to save some money. You won’t do it by hiring a moving company – you’ll save only time and energy. The average cost for a long-distance move using a moving company is about $4,300 based on an average weight of 7,400 pounds and an average distance of about 1,200 miles. And a local move with professional movers is shockingly expensive at about $2,300. So, if you want to save your cash, here are 8 tips to DIY your move in Palm Beach County.
1. Start early
One of the best things you can do to DIY your move in Palm Beach County is to start early. Start planning months before the move date so that everything is ready and in place. Get all the materials, equipment, and people lined up long before they’re needed. Moving is just too stressful to leave anything to the last minute. And starting early also means an early start on moving day to avoid traffic and to finish up at a decent hour.
2. Line up Help
You will need help comma and your help will need to be able to plan ahead period so recruit friends and family – the reliable ones, that is to help them do it early period it never hurts to sweeten the deal by providing food and drinks.
3. Get rid of stuff
And if you’re going to DIY your move in Palm Beach County, you’re going to have to get rid of some stuff. (You don’t want to cause extra work for the kind people helping you do you?) The less you have to move, the easier and faster your move will be, so it’s critical to de-junk. Keep only the things you really need and use, and purge the rest.
4. Rent a truck or trailer
You will also need to rent a truck or trailer (or maybe both) to DIY your move in Palm Beach County. Most of us have only a couple of friends who own pickup trucks. You can’t expect those one or two friends to make countless trips back and forth hauling your stuff. If you rent a truck, though, you can likely get it all in load. Besides, renting a truck is relatively inexpensive – you can rent a 26-foot U-Haul truck starting around $40. Just make sure you reserve the truck well ahead of time so that it is available on the day you need it.
5. Use the right packing materials
It is also wise to have plenty of proper packing materials on hand before moving day especially good Sturdy boxes period is anything more frustrating than having the bottom fell out of the box while you’re carrying, particularly if the contents are breakable? You will also need plenty of bubble wrap and tape, as well as markers of various colors for color-coding.
6. Move on the weekend
If you DIY your move in Palm Beach County you have the advantage of being able to move at the optimal time, the weekend. You and your helpers won’t have to miss work, Traffic is usually much lighter. Starting early on Saturday gives you 2 full days to complete the move period you usually don’t have the option with a moving company.
7. Rent the necessary equipment
Be sure to rent the equipment you will. The right equipment, like dollies and straps and furniture covers, will make the job easier and more efficient. And you won’t break the backs of your friends helping you period you can usually rent the movie equipment from a company when you rent the truck.
8. Get tips from your agent
If you want to DIY your move in Palm Beach County, then, you could save a lot of cash. And it’s really not all that hard if you allow these tips. But you should also call on the real estate experts for even more tips and advice. Your local real estate agent knows plenty about moving efficiently when it’s a DIY move.
Many first time renters are a bit “in the dark” about where to start when they start looking for a rental. They are not quite sure what to look for in the lease contract and the terminology can be confusing, even for college-educated individuals. The amount of legalese that is used on the lease contracts is often superfluous.
The following 6 items give you an idea of what you should check on when analyzing a lease so that you won’t come across any surprises when moving into a rental property.
- Property Liability Clause – When you rent a property that belongs to someone else, you are promising to exercise a certain amount of care and responsibility toward the upkeep, even if you are not required to make repairs. Read the liability clause carefully regarding how much you may be required to pay if there’s any damage to the property due to negligence. If a landlord decided to Sue for damages they would be required to prove neglect under legal terms and show that you ignored something that should have been fixed to avoid damage period the burden of proof is on them, but you should carefully document your actions and take pictures of your property so that you can show this if you are challenged. Keep in mind also that landlords may not enforce any liability or legal clauses that state your residence is not allowed him to do period know the housing and rental laws in your state to protect yourself from a bad lease agreement.
- Rental Amount and Terms – Make sure and look at the amount of the monthly rent, in addition to the deposit that you will have to pay upfront and any other fees that are charged at the beginning of the lease term. Also, look at the length of time that the lease covers. If you try to get out of the lease earlier than the terms outlined in the agreement, you may have to pay additional fees and you may not get your deposit back. Everything goes back to the contract that you sign, so make sure you understand it.
- Due Dates for Rent and Fees – Know the due dates for rent and other applicable fees if you are late on payments. Some landlords charge an additional $5-$10 per day for late payments
- Prognosticated Future Increases – Will your lease stay the same if you stay beyond the terms of the lease or will your rent go up in the future? Some of this is dependent on the current housing market, especially if you are renting a house. Landlords tend to charge what the market will bear minus any expenses they are out due to ongoing repairs or other factors. Make sure you are getting a good deal by consulting with a local real estate agent in Palm Beach County.
- Pets – Most landlords or property management companies will stipulate whether or not you can have pets in your rental house or apartment. If you have one or plan on getting one, make sure to look at what the lease says about pets. They may increase your monthly rent or increase the amount of your deposit.
- Fine Print – You may have heard the phrase, “read the fine print.” Never is this more important than when signing a lease agreement for rental. The fine print can include anything from a number of extra fees that will be charged in the event of damage or early termination, as well as the general responsibilities of the renter. There may also be information on how to get your deposit back or a disclaimer stating that your deposit will not be returned if you are late on your rent or cause damage to the property.
When you list your house, you must keep it in a state of readiness for those inevitable occasions when potential buyers drop by on very short notice or even unannounced. That means that after you’ve performed the necessary maintenance and clean up, you have kept on keeping on your house well maintained and ready for viewings. And that can be a daunting task when you have so many other obligations to see to. Here, then, are some easy ways to handle the upkeep of your (market-city) housed while listed.
What to do first and keep doing
According to a top real estate site, performing the proper maintenance and upkeep early on will make handling the upkeep of your (market-city) house while it is listed much more manageable. In addition, “a little routine maintenance can help you avoid a catastrophic problem down the line e.g. burst pipes, roof leaks, critters moving into your attic. That could devalue your property and derail the sale.”
So, let’s look at what you need to do:
Take care of the outside
Especially during spring and summer, getting your lawn and the exterior of your house in shape will go a long way toward making the upkeep of your (market-city) house while it is listed easier. Even if you won’t be living in the house, you should still clean up the yard, see to the landscaping, fix fencing, and lay down new mulch beds- and then keep doing it till the house sells, either by doing it yourself or hiring a service. In addition, you need to make any needed repairs to siding and touch up where necessary. If you don’t, these things only get worse over time.
Give special attention to the roof and guttering
When buyers first pull up to your house, their eyes will be drawn to the top. That means everything up there must be and stay in tip-top shape. Besides, roofs can cause interior damage, and overflowing gutters can eventually lead to foundation damage or weakening. The point is that taking care of these issues early on can prevent costly repairs and will make ongoing upkeep easier and less expensive.
Carefully assess the HVAC system
Although hidden out of sight, a properly functioning heating and air conditioning system will be immensely important to buyers. It’s also one of those things that absolutely require frequent preventative maintenance- unless you want to spend many hours and dollars later repairs or replacement. Here’s how top real estate pros put it: “it’s not sexy, but the hidden guts of your home need regular attention, whether you’re still living there or not. That means having your HVAC systems professionally serviced.” A little attention now is key to handling the upkeep of your (market-city) house while it is listed.
Wash windows and keep them clean
Lighting is important to allow buyers to see your home’s best features, and natural lighting is always better than artificial. So, to be sure to clean all your windows and then keep them clean. A little cleaning along the way (for example, after heavy rain) will make the task of upkeep a little less time-consuming.
Tackle rooms strategically
One easy way to handle the upkeep of your (market-city) house while it is listed is to tackle the task of cleaning rooms with strategy. This way, you know where to start and when to get overwhelmed. The rule of thumb here is to work from top to bottom and from left-right. In addition, focus your efforts on those things that are likely to catch the buyer’s attention, cleanings these more thoroughly and more often.
Consider mobile storage
You know that when you list your house, you will have to declutter and depersonalize. And the key step here is getting rid of anything that doesn’t contribute to the appealing look. But some of those possessions that don’t appeal to buyers you will still want to use and keep around. An easy solution is to use color-coded plastic containers that will allow you to quickly put away items when a showing is imminent.
A major component of handling the upkeep of your [market city] house while it is listed is getting in the habit of doing it regularly and often. The problem is, though, that most of us haven’t developed that habit. But you can always fake it for a short time until your house sells. Just do those small steps every day as if it were a habit. Just keep in mind that you won’t have to keep it up very long.
Go for the illusion
Home upkeep and cleanliness are more about appearance than reality. So, one way to make things easier is to just to strive for the illusion of clean. You can do this by concentrating on what buyers are most likely to notice, especially in the kitchen and bathrooms. It’s the same thing magicians and illusionists do. They draw your attention away from certain things so that you will notice others.
Staying showing ready isn’t all that difficult, then, if you follow these easy ways to handle the upkeep of your (market-city) house while it is listed. There is, however, one other important ingredient – and that is to lean on the expertise of your local agent. Local markets have their own requirements, and your agent knows these buyers and what they will notice.