This year has been full of strong economic growth, improved employment and a strong real estate market despite lower than normal inventory levels. In fact, according to the National Association of Homebuilders, single family home says this year will likely outperform an already exceptional 2014.
We’re now entering the end of 2015. This can be a great time of year filled with many opportunities, but it can also be challenging. In this blog post we’ve prepared several tips for buyers and sellers looking to make their transactions in this unique time of year.
Sellers: Do Sweat the Small Stuff
Little touches go a long way with buyers. Simple, easy fixes like trimmed bushes, power washed exteriors, new doormats, decluttered countertops and deep cleans on the kitchen and bathrooms can go a long way to securing the price you want for your property. While no one change may be the straw that breaks the camel’s back, sometimes the small edge of a decluttered countertop may be enough for your property to beat out the competition if it’s a close race.
Buyers: Take Notes, Stay Organized
Touring properties can sometimes be a whirlwind. You don’t need to take exhaustive notes, but a simple pro and con checklist of every home you visit will go a long way after you preview a bunch of homes in rapid succession. Sometimes homes tend to blend together at the end of the day.
Sellers: Sell and Stage By Season
While it’s important to have your home decluttered and staged well, it’s also important to stage with the season. With the fall market, consider displaying ornamental pumpkins and fall foliage in and around your home. Use fall scents such as cinnamon or baked apple. And remember to keep those always falling leaves at bay! With the winter market, make sure you’re pathways are cleared and salted.
Buyers: Secure Low Mortgage Rates – Right Now
You want to take advantage of low interest rates while they last. While we likely won’t see skyrocketing interest rates soon, interest rates have been steadily climbing over the past couple of months. Mortgage giant Freddie Mac has stated that future rates are “clouded;” but confirm they likely won’t stay as low as they currently are for long.
Sellers: Home Improvements Are Not All Created Equal
All renovations are not created equal. Sometimes in order to secure the price that you’d like for your property renovations may be a good idea. The greatest return on your investment is likely a mid-range bathroom remodeling project. $3,000 worth of work on a bathroom remodel returns $1.71 for every dollar spent, according to the National Association of Realtors. Alternatively, a top of the line kitchen remodel will cost you about $22,000 and you’ll only get about $0.51 back on every dollar spent.
Everyone: Patience is a Virtue
Real estate is a unique business full of stops and starts. While we are currently in a situation where inventory is low, everyone’s price range and requirements are different. Sometimes it takes patience when selling or buying depending on where the market is.