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Bathrooms of Wonder: How to Transform Your Powder Room

Once, it was the room that no one would show in movies or even mention in polite company—but these days, a fabulous bathroom is a prime home feature, and for many proud owners, the subject of major bragging rights. They’re luxurious! They’re high-tech and functional! They’re beautiful! Plus—and here’s the real point—today’s HGTV-savvy homeowners know that upgrading their bathroom is likely to impress buyers and boost home valuations.

Bathroom remodels now rival kitchens in popularity. The bathroom is reinforcing its place as an important room in a home. But unlike the increasingly public kitchen, the bathroom has evolved into a private haven—a tranquil space for relaxation and self-indulgence.

A spa experience in your home

Bathrooms are getaways that have the power of revitalizing and soothing body and soul. To create the feel of a spa, keep the design and features minimal, use a neutral color palette, and make sure there’s lots of natural light, he advises. Also, avoid clutter. After all, “an elegant and relaxed bathroom needs a little space.”

Indoor-outdoor flow—and we don’t mean the water

You might think that the top things you’d want in a bathroom are a reasonable degree of privacy and some good ventilation. And you wouldn’t exactly be wrong. But let’s add another factor to the list: Bathrooms that embrace their natural surroundings offer exciting design possibilities. After all, what better way to enjoy nature than showering outdoors? That is, assuming the neighbors aren’t close by. These days privacy is “not so much a matter of hiding ourselves from others, but about shielding ourselves from the outside frenzy.” As a matter of practicality, of course, floor-to-ceiling windows allow the feeling of being outside without little inconveniences like dead leaves in your freshly washed hair. Even simpler, maximize a view of a natural landscape.

Decor that could fit in the living room

When it comes to planning, design, and decorating, bathrooms are just as important (if not more) as any other room in a home. Think beyond your towel colors. The Houzz survey found that 15% of respondents put a chandelier in their master bathroom for a luxe look. Vintage fittings are a popular trend; vintage features such as Venetian mirrors and Victorian bathtubs and washbasins. For those who prefer a more contemporary style, there are streamlined fittings made of stone, marble, or even high-quality recycled plastic or translucent resin.

Technology with a gentle touch

Technology is already making its way into the bathroom, but very subtly with features such as touch-sensitive taps and toilets that fully wash, dry, and deodorize you to become more common. Already, homeowners in the Houzz survey favor making their bathrooms cozy with radiant heat flooring (26%) and towel warmers (11%). Towel warmers are an affordable indulgence that come in various designs and configurations to accommodate any possible needs. No matter what, though, high-tech features should not interfere with a quiet soak in a hot tub. No beeps or blinking lights!

Fashion that doesn’t leave function behind

At the end of the day, whether your dream bathroom resembles a spa, a Moroccan bathhouse, or, oddly enough, Mamie Eisenhower’s powder room, it has to serve your needs. Organization and accessibility are key. Make best use of the available space. A functional bathroom that looks good will still be practical and look sharp a decade later. Sure, you’ll probably change some details over the years, but invest now in organization solutions and a layout that works. It’s also smart to think long term about accessibility—the Houzz survey found that baby boomers are big on features such as grab bars and curb less showers. Bathrooms are the second costliest room in the home for renovations, experts say. So, when you’re planning your remodel, make sure you’ll end up with a bathroom you’ll love for years to come.

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Found a Buyer on Your Own? Here’s Why You Still Need an Agent

Let’s say you’re selling your house. And before you even get a chance to snap listing photos and put it on the market, a buyer comes along. Perhaps the buyer makes you an offer you just can’t refuse. Congratulations, you just cut out many steps of the home-selling process—showings, open houses, and haggling over price.

With an offer in hand, you might be asking what commission an agent would receive if the agent were to get involved at this stage of the home-selling process. But keep in mind what may seem like a straightforward transaction between a seller and buyer once an offer is accepted is usually not all that simple. You still have a marathon to finish before getting to the closing table. We’ve broken down the home-selling process into steps to see what an agent could help you with.

Commissions explained

Neither federal nor state laws govern commission rates, which means commissions are fully negotiable. And negotiating the commission is between you and your agent.

To crunch some general numbers, if a home sells for $250,000 at a 6% commission, the seller’s agent would get $15,000. However, keep in mind commission rates usually vary depending on the state you live in and among brokerages. Always talk with several agents about your particular home-selling needs. Find out if and how they would want to handle the sale to a buyer found by the seller.

The offer

In this scenario, a buyer made you an offer and you accepted. However, it’s time to take a step back: Keep in mind verbal offers are not legally binding in real estate transactions. Agents usually supply a variety of forms such as Residential Purchase Agreements to get offers in writing. These forms vary to conform to state and local laws, and eventually become a binding sales contract. The forms are also known as a purchase agreement, an earnest money agreement, or a deposit receipt. It’s also essential that an offer contains every element needed to serve as a blueprint for the final sale.

An agent can also handle a buyer’s earnest money—usually 1% to 2% of the home’s purchase price—by depositing it in an escrow account held by a third party such as a real estate closing company, an attorney, or a title company agent. Remember, escrow protects sellers. You get to keep that money if a buyer bails on a transaction that’s underway.

The terms of the sale and contingencies

While it may seem the hard part is over if a seller found a buyer on their own, many obstacles can occur during the contract period that will require an agent’s skill to keep the deal together. For instance, an agent will ask if you and your buyer agree on not just the sales price but also the terms of the sale. Terms within a purchase agreement include basic information such as the names of the parties involved, the legal description of the property to be transferred, and the agreed-upon price. But terms also list crucial details such as what personal property will be included in the sale (e.g., appliances or fixtures). Leaving any terms of sale out of the purchase agreement can come back to haunt the buyer, the seller, or both.

An agent will also ensure contingencies are added to your contract. Standard contingencies include a buyer securing financing, a home inspection, repairs, and an appraisal—which is crucial to the mortgage process.

The closing

Remember, you need multiple legal documents for the closing, including a clean title. This step is usually done by an attorney, who collects a fee at the closing. But a real estate agent usually handles getting to the actual closing table by setting a date, coordinating everyone’s schedule, and ensuring all the needed paperwork (which is usually a mound of documents) is ready and correctly signed.

The bottom line

If a real estate professional can assist you, their compensation is a matter of negotiation between you and the agent. Hiring an agent to write the offer and guide it toward the closing table is a smart move.

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15 Essential Items to Include in an Emergency Survival Kit

You can’t predict the future—or control the toll that a fire, hurricane, or flood takes on your home. But you can take steps to ensure that you’re prepared in the event you get stuck in your house after a natural disaster strikes. When it comes to being prepared, having insurance is crucial, and relatively affordable. But to be fully prepared for a natural disaster, you also need an emergency kit.

A useful survival kit has more than just flashlights and some bottled water (although you should have those things, too). Your kit should contain supplies that will last you at least three days. And you should start cobbling it together now, so you aren’t caught off guard in the event of a crisis. It’s easy to lose focus on what you need to do in a disaster; having an emergency kit will allow you to focus on other tasks while knowing that you have the best emergency supplies handily packed in a kit. Make sure all household members know where the kit is stored. And, since your emergency kit might be the only thing you can take with you when you eventually leave the home, keep everything in an easy-to-carry container.

As for what should go inside the kit, follow this comprehensive checklist. (Heads up: Because some items can expire—and your family’s needs can change over time—look at your emergency kit at least once a year and make any necessary updates.)

Prescription Medications

If you have multiple prescriptions, make sure each is in a labeled bottled.

First-aid Kit

In addition to basic bandages, gauze, and antiseptic wipes, your first-aid kit should include an antihistamine, antacid, anti-inflammatory, pain reliever, fever reducer, antibiotic ointment, eyewash solution, instant cold compress, and hydrocortisone cream.

Flashlight and Battery-powered Radio

Don’t forget extra batteries!

Bottled Water

Lauritzen recommends 1 gallon of water per person per day. Sports drinks like Gatorade or Powerade are also good for replenishing electrolytes.

Food

Purchase nonperishable, easy-to-prepare snacks and meals with high protein (e.g., dried fruit, peanut butter, beef jerky, power bars, granola bars, canned vegetables, nuts, and canned tuna). These foods work well if the power goes out and you’re unable to cook or heat your food. (Don’t forget the can opener!)

Important Paperwork

Make sure you have at least two sets of any important documents—one at home that you can grab quickly if needed, and another in digital form that you keep stored in the cloud. The deed to your house, Social Security cards, medical records, and passports are just some of the paperwork you don’t want to forget.

Pet Supplies

Pack food and water, as well as a collar, leash, carrier, crate, and bowls.

Sleeping bags

Buy one sleeping bag per person, and pack additional bedding, such as warm blankets, if you live in a cold-weather climate.

Activities for Children

Keep the kids entertained (and distracted from the situation at hand) with coloring books, board games, a deck of cards, and puzzles.

Hygiene Products

This includes toothbrush, toothpaste, soap, feminine products, body-cleansing wipes, hand sanitizer, toilet paper, and tissue packs.

Cell Phone Charger

If you’re lucky, your home won’t lose power. But you might forget to grab your regular cellphone charger if you’re in a rush.

Candles and Matches

Keep the matches in a waterproof container.

Change of Clothing

Pack three days’ worth of clothes for each person and include sturdy shoes.

Special Items for Infants or the Elderly

Baby formula and food are obviously a must, but older family members—particularly those who have physical challenges—might need additional supplies.

Cash

If there’s a widespread power outage, stores won’t be able to run their card machines, and banks and ATMs won’t be operating. You’ll want some cash on hand if you need to buy necessary items or put gas in your car to leave town. How much cash you should stow away depends on the size of your family, how well-stocked you are, and your comfort level. Some experts recommend three to five days’ worth of spending money, while others suggest $1,000 to $2,000. In the end, whatever you’re comfortable socking away could save you in an emergency.

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Need to Replace Pet-Damaged Carpet?

As a pet owner, you know that accidents happen. There are a variety of reasons why our four-legged friends do their business or act out inside the house and on the floor. Maybe they’re marking their territory, or their anxiety may be manifesting in their clawing at the carpet. However, your home is probably your biggest investment, so you want to maintain its resale value—and keep it from looking and smelling like a litter box. So, what are the best options for pet-resistant flooring that would also appeal to future buyers? Check out the expert’s top recommendations.

Hardwood

If you have your heart set on beautiful hardwood floors, you’ll be happy to know that there are a few types of hardwood that are durable enough for Fido. Real wood floors are extremely durable and designed to withstand the traffic of busy families, including man’s best friend. Your dog’s claws will be less likely to scratch harder wood varieties like oak, maple, walnut, or—one of the strongest options—bamboo. The hardness of bamboo makes it more resistant to scratches, liquids, and mess, which helps out with pet accidents. If you’re considering bamboo, be sure to get medium- to high-priced bamboo flooring since the cheaper options aren’t as sturdy or scratch-resistant.

Porcelain tile

Your delicate porcelain dinnerware may lead you to believe that this type of material is not the strongest flooring option, but the experts say otherwise. The simplest floor to maintain—not only for pets but also for spaces with heavy traffic—is porcelain tile. Porcelain tile that has a glaze on it will not absorb any hazardous bodily fluids from pets and is easy to clean. An additional note is that sweeping, vacuuming, and wiping with a damp mop is all that’s needed to keep it sparkling. And, there’s an additional benefit to porcelain: It will not absorb odors. It is also recommended to use a grout that is nonabsorbent which will prevent liquids from seeping between the tiles and provide excellent stain resistance. However, you might want to avoid porcelain tile if your pup is older and has a hard time getting around. Many dogs do not have good traction on slippery surfaces, and older dogs may get injured and not be able to walk on surfaces without some tactile grip.

Luxury vinyl tile

Vinyl, in general, has come a long way since the days of disco. Luxury vinyl tile is a great, pet-friendly option as it’s scratch- and stain-resistant. Some varieties are even waterproof. Many people choose luxury vinyl tile because it can replicate popular (but less resilient) flooring options like hardwood or marble, and it costs way less. The cleaning is quick and easy and luxury vinyl tile doesn’t stain like carpeting.

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Do I Need Neutral Painted Walls To Sell My Home?

“If you want to sell your home, paint your rooms beige.” That could be the rallying cry of real estate agents across the country, and for good reason. Presentation and first impressions mean everything when selling a home, and the men and women who make their living selling homes know that neutral colors will generally spark more interest from buyers than bold colors.

Human beings are sensitive to color on a deep, emotional level. This makes sense: Our earliest ancestors relied on colors to tell them if a plant was ripe or safe to eat, for example. Those deeply ingrained senses of what colors mean in nature stay with us in our cities and suburbs; we may not need to make life-and-death decisions based on the color of a strange fruit, but we still carry the emotional cues that kept our ancestors safe.

This trait can complicate things when painting a house, however. A certain hue that you think looks perfect in your living room might trigger a deep sense of discomfort in a visitor. The deeper the color you choose for your walls, the stronger effect it might have on others. Conversely, the closer your home’s colors are to pure, neutral white, the less they will emotionally affect visitors — or potential buyers.

But an all-white home can be dull, not to mention extremely hard to keep clean. With a little awareness of color theory and some creative restraint, you can have the best of both worlds: a home in which color brings out each room’s best features, and a house that’s likely to sell without requiring major repainting.

Color psychology is the study of the emotional cues prompted in humans by various colors. These can be quite strong: Bold yellow, for example, can upset small children, while light yellow is commonly used as a gender-neutral color for babies’ rooms. Blue is often associated with calmness, serenity and cold temperatures. Red, on the other hand, may symbolize excitement, love, anger, warfare or energy. These are useful traits to understand as you plan how to show off your home’s best features to potential buyers.

But how do you turn an understanding of color psychology into an attractive, sellable interior design? The process is easier than you might think.

The Power of Color

The first step in applying color theory to your home is to understand what you want each room to say. Is a bedroom used for rest and relaxation for the adults in the home, or is it a bright, happy playroom for the children? Is the kitchen a family gathering place, or is it an area where high-tech styling makes meal preparation fast and efficient? Asking questions like these will help you define moods for your rooms. Compare these moods to the emotions evoked by different colors, and you’ll quickly create a list of general hues that are most appropriate for each room of your house. Narrow your color search further by looking at the paint colors in the middle or lighter ends of these ranges, since this will help you avoid painting too much wall space with a too-bold color.

Now comes the fun part: designing your rooms with color and furnishings to capture the moods you’ve identified. There are countless factors that play into making each room right, including the furniture and decorative items, the flooring, the quality of light through the windows and your desire (and budget) to change these. In general, you can often create stunning effects by choosing one or two items to showcase with bold color, offset by neutral complementary colors in the rest of the walls and furnishings.

It helps to keep a sense of restraint when choosing color and design layouts; a bold color can quickly become overwhelming if used too much, and too many complementary colors in one room can make even sparse furnishings look busy and cluttered. Try to limit each room’s color palette to no more than three colors: a bold accent, a middle-tone that can be used to frame the accent and a more neutral color for the background, like the walls. This will ensure that, while you will be able to break free of the all-beige, neutral-color blahs, you will still have a home that has a good chance of selling without major changes.

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As Home Equity Rises, So Does Your Wealth

Tree growing on coins, money growing, business success concept.

Homeownership is still a crucial part of the American dream. For those people who own a home (and those looking to buy one), it’s clear that being a homeowner has considerable benefits both emotionally and financially. In addition to long-term stability, buying a home is one of the best ways to increase your net worth. This boost to your wealth comes in the form of equity.

Equity is the difference between what you owe on the home and its market value based on factors like price appreciation.

The best thing about equity is that it often grows without you even realizing it, especially in a sellers’ market like we’re in now. In today’s real estate market, the combination of low housing supply and high buyer demand is driving home values up. This is giving homeowners a significant equity boost.

According to the latest data from CoreLogic, the amount of equity homeowners have has continued to grow as home values appreciate. Here are some key takeaways from the Homeowner Equity Insights Report:

  • The average homeowner gained $51,500 in equity over the past year
  • There was a 29.3% increase in national homeowner equity year over year

To give you an idea of what that looks like in your area, the map below shows the average equity gains by state.As Home Equity Rises, So Does Your Wealth | MyKCM

What does all of that mean for you?

If you’re already a homeowner, you likely have more equity in your house than you realize. The numbers in the map above reflect year-over-year growth. If you’ve been in your home for longer than a year, you’ll likely have even more equity than that. That equity can take you places. You can use the equity you’ve gained to fuel your next move, achieve other life goals, and more.

On the other hand, if you haven’t purchased a home yet, understanding equity can help you realize why homeownership is a worthwhile goal. Homeowners across the nation gained an average of over $50,000 in equity this year. Don’t miss out on this chance to grow your net worth.

Bottom Line

If you want to learn more, let’s connect. A trusted advisor can help you understand where home prices are today, how they contribute to a homeowner’s net worth, and the impact equity can have when you own a home.

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Reasons You Should Consider Selling This Fall

Reasons You Should Consider Selling This Fall | MyKCM

If you’re trying to decide when to sell your house, there may not be a better time to list than right now. The ultimate sellers’ market we’re in today won’t last forever. If you’re thinking of making a move, here are four reasons to put your house up for sale sooner rather than later.

1. Your House Will Likely Sell Quickly

According to the Realtors Confidence Index released by the National Association of Realtors (NAR), homes continue to sell quickly – on average, they’re selling in just 17 days. As a seller, that’s great news for you.

Average days on market is a strong indicator of buyer demand. And if homes are selling quickly, buyers have to be more decisive and act fast to submit their offer before other buyers swoop in.

2. Buyers Are Willing To Compete for Your House

In addition to selling quickly, homes are receiving multiple offers. That same survey shows sellers are seeing an average of 4.5 offers, and they’re competitive ones. The graph below shows how the average number of offers right now compares to previous years:Reasons You Should Consider Selling This Fall | MyKCMBuyers today know bidding wars are a likely outcome, and they’re coming prepared with their best offer in hand. Receiving several offers on your house means you can select the one that makes the most sense for your situation and financial well-being.

3. When Supply Is Low, Your House Is in the Spotlight

One of the most significant challenges for motivated buyers is the current inventory of homes for sale. Though it’s improving, it remains at near-record lows. The chart below shows how today’s low inventory stacks up against recent years. The lighter the blue is in the chart, the lower the housing supply.Reasons You Should Consider Selling This Fall | MyKCMIf you’re looking to take advantage of buyer demand and get the most attention for your house, selling now before more listings come to the market might be your best option.

4. If You’re Thinking of Moving Up, Now May Be the Time

If your current home no longer meets your needs, it may be the perfect time to make a move. Today, homeowners are gaining a significant amount of wealth through growing equity. You can leverage that equity, plus current low mortgage rates, to power your move now. But these near-historic low rates won’t last forever.

Experts forecast interest rates will rise. In their forecast, Freddie Mac says:

“While we forecast rates to increase gradually later in the year, we don’t expect to see a rapid increase. At the end of the year, we forecast 30-year rates will be around 3.4%, rising to 3.8% by the fourth quarter of 2022.”

When rates rise, even modestly, it’ll impact your monthly payment and by extension your purchasing power.

Bottom Line

Don’t delay. The combination of housing supply challenges, low mortgage rates, and extremely motivated buyers gives sellers a unique opportunity this season. If you’re thinking about making a move, let’s chat about why it makes sense to list your house now.

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4 Big Incentives for Homeowners to Sell Now

The housing market keeps sailing along. The only headwind that could take it off course is the lack of inventory for sale. The National Association of Realtors (NAR) reports that there were 410,000 fewer single-family homes for sale this March than in March of 2020. The key to continued success in the residential housing market is for more listings to come on the market. However, many homeowners are concerned that selling their homes could be challenging for several reasons.

Recently, Homes.com released the findings of a survey that identified these concerns, as well as what it will take for homeowners to feel comfortable selling their houses. Here are the four major homeowner concerns and a quick explanation of what’s actually happening in the housing market today.

1. Homeowners don’t know if they’ll be able to secure their next home before selling.

In negotiations, leverage is the power that one side may have to influence the other side while moving closer to their negotiating position. A party’s leverage is based on the ability to award benefits or eliminate costs on the other side.

In today’s market, buyers have compelling reasons to purchase a home now:

  • To own a home of their own
  • To buy before prices continue to appreciate
  • To secure a mortgage at a historically low rate, while they last

These buyer needs give the seller tremendous leverage. Most already realize this leverage enables the homeowner to sell at a good price. However, this leverage may also be used to negotiate time to find their next home. The homeowner could sell their home to the buyer at today’s price, which will enable the purchaser to take advantage of current mortgage rates. In return, the buyer might lease the house back to the seller for a pre-determined length of time while the seller finds a new home or has one built.

This gives the buyer what they want while also giving the seller what they need. It’s a true win-win negotiation.

2. Homeowners don’t know if their current home will sell for the asking price or top market price.

This is the perfect time to maximize profits while selling a house. NAR just released a study showing that bidding wars are at an all-time high. The study reveals that when comparing the first quarter of last year to the first quarter of this year, the number of offers on homes for sale doubled from an average of 2.4 to 4.8 offers.

Whenever there’s a bidding war, the price of the item for sale escalates. Bloomberg recently reported:

“For the first time ever, the average U.S. home is selling for above its list price.”

If a seller is looking for a top-dollar sale, there’s no better time to sell than right now.

3. Homeowners don’t know if they will get an offer without their home requiring work or updates.

Again, leverage is the greatest strength a seller has in this market. Due to the lack of homes for sale, many buyers are more willing to take on home improvement projects themselves in order to get the home they’re after.

A recent post on whether or not to renovate before selling notes:

“It may be wise to let future homeowners remodel the bathroom or the kitchen to make design decisions that are best for their specific taste and lifestyle. As a seller, your dollars and time might be better spent working on small cosmetic updates, like refreshing some paint and power washing the exterior. Instead of over-investing in your home with upgrades that the buyers may change anyway, work with a real estate professional to determine the key projects that will maximize your listing, without overdoing it.”

If a seller is worried about doing work or updates on their home, they must realize that today’s historically low inventory likely renders these projects less critical to the sale of the house.

4. Homeowners don’t know if they can have a quick closing process.

When speed is important, there are two points sellers should look at:

  • The time it takes to find a buyer for the home
  • The time it takes to close the transaction

In the latest Existing Home Sales Report, NAR explains:

“Properties typically remained on the market for 18 days in March, down from 20 days in February and from 29 days in March 2020. Eighty-three percent of the homes sold in March 2021 were on the market for less than a month.”

Eighteen days is fast, and it’s a new record. Here are the days the average house is on the market in each state:4 Big Incentives for Homeowners to Sell Now | MyKCMRegarding the time it will take to close the transaction, all-cash sales accounted for 23% of all home purchase transactions in March. All-cash sales can usually be closed in thirty days.

If a mortgage is necessary, the most recent Origination Insight Report from Ellie Mae shows:

“Time to close all loans decreased in March. The average time to close a purchase fell to 51 days, down from 53 the month prior.”

If you’re looking for a quick closing process, there’s never been a market in which the two-step process (finding a buyer and closing the deal) has taken less time.

Bottom Line

Selling your house can be daunting, especially in a fast-paced market. However, the fact that we’re in such a strong sellers’ market clearly eliminates many common concerns. Let’s connect today so you can learn more about the opportunities for homeowners who are ready to sell.

Here at The Wheaton/Wass Real Estate Team we are tough negotiators and we know the market!

Call today and let us negotiate your next deal. 719.822.1444

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What It Means To Be in a Sellers’ Market

 

If you’ve given even a casual thought to selling your house in the near future, this is the time to really think seriously about making a move. Here’s why this season is the ultimate sellers’ market and the optimal time to make sure your house is available for buyers who are looking for homes to purchase.

The latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houses for sale is still astonishingly low, sitting at just a 2-month supply at the current sales pace.

Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (See graph below):What It Means To Be in a Sellers’ Market | MyKCMWhen the supply of houses for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. As a result, competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractive offers.

As this happens, home prices rise and sellers are in the best position to negotiate deals that meet their ideal terms. If you put your house on the market while so few homes are available to buy, it will likely get a lot of attention from hopeful buyers.

Today, there are many buyers who are ready, willing, and able to purchase a home. Low mortgage rates and a year filled with unique changes have prompted buyers to think differently about where they live – and they’re taking action. The supply of homes for sale is not keeping up with this high demand, making now the optimal time to sell your house.

Bottom Line

Home prices are appreciating in today’s sellers’ market. Making your home available over the coming weeks will give you the most exposure to buyers who will actively compete against each other to purchase it.

Let The Wheaton/Wass Real Estate Team help, call today: 719.822.1444