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The Holidays Aren’t Stopping Homebuyers This Year

The Holidays Aren’t Stopping Homebuyers This Year | MyKCM

Black Friday and Cyber Monday are behind us, yet finding the perfect holiday gifts for friends and family is certainly still top of mind for many right now. This year, there’s another type of buyer that’s very active this holiday season – the homebuyer.

Each month, ShowingTime releases their Showing Index which tracks the average number of appointments received on active U.S. house listings. The most recent index notes:

“The Showing Index reported a 60.9 percent jump in nationwide showing traffic year over year in October, the sixth consecutive month to see an increase over last year.”

Here’s the breakdown of the latest activity by region of the country compared to this time last year:

  • The Northeast increased by 65.5%
  • The West increased by 64.7%
  • The Midwest increased by 55.7%
  • The South increased by 54.7%

Why is the traffic so active?

The health crisis definitely put homebuying plans on pause for many earlier this year. Buyers, however, are in the market and making moves well past the typical busy homebuying seasons of spring and summer.

One of the main reasons buyer traffic has continued to soar in the second half of 2020 is how dramatically mortgage rates have fallen. According to Freddie Mac, the average mortgage rate last December was 3.72%. Today, the rate is a full percentage point lower.

Bottom Line

There are first-time, move-up, and move-down buyers actively looking for the home of their dreams this winter. If you’re thinking of selling your house in 2021, you don’t need to wait until the spring to do it. Your potential buyer is very likely searching for a home in your neighborhood right now.

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Three Ways Low Inventory Is a Win for Sellers

Three Ways Low Inventory Is a Win for Sellers

 

The number of houses for sale today is significantly lower than the high buyer activity in the current housing market. According to Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):

“There is no shortage of hopeful, potential buyers, but inventory is historically low.”

When the demand for homes is higher than what’s available for sale, it’s a great time for homeowners to sell their house. Here are three ways low inventory can help you win if you’re ready to make a move this fall.

1. Higher Prices

With so many more buyers in the market than homes available for sale, homebuyers are frequently entering into bidding wars for the houses they want to purchase. This buyer competition drives home prices up. As a seller, this can definitely work to your advantage, potentially netting you more for your house when you close the deal.

2. Greater Return on Your Investment

Rising prices mean homes are also gaining value, which drives an increase in the equity you have in your home. In the latest Homeowner Equity Insights ReportCoreLogic explains:

“In the second quarter of 2020, the average homeowner gained approximately $9,800 in equity.”

This year-over-year growth in equity gives you the ability to put that money toward a down payment on your next home or to keep it as extra savings.

3. Better Terms

When we’re in a sellers’ market like we are today, you’re in the driver’s seat if you sell your house. You have the power to sell on your terms, and buyers are more likely to work with you if it means they can finally move into their dream home.

So, is low housing inventory a big deal?

Yes, especially if you want to sell your house at the perfect time. Today’s market gives sellers immense negotiating power. However, it won’t last forever, especially as more sellers return to the housing market next year. If you’re considering selling your house, the best time to do so is now.

Bottom Line

If you’re interested in taking advantage of the current sellers’ market, let’s connect today to determine your best move in our local market.

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Is it Time to Move into a Single-Story Home?

Is it Time to Move into a Single-Story Home?

Is it Time to Move into a Single-Story Home? | MyKCM

Once the kids have left the nest, you may be wondering what to do with all of the extra space in your home. Chances are, you don’t need four bedrooms anymore, and it may be a great time to sell your house and downsize, maybe even into a single-story home. You’ve likely gained significant equity if you’ve lived in your home for a while, so making a move while demand for your current house is high could be your best step forward toward the retirement goals you set out to achieve several years ago.

The dilemma, though, is where to go next. A big concern for many homeowners who are ready to sell is finding a home to move into, given today’s lack of houses available for sale. There is, however, some good news: the number of single-family 1-story homes being built today is on the rise, improving your odds of finding the right home for your changing needs. In a recent article, The National Association of Home Builders (NAHB) explains:

“Nationwide, the share of new homes with two or more stories fell from 53% in 2018 to 52% in 2019, while the share of new homes with one story grew from 47% to 48%.”

Here’s a map showing the breakdown of newly constructed homes being built by region, and the percentage of 1-story and 2-story homes in that mix:Is it Time to Move into a Single-Story Home? | MyKCM

What are the benefits of buying a one-story home?

Still not sure about buying a single-story home? An article from Home Talk covers several advantages of switching from two floors to one:

1. Energy Efficient

“It is easier to heat and cool a single-story house [than] it would be to regulate the temperatures of a multi-story house.”

Most single-story homes only need one heating or cooling unit, and they typically stay cooler than a two-story home, both of which can lead to significant savings.

2. Easier to Maintain

“Doing a general cleaning in a single story requires less effort and you will be able to see all areas that need cleaning and the areas are easily accessible.”

Cleaning and maintenance of a single-story home can take less time and effort, and better upkeep helps improve the overall value of the home.

3. Accessible for Everyone

“A single-story house can be accessed by anyone, whether they are young children or the senior citizens.”

If you’re looking for a house that provides a safe and easily accessible environment at any age, a single-story home may be optimal.

4. Good Resell Potential

“When buying a single-story house, you should consider the resale value should you think of reselling it in case of a circumstance that can happen. Look at the growth rate of that area. Due to the high demand of these types of houses it is [easy] to resell them and depending on the growth rate of an area, it increases in value significantly.”

Single-story homes have a lot of benefits and are often in higher demand. This bodes well for future resale opportunities.

Bottom Line

There are many benefits to downsizing into a one-story home. Doing so while demand for your current house is high might make it easier than ever to make a move. Let’s connect if you’re ready to purchase the single-story home you need while homes are so affordable today.

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Sell Your Home With These Quick and Easy Home Repair Projects You Can Do in a Weekend

easy home repair projects

Even simple renovations can make a home seem much more desirable in the eyes of prospective buyers. Here are some easy DIY projects to help pique buyer interest in your home.

Refresh your walls with some paint. You can give drab, washed-out rooms a compelling burst of depth by adding a fresh coat of paint. Ideally, you should try to keep things neutral, so prospective buyers will have an easier time picturing themselves and their possessions in the property. Be sure to prime water stains, crayon marks and other flaws before painting, so they won’t bleed through. You should also choose a nice eggshell or satin paint sheen for the walls and a semi-gloss or gloss paint for trim and woodwork.

Add privacy by installing interior shutters. Commonly used in urban and southern homes, interior shutters add architectural and historical detail to a home. They also filter out overwhelming sunlight, reduce cooling bills and add an element of privacy, especially on windows facing neighboring homes. A quick and easy weekend DIY project, interior shutters are easy to install on any window because they attach to the frame that either sits within the window opening or on the outside of the window casing.

quick and easy home repair projectsReplace fixtures. New fixtures can have a dramatic effect on every room of your home. Whether it’s fresh lighting fixtures, an updated faucet or a new towel rack, even minor enhancements can significantly transform the look and feel of a home. New switch plates and outlet covers allow you to freshen up rooms without having to put forth much effort. You can make these renovations in a matter of hours for a relatively small investment. Many people are shocked when they see just how much new fixtures can alter the aesthetic of their homes. 

Revive an old deck. Years of weather and neglect can leave decks looking gray. That said, even the most hopeless-looking wood deck can be revived. You can use a power washer to “burn” the gray layer away and expose fresh, raw wood. You can then brush on a protective coat of semitransparent stain to shield it from the elements. The end result can be dramatic. Just be sure to always power wash along with the grain of the wood to keep from damaging your deck. 

Add some low-cost flooring. Long before plastic-laminate planks and sheet flooring, there was vinyl tile. Originally designed as an alternative to cheap-looking linoleum, vinyl tile grew in popularity because it was easy to clean, colorful and crack-resistant. These days, it’s available in all sorts of dynamic patterns, colors and textures, making it easy to craft checkerboard designs and floors with compelling contrasting borders. Consider it as a quick, cost-effective way to refresh dining areas, laundry rooms and entryways. 

Enhance your entryway. Since your home’s entryway is the very first thing buyers will see, you should spend some extra time enhancing its appearance. A welcoming front porch can significantly elevate your home’s curb appeal. Add a fresh coat of paint to your front door and dress it up with new hardware. Add a welcome mat and potted plant to your front porch and consider installing outdoor lighting to illuminate the walkway. 

Spruce up your landscaping. Attractive shrubs and colorful plants can add powerful curb appeal to any home. When shopping at your area garden center, however, be sure to “think green.” Choose plants that are drought-tolerant or native to the region. Since these plants require less water, they will flourish without a lot of oversight or maintenance. This will help save you time while you are trying to sell your home and give a you a valuable selling point for busy buyers who don’t have much of a green thumb. 

Boost your backyard. You can easily create an attractive outdoor patio over the weekend by strategically placing flagstone in your backyard. Add potted plants, exterior lighting and outdoor seating, such as a weatherproof bistro set or an eclectic collection of colorful chairs to craft a quaint backyard escape that extends your home’s living space. 

If you’re thinking about selling your home, The Wheaton Team can help. We specialize in residential real estate in Colorado Springs and the entire El Paso County. Let us help simplify the complicated selling process and help you sell your property for a price that meets your expectations. Contact us today to get started!