Fall is the best time to buy a home!

When I shared that tip with a client years ago, I can still remember their response: “But we are too busy in the Fall!”

Exactly.

Most buyers are busy with school, work or sports events.

Most buyers look for homes when they have more discretionary time, like the late winter and early spring!

So buyers who start house hunting in the fall have much less competition!

And, historically, listing inventory tends to peak in the fall, which creates more options for buyers!

Fall really is the best time to buy a house!

David Baker, Broker/Owner

Baker Realty Group

Today’s housing market is different than it was just a few months ago. And if you’re thinking about selling your house, that may leave you wondering what you need to do differently as a result. The answer is simple. Taking the time upfront to prep your house appropriately and create a solid plan can help bring in the greatest return on your investment.

Here are a few simple tips to make sure you maximize the sale of your house this fall.

1. Price It Right

One of the first things buyers will notice is the price of your house. That’s because the price sends a message to home shoppers. Pricing your house too high to begin with could put you at a disadvantage by discouraging buyers from making an offer. On the flip side, pricing your house too low may make buyers worry there’s some underlying issue or something wrong with the home.

Your goal in pricing your house is to gain the attention of prospective buyers and get them to make an offer. And with price growth and buyer demand moderating, as well as a greater supply of homes available for sale, pricing your home appropriately for where the market is today has become more important than ever before.

But how do you know that perfect number? Pricing your house isn’t a guessing game. It takes skill and expertise. Work with a trusted real estate advisor to determine the current market value for your home.

2. Keep It Clean

It may sound simple but keeping your house clean is another key to making sure it gets the attention it deserves. As realtor.com says in the Home Selling Checklist:

When selling your home, it’s important to keep everything tidy for buyers, and you never know when a buyer is going to want to schedule a last-minute tour.”

Before each buyer visits, assess your space and determine what needs your attention. Wash the dishes, make the beds, and put away any clutter. Doing these simple things can reduce potential distractions for buyers.

For more tips, check out this checklist for preparing your house for sale. Ultimately an agent is your best resource for tailored advice, but this list can help get you started.

3. Help Buyers Feel at Home

Finally, it’s important for buyers to see all the possible ways they can make your house their next home. An easy first step to create this blank canvas is removing personal items, like pictures, awards, and sentimental belongings. It’s also a good idea to remove any excess furniture to help the rooms feel bigger and make sure there’s ample space for touring buyers to stand and look at the layout.

If you’re unsure what should be packed away and what can stay, consult your trusted real estate advisor. Spending the time on this step can pay off in the long run. As a recent article from the National Association of Realtors (NAR) explains:

Staging is the art of preparing a home to appeal to the greatest number of potential buyers in your market. The right arrangements can move you into a higher price-point and help buyers fall in love the moment they walk through the door.”

Bottom Line

Selling a house requires prep work and expertise. If you’re looking to sell your house this season, let’s connect so you have advice on how to get it ready to list, how to help it stand out in today’s shifting market, and more.

This is a question I’m sure many people are thinking about…

If the US economy is in a recession, that mean there will be a corresponding housing crisis?

Thankfully, the answer is no.

A recession is a period of economic slowdown. Unemployment goes up, manufacturing production declines, and there is a general decline in activity.

This may or may not affect housing.

A slow down definitely will affect the demand for housing. But in the current situation, we have already been living through a historic period of LOW housing inventory.

The net affect in much of the country will most likely be a general slowdown in housing, but not a loss if real estate values.

I expect to see some seasonal erosion of values as we head into the fall and winter, but this is true every year.

I do NOT expect to see a significant collapse in values like we saw in 2008 – 2011.

In the central Ohio area, we expect to see demand remain steady as this area has excellent long term growth projections and the addition of the Intel manufacturing center only heightens this demand.

David Baker, Broker/Owner

6114-989-5662

All indications are that the real estate market is slowly shifting back to what mosts of us veterans would call a “normal” market.

A “normal” market would be best described as one in which the number of buyers and sellers balance out.

The last two hears have seen a very strong sellers market since the number of buyers far exceeded the number of homes for sale.

Here are some clues that the real estate market is normalizing:

Another clear indicator that I’m personally seeing is long time buyers who have been frustrated at the aggressive nature of the competition are FINALLY getting their homes! The buyer competition has thinned out enough that they can still get their choice of home the first weekend.

I’m expecting new listings to continue to sell around list price this fall and more buyers to finally have the opportunity to get a home.

What 2023 has in store for the real estate market is my big question! Hopefully a continuation of the “normalized” market we are seeing now.

David Baker, Broker/Owner

Baker Realty Group

The most recent statistics from Realtor.com housing survey (8/8/2022) show nationwide year-on-year appreciation at 15.6%.

That rate of price growth also seems to hold close to Central Ohio appreciation rates, too.

Will this rate of growth continue next year?

My studies would indicate a slowing rate of growth moving forward.

An example of a slowing rate of growth would be a rate closer to 5-6% annually, definitely not 15.6% anymore.

This fall I also expect to see some season erosion of property values.

Some sellers will be over-pricing their homes, but with fewer buyers in the market, price reductions will be more common.

Have a great week!

David Baker,Broker/Owner

Baker Realty Group

I get asked that question way more than you would imagine.

When sellers have me over to their home for a walk through when they are contemplating selling, many are concerned that they need to do major remodeling to sell their home.

Nothing could be further from the truth!

Only once in 20 years have I ever recommended running with a bathroom or kitchen remodel before selling, and in this case the seller already had the money budgeted — and it was a glaringly under-improved part of the home when compared to the rest.

Most homes only need these five steps to be ready to sell:

  1. Make any obvious repairs. Any clear damage or non-functional items will turn off buyers and penalize the sellers on the price. This might include replacing some carpeting is it is badly stained or torn up in places by pets.
  2. Declutter. This is usually where most of the work happens. Typically, I encourage sellers to go ahead and start moving. Put about one third of their “stuff” in storage or donate it.
  3. Paint. Dollar for dollar, a can of paint gives the best return on investment! And hire a good painter! Too often I’ve seen DIY paint jobs actually hurt if the sellers are a little sloppy.
  4. Fine-tune landscaping. Curb appeal is huge. When buyers pull up to your house, they should see a well-manicured lawn and lots of black mulch!
  5. Eliminate bad smells and add good ones! Pet odor, musty basements, or overly spicy cooking can be major turn-offs to potential buyers. I strongly recommend sellers minimize negative odors and use cost-effective plug in diffusers to give the home a nice, subtle smell. It works wonders!!!

Not a too-intimidating list, I hope!

My goals is to help sellers make the most direct, cost-effective, and timely updates to their home to get the best price.

Have a great week!

David Baker, Broker/Owner

Here are some interesting stats from this month’s Realtor.com Housing Update:
* The actual numbers of homes currently for sale is HALF what it was in June 2019
* Median listing prices are up 18.3% over June 2021
* New listings are up 8% over last year
* Active inventory is up 29% over last year
Here’s a link to the whole report:
https://www.realtor.com/…/weekly-housing-trends-view…/

One of the alarming trends in this hyper-competitive seller’s market is the waiving of home inspections.

Buyers are taking on significant liability when they do this.

In some situations, this risk may be manageable, as in the case of new construction, a condominium or a recently inspected property.

But in most situations, waiving the inspections transfers quite a bit of risk onto the buyer’s shoulders.

There are many strategies for still getting offers accepted without waiving all your inspections.

Here are a few ideas:

  1. Make the inspection window very tight. There’s always an inspector out there who can jump on the inspection the next day!
  2. Waive your rights to ask for repairs. This is very common today. Make the inspections essentially “pass/fail”.
  3. Put in writing that the buyer will not ask for any repairs or financial concessions. Another version of the “pass/fail” option.

If the price is aggressive, other terms are attractive to the sellers, and the inspection window is small, there is no reason why buyers have to shoulder all the liability of a waived inspection contingency.

Have a great week!

David Baker, MBA, CRS, GRI, SFR, e-PRO

Broker/Owner

614-989-5662

One of the most under-rated decisions when buying a home is choosing the right lender.

Let’s start with saying that picking the wrong lender can make the home buying process miserable.

The right lender will make it seem like a breeze!

The mistake most buyers make is thinking that the bank that has all their personal and/or business accounts is the best place to get their home loan.

Not at all true!

These large commercial banks (and the larger the bank, the worse for home loans) get their business by volume. Customer service is important, but not as vital as it is with smaller banks and credit unions.

In my experience, the best lenders for home loans are the smaller community banks, credit unions or mortgage banks.

These smaller companies excel at customer service and have competitive rates.

And they are much more likely to close on time!!!

The big commercial banks can be slow, bureaucratic and uncaring. They’ll be ready when they are ready.

I’ve seen more stressful real estate deals from lender delays than just about any other source. Inspections are a close second.

There are more aspects to lender selection, but my advise is the look for smaller community banks that can provide excellent service and close on time!

 

David Baker, MBA, CRS, GRI, SFR, e-PRO

Broker/Owner

614-989-5662

Are we about to finally see the real estate market slow down?

Some experts are starting to sound off that this is around the corner.

They point to the sudden jump in the 30 year fixed rate upwards of 5.5% and the crazy growth in real estate prices.

Double-digit prices increases just don’t seem to be sustainable without pricing a huge chunk of buyers out of the market.

And few buyers means shrinking demand.

My educated hunch is that the rate of price growth will slow down significantly this fall.

Home are still red hot this spring, but with the coming of vacation season and fall school, demand usually drops off significantly.

Higher interest rates will also act as head winds to rapidly appreciating prices. Homes still have to fit into the family budget!

Have a great week!

David Baker, Broker/Owner

Baker Realty Group

614-989-5662

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