Real Estate News

If you have a home of your own, you already know how to think like a buyer. You know buyers look for a home that’s structurally sound, with modern amenities and conveniences that fit their lifestyle. If you look at your home through a buyer’s eyes, you can anticipate what will appeal to their tastes and fill their needs. This sometimes means updating certain areas of your home to ensure it stands out in the market. Here are several things you can do to make your home more valuable to buyers:

Update the Kitchen

You may wish to resurface your kitchen cabinets in a lighter color to provide a brighter, more appealing look. New hardware on cabinets can also help to improve the general appearance of your kitchen. Simple home improvements, such as a new backsplash or faucet, can help to modernize your kitchen area without accumulating a great deal of construction expenses. Since kitchens see a lot of use, you may want to replace flooring to give the room a fresher look.

Freshen Up Bathrooms

Bathrooms also see a great deal of use in homes. Moisture and humidity can cause floors, ceilings and fixtures to look old and unattractive. A fresh coat of paint, a new vanity and better lighting can give the room a more modern look. Consider new shelving for grooming items, towels and other frequently used items.

Pay Attention to Your Home’s Exterior

Check that your siding, gutters and roofing are all in good condition to put your property in the best possible light for potential buyers. Prune trees and shrubs for a well maintained appearance, paying close attention to your front entryway. A fresh color on the door, a flowerbed or a new railing can help to make your home look more inviting.

Update Your Appliances

Buyers consider not only the cost of the property itself, but also how much it will cost to update appliances and critical home systems. If your HVAC is more than 15 years old, consider replacing it with a more efficient model that will help to save the new buyer money. Inspect your kitchen appliances for wear and tear; new appliances can reassure buyers that they won’t have to spend money on replacements in the near future.

If you think strategically about what will make your home most appealing to buyers, you can avoid unnecessary expenses and choose the improvements that create the greatest impact. Real estate experts find that these four features can make a home more desirable for prospective buyers and can garner a higher sale price and a faster closing.

Filed under: Home Tips, Real Estate News by Olga Gilmore

In a sellers’ market, some homeowners might be tempted to try to sell their house on their own (known as For Sale By Owner, or FSBO) instead of working with a trusted real estate professional. When the inventory of homes for sale is as low as it is today, buyers are eager to snatch up virtually any house that comes to market. This makes it even more tempting to FSBO. As a result, some sellers think selling their house will be a breeze and see today’s market as an opportunity to FSBO. Let’s unpack why that’s a big mistake and may actually cost you more in the long run.

According to the Profile of Home Buyers and Sellers published by the National Association of Realtors (NAR), 41% of homeowners who tried to sell their house as a FSBO did so to avoid paying a commission or fee. In reality, even in a sellers’ market, selling on your own likely means you’ll net a lower profit than when you sell with the help of an agent.

The NAR report explains:

“FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $217,900 in 2020 (up from $200,000 in 2019), and still far lower than the median selling price of all homes at $242,300. Agent-assisted homes sold for a median of $295,000…Sellers who began as a FSBO, then ended up working with an agent, received 98 percent of the asking price, but had to reduce their price the most before arriving at a final listing price.”

When the seller knew the buyer, that amount was even lower, coming in at $176,700. That’s a lot of money to risk losing when you FSBO – far more than what you’d save on commission or other fees. Despite the advantages sellers have in today’s market, it’s still crucial to have the support of an expert to guide you through the process. Real estate professionals are trained negotiators with a ton of housing market insights that average homeowners may never have. An agent’s expertise can alleviate much of the stress of selling your house and help you close the best possible deal when you do.

Bottom Line

If you’re ready to sell your house this year and you’re considering doing so on your own, be sure to think through that decision carefully. Odds are, you stand to gain the most by working with a knowledgeable and experienced real estate agent. Contact a local professional to learn more about how a trusted advisor can help you, especially in today’s market.

Keeping Current Matters, April 2021

Filed under: Real Estate News by Olga Gilmore

There’s no doubt that the Dallas-Fort Worth housing market is jalapeño hot, with homes getting multiple offers on the day they hit market, many of those for far over the asking price, and many offers being cash instead of financed deals.

But for a taste of a housing market that only the strongest can stomach — call it habanero hot — head south on I-35 for about three hours to Austin, where homes are selling for more over asking price than in any major U.S. city.

Austin is being called, by some, the hottest housing market in not only the state, but the nation, depending on how you measure heat. (Is it prices, sales volume, days on market, offers received?)

For more than a decade, DFW has led the state and typically the nation in population growth and job growth, which fuel demand for new and existing homes, said Eric Fite, chief operating officer of DFW-based Century 21 Judge Fite Co. So far in 2021, however, Austin and its surrounding area has slightly surpassed DFW in population growth.

“In the very short-term, year-to-date, Austin seems to have risen to the top in terms of Texas markets, but Dallas is right behind it in terms of population growth,” Fite said. “Houston and San Antonio are also incredible markets right now. Their population growth is a little bit slower paced than what Dallas and Austin are doing, but they’re still very robust, and we’re expecting that to continue into the future.”

Austin sellers getting higher premiums

Austin homes are selling for 7 percent over asking price, the Redfin report says. An average Austin home listed at $400,000 sold for $428,000 from Feb. 14 to March 14, the period analyzed. A year ago, homes in Austin were selling about 1 percent below asking price, the report says. That worked out to the biggest year-over-year gain in any metro area Redfin examined.

Asked whether Austin’s housing market is hotter than DFW’s, Mark Wolfe, broker and owner of RE/MAX DFW Associates, didn’t hesitate.

“Austin is hotter,” he said. “Austin is that perfect city for people from the East Coast/West Coast who don’t want to live in ‘conservative’ Dallas. They like ‘liberal’ Austin. It’s actually hotter in Austin, if you can believe that.”

Excerpts from the Austin Business Journal | By Bill Hethcock  –  Senior Reporter, Dallas Business Journal

Filed under: Real Estate News, Uncategorized by Olga Gilmore

The Old Enfield neighborhood just northwest of downtown Austin is the No. 1 place to live in the city, according to Niche.com — but that kind of living comes with a hefty price tag.

Niche, a website that helps consumers hunt for top neighborhoods and school districts, put the old-school Austin neighborhood atop its list of local neighborhoods and seventh overall in the state. It judges neighborhoods based on metrics such as school quality, diversity, crime and nightlife.

Old Enfield is about a five-minute drive to the offices and nightlife found downtown but has a decidedly non-downtown feel. Perched on the hills above Pease Park, the area is awash with high-end homes — the kind that business moguls and celebrities vie for in this hot housing market.

Here’s what Niche had to say about Old Enfield:

“Living in Old Enfield offers residents an urban suburban mix feel and most residents rent their homes. In Old Enfield there are a lot of bars, restaurants, coffee shops, and parks. Many young professionals live in Old Enfield and residents tend to be liberal. The public schools in Old Enfield are highly rated.”

Dive into more Old Enfield statistics from Niche here.

Old Enfield wasn’t the only local neighborhood to score top marks from Niche. Here are the top 10 local neighborhoods listed on the website:

1. Old Enfield
2. Rollingwood west of downtown
3. Gateway near The Domain
4. The Triangle area in North Central Austin
5. Downtown
6. Old West Austin
7. West Lake Hills west of downtown
8. Hyde Park in North Central Austin
9. Brushy Creek in the suburb of Cedar Park
10. Allandale in North Central Austin

Austin Business Journal, March 24, 2021

Filed under: Real Estate News by Olga Gilmore

If one of the questions you’re asking yourself is, “Should I sell my house this year?” consumer sentiment about selling today should boost your confidence in the right direction. Even with the current health crisis that continues to challenge our nation, Americans still feel good about selling a house. Here’s why.

According to the latest Home Purchase Sentiment Index from Fannie Mae, 57% of consumer respondents to their survey indicate now is a good time to buy a home, while 59% feel it’s a good time to sell one:

“The percentage of respondents who say it is a good time to sell a home remained the same at 59%, while the percentage who say it’s a bad time to sell decreased from 35% to 33%. As a result, the net share of those who say it is a good time to sell increased 2 percentage points month over month.”

As you can see, many still believe that, despite everything going on in the world, it is still a good time to sell a house.

Why is now a good time to sell?

There simply are not enough homes available to meet today’s buyer demand, and they’re selling just as quickly as they’re coming to the market. According to the National Association of Realtors (NAR), unsold inventory available today sits at a 2.3-month supply at the current sales pace, which is down from a 2.5-month supply from the previous month. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory to balance out.

With so few homes available for buyers to choose from, we’re in a true sellers’ market. Homeowners ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers who are feeling the pull of intense competition when it comes to finding their dream home. Lawrence Yun, Chief Economist for NAR, notes how quickly homes are selling right now, further confirming the benefits to sellers this season:

“The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates.”

However, this sweet spot for sellers won’t last forever. As more homes are listed this year, this tip toward sellers may start to wane. According to Danielle Hale, Chief Economist at realtor.com, more choices for buyers are on the not-too-distant horizon:

“The bright spot for buyers is that more homes are likely to become available in the last six months of 2021. That should give folks more options to choose from and take away some of their urgency. With a larger selection, buyers may not be forced to make a decision in mere hours and will have more time to make up their minds.”

So what do you think?

If you’re ready to make a move, you can feel good about the current sentiment in the market and the advantageous conditions for today’s sellers. Contact a local real estate professional today to determine the best next step when it comes to selling your house this year.

Filed under: Real Estate News by Olga Gilmore