Connect with us

For Sellers

Buyer Competition Is Good News for Sellers [INFOGRAPHIC]

Published

on

Buyer Competition Is Good News for Sellers [INFOGRAPHIC] | Simplifying The Market

Some Highlights

  • With so many buyers looking for homes to purchase and so few houses available today, there’s a substantial increase in bidding wars, and homes are selling fast.
  • According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), on average, houses are receiving over four offers from buyers and they’re selling in less than three weeks.
  • If you’re ready to make a move, let’s connect today so you can sell your house while the market is in your favor.

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

For Buyers

The #1 Reason People Move: To Be Closer to Family and Friends

Published

on

Have you ever thought about packing up and moving to be closer to the people who mean the most to you? Maybe you’re tired of long drives to see your family or wish your kids could spend more time with their grandparents. Clearly, a lot of other people feel the same way.

According to recent data from the National Association of Realtors (NAR), the desire to be near family and friends is the #1 reason people move (see graph below):

a screen shot of a graphThat’s because moving isn’t just about finding a new house – it’s about living a life where you’re surrounded by the people who matter most. Whether it’s catching up over weeknight dinners, watching your kids play with their cousins, or just knowing someone’s there when you need them, living near loved ones changes everything.

Let’s dive into why so many people are making this move and how it could be the best decision for you, too.

Why Family Comes First

Living near family and friends is a universal motivator that cuts across all types of buyers, whether you’re buying your first home or making a big lifestyle change.

But it’s especially important to repeat buyers. Unlike first-time homebuyers, who may be more focused on looking in more affordable areas, repeat buyers often have more flexibility on where they live. Many Baby Boomers, for example, have built significant equity in their homes, giving them the freedom to prioritize what matters most – like retiring near their grandkids. As Ali Wolf, Chief Economist at Zonda, says:

“25% of Baby Boomer households plan to retire near their children and grandchildren . . .”

Making a move to be closer to friends and family is all about creating a meaningful next chapter in your life where loved ones are just around the corner.

The Benefits of Living Near Loved Ones

But moving closer isn’t just a lifestyle choice – it’s a decision that offers real benefits:

  1. Spending More Time Together Whether it’s joining family dinners, going to weekend activities, or simply having someone nearby to talk to, these moments strengthen relationships and make life more fulfilling.
  2. Sharing Resources Living close to family can provide practical advantages, too – like sharing childcare, tools, or household items.
  3. Cutting Down on Travel Instead of spending hours on the road to spend time together, you can enjoy more spontaneous visits. This not only enhances your quality of life, but it also provides peace of mind in case of emergencies.
  4. Being There for Big Moments It also offers both emotional and practical support during life’s milestones. From graduations to tough times, being close to loved ones helps you feel connected and cared for.

Ready To Make Your Move?

At the end of the day, home isn’t just a place you live – it’s where your people are. Whether you’re looking to spend more quality time with family or enjoy the practical benefits of being closer to loved ones, the decision to move closer to those you care about is a deeply personal one.

Bottom Line

If you’re thinking about making a change, a local real estate agent would love to help. Together, you can explore neighborhoods that brings you closer to the people and places you love most.

Continue Reading

Equity

How Home Equity May Help You Buy Your Next Home in Cash

Published

on

Building equity in your house is one of the biggest financial advantages of homeownership. And right now, homeowners across the country are sitting on record amounts of it.

Here’s a look at how that equity could be a game changer for you, and why it’ll flip your perspective from “Why would I move right now?” to “Why wouldn’t I?

Home Equity: What Is It?

Home equity is the difference between how much your house is worth and how much you still owe on your mortgage. For example, if your house is valued at $400,000 and you only owe $200,000 on your mortgage, your equity would be $200,000.

Why Equity Is Such a Big Deal for Homeowners Looking To Sell

Recent data from the Census and ATTOM shows how significant today’s home equity really is. In fact, more than two out of three homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity in their homes (shown in blue in the chart below):

a pie chart with textAnd that’s a big deal. Think about it: 2 out of 3 homeowners have at least 50% equity in their homes. To put a more tangible number on it so you can think about what that really means for someone like you, CoreLogic shows the average homeowner has $311,000 worth of equity built up. That kind of net worth can go a long way if you’re trying to make a move.

And that’s part of the reason why the share of all-cash buyers recently reached a new high. According to an annual report from the National Association of Realtors (NAR), 26% of buyers were able to buy without a mortgage (see graph below):

a graph with numbers and linesImagine buying your next house in cash. No mortgage. No monthly payment. No interest rate to mess with. If you want to find out how much equity you have to see if that’s an option for you, connect with a real estate agent and ask for a professional equity assessment report (PEAR).

Who knows, you may find out you have enough equity to buy your next place outright– and with today’s mortgage rates, not having to take out a home loan is pretty incredible. Even if you don’t have enough equity to buy in all cash, you may still have enough to make a larger down payment, which has its own benefits too.

Bottom Line

Homeowners have an incredible amount of equity today – and that’s why the share of all-cash buyers is on the rise. To see how much equity you have and talk through how it can help fuel your next move, connect with an agent.

Continue Reading

For Sellers

Struggling To Sell Your House? Read This.

Published

on

When you sell your house, ideally, you want it to go something like this: your house sells for top dollar, you get it sold quickly, and it all goes down without a hitch.

But what many people don’t realize is that even in today’s market where there are more buyers than homes for sale, there are still things that can cause delays or even keep a house from selling. According to Zillow, in 2024, as many as 1 in 3 sellers took their home off the market before it ultimately sold.

And while the reasons those houses didn’t sell are going to vary, there are some general themes that come through. If you’re having trouble getting your house sold, here are the top three hurdles that could be getting in the way, and how an expert agent can help you solve these issues.

1. Priced Too High

It’s no surprise that price plays a major role when you sell. And in today’s market, overpricing a home in a high-mortgage rate environment is the biggest thing keeping homes on the market longer than the norm. As. U.S. News Real Estate says:

“Talk to any real estate expert, and the first thing they’ll tell you is that a house is selling slowly because the price is too high.”

While it’s tempting to push the price higher to get more for your home, overpricing can really turn away potential buyers. It can also make your house sit on the market for far too long. And the longer it sits, the more skeptical buyers will be that there’s something wrong, even if there isn’t.

Not to mention, buyers today have so many tools and resources to view homes in your area and compare prices. So, if your house is priced too high, you’ll risk driving away potential offers.

To find out if this is happening with your listing, talk to your agent about what they’re hearing at open houses and showings. If the feedback is consistent, it may be time to re-evaluate your asking price. 

2. Not Freshened Up Before Listing

You only get one chance to make a great first impression on a buyer. That’s why sprucing up your house can be the difference between it selling or sitting.

First, take into account your home’s curb appeal. There may be easy ways you can clean up the landscaping to make it tidy, inviting, and really make an impact. As an article from Realtor.com notes:

” . . . for better or worse, buyers do tend to judge a book by its cover. You want to make sure potential buyers’ first impression of your home is a good one—and inspires them to stop by the open house or schedule a tour—so they can see more.”

But don’t stop at the front door. Small touches like removing personal items, reducing clutter, and cleaning the floors give buyers more freedom to picture themselves in the home. And inexpensive upgrades like a fresh coat of paint or updated listing photos to match the current season can go a long way with that wow factor. 

When in doubt, lean on your real estate agent for expert advice and whether you need a new game plan to close the deal.

3. Limited Access

Another big mistake you can make as a seller is limiting the days and times that buyers can view your house. Because at the end of the day, if buyers can’t take a look around, your chances of selling decline — drastically.

And here’s something else to consider. No matter what type of market you’re dealing with, buyers from outside the area are often highly motivated, but they don’t have as much flexibility or time as those who are local. So, give your house the best visibility by making it available as much as possible.

Bottom Line

You deserve to check selling your house off your list of goals this year. So, if your house isn’t getting enough attention or your listing is getting stale, don’t be afraid to ask your trusted real estate agent how you can revamp your approach. 

Continue Reading

Subscribe for Weekly

Real Estate Insights

Advertisement

Trending

Copyright © 2020-2024 Let's Talk Real Estate. All rights reserved.  
The information contained, and the opinions expressed, in these article are not intended to be construed as investment advice. Let's Talk Real Estate and Keeping Current Matters, Inc. do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Let's Talk Real Estate and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.