Reality of Selling in Today’s Market | What seller’s need to know

The Current Real Estate Market

Selling in this market is a little unusual. A lot of sellers are still hoping, or are in the mentality of where we were last year, where they list their home and it’s going to fly off with multiple offers and getting top dollar for their home. That’s not quite where we are anymore. In fact, a shift started happening around end of May- June of 2022, where we started seeing things drastically slow down. Obviously, the Feds raising the interest rates had a huge, huge effect on the way that buyers were pursuing homes.

 

We saw buyers take a sideline, but sellers still need to realize that the pool of buyers is a lot smaller than it was before. They are a little more weary, and don’t want to spend as much. So they’re seeing that if they wait, maybe these prices are going to go down.

 

Well, as a result of so many doing that, we have seen prices drop a little bit and we’ve seen days on the market increase.

It’s still a seller’s market, but it’s a little ironic because it’s kind of a buyers market as well. I’ll explain why. Typically a seller’s market, in order to stay a seller’s market, inventory months of supply has to be between 1-3 months. We are there. We are still at about a two months supply. 

 

Now, once it hits between 5-7  months, that’s where it’s a neutral market. And then after seven months and beyond, it becomes a buyer’s market, where homes are staying on the market a lot longer. And we’re talking months. We’re seeing right now 30 to 45 days in some areas as the average days on the market. 

 

The last couple years, what we experienced was an unusual market. I don’t even know if we can call that a seller’s market. That was pandemonium. That was absolute madness with homes flying off the market above asking within hours of going live. What we can say is that it is a seller’s market.

 

Inventory numbers are very low, so there are not a lot of options for buyers. There are opportunities, but not a lot of options. So if buyers really want to buy, they can. There’s enough inventory for them to make a decision and not a lot of competition necessarily the way it was last year. But it still gives sellers a little bit of leverage because inventory numbers are low.

 

Now, they can price it whatever they want, but that’s not what buyers are paying. The houses that are flying off, even in today’s market, are the ones priced a little bit below market value and that is why they get multiple offers.

 

Market value is a tricky phrase. You hear that thrown out all the time. What is market value?

Market value is what a buyer is willing to pay for a house. The end.

It’s not what a seller thinks their home is worth. It’s not what an agent thinks they should list the house for. It’s not even what an appraiser thinks the home is worth.

 

It is what a buyer is willing to pay. Which is why last year our market value/ property values all skyrocketed. Why? Because the seller wanted a number. The agent listed a number and then buyers said no, we’re willing to pay even more than that. And another buyer would say I’m going to pay more than that. That’s how that continued increasing prices and why it became a little bit like the wild, wild west of offers. That is not normal.

 

Never seen that before and I don’t think we’re going to see that again.

But what we do see is that people are constantly moving into Florida. Florida is not experiencing a lot of the same shifts that other markets are because we still have a lot of people coming in and wanting to live here. We also have an affordability problem and we have a housing crisis. We do not have sufficient homes for everybody that’s moving in.

 

We have so many people moving in on a daily rate in Florida that we cannot actually handle. So we are seeing that we have housing crisis. Rents are so high in our area in fact, some people are shocked when they hear that it’s comparable almost to Miami and to other metropolitan markets. But this area has become a place where people want to move and raise families and grow and have their careers.

 

Even if they can work remotely, they’d rather be in Florida, right?

 

Those drastic shifts that people thought were going to happen still haven’t really happened here in Florida because we have an amazing state that people want to live in. We have great weather, which a lot of people love. We do see a lot of northerners coming back or coming here because especially during this time, because they’re sick of the cold; they’re sick of winter.

 

So those are the considerations that people are looking at when they’re making a move. So with all of that, sellers have to be realistic about what they price their home if they want to sell.

 

Yes, there’s low inventory, yes, there are buyers, but the pool of buyers is much smaller than it was before.

 

We have seen that sellers either are not realistic or they’re just not in a rush. They have equity in their homes and even if the market goes down, they still have equity because all home values went up significantly over the last few years

 

So people have equity. Even if the market drops a little bit, it hasn’t dropped to where we were pre-pandemic numbers. As a result, sellers are realizing they don’t have to move, so they’re going to sit right here on overpriced homes. And there are others that do have more of an urgency and motivation to sell and that’s where you’re going to find opportunity.

Is there opportunity? 100%.

You have to work with professional advisors like myself and my team that can help guide you through the process, help connect you with mortgage professionals and lenders that can help you get that 2-1 buy down that can help you get the best interest rates out there on the market right now and help facilitate a plan if it’s in the next month, or three to six months. We can help facilitate your homeownership goals and selling your home. So give us a call if you have any questions.

A Guide to New Home Windows

A Guide To New Home Windows

 

Many homes tend to serve as hot spots for meetings, family gatherings, and play dates, especially with more and more people having to work from home and even do homeschooling. 

Homeowners are noticing more and more all the items in their home that are needing some replacing or TLC. After years of use and activity, your home is bound to require some updates — including the windows. There are numerous benefits that come with new home windows, but what exactly are they? Windows can have an impact on the value of your house, and in some cases can lower heating and cooling costs. The following post will cover the main factors to consider when investing in new windows. 

How Windows Impact Home Value 

As a homeowner, you probably realize that the housing market tends to fluctuate. To keep up, renovations may be necessary from time to time. Even if you don’t plan to sell, performing proper maintenance could help boost your home value. In fact, windows are an often-underrated selling point of a house. While replacing windows isn’t necessarily a cheap DIY project, it almost always boosts value.

On average, it costs about $5,421 to install new windows. To replace all of them in a house, you might spend on average $12,000. However, you could earn roughly $10,000 back in resale value, increasing the likelihood of a larger net profit.

When Should You Update? 

It’s expected that over time your house may experience some wear and tear. As such, it might need to undergo renovations. Here are a few ways to tell if your windows need to be replaced:

You feel drafts coming in around the framesYour energy bills are increasingThere’s noticeably more condensation or frost on the glassThe frames are starting to decay or chipThere’s visible damage caused by wind, rain, freezing temperatures, or extreme sunlight

Aside from replacing non efficient or broken panes, you might consider updating the windows to increase curb appeal. If the rest of your house is in top shape but the windows look outdated, it could throw off the aesthetic of the property. Torn screens or old-fashioned window designs might decrease the market price because they make the rest of the house look unkempt.

Modern renovations, such as swapping single pane windows with energy efficient units, can add value to your home and make a positive visual impression. You might be surprised how much more welcoming your residence looks when the outside is well-maintained.

Determining Insurance Coverage 

Most homeowners insurance can cover a variety of repairs. Regardless of the provider and reasons for replacing the windows, it’s helpful to know the coverage options and under what terms you can update your property. For example, most plans cover natural damage, such as from a fire, flood, or storm. Peril policies will usually help if the event occurred outside of the home, while all-risk policies can cover more circumstances.

Wear and tear, negligence, and common maintenance aren’t typically covered in most insurance plans, though supplementary damage might be included. Review your policy for the specifics.

How Windows Impact Your Electrical Costs 

Most older windows are single-pane, which means more hot and cool air can escape as the seasons change. The more panes you have, the more energy efficient. Consider replacing single panes with windows that are more environmentally friendly to help the planet and your wallet. You could save an estimated $126 to $465 per year, depending on where you live and how many units need to be replaced.

Additionally, heating and cooling costs comprise roughly 40% of yearly energy expenses. If your windows aren’t working efficiently, it might cause air leaks and wasted energy. When they work properly, however, you could spend less on your furnace and air conditioning systems.

When thinking of ways to increase home value, your thoughts probably go to the kitchen or bathroom first. However, don’t underestimate the power of new windows. With a little research and some investment, you could boost the home’s value and your family’s comfort.

Written for Waypointe Realty courtesy of Jaclyn Crawford, a staff writer with ImproveNet in 2016, who enjoys chronicling the latest trends and ways you can make your home the loveliest it can be.

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window

Top Bathroom Trends In 2020

Top Bathroom Trends in 2020

 

Wondering what’s hot in bathrooms this year? Whether you are building a new home or ready to remodel, it always pays to learn what’s trending.

Keeping bathrooms fresh and vibrant is a great way to add enjoyment and value to a home. With that in mind, here’s a look at some of the most popular and prevalent bathroom trends of 2020.

1. Bold and Shiny Bathroom Tiles

If deep, dark, moody hues are your go-to decorating favorites, you will love one of the top tile trends of 2020. Glossy bold tiles are back in style.

Especially in vogue are jewel-toned tiles such as royal blues and greens.

Make a strong statement in the bathroom with these shades.

2. Raw and Natural Bathroom Tiles

On the flip side of bold and flashy are tiles that return to a more earthy look. Natural textured tiles can work on walls or floors.

If you use them for the floor, though, invest in rugs that will be comfortable to step on each day, as this kind of texture can be hard on the feet. One especially fashionable choice for floors is travertine, with its warm hue that flouts the long-held standard of bright and white in the bathroom.  

3. Tiles in Unique Shapes

Squares and rectangles are only two of the many possibilities for bathroom tiles. 

Everything from hexagons to scallops is making waves these days. When you’re creating a stylish bathroom, think outside the box with shape and size. 

4. Showstopping Bathtubs

The love of luxury is here to stay in bathroom design. Recent luxurious developments include interesting tub shapes and eye-catching freestanding designs. 

Not only are classic oval and rectangle options available, but you can also select a round tub to create a unique aesthetic. Deep-soaking tubs are still beloved, as they give homeowners a place to relax and unwind with maximum comfort. 

An increasing number of black tubs can be found in current home showcases as well. These add a note of opulence to their surroundings. 

5. The Color Black

Speaking of black tubs, this is a color that’s truly on-trend in today’s bathrooms. Forget the more muted gray and go with bold black instead! 

Look for it in light fixtures, vanities, mirrors, and more to distinguish your bathroom from the traditional design.  

6. Raw Stone Sinks

There’s nothing like the natural beauty of a raw stone stink. Add one to any bathroom to up the wow factor. 

If you are considering installing one in a bathroom with heavy usage, however, keep in mind natural stone can be hard to clean. 

7. Brushed Brass Finishes 

The elegance of brushed brass is trending in bathroom designs, especially when homeowners want to create a luxurious, spa-like space, such as in the master suite. 

Favored for its sophistication and glamour, brass has many applications for the bathroom. This finish is effective on faucets, mirrors, vanity hardware, and light fixtures. 

8. Smart Upgrades

As technology continues to evolve, so do bathrooms. Trending today are high-tech toilets, seat warmers, automatic lid openers, smart showers, automatic sinks, and the ever-popular built-in Bluetooth speaker system. 

If you love a little tech boost at home, also consider voice-activated lighting and mirrors that talk to you!​ 

When you want to stay on the cutting edge of modern bathroom design, exploring trends is key. 

The eight ideas above are a great place to start for your bathroom. Pick the in-style ideas that are most appealing and work them into the design, knowing you are in good company. 

Written for Waypointe Realty courtesy of Erica Garland, Content Marketing Manager at Modern Bathroom with 15-plus years of experience in the bathroom renovation industry. 

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Virtual Home Shopping

NOW More Than EVER Having a “TECH SAVVY” Realtor is a MUST!

Why is this?

The world as we know it has changed! The way of doing business has changed drastically -the same goes for the real estate industry! Nowadays people are relying heavily on the internet to shop for anything from groceries to houses!

The real estate industry is now virtually DIGITAL (no pun intended).

For many real estate agents, this has stopped their business dead in its tracks because they don’t know the first thing about DIGITAL MARKETING! The “old-school” approach to real estate has gone out the window, and only the innovative and creative agents will survive!

Digital Sales & Marketing is nothing new to Waypointe Realty!

WHAT WE DO, TO NAME A FEW…

 

FaceTime/Skype/DUO Showings

Facebook LIVE Stream Videos & Grand Opening

STRICTLY Pre-Qualify BUYERS BEFORE Showing

Neighborhood/Community Virtual Tours

Professional Photography (+ Aerial & Drone)

ZOOM Virtual Listing Appointments

Staging (Both physical and virtual)

Virtual Showings in Lieu of In-Person Showings

YouTube Property Channel 

Targeted Online Advertising & Social Media Advertising

Online Property Syndication on thousands of websites globally 

 

Here’s how it works:

⁣1. GAME PLAN: Send us a message so we can set up a virtual consultation to go over a game plan⁣

2. HOME SEARCH: We will send you listings that match your criteria and set you up to receive emails as soon as a listing that matches your criteria hits the market⁣

3. VIRTUAL TOUR: See a home you like? Let us take you on a virtual tour!⁣

4. OFFERS & SIGNING: This can all be done electronically, and usually is!⁣

5. ESCROW DEPOSIT: Can be done via wiring directly from your banking institution

6. INSPECTIONS: An inspector you hire will send you the inspection report so you know all ins and outs of the property⁣

7. CLOSING: A mobile notary will bring the closing to YOU! ⁣

8. KEY TIME! We will deliver your keys to you and you can move into your new home sweet home!⁣

If you’re thinking about buying, this is a great time! Interest rates are still low and we have great financing programs available to help you get into your dream home. Just contact us here or at 407.801.9914.