If you’re trying to decide whether or not to sell your house, recent headlines about home prices may be top of mind. And if those stories have you wondering what that means for your home’s value, here’s what you really need to know.
Did the frequency and intensity of bidding wars over the past two years make you put your home search on hold? If so, you should know the hyper competitive market has cooled this year as buyer demand has moderated and housing supply has grown. Those two factors combined mean you may see less competition from other buyers.
And with less competition comes more opportunity. Here are two trends that may be the news you need to reenter the market.
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At first glance, the increase in housing supply compared to last year may not sound like good news for prospective sellers, but it actually gives you two key opportunities in today’s housing market.
An article from Calculated Risk helps put the inventory gains the market has seen in 2022 into perspective by comparing it to recent years (see graph below). It shows supply has surpassed 2021 levels by 58%. But the further back you look, the more you’ll understand the bigger picture. And if you go all the way back to 2019, the last normal year in real estate, we’re roughly 35% below the housing supply we had at that time.
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If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs.
Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about when making that decision.
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Buyers acted in their financial interest remarkably well between 2020 and 2022, evidenced by the type of financing buyers used to purchase homes during that period. The average 30-year mortgage rate reached record lows in the third quarter of 2020, dipping below 3% for the first time ever. The super-low cost to borrow priced more potential buyers into the market because of the massive increase in affordability.
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Because the wrong paint job can seriously wreck your home.
Picking a color for one room can be challenging enough. But picking a palette for your whole house?
That feels daunting. Coordinate your colors too much, you’ll end up matchy matchy. Don’t coordinate your colors enough, you’ll end up tacky tacky.
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You and your agent are going to use everything you’ve learned to seal the deal.
Here’s the dream: Your offer is perfect, you don’t need to negotiate, and you can spend the next few weeks addressing more pressing home-ownership questions, like “Why is it called wainscoting?” and “Do I want a new couch in blush or emerald green?”
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Once you know where the mortgage loan problems are, you can easily get around them.
Mortgages don’t have to be scary. After all, they’re just business transactions, albeit big ones.
Yet, a survey by mortgage website Freeandclear.com found that 75% of home loan applicants compared the mortgage loan process to an annual physical or a dentist visit. Yep, a credit check and a ton of paperwork scared them as much as flu shots, dental drills, and lectures on flossing.
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Don’t do built-in seating. Your butt (and budget) will thank you for it.
Indoor evenings on the couch are so last year, especially in a place like Santa Cruz County where the outdoors are accessible nearly year-round. Literally. Relaxing around a fire and under the stars is about to be the place for a perfect night. But a built-in fire pit can cost upward of $5,000 for an above-ground, propane-burning brick fire pit without installation. That’s a pricey upgrade.
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Make an outdoor living area comfy long after the sun sets or the leaves turn with outdoor lighting, a patio heater, and a glowing firepit or portable fireplace.
Light the Deck or Patio
The sun sets sooner on your outdoor living space in the fall, but that shouldn’t limit the hours you use your deck or patio. Adding low-voltage or solar outdoor lighting fixtures lets you party or relax well after dark.
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Even in a seller’s market, home sales depend on certain factors that may require you to be flexible.
You may be selling a home in a competitive market — for example, with low inventory and high demand. And you may be thinking “Yay!” or at least “Whew.” You know you’re likely to have more interested buyers, better offers, and a quicker trip to contract than you’d have otherwise. But along with that good news comes the need to manage your expectations by understanding what determines house prices and home sales. Factors include the right real estate agent, local market conditions, buyer preferences, seasonality, and mortgage rates versus inventory.
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The most critical things to do to increase your home’s value before putting it on the market.
As a smart seller, you'll want your home in tip-top shape - yes, even in a spicy hot sellers’ market - but you don't want to eat into your profits by overspending on home improvements. You won't be around to enjoy them anyway. The key is to focus on the most important repairs to make before selling a house to ensure every dollar you spend supports a higher asking price.
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Buying a house is exciting. Arguing while buying a house? Not so much. Here’s how to keep the peace while house hunting. Before you and your partner start sending each other links to the home of your dreams, have a few conversations about the home buying process.
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If you are a big wine connoisseur or just saving a few bottles from your favorite Santa Cruz County winery o crack open on special occasions, it’s important to understand how best to store them safely until you’re ready to partake. Follow the guidelines below!
Read More![[video] Understanding Renters Insurance](https://images.squarespace-cdn.com/content/v1/5db8b3a6edefa0264195958a/1617741787263-PDULX6P5MSSXVX4S1CH9/Untitled+design+%281%29.png)
When it comes to insurance, most people know about auto, health and homeowners insurance coverage. But what about insurance for those that rent their homes?
Liz Kroft of Sol Property Advisors sits down with Farmers Insurance agent, Tanner Tedsen, to discuss the ins and outs of renters insurance. Find out what it is such an awesome - and affordable - coverage for renters to have and for landlords to discuss with their tenants.
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Ever get the itch to do a DIY project? Whenever we do, our favorites involve getting outdoors and mixing up our landscaping features.
Whether it's as simple as installing some lighting or a little more time-consuming like re-plotting plants, a fresh look for the lawn always gives your home a fresh look as well. Here are our top five easy landscaping projects!
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Existing single family home sales dipped slightly in Santa Cruz County in February, yet were up year over year for the fifth consecutive month.
Existing single family home sales totaled 114, a 9% decrease from January. Sales in total climbed year-over-year, up 22% from a year ago (89 in February 2020).
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In a recent panel, industry leaders shared what they know about wildfire mitigation in the wildland urban interface - a topic we are all concerned about these days. Here’s a chance to learn ways to help reduce risks related to low intensity wildfires.
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Congratulations to Lance Hulsey and Liz Kroft (The Kroft & Hulsey Team) for being voted the Best Realtors in the San Lorenzo Valley in the 2020 Santa Cruz Sentinel Readers Choice Awards.
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In Scotts Valley California, Lance Hulsey of Sol Property Advisors, Inc. - Lance Hulsey is the 2021 Local Business Person of the Year!
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