Lakeville Real Estate
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The residential real estate market has been plodding along for most of the year. However, three recent reports show the market may be on the verge of a rebound.
The residential real estate market has been plodding along for most of the year. However, three recent reports show the market may be on the verge of a rebound:
1. Existing Home Sales (closed sales) are up, marking two consecutive months of growth.
2. Pending Home Sales (contracts signed) are up with each of the four major regions reporting both month-over-month growth and year-over-year gains in contract activity.
Here is the month-over-month growth:
3. Buyer Traffic (the number of people shopping for a home) is up compared to the same time last year, and for the first time in 13 months.
In their most recent report, ShowingTime Chief Analytics Officer, Daniil Cherkasskiy explained:
“The trend we saw in year-over-year buyer traffic in previous months continued across the United States. For all four regions there were more showings per listing this year compared to last year, making it the most competitive August in the last five years.”
Lawrence Yun, Chief Economist with the National Association of Realtors, believes the uptick in activity will continue into the future:
“It is very encouraging that buyers are responding to exceptionally low interest rates…With interest rates expected to remain low, home sales are forecasted to rise in the coming months and into 2020.”
If you are thinking about selling your house, there are purchasers out there who are ready, willing, and able to buy.
By making a few key upgrades to your home, you’ll save on your utility bills and improve the energy efficiency of your home. When you’re ready to sell your house, these key features will make it even more attractive to potential buyers.
As a homeowner, it’s important to keep your home running efficiently, not only to save money, but also to help the environment thrive. October 2nd is Energy Efficiency Day, a perfect time to think about making some key upgrades that will improve the efficiency of your home. If you’re looking to sell your house and increase the pool of potential buyers in your market, the upgrades below are truly a must.
According with Wallet Hub,
“In the U.S., energy costs eat between 5 and 22 percent of families’ total after-tax income.”
Money Management says,
“If you’re working with a budget, and trust me, you should be, your utility costs should be no more than 8-10 percent of your monthly income.”
EnergyEfficiencyDay.Org provides some handy tips that can help you improve the energy efficiency of your home. Here are a few simple ones to consider, and how to make them happen:
1. Make the Switch to LED
LEDs are a great example of how innovation and technology can make your life easier. They last at least 25 times longer and consume up to 90 percent less electricity than incandescent bulbs.
Tip: By switching five of your home’s most frequently used bulbs with ENERGY STAR® certified LEDs, it’s possible to save $75 on energy costs annually.
2. Seal Those Leaks
On average, heating and cooling account for almost half of a home’s energy consumption. In fact, all the little leaks can be equivalent to leaving open a 3-foot-by-3-foot window.
Tip: Take simple steps like caulking windows, sealing leaks around chimneys and recessed lighting, and sliding draft guards under your doors to save up to 20% on heating costs.
3. Heat and Cool Efficiently
Don’t waste money heating or cooling an empty home. Install a programmable thermostat and in colder weather schedule your home’s heat to lower when you are away or asleep and increase when you are returning home or waking-up. In warm weather, schedule the thermostat to raise the temperature when you are away or asleep, and lower it at other times.
Tip: Follow the U.S. Department of Energy recommended temperatures and be energy-efficient all year.
4. Maintain Your HVAC System
Make sure to clean or change your furnace filters regularly. A dirty furnace filter will slow down air flow, making the system work harder to keep you warm (or cool) and costing you more money.
Tip: Consider getting a winter tune-up. Just as a tune-up for your car can improve your gas mileage, a semi-annual or yearly tune-up of your heating and cooling system can be vital to improve efficiency, saving you money and making your home more comfortable.
By making a few key upgrades to your home, you’ll save on your utility bills and improve the energy efficiency of your home. When you’re ready to sell your house, these key features will make it even more attractive to potential buyers. Let’s get together to discuss what buyers are looking for when it comes to energy efficiency options in our area.
You made an offer and it was accepted. Your next task is to have the home inspected prior to closing. Agents often recommend you make your offer contingent upon a clean home inspection.
This contingency allows you to renegotiate the price you offered for the home, ask the sellers to cover repairs, or in some cases, walk away if challenges arise. Your agent can advise you on the best course of action once the report is filed.
Your agent will most likely have a short list of inspectors they’ve worked with in the past to recommend to you. HGTV suggests you consider the following five areas when choosing the right home inspector for you:
1. Qualifications – Find out what’s included in your inspection and if the age or location of your home may warrant specific certifications or specialties.
2. Sample Reports – Ask for a sample inspection report so you can review how thoroughly they will be inspecting your dream home. In most cases, the more detailed the report,
the better.
3. References – Do your homework. Ask for phone numbers and names of past clients who you can call to discuss their experiences.
4. Memberships – Not all inspectors belong to a national or state association of home inspectors, and membership in one of these groups should not be the only way to evaluate your choice. Membership in one of these organizations does, however, often mean continued training and education are required.
5. Errors and Omission Insurance – Find out what the liability of the inspector or inspection company is once the inspection is over. The inspector is only human, after all, and it is possible they might miss something they should see.
Ask your inspector if it’s okay for you to tag along during the inspection, so they can point out anything that should be addressed or fixed.
Don’t be surprised to see your inspector climbing on the roof or crawling around in the attic and on the floors. The job of the inspector is to protect your investment and find any issues with the home, including but not limited to: the roof, plumbing, electrical components, appliances, heating and air conditioning systems, ventilation, windows, fireplace and chimney, foundation, and so much more.
They say, ‘ignorance is bliss,’ but not when investing your hard-earned money into a home of your own. Work with a professional you can trust to give you the most information possible, so you can make the most educated decision about your purchase.
The latest edition of the Realtors Confidence Index from NAR sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand). Until the supply of homes for sale starts to meet buyer demand, prices will continue to rise.
The price of any item is determined by supply, as well as the market’s demand for the item. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand).
The map below was created after asking the question: “How would you rate buyer traffic in your area?”
The darker the blue, the stronger the demand for homes is in that area. The survey shows that in 3 of the 50 U.S. states, buyer demand is now very strong; only 2 of the 50 states have a ‘weak’ demand. Overall, buyer demand is slightly lower than this time last year but remains strong.
The index also asked: “How would you rate seller traffic in your area?”
As the map below shows, 18 states reported ‘weak’ seller traffic, 29 states and Washington, D.C. reported ‘stable’ seller traffic, and 3 states reported ‘strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are looking for homes.
Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together to help you capitalize on the demand in our market now.
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