Realty Executives Midwest
If you’re thinking of selling your house, it’s important to work with someone who understands how the market is changing and what it means for you. Here are five reasons working with a professional can ensure you’ll get the most out of your sale.
With today’s housing market defined by change, it’s critical to work with someone who knows the latest information and how it impacts your goals. An expert real estate advisor knows about national trends and your local area too. More importantly, they’ll give insight to what all of this means for you, so they’ll be able to help you make a decision based on trustworthy, data-bound information.
Home price appreciation has moderated this year. If you sell your house on your own, you may be more likely to overshoot your asking price because you’re not as aware of where prices are today. Pricing your house too high can deter buyers or cause your house to sit on the market for longer.
Real estate professionals look at a variety of factors, like the condition of your home and any upgrades you’ve made, with an unbiased eye. They compare your house to recently sold homes in your area to find the best price for today’s market so your house sells quickly.
Since buyer demand has cooled this year, you’ll want to do what you can to help bring in more buyers. Real estate professionals have a wide range of tools at their disposal, such as social media followers, agency resources, and the Multiple Listing Service (MLS), to ensure your house gets in front of people looking to make a purchase. Investopedia explains why it’s risky to sell on your own without the network an agent provides:
“You don’t have relationships with clients, other agents, or a real estate agency to bring the largest pool of potential buyers to your home.”
Without access to your agent’s tools and marketing expertise, your buyer pool – and your home’s selling potential – is limited.
Today, more disclosures and regulations are mandatory when selling a house. That means the number of legal documents you’ll need to juggle is growing. The National Association of Realtors (NAR) puts it like this:
“There’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.”
In today’s market, buyers are regaining some negotiation power. If you sell without an expert, you’ll be responsible for any back-and-forth. That means you’ll have to coordinate with:
Instead of going toe-to-toe with these parties alone, lean on an expert. They’ll know what levers to pull, how to address everyone’s concerns, and when you may want to get a second opinion.
Don’t go at it alone. If you’re planning to sell your house this spring, work with a real estate professional so you have an expert by your side to guide you in today’s market.
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply:
“Two dynamics are keeping existing-home inventory historically low – rate-locked existing homeowners and the fear of not finding something to buy.”
Let’s break down these two big issues in today’s housing market.
According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):
But today, the typical mortgage rate offered to buyers is over 6%. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as being rate locked.
When so many homeowners are rate locked and reluctant to sell, it’s a challenge for a housing market that needs more inventory. However, experts project mortgage rates will gradually fall this year, and that could mean more people will be willing to move as that happens.
The other factor holding back potential sellers is the fear of not finding another home to buy if they move. Worrying about where they’ll go has left many on the sidelines as they wait for more homes to come to the market. That’s why, if you’re on the fence about selling, it’s important to consider all your options. That includes newly built homes, especially right now when builders are offering concessions like mortgage rate buydowns.
These two issues are keeping the supply of homes for sale lower than pre-pandemic levels. But if you want to sell your house, today’s market is a sweet spot that can work to your advantage.
Be sure to work with a local real estate professional to explore the options you have right now, which could include leveraging your current home equity. According to ATTOM:
“. . . 48 percent of mortgaged residential properties in the United States were considered equity-rich in the fourth quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than 50 percent of their estimated market values.”
This could make a major difference when you move. Work with a local real estate expert to learn how putting your equity to work can keep the cost of your next home down.
Rate-locked homeowners and the fear of not finding something to buy are keeping housing inventory low across the country. But as mortgage rates start to come down this year and homeowners explore all their options, we should expect more homes to come to the market.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Before you buy a home, it’s important to plan ahead. While most buyers consider how much they need to save for a down payment, many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when it’s time to close on your home, you need to understand what closing costs are and how much you should budget for.
People are sometimes surprised by closing costs because they don’t know what they are. According to Bankrate:
“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”
In other words, your closing costs are a collection of fees and payments involved with your transaction. According to Freddie Mac, while they can vary by location and situation, closing costs typically include:
Understanding what closing costs include is important, but knowing what you’ll need to budget to cover them is critical, too. According to the Freddie Mac article mentioned above, the costs to close are typically between 2% and 5% of the total purchase price of your home. With that in mind, here’s how you can get an idea of what you’ll need to cover your closing costs.
Let’s say you find a home you want to purchase for the median price of $366,900. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,500 and $18,500.
Keep in mind, if you’re in the market for a home above or below this price range, your closing costs will be higher or lower.
Freddie Mac provides great advice for homebuyers, saying:
“As you start your homebuying journey, take the time to get a sense of all costs involved – from your down payment to closing costs.”
Work with a team of trusted real estate professionals to understand exactly how much you’ll need to budget for closing costs. An agent can help connect you with a lender, and together your expert team can answer any questions you might have.
It’s important to plan for the fees and payments you’ll be responsible for at closing. Work with a local real estate professional who can help you feel confident throughout the process.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
No matter how the housing market changes, there are some things about owning a home that never change—like the personal benefits it can provide. When you own your home, you likely feel a sense of attachment because of the comfort it gives and also because it’s a space that’s truly yours.
Over the last few years, we’ve fully embraced the meaning of our homes as we spent more time than ever in them. As a result, the emotional benefits our homes provide have become even more important to us.
As the most recent State of the American Homeowner from Unison puts it:
“. . . one thing has stayed the same: the home continues to be of the utmost importance and a place of security and comfort.”
The same study from Unison notes:
It’s no surprise this study also reveals that homeowners now love their homes even more as our attachments to them have grown:
The National Association of Realtors (NAR) also explains:
“In addition to tangible financial benefits, homeownership brings substantial social benefits for [households], communities, and the country as a whole.”
In other words, not only does owning a home build your net worth over time, but it also gives you and your loved ones a place to thrive. And by living near people with shared experiences, homeownership helps you connect with your community and contribute meaningfully.
Whether you’re thinking of buying your first home, moving up to your dream home, or downsizing to something that better fits your changing lifestyle, a local market expert is the key to unlocking a home you can truly fall in love with.
Source: https://www.keepingcurrentmatters.com/2023/02/14/why-its-easy-to-fall-in-love-with-homeownership-1
Go bold in your home! Brighter color combos and loud wallpaper designs are dressing up interiors, but this attention-grabbing trend is being mixed with toned-down natural materials and accents. Houzz, a home renovation and design website, offers its predictions for the home styles likely to have a big impact this year.
Homeowners are rethinking synthetic materials like engineered quartz, which has dominated kitchen renovations in recent years. Instead, owners are gravitating toward natural materials that they believe add more character and authenticity to a space, Houzz notes. More designers report installing quartzite and other natural stone countertops, as well as marble tile and wood cabinets and vanities—notably in white oak.
Showers are getting softer edges. For example, designers may run mosaic tile flooring continuously through the entire bathroom, including the curbless shower area. “This approach further enhances the sleek, streamlined effect of a curbless shower design, extends the nonslip surface and helps a small space appear larger than it is,” Houzz notes.
Though all-white bathroom finishes remain popular, more homeowners are incorporating hints of dark, contrasting colors. For example, 7% of homeowners installed blue vanities, according to the 2022 U.S. Houzz Bathroom Trends Study. Jet black vanities and other black bathroom accents—set against crisp, white backdrops—also are trending. “The white finishes keep things light and airy, while the black creates a touch of drama,” the Houzz report notes. “Brass details and wood-look tile flooring help add warmth to this classic palette.”
Homeowners have been craving greater ties to their outdoor spaces: 20% have renovated their kitchens to open it more to the outside, according to the 2022 U.S. Houzz Kitchen Trends Study. Sliding glass doors are among the top features on home buyers’ wish lists, as well as large windows to maximize outdoor views and bring in more natural light. Further, a focus on natural materials and colors, as well as nature-themed wallpaper prints, is helping homeowners feel connected to the outdoors.
In living rooms, natural materials are dominating, too. This is prompting a modern rustic style that channels both a rugged and cozy look. “Natural stone fireplaces and surrounds, wood beams and off-white walls mix with comfortable furnishings in organic whites, browns and beiges to create an updated look that feels anchored to a rural past,” Houzz notes.
Bright and bold colors are one of interior designers’ favorite emerging trends. “The shift away from mostly neutrals and whites is something many pros attribute to the pandemic,” Houzz notes. “These days, homeowners seem more adventurous and willing to take a chance on creating brighter, more vibrant spaces.” To help achieve these more colorful backdrops, owners are turning to wallpaper and embracing eclectic patterns. Houzz data shows searches are up for “paintable wallpaper” (93%), “chinoiserie wallpaper” (71%), “floral wallpaper” (52%), “ceiling wallpaper” (40%), “Art Deco wallpaper” (33%) and “dog wallpaper” (46%).
While design pros say a desire for bold color is extending into kitchens, they also say more homeowners are asking for a warm and soft style that’s restful and relaxing. To pull off this look, they’re using greige or off-white cabinets, light woods, muted tile, subdued patterns and warm bronze and brass finishes in the kitchen.
“Layered texture” is buzzing in home design. Textures are being added throughout a home via the decor, wallpaper, materials and accessories. “We’re seeing a lot of designers layer wood, rattan, stone, metal finishes, concrete and various textural fabrics in one room to create a dynamic style that’s full of visual and tactile interest,” Houzz notes.
From brighter colors to wild wallpaper and layered looks, maximalist decor styles are taking hold. For instance, combine “vintage pieces with lots of upbeat pattern and wall coverings” to perk up a traditional look, Houzz notes. “Think of it as a traditional style returning in a fun way.” Some professionals say ongoing supply chain issues gave rise to this trend by forcing homeowners to look locally for antiques and recycle, repurpose or reupholster pieces “with whimsical details and a pretty patina.”
Kitchen islands are being made with seating top of mind. “While the traditional seating arrangement has typically been a row of stools on one side facing the cooking area, some homeowners on Houzz are seeking alternative setups to accommodate a variety of needs, such as the ability to sit face-to-face with guests or sit at a standard dining table height,” Houzz notes. “We’re seeing a lot of islands with creative seating arrangements, like two-tiered designs with seating for 10 people and dropped-down or raised-up areas for various needs.”
Source: National Assoocation of Realtors
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Realty Executives agents are real estate experts. They have the education and expertise you need to navigate through the process of buying or selling a home. From listing at the right price to making the best offer, our Executives have witnessed the best - and most regrettable - decisions homeowners and homebuyers can make. Every day, they are immersed in every aspect of real estate that includes comparable home price analysis, property surveys, credit reports, open houses, HOA agreements, lenders, title companies, homeowners’ insurance, walk-throughs, terms of sale or purchase, repairs, concessions and closing documents. Let our accomplished Executives help navigate you through the process of buying or selling a home.
