How’s the market? Well, that always depends. Are you buying? Selling? Both? Neither? What’s your price point? Where are you looking? These all play into the answer that’s most meaningful for this question.
Since we love our town we keep the focus on Oregon and the unique aspects of our local market. Here’s the current state of the market in Oregon as we begin the 2019 market year.
1. Rates have dropped back to less than 4.5%. We haven’t seen this in the last few months as they recently jumped to over 5%. This is a welcome change for home shoppers and should continue to spur a large buyer pool.
2. Oregon had 24 active single family homes at the end of December 2018. This is down over 40% from both November of this year and the same time last year. There is little competition for homeowners looking to sell today but this will change quickly as we head closer to our spring market.
3. Only 2 properties are available in the $400,000-$500,000 range and both are new construction. Homeowners looking to sell in this price point should be in a great spot provided their home is still priced appropriately.
Remember each situation is unique. This means even though there’s little competition it doesn’t necessarily mean your home will sell quickly. Likewise, just because there are few options to choose from doesn’t mean you won’t see your dream home pop on the market in the next few days so make sure you’re ready.
There is no doubt that fall is here. Leaves have fallen, temperatures have dropped, and the holidays are right around the corner.
For people considering selling their home this is a clear indicator that it’s time to hit the breaks and wait until there is an opportunity for a spring home sale. While waiting until the spring may be a wise decision it’s not always the best move.
You can read more on the right time to sell HERE, but if you’re dead set on waiting until the snow thaws to hit the market now is a great time to get ready with these four steps. (more…)
When is the “Right Time” to Sell?
When we meet with home owners, and often buyers too, it’s not uncommon to hear the statement “Ideally we’d like to wait until March or April to get serious”.
There is a misconception in our area, a myth we buy into, that suggests these months become the ideal time to buy and sell real estate. So when is the “right” time to sell? (more…)
What if I told you I could find you an agent who would work for 0% commission? Would you hire them?
What’s the catch?
This agent has zero marketing experience, no connections to people in the real estate industry, isn’t familiar with the forms and legal contracts involved with a home sale, and has another full time job outside of real estate. Would you still want to hire this person? (more…)
The warranty. Insurance for your stuff. As a seller why should you buy one for the potential buyer of your home?
The Universal Home Protection basic home warranty covers home sellers and then automatically transfers to buyers for one year from the date of closing. Priced at $450 sellers only pay at closing.
So, is it worth it? We think so. Here’s why… (more…)
Rates are down, prices are rising, and inventory remains incredibly low. Combined these trends create a great opportunity for those looking to sell their homes.
We enter 2015 with barely 3 months of inventory. This places us in a very strong sellers market and trends indicate that inventory is unlikely to catch up to demand anytime soon. With basic economics in mind we are in a housing shortage in most areas of the market and sellers can capitalize if they approach the market in the right way.
Dane County finished 2014 with the highest median home price on record at $220,000. This was roughly a 3.8% increase over the last 12 months. Prices will continue to be affected by low levels of inventory and historic low interest rates. As those fluctuate we’ll see prices adjust as well. (more…)
When it comes to staging a home there are a number of objections or concerns a seller may have. While these concerns are often legitimate, the benefits of hiring a stager still outweigh the risk of going at it alone. Let’s take a look at the most common myths about home staging.
1.My Home Doesn’t Need Staging
There are a million variations of this objection including “my home is already beautiful”, “we hired a designer last year”, and “I can just declutter and clean and we’ll be alright”. The truth of the matter is, (more…)
After listing a home one of the first items on our to-do list includes scheduling a consultation with a professional stager to enhance the seller’s home in the eyes of prospective buyers. This service is part of our basic marketing plan and is included at no additional cost to our clients.
Why do we invest in this service for our clients? Here are a few reasons we believe our staging service is a huge benefit for sellers. (more…)
Pricing. The bottom line for a number of sellers and often the biggest hurdle in getting a house sold.
Homes that are priced incorrectly consistently sell for less money after longer on the market than homes that are priced right from the start. For more information about that data take a look at our previous article, “Can’t I Just Reduce the Price?”.
While it’s possible to aim high and adjust into a price reduction, the data simply doesn’t support that as a smart decision. Instead, follow these guidelines when pricing your home: (more…)
As we near the end of the year the picture of the market tends to get a little murkier for home buyers and potential sellers. Buyers and sellers alike have numerous questions about timing, competition, and negotiation around this season. Courtesy of the latest edition of the Stark Real Estate Market Source Newsletter, here is our advice to buyers and sellers at the end of 2014.
Advice for Buyers
If you aren’t much for competition, and are ready to make a move now, then this winter is probably a good time to do so. With uncertainty over interest rates, and continued low inventory, we expect to see a fairly competitive spring for home buyers including multiple offers, sales at or above asking price, and (more…)
After a banner year in 2013 the 2014 real estate campaign limped out to a slow start. Media jumped on the chance to remind consumers that housing sales were down in year over year sales and activity was noticeably different than the previous year for those of us involved in the business.
However, while there is a definite purpose to comparing year over year sales, the numbers themselves hold little meaning unless they are placed into context. In comparing 2013 to 2014 regarding the housing market it is true that most months showed a decrease in sales from year to year. Yet when we look at 2014 compared to the last 10 years we can see that single family home sales are on pace to be greater than any year since 2006, median price has matched it’s historical peak at $218,000, and interest rates (more…)
It comes up nearly every time we sit with a client and discuss the marketing of their property. Somewhere during the pricing discussion the seller will almost always ask, “Can’t we just drop the price?”
While seller’s can always choose to drop the price of their home, it’s rarely a desirable strategy to put in place from the beginning.
Sellers who try to see what they can get for their home by adopting a high price strategy with price adjustments in the future are setting themselves up for a longer sale and less money in the long run. Likewise, sellers who pick a listing agent based solely upon the suggested list price may find themselves in for a long haul that costs them thousands of dollars. (more…)
2013 was a whirlwind year in the recovery of the housing market. Inventory dropped while sales and prices rose, buyers were in competition with many homes seeing multiple offers, and new construction boomed.
What does last year tell us about the future? Keep an eye on the following trends as we head into 2014.
With Dane County currently sitting at 4.3 months of inventory it’s evident that the inventory drop off we saw at the end of 2013 never fully caught up to pace of sales. (more…)
Most buyers today spend countless hours looking at homes online before they ever get serious about stepping into a listed property. Sellers should keep this in mind when preparing their home for sale in order to make their home stand out among the competition.
We believe high-quality pictures are so important in marketing a home that we provide all sellers with a staging consultation and only use professional photographers when listing a property. These additional professionals on our team specialize in highlighting features of your home that will make it stand out among the crowd.
While preparing for the photo shoot you may want to consider the following tips: (more…)
Selling your current home is often the first step in your real estate transaction. Because of this it is easy to focus on the first burning question of “How much money can I get for my home?”
While a solid financial return on your investment is a legitimate concern, too much focus on the price of your current property can potentially skew your outlook of the whole transaction. Many people want to wait to sell until home prices go up.
However, when prices are low that may actually be the best time for you to maximize your opportunities between both sides of the transaction. (more…)