A Time to Rest?

Many agents seem to go into hibernation mode on October 1.  Like everyone else, it is hard to not get swept up in the excitement of festivals, changing leaves, spiced cider, and bean soup in the crock pot.  But, I learned a few years back (and not as soon as I would have liked!), that October is really just the beginning of a new year. 

Huh?

You see, the things we do now as agents set the table for January and February.  Prospecting, listing preparation, to do lists... all of these things may not seem important now, but come the "lean" months, you will be glad you didn't push them to the side!

The same advice goes for home sellers.  Many folks see this as a time of year to go off the market, take a break, focus on holidays... all while thinking they will gear back up come Spring.  But, things you do now, as far as maintenance, upgrades, etc., can really lay the groundwork for that not so far off "Spring market".  Think of what happens in your neighborhood as flowers bloom and birds sing -- people begin remodeling, landscaping, etc.  But, if you work on those things now, you can probably get jobs done more efficiently (and cheaper) simply because the demand for such tasks isn't as high as it will be in March or April.  Go ahead and have a pre-marketing home inspection done NOW -- then you will have plenty of time to address items that need to be addressed and can make a more practical, informed decision about what not to do and what not to do.  Begin looking at paint samples and flooring options... so that you don't feel rushed by some big sale the week before you list and end up getting the wrong thing.

The bottom line is this -- patience is a virtue, but diligence is even more so.  The Lord blesses those who work and prepare and help themselves, so while others are living it up eating candy apples in their slippers by the fire, you can be getting a head start on what is forecasted to be a VERY busy 2014!

Do Price Reductions Help or Hurt?

I ran across a very interesting article today that dealt with price reductions and how they affect market times. In short, sellers are MUCH better off to price competitively from the beginning than to price high and then reduce -- doing so results in a trend of longer marketing times AND deeper price cuts than would be necessary if the home had been priced properly from the beginning. Very interesting... please keep in mind when pricing your home for spring market. An improved market does NOT a lot of wiggle room make! This is not to imply that you should not do a price reduction if you aren't getting a lot of activity. Rather, it emphasizes the need to price properly from the beginning rather than have the mindset that one should price high so you can bring it down later if necessary.

Do We Sell Now or in the Spring?

The following is taken from the KCMBlog, the blog of Steve Harney, one of America's foremost real estate experts. I thought it was particularly timely as I am faced with this question daily it seems! Many sellers feel that the Spring is the best time to place their home on the market as buyer demand increases at that time of year. However, the Fall and Winter have their own advantages. Here are five reasons to to sell now. Only Serious Buyers Are Out At this time of year, only those purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere ‘lookers’. The lookers are at the mall or online doing their holiday shopping. There Is Far Less Competition Housing supply always shrinks dramatically at this time of year. This year will be a little different as some of the distressed properties being liquidated by the banks (in the form of foreclosures & short sales) will enter the market. However, for those buyers looking for a non-distressed property, the choices will be limited. Don’t wait until the spring when all the other potential sellers in your market will put their homes up for sale. The Process Will Be Quicker One of the biggest challenges of the 2012 housing market has been the length of time it takes from contract to closing. Banks have been inundated with both purchase and refinancing loan requests. Both of these will slow in the winter cutting timelines and the frustration these delays cause both buyers and sellers. There Will Never Be a Better Time to Move-Up If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 15% from now to 2016. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with historically low interest rates right now. There is no guarantee rates will remain at these levels in years to come. It’s Time to Move On with Your Life Look at the reason you decided to sell in the first place and decide whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should? You already know the answers to the questions we just asked. You have the power to take back control of the situation by pricing your home to guarantee it sells. The time has come for you and your family to move on and start living the life you desire. That is what is truly important.

Don't Wait til Spring...

Popular wisdom is that "spring" market is the time to list, so many potential sellers are waiting until that time to put their homes on the market. As the KCMBlog.com pointed out, though, there are 5 VERY compelling reasons to get moving NOW!

1. Interest rates are on the rise. As rates increase, buyers have less purchasing power. This will eventually eat away at prices.
2. Your dream home has never been cheaper. PRICE is not the issue here, but COST. With low interest rates, you can get more home for the same payment you have now on the buying end.
3. Buyers are out early. Real estate publications are talking this up, and Lisa and I are seeing this every day. Many agents I know are busy busy busy!
4. Inventory will increase in spring. In Feb 2010, there were 3.5 million homes on the market; in March 2010, 3.6 million; and in April 2010, there were 4 million. This is a year over year trend.
5. We are currently in the calmest part of the foreclosure storm we will be in for a while. As more and more come on the market, prices will be driven down.

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