Jan. 22, 2019

What is the Cost of Waiting Until Next Year to Buy?

What is the Cost of Waiting Until Next Year to Buy? [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The cost of waiting to buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
  • Freddie Mac predicts interest rates to rise to 5.1% by the end of 2019.
  • CoreLogic predicts home prices to appreciate by 4.8% over the next 12 months.
  • If you are ready and willing to buy your dream home, find out if you are able to!
Posted in Buying
Jan. 22, 2019

Selling Your Home? Make Sure the Price is Right!

Selling Your Home? Make Sure the Price is Right! | MyKCM

If you’ve ever watched “The Price is Right,” you know that the only way to win is to be the one to correctly guess the price of the item you want without going over! That means your guess must be just slightly under the retail price.

In today’s shifting real estate market, where more inventory is coming to market and home values are projected to appreciate at lower rates, homeowners will not be able to price their homes as aggressively as they were able to just last year.

They will have to employ the same strategy: be the closest without going over!

As we have explained before, pricing your home at or slightly below market value actually increases the number of buyers who will see your home in their search!

Over the last six months, more inventory has come to market while the months’ supply of inventory available has dropped. This means that the demand for homes to buy is still very strong throughout the country!

Homeowners who make the mistake of overpricing their homes will eventually have to drop the price. This leaves buyers wondering if the price drop was caused by something wrong with the homes when in reality nothing was wrong, the price was just too high!

Bottom Line

If you are thinking about listing your home for sale this year, let’s get together to properly price your home from the start!

Posted in Selling
Jan. 22, 2019

Do You Prefer the Charm of an Existing Home?

Do You Prefer the Charm of an Existing Home? | MyKCM

When homebuyers begin their research, they want to see all their available options! In many cases, they will include both new construction and existing homes in their search; but is a new construction home really the house of their dreams?

According to a recent survey by Zillow, of the 38% of total buyers that added new construction to their list, only 11% ultimately purchased a newly constructed home!

They added that 71% of these buyers are repeat buyers who are financially secure, with 45% using the money from the sale of their previous homes to make a purchase.

Below are some reasons why buyers are interested in purchasing a new build:

  • Everything in the house is new/never used (49%)
  • To be close to family (41%)
  • The home is the best value for their money (37%)
  • Appealing home features (34%)
  • Desirable location (34%)

So, then why did most of the buyers surveyed choose not to purchase a new home?

1) Location

Buyers could not find new construction in the desired neighborhood, and some felt that new construction is not established (e.g., landscaping, community, neighbors).

2) Timing

Buyers face the end of a lease or sale of their previous property and could not wait for a house to be built.

3) Price

Some buyers felt that new construction base prices were deceiving. Adding upgrades and HOA fees no longer made the home fit in their price range.

4) Appeal

For some buyers, new construction homes are too “cookie cutter,” and models are limited. Others feel that the charm and uniqueness of an existing house trumps one that’s never been lived in.

Bottom Line

Not all buyers are looking for a newly built house! There are many buyers looking for “the charm and uniqueness” of an existing home. If you are considering selling your house, don’t wait! Let’s get together to come up with a plan to feature the charming details of your house to future buyers.

Posted in Buying
Dec. 21, 2018

Are You Thinking of Selling? Are You Trying to Choose the Best Time?

 

Winter is here and so are the holidays. Over the past three months, I have talked to hundreds of families that are thinking of selling their home in 2019. The majority of which are leaning towards a summer sale. Although the summer months do have higher sales numbers year over year, there is also far more competition.

 

As you may know, True Realty works with both a high volume of buyers and sellers. This allows us to understand first hand the demand for available homes. For the past six years, I have seen a slow down in the market starting at the end of September when the kids go back to school. Then in late October, the market speeds up until Thanksgiving. After Thanksgiving, we are busy again until the end of December. Then comes the rush. The second week of January my phone rings every five minutes and I am running from one appointment to the next.

 

This year, True Realty currently has 16 active buyers that are getting prepared for the beginning of the year. Each buyer is holding off until the new year and waiting for more inventory to hit the market. With this many families waiting for houses just with us, I am confident in saying, the rush will not wait until the second week of January, it will be sooner!

 

If you are thinking about selling your home in 2019, my advise to you is not to wait until the summer. Although there will be lots of buyers looking for new homes, there will be a lot of sellers trying to move as well. Taking advantage of a large number of buyers and less inventory that will be available from January to April, will result in a great sales price for your home.

 

Please let us know when you are available for a free home sale consultation. We are happy to not only go over the value of your home and a plan to get it sold but will go over in details, the current and coming marketing conditions in your community. Understand Colorado’s fast-changing real estate market is key to making your sales process smooth and profitable.

 

Make sure to follow True Realty on FaceBook or visit our website for additional marketing news

Posted in Selling
Dec. 18, 2018

What Will The Real Estate Market Do In 2019?

 

As we approach the end of 2018 and starting look at financials goals for 2019, it is important to take a look at the facts. Yes, there is a change in the market, yes properties are taking longer to sell, yes we have more priced decreases then even before. And finally, YES, this is a good thing.

 

For the past few years, almost every time I took a buyer to see homes for the first time their two questions where always the same. When will there be more inventory available and how far over the listing price will I have to go to get a home. These two challenges made it a hard market for first time and even second-time home buyers. The third questions I was asked was when will this madness end so that we can get back to a normal market.

 

Well, I am happy to say that we are almost there. Our market in 2019 is going to be a little slower. But let me be clear, this is a good thing. Property values are not going down, the rate of appreciation is. We all know that a market which increases by 10% to 12% a year is not sustainable. A market that increases at 3% to 4% is. This is the market that we will have in 2019. In fact, many economists believe we will have a national increase of 4.8%

 

So why are so many homes staying on the market longer? Well to be fair, we are classifying “longer” as more than 30 days. Talk to your parents and ask them what the average days on market were when they purchase their first or even second home. In our current market, however, homes are taking longer to sell, and prices are being decreased because homes are still being listed as if the market is going up by 1% a month. This is not the case anymore.

 

For homeowners looking to sell in 2019, It is important to take a long look at your property values, the comparable sales that make up those values, and the market conditions that will exist when you are ready to sell. It is also important to prepare and market your home in a manner that supports the value you are asking for.

 

For home shoppers, 2019 is going to be a year of research. The days of bidding up the first home you see are over. Take your time and ask questions. Understand what factors make up the value of your future home. Learn what loan options are available before jumping into a contract.

 

2019 is going to be a year of real estate transaction. The amount of home purchase is going to rival the numbers from 2017. With that said, it is going to take longer to sell and the process to buy will not be overnight.

 

We are ready to put your purchase or listing plan in place when you are.

Posted in Market Updates
Dec. 7, 2018

The Colorado real estate market has slowed however there are still a lot of buyers out there.

 

Over the past few weeks, I have had a large number of buyers call frustrated with the lack of homes that are on the market. Over the past few months, we have had a large shift in the available inventory. Therefore, I wanted to see if you are still looking to sell your home?

Traditionally, many families think that selling in the winter months means that you will get a lower price for your property, this is simply not true. There are still a lot of buyers looking for a great home. Sadly a significate amount of the properties that are available are nothing to brag about.

Here are seven great reasons not to wait:

1. Relocation buyers are out there. Companies are still hiring throughout the holidays are moving their employees before the start of the new year.

2. Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now.

3. You can restrict showings on your home to the times you want to show. You will remain in control.

4. Homes show great when decorated for the holidays.

5. There is less competition for you as a seller right now. Inventory of homes for sale is low.  

6. The desire to own a home doesn't stop when the holidays come. Buyers who were unable to find their dream home during the busy spring and summer months are back looking now.

7. First-time buyer loan programs have changed allowing many buyers to purchase now that were not able to buy over the summer.

If you are still thinking about selling your home, please give me a call. I am happy to stop by and go over the specific market conditions in your neighborhood.

Posted in Selling
July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates