Celina Vazquez Realtor Blog: home buying

Wednesday, February 20, 2019

7 Things Buyers Notice as Soon as they Walk In By Celina Vazquez

Buyers notice everything – good and bad. From the moment they walk in the front door, they are trying to determine if this is the right home for them and their family. If you have your home listed for sale, paying attention to what the buyers notice can mean the difference between an offer and a missed opportunity.

7 Things Buyers Notice as Soon as they Walk In
1. Light – A bright home is inviting. Make sure you fill your home with lots of natural light or a soft evening glow.
2. Smell – Nothing is less inviting than a strong odor. Even candles and air fresheners can be overwhelming. Less is more and make sure nothing unpleasant is lingering.
3. Space – Remove any unneeded furniture and offer a spacious home which flows.
4. Ceilings – Of course, you can’t make your ceilings higher, but make sure they are free from water stains because buyers will look up.
5. Pictures and Personal Items – Remove personalization as much as possible so the buyers can imagine their family in the home.
6. Outdated Furnishings and Fixtures – If your home is filled with hand-me-downs, consider a professional stager. Old wallpaper or outdated paint colors should be replaced as well.
7. Dirty, Grimy Rooms – Most important, clean everything thoroughly. Nothing is less appealing than a dirty home.

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Monday, July 3, 2017

NAR Data Shows Now Is a Great Time to Sell!

NAR Data Shows Now Is a Great Time to Sell! - We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. Two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now continues to be a great time to sell your house.

Let’s look at the data covered in the latest REALTORS® Confidence Index and Existing Home Sales Report.

REALTORS® CONFIDENCE INDEX

Every month, NAR surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.”This month, the index showed (again) that home-buying demand continued to outpace supply in May.

The map below illustrates buyer demand broken down by state (the darker your state, the stronger the demand is there).

NAR Data Shows Now Is a Great Time to Sell! | MyKCM

In addition to revealing high demand, the index also mentioned that “compared to conditions in the same month last year, seller traffic conditions were ‘weak’ in 24 states, ‘stable’ in 25 states, and ‘strong’ in D.C and West Virginia.”

Takeaway: Demand for housing continues to be strong throughout 2017, but supply is struggling to keep up, and this trend is likely to continue into 2018.

THE EXISTING HOME SALES REPORT

The most important data revealed in the report was not sales, but was instead the inventory of homes for sale (supply). The report explained:

Total housing inventory rose 2.1% to 1.96 million homes available for sale
That represents a 4.2-month supply at the current sales pace
Unsold inventory is 8.4% lower than a year ago, marking the 24th consecutive month with year-over-year declines

According to Lawrence Yun, Chief Economist at NAR:

"Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”

In real estate, there is a guideline that often applies; when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation. Between 6-7 months is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values.

As we mentioned before, there is currently a 4.2- month supply, and houses are going under contract fast. The Confidence Index shows that 55% of properties were on the market for less than a month when sold.

In May, properties sold nationally were typically on the market for 27 days. As Yun notes, this will continue, unless more listings come to the market.

"With new and existing supply failing to catch up with demand, several markets this summer will continue to see homes going under contract at this remarkably fast pace of under a month.”

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market. And the supply will continue to ‘fail to catch up with demand’ if a ‘sizable’ supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers that are still out searching for your house.