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How long do you plan to live in your home?
When you bought your home, did you consider how long you planned on living there? Have you been there longer than you planned, either because you still love where you are at or maybe because moving is a hassle? According to the National Association of Realtors, the average length of time in a home from 1985 to 2008 was 6 years (with only two data points differing from that “magic” 6). However, something changed in 2008, and the average length of time in a home started increasing…the average from then to now is almost 9 years. So what happened?
It’s time to change those clocks again!
We’ll “fall back” Sunday Nov 6th this year. This little extra sunlight in the morning comes at a cost…evenings get dark earlier. But never fear, your trusted Realtor with a flashlight is here! Just because it’s dark outside doesn’t mean that people aren’t still out house hunting. Buyers in Pierce County and surrounding areas are still out looking at homes during the day, after work, and on the weekends, just like the rest of the year. What does this mean for sellers? Turn your porch light on, keep walkways free of leaves (which can become slippery in our oh so wet weather), and take comfort in knowing that although there may be fewer buyers looking this time of year, the ones that are looking are committed to finding a place to buy.
Easy home updates without breaking the bank
You’ve probably seen articles about what home renovations get the most bang for the buck. If not, here’s a handy table. But what about those of us that are less handy, or less inclined to do a big remodel? There are still plenty of ways to spruce up your house without breaking the bank.
For Sale by Owner? It may not be your best move.
It’s time to sell your house. You’ve weighed the pros and cons and come to this big decision. But now you have to pick a real estate agent. “Wait!” you say. “I’ve gone on Zillow, it says my house is worth x amount of money. I’ll just put a sign in my yard and sell it myself. No need to pay a real estate agent when I can do it myself”. Did you know sellers actually net MORE money when they use a real estate agent? The National Association of Realtors does a comprehensive review of trends in buying and selling every year. Nine percent of buyers purchase a home from a sign in the yard, while 77% of buyers come from real estate agents and internet.
Pumpkin Patch fun in the South South
An October classic is a visit to a pumpkin patch, but unless you drive by one, you may not realize how many options are in the South Sound area! We have a list of fun places to go. When my kids were younger, we went to Spooner Farms or Maris Farms for pumpkins and the corn mazes. Carving pumpkins, and drinking apple cider on the porch are still some of our fall traditions. I hope that you enjoy this changing season with your friends and family. If changing your address is in your future, I’d be glad to help.
Home Maintenance Fall Checklist
The leaves are changing (or simply falling), rain is in the forecast more often, and pumpkins fill fields and grocery stores. Before winter creeps in, there are a few home maintenance things you should check off your to do list! For our rainy falls, the first one (cleaning your gutters) is especially important!
Positioning Your Home for Sale in the Current Market
In a previous post, Understanding Market Reports for Single-Family Residential Homes, I talked about the difference between a sellers market and a buyers market. This is a great graph that shows a sellers market and buyers market in terms of supply and demand (on a national level). Please note, although Washington state is coded as a very strong buyer demand outpacing seller supply, this statistic is taking to account the entire state.
Slaying home buying myths
Check out the great graph that outlines average credit scores for different types of loans, average down payments, and the trend interest rates have taken through the decades. Call or email Cathy Morris, Windermere Pierce County Realtor 253-740-3531, if you have any questions!
Why do I need a Home Inspection when selling?
You’ve listed your property for sale with your Realtor, Cathy Morris. You’ve filled out the paperwork, staged the home for photos, and do your best to keep everything clean between showings. Then you get the desired call… “We have an offer on your property!” YAY! You go over the paperwork with Cathy and she explains that the buyers are asking for time to do a home inspection. You think to yourself, “If I agree, are they going to ask me to fix a bunch of things?”
Understanding Market Reports for Single-Family Residential Homes
On my webpage, under Resources, Market Reports, you’ll find a graph that looks like this…
What does it mean?
Some of it is self explanatory (the month/year is across the bottom, the number of homes is on the vertical axis). This graph uses data for residential homes only (no condos or vacant land). The light green bar represents the number of properties (number listed at top of bar) that are currently for sale as of the end of the month, and the dark green bar is the number of properties (number listed at the bottom of the bar) that sold in that month. The red line with the triangles represents the number of properties that are under contract by the end of that month. But what does this mean for you?
Let’s take a closer look at the dates across the bottom. We can use this to compare this year’s activity to last year’s activity. In June of 2015, more homes were available on the market, but fewer homes had sold when compared to June of 2016 (and more homes are under contract). This helps you look at the trend across time…overall, fewer homes are on the market, but more people are buying.
If you want to do a little math, you can find the “Months of Inventory”. The months of inventory is an estimate of how many months the current market can support the number of potential buyers looking to purchase property. Think of it as supply and demand…it can give you an idea of how long the supply will meet the demand. Now for the math to get there: Take the number of homes for sale (the light green bar number) and divide it by the number of homes sold (the dark green bar number). For June 2016, that would be 2329/1445=1.6. So there is enough supply to meet 1.6 months at the current demand for houses.
One last thing to leave you with: A market with 3 or less months of inventory is considered a sellers’ market (more favorable conditions to sell a home). A market with 6 or more months of inventory is considered a buyers’ market (more favorable conditions to buy a home). 3-6 months of inventory is considered a neutral market. Keep in mind, though, this is all an overview of all of whichever county you select to look at. Contact me for more specific information about the market and how we can leverage that to sell (or buy!) your home.
