Homeowners - The Gresham Group

Don’t Skip the Home Inspection

The Gresham Group — Wed, 08 Jan 2025 16:27:56 +0000

Don’t Skip the Home Inspection: What Could Be Lurking in Your Dream Home

Buying a home is probably the biggest investment you’ll ever make. In today’s competitive market, it’s tempting to skip steps to speed up the process – especially when you’re competing against cash offers and eager buyers. We’ve seen it all too often: excited homebuyers waiving inspections to make their offers more attractive, only to face costly surprises down the road.

Think about it: you wouldn’t marry someone without getting to know them first, right? So why commit to a 30-year mortgage without understanding exactly what you’re getting into? A home inspection is like a first date with your house – except your date comes with an expert who can tell you if that charming quirk is actually a major red flag.

As a real estate group that’s helped thousands of buyers find their dream homes, we’ve seen the good, the bad, and the downright scary when it comes to home inspections. Every skip of this crucial step is a gamble, and trust us – the house always wins if you don’t know what you’re betting on.

What Could Go Wrong? A Lot, Actually

Here are some real-life surprises our inspectors have uncovered:

The Uninvited Residents: A beautiful Victorian in Boston had an entire colony of carpenter ants silently munching away at the structural beams. Price tag to fix: $12,000.
The Secret Indoor Pool: One family almost bought a house with a basement that flooded every spring due to a cracked foundation. The sellers had conveniently scheduled viewings in dry weather only.
The Shocking Discovery: An inspector found dangerous DIY electrical work hidden behind walls – a fire waiting to happen.
The Toxic Surprise: What looked like normal wall discoloration turned out to be extensive black mold, requiring $20,000 in remediation.
The Roof Roulette: Shingles that looked “good enough” from the ground were actually completely rotted, with only 1-2 years of life left.
The HVAC Horror: A seemingly functional heating system was actually venting carbon monoxide into the home.
The Plumbing Puzzle: One inspector found pipes that had been poorly patched with duct tape – a ticking time bomb for massive water damage.

The Bottom Line

A home inspection typically costs between $300-$500, while the issues they uncover could cost tens of thousands to fix. Think of it as buying peace of mind and negotiating power. If issues are found, you can:

Request repairs before closing
Negotiate a lower price
Walk away if the problems are too serious

Want to Learn More?

Check out these trusted resources:

Home Inspectors

KC RES – Chad Johnson (816-582-6221)
Structural Inspection: Royal Engineering – Robert Quick (816-728-2081)
Certified Pest Control – Dave Johnson (816-217-6630)

Contractors

Heartwood Construction – Dan Threlkeld (816-779-0876)
Country Road Construction – Ernie Beck & Darrel Keeney (816-510-8814)

Drywall and Painting

In a Pinch Drywall – Josh Huey (816-872-5582)
ERA III Painting – Chanze (816-493-4494)

Preferred Vendors

Final Thoughts

You wouldn’t buy a car without lifting the hood and the same goes for a home. Every nook, cranny, appliance, and pipe should be inspected thoroughly. That’s why we’re with you every step of way, until the job gets done and everything is uncovered.

Let’s find your dream home today!

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Sunny Sales: Selling Your Home in the Summer

The Gresham Group — Tue, 04 Jun 2024 20:22:04 +0000

Thinking about selling your home this summer? You’re in luck!

Summer is one of the best times to put your house on the market. The weather is great, the kids are out of school, and buyers are eager to move before the new school year starts.

But before you stick that “For Sale” sign in the yard, let’s chat about how The Gresham Group makes your home the hottest listing in town!

Why Summer is Prime Time for Selling

1. Perfect Weather: Long, sunny days mean your home is shown in the best light—literally! Open houses are more appealing when the weather is warm and the garden is in full bloom.

2. More Buyers: Families prefer to move during summer vacation to avoid disrupting the school year. This means more potential buyers are actively looking, increasing your chances of a quick sale.

3. Curb Appeal: Your home’s exterior will never look better than in the summer. Green lawns, blooming flowers, and clear skies create an inviting atmosphere for buyers.

Getting Ready to Sell: Tips and Tricks

1. Boost Your Curb Appeal

First impressions are everything. Mow the lawn, trim the hedges, plant some bright flowers, and power wash the driveway. A well-kept exterior invites buyers to see what’s inside.

2. Keep it Cool Inside

Make sure your home is a cool oasis from the summer heat. Have your air conditioning serviced before showings start. Consider adding a few strategically placed fans or even offering cold drinks during open houses.

3. Stage for the Season

Light, bright, and breezy should be your mantra. Swap heavy drapes for sheer curtains, use light-colored linens, and maybe even set out some fresh flowers. Make each room feel like a summer retreat.

The Power of Professional Photos

Good photos are worth a thousand words. We’ll work with a professional photographer to capture your home at its best. Scheduling the photo shoot during a sunny day will maximize natural light. We won’t forget to include shots of your garden and outdoor spaces!

Pricing It Right

We’ll work with you to set a competitive price. It’s in our best interest to look at comparable homes in your area and getting a professional appraisal. Remember, a well-priced home attracts more interest and could even spark a bidding war!

Hosting the Ultimate Summer Open House

1. Make It a Party

Why not turn your open house into a mini summer party? Offer light refreshments like lemonade, iced tea, and finger foods. Set up a playlist of relaxing summer tunes. A welcoming atmosphere makes potential buyers feel at home.

2. Highlight Outdoor Living

If you’ve got a great backyard, now’s the time to show it off. Set up patio furniture, a BBQ grill, or even a hammock. Create a vision of the perfect summer day spent at your home.

Final Thoughts and Agent Advice on Summer Selling

”During the summer selling season, buyers actively searching! I check for new listings early every morning hoping to find properties for us to tour. For sellers, I encourage them to take advantage of less competition. I also look at networking and marketing opportunities to help homes stand out!

I am fortunate to have KCRAR and ReeceNichols Training. There is always an opportunity to learn and better serve my clients.
Julie Shiplet

”Selling a home can be challenging, but special incentives make a home stand out - such as a free home warranty, a certain amount of closing costs for the buyer, offer to buy down the interest rate or even offer a bonus to the buyer’s agent.

Open houses for realtors with snacks, food, wine, and prize giveaways help promote the home and get the word out.
Afton Kateusz

”If you are preparing your home to sell, focus on creating space and color! Accentuate the kitchen and make that stand out! Decks and patios are also another place that can really "expand" your living space and make your home feel a bit larger!
Work on projects that the whole family can be a part of such as landscaping and gardening. Painting can even be fun, if you can talk your friends into a Paint Party!
Use the time when kids may be away from home to tackle the MESSY or DIFFICULT tasks!
MOST IMPORTANTLY, plan ahead! When you make a plan, you are more likely to achieve an outcome that you are happy with!
Heather Thurston

Selling your home in the summer can be a rewarding experience with the right preparation. From boosting curb appeal to hosting a fantastic open house, these tips will help you make the most of the season. So, embrace the sunny days, get your home market-ready, and let The Gresham Group advocate for the best offers!

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Spring into Action: Common HVAC and Home Maintenance Issues

The Gresham Group — Mon, 08 Apr 2024 14:58:10 +0000

Ah, spring—the season of renewal, rejuvenate, and… home maintenance!

While you’re busy admiring the blossoming flowers and tweeting birds, it’s crucial not to neglect your humble abode. So, let’s roll up our sleeves and dive into some springtime home TLC, shall we?

Air Filters and Vents

Picture this: the spring sun starts to shine brighter and hotter and pretty soon your air conditioner is struggling to keep you cool. Well, it might be time to give those air filters some love! These can be little dust traps with pollen, and other gunk. They can get clogged up faster than a sink full of dishes after Thanksgiving dinner. Fear not! Grab your superhero cape (or just a step stool) and swap out those filters. Your HVAC system will thank you by blowing cool, clean air all season long.

Dryer Vent

Do your clothes seem to take forever to dry, leaving you feeling like you’re stuck in laundry limbo? That’s probably your dryer vent crying out for help! Over time, lint and debris can build up in the vent, turning your laundry room into a potential fire hazard. Take a moment to channel your inner lint warrior and give that vent a good cleaning. Your clothes will thank you by drying faster.

Windows

Ah, the gentle breeze of spring… wait, is that a draft? If you feel colder drafts inside your home than you do outside, it’s time to seal those windows. Grab some weatherstripping or caulking and get to work sealing up those sneaky gaps. Not only will you keep Jack Frost at bay, but you’ll also save some serious cash on your energy bill.

Gutters and Exterior

Spring showers bring… clogged gutters? Yup, you heard that right! Those gutters might be harboring more leaves than a tree in autumn, and it’s up to you to set them free. Grab a ladder (and a buddy for safety) and get to scooping. And while you’re at it, give your home a good hosing down to banish those pesky cobwebs and winter grime. Your house will sparkle like a disco ball at Studio 54!

Bugs

Nothing ruins a springtime picnic or barbecue quite like uninvited guests of the six-legged variety. Take a stand against those creepy crawlies by spraying the perimeter of your home with bug repellent.

With a little elbow grease to clean and clear with a quick checklist, you can conquer those common HVAC and home maintenance issues this weekend.

Need help prepping for the spring and summer?

Or, is the list just too long and you need an extra hand? Visit our Preferred Vendors page for a list of go-to’s and recommendations we love!

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A Time to Reconnect at Home in 2024

The Gresham Group — Thu, 11 Jan 2024 15:15:45 +0000

As the winter season settles in, it’s essential to create a warm and inviting atmosphere within our homes that fosters togetherness, personal growth, and overall well-being. In a fast-paced world where technology often dominates our lives, it’s important to strike a balance between quality family time and individual pursuits.

By intentionally designing our living spaces to cater to these needs, we can banish winter blues, promote togetherness, and make cherished memories.

Prioritizing Family Time

In the hustle and bustle of daily life, carving out dedicated family time becomes crucial. Designate a cozy space in your home where family members can come together and engage in activities that promote bonding. Create a comfortable seating area with plush cushions and blankets, perfect for storytelling, board games, or simply sharing laughter over hot cocoa. Plan weekly or monthly family game nights, where everyone can participate and create lasting memories. Emphasizing quality time will strengthen the family unit and foster stronger relationships.

Making Space for Personal Growth

While spending time together as a family is essential, it’s equally important to allow space for individual pursuits and personal growth. Encourage family members to explore their interests and hobbies by designating specific areas within your home for alone/creative time. Dedicate a quiet corner for meditation, reading, or journaling, where one can find solace and reflect. Set up a small art studio or a well-equipped kitchen for those who find joy in painting or cooking. By providing space for personal expression, you create an environment that nurtures the unique talents and passions of each family member.

Limiting Screen Time

In today’s digital age, excessive screen time has become a common concern, often leading to reduced social interactions and a lack of connection within families. Set healthy boundaries by designating specific times or zones within your home as screen-free zones. Encourage alternative activities such as engaging in conversations, playing board games, or working on puzzles together. By minimizing screen time and promoting face-to-face interactions, you create an environment where genuine connections can flourish.

Designing for Winter Comfort

Winter can be a challenging season, but with thoughtful design choices, you can transform your home into a cozy haven. Consider incorporating warm colors, soft textiles, and ambient lighting to create an inviting atmosphere. Install a fireplace or invest in a collection of blankets and pillows to make your living room an inviting space for family gatherings. Create a reading nook near a window, where one can enjoy natural light and views of the winter landscape. By designing with winter in mind, you ensure that your home provides comfort and warmth throughout the season.

Being Present

Amidst the distractions of modern life, being present at the moment is a skill worth cultivating. Encourage mindfulness practices by creating a dedicated space for meditation or yoga. Design your home to maximize natural light and connect with the outdoors, as exposure to daylight can enhance mood and well-being. Additionally, promote unplugging from technology during specific hours or activities to allow for undivided attention and deeper connections. By fostering a present-centered environment, you create a sanctuary where family members can fully engage with one another.

Exercising and Staying Healthy

Staying active and maintaining good health is vital, especially during the winter months when outdoor activities may be limited. Designate an area in your home for exercise, whether it’s a small gym, a yoga studio, or simply a cleared space for stretching and movement. Encourage family members to partake in regular physical activities and promote a healthy lifestyle by stocking your kitchen with nutritious foods. By prioritizing health and fitness within your home, you set the foundation for a vibrant and energetic winter season.

Creating a home that encourages togetherness, personal growth, and well-being is essential for banishing winter blues and cultivating a harmonious family life. By prioritizing quality family time, making space for individual pursuits, limiting screen time, designing for winter comfort, practicing mindfulness, and promoting health and fitness, you can transform your home into a sanctuary that nurtures and supports your family’s unique needs. Embrace the winter season as an opportunity to strengthen bonds, unlock creativity, and create lasting memories within the warmth and love of your home.

The Gresham Group wishes you all the best in reaching your real estate goals in 2024.

Buy or Sell a Home

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Goals for Home Buying, Selling and Maintaining in 2024

The Gresham Group — Mon, 11 Dec 2023 14:40:42 +0000

As we are about to start a new year, it’s essential to set goals and aspirations for various aspects of our lives, including homeownership. Whether you’re a prospective buyer, a homeowner considering selling, or someone looking to maintain and improve their current home, 2024 offers a multitude of opportunities to make the most of your real estate investments.

Buying a Home

Define Your Needs: Take the time to assess your lifestyle, future plans, and financial situation. Define what you truly need in a home, such as location, size, amenities, and proximity to schools or workplaces. This clarity will help you make informed decisions during the buying process.
Budgeting and Financing: Establish a realistic budget and explore mortgage options that suit your financial capabilities. Consult with a mortgage advisor to understand your borrowing capacity, interest rates, and loan terms. Saving for a down payment and improving your credit score should also be part of your financial goals.
Research and Due Diligence: Conduct thorough research on the local real estate market and seek professional guidance from real estate agents. Explore different neighborhoods, attend open houses, and analyze comparable sales. Performing due diligence will empower you to make an informed purchase and find a home that meets your needs.

Selling a Home

Evaluate the Market: Research the current real estate market trends in your area. Understand the local demand, inventory, and pricing dynamics. This knowledge will help you set realistic expectations for selling your home and determine the best time to list it.
Home Staging and Curb Appeal: Enhance the visual appeal of your property by decluttering, cleaning, and staging it appropriately. Consider making minor repairs and renovations to boost the value and attractiveness of your home. First impressions matter, and a well-presented property can attract more potential buyers.
Pricing Strategy: Work with a qualified real estate agent to determine an optimal listing price for your home. Consider market conditions, comparable sales, and the unique features of your property. A strategic pricing approach can attract qualified buyers and maximize your selling potential.

Maintaining a Home

Regular Maintenance Schedule: Create a comprehensive maintenance plan for your home. Schedule routine inspections, service checks, and repairs to ensure that your property remains in good condition. Addressing minor issues promptly can prevent them from becoming more significant and expensive problems later.
Energy Efficiency and Sustainability: Set goals for reducing your home’s energy consumption and carbon footprint. Invest in energy-efficient appliances, insulation, and lighting systems. Consider installing solar panels or implementing other renewable energy sources. These steps not only benefit the environment but can also result in long-term cost savings.
Enhancing Livability: Identify areas of your home that could benefit from improvements to enhance your quality of life. This could involve upgrading the kitchen, bathroom, or outdoor spaces. Consider incorporating smart home technology for added convenience and energy efficiency. Focus on projects that align with your personal preferences and make your living space more enjoyable.

As you enter the year 2024, setting clear goals for buying, selling, and maintaining your home will help you navigate the real estate landscape with confidence.

Whether you’re a buyer, seller, or homeowner, taking proactive steps toward your homeownership goals can ensure that you make sound decisions, maximize your investments, and create a comfortable living environment for yourself and your loved ones.

Embrace the opportunities that the real estate market presents and embark on a rewarding journey toward achieving your homeownership aspirations in the coming year.

The Gresham Group wishes you all the best in reaching your real estate goals in 2024.

Buy or Sell a Home

Find Home Maintenance Help

The post Goals for Home Buying, Selling and Maintaining in 2024 first appeared on The Gresham Group.

Winter Prep for your Home

The Gresham Group — Wed, 08 Nov 2023 18:26:46 +0000

If you live in an area with temps can get a bit extreme during winter, it’s a smart idea to prepare your home to avoid some crucial risks.

Prepping your home before the long winter’s nap can help you save money on energy costs, minimize damage to your house, and keep your family warm and comfortable all season long.

Here are some ways to prep your home for the winter:

Fix air leaks:

Air leaks are one of the main causes of heat loss in homes. Examine the areas around windows, doors, and electrical outlets for leaks, and use caulk or weatherstripping to seal them off. You will spend less on heating bills as a result of keeping warm air inside and the cold air outside.

Insulate your attic:

Another technique to keep heat in and cold air out is to insulate your attic. You can lose a large amount of heat via the roof if your attic is poorly insulated. For assistance in keeping your house warm during the winter, think about installing insulation in your attic.

Clean your gutters:

Gutter cleaning is important because clogged gutters can lead to ice dams, which can harm your roof and result in leaks. To help avoid this, be sure to clear your gutters now, before ice becomes a problem.

Service your furnace:

To make sure it’s operating well, it’s a good idea to have your furnace serviced before the winter months. By doing this, you may save energy costs and avoid breakdowns during the coldest months of the year.

Check your chimney:

Before utilizing your fireplace for the first time in the winter, make sure to get your chimney cleaned and inspected if you have one. A dirty or obstructed chimney can pose a fire risk and increase the level of carbon monoxide in your house.

Prepare an emergency kit:

Having an emergency kit on hand can assist in keeping your family safe and warm during the winter if there is a power outage or severe weather. Things like flashlights, additional batteries, candles, blankets, and non-perishable food should be included.

Prevent your pipes from freezing:

If your pipes are not adequately insulated during the winter, they may freeze and explode. To prevent your pipes from freezing, make sure they are all adequately insulated and that the temperature inside your house is above freezing.

By giving a thorough check to all of these areas, your home can be winter-ready over the weekend. If you discover issues that could be problematic, hire a professional or general contractor so you can keep your family warm this winter.

Need help prepping for winter? We have recommendations.

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Home Improvements That Will Lead to Biggest ROI

The Gresham Group — Mon, 20 Mar 2023 15:50:43 +0000

With homeowners sitting on their largest financial investment, it’s crucial to think about a few things when it comes time to selling or updating your home. Home improvement projects not only give your space a refresh, but also increase the value of your home.

At The Gresham Group, we encourage our clients with a few improvement projects to prioritize for their biggest return.

Here are five home improvements with the highest return on investments:

Kitchen Remodel

The kitchen is the heart of the home, and a well-designed, functional kitchen can make a big difference in the value of your property. Minor kitchen remodels, such as updating countertops, cabinets, and appliances can provide a huge return on investment. While this is a costly update, the return will be worth it when it comes time to sell your house.

Bathroom Remodel

A bathroom remodel is another great way to add value to your home. Upgrading the fixtures, replacing the flooring, and adding new lighting can give your bathroom a fresh, modern look. A mid-range bathroom remodel can provide a return on investment of up to 67%. This is another expensive improvement but can have a huge return on investment.

Energy-Efficient Upgrades

Energy-efficient upgrades, such as installing new windows, upgrading insulation, and replacing old appliances with energy-efficient models, can save you money on your utility bills and increase the value of your home. These upgrades can are not as noticeable as the previous improvements but still create great value for your home.

Landscaping

Curb appeal is essential when it comes to selling your home, and landscaping is one of the easiest and most affordable ways to enhance your property’s curb appeal. Great-looking landscaping can add significant value to your home, as well as make it look more welcoming to guests.

Paint and Décor

A fresh coat of paint, new light fixtures, and updated decor can give your home a modern, updated look without breaking the bank. This upgrade is not going to add a ton of financial value to your home but can add a sense of welcome and comfort.

Keep in mind, focusing on upcoming home improvement projects might also correlate with your home’s age and condition.Whether you are looking for a complete remodel or something easy and cheap, there are always ways to improve the value of your home.

Check out more statistical information from Realtor.com if you’re considering a major home remodel or improvement project.

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Should I Sell My House This Year?

The Gresham Group — Fri, 09 Sep 2022 12:00:11 +0000

There’s no denying the housing market is undergoing a shift this season as buyer demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.

Opportunity #1: You Have More Options for Your Move

One of the biggest stories today is the growing supply of homes for sale. Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.

If you’re selling your house to make a move, it means you’ll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find somewhere to go, know your options have improved.

Opportunity #2: The Number of Homes on the Market Is Still Low

Just remember, while data shows the number of homes for sale has increased this year, housing supply is still firmly in sellers’ market territory. To be in a balanced market where there are enough homes available to meet the pace of buyer demand, there would need to be a six months’ supply of homes. According to the latest report from the National Association of Realtors (NAR), in July, there was only a 3.3 months’ supply.

While you’ll have more options for your own home search, inventory is still low, and that means your home will still be in demand if you price it right. That’s why the most recent data from NAR also shows the average home sold in July still saw multiple offers and sold in as little as 14 days.

Opportunity #3: Your Equity Has Grown by Record Amounts

The home price appreciation the market saw over the past few years has likely given your equity (and your net worth) a considerable boost. Danielle Hale, Chief Economist at realtor.com, explains:

“Home owners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .”

If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help. It may be just what you need to cover a large portion (if not all) of the down payment on your next home.

Bottom Line

If you’re thinking about selling your house this season, let’s connect so you have the expert insights you need to make the best possible move today.

For local market tips, expert advice, and to begin the buying or selling process, get in touch with our team.

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Disclaimer: The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The Gresham Group with ReeceNichols Real Estate and Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The Gresham Group and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

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How Owning a Home Builds Your Net Worth

The Gresham Group — Wed, 07 Sep 2022 12:00:32 +0000

Owning a home is a major financial milestone and an achievement to take pride in. One major reason: the equity you build as a homeowner significantly improves your net worth. With high inflation, the link between owning your home and building your wealth is crucially important.

If you’re looking to increase your financial security, here’s why now is the time to start your journey toward homeownership.

Owning a Home Is a Key Ingredient for Financial Success

A report from the National Association of Realtors (NAR) details several homeownership trends, including a significant gap in net worth between homeowners and renters. It finds:

“. . . the net worth of a homeowner was about $300,000 while that of a renter’s was $8,000 in 2021.”

To put that into perspective, the average homeowner’s net worth is roughly 40 times that of a renter’s. This difference shows owning a home is a key step in achieving financial success.

Equity Gains Can Substantially Boost a Homeowner’s Net Worth

The net worth gap between owners and renters exists in large part because homeowners build equity. When you own a home, your equity grows as your home appreciates in value and you make monthly mortgage payments. As a renter, you don’t have that same opportunity. A recent article from CNET explains:

“Homeownership is still considered one of the most reliable ways to build wealth. When you make monthly mortgage payments, you’re building equity in your home . . . When you rent, you aren’t investing in your financial future the same way you are when you’re paying off a mortgage.”

Additionally, your home equity grows even more as your home appreciates in value over time. That has a major impact on the wealth you build, as a recent article from Bankrate notes:

“Building home equity can help you increase your wealth over time, . . . A home is one of the only assets that have the potential to appreciate in value as you pay it down.”

Meaning, your mortgage payment acts as a contribution to a savings account that increases in value as your home does. When you sell, any equity you’ve built up comes back to you. As a renter, you’ll never see a return on the money you pay out in rent every month.

[Green Graph] A recent Home Price Expectation Survey of over one hundred economists, real estate experts, and investment and market strategists, estimates a cumulative appreciation over the next five years.

[Blue Map] According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner’s equity has grown by $64,000 over the last 12 months. If you want to know what’s happening in your area, the map breaks down the average year-over-year equity growth for each state using the data from CoreLogic.

[Orange Graph] According to the latest data from realtor.com and the National Association of Realtors (NAR), it may actually be more affordable to buy than rent, even as home prices rise.

Bottom Line

Owning a home is an important part of building your net worth. If you’re ready to start on your journey to homeownership, let’s connect today. No matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with a real estate professional.

For local market tips, expert advice, and to begin the buying or selling process, get in touch with our team.

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What Sellers Need to Know in Today’s Housing Market

The Gresham Group — Wed, 31 Aug 2022 00:00:11 +0000

If you’re thinking about selling your house, you may have heard about the housing market slowing down in recent months. While it’s still a sellers’ market, the peak frenzy the market saw over the past two years has cooled some. If you’re asking yourself if you’ve missed your chance to sell your house and make a move, the good news is you haven’t – motivated buyers are still out there. But you do need to price your house right for today’s market. Here’s why.

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”

It’s true buyer demand has slowed over the past few months as higher mortgage rates made it more expensive to buy a home. The result is fewer bidding wars and less competition among buyers (see visual below):

But don’t forget – that’s compared to the severely overheated market we saw over the past two years. According to the latest Confidence Index from NAR:

“. . . 39% of homes sold above list price, down from 51% a month ago and 50% a year ago.”

While this is a slower pace than even one month ago, serious buyers are still actively in the market, and they’re buying homes that are priced right. In fact, the Confidence Index also notes the average home is selling in just 14 days.

If you’re aiming to sell your house, be sure you’re working with your agent to price it for today’s housing market. As buyer demand softens, it’s important to understand this isn’t the same market as last year. It’s not even the same market as just a few months ago. But it is still a sellers’ market.

If you’re ready to sell your house, seek the advice of a real estate professional. In some cases, you’ll need to adjust your expectations accordingly to meet the market where it is today. Selma Hepp, Interim Lead, Deputy Chief Economist at CoreLogic, explains what’s happening and what it means when you sell:

“Signs of a broader slowdown in the housing market are evident, . . . This is in line with our previous expectations and given the notable cooling of buyer demand due to higher mortgage rates. . . . Nevertheless, buyers still remain interested, which is keeping the market competitive — particularly for attractive homes that are properly priced.”

Bottom Line

While the housing market has cooled from its overheated frenzy, it’s still a sellers’ market. Let’s connect so you understand what’s happening with buyer demand and home prices in our local area as you get ready to enter the market.

For local market tips and expert advice, get in touch with our team.

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The post What Sellers Need to Know in Today’s Housing Market first appeared on The Gresham Group.