Category: SELLING

May Is the Best Month to Sell a Home

May Is the Best Month to Sell a Home

If you are considering listing this spring, now is the time.

May is the best bet for home sellers, according to an analysis by ATTOM Data Solutions, which found that the average seller gains 5.9 percent more than market value—the highest of all months—in the fifth month of the year.

June is profitable for sellers, as well, with an average 5.8 percent premium, with June 28, pointedly, reeling in 9.1 percent—the best day of the year. May 29 and May 31 are also high-returning, with an 8.2 percent premium and an 8.3 percent premium, respectively.

For homeowners, the key is timeliness. According to the analysis, the advantage drops off sharply after June, with a 3.8 percent premium in July, a 4.2 percent premium in August, and back down to a 3.2 percent premium in September. Through the remainder of the year, the average seller earns between 1.6 percent and 2.6 percent over market value—considerably less than had they acted during the May peak.

The analysis findings’ are reminiscent of spring 2017, when May 1 through May 15 was found to be the ideal listing window. The difference now is that inventory is tighter—down 7.2 percent year-over-year—and, although homeowners are getting multiple offers, there is the burden of buying another home at the record prices they are today.

Still, it is a seller’s market, and the numbers have it: In the first three months of 2018, the average seller recouped 29.5 percent, or $53,369 at resale.

 

Judy Glockler has an industry-leading 40 YEARS of experience in the local real estate market. A career-long, award-winning Agent, what she, and The Glockler Group, offers is unparalleled. Two Professional Agents, two offices, with unmatched marketing, and a dedication to putting clients’ interest first through top-notch service.

Thinking of buying or selling in the southwest or west Chicago suburbs? Call today (708) 529-JUDY or send a message us via this contact page (contact us tab – upper right corner of page)

 

A Tale of Two Real Estate Markets

A Tale of Two Markets [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • A trend that has been emerging for some time now is the contrast between inventory & demand in the Premium & Luxury Markets vs. the Starter & Trade-Up Home Markets and what that’s, in turn, doing to prices!
  • Inventory continues to rise in the luxury & premium home markets which is causing prices to cool.
  • Demand continues to rise with low inventory in the starter & trade-up home markets, causing prices to rise!

Thinking of Selling? What You Do and Don’t Want to Do…

We like working with clients to reach their goal and we have our client’s best interest in mind. If you are thinking of selling, there important things you need to take into consideration…

The Price – Overpricing sells the competition as those homes look like, well, a bargain of sorts. You want to list your home at its market, fair value, price. Some people like to leave room for negotiation, but to increase your chance of an offer or even multiple offers, you want to consider what the appraiser will use as comparables and not skew too much but of course considering the upgrades, condition of the home, location, etc.

…and (not) increasing the price – No, no, no. With the exception of new construction/new homes where features can be added etc., or adding a costly feature to the home post-listing (new windows, new roof, finishing the basement, paver driveway/patio, etc.) increasing the price after listing just because doesn’t really make sense and it can be confusing to buyers (are they desperate for more money? what caused the increase? did they get offers that were too low? so on and so on).

Showing/Selling the Home…the way you live in it –  This doesn’t apply to our  current clients who have such well maintained homes that show so well. It is often said “one doesn’t sell the home the way the live in it.” De-personalizing, de-cluttering and cleaning a home can mean the difference between and offer or no offer. Are there bold / very specific paint color or decor? Chances are buyers have viewed more than one home and if one is not that clean, has items all over the floors, countertops, personal items all over, and different, bright paint colors in ever room, they might think that the home is not that well cared for, is too specific, and make an offer for the home that shows better. If you truly want to sell, you will probably move anyway, so get a start on packing even before listing.

20 Tips for Preparing Your House for Sale This Spring

Tips for Preparing Your House for Sale This Spring [INFOGRAPHIC] | Keeping Current Matters

Highlights:

  • When listing your house for sale your top goal will be to get the home sold for the best price possible!
  • There are many small projects that you can do to ensure this happens!
  • Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!

Competition is Coming, Are You Thinking of Selling Your Home?

Competition is Coming, Are You Thinking of Selling Your Home? | Keeping Current Matters

The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.4% over last year.

How will this impact buyers?

More inventory means more options. Lawrence Yun, NAR’s Chief Economistexplained this is good news for the housing market – especially for those looking to buy:

“This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth.”

How will this impact sellers?

More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:

  1. A great price on their home as buyers outbid each other for it
  2. A quick sale as buyers have so little to choose from
  3. Fewer hassles as buyers don’t want to “rock the boat” on the deal

With an increase in competition, the seller may not enjoy these same benefits. As Chief Economist Nela Richardson, added:

“Because existing home inventory has been so low for so long, new construction is taking a larger share of the market…Builders meet the buyers and see the demand firsthand.”

Bottom Line

If you are considering selling your house, you’ll want to beat this new competition to market to ensure you get the most attention for your listing and the best price. Contact us today!

Housing Market Expected To “Spring Forward” This Year

Housing Market Expected To "Spring Forward" This Year | Keeping Current Matters

Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market.

Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.

Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.

That hasn’t happened this year.

Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with the recent increase in rates, buyers are still able to lock in an affordable monthly payment. Many more buyers are jumping off the fence and into the market to secure a lower rate.

The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2017 all fell in April, May, or June.

Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.

Bottom Line

If you are planning on selling your home in 2018, meet with The Glockler Group to evaluate the opportunities in your Chicago area market.

Four Reasons to Sell Your Home This Spring

4 Reasons to Sell This Spring [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available!
  • Housing inventory is still under the 6-month supply needed to sustain a normal housing market.
  • Perhaps the time has come for you and your family to move on and start living the life you desire.

Latest NAR Data Shows Now Is a Great Time to Sell!

Latest NAR Data Shows Now Is a Great Time to Sell! | Keeping Current Matters

We all realize that the best time to sell anything is when demand for that item is high, and the supply of that item is limited. Two major reports released by the National Association of Realtors (NAR) revealed information that suggests that now is 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 homebuying demand continued to outpace the supply of homes available in January.

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

Latest NAR Data Shows Now Is a Great Time to Sell! | Keeping Current Matters

In addition to revealing high demand, the index also shows that compared to conditions in the same month last year, seller traffic conditions were ‘weak’ in 22 states, ‘stable’ in 25 states, and ‘strong’ in only 4 states (Alaska, Nevada, North Dakota & Utah).

Takeaway: Demand for housing continues to be strong but supply is struggling to keep up, and this trend is likely to continue throughout 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 4.1% from December to 1.52 million homes available for sale.
  • Unsold inventory is 9.5% lower than a year ago, marking the 32nd consecutive month with year-over-year declines.
  • This represents a 3.4-month supply at the current sales pace.

According to Lawrence Yun, Chief Economist at NAR:

“Another month of solid price gains underlines this ongoing trend of strong demand and weak supply. The underproduction of single-family homes over the last decade has played a predominant role in the current inventory crisis that is weighing on affordability.”

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 3.4-month supply, and houses are going under contract fast. The Existing Home Sales Report shows that 43% of properties were on the market for less than a month when sold.

“While the good news is that Realtors in most areas are saying buyer traffic is even stronger than the beginning of last year, sales failed to follow course and far lagged last January’s pace. It’s very clear that too many markets right now are becoming less affordable and desperately need more new listings to calm the speedy price growth.”

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market and supply will ‘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.

Thinking of buying or selling? Contact The Glockler Group today.

The #1 Reason to Sell Now Before Spring

The #1 Reason to Sell Now Before Spring | Keeping Current Matters

The price of any item (including residential real estate) is determined by ‘supply and demand.’ If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.

According to the National Association of Realtors (NAR), the supply of homes for sale dramatically increases every spring. As an example, here is what happened to housing inventory at the beginning of 2017:

The #1 Reason to Sell Now Before Spring | Keeping Current Matters

Putting your home on the market now instead of waiting for increased competition in the spring might make a lot of sense.

Bottom Line

Buyers in the market during the winter months are truly motivated purchasers. They want to buy now. With limited inventory currently available in most markets, sellers may be in a great position to negotiate.

If You’re Considering Selling, Act Now…

Definitely an aggressive headline. However, as the final data on the 2017 housing market rolls in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!

How did we finish 2017?

  1. New-home sales were at their highest level in a decade.
  2. Sales of previously owned homes were at their highest level in more than a decade.
  3. Starts of single-family homes were their strongest in a decade and applications to build such properties advanced to the fastest pace since August 2007.

And Bloomberg Business just reported:

“America’s housing market is gearing up for a robust year ahead. Builders are more optimistic, demand is strong and lean inventory is keeping prices elevated.”

And the National Association of Realtors revealed that buyer traffic is stronger this winter than it was during the spring buying season last year.

The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a four-month supply of inventory. This represents a decrease in supply of 9.7% from the same time last year.

Thinking of buying or selling a home in Orland Park, Naperville, Homer Glen  or the southwest and west suburbs?

Working with The Glockler Group makes all the difference. For more information, click here for a short video.