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September
19

Clearing Clutter - Sell a Home - Haring Realty

Selling your home while you're still living in it is difficult for many sellers because it requires keeping the house show-ready, or not far from it, at all times. You never know when someone might schedule a showing, so you may have fairly short notice to clean and spruce up your home. Fortunately, decluttering and staging your home before listing it for sale will help prepare you for anything. Here are a few tips from our REALTORS® on decluttering when selling your home.

  • Make use of a storage unit.
    Most of us have way more belongings than your real estate agent would like to be in your home when it's being shown. Clutter tends to make homes look smaller and ruins buyers' ability to imagine themselves living there. It will help you declutter if you get a storage unit to hold everything you don't need right now, such as off-season clothes, holiday decorations, and other seldom-used items.

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August
15

Avoid Staging Mistakes - Home Sellers - Haring Realty

Staging a home is one of the most effective ways to attract potential buyers. Like all things, it's easy to make a mistake when you haven't done it before. To help you out, our REALTORS® have put together a quick list of potential mistakes that you should avoid. 

  • Not Keeping It Clean
    Homeowners often make the most obvious staging mistake of not keeping everything clean enough. Once you decide to sell your house, you should act almost as if a potential buyer who's looking for Mansfield and Ashland homes for sale could walk through your doors at any moment. You should be cleaning up every evening or morning, intending to be able to present your home within a half hour or less.

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January
17

Get Ready to Sell in 2022 - Haring Realty

Are you planning to sell your house this year to take advantage of the seller's market? That's a great idea, but our REALTORS® would like to call your attention to a few things you will want to address before you do. Mansfield and Ashland homes for sale are certain to bring healthy profits to the sellers, but maximizing those profits is still important. Here's how that can be done:

  • Forgo unnecessary upgrades
    In more competitive markets, sellers often invest thousands of dollars in renovations in the hopes of making a greater profit. At this point, sellers are better off making minor upgrades such as new paint than major remodels. Focus instead on presenting a clean and welcoming environment by eliminating clutter and personal items. You still want potential buyers to easily imagine their own belongings in the home rather than yours. But instead of paying an interior decorator to stage your home, remove photographs and add some houseplants to make their first impressions inviting.

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December
20

Things to Leave Behind - Sell a Home - Haring Realty

When selling a home, you often have a lot of decisions to make. One of those decisions has to do with what you leave behind and what you take with you to your new home. Many things, you can either take or leave depending on your own needs. However, there are a few things you cannot legally take with you when selling a home. Our REALTORS® would like to present you with a list of these items below.

  • The Landscaping
    You may be tempted to dig up a prized rose bush or a specific hosta you really love, but if a plant was there when you listed the home, you have to leave it behind. The same goes for any hardscaping elements, such as built-in stairs, fountains, and handrails.

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August
23

Hosting a Garage Sale - Sellers - Haring Realty

Moving presents the perfect opportunity to get rid of unwanted or less-used items. And while you could easily donate, trash, or recycle those items, hosting a garage sale is an excellent way to pare down your possessions and earn some extra cash at the same time. Plus, you'll spend a lot less time packing and save money by not having to pay for transporting things that are going to add clutter to your new life. Now you just need to figure out how to make a profitable and hassle-free garage sale. Our REALTORS® are here to help you with the following tips.

  • Decide What to Sell
    Your first task when planning a pre-move garage sale is to sort and organize your unused items. Go through all the items in your closets, cabinets, attic, garage, basement, shed, and other dark corners. Assess their financial, practical, and sentimental value and set aside for sale things that are in good conditions but don't serve a purpose in your life. If an item is broken, dirty, or not in working order, then toss it.

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June
21

Selling Your Home in Retirement - Haring Realty

Are you tired of mowing lawns and cleaning gutters? If you're approaching retirement, you may be one of the millions of Americans that are looking for ways to simplify their lives by selling the family home and moving to a townhouse or condominium. But is this the right time to make a move? Our REALTORS® will be happy to help you assess your personal situation to help you make that decision. 

  • Seller's Market
    Property values have skyrocketed, and many homeowners are amazed at the prices commanded by homes similar to theirs. But change is hard, especially if you have lived in the same home for many years. Surely the trend will remain for quite some time, won't it? Experts would say "no." While houses may not lose a lot of value in the near future, optimal conditions for sale will decrease. At this time, inventories are low, generating bidding wars, which elevate selling prices. In the near future, approximately $13.5 trillion in additional properties will also come to market, altering the current trends.

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May
10

Interior Paint Selection - Mansfield, OH - Haring Realty

Choosing the perfect paint color for your home can make a huge difference. After all, the color of your walls provides a backdrop for all your interior. If you just bought a new home, painting is a great way to put your personal stamp on the home and begin the next phase of your life. Conversely, if you're putting your property on the market but it's looking a little too "well-loved," a crisp coat of paint can help create a better first impression and potentially increase your home's value.

But with the vast array of color choices available today, choosing the right color can be a painstaking process, especially if you get things wrong and have to start all over again. So skip the do-overs and find the perfect paint color by doing your homework and evaluating your options before you don your overalls or lay down the drop cloth. No matter what aesthetic or shade you're looking for, these foolproof tips by our REALTORS® will help you select the perfect paint color every single time.

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May
3

Deck Maintenance - Haring Realty

The march toward summer is well underway, and it's time to turn your attention to the deck outside your home. As the weather warms up, our REALTORS® know the deck is one of the first things prospective buyers of Mansfield and Ashland homes for sale will look at as their thoughts turn to summer BBQs and time with family and friends. If your deck needs an overhaul, you'll want to act quickly before local contractors run out of time to do the work for you.

  • Start with a Wash
    Dirt, dust, and grime can obscure the true condition of your deck. Watch the weather for a sunny, wind-free period to give your deck a good scrub and a deep clean with soap and a powerwasher. Make sure to follow instructions and keep the powerwasher at a safe distance from the wood to avoid scoring and damaging it. If you come across any stubborn stains or debris stuck in crevices, a stiff brush and a putty knife can usually remove it.

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April
5

Listing with an Agent - Haring Realty

Spring is the undisputed champion of home selling seasons. With the holidays over, flowers in bloom, and the weather warming up, homebuyers come out of hibernation ready to hit open houses and get moving on the purchase process. If you're thinking of selling your home this year, spring is a great time to move forward with those plans. However, it can be tempting to go it alone because you want to save some money or think you'll not have a problem selling your house because there are plenty of buyers in the market.

The truth is there's a lot that goes into making a successful sale. You may not even know the basics of how real estate transactions work. Agents do more than just listing your home. They take care of the time-consuming tasks, handle the legal aspects of the sale, and ensure your home stands out from other Mansfield and Ashland homes for sale. Here are more reasons why you should list your home with an agent this spring.

  1. Agents Keep Their Emotions Out of the Sale
    Selling your home can be an emotional process.  You've lived there for some years and have created many memories. And if you've invested in a number of remodeling projects, you can have an extra attachment because of the amount of sweat equity involved. When you have emotional ties, it's easy to make mistakes and take any negative feedback personally, while an agent can provide guidance and advice that focuses on a sale.

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March
15

Spring Cleaning Supply List - Haring Realty

Did you know the fourth Sunday in March starts National Spring Cleaning Week? It's the perfect time to get started with that cleaning to-do list and give Mansfield and Ashland homes for sale a spring fresh look and feel. If you've just moved in or are looking to sell, this job is probably top on your list! Spring cleaning can seem like an enormous and demanding task, but these supplies will help you tackle just about any spring cleaning job quickly and easily.

General Supplies

You probably already have most of these supplies, since they are used for general cleaning. For most people spring cleaning means doing a deep, detailed cleaning and getting all those spots that are hard to reach or don't get cleaned very often. So take the opportunity to make sure what you have is in working order and replace any cleaners you're running low on. These supplies are the must-haves that will help you tackle a lot of general cleaning tasks.

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March
1

6 Things That Could Decrease Property Value - Haring Realty

Your home is as much an investment in your comfort as it is your financial future. Over the years, you'll make changes and alterations to your home that reflect your tastes and interests. However, our REALTORS® have seen time and time again situations where homeowners have gotten a little too comfortable. And, in the process, decreased the curb appeal and market value of their home. As you consider all the changes and alterations you can make, the following are six we strongly advise against.

  1. Skipping Quality Paint
    Saving money on the interior and exterior paint is penny wise but pound foolish. You will save money when you buy it, and you'll save even more money when you paint the walls yourself. However, low-quality paint doesn't last as long as more expensive options. And a professional installer will make sure the coats are even and that the finished paint job both protects your home and creates a durable, long-lasting finish that won't peel, fade, or fall away.

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February
22

Clever Storage Solutions - Sell a Home - Haring Realty

One of the first things any home seller does is declutter and reorganize. Of course, you want buyers to know that your home has the storage space they need. But it can be a challenge to store those everyday items you still need at your Mansfield and Ashland homes for sale in a way that is both useful and appealing. Adding one or more of these storage solutions to your home might be just what you need.

  1. Outdoor storage shed. If you have space in the yard, this can be a great idea. Becoming a new homeowner often means you need a few new things like a lawnmower or tools. A storage shed can let you stash those away neatly so buyers can see that your garage is actually big enough to put their car in.
     
  2. Storage hanging from the garage ceiling. Again, it can make the space useable for its intended purpose. You can use a rack for storage bins or ladders, and there are even storage solutions for hoisting bikes up and out of the way. That can be a nice touch if you are in an area where there are trails and recreation areas that appeal to buyers.

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February
8

Home Projects for Sellers - Haring Realty 

Are you getting your house ready to sell? Making it look its best doesn't have to mean expensive, time-consuming updates and renovations. Here are five easy projects our real estate agents recommend. All of them are things you can do yourself, and that will make a substantial difference in how well your house shows.

  1. Showcase the front door. First impressions are important. Curb appeal is great, but it's when a potential buyer walks up to the front door that they start paying attention. Make your front door shine by power washing to get rid of dust, dirt, and cobwebs. Add some finishing touches by laying out a new welcome mat, replacing old, unsightly house numbers with something more attractive and modern, and adding a strategically placed planter or two.

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February
1

Home Valuation - Haring Realty

Pricing your home correctly is one of the biggest keys to attracting a robust pool of potential buyers, but the pricing process feels like one big mystery for many sellers. The good news is that it definitely doesn't have to be! While the pricing process can be complex, every good real estate agent follows a similar process to determine a home's value. Understanding what does – and what doesn't – factor into a home valuation will help you get a better grip on how much to expect when you sell. Our REALTORS® are here to help remove the mystery from the home valuation process.

  • It All Starts with a CMA
    When determining the value of your home, your agent will start with a comparative market analysis (CMA) to compare your home with other, similar properties in your area. A CMA looks at the comparable homes that are currently on sale, those that have already sold recently, and homes that were listed but didn't sell. With a CMA in hand, you'll have a much deeper understanding of how your home fits within your local real estate market, whether you're competing with other Mansfield homes for sale or listing in any other community.

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December
7

Holiday Home Sale - Haring Realty

At Haring Realty, our REALTORS® are looking forward to spending time with friends and family this holiday season. But many sellers are motivated to move fast, and Mansfield homes for sale shouldn't wait – we're on the case all through Thanksgiving and beyond.

Some sellers feel intimidated at the thought of staying on the market over the holidays. They wonder if their home will sell and if showings will put a dent in their holiday plans. But if you're intent on selling as soon as you can, don't shy away from sticking to your plan!

With the right real estate agent at your side, a holiday sale can be worth it!

Every seller has their own goals, and those goals usually include a fast, lucrative sale. Ideally, you don't want your home to be on the market longer than 60 days, and 30 is even better. Luckily, today's unique housing market situation makes it much easier than ever to sell over the holidays.

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November
23

Home Inspection Tips - Homewners - Haring Realty

You may have reached the stage in your home-selling process where the casual looks are turning into firm offers. You're looking forward to handing the keys over to a family that will love your home as much as you have. But before you can finally close the deal, the issue of home inspection comes up. If you've not sold a home before, this can seem daunting. But you needn't worry. Home inspections help both buyers and sellers, and our REALTORS® are ready to guide you through the process. 

  • The Inspector and Their Gadgets
    Home inspectors are trained professionals licensed by the state to examine homes for signs of damage and decay that can interfere with the way the home functions. They test electrical outlets, plumbing, major appliances, and the HVAC system. They will visually inspect every part of the home, looking for signs of damage from water, vermin, or decay. After the inspection, the inspector will provide a report. As home buyers often hire the inspector, they will receive the report, but home sellers can hire a home inspector to identify issues before a homebuyer spots them. If you have a pre-inspection done, you are required to share the report with potential buyers, but they may also choose to have their own inspection performed.

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October
5

Seller Etiquette - Haring Realty

Mansfield homes for sale have gotten plenty of attention in recent weeks. Sellers are moving forward with their plans. And, drawn by historic low interest rates, buyers are bidding on homes that excite them. Our REALTORS® know now is a great time to be a seller! To get the best value for your home, it's important not to forget the buyer-seller relationship is a two-way street. Buyers should bring serious offers to the table – and sellers should give them due consideration.

It's all about etiquette. And that's especially true in the negotiation phase! Seller etiquette might not seem that important at first, but it really makes a difference. Sellers often feel better when they find a buyer they trust, especially if they're selling property that's been in the family for a long time. Buyers, in turn, are more likely to help you out if you have a strong rapport.

Let's look at common points of negotiation etiquette every seller should know.

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August
17

Tips for Improving Walls - Sell a Home - Haring Realty

"You have beautiful walls!" It's not something most homeowners ever hear, if for no other reason that most homeowners don't try to make their walls stand out as part of the room's decor. For those who do put forth a little bit of effort, the results can be stunning. With these seven tips that our REALTORS® recommend, you can create some genuinely wonderful walls in your home that are sure to get noticed.

  1. Patch the Holes
    Whether you have taken down a picture or plunged a hammer through the drywall, it's important to patch and repair holes in the wall properly. Small holes can be filled with spackle and painted over with some paint. For larger holes, use a patch kit, allow it to dry, and then repaint the wall.

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August
10

Reasons to Sell Now - Home Sellers - Haring Realty

Is now a good time to sell your home? Between the continued threat of the COVID-19 pandemic, layoffs, and a wobbly economy, it's no surprise that many who may have planned to sell their home this year are wondering whether they should take a shot or wait it out. The hesitancy is understandable given the disruption and uncertainty caused by the pandemic. But our REALTORS® believe now is a good time to sell for the following reasons:

  • There is a Pent-Up Demand for Homes
    When the pandemic forced many states to ban open houses and enforce quarantine, the buying and selling of homes understandably went dormant for some months. But now that lockdown restrictions have loosened up, homebuyers are eager to take the shot and make up for the lost time. There are strong signs of a rebound in the real estate market as homebuyers are out with a vengeance. This demand is strongest in smaller, cheaper cities and suburbs as more employees are allowed to work remotely for the foreseeable future.

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June
15

Edging Tips - Homeowners - Haring Realty

Tips abound for sprucing up the interior of a home before it goes on the market, as well as getting the exterior into shipshape, ready-to-sell mode. But what about the landscape? If yard care and gardening are not your thing, you may need a little guidance as you wonder how a potential buyer might react to your less-than-inspired landscaping. 

Now that you're seriously wanting to attract attention to your home among Mansfield homes for sale, there are a few landscaping tricks that can turn heads of potential buyers without you having to break the bank—or break into too much of a sweat to get things presentable. Our REALTORS® can make additional recommendations if need be. Let's start with one of the most basic landscaping tasks, but one that can make a real difference.

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March
16

Weekend Home Improvement Projects - Haring Realty

Curb appeal is crucial when selling your home. A good first impression not only draws a potential buyer's interest, it may even affect what kind of offer they make on your home. There are lots of little things you can do outside that don't cost much. These improvements can add up to big changes that make your property shine. Our REALTORS® provide a few tips on how to increase your home's curb appeal in just a weekend or two.

  1. Paint the Front Door
    While neutral colors are best on interior walls, a colorful front door can attract potential buyers' attention. Go for contrast—red is still one of the most popular colors and will make your house pop. When the paint's completely dry, (give it a day or two) hang a pretty wreath on the door.  If you're feeling particularly ambitious and your garage door or back entrance could use a fresh coat, consider painting them, too. While you're at it, try adding some funky (but easy to read) house numbers so people looking for Mansfield homes for sale can easily find your address.

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March
9

Last-Minute Staging - Haring Realty

When you're marketing a home to sell, it needs to be ready to show potential buyers. Our REALTORS® know that home staging is easier and properly done when you have time to thoroughly declutter, clean, organize, and decorate your home. But last-minute showings can happen and you never know—that showing could be the ultimate buyer for your house. Some quick fixes can make your property stand out from the rest.

Here's a rundown of those little home-staging things you can do to prepare your home for last-minute showings.

  1. Clean Around Your Home
    When you get that last-minute call from your real estate agent, don't get into a panic mode. Quickly double-check all appliances and make sure they are spotless. No one wants to see films of grease, splattered spaghetti sauce in their potential new home. Wipe down kitchen counters and sinks and make sure all items are cleaned and out of sight. Likewise, make sure your bathroom is gleaming, from the sink drain to the corners of the tub to that spot that you think no one can see.

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February
24

FSBO vs REALTOR - Haring Realty

It's not uncommon for a seller's thoughts to wander toward the idea of selling their home by themself. At first glance, it seems like an expedient way to sell their home and save money in the process. However, our REALTORS® caution that the process isn't as easy as it may seem, and even the most seasoned seller can make costly mistakes that an agent would avoid.

  • Time is Money
    Selling a home requires a significant investment of time. You need to prepare marketing materials, schedule appraisals, and prepare the house before you even list it. Once the home is on the market, you'll spend hours each day answering phone calls, responding to emails, and preparing to host an open house. It's akin to taking on a second job, which can affect job performance and the ability to connect and close the deal with prospective buyers.

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January
27

Open House Prep - Haring Realty

As you prepare your home for an open house, our REALTORS® want to remind you that your entire property needs to be presented in the best light. Although many homeowners wisely invest in remodeling their kitchens, bathrooms and master suites, some sellers tend to forget just how important smaller rooms of their homes are. We insist that you don't overlook these rooms when planning your open house.

  • Laundry Room
    The laundry room is an essential room that should be prioritized during the showing. Buyers desire clean, organized spaces that make doing weekly laundry convenient. Stage this area with towels, laundry supplies and even an ironing board or clothing rack to present buyers with a space that feels accessible and functional.

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December
16

Winter Listing Photography Tips - Haring Realty

Selling your home in winter depends on how visually appealing and inviting your property looks to a buyer. That initial look will often be your online listing, so it's important that your listing photos make a good first impression on potential buyers. Our REALTORS® want you to get that picture-perfect listing for your winter home photos.

Haring Realty is the only broker around the Mansfield area that employs a professional photographer onsite. This allows us to showcase your home in the best possible light online. All you have to do is get your home prepped for the day of the photoshoot. Here are seven easy steps to get your home photo ready.

  1. Clean, Clean, Clean
    An important note not just for photos, but for any listing. Make sure your home is sparkling clean before you list it for sale. From cobwebs in corners to shampooed (or replaced) carpets, make sure you deep clean inside. Don't forget to clean outdoors too, removing leaves from gutters and power washing your siding if weather permits.

  2. Remove Snow and Mow
    Unfortunately, Ohio weather can make it difficult to know which action comes first, but make sure you keep up your landscaping and exterior maintenance in winter. Remove snow from sidewalks and doorways. If the snow hasn't arrived, you should make sure your yard is neat and tidy.

  3. Decorate Seasonally
    Create a festive look with some tasteful decorations—but don't go overboard. Consider hanging some icicle lights or a holiday wreath. Avoid larger decorations like an inflatable Santa, or other decorations with a specifically religious theme.

  4. Pet-Free
    We all love our pets too, but a barking dog or inquisitive cat could put a wrench in your photoshoot. Ask a friend or relative to keep your pets for the day to ensure that we can photograph your home without any distractions.

  5. Include Plants and Greenery
    Plants can add much-needed life to listing photography. Make sure you have a selection of indoor plants and some vases of flowers (don't worry, you can buy new or rent if you don't have a green thumb). Outdoors think of your evergreens and trim any wild shrubs or winter blooms.

  6. Winter Doesn't Last All Year
    If your summer fire pit is your best feature, don't hesitate to add that to your home listing. While people will want to see your property now, they'll also want to see possibilities for the future. Don't hesitate to add photos from all seasons, showing your home in different colors and stages.

  7. Professional Photo Support
    With our professional photographer handling your listing photos, you can sit back and relax. From exterior shots with the best possible lighting to interior shots taken at the best angles, your listing photos will capture what makes your home stand out among Mansfield homes for sale.

Contact us to start planning your home sale photoshoot now. 

September
23

Fall Curb Appeal - Haring Realty

Mansfield homes for sale have plenty of potential for great curb appeal. Our REALTORS® know this is a truly essential factor in making sure your home gets sold promptly. The faster a home is sold, the more likely it is that you'll get the price you want. With that in mind, a good first impression benefits you. That's what curb appeal is all about!

Even if your home isn't going to be on the market for a while, there are things you can do in every season to keep your home's curb appeal up. Fall is particularly important. Let's take a closer look at the best things to do for curb appeal in fall:

  1. Wash the Outside of Your Windows
    There's more than love in the air in spring and summer – there's also pollen. Airborne irritants from way back during first bloom can settle into a film on your windows that lasts all the way until fall. Bring your home up to date by power-washing the windows.

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July
8

7 Home-selling Tips to Ignore
Doesn't it seem like everyone you know becomes a real estate expert when they hear that you're trying to sell your home? While friends, family, and colleagues have good intentions when offering real estate advice, they're often relying on outdated info or common misconceptions about the real estate industry. It's so much easier to sell a home when you tune out the noise, ignore advice that doesn't work, and focus on tips from pros with their finger on the pulse of the industry. Our REALTORS® are here to help, with seven home-selling tips you should ignore.

  1. "Spring is the only time to sell your home."
    Yes, real estate shoppers often hit the market in force during the spring months, but that hardly means that spring is the only time to sell. When you list during the busiest months, you also have to deal with increased competition. Selling your home during the winter or other "slower" months can be a great option because there are still people looking for homes and you'll have less competition for their attention.

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June
24

Sell Your Vacant Home

You've already made the move to your new home, but your old one hasn't sold yet. That leaves you with the task of selling a vacant home. So what do you need to know about putting that home on the market? Perhaps the most important thing to know is that selling a vacant home can be a lot more challenging than attracting buyers for an occupied one. However, there are steps you can take to help ensure that your home holds its own among the other Mansfield homes for sale. Our REALTORS® have a lot of experience helping homeowners get vacant homes sold, and here are 6 tips that can help:

  1. Keep it sparkling clean – Making a vacant home appealing to buyers means keeping it clean and inviting. A deep cleaning, from top to bottom is the way to go. Once that is done, you'll need to see to it that it stays spotless until it sells, which means cleaning it regularly. Dust will collect, air will get stale, and dirt will get tracked in every time the home is shown to a potential buyer, so it will need a once-over at least once a month to make it shine. If distance prevents you from taking care of it, hire a cleaning service to do it for you.

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March
11

Spring 2019 Spring Home Maintenance List
With Spring just around the corner (and we promise it really is), you may be eyeing those cobwebs on the ceiling and the dust bunnies along the baseboards. As you tackle that Spring cleaning list, don't forget your home's maintenance list, especially if yours is a Mansfield home for sale.

Our REALTORS® suggest checking through these key areas of your property, top to bottom:

  • Roof and Gutters
    Spring is a good time to clean the roof and check for missing shingles,  rust or cracking, and of course, any leaking. Sometimes simply hammering the wayward shingle down and applying some caulk is enough, and sometimes you might need to call a professional. If you can't get on the roof yourself, using a pair of binoculars can get you started with your inspection. 

    At the same time you're giving the roof some attention, look over the gutters too. Clean out any leaves or debris. Look for leaks here also, as well as any place the gutters or downspouts may have pulled away from the house. Again, the caulk gun may be all you need to shore up the problem.

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October
30

 
Fall houseAs the temperatures cool and the scents of pumpkin pie and apple cider linger in the air, serious homebuyers are looking for their next home sweet home. 
 

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September
27

List Your Home Fall

Mansfield homes for sale are some of the best to look into for anyone interested in settling down in the Mid-Ohio area. The "Fun Center of Ohio" has become a key part of the heart of Ohio, building an economy from its origins as a manufacturing center into a city with a thriving economy in retail, education, healthcare, and more.

If you're interested in selling your home, then the upcoming fall months are one of the best times to get started! Here are our five reasons why you should consider listing your home this fall:

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September
18

Kitchen Renovations
If you're preparing your home for the market, it's important to step back and take a good look at your kitchen. That's what buyers do as they tour Mansfield homes for sale. A kitchen is the heart of a home. If it's dull and aging and not quite right, it can be a turnoff to buyers. 

Our REALTORS® have learned by experience that sometimes a great kitchen update might be all you need to add value and style to your home. We've done the research to provide our tips to help you rock your kitchen renovation. 

Click Here to Read More...

August
16

Sell a House in Mansfield Ohio
Selling your home is an important decision and can be complicated without the right real estate agent by your side.  Our REALTORS® have assisted residents in the Mansfield real estate area sell their homes since 1983.  And, we have the marketing know-how to sell your home too.  However, not all real estate agents are created equal, and it is a good idea to do the necessary research beforehand to ensure that you make the best decision. Here are just a few things to keep in mind when you are hiring a real estate agent to list your house.

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June
12

Staging Your Home for Sale8 Staging Secrets for Selling Your Home

An open house is an excellent way to get your home seen be many potential buyers, but it's more than just opening your door. Our REALTORS® often get asked for advice on how to get a home ready for sale or for an open house. Staging is essential! You'll want to make sure it looks appealing and inviting to as many buyers as possible. That ensures your home sells as quickly and at the best price. These tips will have your home looking amazing and ready to sell.

Click Here to Read More...

April
30

Steps to Prepare Home for Showings

Follow These Steps to Get Your Home in Top Shape for Showings

There are a number of things you can do to increase the chances of selling your home quickly and easily. One of the most important is to make sure your home is ready for others to see it. Cleaning and de-cluttering should be on the top of your to-do list. Remember, buyers searching for Mansfield homes for sale will scrutinize every corner of your home. Here are a few tips from our REALTORS® to help you make the best impression possible.

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April
23

Home Improvement Projects to Boost Value
Boost Your Home's Resale Value with a Few Simple Improvements

It's tax time again. Although many people dread filing their taxes, receiving a refund makes it a little more bearable. A great use for that extra money is updating your home. If you're staying in your home for the foreseeable future, there are many upgrades that can make your life easier and your home more aesthetically pleasing. But if you're looking to add your house to the current list of Mansfield homes for sale, you'll probably want to make some updates that will appeal to buyers and add value to your home. Our REALTORS® definitely know what makes a good impression on buyers and using your tax refund for one or more of these updates can help get your house sold.

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April
2

Make Sure Your Home's Sales Price is Competitive

Sell Your Home CMA

When you decide to sell your home, determining the price is an important step. Our REALTORS® have the expertise and insight to help price your home right, but the process isn't as subjective as you might think. Coming up with a listing price for a property isn't as easy as pulling one out of the air. A lot of information gets considered and the CMA provided by your agent will help make sure the listing price on your home makes both you and your potential buyers happy.

Click Here to Read More...

March
27

Sell Your Home Ask These Questions

Selling your home can be overwhelming. Success depends on a combination of the right situation, the right market, and the right real estate agent. There are questions you'll want to ask prospective real estate agents when you're getting ready to sell your home. Here are ten questions our REALTORS® have been asked when potential clients are preparing to sell their Ashland, Ohio homes for sale

Click Here to Read More...

November
7

Selling your home during the holidays

Selling your home during the holidays gets a bad rap. While spring and summer are traditionally thought of as being the best times to sell your house, the holiday season actually offers some serious advantages. So don't be afraid of a little Ohio snow—here's why the colder months offer a great opportunity to sell your house this season.

Click Here to Read More...

October
23

Home Selling Features
Understanding what buyers want is key to selling a house because offering the right features makes it easier to find the right buyer. While it may seem counter-intuitive to consider remodeling projects when you're getting ready to move out, making the right upgrades can actually make a big difference in selling your home faster.

The cost will often be more than worth it in the long run as long as you keep the focus on adding the features that buyers want most. Our REALTORS® always keep an eye on the latest real estate trends, and we've narrowed the list to five features that will help sell your home faster.

Click Here to Read More...

February
8

Buyers Are Searching For Your House | MyKCM

The most recent Pending Homes Sales Index from the National Association of Realtors revealed a slight bump in contracts with an increase of 1.6% in December. This news comes as existing home sales are also forecasted to be on pace for 5.54 million in 2017, a 1.7% increase over 2016, which was the best year for sales in a decade.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed.

According to NAR's Chief Economist, Lawrence Yun,

"Pending sales bounded last month as enough buyers fended off rising mortgage rates and alarmingly low inventory levels to sign a contract."

So, what's the problem?

Buyers are searching for existing homes, but supply is not keeping up with their demand!

Yun went on to explain,

"The main storyline in the early months of 2017 will be if supply can meaningfully increase to keep price growth at a moderate enough level for households to absorb higher borrowing cost. Sales will struggle to build on last year's strong pace if inventory conditions don't improve." (emphasis added)

Bottom Line

Buyers are out in force right now! If you are considering selling your home this year, the early months of 2017 will be your best option. Let's get together to discuss how you can capitalize on current market conditions.

February
2

No Matter What the Groundhog Says, Here are 5 Reasons to Sell Before Spring! | MyKCM

Is spring closer than we think? Depending on which groundhog you listen to today, you may have less time than you think to get your home on the market before the busy spring season.

Many sellers feel that the spring is the best time to place their homes on the market as buyer demand traditionally increases at that time of year. However, the next six weeks before spring hits also have their own advantages.

Here are five reasons to sell now.

1. Demand is Strong 

Foot traffic refers to the number of people who are out, physically looking at homes right now. The latest foot traffic numbers from the National Association of Realtors (NAR) show that the number of buyers out looking for their dream homes in December reached the highest mark since February 2016.

These buyers are ready, willing and able to buy…and are in the market right now! Take advantage of the strong buyer activity currently in the market.

2. There Is Less Competition Now 

Housing inventory just dropped to a 3.6-month supply, which is well under the 6-month supply needed for a normal housing market. This means, in many areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices; however, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last four years. Many of these homes will be coming to market soon.

Also, new construction of single-family homes is again beginning to increase. A study by Harris Poll revealed that 41% of buyers would prefer to buy a new home, while only 21% prefer an existing home (38% had no preference).

The choices buyers have will increase in the spring. Don't wait for this other inventory to come to market before you sell.

3. The Process Will Be Quicker

One of the biggest challenges of the housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. There is less overall business done in the winter. Therefore, the process will be less onerous than it will be in the spring. Getting your house sold and closed before the spring delays begin will lend to a smoother transaction.

4. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 4.7% over the next 12 months according to CoreLogic. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30-year housing expense with an interest rate around 4% right now. Rates are projected to rise by half a percentage point by the end of 2017.

5. It's Time to Move on with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take back control of the situation by putting your home on the market. Perhaps, the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

February
1

The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys "over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions" for their monthly REALTORS Confidence Index.

Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).

Buyer Demand

The map below was created after asking the question: "How would you rate buyer traffic in your area?"

Buyer Demand Is Outpacing the Supply of Homes for Sale | MyKCM

The darker the blue, the stronger the demand for homes in that area. Only six states had a weak demand level.

Seller Supply

The Index also asked: "How would you rate seller traffic in your area?"

As you can see from the map below, the majority of the country has weak Seller Traffic, meaning there are far fewer homes on the market than what is needed to satisfy the buyers who are out looking for their dream homes.

Buyer Demand Is Outpacing the Supply of Homes for Sale | MyKCM

Bottom Line

Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet the buyer demand, prices will continue to increase. If you are debating listing your home for sale, let's get together to help you capitalize on the demand in the market now!

January
26

Thinking of Selling? Why Now is the Time | MyKCM

It is common knowledge that a large number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year.

The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring, as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed the months in which most people listed their homes for sale in 2016. Here is a graphic showing the results:

Thinking of Selling? Why Now is the Time | MyKCM

The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,820,000.

That number spiked to 2,140,000 by May!

What does this mean to you?

With the national job situation improving, and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring; they are out looking for a home right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition for a buyer.

Bottom Line

It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today.

November
3

Think All Millennials Live in Their Parent's Basement? Think Again! | MyKCM

According to the Census Bureau, millennials have overtaken baby boomers as the largest generation in U.S. History. Millennials, or America's youth born between 1982-2000, now represent more than one quarter of the nation's population, totaling 83.1 million.

There has been a lot of talk about how, as a generation, millennials have 'failed to launch' into adulthood and have delayed moving out of their family's home. Some experts have even questioned whether or not millennials want to move out.

The great news is that not only do millennials want to move out… they are moving out! The National Association of Realtors (NAR) recently released their 2016 Profile of Home Buyers and Sellers in which they revealed that 61% of all first-time homebuyers were millennials in 2015!  

The median age of all first-time buyers in 2015 was 31 years old. 

Here is chart showing the breakdown by age:

Think All Millennials Live in Their Parent's Basement? Think Again! | MyKCM

Many social factors have contributed to millennials waiting to buy their first home. The latest Census results show that the median age of Americans at the time of their first marriage has increased significantly over the last 60 years, from 23 for men & 20 for women in 1955, to 29 & 27, respectively, in 2015.

Those who went to college and took out student loans are finally paying them off, as the terms on traditional student loans are 10 years. This means that a large portion of the generation is making its last loan payments and is working toward saving for a first home.

As a whole, the first-time homebuyer share increased to 35% of all buyers, up from 32% in 2014. Not all millennials are first-time buyers, they also made up 12% of all repeat buyers!

Bottom Line

Millennials will continue to drive the housing market next year, as well as in the years to come. As more and more realize that owning a home is within their grasp, they will flock to own their piece of the American Dream. Are you ready to buy your first or even second home?

November
2

How Long Do Families Stay in a Home? | MyKCM

The National Association of Realtors (NAR) keeps historic data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%.

How Long Do Families Stay in a Home? | MyKCM

Why the dramatic increase?

The reasons for this change are plentiful. The top two reasons are:

  1. The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property).
  2. The uncertainty of the economy made some homeowners much more fiscally conservative about making a move.

However, with home prices rising dramatically over the last several years, over 90% of homes with a mortgage are now in a positive equity situation with 70% of them having at least 20% equity.

And, with the economy coming back and wages starting to increase, many homeowners are in a much better financial situation than they were just a few short years ago.

What does this mean for housing?

Many believe that a large portion of homeowners are not in a house that is best for their current family circumstances. They could be baby boomers living in an empty, four-bedroom colonial, or a millennial couple planning to start a family that currently lives in a one-bedroom condo.

These homeowners are ready to make a move. Since the lack of housing inventory is a major challenge in the current housing market, this could be great news.

October
24

Sales of Distressed Properties Hit New Low | MyKCM

The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report revealing that distressed property sales accounted for 4% of sales in September. This is down from 7% in 2015, and is the lowest figure since NAR began tracking distressed sales in October 2008.

Below is a graph that shows just how far the market has come since January 2012 when distressed sales accounted for 35% of all sales.

Sales of Distressed Properties Hit New Low | MyKCM

Existing Home Sales Hit 2nd Highest Figure Since June 

Mortgage interest rates remained well below 4% in September at 3.46%, prompting existing home sales to stay at a healthy annual pace of 5.47 million. Month-over-month sales were up 3.2%.

Inventory of homes for sale remains below the 6-month supply that is necessary for a normal market, as it fell 2.2% to a 4.5-month supply. The shortage in inventory has contributed to the median home price rising an additional 5.6% to $234,200.

NAR's Chief Economist, Lawrence Yun had this to say about the lack of inventory:

"Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in."

There is good news though, as Yun went on to say:

"There's hope the leap in sales to first-time buyers can stick through the rest of the year and into next spring. The market fundamentals — primarily consistent job gains and affordable mortgage rates — are there for the steady rise in first-timers needed to finally reverse the decline in the homeownership rate."  

Bottom Line

If you are debating putting your home on the market this year, now may be the time. Buyers are still out there looking for their dream home. Let's get together to determine your best plan.

October
18

How Historically Low Interest Rates Increase Your Purchasing Power | MyKCM

According to Freddie Mac's latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.47%. Rates have remained at or below 3.5% each of the last 16 weeks, marking a historic low.

The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.

Purchasing power, simply put, is the amount of home you can afford buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain monthly housing budget.

The chart below shows what impact rising interest rates would have if you planned to purchase a home within the national median price range, and planned to keep your principal and interest payments at or about $1,100 a month.

How Historically Low Interest Rates Increase Your Purchasing Power | MyKCM

With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5%, (in this example, $6,250). Experts predict that mortgage rates will be closer to 4% by this time next year.

Act now to get the most house for your hard earned money.

September
30

Lack of Existing Home Sales Inventory Impacting Sales [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Existing home inventory is down 10.1% from last year.
  • A lack of inventory explains the modest increase in home sales (0.8% year-over-year) despite strong buyer demand.
  • Existing home prices increased 5.1% year-over-year, which is directly related to the lack of inventory.
September
29

Home Sales Expected to Increase Nicely in 2017

Home Sales Expected to Increase Nicely in 2017 | MyKCM

The National Association of Realtors, The Mortgage Bankers' Association, Freddie Mac and Fannie Mae are all projecting that home sales will increase in 2017. Here is a chart showing what each entity is projecting in sales for this year and the next.

Home Sales Expected to Increase Nicely in 2017 | MyKCM

As we can see, each is projecting sizable increases in home sales next year. If you have considered selling your house recently, now may be the time to put it on the market.

September
27

US Housing Market Moving Further into 'Buy Territory' | MyKCM

According to the latest Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. housing market has continued to move deeper into buy territory, supporting the belief that housing markets across the country remain a sound investment.

The BH&J Index is a quarterly report that attempts to answer the question:

In today's housing market, is it better to rent or buy a home?

The index examines the entire US housing market and then isolates 23 major cities for comparison. The researchers "measure the relationship between purchasing property and building wealth through a buildup in equity versus renting a comparable property and investing in a portfolio of stocks and bonds." 

Ken Johnson, Ph.D., Real Estate Economist & Professor at Florida Atlantic University, and one of the index's authors explains that:

"Housing prices, in general, continue to slow and when considered in light of the recent trends in the Buy vs. Rent Index signal that ownership remains an excellent investment for the majority of Americans."

While 15 of the 23 metropolitan markets examined moved further into buy territory since last quarter, Dallas, Denver, and Houston are three of the major cities that are currently deep into rent territory. In these three markets, it is estimated that renting will top homeownership 7 out of 10 times.

Eli Beracha, Ph.D., Assistant Professor in the T&S Hollo School of Real Estate at FIU, believes that, in these three markets, the "strong odds in favor of renting to create more wealth should begin to have an impact on the demand for home ownership and from that, impact property prices in these areas."

Simply put, home prices in these areas will begin to return to more normal levels once residents realize that renting may be a better choice, therefore bringing home affordability back as well.

Bottom Line

The majority of the country is strongly in buy territory. Buying a home makes sense socially and financially. Rents are predicted to increase substantially in the next year. Protect yourself from rising rents by locking in your housing cost with a mortgage payment now.

September
7

 

Is the Current Pace of Home Sales Sustainable? | MyKCM

There are some experts questioning whether the current pace of residential home sales is sustainable. Are too many people buying homes like in 2004-2006? Are we headed for another housing crisis? Actually, if we look closely at the numbers, we can see that we are looking at a very healthy real estate market.

Why the concern?

Some are looking at the last three years of home sales and comparing them to the three years just prior to the housing bubble. Looking at the graph below, we can understand that thinking.

Is the Current Pace of Home Sales Sustainable? | MyKCM

However, if we go further back in history, we can see the real picture. After taking out the "boom & bust" years, the pace of sales is growing at a quite natural pace.

Is the Current Pace of Home Sales Sustainable? | MyKCM

And new home sales are way below historic numbers. Trulia's Chief Economist Ralph McLaughlin explains:

"Adjusted for population, [new home sales] are at about 63% of their fifty-year average level—way better than 2011, but nowhere near heated."

August
31

 

 

Home Values: DEFINITELY NOT in Bubble Range!! | MyKCM

There are some industry pundits claiming that residential home values have risen too quickly and that current levels are on the verge of another housing bubble. It is easy to see how this thinking has taken form if we look at a graph of home prices from 2000 to today.

Home Values: DEFINITELY NOT in Bubble Range!! | MyKCM

The graph definitely looks like a rollercoaster ride. And, as prices begin to reach 2006 levels again, it "seems logical" that the next part of the ride would be downhill. However, this graph includes the anomaly of the price bubble and the correction (the housing crash).

What if the bubble & bust didn't occur?

Let's assume that instead of the rise and fall in home prices that we saw last decade, we just had normal historic appreciation from 2000 to today. According to the 100+ experts that are surveyed for the Home Price Expectation Survey, normal annual appreciation for residential single family homes from 1987 to 1999 was 3.6%.

Starting with the median home price in 2000, we added 3.6% to it each year since then. Here is that graph intermixed with the above graph.

Home Values: DEFINITELY NOT in Bubble Range!! | MyKCM

What this shows us is that, had the bubble and crash not occurred and instead we just had normal annual appreciation over this period, prices would actually be greater than they are today.

Bottom Line

There is no reason for alarm as prices seem to be right in line with where they should be.

August
30

 

 

Why Is There So Much Paperwork to Sign to Get a Mortgage? | MyKCM

We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each and every entry on the application form.

Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.

There are two very good reasons that the loan process is much more onerous on today's buyer than perhaps any time in history.

1. The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of affording the mortgage.

During the run-up in the housing market, many people 'qualified' for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can't happen again.

2. The banks don't want to be in the real estate business.

Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don't want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.

However, there is some good news in the situation.

The housing crash that mandated that banks be extremely strict on paperwork requirements also allows you to get a mortgage interest rate as low as 3.43%, the latest reported rate from Freddie Mac.

The friends and family who bought homes ten or twenty ago experienced a simpler mortgage application process but also paid a higher interest rate (the average 30 year fixed rate mortgage was 8.12% in the 1990's and 6.29% in the 2000's). If you went to the bank and offered to pay 7% instead of less than 4%, they would probably bend over backwards to make the process much easier.

Bottom Line

Instead of concentrating on the additional paperwork required, let's be thankful that we are able to buy a home at historically low rates.

August
29

 

Don't Get Caught in the Rental Trap! | MyKCM

There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage.

Don't Become Trapped

Jonathan Smoke, Chief Economist at realtor.com, reported on what he calls a "Rental Affordability Crisis." He warns that,

"Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they'll outpace home price appreciation in the year ahead."

In the Joint Center for Housing Studies at Harvard University's 2015 Report on Rental Housing, they reported that 49% of rental households are cost-burdened, meaning they spend more than 30% of their income on housing. These households struggle to save for a rainy day and pay other bills, such as food and healthcare.

It's Cheaper to Buy Than Rent

In Smoke's article, he went on to say,

"Housing is central to the health and well-being of our country and our local communities. In addition, this (rental affordability) crisis threatens the future value of owned housing, as the burdensome level of rents will trap more aspiring owners into a vicious financial cycle in which they cannot save and build a solid credit record to eventually buy a home."

 "While more than 85% of markets have burdensome rents today, it's perplexing that in more than 75% of the counties across the country, it is actually cheaper to buy than rent a home. So why aren't those unhappy renters choosing to buy?"

Know Your Options

Perhaps you have already saved enough to buy your first home. HousingWire reported that analysts at Nomura believe:

"It's not that Millennials and other potential homebuyers aren't qualified in terms of their credit scores or in how much they have saved for their down payment.

 It's that they think they're not qualified or they think that they don't have a big enough down payment." (emphasis added)

Many first-time homebuyers who believe that they need a large down payment may be holding themselves back from their dream home. As we have reported before, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!

Bottom Line

Don't get caught in the trap so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Let's get together to determine if you could qualify for a mortgage now!

August
19

'Old Millennials' Are Diving Head-First into Homeownership [INFOGRAPHIC] | MyKCM

Some Highlights:

  • 'Old Millennials' are defined as 25-36 year olds according to the US Census Bureau.
  • According to NAR's latest Profile of Home Buyers & Sellers, the median age of all first-time home buyers is 31 years old.
  • More and more 'Old Millennials' are realizing that homeownership is within their reach now!
August
4

 

Thinking of Selling Your House? Pick the Right Agent! | MyKCM

Today, more and more sellers are stepping back, taking a look at the advice real estate professionals give them, and asking themselves whether they can trust that advice. And that is exactly what they should do.

The most important question you can ask when you are choosing a real estate agent is whether you feel you can trust them. You must know that they're giving you great advice, and that they're going to be able to help you accomplish your family's goals. You must trust your listing agent enough to allow them to:

  • Handle the liquidation of possibly the largest asset your family has
  • Help set the market value of that asset (get the price right)
  • Set the timetable for the liquidation of that asset
  • Set a fair fee for the services required to liquidate that asset

All four of these require a tremendous amount of trust. They're going to sell your prized possession, set its value, set a time schedule as to when your family will be able to move, and determine the fee that you're going to pay to get those three things accomplished.

You have to trust your agent enough to allow them to help you and your family reach your dreams.

Whether you're a grandfather up North looking to move to Florida to spend your later years with your grandkids, or a young person who wants to take that job in San Francisco but first has to get your house sold in Chicago, you need an agent you can trust to help you move on with what's important.

 

July
19

A Homeowner's Net Worth is 45x Greater Than a Renter's!

A Homeowner's Net Worth is 45x Greater Than a Renter's! | MyKCM

Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner's net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).

In a Forbes article, the National Association of Realtors' (NAR) Chief Economist Lawrence Yun predicts that in 2016 the net worth gap will widen even further to 45 times greater.

The graph below demonstrates the results of the last two Federal Reserve studies and Yun's prediction:

A Homeowner's Net Worth is 45x Greater Than a Renter's! | MyKCM

Put Your Housing Cost to Work for You

Simply put, homeownership is a form of 'forced savings.' Every time you pay your mortgage, you are contributing to your net worth. Every time you pay your rent, you are contributing to your landlord's net worth.

The latest National Housing Pulse Survey from NAR reveals that 85% of consumers believe that purchasing a home is a good financial decision. Yun comments:

"Though there will always be discussion about whether to buy or rent, or whether the stock market offers a bigger return than real estate, the reality is that homeowners steadily build wealth. The simplest math shouldn't be overlooked."

Bottom Line

If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, let's get together to discuss your next steps.

July
5

4 Reasons to Buy This Summer!

4 Reasons to Buy This Summer! | MyKCM

Summer is here! The temperature isn't the only thing heating up right now, so too is the housing market in many areas of the country! Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic's latest Home Price Index reports that home prices have appreciated by 6.2% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.3% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3.2% a year for the next 5 years.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase 

Freddie Mac's Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained around 4%. Most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will be up almost a full percentage point by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home. 

3. Either Way You are Paying a Mortgage

As a paper from the Joint Center for Housing Studies at Harvard University explains:

"Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That's yet another reason owning often does—as Americans intuit—end up making more financial sense than renting."

4. It's Time to Move On with Your Life

The 'cost' of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren't? Would you wait?

Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

July
1

 

Sales at Highest Pace in 9 Years!

Sales at Highest Pace in 9 Years [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Sales of existing homes reached the highest annual pace in over 9 years at 5.29 million.
  • Inventory remains below the 6-month norm and prices are still on the rise.
  • Interest rates are at a historic low of 3.48%.
March
29

Sales Contracts Hit Highest Level in Months | Keeping Current Matters

The National Association of Realtors (NAR) just announced that the February Pending Home Sales Index reached it's highest reading since July 2015.

What is the Pending Home Sales Index (PHSI)?

NAR's PHSI is "a forward-looking indicator based on contract signings". The higher the Pending Home Sales Index number, the more contracts have been signed by buyers that will soon translate to sales. February's Index rose 3.5% month-over-month to 109.1.

What does this mean for the market?

Lawrence Yun, NAR's Chief Economist explained:

"After some volatility this winter, the latest data is encouraging in that a decent number of buyers signed contracts last month, lured by mortgage rates dipping to their lowest levels in nearly a year and a modest, seasonal uptick in inventory."

"Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what's being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau."

So What Does This Mean For Buyers?

There is a lot of competition out there right now for your dream home. Prices are going to continue to climb, act now before you are priced out of your future home.

What Does This Mean For Sellers?

If you are on the fence about listing your home for sale and debating whether now is the time to move on with your plans of relocating… don't wait!

There are more buyers that are ready, willing and able to buy their first, second, third, vacation, or investment property now than there has been in years! The supply of homes for sale is not keeping up with the demand of these buyers.

Listing your home for sale now will give you the most exposure to buyers and the best sales price.

Bottom Line

Whether you are planning on buying or selling a house this year, waiting to act no longer makes sense.

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