On Thursday, May 9th, get ready to make a difference with RED Day!
On the second Thursday of May, Keller Williams Realty, Inc. agents worldwide unite for RED Day. This isn’t just any day; it’s a day of giving back, of making a real difference in our communities.
At KWR McLean/GreatFalls, community is at our core. We’re not just about buying and selling homes; we’re about lifting each other up.
This year, we proudly support SHARE of McLean, a local nonprofit fighting food insecurity and economic challenges.
Volunteer with us in person (join us at Giant Food on Chain Bridge Rd as we collect and sort donations) or donate online to strengthen our communities and create a lasting impact.
Please consider partnering with us to make this a successful RED DAY!
Here are two ways you can help…
DONATE:
Sign up to donate your time…join us in person at Giant Foods on Thursday, May 9th. Sign up HERE!
GIVE:
We are also accepting financial donations…CLICK HERE!
Thank you in advance for helping The Belt Team and Keller Williams McLean/Great Falls support this important organization! If you have any questions, please don’t hesitate to reach out!
Wondering if it still makes sense to sell your house right now? The short answer is, yes. Especially if you consider how few homes there are for sale today.
You may have heard inventory is low right now, but you may not fully realize just how low or why that’s a perk when you go to sell your house. This graph from Calculated Risk can help put that into perspective:
As the graph shows, while housing inventory did grow slightly week-over-week (shown in the blue bar), overall supply is still low (shown in the red bars). Compared to the same week last year, supply is down roughly 10% – and it was already considered low at that time. But, if you look further back, you’ll see inventory is down even more significantly.
To gauge just how far off from normal today’s inventory is, let’s compare right now to 2019 (the last normal year in the market). When you compare the same week this year with the matching week in 2019, supply is about 50% lower. That means there are half the homes for sale now than there’d usually be.
The key takeaway? We’re still nowhere near what’s considered a balanced market. There’s plenty of demand for your house because there just aren’t enough homes to go around. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
So, if you want to list your house, know that there’s only about half the inventory there’d usually be in a more normal year. That means your house will be in the spotlight if you sell now and you may see multiple offers and a fast home sale.
Bottom Line
With the number of homes for sale roughly half of what there’d usually be in a more normal year, you can rest assured there’s demand for your house.
If you want to sell, let’s connect now so your house can shine above the rest while inventory is so low.
Please join us next Thursday, May 11th in celebrating RED DAY! Every second Thursday of May, Keller Williams agents, leadership members, and associates step away from daily business duties, and serve the community with three goals in mind: Renew, Energize, Donate.
This year, Keller Williams McLean/Great Falls (and The Belt Team) is supporting COMFORT CASES,an organization that seeks to bring care and dignity to children who are entering foster care. In the U.S., 700 children enter foster care every day. Most are given a trash bag to carry their belongings or leave their homes with only the clothes on their backs. A Comfort Case is a backpack or duffle bag filled with comfort and personal care items.
Please consider partnering with us to make this a successful RED DAY! Here are two ways you can help…
DONATE:
Donations for items needed for comfort cases can be purchased through our special RED DAY registry at Amazon. When checking out, please be sure to use the “Red Day KW803” delivery option to ensure your donation will be delivered directly to our McLean office. Our goal is to collect a total of 1,500 items. There are dozens of items at a wide variety of price points, and free Prime delivery is available for everything. Use this link https://tinyurl.com/33fxu2k6, or the yellow QR code below.
GIVE:
We are also hoping to raise $10,000 cash. Your donation to our KW McLean Cares 501c3 will be tax deductible to you or your organization. All funds raised will be given directly to COMFORT CARES, which is also a 501c3. Our KW McLean Cares fund will match the first $3000. Use this link https://tinyurl.com/3x9z7x4w or the blue QR code below.
Thank you in advance for helping The Belt Team and Keller Williams McLean/Great Falls support this important organization! If you have any questions, please don’t hesitate to reach out!
There’s been a lot of focus on higher mortgage rates and how they’re creating affordability challenges for today’s homebuyers. It’s true that rates climbed dramatically since the record-low we saw during the pandemic. But home affordability is based on more than just mortgage rates – it’s determined by a combination of mortgage rates, home prices, and wages.
Considering how each one of these factors is changing gives you the full picture of home affordability today. Here’s the latest.
1. Mortgage Rates
While mortgage rates are higher than they were a year ago, they’ve hovered primarily between 6% and 7% for nearly eight months now (see graph below):
As the graph shows, mortgage rates have experienced some volatility during that time. And even a small change in mortgage rates impacts your purchasing power. That’s why it’s so important to lean on your team of real estate professionals for expert advice to stay up to date on what’s happening in the market. While it’s hard to project where mortgage rates will go from here, many experts agree they’ll likely continue to remain around 6%-7% in the immediate future.
2. Home Prices
Over the past few years, home prices appreciated rapidly as the record-low mortgage rates we saw during the pandemic led to a surge in buyer demand. The heightened buyer demand happened while the supply of homes for sale was at record lows, and that imbalance put upward pressure on home prices. However, today’s higher mortgage rates have slowed down price appreciation.
And, the truth is, home price appreciation varies by market. Some areas are seeing slight declines while others have prices that are climbing. As Selma Hepp, Chief Economist at CoreLogic, explains:
“The divergence in home price changes across the U.S. reflects a tale of two housing markets. Declines in the West are due to the tech industry slowdown and a severe lack of affordability after decades of undersupply. The consistent gains in the Southeast and South reflect strong job markets, in-migration patterns and relative affordability due to new home construction.”
To find out what’s happening with prices in your local market, reach out to a trusted real estate agent.
3. Wages
The most positive factor in affordability right now is rising income. The graph below uses data from the Bureau of Labor Statistics (BLS) to show how wages have grown over time:
Higher wages improve affordability because they reduce the percentage of your income it takes to pay your mortgage since you don’t have to put as much of your paycheck toward your monthly housing cost.
Home affordability comes down to a combination of rates, prices, and wages. If you have questions or want to learn more, reach out to a real estate professional who can explain what’s happening locally and how these factors work together.
Bottom Line
If you’re planning to buy a home, knowing the key factors that impact affordability is important so you can make an informed decision. To stay up to date on the latest on each, let’s connect today.
Besure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
This is the final post in our series on Preparing Your Home for Sale and we are focusing on the Garage!
Sweep & wash the floor to remove dirt & stains. Organize tools, garden equipment, bicycles etc. A clean, organized garage appears larger!
Paint the garage if it isn’t painted already.
If the area is dark, add more light. If it is small, remove your car before buyers visit. An empty garage always appears larger!
Get rid of anything you do not plan to move to your new home. Do it now & reap the benefits!
We hope you’ve enjoyed these weekly posts of home selling tips that will guide you through the process in order to achieve the highest possible sales price in the least amount of time. If you would like to revisit the entire series where we concentrated on areas like: (1) Repairing, (2) Cleaning, (3) Neutralizing, (4) Space Management, (5) Atmosphere and (6) Staging (7) Exterior and (8) A Room by Room Analysis and more important information for sellers, please visit the For Sellers category of our blog.
And if you are thinking of selling your home, please reach out to The Belt Team and let our 55+ years of experience in real estate work for you!
Besure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
Our “Tip Tuesday” series of posts on Preparing Your Home for Sale is now focusing on a room by room analysis of the home. Today’s “rooms“ are Bathrooms!
Wise sellers take special pains when preparing their bathrooms for scrutiny by strangers. The bathroom is a room after all, and a very personal one. Prospects will inspect yours carefully so be sure they are immaculate.
Replace worn or dirty shower curtains. Clean tub/shower doors and repair caulking and remove non-skid bath decals that are in poor condition.
Clear off countertops and store all personal care products out of sight.
Repair any faucets that leak or do not function properly. Clear off any mineral deposits.
Clean and organize all cabinets and drawers. Don’t forget the medicine cabinet: dispose of old prescriptions and wash the shelves. The same goes for the cabinet under the sink.
Remember that you want to appeal to a wide range of buyers. Play down dominant colors with contrasting neutral colored towels & accessories. If your bathroom is mostly white or neutral add a few cheerful accents of color. And don’t hesitate to buy a few new towels & rugs…you’ll be taking them with you to your new home!
Scrub an old floor!
Decorate and personalize to create a pleasing look. Consider bringing out your best towels and guest soaps. Add a plant for color and freshness.
Remember, these weekly posts of home selling tips will guide you through the process in order to achieve the highest possible sales price in the least amount of time. We will concentrate on areas like: (1) Repairing, (2) Cleaning, (3) Neutralizing, (4) Space Management, (5) Atmosphere and (6) Staging (7) Exterior and (8) A Room by Room Analysis and more!
So follow our blog for more home selling tips on Tuesdays and if you are thinking of selling your home this year, please reach out to The Belt Team and let our 50+ years of experience in real estate work for you!
Besure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
Over the last year, the housing market’s gone through significant change. While it’s still a sellers’ market, homes that are priced right are selling, and they get the most attention from buyers right now. If you’re thinking of selling your house this spring, it’s important to lean on your expert real estate advisor when it comes to setting a list price. As Realtor.comexplains:
“Move-in-ready homes with curb appeal and in desirable areas—and that are priced to sell—are especially likely to move quickly this spring.”
In today’s market, how you price your house will not only make a big difference to your bottom line, but to how quickly your house will sell.
Why Pricing Your House Right Matters
Your asking price sends a message to potential buyers, especially today.
If it’s priced too low, you may leave money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home.
If it’s priced too high, you run the risk of deterring buyers.When that happens, you may have to lower the price to drive interest when your house sits on the market for a while. But be aware that a price drop can be seen as a red flag by some buyers who will wonder what it means about the home.
To avoid either headache, price it right from the start. A real estate professional knows how to determine the ideal asking price. They balance the value of homes in your neighborhood, current market trends, buyer demand, the condition of your house, and more to find the right price. This helps lead to stronger offers and a greater likelihood your house will sell quickly.
The visual below helps summarize the impact your asking price can have:
Bottom Line
Homes priced at the current market value are selling faster and at a better price right now. To make sure you price your house appropriately, maximize your sales potential, and minimize your hassles, contact The Belt Team today!
Besure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
Our “Tip Tuesday” series of posts on Preparing Your Home for Sale is now focusing on a room by room analysis of the home. Today’s “rooms“ are The Bedrooms!
Imagine for a moment that you are in the “Bed & Breakfast” business. How would you change your home’s bedrooms to appeal to a paying guest? Naturally, you’d make up the beds with your prettiest sheets & comforters. Maybe you’d add a vase of flowers on the dressing table or a cozy armchair in the corner. Every bedroom of your house should invite prospective buyers to settle right in.
Spacious primary bedrooms are particularly popular among today’s homebuyers. Make your bedroom larger. Paint the room a light, neutral color. Remove one of the bureaus if the room is crowded and minimize clutter to maximize spaciousness. Aim for a restful, subdued look.
A private bathroom off the primary bedroom is also a plus. Decorate to coordinate the color scheme of your bedroom…creating a “suite” effect.
Virtually all buyers are looking for a house with plenty of closet space. Try to make what you have appear generous and well planned. Remove and store all out of season clothing. Remove any items from the floor area. Arrange shelves to maximize use of space. This will make a closet seem more spacious.
Make sure all closet lights have adequate wattage and are operating. Add battery operated lights to those closets that lack them. Lighted closets look bigger, are more attractive and allow buyers to inspect the interiors more easily.
Take the time to explain the importance of marketing to your children. Encourage them to participate in preparing your home for showing. Ask your children’s cooperation in making their beds and picking up their rooms each day.
Have them pack up any items that are not currently in use and give away, free-cycle or dispose of unused possessions.
Remove any crowded, or personal wall hangings such as posters and store them until your home is sold.
Remember, these weekly posts will guide you through the process of preparing your home for sale in order to achieve the highest possible sales price in the least amount of time. We will concentrate on areas like: (1) Repairing, (2) Cleaning, (3) Neutralizing, (4) Space Management, (5) Atmosphere and (6) Staging (7) Exterior and (8) A Room by Room Analysis and more!
So look for more home selling tips on Tuesdays and if you are thinking of selling your home this year, please reach out to The Belt Team and let our 50+ years of experience in real estate work for you!
Besure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
Our “Tip Tuesday” series of posts on Preparing Your Home for Sale is now focusing on a room by room analysis of the home. Today’s “room“ is The Kitchen!
Pay particular attention to your kitchen. This room continues to be the “heart of the home”. A pleasant, working kitchen is near the top of most buyer’s list of priorities and is a room that buyers always scrutinize closely.
Avoid clutter! Clean counters of small appliances and store whenever possible in order to maximize the appearance of work space.
Check the countertop around your sink and remove any detergent, cleansers, etc….that may be cluttering the area.
Sinks, cabinets, appliances and countertops should be clean and fresh.
All appliances should be absolutely clean, bright, sparkling & shiny!
Clean off the top of the refrigerator. If you must use that space for storage, use baskets to camouflage items kept there.
Set the scene with an open cookbook, a basket filled with fruit, fresh flowers or a ceramic mixing bowl & wire whisk.
Create the aromas associated with happy homes! Bake some cookies, start baking a loaf of refrigerated bread dough or pop a frozen apple pie in the oven.
In the heat of summer, place a bowl of lemons or limes on the counter to provide a fresh & pleasant aroma.
Clean & organize all storage space. If your cabinets, drawers & closets are crowded and overflowing, buyers assume your storage space is inadequate. Give away items you don’t use. Store seldom used items elsewhere. Reorganize the shelves. Neat, organized shelves look larger and more adequate for prospective buyers’ needs.
Large, cheerful kitchen windows are an advantage and should be highlighted as a special feature of your home. Take a critical look at the window treatments. Are they clean, sharp & up to date? Do the curtains need washing or the blinds need cleaning? Would the windows look better without any window treatments at all?
If you have a countertop eating area, set two attractive place settings with coordinating napkins & placemats. Place cushions on the stools.
Place a centerpiece of fresh flowers on the kitchen table.
Remember, these weekly posts will guide you through the process of preparing your home for sale in order to achieve the highest possible sales price in the least amount of time. We will concentrate on areas like: (1) Repairing, (2) Cleaning, (3) Neutralizing, (4) Space Management, (5) Atmosphere and (6) Staging (7) Exterior and (8) A Room by Room Analysis and more!
So look for more home selling tips on Tuesdays and if you are thinking of selling your home this year, please reach out to The Belt Team and let our 50+ years of experience in real estate work for you!
Besure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
If you’re thinking about selling this spring, it’s time to get moving – the best week to list your house is fast approaching.
Experts at realtor.com looked at seasonal trends from recent years (excluding 2020 as an uncharacteristic year due to the onset of the pandemic) and determined the ideal week to list a house this year:
“Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2023 is approaching quickly. The week of April 16-22 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year.”
If you’ve been waiting for the best time to sell, this is your chance. But remember, before you put your house on the market, you’ve got to get it ready. And if you haven’t started that process yet, you’ll need to move quickly. Here’s what you should keep in mind.
Work with an Agent To Determine Which Updates To Make
Start by prioritizing which updates you’ll make. In February, realtor.comasked more than 1,200 recent or potential home sellers what updates they ended up making to their house before listing it (see graph below):
As you can see, the most common answers included landscaping and painting. Work with a trusted real estate agent to determine what projects make the most sense for your goals and local market.
If Possible, Plan To Have Your House Staged
Once you’ve made any necessary repairs and updates to your house, consider having it staged. According to the National Association of Realtors (NAR), 82% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home. Additionally, almost half of buyers’ agents said home staging had an effect on most buyers’ view of the home in general. Homes that are staged typically sell faster and for a higher price because they help potential buyers more easily picture their new life in the house.
Bottom Line
Are you ready to sell this spring? Let’s connect to plan your next steps. You can start by making a checklist of what you think your house needs to get ready. Then, we can work together to prioritize your list and move forward together.
Besure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
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