3 Tips for Handling Multiple-Offer Situations When Selling


Here are three tips for deciding between multiple offers when selling.

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In our ultra-competitive market, sellers are certainly seeing multiple offers on their homes. With so much flying at you, it can be difficult to choose the right one. Here are my top three tips for choosing the best offer:

1. Look over the price, closing date, and release of contingency date. The release of contingency date refers to the time when a buyer can no longer back out of the contract, providing assurance that the sale will move forward.

2. Look at the financing. You need to see either proof of funds from a cash buyer or a pre-approval letter from a financed buyer. You also want to know the down payment amount and type of loan they’re using. Those can all influence how they purchase and close on your home.


 Motivation is everything in this market.

 

3. Have your Realtor call the top two or three offers. It’s so important to work with an agent who can not only narrow down the top offers, but will also reach out to those agents to find out more about the buyers. They might learn who is more motivated for your house, and motivation is everything in this market. We’re always here to help you with any real estate-related questions and serve your needs. Feel free to reach out via phone or email at any time. We look forward to hearing from you soon.

Why There’s No Sign of a Housing Bubble in Our Market


We aren’t in the midst of a housing bubble, and here’s why.

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A lot of people are wondering whether we’re currently in a housing bubble and if it’s going to burst, so today I’d like to put your mind at ease. There are a few things that indicate that we aren’t in a bubble.

We’re in an incredibly strong seller’s market and prices have skyrocketed, but it all comes down to simple economics. There is little home inventory but a ton of buyer demand, so people are having to pay more to beat the competition. Some homes are selling well above the asking price, which is making sellers very happy.

Buyers, I know it can be discouraging, but don’t give up. Continue to submit your offers and find a Realtor who can help you win. It’s not always about price—the seller may want a quick or extended closing date, for example.


 We’re in an incredibly strong seller’s market and prices have skyrocketed, but it all comes down to simple economics.

 

Still, many people think our market is heading toward a crash like the one we saw in 2008. There are some key differences in today’s market, however. Unlike in 2008, homeowners have a lot of equity right now. This equity should help people weather any price declines we may see. And as mentioned earlier, this hot market is mainly the result of supply and demand. If you have any questions about our market or would like more information, feel free to reach out to me. I look forward to hearing from you soon.

Sellers: Boost Your Home’s Value With These Tips


Here are some easy ways to boost your home’s value before listing it.

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Here are five simple ways to increase your home’s value before listing in 2021: 1. Bring out a real estate professional. An agent will typically provide you with a valuation of your home and can point out which areas are more important than others when upgrading. Some agents will even offer staging advice to ensure your home shows well. 2. Deep clean. Your home should be absolutely spotless, including the unseen places—the oven, rangehood, baseboards, spaces between kitchen appliances, etc. For a couple hundred dollars, you can certainly hire a professional cleaner to do it for you. In any case, your home will end up shining, and first impressions are ultimately the most important ones. 3. Fixtures, hardware, knobs, and switches should be functioning properly and look good. They should be in good condition and have uniform coverings. If they need to be repainted or replaced, go through your house with a buyer’s eyes and see what you need to see. To get the most bang for your buck, make the finishes for your hardware consistent throughout the house, whether that means brushed nickel, chrome, oil-rubbed bronze, etc. This creates consistency with your new faucets and fixtures as well.


 Your home should be spotless, including the unseen places.

 

4. Clean your carpets (if you have them). Some agents recommend getting rid of carpet if you have hardwood below, but a professional cleaning can certainly make your carpet look new. Dingly, old carpeting makes a home look old and outdated. For a cheaper alternative, you can rent a rug cleaner for less than $100. However, that would create more work on your end. 5. Paint rooms that need refreshing. Make sure to take care of the baseboards as well. Like I said earlier, they need to be clean. (It’s easy to overlook the beating they take over the years). If you have bold or distinct colors, paint over them with a light, neutral tone. Buyers prefer that over anything bold. Light grays, for example, seem to be a popular color now. Don’t go overboard, though, because most buyers will probably do their own painting when they move in. This tip is mostly just to give your home a fresh, clean look. As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to me. I’m happy to help.  


Make Your Home More Spacious and Valuable


Here are two fantastic ways to increase your home’s value this summer.

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Today I have some great tips to help you add both space and value to your home this summer: 


1. Build a patio. These not only add value to your home, but they also provide you with a great outdoor living space. You have a ton of different options for building materials. You can use poured concrete, which is structurally sound and fairly inexpensive. You could also go with bricks, pavers, stone, crushed stone, pea gravel, or even sand. There are so many different ways to make the space your own.


 Even if you’re not selling soon, you still might want to consider adding to your outdoor space.

 

2. Add an outdoor kitchen. If you have the time and budget, this is another great way to add value. Consider adding a sink, fridge, food prep station, or some combination of the three.


Even if you’re not selling any time soon, you still might want to consider adding to your outdoor space to enjoy those wonderful summer evenings and increase your home’s value for when the right time to sell does come. 


If you have any questions about selling in this market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon. 


Are You Better off in the City or Suburbs?


Should you live in the city or suburbs? Here’s what you need to know.

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This is an age-old debate in the housing industry, and we’re starting to see some interesting changes in homeowner preferences as more and more millennials and young professionals enter the market. Most see the debate coming down to big factors like schools, amenities, and space. Families with kids have traditionally favored suburban living with large homes, plenty of bedrooms, and a backyard, as well as good school districts and a quieter environment. The city comes with more hustle and bustle, but some are willing to give up the space and quiet for walkability, proximity to entertainment, and the all-around ‘cool’ factor. 


Of course, price should always be a factor, especially when it comes to renting versus buying. Nationally, rent rates are slightly higher in suburban areas than in the cities, which is somewhat surprising (obviously this varies from city to city). Amenities aside, urban dwellers must consider their style of living in their homes as well. If you prefer the city lifestyle, are you willing to live with the likelihood of fewer bedrooms, smaller kitchens, and less outdoor space? Though rental rates are higher, rental properties in the suburbs are nationally about 18 cents cheaper per square foot than their urban counterparts, according to Zillow.


 A real estate professional can provide you with price differences between suburban and city living.

 

Then there are the neighbors. Are you willing to share a wall, floor, or ceiling with a neighbor? Or would you prefer your own private space where noise isn’t a factor? Do you prefer a backyard with green grass or would you rather step out onto your balcony with city views, where you're right in the heart of the action?


Of course, a real estate professional can provide you with price differences between suburban and city living specific to your area and educate you on even more points to consider in your city when it comes to proximity to amenities, schools, and entertainment. 


As always, if you’d like to know more about this or any real estate topic, don’t hesitate to reach out to us. We’re here to answer your questions and serve your needs any way we can. 


5 Tips for Living in Your For-Sale Home

These five tips will help you live in your home while it’s for sale. 



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Here are five tips to help you keep living your life in your for-sale home and keep things less hectic:


1. Start packing now. Packing and storing boxes in the basement or garage is completely acceptable. You want to open up as much space as possible and emphasize floor space and square footage. The larger your home feels, the more money you’ll get. Buyers will truly appreciate this touch.


2. Sell, donate, or throw it away. While you’re packing, try getting rid of things you don’t need. If you haven’t touched an item in a year and it’s not an heirloom or a memory, it’s time to say goodbye to it. Try to donate items that are still in good condition. 


3. Get squeaky-clean. A clean, cared-for house can net you $5,000 to $10,000 more from your sale. Shoot for five-star hotel perfection when cleaning, and focus on bathrooms, the kitchen, windows, and floors. Just make your home sparkle!


"The larger your home feels, the more money you’ll get."


4. Maintain privacy and safety. Buyers will look through your closets and other areas people typically wouldn’t see, so make sure there’s nothing valuable or personal anywhere that they could find. If you’re unsure about an item, be on the safe side and lock it away somewhere secure. Of course, this includes, medication, jewelry, etc. 


5. Involve your kids. Nothing is better than involving your kids in the selling process, and the easiest way to get them involved is through games or a reward system so they help you clean the house and prepare it for showings. You won’t believe how motivated kids can get when there is something fun tied to a chore. 


If you’d like to know more about these tips or have any real estate questions at all, don’t hesitate to reach out to me. I’d love to hear from you.


How the Pandemic Is Affecting Home Preferences

Here’s how the pandemic has shifted buyers’ preferences in the last year.

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How has the pandemic affected buyers’ home preferences?


Over the last few months, we’ve seen a massive influx of people moving from the city (New York, specifically) to the suburbs. This comes in contrast to the last few decades when people increasingly preferred cities over suburbs. Studies have shown that each new generation of young people has been more and more likely to move to the cities and stay in them even after getting married and starting a family. Of course, post-coronavirus, this may well change.


Many people will continue to work from home after the pandemic subsides.



The most obvious reason why is health. Urban areas are more crowded, which means greater exposure to potential viruses. Also, shelter-in-place orders are harder to bear in an urban environment; by comparison, a house in the suburbs can offer more space, a backyard, and easier access to areas where you can exercise and spend time safely outdoors. 


Additionally, workspaces are changing. Many people will continue to work from home after the pandemic subsides. The need for commuting will be greatly reduced, so living farther out for a lower cost is certainly more appealing.


If you have questions about this or any other real estate topic, please feel free to reach out to us at any time.


3 Reasons Winter Is a Great Time to Sell


Here’s why winter is a great time to sell your home.

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If you’re thinking of selling your home, the winter months are a great time to do it. In fact, we usually see many home sales happen during the winter, and there are a few reasons why. 


First, there’s much less inventory than what you see during the spring, which is great for sellers. Low inventory means less competition and a better chance that you’ll close near your listing price. Additionally, since there are fewer homes available, more buyers will be interested in your home. 


Second, buyers tend to be more serious in the winter. As we always say, only the real buyers come out when it’s 28 degrees. Most people don’t want to move this time of year, but there are plenty of reasons why they might have to. Perhaps they’re undergoing a divorce, or they’ve finally saved enough to purchase. Winter also means you won’t see any tire-kickers like you’d see during spring. You’ll have fewer showings with more motivated buyers. 


Low inventory means less competition and a better chance that you’ll close near your listing price.


Finally, January is the most common month for companies to start the relocation process for their employees. That’s another large wave of people needing to buy during winter. 


The bottom line is that you should take advantage of the market now. If you’d like to talk more about selling your home in the winter or have any other real estate questions, don’t hesitate to reach out to us via phone or email. We’d love to hear from you.