Tuesday, January 30, 2024

Spring Into Action: Tips for Selling Your Home This Season



As temperatures rise and flowers begin to bloom, now is the perfect time for a spring home sale. In fact, real estate data provider ATTOM found that properties sold in April, May and June garnered the highest returns over the last 12 years. If you want to take advantage of the season’s vibrant energy and […]

As temperatures rise and flowers begin to bloom, now is the perfect time for a spring home sale. In fact, real estate data provider ATTOM found that properties sold in April, May and June garnered the highest returns over the last 12 years. If you want to take advantage of the season’s vibrant energy and high demand, here’s what you can do to ensure a successful  sale.

Maximize Your Curb Appeal

Spring is the ideal season to show off the beauty of your home and capture buyer interest before they even step through the front door. Nothing is more inviting than a freshly mowed lawn, blooming flowers and well-manicured trees and shrubbery. Buyers will notice the details, so it also pays to have your home and driveway power washed and gutters cleaned. Even small improvements like a new mailbox, welcome mat or porchlight can make a big impact.

Do a Deep Clean

Your home should sparkle from the floorboards to the ceiling fans. Buyers pay special attention to bathrooms and kitchens, so you’ll want to address tiling, grout lines and appliances. Replace shelf liners and shower curtains and have the carpets and curtains cleaned as well. And don’t forget about hidden spots, like the cabinet under the sink and the area behind the refrigerator. A pristine home shows buyers that the property has been taken care of, giving them more confidence to put in a competitive offer.

Address Repairs and Upgrades

You don’t have to renovate your home to get a quick sale. Some minor upgrades can significantly enhance the property’s overall appeal. A fresh coat of paint, for example, can change the entire feel of your home. Choose neutral colors and keep the palette consistent throughout the interior. You can also replace outdated drawer pulls, knobs and faucets. If your budget allows, consider purchasing new kitchen appliances and/or countertops, as these are important features that buyers will appreciate.

Declutter and Depersonalize

A clutter-free home appears more spacious and allows potential buyers to envision themselves living there. Pack away personal items and unnecessary objects to create a neutral canvas that appeals to a broad audience. Remove refrigerator magnets, family photos and knickknacks. Keep kitchen and bathroom counters clear and consider removing a piece or two of furniture from each room to enhance its spaciousness. Bare walls can make the home seem sterile, so hang tasteful artwork that doesn’t overpower the room.

Lighten up the Interior

Spring offers abundant natural light, making your home appear expansive and inviting. Clean your windows thoroughly to allow for maximum sunlight and keep your curtains and blinds open during showings.  Now is also a good time to replace lightbulbs to create a warm ambiance throughout the residence.

As you prepare for a spring home sale, your agent will guide you through other key considerations, like pricing the home competitively, arranging professional photography and engaging buyers across high-traffic websites and social media platforms. Together you can make your property stand out in this season’s blooming real estate market.


Tuesday, January 23, 2024

 January 2024

REAL ESTATE NEWS

Brought to you by Dan and Lisa Basil

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2024 Market Predictions: Will Home Prices Drop?


Before delving into the trends, it's important to say that general market dynamics impact individuals differently based on their personal situations and needs. Therefore, don't hesitate to reach out to me for personalized recommendations tailored to your specific circumstances.

With home values and interest rates still being relatively high, both buyers and sellers are wondering what's going to happen to the market in 2024. Typically, home values increase when demand is high and supply is low. Conversely, prices tend to decrease when the housing supply is high and demand is relatively low. So, what will the conditions look like this year? Let’s look at the latest market trends.


Up or down?

What is the Market Currently Like?




Today's housing market is characterized by high prices, high interest rates, and low supply. While high prices are typically driven by strong demand, the current demand is somewhat normal. Inventory is still low, however, which allows sellers to retain higher prices. Since interest rates and home prices are high at the same time, many potential buyers are finding it difficult to afford a purchase.


Will Interest Rates Drop?


The Federal Reserve has steadily hiked interest rates since March 2022 in order to slow inflation. Interest rates held steady from July through December 2023, with mortgage rates dropping slightly, but what can we expect in 2024?


As inflation has improved in recent months and is projected to continue falling in the year ahead, the Federal Reserve has signaled that we could see several rates cuts in 2024. There is still a possibility of rate hikes, depending on inflation and other economic factors, but so far, the outlook is hopeful.

Lower rates would make it more affordable to buy a home.


Will Home Prices Drop?


While home value appreciation is expected to slow down, it's not yet clear if home prices will decrease. Given recent trends, some areas may experience a price increase of around 3-4%, while others may see a drop of 1-2%. Prices are directly connected to housing inventory. Unless there is a considerable increase in inventory, home values will remain high.


Will Inventory Improve?


The number of homes on the market is still relatively low and is showing a declining trend compared to the same time last year. To reach a balanced market, around 5 to 6 months of supply needs to be available at a given time. The current inventory is only enough for a 3.4-month supply. It's believed that inventory levels will improve somewhat in 2024, which could help with home prices. However, it is likely that new home construction will not reach healthy levels until 2025.


All the above indicate that home prices are unlikely to drop significantly in 2024. Until we see any significant changes to interest rates, inventory levels, or home prices, it will remain mostly a seller’s market. The market can change quickly though, so if you’re ever curious about our local conditions or want to discuss how the latest market trends may affect you, reach out anytime.




Home Staging Tips to Make Your Home Shine


When it comes time to sell your home, you want to make sure that you make the best impression on potential buyers. One of the most important steps to prepare for private showings and open houses is to stage your home. By properly staging your home, you'll be able to present your home in the best possible light and create a welcoming atmosphere that will entice buyers.


Clean and clutter-free - Depersonalize Your Home


Home staging is all about making it possible for potential buyers to see themselves living in your home. To achieve this goal, think of your home as a blank canvas - remove all personal items that tell buyers that the home belongs to someone else. Begin by removing all personal photos, memorabilia, and knick-knacks, including anything on your refrigerator and walls. Remove or swap out any distracting or provocative artwork. Put away all clothing and put away any personal items in your bathroom.


Do a Thorough Clean


When you're about to place your home on the market, it's crucial that you perform extensive cleaning that goes above and beyond your usual routine. Try to remove all signs of dust and dirt throughout your home. Consider hiring professional cleaners to take care of this task for you.

Remove Clutter


While it's important that every surface in your home is clean, it's also a good idea to declutter your space. Homes are most appealing when they appear to have ample floor space. If you have furniture in every corner of your home, it can make the rooms look smaller than they are. Remove excess furniture and décor so buyers can move around freely.


Make Minor Repairs Where Necessary


Before listing your home, consider making minor repairs that can boost your home’s appeal. Tend to any imperfections that buyers might notice. Try to patch small holes and make scratches less visible. Consider adding some fresh paint to spots where fading has occurred. A handy tip is to remove scuffs from walls with melamine foam eraser sponges. Addressing these small damages lets buyers know that you take care of your home.


Don't Forget Curb Appeal


Even though home staging mainly occurs inside your home, it is also essential to pay attention to the exteriors. First impressions go a long way when you want a potential buyer to make an offer. You can boost your home's curb appeal by adding a fresh coat of paint to your shutters or front door, replacing old house numbers, and cleaning up any flowerbeds/landscaping in your yard. Consider renting a pressure washer to remove dirt from your roof, gutters, and siding.

Effective home staging can make the difference between a buyer making an offer and passing you over. Making a little extra effort upfront can go a long way towards getting the best offer for your home.


QUESTIONS? VISIT www.thebasilgroup.com

Dan and Lisa Basil CRS,GRI

Real Estate Sales Executives

Coldwell Banker Realty

Licensed in MN

612-280-5046

763-550-3888




Celebrating 25+ years of experience...Contact us today!

debasil@cbburnet.com

www.thebasilgroup.com


Not intended as a solicitation if your property is already listed by another broker. Affiliated real estate agents are independent contractor sales associates, not employees. ©2022 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.

Coldwell Banker Realty | 235 Lake St E #100 | Wayzata | MN | 55391


**If you wish to see our monthly video, please pm us with your phone number and we'll be sure to add you to the group. There is valuable information shared in our 30 second monthly video that will keep you informed about home values and your home's value.



Monday, November 13, 2023

The Future of Short-Term Rentals


decorative imageOver the past decade, short-term rentals have spiked in popularity among investors and travelers alike. It's believed that the industry will continue to grow in the coming years. Here are the latest trends and what the future is expected to bring.

Family entering a vacation rental

New Regulations
To combat some of the challenges presented by unregulated short-term rentals, some cities have been introducing new regulations. New York, for example, recently passed a law that requires hosts to register with the city. Honolulu has outlawed rental stays under 90 days in residential areas. Other cities are curbing the number of rentals by capping the number of licenses they issue and/or imposing new taxes on vacation rental properties.

The goal of most of these regulations is to strike a balance between supporting tourism and supporting the local community of permanent residents. The industry will continue to shift and adjust as more cities set their own regulations in the coming years and we begin to see the effects of these changes.

Increased Demand for Upscale Rentals
While short-term rentals are popular across the board, luxury short-term rentals are experiencing the highest demand right now. Travelers are looking for a more personalized living situation with premium amenities to make their short stay extra comfortable. Premium location is another in-demand feature, as short-term renters value having convenient access to nearby attractions and entertainment.

Alternative Accommodations on the Rise
Travelers are on the lookout for unique accommodations that extend beyond the traditional hotels, motels, and single-family rentals. Short-term renters are showing increased interest in glamping tents, tiny homes, yurts, and other out-of-the-ordinary shelter options. We’re likely to see more of these unique rental options hit the market in the future.

Greater Focus on Sustainability
Travelers are becoming increasingly conscious of their impact on the environment, which is why more of them will look for sustainability in short-term rentals. Around 76% of travelers want sustainable accommodations. Some examples of sustainable home features include low-flow toilets or showerheads, energy-efficient appliances, and smart lighting.

Importance of Guest Experience
Online reviews are more important than ever for rental hosts who want to maintain steady bookings. A higher percentage of guests are relying on customer reviews when making their booking decisions, and sites like Airbnb use reviews in their search algorithms.

For hosts, this means that personalization and providing an exemplary experience are crucial to maintaining a successful short-term rental. Providing local recommendations, helpful tips, and personalized notes can go a long way in winning over guests and boosting ratings.

Additional Growth
Short-term rentals have a bright future. People are still very interested in traveling, and most signs out of the short-term rental industry indicate that growth should continue for the foreseeable future. If you're currently involved in the industry or want to start renting out your home, you can earn high returns if you have a unique property or are in a desirable location.

Market conditions are known to change quickly, however, which is why property owners should remain adaptable to keep their rental units successful in an ever-changing market.

QUESTIONS? VISIT www.thebasilgroup.com
25+ years of experience...Contact us today!
debasil@cbburnet.com
www.thebasilgroup.com
Not intended as a solicitation if your property is already listed by another broker. Affiliated real estate agents are independent contractor sales associates, not employees. ©2022 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. 
 
Coldwell Banker Realty | 235 Lake St E, Wayzata | MN | 55391