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 […]

MICHELLE ABENDSCHAN

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 You can also replace outdated drawer pulls, knobs and faucets.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.

 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

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