Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

April 22, 2022

Tips to Get Your Offer Accepted in a Bidding War

In today’s competitive market, it’s not unusual for a home to get multiple offers. So, if you’re planning on buying a home, it’s important to understand how to navigate bidding wars.

So, what, exactly, do you need to know when you’re ready to make an offer on the house, but you’re not the only buyer that wants to call the home their own?

recent article from realtor.com outlined key insights buyers need to know when they find themselves up against a bidding war, including:

  • Make your first offer your best offer. When a home has multiple offers on the table, you generally only have one shot to grab the seller’s attention—so make sure that your first offer is your best offer. That means to make an offer at the upper limit of what you’re willing to pay and to include anything else you’re willing to make your offer more competitive (for example, waiving a contingency).
  • Write a personal letter. When you’re up against multiple other offers, a heartfelt letter to the sellers about why you want to buy their home could help your offer stand out—and, if the rest of your offer is competitive, could give you the extra help you need to win the bidding war.

    However, these have been coming under scrutiny in many areas recently, so make sure they are still acceptable in your area before writing and submitting one. Make sure to have your agent guide you in what you can and can’t say in your letter if you are writing one to include with your offer.

  • Know that the seller is in the driver’s seat. When you really want a home, it can be tempting to try to force or control the situation. But the truth is, in the case of a bidding war, it’s important to recognize that the sellers are in the driver’s seat—and accepting that all you can do is make your best offer and hope for the best can make the process less stressful.
April 16, 2022

3 Things Sellers Shouldn’t Worry (Too Much) About in the Near Future

Whether you sold a home in the past few years or not, you’re probably well aware that houses have been selling fast, with multiple offers, and over asking price.

But everyone also knows it can’t always be like that. The real estate market is cyclical, and we’ve seen a favorable market for sellers for quite a while now. So at some point it will likely shift in favor of buyers, at least to some degree. When? Nobody knows for sure. But it’ll start happening at some point, so it’s good to be aware of that and keep things in perspective if you’re thinking about selling in the near future.

There are so many different predictions about whether prices will fall, or just stabilize, but most theories are that prices won’t continue to rise. Buyer activity is projected to cool off due to rising interest rates, which could lead to less bidding wars, fewer offers, and ultimately lower offers for sellers.

Ideally the market won’t take a drastic hit for sellers. It will just cool off. This would be great for sellers and buyers alike. Sellers would get to benefit from the gains of recent years, while buyers would get some breathing room and the ability to make less rushed decisions without competing against multiple offers every single time.

People have gotten used to hearing that houses are selling in mere days, with multiple offers, and over asking every single time. But even if the market change isn’t drastic for sellers, there’s a chance you won’t experience what other sellers have over the past few years. Your expectations could be higher than they should be and cause you to worry more than you should and make poor decisions.

If your house is on the market now, or in the near future, prepare yourself to experience a few things:

  • More days on the market. Your house may not sell in the first week or two.
  • Price reductions. You may have to adjust your price down a bit if buyers aren’t making offers after a certain period of time.
  • You may not get multiple offers. There might not be as many buyers fighting over your house as you might have seen in the recent past.

The Takeaway:

At some point the market may change more dramatically, but in the near future, you’re more likely to experience the above signs that things are changing. Does that mean you shouldn’t sell? Should you pull your house off the market and wait for things to get better? Should you fire your agent and find a different one? Not at all.

The chances are, you’ll still sell your house for more than it would’ve sold for a year or two ago, but it may take a little more time, and you might see less demand than you anticipated.
But it’s easy to get concerned that the market is “bad” all of a sudden, or think that your agent is doing something wrong, or not enough to get your house sold, when it could just be the market changing ever so slightly.

Expecting these subtle shifts, and keeping the bigger picture in perspective, will help you keep your cool when the market cools, and help you avoid making any costly mistakes.

March 9, 2020

Impact of the Coronavirus on the U.S. Housing Market

Impact of the Coronavirus on the U.S. Housing Market

Impact of the Coronavirus on the U.S. Housing Market | MyKCM

The Coronavirus (COVID-19) has caused massive global uncertainty, including a U.S. stock market correction no one could have seen coming. While much of the news has been about the effect on various markets, let’s also acknowledge the true impact it continues to have on lives and families around the world.

With all this uncertainty, how do you make powerful and confident decisions in regard to your real estate plans?

The National Association of Realtors (NAR) anticipates:

“At the very least, the coronavirus could cause some people to put home sales on hold."

While this is an understandable approach, it is important to balance that with how it may end up costing you in the long run. If you’re considering buying or selling a home, it is key to educate yourself so that you can take thoughtful and intentional next steps for your future.

For example, when there’s fear in the world, we see lower mortgage interest rates as investors flee stocks for the safety of U.S. bonds. This connection should be considered when making real estate decisions.

According to the National Association of Home Builders (NAHB):

“The Fed’s action was expected but perhaps not to this degree and timing. And the policy change was consistent with recent declines for interest rates in the bond market. These declines should push mortgage interest rates closer to a low 3% average for the 30-year fixed rate mortgage.”

This is exactly what we’re experiencing right now as mortgage interest rates hover at the lowest levels in the history of the housing market.

Bottom Line

The full impact of the Coronavirus is still not yet known. It is in times like these that working with an informed and educated real estate professional can make all the difference in the world.

 

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Aug. 18, 2019

To the Moon! Jackie Gleason’s Space-Age Party Retreat – now up for Sale

Well I am not sure if any of you are looking for a unique designed "Space-Age" home but here is one for sale! It is the famous Jackie Gleason's party home!  If you are interested and qualify for this home please get in touch with me ASAP! 

CLICK THE IMAGE BELOW TO SEE THIS AWESOME HOME!

Jackie Gleason's Party Retreat

 

July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates