Infographic: 2015 Profile of Home Buyers and Sellers

Home Inventory Levels

Current Home Inventory levels are down about 46% from 2015’s high point.

Available listings that are move-in ready and in affordable price ranges remain hard to come by for many would-be buyers

Thinking of selling, now might be the time for you. Meet with me and I  can show you the supply conditions in your area and assist you in gaining access to the buyers who are ready, willing and able to buy now!

 

What’s My Home Worth or Even That One?

Curious what your home is worth or your neighbors? 

Check out this Home Valuation Tool: What is my home worth?

If you have any questions or comments or would like an informed opinion of what your home is worth, please contact me.

 

 

New Analysis Says Buying More Affordable than Renting

RealtyTrac® recently released its 2016 Rental Affordability Analysis, which shows that buying is still more affordable than renting in 58 percent of U.S. housing markets, despite home price appreciation outpacing rent growth in 55 percent of markets. The report also shows that the rise in rents is outpacing weekly wage growth in 57 percent of markets.

The analysis included recently released rental data from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics along with public record sales deed data from RealtyTrac® in 504 counties with a population of at least 100,000.

“Renters in 2016 will be caught between a bit of a rock and a hard place, with rents becoming less affordable as they rise faster than wages, but home prices rising even faster than rents,” says Daren Blomquist, vice president at RealtyTrac®. “In markets where home prices are still relatively affordable, 2016 may be a good time for some renters to take the plunge into homeownership before rising prices and possibly rising interest rates make it increasingly tougher to afford to buy a home.”

Small Upgrades Now Mean Big Returns Later

 

 

It’s not uncommon in today’s real estate market for sellers to make repairs and renovations to their home to make it more attractive to potential buyers. These upgrades can drastically improve a property — so much so that the homeowner may rethink selling!

Investing approximately one to three percent of the asking price into your home initially often yields returns of around eight to 10 percent. If you’re thinking of selling in 2016 or simply want to upgrade for the new year, here are some recommendations that will make your home more appealing to you and potential buyers.

When One Door Closes

Replacing your front door can change a home’s entire exterior appearance. According to Remodeling’s 2015 “Cost vs. Value Report” for the Chicago area, installing a steel door for $1,391 results in 100.8 percent cost recuperation, while a fiberglass door for $3,196 results in a 92.2 percent recuperation. Design blogs and DIY television shows recommend painting your door a bright, bold color. However, if you plan to sell, a neutral color with a decorative glass panel is the more profitable decision.

Less is More

Brokers surveyed in the National Association of REALTORS® (NAR) 2015 Remodeling Impact Report said that a kitchen upgrade was the top interior project for attracting buyers. Full renovations may have seen bigger payoffs in past years, but this trend seems to have changed. Instead of completely replacing cabinetry, install refreshed fronts and new hardware. Swap out laminate countertops and repaint trim for a more modern look and feel.

From the Ground Up

New and refinished floors are a huge draw for buyers, as well as a source of pride for any homeowner. Based on cost estimate from the national Association of the Remodeling Industry and NAR’s estimated cost earned, 91 percent of the project cost was recovered for new wood floors and 100 percent of the project cost was recovered for refinished hardwood floors.

If you’d like to know what home improvements are the most popular in your local community, let’s talk. I can provide valuable insight and guidance so you can accomplish your real estate goals in 2016.

A Simple Tool to Help You Understand Your Local Market

Real estate is a constantly changing marketplace, and knowing how your neighborhood is performing will keep you on top of the action. Baird & Warner’s Market Insight allows you to see all of the real estate activity in your specified area. Select the community you’re interested in learning more about, and you can choose to receive emails that provide you with all of the real estate transactions and details specific to that selection. This interactive report charts such data as sold homes, properties for sale, inventory levels and even days on market. Please contact me if you’d like to sign up.