Uncategorized September 16, 2024

What To Know About Closing Costs

What To Know About Closing Costs

Now that you’ve decided to buy a home and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process. And while your down payment is probably the number one expense on your mind, don’t forget about closing costs. Here’s what you need to know.

What Are Closing Costs?

Simply put, your closing costs are the additional fees and payments you have to make at closing. And while they’ll vary based on the price of the home and how it’s being financed, every buyer has these, so they shouldn’t be a surprise. It’s just that some people forget to budget for them. According to Freddie Mac, this part of the homebuying process typically includes:

  • Application fees
  • Credit report fees
  • Loan origination fees
  • Appraisal fees
  • Home inspection fees
  • Title insurance
  • Homeowners insurance
  • Survey fees
  • Attorney fees

Some of these are one-time expenses that are baked into your closing costs. Others, like homeowners’ insurance, are initial installment payments for ongoing responsibilities you’ll have once you take possession of the home.

How Much Are Closing Costs?

The same Freddie Mac article goes on to say:

“Closing costs vary greatly depending on your location and the price of your home. Typically, you should be prepared to pay between 2% and 5% of the home purchase price in closing fees.”

With that in mind, here’s how you can get an idea of what you’ll need to budget. Let’s say you find a home you want to purchase at today’s median price of $422,600. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $8,452 and $21,130.

But keep in mind, if you’re in the market for a home above or below this price range, your numbers will be higher or lower.

Tips To Reduce Your Closing Costs

If you’re wondering if there’s any way to inch that down a little bit, NerdWallet lists a few things that could help:

  • Negotiate with the Seller: Some sellers are willing to cover part or all of these expenses — especially since homes are staying on the market a bit longer now. Sellers may be more motivated to compromise, and you’ll find you have a bit more negotiation power. So don’t hesitate to ask them for concessions like paying for the home inspection or giving you a credit toward closing costs.
  • Shop Around for Home Insurance: Since rising home insurance is a challenge in many areas of the country right now, take the time to get a clear picture of all your options. Each insurance company offers their own policies and coverage, so get multiple quotes and see how they compare. Choosing a policy that provides reliable coverage at a competitive rate can make a difference.
  • Look into Closing Cost Assistance: Just like there are programs out there to help with your down payment, options exist to get support with closing costs too. While they’ll vary by area, there are programs for various income levels, certain professions, and specific towns or neighborhoods too. If you want to learn more, Experian says:

“Your real estate professional should be able to steer you toward applicable programs, and the U.S. Department of Housing and Urban Development (HUD) maintains a helpful resource for finding homebuying assistance programs in every state.”

Bottom Line

Planning for the fees and payments you’ll need to cover when you’re closing on your home is important – and it doesn’t have to be a big surprise. For more tips and expert advice, partner with a team of trusted real estate professionals, including a trusted agent and lender.

 

Uncategorized September 12, 2024

Living in Greenville, SC: A Southern Gem With A Modern Flair

Nestled in the foothills of the Blue Ridge Mountains, Greenville, South Carolina, is a city that perfectly balances Southern charm with a modern, progressive spirit. Over the years, Greenville has transformed from a quiet, traditional Southern town into a thriving cultural hub, consistently making it one of the best places to live in the U.S. Whether you’re drawn by its scenic beauty, bustling downtown, or welcoming community, living in Greenville offers something for everyone. Here’s why Greenville might just be the perfect place to call home.

1. Vibrant Downtown and Local Culture

Greenville’s downtown is the heart of the city. A walk down Main Street reveals an exciting mix of trendy restaurants, local boutiques, art galleries, and performance venues. The city’s pride and joy is Falls Park on the Reedy, a stunning urban park that features the iconic Liberty Bridge, providing sweeping views of the cascading Reedy River and lush green space perfect for picnics and outdoor activities.

Greenville also hosts a variety of events throughout the year. Artisphere, a nationally acclaimed arts festival, brings in artists and visitors from all over, while Fall for Greenville is a food lover’s paradise, offering local flavors from dozens of restaurants. There’s always something going on, whether it’s live music, outdoor movies, or farmers markets.

2. Outdoor Adventure at Your Fingertips

One of the biggest draws for people moving to Greenville is its access to outdoor activities. With its proximity to the Blue Ridge Mountains, hiking, biking, and nature walks are never far away. Paris Mountain State Park is just a 15-minute drive from downtown and offers miles of trails, camping, and scenic lake views.

For cyclists, the 22-mile Swamp Rabbit Trail connects Greenville with the nearby town of Travelers Rest. This greenway is perfect for weekend rides, jogs, or leisurely strolls, and along the way, you’ll find cafes and local breweries perfect for a mid-ride break.

3. A Flourishing Job Market

Greenville has become a hub for businesses and startups, earning its reputation as a center for innovation. Major industries in the area include advanced manufacturing, automotive (BMW’s North American headquarters is nearby), healthcare, and technology. The city’s forward-thinking business environment makes it a great place for entrepreneurs and professionals looking for new opportunities.

Its rapid growth has also brought an increase in jobs, making Greenville an attractive location for young professionals, especially those interested in working in tech and business sectors. Companies like Michelin and General Electric have a significant presence in the area, providing a range of career paths.

4. Cost of Living

Compared to many other cities with similar amenities, Greenville offers an affordable cost of living. The housing market is diverse, ranging from historic homes in neighborhoods like North Main to sleek, modern apartments downtown. Whether you’re looking to rent or buy, Greenville is known for offering more square footage and lower prices than major metros. Additionally, there’s no shortage of amenities, which adds to the value without stretching your budget.

5. Family-Friendly and Education-Focused

For families, Greenville provides a welcoming, safe environment with plenty of parks, recreational activities, and family-friendly events. The city also places a strong emphasis on education. Greenville County Schools is the largest school district in South Carolina and offers highly regarded magnet and charter schools.

Greenville is also home to several colleges and universities, such as Furman University, Bob Jones University, and Greenville Technical College, providing educational opportunities for students and lifelong learners alike.

6. A Foodie’s Paradise

In recent years, Greenville has gained a reputation as a foodie destination. With everything from Southern comfort food to international cuisine, there’s no shortage of places to satisfy your palate. Chefs in Greenville are known for blending traditional Southern flavors with global influences, and many restaurants are focused on using fresh, locally sourced ingredients.

Greenville’s food scene goes beyond just restaurants. Local breweries, distilleries, and coffee shops have become central to the city’s social life. Greenville is also home to an array of food trucks, bringing creative and gourmet dishes to various events and parks throughout the year.

7. A Sense of Community

What really sets Greenville apart is its community spirit. Despite its growth, the city retains a small-town feel where neighbors know each other, and the community comes together for local events. There’s a strong emphasis on supporting local businesses, and residents take pride in being part of Greenville’s evolving story.

Many newcomers find it easy to integrate into life in Greenville, thanks to its welcoming atmosphere and the city’s focus on fostering a sense of belonging. Whether you’re attending a local festival, enjoying a weekend at the park, or volunteering at one of the many community organizations, it’s easy to find your place here.

Conclusion

Living in Greenville, SC, is more than just a lifestyle; it’s an experience. With its perfect blend of nature, culture, and opportunity, Greenville offers something for everyone, whether you’re a young professional, a family, or someone looking for a fresh start. It’s a city on the rise, with a bright future, and an even brighter present. If you’re considering moving to Greenville, prepare to be charmed—you may never want to leave.

Uncategorized September 12, 2024

The Real Story Behind What’s Happening With Home Prices

The Real Story Behind What’s Happening with Home Prices

If you’re wondering what’s going on with home prices lately, you’re definitely not the only one. With so much information out there, it can be hard to figure out your next move.

As a buyer, you might be worried about paying more than you should. And if you’re thinking of selling, you might be concerned about not getting the price you’re aiming for.

So, here’s a quick breakdown to help clear things up and show you what’s really happening with prices—whether you’re thinking about buying or selling.

Home Price Growth Is Slowing, but Prices Aren’t Falling Nationally

Throughout the country, home price appreciation is moderating. What that means is, prices are still going up, but they’re not rising as quickly as they were in recent years. The graph below uses data from Case-Shiller to make the shift from 2023 to 2024 clear:

No Caption ReceivedBut rest assured, this doesn’t mean home prices are falling. In fact, all the bars in this graph show price growth. So, while you might hear talk of prices cooling, what that really means is they’re not climbing as fast as they were when they skyrocketed just a few years ago.

What’s Next for Home Prices? It’s All About Supply and Demand

You might be curious where prices will go from here. The answer depends on supply and demand, and it’s going to vary by local market.

Nationally, the number of homes for sale is going up, but there still aren’t enough of them to meet today’s buyer demand. That’s keeping upward pressure on prices – even though recent inventory growth has caused that home price appreciation to slow. Danielle Hale, Chief Economist at Realtor.comsaid:

“. . . today’s low but quickly improving for-sale inventory has ushered in more market balance than would otherwise be expected . . . This should help home prices maintain a slower pace of growth.” 

And here’s one other thing you may not have considered that could play a role in where prices go from here. Since experts say mortgage rates should continue to decline, it’s likely more buyers will re-enter the market in the months ahead. If demand picks back up, that could make prices climb a bit further.

Why You Should Work with a Local Real Estate Agent

While national trends give a big-picture view, real estate is always local – especially when it comes to prices. What’s happening in your neighborhood might be different from the national average based on what supply and demand look like in your market. That’s why it’s crucial to get local insights from a knowledgeable real estate agent.

As your go-to source for everything related to home prices, I can provide the most current data and trends specific to your area.

So, if you’re planning to sell, I can help you price your house accurately. And when you’re ready to buy, I can find the right home that fits your budget and your needs.

Bottom Line

Home prices are still rising, just not as quickly as before. Whether you’re thinking about buying, selling, or just curious about what your house is worth, connect with me today to get the personalized guidance you need.

Uncategorized April 18, 2024

Should I Move With Today’s Mortgage Rates?

Should I Move with Today’s Mortgage Rates?

When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. Maybe you did too because you didn’t want to sell and take on a higher mortgage rate for your next home. But is that still the right strategy for you?

In today’s market, data shows more homeowners are getting used to where rates are and thinking it may be time to move. As Mark Zandi, Chief Economist at Moody’s Analyticsexplains:

“Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. Homeowners may also be slowly coming to the realization that mortgage rates aren’t going back anywhere near the rate on their existing mortgage.

recent study from Bank of America sheds light on some of the things homeowners say would make them sell, even with rates where they are right now (see visual below):

a group of blue and white icons

What Would Motivate You To Move?

Now that you know why other people would move, take a minute to think about what would make a move worth it for you. Is it time to take a chance and go for your dream job, even though it’s not local? Are you looking for a neighborhood that has more to offer and a close-knit sense of community? Maybe you just need more space, you’re looking for your next great adventure, or you want a house that opens up rental opportunities to pad your income.

And here’s something else to consider. Mortgage rates are still expected to go down over the course of the year. And once that happens, there’s going to be a big rush of buyers jumping back into the market. While you could delay your plans until rates drop, you’ll only have more competition with those buyers if you do.

So, does that mean it’s worth it to move now, even with rates where they are? The answer is: that it depends.

You’ll want to consider today’s mortgage rates, where they’re expected to go from here, and what would prompt you to want to make a change as you decide on your next steps. An expert can help with that.

Bottom Line

Other homeowners are getting used to rates and deciding to move. Talk to a local real estate agent to go over what matters most to you and if it’s time for you to jump back into the market too.

Uncategorized March 18, 2024

The Ins And Outs Of Setting A Price For Your Home

Illustration of houses on a scale visualizing the balance of pricing your home.

Everything has value. Especially your home. And when it comes to selling your home, assigning a price to that value is complicated. You made memories there. You’ve got a major financial interest in the place, too.

Buyers think of value, but they’re more concerned about price. And your home’s price is one of its most attractive — or unattractive — features. The right price can attract buyers quickly. The wrong price may mean the house sits on the market, which can create the vibe among buyers that there’s something wrong with it. (If the home buying process is Instagram, think of a wrongly priced home as a photo that isn’t getting any likes.)

t’s your agent’s job, as the real estate expert, to mine their expertise and knowledge of the market and determine the best price for your home. But it’s your house. You need to have your own idea of how much your property is worth. Here’s how to get it.

Work With Your Agent

This is crucial. Your agent brings the right mix of industry expertise and knowledge of your local market to the table.

To understand whether your agent is pricing your home properly, read through each of the steps below. Use what you learn about your home’s fair market price to evaluate any price your agent recommends.

Throughout the pricing process, a good agent will:

  • Listen to your needs
  • Take your research into account
  • Use their knowledge of the local market to help you pick the best asking price

You’re a team. It’s in both of your interests to price your home correctly. A timely, profitable sale is a win for everyone.

And Yeah, You Should Also Check the Internet

Pricing a home is both art and science. To understand what will inform your agent’s pricing decisions — and prepare to bring your own educated input to the conversation — start with a pricing research phase.

This includes taking advantage of online estimating tools — but only to an extent. Property websites like realtor.com® enable you to plug in your home’s address to see approximately how much your house is worth. They base their estimates on your home’s square footage and real estate data they’ve collected, such as recent home sales in your local market.

But those results are estimates based on generalized factors, not your unique situation. If at any point the price you see in an online calculator doesn’t align with what your agent suggests, prioritize the agent’s advice.

Online estimators also have a reputation among real estate professionals for misleading buyers and sellers with less-than-optimal pricing information. But as a starting point, they have their utility.

Related Topic: Sell a Home: Step-by-Step

Know Your Local History

Your home’s listing price should largely depend on what similar homes, or “comps,” recently sold for in your area. To price your home, your agent will run the average sales prices of at least three comps to assess your home’s value.

What constitutes a comp? A number of factors, including a home’s:

  • Age
  • Location
  • Square footage
  • Number of bedrooms and bathrooms
  • Style
  • Condition
  • Improvements and renovations

Agents will look into the difference between each comp’s listing price and the price it sold for. They will consider price reductions and why they happened, if relevant. All the while, your agent will also rely on inside knowledge of housing stock and the local market. That nuanced understanding is invaluable, particularly when measuring the unique aspects of your home with raw data about comps.

When selecting comps, agents generally look for properties that sold within a one-mile radius of your home and in the past 90 days. They find these homes using the multiple listing service, a regional database of homes that agents pay dues to access.

Size Up the Competition

In addition to recently sold homes, your agent will look at properties currently for sale in your area. These listings will be your competition. But because listing photos don’t always tell the full story, a good agent will check out these homes in person to see what condition they’re in and to assess how your home compares.

You can do the same. For more perspective, get in touch with your local association of REALTORS®. Ask if they can give you information about your neighborhood and the local market.

Understand the Market You’re In

The housing market where you live can greatly affect your pricing strategy.

If you’re in a seller’s market, where demand from buyers outpaces the number of homes for sale, you may be able to price your home slightly higher than market value.

But if you’re in a buyer’s market, where buyers have the advantage, you may have to price your home slightly below market value to get people interested.

You can view local market trends by checking the online resource realtor.com®. It offers charts that display important housing market data, such as a city’s average listing price, median sales price, and average days a home is on market. It’s a lot of information. At any point, you can ask your agent to help you make sense of how your local market will influence your home’s price.

Put Your Feelings Aside

As previously mentioned, many sellers think their home is worth more than it is. Why? Because memories. Because sentiment. Because pride.

But you have to stay objective when assessing your home’s value. Buyers, after all, won’t know your home’s personal history. What makes your home special to you may not be something that entices them. They may want to convert that craft room you worked so hard to perfect into a man cave.

The lesson: As much as possible, set aside your emotional attachment to your home. It will make it easier to accept your agent’s realistic, clear-eyed calculation of its price.

Remember: It’s All Relative

As you and your agent are talking price, the local market may throw you a curveball or two.

In some markets, for example, it could make sense to price your home slightly below its fair market value to spark a bidding war.

Of course, this kind of pricing strategy isn’t guaranteed to pay off. Similarly, there’s no one-size-fits-all playbook. Your home should be priced for its own local, or even hyper-local, market. Period. Confer with your agent before you decide to try any market-specific pricing tactics.

Be Savvy With the Dollar Amount

Pricing your home requires careful attention. In some cases, fair market value may not be precisely what you should list it for — and the reasons can be subtle.

For example, if comps show that your home is worth $410,000, setting that as your asking price can backfire. The reason is that buyers who are looking online for properties under $400,000 won’t see your home in search results. This explains why many agents use the “99” pricing strategy and, for example, list $400,000 homes for $399,000. The idea is to maximize exposure.

Have a Heart-to-Heart With Your Partner

Not the sole decision maker in your household? Talk to your partner about your home’s price before it’s listed.

The reason isn’t just to foster the open communication that’s important to any relationship. It’s that if you’re not on the same page about price or the other things that are important to you about the sale, that tension will affect each subsequent step of the selling process.

Keep Your Head in the Game

You’ve considered your agent’s advice, and you have agreed on the right price for your home. Hey! Your house is on the market.

Even after the listing date, you and your agent should discuss price on an ongoing basis. Markets are fluid, so you may have to make tweaks.

It’s important to to stay in continual dialogue with your agent, the MVP of Team Sell Your House. Together, keep your eyes on the price.

Uncategorized March 18, 2024

Why Today’s Seller’s Market Is Good for Your Bottom Line

Why Today’s Seller’s Market Is Good for Your Bottom Line

Thinking about selling your house and wondering if now’s a good time to do it? Here’s what you need to know. Even though the number of homes for sale has been growing this year, there still aren’t enough homes on the market for all the buyers who want to buy.

So, what does that mean for you? To keep it simple, it means it’s still a seller’s market. Here’s how it works:

  • neutral market is when supply and demand is balanced. Basically, there are enough homes to meet buyer demand based on the current sales pace, and home prices hold fairly steady.
  • buyer’s market is when there are more homes for sale than there are buyers. When that happens, buyers have more negotiation power because sellers are willing to make compromises to close the deal. In a buyer’s market, sellers may have to do price cuts to re-ignite interest in their home, and prices may go down. But we haven’t seen this for years since there are so few homes available to buy.
  • In a seller’s market, it’s just the opposite. When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which can lead to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer upfront. This could drive the final sale price of your house up.

The graph below uses data from the National Association of Realtors to show just how deep into seller’s market territory we still are today:

a screenshot of a chart

What Does This Mean for You?

The market is still working in your favor. If you lean on an agent for advice on how to get your house list ready and how to price it competitively, it should get a lot of attention from eager buyers. That means you’ll likely get multiple offers and see your house sell quickly and for top dollar. As a recent article from Ramsey Solutions explains:

A seller’s market is when demand for homes is higher than the supply of homes. And that’s still the case right now. If you’re planning to sell your house, you can expect to sell it fairly quickly for close to your asking price—as long as your asking price is realistic for the current market.”

Bottom Line

Today’s housing market still favors sellers. If you’re ready to sell your house, connect with me so you can start making your moves.

Uncategorized January 3, 2024

Why You Should Use a Real Estate Agent When You Buy a Home

Why You Should Use a Real Estate Agent When You Buy a Home

If you’ve recently decided you’re ready to become a homeowner, chances are you’re trying to figure out what to do first. It can feel a bit overwhelming to know where to start, but the good news is you don’t have to navigate all of that alone.

When it comes to buying a home, there are a lot of moving pieces. And that’s especially true in today’s housing market. The number of homes for sale is still low, and home prices and mortgage rates are still high. That combination can be tricky if you don’t have reliable expertise and a trusted advisor on your side. That’s why the best place to start is connecting with a local real estate agent.

Agents Are the #1 Most Useful Source in the Buying Process

The latest annual report from the National Association of Realtors (NAR) finds recent homebuyers agree the #1 most useful source of information they had in the home buying process was a real estate agent. Let’s break down why.

How an Agent Helps When You Buy a Home

When you think about a real estate agent, you may think of someone taking you on home showings and putting together the paperwork, but a great agent does so much more than that. It’s not just being the facilitator for your purchase, it’s being your guide through every step.

The visual below shows some examples from that same NAR release of the many ways an agent adds value. It includes the percentage of homebuyers in that report who highlighted each of these benefits:

Here’s a bit more context on how the survey results noted an agent continually helps buyers in these situations:

  • Helped Buyer’s Understand the Process: Do you know the difference between an inspection and an appraisal, what each report tells you, and why they’re both important? Or that there are things you shouldn’t do after applying for a mortgage, like buying appliances or furniture? An agent knows all of these best practices and will share them with you along the way, so you don’t miss any key steps by the time you get to the closing table.
  • Pointed Out Unnoticed Features or Faults with the Home: An agent also has a lot of experience evaluating homes. They’ve truly seen it all. They’ll be able to pinpoint some things you may not have noticed about the home that could help inform your decision or at least what repairs you ask for.
  • Provided a Better List of Service Providers: In a real estate transaction, there are a lot of people involved. An agent has experience working with various professionals in your area, like home inspectors, and can help connect you with the pros you need for a successful experience.
  • Negotiated Better Contract Terms and Price: Did something pop up in the home inspection or with the appraisal? An agent will help you re-negotiate as needed to get the best terms and price possible for you, so you feel confident with your big purchase.
  • Improved Buyer’s Knowledge of the Search Area: Moving to a new town and you’re not familiar with the area, or you’re staying nearby, but don’t know which neighborhoods are most affordable? Either way, an agent knows the local area like the back of their hand and can help you find the perfect location for your needs.
  • Expanded Buyer’s Search Area: And if you’re not finding anything you’re interested in within your initial search radius, an agent will know other neighborhoods nearby you should consider based on what you like, what amenities you want, and more.

Bottom Line

If you’re looking to buy a home, don’t forget about the many ways an agent is essential to that process. Any hurdle that pops up, a negotiation that needs to take place, and more, your agent will know how to handle it while they make sure to minimize your stress along the way. Connect with a local real estate agent to tackle it together.

Uncategorized December 21, 2023

Sell Smarter: Why Working with a Real Estate Agent May Beat Going Solo

Sell Smarter: Why Working with a Real Estate Agent May Beat Going Solo

If you’re thinking about selling your house on your own, called “For Sale by Owner” or FSBO, there are some important things to consider. Going this route means taking on a lot of responsibilities by yourself – and that can be a bit of a headache.

A recent report from the National Association of Realtors (NAR) found two of the most difficult tasks for people who sell their house on their own are getting the price right and understanding and performing paperwork.

Here are just a few of the ways an agent helps with those difficult tasks.

Getting the Price Right

Setting the right price for your house is important when you’re trying to sell it. If you’re selling your house on your own, two common issues can happen. For starters, you might ask for too much money (overpricing). Alternatively, you might not ask for enough (underpricing). Either can make it hard to sell your house. According to NerdWallet:

“When selling a home, first impressions matter. Your house’s market debut is your first chance to attract a buyer and it’s important to get the pricing right. If your home is overpriced, you run the risk of buyers not seeing the listing.

 . . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.”

To avoid these problems, it’s a good idea to team up with a real estate agent. Real estate agents know how to figure out the perfect price because they understand the local housing market. They can use their expertise to set a price that matches what buyers are willing to pay, giving your house the best chance to impress from the start.

Understanding and Performing Paperwork

Selling a house involves a bunch of paperwork and legal documentation that has to be just right. There are a lot of rules and regulations to follow, making it a bit tricky for homeowners to manage everything on their own. Without a pro by your side, you could end up facing liability risks and legal complications.

Real estate agents are experts in all the contracts and paperwork needed for selling a house. They know the rules and can guide you through it all, reducing the chance of mistakes that might lead to legal problems or delays.

So, instead of dealing with the growing pile of documents on your own, team up with an agent who can be your advisor, helping you avoid any legal bumps in the road.

Bottom Line

Selling your house is a big deal, and it can be complicated. Having a real estate agent can make a huge difference with setting the right price and managing all the details, so you can sell confidently. Connect with a local real estate agent to make the process smooth and take the stress off your plate.

Uncategorized December 17, 2023

The Surprising Trend in the Number of Homes Coming onto the Market

The Surprising Trend in the Number of Homes Coming onto the Market

If you’re thinking about moving, it’s important to know what’s happening in the housing market. Here’s an update on the supply of homes currently for sale. Whether you’re buying or selling, the number of homes in your area is something you should pay attention to.

In the housing market, there are regular patterns that happen every year, called seasonality. Spring is the peak homebuying season and also when the most homes are typically listed for sale (homes coming onto the market are known in the industry as new listings). In the second half of each year, the number of new listings typically decreases as the pace of sales slows down.

The graph below uses data from Realtor.com to provide a visual of this seasonality. It shows how this year (the black line) is breaking from the norm (see graph below):

Looking at this graph, three things become clear:

  • 2017-2019 (the blue and gray lines) follow the same general pattern. These years were very typical in the housing market and their lines on the graph show normal, seasonal trends.
  • Starting in 2020, the data broke from the normal trend. The big drop down in 2020 (the orange line) signals when the pandemic hit and many sellers paused their plans to move. 2021 (the green line) and 2022 (the red line) follow the normal trend a bit more, but still are abnormal in their own ways.
  • This year (the black line) is truly unique. The steep drop off in new listings that usually occurs this time of year hasn’t happened. If 2023 followed the norm, the line representing this year would look more like the dotted black line. Instead, what’s happening is the number of new listings is stabilizing. And, there are even more new listings coming to the market this year compared to the same time last year.

What Does This Mean for You?

  • For buyers, new listings stabilizing is a positive sign. It means you have a more steady stream of options coming onto the market and more choices for your next home than you would have at the same time last year. This opens up possibilities and allows you to explore a variety of homes that suit your needs.
  • For sellers, while new listings are breaking seasonal norms, inventory is still well below where it was before the pandemic. If you look again at the graph, you’ll see the black line for this year is still lower than normal, meaning inventory isn’t going up dramatically and prices aren’t heading for a crash. And with less competition from other sellers than you’d see in a more typical year, your house has a better chance to be in the spotlight and attract eager buyers.

Bottom Line

Whether you’re on the hunt for your next home or thinking of selling, now might just be the perfect time to make your move. If you have questions or concerns about the availability of homes in your local area, connect with a real estate agent.

Uncategorized December 14, 2023

Holiday Entertaining: Home Cleaning Checklist

In getting ready to entertain for the holidays, a random approach may get you random results. Probably not what you’re going for. That’s why it’s smart to have a plan. But instead of using boilerplate steps, you can choose from a checklist like this one and pick what appeals to you the most.

These 13 steps are a good starting point based on advice from professional house cleaning businesses.

13 Steps to Clean House for Holiday Entertaining

#1 Tidy Up

Declutter living areas, countertops, and floors. Gather everything in a laundry basket, then sort directly from the basket, advises Debbie Sardone, owner of SpeedCleaning.com. Don’t forget the small touches too, like fluffing the couch pillows and folding throw blankets, adds Alicia Sokolowski, president and co-CEO of AspenClean, a chemical-free cleaning service based in Canada.

#2 Dust

Dust surfaces in all areas of the house, from the tabletops to the window blinds, ceiling fans, and lighting fixtures.

Pro tip: “We use scented dusters, which eradicate dust and leave a fresh smell behind,” says Obi Ukwu, manager and founder of Maidattendants, based in Nashville.

#3 Wipe Down Surfaces

Wipe down faucets in the bathroom and kitchen, countertops, and smudges and fingerprints from glass doors, windows, and mirrors. Also, don’t forget to clean chairs and stools your guests will be sitting on.

#4 Shine Up the Bathroom

Use a cleaning agent to thoroughly rub the toilet, sink, and shower (including the shower tracks and curtain). Sweep all personal items into drawers so countertops are bare.

Pro tip: A pumice stone can be a great tool for removing rust and scum from hard surfaces.

#5 Focus on the Kitchen

Clean appliances, countertops, stovetops, the oven, the microwave, and the refrigerator.

Pro tip: Put an open box of baking soda inside the refrigerator to neutralize odors and keep leftover food smells at bay, Ukwu says.

#6 Tend to the Floors

Focus on eliminating dirt in high-traffic areas. Vacuum the rugs and carpet and mop the floors.

Pro tip: A lemon-scented cleaning agent will make the room smell extra clean, says Johnny Pallares, owner of De La Rosa House Cleaning in Phoenix.

#7 Clean the Baseboards

Baseboards collect dust over time, and the film can make your home appear dirty.

Pro tip: Vacuum the baseboards to remove dirt and dust, then wipe them down with vinegar and water, Ukwu says.

#8 Check Supplies

Fully stock the bathroom with toilet paper, tissues, and soap for guests. Keep extra supplies in cabinets nearby, in case you need to quickly replenish.

#9 Pay Attention to Smells

While cleaning your home, open windows or turn on the vents, Sokolowski says. Light a candle before guests arrive to fill your home with a fresh scent.

Pro tip: Try an air freshener in the bathroom to keep it smelling clean.

#10 Take Out the Trash

Smells can build up in trash cans, so take out the trash regularly, especially before guests arrive.

Pro tip: Keep extra trash bags inside the bottom of your trash can so it’s easy for you — or your guests — to keep changing out bags, Sardone suggests.

#11 Spruce Up the Guest Room

For overnight guests, change the bedding. Dust the tabletops, declutter, and carve out space for a suitcase, along with leaving an open spot in the closet for their items, Sokolowski says.

#12 Do an Exterior Checkup

Make sure sidewalks are clear of ice or snow. Remove eyesores like rust stains on patios, porches, and driveways.

Pro tip: Use a lemon to remove stains. “Mixing pure lemon juice into your cleaning routine yields some impressive results,” Sokolowski says.

#13 Prepare an Emergency Cleaning Kit

During parties or gatherings, food and drink stains are often unavoidable. Keep spot cleaner nearby, Sokolowski recommends.

Think of the cleaning tip checklist not as a taskmaster, but a way to help you prioritize and time your home cleaning for holiday entertaining. You’ll be ready to celebrate even before the first guest arrives!