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The Truth About Home Prices Today: How Sellers Can Still Win

Mon, 27 Apr 2026 10:22:11 GMT

The Truth About Home Prices Today: How Sellers Can Still Win

The real estate market today isn’t what it was a few years ago - and that’s not a bad thing. We’ve shifted from an overheated seller’s market into a more balanced environment. Buyers are more cautious, interest rates are higher than recent lows, and pricing strategy matters more than ever.

If you’re a seller, the days of simply listing your home and waiting for multiple offers are mostly behind us. But here’s the good news: homes are still selling - and the ones that are positioned correctly are selling quickly and attracting serious buyers.

Let’s talk about how you can be one of those sellers.

Let's talk about how you can be one of those sellers.

Understanding Current Home Pricing

Today's market is all about precision.

Buyers are educated. They're comparing your home to others online before they ever step foot inside. If your home is overpriced - even slightly - you'll lose attention fast.

What we're seeing right now:

Homes priced correctly are still moving quickly
Overpriced homes are sitting longer and requiring price reductions
Buyers are negotiating more than they did in the past

Pricing your home right from the start is no longer optional - it's a strategy.

How to Sell Quicker in Today's Market

Price It Right From Day One

Why Are You Still Renting When You Could Buy?

Sat, 28 Mar 2026 22:56:46 GMT

Why Are You Still Renting When You Could Buy?

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Is Now a Good Time to Buy or Sell a Home?

Thu, 12 Mar 2026 13:18:59 GMT

Is Now a Good Time to Buy or Sell a Home?

The real estate market has been the subject of countless conversations over the past few years. Interest rates have changed, home prices have shifted, and many people are asking the same question: Is now really a good time to buy or sell a home?

The truth is, the answer depends on your goals. But even in today’s evolving market, opportunities exist for both buyers and sellers who understand how to navigate it.

Understanding Today’s Housing Market

Over the past few years, the housing market has experienced significant fluctuations. Higher interest rates have slowed some buyer activity compared to the intense competition we saw in 2021 and early 2022. However, home values in many areas have remained strong because housing inventory is still relatively low.

When there are fewer homes available, sellers often maintain leverage. At the same time, buyers may face less competition than in previous years, which can create new opportunities to negotiate.

Is It a Good Time to Buy?

For buyers, today's market can actually present several advantages.

First, there is often less competition than during peak market periods. That means buyers may have more time to make decisions instead of rushing into offers.

Second, sellers are sometimes more willing to negotiate. This can include negotiating purchase price, closing costs, or repairs.

Third, many buyers are recognizing that interest rates change, but real estate values historically rise over time. Some buyers choose to purchase now and refinance later if rates decrease.

If you are financially prepared and planning to stay in your home for several years, buying today can still be a strong long-term investment.

Is It a Good Time to Sell?

For sellers, today's market still offers strong potential.

Because inventory remains limited in many markets, well-priced homes often attract serious buyers. Homes that are properly marketed, staged, and priced correctly can still sell quickly.

Sellers also benefit from the equity many homeowners have built over the past several years. If you purchased your home before prices increased significantly, you may be sitting on substantial value.

The key to selling successfully today is strategic pricing and professional marketing.

The Bottom Line

The best time to buy or sell a home is not determined solely by the market. It is determined by your personal situation, financial readiness, and long-term goals.

Real estate is rarely about timing the market perfectly. Instead, it is about making informed decisions that move you closer to where you want to be.

If you are considering buying or selling and want to understand what the market looks like in your area, having a conversation with a trusted real estate professional can help you make the right decision.

Matthew Thomas, REALTOR®
"Built on Trust. Driven by Results."
(614) 714-1933

Boosting Profits: Expert Tips to Increase the Value of Your Home

Thu, 05 Mar 2026 21:51:08 GMT

Boosting Profits: Expert Tips to Increase the Value of Your Home

As a homeowner, it's natural to feel a sense of pride and attachment to your property. However, when it comes time to sell, it's essential to be realistic about its value. If your home is worth less than you thought, don't worry – there are ways to increase its value and boost your profits. In this article, we'll explore expert tips to help you maximize your return on investment.

1. Stage Your Home

First impressions matter, and a well-staged home can make a significant difference in its perceived value. Remove clutter, depersonalize, and declutter to create a neutral and inviting atmosphere. This will help potential buyers envision themselves living in your home.

2. Make Minor Repairs

A few minor repairs can go a long way in increasing your home's value. Fix leaky faucets, replace outdated light fixtures, and patch up any holes in the walls. These small fixes can make a big impact on the overall appearance of your home.

3. Enhance Curb Appeal

Your home's exterior is the first thing potential buyers will see, so make sure it makes a good impression. Trim the bushes, paint the front door, and add some colorful plants to create a welcoming entrance.

4. Update Your Kitchen and Bathrooms

These two rooms are crucial in determining your home's value. Update your kitchen with new appliances, countertops, and fixtures. In the bathrooms, consider replacing outdated tile, fixtures, and vanities.

5. Increase Natural Light

Natural light can make a room feel larger and more inviting. Consider replacing heavy curtains with lighter ones, adding skylights, or installing larger windows to let in more sunlight.

6. Add Storage and Organization

Buyers love storage and organization, so make sure your home has ample space for their belongings. Add shelving, install closet organizers, and consider adding a storage shed or garage.

7. Highlight Your Home's Best Features

Identify your home's unique selling points and highlight them. This could be a stunning view, a private backyard, or a convenient location. Use these features to your advantage when marketing your home.

8. Price Your Home Competitively

Pricing your home correctly is crucial in attracting potential buyers. Research the local market and price your home competitively to ensure it stands out from the competition.

9. Consider Professional Staging

If you're not sure where to start with staging, consider hiring a professional home stager. They can provide expert advice and help you create a welcoming atmosphere that will appeal to potential buyers.

10. Be Realistic

Finally, be realistic about your home's value. Don't overprice your home, as this can deter potential buyers. Instead, focus on highlighting its best features and providing a competitive price.

By implementing these expert tips, you can increase the value of your home and boost your profits when it's time to sell. Remember to stay focused on the end goal – selling your home quickly and for the best possible price.

"Built on Trust. Driven by Results."

Can’t Show your Home on Weekdays? Consider these Options

Fri, 31 Jan 2025 09:44:55 GMT

Can’t Show your Home on Weekdays? Consider these Options

Although weekends are a prime time to schedule viewings, many buyers will prefer to see your property on a weekday evening. Buyers might, for example, be interested in your listing but be out of town on the weekend. If you don’t accommodate their request for a weekday evening appointment, you might lose that opportunity.

So, when it comes to scheduling viewing appointments, being flexible and accommodating is always advised. But, what if you’re going to be away during the week or have another reason why you can’t show your home Monday to Friday? There are a few options you can consider.

One is to use a Lock Box. This is a secure box that contains a front door key. (You may have seen these when shopping for a home yourself.) Only your real estate agent has access. If a different agent wants to show a client your home, they’ll need to make an appointment and get access from your agent. A Lock Box can ease any security concerns you have about showing your home while away.

Another option is to not schedule weekday appointments but be VERY accommodating during the weekend. That means allowing a potential buyer to see your property Sunday at 7:00 PM. It’s essentially a trade-off, but it works!

Finally, if you don’t want appointments during the week because you have such a busy household — kids in school, evening work shifts, etc. — consider making just one weekday available. For example, offer showings on Wednesdays from 5:00-7:30 PM. That might be a slight inconvenience, but it will have been worth it if an interested buyer sees your property and makes a good offer.

Bottom line: Do what you can to make it as easy as possible for buyers to see your home. Want more tips on selling your home faster and for top dollar? Call me.

New Age Living: Granny Pods

Wed, 13 Nov 2024 19:46:52 GMT

New Age Living: Granny Pods

What do you get when you have an onslaught of aging baby boomers, an affordability crisis, and a housing shortage? Granny pods – also known as guest suites, in-law suites, or accessory dwelling units. They are tiny homes that are either separate or attached to an existing home with shared utilities and are usually equipped with a kitchenette, bathroom, bedroom, and living area. For more on why they are gaining popularity, read on.

Avoids the downsides of a retirement home – A granny pod can be a lot more affordable than a retirement home, while also making it easier for family to stay connected.
Aging in place – An elderly person can continue to live on their property and rent out the main house to caregiving family or renters, enjoying the comfort of familiar surroundings.
Childcare - Aging parents, if still in good health, are just steps away to help with childcare for their grandkids, saving money.
Multi-purpose revenue source - Despite the name, granny pods can also be a place for adult children to live or used as a rental property for passive income.
Home value – For all the reasons above, granny pods can also increase the value of your home.

When considering a granny pod, take into account:

Local zoning by-laws – There may be rules against additional dwellings on a property, but given the housing crisis many municipalities are moving towards more leniency with them.
Family dynamics – Consider if everyone will get along overall. Discuss if meals will be separate or shared and if the grandkids can stop by anytime.
Unexpected costs – You may need to upgrade utilities, ready your yard, and include accessibility features (e.g., ramps, grab bars) that may increase your costs more than initially expected.

If you’re interested in learning more about the granny pod movement, you can check online for visual ideas and more information.

Refinancing 101

Tue, 12 Nov 2024 12:04:26 GMT

Refinancing 101

Refinancing your mortgage is when you replace your existing mortgage agreement with a different one. While the most common reason to refinance your mortgage is to take advantage of significantly lower interest rates to lower your monthly payment , it’s not the only reason for refinance.

Some people refinance to access the equity in their home to provide flexibility to cover expenses, such as major home improvements, or to pay off higher-interest debt. It’s easier to qualify for the refinance if you have at least 20 percent equity in your home.

If refinancing is something you are interested in, start with a mortgage expert to see if it makes financial sense. Be sure you plan on owning the property long enough to break even on the closing costs of the refinance - that is the time it takes for the closing costs to be covered by the monthly savings.

If you have a credit score of 750 or more and a debt-to-income ratio of 36 percent or less, you will be more likely to get the lowest rates.

Making your money work for you is what refinancing is all about. It’s worth exploring to see if it makes sense for you, whether you want to lower your payments, pay off your mortgage sooner, or help fund a large expense like a home improvement project or retirement.

5 Reasons to Replace Your Windows

Wed, 25 Sep 2024 20:56:38 GMT

5 Reasons to Replace Your Windows

With the warmer weather here, now is the ideal time to replace your windows, so here are five great reasons why you should:

1. Boost the “Wow” Factor - Brand-new windows have a huge impact on the overall look of a home, inside and out— an important element when you sell a home.

2. Save on Energy Costs - Modern windows are packed with technologies that lower heating and cooling bills. From Low-E Argon, to special spacer bars, to high-insulating construction, these technologies can provide savings and comfort you'll notice (bye-bye drafts), especially if you're replacing very old windows.

3. Cut the Noise – New windows will reduce noise pollution, allowing a more peaceful and restful living environment. Studies have shown noise pollution to be linked with poor health (i.e., stress-related illness, high blood pressure, speech interference, hearing loss, sleep disruption, and lost productivity).

4. Dust Defenders – If you replace your windows with ones that have the between-the-glass blinds you won’t have to worry about your window coverings becoming dust collectors.

5. A More Secure Home – New windows have enhanced security features, such as advanced locking mechanisms and security sensors.

Will new windows boost the resale value of your home? They might, at least a little. But there's one thing for certain: upgraded windows definitely make your home look more appealing to buyers.

Out-of-the-Box Homes

Mon, 16 Sep 2024 22:57:17 GMT

Out-of-the-Box Homes

With housing costs at unaffordable levels for many, some people are turning to alternative homes. Here’s a breakdown of some of the other options out there:

Tiny living – If you can compromise on space, there are tiny homes (approx. 120 to 500 sq. ft.), some of which can be hauled around, micro apartments (approx. 200 to 400 sq. ft.) in buildings with varying amenities, and shipping container homes, which can be tiny (approx. 160 sq. ft.), or the size of an average-sized home constructed of multiple containers.

Vehicle conversions – For a 2-for-1 home and transportation deal, consider an RV or a converted school bus.

Houseboats – This option may be for you if you are a water lover. While the price is much lower than a condo and can even offer more space, consider the maintenance costs and how you feel about seasonal weather like wind, rain, and snow while on a boat.

Eco homes – In our ever-increasing eco-conscious world, there are different kinds of eco homes, such as passive Homes, designed to minimize energy consumption, and off-grid homes that are self-reliant for electricity and water.

Laneway homes – Typically found in urban centers and accessed from a back lane, these homes could be new builds or converted garages. Note, that not all jurisdictions allow laneway homes.

While alternative homes can offer an appealing price tag, consider that you may have to compromise on space, location, and quality of the build itself. In some cases, you may not qualify, or it may be more difficult to obtain a mortgage or insurance.

Virtual Staging: Do's and Don’ts

Mon, 16 Sep 2024 17:23:40 GMT

Virtual Staging: Do's and Don'ts

It’s well-documented that staged properties tend to sell faster and for more and can either be done traditionally or virtually. So, what are some reasons you might use virtual staging? Virtual staging makes sense for properties that are vacant, pre-construction, have tenants, or have dated furniture. It’s also more cost-friendly than traditional staging.

If you decide on virtual staging, it's important to get it right to ensure you maintain credibility with potential buyers.

Here are some must-know virtual staging do's and don'ts:

DO:

Have any repairs or updates done before the photos are taken
Use professional virtual staging services
Label each photo as "virtually staged"
Sync décor choices with the style of the property

DON'T:

Conceal or misrepresent issues or defects
Add anything other than furnishings and accessories (e.g., don't change the wall color, countertops, or floors)
Discard original photos of the room

Done right, your potential buyers will be inspired by the before and after using virtual staging. Ultimately, you want them to see themselves living there, rather than feeling like the staging is a scam.

3 Not-So-Obvious Reasons It's Time to Sell

Thu, 15 Aug 2024 20:51:19 GMT

3 Not-So-Obvious Reasons It's Time to Sell

There are many good reasons to put your property on the market. Some examples include a relocation, the kids leaving the nest, the need to downsize or upsize, and the list goes on.

Beyond the obvious reasons, there may be more subtle signs that the time to sell is near, such as:

1. Your Property Is No Longer a Good “Fit”

Your home may have been perfect for you when you bought it. But things change. Families grow. Needs evolve. For any number of reasons, your property may no longer be a good fit for you. If that's the case, it makes sense to at least see what's available on the market. Who knows? Your next "perfect" home may be for sale right now — and within your price range!

2. The Neighborhood Is Changing

You may have been in love with the neighborhood when you first moved in. But, over time, the characteristics of any area can change. Those changes don’t necessarily mean the neighbourhood is getting worse. It may be changing in a positive way - perhaps becoming more urban. But “more urban” may not be what you want. So, look at the direction your neighbourhood is heading. Ask yourself, "Do I still want to be living here in 2 years?"

3. You're Ready for Your Dream Home

Remember when you purchased your current property? Did it have every feature you wanted? Was it really your dream home? Or did you have to compromise on a few things, such as the size of the kitchen? If you had to make some tough choices back then, it might be time for you to finally get the home of your dreams.

Of course, there are many other reasons it may be time to make a move. If you think now might be that time, call me today.

Bidding War Battles: How To Come Out Victorious

Thu, 01 Aug 2024 20:31:47 GMT

Bidding War Battles: How To Come Out Victorious

It happens. Desirable home. Desirable neighborhood. Multiple buyers with offers. It can be a recipe for a bidding war.

So, what do you do if you have your heart set on a home that other people want too?

Show them the cash – According to a report by Redfin, cash offers were 4 times more likely to win a bidding war. Of course, when considering making a cash offer don’t drain your emergency fund, and weigh factors such as if there is a penalty to pay if you withdraw from a certain account.
Get pre-approved – Next to cash, getting pre-approved before you shop is the next best option. This way you know what you can afford, and it ups your chances of winning a bidding war because the seller knows you are serious and can close faster.
Offer over asking – In doing so, make sure you know the highest amount you are willing to offer, thinking in terms of what the monthly payment would be.
Limit contingencies – Contingencies waived usually apply to inspections, appraisals, finances, and insurance. Be aware that waiving contingencies limits your ability to back out of the deal and you take a potentially serious financial risk.

Navigating a bidding war can be tricky, so you need to be prepared for one before it happens. As an experienced REALTOR ^® , that’s where I can help. If moving is on your mind, call me today.

The Power of Scent

Thu, 25 Jul 2024 12:07:58 GMT

The Power of Scent

Over time, you can become so accustomed to the smell of your home that you may not think twice about it. But when a potential buyer first walks into your home, one of the very first things noticeable to them is the smell. So, you want it to be a good one.

To keep potential buyers sniffing for more use these scent tips:

Good Smells

Light florals
Citrus
Vanilla
Natural wood (think pine, cedar)
Natural herbs (think basil, thyme)
Fragrant plants (think roses, eucalyptus, lavender, and rosemary – just make sure they get plenty of light)

Bad Smells

Strong cooking smells (fish, eggs, garlic, onion, etc.)
Pet odors (clean all pet paraphernalia also for allergy reasons)
Strong cleaning chemicals (bleach)
Smoke (use an air filtration machine)
Stale, musty smells (open windows to let the fresh air flow in)
Too many smells (if even they are good) Focus on 1 or 2 scents

Remember, emotions are driven by senses, which play a role in the buying process. The scent of your home will trigger feelings, in your prospective buyer, so make sure it’s good feelings.

A Quick Household Check Helps Conserve Resources

Sat, 01 Jun 2024 12:38:31 GMT

A Quick Household Check Helps Conserve Resources

This is a good time to visually check of all your utilities, fixtures and appliances to make sure they are not using expensive energy and resources inefficiently.Start with the faucets. Ensure they don’t drip when closed. If they do, replace the washers (or in the case of washerless units, the valve cartridges).

Next, check that your toilets don’t leak. To check for leaks, pour coloured liquid bowl cleaner into the tank, then wait several hours to see if it appears in the bowl without flushing. If it does, you likely have a leak, and may need to replace the stopper in the bottom of the tank.

Then, make sure your hot water tank and/or pipes are not sweating. While you’re at it, consider turning down the tank thermostat by a couple of degrees – chances are you won’t notice a difference, except hopefully on your energy bill.

Finally, check that windows and doors are not drafty. If they are, consider caulking, repairing or replacing them.

Easy DIY Home Projects That’ll Make You Say, “Yes I Can!”

duda@secondgen.com — Wed, 10 Nov 2021 18:03:39 GMT

A little elbow grease; a big difference!

By: Leanne Potts

Beautiful you-can-do-it inspirations for easy DIY projects.

As anybody who’s been inspired by HGTV can tell you, DIY home projects on TV look amaaaazing.

But DIY renovations in real life: kiiiinda the toughest thing ever. And, yet, these rookie craftsmen did beautiful, jaw-dropping work that will totally inspire you. Check out these easy DIY projects for your home:

#1 Pinterest-Worthy DIY Window Seat

An empty recess in a room is a ripe spot for a DIY project, as home improvement blogger Britt Kingery can tell you.

She and her husband, Justin, built a window seat so ridiculously Pinterest-worthy you’ll want to make one for yourself (like, right now).

It’s a roomy 10-foot beauty, so you can seat a houseful of guests without dragging chairs all over the place. And (bonus!) there’s storage underneath for stashing lots of stuff out of sight.

You can custom-create your own for about $250 if you’ve got a few essential DIY tools.

Or you can do an Ikea hack to get the same result. Just attach one of their long, horizontal storage systems to your walls. Then add cushions and preformed molding for the same custom look.

The big reveal doesn’t happen overnight, and a renovation almost always looks worse before it looks better.

Britt Kingery, home improvement blogger

#2 Miracle Makeover With Just Paint, Stain (and Patience)

“The Brady Bunch”-orange wall and abused floors in the before photo are homely enough to strike you blind.

But what a miracle paint, sanding, and stain can do! Lighter shades on the walls, trim, and floor reflect natural light, making the space so much brighter. And for very little money (about $150).

The key to such an amazing transformation, Kingery says, is to be a tortoise, not a hare.

Sanding, taping, patching holes, and waiting on stain, paint or polyurethane to dry takes care and patience if you want professional-looking results.

“The big reveal doesn’t happen overnight, and a renovation almost always looks worse before it looks better.”

#3 Instant Open Floor Plan

Cramped, dark kitchens are so very 1981.

Sarah Lemp of the “All Things With Purpose” blog turned her dated kitchen into an open, light-filled space that feels and functions like a larger room.

The cost? $300. Yep. For less than the cost of a set of countertop canisters at Williams Sonoma, Lemp worked magic.

The biggest fix? She just removed a set of overhead cabinets that blocked light and the view into the dining area, making an instant open floor plan.

Then she turned to paint, the budget remodeler’s friend. She used a soft griege (designer-speak for grayish beige) for the walls of the kitchen and dining area.

She painted the remaining upper cabinets white, and the bottom ones dark gray.

“I love the look of white cabinets, but figured a darker color was more kid-friendly,” she says.

Lemp skipped the requisite subway tile backsplash and went with peel-and-stick shiplap instead. “It was easier and cheaper,” she says.

#4 Brighter Bedroom With Paint and Wood

This may be an ugly room, but we’re not sure because it’s so dark all we can see are cheap blinds and a poofy valance that hasn’t been fashionable since the Olsen twins were toddlers.

It needed major help.

Ashley Rose and Jared Smith of the blog “Sugar and Cloth” pulled off a weekend makeover by painting the walls a lighter color and replacing the window treatments with wispy, white drapes that practically pull sunlight into the room.

A pair of wall-mounted reading lamps added a second layer of light, because a lonely overhead fixture can’t light the whole room all by itself.

And that wall behind the bed? It’s strips of reclaimed wood with an adhesive backing. Peel, stick, and you’re done. No nails. No glue. And just one tool: a level to make sure you stick the wood strips in a straight line. Awesome.

#5 An Easy-Peasy Backyard Patio

Dirt’s ugly. It’s also a pain, turning into mud when it rains, dust when it doesn’t, and sneaking into your house on the feet of dogs and kids.

Covering it with a paver patio is a great fix. Chelsea Foy of the blog “Lovely Indeed” built this one in a neglected flower bed in just 10 hours.

She used patio stones molded to look like several individual bricks, because leveling one large stone is tons easier than leveling a bunch of bricks.

Those arcs of large river rocks just off the patio make a natural-looking transition between the factory-perfect pavers and the rest of the yard. They’ll also give you less lawn to mow or flowers to tend.

#6 Fancy Wall Molding for a Bargain Price

Wall molding makes a room look so custom, so finished, so much better than boring old drywall. But it costs around $25 a square foot just for the materials.

Mysha Barton of the blog “Remington Avenue” pulled it off along her stairs for just $30 — total.

The secret? She used MDF (medium density fiberboard, aka fake wood) to keep it cheap, and didn’t mount it in the traditional way with board panels on the wall.

Instead, she put thinner “chair rail molding” directly on the wall, and painted everything white, including the wall to get that rich look of molding.

The toughest part was cutting all those angles, Barton says.

She got it done with a miter box and a handsaw. “My advice is to use scrap wood to practice your angled cuts before taking on your expensive molding pieces.”

Barton did this project in just eight hours with three small children in the house, so even if 10th-grade geometry made you cry, you can do this.

#7 A Space-Saving Workbench

A DIY workbench is a gateway project, one that can lead you to harder projects and possibly, a home improvement addiction. Make this workbench your very first project and you’ll have room to do scads of projects — money-saving ones.

It’ll fit in a small space because it’s actually a door mounted on door hinges, so you can fold it flat against the wall when you’re not using it. Be sure to buy a solid wood door, not a hollow one, so it’s sturdy enough to stand up to years of projects.

We’re pleased to announce the addition of a real estate veteran to our team. Andrew Stevens joins us in our main office after 10 years in our northern branch.

How to Prevent (Home) Buyer’s Remorse

duda@secondgen.com — Wed, 10 Nov 2021 18:00:17 GMT

Always feel confident it's your dream home.

By: Lynn Ettinger

You can make a successful offer on a home even in a competitive market — with the right information and help.

When you’re house hunting, the pressure of competition can move you from “Hmm, I like that, but it’s too pricey,” to “I have to have that!” You think, so what if paying for this house will put me way over budget? I can cut back somewhere else, right? But that kind of thinking can get you into trouble. Trouble that’s totally avoidable.

Whether you’re in the middle of a home bidding war or facing down a list of must-haves, don’t lose sight of your budget and the risks. That way, you can own a house without home buyer’s remorse. And you’ll have money left to enjoy things like new furniture, entertainment, and just plain having fun.

Who Has Home Buyer’s Remorse and Why?

A competitive real estate market can set buyers up to purchase a home that’s either beyond their budgets —sometimes hugely beyond — or doesn’t meet their needs, according to a 2021 survey by Bankrate and YouGov. The survey found that recent home buyers, including 64% of millennials, had regrets about their home purchase. The top reason? They were unprepared for maintenance and other home ownership-related costs. On top of that, 13% percent of millennials said they think they paid a higher sales price than they should have.

“Things in homes always break down, so people should put aside a budget for anything that will need fixing,” says Lawrence Yun, chief economist at the National Association of REALTORS®. “A rule of thumb is to anticipate 1% or 2% of the home price for potential maintenance,” he explains. “So, for a $300,000 home, that means setting aside $3,000.”

One reason home buyers may be tempted to go over budget is they’ve been influenced by the beautiful homes on TV, according to an NAR report on home staging. “The shows can create unrealistic expectations for the home buying process and how homes should look,” says Brandi Snowden, NAR director of member and consumer survey research. In time, buyers can view features that used to be luxuries as necessities. They believe everyone has them and they should too. One solution: Work with a REALTOR as early as possible in the process. “Make sure your agent knows your budget, so they can help you set expectations and stick to them,” she advises.

How to Navigate House Hunting in a Competitive Market

In addition to pressure to exceed their budgets, buyers are facing hurdles like these five:

1. Requests to Waive Contingencies

Tamara Suminski, a real estate agent at Beach Real Estate Group in Manhattan Beach, Calif., is seeing not only bidding wars but also sellers wanting buyers to waive contingencies. “With an appraisal contingency, if the appraisal comes in low, the buyer has choices. They can choose to try to renegotiate with the seller, bring in the difference, or cancel. When they remove that contingency and its protection, and if the home doesn’t appraise at the right level, the seller is not very likely to renegotiate with them. And the buyer has waived their right to cancel. If they cancel anyway, they’re risking their deposit.”

Some buyers are also waiving contingencies related to home inspections. These investigations are an opportunity to have a home inspector view the home based on disclosures and for the buyer to use findings as a bargaining tool, Suminski says.

Eliminating these protections can end up costing money for buyers. And the more offers the buyer writes and loses, the more risk they will tolerate. So, they may waive contingencies and regret it later, says Suminski. Talk to a buyer’s agent who will guide you through this and explain the risks of removing protections and unknown variables, she advises.

2. Speed Showings and Decisions

Bryan Yap recently bought a home in an expensive and highly competitive market — Orange County, Calif. He found that with the pandemic, each showing lasted only 15 minutes. That was one of the biggest hurdles. “We’d see three, four, or five homes in one day. It’s hard to keep track of what you like and don’t like with each house. What I would do differently is take notes immediately after viewing a home. If you’re able to prepare beforehand, create a list of wants and requirements in priority order. Immediately after seeing each home, rank it based on the list.”

3. Focusing on the Top of Your Price Range

“If you’re looking in a micromarket where listings are achieving multiple offers and homes are going above asking price, don’t set your on the houses at the top of your price range,” Suminski says. If $300,000 is your upper limit, look at houses priced at $250,000 or $275,000. Otherwise, you’re going to be outbid from the gate every time.”

That was the process Yap used when he was looking. “I would look for homes $25,000 under my max budget. I went on Zillow and looked at homes that were sold recently and tried to calculate the average over-listing price those homes were being sold for and factor that into my offer price.”

4. The Need to Compromise

Yap’s must-haves were three bedrooms, two baths, and being closer to the city center of Anaheim. “I was able to get three beds, two baths, but I did have to compromise on location. I also had to compromise on price, which was doable because I could still afford it. To compete with all the potential buyers, I knew that we had to either offer an over-list price or remove some contingencies.”

Suminski advises adjusting your search outward geographically, even if it means a longer commute. Buyers might also have to compromise on property types and features. In addition, they should consider doing some DIY projects instead of wanting everything to be move-in ready. “They may have to be willing to look at townhouses instead of single-family homes or install carpet and paint on weekends.”

5. Information Overload

In the two years before he started searching for a home, Yap did a lot of reading. “It was a massive plan I had to come up with and stick to so that I’d be able to afford buying a home.”

Because of how hot the Orange County market is, agents scheduled showings as soon as a house was listed or showed “coming soon” status. Yap treated the home search as “almost a second job,” using lunch breaks and evenings to check emails, do online searches, and text his real estate agent about what he wanted to see. “I had to make a lot of sacrifices. People wanted to set plans with me for the weekend, but I said, ‘Sorry, I have to go view homes that day.’”

He primarily credits his real estate agents, including Sumiski, for keeping him informed. “They made all this possible. I learned a lot from them.”

Some agents, like Suminski, hold an accredited buyer’s representative designation but usually work with sellers as well as buyers. “An [agent with an] ABR has taken extensive buyer’s representation training,” Suminski says. “They’ll provide education to buyers so that they’re learning as much as they can about the market, including the risks involved with different negotiations. If buyers are going to shorten terms or remove protections, they need to be well informed about the pitfalls.”

Learn from Experiences

That access to information and guidance will help buyers making an offer on a home especially in a competitive market. “Today’s buyer has seen and written offers on many properties before they get their offer accepted,” Suminski says. “That’s common across the country. Each is a learning opportunity for buyers about what information they might need to be researching so they can move more quickly.”

When you act on advice from recent buyers and agents, you can stay well informed and get good results even in a tough market. And that’s the best way to prevent home buyer’s remorse.

A home like this comes on the market once in a decade. It’s spacious, fully renovated and designed to the highest standards.

8 Simple Rules for Negotiating Your Offer and Getting That House

duda@secondgen.com — Wed, 10 Nov 2021 17:56:12 GMT

In today's hot market, know how to make sure you get the home of your dreams.

By: HouseLogic

You and your agent are going to use everything you’ve learned to seal the deal.

Here’s the dream: Your offer is perfect, you don’t need to negotiate, and you can spend the next few weeks addressing more pressing home-ownership questions, like “Why is it called wainscoting?” and “Do I want a new couch in blush or emerald green?”

And it could happen. Many sellers accept the best offer they receive, and for a variety of reasons.

But sellers are also known to reject offers for a variety of reasons. Or make counteroffers. This is especially likely if you bid low, or when you’re up against multiple competing offers.

If you do receive a counteroffer, it’s up to you to decide whether you want to accept the new contract, negotiate the terms, or walk away.

In cases such as these, look to your agent. He or she is your spirit guide. If you decide you want to negotiate — that is, make a counteroffer to the seller’s counteroffer — your agent will use their negotiating skills to help get you the best deal. This is what agents do every day.

But you’re not just going to sit there. If you understand what negotiating tactics your agent may deploy — they depend on the local market and your position — you can back them up. And cheer them on.

Here are eight rules every buyer should know before they — and their agent — start negotiating:

#1 Act Fast — Like, Now

When you receive a counteroffer, you should respond quickly — ideally within 24 hours. The longer you wait, the more space you leave for another buyer to swoop in and nab the property. Also? If a seller senses hesitation, they may decide to withdraw their counteroffer before you even have a chance to respond.

#2 Raise Your Price (Within Reason)

While you obviously don’t want to overpay for a house, you may have to up the ante — especially if you initially made a lowball offer. Lean on your agent’s expertise to determine how much money you should add to the sales price to make it more enticing to the seller.

Then, through their powers of persuasion, your agent can make the counteroffer look even more attractive by pointing out similarly priced “comps” — recently sold homes in your area that are comparable in terms of square footage and features.

As your agent negotiates, it can feel like things are escalating quickly. It’s stressful. You may feel a sudden urge to do whatever it takes to win.

Before you go overboard, there are two things you must keep in mind:

You can’t exceed the monetary confines of the pre-approved mortgage you received from your lender.
You shouldn’t overextend your budget.

Because your counteroffer has to be an amount you’re comfortable spending on a home. You want that new house and to keep living your life. Plus: You’re not out of options yet.

#3 Increase Your Earnest Money Deposit

Increasing your earnest money deposit (EMD) — the sum of money you put down to prove to the seller you’re serious (i.e., “earnest”) about buying the house — is another way to show the seller you have more skin in the game. A standard EMD is typically 1% to 3% of the sales price of the home. Making a counteroffer with a 3% to 4% deposit could be what you need to persuade the seller to side with you.

#4 Demonstrate Patience About Taking Possession

Depending on the seller’s timetable, changing your proposed possession date — the date you take over the property — could butter them up, too. If the seller wants to stay in the home for a few days after closing, try offering a later possession date. You could also draw up a “rent-back” agreement, meaning the seller pays you rent for staying in the home for a set period of time after the closing date.

#5 Let Go of a Few Contingencies — With Care

Want to give your counteroffer an even bigger boost?

Reduce the number of contingencies you’re asking for. It’s your way of saying, “Hey, look, I have fewer ways to back out,” which gives the seller more reassurance that the deal will close.

But be selective: Some contingencies are too important to give up. A home-inspection contingency — the right to have a home inspection and request repairs — gives you an out if you spot major problems with the home (and protects you from buying a total money pit).

You might waive a termite inspection if you’re in a state where the risk is lower.

But ultimately, waiving contingencies depends on your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. And if you waive contingencies and then you find a problem, the seller isn’t responsible for fixing it.

#6 Ask for Fewer Concessions

At a mortgage settlement, home buyers have to pay closing costs for taxes, lender’s fees, and title company fees. Closing costs vary by location, but you can expect to shell out between 3% and 4% of the home’s sales price. The seller pays an additional 1% to 3%. (Smart Asset and Nerdwallet have simple calculators you can use to get a rough idea of what your closing costs might be.)

When making an initial offer, you have the option to ask the seller for concessions — a settlement paid in cash to help you offset your share of the closing costs. (This move is less feasible if you’re going up against multiple offers.)

Concessions effectively lower the seller’s net proceeds from the sale. Making a counteroffer that removes the concessions you would have otherwise received at settlement puts cash back in the seller’s pocket — and can improve your bid.

#7 Pick Up the Cost of the Home Warranty

Sometimes sellers offer prospective buyers a home warranty. This is a plan that covers the cost of repairing major home appliances and systems, like the air conditioner or hot water heater, if they break down within a certain period (typically a year after closing).

A basic home warranty costs about $300 to $600 a year, according to Angie’s List. If it seems like waiving the home warranty can sweeten negotiations, but you still want the peace of mind of having one, tell the seller they don’t need to cover it — then buy it yourself.

Just keep in mind, whether you or the seller buy the warranty, you’ll need to pay the service fee (typically between $50 and $100) if something does, indeed, need to be repaired while under warranty.

Also, FYI: A home warranty is entirely separate from homeowners insurance. Homeowners insurance — the security blanket that covers your home’s structure and possessions in the event of a fire, storm, flood, or other accident — is required if you take out a mortgage. It can cost anywhere from $300 to $1,000 per year.

#8 Know When to Walk

When negotiating with a seller, trust your gut — and your agent. If he or she says a deal is bad for you: Listen.

And if you don’t want to make any more trade-offs — and the seller won’t budge — it’s smart to walk. That can be a tough decision to make, and rightfully so! Negotiating is tough. It’s draining.

And losing something you’ve worked hard to get can be disappointing. But don’t worry. There’s a better deal for you out there. And after those strong feelings of frustration pass, you’ll realize: Now I know how to do this.

A home like this comes on the market once in a decade. It’s spacious, fully renovated and designed to the highest standards.