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If you're thinking about selling your home, the time to make the move is NOW. According to Realtor.com's recent Housing Shortage Report, the US is experiencing its most severe inventory shortage in twenty years. And a recent Trulia report found that home inventory dropped a whopping 10.5% in Q4 of 2017—the biggest drop the market has experienced since mid-2013. In addition, the Trulia report found that homes across all categories—starters, trade-ups, and premium—are the most unaffordable they've been since Trulia started tracking the data. And while this is bad news for people looking to buy a home, it's great news if you're looking to sell. Low inventory is creating competition for homes across the nation, and that competition is driving up prices, making it an ideal climate for sellers.
This competition and low inventory isn't going to last forever; in a recent article, economics experts from Realtor.com predict house inventory to start increasing towards the second half of 2018 (largely due to new construction). If you're thinking about selling, now is the time to act.
According to the 2017 National Association of Realtors Profile of Home Buyers and Sellers, FSBOs remain at an all-time low of a paltry 8%... and for good reason. According to the report, FSBOs typically sell for significantly less than homes represented by an agent. Agent-assisted homes sold for a whopping $60,000 more on average than FSBOs, with a median price of $250,000 compared to FSBOs $190,000. This huge discrepancy is likely behind the vast majority of sellers seeking qualified agents; in 2017, seller's use of real estate agents hit an all-time high of 89%.
Data Source: Realtor.com
But sellers aren't the only ones seeking out agents. Because of historically low inventory (according to Realtor.com's recent Housing Shortage Report, inventory is the lowest it's been in 20 years) and the uncertainty of working with FSBOs, buyers are flocking to real estate agents to assist with their home search, with buyer's use of real estate agents also hitting an all-time high in 2017 if 87%.
Whether you're buying or selling, the best option is always to work with a real estate agent - and the declining presence of FSBOs on the market just confirms it. So do yourself a favor and find an agent.
Whether you're prepping your home for sale, or plan on enjoying it for years to come, getting it into tip-top shape should be a high priority. A priority, mind you, that doesn't have to break the bank. Here's a list of 18 satisfying home upgrades that you can perform yourself with little to no specialized knowledge or experience.
1. Learn how to cheaply and easily make an ugly backsplash a thing of the past.
2. Tired of that ugly ceiling light cover? Want to focus the light on a smaller area? This DIY shows how to create a drum shade for your ceiling light.
3. For vanity updates, grey is the new black. Here’s a DIY to create your very own modern, concrete-style vanity.
4. If you would like a little more privacy without cutting the lighting down too much, try frosting your windows with cornstarch.
5. You can hang a curtain from the ceilings to create the illusion of a larger shower. Giving your rod a few coats using gold spray paint adds a nice touch too.
6. Upgrade those boring cabinets with this shaker style DIY.
7. You can also create that beadboard country-cabinet look with a simple wallpaper job.
8. Enhance your closet racks with elegant end-brackets. See how here.
9. Add an extra dimension of style to your flatscreen TV by framing it using various moldings and trim.
10. By half painting a wall, it will make the room seem quite a bit taller.
11. Use some inexpensive frames to upgrade any boring light switches.
12. Turn that plain jane cabinet into something amazing with some basic molding and a fresh paint job.
13. Make your rug nice and plush by using carpet underlayment.
14. See this DIY for the details on un-staining and restaining your wooden furniture.
15. Here’s a great example of how to upgrade your bathroom mirror with the appropriate trim.
- Less competition. (Many buyers stop looking at this time of year...for no good reason.)
- Motivated sellers. (They're sick of being on the market, and wondering why nobody bought their house.)
One of the main gripes that people have with real estate agents is their commission. Many homeowners (mistakenly) think, “Why should I pay a real estate agent to do something I’m perfectly capable of doing myself?” The reason people avoid working with agents is because they think it’s going to cost them money. But in reality, working with a qualified real estate agent is worth far more than what you’ll pay in commission. In fact, working with a real estate agent can actually make the process of selling your home less stressful, less time consuming, and less expensive. Here are three ways real estate agents more than earn their commission — and can actually save you money — during your home sale:
1. They know the right people
As the old real estate saying goes, when it comes to selling your home, it takes a village. And if you don't have the right villagers in your corner, the process of selling your home can get expensive, fast. During your home sale, there's all sorts of vendors you'll need to work with: contractors, landscapers, inspectors, tradesmen, professional stagers, movers... depending on your needs, the list can be lengthy. Finding all of those vendors on your own will take a lot of time — and there's no way to ensure you're getting a good deal when you hire them. But when you work with an agent, they have professional contacts across the board and can recommend the right vendors at the right price. Having access to your agent's network is a huge time and money saver during the sale of your home.
2. They know exactly how to price your home
Pricing your home is tricky business. If you don't price it high enough, you'll be kicking yourself when you get less than what you believe your home is worth. But price it too high and you won't get any offers, leaving your house on the market — possibly stigmatized as "having something wrong with it" — and costing you money in the process. When you try to sell your home on your own, pricing your property can feel like a guessing game. But when you work with a qualified real estate agent, their deep market knowledge will help you price your home in a way that works for both you and potential buyers. It's an agent's job to know what's going on in your market. They know how much homes are selling for, how long homes are sitting on the market, and exactly how you need to price your home if you want it to sell quickly and profitably. This information will significantly speed up the process of selling your home AND help you fetch a higher price — both of which put money right back into your pocket.
3. They give you your time back
Many sellers who try to manage their home sale on their own start the process thinking that it's going to require a minimal time investment. They think posting a few ads on home listing sites, hosting an open house or two, and signing a contract are all it takes to get a house sold. But unfortunately, that's not the case. Selling a home is a full-time job. That's why there's an entire industry built around it! Homeowners who go the sale-by-owner route in an attempt to save money often find their time, and lives, completely monopolized by the process. And, as they say, time is money. If you're spending all of your time trying to get your house sold, it's taking you away from your life — your family, your job, your hobbies. And there's no price tag for what that's worth. Working with a real estate agent takes all that time burden off of you. Selling your home is their full-time job, and they can devote the time and attention necessary to get it done quickly. The amount of time and hassle this will save you is invaluable. Not working with a real estate agent to save money on commission fees makes sense... in theory. But in practice, working with a real estate agent saves you immeasurable time, energy, and cash. Any good real estate agent will more than earn their commission — and then some — before the time comes to sign the closing papers.
Realtor-Associate Direct: 786-472-0626
Horizon Homes Realty Corp
6175 NW 153 Street Suite 300
Miami Lakes, Fl 33014