I want to personally wish all of our past clients, vendors, colleagues, friends & family a
VERY HAPPY HOLIDAYS!
We here at Scott Neal Real Estate are looking forward to spending some time with our friends and family during the holidays, and I'd like to encourage you to
Every year about this time the real estate market experiences a bit of a slump. Sales in January are typically the lowest they will be all year, and most agents seems to be "on a break" until about March.
But not Scott Neal Real Estate! December and January are usually some of our BEST months!
So why do we think that now is such a great time to sell? Well, let me give you 2 good reasons:
1. Lack of Competition
The average home seller has the thought of "waiting until the Spring or Summer to list" and usually cite many reasons as to why, but if you're really interested in moving now then now is as good a time as any. Since they are waiting a few months, there is less to compete against. And the less competition you have, the better.
2. Motivated Buyers
My experience has shown that the home buyers that are taking time out of their busy schedules to go see homes during the holidays are motivated and ready to buy. If you're just on the fence about buying, it is too much of a hassle to fight crowds, traffic, and use your time off to go window shopping for something you don't really want right now anyways. So the traffic you will get during these times are typically more motivated to buy than other times.
Condition & Showability are one of 3 key factors that must be addressed when trying to get top dollar for your home. No matter what kind of market you are in, you are always in a Price War and a Beauty Contest. And this is why it is essential to know the true condition of your property prior to listing.
Think about it. Your negotiating power is almost entirely exhausted once you have an executed contract in hand, and the typical buyer is not going to perform any due diligence on the property until they know for certain the property is contractually theirs. Generally, the only place for the negotiations to go after this is backwards.
The biggest reason that sales fall apart is because of inspections. Inspecting the property ahead of time allows the seller to make any necessary repairs and get the deal killers out of the way to move toward a successful transaction.
Having a good home selling strategy is key to selling quickly and for top dollar. Give us a call today to find out how our 151-Step Home Selling System can get you SOLD!
Buyers:
Interest rates
remain at historic low's. A 30-year fixed rate mortgage can be
purchased at 4.25% today. Get in now! If you've been on the fence, buy
now! Prices won't go up forever, so take advantage before you wish you
had.
If you have
been thinking about selling, call us. Now might be the perfect time for
you to cash in on this market. Especially if you are planning to move
up in price for your next home.
The market doesn't seem to be as frantic as it has been lately. It's slowing down a bit, but things are still moving upwards. The simplest explanation is that the lack of inventory just can't keep up with demand.
Buyers:
Interest rates remain at historic low's. A 30-year fixed rate mortgage can be purchased at 4.25% today. Get in now! If you've been on the fence, buy now! Prices won't go up forever, so take advantage before you wish you had.
If you have been thinking about selling, call us. Now might be the perfect time for you to cash in on this market. Especially if you are planning to move up in price for your next home.
Register for your chance to win up to $100,000 towards the purchase of your next home!
We are VERY excited to announce an awesome promotion that our team is a part of: The Great Home Giveaway!
There is $260,000 up for grabs through the end of January 2015. Every 2 weeks there will be a drawing for $10,000, and then the grand prize drawing of $100,000 will be at the end of the promotion.
All you have to do to register is go to http://www.mydallashomefinder.com/giveaway/ and enter your information. Once you register, you will need to get pre-approved for a home loan through our preferred mortgage partner. Once we receive your pre-approval letter, your entry will be approved and submitted for the drawing!
The first winner has already been chosen, and we're happy to say that it was a real tearjerker! This winner is a single mom with just barely enough for the down payment. Now she'll have money left over after her purchase!
We hope that you'll be the next winner in The Great Home Giveaway of 2014!
NO PURCHASE NECESSARY. Legal residents of the 50 United States (D.C.) 21years and older. Ends 1/31/15. To enter and for Official Rules, including odds, and prize descriptions and how to enter without pre-qualifying for a mortgage,visit www.TheGreatHomeGiveaway.com. Void where prohibited.
All signs are pointing towards a rising real estate market. Pretty much everyone knows by now that we are in recovery. But many don't understand at what pace.
Prices are up, days on market are down, supply is down, sales are up. All this is great news for buyers and sellers alike.
Buyers:
Get into the market NOW! Don't wait any longer. The bottom has come and gone, and now is the time to act if you have been waiting. Interest rates are up from their historic low's, and on the rise. Prices are up from the most recent bottom, and on the rise. Inventory is at it's lowest point since the height of the market in 2007, and this it what is pushing the market.
Consider this: for every point in interest rate adjustment up, you can expect you payment to rise about 10%.
ex: $200,000 loan @ 4.5% = $1,013/mo PI
$200.000 loan @ 5.5% = $1,136/mo PI
In addition to this scenario, take into consideration the fact that prices are on the rise as well. In fact, our median price is up almost 11% from last year.
ex: $200,000 list price 2013
$221,600 list price 2014
If prices rise another 10% this year, and interest rates rise another 1% (both are anticipated), this is the scenario we might see
ex: $200,000 list price @ 4.5% = $1,013/mo PI
$220,000 list price @ 5.5% = $1,249/mo PI
a difference of $236/mo for basically the same thing you could have bought last year.
If you have been even remotely thinking about selling you home, now just might be the time. Especially if you are planning to move up in house (see the above example as to why). These low inventory levels make it possible for you as a seller to enjoy all of the benefits of a seller's market. What are the benefits to a seller's market? Rising prices, increased buyer demand, lower competition, and better opportunities for more favorable offer terms.
Our current experience in this market is this: THERE ARE TOO FEW HOMES ON THE MARKET. Our buyers are making VERY STRONG offers to sellers. Stronger than I have seen since I got into real estate (2007). Even talking with old-timers who have been in this market for more than 20 years say they have never seen it like this.
The best position for you as a seller to be in is a multiple offer situation. Our Guaranteed Sale Program is designed to drive up demand for your home to get the absolute highest price for you. In fact, I'm so confident that I will sell your home in 59 days or less, or I'll buy it myself!
1. Flooring - Flooring can be the single largest dollar-for-dollar return on investment you can make to increase your home value. Worn or stained carpet, outdated tile and grout lines, and poor installation jobs can negatively affect your home value. In the Dallas area carpet pricing starts around $1.25/sqft with pad installed, tile and hand-scraped hardwoods at around $5/sqft.
2. Painting/Texture - A freshly painted house is vital to attracting the highest value for your home. The idea here is not to please everyone, but rather appeal to the largest section of buyers possible. Neutral colors should replace personal favorites (ie. blue, pink, purple, green. etc), and the only people that want old floral wallpaper are our grandmothers.
3. Kitchens - A fabulously updated kitchen may be the norm in your neighborhood. Be careful here, because some neighborhoods may not warrant the granite counters and custom cabinets. In many neighborhoods we see in the Dallas area, a brand new kitchen can mean more 10% in pricing.
4. Bathrooms - Cultured marble may have been stylish in 1976, but nowadays granite is in. Large tiles and slim grout lines bring bathrooms into the 21st century. Also in vogue are seamless shower surrounds, jetted tubs, and framed mirrors.
5. Fixtures - NO BRASS! Most buyers aren't aware of what is making the home "feel old", but many times it is because of the fixtures. For less than $1000 you can change out all of the doorknobs and light fixtures and give the home an overall facelift.
We hope that everyone will have a great year and accomplish whatever you set out to accomplish!I personally have been able to create a great business with dedication and a good plan. Each and every day we are working towards serving our clients better and helping more families buy and sell real estate in the Dallas area.
Here are my Market Predictions for 2014:
Inventory will continue to stay below 4 months.
Normally, 5-6 months worth of inventory is considered a "flat" market; it is either a seller's market nor a buyer's market. Over 7 months is a buyers market; there is more to choose from and less competition for housing. It's when the market starts to dip below 4 months that things start heating up.
In 2013 we saw a shortage of inventory which lead to one of the best real estate markets nationally since before the crash of 2008. I believe 2014 will be very similar to 2013.
Buyers will be paying higher prices.
2013 saw some areas increase by more than 10% in median prices. Buyers routinely encountered sellers less willing to accept offers less than asking or with large closing costs contributions. And with less inventory in the market and more buyers, some aren't willing to take a chance and miss out on a good home.
Sellers will see multiple offers within the first few days on market.
Spring 2013 was a strange time in real estate. I talked to some "old-timers" who told me they had never seen such a frenzy. Interest rates were at all-time low's, inventory was almost non-existent in some parts of town, and buyers were being caught in an emotional bidding war to grab up the only houses for sale.
I can see how this will happen again this Spring and Summer. Buyers, be prepared. Sellers, get ready.
Interest rates will rise.
This topic had been the talk of the real estate industry throughout 2013. The economy is gaining strength, consumer confidence is growing stronger, and housing is leading the charge. The FED was keeping interest rates artificially low when they were in the 3's, but now we are expecting to see rates rise to the mid-5's and maybe even into the 6's. Every time mortgage rates rise, the cost to purchase rises too.
If 2014 looks like the year for you to get into the real estate market, give us a call to help!
