A popular discount listing agent in our area has managed to convince the public that open houses do not work and that even the NAR says open house results are poor. However, this same agent suggests that if the SELLER would like to host their OWN open house, this agent will enter that Open House on the MLS and acknowledges that it will help generate traffic.
If you believe that the goal of an open house is to sell the home being held open, you are missing ALL of the TRUE benefits!
First of all, when a listing is new on the market, it’s like fresh bread (SNIFFF MMMM!) and EVERYONE wants a look, a sniff, a taste! Everyone’s FOMO kicks in when they see a newly listed home. BUT ONLY if they KNOW about it! Sellers MUST take advantage of the wave of momentum at the start of a listing by marketing that home on every channel available. Digital marketers know that an open house is unique, time-limited content and search engines LOVE that! Their algorithm will help push and shove that information out to potential buyers which will result in more interested buyers in a shorter period of time.
Certain Real Estate-only websites will mark a new listing as a “Hot Home” or “Trending Home” which in turn results in more clicks and detail views online. Naturally, that leads to more traffic at opens houses and more showings.
When you list your home, you’re cleaning, staging, sanitizing between showings… Open houses are an excellent tool for fitting in TONS of “showings” without having to have 30-minute exclusive time slots for real showings. You can simply fit in more viewings of your home faster. More viewings = more potential buyers = more offers = more leverage for the seller. It also prevents you from having to keep your home “show ready” for weeks of individual showings to get the same result. Clean and stage once, get multiple offers and then stop people from coming into your home. By not having at least one open house, you’re dragging that process out, which can feel painful.
Don’t underestimate the power of a “nosey neighbor.” Neighbors know exactly how amazing the amenities in the neighborhood are, how convenient the location is and what awesome restaurants are nearby. They know friends who might be interested in the top schools the neighborhood is zoned for and when asked, they will call those friends and tell them about the new house. Plus, neighbors have a vested interest in helping that house sell quickly and for top dollar, because they know it will help boost their property value. It also doesn’t hurt to introduce neighbors who LOVE their “hood” to prospective buyers at the open house.
Not only will an open house give your home extra visibility, but they are also a seller’s AGENT’s best tool! Great photos and even video in listing are great, but nothing beats seeing a house in person. And who better to put a positive spin on your home than the agent who knows your home the best? Your listing agent will be sure to point out the heated floors in the main bathroom and the smart home features that convey with the house whereas a buyer’s agent will probably miss many of those fine features during an individual showing.
Finally, open houses are an opportunity to get immediate feedback about your home from guests. Perhaps your friends weren’t being 100% honest with you when they told you that nude artwork was “just fine” or the 2-week old spicy fish smell is not noticeable. Your listing agent can put buyers at ease and ask for 100% honest feedback. and when this is done in the first few days of a listing, you can get great feedback that can give you the opportunity to address problems you didn’t even realize you had.
TLDR: Open Houses WORK! But only if you have a listing agent on your team who knows how to leverage them to your benefit!
On today's #RealEstateRamble, I discuss how certain smart home technology devices can enhance your home sale. Even if you aren't selling your home, there are tech tools you can use to enhance your lifestyle and make your home safer, more energy efficient or simply "smarter."
Here is one idea I introduced on #TechTipThursday: Kasa Smart WiFi Plug Lite by TP-Link can turn any standard wall outlet into a way to turn devices on and off using your smartphone via the Kasa app.
One smart use for this smart plug would be to plug a lamp into it so you can control it while you're away on an extended vacation. Although you could do that with a timer, you could make it look more random by controlling it with your smartphone from the beach! Some people have also suggested using it to control the coffee pot or your hair curlers from the bed in the morning.
Your smart home is now getting smarter and smarter. Check back in for more helpful tips! Check out my #RealEstateRamble for more fun tips.
If you’re a current homeowner, or in the market to buy, you’re probably curious about the latest trends in home design.
Sellers who make strategic updates before listing a property can generate increased interest from buyers and, in some cases, a premium selling price. And buyers should consider which features of a home will need updating immediately (or in the near future) so they can factor renovation costs into their overall budget.
Even if you have no immediate plans to buy or sell, I advise my clients to be thoughtful about the colors, materials, and finishes they select when planning a remodel. Making over-personalized or unpopular design choices could hurt a home’s value when it does come time to sell. And selecting out-of-style or overly-trendy elements could cause your renovation to feel dated quickly.
To help, I’ve rounded up eight of the hottest home design trends for 2019. Keep in mind, not all trends will work well in every house. If you plan to buy, list, or renovate a property, consult a professional who can help you realize your vision and maximize the impact of your investment.
White and grey aren’t going anywhere, but expect to see warmer tones and more earthy neutrals popping up in 2019. Cold whites are being replaced by warmer, softer whites. And warmer tones of grey have become a popular alternative to the cooler grays we were seeing earlier in the decade. Dove grey—with a lilac undertone—is a particular favorite with designers this year.
Sherwin Williams chose Cavern Clay, a warm terracotta, as its 2019 color of the year, while Behr selected Blueprint, a mid-tone blue. Benjamin Moore’s selection is Metropolitan, a sophisticated grey.
If you’re preparing to sell your home, consider a light, neutral paint color. Neutral colors provide a blank canvas upon which a buyer can envision placing their belongings, and lighter colors make a room appear larger and brighter.
Don’t feel limited to using one metallic finish throughout your home—or even throughout a single room. Designers are mixing metals in 2019, and their favorites include copper, brass, pewter, gunmetal, and matte black.
Experts suggest picking one metal hue to dominate your color palette and a contrasting tone to complement it. If your room has a warm color palette, choose a warm-hued primary metal, such as brass or copper. For cool palettes, choose a cool-toned metal, like pewter or stainless steel. You can also experiment with mixing finishes, such as polished and hammered copper.
From faucets to cabinet pulls to accent pieces, swapping out your old or dated fixtures is an easy—and relatively inexpensive—way to modernize your decor. Mixing metals adds depth and gives your room a more curated look.
Bringing outdoor elements into the home can help warm up a sterile space. And natural materials can soften a modern design esthetic.
Homeowners are increasingly looking for ways to incorporate these materials throughout their home. Especially popular right now: stone, copper, concrete, and wood. From concrete showers to agate stone tiles, designers are finding unexpected ways to bring the outside in.
One notable exception: granite countertops. Engineered quartz—a combination of ground quartz and resin—overtook natural granite stone as the most popular countertop material in 2018. This durable, low-maintenance, highly-customizable product has won over homeowners and designers alike.
Stainless steel has been the industry standard for years, but the market is trending toward variety and fresh alternatives. Homeowners have more options available than ever to personalize their kitchens with vibrant colors, black stainless, or modern white appliances. Another favorite? Integrated appliances that blend seamlessly into cabinetry. Built-in column refrigerators, which allow you to customize the design and size of your freezer and refrigerator, are becoming a “must-have” in high-end homes.
Advancements in technology have also brought a new wave of appliances to the market. Induction cooktops are replacing commercial gas ranges as a gourmet favorite. And french door ovens and steam ovens are also gaining in popularity—especially ones with smart features you can control from an app on your smartphone.
White will always be a classic choice, but color is finally coming back to kitchens. More homeowners are choosing cabinets in alternative neutrals like black, cream, and grey, along with colorful options like green and blue. Also popular? Wood cabinets in stains like warm chestnut and fruitwood.
Two-tone kitchen cabinets remain a homeowner favorite, as well. To incorporate this trend, try pairing darker lower cabinets with lighter upper cabinets or a colorful kitchen island with neutral-colored perimeter cabinets.
Swapping upper kitchen cabinets for open shelves continues to be a popular choice in 2019. It’s a cost-effective update that can make a kitchen feel larger and brighter. However, it’s not a practical option for everyone. Before you commit, test it out by removing your cabinet doors for a few weeks. See how it feels to have your glasses and dishware on display.
Not ready to give up all your upper cabinet storage space? Replace just one or two upper cabinets with open shelves for a lower-commitment but still-updated look.
The ubiquitous white subway tile is finally fading in popularity. In 2019, homeowners are gravitating toward more colorful choices, creative textures and finishes, and alternative shapes. Especially hot right now: hexagons, arabesques, diamonds, and Moroccan fish scales.
Natural stone remains a favorite, including marble, quartzite and river rock. But advancements in porcelain tile that mimics stone, and even concrete, has made it an attractive, affordable, and low-maintenance alternative.
Once an afterthought, ceilings are taking center stage. While 2018 was all about statement walls, statement ceilings are shaping up to be the darling of 2019. Designers are using bold paint colors, wallpaper, intricate moldings, fabric, and other materials to transform a ceiling into something truly special.
Want to incorporate this trend without going too bold? Choose a classic design, like coffered or wooden beams. Or stick with wood paneling or tin tiles for a more timeless look. Even something as simple as painting a ceiling the same color as the walls can make your space feel more modern.
DESIGNED TO SELL
Are you contemplating a remodel? Want to find out how upgrades could impact the value of your home? Give me a call for a free consultation!
Buyer preferences can vary greatly by neighborhood and price range. I can share the insights I’ve gathered from working with buyers in this market … and offer tips on how to maximize the return on your remodeling investment. And if you’re in the market to sell, I can run a Comparative Market Analysis on your home to find out how it compares to others in the area.
As we begin another year, everyone wants to know: “Where is the housing market headed in 2019?”
It’s not only buyers, sellers, and homeowners who are impacted. The real estate market plays an integral role in the overall U.S. economy. Fortunately, key indicators point toward a stable housing market in 2019 with signs of modest growth. However, shifting conditions could impact you if you plan to buy, sell, or refinance this year.
HOME VALUES WILL INCREASE
The value of real estate will continue to rise. Freddie Mac predicts housing prices will increase by 4.3 percent in 2019.1 While the rapid price appreciation we witnessed earlier in the decade has slowed, the combination of a strong economy, low unemployment, and a lack of inventory in many market segments continues to push prices higher.
“Ninety percent of markets are experiencing price gains while very few are experiencing consistent price declines,” according to National Association of Realtors (NAR) Chief Economist Lawrence Yun.2
Yun predicts that the national median existing-home price will increase to around $266,800 in 2019 and $274,000 in 2020. “Home price appreciation will slow down—the days of easy price gains are coming to an end—but prices will continue to rise.”
What does it mean for you? If you’re in the market to buy a home, act fast. Prices will continue to go up, so you’ll pay more the longer you wait. If you’re a current homeowner, real estate has proven once again to be a solid investment over the long term. In fact, the equity level of American homeowners reached an all-time high in 2018, topping $6 trillion.3
SALES LEVELS WILL STABILIZE
In 2018, we saw a decline in sales, primarily driven by rising mortgage rates and a lack of affordable inventory. However, Yun isn’t alarmed. “2017 was the best year for home sales in ten years, and 2018 is only down 1.5 percent year to date. Statistically, it is a mild twinge in the data and a very mild adjustment compared to the long-term growth we’ve been experiencing over the past few years.”2
Yun and other economists expect home sales to remain relatively flat over the next couple of years. Freddie Mac forecasts homes sales will increase 1 percent to 6.08 million in 2019 and 2 percent to 6.20 million in 2020.1
“The medium and long-term prospects for housing are good because demographics are going to continue to support demand,” explains Tendayi Kapfidze, chief economist for LendingTree. “With a slower price appreciation, incomes have an opportunity to catch up. With slower sales, inventory has an opportunity to normalize. A slowdown in 2019 creates a healthier housing market going forward.”4
What does it mean for you? If you’ve been scared off by reports of a market slowdown, it’s important to keep things in perspective. A cooldown can prevent a hot market from becoming overheated. A gradual and sustainable pace of growth is preferable for long-term economic stability.
MORTGAGE RATES WILL RISE
The Mortgage Bankers Association predicts the Federal Reserve will raise interest rates three times this year, resulting in a rise in mortgage rates.5 While no one can predict future mortgage rates with certainty, Realtor.com Chief Economist Danielle Hale estimates that the rate for a 30-year mortgage will reach 5.5 percent by the end of 2019, up from around 4.62 percent at the end of 2018.6
While mortgage rates above 5 percent may seem high to today’s buyers, it’s not out of line with historical standards. According to Hale, “The average mortgage rate in the 1990s was 8.1 percent, and rates didn’t fall below 5 percent until 2009. So for buyers who can make the math work, buying a home is likely still an investment worth making.”7
What does it mean for you? If you’re in the market to buy a house or refinance an existing mortgage, you may want to act quickly before mortgage rates rise. To qualify for the lowest rate available, take steps to improve your credit score, pay down existing debt, and save up for a larger down payment.
AFFORDABILITY ISSUES WILL PERSIST
Although the desire to own a home remains strong, the combination of higher home prices and rising mortgage rates will make it increasingly difficult for many first-time buyers to afford one.
“Buyers who are able to stay in the market will find less competition as more buyers are priced out but feel an increased sense of urgency to close before it gets even more expensive,” according to Hale. “Although the number of homes for sale is increasing, which is an improvement for buyers, the majority of new inventory is focused in the mid-to-higher-end price tier, not entry-level.”6
What does it mean for you? Unfortunately, market factors make it difficult for many first-time buyers to afford a home. However, as move-up buyers take advantage of new high-end inventory, we could see an increase in starter homes hitting the market.
MILLENNIALS WILL MAKE UP LARGEST SEGMENT OF BUYERS
“The housing market in 2019 will be characterized by continued rising mortgage rates and surging millennial demand,” according to Odeta Kushi, senior economist for First American. “Rising rates, by making housing less affordable, will likely deter certain potential homebuyers from the market. On the other hand, the largest cohort of millennials will be turning 29 next year, entering peak household formation and home-buying age, and contributing to the increase in first-time buyer demand.”4
Danielle Hale, chief economist for Realtor.com, predicts the trend will continue. “Millennials are also likely to make up the largest share of home buyers for the next decade as their housing needs adjust over time.”6
What does it mean for you? If you’re in the market for a starter home, prepare to compete for the best listings. And if you plan to sell a home in 2019, be sure to work with an agent who knows how to reach millennial buyers by utilizing the latest online marketing techniques.
I'M HERE TO GUIDE YOU
While national real estate numbers and predictions can provide a “big picture” outlook for the year, real estate is local. And as local market experts, I can guide you through the ins and outs of our market and the local issues that are likely to drive home values in your particular neighborhood.
If you’re considering buying or selling a home in 2019, contact us now to schedule a free consultation. We’ll work with you to develop an action plan to meet your real estate goals this year.
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If you plan to BUY this year:
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Photo credit: Paul Stocker
UPDATE: Now that the #EquifaxBreach has occured, this is the best way to get some peace of mind and protect yourself against would-be identity thieves... It's not a matter of IF it will happen, it's now a question of WHEN the fraudsters will decide to use your information. Read on! - 10Sept2017
When you head off to work each morning, do you shut the front door? Do you lock it? You're probably saying "Duh! Of course I do!" Right? Most Americans are walking around with their "credit identity doors" wide open. In fact, they usually don't even know they have the ability to close AND lock that door.
Years ago, when I first left my mom and dad's house for college, I began to receive credit card solicitations in the mail. My mom told me it was a good idea to go ahead and open a major credit card and establish some credit. However, she taught me to use my credit very responsibly. That turned out to be great advice and I was proud to watch my credit score tick higher and higher over the years. I bought my first house when I was only 24! However, when my home was burglarized and laptop stolen while I was at work, I wondered how I could prevent the thieves from opening credit in my name. That's when I discovered I could lock my credit file down and hide the key!
YES! Freezing your credit might make applying for new credit lines and loans a real PAIN in the future, but here are my top 3 reasons why I think it's worth the trouble:
Why credit freezing can be a pain:
Why credit freezing isn't for everyone:
A credit freeze is a good idea for people who are fairly stable, do not intend to move frequently, do not intend to apply for a new credit card or finance a new car, boat, home etc in the next year or so.
A credit freeze is a bad idea for people who move around a lot and tend to lose their PINs.
Why would a 5-Star REALTOR® want people to lock down their credit? When I take on a new buyer, we quickly get into a conversation about credit. I'm always surprised how many people tell me they don't have any idea what's on their credit. I'm doubly surprised when it's mortgage loan application time and they find out they've been the victim of credit identity theft. The process of disputing fraudulent credit items can be lengthy and can severely delay the homebuying process.
Now GO! Freeze your credit! Or don't... but at least now you know you can! And stop those annoying prescreened credit offers and cut down on all those junk mail credit card solicitations while you're at it.