What Is a Buyer’s Market?

SOURCE: Freddie Mac

Buyer’s market is a term used to describe market conditions when housing supply exceeds demand. This scenario puts sellers at a disadvantage with increased options available to homebuyers and added competition from other sellers in their market.

A greater number of houses on the market often leads to lower offers from homebuyers because they will likely have similar options in the area.

Here are a few things to consider when selling your home in a buyer’s market:

1. Your Home May Be on the Market Longer

   Given the decreased demand for homes, you can expect yours to stay on the market for longer. However, you may also use this as an opportunity to make your home more appealing to potential buyers. Use the added time to declutter or make any necessary repairs or updates that will make your home stand out among the rest.

2. Home Prices May Decrease

   In a less active market, home prices may decrease due to sellers wanting to appeal to buyers who have more options that usual. If you are considering lowering your selling price, then it’s worth researching similar listings in your area and ensuring that your new price is the same or slightly lower than the homes you surveyed.

3. Homes Are Less Likely to Receive Multiple Offers

   With increased negotiating power, buyers may consider other options before submitting multiple offers on a single home. With homebuyers less likely to get into a bidding war for your home, you may want to focus on how you market your home. You may consider hiring a team to help you organize and stage your home for professional photos and schedule open houses or home tours.

4. Sellers May Consider Making Concessions

   Although the most straightforward concession is lowering the price of your home, sellers can also make the deal more appealing by covering some of the closing costs themselves. Given that first-time homebuyers often underestimate all costs associated with buying a home, some sellers may incentivize buyers to close the deal by agreeing to pay property taxes, title insurance or other home closing fees on behalf of the buyer. If offsetting the steep costs of buying a home is a priority for a potential buyer, this could be an effective strategy.

SOURCE: Freddie Mac

10 Projects to Give Your Yard and Garden New Life This Spring

SOURCE: Houzz

Tackle a project — or two — that will help you make the most of the warm weather ahead

Spring signals that it’s time to get out into the garden. It’s also a great time to take a look at your yard and decide on any improvements you want to make. These can be as simple as adding new touches to existing spaces or as involved as building a new outdoor kitchen.

Check out the following 10 projects for ideas on refreshing your yard and garden for outdoor living in the months to come.

1. Update Your Furnishings

Evaluate the outdoor furniture you have. It sets the tone for your outdoor space, so it may be time to replace furnishings that are worn or perhaps upgrade to a new look. Conversely, if you have no outdoor furniture yet, it’s a good time to start planning for the upcoming spring, summer and fall months.

Spring is a great time for discovering fresh looks at outdoor furniture suppliers, home improvement stores, retail stores and nurseries. You’ll also have a larger selection to choose from during the start of the outdoor season.

If you like your current furniture, it might be time to add some finishing touches. New cushions and pillows will revive older chairs, sofas and benches. A new umbrella or shade cloth can turn a too-hot patio or deck into an all-day retreat. Small side tables placed by outdoor chairs and sofas provide a good spot for drinks and snacks.

Other possibilities? A chaise lounge or two provides a spot for napping or relaxing. An outdoor rug will ground a seating area. A setup for serving and a bar cart make outdoor entertaining easier.

2. Start a Plant Nursery

Give seedlings a head start before setting them out in the garden. A small area where you can group plants and provide protection if nighttime temperatures turn frosty can help smaller plants establish themselves before transplanting. You may want to add cloches that will cover several plants, especially taller ones, or look for covers that will fit over pots without actually touching the plants themselves.

Having a hose nearby will make watering them easier — plants in pots dry out far faster than those in the ground, and you want to encourage growth. A potting bench or similar setup is handy for transplanting to larger containers.

3. Create a Vegetable Garden

Jump-start healthier eating by adding a dedicated vegetable garden. Summer is the height of edible gardening season. Be sure to start your seeds or seedlings soon to enjoy delicious fresh produce from your own yard next season.

4. Add Built-In Seating

Built-in seating adds a finishing touch to a patio or deck. It anchors the space and provides more seating (in an efficient footprint) for when family and friends gather.

Permanent seating allows you to customize it to an exact fit. You can also add features such as a planter or lighting above or below to highlight the space.

A bench can also do double duty as storage for everything from extra pillows and cushions to yard toys, gardening tools and grilling supplies.

5. Spruce Up Your Storage

Whether your garden is your retreat, your hobby or your play space, you’re bound to have tools, supplies or equipment you want to tuck away from time to time. Adding an off-the-shelf shed is one solution, but why not turn your storage spot into an attractive garden feature?

Turn a basic shed into something more interesting with plants. Adding small garden beds on either side of the entrance or installing a window box will also easily add some color and greenery. Pair either choice with a garden path, steppingstones or a small landing, and the utilitarian shed becomes a destination. You can even add color to the shed itself, whether via a new paint job or some colorful decorations.

For a shed that’s even more integrated with your space, consider a custom-built design that plays off the design style of the rest of the landscape.

6. Just Add Water

A water feature is a welcome addition to even the smallest yard. Water instantly creates a sense of peace and tranquility. A fountain, garden pool or pond attracts birds and other wildlife, and can cool the air around it on a hot day.

Water features are available in an array of styles. Choose one that goes with the rest of your outdoor style. A half-barrel filled with water set on the edge of a patio or deck, or a pond nestled into the garden, will give you a rustic or natural feel. A traditional look could include an Italian-inspired fountain or a brick-faced raised pool on a patio. For a more contemporary style, incorporate clean lines with materials such as concrete or metal.

If you’re looking for a peaceful reflecting pool, all you need to do is add water. If you want a fountain, you’ll also have to install a pump and an energy source, which is generally electric or solar. You might also want to add lights for a nighttime reflections.

Beautiful as they are, water features require some considerations. Even a shallow pool can pose a danger to small children and pets. You might also need to look into ways to mitigate the presence of bugs, such as mosquitoes, without harming wildlife.

7. Play With Fire

If your family likes to gather around an open fire, make a fire feature a permanent part of your landscape. A fire pit is more low-profile and also can be used as a grill. A fireplace makes a statement in the landscape. Both also can be adapted with grills and ovens for everything from s’mores and hot dogs to pizza or entrees.

Much like water features, fire features run a gamut of styles to fit beautifully into most outdoor spaces. Traditional finishes include stone, brick and stucco, while metal and concrete add a more modern vibe.

Your choices for fuel are wood, gas or ethanol. Wood is a classic and easy option that doesn’t require additional gas lines or a special installation. It also gives you the classic campfire or fireplace flames. It can be a drawback, though, if you’re in an area where “no burn” days are frequent, especially during summer.

For gas, you can use propane tanks, although for a permanent installation, having a plumber connect the fire feature into your gas line will be less obtrusive and less costly to use in the long run. In the short term, though, the installation will affect the surrounding hardscape and landscape as trenches are dug for the line.

Ethanol, which produces true flames, is gaining in popularity as a fire source. It does not burn as hot as other heat sources, so it’s a good choice for hotter days. It’s also a clean-burning source for true flames. You’ll want a professional to install the firebox and set it up.

8. Take the Plunge

Looking for a refreshing place where you can take a dip on a hot summer’s day, but don’t have the room? Want a spot for relaxing in the water without a pool’s upkeep? Add a spa, hot tub or plunge pool.

A classic wood hot tub — which also can be left unheated and used as a cool spot for chilling out — or a spa tub can be set in its own private zone or incorporated into a deck or patio. You can even lower it to ground or deck level for easy access. Add heat, some lights and a nearby hangout area for maximum enjoyment.

Plunge pools are the baby siblings of in-ground pools. They’re smaller, ranging from slightly larger than a decorative pool or pond to large enough for someone to swim a few strokes in. They’re generally not as deep as standard pools.

As with any water feature, safety is paramount, especially for children. You’ll also need to check local regulations for requirements and restrictions.

9. Encourage Gatherings

If outdoor entertaining is a favorite activity, it may be time to expand your gathering spot. Building a new patio or deck, or increasing the size and functionality of existing features, will give you even more reasons to go outside to enjoy — and show off — your yard.

In either case, evaluate your setup and how you want to use it. You might want more room for relaxing, a dining table that can seat your extended family, a fire or water feature, or an outdoor kitchen. Calculate the amount of room you’ll need to accommodate the items on your wish list.

The next step is assessing location. Is your entertaining zone in the right spot? Do you want easy access from the house? Or do you want an area that’s farther away, possibly taking advantage of a view, serving as a buffer from neighbors or a street, or creating a destination within your yard?

Patio flooring options can range from gravel and pavers to stone, tile and brick. Wood is the classic deck material, but don’t overlook some of the lower-maintenance possibilities that can give you the look you want.

10. Install an Outdoor Kitchen

If cooking or barbecuing is a favorite pastime, then it may be time to splurge on an outdoor kitchen. Your ideal space might be as simple as a long serving counter that houses a grill and maybe some shelves and a dining table nearby. Add outdoor-friendly countertops and finishes, and you’ll be set for the summer.

You needn’t stop there. The options for an outdoor kitchen equal, or possibly surpass, those for an indoor one. A smoker or pizza oven provides more ways to cook, a refrigerator keeps cold drinks handy, and a sink is an added convenience. Lights, an overhead roof for rainy days and amenities such as a bar setup can keep you cooking outside for a good portion of the year.

SOURCE: Houzz

The Perks of Buying over Renting

SOURCE: Keeping Current Matters

Thinking about buying a home? While today’s mortgage rates might seem a bit intimidating, here are two solid reasons why, if you’re ready and able, it could still be a smart move to get your own place.

1. Home Values Typically Go Up Over Time

There’s been some confusion over the past year or so about which way home prices are headed. Make no mistake, nationally they’re still going up. In fact, over the long-term, home prices almost always go up (see graph below):

SEE GRAPH HERE

Using data from the Federal Reserve (the Fed), you can see the overall trend is home prices have climbed steadily for the past 60 years. There was an exception during the 2008 housing crash when prices didn’t follow the normal pattern, but generally, home values kept rising.

This is a big reason why buying a home can be better than renting. As prices go up and you pay down your mortgage, you build equity. Over time, this growing equity can really increase your net worth. The Urban Institute says:

“Homeownership is critical for wealth building and financial stability.”

2. Rent Keeps Rising in the Long Run

Here’s another reason you may want to think about buying a home instead of renting – rent just keeps going up over the years. Sure, it might be cheaper to rent right now in some areas, but every time you renew your lease or sign a new one, you’re likely to feel the squeeze of your rent getting higher. According to data from iProperty Management, rent has been going up pretty consistently for the last 60 years, too (see graph below):

SEE GRAPH HERE

So how do you escape the cycle of rising rents? Buying a home with a fixed-rate mortgage helps you stabilize your housing costs and say goodbye to those annoying rent increases. That kind of stability is a big deal.

Your housing payments are like an investment, and you’ve got a decision to make. Do you want to invest in yourself or keep paying your landlord?

When you own your home, you’re investing in your own future. And even when renting is cheaper, that money you pay every month is gone for good.

As Dr. Jessica Lautz, Deputy Chief Economist and VP of Research at the National Association of Realtors (NAR), says:

“If a homebuyer is financially stable, able to manage monthly mortgage costs and can handle the associated household maintenance expenses, then it makes sense to purchase a home.”

Bottom Line

If you're tired of your rent going up and want to explore the many benefits of homeownership, talk with me to explore your options.

SOURCE: Keeping Current Matters

6 Surprising Home-Selling Habits To Ditch—Before They Sabotage Your Sale

SOURCE: Realtor.com

Even when houses get offers within days of hitting the listing pages, selling a home is a long, complex, and stressful process. It’s easy to get confused, overwhelmed, or too attached to how you imagine your home sale should go.

The many moving parts of a real estate transaction might even have you unwittingly using some home-selling tactics that could backfire and ultimately kill the deal.

With the spring market heating up, we asked real estate agents how some home sellers self-sabotage by neglecting crucial aspects of the selling process.

Here are the bad habits the pros say you should give up and what to do instead to successfully sell your home quickly for the most money.

Self-sabotage No. 1: Rushing the process

Jen Turano, a real estate agent at Compass in Greenwich, CT, saw countless deals fall apart in 2023, partly due to the frenzy surrounding the home’s initial listing.

“Buyers stepped up with little time for their own diligence, made rash offers, had second thoughts, and backed out for one reason or another,” says Turano. “The home was back on the market weeks later, losing some of its early momentum.”

Seller solutions: Take a breather, and scrutinize those multiple offers. Start vetting the buyers, their level of interest, and their loan qualifications.

“Thoughtful consideration benefits you greatly and leads you to the best, most certain deal,” says Turano.

Self-sabotage No. 2: Forgoing concessions

When the market favors sellers, they can afford to be a little stingy with concessions, as eager buyers are less likely to ask for seller concessions to make their offer stand out.

But with today’s elevated home prices and high mortgage rates, buyers need a little more wooing. Seller concessions can help seal the deal by taking the sting out of all the money a buyer has to shell out.

Seller solutions: “Offering concessions is not a deal breaker; it’s a chance to negotiate and build rapport,” says Fran Lisner, a real estate agent with Daniel Gale Sotheby’s International Realty on Long Island, NY. “By being flexible and open to compromise, you’ll attract more serious buyers and increase your chances of sealing the deal.”

Self-sabotage No. 3: Overpricing your home

We get it. You’ve invested a lot of time and money into your home and want the asking price to reflect that. The trouble comes when your ego and pride enter the formula and you set the price too high.

“Overpricing is a buzzkill for potential buyers,” says Lisner. “It’s like offering a glass of water for the price of a vintage wine.”

Bottom line: Listings get the most action in the first 30 days. When a house is priced too high, buyers ignore it and you lose precious momentum. Buyers might think something is wrong with the house. If it languishes longer, buyers might think you’re desperate and present lowball offers.

Seller solutions: “Do your research, consult professionals, and set a realistic price that aligns with the current market,” says Lisner. “By pricing it right, you’ll attract more serious buyers, generate healthy competition, and increase your chances of a successful sale.”

Self-sabotage No. 4: Staying stuck on selling as-is

If you don’t have the time or money to spruce up your house, or you inherited a house and want to dump it for a quick profit, you might be tempted to list it as is.

That doesn’t necessarily imply the house is falling apart at the seams. It simply means the property is being listed in its current condition without making any repairs.

“As is” can seriously limit your pool of potential buyers, as they might not be able to secure financing if the property is in poor condition.

“I recently had a client who was purchasing a home as is, but the lender went back to my client to tell him that the roof was in bad shape and they wouldn’t finance the property unless it was repaired,” says Lauren Reynolds, an agent at Forte Team at Compass.

Seller solutions: While you might not want to invest a lot of time or money into a property, addressing essential repairs that could hinder financing, such as fixing a faulty roof or structural issues, will widen your pool of potential buyers.

Self-sabotage No. 5: Not listing when the market is hot

Historically, spring is the best time to sell your home. The weather is better, and buyers are eager to get into a new house before the summer or a new school year starts.

We get it. You might be thinking of selling but are not quite ready to move. But you might be missing out on selling your home for top dollar.

Turano says that unless there is a rational reason to hold off on listing your home, you should consider listing it now to take advantage of the current market conditions.

Seller solutions: To help you get a clearer picture of when to list, you and your agent should monitor the market and strategize to determine the ideal time to sell.

“If we experience a market turn, it may be beneficial to list when most buyers are active,” says Turano.

Self-sabotage No. 6: Leaving your pets at showings

Though most people understand pets are part of the family, potential buyers probably don’t want your overly excited pooch jumping on them or triggering their allergies. Plus, your pets could bolt for the door and escape.

“You want potential buyers to focus on your home and its merits, and not rush through to evade a pet,” says Turano.

Seller solutions: Take your pets when you have a showing. If you can’t, keep them in a comfortable spot in the home and give your agent the heads-up on what to expect. If you’ve been neglecting cleaning the pet areas, do that before every open house. And don’t forget the yard. Stepping in dog poo leaves a really bad first impression.

SOURCE: Realtor.com

What You Should Know About Buying a Condo

SOURCE: Freddie Mac

As you explore your homebuying options, you may find that a condo is the perfect fit for your lifestyle, budget and homeownership goals. But what exactly is a condo, and how does it differ from other property types? Here is everything you need to know before buying a condo.

A condo is an individual unit within a larger residential development in which residents own their units rather than rent them. A condo can be any architectural style: garden-style, a townhouse, a high-rise, or a detached home.

For some buyers, condos combine the benefits of apartment living, such as convenient amenities and fewer maintenance responsibilities, with wealth-building opportunities and the stability of homeownership. Condos can also be more energy-efficient, saving you money on utility bills.

Things to Consider Before Buying a Condo

There are a few important things to keep in mind when exploring the idea of a condo purchase.

• Condo association: Most condos have a condo association, which is similar to a homeowner’s association (HOA), that oversees the financial management and the upkeep and maintenance of shared areas.

• Condo association fees: Fees will vary depending on what services and amenities are included. Make sure you factor this cost into your homebuying budget.

• Rules and regulations: In addition to maintenance, the condo association is also responsible for enforcing any rules and regulations that property owners must follow.

• Long-term plans: Even if you plan to live in the condo for a long period of time, it’s a good idea to think ahead about your options when you are ready to move out. Will you keep it as a rental property? Will you sell it? What improvements can you make to increase the property value?

The Buying Process

• Mortgage pre-approval: Before you buy, you’ll want to compare several mortgage lenders and choose one you’d like to work with. Your lender will help you complete a loan application, determine if you qualify for a loan, and issue a pre-approval letter detailing the amount of money they are willing to lend you. This is an important step as it will help you determine the price range for your search.

• Finding the right condo: Once you know what you can afford, work with your real estate agent to discover available properties that match your housing needs. Do your research on the property to make sure you have a full picture of what you’re buying.

• Making an offer: When you’ve found the right place, your real estate agent will help you determine an offer amount, submit and negotiate your offer, and finalize the contract.

• Review the resale package: Once you make an offer, check to see if a Resale Disclosure Package is available. The information contained in the package will help you to determine if the condo is financially sound.

• Inspection and due diligence: An inspection and appraisal will help ensure the amount you pay is aligned with the home’s value.

• Closing the sale: The final step in securing your new condo is closing. On closing day, you’ll pay closing costs and sign documents to make the sale official and get the keys to your new home.

Depending on your situation, purchasing a condo could be the right choice as you explore your next homebuying opportunity. If you are in the market for a condo, building a trusted homebuying team and exploring available resources can help you navigate the process with confidence.

SOURCE: Freddie Mac