Real Estate News and Tips • November 4, 2024

Fixer-Uppers in Demand as Buyers Seek Affordable Options in Tight Housing Market

by Cheyanne Shere

Existing home sales hit a 14-year low in September, according to the National Association of Realtors (NAR). Meanwhile, the Federal Reserve’s Beige Book hinted at a potential shift in the housing market, noting an increase in inventory across the country. In Virginia, for instance, agents are seeing a rise in “fixer-uppers and less-than-ideal homes” hitting the market.

Take Corita Stull, a single mom in Baltimore. The rental home she shares with her four sons has its quirks—including a toilet that often requires “bucket flushing” to get the job done. Despite the maintenance challenges, Stull hopes to buy the home when it goes up for sale, embracing the “fixer-upper” option as a necessary path to homeownership in today’s market.

During the pandemic, buyers sought move-in-ready homes, with immediate gratification being the name of the game. But with fewer turnkey homes available, the spotlight is turning back to properties that need a little TLC. “The fixer-upper market has more supply than we’ve seen in recent years,” says Jonathan Miller, CEO of real estate appraisal firm Miller Samuel.

Alongside the growing interest in fixer-uppers, home prices continue to rise. September marked the 15th consecutive month of year-over-year price increases, with the median price up 3% compared to last year. Buyers like Stull are finding that homes in need of repairs offer a more affordable entry into the market.

However, potential buyers should approach these homes with eyes wide open. “Many buyers are turning to fixer-uppers to enter the market at a lower price point,” says Nadia Evangelou, senior economist with NAR. But she cautions that the cost of renovations has soared, with building materials and labor prices on the rise. This can sometimes make renovations more costly than anticipated.

Even Evangelou knows the struggle firsthand. Since purchasing her own home in Virginia in 2018, she’s completed interior updates but is still holding off on outdoor renovations due to rising costs.

For buyers who are ready to take on a fixer-upper, the payoff can be worth it—but be sure to budget for potential surprises.

Original article: Why fixer-uppers are having a moment in the housing market – Marketplace

Real Estate News and Tips • August 14, 2024

$16 Million Awarded to Expand Affordable Housing for People with Disabilities in Oregon and Washington

by Cheyanne Shere

Exciting news for the Pacific Northwest! The Biden-Harris Administration has awarded $16 million to expand affordable housing for people with disabilities in Oregon and Washington. This funding is part of a larger $138.5 million grant from the U.S. Department of Housing and Urban Development (HUD), aimed at increasing housing options and supportive services for low-income individuals with disabilities across the country.

Here’s what this means for our local communities:

Washington is receiving $8 million, which will create 158 new housing units.
Oregon is also getting $8 million, allowing for the development of 153 housing units.

This initiative is part of HUD’s Section 811 Project Rental Assistance (PRA) program, which focuses on providing rental assistance and supportive services to help individuals with disabilities live more independently. It’s a significant step forward in reducing housing costs and expanding access to affordable housing, especially for those who need it most.

HUD Acting Secretary Adrianne Todman emphasized the administration’s commitment to making housing accessible, affordable, and tailored to meet the needs of all individuals, including those with disabilities. The goal is to create inclusive communities where everyone can thrive with dignity and independence.

For real estate agents, this is a great opportunity to be aware of the growing availability of accessible housing in our area. As these new units become available, they will provide more options for clients with disabilities who are seeking affordable and supportive living environments.

This funding will not only increase the availability of affordable housing but also ensure that residents have access to crucial community-based support services. This holistic approach is designed to address long-term housing security and affordability, while also fostering community integration for individuals with disabilities.

HUD’s Section 811 Program is the backbone of this initiative, offering both the Project Rental Assistance (PRA) and Capital Advance programs. These programs work hand-in-hand to develop and sustain affordable housing options for extremely low- and very low-income adults with disabilities. The Capital Advance program, in particular, helps expand the supply of integrated affordable housing by funding the development of permanent supportive rental housing.

This investment is more than just a financial boost; it’s a commitment to creating a more inclusive and supportive housing market for everyone. As a real estate agent, staying informed about these developments can help you better serve clients with disabilities and advocate for more inclusive housing opportunities in our community.

Find your local HUD office

I do provide HUD services, feel free to reach out with any questions!

The Shift Away from All-Cash Offers: A Win for Smaller Investors

by Cheyanne Shere

During the intense housing market of the pandemic years, cash offers dominated, often outpacing traditional buyers. However, the landscape is changing, offering new opportunities for smaller investors and regular homebuyers.

Decline in All-Cash Purchases

According to a recent Realtor.com® report, the percentage of investors buying homes with all cash dropped to 64% in the first quarter of 2024. This is a notable decrease from the fourth quarter of 2021, when nearly 69.7% of investors were making all-cash offers to secure properties in competitive bidding wars. This marks the lowest level since 2008.

For regular homebuyers, this trend is good news. With fewer investors wielding cash offers, the playing field is leveling, making it easier for everyone to compete.

Why Cash Isn’t King Anymore

One significant factor in this shift is the rise of independent investors, often referred to as “mom and pop” investors, who now make up 62.6% of investor purchases. These smaller investors are more likely to use financing rather than cash, despite rising interest rates.

G. Brian Davis, real estate investor and co-founder of SparkRental, sees this as a positive development. He notes, “It’s better for everyone involved that institutional money is withdrawing from the single-family home space. It reduces artificial demand and allows smaller investors to participate.”

Brie Schmidt, owner and managing broker of Second City Real Estate in Chicago, shares a similar sentiment. She explains that financing allows investors to stretch their capital further, buying multiple properties instead of just one. This strategy can be more profitable, especially in markets where property values are rising.

Economic Factors and Financing Trends

The economy also plays a role in the reduced prevalence of all-cash offers. According to Robert Dodson, sales manager and broker at Charles Burt Realtors in Joplin, MO, many people are holding onto their cash reserves, opting for financing to avoid becoming cash-poor. This trend is closely tied to the current economic climate and inflation concerns.

Attitudes toward debt are also evolving. Brie Schmidt points out that the financial independence, retire early (FIRE) movement has popularized using financing to build investment portfolios. This approach contrasts with the debt-averse mindset promoted by some financial gurus, highlighting a shift towards using debt responsibly to accelerate financial goals.

Where All-Cash Offers Still Dominate

Despite the overall decline, some areas still see a high percentage of all-cash investor purchases. The top markets include Portland-South Portland, ME (81.3%), Albuquerque, NM (81.2%), Toledo, OH (80.5%), McAllen-Edinburg-Mission, TX (79.5%), and Ogden-Clearfield, UT (79.0%). These markets often feature lower property prices or appeal as vacation home destinations.

Benefits of Financing Home Purchases

Financing offers several advantages, such as potential tax deductions on mortgage interest and the ability to leverage capital for additional investments. Programs like Fannie Mae’s 5% down payment for two- to four-unit properties, if owner-occupied for a year, are particularly attractive. Investors can live in one unit while renting out the others, gradually building their portfolio.

Financing also provides more time for due diligence during the buying process, offering investors a chance to thoroughly inspect and evaluate properties before committing.

As the market continues to evolve, the shift away from all-cash offers opens doors for smaller investors and regular homebuyers alike. It’s an exciting time for those looking to enter the market or expand their portfolios with more flexibility and less competition from big cash-rich investors.

Original article: All-Cash Offers From Big Investors Recede, Giving Mom and Pops an Edge in the Housing Market (realtor.com)

Finance • Real Estate News and Tips • July 31, 2024

Buyers Hold Steady as Mortgage Rates Remain Flat

by Cheyanne Shere

As we keep an eye on the housing market, mortgage rates have remained steady this week, leaving many potential homebuyers in a holding pattern. Meanwhile, inventory is growing, but sellers are starting to pull back. Let’s break down the latest market trends and what they mean for you.

Mortgage Rates Update

This week, the average 30-year fixed-rate mortgage edged up slightly to 6.78%, just above last week’s 6.77%, according to Freddie Mac. The 15-year fixed-rate also saw a slight increase, reaching 6.07%. These rates have stayed relatively stable following a recent three-week decline.

What’s Next for Interest Rates?

Next week’s Federal Reserve meeting is expected to provide some clarity on the future of interest rates. While a rate cut in July is unlikely, many analysts anticipate that cuts could begin in September. Danielle Hale, chief economist at Realtor.com, suggests that even a ‘data dependent’ stance from the Fed could hint at lower rates on the horizon, potentially helping mortgage rates to remain steady or decrease slightly.

Canada’s Central Bank Takes Action

In contrast, Canada’s central bank has already implemented two interest rate cuts in the past two months, bringing its key policy rate to around 4.5%. This decision comes as Canada’s economy, with an unemployment rate of 6.4% in June, has been slower compared to the U.S., which had a 4.1% unemployment rate.

Buyers Remain Cautious

The current affordability challenges are impacting buyer activity. The Mortgage Bankers Association reports that the Purchase Index for mortgage applications dropped by 4% last week and is down 15% compared to last year. Joel Kan, MBA’s deputy chief economist, notes that many potential buyers are still finding it challenging to make the numbers work with the current rate levels and ongoing home-price appreciation.

Inventory Trends and Seller Behavior

With home sales slowing, inventory levels are inching closer to a more balanced market. According to Redfin, new listings are up 6.1% year-over-year, and active listings have increased by 18.7%. The months of supply now stands at 3.6, edging closer to a balanced market range of four to six months. However, Mike Simonsen, founder of Altos Research, predicts that inventory will likely peak late summer or early fall, ending the year with about 20% more inventory than last year. This increase still leaves inventory well below pre-pandemic levels.

Simonsen also notes that sellers are starting to pull back, which could limit further inventory growth. This trend, coupled with Doug Duncan’s observation from Fannie Mae that price growth may slow but remain positive year-over-year, suggests that the market is waiting for a shift in affordability.

The Bottom Line

As the housing market navigates these uncertain waters, many buyers are staying on the sidelines, waiting for more favorable conditions. With the Federal Reserve’s next moves under close watch, and sellers pulling back, the market remains in a state of flux. For potential buyers, keeping a close eye on rate changes and inventory trends will be key to making informed decisions in the coming months.

See original article: Buyers continue to hold out as rates stay put (realestatenews.com)

FAQs • Finance • Real Estate News and Tips • July 29, 2024

Get the Most Home for Your Money

by Cheyanne Shere

Understanding a home’s price per square foot can help you determine if you’re getting a good deal or paying too much. It’s a handy metric when you’re shopping for a home, offering a quick way to gauge whether the seller’s asking price is reasonable compared to similar homes in the area.

Zillow® analyzed the top 50 U.S. metro areas to find the lowest and highest price per square foot for a typical home. As of April 2024, the median price per square foot in the 10 least expensive metros was under $164, with Cleveland being the most affordable at $124 per square foot. On the other hand, the 10 most expensive metros ranged from $328 to $1,004 per square foot. This median figure represents the middle point, where half of the homes are more expensive per square foot and half are less.

Many of these metros also appeared on Zillow’s list of the 25 most affordable places for buyers in 2024. However, not all of these affordable markets had low enough square footage costs to make this particular list, as affordability considers factors like the value of a typical home in that metro, median household income, and monthly mortgage payments with current interest rates and a 20% down payment.

The price per square foot reflects various factors that determine a home’s value, including location, age, condition, and desirable features. But how exactly is this calculated? The seller’s or listing agent typically evaluates a home and finds comparable homes nearby that have recently sold. They divide the sales price by the home’s square footage. For instance, if a 2,000 square foot home sold for $400,000, the price per square foot would be $200.

This metric helps both seller’s and buyer’s agents assess whether a home is reasonably priced. However, it usually only includes finished or heated living spaces, excluding areas like unfinished basements or detached garages, which might still be factored into the overall home value.

Factors beyond location and condition can also affect the price per square foot. For example, the size of the lot plays a significant role. A larger lot might increase the overall home value but could result in a lower price per square foot compared to a smaller home on a similar-sized lot.

When considering new construction versus existing homes, it’s essential to compare them separately for more accurate insights. As of April 2024, new construction homes were generally more expensive than existing ones, though the gap is narrowing.

Price per square foot can also guide decisions about home improvements. For example, finishing an unfinished basement can significantly increase a home’s value, offering a high return on investment.

When making an offer, use price per square foot to discuss with your agent, who knows the local market well. They can help you understand why a home’s value might differ from comparable properties. By understanding the benefits and limitations of this metric, you can better assess if a home is priced fairly or if you’re getting a great deal.

Read the original post here: Top 10 Metros Where You Could Get the Most Home for Your Money | Zillow

FAQs • Finance • July 28, 2024

21 Expert Tips from Real Estate Agents for Buying a Home

by Cheyanne Shere

When you’re ready to buy a home, tapping into the expertise of real estate agents can be invaluable. We asked four of our partner agents to share their best advice on staying on budget in a competitive housing market. Whether you’re a first-time buyer or a seasoned homeowner, these 21 tips can help you navigate the journey to homeownership.

1. Find Your Financial Comfort Zone
Shelly Salas, a broker with Your Home Sold Guaranteed Realty, emphasizes the importance of getting pre-qualified for a loan to understand your purchasing power. She advises clients to consider their current rent and desired lifestyle when determining their budget. “Just because you qualify for a higher loan doesn’t mean you want to stretch your finances thin,” Salas says. “It’s about finding a home you love within a comfortable budget.”

2. Explore Government Programs for Down Payments
Government programs can assist with down payments, even if only one partner has never owned a home. These programs offer various incentives like low-interest loans and grants, which can significantly reduce the amount you need to borrow.

3. Assume a Seller’s Low-Interest Mortgage
In some cases, you can assume a seller’s low-interest Veterans Administration (VA) loan, potentially saving hundreds per month compared to current rates. This option is available even to non-military buyers, provided they qualify.

4. Negotiate Concessions from Sellers
Salas advises not to shy away from negotiating with sellers, even for large concessions like solar panel payoffs. Using market data to support your negotiations can be a powerful tool in securing a better deal.

5. Choose an Experienced Agent with Good Reviews
An experienced agent can navigate market dynamics effectively, saving you money and helping you find the right home. Look for agents with positive reviews and a proven track record in your desired area.

6. Secure Financing Early
Winston Murray, founder of Works Real Estate Company, suggests starting conversations with lenders early to clarify your purchasing power and prepare for different interest rate scenarios.

7. Consider a Fixer-Upper
Buying a fixer-upper can offer value if you’re willing to put in the work. However, ensure the home is priced correctly and that you have the skills or budget for necessary improvements.

8. Look at New Construction
New homes often come with financial incentives and customization options. Murray advises checking the builder’s reputation and the quality of their past projects.

9. Be Willing to Compromise
Murray notes that it’s rare to find a home that meets all your criteria. Prioritize what matters most and be flexible on other aspects to find a suitable home.

10. Explore “House Hacking”
Consider buying a multi-family property and living in one unit while renting out others. This strategy can help offset your mortgage payments and build investment income.

11. Keep an Eye on Homes Lingered on the Market
Murray suggests looking at homes that have been on the market for a while, as they might offer more room for negotiation.

12. Watch Out for Hidden Costs
Marcus Larrea, founder of Palm Paradise Realty, warns about hidden fees like insurance costs in flood zones or condo assessments that can impact your budget.

13. Bring a Contractor to the Home Inspection
If you’re considering a home that needs work, a contractor can provide cost estimates during the inspection, helping you budget accordingly.

14. Use Your Agent’s Connections for Discounts
Good agents can connect you with tradespeople and suppliers for discounts on repairs and upgrades, adding value to your purchase.

15. Consider Different Loan Types
Explore various financing options with your lender, as different loan types have different requirements and benefits.

16. Consider Buying Now and Refinancing Later
With rising home prices, Larrea advises buying sooner rather than later and refinancing when rates drop, as waiting could mean higher costs.

17. Focus on Non-Changeable Home Features
Jason Farris, founder of FresYes Realty Group, suggests prioritizing features that are expensive or impossible to change, like lot size or location, and being flexible on things like finishes.

18. Pay Attention to Lot Size
Lot size can be crucial for adding future features like an accessory dwelling unit (ADU) for multi-generational living or rental income.

19. Cast a Wide Net in Your Search
Farris also recommends looking beyond the MLS, including platforms like Zillow, and even contacting owners of expired listings to find potential sellers.

20. Look for Flexible Spaces
Consider homes with bonus rooms or flexible spaces that can be converted to meet your needs, potentially saving you money compared to buying a larger home.

21. Weigh the Costs of Waiting to Buy
Waiting to save more for a down payment can mean missing out on market gains. Farris advises finding a way to get into a home now, even if it requires a bit of compromise or additional financing.

These tips from seasoned real estate professionals can guide you through the complex process of buying a home, ensuring you find a property that meets your needs and fits your budget. Happy house hunting!

These agents are members of Zillow’s Premier Agent Advisory Board, a panel of agent partners who provide insights and expertise to Zillow. Original article here: 21 Home Buying Tips from Agents | Zillow

Finance • Real Estate News and Tips • July 23, 2024

7 Types of Homes Expected to Soar in Value by the End of 2025

by Cheyanne Shere

Halfway through the year, it’s still a seller’s market in many U.S. real estate markets. According to Forbes, there are only about three months’ worth of inventory available in some states, far below the six months needed for a true buyer’s market.

Home prices are continuing to climb, with the median U.S. home sales price around $420,800 as of the first quarter of 2024. High interest rates have priced out many first-time buyers. However, the real estate market can change quickly, and certain types of homes are expected to see significant value increases by the end of 2025. This is great news for current homeowners looking to sell and make a solid return, and useful information for prospective buyers on which types of homes might be worth investing in.

GOBankingRates spoke with several real estate professionals about the main types of homes expected to soar in value. Here are their predictions:

1. Historic Homes

Historic or unique-looking homes might see a value increase in the next year and a half.

“Historic homes and unique properties that aren’t being built new will see an increase in value because there are fewer of them, and more people want them,” said Danny Johnson, real estate professional at We Buy Houses Cash Texas. “These homes are often centrally located, and their values will increase quite nicely over the next year.”

2. Multifamily Units

High mortgage rates and rising home prices are driving many potential buyers towards multifamily units, making these a worthwhile investment.

“Multifamily housing, especially units near city centers and transportation hubs, have seen high demand from both investors and homebuyers,” said Matt Morgan, a licensed real estate salesperson with IPA Commercial Real Estate. “Rent growth in these areas continues to outpace inflation, indicating strong fundamentals. I expect values for multifamily properties in walkable, amenity-rich neighborhoods to increase 10%-15% annually over the next five years.”

3. Sustainable and Eco-Friendly Homes

Younger buyers are prioritizing sustainability, driving up the value of eco-friendly homes.

“Homes that are carbon neutral, energy-conscious, use passive solar, and consider the environment will continue to soar,” said Lindsey Harn, a top agent at Christie’s International Real Estate. “As wealth transfers to younger generations, their eco-conscious priorities will drive demand for these greener homes.”

Manufactured and modular smart homes, which are energy-efficient and customizable, could also see a jump in value.

“These properties appeal to first-time homebuyers looking for affordability and sustainability,” Morgan said. “As the stigma around ‘mobile homes’ fades, demand should rise substantially, with values increasing 5%-8% per year.”

4. Assisted Living Facilities

With an aging population, the demand for senior or assisted living facilities is expected to grow, boosting property values.

“As demand for care facilities surpasses supply, especially in desirable retirement destinations, values could rise 7%-12% annually,” Morgan said.

5. Furnished Apartments and Condos

Fully furnished apartments and condos are gaining popularity among those who prefer low-maintenance living.

“As a short-term rental property manager, I believe the value of furnished apartments and condos will increase substantially over the next few years,” said Garrett Ham, CEO of Weekender Management. “There’s consistent demand for flexible, move-in-ready units close to city centers and public transit.”

6. Homes With ADUs

Homes with accessory dwelling units (ADUs) are becoming more popular as homeowners seek additional income streams.

“Because affordability is key, homes with ADUs will likely increase substantially,” said Rick Albert, broker associate with LAMERICA Real Estate. “The ADU offers flexibility for rental income, housing extended family, or additional space like a home office.”

7. Starter Homes

Starter homes are becoming increasingly rare, which could drive up their value.

“If you can get your hands on one, a starter home is one of the most valuable properties on the market right now,” said Martin Orefice, real estate expert and CEO of Rent To Own Labs. “They are so rare that they just keep going up in value, as builders aren’t as focused on them and large investors have bought up many of them.”

Keeping an eye on these trends can help both sellers and buyers make informed decisions in the ever-changing real estate market.

7 Types of Homes Expected To Soar in Value by the End of 2025 | GOBankingRates

FAQs • Finance • Real Estate News and Tips • July 23, 2024

All Under One Roof: Trends in Multigenerational Living

by Cheyanne Shere

Multigenerational living is becoming increasingly popular, though there’s no one-size-fits-all solution to make it work. Families and builders are finding creative, flexible ways to meet the unique needs of this living arrangement.

Key Takeaways

There’s no single answer to making multigenerational living work, so homeowners and builders must come up with various solutions.
The United States is not yet fully prepared to meet the demand for multigenerational living; communities, lawmakers, and builders will need to collaborate.
Flexibility in space usage and design helps make solutions viable for the long term.

Growing Popularity of Multigenerational Living

Multigenerational living is on the rise in the United States, driven by factors like preserving cultural traditions, sharing expenses and caregiving responsibilities, and combating loneliness. Aging in place is also a popular option as people live longer. In March 2021, 59.7 million U.S. residents lived in multigenerational households, up from 58.4 million in 2019, according to a Pew Research Center analysis of census data.

Different Options for Different Needs

Multigenerational living varies widely from family to family. Some might need just an extra bedroom and bathroom, while others may opt for a freestanding accessory dwelling unit (ADU). The common factor is the need for proximity to family members.

Despite the demand, the U.S. housing market is not fully equipped to meet the needs of multigenerational living. Jennifer Molinsky from the Harvard Joint Center for Housing Studies notes that only a small percentage of U.S. homes are accessible for people with mobility issues, and other needs such as poor eyesight or hearing loss are also not adequately addressed. Architect Bob Zuber of Morgante Wilson Architects adds that more clients are requesting multigenerational housing solutions to meet their diverse needs.

Creative Solutions

An Addition With Private Access
One client of associate broker Shannon Diiorio sold her home and used the proceeds to build an addition onto her daughter’s home. This addition functions like an apartment with its own entrance, living-dining room, kitchen, bedroom, and bathroom. This setup works well because the retired widow travels frequently but loves returning home to her family and grandkids.

A Basement Apartment
In Denver, a homeowner transformed a walk-out basement into an apartment for her parents, offering the right balance of proximity and privacy. The space includes universal design features like a microwave at countertop height and insulation to block noise between generations.

A Case for ADUs
Author Sheri Koones highlights the benefits of ADUs in her book, noting their customization options to meet various needs. One example features a porch connecting the main house and ADU, providing a shared space for family members. Another example shows a family preserving a heritage tree by building an ADU linked to the main house by a bridge. In another case, additional living quarters were built above a garage, with amenities like an elevator for easier access.

Built-In Solutions
Builders are also designing homes with multigenerational living in mind. Cruz Companies in Boston is adding three- and four-bedroom homes designed for multigenerational families. In Glenview, Ill., Lexington Homes has sold out a community with homes designed for multigenerational living, including main-level bedrooms and additional rooms upstairs.

Planning for the Future

To ensure homes meet multigenerational needs, real estate professionals and homeowners should look for universal design features. Families should also consider how their needs might change over time. Full approval for construction or remodeling is essential, and communities need to support ADUs and other multigenerational solutions.

Getting involved in local associations and governmental affairs can help push for more flexible, affordable, and accessible housing options. By collaborating with builders, lawmakers, and design experts, we can find more solutions to meet the growing demand for multigenerational living.

All Under One Roof: Trends in Multigenerational Living (nar.realtor)

FAQs • Home Maintance • Real Estate News and Tips • July 23, 2024

Why Summer is the Best Time to Sell Your Home

by Cheyanne Shere

Even though the real estate market tends to slow down in the summer, buyers are still eager to close deals before fall. Here’s why summer can be an ideal time to sell your home:

Key Points

Momentum from Spring: The energy from the spring real estate market often carries into June, but activity typically slows down from July through September.
Motivated Buyers: Many buyers are eager to purchase and close before the new school year or before starting a new job.
Optimal Showings: Longer days and warmer weather allow sellers to present their homes in the best possible light.

Why Summer is a Great Time to Sell

Warmer Temperatures Motivate Buyers
Spring may be the top season for selling homes, but summer has its perks too. With flowers still in bloom and clear skies, listing photos can look fantastic. Plus, buyers are keen to close deals and settle in before fall. Buyers’ activity tends to taper off in winter due to holiday obligations and school schedules, making summer a prime time for those ready to move quickly.

In some markets, like secondary home and resort areas, summer can be especially good for selling. According to broker Andrea Saturno-Sanjana of Coldwell Banker Warburg in New York, summer is also a busy time in major cities and luxury destinations where vacationers get a taste of the local lifestyle and amenities.

Summer Weather Improves Showings

First impressions are crucial in real estate, and summer offers some of the best weather for showings. Longer daylight hours and pleasant temperatures help showcase your home’s best features and enhance curb appeal. According to the National Association of Realtors, 97% of members believe curb appeal is vital in attracting buyers. A study by the University of Texas at Arlington found that curb appeal can boost a home’s value by up to 7%.

However, hot summer days can be challenging. Ensure your home feels cool and inviting during showings to provide the best experience for potential buyers.

Less Competition Among Sellers

After the peak spring season, many sellers wait until autumn to list their homes. By choosing to list in the summer, you can face less competition. In a low-inventory market, buyers are looking year-round, and summer sellers can attract serious buyers. In May, there was just a two-month supply of homes available on average across the U.S., according to Redfin.

Get a Head Start

There’s still time to list your home this summer, but it requires preparation. Reach out to an agent a few weeks before you plan to list to ensure you have everything ready. Selling your home also means you’ll likely be buying a new one, so starting early can streamline both processes.

Four Tips for Selling in Summer

Prep Your Home: Keep your lawn mowed, trim trees and shrubs, and plant colorful flowers. Staging is essential to help buyers envision themselves living in your home.
Price Smartly: Avoid pricing too high to attract serious buyers and avoid extended days on the market.
Ensure Your AC is Working: A comfortable home is crucial for showings. Make sure your air conditioning is in good working order.
Be Prepared: Stay ready for negotiations, as serious summer buyers may want to act quickly.

By following these tips, you can make the most of the summer real estate market and find the right buyer for your home.

Why Summer Is the Perfect Time to Sell Your Home | Real Estate | U.S. News (usnews.com)

Real Estate News and Tips • July 23, 2024

Washington ranks above Oregon in terms of quality of life

by Cheyanne Shere

Living in Washington State speaks volumes about your love for a high-quality life. According to a recent CNBC study, Washington ranks above Oregon in terms of quality of life, securing the fifth spot in the nation. The Evergreen State earned 230 out of 325 points, thanks to its inclusiveness, worker protections, and robust voting rights. With a minimum wage of $16.28 per hour, the second highest in the country, it’s easy to see why Washington shines.

Workplace Benefits and Environmental Quality

Washington also scores high for its sick leave and workplace safety laws. Residents enjoy excellent air and water quality, alongside strong anti-discrimination laws, making it an attractive place to live.

Areas for Improvement

However, the state did lose points in some areas, such as crime and childcare availability. A 2022 report from the Washington State Department of Commerce revealed that 50% of surveyed parents struggle to find childcare near their work.

Top Quality of Life Rankings

While Washington is in fifth place, Minnesota is fourth, New Jersey third, Maine second, and Vermont takes the top spot for quality of life. What makes living in Washington special for you? Share your thoughts on what makes the quality of life great here.

Spotlight on Washington Cities

Port Townsend: With a population of 9,428, a median home value of $308,600, and rich historical and natural attractions, Port Townsend is a gem on the Quimper Peninsula.
Redmond: Home to 63,197 residents, Redmond boasts a median home value of $631,700 and a vibrant community. Surrounded by natural beauty and home to tech giants like Microsoft and Nintendo, it’s a perfect blend of work and leisure.

Read more about Washington’s top marks for inclusiveness and worker rights here.