Curb Appeal: Setting your home apart in 2023

Selling your home will take more preparation than it would have a year or two ago. Even with inventory still at historically low volumes, there are more homes for sale than there were at this time last year. That said, if a home has been sitting on the market for a while it could be a sign it may not be checking the right boxes for potential buyers. Let’s have a look at some Home Appeal items you can turn to, some will offer more return on investment than others. “In a market where costs are still high and buyers can be a little choosier, it makes sense they’re going to really zero in on the homes that are the most appealing.”Danielle Hale, Chief Economist at realtor.com: Winning with Curb Appeal It’s not always the “big budget” items that seal the deal. Some low-dollar items can help sell the home even if it’s not adding to the value of the home. Find smaller projects you can do yourself, trim the landscaping and touching up the trim are two examples of smaller projects that are inexpensive but add a positive experience to a buyer arriving for the first time. “Curb-appeal projects make the property look good as soon as prospective buyers arrive. While these projects may not add a considerable amount of monetary value, they will help your home sell faster—and you can do a lot of the work yourself to save money and time.”Investopedia Choosing the right updates Remember, you’re selling this home so the goal is to make it more marketable. Anything you do is for the next owner, not you. Refer to the chart above to see which updates might be the best fit for you. Your Realtor is likely to have a list of contractors that can help, don’t hesitate to reach out for some referrals. Wrapping it up We’re in a different market than last year, anything you can do to nudge a buyer toward your home is an absolute win. Odds are you can make a noticeable difference with some good old-fashioned elbow grease. For those items you cannot tackle, try reaching out to your trusted Realtor!

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It’s 2023 – Can we learn from the Pandemic Housing Market?

The Stats: According to the 2022 Hippo Housepower report, nearly 75% of home buyers are feeling remorse regarding their recent home purchase. Here are some top reasons as noted by a separate survey by Clever Real Estate: 30% feel they overspent in a competitive market26% feel they rushed the home buying process25% underestimated the cost of maintaining a home24% regret buying a fixer-upper21% felt pressure to buy17% bought sight unseen15% aren’t happy with the location15% don’t like their neighbors13% don’t like the home they purchased The Result: A staggering 64% of buyers wish they’d selected a different home and 63% said they wished they’d waited longer to make a decision. The Conclusion: Home buyers were taking advantage of low rates while playing a game of high-stakes poker with limited inventory in a tough seller’s market. So what did we learn? Marry the house, date the rate. Buy the home you love, you can always refi!Take time to get educated on the home-buying process. Do the math, perhaps a larger or older home isn’t really in your budget. Consider the cost of labor in your budget, even a handy homeowner has their limits!Don’t buy until you’re ready!If you “must” buy sight unseen, get a FaceTime tour or ask a friend or family to tour the home on your behalf.Get to know the area! Drive around at different times of day to learn more.You can’t choose your neighbors, sometimes you do the best you can with what you have!Pandemic Market showings were 20-30 minutes and you had to decide if that house was “the one”. Go through 2-3 times and get to know the home!

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Is there a Turnaround in the 2023 Housing Market?

Over the past few years, the housing market has gone through a lot of changes. The majority of that was a result of how quickly mortgage rates rose last year. However, as we now move through 2023 there are signs that the market is finally going to turn around. Home price appreciation is finally slowing from the recent low-inventory-induced feeding frenzy. Plus, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up yet again. All of that’s great news for the housing market, and very much needed as we simply cannot sustain the recent pricing trajectory. Here’s what experts are saying. Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:“The current state of the housing market is that it is certainly in transition.”Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:“Housing is going to ease up. I think 2023 will be a turnaround year.”Lawrence Yun, Chief Economist, National Association of Realtors (NAR):“Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.”Robert Dietz, Chief Economist and Senior Vice President, National Association of Home Builders (NAHB):“. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.” Bottom line… If you’ve been holding off for home prices to “come back down” you’re in for a long wait. If you’re willing to pay a slightly higher rate but NOT compete with dozens of offers, odds are you’ll save money buying a home in 2023!

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