If you are thinking about selling in the next few months, you can increase the value and desirability of your house by making upgrades and changes now. Here are a few proven strategies to help get you started.
- Decluttering and cleaning are two of the most important and cost-effective ways to increase value. If you do nothing else, do this!
- Kitchen and baths sell the house. Consider replacing dated light fixtures, adding a new bathroom vanity, changing out old appliances for stainless steel, updating cabinetry hardware, etc.
- First impressions count. The landscaping & exterior appearance should be attractive and welcoming.
- A simple and worthwhile improvement is to freshly paint rooms using neutral colors and high-quality paint.
- Energy efficient upgrades like adding new windows and more insulation can help you net a higher sales price.
Contact me if you want more tips on how to increase buyer interest and resale value of your home.
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Donna ForestM: 603-731-5151donna@donnaforest.com Follow her on Facebook |
It’s Still a Seller’s Market
By: Donna Forest, Broker Associate
If you are in the market looking to buy this year, you’ve probably noticed the lack of homes for sale. Case in point, there are only 9 houses for sale in the combined towns of New London, Newbury and Sunapee – and 3 are to be built (as of 4/19). New listings in the state of NH are down almost 20% compared to the first 3 months in 2022. When the supply of homes for sale are so low it creates increased competition among purchasers and keeps upward pressure on prices. And houses tend to go under contract very quickly once they hit the market. Not unsurprisingly, sales thru March in NH are down 19.7% yet the median sales price is up 3.6% to $430,000. Sales in the 3 combined towns are down 26% compared to 2022 and the median sales price is up 8.5% to $558,250.* So, should you wait to buy until prices come down? Data shows prices are increasing in much of the country and experts project home prices will rise steadily and return to more normal levels of appreciation after this year. Whether buying or selling, contact me for the latest insights into our local market.
* Figures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/ - 3/31/22 and 1/1/-3/31/23
#bhgmilestoneteam #bhgmilestone #bestteamintown #bhg #realtor #donnaforest
News * News* News
Now is the Time to List Your Home
According to the National Association of REALTORS, job growth and lower home prices resulted in increased contract signings in all four major US regions for two consecutive months (Dec, Jan).
New England contract signings are up 6%.
January was the largest month-to-month gain since June 2020.
This tells us: Now is a great time to list your home.
Here’s why: The inventory remains low – so listing prices are stably high. Stable mortgage rates are inviting more buyers to enter the market.
You will need a savvy real estate agent to set an attractive sale price. And buyers need a savvy real estate agent to find the perfect budget-friendly home.
Call The BHG Milestone Team today and find out why we're The Best Team in Town!
Photo courtesy of Keeping Current Matters
How much is my home worth?
This question is the most important asked of The Milestone Team Realtors. The answer is not as simple as “the neighbor’s house sold for X” or “I want to sell it for Y.” You want your home priced right – from the start. Too low, buyers will think “something is wrong.” Too high, buyers will be deterred – and your home may sit on the market for too long, also raising the “something is wrong” concern. Worse, priced too high can result in those incremental price adjustments – which is a buyer red-flag. Pricing a home correctly is one of the reasons to engage an experienced Realtor. Do you know that sellers who do not use a Realtor sell for significantly less than those sellers who wisely choose a Realtor from the start? Your local Milestone Team member knows the market, the neighborhoods, current trends – and how to price your home correctly so you attract strong offers and a quicker sale!
To rent or to sell?
The Milestone Team has advice for you!
Should you sell your home? Should you rent your home? These are serious questions that require serious answers and expert advice. The Milestone Team is your trusted Realtor advisor to help you answer those questions! Merrimack County, and its vacation-friendly seasons, offer property owners the opportunity to rent long and short-term. Many homeowners consider offering their home as a long-term, short-term, or Airbnb rental. Before taking the leap, consider the work it takes to be a landlord:
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Do you have the time to manage the property? Or: Do you have the resources to hire a professional property manager? (Bankrate)
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Are you able to make repairs – and willing to be on-call for your tenants?
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Are you staying local to be available to show the property, make repairs, or prepare the property for the next tenant?
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Do you need to “cash out” to purchase your new home? (Bankrate) Most homeowners are not interested in carrying two mortgages.
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Is your move temporary? (Bankrate) Renting your current home may be a wise choice – providing income while you are living elsewhere.
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Can what you earn in rent cover your costs? You will need to ready the property for tenants, advertise, and continue to pay your mortgage, taxes, HOA fees, and insurance. And: Realize rental income is counted as income.
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Can you handle the risks? According to Investopedia, you do risk theft or damage of your property - and carrying costs for an empty rental!
Renting your home is a decision not to be made lightly. If you are considering renting or selling, contact The Milestone Team to discuss the possibilities so you can make the best decision for you!
Pricing Your Home Is Not Magic
If you are thinking about selling, determining the right value is your number one priority. While sometimes it seems the price is picked out of thin air, there really are 3 methods for determining value. Below is a brief explanation of each.
- Market Analysis – Prepared by a real estate agent to provide an estimate of the probable selling price, expressed as a range. Using similar active and recently sold properties and factoring in the many characteristics that impact value, it is a guide to help the seller determine a listing price.
- Appraisal – A much more in-depth analysis done by a licensed appraiser. Typically appraisals are used in the loan process to ensure the value of the home is equal to or greater than the purchase price, thus protecting the lender’s interest.
- Automated Valuation – Used by Zillow and other companies, the value is calculated by software based on mathematical modeling. While convenient, it misses important price influences such as property condition and location (e.g., on a busy street).
Want to know your home’s value? It’s a complicated market with shifting impacts. Contact me and put my 29 years in the business to work for you!
Donna Forest, Broker - Realtor
If you own a three-bedroom, two-bath home, you have the most popular house for potential buyers. According to the 2022 National Association of Realtors Profile of Home Buyers and Sellers, your three-bedroom, two-bath gem is desirable. With the increase in residential sale prices (12.3% in Merrimack County since December 2021), now may be the time for you to list your home and downsize – or move closer to family and friends! In fact, according to the same report, the “typical home that was purchased was 1800 square feet, had three bedrooms and two bathrooms, and was built in 1986.” According to US News, demand is increasing (more buyers – especially Millennials entering the market). Yet inventory (the supply of homes for sale) is only slowly rebounding from the record lows of 2021 and early 2022. This increased demand – low supply market is an advantageous time to list your home – and The Milestone Team is prepared to discuss your home’s market value to help you decide if the time is right for you.
Is Now a Good Time to Sell?
Recent news about the housing market may have you wondering if it’s still a good time to sell. While rising interest rates have impacted buyer demand, there are other factors that still make it favorable to sellers. The lack of homes for sale is one of the driving forces. Data from the NH Assoc. of Realtors showed a 1.7 month supply of homes to sell in Sept. Less than a 6 month supply is considered a seller’s market. Houses are still selling quickly - 21 days on market thru Sept. This is well below pre-pandemic levels with 56 days in 2019 and 61 days in 2018, which were good years.
Buyer demand is declining but it hasn’t disappeared. In fact, the showing activity levels are higher than the pre-pandemic years based on the ShowingTime Showing Index. In Sept. 2022, the index for the Northeast was 168. In 2019 it was 120, in 2018 in was 113, and in 2017 it was 123. (The index measures showing traffic and a higher number means more showings in a given month).
Bottom line, there is low inventory and houses are selling faster than pre-pandemic. There are fewer buyers than in the previous two years but they are active and committed to buying. Contact me if you’d like to know what a shift in this market means for your home sale.
Contact Donna Forest: 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
You’ll be moving in the right direction with Better Homes & Gardens Real Estate - The Milestone Team
5 Tips to Avoid Last Minute Stress
Selling and in the throes of packing and moving? Below are some tips to help get through those final days to avoid creating work for yourself at the last minute.
- Don’t leave personal items unless buyers agreed to it. While you may think you are doing them a favor by leaving the bar stools, the buyers could view it differently. You don’t want to be coming back to remove things right before the closing. Always check first.
- Leftover paint, tile, & cleaning supplies. All useful for the new owners, right? Confirm that buyers want it left. It’s not easy to get rid of this stuff at the last minute.
- You may be closing in a week, but you still need to maintain the yard. Having buyers pull up to a house with foot high grass to do their walk-thru inspection could be contentious.
- Be sure to understand what stays with the house. Check with your agent before removing anything attached. For example, hooks, shelves, blinds, light fixtures, & TV brackets should be left unless specified otherwise.
- Don’t leave multiple holes in the walls where pictures hung. Take a few minutes to spackle and paint.
Thinking of selling? Contact me and put my 28 years of real estate knowledge to work for you!
Donna Forest ~ donna@donnaforest.com ~ 603-731-5151
Real estate markets are local, and we have the real scoop on ours.
Better Homes & Gardens Real Estate - The Milestone Team
What is Your Home Worth?
In this unique sellers’ market, it seems like you can put any crazy number on a house and it will sell. In reality, determining market value is still crucial if you are serious about selling. Overpriced properties take longer to sell and sell for less than if priced correctly from the start. Below are the common approaches for determining value.
- Automated Valuation – Companies like Zillow calculate value using software based on mathematical modeling. While convenient, it is not accurate. It misses important price influences such as property condition and location (e.g., it can’t see your brand new kitchen or if on a busy street).
- Appraisal – An in-depth analysis by a licensed appraiser and is typically used in the loan process. Right now bidding wars are driving sales prices up higher than other recent sales. Since appraisals rely heavily on past comparable sales, this lagging data can make it difficult to capture the current market.
- Market Analysis - Prepared by a realtor to provide a probable listing price. Using similar active and recently sold properties and factoring in the many characteristics that impact value.
Of note, assessed value is for tax purposes and may not reflect fair market value. Also, there is no correlation between the cost of building vs. how much your house is worth. Want to know your home’s value? Contact me - 28 yrs. in the business and still keeping current. Put my knowledge to work for you!
Donna Forest ~ donna@donnaforest.com ~ 603-731-5151