Realty Executives Midwest
![Why Pricing Your Home Right Matters This Fall [INFOGRAPHIC] | Keeping Current Matters](https://files.keepingcurrentmatters.com/wp-content/uploads/2020/09/24162025/20200925-NM.jpg)
Article Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market in June and July. Buyers are actively purchasing homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase. If you’ve been thinking about selling your house, the coming weeks might just be the timing you’ve been waiting for.
According to the Pending Home Sales Report from the National Association of Realtors (NAR):
“Pending home sales in July achieved another month of positive contract activity, marking three consecutive months of growth.
The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 5.9% to 122.1 in July. Year-over-year, contract signings rose 15.5%. An index of 100 is equal to the level of contract activity in 2001.”
This means that for the past several months, buyers have signed an increasing number of contracts to purchase homes – well above where the market was at this time last year. Lawrence Yun, Chief Economist at NAR notes:
“We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market…Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.”
Below is a graph that shows the impressive recovery of homes sales compared to previous years. The deep blue v marks the slowdown from this spring that turned into an exponential jump in sales that followed through the summer, skyrocketing above years past:
If you were thinking about putting your house on the market in the spring, but decided to wait due to the health crisis, it may be time to make your move. Buyers are in the market right now. With so few homes available to purchase, homeowners today are experiencing more bidding wars, creating an optimal time to sell.
As CNBC notes, there are no signs of slowing buyer demand this fall:
“The usual summer slowdown in the housing market is not happening this year. Buyers continue to show strong demand, spurred by the new stay-at-home world of the coronavirus and by record low mortgage rates.”
Danielle Hale, Chief Economist at realtor.com, concurred:
“In a typical year in the housing market, buyer interest begins to wane before seller interest causing the usual seasonal slowdown as we move into the fall. Due to a delayed spring season and low mortgage rates, we could see buyer interest extend longer than usual into the typically quieter fall. Whether this means more home sales will depend on whether sellers participate or decide to stay on the sidelines.”
As Hale mentioned, homeowners who are willing to sell their houses right now will play a big role in whether the trend continues. The market needs more homes to satisfy ongoing buyer demand. Maybe it’s time to leverage your equity and move up while eager home shoppers are ready to purchase a house just like yours.
If your current home doesn’t meet your family’s changing needs, contact a local real estate professional to help you sell your house and make the move you’ve been waiting for all year.
Article Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Depending on where you reside, bad storms may be a frequent occurrence. Even if you don't live in these storm-prone areas, when they do eventually hit, they can leave unspeakable damage.
While you may be safe inside, the same cannot always be said for the exterior of your home. One part of the house that takes the brunt of a storm is the roof. Here are different types of roof damage to look out for after a storm:
The kind of roof damage you have depends on the type of storm that hit your area. If your roof has damaged or missing shingles, it's most likely due to a wind storm. Shingles are roofing materials that keep water, debris and even pests from infiltrating the interior of your home. While shingles are made to withstand turbulent weather conditions, they aren't indestructible.
If your roof is old, it's not uncommon to experience an issue with shingles. If you notice damage or missing shingles, contact a professional roofing company to replace them.
Your gutters are one of the main safeguards to keep water from damaging your home. However, if they become clogged or break after a storm, you might start to see water inside. Water damage caused by faulty gutters can include a leaking roof and structural damage. It can also cause mold to grow, which can ruin your home's foundation and could also make you sick. If your gutters are in disrepair, you should contact a roof restoration service for help.
When a storm blows over, the first place you should check is your attic. This area of your home can show tell-tale signs of roof damage from the inside out. If you notice any stains or leaks, there's a good chance your roof is damaged. Even the tiniest of leaks can cause serious damage to the drywall inside. Furthermore, if you feel a breeze in your attic, it can also be a sign that your roof has lost some shingles or it has sustained damage from hail.
Storms can affect your home in many ways, but the truth is, your roof is vulnerable. If you notice any of these issues, be sure to call a professional to repair your roof!
Article Source: RISMedia's Housecall
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Some Highlights
Ready to start your home search? Contact one of our experts at Realty Executives Midwest in Darien, IL 630-969-8880
Today’s homebuyers are not just talking about their plans, they’re actively engaged in the buying process – and they’re serious about it. A recent report by the National Association of Home Builders (NAHB) indicates:
“…. Of American adults considering a future home purchase in the second quarter of 2020, about half (49%) are not simply planning it, they are actively engaged in the process to find a home. That is a significantly higher share than the comparable figure a year ago (41%), which suggests that the COVID-19 crisis and its accompanying record-low mortgage rates have converted some prospective buyers into active buyers.”
It’s no surprise that buyers are out in full force today. Many Americans now need more space to work from home, and the current low mortgage rates are providing an extra boost of motivation to enter the housing market.
If you’re considering selling your house, know that today’s buyers are serious about making a move. Your opportunity to sell your house in a market with high demand is growing, especially as more millennials enter the housing market too. The same report also notes:
“Of Millennials planning a home purchase in the next year, 57% are already actively searching for a home.”
Odeta Kushi, Deputy Chief Economist at First American, explains:
“When breaking down house-buying power by educational attainment for millennials in 2019, we find that the higher the education, the higher the household income, and the higher the house-buying power. In 2019, median house-buying power for millennials increased 16 percent relative to 2018.”
As demand for homes to buy grows and more millennials enter the market with growing buying power, the opportunity to sell your house grows too.
Bottom Line
Today’s buyers are serious ones and millennials are helping to fuel that charge. So, if you’re considering selling your home, reach out to a local real estate professional to determine your next steps in the process while buyers are actively looking.
Article Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Realty Executives agents are real estate experts. They have the education and expertise you need to navigate through the process of buying or selling a home. From listing at the right price to making the best offer, our Executives have witnessed the best - and most regrettable - decisions homeowners and homebuyers can make. Every day, they are immersed in every aspect of real estate that includes comparable home price analysis, property surveys, credit reports, open houses, HOA agreements, lenders, title companies, homeowners’ insurance, walk-throughs, terms of sale or purchase, repairs, concessions and closing documents. Let our accomplished Executives help navigate you through the process of buying or selling a home.
