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Four reasons why homeowners should consider selling in the fall.
I’m sure you’ve heard that spring is always the best time to sell your house. While spring is traditionally a good time to sell, each other season also has its advantages. Here are a few reasons why you should consider selling in the fall:
1. Inventory. There’s less inventory in the fall compared to the spring and summer months. While there may be fewer buyers out there, you’ll also have less competition.
2. Buyer quality. The buyers during this time of year are typically more serious than those out on a nice day looking at an open house or touring homes to get decorating ideas.
3. School and weather. Summer vacation is over now, and kids are back in school. The weather is also very nice this time of year.
4. Autumn marketing. Fall décor will look great in the photos of your house. A cozy house is very inviting.
If you have any questions about selling or listing your house, please reach out to me at (608) 212-5743. I look forward to helping you.
You have options to safeguard yourself from fluctuating rates.
The Federal Reserve has increased rates multiple times this year so far and will continue to do so throughout 2022. That means if you’re in the process of buying a home, the rate your lender quotes could increase sometime in the future. So what happens if interest rates increase after you’ve already gone under contract? Is there any way to protect yourself?
First of all, when we’re writing an offer with a financing contingency, we typically determine whether your rate is fixed or variable and what terms would allow you to cancel the contract. In a rising market like this, you should get a mortgage rate lock as soon as possible in the process to prevent your rate from increasing further. Some lenders have products that let you lock before your offer gets accepted, but you may have to pay a higher interest rate to do this.
Second, ask your lender if they provide float-down options, which prevent your rate from rising but allow it to lower if market rates begin to fall again. Be advised, though, that float-down options typically come with an extra cost in exchange for a lower rate.
If you have any questions or would like to learn more about mortgage rate locks and float-down options, don’t hesitate to give me a call or send an email. I’d be happy to help you.
Are you planning to buy a condo? Here’s what you need to know.
I’ve recently been working with a few clients who want to purchase condos and then rent them out as a part of their real estate investment. It’s a great way to generate wealth but condos are not exactly like houses. If you want to pursue this route, there are a few key differences between the two you’ll need to know.
You can listen to my full explanation in the video above or skip to each topic using the timestamps provided:
0:00 — Introduction
0:34 — Condos are governed by more rules
0:49 — Many condo associations have rental restrictions
1:35 — Renting out your condo can drive down your property’s sales price
1:50 — The condo association typically takes care of the maintenance of the condo building
2:31 — There is typically a monthly condo fee you’ll have to pay
2:56 — What you own when you buy a condo
3:42 — Learn the scope of your ownership and responsibilities
3:57 — A Wisconsin law when buying a condo
5:52 — Wrapping up
If you need more details about this topic or have any real estate concerns, don’t hesitate to call or email me. I’ll be happy to help!
Four ways to make your offer more competitive in multiple-offer situations.
Today’s real estate market is still competitive for buyers. If you fall in love with a home, chances are that other buyers have seen it as well, and you’ll have to compete against them to get your offer accepted. Even though interest rates have increased, there still aren’t enough homes to balance out our market. That means sellers have the upper hand, and buyers are forced to compete against each other. Fortunately, there are a few ways you can make your offer stand out to sellers:
1. Offer above the asking price. You’ll have to offer more than asking price if you want to win in a multiple-offer situation, but that doesn’t mean you’ll have to bring too much more money to the table. An extra $2,000 might be enough to draw the seller’s attention. As long as you don’t offer far more than the asking price, this shouldn’t change your monthly payment that much.
2. Limit your inspection. Many sellers worry about deals falling apart because of issues during the inspection. However, if you waive your inspection entirely, you could be on the hook for costly repairs. Instead, you can limit your risk by reducing the inspection period or agreeing to only ask for major repairs.
3. Cover the appraisal. With home prices rising so quickly, many houses aren’t appraising for their final sales price. Normally, the buyer and seller would negotiate to see who’s responsible for the difference. However, you can make your offer more attractive by agreeing to cover a potential appraisal gap. If you’re already fully underwritten, you can waive your appraisal contingency entirely. If not, then you can offer appraisal gap coverage, which is where you’ll cover any gap up to a certain amount you choose.
4. Be flexible. Sellers might want different things concerning the timing of their sale. You can work with the seller’s agent and either offer an extended closing or a quick closing to coincide with the seller’s needs. Doing so can help your offer stand out to the seller. To sweeten the deal even more, you can also offer a leaseback agreement or post-occupancy period, where you let the seller stay in their house after closing to give them time to move and/or find another house. These agreements usually last for anywhere up to 60 days and can be a great way to offer your seller a flexible closing.
If you’re tired of competing, have hope. Interest rates are rising, and it looks like the competition from buyers is easing up slightly. While we still expect to see a seller’s market for a while, it may get easier to purchase a home in the coming months.
If you’d like to take a look at what’s presently available on the market, you can view our multiple listing service here:
Click here to see all available homes in your area.
If you have any questions about making your offer more competitive or buying homes in general, feel free to call or email us. We would love to help you navigate this market.
Here are a few of the many ways to sell your home based on your situation.
It’s no secret that this is a tough market. People looking to buy and sell a home at the same time are in a tricky spot. Sure, you can sell your old house easily, but how can you buy a new one without going homeless?
In a balanced market, it isn’t too difficult to line up your home sale with your purchase, but we are far from a balanced market. There are many ways to accomplish this goal, but I can only share a couple in this short video. Please reach out to me to go through your specific situation.
In a hot seller’s market like ours, you have two main options:
If you have questions about which option is right for you, please give me a call or shoot me an email. I’d love to talk with you about your options and your specific circumstances.
Here are a few myths about the market that you shouldn’t believe.
If you’ve been entertaining the idea of a home sale, there are five myths that you might be hearing, and I’m here today to share the truths behind them:
Myth No. 1: You can overprice your house, and it will still sell. This is simply not true. We have a very limited supply of homes, but consumers are educated. When you overprice, they know it – they may even skip over your home entirely.
Myth No. 2: You can sell your house as is. Technically you can do this, but if you do, you’re telling consumers that something is wrong with the home. You should be willing to negotiate repairs as a home seller.
“If you don’t make repairs, it will be reflected in your offers.”
Myth No. 3: My house will sell in just a few days. While there are certainly cases of homes selling the day they’re listed, it takes around 20 days to get an accepted offer. Accepting the first offer you receive isn’t always wise. You want to expose your house to the most number of buyers before you take it off the market.
Myth No. 4: I don’t need to do any repairs or upgrades before showings. There are some simple, cost-effective things you can do to maintain or even increase your sale price. If you don’t do them, it will be reflected in the lower offers you receive.
Myth No. 5: I can sell without a Realtor. This sounds a little self-serving, but it’s the truth. There’s no way you’re going to market and sell your home effectively on your own unless you are a full-time agent yourself. The contracts are complicated, and having a Realtor on your side ensures you have an expert negotiating in your best interest.
If you have any questions for me about selling a home or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
Looking to sell a Dane County home? Get a FREE home value report here
Today’s Madison market update is geared toward what sellers need to know.
Today I’m discussing what happened in our Madison area real estate market in 2021. I’ll also talk about how that affects our current market and what it will mean if you’re considering selling this year. Based on current conditions and what’s likely to come, now may be the best time to sell your house, and today I’ll explain why.
Feel free to watch the full message above, or use these timestamps that will direct you to various points in the video:
0:00 — Introduction to today’s topic
0:58 — Number of homes on the market
2:05 — What prices are doing right now
2:35 — What interest rates are doing right now
3:03 — What to expect from the second-home market
3:58 — What all this means for you
4:34 — Wrapping up today’s topic
If you’re ready to get the selling process rolling or have any questions, give me a call or send an email. I would love to be your real estate resource.
This week’s blog post on our sister site, MadisonNeighborhoods.com, was an absolute blast to write. We spent some time interviewing a few of the ladies of Keller Williams Madison, picking their minds on what their dream homes look like. Head on over to hear what they had to say!
Head over to our sister site, MadisonNeighborhoods.com, to check out our latest blog post for events in Madison for the month of June.
Head to this week’s blog post on our sister site MadisonNeighborhoods.com to learn ways you can pay tribute to the brave military personnel we’ve lost while they fought for our rights.
