Seller Tips • January 7, 2025

Only an Expert Agent Can Give You an Accurate Value of Your Home

by Jessica Hoelzel

In today’s digital age, it’s tempting to rely on automated tools for everything — including figuring out how much your house is worth. But be careful. The automated estimates you’re seeing online often miss key details that affect the true market value of your home.

Before you toss a for sale sign in your yard and expect to bring in the number you saw for your house online, you need to understand why these tools generally aren’t spot-on and why working with an expert Coldwell Banker Realty real estate agent is the best way to get an accurate picture of what your house is really worth.

The Myth: Online Home Value Estimates Are Accurate
Online home valuation tools give you an approximate value for your house based on the data that’s publicly available for your home. While this can give you a rough starting point, the keyword here is rough. As an article from Ramsey Solutions says:

“Online Home Value Estimators Aren’t 100% Accurate . . . The estimates are only as reliable as the amount of public record data the real estate websites can access. The less data gathered for your particular neighborhood, county and state, the less you can depend on this number.”

The Reality: Online Estimates Miss Key Factors
Here’s the biggest issue with online estimates: they don’t take into account the unique aspects of your home or your local market. And that’s why an agent’s expertise can make such a difference when figuring out what your house is really worth. Here’s an example. A Coldwell Banker Realty real estate agent will also factor in:

The Home’s Condition: Online tools can’t tell whether your home has been well-maintained or if it needs significant repairs. The condition of your house plays a huge role in its value, and only an in-person walk-through can account for that.
The Latest Neighborhood Trends: Is your neighborhood up-and-coming? Are there new developments or amenities nearby that make your home more desirable? Automated tools often overlook local trends that can significantly affect the value of your home.
Accurate Comparable Sales: While online estimates may use past sales data as a baseline, they don’t always reflect the most recent or most relevant comparable sales, or comps. Real estate agents, on the other hand, have access to up-to-date market data and can give you a much more accurate estimate based on real-time sales in your area.

Agents have a deep understanding of the local market, and they can provide insights that automated tools simply can’t match. As Bankrate explains:

“Online estimation tools determine pricing using algorithms that rely on publicly available information. These algorithms can vary widely from one tool to the next and typically don’t account for a home’s current condition or any upgrades or renovations that are not reflected in public records. So they are not as accurate as in-person methods, like a real estate agent’s comparative market analysis . . .”

Bottom Line
While online home value estimates can be a helpful tool to get a rough idea of what your home is worth, they aren’t foolproof. The true value of your home depends on a range of factors that automated tools just can’t account for.

To get the most accurate estimate, let’s connect. That way you have expert guidance and up-to-date market insights to set the best possible price for your home.

This article is authored and republished courtesy of Coldwell Banker Realty.

Financing A Home • January 7, 2025

When Will Mortgage Rates Come Down?

by Jessica Hoelzel

One of the biggest questions on everyone’s minds right now is: when will mortgage rates come down? After several years of rising rates and a lot of bouncing around in 2024, we’re all eager for some relief.

While no one can project where rates will go with complete accuracy or the exact timing, experts offer some insight into what we might see going into next year. Here’s what the latest forecasts show.

Mortgage Rates Are Expected To Ease
and Stabilize in 2025
After a lot of volatility and uncertainty, the most updated forecasts suggest rates will start to stabilize over the next year, and should ease a bit compared to where they are right now (see graph below):

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“While mortgage rates remain elevated, they are expected to stabilize.”

Key Factors That’ll Impact the Future of Mortgage Rates
It’s important to note that the timing and the pace of what happens with mortgage rates is one of the most challenging forecasts to make in the housing market. That’s because these forecasts hinge on a few key factors all lining up. So don’t be fooled, because while rates are expected to come down slightly, they’re going to be a moving target. And the ups and downs of ongoing economic drivers will likely stick around. Here’s a look at just a few of the things that’ll influence where they go from here:

Inflation: If inflation cools, rates could dip a bit more. On the flip side, if inflation rises or remains stubbornly high, rates may stay elevated longer.
Unemployment Rate: The unemployment rate also plays a significant role in upcoming decisions by the Federal Reserve (the Fed). And while the Fed doesn’t set mortgage rates, their actions do reflect what’s happening in the greater economy, which can have an impact.
Government Policies: With the next administration set to take office in January, fiscal and monetary policies could also affect how financial markets respond and where rates go from here.

Remember, these forecasts are based on the best information available right now. As new economic data comes out, experts will revise their projections accordingly. So, don’t try to time the market based on these forecasts alone.

Instead, the best thing you can do is focus on what you can control right now. Work on improving your credit score, put away any extra cash for your down payment, and automate your savings. All of these things will help you reach your homeownership goals even faster.

And be sure to connect with a trusted agent and a lender, so you always have the latest updates – and an expert opinion on what that means for your move.

Bottom Line
If you’re planning to move and want to stay informed about where mortgage rates are heading, let’s connect.

This article is authored and republished courtesy of Coldwell Banker Realty.

Seller Tips • December 17, 2024

Selling this Spring? 6-Month Plan to Get Your House Ready: Month 2

by Jessica Hoelzel

Declutter Closets

Storage is BIG on a buyer’s list of must haves. Make sure your home checks the box for plenty of closet space by removing at least 1/3 of the items in your closets:

• Coat/entry closets
• Linen closets
• Bedroom closets
• Walk-in closets
• Pantry closets
• Storage closets

Removing ½ to ¾ of the items is even better, to maximize a buyer’s view of the capacity and built-ins.

What to do with all the stuff?
• Trash
• Donate
• Pre-pack
• Store elsewhere

Get rid of the things you don’t want or need in your new house:
• Things you don’t like
• Things you don’t use
• Things that are worn
• Things that are out of style
• Things that don’t fit
• Things that have a bad memory attached to them

When deciding what to store elsewhere, pay close attention to off-season items like seasonal clothing and decorations. They can go for now. Memorabilia/sentimental items can go for now. Large appliances, entertaining items, and stuff that is rarely-used can go for now.

The stuff in your closets is personal. You don’t want buyers looking at your stuff, you want them to look at the features of your house. (And want to buy it.) So get to work!

Check out my 1st post in this series:
Month 1: November – Clear out garage and storage for more tips

Have you gotten a market analysis on your home yet? Connect with me to find out what it’s worth.

Buying New Construction • December 17, 2024

The Top 2 Reasons To Look at Newly Built Homes

by Jessica Hoelzel

When planning a move, a newly built home might not be the first thing that comes to mind. But with more brand-new homes on the market and builders focusing on smaller, more affordable options, this type of home may just be the key to crossing the homebuying finish line.

Here’s why a new build is worth considering – and how an agent can help you find one that meets your needs and your budget.

1. More Newly Built Homes Are Available Right Now
First, let’s break down the types of homes on the market. A newly built home is a house that was just built or is under construction. On the other hand, an existing home is one a homeowner has already lived in.

Right now, the number of existing homes for sale is still low. And, if you’re struggling to find something you like because there aren’t that many existing homes for sale, opening up your search to include brand-new homes could really expand your options. That’s because there are more newly built homes available right now than in a typical year.

From 1983 to 2019, newly built homes made up only 13% of the total inventory of homes for sale. Today, that number has climbed to 28.8%, according to the most recent data.

And as Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), notes:

“Even though existing home sales have been stuck at low levels, newly constructed home sales look to mark one of its best annual performance in 15 years . . . The new home inventory has been consistently rising with homebuilders getting active and making up around 1/3 of total inventory.”

While the uptick in new home construction is encouraging, rest assured that builders aren’t overdoing it, they’re just making up for over a decade of underbuilding. There are still way more buyers than there are homes on the market. But the good news for you is this increase in newly built homes means more options for your search.

2. Newly Built Homes Are Becoming Less Expensive
Still skeptical if a new build is right for you or if they’re even in your budget? The average cost of newly built homes has actually come down from a year ago.

Why is that? Builders know affordability is top of mind for homebuyers right now. So they’re focusing their efforts on building smaller homes they can offer at lower price points and are more likely to sell. As Realtor.com says:

“Builders are increasingly bringing smaller, more affordable homes to the market, so buyers may find more newly-built homes that fit their budget.”

Something to keep in mind: buying a newly built home isn’t the same as buying an existing one. Builder contracts have different fine print. So be sure to partner with a local agent who knows the market, builder reputations, and what to look for in those contracts.

Bottom Line
Depending on your needs and budget, a new build might be the opportunity you’ve been waiting for to bring your homebuying vision to life. If you’re interested in a brand-new home, let’s connect so you can check out what builders in your area are up to.

This article is authored and republished courtesy of Coldwell Banker Realty.

Real Estate Market • November 26, 2024

Don’t Let These Two Concerns Hold You Back from Selling Your House

by Jessica Hoelzel

If you’re debating whether you want to sell right now, it might be because you’ve got some unanswered questions, like if moving really makes sense in today’s market. Maybe you’re wondering if it’s even a good idea to move right now. Or you’re stressed because you think you won’t find a house you like.

To put your mind at ease, here’s how to tackle these two concerns head-on.

Is It Even a Good Idea To Move Right Now?
If you own a home already, you may have been holding off because you don’t want to sell and take on a higher mortgage rate on your next house. But your move may be a lot more feasible than you think, and that’s because of your equity.

Equity is the current market value of your home minus what you still owe on your loan. And thanks to the rapid appreciation we saw over the past few years, your equity has gotten a big boost. Just how much are we talking about? See for yourself. As Dr. Selma Hepp, Chief Economist at CoreLogic, explains:

“Persistent home price growth has continued to fuel home equity gains for existing homeowners who now average about $315,000 in equity and almost $129,000 more than at the onset of the pandemic.”

Here’s why this can be such a game-changer when you sell. You can use that equity to put down a larger amount on your next home, which means financing less at today’s mortgage rate. And in some cases, you may even be able to buy your next home in cash, avoiding mortgage rates altogether.

The bottom line? Your equity could be the key to making your next move possible.

Will I Be Able To Find a Home I Like?
If this is on your mind, it’s probably because you remember just how low the supply of homes for sale got over the past few years. It felt nearly impossible to find a home to buy because there were so few available.

But finding a home in today’s market isn’t as challenging. That’s because the number of homes for sale is growing, giving you more options to choose from. Data from Realtor.com shows just how much inventory has increased – it’s up almost 30% year-over-year.

And even though inventory is still below pre-pandemic levels, this is the highest it’s been in quite a while. That means you have more options for your move, but your house should still stand out to buyers at the same time. That’s a sweet spot for you.

It’s important to note, though, that this balance varies by local market. Some places may have more homes for sale than others, so working with a local real estate agent is the best way to see what inventory trends look like in your area.

Bottom Line
If you’re thinking about selling, hopefully these concerns haven’t kept you up at night. With this information, you should realize you don’t have to let the what-if’s delay your move anymore. Let’s connect so you have the data and the local perspective you need to move forward.

This article is authored and republished courtesy of Coldwell Banker Realty.

Buyer Tips • November 20, 2024

More Homes, Slower Price Growth – What It Means for You as a Buyer

by Jessica Hoelzel

There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. Let’s look at two reasons why.

You Have More Options To Choose From
An article from Realtor.com helps explain just how much the number of homes for sale has gone up this year:

“There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.”

And while the number of homes on the market still isn’t quite back to where it was in the years leading up to the pandemic, this is definitely an improvement (see graph below):

With more homes available for sale now, you have more options to choose from. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, explains:

“Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .”

That means you have a better chance of finding a house that meets your needs. It also means the buying process doesn’t have to feel quite as rushed, because more options on the market means you’ll likely face less competition from other buyers.

Home Price Growth Is Moderating
When there aren’t many homes for sale, buyers have to compete more fiercely for the ones that are available. That’s what happened a few years ago, and it’s what drove prices up so quickly.

But now, the increasing number of homes on the market is causing home price growth to slow down.

In certain markets, the number of available homes has not only bounced back to normal but has even surpassed pre-pandemic levels. In those areas, home price growth has slowed or stalled completely. As Lance Lambert, Co-Founder of ResiClub, explains:

“Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.”

Slower or stalled price growth could give you a better chance of finding something within your budget. As Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), says:

“For the third consecutive month U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability.”

But remember, inventory levels and home prices are going to vary by market.
So, having a real estate agent who knows the local area can be a big advantage. They can help you understand the trends in your community, which can make a real difference in finding a home that fits your needs and budget.

Bottom Line
More housing options – and the slower home price growth they bring – can help you find and buy a home that works for your lifestyle and budget. So don’t hesitate to reach out if you want to talk about the growing number of choices you have right now.

This article is authored and republished courtesy of Coldwell Banker Realty.

Real Estate Market • November 13, 2024

Expect the Unexpected: Anticipating Today’s Housing Market

by Jessica Hoelzel

You’ve probably noticed one thing if you’re thinking about making a move: the housing market feels a bit unpredictable right now. The truth is, from home prices to mortgage rates, we’re seeing more volatility – and it’s important to understand why.

At a high-level, let’s break down what’s happening and the best way to navigate it.

What’s Driving Today’s Market Volatility?
Factors like economic data, unemployment numbers, decisions coming out of the Federal Reserve (The Fed), and even the recent presidential election, are creating uncertainty right now – and uncertainty leads to market volatility.

You can see that when you look at what’s happening with mortgage rates. New economic reports and other geopolitical events have an impact and can cause sudden shifts up or down, even though experts still forecast rates will come down overall. We’ve seen that effect play out recently, like when employment and inflation data get released each month.

And as the markets react, these types of updates will continue to have an impact on rates moving forward. As Greg McBride, CFA, Chief Financial Analyst at Bankrate, says:

“After steadily declining throughout the summer months, I expect more ups and downs to mortgage rates . . . Job market data will be closely watched as well as any clues from the Fed about the extent of upcoming interest rate cuts.”

This is exactly why the projected decline in mortgage rates isn’t going to be a straight line down over the next year. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, explains:

“Rates have shown considerable volatility lately, and may continue to do so . . . Overall, we still expect a downward long-term mortgage rate trend.”

Plus, home prices and the number of homes on the market vary dramatically depending on where you’re looking to buy or sell, which makes it even harder to get a clear picture. In some areas, home prices are rising and inventory is tight, while in others, there are more homes available and it’s leading to more moderate pricing shifts.

As all of this unfolds, understanding what’s happening will help you make the right decisions, whether that’s buying or selling. And there’s one easy way to get that information: from a Coldwell Banker Realty professional.

The Importance of Partnering with a Coldwell Banker Realty Pro
While the road ahead may have some bumps and unexpected turns, you don’t have to go it alone. A great Coldwell Banker agent will keep you up to date on the latest market developments, guide you through any shifts, and help you make smart decisions based on your goals.

For example, as mortgage rates change, professionals (like your agent and a trusted lender) will explain how the shifts impact what you can reasonably plan for in your monthly payment. This will help you see how even a small change in rates can impact your bottom line – that way you don’t lose sight of the big picture even as shifts happen here and there.

And since conditions can vary significantly from one neighborhood to another, your agent will also help you understand the specifics of your market—whether it’s how to navigate competition with other buyers, the number of homes available, or what’s happening with local home prices. Their insights and expertise will help you adapt to any movement in the market.

Bottom Line
The housing market may be experiencing some shifts, but don’t let it stop you from making your move. With the support of an experienced Coldwell Banker Realty real estate agent and a trusted lender, you’ll be ready to navigate the changes and make the most of the opportunities that come your way.

Let’s turn any uncertainty into your advantage, helping you move forward with confidence.

This article is authored and republished courtesy of Coldwell Banker Realty.

Home Staging • Seller Tips • November 12, 2024

Selling this Spring? 6-Month Plan to Get Your House Ready: Month 1

by Jessica Hoelzel

Clear out the garage and storage

Before the temps drop too low, get out there and:

-Sort
-Purge
-Clean

Garages tend to collect a lot of misc items that you “may need later.” Take an honest inventory of what you need and what you don’t.

(Maybe your life has changed over the years, maybe you don’t want to head into your next home with a bunch of things you don’t need. That’s a good plan.)

Bonus: You will have a nice clean garage to park your car in this winter!

Game plan:
1) Take everything out and sort it in the yard
2) Clean the floor, surfaces, any cobwebs
3) Put back the things I want to keep

***TIP***
Make sure to leave a designated space as a “staging area” for things you’re getting rid of (donating, selling online, giving back to someone, etc). It will come in handy as you clear things out from the house over the next few months. Use labels if you need to, but the main thing is to stay proactive about getting that stuff gone and keeping it clear!

AND…do the same in your indoor storage areas:

-Crawlspaces
-Basement shelving
-Storage rooms

As you prep your home for staging to sell, leave some clear space in these areas to stash stuff you don’t want out on display.

🏡 Less stuff and clear spaces are always more when you sell a house! 🏡

Have you gotten a market analysis on your home yet? Connect with me to find out what it’s worth.

Buyer Tips • November 11, 2024

How Coldwell Banker Realty Agents Take the Fear Out of Moving

by Jessica Hoelzel

Feeling a bit unsure, or even afraid, to move with everything going on right now? The decision to move shouldn’t be scary, it should be exciting. And the best way to eliminate any fear is to work with a pro.

Real estate agents are so much more than just transaction facilitators; they’re trusted guides to help you navigate the complexities of the housing market with confidence and ease. And a great agent can turn what may feel like a daunting process into a manageable—and even enjoyable—experience.

That’s why, in a Bright MLS survey, respondents agreed partnering with an agent is essential and helps cut down on their stress.

Here are just a few examples of why that expertise can give you so much peace of mind.

1. Explaining the Current Market
You may be seeing misleading headlines about a potential market crash, falling prices, and more. And when you’re not an expert yourself, it’s easy to get swept up in the clickbait and let that scare you. As Jason Lewris, Co-Founder and Chief Data Officer at Parcl, says:

“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”

A real estate agent is there to help you separate fact from fiction and to debunk any headline that does more to terrify than clarify. With their deep understanding of local market trends, home values, inventory levels, and more, they’ll help you feel more confident in your decision.

2. Walking You Through the Process Step-by-Step
Is this your first time going through the process as a buyer or a seller? Don’t worry. Your agent will walk you through every step along the way, from the initial conversation all the way to closing day. As NerdWallet explains:

“If it’s your first time buying — or selling — you’re likely to come across terms you don’t recognize and tasks that seem baffling. What’s the difference between pending and contingent? Why do you need title insurance? How thoroughly do you need to fill out disclosure forms? Your agent should be able to confidently and competently explain it all.”

And if you’ve done this before, but it’s been a while, an agent will tailor how they explain it all to your previous experience. They won’t bog you down with details, they’ll only give you as much of a refresher as you want and need.

3. Advocating for Your Best Interests
Does the thought of dealing with the back and forth of the transaction make your palms sweaty? Put that anxiety aside. Your Coldwell Banker Realty agent is a skilled negotiator trained for these exact scenarios. And the best part is, they work for you. So, it’s your goals they’re using that expertise to fight for.

They’ll work to secure the best possible terms for you, whether it’s getting a better price as a homebuyer or negotiating a higher sale price as a seller. This removes the fear of a bad deal or being taken advantage of during the process.

4. Solving Any Unexpected Problems Quickly
Worried something is going come up that you don’t know how to handle? Rest assured, your agent has you covered.

Agents are skilled problem-solvers. They not only address issues, but they get ahead of them before they become deal-breakers – and that helps keep the process on track. So, if any challenges do pop up, know your agent has the skills and experience necessary to find a solution that works for you.

Bottom Line
Don’t let fear or uncertainty hold you back from achieving your goals. Let’s connect so you can move forward with confidence.

This article is authored and republished courtesy of Coldwell Banker Realty.

Home Staging • Seller Tips • November 5, 2024

How to Prepare a Vacant Home for Sale

by Jessica Hoelzel

Vacant real estate listings can feel cold, empty and uninviting. Set yours apart from the competition with these tips for more interest and better offers. The goal: a fast, profitable sale!

Increase curb appeal

Touch up peeling/worn paint or repaint if needed
Remove any garden art, lawn ornaments and bird feeders
In Summer, have lawn freshly mowed, weeds removed, bushes trimmed
In Spring/Fall, clear all leaves and dead plants; mulch in Spring
In Winter, clear driveway, steps, sidewalks and all walkways of snow
Make sure house numbers are clearly visible

Pay attention to the front door

Remove any dirt, cobwebs or debris around the door and clean door glass
In Winter, treat walkways and steps with a sand/salt mixture
Add a new welcome mat at the door exterior and a new rug inside

Make it bright

Ensure all light fixtures are working and replace bulbs as needed
Open all window curtains and shades to let natural light in
In Winter, consider leaving the porch light and one light on inside (or on a timer)

Fix anything broken

Do an inventory of each room and note what needs attention
Fix or replace what you can, hire professionals to handle the rest

Clean, clean, clean!

Whether you do it yourself or hire a professional, everything needs to be cleaned, top to bottom
Kitchens and baths: deep clean all surfaces, wipe cabinets and drawers, shine fixtures and glass
Wipe down walls, clean light fixtures, remove dust and cobwebs, clean baseboards and flooring throughout

Eliminate odors

Have all carpets professionally cleaned; remove and replace any exceptionally worn or soiled carpet
Open all windows periodically to let fresh air in; use fans or humidifiers when not being shown

Bring in something live

Add flowers at the front door: Spring–pansies, Summer–geraniums/petunias, Fall–mums, Winter–evergreens
Place a vase of flowers or a potted flowering plant on the kitchen counter or island

Make it comfortable

Set the thermostat to 65-70 degrees so visitors are neither too hot nor too cold and humidity isn’t a factor

Consider vacant home staging

Serious about getting top dollar for your home? Our best recommendations is to have it professionally staged. It elevates buyers’ impressions, and will bring your listing to a whole new level against the competition. Ask me how.

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