We're In A Buyers Market Lower mortgage rates haven’t caused an uptick in demand just…
Inspired To Sell
According to a new study, an estimated 12.1 million homeowners plan to sell their homes in the next 18 months. About half of those homeowners say that the recent shifts in the housing market have inspired them to sell sooner than they had previously planned. Another 45% of homeowners say their communities have more homes for sale than a year ago. Homeowners can see that we’re moving away from a strong seller’s market in many areas. So their feelings and motivations are shifting, too.
Going To Greater Lengths
To make sure their home sells, more than 3/4 of homeowners say they plan to make repairs or renovations before listing their properties. Most plan to spend an average of $3,000, though a small fraction plan to spend upwards of $15,000 on renovations. Though, how much these sellers spend isn’t as important as what projects they spend it on. Homeowners preparing to sell should make their renovations count, spending where they’re most likely to increase home value and get a good return on their home improvement investments. After that, your best return on investment comes from freshening up the kitchen and bathrooms if they’re outdated. There’s no need to go overboard. New flooring, updated fixtures and refaced cabinets might be enough.
Though few think their home’s value is going to decrease over the next two years (just 16 percent), more than half say they’d accept a below-listing offer right now. Another 84 percent said they’d accept a low bid if they home took longer than expected to sell. Some would accept as low as 10 percent under asking price or more ($25,000 on a $250,000 home).
*This article does not represent legal interpretation or advice. This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. Seattle Mortgage Brokers, LLC NMLS: LO# 305371/1598279 | MB# 761615