How's the Market? Source, Realtor Magazine November 20, 2018
Where Are We?
The market has clearly started correcting over the past few months. Interest rates have risen, reducing affordability and dampening buyer demand. However, inventory is pushing above the anemic levels that fueled price growth, and now we have a more balanced market. This is not 2008, when home prices nationwide fell by 15 percent to 20 percent.
Historically, sellers adjust slowly to changing markets and price their homes higher with room for negotiation. Many price reductions do not indicate a market adjustment but rather overzealous sellers or inexperienced agents coming back down to true market value. So although inventory has increased, there is still probably a lack of quality and fairly priced homes.
At this time of year, inventory naturally declines through Dec. 31 and picks up again in spring. Since we are ending 2018 with the highest inventory in years, it’s likely that spring will see more homes on the market than in the recent past. Yes, coupled with rising interest rates, this may cause more pricing pressure. Don’t forget, though, that the economy is stronger now than it was before the Great Recession. We are seeing now that eager buyers and investors are jumping on the real estate opportunities they find.
What Should You Do? Focus on a long-term strategy and decisions you can afford. Temporary market fluctuations shouldn't matter. Buyers are advised to not overpay. Sellers should consider listing before the peak levels of inventory hit the market next spring. Pricing is crucial to not go too high with asking prices.
PREPPING YOUR HOME Color your home sale a richer shade of green
Source, LA Times December 1, 2018
The restorative power of a fresh coat of paint should not be underestimated — but who knew the right color could fetch as much as $6,271 more for a home than expected?
The secrets of such color-cash wizardry come courtesy of Zillow, who analyzed 135,000 photos from homes sold around the country between 2010 and May 2018.
Black or charcoal front doors produced top $6K premium. Light taupe living rooms netted $2,793 more than homes with white or other color walls, and light blue bathrooms cashed out at $2,786 more.
Stash the warmer, more dramatic colors such as red, yellow and brown. Red kitchens knocked an alarming $2,310 off sales, brown dining rooms sliced $1,684, and sunny yellow exteriors melted $3,408 from sale prices. So much for happy hues.
“Lighter blues and neutrals, like grays — they’re really the new beige,” said Skylar Olsen, Zillow’s director of economic research and outreach.
Tuxedo kitchens, which have upper and lower cabinets painted contrasting colors, sold for a $1,547 premium, a finding of the 2018 Zillow study. A common pairing was white set off by black or dark navy blue.
Contrast, in fact, is embedded in a color that’s been trending since 2016: greige, a blend of the cooler light gray and warmer beige. When used on exteriors, greige netted sellers $3,496 more than similar homes painted a medium brown, or with tan stucco, according to the 2017 Zillow study. Greige is a non-offensive color, a very natural look, and that’s a key word today.
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