Category: Home selling

Big Predictions Being Made for Housing Market in Next 2 Years

The most recent monthly economic outlook from Fannie Mae shoes that home sales in the US are expected to see big gains. According to the funding experts, their predictions for market gains will occur within the next two years.

Economists at Fannie Mae have predicted that the sales of existing homes in the US will increase by 10.5 percent by the end of 2013. By 2014, sales are expected to increase by 6.2 percent. Sales in the single-family home market are predicted to increase 15.1 by the end of 2013, and 44.1 percent by the end of next year.

According to the report, home prices are expected to increase at the rate of the current housing recovery. This will have a huge impact on boosting the net worth of US homes. The amount of homeowners who are underwater borrowers is expected to diminish gradually, while reducing strategic default incentives.

Fannie Mae Mortgage Rate Predictions

Fannie Mae made another prediction related to mortgage rates. They believe these rates will remain at record-low averages throughout 2013. However, 30-year fixed-rate mortgages will continue increasing. During the first quarter of 2013, the average was 3.5 percent. This average is expected to increase to 4 percent by the last quarter of 2013. The mortgage rate prediction for the last quarter of 2014? It’s during this time that the rates are projected to increase by an average of 4.5 percent.

The amount of homebuyer mortgage applications is also expected to increase this year by 16.8 percent. By 2014, the amount of applications should increase by 17.1 percent. However, Fannie Mae is predicting that decline in the number of refinancing applications will more than likely cause the amount of mortgage loan originations to decrease by 14.5 percent in 2012, and 31.4 percent next year.

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Pricing Your Home to Sell in Central Oregon

Current housing market conditions dictate home values and selling prices. Today’s Central Oregon housing market is a buyer’s market. That means that there are more homes for sale in Central Oregon that there are buyers. This is not necessarily bad news for sellers, though. It just means that you have to be aware of the current market conditions and analyst reports in order to price your home to sell. Your real estate agent can advise you on a listing price. But, ultimately, it’s up to you to decide on the listing price of your home. Here are a few tips to help you make an educated decision to price your Central Oregon home to sell fast:

1) Don’t Be Emotional

We understand that you have an emotional attachment to your home. You’ve cared for it, loved it, raised your family there… you’ve given your home a piece of your heart. But, to a potential homebuyer, your emotional attachment does not add to the value of your home. The price of your home has no relation to the personal features and fixtures you added to it over the years to make it more enjoyable for you. The value is directly related to current market value, including comparable prices in your area. Overpricing your home will only ensure that you get very few quality buyers to consider making an offer. Be realistic about your Central Oregon real estate value. If you need assistance, contact your local Bend Oregon real estate sales agent.

2) Don’t Underprice Your Home

Homes that are underpriced in the Central Oregon market don’t necessarily sell any faster than overpriced homes. An underpriced home can send a signal to potential buyers that the price is “too good to be true.” They may think it’s a fixer-upper in need a major repairs or there are hidden costs somewhere that you’re not disclosing. With today’s housing market, there are so many schemes out there that buyers may simply not believe your listing is real. Underpricing your home also shows seller desperation. This means that potential buyers will be less willing to negotiate with you when it comes to fixtures, amenities and other things they may want to get out of you as the seller. Price your home according to fair market value in order to ensure you attract qualified Central Oregon homebuyers that are willing to buy your home at a reasonable price.

3) Educate Yourself on Home Prices

Your Central Oregon real estate agent will be knowledgeable about current home prices in the area. They will know what homes are selling, have sold recently and for how much. But, the ultimate decision on the listing price of your home is completely up to you. That’s why it’s important to make sure you’re educated on the current home prices or homes that have recently sold in your community. Drive around the neighborhood on the weekends. Visit a few open houses to see what sellers in your area are offering. Check out MLS listings to get a better idea of your competition. The more you educate yourself, the better you can work with your Central Oregon real estate agent to make an educated decision to price your home to sell.

Price Your Central Oregon Home to Sell

One of the hardest parts of selling your home is making sure you set a competitive price. You don’t want to overprice your home because this will decrease the amount of offers you receive by discouraging qualified buyers. You also don’t want to underprice your home, sending a message that your home may be of low quality or that you’re desperate. Remove your emotions from the equation to help you make the right decision. Price your home according to the current fair market value so that your home won’t be listed on the market for years to come. Work with your Bend Oregon real estate agent to help you price your home to sell fast.

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Prepping Your Home for Sale

When you’re prepping your home for sale, there are a lot of things to consider and it can quickly become overwhelming.  The best way to approach this gargantuan undertaking is to break your tasks into small, manageable chunks and attack them one at a time.  Go room by room instead of running all over the house.  Focus on one aspect, such as cleaning, and worry about painting the walls on the next pass.  To make things a bit easier for you, here are some basic areas that are essential to making your home as sellable as possible.

Clean, Clean, Clean!

The importance of a clean home cannot be stressed enough when it comes time to sell.  Ensure that all the bathrooms are spotless, with fresh soap and towels. Carpets should be deep cleaned and wood floors polished.  Make sure the kitchen sink is clean, and that there is no trash in the bins.  Consider hiring a cleaning service to make sure that no square inch is ignored.  Ask a friend to inspect your cleaning job; it helps to have an extra pair of eyes and a good friend won’t be afraid to tell you that you’ve missed a spot!

Make Your Rooms Shine

A fresh coat of paint can make a huge difference.  If you can, repaint any rooms that are losing their sheen.  Painting your living room, kitchen, family room, and hallways the same color will make your home feel more open and connected, increasing the sense of space.  Contrast the bedrooms with the hallway paint to set them apart.  Replace or remove completely any outdated wallpaper.  Repair cracks and damage in the walls.  Make sure that all the room doors open and shut well.  Strongly consider hiring a home inspector to find any issues that could come up in the selling process.  This gives you a chance to fix them before they negatively impact your home’s value.

Get Rid of That Junk

Clutter will distract potential homebuyers from the home.  Sure, it will be gone when they move in, but it makes it difficult for them to envision their own belongings in that space.  One of the first things buyers look for is storage space.  Clean out the garage and the closets.  Hold a garage or yard sale. Get rid of old food, scrapped projects, old clothing, and obsolete electronics.  Ask yourself, “Have used this since I last moved?”  If the answer is No, then it might be time to dump it.  Also, be sure to remove any personal decorations such as family photographs, trophies, certificates, heirlooms, etc.  You want buyers to imagine that they live there, and personal items make it difficult to paint that mental image.  This also protects you, because buyers are strangers, and it is best if you don’t have personal data lying out in the open.

Improve Your Curb Appeal

The front of your house is the first thing the buyer will see on a visit or driving by, and what they say about first impressions holds true.  Clean up the yard, keep the lawn mowed, trim the bushes.  Get a new welcome mat if the old one has become worn, or if you never had one to begin with.  Add some flowers for some color; planters are great because they add to the picturesque feel of the home and you can take them with you when you move.  Replace or repaint any fading house numbers, and touch up the trim.  Consider upgrading the lanterns to more stylish ones, they make a big difference.

Make a Checklist

Your home will most likely not sell right away.  You need to be prepared to maintain the home in a sellable state for as long as it is on the market.  Create a weekly checklist of tasks that should be taken care of to ensure that the house is always ready to be shown.  This checklist should include: weekly landscape maintenance (especially in the summer months), regular dusting, sweeping walkways and porches, checking on fresh flowers both indoors and out, washing windows, regular vacuuming, and cleaning the shower or tub.  Try to put yourself in the shoes of a buyer and make sure to focus on what they would focus on.

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