Existing-Home Sales Report Indicates Now Is a Great Time to Sell

Existing-Home Sales Report Indicates Now Is a Great Time to Sell | Simplifying The Market

Based on the current state of the market, trends are shifting in favor of sellers. If you are going to sell, now may be the time to take advantage of the number of buyers who are searching for their dream home.

 

The best time to sell anything is when demand for that item is high and the supply of that item is limited. The latest Existing-Home Sales Report released by the National Association of Realtors (NAR), reveals that demand for housing continues to be strong, but the supply is struggling to keep pace. With this trend likely continuing throughout 2020, now is a great time to sell your house.

THE EXISTING-HOME SALES REPORT

The most important data revealed in this report was not actually sales. In reality, it was the inventory of homes for sale (supply). The report explained:

  • Total housing inventory at the end of August decreased 2.6% to 1.86 million homes available for sale.
  • Unsold inventory is lower than the 4.3-month figure recorded in August 2018.
  • This represents a 1-month supply at the current sales pace.

According to Lawrence Yun, Chief Economist at NAR,

“Sales are up, but inventory numbers remain low and are thereby pushing up
home prices.”

In real estate, there is a simple guideline that often applies here. Essentially, when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see greater appreciation. Between a 6 to 7-month supply is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and can expect depreciation in home values (see below):Existing-Home Sales Report Indicates Now Is a Great Time to Sell | Simplifying The MarketAs we mentioned before, there is currently a 4.1-month supply of homes on the market, and houses are going under contract fast. The Existing Home Sales Report also shows that 49% of properties were on the market for less than a month when they were sold. In August, properties sold nationally were typically on the market for 31 days. As Yun notes, this should continue,

“As expected, buyers are finding it hard to resist the current rates…The desire to take advantage of these promising conditions is leading more buyers to the market.” 

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market, and supply will fail to catch up with demand if a sizable supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers who are out there searching for your house to become their dream home.

Posted on October 14, 2019 at 8:22 am
Ted Mansfield | Category: Active listing, Buying a home, Finance, First Time Buyers, Luxury market, Mortgage, Move Up Buyers, Real Estate, Selling your home

You Need More Than a Guide. You Need a Sherpa.

You Need More Than a Guide. You Need a Sherpa. | Simplifying The Market

In today’s world, hiring an agent who has a finger on the pulse of the market will make your buying or selling experience an educated one.

 

In a normal housing market, whether you’re buying or selling a home, you need an experienced guide to help you navigate the process. You need someone you can turn to who will tell you how to price your home correctly right from the start. You need someone who can help you determine what to offer on your dream home without paying too much or offending the seller with a low-ball offer.

We are, however, in anything but a “normal market” right now. The media is full of stories about an impending recession, a trade war with China, and constant political upheaval. Each of these potential situations could dramatically impact the real estate market. To successfully navigate the landscape today, you need more than an experienced guide. You need a ‘Real Estate Sherpa.’

A Sherpa is a “member of a Himalayan people living on the borders of Nepal and Tibet, renowned for their skill in mountaineering.” Sherpas are skilled in leading their parties through the extreme altitudes of the peaks and passes in the region – some of the most treacherous trails in the world. They take pride in their hardiness, expertise, and experience at very high altitudes.

They are much more than just guides.

This is much more than a normal real estate market.

The average guide just won’t do. You need a ‘Sherpa.’ You need an expert who understands what is happening in the market and why it is happening. You need someone who can simply and effectively explain it to you and your family. You need an expert who will guarantee you make the right decision, even in these challenging times.

Dave Ramsey, the financial guru, advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.” 

Bottom Line

Hiring an agent who has a finger on the pulse of the market will make your buying or selling experience an educated one.

Posted on October 13, 2019 at 4:55 am
Ted Mansfield | Category: Active listing, Buying a home, Finance, First Time Buyers, Investment, Luxury market, Mortgage, Move Up Buyers, Real Estate, Selling your home | Tagged , , , , , , , ,

What You Need to Know About the Mortgage Process [INFOGRAPHIC]

What You Need to Know About the Mortgage Process [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • Many buyers are purchasing homes with down payments as little as 3%.
  • You may already qualify for a loan, even if you don’t have perfect credit.
  • Your local professionals are here to help you determine how much you can afford, so take advantage of the opportunity to learn more.

Posted on October 11, 2019 at 8:42 am
Ted Mansfield | Category: Active listing, Buying a home, Finance, First Time Buyers, Investment, Luxury market, Mortgage, Move Up Buyers, Real Estate, Selling your home

How Does the Supply of Homes for Sale Impact Buyer Demand?

How Does the Supply of Homes for Sale Impact Buyer Demand? | Simplifying The Market

 

The price of any item is determined by supply, as well as the market’s demand for the item. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.

Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand).

Buyer Demand

The map below was created after asking the question: “How would you rate buyer traffic in your area?”How Does the Supply of Homes for Sale Impact Buyer Demand? | Simplifying The MarketThe darker the blue, the stronger the demand for homes is in that area. The survey shows that in 3 of the 50 U.S. states, buyer demand is now very strong; only 2 of the 50 states have a ‘weak’ demand. Overall, buyer demand is slightly lower than this time last year but remains strong.

Seller Supply 

The index also asked: “How would you rate seller traffic in your area?”How Does the Supply of Homes for Sale Impact Buyer Demand? | Simplifying The MarketAs the map below shows, 18 states reported ‘weak’ seller traffic, 29 states and Washington, D.C. reported ‘stable’ seller traffic, and 3 states reported ‘strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are looking for homes.

Bottom Line

Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together to help you capitalize on the demand in our market now.

Posted on October 1, 2019 at 8:40 am
Ted Mansfield | Category: Buying a home, First Time Buyers, Investment, Luxury market, Mortgage, Move Up Buyers, Real Estate, Selling your home

August Home Sales Statistics for the Eastside – August 2019

Click the following link for a pdf with all the stats you could imagine on Home and Condominium Sales on the Eastside (Redmond, Kirkland, Bellevue, Issaquah, Sammamish, etc.)

EASTSIDE Residential And Condo PDF Link

Growth price of houses with red graph

 

Posted on September 11, 2019 at 8:05 am
Ted Mansfield | Category: Buying a home, Finance, First Time Buyers, Investment, Mortgage, Move Up Buyers, Real Estate, Selling your home, Uncategorized

Top 5 Ways to Make Your Offer Stand Out

If you’ve been looking for a new home, finding the right one is exciting. Now that it’s time to
write the offer, however, you might be wondering what you can do to make sure the seller is
impressed with your offer. Of course the easiest way is to offer cash significantly over asking
price, but fortunately in the real world there are still great ways to ensure the seller takes your
offer seriously and improve your chance of acceptance.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1. Pre-Approval Letter – A pre-approval means your lender has done their due diligence
and has all the documentation needed to close the loan.

2. Contingency Removals – Certainly you should not remove any contingencies which
could put you at risk, but the contract is full of some which you can safely remove.
Consider removing or shortening contingency periods to provide peace of mind to the
sellers.

3. Sell Your Home First – One red flag is the buyer who needs to sell their own home
before closing. Sell before you write the offer whenever possible.

4. Escrow Period – Working with your agent, offer a longer or shorter escrow period based
on the seller’s moving needs.

5. Win-Win – Show the seller that you want to create a win-win. Negotiations are part of a
home sale, but avoid seeming unreasonable or demanding.

While price is always important to the home seller, there are other valuable concessions or
offers which can mean as much. Work with an agent who views the transaction as a win for all
sides and learn what’s important to the seller before you write the offer. By accommodating
their needs as much as possible, you are more likely to have your offer accepted. 

Posted on August 30, 2019 at 6:01 am
Ted Mansfield | Category: Buying a home, First Time Buyers, Investment, Luxury market, Move Up Buyers, Real Estate

Lake Hills Real Estate

Lake Hills Real Estate

Neighborhood Entry Signs Lake Hills Real EstateKing County Library Lake Hills Real Estate1955 Ads Lake Hills Real EstateLittle Red Barn Lake Hills Real EstateJust on eof the neighborhood schools Lake Hills Real Estate

BACKGROUND

Lake Hills is a post-50’s mass development planned community, built on a system of winding boulevards and quiet neighborhood streets. A community swim and recreation club, The Samena Club, and the Lake Hills East Bellevue Little League Field are also centrally located. The distinctive Lake Hills entry signs are reminiscent of the 50s-era housing style, and there are still great examples of Mid-Century Modern architecture in the area. The Lake Hills Real Estate market is only going to increase in value!

LAKE HILLS TODAY

Today, Lake Hills is a culturally rich community. It has a multitude of parks, wetlands, open space, trails, shopping, restaurants, schools, and the new Lake Hills Library. Lake Hills is also home to the Lake Hills Greenbelt, including the Lake Hills Farm Fresh Produce Stand (affectionately known as the Little Red Barn) and the Larsen Lake Blueberry Farm.

LAKE HILLS REAL ESTATE

The location, lot sizes, relative affordability, and community assets are making Lake Hills one of the hot real estate markets on the Eastside. Combined with the extremely successful revitalizion of Kelsey Creek Shopping Center and Lake Hills Village, Lake Hills is experiencing construction of many new homes, and rehab and modernization of the 50’s homes. If you want a Mid-Century Modern home at a great price, Lake Hills is your spot!

Lake Hills is situated in a unique location, making the old adage “location, location, location” absolutely true. Easy access to 520, I-90, and 405. Minutes to Microsoft. The Lake Hills Connector road gives nearly instant access to downtown Bellevue.

You need to have the right Realtor for buying and selling Lake Hills Real Estate! A Lake Hills specialist who knows the details, the neighborhood, the schools, and the market. Ted is uniquely qualified to sell your Lake Hills home, or to help you find the perfect new one. When buying, Ted’s first-hand knowledge is invaluable. Ted’s true enthusiasm for Lake Hills is that added boost to successfully marketing your home and getting top dollar! Ted Mansfield is your Lake Hills Real Estate specialist! Interested, contact Ted today!

Lake Hills Real Estate Links:

Posted on November 8, 2018 at 2:02 pm
Ted Mansfield | Category: Buying a home, Community, First Time Buyers, Investment, Move Up Buyers, Real Estate

Don’t Be Spooked by the Real Estate Market!

Starting your journey to buy or sell a home can be scary if you aren’t familiar with everything that needs to happen! That’s why you need a trusted advisor to lead you through the whole process. One that will educate you, help you get the best price for your home or make the best offer, and will lead you through the process with confidence! Let’s get together today!

Posted on November 1, 2018 at 11:11 am
Ted Mansfield | Category: Active listing, Buying a home, First Time Buyers, Investment, Mortgage, Move Up Buyers, Real Estate, Selling your home

Buyer’s Guide to purchasing a home

The newest edition of the Mansfield Group Buyer’s Guide. It’s a handy reference tool that walks one through the steps to buying a house. Includes information on financing & mortgages, the home search itself, as well as info on closing activities. The Buyer’s Guide also includes a Glossary of Buyer’s Real Estate Terms that will help you understand the lingo a little better. Looking or thinking of buying a new home? Give us a call/text/DM on Insta and we can make it happen! Ready to start searching, click HERE.

 

Posted on October 16, 2018 at 9:27 am
Ted Mansfield | Category: Buying a home, First Time Buyers, Mortgage, Move Up Buyers, Real Estate

Mortgage Interest Rates are Still Going Up… Should You Wait to Buy?

Mortgage Interest Rates are Still Going Up… Should You Wait to Buy? |Simplifying The Market

Mortgage interest rates, as reported by Freddie Mac, have increased by close to a quarter of a percent over the last several weeks. Freddie Mac, Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors are all calling for mortgage rates to rise another quarter of a percent by next year.

In addition to the predictions from the four major reporting agencies mentioned above, the Federal Open Market Committee recently voted “unanimously to approve a 1/4 percentage point increase in the primary credit rate to 2.75 percent.” Historically, an increase in the primary credit rate has translated to an overall jump in mortgage interest rates as well.

This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows.

Here is a chart showing the average mortgage interest rate over the last several decades:

Mortgage Interest Rates are Still Going Up… Should You Wait to Buy? |Simplifying The Market

Bottom Line

Though you may have missed the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

Posted on October 14, 2018 at 1:32 pm
Ted Mansfield | Category: Buying a home, Finance, First Time Buyers, Investment, Mortgage, Move Up Buyers, Real Estate