Suprising Real Estate Trends that Will Shape the Way You Buy and Sell a Home

Surprising Real Estate Trends that Will Shape the Way You Buy and Sell a Home

When buying or selling a house, one of the first questions that come to mind is either “What do I want in a house?” or “What do buyers want in my house?” Though it can be hard to differentiate between wants and needs in real estate, the answer to either question may have a surprising link to generational real estate trends.

The Data

According to data on home buyer and seller generational trends released by the National Association of Realtors, Millennials (those born between 1982 and 2000) continue to comprise the largest contingent of homebuyers, holding 35 percent of the market. Although Millennials are the largest contingent of homebuyers, they spend less time saving for a down payment and have the largest level of educational debt than their home-buying counterparts. The next largest contingent, at 26 percent of the market, is made up of Generation X (those born between 1965 and 1981). These buyers have had a bit more time to pay down student debt, save for a down payment, or gain some equity in their current home — which can provide clues about home buying trends based on age.

Millennials

Millennials are more likely to look for a bargain, with affordability trumping almost every other housing need, and it is one of the major reasons Millennials are flocking to the suburbs, as opposed to urban areas. When selling, that means appealing to the Millennial set that will be looking for walkability, transport links, and neutral spaces to put their stamp on. If buying, especially for the first time, Millennials are more likely to compromise on the size and age of a home before they compromise on price, which provides ample opportunity to build equity through a renovation before moving on to a larger home in the future.

Generation X

Gen Xers, on the other hand, are more likely to move to obtain a larger home for their growing families. When selling, this means playing up livable space in a home and demonstrating how it can support a growing family. Items to focus on are the main living spaces such as the kitchen, living areas, and bathrooms. Proximity to good schools and transportation routes are also good qualities to play up. Gen Xers are also more likely to stay in their homes for a longer period than the Millennial set — meaning Xers are more likely to compromise on price to get the right neighborhood or location.

Baby Boomers

If you’re wondering where the Baby Boomers fit in, it may surprise you to know that the Millennials have recently surpassed Baby Boomers as America’s largest generation, and this demographic shift is reflected in their share of the real estate market. With many Boomers still in the workforce, the real estate trends for this group have been split in two: younger Boomers (born between 1956 and 1964) and older Boomers (born between 1946 and 1955). They have a market share of 16 percent and 15 percent of the market respectively. What makes this generation unique is that they are the ones most likely to move the furthest, obtaining a smaller home and relocating closer to family and friends, and they are willing to pay for the location they want.

The Bottom Line

Across all buying groups, environmentally friendly features ranked as incredibly important, and nearly all generational groups from 30 to 90 began their real estate search online — something potential home sellers should be aware of when preparing their home for sale. No matter who your target market is when selling your home, presenting a neutral space, playing up the local amenities, and including lots of pictures in an online listing will remain critical in a successful sale.

For more information about the market in your neighborhood, contact Liz Sandwick,  REALTOR® from Apple Valley, MN Coldwell Banker Burnet. Call/Text: 952-491-3685

Five Reasons to Sell This Fall

Five Reasons to Sell This Fall

School is back in session, the holidays are right around the corner, you might not think that now is the best time to sell your house. But with inventory below historic numbers and demand still strong, you could be missing out on a great opportunity for your family.

Here are five reasons why you should consider selling your house this fall: 

1. Demand Is Strong

The latest Realtors’ Confidence Index from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now!

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

According to NAR’s latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market at 4.7-months.  This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market this fall.

Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase over the next two years, reaching historic levels by 2017. Last month’s new home sales numbers show that many buyers who have not been able to find their dream home within the existing inventory have turned to new construction to fulfill their needs.

The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

Fannie Mae announced that they anticipate an acceleration in home sales that will surpass 2007's pace. As the market heats up, banks will be inundated with loan inquiries causing closing-time lines to lengthen. Selling now will make the process quicker & simpler. 

4. There Will Never Be a Better Time to Move Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.3% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

According to Freddie Mac’s latest report, you can also lock-in your 30-year housing expense with an interest rate around 3.46% right now. Interest rates are projected to increase moderately over the next 12 months. Even a small increase in rate will have a big impact on your housing cost.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire. 

Contact Liz Sandwick, your Coldwell Banker Burnet Real Estate Professional to analyze all of the options and opportunities available to you for selling your property in today’s marketplace. 

That is what is truly important.

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Inventory Impacting August Existing Home Sales

It should be full steam ahead for the housing market right now with most economic indicators trending vigorously upwards.

Not only are more Americans going back to work — net monthly job gains averaged more than 200,000 this year, according to the Bureau of Labor Statistics — but pay checks are finally expanding again. Median household income grew by more than 5% in 2015, according to the Census Bureau, and gains have continued in 2016. The national unemployment rate stands below 5%.

Plus, mortgage financing costs continue to scrape bottom: In August, the average borrower of a 30-year, fixed-rate loan received an interest rate of about 3.45%.

“Healthy labor markets in most the country should be creating a sustained demand for home purchases,” said Lawrence Yun, chief economist for the National Association of Realtors (NAR).

However, Yun said that a lack of supply has caused sales to inch backward after peaking in June.

Many local real estate brokers simply do not have the inventory to satisfy demand. That not only makes it harder to find a home to buy, it drives up the prices of houses that do come on the market.

Still, even though sales have declined month-over-month to an annual rate of 5.33 million, down 0.9% from July, year-over-year sales rose by 0.8%.

Home builders expect conditions to improve

Home builders have noted the shortage of available listings and the burgeoning demand for them, and they have grown optimistic about their prospects for selling more new homes going forward. The builder’s confidence index compiled by their national association spiked to 65 this month, up from 59 in August. That means more builders expect conditions to improve this year than those who do not.

They too face, however, difficulties in acquiring plots of land to build on, especially in some of the most expensive metro areas in the country. Many of these places have few large plots left suitable for development and increasingly complex regulations add another layer of hassle and expense for builders, making it more difficult for them to respond quickly to inventory shortages.

Home prices reflect the inventory problems with the national median for homes sold in August coming in at $240,200, up 5.1% compared with 12 months earlier. The market has recorded 54 consecutive year-over-year price gains.

The biggest shortfalls tend to be with affordable starter homes in many markets, which are reflected in the share of homes sold to first-time buyers. They accounted for just 31% of sales in August, well below historical norms of about 40%. The lack of inventory for families just starting out is a big problem.

Affordable homes going fast

Once listings hit the market, they do not linger long. The median time on market dropped to 36 days in August, down from 47 in August 2015.

“New listings at affordable prices are receiving multiple offers and going under contract almost immediately upon becoming available,” said Tom Salomone, NAR’s president and a real estate broker in Coral Springs, Fla.

In the hottest markets, such as the Bay Area in California, listings were sold in a median of 33 days, despite some of the highest home prices in the nation.

Regionally, the South recorded the weakest month, with sales off 2.7% compared with July. The Northeast reported strong month-over-month gains, up 6.1%. Midwest sales fell slightly and in the West, 1.7% fewer homes got sold.

Here are the year-over-year sales changes by region:

Region	Home sales	% Sales change year-over-year	Median home price	% Price change year-over-year
Northeast	660,000	-5.7%	$284,000	3.3%
Midwest	1.28 million	0%	$194,000	5.0%
South	2.22 million	-1.8%	$214,500	6.6%
West	1.23 million	-0.8%	$346,100	6.4%

Source: National Association of Realtors

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Where is Housing Headed for the Rest of 2016?

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Where is Housing Headed for the Rest of 2016?

With the overall economy just inching along, some experts are questioning whether the housing market can continue its momentum throughout the rest of the year.  People are beginning to ask questions such as:

• Will disappointing economic news adversely impact housing?
• Is affordability a major concern in today’s real estate market?
• Are we approaching a new housing bubble?
• Are mortgage standards too tight? Or have they loosened too much?

Freddie Mac, in their April Economic Outlook, addresses the disappointing economic news and what impact they think it will have on housing:

“Recent data darkened the growth outlook for the first quarter of 2016. However, despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.

We’ve revised down our forecast for economic growth to reflect the recent data for the first quarter, but our outlook for the balance of the year remains modestly optimistic for the economy.”

What about real estate?

Freddie Mac was much more optimistic about housing…

“We maintain our positive view on housing. In fact, the declines in long-term interest rates that accompanied much of the recent news should increase mortgage market activity.”

They went on to conclude:

"We expect housing to be an engine of growth. Construction activity will pick up as we enter the spring and summer months, and rising home values will bolster consumers and help support renewed confidence in the remaining months of this year."

The market remains wonderfully robust and successful as we move into the Spring and Summer seasons

A Seller’s Guide: 5 Tips to Sell Your Home Faster

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A Seller’s Guide: 5 Tips to Sell Your Home Faster

Selling your home can be stressful.  Whether you are relocating for your job, downsizing for your budget, or expanding for a growing family, you are ready to begin the next chapter in your life.  The only thing holding you back now is to get your current home sold.  Take the stress out of selling with these seller’s guide tips to attract buyers and get your house sold faster.

1.      Enhance Curb Appeal
Don’t underestimate the value of curb appeal. Your home’s external appearance creates the first, and lasting first impression, with a potential buyer.  Try adding a fresh coat of paint, replacing the front door, and keeping your landscaping trim and neat to set your house apart from your neighbors.

2.      Small Upgrades
Many buyers will be looking for a home that is move-in ready. While remodeling your kitchen will add value to your home, your return-on-investment most likely will not be 100%.  Therefore, small upgrades such as replacing an old water heater or a leaky kitchen faucet will help avoid red flags during home inspection, while also making your home more appealing to buyers.

3.      Staging Your Home
The first steps to making your home show-ready are to declutter and depersonalize. Remove clutter such as extra furniture and overstuffed closets to make the rooms look spacious and clean.  Also, remove family photos and personal items to help potential buyers picture themselves living there. You may even want to consider hiring a home stager to maximize the full potential of the home.

4.      Professional Photography
Now that your home is properly staged, you need great photos to showcase all the best features. Most home buyers start their search online, so you want your photos to entice them enough to come view the home in person.  Professional photographers will be able to use proper lighting and get all the right angles to enhance a room’s appearance.

5.      Realistic, Competitive Pricing
One of the most important tips that will get your home sold quickly is choosing the right listing price.  A price too low will cause you to lose money, but a price too high may lead to fewer offers and cause your house to get stale on the market.  A real estate agent can help you determine a fair, yet competitive listing price.  They know the local market and can review comparable sales in your neighborhood.

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Selling Your Home? Make Sure the Price Is Right!

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Selling Your Home? Make Sure the Price Is Right!

In today’s market, where demand is outpacing supply in many regions of the country, pricing a house is one of the biggest challenges real estate professionals face. Sellers often want to price their home higher than recommended, and many agents go along with the idea to keep their clients happy. However, the best agents realize that telling the homeowner the truth is more important than getting the seller to like them.

There is no “later.”

Sellers sometimes think, “If the home doesn’t sell for this price, I can always lower it later.”However, research proves that homes that experience a listing price reduction sit on the market longer, ultimately selling for less than similar homes.

John Knight, recipient of the University Distinguished Faculty Award from the Eberhardt School of Business at the University of the Pacific, actually did research on the cost (in both time and money) to a seller who priced high at the beginning and then lowered their price. His article, Listing Price, Time on Market and Ultimate Selling Price, published in Real Estate Economics revealed:

“Homes that underwent a price revision sold for less, and the greater the revision, the lower the selling price. Also, the longer the home remains on the market, the lower its ultimate selling price.”

Additionally, the “I’ll lower the price later” approach can paint a negative image in buyers’ minds. Each time a price reduction occurs, buyers can naturally think,“Something must be wrong with that house.” Then when a buyer does make an offer, they low-ball the price because they see the seller as “highly motivated.” Pricing it right from the start eliminates these challenges.

Don’t build “negotiation room” into the price.

Many sellers say that they want to price their home high in order to have “negotiation room.” But, what this actually does is lower the number of potential buyers that see the house. And we know that limiting demand like this will negatively impact the sales price of the house.

Not sure about this? Think of it this way: when a buyer is looking for a home online (as they are doing more and more often), they put in their desired price range. If your seller is looking to sell their house for $400,000, but lists it at $425,000 to build in“negotiation room,” any potential buyers that search in the $350k-$400k range won’t even know your listing is available, let alone come see it!

One great way to see this is with the chart below. The higher you price your home over its market value, the less potential buyers will actually see your home when searching.

A better strategy would be to price it properly from the beginning and bring in multiple offers. This forces these buyers to compete against each other for the “right”to purchase your house.

Look at it this way: if you only receive one offer, you are set up in an adversarial position against the prospective buyer. If, however, you have multiple offers, you have two or more buyers fighting to please you. Which will result in a better selling situation?

The Price is Right

Great pricing comes down to truly understanding the real estate dynamics in your neighborhood. Let's get together to discuss what is happening in the housing market and how it applies to your home.  Contact your Coldwell Banker Burnet Real Estate Professional to analyze all of the options and opportunities available to you for selling your property in today’s marketplace. 

Do I Need A Realtor If I Build New Construction?

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The following article is taken from REALTORS® in Maryland but it rings true in Minnesota too.  If you have questions or are thinking about moving - contact me today.

http://www.somdhomes.com/index.php/typography-3862/rokajaxsearch-35586/293-do-i-need-a-realtor-if-i-build-new-construction

Do I Need A Realtor If I Build New Construction?

YES, YES, YES!

New construction is plentiful in Southern Maryland, and you may be considering buying a newly built home.  New construction has a ton of advantages, but many buyers make the false assumption that they can save money by not using their own REALTOR when purchasing a new home. This is a huge misconception!

Why buyers don’t think they need their own representation with a Realtor…

Many buyers assume that the builder’s rep will help them with the purchase of their new home.  They also assume that working with the internal representation will result in getting a better deal on their purchase.
However, the builder’s rep is working for the builder – not for you! Their success relies on getting the best deal for the builder, who is their employer.  There legally can be no discounts passed on to you if you don’t use a Realtor, there is no savings.
But when you use a Realtor, you are the employer.

You, the buyer, may not realize…
You may not know that the commission for buyer representation is legally part of the purchase price. If you are not using your own Realtor, the builder simply receives an extra 3% from your purchase.   Basically, it’s free for you to use a Realtor.  Free.

You also may not know that the builder is not required to have a licensed agent working for them, and many do not.  When you hire your own Realtor you will be hiring a licensed agent who represents you, not the builder!  Your Realtor looks out for YOUR best interests.  The Builders agent or rep looks out for the BUILDERS best interests.  Sometimes the best interests are the same for the buyer and builder, but just as many times they are NOT.

What your Realtor can do for you

Experience isn’t expensive.  It’s priceless.  Your Realtor, who understands the ins and outs of home purchasing, can work on your behalf to negotiate a better deal, free upgrades, or simply whatever is in your best interest.  Most people wouldn’t consider buying an existing home without a Realtor to represent them.  Therefore, why consider going through the even more stressful and complicated process of building a home without someone on your side?  In many cases, you are committing to something that doesn’t even exist yet.
It can be very daunting to go through the process of home-building, and dealing with the last minute changes and surprises.  Buyers can avoid a lot of bad surprises with good representation of their own Realtor.

If you plan to use a Realtor to represent you…
And we sure hope you do!, be SURE to hand your Realtors card to the builder representative at the door of the model, and tell them, this is my Realtor.  It is even better for your Realtor to bring you through the door of the model to make it clear at the very start that you have Realtor representation.  There are rules as to how you are introduced to a builder, and when a Realtor is due their fee for working for YOU.  Just be very clear and give your agents name, and CARD.  If you plan to visit a model, give your agent a call and they can call ahead for you so that the builders rep knows you will be coming and you are represented by a Realtor.

“TO DO” List for Buying New Construction

Here’s a helpful list we’ve compiled – follow these “to dos” when working with a builder to have the best experience.

~ Hire a Realtor.
This is simply a must.  Like we’ve said, your Realtor is working for YOU.  Home-builders prefer to monopolize the sale.  They may only give you special “incentive” packages if you agree to use all of their representatives:  lender, title company, and even insurance company!  But your Realtor can walk you through this process and make sure you are protected, as well as make sure you are getting the best deal.  If you decide to use the builder’s lender, your Realtor can make sure you get a good rate and fair closing costs.  Your Realtor knows the standards, and can make sure the builder doesn’t try to go beyond those standards.  By bringing in your own Realtor, you’re asking your builder to be on their “best behavior.” Your builder doesn’t want to get a bad reputation, and will want the potential to create a good relationship with your Realtor, who will hopefully bring buyers their way in the future if the transaction is successful.

~Don’t sign anything until you’ve worked out every detail.
Your builder may try to capitalize on the emotionality of buying a new home.  Once you’ve become attached to this new home, they may try to get you to write up the contract quickly so you don’t lose it.  But you absolutely must know what is in the contract, understand it and agree with it.  No matter what the builder tells you, IF IT IS NOT IN WRITING IT WILL NOT HAPPEN.  Everything will be done as it is written in the contract, so it’s important that you understand it clearly.

Your Realtor can be a great player on your team when going through and trying to understand the builder’s contract.

~Research the builder
Your Realtor is an expert on homes in your area.  This will include builders and their reputations.  You want a builder that is not selling too many properties to investors – this can lead to creating a rental neighborhood and affects pride of ownership.  Ideally, you also want your builder to be constructing homes of equal or greater value in your neighborhood to keep your property values high.  However, this is difficult in some neighborhoods because the economy is difficult and people are affording and spending less on homes.  Your Realtor can help you sort this out and advise you on these items.

In this crazy economy we are in, several builders are on the brink of shutting their doors, just be very sure your builder is not one of them, and you know who your earnest money will be returned if they close during your construction.

~ Research city plans
New neighborhoods are often in newly developing areas.  Therefore, you want to know what is likely to happen in the area you are about to commit to.  This includes your city’s plans for roads, public spaces, parks, and schools.  You want confidence that your neighborhood is going to become a good place to live as it develops.

The perfect source for this?  Your Realtor, who likely already has this kind of information available.  This makes the job so much easier.

How to Proceed

So, the first thing you did was hire a Realtor to work with you and your builder.  The next thing you should do is tell the builder you’ve got a Realtor when you walk in the office door “Hi, I’m working with The Choporis Crispell Team”).
When touring the model home, ask the builder how much the home costs as you see it!  Keep in mind that the model usually contains many upgrades and special features.  You will want to understand the difference between the base model and the upgraded models.  We can help you understand the difference, As your Realtor, we can advise you on what upgrades make sense and which ones are not worth the cost.
Also, considering upgrades, developers will often want cash upfront for upgrades you order for the house.  They do not want to be held accountable for your extras if you decide to walk away from the sale.  You should also expect that if you do walk away from the sale, you may not be refunded for these upgrades.
Consider resale, even if you don’t want to.  It’s strange to think about reselling your home before it is even built, but you should at least consider it.  If your development is old enough, look at the any current listings up for resale and see how the home looks “used”.
Get a copy of the blueprints of your home, along with floor plans and surveys (including room sizes).  This will help you in the future if you want to make changes or sell.  It’s easy to get them in the beginning, and it’s very important to have them!
As your home is being completed, check in!  We recommend visiting every three days to daily.  If you are proactive, you can catch mistakes that might happen.  Some developers limit access to the site, so you can stipulate this in your contract.  I can also help you with this.
Do not close on your home until ALL work is finished.  This is very important, and something on which your Realtor can look out for you.  If any changes are substantial, have the funds set aside for them until they are complete.  Once you close, it can be more difficult to have these things completed, especially if you have already paid for them.  (Keep a record of this in writing, signed by buyer and seller!).
Know that your Realtor can look out for you in the event of delays or problems.  There are things that happen beyond the builder’s control.  Have contingency plans for cost overruns, temporary housing and bridge loans.  As your Realtor, we can help you with ideas, and help you work with the lender in these worst-case-scenarios.

The Home Search: Four Tips to Clean Up Your Credit

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The Home Search: Four Tips to Clean Up Your Credit

After years of planning, searching, and daydreaming, you have finally decided you are ready to take the plunge and purchase a new home.  But before you start picking out curtains, we have to discuss one topic that can be a bit daunting – your credit score.  Your credit score will be the determining factor in getting a mortgage loan.  Whether you think you have good credit or not, it’s better to do your due diligence before you jump into the home-buying process.  Here are 4 tips to get prepared and clean up your credit.

1. Check Your Credit Report
Whether you plan to purchase a home within the next 2 months or 2 years, do yourself a favor and get a head start by going over your credit report right now. A 2013 study by the Federal Trade Commission found that 1 in 4 consumers had errors on their credit report.  Even though your credit report does not reveal your credit score, you can identify discrepancies and ensure everything is in order regarding your personal information, accounts, and credits cards.  Fortunately, federal law lets you get a free credit report once every 12 months.  You can get your free copy of your credit report at AnnualCreditReport.com.

2. Reduce Your Current Debt
Keeping low balances or paying off debt completely, especially on revolving credit such as credit cards, is an important part of maintaining and improving your credit score.

3. Manage Your Credit Cards
Credit cards can be a beautiful thing.  With timely payments, low balances, and long memberships, they can help you build a trustworthy, financial reputation to boost your credit score.  On the other hand, if not managed properly credits cards can be very damaging to your score.

Avoid closing unused credit cards as a short-term strategy to raise your scores.  Long-term account memberships are favorable, so by occasionally making small purchases on your unused credit cards keeps your account status active. Also, do not open new credit cards that you don’t need, just to increase your available credit.  Opening too many credit cards as once can look suspicious and therefore hurt your score.

4. Setup Automatic Payments
Your credit can be significantly affected by the timeliness and quantity of your payments.  Many credit card companies and financial institutions allow you to set up an automatic payment schedule to make sure your payments are on time every billing cycle.  However, be aware if the automatic payments are limited to just the minimum payment, as paying the bill’s entire balance off every month is much more beneficial.

As you may have guessed, there is no quick fix for cleaning up your credit score.  It involves a well-rounded strategy that will take time, patience, and discipline.  Just remember to keep your eye on prize and stay motivated.  Your dream home is waiting!

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A Sellers Guide: The Price is Right

A Sellers Guide: The Price is Right

You’ve lived in your home for several years, but now you’re planning a move to a place that better fits your lifestyle. Time to sell your current property, but for how much?

You may tell yourself that you need, even deserve, a certain amount of profit from your home. After all, you’ve kept it up, made some upgrades, and you should be able to get at least as much as yours neighbors did recently, right?

As hard as it might be, you have to let go of any emotional attachments you may have about your home. You have to look at it like a buyer would—like a product in a market. What would someone pay for a home like yours in this market? It’s really not guess work, and a Realtor can help you figure out how much to ask.

Start with a comparative market analysis

Ask your Coldwell Banker Burnet Realtor to give you a comparative market analysis (CMA) for your home. You’ll see what similar homes are listed for in your community. You’ll also see homes with sales pending. Most importantly the CMA will show you how much similar homes in your area sold for in the last six months. That tells you the direction prices are going and at what price your home would likely appraise.

Realtors can interpret the CMA for you in more detail. They can tell you why a home may have sold for more or less than another. They know the dollar value of different features and upgrades and which are most important to buyers. Realtors also know the neighborhood and how home prices can change from area to area.

Time flies—away with your best offer

You might think “I’ll be patient and wait for the price I want,” but a newly listed home will get its most traffic and activity within the first three to four weeks on the market. Buyers and their agents are watching for new listings.

Most people search online for homes within a certain price range. If your home is priced too high, buyers may not even see it. Or, they may pass it by because it’s more than they can afford. Your home may sit for weeks with few showings and no offers, increasing your market time and forcing you to lower the price. By that time, a number of buyers may already found another property.

Ask Liz Sandwick, your Coldwell Banker Burnet Realtor about average time on market in your area.  If your home is on the market far longer, buyers may wonder if there’s something wrong with it. Or, they may believe you are now desperate and they can get it for a steal.

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Stage Your Home for the Millennial Buyer

Stage Your Home for the Millennial Buyer

In 2015, real estate sales sharply shifted toward the Millennial buyer and there are many ways sellers can prepare their home to attract this buyer. Here are ten things Millennials look for, and how to implement them in your home.  

The U.S. Census Bureau reports that for those between the ages of 32 and 44, home owners are beginning to surpass home renters. With the oldest Millennials approaching 34, these young professionals are now first-time buyers and are a demographic that cannot be ignored when preparing your home for sale. There are many ways sellers can prepare their home to attract this buyer. Here are ten things Millennials look for, and how to implement them into your home.

1. Location, Location, Location

Millennials view a home as a base camp from which to explore their world. If your home is within walking distance to any type of shops, cafe’s, restaurants, or within easy transport to a major city, highlight this in your listing to show off the unique characteristics of your area.

2. Updated Fixtures

Millennials, as well as any other demographic, know that kitchens and bathrooms are the most expensive rooms in a house to renovate, and remain budget conscious. While a full renovation is not required, consider small fixes like replacing cabinet hardware, installing a new backsplash, or even painting worn cabinets to create spaces that are clean and fresh.

3. Less Maintenance

With busy lives and time spent away from home, Millennials are looking for houses that are easy to care for and won’t require extensive maintenance. If you’ve recently replaced any major components in your home such as the roof, furnace, or air conditioning unit, let buyers know. Similarly, a yard and garden that is lush with low-maintenance greenery can also be a selling feature.

4. Smart-Home Savvy

Recent research suggests that homebuyers are learning to expect smart technology in their purchases, and this includes their home. Adding a smart thermostat, some USB charging ports, or even just a few more outlets or dimmer switches, may give you an edge.

5. Flow

Even if you don’t have an open floorplan, you can create the open flow Millennials want simply by reducing the amount of furniture in a room, or changing its location to allow free passage from one room to the next.

6. Home Office

With work-at-home options still on the rise, having a dedicated space for an office is essential. Convert a bedroom into an office or create a nook in a larger room with a desk, chair, and lamp to create the feeling of a dedicated space.

7. Energy Efficiency

Today’s first-time buyers are very aware of environmental impact, so using low VOC paints, replacing traditional bulbs with energy efficient models, and replacing worn weather-stripping on windows and doors are all easy ways to add efficiency to the home.

8. Staged to Meet Expectation

With design-related television shows and social media dominating the market, the Millennial buyer desires the latest home trends. One of the biggest returns can come from replacing wall to wall carpeting with a hard surface laminate or hardwood flooring. Smaller changes can be made by shifting furniture around and picking up some on-trend accessories to give your home a modern look.

9. Great Photos

Most buyers make a decision on your home via the Internet. Great photos are a must for any buyer and are essential to getting buyers through the door. Taking photos during the daytime, de-cluttering, and including outdoor photos are all must-dos.

10. Market as an Investment

If your neighborhood is going through regeneration or growth, this could be attractive to the Millennial buyer who, unlike past generations, may not be looking for their forever home. Marketing the potential of your home as an eventual resale can be a great strategy to win these buyers over.

Open House Safety Tips - For Sellers

Open House Safety Tips | For Sellers

Selling your home is a daunting task, and sometimes safety is overlooked when a seller is busy making sure that the interior and exterior spaces of a home are in pristine condition. When it comes to selling your home in Minneapolis and St. Paul, keep private showing and open house safety tips in mind.  As the saying goes, it is better to be safe than sorry.

Why Safety Matters When Selling a Home

When your home hits the real estate market, you are essentially inviting strangers into your house. Selling a home could make you a target for a crime. Burglars may attempt to steal your belongings if they believe you are not home. Others with even more nefarious intentions could attempt to harm you and those who live with you. Moreover, houses for sale may entice vandals to destroy your property. While these circumstances are not common, it is best to keep safety in mind so that you are prepared for anything.

Open House Safety Tips

The National Association of Realtors offers a number of recommendations for open house safety tips. The organization stresses the importance of keeping a charged cell phone within reach at all times and keeping a log of visitors. Sellers or agents should ask visitors to sign in during an open house. The form should have space for visitors to write their phone numbers, full names, and addresses. Try to have an additional person with you during your open house. A family member, friend, or real estate agent is useful for deterring unwanted activity during open houses.

Private Showing Safety Tips

When it comes to private showings, it is important to only accept visitors on an appointment-only basis. Crime prevention expert Andrew Wooten recommends that homeowners and agents alike write down descriptions of vehicles (including license plate numbers) and visitors. This information can be useful in the event of a crime or theft at a later date.

Another tip offered by the National Association of Realtors is to walk behind, not in front of, potential buyers. Rather than leading guests through the house, a seller should direct visitors. This will help you maintain control over your surroundings while keeping an eye on the movements of potential buyers.

General Safety Tips

Those selling their homes should make sure all doors and windows are locked — especially at night time. If you notice unusual activity, such as a vehicle driving by your home multiple times, write down the car’s plate number. You can also ask the police department to patrol your neighborhood more frequently. These requests can be made by simply calling your local department’s non-emergency line and asking for additional patrols.

When selling, be sure to hide valuables in a safe or remove them from your home all together. Family heirlooms or jewelry with sentimental value can be targeted by thieves.  Consult with Liz Sandwick,  your Coldwell Banker Burnet Real Estate Professional to help you determine if an open house is an advantageous way to market your property and then to help you prepare for the same.

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