3 Importat Tips for Selling a Vacant Home

Many homeowners need to move to the new home before the old home sells. Sometimes it’s a tenant that has moved out before the home goes on the market that causes the home to sit, vacant. As you can imagine, selling an empty house is a bit of a challenge. Not only are there the insurance, maintenance and security aspects to consider, but also the appeal to the potential buyer.

Staging a home for sale is becoming more common as homeowners learn how valuable the process is. It is even more valuable when the home is vacant. Since studies show that a home without furniture takes 78 percent longer to sell than a furnished home, and the latter sells for closer to asking price, consider the following to maximize your profit on the sale of the home.

Hire a professional home stager

These designers bring in everything from furniture to accessories and arrange them in ways that appeal to a homebuyer’s emotions. “Most homeowners spent between $348 and $803,” to have their homes staged, according to the professionals who are members of ImproveNet. Check out their handy calculator that will give you a better idea of the costs in your ZIP code.

Stage it yourself

Making a home looked lived-in, when it isn’t, is a big job, even for professionals. But the good news is that you won’t necessarily need to stage the entire home, according to Kerry Derwent-Robb at HomeStagingHints.com. She recommends that you stage the dining and living rooms and one or two bedrooms. If you feel you lack that interior designer flair, get some ideas and inspiration online at HGTV, on Pinterest or at HomeStagingChannel.com’s YouTube channel.

Stage it virtually

Yes, there are virtual stagers and they can change the color of walls, switch out the flooring and even add virtual furniture. The danger in this method is that if a buyer likes what he sees online and shows up to tour the home in person, the first thing he’ll notice is that the home looks nothing like its photos and he may feel deceived. You can get around this by making it clear online that the home is virtually staged.

The price? It varies but Kim Palmer of Minnesota’s Star Tribune says that virtual staging may cost up to $100 per photograph, but you can find virtual stagers online that charge as little as $40 per photo.

Hire a professional tenant

We don’t get it, but some people don’t mind moving frequently, especially those that are “resident managers” that work for home staging services like Showhomes. This process takes staging to an entirely new level and homebuyers will not only see a furnished home, but a lived-in home, complete with a stocked refrigerator and clothing in the closet.

The managers bring their own upscale furnishings and accessories and they even pay their own utility bills. Showhomes pays for the homeowner’s additional insurance costs.

Home managers aren’t suitable for all homes. In fact, Showhomes will only work with homeowners whose homes are listed at $500,000 or more. Their fees run from $1,000 to $3,000 and some companies also ask for a percentage of the sales price.

Botton Line

While selling a home that is vacant may be unavoidable, there are even simple ways to make it look lived-in. You owe it to your bottom line to do all you can to make the home as attractive to buyers as possible, let’s connect so you have the right guidance Call/text 917-515-9783 or nyhomeseller@gmail.com  

Sell My House in Queens, Brooklyn, L.I. | How Will the Presidential Election Impact Real Estate?

 

The year 2020 will be remembered as one of the most challenging times of our lives. A worldwide pandemic, a recession causing historic unemployment, and a level of social unrest perhaps never seen before have all changed the way we live. Only the real estate market seems to be unaffected, as a new forecast projects there may be more homes purchased this year than last year.

As we come to the end of this tumultuous year, we’re preparing for perhaps the most contentious presidential election of the century. Today, it’s important to look at the impact past presidential election years have had on the real estate market.

Is there a drop-off in home sales during a presidential election year?

BTIG, a research and analysis company, looked at new home sales from 1963 through 2019 in their report titled One House, Two House, Red House, Blue House. They noted that in non-presidential years, there is a -9.8% decrease in November compared to October. This is the normal seasonality of the market, with a slowdown in activity that’s usually seen in fall and winter.

However, it also revealed that in presidential election years, the typical drop increases to -15%. The report explains why:

“This may indicate that potential homebuyers may become more cautious in the face of national election uncertainty.”

Are those sales lost forever?

No. BTIG determined:

“This caution is temporary, and ultimately results in deferred sales, as the economy, jobs, interest rates and consumer confidence all have far more meaningful roles in the home purchase decision than a Presidential election result in the months that follow.”

In a separate study done by Meyers Research & Zonda, Ali Wolf, Chief Economist, agrees that those purchases are just delayed until after the election:

“History suggests that the slowdown is largely concentrated in the month of November. In fact, the year after a presidential election is the best of the four-year cycle. This suggests that demand for new housing is not lost because of election uncertainty, rather it gets pushed out to the following year.”

Will it matter who is elected?

To some degree, but not in the overall number of home sales. As mentioned above, consumer confidence plays a significant role in a family’s desire to buy a home. How may consumer confidence impact the housing market post-election? The BTIG report covered that as well:

“A change in administration might benefit trailing blue county housing dynamics. The re-election of President Trump could continue to propel red county outperformance.”

Again, overall sales should not be impacted in a significant way.

Bottom Line

If mortgage rates remain near all-time lows, the economy continues to recover, and unemployment continues to decrease, the real estate market should remain strong up to and past the election.

« Get Your House Sold This Winter. 15 Seconds FREE Home Valuation

Source…KCM Rossmery Blog

THE WHOLE DEAL: FROM HIRE US TO CLOSING

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TARGET & ATTRACT QUALIFY SERIOUS HOME BUYERS.

Not Those Who Will Only BUY Your Home If They Can Steal It by Making Ridiculous

Low-ball Offers!  WE PRE-APPROVE EVERY PROSPECT… visit cash4homesNY.com

For more information.

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Sell My House in queens, Brooklyn, L.I. l It’s Not Just About the Price of the Home

 

When most of us begin searching for a home, we naturally start by looking at the price. It’s important, however, to closely consider what else impacts the purchase. It’s not just the price of the house that matters, but the overall cost in the long run. Today, that’s largely impacted by low mortgage rates. Low rates are actually making homes more affordable now than at any time since 2016, and here’s why.

Today’s low rates are off-setting rising home prices because it’s less expensive to borrow money. In essence, purchasing a home while mortgage rates are this low may save you significantly over the life of your home loan.

Taking a look at the graph below with data sourced from the National Association of Realtors (NAR), the higher the bars rise, the more affordable homes are. The orange bars represent the period of time when homes were most affordable, but that’s also reflective of when the housing bubble burst. At that time, distressed properties, like foreclosures and short sales, dominated the market. That’s a drastically different environment than what we have in the housing market now.

The green bar represents today’s market. It shows that homes truly are more affordable than they have been in years, and much more so than they were in the normal market that led up to the housing crash. Low mortgage rates are a big differentiator driving this affordability.

What are the experts saying about affordability?

Experts agree that this unique moment in time is making homes incredibly affordable for buyers.

Lawrence Yun, Chief Economist, NAR:

“Although housing prices have consistently moved higher, when the favorable mortgage rates are factored in, an overall home purchase was more affordable in 2020’s second quarter compared to one year ago.”

Bill Banfield, EVP of Capital Markets, Quicken Loans:

“No matter what you’re looking for, this is a great time to buy since the current low interest rates can stretch your spending power.”

Mortgage News Daily:

“Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.” 

Forbes:

“Homeowners are the clear winners. Low mortgage rates mean the cost of owning is at historically low levels and who gains all the benefits of strong house price appreciation? Homeowners.”

Bottom Line

When purchasing a home, it’s important to think about the overall cost, not just the price of the house. Homes on your wish list may be more affordable today than you think. Let’s connect to discuss how affordability plays a role in our local market, and your long-term homeownership goals.

« Get Your House Sold This Winter. 15 Seconds FREE Home Valuation

Source…KCM Rossmery Blog

THE WHOLE DEAL: FROM HIRE US TO CLOSING

Our Marketing Systems Are Design To

TARGET & ATTRACT QUALIFY SERIOUS HOME BUYERS.

Not Those Who Will Only BUY Your Home If They Can Steal It by Making Ridiculous

Low-ball Offers!  WE PRE-APPROVE EVERY PROSPECT… visit cash4homesNY.com

For more information.

To connect with me directly,

Please call/text Rossmery 917-515-9783 or email nyhomeseller@gmail.com

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Sell My House in Queens, Brooklyn, L.I. | Just How Strong Is the Housing Recovery?

 

The residential real estate market has definitely been the shining light in this country’s current economic situation. All-time low mortgage rates coupled with a new appreciation of what a home truly means has caused the housing market to push forward through this major health crisis. Let’s look at two measures that explain the resilience of the real estate market.

Purchase Mortgages

The number of buyers getting a mortgage to purchase a home is a strong indicator of the strength of a housing market. Below is a graph of the week-over-week percent change in that number, as reported by the Mortgage Bankers’ Association:

The number dropped dramatically in March and mid-April when the economy was shut down in response to COVID. It increased substantially from later in April through the middle of June. The strong increase in May and June was the result of the pent-up demand from earlier in the spring along with the normal business that would have been done during that time.

Since July, the market has remained consistent on a weekly basis, but still reflects a double-digit increase from the levels one year ago. The August 12 report shows a whopping 22% increase over last year.

Pending Contracts

Like purchase mortgages, pending contracts are also a powerful indicator of the strength of the real estate market. Zillow reports each week on the percent change in the number of homes going into contract. Here’s a graph of their data:

The graph mirrors the one above, showing a drop in early spring followed by a strong recovery in late spring and early summer. Then, in July, it settles into a consistent level of deals. That level, like the one for purchase mortgages, is well ahead of the level seen last year. The last report revealed that pending deals were 16.9% greater than the same time last year.

Bottom Line

Both indicators prove the housing market recovered quickly from the early setback caused by the shelter-in-home orders. They also show that Americans have realized the importance of their homes during this time and are buying more houses than they did prior to the pandemic.

« Get Your House Sold This Winter. 15 Seconds FREE Home Valuation

Source…KCM Rossmery Blog

THE WHOLE DEAL: FROM HIRE US TO CLOSING

Our Marketing Systems Are Design To

TARGET & ATTRACT QUALIFY SERIOUS HOME BUYERS.

Not Those Who Will Only BUY Your Home If They Can Steal It by Making Ridiculous

Low-ball Offers!  WE PRE-APPROVE EVERY PROSPECT… visit cash4homesNY.com

For more information.

To connect with me directly,

Please call/text Rossmery 917-515-9783 or email nyhomeseller@gmail.com

See More Properties

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Sell My House in Queens, Brooklyn, L.I. | Sellers Are Returning to the Housing Market

 

In today’s housing market, it can be a big challenge for buyers to find homes to purchase, as the number of houses for sale is far below the current demand. Now, however, we’re seeing sellers slowly starting to come back into the market, a bright spark for potential buyers. Javier Vivas, Director of Economic Research at realtor.com, explains:

“Seller confidence has been improving gradually after reaching its bottom in mid-April, and now it appears to have reached an important recovery milestone…After five long months, sellers are back in the housing market; while encouraging, the improvement to new listings is only the first step in the long road to solving low inventory issues keeping many buyers at bay."

Even with the number of homes coming into the market, the available inventory is well below where it needs to be to satisfy buyer interest. The National Association of Realtors (NAR) reports:

“Total housing inventory at the end of June totaled 1.57 million units, up 1.3% from May, but still down 18.2% from one year ago (1.92 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, down from both 4.8 months in May and from the 4.3-month figure recorded in June 2019.”

Houses today are selling faster than they’re coming to market. That’s why we only have inventory for 4 months at the current sales pace when in reality we need inventory for 6 months to keep up. But, as mentioned above, sellers are starting to return to the game. Realtor.com explains:

“The ‘housing supply’ component – which tracks growth of new listings – reached 101.7, up 4.9 points over the prior week, finally reaching the January growth baseline. The big milestone in new listings growth comes as seller sentiment continues to build momentum…After constant gradual improvements since mid-April, seller confidence appears to be reaching an important milestone. The temporary boost in new listings comes as the summer season replaces the typical spring homebuying season. More homes are entering the market than typical for this time of the year.”

Why is this good for sellers?

A good time to enter the housing market is when the competition in your area is low, meaning there are fewer sellers than interested buyers. You don’t want to wait for all of the other homeowners to list their houses before you do, providing more options for buyers to choose from. With sellers starting to get back into the market after five months of waiting, if you want to sell your house for the best possible price, now is a great time to do so.

Why is this good for buyers?

It can be challenging to find a home in today’s low-inventory environment. If more sellers are starting to put their houses up for sale, there will be more homes for you to choose from, providing a better opportunity to find the home of your dreams while taking advantage of the affordability that comes with historically low mortgage rates.

Bottom Line

While we still have a long way to go to catch up with the current demand, inventory is slowly starting to return to the market. If you’re thinking of moving this year, let’s connect today so you’re ready to make your move when the home of your dreams comes up for sale.

« Get Your House Sold This Winter. 15 Seconds FREE Home Valuation

Source…KCM Rossmery Blog

THE WHOLE DEAL: FROM HIRE US TO CLOSING

Our Marketing Systems Are Design To

TARGET & ATTRACT QUALIFY SERIOUS HOME BUYERS.

Not Those Who Will Only BUY Your Home If They Can Steal It by Making Ridiculous

Low-ball Offers!  WE PRE-APPROVE EVERY PROSPECT… visit cash4homesNY.com

For more information.

To connect with me directly,

Please call/text Rossmery 917-515-9783 or email nyhomeseller@gmail.com

See More Properties

SEARCH ALL HOMES FOR SALE HOME VALUATION GET AN OFFER IN 24 HOURS MARKET REPORT SELLER EGUIDE		RossMery Mosquera  Winzone Realty  917-515-9783  Licensed In: New York  Contact Me
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https://www.nycteamrealty.com/node/1062584

QUEENS NY ∫ Dreaming of a Luxury Home? Now’s the Time!

Queens County NY Real Estate Search homes for sale and MLS listings in Queens County, New York. Local information: 3025 houses for sale, 1037 condos, 0 foreclosure listings. Compare schools, property values, and mortgage rates

Our topic today is Dreaming of a Luxury How? Now's the time!

If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! Recently, the Institute for Luxury Home Marketing released its Luxury Market Report which showed that in today’s premium home market, buyers are in control.

The inventory of homes for sale in the luxury market far exceeds the number of people searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer or can be found at a discount.

Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call their house their new home.

The sale of your starter or trade-up house will help you come up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.

But not all who are buying luxury properties have a home to sell first.

A recent Bloomberg article gave some insight into what many millennials are choosing to do:

“A new generation of affluent homebuyers powered by a surge in inherited wealth is driving the luxury-home market, demanding larger spaces and fancier finishes, according to a report heralding ‘the rise of the new aristocracy.’”

Bottom Line

The best time to sell anything is when demand is high, and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs and you are looking to step into a luxury home, now’s the time to list your house for sale and make your dreams come true.

You might also enjoy reading...

• Top 5 Reasons to Hire a Real Estate Professional When Buying or Selling!
• Where Did Americans Move in 2017? [INFOGRAPHIC]
• Should I Wait Until Next Year to Buy? Or Buy Now? [INFOGRAPHIC]
• Mortgage Rates on FIRE! Home Prices Up in Smoke?

Source... KCM RossMery Blog   http://nyhomesforsale.blog/

To protect your interest, it is necessary that you have a knowledgeable agent working for you. Who is an expert in the local market and ensure that you make the best possible decisions?

We all are dedicated to keeping you on top of our local market. 

To reach us, please call/ text 917-515-9783

Or email us nyhomeseller@gmail.com

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Thinking of selling your home? 

Find out What is your home New York worth now!

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New York City Homes Values Are Up! What Is Yours Worth Now? It's Fast, Free and Easy!
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