I’m often asked this question and my answer is… it depends. Ask yourself, “Where will I go?” and “Can I afford this move?” Real Estate prices are high in just about every market. If you have a current mortgage, your interest rate is most likely far less than if you’ll have to pay for a new one.
How much equity do you have in your current home, and will you be downsizing? If the answer to these basic questions is a positive one, then it may be a good time to consider selling. A good start is to invite a Real Estate professional to give you an accurate assessment of its current value. Review the comparable homes that have sold in your area recently with this agent. Be realistic in your pricing. Then, if you decide to move forward, that agent should also advise you as to what preparations you should make to your house before actually going on the market. Winter months are ideal for this, as spring is the best time to go live. We are not expecting prices to continue to rise as we get deeper into 2023, so spring 2023 seems ideal. Best wishes for what ever you decide!
Very often Real Estate transactions go smoothly until a home inspection is done. Suddenly issues that even the seller was perhaps unaware of show up. Now the buyer becomes concerned and what was moving along nicely hits a major bump in the road. Buyers seek estimates, sellers tend to push back, and now we are faced with problems. Many a deal has ended at this stage. What if the seller had done a pre-listing inspection? First, they could address any problems and correct them, perhaps at a lower cost than a buyer might want. In addition, these corrections could be used in the agent’s marketing campaign as a selling point. We have found transactions to go far quicker and smoother when this is done. Often Home inspectors will even discount the cost from a regular home inspection. I believe a truly smart move for would-be sellers.
We have been talking about the possibility of a changing real estate market for quite a while now and we are seeing a once hot market starting to cool off. What has happened is a series of events that continue to challenge all consumers. First, the increase by the Federal Reserve has push interests rates to near 6%, thus forcing many would be buyers to step away from the market. Spiraling higher costs for gas and just about all goods and services is making owning a home substantially more expensive. Many second home buyers, who had been buying homes with profits from their investment portfolios, have had to put the brakes on due to the recent downturn in the stock market. As inventories are starting to increase, and prices softening, this could put buyers in the near future to be in stronger position to get back in.
After over thirty years of doing business in the local Real Estate market, my answer is No. Why is that? There are a number of reasons. First, homebuyers buying habits have changed. The internet basically allows potential buyers to shop from the connivence of their home. After searching online they can not only visually see both the entire interior and exterior, they can also search through sites like google earth and even examine the immediate area of the homes. If they prefer, they could actually do a drive- by since the addresses are also visible. Next, smart homebuyers have already hired their own agents, so if they are interested they can see any house on their own schedule. What I have found is that most often it’s curious neighbors who want to see how the open house compares to their home. Unfortunately, I have found that frustrated sellers will pressure their agents to hold open houses to try to increase the exposure to their homes, when in reality revisiting their position in the market place is most often far more effective in getting the house sold.
HEY ANN – Every year it seems I am paying more and more taxes and no new services to justify them. I have heard about grieving your taxes with the town. Is it worth the effort?
Taxes are the bane of our existence and like the old expression says, there is nothing guaranteed except death and taxes. The big problem in our communities is that there is very little commercial or industrial property generating tax revenue. The burden falls on the shoulders of home owners. Each year, these small municipalities have increases in expenses, most mandated by the government and we are the ones who have to pay.
Grievance Day, the one day a year when we can go before the Town Boards with documents showing the value of our property is lower than the new assessment, is usually disappointing. I have found hiring an attorney to represent the home owner is usually very effective. The attorney appears at grievance day and, as a rule, has no better luck. Then part two of the process kicks in where the attorney can represent you before an independent arbitrator to plead your case. That is where the best result is obtained. If the assessment is excessive, the adjustment can be made then. There is a third step if you are not satisfied and that is for your attorney to appeal to the NYState Supreme Court. The municipalities do not want to hire attorneys for that appearance so they are usually reasonable in accepting the arbitrated number.
There is a downside to grieving taxes. If you continually reduce the assessment to reduce your taxes and, at some time put your house on the market for what you and your agent feel is a correct price, you may find a disconnect. If there is a wide difference between your assessment and your listing price, buyers will feel the house is overpriced and you will limit the inquiries. I have a listing in mind right now where the homeowner had, over a period of years, reduced the assessment and it is now almost $300,000 below the listing price for the house. No wonder they have had only 2 showings in a year. You can guess what advice I have given them. So, be careful of the double edged sword.
Please feel free to ask me about your property. There is no obligation and a free market evaluation is always a good way to start your planning whether for now, for the future or for estate planning. It will be my pleasure to be a resource for you.
For More Information about Ann Levitt CLICK HERE
HEY ANN-We love the house you found for us 10 years ago and we are now spending more and more time here. We would like to make some major changes including making the attic into a guest suite, adding bathrooms, putting in new insulation (the 1857 insulation doesn’t cut it.) Major investment and we just want to know if it will increase in value to cover the cost.
One of my favorite lines is “There are no crystal balls in real estate.” Over the years, people have purchased in a high market and found themselves selling in a low market. Taking a loss. And, of course, those buying at the bottom of the market, like in 2008, have seen significant increases in value. Everything you do to improve your house should be to increase your enjoyment of living there. That should be your primary consideration in considering major changes because, obviously, the improvements are going to enhance your life style. Whether you get the money back at some future date is less important than having the extra bathrooms, an updated and convenient kitchen, more bedrooms for the growing family and friends who join you on weekends, ending high heating bills with an energy efficient house.
This couple has done all the improvements we discussed standing in the parking lot of the Price Chopper Supermarket. And they were able to have their kid’s wedding there because it worked out so well.
And if your question about investing in improvements to your home is because you are planning to put it on the market, the investment should be done with guidance and advice from a real estate professional. Sometimes simple enhancements make more of a difference than a major costly change. Understand that buyers, for the most part, will want to redo the kitchen and bathrooms to their taste and it doesn’t pay for you to do more than freshening up with a little paint or wallpaper, decluttering and let them use their imagination. There is a lot more psychology involved in helping buyers see potential in the property than you might imagine.
Please feel free to ask me about your property. There is no obligation and a free market evaluation is always a good way to start your planning whether for now or for the future. It will be my pleasure to be a resource for you.
For More Information about Ann Levitt CLICK HERE
HEY ANN- How’s the real estate market? HEY Ann-When is the best time to list my house? HEY ANN-I’m thinking of selling my house next year. Can you come over and tell me what I have to do to perk it up? It seems like wherever I go, out to dinner, shopping in the supermarket, at intermission at the local theaters, people recognize me as a local real estate agent and have questions. With all the articles and news reports about real estate lately, the value of perhaps the largest investment in your life, has you concerned.
How is the market? Well, right now there are not enough good homes for sale here and we are finding that homes that have been on the market a while are being snapped up. So it is a good time to list your house. Believe it or not, there is no “best time” to list a property. Homes sell year round if they are priced well and marketed well. Winter attracts people interested in winter sports and shoppers who think prices will be lower in Winter (not so.) Summer has so many attractions in this area that people fall in love with the lakes, the River, Hudson, Tanglewood, beautiful scenery, the arts world. And they want to be part of it. Spring is the time families house hunt in order to move before the beginning of the school year. When a home owner is ready, that’s the time to list.
It is always a good idea to get a professional opinion on what a house needs to bring out its best features. And, it is not spending a fortune on staging like you see on the real estate programs on tv. Often it is just a matter of “decluttering” or “pre-packing” and allowing buyers to see the home and not being distracted by furnishings. Again, it helps both the home owner and the real estate agent to get the best price for the home.
Please feel free to ask me about your property. There is no obligation and a free market evaluation is always a good way to start your planning whether for now, or for the future and for estate planning. It will be my pleasure to be a resource for you.
For More Information about Ann Levitt CLICK HERE
For most of us, deciding to buy or sell Real Estate is generally one of the most important financial decisions we will make in our lives. Even knowing the stakes, often times people will pick a friend or an acquaintance to take on this huge responsibility. To begin, you should interview at least three local agents who have been successful in your local market. I would recommend someone who is in the business full time and has a track record of representing buyers and sellers in the community where you live or where you want to live. They should also provide a list of recent clients that you can call for a reference. If your selling, you should get to see a written Comparable Market Analyses (CMA), as well last their marketing plan for your home. If your a buyer, you should ask to speak to the last three clients they represented as a buyers agent. You need a Real Estate Expert, not just a Real Estate agent.