Realtor Tour Hilton Head Island North End - September 27th, 2023

Hello and thank you for coming alongside me today and visit the homes that are on Realtor Tour today.

First we went to Indigo Run community to preview two new spec homes. First one was

6 Linden Place, a five bedroom, 5.5 bath new home built this year. It consists of 4800 square feet and has a golf and lagoon view. The driveway is extremely long and is alongside a pretty lagoon. Four of the five bedrooms are all on the main floor. Open floor plan and gorgeous. Sleek modern kitchen, high ceilings and everything your buyer of today would wish. My only negative is the laundry room being in the pantry off the kitchen. With dryer heat, not sure I want my food boxes exposed to this. If you want new, this is the home for you. $1,829,000.

10 Linden Place is also a five bedroom, 5.5 bath new home. It has 4100 square feet of heated space and a lovely golf view. A different floor plan with only two bedrooms on main floor and rest upstairs in split level spaces. Different buyer I suppose than #6. I actually liked this one better. View, space and the split level rooms were intriguing to me..

Next we went to the large community on the North End known as Hilton Head Plantation. I do want to point out that although the same developer of Sea Pines created HHP, the new covenants do not allow short term rentals, namely no rental for less than six months lease.

11 Fox Den Court is located in The Headlands subdivision of Hilton Head Plantation, which is the first subdivision on the left as you enter the main gate. This home is a three bedroom, three bath home with a lagoon view and 2,281 heated square feet with a two-car garage. What I love about this home is that it has one original owner that has lovingly maintained it. Yes, it is dated and needs an upgrade but the location is great, a very private and large (full-size) lot and at $680,000 it is a great home to consider.

6 Herring Gull Lane is located in the Hickory Forest subdivision of Hilton Head Plantation, one of my favorite neighborhoods because as you drive into it, the left has an amazing lagoon, sound view that is just simply breathtaking. This home has an amazing architecture with dramatic ceilings in living room and a kitchen that opens to dining space, overlooks the gorgeous sound and pool in back yard. All bedrooms but one are upstairs, including the main bedroom. I love the wrap around railings looking down to living space. Great bedroom separation, elegant home. I also loved the water feature between the home and garage as well as the outdoor drop down television that rotates so you can watch TV while swimming. Listed at $4,250,000, this home is exceptional for the discerning buyer wanting a rare sound view.

20 Stillwater Lane is also in Hilton Head Plantation and in the Crooked Pond neighborhood, which is to the right as you enter the main gate. Many of the homes in this area are patio lots and this one is a four bedroom, three and half bath home built in 1994 with a two-car garage. Three bedrooms are downstairs and about 2100 square feet. Crooked Pond has a private community pool and tennis courts that cost $190 annually. Well maintained home. Priced at $699,000. It has had five owners thus far.

The Spanish Wells area of the Island is tucked in the middle. There is a small electronically monitored gated community called Spanish Pointe which is home to a select fourteen homes. This particular one on tour was 38 Spanish Pointe Drive, a four bedroom, four bath and three half-baths nestled within a two acre lot with spectacular marsh views. Mediterranean flair throughout the home and boasting of 5,281 heated square space and built in 1997. One bedroom on main and rest upstairs. This home is rich in detailing and high end build quality and architecturally magnificent also. The community has its own POA of $3500 a year. Listed at $3,495,000, another option for that discerning buyer.

The last one in the Spanish Wells area was 3 Creek Landing Trace in Hilton Head. A three bedroom, three bath house with 1,882 sq.ft. and built in 2016.  List Price $639,900. 

These homes were wonderful to visit and I am so glad our local MLS has returned our Broker Tours of homes on Hilton Head Island to Wednesdays. Thank you to the Brokerages of Charter One, Dunes Real Estate, Daniel Raven Sotheby’s, Keller Williams, Hilton Head Real Estate Partners and coast Professionals for putting these homes on the Broker Tour.

If you would like any more information about any of these homes or any property on Hilton Head Island, we specialize exclusively on Hilton Head Island, recognizing the island vibe and island living here is second to none.  Contact me for any information regarding Hilton Head.

Respectfully submitted,

Susan Ochsner

YourHiltonHeadAgent.com

(843) 816-6388

Thank you to our local newspaper The Island Packet and Sarah Claire MacDonald for writing this article below. Her contact info is on the bottom of this re-blog. Newspapers and Real Estate IS LOCAL and I am here to help you navigate the island to find the perfect place to enjoy these festivals on a more regular basis. :)

To celebrate the changing of the seasons, here is a list of some local fall festivals to enjoy during September and October this year. 

Island Jam Songwriter Festival offers attendees an experience where songwriters can share their stories and perform original compositions. Festival goers will have the opportunity to enjoy performances by both established and up-and-coming songwriters, with differing styles and genres, at the event from Sept. 14-17. Festivities for the multi-day event will take place at a number of Hilton Head locations and venues, such as Liberty Oak, Poseidon Rooftop, Lowcountry Celebration Park, The Bank, and more. General admission tickets cost $79 and can be purchased online at https://www.hiltonheadislandjam.com/tickets

The Hilton Head Island Shrimp Festival will be in full swing on the south end of the island on Sept. 23 from 1-4 p.m. The festival is set to take place on the lawn beside the Liberty Oak in Harbour Town. Located in the Sea Pines resort community on the south end of the island, this family friendly event offers a “Kid Zone” with entertainment for children, live music, craft beer from over 18 breweries and of course, shrimp. The featured savory, shrimp dishes will be prepared by 14 Hilton Head-area chefs. Tickets are priced at $75 for those 21 years old and older. Tickets are $50 for guests younger than 21, or anyone who does not plan to consume an alcoholic beverage. Children 8 years old and under are permitted free admittance. Tickets may be purchased: https://www.seapines.com/experiences/events/hilton-head-island-shrimp-festival

Harbour Town Fall Fest Harbour Town Fall Fest on Hilton Head Island is set to take place on Sept. 24 from 11 a.m. until 6 p.m. in Harbour Town, which is in the Sea Pines resort community on the south end of the island. The Harbour Town Fall Fest will feature a Harbour Town shops sidewalk sale, live music, a car display, harborside dining as well as family-friendly activities for children. In addition to the festivities, The Carolina Dreamers Car Club will be in attendance with a selection of classic cars on display. The Fall Fest is free to attend and the sidewalk sale will be happening throughout the duration of the event. Other event times and event information can be found at https://www.seapines.com/experiences/events/harbour-town-fall-fest

The 2023 Latinos Unidos Food Festival will be held on Sept. 24 from 11 a.m. until 6 p.m. at Lowcountry Celebration Park, which is adjacent to Coligny Plaza. Last year’s festival garnered over 2,500 attendees, raised over $100,000 and represented 24 different Latin American Cultures. The festival benefits the mission of Volunteers in Medicine Clinic of Hilton Head Island. The event celebrates the community with food and music providing fun for the whole family. Tickets are required for entry and will be available at the gate entrance on the day of the festival. This year, general admission tickets will be $8 per person with free entry for children under 12 years old. 

The Foodees Food and Culture Festival will take place from Sept. 29 until Oct. 1 at the Tanger Outlet Mall in Hilton Head/Bluffton. The family-friendly event will highlight over 25 food trucks as well as artisans and crafters, both local and international, who will feature their works such as paintings, handcrafted jewelry, pottery and other unique creations. 

The 2023 BlufftemberFest Sunset Party is set to take place on Sept. 30 from 3-8 p.m. at Oyster Factory Park. The Bluffton-style music festival & Oktoberfest celebration will feature an Oktoberfest beer garden, wine bar, hard cider, a food court with a variety of food and snack vendors, arts & crafts and live music from three different bands. Tickets are required for entry and are $15 when purchased in advance and $20 when purchased upon entrance. Group tickets of six in total can be purchased for $60. No refunds will be given and the event will occur rain or shine. Tickets may be purchased at https://bearfootsports.com/blufftember-fest

The Port Royal Old Village Association is hosting this year’s Okto”PR”fest on Sept. 30 from 11 a.m. until 5 p.m. on Paris Avenue in Port Royal. The “Party Port Royal Style” event will feature local chefs, restaurants and food trucks serving German-inspired dishes as well as a variety of craft, imported and domestic beers on-site for attendees’ enjoyment.

The 29th annual Beaufort Shrimp Festival is back again this year to celebrate shrimp season on October 6-7 at the Henry C. Chambers Waterfront Park and Downtown Beaufort. The free-to-attend shrimp festival will feature a wide array of activities throughout both days and the ability for guests to “savor the best fresh-caught shrimp in the world,” detailed the festival’s website. Food, drinks, live music and an art and craft fair awaits those who attend. A schedule of events for each day of the festival can be found on https://beaufortshrimpfestival.com/

The 2023 Fish and Grits Music Festival is set to occur on Oct. 7 on Hilton Head Island at Lowcountry Celebration Park. The family-friendly event is set to highlight the Gullah Geechee Culture in the area and will showcase local and international musical talent, crafts and indigenous cuisine with numerous local artisans and food trucks also being featured throughout the park. A portion of the proceeds from the event will be donated to the Hilton Head MLK Committee for Justice. Tickets can be purchased online at https://www.freshtix.com/events/fish-and-grits-music-festival-2 Tickets purchased in advance for adults cost $15. “Day of”general admission tickets will cost $15 and children’s tickets, for ages 6-12, cost $5 regardless of the time of purchase. 

The 2023 Hardeeville Festival on Main will occur on Oct. 13-14 behind City Hall, which can be found at 205 Main Street in Hardeeville and will feature carnival rides, food, drinks and live entertainment. The free-to-attend event will also have a kid’s zone with games, inflatables and more. The festival will also host a variety of stalls and vendors offering crafts, artwork and local products where attendees will have the opportunity to support local businesses. Hardeeville Festival on Main will take place on Oct. 13 from 5-10 p.m. and Oct. 14 from noon-10 p.m.. Live music will be from 6-9 p.m. both days. 

The first annual Hilton Head Island Octoberfest will take place this year at Shelter Cove Harbour & Marina on Oct. 14 from noon to 5 p.m. The event is sponsored by Sam Adams and Rollers Wine & Spirits and will feature activities such as Samuel Adams beer trailers, 20 different breweries, authentic German cuisine, live music and a costume contest with prizes. General Admission tickets are $10 and will include an entry free, a cup and one beer ticket, which will be valid for purchase of one full beer). VIP Passport tickets are $50 and will include the entry fee, a cup and a sample of all beers. Additional beer tickets will be available for purchase at the event. Ticket scan be purchased online at https://events.humanitix.com/hilton-head-island-octoberfest. 

The 19th annual Historic Bluffton Arts & Seafood Festival is set to take place on Oct. 14-22 this year and will showcase a variety of activities, such as the locally harvested seafood, Lowcountry cuisine, rich history, culture and art of the area and Southern hospitality found only in Bluffton, detailed the festival’s website. The highlight of the week-long event is said to be the Street Fest, which will be held on Oct. 21-22. A broken down schedule of events throughout the festival can be found online at https://blufftonartsandseafoodfestival.org/events/

The four-day Rock ‘N Ribs event in Coligny on the south end of Hilton Head Island is set to take place this year from Oct. 19-22. The barbecue and rock n’ roll festival will benefit Second Helpings and the Carl Ruiz Foundation and festival activities will include multiple events, both ticketed and free. Each day has a packed schedule for those who enjoy both the food and music offered at the event. Interested guests can on online and visit https://rocknribshhi.com/

Consider attending the 7th annual Gullah Food Festival on Oct. 21 from 11 a.m. until 4 p.m. at the Gullah Museum of Hilton Head Island. The museum is hosting the event and can be found at 12 Georgianna Drive on the island. Online ticket sales end on the day of the festival at 6 a.m. and can be found on the event’s website at https://www.gullahmuseumhhi.org/event-details/7th-annual-gullah-food-festival-1. Adult admission tickets cost $10 and child tickets, for ages 5-16, cost $5. 

The 13th annual Italian Heritage Festival is set to take place on Oct. 21 from 11 a.m. to 4 p.m. at the Coastal Discovery Museum at Honey Horn, which can be found at 70 Honey Horn Drive on Hilton Head Island. The event celebrates Italian culture and cuisine in addition to supporting local charities and scholarships. This celebration of Italian Heritage is taking place in October, which is South Carolina’s official, designated “Italian American Heritage Month.” The festival will feature the ever-popular event of grape-stomping, a pizza-eating contest and a raffle for attendees. An inflatable “kids’ zone” area, local arts and crafts vendors, a silent auction, and live entertainment by the Hilton Head Big Band will also be featured at the event. Tickets for the festival are $6 per person, and admittance is free for children under 10-years-old. The event will occur rain or shine and parking is free. Pets are not permitted. Tickets may be purchased at https://www.iachh.org/italian-heritage-festival.

Historic Beaufort Foundation’s 49th annual Fall Festival of Houses and Gardens is scheduled for Oct. 21-22 and will highlight different properties featuring the city’s architectural beauty and history. The festival is an opportunity where local property owners open their homes and gardens for public viewing. For more information regarding this year’s two-day event, visit previous Island Packet reporting. Tours for the festival take place rain or shine, so attendees should plan accordingly. Tickets available to attendees for the Saturday tour are $65 for Historic Beaufort Foundation members and $75 for non-members. Tickets for the Sunday Brunch and former plantation and farmstead property tour are limited and priced at $130 for members and $150 for non-members. Tickets may be purchased by calling 843-379-3331 or by visiting https://historicbeaufort.org/fall-festival-of-houses-gardens/ 

The 8th annual Pat Conroy Literary Festival will occur in Beaufort on Oct. 26-29 this year and will present a series of free and ticketed events including author discussions, writers workshops, a poetry reading, a screening of the film The Lords of Discipline and a musical performance. A schedule of events for the festival can be found online at https://patconroyliteraryfestival.org/schedule/. Registration for some of the events, including all workshops, is required. The event description page, listed above, provides attendance and registration instructions. Tickets for all paid events can be purchased at https://patconroyliteraryfestival2023.eventbrite.com. If you do not wish to purchase tickets ahead of time, tickets will be available for all events, with the exception of workshops, at the door. 

The 2023 Historic Mitchellville Film Festival will take place between Oct. 25-26 at Coligny Theater on the south end of Hilton Head Island. The two-day event aims to showcase a mix of short and long-form films that highlight the incredible stories of Black individuals and communities, detailed the event’s description. Ticket holders will have the chance to experience an opening ceremony, panel discussions, film showcases and an interactive Q&A session. Tickets can be purchased as a single-day pass for $30 or a two-day pass for $60. Night one tickets can be purchased at https://www.eventbrite.com/e/historic-mitchelville-film-festival-2023-night-one-tickets-686651963507

The first ever Rhythm & Brews festival is scheduled for Oct. 28 at Lowcountry Celebration Park at the south end of Hilton Head Island and will feature live music and unlimited tasting of 40+ craft breweries. The festival is an adult-only event for guests aged 21+, with no exceptions, with no children or pets allowed to attend. Ticket options are sold as either general admission for $75 or VIP from $150. According to the festival’s website, general admission tickets include: Festival Entry from 2-5 p.m. Unlimited tastings from 40+ breweries, distilleries and some wine Live music from headliner Miles Nielsen & The Rusted Hearts and openers Zach Stevens & Charlie Simpson Keepsake tasting glass Complimentary parking Access to local food vendors selling plates at festival-friendly prices VIP tickets will include: Everything included in a general admission ticket Early entry at 1 p.m. for an extra hour of tastings and music Shaded VIP Pavilion Light hors d’oeuvres. Details here: https://hiltonheadrhythmandbrews.com/

The 9th annual Bob Masteller’s Jazz For All Ages Jazz Festival will be hosted at Sonesta Resort in the Santee Ballroom Lobby on Hilton Head Island and will take place on Oct. 29-30. Tickets for each event can be purchased online at https://www.jazzforallages.com/tickets. Grammy nominated Clint Holmes and Niki Haris will be presenting the music of Al Jarreau and Roberta Flack with Musical Director Christian Tamburr featuring special guest Grammy nominated guitarist Keith Ganz on Oct. 29 for a 3 hour event where doors will be opening at 7 p.m. On Oct. 30, The New Orleans Jazz Orchestra, honoring Aretha Franklin, will provide a concert from 7-10 p.m.

The above information is for the most part thanks to the compilation made by Sarah Claire McDonald with some minor editing by yours truly. Thank you! 

SARAH CLAIRE MCDONALD

smcdonald@islandpacket.com

Phone (803) 771-8343

Respectfully submitted, 

SUSAN OCHSNER

yourHiltonHeadAgent.com

Apologies for delayed blog..... family wedding in Sweden! :)

Not long ago, home sellers were in their heyday, as historically-low mortgage rates triggered a real estate buying frenzy. However, the Federal Reserve shut down the party when it began raising interest rates last year.¹  

Now, it’s not as simple to sell a home. While pandemic-era homebuyers were racing the clock—trying to lock in a low mortgage rate and gain a foothold in the market—current buyers are more discerning. Higher prices and mortgage rates have pushed their limits of affordability, leading them to prioritize cost, condition, and overall value.²

The reality is, home inventory remains low, so most properties will still sell with some basic prep, the right price, and a good real estate agent. But owners who go the extra mile are more likely to sell faster and for a higher amount.

If you have plans to sell your home and want to net the most money possible, this list is for you. Here are our top seven strategies to attract the best offers and maximize your real estate returns.

1. UNDERGO A PRE-LISTING INSPECTION

Many homebuyers hire a professional to complete a home inspection before they close. But did you know that a seller can order their own inspection, known as a pre-listing inspection, before they put their home on the market? 

Having a pre-listing inspection on hand and ready to share shows interested buyers that you’re committed to a transparent transaction. This can help you market your home, strengthen your negotiating position, and minimize roadblocks to closing.³

Of course, it’s always possible that a pre-listing inspection—which looks at the home’s major systems and structures, among other things—could turn up a significant problem. This does carry some risk, as you’ll be required to either fix or disclose any issues to potential buyers. However, in most cases, it’s better to know about and address deficiencies upfront than to find out mid-transaction, when it could cost you more in the form of concessions, a delayed closing, or a canceled sale.

We can help you decide if a pre-listing inspection is right for you. And if it identifies any concerns, we can advise on which items need attention before you list your home.

2. CONSIDER STRATEGIC UPGRADES

Embarking on major renovations before putting your home on the market doesn’t always make financial (or logistical) sense. However, certain upgrades are more likely to pay off and can help elevate your home in the eyes of buyers.

For example, refinishing hardwood floors results in an average 147% return on investment at resale and new garage doors typically pay for themselves.⁴  Similarly, research shows that professional landscaping can boost a home’s value by as much as 20%.⁵

Often, even simpler and less expensive fixes can make a big difference in how your home comes across to buyers. A fresh coat of paint in a neutral color, modern light fixtures and hardware, and new caulk around the tub or shower can help your property look its best.⁵  

But before you make any changes to your home, reach out. We know what buyers in your neighborhood are looking for and can help you decide if a particular investment is worthwhile.

3. HIRE A HOME STAGER

To get standout offers, you need potential buyers to fall in love with your home—and they’re much more likely to do so if they can envision themselves in the space. 

That’s where home staging comes in. Staging can include everything from decluttering and packing away personal items to bringing in neutral furniture and accessories for showings and open houses. 

According to the National Association of Realtors, home staging can both increase the dollar value of home offers and help a property sell faster. In fact, 53% of seller’s agents agree that staging decreases the amount of time a home spends on the market, and 44% of buyer’s agents see higher offers for staged homes.⁶ 

There’s plenty of strategy and research behind the process, so it’s smart to consider a professional. Reach out for a connection to one of our recommended home stagers who can help your property show its full potential.

4. EMPLOY A COMPETITIVE PRICING STRATEGY

While it’s tempting to list your property at the highest possible price, that approach can backfire. Homes that are overpriced tend to sit on the market, which can drive away potential buyers—and drive down offers.⁷  

Alternatively, if you price your home competitively, which is either at or slightly below market value, it can be among the nicest that buyers see within their budgets. This can ultimately lead to a higher sales price and fewer concessions.

To help you list at the right price, we will do a comparative market analysis, or CMA. This integral piece of research will help us determine an ideal listing price based on the amount that comparable properties have recently sold for in your neighborhood.

Without this data, you risk pricing your home too high (and getting no offers) or too low (and leaving money on the table). Combined with our local market insights, we’ll help you find that sweet spot that will attract the best offers while maximizing your profit margin.

5. OFFER BUYER INCENTIVES

Sometimes, sweetening the deal with buyer incentives can help you get the best possible offer. Incentives are especially helpful in the current market, when many buyers are struggling with affordability and concerned about their monthly payments. 

Options that can pay off include:

●      Buying down their interest rate – You can pay an upfront sum to reduce the buyer’s mortgage rate. This approach can save far more than that cost over the life of the loan, meaning it’s worth more to the buyer than a simple price reduction.⁸

●      Offering closing cost credits – You might pay a set amount or a certain percentage of the buyer’s closing costs.

●      Paying HOA costs – You could cover homeowner association or condominium fees for a set period of time.

●      Including furniture or appliances in the sale – If your buyer is interested, throwing in the furniture or appliances that they want and need can make your property more appealing. 

Buyer incentives vary and valuing them can get complicated. We’re happy to talk through the options that might make sense for you. 

6. USE A PROVEN PROPERTY MARKETING PLAN

Gone are the days when it was enough to put a “for sale” sign in your yard and place a listing on the MLS. A strategic marketing plan is now essential to get your home in front of as many interested and qualified buyers as possible. 

The truth is, buyers who don’t know about your house can’t make an offer. That’s why we utilize a multi-step approach to marketing that starts with identifying your target audience, effectively positioning your home in the market, and communicating its unique value. We then use a variety of distribution channels to connect with potential buyers and performance-based metrics to monitor and improve our campaign results.

Our proven approach can have a big impact on the success of your sale. Reach out to learn more about our multi-step marketing plan and discuss how we can use it to generate interest and offers for your home.

7. WORK WITH AN AGENT WHO UNDERSTANDS YOUR AREA

To get the best offers possible, you need a real estate agent who knows your area inside and out. 

Any agent can pull comparable sales data, but in a quickly-evolving market, even the latest comps can lag the current market reality. We have our fingers on the pulse of the local market because we’re working directly with sellers like you. We also represent local buyers who are active in the market, searching for homes like yours.

That puts us in an ideal position to help you price your home for a quick sale and maximum profit. And since we hear first-hand what local buyers want, we can help you prep your home to broaden its appeal and highlight its most-coveted features. Additionally, we can use our extensive network of local agents to solicit feedback and get your home in front of more potential buyers. 

All of these factors can add up to a significant difference in your profit: In 2021, the typical home sold by owner went for $225,000 compared to a median price of $330,000 for agent-assisted home sales.⁹

LET’S GET MOVING

Are you ready to get a great offer for your home? Our multifaceted approach can help you maximize your real estate returns. Reach out for a free home value assessment and customized sales plan to get started! We look forward to hearing from you! Respectfully, Susan Ochsner

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.     U.S. Bank - 
https://www.usbank.com/investing/financial-perspectives/investing-insights/interest-rates-impact-on-housing-market.html

2.     National Association of Realtors -
https://www.nar.realtor/sites/default/files/documents/2023-home-buyers-and-sellers-generational-trends-report-03-28-2023.pdf

3.     Bankrate -
https://www.bankrate.com/real-estate/prelisting-inspection/

4.     National Association of Realtors -
https://www.nar.realtor/sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf

5.     Bankrate -
https://www.bankrate.com/homeownership/landscaping-increase-home-value/

6.     National Association of Realtors -
https://www.nar.realtor/infographics/staged-for-success

7.     The Balance -
https://www.thebalancemoney.com/looking-twice-at-overpriced-homes-1798671

8.     U.S. News & World Report -
https://money.usnews.com/loans/mortgages/articles/a-guide-to-seller-paid-mortgage-rate-buydowns

National Association of Realtors -
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics

7 Common Homebuyer Regrets (And How To Avoid Them) 

To avoid buyer's remorse, be sure to consider your future self when shopping for a home.

Most new homebuyers don't regret becoming homeowners. In fact, according to a survey by LendingTree, 80% of recent buyers who successfully overcame a challenging housing market say they're glad they found their current homes.¹ But that doesn't mean newly-minted homeowners don't have any regrets about their buying choices. 

On the contrary, research shows that even the most-satisfied homeowners would change some aspects of their home purchase if given the opportunity. According to a recent survey by Anytime Estimate, nearly 3 out of 4 buyers who purchased a home in 2021 or 2022 still have a few regrets.²

Some question their decision to move to a neighborhood they still don't love. Others wish they had been less picky about where they lived so they could have paid less. Many are afraid they overspent or think they sacrificed too much in their rush to buy a home. 

Here are some of the most common homebuyer regrets we see, along with our professional advice on how to avoid them.

REGRET #1: Spending More Than Necessary 

No one wants to overpay for their new home purchase (and, luckily, with the right guidance, doing so is avoidable). But even if you've secured a winning purchase price, there are still plenty of ways to accidentally overspend. 

One of the most common ways to overpay? Choose the wrong mortgage. In fact, in today's higher-rate environment, this can be one of the riskiest mistakes a new buyer can make. 

According to a recent survey, for example, nearly three-quarters of homebuyers leave money on the table by not bothering to shop around for the best rate.³ And research by LendingTree suggests that buyers in major metro areas lose an average of $63,151 over the life of their loan just by picking the first mortgage they're offered.⁴

Lesson Learned:  As long as you stick to what you can afford, buying a home can be a boost for your financial health. The longer you live in it, for example, the more your home is likely to appreciate in value and boost your long-term savings. 

But to get the most value from your purchase, it's worth your time to compare financing options and shop around for the best deal. We also recommend getting a mortgage pre-approval before you start your home search so you know what's within reach. We can refer you to one of our trusted lending partners for help.

REGRET #2: Rushing Into a Home Purchase

In a competitive housing market, it's often necessary to act fast to secure a home. But don't let a need for speed tempt you into making an offer before you've thought through or fully vetted a new property.   

Rushing into a home purchase isn’t just risky, it's also one of the most commonly cited sources of homebuyer regret. According to Anytime Estimate, for example, more than 1 in 4 homebuyers felt remorse over how quickly they sped through the home buying process.²

Getting swept away by your emotions can also lead to buyer's remorse. If you've found a home you love and are competing with other buyers, it can be tempting to overlook key details or bid more than you can afford. That's one reason it helps to have a skilled professional by your side to calmly guide you through the process and ensure you act with reason, rather than emotion.

Lesson Learned:  Buying a home is exciting. But if you don't keep your emotions in check or act too impulsively, you could make poor choices in the moment that are hard to undo later. 

To avoid making last-minute decisions that could backfire, know what you want, what you need, and what you can afford before you start your home search. We can help you set priorities so you’ll be able to move forward with confidence when the time is right.

REGRET #3: Miscalculating the Costs of Homeownership

Though real estate is a great long-term investment, it can be pricey in the short-term, often surprising homeowners who aren't prepared for it. According to some estimates, for example, annual maintenance could cost as much as 1% or more of your home's purchase price.⁵ Some buyers also forget to factor in additional ownership expenses, such as property taxes, insurance, and repairs.

Failing to think through the costs of homeownership is one of the most common sources of homebuyer regret. According to Anytime Estimate, for example, nearly half of the homebuyers who regret their purchase said they underestimated how much they would spend to live in it.²

However, some homes cost more to live in and maintain than others. So even if you're certain that you can afford the average cost of homeownership, that doesn't necessarily mean that every home in your price range will fit neatly into your budget. For example, very old homes with unique maintenance requirements could be extra pricey to keep up. Similarly, homes with high HOA or condo fees could also eat into your monthly budget. 

Lesson Learned:  A home should help you build your wealth, not drain it. So it's important to factor in all the potential costs of living in a home—not just obvious ones like your mortgage payment and taxes. To ensure you don't get overextended, add up your estimated maintenance and repair costs, as well as any miscellaneous expenses that are unique to a particular home. Carrying Costs is what I like to call this. It helped me avoid buying a home 20 years ago that I was able to afford but might have lost at 2008 financial crisis. I like to price out for ten years. New homes have less maintenance/repair costs.

We can help you with these estimates—and, if needed, present you with some less-costly alternatives.

REGRET #4: Underestimating the Time Required To Maintain or Renovate a Home

One of the most joyful aspects of homeownership is getting to relax in a home that's all your own. But if a home is too high maintenance, then you may not have time to savor it. 

Many homeowners love to spend their weekends puttering in their gardens or undertaking home improvement projects. But if that's not you, then you may not like living in a home with a big yard or with high-maintenance features, like a pool.

According to a survey by Hippo, for example, 47% of homeowners who feel some regret about their home purchase complain that too much maintenance and upkeep is required.⁶

Similarly, buyers who purchase fixer-uppers are often surprised by how much time it takes to rehab their new homes. Although buying a fixer-upper is a great way to save on the purchase price, you could come to resent it if it eats up all your free time.

Lesson Learned:  Renovation and maintenance projects are often time-consuming and stressful. So beware of committing to a property that requires too much of your attention if you don't have the time or patience for it. With that said, home improvement projects can also bring a lot of joy and satisfaction to owners who like rolling up their sleeves.

We can talk through the realities of homeownership with you and help you choose a property that will fit your personality and schedule. We also have many island companies that can help you in this goal with professionalism and ease of mind.

REGRET #5: Ignoring or Skipping a Home Inspection

It’s easy to get swept up in the excitement of buying a home. Sometimes, buyers will agree to skip a home inspection to sweeten their offer in a competitive market. They may also be tempted to pinch pennies since they’re already facing a large outlay. However, if you skip out on a home inspection, you could come to regret it.

When you hire a home inspector, you get a professional, in-depth examination of the property’s structures and systems before you buy it. It’s a worthwhile investment that can save you money in the long run, either by warning you away from a bad purchase or by providing a list of deficiencies you can use to negotiate with the sellers. 

But even the most thorough home inspection isn't going to be worth much if you don't take the time to carefully consider it. If at all possible, make sure you’re on-site during the inspection so you can observe and ask questions. And don’t forget to re-evaluate any repairs that the seller agrees to make to ensure they’ve been properly completed prior to closing.

Lesson Learned:  A home inspection can reduce your risk and save you money in the long run. But to maximize its effectiveness, you will need to be an active participant in the process.

We’d be happy to share a list of experienced and trustworthy home inspectors serving our island. And when the inspection report is complete, we can help you decide if the purchase is worthwhile and negotiate any relevant seller concessions and repairs.

REGRET #6: Choosing a Home That Doesn't Fit 

Homeownership is often a better investment if you’re willing to stay put for at least five years.⁷ But if your newly purchased home isn’t a good fit, then you may not want to stick around that long. 

Many homeowner complaints come down to simple lifestyle issues: Although a mismatch may seem small at first, the problems can magnify if you make so many compromises that they interfere with your quality of life.

Or, sometimes homebuyers can fall in love with a beautiful home and forget about practicalities. For example, a stunning kitchen can’t replace a needed bedroom or bathroom. And a sparkling pool may sit empty if the home requires a lengthy commute to your office.

Make sure you set some guardrails during your home purchase so you don’t over-compromise or accidentally prioritize your wants over your needs.

Lesson Learned:  When you’re dealing with limited inventory or a fixed budget, it may be necessary to sacrifice some items on your home wish list. But if you fail to secure your must-haves, you could come to regret your home choice.

We can help you avoid an ill-fitting home purchase by working with you to set (and stick to) priorities and parameters before you begin your search. 

REGRET #7: Purchasing Without Professional Help

Another path to homebuyer regret? Foregoing the expert guidance and market insight that you can only get from a licensed real estate agent.

Buying a home without professional representation can be extremely risky. Therefore, it’s no surprise that 86% of buyers enlist the help of an agent when purchasing a home. And the vast majority find their assistance to be invaluable: 89% say they would use their agent again or recommend them to others.⁸

Real estate is hyperlocal and extremely fluid—especially these days when the market is in constant flux. So it pays to have a knowledgeable expert by your side who can guide you through an often-complicated process. 

We can help you avoid expensive mistakes that could lead to buyer’s remorse, all while making your home purchase as seamless and stress-free as possible. And since the home seller typically pays our commission, there’s no added expense for you!

Lesson Learned:  When you work with a real estate agent, you benefit from a wealth of expertise and on-the-ground insight that you can't get anywhere else. We’ll help you steer clear of the missteps that so many homebuyers make, so you can focus on enjoying your new home instead of questioning your choices down the road.

The best part? Since the majority of home sellers pay us a commission at closing, in most cases, we offer our invaluable guidance and assistance at no additional cost to you!

BOTTOMLINE

No one wants to look back on their home purchase and realize they made a big mistake. We can help you avoid the pitfalls so you can buy with confidence. To learn more about how we work to ensure our clients’ satisfaction, reach out today to schedule a free consultation.

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.     LendingTree - 
https://www.lendingtree.com/home/mortgage/homebuying-process-survey/

2.     Anytime Estimate - 
https://anytimeestimate.com/research/american-home-buyers-2022/

3.     Zillow Home Loans - https://zillow.mediaroom.com/2022-11-18-Prospective-home-buyers-spend-about-as-much-time-researching-new-TVs-as-they-do-mortgage-lenders

4.     LendingTree - 
https://www.lendingtree.com/home/mortgage/mortgage-shopping-study/

5.     CNBC - 
https://www.cnbc.com/2022/05/01/survey-majority-of-homeowners-have-regrets.html

6.     Hippo - https://www.hippo.com/blog/2022-hippo-housepower-report-how-homeowners-are-responding-essential-maintenance-during

7.     Realtor.com - 
https://www.realtor.com/advice/sell/how-soon-can-you-sell-a-house-after-buying/

National Association of Realtors - https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers#homebuyers

Does your current home no longer serve your needs?

If so, you may be torn between relocating to a new home or renovating your existing one. This can be a difficult choice, and there’s a lot to consider—including potential costs, long-term financial implications, and quality of life. 

A major remodel can be a major commitment. From hiring contractors to selecting materials to managing a budget, it can take a tremendous amount of time and energy—not to mention the ordeal of living through construction or relocating to a temporary residence.

On the other hand, moving is notoriously taxing. In fact, in one survey, 40% of respondents viewed buying a new home as ”the most stressful event in modern life.”¹

So which is the better option for you? Let’s take a closer look at some of the factors you should consider before you decide.

1. What Are Your Motivations for Making a Change?

It’s possible that some of the limitations of your current home can be addressed with a renovation, but others may require a move. 

Renovate

Certain issues, like dated kitchens and bathrooms, are fairly easy to remedy with a remodel—and the results can be dramatic. In many cases, a relatively minor renovation can significantly increase your enjoyment of your home. 

Other shortcomings can be more challenging to fix but are worth exploring so that you know your options. For example, if your home feels cramped or it lacks certain rooms, you might be able to make changes like installing an extra bathroom, adding a dedicated office, or finishing an attic or basement. You may even be able to build an accessory dwelling unit or extension to accommodate a multi-generational family. 

In fact, many Americans have remodeled their homes to meet changing needs since the start of the pandemic. According to the National Association of the Remodeling Industry, 90% of their members reported increased demand for renovations starting in 2020, and 60% reported that the scale of remodeling projects has grown.²

However, the feasibility and cost of these larger changes will depend on factors ranging from zoning and permitting to your home’s current layout. Speaking with an architect or a contractor can help you make an informed decision. Let us refer you to one of our trusted partners to ensure you receive the best possible service.

Relocate

Of course, sometimes, even rebuilding your home from the ground up wouldn’t solve the problem. For example, moving may be the only solution if you’ve switched jobs and now face a lengthy commute or if you need to live closer to an aging family member. 

Conversely, if the shift to remote work has opened up your location options, you may wish to seize the opportunity to relocate to a new locale. A 2022 study found that nearly five million Americans had already moved since the start of the COVID-19 pandemic due to increased flexibility from remote work, and nearly 19 million more were planning to move in the near future for the same reasons.³ 

Moving may also be the best option, even when you’re happy with your geographic location. A local move may make sense if you’re looking for a larger backyard or significantly more space. Similarly, some frustrations—like living on a busy street or a long way from a grocery store—can’t be addressed with a renovation. We are well-versed in this area and can help you determine whether another neighborhood might suit you and your family better.

2. Which Option Makes the Most Financial Sense?

Renovating and relocating both come with costs, and it’s wise to explore the financial implications of each choice before you move forward.

Renovate

The costs of a renovation can vary widely, so it’s vital to get several estimates from contractors upfront to understand what it might take to achieve your dream home. 

Be sure to consider all of the potential expenditures, from materials and permits to updates to your electrical and plumbing systems. It’s also prudent to add 10-20% to your total budget to account for unexpected issues.⁴  If you plan to DIY all or part of your renovation, don’t forget to factor in the value of your time.

Renovations can also come with hidden expenses. These might include:

●      Additional home insurance

●      Short-term rental or hotel if you need to move out during the renovation

●      Storage unit for possessions that need to be out of the way

●      Dining out, laundry service, and other essentials if you can’t access appliances at home

Remodeling choices can also impact the long-term value of your home. Some projects may increase your home’s value enough to outweigh your investment, while others could actually hurt your home’s resale potential. 

For example, although you may enjoy the additional living space, garage conversions aren’t typically popular with buyers.⁵ Refinishing hardwood floors, on the other hand, brings an average return of 147% at resale.²  The specific impact of a renovation will depend on a number of factors, including the quality of work, choice of materials, and buyer preferences in your area. We can help you assess how a planned project is likely to affect the value of your home.

Relocate

The cost of a new home, of course, will vary significantly depending on the features you’re seeking. However, you may find that it’s cheaper to move to a home that has everything you want than it is to make major changes to your existing one. 

For example, adding a downstairs bedroom suite or opening up a closed floor plan could cost you more than it would to buy a home that already has those features. On the other hand, simpler changes and updates probably won’t outweigh the expense of a relocation.

If you’re considering a move, speak with a real estate agent early in the process. We can assess your current home’s value and estimate the price of a new home that meets your needs. This will help you set an appropriate budget and expectations. 

It’s important to remember that the cost of buying a new home doesn't end with the purchase price. You’ll also need to account for additional expenditures, including closing and moving costs and the fees involved with selling your current home. And don’t forget to compare current mortgage rates to your existing one to understand how a different rate could impact your monthly payment. 

However, keep in mind that the interest rate on a mortgage is typically lower than the rate on other loan types—so you could pay less interest on a new home purchase than you would on remodel.⁶ We’re happy to refer you to a lending professional who can help you explore your financing options.

3. Which Option Will Be the Least Disruptive to Your Life?

A final—but critical—consideration is the time and hassle involved with each option since both renovating and relocating involve a significant amount of each.

Renovate

Don’t underestimate the time and effort involved in a large-scale renovation, even if you choose to hire a general contractor. You will still need to consider and make a number of decisions. For example, even a fairly basic kitchen remodel can involve a seemingly-endless selection of cabinets, tile, countertops, paint colors, fixtures, hardware, and appliances.

And don’t assume that you will get out of packing and unpacking if you stay in your current home. Most renovations—from kitchens to bathrooms to flooring replacement—require you to remove your belongings during the construction process.

The time frame for a remodel is another consideration. High demand for contractors and ongoing material shortages can mean a long wait to get started. And once the project is in progress, you can expect that it will take a couple of weeks to several months to complete.⁷

Contemplate whether you will be able to live in your home while it’s being renovated and how that would impact your routine. For example, being without a functional kitchen for months can be frustrating, inconvenient, and expensive (since you’ll need to purchase prepared food). Remember that delays are inevitable with construction, and consider what additional challenges they could present. 

Relocate

Of course, finding a new home and selling your current one also takes a significant amount of time and energy. According to the National Association of Realtors’ 2022 Profile of Home Buyers and Sellers, the average buyer searched for 10 weeks and toured a median of five homes.⁸

However, in many cases, the timeline can still be shorter than a major renovation. Once you find a home that works for you, it typically takes between 30 and 60 days to close if you’re taking on a mortgage—and the process is even faster if you’re paying with cash.⁹  Plus, you can look for your dream home without the inconvenience of living in a construction zone.

However, a move comes with its own stress and disruptions. If you’re selling your current home, you’ll need to prep it for the market and keep it ready and available for showings. Once you’ve found a place, the packing and moving process takes time and work, as does settling into a new home—especially if it’s in a different neighborhood. 

Fortunately, we are here to help make the moving process as easy as possible, if you choose to pursue that route. We can help you find a property that meets all your needs, sell your current one for top dollar, and refer you to some excellent moving companies that can help pack and transport your belongings.

WHATEVER YOU DECIDE, WE CAN HELP

The decision to renovate or relocate can be overwhelming—but this choice also presents a powerful opportunity to improve your quality of life.

There’s a lot to consider, from how renovations could impact your home’s resale value down the road to your neighborhood’s current market dynamics. We’re happy to help you think through your options. Get in touch for a free consultation!

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.     HousingWire -
https://www.housingwire.com/articles/46384-americans-say-buying-a-home-is-most-stressful-event-in-modern-life/

2.     National Association of the Remodeling Industry -
https://cdn.nar.realtor//sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf?_gl=1*3pfs0m*_gcl_au*NTU2MDQ0MzAyLjE2ODMyMzgzMTY

3.     Business Insider -
https://www.businessinsider.com/5-million-people-moved-because-of-remote-work-since-2020-2022-3

4.     Forbes -
https://www.forbes.com/home-improvement/contractor/home-renovation-costs/

5.     U.S. News & World Report -
https://realestate.usnews.com/real-estate/articles/10-home-renovations-that-can-decrease-the-value-of-your-home

6.     Bankrate -
https://www.bankrate.com/mortgages/mortgage-vs-home-equity-loan/#differences

7.     House Beautiful -
https://www.housebeautiful.com/home-remodeling/a25588459/home-renovation-timeline/

8.     National Association of Realtors -
https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers

9.     Forbes -
https://www.forbes.com/advisor/mortgages/how-long-does-it-take-to-close-on-a-house/

Keeping a clean and orderly home is a challenge for many of us. Between busy work schedules, social obligations, and family commitments, it’s tough to keep up with daily chores—let alone larger seasonal tasks.

The effort is worthwhile, however. A sanitary environment can keep you and your family healthier by minimizing your exposure to germs and allergens.¹ Plus, researchers have found that organized, uncluttered homes have quantifiable mental health benefits, too, including reduced stress, improved emotional regulation, and increased productivity.² 

The reality is, we enjoy our homes more when they are in good order. It’s much easier to relax without piles of unopened mail or a messy kitchen reminding us of work to be done. And don’t we all feel more inclined to entertain family and friends when our homes are well-kept?

That’s why we’ve rounded up our favorite tactics—from overall strategies to little tips and tricks—for keeping things tidy without spending all our spare time cleaning. 

Set a Schedule for Daily and Weekly Cleaning

We’ve all been there—you put off vacuuming or mopping your floor for a few days, only to realize that weeks have passed. Creating a cleaning schedule that works for you is the best way to stay on top of things and avoid overwhelm. Here are a few of our favorite strategies:

1. Designate a day of the week for each task—then, add them to your calendar so you can’t forget. 
2. Create a shared schedule that assigns specific responsibilities to each member of the household. Post it in a prominent place, like on the refrigerator, or create a shared digital calendar.
3. Carve out 15 minutes a day for cleaning and decluttering. Set a timer on your phone and get as much done as you can before it goes off. 

It may take some trial and error to find the tactics that work best for you. The most important thing is to make a habit of cleaning so that clutter and grime don’t have a chance to build. And if you’d like some professional help, reach out for a referral to one of our favorite cleaning services! 

Tackle Bigger Chores Seasonally

Many home care tasks are seasonal by nature and only need to be completed once or twice a year. But when we don’t have a plan to tackle them, it’s all too easy to put them off. Here are a few tips to stay on top of these chores:

4. Mark days on your calendar in advance to attend to annual or semi-annual chores, like cleaning gutters, washing windows, turning mattresses, and shampooing carpets.
5. Schedule just one primary task each weekend instead of blocking out a full two days. This will help ensure a good balance between chores and relaxation. 
6. Designate a date two to four times a year, depending on your lifestyle, to put away out-of-season items like clothes, holiday decorations, and sporting goods.
7. Take some time to sort through your seasonal items when you pack them away. Then you can toss, sell, or donate items that you no longer need or enjoy. 

Remember—breaking down these larger tasks can make them less overwhelming. If you space them out so that you can handle them one by one, even the most time-consuming chores become a lot more manageable.

And since all your time is valuable, don't hesitate to delegate these larger home care tasks to professionals. Give us a call for a list of our recommended service providers.

Reduce the Barriers to Cleaning

Set yourself up for success by ensuring you have the tools on hand to tackle small tasks with ease. Here are a few ways to make your cleaning supplies more accessible:

8. Store a broom, dustpan, and vacuum on each floor of your home so they’re easy to reach.
9. Stash containers of disinfecting and glass wipes under every sink for a mid-week wipe-down.
10. Place extra bags beneath the liner of your garbage pails, so you’ll have a replacement ready when you take out the trash.
11. Keep a paper shredder and recycling bin handy so you can dispose of unwanted mail as it’s opened.

By strategically placing your tools and supplies in the locations where you’re most likely to need them, you’ll make cleaning less of a chore and more of a habit.

Stop the Clutter Before It Starts

From coats to shoes to mail, it’s all too easy to find clutter taking over your home. Once these piles start to form, they can feel overwhelming—which only makes it harder to address them. 

To avoid this problem, stop the clutter before it starts. Assign every item a home and create storage spaces and “drop zones” in key locations.³ Here are a few ideas to get you started:

12. Install coat hooks and shoe racks in the entryway for easy access.
13. Add a key caddy or shelf for essential items to get you out the door.
14. Hang a letter bin to capture mail and newspapers as soon as you walk into the house.
15. Place a donation box in each closet for items you no longer want or need.

It can take a little time to get in the habit of returning items to their assigned space. But once you do, staying on top of clutter will become far more manageable. 

Are you considering a larger organizational upgrade, like a custom closet or pantry system? Reach out for a free consultation to find out how the investment could impact the value of your home! 

Tackle Small Tasks Right Away

Sometimes, the mental load of thinking about a chore you need to do is worse than the chore itself. Plus, handling small tasks right away can reduce the need for lengthy cleaning sessions.³ 

Try working these changes into your routine:

16. Learn to clean as you cook, rather than piling it all up for later. As you wait for water to boil or food to cook through, wash the bowls and utensils you used for prep.
17. Hang bath towels on a bar immediately after use. By allowing them to properly air dry, you can cut down on the frequency of laundering.
18. Bring items with you when you leave a room. For example, return plates and cups to the kitchen right away rather than letting them stack up in your home office. 
19. Take out the trash when you leave for work, school drop-off, or errands. This will save you the time and hassle of a second trip.

If you implement these small changes, your home will stay neater—and you’ll minimize the number of dedicated cleaning sessions you need to take on each week.

Embrace an Evening “Shutdown” Routine

Kitchens can get dirty and cluttered fast. But a few minutes spent cleaning up each evening can prevent the mess from getting out of control.⁴

Imagine your kitchen is a restaurant and you’re tidying it up before closing down for the night. These simple steps will prepare you for the morning rush:

20. Wipe down all surfaces, including countertops, stove, microwave, and sink. Then toss your soiled washcloth in the hamper and lay out a fresh one for tomorrow.
21. Load and run the dishwasher every night so you can empty it the next morning.
22. Prepare for breakfast by programming your coffee pot and setting out some grab-and-go options.

We all know it can be hard to find the energy for chores in the evening. But if you complete these small tasks each night, you’ll start the next day off right in a tidy, clean kitchen.

Think Outside of the Box When It Comes to Storage

Most of us have limited storage space. Unfortunately, without the right spots to stash our items, it’s easy to become disorganized. 

But we’ve found that using household items in innovative ways can help keep mess and clutter under control.⁵ Here are a few of our favorite swaps:

23. Place a magazine file in your kitchen for cookbooks, takeout menus, and meal kit cards.
24. Hang a pocket-style shoe organizer inside your pantry door to store granola bars, spice jars, and other small items.
25. Separate dress and athletic socks by turning an old shoe box into a drawer divider.
26. Repurpose jam jars by using them to store office supplies or bathroom essentials.
27. Store out-of-season clothes inside rarely-used suitcases, so all that space doesn’t go to waste. 

A little creativity goes a long way when it comes to making the most of your space. Just be sure that you’re creating systems you can stick with and not putting things where you might forget about them later!

I'M HERE TO HELP YOU MAKE THE MOST OF YOUR HOME

Keeping your home clean and organized can be a continuous struggle—there’s no need to feel ashamed of that. But taking the time to implement systems that work for you can make life more pleasant and less stressful in the long run.

Remember, I'm not just here to help you buy or sell a home. I want you to love living in it, too. Reach out if you need referrals for house cleaners, window washers, or other service providers that can help you make the most of your space. 

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.     Healthline -
https://www.healthline.com/health-news/5-health-benefits-of-spring-cleaning

2.     Forbes - 
https://www.forbes.com/health/mind/mental-health-clean-home/  

3.     My Domaine - 
https://www.mydomaine.com/house-cleaning-schedule

4.     Housewife How-Tos - 

https://housewifehowtos.com/clean/10-tips-to-keeping-a-clean-house/

5.     Better Homes and Gardens - 

https://www.bhg.com/decorating/storage/projects/simple-solutions/

When it comes to listing their home, most home sellers want three things: 1) to make a lot of money, 2) to put in minimal time and effort, and 3) to sell quickly. But the reality is, selling a home is rarely that simple. And homeowners who try to do it themselves—or receive bad advice—can end up stuck (months later) with a property that hasn’t sold. 

If that’s you, don’t panic! We’ve outlined the top five reasons a home doesn’t sell—and action steps you can take to overcome each of these issues. 

Not sure why your property didn’t sell? If you’re not already working with an agent or your listing has expired or been withdrawn, give us a call! We’d be happy to offer a free, no-obligation assessment and create an action plan to get your home SOLD. 

This marketing piece is not intended as a solicitation for properties currently in an exclusive agreement with another Broker.

1. BAD TIMING

If your home didn’t sell after several months on the market, timing could’ve been a factor. Markets are driven by the law of supply and demand, and real estate is no exception. 

When there are a lot of people who want to buy homes (demand) and a shortage of inventory (supply), it’s considered a seller’s market. During a seller’s market, listings tend to get snapped up quickly. In a buyer’s market, however, there are more homes for sale than active buyers. This can cause homes to sell for less money and to sit on the market for a longer period of time before receiving an offer.

What causes the shift between a seller’s market and a buyer’s market? Economic factors like interest rates, affordability, domestic growth, and the unemployment rate can all impact buyer demand. Over the past year, for example, higher mortgage rates have not only made it harder for some borrowers to qualify for a home loan, they have also sharply pushed up homebuyers' anticipated monthly payments.¹ So even if a buyer was interested in your home, they may have passed on it if they couldn’t qualify for a mortgage at your asking price. 

Seasonal factors like weather, holidays, and school schedules can also increase or dampen the activity and motivation of buyers. Additionally, unexpected events, such as a natural disaster or a stock market crash, can cause some buyers to put their purchasing plans on hold until conditions normalize.

Now What?

If timing does appear to be a factor, it may be advisable to delay relisting your property. Of course, that’s not feasible (or desirable) for every seller. 

In most cases, buyers can be motivated to act with a combination of improvements, incentives, and pricing. Where there’s a will to sell, there’s usually a way. Fortunately for sellers, people will always need a place to live, and there will be a percentage of the population that is motivated to buy quickly. 

If you suspect timing played a role in your inability to sell, consult with a knowledgeable real estate agent. We’re in the field every day and have access to the latest market data. We can estimate how long a home like yours should take to sell given current market conditions and help ensure that your asking price is competitive.

2. INEFFECTIVE MARKETING

Did your home get a steady stream of showings when it was on the market? If not, you may need to try a new promotional strategy.

Take a look at the listing description. Did it entice buyers to visit your property? A well-written description should be clear and compelling while highlighting your home’s most desirable features. Additionally, it should have utilized best practices for search engine optimization (SEO) to ensure that it was found by buyers who were looking for homes online.

And how well did the listing photos showcase your property? Many buyers use photos of a home to decide whether or not to visit it in person. In fact, 85% of buyers who browse online find photos “very useful” in their home search.²Poor quality or a low quantity of listing photos could have kept potential buyers from stepping through your door.

Another factor to consider is whether your listing reached the right audience. This can be especially important if you have a unique or highly-customized home. The Multiple Listing Service is a great place to start, but some properties require a more robust marketing approach.

Now What?

If you suspect ineffective marketing, consider turning to a skilled professional with a proven approach. We employ a strategic Property Marketing Plan that uses the latest technologies to seed the marketplace, optimize for search engine placement, and position your home for the best possible impression right out of the gate. 

For example, we know what buyers in this market want and can craft a persuasive description to pique their interest. And since good listing photos are so crucial, we work with the top local photographers to ensure each shot is staged to your home’s advantage. 

We also know how to get your listing in front of the right audience—one that will appreciate its unique features. By utilizing online and social marketing platforms to connect with consumers and offline channels to connect with local real estate agents, your property gets maximum exposure to your target market. 

Want to learn more about our multi-step marketing strategy? Reach out for a copy of our complete Property Marketing Plan.

3. POOR IMPRESSION

If your property received a lot of foot traffic but no offers, you may need to examine the impression you made on buyers who visited your property.

Start with your home’s structure and systems. Are there large cracks in the foundation? How about doors and windows that don’t properly close? Are there water stains on the walls or ceiling that could signal a leak? These can be major “red flags” that scare away buyers.

Next, examine your curb appeal. Does the yard need mowing or do the hedges need trimming? Are there oil stains on the driveway? Any peeling paint or rotted siding? If your home’s exterior looks neglected, buyers may assume the entire house has been poorly maintained.

Now move on to the interior of your home. Is it clean? Is there a noticeable odor? Have you taken the time to depersonalize and declutter each room? Buyers need to be able to picture their items in your home, but that’s difficult to do amongst your family photos and personal collections. And oversized furniture and packed closets can make a space seem small and cramped.

Now What?

When we take on a new listing, we always walk through it with the homeowner and point out any repairs, updates, or decluttering that should be done to maximize its sales potential. We also share tips on how to prep the property before each showing. 

In some cases, we will recommend that you utilize staging techniques to highlight your home’s best features and help buyers envision themselves living in the space. Home staging is one of the hottest trends in real estate—because it works! According to the Real Estate Staging Association, professionally-staged homes sell, on average, 9 days faster and for $40,000 over list price.³ In addition, the National Association of Realtors suggests that staging can help push up your final sale price by as much as 20%.⁴

Some sellers choose to hire a professional home stager, while others opt to do it themselves, using guidance from their agent. We can help you determine the appropriate budget and effort required to get your home sold. 

4. PRICE IS TOO HIGH

Many homeowners are reluctant to drop their listing price. But the reality is, buyers may not seriously consider your property if they think your home is overpriced.

Attitudes have changed since the Federal Reserve started hiking interest rates. Many of today's homebuyers are no longer willing or able to pay as high a price on a new home as they might have when borrowing costs were lower.⁵ If your home’s original asking price was set using sales data from the market's peak, then you may need to rethink your pricing strategy.

Economic factors aren't the only reasons, though, why a home's asking price might not match its market value. Pricing a home can be tricky, regardless of the economic climate, because so many factors can impact how much buyers are willing to pay. For example, unique, highly customized, and luxury properties are particularly difficult to price because there aren’t a lot of comparable homes with which to compare them. 

Regardless, if your home sat on the market for months without an offer, then chances are good that your asking price needs to be reevaluated.

Now What?

If you aren’t in a rush to sell your home, adjustments to timing or marketing may bring in a new pool of potential buyers. And repairs, upgrades, and staging can increase the perceived value of your home, which may be enough to bring a buyer to the table at your original list price.

However, if you need to sell quickly, or you’ve already exhausted those options, a price reduction may be necessary to get your home the attention it needs to sell. 

We are local market experts and have access to the latest market data and comparable sales in your neighborhood. We can help you determine a realistic asking price for your home given today’s market conditions. Just reach out for a free home value assessment!

5. YOU HIRED THE WRONG AGENT (OR WORSE, NO AGENT AT ALL)

If you suspect that your previous real estate agent didn’t do enough—or used the wrong approach—to sell your home, you’re not alone. Many sellers whose listings languish until they expire or are withdrawn feel this way. 

While most agents have the best of intentions, not all of them have the skills, experience, instincts, or local market expertise to devise a winning sales strategy in this challenging market.

Or, perhaps you chose not to hire a listing agent at all and have been trying to sell your home yourself. This can be an equally frustrating endeavor.

Although selling your home independently can help cut some costs, it can also be extremely risky and may even lose you money in the long run. For example, research by the National Association of Realtors suggests that For Sale By Owner (or FSBO) homes tend to sell for less than homes represented by a professional. In 2021, for example, the average FSBO home sold for $105,000 less than the average home sold with the assistance of an agent.⁶

Now What?

If either of those scenarios sounds familiar, you need to ask yourself: “Would I still be interested in selling my home if I could get the right offer?”

If so, we should talk. We understand how frustrating it can be when you’ve put a lot of time, money, and effort into prepping your property for the market and it doesn’t sell. We also empathize with how disruptive a delayed home sale can be to your life.

By now, don’t you owe yourself more than the status quo when it comes to your real estate representation? Our multi-step Property Marketing Plan can help you sell your home for the most money possible, and in the process reconnect you with the excitement you originally felt upon first listing. It’s time for a new agent, new marketing, new buyers, and most of all… new possibilities. 

READY TO MAKE A MOVE? 

Let's talk. We can help you figure out why your home didn’t sell and how to revise your sales strategy and set your home up for success. 

The housing market has experienced a shift and the waters may be choppier than usual for a while. But there's still plenty of opportunity in the current market: You just need a guide who knows where to look and how to find it.

This marketing piece is not intended as a solicitation for properties currently in an exclusive agreement with another Broker. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.     New York Times - 
https://www.nytimes.com/2022/12/30/realestate/housing-market-prices-interest-rates.html

2.     National Association of Realtors - https://store.realtor/2022-nar-profile-of-home-buyers-and-sellers-download/

3.     Real Estate Staging Association - https://www.realestatestagingassociation.com/content.aspx?page_id=22&club_id=304550&module_id=164548

4.     National Association of Realtors - https://www.nar.realtor/blogs/styled-staged-sold/why-staging-matters-even-in-a-sellers-market

5.     Marketplace - 
https://www.marketplace.org/2023/01/26/housing-slump-may-have-bottomed-out/

National Association of Realtors - 
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics

Over the past few years, many of us have spent extra time at home—and that means we appreciate the personal design touches that make a house cozy and comfortable more than ever. Some of us have adapted our dwellings in new ways, from creating functional home offices to upgrading the appliances we use most. 

But while it’s important to make your home your own, it’s also smart to think about the long-term impact your renovations could have on its value. Choosing highly-personalized fixtures and finishes can make it harder for future homebuyers to envision themselves in the space. Even if you don’t plan to sell your home soon, investing in popular design choices that are likely to stand the test of time will make things easier down the road. 

And if you’re in the market for a new home, it’s wise to keep an eye out for features that might need to be updated soon so you can factor renovation costs into your budget.

We’ve rounded up six trends that we think will influence interior design in 2023, as well as ideas for how you might incorporate them in your own home. Remember, before taking action, it’s always wise to consult with a real estate professional to understand how specific updates and upgrades will affect your property’s value in your local market. 

1. Separate Kitchen, Dining and Living Areas

For years, home design has been dominated by open-concept floor plans, particularly for kitchen, dining, and living areas. However, as the pandemic forced families to work and study from home, many struggled to find the privacy and separation they needed. As a result, designers report that more families are choosing to bring back kitchen and dining room walls to break up the space and create quieter areas.¹

That doesn’t mean that we’re returning to an era of dark and cramped spaces, however. Even as walls make a return, it’s important to take care to retain a sense of flow and openness within the home and to prioritize natural light. 

If you’re buying or building a new home, consider how you will use the space and whether or not an open floor plan will suit your needs. If you already live in a home with an open floor plan and it isn’t working for you, try rearranging furniture and strategically placing pieces like bookshelves, room dividers, or rugs to create distinct areas within the home and reduce noise.

2.     Nature-Inspired Design

In the past few years, we’ve seen the “biophilia” trend explode, and there are no signs that it will be any less popular in 2023.² This trend is all about bringing the outside in by adding natural touches throughout your home. 

This year, design experts predict that natural, sustainable materials like bamboo, cork, and live-edge wood will lend character without being overwhelming. Wooden kitchen cabinets and islands will become more common in 2023, with white oak and walnut among the most popular choices.^3,4 Wood will also appear in bathroom vanities and shelving and furniture throughout the home. 

Colors inspired by nature (think mossy greens and desert tones) will also play into this trend and will blend seamlessly with wood tones. We’re also seeing a return to natural stone countertop materials like quartzite, marble, dark leathered granite, and soapstone.^4,5

If you’re planning to add new shelving or redo your kitchen, consider turning to these materials to embrace the biophilic look. Or, incorporate elements of the trend by choosing nature-inspired paint colors and adding to your houseplant collection.

3.     Lighting as a Design Feature

Spending more time at home has shown us the importance of having the right lighting for specific tasks and times of the day. As a result, many homeowners are reconsidering the ways they light their homes and using light fixtures to change the usability and mood of their spaces.⁵

In particular, homeowners are rejecting bright, flat overhead lighting and replacing it with lamps and task-specific options. A layered approach to lighting—such as using a combination of under-cabinet, task, and ambient lighting in a kitchen—enables homeowners to tweak the level of light they’re using based on the time of day and what they are doing. 

In 2023, we expect to see more statement chandeliers, pendants, and wall sconces in a variety of shapes and materials.⁶ Thinking about switching up the lighting in your home? Start by adding floor or table lamps and swapping out fixtures before you invest in rewiring your space. Take note of what works and what doesn’t and watch how the light in your home changes throughout the day. You can then use that information to make lighting decisions that require a bigger investment. 

4.     More Vibrant Color Palettes

After the long dominance of whites and grays, more vibrant colors are coming back as a way to add character and dimension to homes. 

This year, warm and earthy neutrals, jewel tones, and shades of red and pink are particularly popular.^7,8 If your style tends toward the subtle, consider options like light, calming greens, blues, and pastels.

Major paint brands have responded to these homeowner preferences with their newest releases. Benjamin Moore’s 2023 color of the year, Raspberry Blush, is a lively shade of pinkish coral, while Sherwin William is embracing warm neutrals with Redend Point, a blushing beige.^9,10 Behr’s choice of the year, Blank Canvas, is a creamy off-white that's a warmer version of the stark whites that have been trending over the past few years.¹¹

If you’re planning to put your home on the market soon, it’s better to play on the safer side and avoid extremely bold or bright color choices when it comes to paint or fixed finishes like tile and countertops. Instead, try incorporating pops of color through throw pillows, art, and accessories.

5.     Curved Furniture and Architectural Accents

Goodbye, sharp corners. In 2023, arches and curves lend a sleek feel that draws on classical design and retro trends while remaining modern.^5,8 Rounded corners feel more relaxed and natural than sharp edges, lending more of a sense of flow and comfort to a home. 

If you want to incorporate the trend into your new build or remodeling plans, curved kitchen islands and bars and arched alcoves are all good options—or you can take it a step further with arched windows and doorways. You can also carry this trend through to your light fixtures by incorporating a bubble chandelier or globe pendants.

It’s easy to embrace this look without renovations, too. Look for a softer feel in furniture, with sofas, chairs, and tables that showcase curved edges. Or, break up your space with an arched folding screen and a circular rug.

6.     Art Deco Revival

Art Deco, the architecture and design style that took hold in the 1920s and ’30s, is enjoying a resurgence.¹²

As a style, Art Deco is marked by bold geometry, textures, and colors, as well as an emphasis on art. But the 2023 interpretation of this style is likely to be a bit less splashy than its historical roots. Designers predict that instead of incorporating all of the elements of the style, which could feel overwhelming, homeowners will pick bursts of color or bold accessories to bring some whimsy to their space. 

Keep an eye out for vintage mirrors, lamps, or vases that bring a touch of Art Deco glam to your home, or embrace bold colors and fabrics like velvet. Choose pillows and throw blankets in bright colors and geometric patterns to nod to the look without diving in all the way. 

DESIGNED TO SELL

Are you thinking about remodeling or making significant design changes to your home? Wondering how those changes might impact your future resale value? 

Buyer preferences vary significantly based on your home’s neighborhood and price range. We’re happy to share our insights on the upgrades that will make it easier (or more difficult!) to sell your home. Give us a call to chat! I can connect you with the top designers in the Hilton Head area!

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.     US News and World Report - https://realestate.usnews.com/real-estate/slideshows/interior-design-trends-for-2023?slide=2

2.     Architectural Digest - 

https://www.architecturaldigest.com/story/design-trends-in-2023

3.     Insider - 

https://www.insider.com/popular-home-decor-trends-for-2023-according-to-experts-2022-

4.     Houzz - 

https://www.houzz.com/magazine/35-home-design-trends-on-the-rise-in-2023-stsetivw-vs~164032473

5.     The Spruce - 

https://www.thespruce.com/2023-design-trends-6743803

6.     The Spruce - 

https://www.thespruce.com/2023-lighting-trends-6891412

7.     The Spruce - 

https://www.thespruce.com/2023-color-trends-6751137

8.     Good Housekeeping - https://www.goodhousekeeping.com/home/decorating-ideas/g42084756/interior-design-trends-2023/

9.     Benjamin Moore -
https://www.benjaminmoore.com/en-us/paint-colors/color/2008-30/raspberry-blush

10.   Sherwin Williams - 
https://www.sherwin-williams.com/content/colorforecast/colormix-2023/color-of-the-year-2023

11.   Behr -
https://www.behr.com/consumer/inspiration/2023-coty/

12.   The Spruce - 

https://www.thespruce.com/art-deco-trend-for-2023-7092174

Last year, one factor drove the real estate market more than any other: rising mortgage rates. 

In March 2022, the Federal Reserve began a series of interest rate hikes in an effort to pump the brakes on inflation.¹ And while some market sectors have been slow to respond, the housing market has reacted accordingly.

Both demand and price appreciation have tapered, as the primary challenge for homebuyers has shifted from availability to affordability. And although this higher-mortgage rate environment has been a painful adjustment for many buyers and sellers, it should ultimately lead to a more stable and balanced real estate market.

So what can we expect in 2023? Will mortgage rates continue to climb? Could home prices come crashing down? While this is one of the more challenging real estate periods to forecast, here’s what several industry experts predict will happen to the U.S. housing market in the coming year.

MORTGAGE RATES WILL FLUCTUATE LESS

In 2022, 30-year fixed mortgage rates surged from roughly 3% in January to around 7%. According to Rick Sharga of real estate data company ATTOM, “We’ve never seen rates double in so short a period.”²

This year, economists forecast a less dramatic shift.

In an interview with Bankrate, Nadia Evangelou, senior economist for the National Association of Realtors, shares her vision of three possible mortgage rate scenarios:³ 

1. Inflation continues to surge, forcing the Fed to repeatedly raise interest rates. In that scenario, she predicts that rates could reach as high as 8.5%.
2. Inflation decelerates and mortgage rates follow suit, averaging 7 to 7.5% for the year.
3. Rising interest rates trigger a recession, which could ultimately lead mortgage rates to drop closer to 5% by the end of the year.

Realtor.com forecasts something similar to scenario #2 above: “Mortgage rates will average 7.4% in 2023, trickling down to 7.1% by year’s end.”⁴ The Mortgage Bankers Association, however, projects something closer to Evangelou’s scenario #3, with the 30-year fixed rate declining steadily throughout the year, averaging 6.2% in Q1 and 5.2% by Q4.⁵

Economists at Fannie Mae fall somewhere in the middle. In a recent press release, they predicted that the U.S. economy will experience a “modest recession” this year.⁶ But in their December Housing Forecast, they project that 30-year fixed mortgage rates will only fall by half a point from an average of 6.5% in Q1 to 6.0% in Q4.⁷

“From our perspective, the good news is that demographics remain favorable for housing, so the sector appears well-positioned to help lead the economy out of what we expect will be a brief recession,” said Fannie Mae Chief Economist Doug Duncan.⁶

What does it mean for you?  Even the experts can’t say for certain where mortgage rates are headed. Instead of trying to ”time the market,” focus instead on buying or selling a home when the time is right for you. There are a variety of mortgage options available that can make a home purchase more affordable, including adjustable rates, points, and buydowns—and keep in mind you can always refinance down the road. I’d be happy to refer you to a trusted mortgage professional who can outline your best options.

SALES VOLUME WILL FALL AND INVENTORY WILL RISE

It looks like the home-buying frenzy we experienced in recent years is behind us. While the desire to own a home remains strong, higher mortgage rates have made it unaffordable for a large segment of would-be buyers. 

Many economists expect the number of home sales to continue to decline this year, leading to an increase in listing inventory and days-on-market, or the time it takes to sell a home. But, there is a wide range when it comes to specifics.

Economists at Fannie Mae forecast that total home sales will fall by around 20% this year before rising again by nearly 15% in 2024.⁷ National Association of Realtors Chief Economist Lawrence Yun projects a less extreme dip of 7% in 2023 with a rebound of 10% next year.⁸

Realtor.com Chief Economist Danielle Hale foresees something in between. “The deceleration in home sales is likely to continue as high home prices and mortgage rates limit the pool of eligible home buyers. We anticipate that existing home sales will decline another 14.1% in 2023.” She expects this drop in sales to lead to a nearly 23% increase in inventory levels this year, offering more choices for buyers who have struggled to find a home in the past.⁹

However, given the severe lack of housing supply, even with a double-digit increase, the market is expected to remain relatively tight and below pre-pandemic levels. Hale points out: “It’s important to keep historical context in mind. The level of inventory in 2023 is expected to fall roughly 15% short of the 2019 average.”⁹

What does it mean for you?  If you’ve been frustrated by a lack of inventory in the past, 2023 may bring new opportunities for you to find the perfect home. And today’s buyers have more negotiating power than they’ve had in years. Contact me to find out about current and future listings that meet your criteria.

If you’re hoping to sell, you may want to act fast; rising inventory levels will mean increased competition. I can help you chart the best course to maximize your profits, starting with a professional assessment of your home’s current market value. Reach out to schedule a free consultation.

HOME PRICES WILL REMAIN RELATIVELY STABLE

While some economists expect home prices to fall this year, many expect them to remain fairly stable. “For most parts of the country, home prices are holding steady since available inventory is extremely low,” said Yun at a November conference.⁸

Nationally, Yun expects the average median home price to tick up by 1% in 2023, with some markets experiencing greater appreciation and others experiencing declines.⁸ Economists at Fannie Mae offer a similar projection, forecasting a slight decrease in their Home Price Index of about 1.5%, year-over-year.⁷

Other experts foresee a larger fluctuation. Hale expects U.S. home prices to rise by 5.4% this year, while Morgan Stanley is forecasting a 7% drop from the peak in June 2022.^9,10

Still, many economists agree that a housing market crash like the one we experienced in 2008 is highly unlikely. The factors that caused home prices to plunge during the Great Recession—specifically lax lending standards and a surplus of inventory—aren’t prevalent in our current market.¹⁰ Therefore, home values are expected to remain comparatively stable.

What does it mean for you?  It can feel scary to buy a home when there’s uncertainty in the market. However, real estate is a long-term investment that has been shown to appreciate over time. And keep in mind that the best bargains are often found in a slower market, like the one we’re experiencing right now. Contact me to discuss your goals and budget. I can help you make an informed decision about the right time to buy which is personal and unique.

And if you’re planning to sell this year, you’ll want to chart your path carefully to maximize your profits. Contact me for recommendations and to find out what your home could sell for in today’s market.

RENT PRICES WILL CONTINUE TO CLIMB

Affordability challenges for would-be buyers, inflationary pressures, and an overall lack of housing could continue to drive “above-average” rent price increases in much of the country.¹¹ The Federal Reserve Bank of Dallas expects year-over-year rental price growth to tick up to 8.4% in May before moderating later in the year.¹²

According to Hale, “U.S. renters will continue to face challenges from limited supply and excess demand in the coming year that will keep upward pressure on rent growth. At a national level, we forecast rent growth of 6.3% in the next 12 months, somewhat ahead of home price growth and historical rent trends.”⁹

However, there are signs that the surge in rent prices could be tapering. According to Jay Parsons, head of economics for rental housing software company RealPage, there’s some evidence of a slowdown in demand. He predicts that market-rate rents will rise just 3.3% this year. Still, analysts agree that a return to lower pre-pandemic rental prices is unlikely.¹⁰

What does it mean for you?  Rent prices are expected to keep climbing. But you can lock in a set mortgage payment and build long-term wealth by putting that money toward a home purchase instead. Reach out for a free consultation to discuss your options. 

And if you’ve ever thought about purchasing a rental property, now may be a perfect time. Call today to get your investment property search started.

I AM HERE TO GUIDE YOU

While national real estate forecasts can provide a “big picture” outlook, real estate is local. And as local market experts, I can guide you through the ins and outs of our market and the issues most likely to impact sales and drive home values in your particular neighborhood. 

If you’re considering buying or selling a home in 2023, contact me now to schedule a free consultation. We’ll work with you to develop an action plan to meet your real estate goals this year.

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.     Forbes -
https://www.forbes.com/advisor/investing/fed-funds-rate-history/

2.     Bankrate -
https://www.bankrate.com/mortgages/will-mortgage-rates-go-up-in-december-2022/

3.     Bankrate -
https://www.bankrate.com/real-estate/housing-market-predictions-2023/

4.     Realtor.com - 
https://www.realtor.com/news/trends/2023-the-year-of-the-homebuyer-our-bold-predictions-on-home-prices-mortgage-rates-and-more/

5.     Mortgage Bankers Association - 
https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/mortgage-finance-forecast-dec-2022.pdf?sfvrsn=b584bf7_1

6.     Fannie Mae - 
https://www.fanniemae.com/newsroom/fannie-mae-news/economy-still-expected-enter-and-exit-modest-recession-2023

7.     Fannie Mae -
https://www.fanniemae.com/media/45801/display

8.     National Association of Realtors - 
https://www.nar.realtor/newsroom/nars-lawrence-yun-predicts-us-home-prices-wont-experience-major-decline-could-possibly-rise-slightly

9.     Realtor.com -
https://www.realtor.com/research/2023-national-housing-forecast/

10.   The New York Times - 
https://www.nytimes.com/2022/11/04/realestate/housing-market-interest-rates.html

11.   CNBC -
https://www.cnbc.com/2022/09/28/how-much-higher-rent-will-go-in-2023-according-to-experts.html

12.   Federal Reserve Bank of Dallas -
https://www.dallasfed.org/research/economics/2022/0816

You don't have to break the bank to celebrate the holidays in style—even in this season of inflation. Prices may be higher on everything from food to gifts to decorations, but there are still plenty of opportunities to eke out extra savings. 

For example, according to the U.S. Environmental Protection Agency (EPA), you can save a couple of hundred dollars a year just by sealing your home and boosting its insulation.¹ Other small fixes—such as swapping old light bulbs for LEDs and plugging electronics into a powerstrip—can boost your yearly savings enough to pay off some of your holiday budget.

And thanks to a pandemic-era boom in online shopping, it is easier than ever to find deals on new and pre-owned furniture, thrifted gifts, DIY decor, and more. Even secondhand stalwarts like Goodwill have joined the digital fray, making it a cinch to score gently-used treasures at extra-low prices.²

You won't be the only one bargain-hunting your way to a more financially-stable New Year. Multiple surveys have found that inflation is not only chilling people's spending, it's also prompting shoppers to search for better deals and creative ways to reduce their bills.³

Here are some strategies you can use to boost your holiday budget by trimming household expenses: 

1. Hunt for Deals on Groceries

If you're finding it harder than it used to be to serve your family dinner on a budget, you're not alone. With the U.S. food-at-home index (a measure of grocery price inflation) at a 43-year high, many families are struggling to control costs on food staples, such as meat, dairy, produce, and grains.⁴

That's made pulling off holiday gatherings especially stressful lately. But don't despair: Even with inflation, retailers are still giving motivated shoppers plenty of opportunities to whittle down their bills. 

The key is to pay attention to the cost of each item on your shopping list—not just the most expensive—and look for easy swaps and discounts. For example, try buying non-perishable items in bulk, especially when they’re on sale, and only in-season produce. Or trade name-brand goods for less expensive options from a store's private label. As you tap into your inner bargain hunter, you could be surprised by what you save when you’re more mindful of your selections. 

And unlike in the old days, you no longer have to clip your way through paper flyers to snag a bargain. Instead, you can save both time and money by scouting for deals online, digitally clipping coupons, and earning cash back through special apps and browsers. For example, coupon aggregation sites, like Coupons.com, and shopping apps—such as Checkout 51 and Ibotta—make it easy to score discounts and cash back on a variety of purchases, including groceries.

Also, check to see if your neighborhood grocer posts their weekly flyers online. If you're hosting a holiday party, the markdowns you find can help you narrow your food and recipe choices, based on what's currently on sale.

2. Prep Your Home for Holiday Guests With Pre-Owned Finds 

You don't have to sacrifice style for the sake of preserving your holiday budget either. If you're expecting company this year and would like to add some festive flair to your home, you can do so inexpensively—especially if you're willing to decorate with items that are secondhand. 

Thrifting is back in vogue, with an increasing number of shoppers preferring pre-owned furniture and home goods. A recent study found that the “recommerce” market grew almost 15% last year, which was twice the pace of general retail.⁵ Plus, buying used isn’t just a great way to save money, it also helps the environment by keeping reusable items out of landfills.

Fortunately, it’s become easier to score secondhand deals online. For example, you can scout consumer marketplaces on Facebook, Craigslist, and OfferUp. Or you can take advantage of neighborhood freecycles and “Buy Nothing” groups. And a number of thrift shops now have e-commerce sites, including major chains, like Goodwill. 

If you're handy with a paintbrush or have some basic carpentry skills, you can also modernize some of your existing furniture by upcycling it yourself. Or, if you enjoy crafting, search through your own recycling or sewing bin for raw material to make one-of-a-kind decorations.

Don't stress yourself out, though, if you don't have the time or money to dress your home the way you hoped. “A house doesn’t have to be perfect or completely done for it to feel festive or inviting,” designer Justina Blakeney noted in an interview with the Washington Post. “These are family and friends, and they are not judging you.”⁶

3. Forgo Major Renovations in Favor of DIY Home Improvements 

Holidays are always a tricky time to undergo big renovations. But with ongoing worker and material shortages, now is an especially bad time to commit. Inflated costs can add thousands to your reno budget –—and unnecessary stress to your holiday. 

Instead of suffering through an ill-timed remodel, you're better off saving this time of year for simpler, less expensive projects you can do yourself. 

One winter-perfect upgrade to consider: Build a DIY fire pit so that you and your guests can roast marshmallows and relax in the cozy comfort of your backyard. You can also add some extra ambiance by hanging energy-efficient LED outdoor string lights that change from white to colorful. These are festive enough for the holidays, but also versatile enough to use year-round.

Or, if you'd rather curl up by an indoor fire, channel your DIY energy into a fireplace upgrade. Adding a wooden beam to the top of your mantel can add an extra layer of coziness. Alternatively, re-tiling or painting your fireplace surround can lend contemporary flair. 

Just be sure to stick to DIY projects that you know you can do a quality job on—especially if your changes will be difficult to reverse. Feel free to reach out for a free assessment to find out how your planned renovations could impact your home’s resale value.

4. Invest in Home Maintenance Projects That Cut Your Utility Bills 

You can save money by completing basic home maintenance tasks[1] , such as swapping your furnace filter and updating your lightbulbs. But if you really want to lower your bills this winter, consider projects that make your home more energy efficient. 

According to the EPA, 9 out of 10 homes in the U.S. are under-insulated, which wastes energy and money.⁷ Luckily, there are plenty of DIY insulation projects that you can complete in just a few days. For example, the EPA offers guides on how to: 

●      Insulate your attic or basement crawl space

●      Weatherstrip doors and windows

●      Seal areas around the house that may be leaking air, including electrical outlets and fireplaces

The savings you get from these projects can really add up. The EPA estimates that sealing and insulating your ducts can make your HVAC system up to 20% more efficient.⁸ And thanks to new provisions from the Inflation Reduction Act, you can also save a bundle this year by investing in certain energy-efficient upgrades and claiming a tax credit.⁹Be sure to check with us about any local rebates and incentives that may be available, too, before getting started on a project. 

5. Use Expense Tracking to Boost Your Holiday Budget 

To avoid overextending yourself during the holidays, one of the best things you can do is track your income and expenses. If your monthly budget is usually tight, you may need to make some adjustments to free up cash for holiday expenditures.

For example, here's a sample budget worksheet that someone created. Start by adding in your expenses: Under the “Typical” column, you can list your standard expenses, and under the “Adjusted” column, list any areas where you could cut back on spending. 

Then consider how your standard wages may be adjusted this month by extra shifts, additional tips, or an end-of-year bonus. By decreasing your spending and/or increasing your income, you can build room in your budget for holiday gifts and gatherings.

Feel free to utilize this worksheet as a template that you can personalize to your needs, or ask me for a PDF copy that you can print out and use right away. 

HERE TO HELP

I would love to help you meet your financial goals now and in the year ahead. Whether you want to find lower-cost alternatives for home renovations, maintenance, or services, I am happy to provide my insights and referrals. 

And if you’re saving up to buy a new home, I can help with that, too. This is the perfect time to score a great deal because only the most motivated homebuyers and sellers are active in the market right now. So reach out to schedule a free consultation.

The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.     U.S. Environmental Protection Agency (EPA) - https://www.energystar.gov/campaign/waysToSave#!card0-GW91

2.     USA Today - https://www.usatoday.com/story/money/retail/2022/10/05/goodwill-launches-online-store-goodwillfinds-website/8185084001/

3.     Retail Dive - 
https://www.retaildive.com/news/inflation-drives-shopping-changes-consumers-survey/629973/

4.     NBC News - 
https://www.nbcnews.com/select/shopping/how-save-groceries-ncna1299053

5.     CNBC - ​​https://www.cnbc.com/2022/09/14/secondhand-shopping-is-booming-heres-how-much-you-can-save.html

6.     Washington Post - 
https://www.washingtonpost.com/home/2021/11/09/holiday-entertaining-tips/

7.     U.S. Environmental Protection Agency - https://www.energystar.gov/campaign/seal_insulate/why_seal_and_insulate

8.     Energy Star -
https://www.energystar.gov/campaign/waysToSave

9.     The White House - 
https://www.whitehouse.gov/cleanenergy/?utm_source=cleanenergy.gov