Buying a new home is one of the most exciting experiences in life. And if you’re like most homebuyers, you’ll be planning your furniture placement and decor before the ink dries on your offer letter.

But before you run to the nearest home goods store, take a deep breath. First, you’ll need to delay any major purchases before you close on your new home. A large outlay or additional line of credit could lower your credit score and, thus, impact your mortgage terms.¹ Second, moving and closing costs can add up quickly, so it’s important to be strategic with your remaining budget.

But don’t worry! There are plenty of ways to save on home essentials, and we’ve rounded up some of our favorites to share with you. 

PRIORITIZE WHAT YOU REALLY NEED BEFORE YOU START SHOPPING

According to Home Advisor, the national average cost to furnish a new house is $16,000, but it can easily soar higher.²  That’s why we recommend starting with a thorough assessment of what you already have and what you actually need to start life in your new place. Here are some steps to help you prioritize your purchases and keep spending in check. 

●      Make a list of everything you need. Going room by room could help you brainstorm—for example, you might list items ranging from a mattress to blackout curtains for your new primary bedroom. 

●      Inventory what you already have. Cross the big (dining table) to the small (kitchen knives) off your list as you go. 

●      Divide the remaining items into three groups: things you need right away (a mattress), items you’d like to have in the near future (a coffee table for your living room), and pieces that can wait (an area rug). 

●      Calculate your budget. Figure out how much money you’ll have available for immediate purchases after the sale has closed, and start researching the items on your priority list to understand how they’ll fit into your budget.

●      Don’t rush the process. Bringing older items to your new space doesn’t mean you need to keep them forever. Consider hanging onto pieces that can tide you over for a year or two until your bank account has recovered from the costs of a home purchase. 

Before you start shopping, make sure you know which appliances and fixtures are included with your home purchase. We can inform you of the standard contract terms when you’re making an initial offer and note any additional items that you would like to request.

TIME YOUR PURCHASES TO MAKE THE MOST OF SEASONAL SALES

Did you know that some home items predictably go on sale at certain times of the year? If you can wait to buy these pieces when prices are lower, you could save significantly. Here are some of the best times to buy household essentials:^3,4

●      Bedding and linens: January

●      TVs: Black Friday/Cyber Monday and late January (before the Super Bowl)

●      Furniture: February and August, as well as Black Friday, Memorial Day, and Labor Day

●      Large appliances: Labor Day through October

●      Small kitchen appliances: May

●      Mattresses: Holiday weekends, especially Memorial Day, Labor Day, and 4th of July

●      Vacuum cleaners: April

●      Tools: June

●      Outdoor furniture: August through October

Generally speaking, holiday weekends (as well as Black Friday and Cyber Monday) tend to be great times to find deals. If the item you’re looking for is seasonal—like patio furniture or holiday decorations—waiting until the end of that season usually pays off.

FIND ALTERNATIVE SHOPPING SOURCES

Can’t wait for a sale? It’s time to think outside of the box (the big-box stores, that is). There are plenty of surprising places to find great furniture and houseware deals. 

●      Check out overstock and liquidation stores. These stores purchase items other retailers haven’t sold and offer them at a steep discount. The inventory can be hit or miss, but you can often get a great deal if you find what you’re looking for.⁵

●      Try private membership/warehouse stores. Retailers like Costco and Sam’s Club often have great deals on home goods. If you’re not already a member, ask family or friends if they are willing to take you to look around before you commit.

●      Consider open-box items.  When buyers return items like furniture or electronics, retailers can’t always sell them as new, even if they haven’t truly been used. Look online for open-box deals from retailers like Wayfair and Amazon Warehouse or visit local retailers to see what they have in stock.

●      Give scratch-and-dent appliances a chance. These appliances are brand new but sold at deep discounts because their external packaging was damaged. Typically, this means that flaws are purely cosmetic—but it’s always possible that the merchandise has suffered more serious damage. So, be sure to check out the appliances carefully and ask about included warranties.⁶

●      Expand your window treatment search. Window treatments can be surprisingly expensive, but it’s often possible to save by buying off-the-shelf offerings in standard sizes. If you need a custom size or material, consider ordering online from a discount supplier and installing them yourself. 

●      Shop secondhand. In addition to thrift stores and garage sales, Facebook Marketplace, NextDoor, and Craigslist are all great places to find deals in your area.

Are alternative shopping sources still a stretch for your budget? Check out local Freecycle or “Buy Nothing” groups, which are often hosted on Facebook. Participants offer big and small items they no longer need—everything from furniture to clothing hangers—for free to other members.^7,8

DON’T BE AFRAID TO NEGOTIATE FOR A BETTER DEAL

Many people don’t realize that prices for home goods, from furniture to appliances, are often negotiable. While asking for a discount can be intimidating, it’s common practice in many industries, although more so at independently-owned stores than chains. Here are a few tips:^9,10

●      Comparison shop before you walk into a store. If you can find a lower price for the same item elsewhere, many retailers will match it.

●      Ask the store associate or manager for the best price available. They may be able to offer additional discounts or coupons. 

●      If you can pay in cash, ask if you can get a discount for doing so. The seller may be happy to offer a small price reduction to avoid paying processor fees. 

●      Call ahead to ask about applicable discounts. Some retailers offer price reductions for active military, veterans, teachers, first responders, or senior citizens on certain days or times of the year.

●      Point out scratches or dings to the sales associate. They may be willing to offer a discount to compensate for the imperfection. 

●      Ask about floor models. Many stores offer these pieces at a lower price, even if they’re in like-new condition. 

After you’ve negotiated a killer deal, don’t forget to ask for free or discounted delivery! Sometimes furniture and appliance stores will offer complimentary delivery or installation if you spend a certain amount or purchase multiple items.

MAKE THE MOST OF REWARD PROGRAMS AND COUPONS

Every penny counts when you’re on a budget—and spending a little extra time maximizing reward programs and discounts is usually worthwhile. 

●      Sign up for a change of address kit with the United States Postal Service. You’ll need to do anyways to forward mail to your new address, and it comes packed with valuable coupons.¹¹

●      Make sure you never miss a sale.  Sign up for your favorite retailers’ email lists and follow them on social media for discounts and sale alerts. 

●      Take advantage of loyalty programs. If you’re making a big purchase or getting multiple items from one store, ask about free loyalty programs. Signing up often comes with an introductory coupon. 

●      Consider store credit cards (carefully). Store credit cards can offer significant discounts—but only charge items you can pay off right away to avoid interest, and never open new lines of credit until your home purchase is complete, since it can affect your credit score.

●      Enroll in coupon and cashback programs. When you’re shopping online, programs like Rakuten and Honey can help you find coupon codes and give you cash back on purchases.

While you’re at it, why not set up a housewarming registry?¹²  You can share the link with family and friends if they ask what you need—and you can also use it to score discounts. Many stores offer a percentage off to help you buy unpurchased items on your registry. 

GET CREATIVE

If you want to avoid a cookie-cutter home aesthetic—and save a few bucks—try reimagining your existing furniture and how it could fit into your new space. Here are a few of our favorite strategies. 

●      Repurpose what you have. Instead of buying a new item to fit a specific purpose, ask yourself if you can use what you have in a different way. For example, repurpose an old dresser as a television stand or use a mismatched dining chair in your home office.

●      Upgrade existing items. Sometimes, a new coat of paint or varnish, or simply swapping out drawer pulls and handles, can lend a new lease on life to an old piece of furniture. You can also keep this strategy in mind if you see second-hand items that would be just right if they were a different color or had nicer fixtures.

●      Reupholster instead of buying new. If you have a tired-looking sofa or chair that’s still comfortable and stable, think about getting it reupholstered in new fabric instead of replacing it.

●      Get handy. Building furniture is certainly not for everyone, but with some basic tools and help from the internet, you may find that simple items like headboards are well within your grasp. You might also be able to repair pieces you already have and avoid shopping altogether. 

Do-it-yourself projects can be fun, but they aren’t for everyone. If you’d like some professional help, reach out for a list of our recommended service providers.

WE’RE HERE TO HELP

We know budgeting for a new home can be overwhelming, and we want to make the process easier for you. If you’re considering a home purchase, we can advise you on a realistic budget and help you review your options. We can also offer insights on other financial considerations and programs and incentives that can help make homeownership more attainable. Reach out 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.     Bankrate - 
https://www.bankrate.com/mortgages/avoid-mortgage-closing-missteps/

2.     Furniture Bank -
https://www.furniturebank.org/how-much-does-it-cost-to-furnish-an-apartment/   

3.     US News -
https://money.usnews.com/money/personal-finance/saving-and-budgeting/articles/the-best-time-of-year-to-buy-everything

4.     NerdWallet -
https://www.nerdwallet.com/article/finance/wht-to-buy-every-month

5.     Business Insider -
https://www.businessinsider.com/personal-finance/strategies-to-save-money-on-furniture-for-my-new-home?r=US&IR=T

6.     CNET -
https://www.cnet.com/home/kitchen-and-household/buy-scratch-and-dent-appliances/

7.     Real Simple -
https://www.realsimple.com/home-organizing/green-living/buy-nothing-groups

8.     Freecycle - 
https://www.freecycle.org/

9.     Consumer Reports -
https://www.consumerreports.org/cro/magazine/2013/08/how-to-bargain/index.htm

10.   Realtor.com -
https://www.realtor.com/advice/home-improvement/furniture-stores-money-saving-tricks/

11.   The Krazy Coupon Lady -
https://thekrazycouponlady.com/tips/money/usps-moving-coupons

12.   Taste of Home -
https://www.tasteofhome.com/article/housewarming-registry/

Today is Wednesday, October 25, 2023 and we had the pleasure of looking at homes in the South end of Hilton Head Island.

The first one I went to was Fairway Oaks Villa,  #2530.  It's a two bedroom two bath home or condo at $695,000 with 1,846 ft2. Keep in mind that this complex does not allow short term rentals.I liked it. It was in great shape with smooth ceilings nice open kitchen. They even took the laundry room and moved it to the main bedroom area and made it into a tiny little office with a daybed and desk. Open kitchen with nice beams and cathedral ceilings in both main bedroom and living area. Two decks in the backyard and lots of privacy, I believe the main reason this has not sold is because this unit in particular does not have a garage and most of the condos in Fairway Oaks do.

Next I stopped at 40 Red Oak Rd. in the Harbor Town area.  Three bedroom three bath listed at 1,395,000 and is a bit over 3000 ft2. Loved the paved driveway and the large lot. This particular home on Red Oak does face Baynard Cove Road and the bike path but has a privacy fence between the path and the small pool. Very high cathedral ceilings and an upstairs loft area that does have a full bathroom. Three of the bedrooms are on the right had side of the home and the kitchen and loft are on the left side. Two car garage and priced for the needed maintenance/renovation. Great location and priced well. Just not for the fainthearted as some re-configuration is needed but great potential in a desired area of Sea Pines.

27 Wren Drive is a four bedroom four bath home and two half-baths listed at $7,000,000. This is a newer (8 year old), gorgeous home in the South Beach area of Sea Pines. Trim work, furnishings and condition was exceptional. Room for 6 cars, a dock, heated and cooled pool, three stop elevator. One does share the entry driveway with the lot next-door.  

1584 Lagoon Villa is a two bedroom two bath condo listed at $799,000 for 979 ft2 and is also situated in the South Beach area.  Low density on these villas and it may seem priced high, but I know that the three-bedroom next door that recently went under contract at $949,000. Nice lagoon view and deck with privacy. Kitchen was acceptable but I did not like the bathrooms at all.  So might be high for the work that is still needed since the 3 bedroom was gorgeous.

And lastly I went to 36 Otter Road a four bedroom and three bath home listed for $1,399,000 and 2,500 ft2. Newer home built in 1999 but a patio lot. Very contemporary but nicely renovated. The lot next door is included in the price. Although it does not back up to Palmetto Bay Road, I did hear the road noise when I was outside, although quiet inside. If someone wants newer home and in a fun neighborhood within Sea Pines, this one might work.

Here is the summary of today's tour:

Thank you so much for reading my blog. If you are interested in seeing any home or condo on Hilton Head Island,  whether they are on this tour or not, I would love to show you them at your convenience. It would be a pleasure to help and serve you. Respectfully submitted,

Susan Ochsner

Yourhiltonheadagent.com 

843-816-6388 

What a beautiful day on our lovely island! Hilton Head is truly a special place that I am so happy to call home after growing up here and coming back over twenty three years ago. As a Broker and Realtor, I am honored to serve buyers of sellers exclusively on Hilton Head Island and this blog is just one of the ways to help buyers see what is out there and get perspective beyond photos and descriptive words on the listing. Yes, some can sell ice to an eskimo but I wish for Buyers to make informed decisions and if my obervations and comments help them in the process, well, then I am grateful. Here we go with October 18th, 2023:

The list has finally grown after two years of no inventory staying on the market for any long length of time. Now the inventories are lasting more days and we brokers and agents have opportunities to once again see what is out on the Hilton Head market. CONTACT ME TO SEE THESE OR ANY OTHER ISLAND PROPERTY.

Today's Tour:

I must say that NORTH Island does NOT include Sea Pines or Shipyard. I also think of Palmetto Dunes as CENTRAL but with many new agents (we now have over 17000), many do not know the areas. Also, please forgive me if I do not comment on all of them. Some tours are limited with only a two hour window and I will NOT drive BACK to an area that I was at from 9-11 because that house is only on tour 11:30-1:30. I also don't typically go into Villas. Thank you for understanding.

My first visit was to Windmill Harbor, home of one of only 3 Harbor Lock Systems that regulate with tide.  I visited 50 millwright. What's not to like about this newer home that was just built in 2023? High ceilings gorgeous spectacular marsh view. Glad that I'm here during high tide in order to see this gorgeous beautiful view. Listing also says deep water which I beg to differ- to me Deepwater is when there' are not houses on the other side and either intracoastal or sound or something of that nature. But it's a very nice long marsh view nonetheless. I can hear highway 278 but do want to point out that it is not as noisy as I expected. The master to the left of the view does suppress the road noise. It's beautifully staged and very spacious with cathedral ceilings in the living room, gorgeous new kitchen with a 6 burner stove. 

BERMUDA POINTE - three homes to visit.

42 Bermuda Point has a two car garage -  I entered through it. Great space with music area with drums, workout area and of course, two car oversized space.There is  an elevator that stops at all three level. Nice entryway and to the right and front you have two bedrooms with shared bathroom. Gorgeous view off the master and a covered patio which looks like it needs a little bit of repairs. One more flight of stairs to get to living space and kitchen. Open kitchen to living space on one side and dining on another. The big disappointment is that the gorgeous view is not maximized in the living space. One has to go the fourth (no elevator bedroom/bonus and from there to an open terrace that does not have room to gather a lot of folks. The Charleston style home is charming but unfortunately does not capitalize on the spectacular view.

90 Bermuda Pointe sits on a patio lot with wooded view facing Squire Pope Road. Entry had primary directly to the right with dated bath but it was used as a TV area for present owners. Arched walls invited you to kitchen or Carolina room. Outdoor living area was fenced in and best feature. Second floor has bedroom 2 and 3 with hall bath. 

91 Bermuda Pointe was an internal lot in circular development. Although smaller than #90, the floor plan, colors and condition were more to my liking. Also liked the garage/work out space with sitting area in the back. Privacy to one side and not sure empty lot or green space. That would make a difference.

HILTON HEAD PLANTATION

44 Seabrook Landing Drive is a sub area within Hilton Head Plantation that has estate size lots and many magnificent views to deep water. This particular home was in disarray from last owners. The present owners fixed and improved many things. Gorgeous views and simply spectacular. Two main bedrooms on both floors with best views. I loved the bottom space also had a screened covered sitting/tv area with a lovely breeze. If privacy and serene setting is important, this one is a 10++

27 Hickory Forest Drive is another sub area with the community and has the best drive as you enter the area. Loved the paver driveway. Cathedral ceilings in living area. Tile and bamboo floors mixed. Home looks like it is in great shape, clean as a whistle and cute as a button. View does see a house on the back. Carpet in master bath with laminate by shower and toilet. Bonus room with extra space upstairs was bonus as was the open space next to the stairs that could be a nice mudroom and is presently used as an office.

Did not make it to 22 Savannah Trail due to time constraints. Three bedrooms, three baths and 2,120 ft2 for $975,000. Patio lot and built in 1985.

INDIGO RUN

43 Richfield Way had great curb appeal. Over 4000 square feet and nice stately home with 3 car garage. Cats in the home so I did not go outside so I would not let them out. Carolina Room was light and bright but lost space. Nice setting and pretty fairway view with long view to green. Custom colored walls in every room. 

OFF GATED

20 Broad View Lane is a newer home off Marshland Road. Built by Village Park Homes in 2021. This newer home has a dramatic marsh view and I went during high tide so it was glistening! Small covered pool, elevator, new and sold furnished. One car garage. If new and view is your thing, this one should be considered!

LEAMINGTON

19 Brassie Court has five bedrooms and 4.5 baths priced at $2,195,000 but time constraints did not allow me to go and see it. Contact me if you wish to see it via FaceTime or in person.

6 Fairway Court is a four bedroom, four bath home and priced at $2,150,000. Was also unable to see this one due to time constraints and not expecting LEAMINGTON to be part of the North Island Tour.

255 Stoney Creek Villas, with 3 bedroom and 3 baths priced at $929,000 was to be in the South Tour as was 211 Beachwalk Villas, two bedroom and two baths priced at $650,000.

Beautiful day for a tour and I hope these comments will motivate you to contact me to further see what is available to buy on this special island! Thanks for reading and call me anytime!

We live in paradise and you can too! Best, Susan Ochsner - your Hilton Head Agent.

Here we are on hump day! Another beautiful day on the island and I am loving the cooler sunny weather! I love wearing sun dresses but it is a nice change to put on long sleeves and pants.

Today we had 11 homes and condos on tour for the central tour of the island. Two homes in Wexford, Three properties in Shipyard, one in Port Royal, two in Palmetto Dunes, two in Long Cove and one in Folly Field.

I will admit I did not attend all of them due to a busy customer and luncheon day. Two of them had short window of opportunity to see them, namely 11:30 to 2:00pm, which did not fit into my schedule but I will still mention my two-cents on it. :)

Wexford

22 Bridgetwon Road is a five bedroom, four and half bath home priced at $2,150,000. It has been on the market a while but they have changed out some light fixtures and tweaked with some staging. I love the layout as three bedrooms are to the right and two are up behind the kitchen and have their own rec space and living space adjacent to the bedroom. The kitchen was a great one to entertain with 2 dishwashers, wine cooler, soda cooler and gas stove. The pool area was also very peaceful but not visible from living area. The two main deterrents for me were the laundry all the way across the home through kitchen from master bedroom. The main issue was I would redo the double doors going into the master. The one bedroom past it will constantly look at the bed in the master. I would place door opening closer to bath to allow some privacy. Other than this little change, I liked the house, its convenience to front gate and such.

4 Wexford Drive is a 5 bedroom, six and half bath British West Indies inspired design and priced at $2,395,000. Open floor plan with great flow from room to room. I loved the three-tiered private pool with hot tub, outdoor grill and pool bath. A 3 car garage is also a big plus.

Shipyard

2 Narragansett Lane is a four bedroom, two and half-bath home listed for $1,450,000. They began at $1,800,000 and seem more realistic in the price based on its condition. I would suspect that for today's buyer, having only two full baths is a minor functional obsolescence for some buyers. The lot is huge and Shipyard is a very convenient and quiet gate community with lots of green space and low density compared to areas such as Folly Field.

Two condos were also available to see, namely 1904 Shipmaster Villa and 151 Colonnade Club Villas. Both are two bedroom and listed at $629,000 and $619,000 respectively. I was intrigued by 1904 Shipmaster due to its proximity to the beach and nicely redone. Having a half bath is also a plus and like the serene lagoon view. Good way to have an easy place at the beach.

Long Cove

I first went to see 18 Strawberry Hill Road, a four-bedroom, four and half bath listed at $1,799,000. It was clean as a whistle and nicely appointed. Loved the high ceilings. My only negative was the narrow dark wood floors that were somewhat cupped. Probably need a moisture barrier below the home or spray foam insulation. Nice home. I do love the name of this street, always have! :)

Next I went to 4 McKays Point Road to see a three bedroom, two bath home. I loved the new cozy screened porch that you can access from the back or from the kitchen. All on one floor and somewhat dated but a nice downsize or entry level home for Long Cove. They are raising their initiation fee as of October 23rd so this is a great time to buy in Long Cove. Priced at $950,000 it had potential. The view is from men's tees and had a nice deck.

Palmetto Dunes - I did not go see the two and both were on the Mariner's side of the community. 64 Full Sweep is a four bedroom 2.5 bath home for $1,375,000 and an oceanfront home at 18 Armada Street for $8,495,000. The home is quite stately and magnificent and I wanted to see it for some buyers but again, the short showing window did not fit with my schedule. Oh well, hopefully next time. :)

Port Royal  - one of my favorite streets, Royal Crest Drive had a home with about 7000 sq. feet and priced at $2,495,000 for five bedrooms and six and half baths. It really seemed like a unique home which I wanted to see but time did not allow. 

Lastly, a condo at 7L Fiddlers Cove in Folly Field for $399,000. two bedroom and two bath. Great entry level condo.

That wraps up today's tour of homes. Remember I can show ANYTHING that is on the island and would love to help you find your little piece of paradise. Call me today! 

Respectfully, 

Susan Ochsner

YourHiltonHeadAgent.com

(843) 816-6388

Hilton Head Island Broker Tour, October 4th, 2023

Today we had a few homes and condos on the south end tour. I started at 42 Lands End, a four bedroom, four bath duplex with a marsh/Braddock Cove view. It has 1,844 square feet and was nicely furnished. These were built in 1979 and this one was renovated in 2019. I remember as a kid playing king of the hill when they were bringing in fill dirt to build this development and this was in 1974 or so. 

I tried to go to 533 Plantation Club Villas because of its attractive price and location but it was already under contract. A two bedroom, two bath top floor (4th) unit of 1,230 sq. feet of living space. Nice golf view also.

Finally, I stopped by 39 Oak Court, which is a newer home and was just recently sold in April. I deduced it was for personal reasons that they are selling quite close to its April sold price. This one has three bedrooms (one is used as office), on main floor and two large bedrooms with en-suite baths upstairs. The hallway even has a 'secret door' that is used for attic space/storage. it's a beautiful coastal feel home and very light and bright. Wooded view and I understand that pool plans have been approved by ARB but please have that confirmed. With a two car garage and newer construction, this home is ready to go.

We also had several condos on tour in the Palmetto Bay Area but I did not have time to go see them. For someone wanting a gorgeous deep water or harbor view, these are something good to consider:

111 Palmetto Bay Club is a one bedroom for $399,900. Unit 406 Palmetto Bay Club is another one bedroom for $399,000 and lastly, we have a two bedroom Palmetto Bay Club for $649,500 as unit 207.

Palmetto Bay Dockmaster units 101B and 103 B are also available. 101B is a one-bedroom, one and half bath with 1, 019 square feet and listed for $519,900, while unit 103 B is a two bedroom two and half bath with 1,358 square feet of living space and listed for $617,000. New appliances and just painted make this a popular one to consider.

Lastly we have unit 205D in Palmetto Bay, two bedroom two bath for $450,000.

If you would like to see any of these properties I toured today or any other property on the island, please feel free to reach out. I would love to help you find your piece of paradise on Hilton Head Island!!

Yours truly,

Susan Ochsner

Yourhiltonheadagent.com

(843) 816-6388

Income Properties Are Trending, But Is Landlord Life for You?

If the thought of investing your money into brick and mortar—or perhaps some stylishly-painted siding—excites you, join the club. 

Investing in real estate has long been one of Americans' favorite ways to grow their wealth. In fact, over 70% of single-family rental properties are currently owned by individual investors rather than corporations, according to Census data.¹

Moreover, a decade's worth of Bankrate surveys has found that Americans often prefer real estate for long-term wealth building over other investments. According to Bankrate's latest survey, for example, Americans have historically embraced real estate, in part, because of the strong return on investment it can offer—especially to investors willing to stick with a property over time.² It’s also a popular way to hedge against inflation since both rental income and property values tend to rise in tandem with overall prices.³

Now, as higher interest rates continue to push priced-out homebuyers to the sidelines, a new crop of “mom and pop” investors are eyeing the mushrooming rental market as a potential goldmine.⁴ Interest in buying a home to both live in and rent is also on the rise, especially amongst cash-strapped buyers looking to supplement their mortgage payments.⁵

But how do you know if you’re well-suited to take advantage of these real estate investment opportunities? Here are three signs that owning a rental property could be right for you.

1. YOU'RE A HOMEBUYER WHO WANTS HELP COVERING THE MORTGAGE

If you're looking for a creative way to buy a home without overspending, “house hacking” could be the answer. Increasingly popular with first-time homebuyers and budget-conscious investors, house hacking simply means buying a home that you intend to live in while renting out a portion of it to one or more tenants.⁵

House hacking also tends to be easier to break into than traditional real estate investing since you don't need as high a credit score or as large a down payment to qualify for a mortgage. In fact, some government-backed mortgage programs will let you buy a primary residence with little to no money down.⁶ Buying a home you don't plan to live in, by contrast, may require you to put down as much as 15% to 25% to qualify for a loan.⁷  

If you house hack, the money you collect for rent each month can help cover your mortgage and other homeownership expenses. Depending on your setup, you may also be able to save on utility bills by splitting them with your tenant or tacking a portion onto their monthly rent. Another major advantage of house hacking is that it entitles you to certain tax benefits and deductions available only to landlords.⁸

When it's time to start your search, we can help you find a property that's ideal for house hacking, such as a house with a walkout basement, a multifamily unit, or a home with enough outdoor space to build an accessory dwelling unit or garage apartment.

2. YOU'RE AN INVESTOR LOOKING FOR STEADY AND RELIABLE INCOME

If you’re not crazy about the idea of a live-in tenant but still desire an additional stream of income, a dedicated long-term rental property could be a better option for you. Besides the monthly proceeds, purchasing a rental home can also add diversity and long-term stability to your investment portfolio and help you build wealth over time.⁹

According to data from the Federal Reserve, real estate owners have historically prospered. In early 2020, for example, the median home was worth almost triple what it was 30 years prior. Then, during the pandemic-era real estate boom, average home prices grew at an especially frenzied clip, climbing by nearly 50%, on average, in just two and a half years.¹⁰

However, the rate of appreciation can be hard to predict, so it’s prudent to invest in a property that also offers positive cash flow, which means the rent you take in exceeds your expenses. This strategy helps to ensure that you’ll put money in your pocket each month, even if the property’s value takes time to grow.

While today’s higher mortgage rates can make it more challenging for landlords to turn a profit, investment opportunities aren’t reserved for cash buyers. In fact, currently, almost 60% of real estate investors take out a loan to finance their purchase, according to Thomas Malone, an economist at the real estate data firm CoreLogic.⁴  He also notes that more small investors are stepping in to meet demand for rental housing, which has grown since many would-be buyers remain priced out of the purchase market.⁴

If you want to explore opportunities for a residential rental property that's good for your wallet and attractive to renters, we can help. Reach out with questions or to schedule a free consultation. 

3. YOU'RE AN EXPERIENCED INVESTOR LOOKING TO MAXIMIZE YOUR POTENTIAL RETURNS

Another increasingly popular way to draw income from an investment property is to convert it to a short-term vacation rental. But beware: This strategy can be riskier as some municipalities have tightened rental restrictions and others are suffering from market oversaturation.^11,12

With that said, if you're an experienced investor who can afford to take on some uncertainty, then investing in a short-term rental could make sense for you. 

If you find the right property, for example, you could earn significantly more renting it short-term on a platform like Airbnb than if you rented the home to a long-term tenant.¹¹

The key is to keep it occupied as much as possible at a premium nightly rate. To do that, you’ll need some marketing savvy, hospitality skills, and business acumen. Of course, you can always hire a professional property manager, but you’ll need to factor the cost into your budget.

The vacation rental market enjoyed a boom during the pandemic, and some inexperienced investors are finding they bit off more than they can chew. As a result, there's an opportunity to snap up some of these properties, but you'll need some cash on hand and a willingness to learn the business.¹²

We can help you scout opportunities in our local market or, if you’re interested in investing in another area, we can refer you to an agent there for assistance.

BOTTOMLINE

Investing in real estate can be a great way to build your wealth long-term and earn some extra income. But to make the most of your investment, it pays to be strategic. 

Call me for a consultation so we can discuss your goals and budget. I'll help you discover neighborhoods with the best income potential, point out the homes most suited to renting, and help you brainstorm the best investment strategy for you.  Number is (843) 816-6388. Thank you, Susan O.

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.     PR Newswire - https://www.prnewswire.com/news-releases/census-data-show-individuals-continue-to-own-largest-share-of-single-family-rental-homes-301725024.html

2.     Bankrate - 
https://www.bankrate.com/investing/survey-favorite-long-term-investment-2022/

3.     Forbes -
https://www.forbes.com/sites/forbesbusinesscouncil/2022/04/14/why-income-generating-real-estate-is-the-best-hedge-against-inflation/?sh=1081ce921746

4.     MarketWatch -
https://www.msn.com/en-us/money/realestate/another-challenge-for-homebuyers-more-investors-are-snapping-up-homes-and-40-of-them-are-using-cash/ar-AA1foWSB

5.     Realtor.com - https://www.realtor.com/advice/buy/on-the-house-house-hacking-your-way-into-your-first-home/

6.     NerdWallet - 
https://www.nerdwallet.com/article/mortgages/government-home-loans

7.     LendingTree - 
https://www.lendingtree.com/home/mortgage/down-payment-for-rental-property/

8.     Quicken Loans - 
https://www.quickenloans.com/learn/house-hacking

9.     Investors Business Daily - https://www.investors.com/etfs-and-funds/personal-finance/rental-properties-investing-experts/

10.   St. Louis Fed FRED Economic Data - 
https://fred.stlouisfed.org/series/MSPUS

11.   Story by J.P. Morgan - https://story.jpmorgan.com/real-estate-news/thinking-about-investing-in-short-term-rentals-heres-what-to-know

Skift - 
https://skift.com/2023/07/21/short-term-rental-saturation-leads-to-a-correction-and-lots-of-home-sales/

Sea Pines living is fantastic!!!

I just want to give you a taste of all that Sea Pines Resort has to offer, despite some naysayers who complain about 'how busy' Sea Pines gets (this is really only mid-June to Mid-August). 

We just had our Hilton Head Shrimp Festival on September 23rd, 2023.

On October 7th, 2023 Sea Pines Resort will host "Hounds on the Harbour"

Harbour Town lights, Thanksgiving Concert, Caramel Apple Festival, Christmas Concert, Holiday Fun in Harbour Townand the New Year's Eve Celebration and Ball Drop complete the year in this active and vibrant community!

Holiday Parties? Whether you want an intimate dinner setting or a large venue for holiday cheer, there are many venues possible for Sea Pines Property Owners including Tower Beach (if warm enough), Fish Island for oyster and pig roasts, The Community Center as well as Sea Pines Resort's first-class accommodations. 

There are even Sports Packages available to Sea Pines Property owners, consisting of packages to play Harbour Town Golf Links or Heron Pointe/Atlantic Dunes. Property Owner Golf Rates for those not wanting packages are also available. 

Contact me today if you wish to make this your future home, whether full-time, vacation or investment.

Susan Ochsner

yourhiltonheadagent.com

(843) 816-6388

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