Tag Archives: selling your home

6 Bad Reasons Sellers Use for Not Reducing the Price on Their Overpriced House

28 Monday Aug 2023

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It might seem like a contradiction, but the best way to sell your house for the highest price possible is to list it for a little less than it’s actually worth. But a lot of sellers have a tough time taking that advice, and decide to list their house for much more than it’s worth. 

While their well-priced competition sells quickly — and often for over asking price — stubborn sellers cling to their price and linger on the market for weeks, or even months. No matter how many times their agent suggests reducing the price, they always seem to have a reason why they shouldn’t.

To help you avoid making a mistake that can cost you tons of time and money, let’s take a look at 6 common (but bad) reasons sellers give their real estate agent for not wanting to reduce the price of their house:

1) My neighbor said it’s priced well and should sell quickly…

You can substitute the word neighbor with friend, family member, barber, co-worker, or any other type of person you know, but it won’t change the fact that just because someone you know saidyour house is priced well, it doesn’t mean it’s true. 

People are often just being polite and supportive when they make an off-handed comment that your house should sell quickly. It isn’t meant to be taken literally and used as your rationale for sticking to your guns on price. 

2) Everyone else is just giving their house away…

It’s easy to feel like every other seller out there is under-cutting your price just to get their house sold quickly. But there’s no way everyone else on the market is just so desperate, or easily convinced by their agent to “give” their house away. They’re just priced well based upon the sales prices of other recently sold houses, as opposed to trying to get way more than any other similar house has sold for. 

3) Prices are only going to go up…

Historically home values do always go up over time. But that typically takes longer than most peoples’ houses are on the market. So, unless you’re planning on holding onto your house for a few more years, this isn’t a good argument for not reducing your price. 

(And this applies even in a hot market where houses are selling quickly and over asking price. If yours isn’t selling in a market where prices are going bonkers, your price is bonkers.)

4) We’re going to need that wiggle room during negotiations…

Building in room to negotiate is a self-fulfilling prophecy. Ironically, the more wiggle room you build into your price, the more you’ll eventually have to wiggle on price! If you price your house too high, it’s going to sit on the market longer. The longer your house is on the market, the more buyers will feel free to come in with lower offers… which is still better than all of the buyers who won’t even bother to write up an offer if they feel your price is way too high. 

5) When the right buyer comes along, they’ll see the value…

If you find yourself saying that you’re waiting for the elusive “right buyer” to eventually come along, the chances are you’ve already let several other “right buyers” slip through your fingers who chose to buy another house that was priced more appropriately. 

Buyers are armed with market data and won’t be fooled by a price that’s more fantasy than reality, no matter how much they love your house. 

6) The buyers’ agents obviously aren’t selling the house well, or are missing important features…

Agents show their buyers many houses, and (for the most part) each buyer they work with only ends up buying one of them. So they’re showing a lot more houses that their clients don’t buy, than they do buy. So, rest assured that they’d love for your house to be the one their buyers want. It’s not like they’re walking around trying to find things to bash about your house, or are failing to point out custom built-in cabinets that you think make or break the sale. 

But what they’re sure to point out — no matter how much they like your house, or how perfect it is for their client — is when your price is way too high for what it is.

Get in touch today and let’s price your home correctly so we can sell tomorrow! Kevin and Jennifer Hanley, REALTORs, SRES. Luxury The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

8 Reasons You Should Seriously Consider Listing Your House in January 2023

04 Wednesday Jan 2023

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If you’ve been thinking about selling soon, you’re probably leaning toward doing so when the spring market rolls around, since it’s often considered the best time of year to sell a house. However, you might want to reconsider what constitutes the “best” time for you to sell your house.

It’s hard to qualify any specific time of year as the best time to sell, but spring probably gets ranked highest more so because it’s when more people tend to list their homes, and more buyers tend to look for a home. But that doesn’t mean it’s the most strategic time to sell yours.

In fact, listing your house well ahead of the official start to the spring market could be the most strategic thing you do in any market, but even more so given the current market conditions. Let’s take a look at 8 reasons you should seriously consider listing your house in January 2023:

1. Spring Market Actually Unofficially Begins in January

First off, even defining when the spring market begins is a moving target, but March, April, May probably sounds right to most people. 

Unless you’re in the real estate business, the chances are you wouldn’t lump January into the mix of months to describe the spring market. However, March comes pretty quickly, and agents see a lot of activity from buyers who want to buy in the spring market, but actually start looking in January. Some of them just want to get a head start, while others want to beat their competition… and some simply want to be in their new home by spring. 

2. Less Competition 

Just like early bird buyers jump into action in January to avoid competition from other buyers, homeowners who list their house in January capitalize on less competition from other sellerswho are waiting for spring. 

Over the past couple of years, that probably didn’t matter quite as much, since there weren’t enough houses for sale to keep up with the number of buyers in the market. But now that the market is shifting—and there are fewer buyers competing for more listings in many areas—listing before more sellers add to the number of choices buyers have might be a wise move. 

3. Prices Are Still Historically High 

While there’s a lot of chatter about real estate prices coming down, according to this Forbes article, home prices are still 6% higher than they were last year, when prices were considered historically high. However, it also speculates that a drop in prices could happen depending upon what happens with mortgage rates moving forward. 

Whether or not home prices are actually higher, lower, or about the same depends a lot upon your area and price range. But overall, prices haven’t taken a dive off of a cliff… yet. 

4. Mortgage Rates Are Currently Lower

You’re probably well aware of the fact that interest rates skyrocketed from being historically low for years, to over 7% in October of 2022. While they certainly aren’t back down below 3% like they were in 2021, they’ve recently come down to around 6%, which has some buyers breathing a sigh of relief and trying to buy before they go up again. 

That said, rates have a tendency to change quickly and often, so it’s hard to bank on lower rates being an enticement for buyers. But if they’re relatively lower than they have been, it’s something you don’t want to overlook. 

5. Seasonally Pent Up Demand

There’s often pent up demand from buyers after the holiday season, since many of them take time off from searching during the last couple of months of the year. So when January rolls around, they can be anxious to start their search back up and find some new options on the market.

6. The Buyers Are More Serious

There are typically more active buyers during the official spring season, but they’re not all seriousbuyers. However, any buyer looking at houses in January tends to be highly motivated to buy a house. So, you’re not dealing with as many lookie-loos waltzing through your house like they’re auditioning for an HGTV show. 

7. Shorter Days 

As the days go by, they also get longer. More sunlight later in the day also means more buyers wanting to see your house in the evening. Most people prefer to see a house while the sun is out, so listing in January increases your odds of having less buyers coming through when you’d prefer to be home relaxing.

The Takeaway:

If you’ve been thinking about selling, and you were leaning toward waiting until the spring market officially arrived, you might want to consider listing in January instead.

There are always strategic benefits to listing your house in January, but given the current shift in the market, there are even more reasons to do so. Let’s talk about your specific benefits today! Kevin and Jennifer Hanley, REALTORs The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

184 Things That REALTORs Do For Their Sellers

26 Monday Dec 2022

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Pre-listing activities

  1. Make appointment with seller for listing presentation.
  2. Send a written or e-mail confirmation of appointment and call to confirm.
  3. Review appointment questions.
  4. Research all comparable currently listed properties.
  5. Find sales activity for past 18 months from MLS and public databases.
  6. Research “average days on market” for properties similar in type, price and location.
  7. Download and review property tax roll information.
  8. Prepare “comparable market analysis” (CMA) to establish market value.
  9. Obtain copy of subdivision plat/complex layout.
  10. Research property’s ownership and deed type.
  11. Research property’s public record information for lot size and dimensions.
  12. Verify legal description.
  13. Research property’s land use coding and deed restrictions.
  14. Research property’s current use and zoning.
  15. Verify legal names of owner(s) in county’s public property records.
  16. Prepare listing presentation package with above materials.
  17. Perform exterior “curb appeal assessment” of subject property.
  18. Compile and assemble formal file on property.
  19. Confirm current public schools and explain their impact on market value.
  20. Review listing appointment checklist to ensure completion of all tasks.

Listing appointment presentation

  1. Give seller an overview of current market conditions and projections.
  2. Review agent and company credentials and accomplishments.
  3. Present company’s profile and position or “niche” in the marketplace.
  4. Present CMA results, including comparables, solds, current listings and expireds.
  5. Offer professional pricing strategy based and interpretation of current market conditions.
  6. Discuss goals to market effectively.
  7. Explain market power and benefits of multiple listing service.
  8. Explain market power of Web marketing, IDX, and REALTOR.com.
  9. Describe the work the broker and agent do “behind the scenes” and agent’s availability on weekends.
  10. Describe agent’s role in screening qualified buyers to protect against curiosity seekers.
  11. Present and discuss strategic master marketing plan.
  12. Explain different agency relationships and determine seller’s preference.
  13. Review all clauses in listing contract and obtain seller’s signature.

After listing agreement is signed

  1. Review current title information.
  2. Measure overall and heated square footage.
  3. Measure interior room sizes.
  4. Confirm lot size via owner’s copy of certified survey, if available.
  5. Note any and all unrecorded property lines, agreements, easements.
  6. Obtain house plans, if applicable and available.
  7. Review house plans, make copy.
  8. Order plat map for retention in property’s listing file.
  9. Prepare showing instructions for buyers’ agents and agree on showing time with seller.
  10. Obtain current mortgage loan(s) information: companies and account numbers.
  11. Verify current loan information with lender(s).
  12. Check assumable loan(s) and any special requirements.
  13. Discuss possible buyer financing alternatives and options with seller.
  14. Review current appraisal if available.
  15. Identify Homeowner Association manager is applicable.
  16. Verify Homeowner Association fees with manager–mandatory or optional and current annual fee.
  17. Order copy of Homeowner Association bylaws, if applicable.
  18. Research electricity availability and supplier’s name and phone number.
  19. Calculate average utility usage from last 12 months of bills.
  20. Research and verify city sewer/septic tank system.
  21. Calculate average water system fees or rates from last 12 months of bills.
  22. Or confirm well status, depth and output from Well Report.
  23. Research/verify natural gas availability, supplier’s name and phone number.
  24. Verify security system, term of service and whether owned or leased.
  25. Verify if seller has transferable Termite Bond.
  26. Ascertain need for lead-based paint disclosure.
  27. Prepare detailed list of property amenities and assess market impact.
  28. Prepare detailed list of property’s “Inclusions & Conveyances with Sale.”
  29. Complete list of completed repairs and maintenance items.
  30. Send “Vacancy Checklist” to seller if property is vacant.
  31. Explain benefits of Homeowner Warranty to seller.
  32. Assist sellers with completion and submission of Homeowner Warranty application.
  33. When received, place Homeowner Warranty in property file for conveyance at time of sale.
  34. Have extra key made for lockbox.
  35. Verify if property has rental units involved. And if so:
  36. Make copies of all leases for retention in listing file.
  37. Verify all rents and deposits.
  38. Inform tenants of listing and discuss how showings will be handled.
  39. Arrange for yard sign installation.
  40. Assist seller with completion of Seller’s Disclosure form.
  41. Complete “new listing checklist.”
  42. Review results of Curb Appeal Assessment with seller and suggest improvements for salability.
  43. Review results of Interior Decor Assessment and suggest changes to shorten time on market.
  44. Load listing time into transaction management software.

Entering property in MLS database

  1. Prepare MLS Profile Sheet–agent is responsible for “quality control” and accuracy of listing data.
  2. Enter property data from Profile Sheet into MLS listing database.
  3. Proofread MLS database listing for accuracy, including property placement in mapping function.
  4. Add property to company’s Active Listings.
  5. Provide seller with signed copies of Listing Agreement and MLS Profile Data Form within 48 hours.
  6. Take more photos for upload into MLS and use in flyers. Discuss efficacy of panoramic photography.

Marketing the listing

  1. Create print and Internet ads with seller’s input.
  2. Coordinate showings with owners, tenants and other agents. Return all calls–weekends included.
  3. Install electronic lockbox. Program with agreed-upon showing time windows.
  4. Prepare mailing and contact list.
  5. Generate mail-merge letters to contact list.
  6. Order “Just Listed” labels and reports.
  7. Prepare flyers and feedback forms.
  8. Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability.
  9. Prepare property marketing brochure for seller’s review.
  10. Arrange for printing or copying of supply of marketing brochures or flyers.
  11. Place marketing brochures in all company agent mailboxes.
  12. Upload listing to company and agent Internet sites, if applicable.
  13. Mail “Just Listed” notice to all neighborhood residents.
  14. Advise Network Referral Program of listing.
  15. Provide marketing data to buyers from international relocation networks.
  16. Provide marketing data to buyers coming from referral network.
  17. “Special Feature” cards from marketing, if applicable.
  18. Submit ads to company’s participating Internet real estate sites.
  19. Convey price changes promptly to all Internet groups.
  20. Reprint/supply brochures promptly as needed.
  21. Review and update loan information in MLS as required.
  22. Send feedback e-mails/faxes to buyers’ agents after showings.
  23. Review weekly Market Study.
  24. Discuss feedback from showing agents with seller to determine if changes will accelerate the sale.
  25. Place regular weekly update calls to seller to discuss marketing and pricing.
  26. Promptly enter price changes in MLS listings database.

The offer and the contract

  1. Receive and review all Offer to Purchase contracts submitted by buyers or buyers’ agents.
  2. Evaluate offer(s) and prepare “net sheet” on each for owner to compare.
  3. Counsel seller on offers. Explain merits and weakness of each component of each offer.
  4. Contact buyers’ agents to review buyer’s qualifications and discuss offer.
  5. Fax/deliver Seller’s Disclosure to buyer’s agent or buyer upon request and prior to offer if possible.
  6. Confirm buyer is pre-qualified by calling loan officer.
  7. Obtain pre-qualification letter on buyer from loan officer.
  8. Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing date.
  9. Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent.
  10. Fax copies of contract and all addendums to closing attorney or title company.
  11. When Offer-to-Purchase contract is accepted and signed by seller, deliver to buyer’s agent.
  12. Record and promptly deposit buyer’s money into escrow account.
  13. Disseminate “Under-Contract Showing Restrictions” as seller requests.
  14. Deliver copies of fully signed Offer to Purchase contract to sellers.
  15. Fax/deliver copies of Offer to Purchase contract to selling agent.
  16. Fax copies of Offer to Purchase contract to lender.
  17. Provide copies of signed Offer to Purchase contract for office file.
  18. Advise seller in handling additional offers to purchase submitted between contract and closing.
  19. Change MLS status to “Sale Pending.”
  20. Update transaction management program to show “Sale Pending.”
  21. Review buyer’s credit report results–Advise seller of worst and best case scenarios.
  22. Provide credit report information to seller if property is to be sellerfinanced.
  23. Assist buyer with obtaining financing and follow up as necessary.
  24. Coordinate with lender on discount points being locked in with dates.
  25. Deliver unrecorded property information to buyer.
  26. Order septic inspection, if applicable.
  27. Receive and review septic system report and access any impact on sale.
  28. Deliver copy of septic system inspection report to lender and buyer.
  29. Deliver well flow test report copies to lender, buyer and listing file.
  30. Verify termite inspection ordered.
  31. Verify mold inspection ordered, if required.

Tracking the loan process

  1. Confirm return of verifications of deposit and buyer’s employment.
  2. Follow loan processing through to the underwriter.
  3. Add lender and other vendors to transaction management program so agents, buyer and seller can track progress of sale.
  4. Contact lender weekly to ensure processing is on track.
  5. Relay final approval of buyer’s loan application to seller.

Home inspection

  1. Coordinate buyer’s professional home inspection with seller.
  2. Review home inspector’s report.
  3. Enter completion into transaction management tracking software program.
  4. Explain seller’s responsibilities of loan limits and interpret any clauses in the contract.
  5. Ensure seller’s compliance with home inspection clause requirements.
  6. Assist seller with identifying and negotiating with trustworthy contractors for required repairs.
  7. Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed.

The Appraisal (The agent sells the home twice – once to the buyer and then to the appraiser!)

  1. Schedule appraisal.
  2. Provide comparable sales used in market pricing to appraiser.
  3. Follow up on appraisal.
  4. Enter completion into transaction management program.
  5. Assist seller in questioning appraisal report if it seems too low.

Closing preparations and duties

  1. Make sure contract is signed by all parties.
  2. Coordinate closing process with buyer’s agent and lender.
  3. Update closing forms and files.
  4. Ensure all parties have all forms and information needed to close the sale.
  5. Select location for closing.
  6. Confirm closing date and time and notify all parties.
  7. Solve any title problems (boundary disputes, easements, etc.) or in obtaining death certificates.
  8. Work with buyer’s agent in scheduling and conducting buyer’s final walkthrough prior to closing.
  9. Research all tax, HOA, utility and other applicable prorations.
  10. Request final closing figures from closing agent (attorney or title company).
  11. Receive and carefully review closing figures to ensure accuracy.
  12. Forward verified closing figures to buyer’s agent.
  13. Request copy of closing documents from closing agent.
  14. Confirm the buyer and buyer’s agent received title insurance commitment.
  15. Provide “Home Owners Warranty” for availability at closing.
  16. Review all closing documents carefully for errors.
  17. Forward closing documents to absentee seller as requested.
  18. Review documents with closing agent (attorney).
  19. Provide earnest money deposit from escrow account to closing agent.
  20. Coordinate closing with seller’s next purchase, resolving timing issues.
  21. Have a “no surprises” closing so that seller receives a net proceeds check at closing.
  22. Refer sellers to one of the best agents at their destination, if applicable.
  23. Change MLS status to Sold. Enter sale date, price, selling broker and agent’s ID numbers, etc.
  24. Close out listing in transaction management program.

Follow-up after closing

  1. Answer questions about filing claims with Homeowner Warranty company, if requested.
  2. Attempt to clarify and resolve any repair conflicts if buyer is dissatisfied.
  3. Respond to any follow-up calls and provide any additional information required from office files.

We are ready to WOW you in 2023! Kevin and Jennifer Hanley, REALTORS 904-515-2479 The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside HanleyHomeTeam.com

Now May Be the Perfect Time to Sell Your House If You Aren’t Planning on Buying Another Home

20 Tuesday Sep 2022

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You’ve probably been hearing in the news lately that the real estate market is “shifting.” Well, according to this realtor.com article, many economists feel that we’ve moved from shifting into a “balanced” market. In other words, it’s not really a sellers’ market or a buyers’ market.

That may have you thinking that it’s not as favorable for sellers as it has been, and you missed out on the opportunity to get a historically high price for your house. Oddly, that isn’t the case at all.

Despite what headlines and economists may say, all signs point to it being an absolutely perfecttime to sell—especially if you don’t plan on buying another home. Consider the following data in that realtor.com article:

  • Median listing prices are up 14.4% year-over-year
  • New listings are down 12%
  • Houses are taking 4 days longer to sell than they had been

Of those three things, the only thing slightly better for buyers is that it’s taking listings longer to sell…by four days.

While prices may be stabilizing and leveling off, the fact is, prices are still a good deal higher than they were just a year ago. One of the biggest reasons why the market was so favorable for sellers over the past few years was because there weren’t enough listings, and now there’s even 12% less competition.

That said, the market is shifting and it’s hard to say how much more of a window sellers have to capitalize on high prices and low competition. But, at least for now, there’s still an opportunity for you to sell and reap the benefits of the sellers’ market we’ve seen over the past couple of years.

The Takeaway:

The real estate market is now “balanced,” which might sound like it’s good for both buyers and sellers alike. But the reality is, it’s still more in favor of sellers, and even more so for sellers who aren’t planning on buying another home.

If you’re thinking about selling your house and either renting, moving in with family, into a retirement community, or a second home you already own, now is a good time to capitalize on the market conditions. Prices are still historically high, you’ve likely accrued quite a bit of equity in the past few years, and there are even less listings to compete with than there have been.

So, if you’ve been hesitating because the news made it sound like you missed out on the sellers’ market, you still have a window of opportunity. But it’s hard to say how long that will last.

Let’s talk about your special real estate goals. Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Homeowners Should Have Some “Fear of Missing Out” on This Market

30 Thursday Jun 2022

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If you’ve been thinking about selling and hesitating or simply waiting, you may want to start thinking about how you’ll feel if you miss out on the best time to sell your house in a long time. You never know when (or if) conditions will be like this in the real estate market again.

It’s been a sellers’ market for quite some time now, and with rates going up significantly and home prices still historically high, there’s a lot of chatter about whether or not there’s a real estate “bubble” that’s about to pop. In particular, The Federal Reserve Bank of Dallas recently warned about the potential of a housing bubble and how buyers’ “fear of missing out” (FOMO) is making it worse.

On the other hand, a recent survey revealed that home buyers are still hopeful and feel that it will still be a good time to buy a home in the next three months. 

That’s despite the fact that even though there have been signs and reports about the market slowing, according to this Realtor Magazine article, as of March sellers have still been:

  • Receiving an average of 5 offers on their home
  • Selling for above list price over 57% of the time
  • And 87% of listing sold in less than a month

Much of that may very well be fueled by buyers’ FOMO, but it can’t and won’t last forever. That’s how the real estate market works—it goes up, then it goes down, and then back up again in cycles. So even if you “miss out” on this moment in history, there will certainly be a time when home values are this high, or even higher. 

But will there be such a combination of high values, low inventory, historically low rates, andhigh demand? And when will it happen? How will you feel if you “miss out” now? 

Those are questions you need to ask yourself if you’ve been toying with the idea of selling your house. 

The Takeaway:

Don’t be fueled by fear of missing out, but definitely think about how it would affect you if you did, because the market’s still in your favor…for now at least. If you’re going to sell in the next few years, now is as good a time as any to take advantage of the fact that buyers are still hopeful, offers are plentiful and over asking price, and homes are selling quickly.

GITT (get in touch today!) Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Just Sold Your Home? Make Sure to Do These Things

16 Thursday Jun 2022

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You just sold your house. Congratulations! But while you’ve knocked the biggest task off of your moving to-do list, there are still things you’ll need to take care of as you transition out of your current home and into a new living situation.

So what, exactly, are those things?

A recent article from realtor.com outlined key things sellers will definitely want to consider doing following the sale of their home, including:

  • Organize and file all of your paperwork. After you sell your home, you may be tempted to toss your paperwork into a drawer and forget about it—but when tax day rolls around, you’ll need copies of any paperwork associated with the closing and settlement. Make sure to organize and file all of your paperwork in a safe place; that way, when April 15 hits, you’ll have everything you need for your taxes ready to go.
  • Send change-of-address notices. Once you sell your home and move out, you want to make sure your mail follows you to your new address—so make sure to fill out your change of address form ASAP. (In fact, the US Postal Service recommends completing your change of address request 30 days before you move out.)
  • Think about what you need from a buying agent. Sometimes, the agent that helped you sell your house is the perfect person to help you find a new home—but not always. Before you commit, think about what you need from a buyer’s agent—and whether your selling agent fits that criteria. (For example, if you’re moving to a new city, you’ll probably want to work with an agent that’s familiar with the area.) If you do opt for an agent other than the one who helped you sell your home, ask him or her for a referral to an agent they trust to help you with your purchase.

Want more tips? Get in touch! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Selling Your Home in Today’s Market? Don’t Believe These Myths

30 Monday Aug 2021

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Between low inventory and high buyer demand, there’s no denying that we’re in a seller’s market. But just because it’s a seller’s market doesn’t mean that every house is guaranteed to sell—although you wouldn’t know that based on what people are saying.

There are a lot of myths and misconceptions going around about selling in today’s market—and if you’re planning to sell, it’s important to ignore them. So what, exactly, are the biggest misconceptions about selling in 2021? 

A recent article from Realtor.com outlined things people are saying about selling in today’s market that just aren’t true, including:

  • It doesn’t matter if your home is in bad shape. There’s a misconception that buyers are willing to take anything in today’s market—including homes that are all but falling apart. And while fixer-uppers are certainly selling, if you’re hoping to get top dollar for your home, presenting your home in the best possible condition is a must—so make sure to take care of any necessary cosmetic changes or repairs (like painting your home’s exterior or replacing broken light bulbs) before you list.
  • You can price your home as high as you want. Home prices are going up, but that doesn’t mean you can list your home at an unreasonable price and expect it to sell. Pricing too high can cause your home to sit on the market, ultimately making it harder to sell—so when you list, make sure you price your property realistically.
  • You don’t need to market your home. Just because there are a lot of buyers—and not a lot of properties—doesn’t mean you don’t have to market your home! Working with your agent on a solid marketing strategy will ensure your home gets in front of the right buyers—and can help it sell faster and for a better price.

The Takeaway:

Bottom line? If you’re planning on selling your home, don’t believe everything you hear—especially these real estate myths that could put a damper on your home sale. Give us a call today and let’s separate the facts from fiction! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Fed vows to keep rates near zero until inflation tops 2%, likely keeping meager rates 4 to 5 years

21 Monday Sep 2020

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Paul Davison USA Today Published 2:00 pm ET Sep 16, 2020 Updated 5:17pm ET Sep 16, 2020

The Federal Reserve said Wednesday that it will likely keep its key interest rate near zero until the economy reaches full employment and inflation runs “moderately” above its 2% goal for “some time,” a vow that economists say is likely to keep rates at rock bottom for the next four to five years.

The central bank made the market-friendly commitment sooner than many top economists anticipated and it drove the Dow more than 150 points higher before the market gave back the gains on persistent tech stock jitters. .

The Fed’s assertion is consistent with its new policy framework unveiled last month, which states that officials will no longer preemptively raise rates as unemployment falls to head off a potential spike in inflation. Rather, the Fed will allow inflation to edge above 2% for a time to make up for years of persistently low inflation and to bolster job gains.

The Fed plans to keep its benchmark short-term rate near zero until “labor market conditions have reached levels consistent with the committee’s assessments of maximum employment and inflation has risen to 2% and is on track to moderately exceed 2% for some time,” the Fed said in a statement after a two-day meeting.”

That, the central bank said, will help ensure inflation averages 2% “over time” and the public cam reliably expect 2% price increases. 

“These are powerful commitments that we think will support the full recovery as long s it takes,” Chairman Jerome Powell said at a news conference.

Previously, the Fed said it would maintain near-zero rates “until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.”

The U.S. economy has partially recovered from the coronavirus recession more rapidly than expected, but the Federal Reserve envisions a slog the rest of the way.Get the Coronavirus Watch newsletter in your inbox.

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“The labor market is recovering but it’s a long way — a long way — from maximum employment,” Powell said.

Besides keeping its benchmark rate near zero, new Fed forecasts indicate it likely will stay there at least through 2023, based on policymakers’ median estimate. That’s a year longer than its previous estimate since the Fed’s forecast horizon was extended. But the promise to keep rates near zero until inflation picks up should maintain rock-bottom rates until mid-2024 or possibly longer, says economist Kathy Bostjancic of Oxford Economics. 

The Fed now predicts the economy will contract by 3.7% this year, below its 6.5% estimate in June, and the 8.4% unemployment rate will fall to 7.6% by year-end. The Fed previously reckoned the jobless rate would end 2020 at 9.3%.

Yet the economy may be at a crossroads. States are allowing shuttered businesses to reopen, putting furloughed employees back to work and boosting growth. But Congress is deadlocked over a new stimulus to restore enhanced federal unemployment benefits and keep struggling small businesses afloat. The number of permanently laid off workers and bankrupt businesses is rising. And the specter of a second wave of the virus this fall looms.   

A look at the Fed’s views on:

Interest rates

All 17 Fed policymakers prefer no hikes from the near-zero federal funds rate through next year and the median projection is for no increases through 2023. But one official believes a quarter-point rate increase will be warranted in 2022 and four think the first move should come in 2023.

Bond purchases

The Fed said its massive bond purchases are now designed partly to juice the economy by lowering long-term interest rates, such as for mortgages, as well as ensure that markets run smoothly. Previously, the Fed said the purchases — of $120 billion a month in Treasury bonds and mortgage-backed securities — were aimed at reviving markets for those assets that virtually came to a halt early in the crisis.

The change eventually could pave the way for the Fed to buy bonds with longer-term maturities to more effectively push down long-term rates.

The economy

Fed officials predict the economy will shrink 3.7% this year, less than their 6.5% forecast in June. But they forecast growth of 4% in 2021, down from their prior 5% estimate, and 3% in 2022.

Gross domestic product plunged at a record 31.7% annual rate in the second quarter, a bit better than the initial 32.9% forecast.

The economy has bounced back faster than expected, largely as a result of stronger consumer spending, Goldman Sachs says. While COVID-19 surges in the South and West led some states to pause or reverse reopening plans, hospitalizations and death tolls have improved recently. IHS Market predicts growth of about 30% in the current quarter.

But Barclays says the recovery is likely to slow in the months ahead, in part because a snap-back in auto production to pre-pandemic levels has played out. Powell noted that many laid-off workers have stopped looking for jobs.

Jobs

Unemployment is projected to fall from the current 8.4% to 7.6% by the end of the year, 5.5% by the end of 2021 and 4.6% by the end of 2022, according Fed officials’ median estimate.

The economy has regained nearly half the 22 million jobs lost in the early days of the pandemic as businesses have reopen but economists say recouping the remainder will be tougher. The number of workers permanently laid off jumped from 2.9 million to 3.4 million in August, indicating some temporary layoffs have become permanent.

Of the 11 million idled workers who have not been called back or found new jobs, Powell said, “Our commitment is not to forget those people.”

Inflation

The Fed estimated its preferred measure of annual inflation will close out 2020 at 1.2%, up from its 0.8% forecast in June, before rising to 1.7% in 2021. A core measure that strips out volatile food and energy items is projected to end the year at 1.5%, above officials’ previous 1% prediction.

Inflation has picked up recently, chiefly because of a surge in used car prices and a partial rebound in apparel prices and air fares that were depressed by the effects of the pandemic.

Even before the crisis, inflation was held down for years by discounted online prices and the globally connected marketplace.  The Fed’s new policy framework aims to juice inflation but economists say there’s no guarantee it will work.

 While modest price increases are generally a good thing, persistently low inflation can lead to deflation, or falling prices, that prompts shoppers to put off purchases.

Curious about buying or selling a home in today’s market? Give us a call and let’s chat! Jennifer and Kevin Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside http://www.HanleyHomeTeam.com

Has quarantine forced you to consider a split from your home?

20 Saturday Jun 2020

Posted by in #HanleyHomeTeam, #HomeBuyer, #HomeBuyingTips, #HomeOwner, #HomeSeller, #housegoals, #househunting, #Jacksonville, #JacksonvilleFL, #KellerWilliams, #Movingday, #Quaratine, #RealEstate, #sellingyourhome

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Has spending more time at home lately had you reconsidering your space? The quirks you lived with just a few months ago might not be so easy to dismiss when you’re stuck with them all day, every day. Here’s how to tell if your relationship with your house can recover or if it’s time to move on.

You have no appetite for a renovation
Your home might be a good candidate for a makeover, but if the thought of living in a dusty construction zone with contractors coming and going is unbearable to you, then it’s time to start over. There’s no shame in foregoing renovations for something move-in ready. After all, there will be plenty of eager DIYers happy to make you an offer.

You’re not crazy about your neighborhood
You know what they say: location, location, location. We’ll put up with a lot for our home to be in a nice spot, close to work and in a good school district. But maybe that spot doesn’t work for you anymore. Do schools still matter or are your kids older now? Are you working from home permanently and your commute is no longer a factor? When you’re no longer tied to a specific neighborhood, the possibilities are endless.

It’s just too small
If the quarantine has made your small space feel even more crowded, or you need to make space for a new home office (or two), it might be time to upgrade.

It’s too old
We all love a heritage home. The architecture! The charm! The 100-year-old… everything. You may have been ready for the sweat equity when you moved in, but when paired with everyday life, ‘this old house’ can feel more like ‘this new nightmare.’

If the emotional and financial toll of living in a home that is just too much of a project is getting to you, consider shopping for a new one. A new construction home might not give you the same character, but you will get a house that’s brand new in every way and a warranty to boot.

Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

WHAT TO REPAIR BEFORE YOU LIST

03 Wednesday Jul 2019

Posted by in #HanleyHomeTeam, #HomeBuyer, #HomeOwner, #HomeSeller, #KellerWilliams, #RealEstate, Jacksonville

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When you’re getting ready to list your home, it’s of the upmost importance to ensure you are showing it in the best light. Taking time to highlight its strengths and fix up some of its possible weaknesses can make a big difference in how fast it sells. Here are our top five recommended repairs to make before selling your home.

Repaint walls.

Giving your home a fresh coat of paint is one of the most cost-effective ways to spruce it up, and generally, it can be a do-it-yourself project. Make sure cover any walls with scratches and chips and consider updating any accent walls with a more neutral coat.

Repair floors.

Hardwood floors are a very desirable feature in a home, so you want to ensure they look their best by fixing scratches or dull areas. If your carpet is worn or stained, consider replacing them. And don’t forget the tile in your kitchen or bathrooms. Re-grouting can go a long way in making dingy tile work look brand new!

Refresh the landscaping.

Show buyers your home is the full package by dressing up the outside as well as the in. Clean walkways and driveways, plant seasonal flowers and plants, trim hedges and trees, install outdoor décor pieces and fill in mulch and gravel.

Fix your fixtures.

Leaky faucet? Rusted drains? Loose drawer handle? Making these small fixes can make a big difference to potential buyers with detailed-orientated minds. Improve your kitchen. An outdated kitchen can be a real eyesore in a home. Updating cabinetry, repairing or replacing countertops, and installing new faucets and sinks may be worth the investment.

Have any questions or are you ready to sell your new home in 2019? Give us a call today!  Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com