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Think Twice Before Waiting for Lower Home Prices

As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.

A recent survey from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. But here’s the thing: the most recent data shows that home prices appear to have bottomed out and are now on the rise again. Selma Hepp, Chief Economist at CoreLogic, reports:

“U.S. home prices rose by 0.8% in February . . . indicating that prices in most markets have already bottomed out.”

And the latest data from Black Knight shows the same shift. The graph below compares home price trends in November to those in February:

So, should you keep waiting to buy a home until prices come down? If you factor in what the experts are saying, you probably shouldn’t. The data shows prices are increasing in much of the country, not decreasing. And the latest data from the Home Price Expectation Survey indicates that experts project home prices will rise steadily and return to more normal levels of appreciation after 2023. The best way to understand what home values are doing in your area is to work with a local real estate professional who can give you the latest insights and expert advice.

Home Inspections for Sellers: What You Need To Know [INFOGRAPHIC]

Want To Sell Your House This Spring? Price It Right.

Over the last year, the housing market’s gone through significant change. While it’s still a sellers’ market, homes that are priced right are selling, and they get the most attention from buyers right now. If you’re thinking of selling your house this spring, it’s important to lean on your expert real estate advisor when it comes to setting a list price. As Realtor.com explains:

“Move-in-ready homes with curb appeal and in desirable areas—and that are priced to sell—are especially likely to move quickly this spring.”

In today’s market, how you price your house will not only make a big difference to your bottom line, but to how quickly your house will sell.

Why Pricing Your House Right Matters

Your asking price sends a message to potential buyers, especially today.

If it’s priced too low, you may leave money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home.

If it’s priced too high, you run the risk of deterring buyers. When that happens, you may have to lower the price to drive interest when your house sits on the market for a while. But be aware that a price drop can be seen as a red flag by some buyers who will wonder what it means about the home.

To avoid either headache, price it right from the start. A real estate professional knows how to determine the ideal asking price. They balance the value of homes in your neighborhood, current market trends, buyer demand, the condition of your house, and more to find the right price. This helps lead to stronger offers and a greater likelihood your house will sell quickly.

The visual below helps summarize the impact your asking price can have:

Your Tax Refund Can Help You Achieve Your Homebuying Goals

Have you been saving up to buy a home this year? If so, you know there are a variety of expenses involved – from your down payment to closing costs. But there’s good news – your tax refund can help you achieve your goals by paying for some of these expenses.

SmartAsset estimates the average American will receive a $1,798 tax refund this year. The map below provides a more detailed estimate by state:

According to Freddie Mac, there are multiple ways your refund check can help you as a homebuyer. If you’re getting a refund this year and thinking about buying a home, here are a few tips to keep:

Saving for a down payment – One of the largest barriers to homeownership is saving for a down payment. You could reach your savings goal more quickly than expected by using your tax refund to help with your down payment.
Paying for closing costs – You have to pay fees to your lender, real estate agent, and other parties involved in the homebuying transaction before you can officially take ownership of your home. You could direct your tax refund toward these closing costs.
Lowering your interest rate – Your lender might give you the option to buy down your mortgage interest rate during the homebuying process. That means, you could pay upfront to have a lower interest rate on your fixed-rate mortgage.

The best way to prepare to buy a home is to work with a trusted real estate professional who understands the process. They’ll help you navigate the costs you may encounter as you begin your homebuying journey.

The Big Advantage If You Sell This Spring

Thinking about selling your house? If you’ve been waiting for the right time, it could be now while the supply of homes for sale is so low. HousingWire shares:

“. . . the big question is whether we are finally starting to see the seasonal spring increase in inventory. The answer is no, because active listings fell to a new low last week for 2023 . . .”

The National Association of Realtors (NAR) confirms today’s housing inventory is low by looking at the months’ supply of homes on the market. In a balanced market, about a six-month supply is needed. Anything lower is a sellers’ market. And today, the number is much lower:

“Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.”

Why Does Low Inventory Make It a Good Time To Sell?

The less inventory there is on the market when you sell, the less competition you’re likely to face from other sellers. That means your house will get more attention from the buyers looking for a home this spring. And since there are significantly more buyers in the market than there are homes for sale, you could even receive more than one offer on your house. Multiple offers are on the rise again (see graph below):

If you get more than one offer on your house, it becomes a bidding war between buyers – and that means you have greater leverage to sell on your terms. But if you want to maximize the opportunity for a bidding war to spark, be sure to lean on your expert real estate advisor. While we’re still in a strong sellers’ market, it isn’t the frenzy we saw a couple of years ago, and today’s buyers are focused on the houses with the greatest appeal. Clare Trapasso, Executive News Editor at Realtor.com, explains:

“Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country. So, this spring, it’s especially important for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.”

Homebuyer Activity Shows Signs of Warming Up for Spring

The spring season appears to be warming up in housing as more and more buyers enter the market. And after rising mortgage rates sidelined so many buyers last year, that’s a good sign for sellers. Realtor.com has the latest:

“Spring is officially here, and like green shoots emerging from the bleak winter, new data suggests that more buyers are back in the market, although more subdued compared to a year ago.”

We know buyer activity is trending up because of mortgage purchase application data. According to Investopedia:

“A mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate.”

That means the number of mortgage applications shows how many buyers are applying for mortgages. Put another way, an increase in mortgage applications means an increase in buyer demand – and as Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explains, application activity started ramping up as mortgage rates fell steadily in March:

“Application activity increased as mortgage rates declined . . . recent increases, along with data from other sources showing an uptick in home sales, is a welcome development.”

In fact, we can see how mortgage rates have a direct impact on applications over time. As rates rose dramatically last year, applications fell in response (see graph below):

The recent uptick in mortgage applications, as well as the decline in mortgage rates, is good news for sellers because it means more buyers are actively looking for homes.

What This Means for You

Buyers are coming this spring, which is typically the busiest time of the year in real estate. And as Realtor.com tells us, if you’re a seller, you need to prepare:

“If homeowners are planning to sell in 2023, now is the time to get ready.”

The means working with a local real estate agent to maximize your home’s appeal and get it listed at the ideal price for your area.

Selling Your Home in Port Orange FL: A Comprehensive Guide

Selling your home can be daunting, but with proper preparation and execution, it can be a smooth experience. Port Orange, Florida, is a popular city for homeowners and potential buyers. In this guide, we’ll cover the steps you need to take to prepare your home for sale, price it correctly, market it to potential buyers, negotiate offers, and close the sale successfully. If you would like to discuss further selling your home with a professional, I am here to talk with you. Please give me a call at 386-315-4744 – James Jestes

Preparing Your Home for Sale

Before you list your home on the market, you must prepare it for sale. Here are three steps you should take:

Decluttering and Cleaning

Decluttering and cleaning your home is an essential step in preparing it for sale. Start by removing any excess furniture and personal items, such as family photos or knick-knacks. This will make your home look more spacious and allow potential buyers to envision themselves living there. Next, deep clean your home, paying attention to details such as baseboards, light fixtures, and windows. Consider hiring a professional cleaning service if needed.

Making Repairs and Updates

Making necessary repairs and updates to your home is another critical step in preparing it for sale. Fix any plumbing or electrical issues, replace any damaged flooring or walls, and update outdated fixtures such as faucets and light fixtures. Consider giving your home a fresh coat of paint and updating the landscaping to enhance its curb appeal.

Staging Your Home

Staging your home can help potential buyers envision themselves living in the space. Consider hiring a professional staging company or doing it yourself. Focus on creating a neutral and inviting space that highlights your home’s best features, such as natural light and open floor plans.

Hire A Professional To Sell Your Port Orange Home

Pricing Your Home

Pricing your home correctly is crucial to attracting potential buyers. Here are some tips to keep in mind:

Research the Local Market

Research the local real estate market to see what similar homes in your area are selling for. This will give you an idea of what price range to aim for.

Consider the Condition and Features of Your Home

Consider the condition and features of your home when setting the price. Homes in excellent condition and with desirable features, such as updated kitchens, bathrooms, or spacious yards, can command a higher price.

Be Realistic

Be realistic when setting the price. Pricing your home too high can turn off potential buyers and lead to a longer time on the market.

View Homes For Sale In Port Orange

Marketing Your Home

Marketing your home is essential to attracting potential buyers. Here are three strategies you should use:

Professional Photography and Videography

Hire a professional photographer and videographer to showcase your home in the best light. High-quality photos and videos can significantly impact potential buyers and help your home stand out.

Online and Offline Advertising

Utilize online and offline advertising to reach potential buyers. List your home on real estate websites and social media platforms, and consider running print ads in local newspapers or magazines.

Open Houses and Showings

Hosting open houses and showings can allow potential buyers to see your home in person. Work with your real estate agent to schedule these events and ensure your home is ready to impress.

Negotiating Offers and Closing the Sale

Once you receive offers on your home, it’s time to negotiate and close the sale. Here are some tips to keep in mind:

Consider All Offers

Consider all offers, even if they are lower than you hoped. You may be able to negotiate a better price or terms.

Review Inspections and Contingencies

Review inspections and contingencies carefully and be prepared to make necessary repairs or adjust the price accordingly.

Work with Your Real Estate Agent

Work closely with your real estate agent throughout the negotiation and closing process. They can help guide you through any challenges and ensure a smooth transaction.

Selling your home in Port Orange, FL, can be a complex process, but with the right preparation and execution, it can be successful. Remember to focus on decluttering, making repairs and updates, and staging your home to prepare it for sale. Price your home appropriately, and use professional photography and videography, online and offline advertising, and open houses and showings to market it effectively. When it comes time to negotiate offers and close the sale, working with an experienced real estate agent will help make for a smooth transaction. Give me a call, and let me share with you my plan to get your home sold! 386-315-4744 – James Jestes

Top Neighborhoods In Port Orange Florida | Your Guide To Ideal Living

Welcome to my guide on homes for sale in Port Orange, Florida.

Finding the right home is an important decision, and I am here to help make the process easier. Port Orange is a beautiful city with plenty of options for homes that cater to all types of buyers. In this guide, I will walk you through the steps to buying a home right here in Port Orange, Florida, and provide an overview of the top neighborhoods in the area.

MOST RECENT LISTINGS IN PORT ORANGE FLORIDA

Port Orange is located in Volusia County, Florida, and is a part of the Deltona-Daytona Beach-Ormond Beach Metropolitan Statistical Area. The city is known for its excellent schools, beautiful parks, and friendly community. The city offers a variety of homes, including single-family homes, townhouses, and condos. Buyers can find homes with waterfront views, golf course views, and more.

Steps to buying a home in Port Orange, Florida Buying a home can be a daunting task, but with the right steps, it can be a smooth

Step 1: Determine your budget. Before you start looking for homes, it’s important to determine your budget. This will help you narrow down your options and ensure you don’t overspend. Consider your income, expenses, and savings to determine how much you can spend on a home. I can put you in contact with one of my trusted lenders.

Step 2: Get pre-approved for a mortgage. Getting pre-approved for a mortgage will give you a better idea of how much you can afford to spend on a home. It also shows sellers that you’re serious about buying and can help you stand out in a competitive market. Your going to need this preapproval or proof of cash in order to start putting offers on properties.

Step 3: Hire a real estate agent. A real estate agent can help you navigate the buying process and find homes that meet your needs and budget. I am an experienced agent with extensive knowledge of the Port Orange area and I can provide valuable insights into the local market. Call me today I would like to apply for the job.

Step 4: Search for homes. Once you’ve determined your budget, gotten pre-approved for a mortgage, and hired a real estate agent, it’s time to start looking for homes. I can help you find homes that meet your criteria and schedule viewings.

Step 5: Make an offer. When you find a home you like, I will help you make an offer. I will negotiate with the seller on your behalf and help you structure an offer that works for both parties.

Step 6: Inspect the property. Before closing on a home, it’s important to inspect the property to ensure no major issues or repairs are needed. Hire a professional inspector to examine the home and provide a detailed report thoroughly. I have a great list of home inspectors for you to choose from.

Step 7: Close the deal. Once the inspection is complete and all parties agree to the terms, it’s time to close the deal. Along with your mortgage lender, I will guide you through the paperwork and ensure everything is in order.

Top neighborhoods in Port Orange, Florida Port Orange offers a variety of neighborhoods that cater to different lifestyles and budgets. Some of the top neighborhoods include:

Waters Edge: A gated community with beautiful homes and amenities like a clubhouse, pool, and fitness center.

Port Orange Plantation: A family-friendly community with affordable homes and a great location close to schools, shopping, and dining.

Spruce Creek Fly-In: A unique community with homes built around a private airport and country club.

Countryside: A golf course community with spacious homes and plenty of green space.

Willow Run: An established neighborhood with affordable homes and a convenient location close to major highways and attractions.

I hope this guide has provided valuable information on buying a home in Port Orange, Florida. I will ensure a smooth and successful home-buying process when you work with me. No lets get started in finding your dream home! Give me a call

Call James Jestes Today

The Key Advantage of Investing in a Home [INFOGRAPHIC]

Trying To Buy a Home? Hang in There.

We’re still in a sellers’ market. And if you’re looking to buy a home, that means you’re likely facing some unique challenges, like difficulty finding a home and volatile mortgage rates. But keep in mind, there are some benefits to being a buyer in today’s market that give you good reason to stick with your search. Here are a few of them.

Long-Term Benefits Outweigh Short-Term Challenges

Owning a home grows your net worth – and since building that wealth takes time, it makes sense to start as soon as you can. If you wait to buy and keep renting, you’ll miss out on those monthly housing payments going toward your home equity. Freddie Mac puts it this way:

“Homeownership not only builds a sense of pride and accomplishment, but it’s also an important step toward achieving long-term financial stability.”

The key there is long-term because the financial benefits homeownership provides, like home value appreciation and equity, grow over time. Those benefits are worth the short-term challenges today’s sellers’ market presents.

Mortgage Rates Are Constantly Changing

Mortgage rates have been hovering around 6.5% over the last several months. However, as Sam Khater, Chief Economist at Freddie Mac, notes, they’ve been coming down some recently:

“Economic uncertainty continues to bring mortgage rates down. Over the last several weeks, declining rates have brought borrowers back to the market . . .”

Lower mortgage rates improve your purchasing power when you buy, and that can help make homeownership more affordable. Hannah Jones, Economic Data Analyst at realtor.com, explains:

“As we move into the spring buying season, mortgage rates have ticked lower, a welcomed sign of progress towards affordability.”

The recent drop in mortgage rates is good news if you couldn’t afford to buy a home when they peaked.

Home Prices Will Increase

According to the Home Price Expectation Survey, which polls over 100 real estate experts, home values will go up steadily over the next few years after a slight decline this year (see graph below):

Rising home prices in the coming years means two things for you as a buyer:

Waiting to buy a home could mean it’ll become more expensive to do so.
Buying now means the value of your home, and your net worth, will likely grow over time.