This is the question that more Realtors are asked every single day. Two sources for national real estate news are the National Association of Realtors and Corelogic. For a take on this question, these are recent headlines, excerpts and quotes from economists that are currently being reported.
“The Worst Home Price Declines Are Behind us.” If past headlines saying home prices would drop 20% had you worried about a crash, consider this. Nationally, prices have already hit a low point and are now starting to rise again.
“A smaller home typically means lower bills and less upkeep. Then there is the potential windfall that comes from selling your larger home and buying something smaller.” — Realtor.com
“’% rates’ — so long as inflation continues to ease, the overall trend for mortgage rates should continue downward.” — Senior Economist & Director of Research NAR.
“A one percent point decline in mortgage rates has the same impact on affordability as an 11 percent decline in home prices.” — First American Economist.
By now, you all realize I am a strong proponent of prepping and staging a home for sale. And I am not the only one that believes that is the right move when selling your home.
“Move-in ready homes with curb appeal and in desirable areas that are priced to sell are especially likely to move quickly this spring.” — Realtor.com.
This appears to be true in our area, where we have a shortage of listings to buy. Buyers are out looking. Our recent weekend open house, May 20-21, had 65 groups come through and most were not neighbors.
“82% of buyer’s agents said staging a home made it easier for a buyer to visualize the property as a future home.” — Realtor.com.
Of course, aside from staging, everyone expects the property to be in sound condition, with a good foundation, roof, and no damage from pests, water or fire. Do not hesitate to ask questions. Home prep and staging can be as simple as a bucket of paint to a remodel. Do not let it scare you. In California, one typically gets more than their money back when spending on prepping their home. (See ad below.)
