TODAY’S HOUSING MARKET IS DIFFERENT
During the pandemic, sellers could price their homes higher because demand was so high, and supply was so low. This year, things are shifting. We’re seeing less buyer demand; sellers must recognize this is a different market than it was during the pandemic. That means sellers will need to change their approach to pricing.
The price you set for your house sends a message to potential buyers. If you price it too high, you run the risk of deterring buyers.
When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. Be aware that a price drop can be seen as a red flag for some buyers who will wonder what that means about the home or if in fact, it’s still overpriced. Some sellers aren’t adjusting their expectations to today’s market, and realtor.com explains the impact that’s having: “. . . the share of listings with a price cut was nearly double its year-ago level even as it remains well below pre-pandemic levels.”
To avoid the headache of having to lower your price, you’ll want to price it right from the onset. Your real estate advisor can determine that perfect asking price. To find the right price, they balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more.
The bottom line is homes priced right are selling quickly in today’s real estate market.
FINDING THE PERFECT HOME
The first step to ensuring you're buying your ideal property is identifying what "perfect" means to you. It may sound obvious, but the easiest way to start is by making a list of your priorities. What is a "must-have," what would be nice, and what isn't important? If you're buying with a partner, make sure you compare lists and decide what can be compromised on and what will be the deal-breakers.
A perfect home isn't just for now; it's for the future, and there are two ways to look at this. Firstly, it's important to visualize whether you can see yourself living and growing there. Try and imagine yourself and your family in each room and whether it feels "right." You also need to look for the potential in the property if you decide to expand or refurbish parts of it. You might not be planning to do this anytime soon, but it's important to know you'll have the option later.
Finally, remember that just because certain aspects of the location won't affect you, it doesn't mean they won't be important to someone else if you decide to sell the property in the future. Even if you don't have children, being in a good school district can add up to 20 percent to your house value.
For any would-be buyers reading this today, take comfort in the fact that the market is softening, and while it does, inventory is picking up. You have more choices for available homes than you had a few months ago – and so does everyone else. Bidding wars for the prospective home buyer are becoming less commonplace.
5 SMART HOME DEVICES THAT SAVE YOU MONEY
Smart-home technology offers entertainment, convenience, and peace of mind, but did you know that it can help lower energy bills and save homeowners money? The average owner spends about $2,000 on energy costs every year, according to Energy Star. By adding just, a handful of cost-effective devices, homeowners can save between 20% and 30% on their energy bills. Here are a few key smart home products:
Thermostats - Nearly half of a typical utility bill goes towards heating and cooling. Installing a smart thermostat can save about 10% a year, according to the U.S. Department of Energy.
Smart Switches, Sensors, & Bulbs -Leaving lights on when not in use can be a major drain on your energy bill; about 25% of utility costs are spent on lighting.
Energy Monitoring- By Installing an energy monitoring system homeowners can identify appliances that are quietly adding to their monthly utility bills.
Smart Plugs- Instead of powering down completely, many modern household electronics enter standby mode and continue to draw power even when not in use. This allows them to continue to communicate with other devices, get updates, and load faster.
Smart Sprinkler System - homeowners save money on water bills by creating custom schedules that automatically adjust for local weather and can be monitored via smartphone. Available integrations allow owners to control the water by voice, set up automation, and avoid turning sprinklers on when someone is outside.
Smart-home technology is becoming more widely accepted but still struggles to overcome up-front costs, perceived complexity, and reliance on internet connectivity.
When you join HSA, you have a plan for covered home system and appliance breakdowns, which is especially important in uncertain economic times like these. Contact your real estate professional today to help plan for the unexpected.
Lake Sidney Lanier Homes is the most comprehensive online source for information on Lake Lanier homes for sale and Lake Lanier area real estate. View the latest Lake Lanier home listings, foreclosures, lots, land, sales trends, and real estate topics on Lake Lanier. Arthur Prescott is an Accredited Buyer's Representative and Certified Residential Specialist with Berkshire Hathaway HomeServices Georgia Properties. He has over nineteen years of Lake Lanier real estate experience. If you would like to schedule a free buyer or seller consultation, please feel free to contact us directly at www.LakeSidneyLanierHomes.com or 770-844-8484 or email us at Arthur.Prescott@BHHSGeorgia.com.
