Why It’s Important to Price Your House Right Today

Even in today’s sellers’ market, setting the right price for your house is one of the most valuable things you can do. According to the U.S. Economic Outlook by the National Association of Realtors (NAR), existing home prices nationwide are forecasted to increase by 4.5% in 2021. This means experts anticipate home values will continue climbing next year. Danielle Hale, Chief Economist for realtor.com, notes:

“We expect price gains to ease somewhat in 2021 and end 5.7% above 2020 levels, decelerating steadily through the spring and summer, and then gradually reaccelerating toward the end of the year.”

How to Price Your House

When it comes to setting the right price for your house, the goal is to increase visibility and drive more buyers your way. Instead of trying to win the negotiation with one buyer, you should price your house so that demand is maximized and more buyers want to take a look.

As a seller in today’s market, you might be thinking about pricing your house on the high end while so many of today’s buyers are searching harder than ever just to find a home to purchase. But here’s the thing – a high price tag does not mean you’re going to cash in big on the sale. It’s actually more likely to deter buyers.

Right now, even when there are so few houses for sale, your house is more likely to sit on the market longer or require a price drop that can send buyers running if it isn’t priced just right from the very beginning.It’s important to make sure your house is priced correctly by working with a trusted real estate professional throughout the process. When you price it competitively from the start, you won’t be negotiating with one buyer. Instead, you’ll likely have multiple buyers competing for the house, potentially increasing the final sale price.

The key is to make sure your house is priced to sell immediately. This way, it will be seen by the greatest number of buyers. More than one of them may be interested, and it will be more likely to sell at a competitive price.

Bottom Line

Reach out to a local real estate professional to price your house correctly from the start so you can maximize your exposure and your return.

Souce: Keeping Current Matters | The KCM Crew 12282020

1100 GOOD SPRINGS LOOP Unincorporated, TN 38076

Property Site: http://tour.remax-tennessee.com/home/3EFTBC/1100-GOOD-SPRINGS-LOOP-Unincorporated-TN-10090818

One of a Kind Estate 20 minutes from Collierville~Custom Iron Doors Lead to Outdoor Oasis w/Infinity Pool~Outdoor Kitchen w/Motorized Screen & SS Appliances~Huge Great Room w/Vaulted Ceilings & Wet bar~Stunning Kitchen w/Bamboo Lighted Cabinets & Beautiful Granite Counters~Formal Dining Room w/Built-In Cabinets + Lliving Room w/Granite Fireplace~Amazing Master Suite w/ Fireplace + Incredible Shower w/Private Veranda~Media Room~Full 2BR/2BA Guest House w/Kitchen & Living Space~AND SO MUCH MORE!!

Bedrooms: 6

Bathrooms: 8

Square feet: 8,000

Price: $2,000,000

For more information about this property, please contact Jennifer Carstensen at 901-685-6000 or jennifer@livelovememphis.com. You can also text 6631276 to 67299 (Message and Data Rates May Apply, see terms and privacy policy).

See more listings at: jcarstensen.remax-tennessee.com

MLS ID: 10090818

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287 MATILDA ST Memphis, TN 38117

Property Site: http://tour.remax-tennessee.com/home/A8XKB7/287-MATILDA-ST-Memphis-TN-10090786

Super Cute 3BR/2BA One Story Home in Normandy Meadows~Formal Living Room + Dining Room w/Lots of Natural Light~Huge Great Room Off Kitchen~Spacious Eat-In Kitchen w/Granite Countertops, SS Appliances, Ga Range & Tons of Cabinet Space~Large Master Bedroom w/En-Suite Full Bath~Two Additional Bedrooms + Full Bath~Hardwood Floors Throughout~Wonderful Fenced-In Backyard with Patio~AND MORE!!

Bedrooms: 3

Bathrooms: 2

Square feet: 1,600

Price: $315,000

For more information about this property, please contact Jennifer Carstensen at 901-685-6000 or jennifer@livelovememphis.com. You can also text 6630294 to 67299 (Message and Data Rates May Apply, see terms and privacy policy).

See more listings at: jcarstensen.remax-tennessee.com

MLS ID: 10090786

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3767 KALAMATH CV Memphis, TN 38128

Property Site: http://tour.remax-tennessee.com/home/KSWTBJ/3767-KALAMATH-CV-Memphis-TN-10090779

Great 4BR/1.5BA One Story Home~Large Great Room & Open Eat-In Kitchen w/ Lots of Cabinet Space~Utility/Laundry Room Off Kitchen~Spacious Master Bedroom w/En-Suite Half Bath~Three Additional Bedrooms + Full Bath~Wonderful Fenced-In Backyard~AND MORE!!

Bedrooms: 4

Bathrooms: 2

Square feet: 1,000

Price: $58,000

For more information about this property, please contact Jennifer Carstensen at 901-685-6000 or jennifer@livelovememphis.com. You can also text 6630292 to 67299 (Message and Data Rates May Apply, see terms and privacy policy).

See more listings at: jcarstensen.remax-tennessee.com

MLS ID: 10090779

https://www.facebook.com/jensellsmemphis https://twitter.com/livelovememphis https://www.youtube.com/c/jennifercarstensenmemphisrealestate

6562 SPLIT OAK DR Memphis, TN 38115

Property Site: http://tour.remax-tennessee.com/home/7WSJFS/6562-SPLIT-OAK-DR-Memphis-TN-10090518

Wonderful 3BR/2BA Home on Large Corner Lot~Huge Great Room w/Fireplace~Formal Dining Room w/Lots of Natural Light~Spacious Eat-In Kitchen w/Tons of Cabinet Space~Laundry Room Off Kitchen~Large Master Bedroom Suite w/Luxury Master Bath + 2 Walk-In Closets~Two Additional Spacious Bedrooms + Full Bath~Great Fenced-In Backyard w/Patio~AND MORE!!

Bedrooms: 3

Bathrooms: 2

Square feet: 1,400

Price: $130,000

For more information about this property, please contact Jennifer Carstensen at 901-685-6000 or jennifer@livelovememphis.com. You can also text 6624502 to 67299 (Message and Data Rates May Apply, see terms and privacy policy).

See more listings at: jcarstensen.remax-tennessee.com

MLS ID: 10090518

https://www.facebook.com/jensellsmemphis https://twitter.com/livelovememphis https://www.youtube.com/c/jennifercarstensenmemphisrealestate

3 Reasons to Be Optimistic about Real Estate in 2021

This year will be remembered for many reasons, and optimism is one thing that’s been in short supply since the spring. We’re experiencing a global pandemic, social unrest, an economic downturn, and natural disasters, just to name a few. The challenges brought on by the health crisis have also forced many homeowners to reevaluate their space and what they need in a home going into 2021. So, experts are forecasting that next year is one in which we can be optimistic about real estate for three key reasons.

1. The Economy Is Expected to Continue Improving

Tim Duy from the University of Oregon puts it this way:

“There is nothing fundamentally ‘broken’ in the economy that needs to heal…there was no obvious financial bubble driving excessive activity in any one economic sector when the pandemic hit…With Covid-19 cases surging again, it is understandably hard to look optimistically to the other side of this winter…Don’t let the near-term challenges distract from the economic stage being set for next four years.”

2. Interest Rates Are Projected to Stay Low

In the latest projections from Freddie Mac, interest rates for a 30-year fixed-rate mortgage are expected to remain at or near 3% next year. These low rates will continue to make homes more affordable, driving demand for housing in 2021.

3. Future Home Sales Are Forecasted to Grow

While the economy improves and interest rates remain low, homes are also expected to continue appreciating as more people buy in the coming year. Danielle Hale, Chief Economist at realtor.com, says:

“We expect home sales in 2021 to come in 7.0% above 2020 levels, following a more normal seasonal trend and building momentum through the spring and sustaining the pace in the second half of the year.”

Bottom Line

Experts forecast that buyers and sellers are going to be active in 2021. If you’ve thought about buying or selling your home this year but have held off, now may be the time to take advantage of this market. Reach out to a local real estate expert to take the first step toward your new home today.

Keeping Current Matters | The KCM Crew 12162020

11211 US 64 HWY Memphis, TN 38002

Property Site: http://tour.remax-tennessee.com/home/GMENJK/11211-US-64-HWY-Memphis-TN-10090474

Great Investment Opportunity~New Roof & Carpet~Value is in the Land~3.127 Acres in Prime Location~Currently Zoned Residential~3BR Home on Lot is Currently Tenant Occupied w/Month-to-Month Lease~Do Not Disturb Tenants

Bedrooms: 3

Bathrooms: 1

Square feet: 1,000

Price: $145,000

For more information about this property, please contact Jennifer Carstensen at 901-685-6000 or jennifer@livelovememphis.com. You can also text 6623460 to 67299 (Message and Data Rates May Apply, see terms and privacy policy).

See more listings at: jcarstensen.remax-tennessee.com

MLS ID: 10090474

https://www.facebook.com/jensellsmemphis https://twitter.com/livelovememphis https://www.youtube.com/c/jennifercarstensenmemphisrealestate

A New Way to Shop for Homes in a Virtual World

 

In a year when we’re learning to do so much remotely, homebuying is no exception. From going to work to attending school, grocery shopping, and even seeing our doctors online, digital practices have changed the way we live.

This year, rather than delaying their home purchases, buyers – alongside their trusted real estate professionals – turned to the Internet to do more than just a typical home search. In some cases, they bought homes without even stepping foot inside. Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors (NAR), says:

“People really didn’t buy houses sight-unseen, traditionally. It’s still not a huge number, but it has gone up, and we have definitely seen that trend accelerate.”

According to NAR, throughout the coronavirus pandemic, one in every 20 homebuyers purchased a house sight-unseen.

How Your Real Estate Agent Will Pave the Way

Today, real estate professionals are using digital practices to help homebuyers and sellers walk through many steps in the process virtually. While following the regulations set forth by the CDC and all local guidelines, this year, agents quickly empowered buyers and sellers with virtual tours, 3D floor plans, high-quality photos, videos, online open houses, and more. For those who had homebuying and selling needs in 2020, trusted advisors made it possible in many markets.

Here’s a graph showing some of the digital options buyers found most helpful in their searches this year, as noted by NAR in the 2020 Profile of Home Buyers and Sellers:

The report also mentions that buyers this year generally searched for eight weeks. Throughout that search, they viewed a median of 9 homes, but not all of them were seen in-person. Yahoo Finance notes:

“Buyers viewed five homes online and four homes in-person during the pandemic, compared to nine homes in-person in 2019, according to NAR. This was the first year NAR asked buyers to specify the number of homes toured virtually.”

In true 2020 fashion, virtual practices helped buyers safely narrow down their top choices, so they didn’t have to unnecessarily walk into more homes than they needed to see throughout the process. Here’s the breakdown by region:

At a time when health and safety are top priorities, current technology is making it possible for buyers and sellers to move their real estate plans forward at their own comfort levels, even through a worldwide pandemic. For many, this means buyers no longer have to physically tour every home they want to see, and sellers don’t need to open their doors over and over again throughout the process. Safety can come first, and trusted real estate professionals are here to help.

Bottom Line

If you’re ready to make a move, you may not have to press pause on your plans this season. Reach out to a local real estate professional to determine the safe and effective options to buy or sell a home in your area or wherever you’re looking to move.

Source: Keeping Current Matters | The KCM Crew 12042020

Your House May Be High on the Buyer Wish List This Holiday Season

Around this time each year, many homeowners decide to wait until after the holidays to sell their houses. Similarly, others who already have their homes on the market remove their listings until the spring. Let’s unpack the top reasons why selling your house now, or keeping it on the market this season, is the best choice you can make. This year, buyers want to purchase homes for the holidays, and your house might be the perfect match.

Here are seven great reasons not to wait to sell your house this holiday season:

1. Buyers are active now. Mortgage rates are historically low, providing motivation for those who are ready to get more for their money over the life of their home loan.

2. Purchasers who look for homes during the holidays are serious ones, and they’re ready to buy.

3. You can restrict the showings in your house to days and times that are most convenient for you, or even select virtual options. You’ll remain in control, especially in today’s sellers’ market.

4. Homes decorated for the holidays appeal to many buyers.

5. Today, there’s minimal competition for you as a seller. There just aren’t enough houses on the market to satisfy buyer demand, meaning sellers are in the driver’s seat. Over the past year, inventory has declined to record lows, making it the opportune time to sell your house (See graph below):

6. The desire to own a home doesn’t stop during the holidays. Buyers who have been searching throughout the fall and have been running into more and more bidding wars are still on the lookout. Your home may be the answer.

7. This season is the sweet spot for sellers, and the number of listings will increase after the holidays. In many parts of the country, more new construction will also be available for sale in 2021, which will lessen the demand for your house next year.

Bottom Line 

More than ever, this may be the year it makes the most sense to list your house during the holiday season. Reach out to a local real estate professional to determine if selling now is your best move.

Source: Keeping Current Matters | The KCM Crew 11302020

6844 MONAN CV Memphis, TN 38119

Property Site: http://tour.remax-tennessee.com/home/WD74N4/6844-MONAN-CV-Memphis-TN-10089429

Rare Find - 3BR/2BA One Story Home in Cove in Germantown!~Large Entryway Welcomes You In~Formal Living Room + Great Room w/Lots of Natural Light~Huge Great Room w/Gas Fireplace~Spacious Kitchen w/Lots of Cabinet Space + Pantry~Wonderful Master Bedroom Suite w/Walk-In Closet + Full Bath~Two Additional Spacious Bedrooms + Full Bath~Laundry Closet & Half Bath Off Kitchen~New Carpet~Huge Fenced-In Backyard w/Large Patio & Additional Yard Space Not Fenced In~Side Load Carport~AND MORE!!

Bedrooms: 3

Bathrooms: 3

Square feet: 2,000

Price: $224,900

For more information about this property, please contact Jennifer Carstensen at 901-685-6000 or jennifer@livelovememphis.com. You can also text 6588937 to 67299 (Message and Data Rates May Apply, see terms and privacy policy).

See more listings at: jcarstensen.remax-tennessee.com

MLS ID: 10089429

https://www.facebook.com/jensellsmemphis https://twitter.com/livelovememphis https://www.youtube.com/c/jennifercarstensenmemphisrealestate

Don’t Let Buyer Competition Keep You from Purchasing a Home

 

This year’s record-low mortgage rates sparked high demand among homebuyers. Current homeowners, however, haven’t put their houses on the market so quickly. This makes finding a home to buy today challenging for many potential buyers. With an obstacle like this, those searching for their dream homes may be pressing pause on their searches as we approach the end of the year, but that could be a big mistake for many hopeful house hunters. Here’s why. 

According to the most recent Housing Trends Report from the National Association of Home Builders (NAHB):

“The length of time spent searching for a home continues to grow.”

The report indicates that 62% of buyers now spend 3 months or more looking for a home, an increase from 58% one year ago. A primary cause for the delay is the heavy competition today’s buyers face when making an offer on a home. Based on recent data from the National Association of Realtors (NAR), the average house in today’s market receives 3.4 offers before it’s sold. This means for every buyer who purchases a home, there are on average two or three buyers who have to begin their search all over again.

Compared to this time last year, the NAHB report shows that buyers are having more success finding homes in their price range. However, it also notes the percentage of buyers saying they’re getting outbid when they make an offer has jumped from 15% to 27%. Buyers are indicating that bidding wars are a major obstacle to finding their dream home (See graph below):

If this is a challenge you’re up against in your home search, you’re not alone. Feeling stuck in the process can be frustrating, but if there’s ever been a year to power through, this is the one. NAHB noted:

“Difficulties finding a home to buy will likely lead 20% of active buyers to give up until next year or later. That share is up from 15% a year earlier.”

Experts anticipate home prices will continue to rise into 2021, and the incredibly low interest rates we’ve seen this year are also forecasted to increase as the economy strengthens. Hopeful homebuyers who decide to hold off on their search until there’s less competition run the risk of finding a more expensive housing market when they start looking again. If affordability is a key motivator behind your decision to buy a home, this winter is still the best time to make it happen.

Bottom Line

Bidding wars may be one of the greatest challenges buyers face in today’s housing market, but they shouldn’t be a deal-breaker. Having the right expert on your side throughout the buying process will give you the advantage you need when it comes to finding the right home and making a competitive offer. If you’re ready to buy this winter, contact a local real estate professional to discuss how to position yourself for success.

Source: Keeping Current Matters | The KCM Crew 11232020

460 BRINGLE RD Unincorporated, TN 38019

Property Site: http://tour.remax-tennessee.com/home/GBDHQQ/460-BRINGLE-RD-Unincorporated-TN-10089093

Super Cute 3BR/2BA Home in Quiet, Country Setting~Huge, Open Great Room~Spacious Eat-In Kitchen w/Laundry Closet~Large Master Bedroom w/Full En-Suite Bath~Two Additional Bedrooms + Full Bath~Wood Laminate Floors & Tile Throughout~Huge Fenced-In Backyard~AND MORE!!

Bedrooms: 3

Bathrooms: 2

Square feet: 1,000

Price: $100,000

For more information about this property, please contact Jennifer Carstensen at 901-685-6000 or jennifer@livelovememphis.com. You can also text 6581442 to 67299 (Message and Data Rates May Apply, see terms and privacy policy).

See more listings at: jcarstensen.remax-tennessee.com

MLS ID: 10089093

https://www.facebook.com/jensellsmemphis https://twitter.com/livelovememphis https://www.youtube.com/c/jennifercarstensenmemphisrealestate

Why Working from Home May Spark Your Next Move

 

If you’ve been working from home this year, chances are you’ve been at it a little longer than you initially expected. Businesses all over the country have figured out how to operate remotely to keep their employees healthy, safe, and productive. For many, it may be carrying into next year, and possibly beyond.

While the pandemic continues, Americans are re-evaluating their homes, floorplans, locations, needs, and more. Some need more space, while others need less. Whether you’re renting or own your home, if remote work is part of your future, you may be thinking about moving, especially while today’s mortgage rates are so low.

A recent study from Upwork notes:

“Anywhere from 14 to 23 million Americans are planning to move as a result of remote work.”

To put this into perspective, last year, 6 million homes were sold in the U.S. This means roughly 2 – 4X as many people are considering moving now, and there’s a direct connection to their ability to work from home.

The same study also notes while 45.3% of people are planning to stay within a 2-hour drive from their current location, 41.5% of the people who are citing working from home as their primary reason for making a move are willing to look for a home more than 4 hours away from where they live now (See graph below):

In some cases, moving a little further away from your current location might mean you can get more home for your money. If you have the opportunity to work remotely, you may have more options available by expanding your search. Upwork also indicates, of those surveyed:

“People are seeking less expensive housing: Altogether, more than half (52.5%) are planning to move to a house that is significantly more affordable than their current home.”

Whether you can eliminate your daily commute to the office, or you simply need more space to work from home, your plans may be changing. If that’s the case, it’s time to connect with a local real estate professional to assess your evolving needs and determine your path together.

Bottom Line

This has been a year of change, and what you need in a home is no exception. Reach out to your trusted real estate professional today to make sure you have expert guidance on your side to help you find a home that fits your remote work needs.

Source: Keeping Current Matters | The KCM Crew 11162020