This home overlooks the 17th hole on the back 9.The 4 bedroom, 3 bath ranch-style home was renovated 5 years ago with new sunroom, heating, central A/C, windows, flooring and kitchen.
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For more information click here
By Michael Ardolino
In past columns, I’ve mentioned how it’s important to keep an eye on real estate trends when deciding whether to sell your home. There are some slight changes, but once homeowners know all the information, they’ll find fall is looking good.
It’s still a sellers’ market
The housing market may be cooling slightly as temperatures dip, but it’s still the time to sell.
Odeta Kushi, First American Financial Corporation’s deputy chief economist, recently commented on the current housing market. “We are seeing some signs of softening in the housing market, but context is important here … We’re still very much in a sellers’ market, but we are seeing some early signs of softening.”
Earlier in the year, the real estate market saw record-low inventory which meant homes were selling for more than they would have been just a couple of years ago. Over the last few months, inventory has grown slowly, and there are fewer buyers out there.
Data from the real estate technology firm OJO Labs confirms that the housing market continues to be competitive. The firm’s data shows that 49.6% of homes sold for more than the initial list price in July. In July 2020, it was 26.8%.
One of the most important things to know in the housing market is the definition of “months supply.” The term means the number of months it would take for the current inventory in the housing market to sell. The current sales pace is the main factor. The rule of thumb is six months of supply equals moderate price appreciation. When listings are low, prices go up.
Looking to the future
Many experts have said sales were slowing down because of a lack of supply. The strong demand is still there, and lately there has been an increase in listings. However, more homes on the market are still needed.
Danielle Hale, chief economist for realtor.com, has said, “If these changing inventory dynamics continue, we could see a wave of real estate activity heading into the latter part of the year.”
For the fall, experts are expecting a busy season. More sellers are putting their homes on the market which is something we normally see in the spring.
Tune in to the news
Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen appeared before a Senate panel Tuesday, Sept. 28. They testified in a hearing about economic recovery. The overall economy, which has shown signs of slowing, affects the real estate market, and we’ll talk more about this in next month’s column.
Takeaway
When deciding on selling or buying a home, timing is everything, and trends and staying on top of financial news can help you make the right decision for you and your family. I’ll be keeping on top of the trends and financial news for you. So … let’s talk.
Michael Ardolino is the Founder/Owner-Broker of Realty Connect USA.
By Michael Ardolino
With autumn weather around the corner, real estate trends and values are still looking good. This news is fantastic for those who want to move before it gets cooler.
Ready to move
For those planning to move at the beginning of next year, now may be the time to put your house up for sale. The market is still moving quickly, and you want to be ready. Being here for the holidays is one thing; however, you may not want to be on Long Island for the entire winter.
Keep in mind, as mentioned in previous columns, the trend from western Long Island is that houses are taking a little longer to sell.
One step at a time
Sometimes people who are moving, especially those who are downsizing or want to simplify their new living space, look around their house and say, “What am I going to do with all this stuff?”
Packing up doesn’t have to be a horrible chore. If you’re lucky to have your new home — say a winter place that you’re now making your permanent residence — you already have an idea of how much space you will have.
Go around your future home and measure the rooms, cabinets and any other storage space. Having these measurements will make it easier to decide what goes with you and what gets sold or donated.
If you don’t know where you’re moving to yet, think about how big you want your new home to be. Then you’ll have an educated guess about what to pack up and what to donate.
Remember to take it room by room when deciding what you’re taking with you and plan to do a bit each day. Decide what furniture is going with you first since some pieces also provide storage. If you’re going to use the bookshelf in your new house, then there’s a place for some of your books.
Some easy things to get rid of are multiple items or clothes you haven’t worn in a decade. Do your children no longer live at home, but their stuff still lives with you? Ask them to come over to help you go through the things they left behind.
The key is still pricing
One of the most important conversations you can have with your real estate agent is about pricing. It’s important to be knowledgeable and reasonable about your home’s worth. A lot of people see a house sold in their neighborhood, one that may look the same from the outside, and think they can get the same amount.
Remember … you can’t judge a book by its cover. The house down the street may be the same style house, with the same square footage and rooms, but there can be differences inside that can play a part in pricing — good or bad.
Be proactive
It’s important to meet with a real estate professional whether you plan to sell now or in the future. The agent will go over your options for when you decide to sell and your home’s current market value.
They will look through your home and give you valuable advice. For example, has the kitchen not been renovated in a few decades? They may suggest some creative, less expensive upgrades that will make a difference financially once you do sell the home.
Takeaway
It’s never too early to talk about an important decision such as selling your home. Real estate professionals can help you with these important conversations. So, let’s talk.
Michael Ardolino is the Founder/Owner-Broker of Realty Connect USA.
For more information click here
This mid-century gem is waiting for your personal touch. The ranch-style home features 6 rooms, 3 bedrooms, 2 baths, hardwood floors, fireplace in living room, formal dining room, basement and 1 car garage on .69 acre property with level backyard and mature plantings. Systems with recent upgrades include Andersen renewal windows, electrical system, patio, Peerless cast iron boiler, Healthy Basement system, recent roof and reasonable taxes too.
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