Segment 1 – What Happens When a House Sits Empty
We air the Real Estate Voice show every Saturday, if you cannot listen to the whole show, it is available on Barbs' site: BarbHasTheBuyers.com, OR search Barb & most podcasts like IHeart Radio.
Every week the Real Estate Voice covers great information about people's primary assets – their home. What will we be covering today?
• What Happens When a House Sits Empty
• Should I Sell or Rent Out My Home in 2022
• Top Questions to Ask Agents When Selling Your Home
• Home Selling Checklist - How to Sell Up to 11% More EVEN in a Shifting Market & Hot New Listings
Barb, indications are the housing market is cooling off quickly, some people decide to move out of their homes first, then sell them. What are some issues with doing that?
Why Vacate?
• Moving
• Empty for Estate Sale
• Too Hard to Show with Family in Kids and Dogs, etc
What Could Go Wrong?
Adverse Possession. Happened several times to me:
• Rave Parties
• Squatters Move In
• Agents Let Buyers Move in Without permission
What Could Go Wrong?
Property Gets Damaged:
• Weather
• Toilets Used
• Carpet Pulled Back
• Lawn Gets Over Grown – City Fines
• Worst of All – Plumbing Issues
What We Do:
• Visit at Least Weekly
• Let the Neighbors Know to Call Us
• Put Prominent Signs Up where anyone can reach us
Current Market Conditions
1. Rise in Current Available Inventory of Homes
a. Bidding wars are FAR less frequent
b. Inventory typically looks like a Bell Curve Jan – Dec
2. Real Estate is Very Local!
3. Speed of Sale is slowing substantially
4. The Days are Gone of SOLD IN A FEW HOURS!
CURRENT INVENTORY IS RISING!
• Inventory of Available Homes at STILL LOW!
• Supply and Demand:
All Types of Properties (SFA, TH, Condo, Patio) (up 24% IN 1 MONTH!)
• 2398 SF Homes
LOW SUPPLY - WEAKENING DEMAND! WHY?
Rising Interest Rates
Consumer Uncertainty
Two Years of LOW SUPPLY/HIGH DEMAND - Market Swinging to a more even market due to rising interest rates not supply issues!
“Mortgage rates near 6% have put a big chill on demand for homes,” said Redfin chief economist Daryl Fairweather.
“With home prices still at record highs, the affordability crisis has been dialed up to an 11 out of 10."
What’s Happening Now!
Fewer Buyers Facing Competition
To Give Predications we Need to Look at the Leading Indicators and Especially the Local Market:
I Think Some Sellers are Looking Backwards at Similar Sales and Expecting More Than They Can Get Now
What Does This Mean for Sellers?
1. Price REALISTICALLY not OPTIMISTICALLY
2. You cannot fully rely on Historic Sales to Substantiate what it will sell for NOW.
3. Why? Interest Rates! More Competition!
The Good News Prices will Still Rise Expectation of Home Values
You are listening to the Real Estate Voice with Barb Schlinker of Your Home Sold Guaranteed Realty, if you are thinking of making a move Barb at 719-301-3900 or visit BarbHasTheBuyers.com
When we come back we will be discussing: Should I Sell or Rent Out My Home in 2022?
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