Just Listed: A Cozy Townhome Blending Comfort, Style, and Tranquil Living!

 
 
 

This delightful townhome offers the perfect blend of comfort and style.

With 2 bed/1 full bath, this cozy residence is an ideal haven for those seeking a relaxed and inviting living space. As you step inside, you'll be greeted by wood floors that add character and warmth to the LR , DR and Kitchen. The heart of this home is undoubtedly the updated galley kitchen. Another one of the standout features is the private, fenced back yard-a rare find in townhome living. This outdoor sanctuary provides the perfect backdrop for gardening, or simply unwinding with your furry friends after a long day. This home overlooks the public access open space that it backs to giving you a feeling of country living within the town!! With a 1-car garage, you'll have the needed space for your car or your toys. Additionally, the "cute" factor of this home is undeniable, making it not just a place to live but a place to love. Please note that the covenants restrict the sale to ONLY Owner Occupants.

Listed by Kevin A. Bolin for West + Main Homes. Please contact Kevin for current pricing + availability.

 
 
 

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The 2023 housing market bent, but didn’t break

 
 

And now we have a good foundation for 2024.

As we approach Christmas day, we can only hope that the Federal Reserve now realizes their fear of 1970s-style inflation created a rate-hike cycle that disproportionately impacted the U.S. housing market and that they need to be pro-housing again.

Even with all the drama we have dealt with in 2022-2023, the housing market stayed intact and never broke. Let’s look at the tracker for the week before Christmas and see what the forward-looking data  looks like before we open presents. 

Weekly housing inventory data

We are near the end of the year, which means the seasonal decline in housing inventory will take hold until we find the seasonal bottom in inventory in 2024. However, one thing is sure: from 2020 to 2023 we never saw credit-stressed home sellers. We never saw the Airbnb crash that dominated some of the housing headlines in 2023. While inventory levels are still too low for my taste, it’s good that we are not at 2022 levels when we only had 240,194 total active single-family listings for Americans to buy. 

  • Last year, according to Altos Research, the seasonal peak for housing inventory was Oct. 28. This year’s peak was Nov. 17.

  • Weekly inventory change: (Dec.15-22): Inventory fell from 538,767 to 528,601

  • Same week last year (Dec. 16-23): Inventory fell from 522,869 to 508,777

  • The inventory bottom for 2022 was 240,194

  • The inventory peak for 2023 so far is 569,898

  • For context, active listings for this week in 2015 were 1,013,245

 
 

One of my concerns with higher mortgage rates was that we could see another new leg lower in new listings data, which wouldn’t be good for housing because most sellers are homebuyers. This got tested in 2023 with 8% mortgage rates; not only did that not happen, but the new listing data was very stable, meaning it was forming a bottom. This is a big Merry Christmas gift for the housing market. Months ago on CNBC, I talked about how we should see some growth in this data in the second half of the year we have! 

However, the key to this data line is that we want to see real year-over-year growth in the spring of 2024 — back to levels of 2021 and 2022. Historically speaking, 2021 and early 2022 were the two lowest ever in new listings data. But once rates went above 6%, since July of 2022, we were treading for 17 months at a new low. For us to have a functioning marketplace, we need new listing data to get back to 2021 and 2022 levels, which means more sales can happen in 2024 This will be something I am rooting for in 2024.

New listings data for the last week in the last several years:

  • 2023: 36,897

  • 2022: 31,794

  • 2021: 35,834

 
 

Traditionally, one-third of all homes will have price cuts before they sell. When mortgage rates rise and demand decreases, more homes see price cuts. However, even with mortgage rates reaching 8% this year, we trended below 2022 levels the entire time. We are ending the year with almost 1.5% lower mortgage rates and the price cut percentage data below 2022 levels.

Price cut percentages this week over the last few years:

  • 2023: 36%

  • 2022: 40%

  • 2021: 25%

 
 

Mortgage rates and the 10-year yield

Considering the fireworks we had two weeks ago, last week was very tame. Not too much movement on the 10-year yield or mortgage rates. Mortgage rates started the week at 6.65% and ended at 6.68%. We had a lot of interesting economic data, especially the PCE inflation data running at roughly 2% growth using the 3- and 6-month averages. However, last week saw little volatility on the 10-year yield. Next we have the final week of trading with some big bond market auctions happening. We might see some decent movement in the bond market next week.

 
 

Purchase application data

This will be the last purchase application update for the year as the MBA takes the holiday week off and we will report the holiday period in the new year. Traditionally, I tell people to ignore the last few weeks of the year as most people are getting ready for Christmas and New Years so volume always falls. However, with that said, last week saw a mild decline of 0.6% on a week-to-week basis, making the year-to-date count 23 positive and 24 negative, with two flat prints. 

Considering that mortgage rates rose from 5.99% to 8.03% and we might have more positive weekly purchase application prints than negative weekly prints this year speaks volumes. The housing market is working from a low bar in sales, but that roughly 4 million core homebuyers stayed steady in 2023. Total home sales should be near 5 million even with the massive home price gains and higher mortgage rates.

 
 

The week ahead: Bond auctions and home prices

It will be a quiet week for economic reports; we will have a few home price index reports and some sizable bond auctions that can potentially move the bond market in a holiday trading week.

I want to wish you a happy holiday and a Merry Christmas. I know it’s been rough for the housing market this year with a deficient volume of existing home sales and loan originations. We should have a better 2024 and my 2024 forecast will come out on Jan. 1, 2024. Until then, enjoy the holidays with your family and remember: the housing market took it on the chin for two years and it bent with the lowest sales levels in history when accounting for the civilian workforce, but it didn’t break, and neither did any of you reading this. 

Read more at HousingWire.com

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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When To Sell Your House: 6 Surefire Signs Now Is the Time

 
 

When to sell your house is not always the easiest question to answer.

Most people don’t plan on living in their first (or second or maybe even third) home forever, but knowing when the time is right to put your home on the market can be tricky.

In fact, selling a home can feel kind of like breaking up with a longtime partner. Deep down, you knew you wouldn’t be with that person forever—but ending things can be way easier said than done.

Sometimes life changes force the issue and bring a decision to a head: There’s little reason for self-doubt or angst if you’re relocating to another state for a job or you know your newborn twins won’t fit in your one-bedroom bungalow. But without a pressing reason staring you in the face, it can be hard to know when to sell your house.

So how do you know when it’s the right time to let go? Here’s what the professionals have to say on the matter.

1. You’re feeling cramped, and you can’t add on

Your family might not be growing, but that doesn’t mean your lifestyle still fits in your current house.

If you’ve started working from home, for example, or you’ve adopted an extended family of indoor cats—or maybe you’ve just never gotten over your dream of having a sewing room—your house might be too small.

But before you jump to conclusions, see if paring down your possessions works to free up some space.

Another option might be to finish an attic or basement, add another room, or even add a whole story to your home. But, of course, that won’t work for everyone.

“If your property isn’t large enough or your municipality doesn’t allow it, moving to a bigger home may be your best option,” says Will Featherstone, founder of Featherstone & Co. of Keller Williams Excellence in Baltimore, MD.

To decide which route to take, check your local building laws and get estimates from two or three contractors. It also wouldn’t hurt to check with your real estate professional. Sometimes adding on won’t increase the value of a home, and you don’t want to make big-time improvements that will bring only a small-time return on your investment.

2. You have too much space

On the other hand, perhaps you’re feeling overwhelmed by vacant rooms and silence. (Hello, empty nesters!)

“In this case, it no longer makes sense to have, say, four bedrooms and a basement,” Featherstone says. If you are rattling around a too-large home, it may be time to downsize.

Saying goodbye to a family home can be difficult, but you should consider how feasible it is to stay. If yardwork and house upkeep are getting to be a little too much, or soaring utility bills are cramping your style, it might make more sense to move.

3. You’re over the neighborhood

Maybe you can no longer deal with the rigid rules of your homeowners association, or perhaps your neighbors turned their house into a rental for frat guys. Whatever the reason, neighborhood dynamics can change dramatically over time.

And sometimes, you can change. Maybe the 40-minute commute to work didn’t seem like such a big deal the first few years, but now you’re dreading it every day. Or your kids are getting older, which can be a big problem if you’re not in the right location.

“If you can’t afford a private school system, you are limited to one school for your children,” Featherstone says. “Moving may be a benefit to your child’s education.”

4. Remodeling won’t offer a return on your investment

Giving your kitchen or bathroom a face-lift can make your house feel like new again, which might be all you need to decide you want to stay put for years. But that doesn’t mean it’s a financially sound decision.

“Before making significant improvements, you should really study the neighborhood and know the highest price point of your neighborhood,” Featherstone says.

If your home is already similar in style and condition of some of the priciest homes in the neighborhood, remodeling might be a bad idea, and you should consider selling instead.

5. When to sell your house? When you can afford to sell

Sure, you’re going to make money when you actually sell your house, but as the adage goes, it takes money to make money. So seller beware: You probably won’t be sitting around and waiting for the dollars to roll in.

“Before you consider selling, you should have the funds available to prepare your home for sale,” Featherstone says.

Most sellers need to make some minor improvements such as painting, landscaping, or updating flooring to get a good price on their home. Those costs will come out of your pocket at first, so it’s a good idea to have a cushion before you start.

6. You’re ready to compete

If you’re living in a seller’s market, you might be enticed to offload your home before things cool off. But don’t forget—once you sell, you’ll probably be a buyer, too.

“If your market is hot, your home may sell quickly and for top dollar, but keep in mind the home you buy also will be more expensive,” Featherstone says.

If you’re going to get out there, you should make sure you’re ready to compete.

Read more at Realtor.com

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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What to Expect From a Listing Agent

 
 

Before you start making hard-to-meet demands of your listing agent, it’s essential to understand what the agent is actually responsible for. We’re not saying you’re high-maintenance; you just need to know what you can and can’t ask the agent to do.

By setting realistic expectations, you’re likely to leave the home-selling process feeling like your agent did all they could to get you the best deal—even if you didn’t see or hear about every little thing they did to market your home. In the interest of transparency, let’s dive into what a listing agent is responsible for once you sign a contract.

What role does a listing agent play?

A listing agent’s job is “to help direct the seller in preparing the house for sale, market the property to buyer’s agents, and handle the offer and transaction process to get the sale to completion,” says Teri Andrews Murch, a Realtor® with Lyon Real Estate in Auburn, CA.

So, when you think about your expectations for your agent, ensure they fit within that scope.

However, the specific responsibilities can vary from agent to agent. A good listing agent will help you price your home, attend pitch sessions, recommend a photographer and stager to make it look its best, and put your home on the multiple listing service.

Some agents might be unwilling to fulfill every one of your requests if they don’t think they will help your home sell. For example, you might want to advertise your house in the local paper, but “depending on the area you are in, print advertising may not be used much at all,” says Murch.

Set expectations from the start

To make sure you’re both on the same page, you should discuss your expectations from the get-go with any real estate agent you plan on hiring. Find out how often you’ll communicate and by what means.

“Usually, I try to touch base with my sellers when I have feedback from showings or agent tours, and at least once every seven to 10 days by phone,” Murch says.

“Don’t be afraid to be upfront and to the point with your real estate agent,” she adds. “We want to know when our clients aren’t happy.”

Once you’re in agreement, put it in writing in the form of a listing agreement.

“A listing agreement should be a partnership,” says real estate consultant Cathy Baumbusch of Alexandria, VA. “Both parties should outline their expectations in the beginning, in detail, and in writing. That is the only way you can do business.”

You won’t see all the agent’s work

Just because things seem quiet doesn’t mean the agent isn’t working on your behalf.

“A lot of the work we do—such as networking with other agents, maintaining the listing, answering calls or inquiries, and sending out information—tends to be invisible to the sellers unless we communicate that,” says Murch.

However, if more regular updates will make you happy, speak up.

When things go wrong

Sometimes, your expectations aren’t met even after you’ve agreed on everything in writing with your agent. What then?

Before you send that angry email, be honest with yourself and see if you’re holding anything up.

“I would look at the home’s condition—how does it show?” says Murch. “Are there too many restrictions on how or when the property can be shown?”

If you genuinely believe that your home looks show-ready and that you’ve made it available, Murch says you might need to revisit the pricing. That could be why you haven’t attracted interest yet.

Other ways to troubleshoot your stalled sale?

“Ask your agent to provide you with the list of all marketing avenues, and then see how it looks in comparison with other properties that are active or sold in your area,” says Janice Caputo, a real estate agent with Coldwell Banker in Pittsburgh, PA.

If you’re unsatisfied, talk with your agent and try to be receptive to the agent’s feedback. If you believe your agent isn’t taking your concerns seriously, your next action is to speak with the agent’s agency.

Read more at Realtor.com

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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How To Choose New Flooring To Match Your Home Aesthetic

 
 

Renovating or upgrading your home is always exciting but can be a bit daunting as well.

Among all the things that need to be considered in a renovation project, flooring is one of the most important decisions to make. Great flooring enhances the aesthetic appeal of your home and takes it from just another pretty house to a unique space with its own character. If you’re thinking about installing new flooring, choosing the right one can be a challenge. In this post, we’ll share some tips and tricks to choose flooring that will perfectly match your home aesthetic.

Consider the Room's Functionality
Before deciding on flooring, you need to take into account the functionality of the room. If it is a high-traffic area, like a hallway or family room, you’ll want robust and durable flooring like stone, tile, or hardwood. On the other hand, if you’re updating a bedroom or reading nook, you may want a more luxurious material like carpet or timber flooring. Consider the traffic flow, whether pets or children will frequent the space, and the activities that will occur in the room.

Look at Your Color Palette
The color palette of your home is an essential element in choosing the type of flooring. Flow throughout the house is critical, so you’ll want to pick a flooring type that complements your home’s existing colors. For instance, if your walls are painted a warm yellow, then a rich, earthy hardwood flooring will complement the wall color well or if you have a monochromatic palette, try to introduce texture and pattern for a more pleasing picture to the eye.

Think About Maintenance
Not every flooring option requires maintenance. Some are low maintenance, while others need a considerable amount of care. For instance, hardwood floors require refinishing every 3-5 years. Carpets, on the other hand, need vacuuming at least bi-monthly and deep cleaning annually. Tile and stone flooring need maintenance like grout cleaning every year or two. Consider the upkeep required for each material and what you are willing to do for that space before making the final decision.

Take Inspiration From the Architecture
Look at your home’s architecture for inspiration. If your home has Gothic Revival, Queen Anne, or Victorian-style architecture, you might want to install ornate tiles or timeless hardwood flooring. If your home features a mid-century modern or contemporary architecture, you may opt for polished concrete or sleek tiles to add a modern touch.

Think About the Lighting
Lighting is a crucial factor when it comes to selecting flooring, and it is often overlooked. Lighting can make or break your home aesthetic. As a result, you must consider how many windows are in your room and the orientation of the space when selecting your flooring. If you have a room with a lot of natural light, you may want a flooring material that is reflective and bright, like light-grey hardwood. A room with minimal lighting will benefit from a flooring material with a warm tone and a high-gloss finish.

Choosing new flooring for a home remodel can feel overwhelming, but by taking into consideration elements like the functionality of the room, colors, maintenance, architecture, and lighting, you will be able to make an informed decision that complements your home aesthetic and functionality. Remember to keep in mind the vibe you’re hoping to achieve from the flooring and make sure it blends well with the overall theme of your home. A good floor boosts not only the aesthetic appeal of the home but also the overall value and comfort, making your living space worth the investment.

Read more at Rismedia.com

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