Buyer Advice • Trending News • June 17, 2024

Pros and Cons of Buying New Construction in Today’s Market

by Jay Crowley

You may have noticed an uptick in construction and newly built homes. But it’s not just a trend we’re seeing here in Northwest Montana. In fact, about one-third of single-family homes for sale today are newly constructed, a dramatic increase from pre-pandemic levels.

Let’s dive into why new construction homes are dominating the market and what you should keep in mind if you’re thinking about buying one.

The Rise of New Construction Homes

Since 2019, the landscape of the real estate market has shifted significantly. Remote work, low mortgage rates, and increased demand for homes prompted builders to ramp up construction.

Even as demand has slightly cooled and mortgage rates have risen, new builds continue to play a crucial role in the housing market. Nationally, newly built homes made up 33.4% of the market in Q1 2024 according to Redfin—a trend that’s holding steady.

Why New Construction Homes Are in High Demand

Limited Supply of Existing Homes

Builders are constructing about 1 million single-family homes a year. At the same time, many homeowners are reluctant to sell their existing homes due, in part, to high mortgage rates. Robert Dietz, chief economist at the National Association of Home Builders (NAHB), explained, “The level of resale inventory has shrunk.”

With a smaller number of existing homes on the market, new construction takes up a bigger portion of the total housing inventory. Buyers today are exploring all their options, from fixer-uppers to renovated properties to new construction.

Attractive Pricing and Incentives

Builders are inclined to sell their inventory and are often more flexible with pricing than individual home sellers. To attract buyers, they frequently offer incentives such as mortgage rate buy-downs, price cuts, and covering closing costs.

In addition, new homes are becoming more affordable compared to existing ones. According to the U.S. Census Bureau, the median sale price for new houses in March was $430,700, only 4% higher than the median price of existing homes. This price gap is significantly smaller than in pre-pandemic times, when new homes were priced over 40% higher.

Matthew Walsh, assistant director and economist at Moody’s Analytics, told CNBC, “Prices are much closer to parity than during any point in the last three decades.”

What does this mean for you as a buyer?

While some buyers believe newly built homes are too expensive—or too much of a hassle—new construction does offer some unique advantages:

More flexible pricing: Unlike traditional home sellers, builders may be more willing to negotiate on price, offer concessions like closing cost assistance, or even include upgrades as incentives.
The latest features and energy efficiency: New homes are built to meet the latest building codes and often come with modern features that can save you money on utilities in the long run.
Less maintenance: Brand new homes come with the benefit of not needing immediate repairs or renovations. You can move right in and enjoy your new space!

Things to Consider Before You Buy

Although new construction offers some great benefits, there are also some things to keep in mind:

Wait times: New construction homes aren’t always move-in ready. Depending on the stage of construction, you may have to wait several months before you can close on the house.
Limited space: Over the past few years, builders have been building smaller homes to help offset the costs of construction and help with affordability challenges. According to the NAHB, the median new single-family home was 2,156 square feet in Q4 2023, the lowest reading since 2010.
Future costs: Property taxes on new builds are often based on estimates and can increase significantly after the first year. Be sure to factor this into your budget.

Final Thoughts

With one-third of the market consisting of new builds, there are ample opportunities for buyers to find a home that meets their needs. While there are unique considerations when buying new construction, the benefits often outweigh the challenges. From modern amenities and energy efficiency to customization options and attractive incentives, a newly built home could be the perfect fit for your next move.

Buyer Advice • June 9, 2024

4 Common Mistakes People Make When Securing a Mortgage Loan

by Jay Crowley

There’s nothing like the moment when you’ve found your dream home. It’s easy to get caught up in the excitement and make moves to finalize everything as quickly as possible. And while timeliness is important, it can lead to mistakes that end up costing you thousands.

Here are the four biggest mistakes people make when securing a mortgage loan.

Mistake #1—Not Shopping Around for Mortgage Offers
It’s tempting to go with the first mortgage offer you receive, especially when you’re eager to close the deal on your new home. According to a LendingTree study, the majority of people (54%) do just that—they only get one offer.

Jacob Channel, Lending Tree senior economist, explains why this is a mistake. “Different lenders can offer different rates to the exact same borrower. With that in mind, the first rate you’re offered may not be the lowest one you can get. The more offers you can look at, the better.”

Think about it: if you only go to one store to compare prices, wouldn’t you miss out on potential savings? The same goes for mortgages! Different lenders offer different rates, and even a small difference in interest rate can translate to significant savings over the life of your loan. The same LendingTree study found that 45% of those who did shop around for a mortgage ended up with a better offer. This means almost half of the buyers who took the time to compare multiple offers saved money.

Mistake #2—Relying Solely on Recommendations
It’s great to trust your real estate agent’s recommendations. After all, we work to build strong relationships with lenders and vendors to best serve our clients. However, if your agent only recommends one lender, it can limit your options. Each lender will have different options and tools for securing a mortgage.

Aim to get at least two different mortgage offers to compare. Diversifying your lender options can help you find competitive rates and better terms.

Mistake #3—Ignoring Different Loan Types
Not all mortgage loans are created equal. Beyond the typical 30-year fixed-rate mortgage, there are various loan types like adjustable-rate mortgages (ARMs), FHA loans, VA loans, and USDA loans, each with its benefits and drawbacks. Ignoring these options might mean missing out on a loan that could better suit your financial situation.

This is another reason that it’s important to shop around. Each lender may have access to different types of loans. Discussing all of them will help you understand which one aligns best with your circumstances.

Mistake #4—Not Considering Future Financial Plans

When choosing a mortgage, consider your long-term financial plans. Are you planning to stay in the home for a long time, or might you move before 10 years is up? This can influence which type of mortgage loan (i.e., fixed vs. ARM) is a better option for you. Additionally, think about how your income might change over time and whether you might want to make extra payments to pay off the mortgage faster.

Aim to align your mortgage choice with your future financial goals to ensure you’re making the most strategic decision.

Conclusion
Securing a mortgage loan is a significant step in the home buying process, and avoiding these common mistakes can save you time, money, and stress. Remember—it all starts with shopping around! By doing so, you’ll be well on your way to getting the best mortgage deal possible.

Do you need some recommendations on vetted mortgage lenders in the Flathead Valley? Contact me here and I will connect you!

Market Data • Trending News • June 1, 2024

The Popularity of Real Estate as a Long-Term Investment

by Jay Crowley

For 11 years running, real estate has consistently topped the list of preferred long-term investments in Gallup’s annual Economy and Personal Finance survey.

Americans’ Perception of the Best Long-Term Investment

This preference for real estate is driven by several factors:

Tangible Asset: Unlike stocks or bonds, real estate is a tangible asset that you can see and touch. This physical presence provides a sense of security that is hard to match.
Appreciation Over Time: Historically, real estate values have shown steady appreciation. From the 1990s to the 2020s, home prices have consistently increased, making real estate a reliable investment.
Dual Benefits: Owning a home provides not only potential financial returns but also a place to live. This dual benefit is unique to real estate and adds to its appeal.

Gallup’s poll found this preference holds true across all income levels, with 33% of lower income households stating they believe real estate is the best long-term investment, along with 36% of middle income households and 40% of upper income households.

Perceptions of the Best Long-Term Investments

REAL ESTATE VS. OTHER INVESTMENTS

While real estate is the top choice for many, it’s important to consider how it stacks up against other investments. Stocks, for example, have historically offered higher returns. From 1990 to April 2024, the S&P 500 surged by 1,325%, while the S&P CoreLogic Case-Shiller U.S. National Home Price Index rose by 308%.

However, stocks come with higher volatility. Real estate, on the other hand, tends to provide more stable growth. Even during economic downturns, such as the Great Financial Crisis of 2008, real estate has shown resilience and recovery.

This is highlighted when you look back at U.S. home price growth by the decade.

U.S. home price growth by decade:
1990s: +30.1%
2000s: +47.3%
2010s: +44.7%
2020-2024: +47.1%

Locally, Lake County leads with home prices having risen 24% over this time last year, with Flathad County following at 3.9% and Lincoln County remaining steady.

IS REAL ESTATE THE RIGHT INVESTMENT FOR YOU?

Real estate can be a fantastic long-term investment, especially in a growing market Northwest Montana. But before diving in, consider your individual situation:

Long-Term Commitment: Buying a home is a long-term play. If you plan to move in a few years, it might not be the best fit.
Financial Strength: Real estate requires a down payment, closing costs, and ongoing maintenance expenses. Make sure you have a solid financial foundation.
Investment Goals: Consider your overall investment goals. If you prioritize high returns and easy access to your money, another investment might be a better fit.

And keep in mind that diversification leads to a balanced investment strategy. Financial experts recommend spreading investments across various assets to hedge against different market forces and increase the odds of a net profit over the long term. This means integrating real estate within a broader portfolio that includes stocks, bonds, and other investment vehicles.

Bottom line: While poll results show that Americans prefer real estate as a long-term investment, there is no one-size-fits-all answer. Always consult with your financial advisor when planning to invest for your future, as the best option depends on your financial goals, risk tolerance, and investment timeline.

Buyer Advice • May 17, 2024

43% of New Homeowners Are Struggling: Here’s Why (and How to Avoid It)

by Jay Crowley

Buying a home is a major milestone, but it’s not always the right time for everyone. It’s important to remember that a home purchase is a long-term investment, and making this decision without proper financial planning can lead to significant stress.

The truth is, knowing when not to buy a home is just as crucial as knowing when to buy. Whether you’re a first-time buyer or looking to move, understanding your financial situation is key to making a wise decision. Let’s start by looking at what recent home buyers are experiencing in today’s market.

Causes of Financial Stress for Today’s Home Buyers

According to a recent survey from Clever Real Estate, 43% of homeowners who bought in 2023 or 2024 have struggled to meet their monthly mortgage payments. This financial strain is due to several key factors:

37% of buyers purchased a home that exceeded their initial budget
44% of new homeowners have taken on extra debt outside of their mortgage to maintain their lifestyle
50% accepted a higher interest rate than planned (Note: This is why it’s important to base your budget on a monthly payment, not the purchase price of the house—but more on that, later.)

All of these factors lead to financial stress and regret—and that’s the last thing new homeowners need to deal with. To help avoid these pitfalls, let’s discuss some key financial tips you need to consider before taking the plunge.

4 Key Financial Tips to Consider

1. Assess and Plan Your Budget

Setting a realistic budget is the cornerstone of a successful home-buying experience. However, you can’t just think about the purchase price of the home. Factor in all potential expenses that will impact your monthly budget. Include costs such as property taxes, insurance, HOA fees, and unexpected repairs. You’ll also want to leave a little wiggle room for fluctuating mortgage rates. Knowing what you can comfortably afford in monthly payments rather than the total purchase price will set you up for success.

Additionally, don’t forget about the upfront costs associated with buying a home. These include the down payment, closing costs, home inspections, and moving expenses. Saving for these costs is crucial to avoid dipping into emergency funds or taking on extra debt. Planning ahead for these expenses ensures you can cover them without compromising your financial stability.

2. Minimize Additional Debt

Aim to avoid taking on extra debt before, during and immediately after your home purchase. Keeping your finances in check will help you manage your mortgage payments more comfortably. Once you have been making regular payments for several months, you can reassess your finances and make adjustments to your budget where needed.

3. Monitor and Improve Your Credit

In Q1 2024, the median credit scores for mortgages remained flat at 770 and auto loans were at a record high of 724, according to the New York Fed. This means banks aren’t just giving away mortgage loans like pre-2008 (which is a good thing!). It also means that maintaining good credit is essential for favorable loan terms. Regularly check your credit report and address any discrepancies.

4. Plan for the Future

Think about your long-term financial goals and how buying a home fits into them. Are you planning to stay in the home for several years, or is this a short-term move? Your plans will impact how you manage your finances—as well as your decision to buy. Ensure your home purchase aligns with your broader financial objectives to avoid future regrets.

In addition, having an emergency fund is vital for future financial stability. Ensure you have enough savings to cover at least three to six months of expenses. This safety net provides peace of mind and financial security if unexpected costs arise, helping you avoid financial stress.

Knowing When NOT to Buy

So, when should you consider holding off on buying a home? Here are some signs:

High Debt Levels: If your debt-to-income ratio is high, adding a mortgage might strain your finances.
Unstable Income: If your job situation is uncertain, it might be wise to wait until your income is more stable.
Lack of Savings: Ensure you have enough savings not just for the down payment, but also for emergencies and ongoing maintenance.
Uncertain Plans: If you may be moving in the near future, purchasing a home may not be the best option.

Recognizing these signs and being honest about your financial situation can save you from potential stress and regret. By taking the time to assess your readiness and plan carefully, you’ll be in a stronger position to make a successful and satisfying home purchase when the time is right. Remember, waiting until you’re financially prepared isn’t a setback—it’s a smart step towards a more secure and enjoyable homeownership journey.

Buyer Advice • April 2, 2024

Closing Costs, What Every Buyer Should Know

by Jay Crowley

Before making the decision to buy a home, it’s important to plan for all the costs you’ll be responsible for. While you’re busy saving for the down payment, don’t forget you’ll want to prep for closing costs too.

Here’s some helpful information on what those costs are and how much you should budget for them.

What Are Closing Costs?

A recent article from Bankrate explains:

“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”

Simply put, your closing costs are the additional fees and payments you have to make at closing. According to Freddie Mac, while they can vary by location and situation, closing costs typically include:

Government recording costs
Appraisal fees
Credit report fees
Lender origination fees
Title services
Tax service fees
Survey fees
Attorney fees
Underwriting Fees

How Much Are Closing Costs?

According to the same Freddie Mac article mentioned above, they’re typically between 2% and 5% of the total purchase price of your home. With that in mind, here’s how you can get an idea of what you’ll need to budget.

Let’s say you find a home you want to purchase at today’s median price of $384,500. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,690 and $19,225.

But keep in mind, if you’re in the market for a home above or below this price range, your closing costs will be higher or lower.

Make Sure You’re Prepared To Close

Freddie Mac provides great advice for homebuyers, saying:

“As you start your homebuying journey, take the time to get a sense of all costs involved – from your down payment to closing costs.”

The best way to do that is by partnering with a team of trusted real estate professionals. That gives you a group of experts to help you understand how much you’ll need to save and what you’ll want to be prepped for. It also means you have go-to resources for any questions that pop up along the way.

Planning for the fees and payments you’ll need to cover when you’re closing on your home is important. Partnering with a local real estate professional can give you the guidance and confidence you need throughout the process. Feel free to contact me with questions!

Seller Advice • March 18, 2024

Our Seller’s Market – Good for Your Bottom Line?

by Jay Crowley

Thinking about selling your house and wondering if now’s a good time to do it? Here’s what you need to know. Even though the number of homes for sale has been growing this year, there still aren’t enough homes on the market for all the buyers who want to buy.

So, what does that mean for you? To keep it simple, it means it’s still a seller’s market. Here’s how it works:

A neutral market is when supply and demand is balanced. Basically, there are enough homes to meet buyer demand based on the current sales pace, and home prices hold fairly steady.
A buyer’s market is when there are more homes for sale than there are buyers. When that happens, buyers have more negotiation power because sellers are willing to make compromises to close the deal. In a buyer’s market, sellers may have to do price cuts to re-ignite interest in their home, and prices may go down. But we haven’t seen this for years since there are so few homes available to buy.
In a seller’s market, it’s just the opposite. When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which can lead to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer upfront. This could drive the final sale price of your house up.

The graph below uses data from the National Association of Realtors to show just how deep into seller’s market territory we still are today:

a screenshot of a chart

What Does This Mean for You?

The market is still working in your favor. If you lean on an agent for advice on how to get your house list ready and how to price it competitively, it should get a lot of attention from eager buyers. That means you’ll likely get multiple offers and see your house sell quickly and for top dollar. As a recent article from Ramsey Solutions explains:

“A seller’s market is when demand for homes is higher than the supply of homes. And that’s still the case right now. If you’re planning to sell your house, you can expect to sell it fairly quickly for close to your asking price—as long as your asking price is realistic for the current market.”

Bottom Line

Today’s housing market still favors sellers. If you’re ready to sell your house, connect with a local real estate advisor so you can start making your moves.

Buyer Advice • March 18, 2024

4 Tips for Your Strongest Offer on a Home

by Jay Crowley

Are you thinking about buying a home soon? If so, you should know today’s market is competitive in many areas because the number of homes for sale is still low – and that’s leading to multiple-offer scenarios. And moving into the peak homebuying season this spring, this is only expected to ramp up more.

Remember these four tips to make your best offer.

1. Partner with a Real Estate Agent

Rely on a real estate agent who can support your goals. As PODS notes:

“Making an offer on a home without an agent is certainly possible, but having a pro by your side gives you a massive advantage in figuring out what to offer on a house.”

Agents are local market experts. They know what’s worked for other buyers in your area and what sellers may be looking for. That advice can be game changing when you’re deciding what offer to bring to the table.

2. Understand Your Budget

Knowing your numbers is even more important right now. The best way to understand your budget is to work with a lender so you can get pre-approved for a home loan. Doing so helps you be more financially confident and shows sellers you’re serious. That gives you a competitive edge. As Investopedia says:

“. . . sellers have an advantage because of intense buyer demand and a limited number of homes for sale; they may be less likely to consider offers without pre-approval letters.”

3. Make a Strong, but Fair Offer

It’s only natural to want the best deal you can get on a home, especially when affordability is tight. However, submitting an offer that’s too low does have some risks. You don’t want to make an offer that’ll be tossed out as soon as it’s received just to see if it sticks. As Realtor.com explains:

“. . . an offer price that’s significantly lower than the listing price, is often rejected by sellers who feel insulted . . . Most listing agents try to get their sellers to at least enter negotiations with buyers, to counteroffer with a number a little closer to the list price. However, if a seller is offended by a buyer or isn’t taking the buyer seriously, there’s not much you, or the real estate agent, can do.”

The expertise your agent brings to this part of the process will help you stay competitive and find a price that’s fair to you and the seller.

4. Trust Your Agent During Negotiations

After you submit your offer, the seller may decide to counter it. When negotiating, it’s smart to understand what matters to the seller. Once you do, being as flexible as you can on things like moving dates or the condition of the house can make your offer more attractive.

Your real estate agent is your partner in navigating these details. Trust them to lead you through negotiations and help you figure out the best plan. As an article from the National Association of Realtors (NAR) explains:

“There are many factors up for discussion in any real estate transaction—from price to repairs to possession date. A real estate professional who’s representing you will look at the transaction from your perspective, helping you negotiate a purchase agreement that meets your needs . . .”

Bottom Line

In today’s competitive market, be sure to work with a local real estate agent to find you a home you love and craft a strong offer that stands out.

Buyer Advice • Trending News • December 21, 2023

Mortgage Savings? Look to Your Seller!

by Jay Crowley

Steep mortgage payments dampening your dreams of homeownership? A 2-1 buydown, plus a willing seller, could be your answer.

What’s a 2-1 buydown?

It’s a mortgage strategy that temporarily trims your interest rate during the early years of your loan, offering more manageable payments. It’s ideal for first-time homebuyers or those eyeing an income surge soon.

Here’s how it works:

• Year 1: Interest is slashed by 2 percentage points below the lender’s rate. So, if a lender offers 7%, you’re only on the hook for 5%.

• Year 2: Interest nudges up but still remains 1 percentage point below the lender’s rate. With a 7% lender rate, you’d owe 6%.

• After Year 2: Interest resets with the lender’s standard rate for the remaining term. In this scenario, that’d be 7%.

The seller’s role:

Sellers can sweeten the deal by shouldering the buydown cost, which makes this a compelling negotiation chip during price talks.

While enticing, remember the 2-1 buydown is short-term relief. Payments will jump after two years, so it’s important for buyers to plan ahead for the increase.

Intrigued by a 2-1 buydown? Let’s chat about how this mortgage solution fits into your home-buying plans in 2024. connect with me here

Taming the Blaze: Wildfire Mitigation in Northwest Montana

by Jay Crowley

It’s a warm, dry summer in Northwest Montana, and the parched terrain is riddled with tinder just waiting for a spark. As beautiful as our region is, it is equally susceptible to wildfires. While the occurrence of these wildfires is an integral part of the ecosystem, their frequency and intensity have been on the rise due to factors such as climate change and human activity. Consequently, protecting your home from this looming menace through fire mitigation becomes not just prudent, but a necessity.

Understanding Wildfires in Northwest Montana

Before we delve into fire mitigation techniques, it’s important to understand why Northwest Montana is particularly prone to wildfires. This area’s climate is typified by long, cold winters and short, hot summers. During these hot, dry summer months, the lush vegetation that flourishes in the spring can quickly become kindling for wildfires.

Rising global temperatures have also led to earlier snowmelts, lengthening the wildfire season. This, combined with human activities such as camping, farming, and construction, increases the risk of fires starting.

The Role of Fire Mitigation

Fire mitigation involves implementing measures aimed at minimizing the risks and impacts of wildfires. These measures can range from simple practices around your home to collaborating with local fire departments and forestry services to manage the broader landscape.

Fire mitigation can significantly reduce the potential for fire damage and allows firefighters to safely protect your property.

Practical Fire Mitigation Measures

Here are a few practical steps you can take to protect your home through fire mitigation:

1. Creating a Defensible Space: The area around your home, termed the ‘defensible space’, is the first line of defense against wildfires. This space is typically divided into two zones:

Zone 1 (0-30 feet from the house): This zone should be kept free of all flammable vegetation and materials. Regularly clean roofs and gutters of dead leaves and branches, keep lawns hydrated and mowed, and store firewood and other combustibles well away from the house.
Zone 2 (30-100 feet from the house): In this zone, reduce the density of trees and brush to decrease the chance of fire spreading. Use ‘fire-resistant’ plants in your landscaping, prune tree branches to a height of 10 feet from the ground, and maintain a spacing of at least 10 feet between tree crowns.

2. Employing Fire-Resistant Building Materials: If you’re building a new home or upgrading an existing one, consider using fire-resistant materials. Fire-resistant roofs, siding, and decks can prevent embers from igniting your home. Double-paned or tempered glass windows can also withstand higher heat.

3. Emergency Preparedness: Prepare and maintain an emergency plan and evacuation kit. The plan should include evacuation routes, meeting points, and important contact numbers. The kit should contain vital documents, essential medications, water, non-perishable food, and pet supplies.

4. Community Efforts: Join or initiate community efforts towards broader fire mitigation practices. This could involve participating in local Firewise programs, community cleanup days, or lobbying for stricter fire safety regulations.

While we can’t completely eliminate the risk of wildfires, diligent fire mitigation practices can go a long way in protecting our homes and communities. Remember, the best time to act is now!

With a community spirit and a proactive mindset, we can coexist with the natural cycle of wildfires while minimizing their destructive potential. Fire is a formidable force, but together, we can be a stronger one.

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FIRE RESOURCES

Current wildfires in Montana

Flathead National Forest wildfire alerts

Current fire danger in Northwest Montana

Fire restriction information

Pricing Your House Right Still Matters Today

by Jay Crowley

While this isn’t the frenzied market we saw during the ‘unicorn’ years, homes that are priced right are still selling quickly and seeing multiple offers right now. That’s because the number of homes for sale is still so low. Data from the National Association of Realtors (NAR) shows 76% of homes sold within a month and the average saw 3.5 offers in June.

To set yourself up to see advantages like these, you need to rely on an agent. Only an agent has the expertise needed to find the right asking price for your house. Here’s what’s at stake if that price isn’t accurate for today’s market value.

The price you set for your house sends a message to potential buyers.

Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with it. Not to mention, if you undervalue your house, you could leave money on the table, which decreases your future buying power.

On the other hand, price it too high and you run the risk of deterring buyers from ever touring it in the first place. When that happens, you may have to do a price drop to try to re-ignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.

A recent article from NerdWallet sums it up like this:

“Your house’s market debut is your first chance to attract a buyer and it’s important to get the pricing right. If your home is overpriced, you run the risk of buyers not seeing the listing . . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.”

Think of pricing your home as a target. Your goal is to aim directly for the center – not too high, not too low, but right at market value.

Pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. That makes it more likely you’ll see multiple offers too. Plus, when homes are priced right, they still tend to sell quickly.

To get a high-level look into the potential downsides of over or underpricing your house and the perks that come with pricing it at market value, see the chart below:

Lean on a Professional’s Expertise to Price Your House Right

So why is an agent essential in finding the right price? Your local agent has the skill and the insight necessary to find the market value of your home. They’ll use their expertise to determine a realistic listing price by assessing:

The prices of recently sold homes
The current market conditions
The size and condition of your house
The location of your house

Bottom Line

Pricing your house at market value is critical, so don’t rely on guesswork. Let’s connect to make sure your house is priced right for today’s market.