5 Reasons You Should Sell This Fall!

Here are five reasons why listing your home for sale this fall makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! In fact, more often than not, multiple buyers end up competing with each other to buy the same homes.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now 

Housing inventory is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon!

Historically, a homeowner stayed in his or her home for an average of six years, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire to move as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all that they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the average time it took to close a loan was 44 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The abundance of inventory available in these higher price ranges has created a buyer’s market for anybody looking to purchase these homes. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly AND you’ll be able to find a premium home to call your own!

According to CoreLogic, prices are projected to appreciate by 5.1% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on With Your Life 

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you feel you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

Rents Are on The Rise: Don’t Get Caught in The Rental Trap!

There are many benefits to homeownership, but one of the top benefits is protecting yourself from rising rents by locking in your housing cost for the life of your mortgage.

Don’t Become Trapped 

A recent article by Apartment List addressed rising rents by stating:

“Our national rent index is up 0.1 percent month-over-month, marking the sixth straight month of increasing rents. Year-over-year growth now stands at 1.2 percent.”

The article continues, explaining that:

“Rents increased month-over-month in 62 of the nation’s 100 largest cities, down significantly from the 85 cities that saw rents rise last month. That said, rents are still up year-over-year in most of the nation’s largest markets — 77 of the 100 largest cities have seen rents increase over the past twelve months.”

Additionally, Urban Land Magazine explained that,

“Currently, nearly half (47 percent) of renter households are cost burdened (i.e., paying more than 30 percent of income for housing), while 25 percent (totaling 11 million households) are severely cost burdened, paying over 50 percent of their total household income for rent.”

These households struggle to save for a rainy day and pay other bills, including groceries and healthcare.

It’s Cheaper to Buy Than Rent

As we have previously mentioned, the results of the latest Rent vs. Buy Report from Truliashow that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 2% less expensive in Honolulu (HI), all the way up to 48.9% less expensive in Detroit (MI), and 26.3% nationwide!

Know Your Options

Perhaps you have already saved enough to buy your first home. A nationwide survey of about 1,166 renters found that 34% said they rent because they cannot afford to buy, 29% said they cannot afford to buy where they live, and nearly a quarter (24%) were saving to buy.

Many first-time homebuyers who believe that they need a large down payment may be holding themselves back from their dream homes. As we have reported before, in many areas of the country, a first-time homebuyer can save for a 3% down payment in less than two years. You may have already saved enough!

Bottom Line

Don’t get caught in the trap that so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Let’s get together to determine if you can qualify for a mortgage today!

What State Gives You the Most ‘Bang for Your Buck’?

Some Highlights:

• The majority of states in the Midwest and South offer a lower cost of living than states in the Northeast and West.
• The ‘biggest bang for your buck’ comes in Mississippi where, compared to the national average, you can actually purchase $115.74 worth of goods for $100.
• For more information regarding the methodology used to create this map, visit the Tax Foundation.

Open Houses for August 26th

4010 Loyelisa Court  |   Winston Salem

This breathtaking custom home sits in a private cul-de-sac just off Millhaven Road. The luxury buyer will appreciate the attention to detail. Exposed brick and reclaimed hardwood floors from the 1800s bring a classic character. This home boasts warm and inviting oversized rooms - perfect for entertaining! Large and sunny chef’s kitchen is a gourmet’s dream! Enjoy the comfortable screen porch or cozy up to the outdoor fireplace on those cooler nights. Plenty of room for storage or future additions.

http://bit.ly/4010LoyelisaCt 

3761 Sandalwood Lane  |   Winston Salem

PRICE REDUCED AND READY TO MOVE!!

Step into this beautiful 5 bedroom, 5.5 bath home nestled in Greenbrier Farm with it’s grassy knolls and open walkways and experience the class and elegance. Open floor plan features a lovely bright and open den! Main level master bedroom. Basement could be great for recreational use or more living space with its partial kitchen and full bath! Enjoy a vast offering of community amenities such as lakes for fishing and neighborhood pool! 

http://bit.ly/3761SandalwoodLane 

4470 Pebble Lake Drive  |  Pfafftown

Majestic lakefront home in popular Pfafftown.  Spacious rooms are perfect for entertaining. Beautiful chef's kitchen has gorgeous travertine floors with an eat-in area and den that open into a bright and cheery all seasons room! Amazing millwork adds to the fine details of this home. Lovely master bedroom with sitting area make the room feel elegant yet cozy. Finished basement can serve as a man cave! LOTS of storage! Highly desired schools!

http://bit.ly/4470PebbleLakeDr 

What Does the Recent Rash of Price Reductions Mean to the Real Estate Market?

Last week, in a new report from Zillow, it was revealed that there has been a rash of price reductions across the country. According to the report:

• There are more price cuts now than a year ago in over two-thirds of the nation’s largest metros
• About 14% of all listings had a price cut in June
• Since the beginning of the year, the share of listings with a price cut increased 1.2%
• This is the greatest January-to-June increase ever reported, and more than double the January-to-June increase last year

Senior Economist Aaron Terrazas further explained:

“A rising share of on-market listings are seeing price cuts, though these price cuts are concentrated at the most expensive price-points and primarily in markets that have seen outsized price gains in recent years.”

What this DOESN’T MEAN for the real estate market…

This doesn’t mean home values have depreciated or are about to depreciate.

A seller may put a home worth $300,000 on the market for $325,000 hoping a bidding war will occur and an overanxious buyer will pay more than its actual value. That has happened often over the last few years. If the seller gets no offers and reduces the price to $300,000, it doesn’t mean the home dropped in value. It is still worth $300,000.

Home prices will continue to appreciate over the next 12 months. In this same report, Terrazas remarks:

“It’s far too soon to call this a buyer’s market, home values are still expected to appreciate at double their historic rate over the next 12 months, but the frenetic pace of the housing market over the past few years is starting to return toward a more normal trend.”

What this DOES MEAN for the real estate market…

This does mean that sellers should be more conservative when it comes to the price at which they list their homes – especially sellers in the upper end of each market.

Sellers have been listing their homes at inflated prices hoping a super-hot market will deliver a buyer willing to pay virtually any price to ensure they don’t lose the house. That strategy has worked somewhat successfully over the last two years. However, the time that strategy would have worked may have passed.

Again, quoting Aaron Terrazas in the report:

“The housing market has tilted sharply in favor of sellers over the past two years, but there are very early preliminary signs that the winds may be starting to shift ever-so-slightly.”

Bottom Line

Prices are not depreciating. However, if you want to sell your house quickly and with the least amount of hassles, pricing it correctly from the beginning makes the most sense.

5 Real Estate Reality TV Myths Explained

Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV binge session? We’ve all been there, watching entire seasons of “Love it or List it,” “Million Dollar Listing,” “House Hunters,” “Property Brothers,” and so many more all in one sitting.

When you’re in the middle of your real estate themed show marathon, you might start to think that everything you see on TV must be how it works in real life, but you may need a reality check.

Reality TV Show Myths vs. Real Life:

Myth #1: Buyers look at 3 homes and decide to purchase one of them.
Truth: There may be buyers who fall in love and buy the first home they see, but according to the National Association of Realtors the average homebuyer tours 10 homes as a part of their search.  

Myth #2: The houses the buyers are touring are still for sale.
Truth: Everything is staged for TV. Many of the homes being shown are already sold and are off the market. 

Myth #3: The buyers haven’t made a purchase decision yet.
Truth: Since there is no way to show the entire buying process in a 30-minute show, TV producers often choose buyers who are further along in the process and have already chosen a home to buy. 

Myth #4: If you list your home for sale, it will ALWAYS sell at the open house.
Truth: Of course, this would be great! Open houses are important to guarantee the most exposure to buyers in your area but are only a PIECE of the overall marketing of your home. Keep in mind that many homes are sold during regular listing appointments as well. 

Myth #5: Homeowners decide to sell their homes after a 5-minute conversation.
Truth: Similar to the buyers portrayed on the shows, many of the sellers have already spent hours deliberating the decision to list their homes and move on with their lives/goals.

Bottom Line

Having an experienced professional on your side while navigating the real estate market is the best way to guarantee that you can make the home of your dreams a reality!

Have You Outgrown Your Starter Home?

For many Americans, buying their first home is their first taste of achieving part of the American Dream. There is a sense of pride that comes along with owning your own home and building your family’s wealth through your monthly mortgage payment.

It may seem hard to imagine that the first home you purchased (which made your dreams come true) might not be the home that will allow you to achieve the rest of your dreams. The good news is that it’s ok to admit that your home no longer fits your needs!

According to CoreLogic’s latest Home Price Index, prices in the starter home market have appreciated faster than any other category over the last year, at 9.4%. At the same time, inventory in this category has dropped 14.2%.

These two stats are directly related to one another. As inventory has decreased and demand has increased, prices have been driven up.

This is great news if you own a starter home and are looking to move up to a larger home as the equity in your home has risen as prices have gone up. Even better is the fact that there is a large pool of buyers out there searching for your starter home to help them achieve their American Dream!

Bottom Line

If you have outgrown your starter home, contact a local real estate professional who can explain the market conditions in your area and help you find your next home!

Home Buying Myths Slayed

More Under Contract!

4970 Old Towne Village Circle |  Pfafftown

The details within this immaculately kept home will amaze you! Located in popular Pfafftown on a corner lot, you will be close to shopping, restaurants, schools and downtown Winston Salem. Granite throughout the home, the master shower is stunning! Enjoy the fenced backyard with storage shed or hang out at the neighborhood playground. This is all the space you will ever need! Home warranty.

http://bit.ly/4970OldTowneVillageCir 

1500 Polo Road  |  Winston Salem

Location, location, location! This adorable home is completely renovated on a great lot near Wake Forest University! Incredible updates throughout, including: NEW windows, AC, Furnace circa 2016, Kitchen updates with granite and new fixtures, bathroom updated, new tile flooring, hardwoods throughout refinished, Newer Roof circa 2013!!! Walkout basement could be finished. Home is AS IS, NO repairs will be made.

http://bit.ly/1500PoloRd 

Open House for August 5th

1509 Boxthorne Lane  |  Thornhill  |  Winston Salem

Stunning executive home in highly desired Thornhill, situated in the heart of Winston. This open floor plan features a gorgeous new screened porch, cooks kitchen, main level master suite and main level garage. Enjoy a walkout basement to the fenced, private lush lot. The lower level has an optional 5th bedroom and complete guest suite. Enjoy fishing in the stocked neighborhood pond. Highly requested zone 5 schools! Close proximity to downtown, shopping and great dining!

http://bit.ly/1509BoxthorneLn 

The #1 Reason to Put Your House on The Market TODAY!

The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report which revealed that home sales declined 0.6% to a seasonally adjusted annual rate of 5.38 million in June from 5.41 million in May, and are 2.2% below a year ago. Some may look at these numbers and think that now is a bad time to sell their house, but in fact, the opposite is true.

The national slowdown in sales is directly tied to a lack of inventory available for the buyers who are out in the market looking for their dream homes! In fact, the inventory of homes for sale had fallen year-over-year for 36 consecutive months before posting a modest 0.5% gain last month and has had an upward impact on home prices.

NAR’s Chief Economist Lawrence Yun had this to say,

“It’s important to note that despite the modest year-over-year rise in inventory, the current level is far from what’s needed to satisfy demand levels. Furthermore, it remains to be seen if this modest increase will stick, given the fact that the robust economy is bringing more interested buyers into the market, and new home construction is failing to keep up.”

The few houses that are on the market are selling fast! According to NAR’s Realtors Confidence Index, properties were typically on the market for 26 days.

Bottom Line

If you are one of the many homeowners who is debating listing your house for sale this year, the time is now! Let’s get together to discuss the specifics of our market!

Another Under Contract!

1559 Crestlawn Trail | Pfafftown

Don't miss seeing this Long Creek Village beauty! The perfect low maintenance, one level living home for you! Bright and cozy rooms including a spacious living area with vaulted ceilings and fireplace! Large kitchen with eat in dining area. Master bedroom has vaulted ceilings and a large closet. Two car garage includes attic storage space! Enjoy a level backyard or relax at the neighborhood pool and greenspace.  

http://bit.ly/1559CrestlawnTrl 

Under Contract!

3041 Cambridge Road  |  Winston Salem

Lovely centrally located, flowing and open floor plan 3 bedroom, 2 bath home is what you are looking for! Located near restaurants, shopping and downtown Winston Salem. Large screen porch with a spacious level back yard! Updates galore! New oil tank, updated bath, kitchen! Owned by the same owner for 42 years! Hurry this beauty won't last long!

http://bit.ly/3041CambridgeRd 

Will Your Current House Fit Your Needs in Retirement?

As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.

According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factorsthat you should consider when choosing your retirement home.1

1. Affordability

“It may be easy enough to afford your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.”

Would moving to a complex with homeowner association (HOA) fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?

2. Equity

“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”

The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $16,300 in equity last year.

3. Maintenance

“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”

As we mentioned earlier, would a condo with an HOA fee be worth the added peace of mind in knowing that you do not have to do the maintenance work yourself?

4. Security

“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”

As scary as that thought may be, any additional security and an extra set of eyes looking out for you always adds to peace of mind.

5. Pets

“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”

Evaluate all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or moving in to a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?

6. Mobility

“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”

Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Having to install handrails and make sure that your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.

7. Convenience

“Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”

How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.

Bottom Line

When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, let’s get together to evaluate your ability to sell your house in today’s market and get you into your dream retirement home!

Preparing Children for Moving

Buying a new home and creating new memories with your family is a very exciting experience. If you are moving your family, it helps to prepare children for living in a new home. When moving, it is common for children to experience homesickness and a bit of anxiety about living in a new home. Make the most of your move and follow these tips to help your children feel at home in your new house!

• Prepare – Preparation during the time leading up to the move will have a large impact on how easily children adapt. Let children know a few months in advance that the move is happening and explain to them that all their things inside the house will be coming with them. If you are selling your home, you may also want to explain that there could be potential buyers walking through at times.
• Keep children involved in the moving process – Keep children in the loop and involve them in planning and packing. Allow them to help pack their own rooms or favorite items. Younger children might even enjoy decorating their boxes with markers or crayons. If you are purchasing any new furniture or décor for your new home, allowing the children to help choose things for their room may also make them more excited about the new space.
• Familiarize with new surroundings – Spend some time in the area surrounding your new home before you make the move. If there are parks nearby, walk children around or go for a bike ride so they will feel comfortable and familiar. Look into opportunities for children to sign up for activities where they will be able to meet other neighborhood children.
• Become involved in new schools – If your children will be switching schools with the move, reach out to the school and schedule a visit. Allow children to meet their new teacher and set them up with after-school activities to help them meet friends.
• Continue family pastimes – Bring family traditions from your old house to the new one to help children feel at home. Start new traditions in your new home, too! Find a restaurant that you all love or start a family game night.
• Stay positive – Children will likely develop feelings about the move by watching their parents. Stay positive about the move to create reassurance with children. If you are excited, they will be excited!

Contributed by Ashley McKenzie-Sharpe  

Phone: 336-748-4599    |    ashleym@fairwaymc.com

Just Listed in Pfafftown

4970 Old Towne Village Circle | Pfafftown

The details within this immaculately kept home will amaze you! Located in popular Pfafftown on a corner lot, you will be close to shopping, restaurants, schools and downtown Winston Salem. Granite throughout the home, the master shower is stunning! Enjoy the fenced backyard with storage shed or hang out at the neighborhood playground. This is all the space you will ever need! Home warranty.

http://bit.ly/4970OldTowneVillageCir 

UNDER CONTRACTS IN LESS THAN 12 DAYS

UNDER CONTRACT IN 11 DAYS!!

3124 Kinnamon Road  |  Winston Salem

Darling Country Club Estates/Buena Vista home with a super layout, lots of natural light and a fabulous walkout basement complete with office or studio. Enjoy features such as hardwoods, large bedrooms, a cooks kitchen with breakfast nook and sunroom overlooking the lush lot. New HVAC 2017! Quick commute to Thruway, downtown Winston, Greensboro or the hospitals. Plenty of room to expand or store loads of belongings. Hurry as this gem won't last!!! HIGHLY requested Zone 6 schools Whitaker, Reynolds!

http://bit.ly/3124KinnamonRd   

UNDER CONTRACT IN 9 DAYS!!

820 Poplar Grove Road    Winston Salem

Beautiful home w/large rocking chair front that porch greets you as you arrive! This is an entertainers delight with a cooks kitchen and a fabulous and private patio ready for your gatherings or quiet time. Upstairs you will find a fabulous master bedroom w/sitting room/office & two walk in closets! Basement area has a separate driveway and entrance, making it a great guest suite. New HVAC in 2016. Easy access to Muddy Creek Greenway. Enjoy a low maintenance lot & highly requested schools. No HOA!

http://bit.ly/820PoplarGroveRd

UNDER CONTRACT IN 2 DAYS!

710 Sterling Brooke Court | Winston Salem

This immaculate end unit town home will immediately capture your heart! Open foyer and upstairs loft make this home feel amazingly spacious. This home is centrally located close to shopping, hospitals, restaurants and highways. Upstairs laundry is easy access to all bedrooms! Enjoy lounging in your private fenced patio area or use the neighborhood pool and clubhouse! Hurry this one won't last long!

http://bit.ly/710SterlingBrookeCt 

JUST LISTED IN CLEMMONS

5252 Bridge Point Drive |  Clemmons

This stunning home welcomes you home from the moment you arrive! Situated on a lush private lot, you'll enjoy the multi level decking and main level garage. Beautiful bright sunny light throughout with tall ceilings for impact. Updates include kitchen, new carpet, downstairs HVAC replaced in 2016. Potential for expansion in the walk out basement with rough plumbing and framing! LOTS of storage throughout as well as multiple walk in closets! Don't miss this amazing home!

http://bit.ly/5252BridgePointeDr

OPEN HOUSES for July 15th!

120 Chestnut Hill Court  |  Winston Salem

Beautiful 4 bedroom, 3 1/2 bath traditional brick home on cul-de-sac lot in established neighborhood. Brand new kitchen with custom cabinetry, stainless steel appliances, marble subway tile back splash, granite counter tops, and large island with bar seating. Spacious eat-in kitchen area leads to 26X16 screened porch. Fresh paint, hardwoods throughout the entire home, large rooms, great floor plan and huge finished basement with full bath. Neighborhood pool is great for relaxing this summer!

http://bit.ly/120ChestnutHillCt 

2811 Darrow Road  |  Walkertown

Live in the center of it all! You'll be surprised how much space is packed into this cozy house!  This adorable 3 bedroom / 2 bath home is a must see - close to schools, restaurants, parks and churches! Updated deck, new carpet and fresh paint add to the appeal!  Possible rezoning to commercial use. Don't miss this one!

http://bit.ly/2811DarrowRd

5252 Bridge Point Drive |  Clemmons

This stunning home welcomes you home from the moment you arrive! Situated on a lush private lot, you'll enjoy the multi level decking and main level garage. Beautiful bright sunny light throughout with tall ceilings for impact. Updates include kitchen, new carpet, downstairs HVAC replaced in 2016. Potential for expansion in the walk out basement with rough plumbing and framing! LOTS of storage throughout as well as multiple walk in closets! Don't miss this amazing home!

http://bit.ly/5252BridgePointeDr

Cost Across Time

Some Highlights:

• With interest rates still around 4.5%, now is a great time to look back at where rates have been over the last 40 years.
• Rates are projected to climb to 5.1% by this time next year according to Freddie Mac.
• The impact your interest rate makes on your monthly mortgage cost is significant!
• Lock in a low rate now while you can!