2 Things Sellers Need To Know This Spring

A lot has changed over the past year, and you might be wondering what’s in store for the spring housing market. If you’re planning to sell your house this season, here’s what real estate experts are saying you should keep in mind.

1. Houses That Are Priced Right Are Still Selling

Houses that are updated and priced at their current market value are still selling. Jeff Tucker, Senior Economist at Zillow, says:

“. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.”

The need to price your house right is so important today because the market has changed so much over the past year. Danielle Hale, Chief Economist at realtor.com, explains:

“With a smaller pool of buyers today and more competition from other homes on the market, homesellers will likely need to adjust their price expectations in the market this spring.”

While this spring housing market is different than last year’s, sellers with proper expectations who lean on a real estate expert for the best advice on pricing their house well are still finding success. And that’s great news if you’re thinking about selling.

2. Buyers Are Still Out There

As mortgage rates have risen and remain volatile, some buyers have pressed pause on their plans. But there are still plenty of reasons people are buying homes today. Lisa Sturtevant, Chief Economist at Bright MLS, spells out the mindset of today’s buyers:

“For some buyers, higher mortgage rates simply means buying a home is out of the question unless home prices fall. For others, higher mortgage rates will be a hurdle but ultimately will not keep them from getting back into the market after sitting on the sidelines for months.”

That’s why, if you’re interested in selling your house this spring, it’s helpful to work with a real estate agent who can help connect you with those buyers who are ready to purchase a home.

Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance

To sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but inventory is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, homes that are updated and priced at market value are still selling fast.

Today, homes with curb appeal that are presented well are still selling quickly, and sometimes over asking price. According to Danielle Hale, Chief Economist at realtor.com: “In a market where costs are still high and buyers can be a little choosier, it makes sense they’re going to really zero in on the homes that are the most appealing.” With the spring buying season just around the corner, now’s the time to start getting your house ready to sell. And the best way to determine where to spend your time and money is to work with a trusted real estate agent who can help you understand which improvements are most valuable in your local market.

Curb Appeal Wins

One way to prioritize updates that could bring a good return on your investment is to find smaller projects you can do yourself. Little updates that boost your curb appeal usually work well. Investopedia puts it this way: “Curb-appeal projects make the property look good as soon as prospective buyers arrive. While these projects may not add a considerable amount of monetary value, they will help your home sell faster—and you can do a lot of the work yourself to save money and time.”

Small cosmetic updates, like refreshing some paint and power washing the exterior of your home, create a great first impression for buyers and help it stand out. Work with a real estate professional to find the low-cost projects you can tackle around your house that will appeal to buyers in your area.

Not All Updates Are Created Equal

When deciding what you need to do to your house before selling it, remember you’re making these repairs and updates for someone else. Prioritize projects that will help you sell faster or for more money over things that appeal to you as a homeowner. The 2022 Remodeling Impact Report from the National Association of Realtors (NAR) highlights popular home improvements and what sort of return they bring for the investment (see graph below): Remember to lean on your trusted real estate advisor for the best advice on the updates you should invest in. They’ll know what local buyers are looking for and have the latest insights of what your house needs to sell quickly this spring.

Bottom Line

As we approach the spring season, now’s the time to get your house ready to sell. Let’s connect today so you can find out which updates make the most sense.

Curious to see who’s popular at Encanterra this year?

Encanterra Real Estate Market Report- 2022 & looking forward to 2023

Take a look below to see which floorplans were the most popular in 2022.

Encanterra ONLY sales Market Report for 2022

*No longer offered

2022 Encanterra ONLY market statistics:

43 Canceled/expired listings

Average days on the market for the canceled or expired: 32 with the high at 182 days

2022 – 99 new build closings

2022 – 130 resale closings

Of these 130 resale closings; the average days on the market: 90 with the high 252 days

Looking forward

How our market evolves in 2023 will be determined by three metrics: Mortgage rates! Mortgage rates! Mortgage rates!

VALLEY WIDE statistics- ARMLS (Arizona Regional MLS) Pending Price Index (PPI) Last month, STAT’s mathematical model projected the median sales price for December at $420,000, the actual amount was $412,000. Looking ahead to January, the ARMLS Pending Price Index is projecting the median sales price to drop slightly to $410,000. If January’s median sales price projection is correct, our year-over-year median sales price will have 13.68% from May 2022’s record high of $475,000. Our December’s median price projection missed the mark by $8,000 or 1.9%. This was caused by numerous contracts signed earlier this year which had been assigned a year-end escrow date, in which a status change had taken place and had not been updated.

We began January with 4,910 residential listings under contract. This compares to 8,812 of the same type of listings one year ago. At the beginning of January, the “pending” contracts are 44.28% lower than last year. ARMLS reported 6,806 sales in January 2022. The highest sales volume ever in January occurred in 2021 with 7,076. When January’s numbers are reported this year, we will see a drop in both sales volume and price. If our models are correct, year-over-year sales volume will decline around 45%.

In conclusion, let us share with you two published opinions:

Sam Khater, Freddie Mac’s Chief Economist: “Mortgage application activity sunk to a quarter century low this week as high mortgage rates continue to weaken the housing market. While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.” While mortgage rates have resumed their decline, the market remains hypersensitive to rate movements, with purchase demand experiencing large swings relative to small changes in rates. Over the last few weeks, latent demand has been on display with buyers jumping in and out of the market as rates move.

Michael Orr of the Cromford Report: “We are still dependent on the whims of the Federal Reserve. If they continue to push the Federal Funds Rate higher in an attempt to curb inflation, then mortgage rates could move higher too, putting a quick damper on any recovery in demand. However, if the 30-year fixed mortgage rate stays between 6% and 6.75%, then we should have confidence that the housing market can operate normally at this level. To achieve confidence, we need several months of interest rate stability. This is by no means certain to happen, but it is possible. Once the fear is removed, we should see more signs of a recovery in demand and volumes will rise back towards a more normal level.”

Want to discuss your home’s value? Let’s chat!

How’s the Encanterra Market? 2/3/2023

Below are the Encanterra Real Estate market numbers so far in January, 2023

As of today, there are:

Active Listings: 33

Under contract: 7

Coming Soon Listings: 3

Have questions about your home? Contact us today!

Top 5 Interior Trends for 2023

Each New Year ushers in a variety of new trends, from fashion to technology to interior design. Whether you’re looking for ways to spruce up your current home before selling it or you’re starting to plan the style of a new home, the upcoming trends forecasted by designers can provide some inspiration.

Here are 5 of the top interior design trends you can expect to be seeing in 2023:

Calming colors. When it comes to paint colors, wallpaper, and décor, homeowners are increasingly preferring warm, neutral hues that evoke a sense of calm and coziness. Colors commonly found in nature—such as muted browns and greens—are always a safe choice, but shades that are deeper yet still earthy (like mustard yellows, the popular accent color Ultramarine blue, or Pantone’s color of the year for 2023, Viva Magenta) are finding their place as well.
Statement rugs. To complement a more neutral color palette, designers are seeing homeowners opt for statement rugs that are both functional and decorative. With bold colors and patterns, these rugs can essentially serve as “floor art.”
Gold accents. Reflecting the theme of warm over cool tones, gold and brassy fixtures—including lighting, faucets, and cabinet or drawer pulls—will continue to be popular, while brushed nickel has fallen out of favor.
High-gloss wood finishes. From floors to cabinets, matte wood finishes are being swapped out for high-gloss, which brings a polished, eye-catching look to any room.
Biophilic design. While this trend is not exactly new, designers expect to continue seeing homeowners seek ways to bring elements of the natural world into their homes. This often manifests in the use of natural, organic materials, such as bamboo, cork, and wood, as well as decorative objects with freeform shapes. Incorporating these items can add warmth and texture to any interior design.

Sources: good housekeeping & house beautiful

Encanterra Living App in the Apple App Store!

GUESS WHAT!

Now, it is so much easier to download the app, without having to worry about adding it to your home screen! Click the link below to head to the App Store!

You can download the Encanterra Living App with one click and you’ll be on your way to enjoy everything that this app offers! With this app you can easily access amenities like dinner reservations, book a tee time or spa appointment. The app also provides access to an extensive list of handyman services like plumbers, electricians, roofers, you name it! The app can give you up to date information about all the homes listed for sale in the community because it’s linked directly to the MLS. This app is like your one stop shop for anything related to Encanterra. Click the link below to download the app, and start enjoying!

Click here to access the app: Encanterra Living App