Coldwell Banker Kingthompson - Trina Molnar

07/12/2024

07/11/2023

Contract Signings Slow, But Buyer Demand Is Still High
June 29, 2023

Pending home sales may be down significantly from a year ago, but housing activity is quite lively in many parts of the country. Read more from NAR’s latest housing report.
Person signing a contract
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Although pending home sales fell 2.7% month over month in May, according to new data from the National Association of REALTORS®, that’s not necessarily an indication of a slowing housing market.

Low inventory is the primary reason contract signings are down a whopping 22% from a year ago, but strong homebuyer demand is evident. “Despite the sluggish pending contract signings, the housing market is resilient, with approximately three offers for each listing,” says NAR Chief Economist Lawrence Yun. Still, “the lack of housing inventory continues to prevent housing demand from being fully realized.”

NAR Pending Home Sales May 2023
Home buyers continue to be met with limited housing options during what’s typically the real estate market’s busiest season. Economists say a “mortgage rate lock-in” effect is occurring, in which homeowners who locked in ultra-low mortgage rates in recent years are reluctant to sell and reenter the market at today’s rates in the 6% range. The current supply of existing homes is about half the level it was in 2019, NAR’s research shows.

A New-Home Boom?
Meanwhile, the market for new construction is a bright spot. Sales of newly built homes jumped 12.2% month over month in May and are up 20% compared to a year ago, the Department of Housing and Urban Development and the Census Bureau reported earlier this week.

“Demand for new homes is strengthening because of a lack of existing-home inventory,” says Alicia Huey, chairperson for the National Association of Home Builders. “And while builders continue to grapple with elevated construction costs, an encouraging sign is a big gain in home sales in the $200,000 to $300,000 price range.” In May, 12,000 homes were sold in that price range—more than double a year earlier, when that figure was 5,000, Huey says.

Options are fairly abundant in the new-home market, too. New-home inventory comprised 31% of total housing inventory in May. Historically, it makes up only about 10% to 15% of the market, says NAHB Chief Economist Robert Dietz.

Nevertheless, while “it is encouraging that homebuilders have ramped up production, the supply from new construction takes time and remains insufficient,” Yun adds. “There should be more focus on boosting existing-home inventory with temporary tax incentive measures” to maintain healthier housing inventory levels that can meet demographic needs in the future.

12/19/2021

Listen, do you want to know a secret? We have a couple of home-selling doozies that will help you land a sweet offer. You already know about curb appeal, filling your home with the smell of baked goods, and hiding family photos. But what you don’t know is, frankly, a lot.

We gathered the stealthy strategies of top agents to bring you their best 10 tips. So check out all their selling secrets that will help you land the largest offer.

Can’t-miss tip: You already know about buyers writing heartfelt missives to make their offer stand out, but it turns out sweet words on paper can work in reverse, too. Agents recommend writing a letter to potential buyers and leaving it on your kitchen counter for all potential buyers to see. By telling the story of what you cherish most about your home—be it raising a family or how you gather with friends on your beautiful front porch—you’ll help buyers fall in love with your property and maybe even offer you the asking price (or beyond).

Oh, backyard oasis, your leafy beauty saved our collective sanity during the COVID-19 pandemic. And the more we admired you, the more we wanted to tend to you and keep you exactly as is. But what’s that you say? You want to change things up?

Well, that makes sense. After all, we all like to reinvent ourselves once in a while. So we rounded up ways to make your shrubs stand out, add functionality to your lawn, and amp up your garden biodiversity.

Read more to find out what backyard design rules you should blatantly break to give your outdoor space a loving zhuzh.

Can’t-miss tip: Formal outdoor spaces of yesteryear are out. What’s in are natural, lived-in yards. So ditch rows of trees and shrubs, and instead plant perennials throughout your backyard to add a sculptural element. You want to harness some of that wonder you feel when you’re out on a nature walk and spy untamed plants, flowers, and foliage.

11/11/2021

Your Moving Checklist: 15 Things to Do Before Moving Into a New Home

Welcome to the ultimate moving checklist—a list of all the things you should do before moving into your new home.

Let’s face it: With all the excitement of new digs, it’s easy to forget some important tasks. Plus, certain things are best done while the house is still vacant, long before your boxes and furniture are parked in the place. Put these things off, and it becomes all the harder to tackle them later.

So before you move—or in case you have moved and are wondering how many of these you hit—check out this moving checklist to know what should be done long before you settle in.
1. Turn on utilities

Electric, gas, water—don’t assume they’ll be on and operational when you arrive. Instead, get all your utilities set up ahead of time.

“Chances are the seller will be turning them off as of the closing date,” says Greg Beckman, an Annapolis, MD, real estate agent.
2. Set up internet and cable service

Plan on having a “Property Brothers” marathon while you’re unpacking? Have your home wired for service before you arrive, advises Julie McDonough, a real estate agent in Southern California.
3. Order an energy audit

One of the best ways to cut your energy bill is to order a home energy audit, says Rachel Foy, a real estate agent in Newton, MA.

An energy audit is a professional assessment of your new home’s overall energy performance. This will show you how to make your house more energy-efficient (think insulating the attic, weatherstripping windows, sealing air leaks in crawl spaces), so it’s best to have one done and make related repairs before moving in.

A home energy audit costs, on average, about $215 to $600, but some utility companies will do them for free.
4. Do a deep clean

“It’s never easier to do a deep clean than when the house is empty,” Beckman says. A cleaning service costs around $150. Don’t mind cleaning the home yourself? Check out our House Cleaning Guide, with tips on how to clean a kitchen, bedroom, bathroom, and beyond.
5. Change the locks

This is a basic safety measure; however, “it can’t be done until after closing,” says Chris Dossman, a real estate agent in Indianapolis.
6. Test smoke and carbon monoxide detectors

Make sure these are functioning properly to protect your new home from fires and other emergencies. Also, read our recommendation of the best type of smoke detector.
7. Set up the alarm system

If the home already has a security system installed, call the provider to confirm that service is set up, says Jennifer Baxter, associate broker at Re/Max Regency in Suwanee, GA.
8. Tackle major home renovations

The last thing you want to do is have to tiptoe around a construction zone after you move in. So, if you want to repaint the home, resand floors, or make any other renovations, do them in advance.

“These projects are best done when the house is empty and usually don’t happen once the furniture shows up,” says Foy.

One caveat: “You have the right to bring in vendors for quotes, but work cannot start until you own the home,” she adds.
9. Make repairs

Before moving in, Baxter recommends hiring a handyman to do any repairs that the seller didn’t agree to make. Check out our tips on how to hire a great handyman (or woman).
10. Get a home warranty

Imagine waking up one morning to a busted boiler or leaking washer in your brand-new home. A home warranty covers the cost of repairing many home appliances—and basic coverage starts at only about $300, says Shawna Bell of Landmark Home Warranty.
11. Buy fire extinguishers

Get one for every level of your home, make sure you know how to use it, and plan an escape route in the event of a fire.
12. Get to know your new house

Figure out where the circuit breaker box and main water shut-off valve are before moving in, so you know how to turn off the electricity or water in an emergency. Also, consider labeling your home’s electrical panel.
13. Childproof the home

Have kids? Every year, millions of children are hospitalized because of accidents around the home, according to Safe Kids Worldwide. So, before your bundle of joy starts toddling around the house, take steps to fully childproof your new home.
14. Forward your mail

Don’t forget to update your address with the United States Postal Service. (Visit the Official Postal Service Change of Address website.) The postal service charges a $1 fee to verify your identity when changing your address online, so you’ll need a credit or debit card.

Note: The postal service will stop forwarding periodicals to your new address 60 days after you move, so alert magazines and newspapers that you’ve moved.
15. Update your billing address

Alert your credit card companies, banks, or any other financial institutions of your new address. Also, if you frequently buy anything from a website, you can avoid a future headache by updating your profile with your new address.

01/26/2021

WHAT YOU NEED TO KNOW IF YOU PLAN TO SELL YOUR HOME IN 2021

Despite the pandemic, 2020’s real estate market saw some exciting highs for people who sold their homes. If you’re thinking about getting in on the action this year, there are a few important things to know.

2021 is expected to be another good year for sellers, according to realtor.com’s 2021 Housing Forecast. Our team of economists is expecting the number of buyers in the market to continue to outweigh the number of homes for sale. And, while home prices won’t grow quite as fast as they did in 2020, our experts are projecting that they’ll continue to reach new highs.

As you consider your options, timing and strategy, it’s also important to note that a combination of higher prices and rising mortgage rates throughout the year could begin to make affordability a challenge for some buyers, especially first-time buyers. And, regardless of these factors, the strength of the 2021 housing market will certainly be impacted by our nation’s success in containing the pandemic and staving off a double-dip recession.

There are so many nuances to know if you want to move in 2021, but whether you’re planning to upgrade or downsize or simply relocate somewhere new, here are five tips for making it a smooth transition:

Consult a professional and weigh your options. As a seller, you have a number of options available to you. Although we believe there is value in working with an experienced agent who is familiar with your local housing market to guide you through the process, it’s good to know what your options are and choose the one that’s best for your situation. You can learn more about the options available to you in your market on Realtor.com’s Seller’s Marketplace.
Know where you’re going. In this market, you can expect your property to sell quickly, so if you plan to buy a home while selling your current one, it’s critical to have a strategy in place for making the transition BEFORE you sell. Remember that, as a buyer, you’ll be in the reverse position and facing the same competition as the folks looking at your home. This is especially true if you need the equity in your current home to purchase a new one. Given sellers are in control, you may have the option of asking your buyer to allow you to stay in your home a little longer with a rent-back option, or consider renting before buying your next home.
Visuals are more important than ever. Although searching for homes online isn’t new, with stay-at-home orders and social distancing, more people are taking their searches online further than before. When you are interviewing agents, ask how they plan to showcase your home. A recent realtor.com survey found that listings with virtual tours received more views than those without, and home shoppers were relying on both virtual tours (61%) and high quality listing photos (51%) to w**d out homes they want to visit in person.
Prepare for the sale. All of the small home projects you’ve been thinking about or meaning to do from a fresh coat of paint to decluttering your closets or fixing a leaky faucet — now’s the time to do them. The little details will make a huge difference in helping would be buyers see the potential in your space.
Take safety seriously. Even with a great virtual tour, most prospective buyers will want to see your home in person before they make an offer. Your real estate agent can help by limiting the number of showings per day, ensuring gaps between showings and requiring masks. But keep in mind that, once everyone leaves, it will be up to you to clean and sanitize your home.
Select the offer that is best for you. With so few homes on the market, you should be prepared to receive multiple offers, possibly all at once. While it’s exciting, it’s important not to say ‘yes’ too soon so you can clearly think through if the offer is right for you, and that may not necessarily be the highest one. Typically, sellers have 24 to 48 hours to accept an offer, so take the time to assess each offer you receive. This is where an agent can add value as they know the market and can provide intel and strategy.

11/03/2020

Home-Buying Mistakes to Avoid at All Costs (or Else)
By Craig Donofrio

Putting down roots can be exciting, but you don’t want to rush into it. Making simple errors while searching for a home can cause a lot of stress—both emotional and financial—for years to come. So, take some time to educate yourself about the six most common home-buying mistakes people make, and your own experience is more likely to be successful and exciting.
1. Going over budget

Don’t borrow more than you can comfortably afford. For example, don’t get a 15-year mortgage with high monthly payments when a 30-year mortgage will give you more wiggle room. Otherwise, you’ll be strapped for money and unable to save as much as you want. A rule of thumb: Total monthly debts, including your mortgage, should not exceed 43% of your total pretax income.

To figure out if you are getting a good deal, do a comparable market analysis through a Realtor®. Factor in other costs such as agent fees, escrow fees, title and homeowners insurance, property taxes, legal costs, notary fees, and closing costs.

2. Using the wrong agent

Avoid dealing with a dishonest or unqualified real estate agent by selecting an agent who is a member of the National Association of Realtors®. Realtors work as licensed, independent contractors through real estate firms and are governed by strict regulatory guidelines.

Interview a few Realtors, and pick the one you feel best represents your needs.
3. Not loan shopping

Shop around for the best rate; don’t go with the first one a bank offers you. A mortgage broker can help with this process, but you can also shop around on your own.
4. Banking on pre-approval

Just because you’ve been pre-approved doesn’t absolutely mean the mortgage is yours. If your financial situation is called into question during the underwriting process, your lender can refuse to give you the loan. That includes taking out new loans after being pre-approved or switching jobs. The lender will run your credit, bank, and income statements again, so be prepared to answer any questions about discrepancies it might find.
5. Loving only the house

If you don’t like the block or the town where the house is located, you’re asking for trouble. You won't be happy there, and you'll have a hard time reselling the property if you don't fall in love with your neighborhood.

Do your research by visiting the area during different times of the day and week. Observe what the neighborhood is like after dark and on weekends. Notice if your street is congested during rush hour. Are the neighbors noisy? Are these the kind of kids you want your children to befriend? Ask yourself if the standard of living most closely represents yours.
6. Ignoring inspections

Don't skimp on home inspections when buying a house, even if it adds to the cost. Hire a certified inspector who will thoroughly check the electrical and plumbing systems, heating and air conditioning, roof and walls, foundation and structure, drainage, garage, and basement.

You should also inspect your potential property for radon, asbestos, mold, lead, insects, and pests. Ask your Realtor if he or she can recommend a trusted inspector.

11/03/2020

Pending Home Sales Slightly Down in September

By RISMedia Staff

Pending home sales slid 2.2 percent in September, a minor decline after posting four consecutive months of growth, according to the National Association of REALTORS®. All four major U.S. regions recorded notable YoY increases, but only the Northeast posted month-over-month gains in pending home sales transactions.

According to the realtor.com® Housing Market Recover Index, the following markets showed the greatest recovery as of Oct. 10: Seattle-Tacoma-Bellevue, Wash.; Boston-Cambridge-Newton, Mass.-N.H.; Los Angeles-Long Beach-Anaheim, Calif.; Las Vegas-Henderson-Paradise, Nev.; and San Jose-Sunnyvale-Santa Clara, Calif.

Regional Breakdown:

Northeast
+2.0% MoM – Now 119.4 PHSI
+27.7% YoY

Midwest
-3.2% MoM – Now 120.5 PHSI
+18.5% YoY

South
-3.0% MoM – Now 150.1 PHSI
+19.6% YoY

West
-2.6% MoM – 116.8 PHSI
+19.3% YoY

“The demand for home-buying remains super strong, even with a slight monthly pullback in September, and we’re still likely to end the year with more homes sold overall in 2020 than in 2019,” said Lawrence Yun, NAR’s chief economist. “With persistent low mortgage rates and some degree of a continuing jobs recovery, more contract signings are expected in the near future.”

“Additionally, a second-order demand will steadily arise as homeowners who had not considered moving before the pandemic begin to enter the market,” Yun added. “A number of these owners are contemplating moving into larger homes in less densely populated areas in light of new-found work-from-home flexibility.”

09/25/2020

How To Guide: Sell Your Home & Buy a New One at the Same Time (by Mark Neff)

Unless you’re moving from a rental, a family member’s home, or a property you intend to rent out (or use as a second home), you’re likely in a position where you have to sell your home and buy a new home at the same time. It’s a prospect that can feel daunting for even those who have done this before. After all, it can seem like a “chicken or the egg” scenario: Do you focus on the sale so you know how much money you’ll get, or do you focus on finding a new home so you’ll have a place to live lined up once your home sells?

While the answers depend on many factors unique to you and your home, I have seen it all when it comes to this situation. Here are the ten things you'll want to keep in mind when you’re a buyer and seller at the same time.

Focus on the Home You're Selling First

Once you’ve made the decision to sell your home, it’s tempting to jump to the next step. For one, a new home represents a fresh beginning. Searching for a new home also eases the anxiety that comes with the uncertainty of selling your current place. The problem? If you’re not devoting the same care and attention to the sale, you might not do the things you need to do to get the most money for your home or to sell it on the timeline you’d like. Half-hearted decluttering (a must for staging), procrastinating on the repairs your realtor suggests and other missteps that happen when your heart is in the new home search can cost you in the long run.

Find a New Home

Conversely, there are homeowners who are so focused on doing everything they can to sell their home for the highest price that they’ll avoid even thinking about finding their next home. While potentially getting more money for your home isn’t a downside, the true issue is where you’ll live after the sale. A rental that suits your household might not be immediately available, depending on your market. Or, you might not be able to find a short-term rental that works with your timeline for finding a new home.

Find an Agent

If you’re moving a few miles away, sticking with a local real estate agent is perfectly fine. If you’re moving further than a neighboring community or city you’ll need someone who is an expert in that particular market. Your attention is going to be divided just due to the simultaneous nature of your sale and purchase. An agent who really knows the neighborhoods and how quickly the market is moving means you’ll have the data you need to find the home you want (without you having to do hours upon hours of research).

We have relationships with agents all over the country so if you're looking for a recommendation, let us know!

Consider Renting a Storage Unit

On the surface, it makes sense: Why go through the time and expense of moving your stuff to a storage unit, only to move it again to your new place? In this case, though, the time and money you save pale in comparison to the hassle. When you have to declutter for staging, begin prepping for your eventual move and still need your home to look presentable in the process, having a storage unit takes a lot of stress out of the equation. Just remember that it’s a temporary home for your stuff — make sure you’re taking a quick moment to organize items in boxes and label, label, label.

Always Have a Plan B (and Plan C)

Even if you’ve devoted the right attention to both the sale and the search for your next place, the market is the wild card. You might be surprised with multiple offers within days of your listing hitting the market, a buyer who has all their paperwork in order and a transaction that doesn’t hit any snags whatsoever. While that’s an ideal situation for most sellers, it’s one that will completely throw off your plans. If your realtor thinks that the market is hot enough to lead to such a scenario, you’ll want to have a list of short-term rentals, movers and (if needed) self-storage facilities that offers larger units.

Think Through Home Sale Contingencies

A home sale contingency is a clause in your contract to buy a home or sell your home that gives you a certain amount of time to sell your home before proceeding with the transaction. It seems like just the thing to give you peace of mind when you’re buying and selling at the same time. However, these contingencies can turn off potential buyers because it means the sale could fall through. When you’re the buyer, having a home sale contingency could be countered with a kick-out clause. This means that if the seller can continue to market the home and accept a better offer if it comes along.

Face Your Emotions

Once selling your home becomes a reality, you might experience strong emotions about your home. Even if you were excited to sell in the first place, seeing empty rooms, packing boxes and opening your house to visits by potential buyers can make you feel suddenly sentimental about leaving. It’s less about the home itself, but instead what it represents — the past. Don’t be afraid to speak up to your realtor if you start to feel pangs of regret or sadness. They’ve likely seen this happen in nearly every sale and can help shift your focus to your goals.

Keep Your Goals In Mind

From the moment you decided it was time to sell to the date of your first open house, the process of selling your home can occupy a lot of mental space. So when you get your first offer, it’s tempting to accept it to just be done with the whole thing. However, is the offer the right offer for your home? If this potential buyer one that’s actually ready to buy? You might want to hold out to see if a better offer is around the corner. While your realtor doesn’t have a crystal ball, they can give an honest opinion based on what they’ve observed in the market.

In the end, buying and selling your home at the same time is like training for the Olympics — a successful outcome involves strategy and the right frame of mind. Consider your realtor your coach in this metaphor. They’ll keep you motivated, prepare you for what to expect and offer support whenever you face a challenge. But unlike the Olympics, achieving your goal is basically a sure thing.

09/17/2020

In a competitive housing market,
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08/02/2020

If you're a homeowner, you already know that keeping your property in tiptop shape requires dedication and patience for ongoing maintenance. But what if you're putting your home on the market or even accepted an offer? Perhaps you're thinking: Not my problem anymore.

Sorry, folks, we've got news for you: Just because you’re selling doesn't mean you're off the hook from routine maintenance tasks—and that's especially true if you’ve already vacated the house.

Sure, a well-cared-for house shows better: Small things like broken doorbells and leaky faucets make buyers wonder if your property also has bigger issues elsewhere. But more important, a little routine maintenance can help you avoid a catastrophic problem down the line (e.g., burst pipes, roof leaks, critters moving into your attic) that could devalue your property and derail that sale.

To prevent minor issues from escalating into full-blown, money-sucking, sale-killing problems, focus on these six important areas you can’t afford to neglect.
1. Keep up the yard and walkways

Whether you're still living at the home or not, you'll want to make sure to keep your landscaping tidy—remove dead tree limbs, rake leaves, and clean out flowerbeds.

If your home is already vacant, have someone tend to the yard regularly so that grass and w**ds don’t detract from your home’s appearance, suggests Kyle Hiscock, a Realtor® with Re/Max Reality Group in Rochester, NY. Here's how to find a real estate agent in your area.

“If your home does not have a well-maintained exterior, (potential buyers) will keep driving,” he cautions. “Plus, this kind of neglect can be a bull's-eye for vandals to break into your property.”

Consider having lights on timers so the house doesn’t look dark all the time, and arrange for driveways and walkways to be plowed weekly in the winter months. And don't let mail pile up in the mailbox.

2. Clean the gutters and check the roof

This one's easy to forget about, even when you don't plan on going anywhere. But when it comes to gutter and roof issues, neglect can cause a dangerous domino effect.

Overflowing gutters can damage your foundation, and also lead to drainage issues. And, of course, you don’t want buyers seeing puddling water as they approach your house.

Just ask Alise Roberts, owner/broker at Alise Roberts & Company in Bellevue, WA. In the rainy Pacific Northwest climate, she frequently has to remind her clients to keep sidewalks clear of moss and clean gutters of pine needles and leaves.

"Buyers, seeing the house when it’s raining, will also see your gutters overflowing," she says. "That’s a terrible first impression.”

And then there's the roof. Of course, it'll be examined during the home inspection, but it would behoove you to do it before putting your home on the market. Small roof cracks can remain undetected for years, causing water to slowly infiltrate your home and damage ceilings and walls.

“If water starts to pe*****te a property, it can be a very difficult sale," Hiscock notes. "Water in basements or in homes is one of the top three things buyers are scared of.”
3. Service your heating systems

It’s not sexy, but the hidden guts of your home need regular attention, whether you’re still living there or not. That means having your HVAC systems professionally serviced.

First up, your furnace: If you get it addressed before you list your home, it won't smell like dust when you crank up the heat during an open house on a chilly day. While you're at it, have the duct work and filters cleaned as well. And if you have baseboard heaters, vacuum those out, too.

(Speaking of heat, Roberts suggests keeping the thermostat at 66 degrees Fahrenheit when agents are showing your house so buyers can visit your place comfortably. This will also avoid any issues with pipes freezing or bursting.)

Have a chimney? Be sure to have it inspected and cleaned as well.

“You want to make sure there are no cracked flue tiles, and that from the exterior, there are no gaps in the mortar between the bricks,” Hiscock explains. “Otherwise, you could potentially have the chimney fall over onto the house, and that’s a very expensive fix.”
4. Keep the critters out

If you don’t want to add "family of raccoons included" to your listing (and pay the hefty tab for getting them out), inspect the inside and outside of your home for any areas that need to plugged up. Take care of holes from damaged siding or fascia under the roofline—and do it promptly.

“In a colder climate, squirrels look for somewhere warm to go, and they’ll find their way into your property,” Hiscock says.

Stove and dryer vents, for example, should be covered with wire mesh to deter pests.
5. Wash your windows

Most people associate sparkling windows with spring-cleaning, Roberts says. But if your house is on the market, it doesn't matter what time of year it is—you need to get those babies squeaky clean.

“If buyers walk through your home and all they see is dirty windows, that’ll really mar the showing process," she says.

Make sure to wipe them down after a bad storm, when they're especially likely to show muck and grime buildup.
6. Check the calendar

Depending on what time of year you bring your house to market, pay attention to any details that scream, "We don’t live here or care anymore," Roberts says.

That means tackling seasonal tasks such as clearing away lawn mowers in the fall and storing shovels in the spring.

“Too often, I see a seller’s patio furniture still outside during the winter time. To me, that's not a good reflection on the property,” Hiscock says. “It shows deferred maintenance and lack of caring, and can really turn off a potential buyer.

"If a seller can’t put away their patio furniture and lawn mower, what makes you believe that they've actually maintained the property all the years they've been there?” he adds.

Staying on top of these regular tasks will make it easier to sell your home with fewer headaches. Plus, it'll preserve the value of your property, and potentially, the thickness of your wallet, too.