real world case studies and tips.
It's July! The weather is sweltering outside and if you are marketing a property that is not under contract yet, it can be pretty uncomfortable inside as well.
The word on the street is that this summer's market is different than last summer's market. There are more properties available, the days on market are longer and buyers are more cautious.
"This week we saw further effects of the current housing recession," Frank Nothaft, Freddie Mac (Charts, Fortune 500) vice president and chief economist said in a statement. "May's existing home sales fell 0.3 percent to the slowest pace since June 2003, and the number of months houses were available for sale rose to 8.9, the longest since June 1992."
From the buyer's perspective there are more properties to choose from but the lending environment has tightened up. Fannie Mae and Freddie Mac have said they will not buy any hybrid ARM loans unless the originators have tied their underwriting approvals to the ability of borrowers to pay at fully indexed rates.
Doug Duncan, chief economist for the Mortgage Bankers Association, has said he expects mortgage rates to top out near 7 percent by the end of the year. If rates go up, would-be home buyers face higher monthly mortgage payments, cutting into overall affordability.
CNNMoney.com reports rising rates, among other factors, have caused industry groups, the Mortgage Bankers Association and the National Association of Realtors to push back their forecasts for a home price recovery. Both groups are now looking to early 2008, compared with a previous outlook for mid-2007.
What does all this mean to you as sellers? Buyers are looking for more value for less money. The message is very clear, your property needs to shine to stand out, no wall flowers allowed! Set the scene so that your property lives large in the buyer's eyes.
Home staging is a strategy that sellers across the nation are discovering really works. It is a tool that can position you to maximize your return in real dollars that you can count at the closing table.
You are not at the mercy of the marketplace, you have a huge impact on your individual experience. My previous years as a REALTOR and most recent years as a full-time professional stager have taught me that there is no time like NOW to set the scene for success. My light is always on, 704.517.6653 or
laura@roomsbylaurag.com
Next newsletter we will look at staging from the "green" and earth friendly standpoint.
