Buyers Are Searching For Your House!!!

 

The most recent Pending Homes Sales Index from the National Association of Realtors revealed a slight bump in contracts with an increase of 1.6% in December. This news comes as existing home sales are also forecasted to be on pace for 5.54 million in 2017, a 1.7% increase over 2016, which was the best year for sales in a decade.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed.

According to NAR’s Chief Economist, Lawrence Yun,

“Pending sales bounded last month as enough buyers fended off rising mortgage rates and alarmingly low inventory levels to sign a contract.”

So, what’s the problem?

Buyers are searching for existing homes, but supply is not keeping up with their demand! The Group has buyers right now looking for a new home, but are not finding that perfect match. YOU may be on the fence about selling. Is it time to downsize? Upsize for a growing family? Headed out of state? You may want to seriously consider if now is the time to get into the market!!

Yun went on to explain,

“The main storyline in the early months of 2017 will be if supply can meaningfully increase to keep price growth at a moderate enough level for households to absorb higher borrowing cost. Sales will struggle to build on last year’s strong pace if inventory conditions don’t improve.” (emphasis added)

What does all this mean for you? 

Buyers are looking! If you are considering selling your home this year, the early months of 2017 will be a great option. Call us today to discuss how you can capitalize on current market conditions. Let our Risk Free Listings give you piece of mind that you will be utilizing over two decades of experience in the greater Burlington, Vt. real estate market.

www.MattHurlburtGroup.com   Expect More.

In the Burlington, Vt. housing market, there seems to have been an accepted progression for homeowners going from starter home, to gradually moving into one’s dream home, then, downsizing after becoming an empty nester and finally, into a retirement home. However, Marianne Cusato’s 2016 Aging-in-Place Report indicates that many older Americans don’t plan on following that pattern.   61% of homeowners above the age of 55 intend on staying in their homes indefinitely. 2/3 of them believe that the home’s layout will serve their needs without having to make aging-related improvements. Some of the reasons being cited for staying in place are: 66% say their home is conveniently located 38% say they live close to their family 68% say they feel independent in their home 54% say they are familiar with their neighborhood 66% say the feel safe in their home Renovations that might be considered for their current home are things like grab bars in the tub or shower, shower seats, taller toilets, handheld shower heads and additional handrails on stairways. The report’s conclusion is that regardless of a homeowner’s age, they want to thrive in their home. The same emotional reasons that causes a person to want to buy a home are the things that cause them to hold onto them if is practical. It is nice to see practicality in today's society! If you do find yourself in the market, call today to experience the difference that a family real estate group can offer. We feel that, regardless of where you are in your life, you should always Expect More.                                                      www.MattHurlburtGroup.com

Is your Burlington,Vt. area home still sitting on the market? Why? Location? Condition? Price?

Here are a few quick things you can do to spruce up the "condition."

Changes to Consider for Your Home

Many home sellers feel overwhelmed when they are trying to sell their home for a number of reasons: There is the daunting task of decluttering, the sometimes unexpected repairs that have to be made, and the seemingly endless list of squeaky doors and minor fixes that buyers would notice almost immediately.

And all of this happens in a short time. (Read this Popular Mechanics article about what surprises this first-time home seller experienced to get an idea of what can happen.)

 Feel Less Stressed Later

You are in the perfect position right now to do what many Burlington,Vt. home sellers do not think to do while their home is on the market, It may feel like going backwards, but if done properly, these little things can make a big difference in your end result.

1. Necessary Repairs?

Free yourself from future stress by making any major repairs now, whether that is repairing the HVAC or replacing the hot water heater. If you have an aging HVAC system you might consider replacing it now for several reasons. First, new and modern systems are way more efficient than they used to be. That means you’ll start saving on your fuel bill right off the bat and buyers will be more generous with an offer if they see a shiny new furnace instead of that rusty old clunker you used to have. Some pretty simple things like adding extra insulation overhead will pay you big dividends too. You can probably bring your current insulation up to R-49 or higher for under $2,000 dollars. And remember, when those guys are in your attic blowing in insulation, it costs very little to go a few inches deeper. If your house is old and the insulation has settled over time, you should see a big difference immediately in both comfort and reduced heating and cooling costs. Insulation not only keeps heat in but it also keeps heat out on those hot summer days.

2. Go for Neutral Colors

If you want to give your walls a fresh coat of paint, opt for more neutral colors. During home showings, neutral colors and decor make it easier for home buyers to picture themselves living in your home, which is your ultimate goal. If you’re not a good, neat painter this might be one project worth talking with a professional about.

3. Start Decluttering Now

Home sellers often find that decluttering is one of the more frustrating and overwhelming tasks, but if you start cleaning the clutter now, you will thank yourself later. Buyers can't envision their things in a space completely dominated by your belongings. Less, in this case, can mean more.  A good rule of thumb: If you don’t love something and use it, lose it. It’s a perfect time to go through all your closets and get rid of clothes you no longer wear or have gone out of fashion. You can bundle up all your unwanted clothing and donate it to a local thrift store or someone like the Salvation Army and take a tax deduction for your donation in most cases. That not only leans out your closet but could put more money back into your pocket at tax time.

4. Deep Clean Your Home Periodically

Sometimes it feels like the little things pile up quickly, don’t they? Try to stay ahead of minor maintenance and cleaning tasks by:

• cleaning fixtures and light switch covers
• fixing broken doorbells
• repairing squeaky doors
• dusting high and low
• cleaning floors and windows

5. Refresh Your Front Entrance

During the home selling process, making a fantastic first impression is the key to getting buyers in the door. Refresh your home’s curb appeal by purchasing a new welcome mat, painting the front door, and polishing or replacing the doorknob. Be sure and look all around your front entry and remove cobwebs,  bird nests, etc. from over door sills, outside light fixtures, etc. This can mean the difference between an offer and a drive by.

List Your Home with Us for a Smooth Experience

We hope you found these home selling tips helpful. We know that selling a home can be overwhelming, especially if the unexpected happens. But we want to make sure that you have as painless of a sale as possible, so we will do everything we can to help you sell your home for top dollar and in a short time. So when you do decide to list your home, just give us a call.

The Matt Hurlburt Group       Expect More.

What services does the Matt Hurlburt Group offer to our clients? 

• When we host an open house, we are there to sell your home! Other agents may seize the opportunity to build their own businesses and find buyers without agents, our only goal is to sell your home.
• We solicit feedback from every agent who shows your home so we know how Buyers are reacting to it.
• We provide weekly status reports (or more often if you want) about the number of showings, the feedback about your home and what’s been happening in the market while you’ve been listed.
• 24 Hour Exposure! Online, Print, and Video that is specifically designed to sell your home quickly and at the right price!
• Call us! You will get a person to speak to that knows you, your home, and the latest information about your sale. 
• All of this is Risk Free to all of our sellers. 

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Your home is ready, the price is right, the marketing has worked, and the Buyers want to see it. Here’s our best advice for showing your home to potential buyers:

1. Be flexible with showing times

Selling your home is an inconvenience, there’s no denying that. But if you want top dollar for your home, you’ll want to be flexible with when you allow people to see it. Remember that most people work from 9-5 Monday-Friday, so they’ll most likely want to see your home in the evenings or on weekends.

2. Leave your house during showings

While I’m sure you could tell potential Buyers all about your renovations and the leaky basement, Buyers aren’t comfortable looking at a house when the Sellers are home, so it’s best to let them explore at their own leisure. Go for a walk, catch a movie or temporarily move in with a friend—do whatever you need to do to allow potential Buyers free reign.

3. Make sure your home is always in top condition

Make your bed, do the dishes, wash the floors, clean the litter box—and always remember to crate the dog (or better yet, take him with you).

4. Open Houses

While the official stats are that 4% of houses sell as a result of an open house, our personal experience is that they’re much more effective than that. Open houses allow potential Buyers (and let’s face it, curious neighbors) to see your house in a non-threatening, low-pressure environment. Many a Buyer who wasn’t in the market to buy a house fell in love at an open house.

5. Feedback

Remember: what really matters in selling your home is what Buyers are seeing and feeling. Responding to their concerns and objections in a timely matter will go a long way to reducing how long your home is on the market.

As always, we are there for our clients for every step of the way. Contact us today to see why you should Expect More. 

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When is it reasonable to Expect More? Do you believe that you can create a brand new kitchen for under $10,000? Even though I can put in 80+ hour weeks focused on my clients, I still hit the couch and indulge in a "House Hunters" or "Flip or Flop." I laugh away my cares! Fantasy can be fun, can't it?

Let us get to the bottom of the Pinterest and HGTV Phenomenon.  

For example, in real life it is common to look at more than three homes for a client to pick one. The one they do pick comes with several contingencies (home inspection, appraisal, securing financing, etc.) It costs more than $8,000 for a kitchen renovation; and there isn’t always a fat profit on a flipped property. That designer turn key home is not the standard for every home, regardless of your budget.  Watch these programs with no education and an illness sets in. HGTV Syndrome.

    Afflicted with HGTV Syndrome image via Shutterstock.

Symptoms of HGTV Syndrome can vary from person to person; however, some common attributes are listed below:

• Do you consider black and white appliances old? Even if they are brand new?

• Does the word "Formica" make your stomach turn?

• Does that flake of chipped paint on the door trim make your roll your eyes?

• Is your budget for a full kitchen renovation (demolition, new cabinets, travertine flooring, appliances, backsplash, lighting and accessories) around $9500?

• Do you think flipping a house for profit is easy as long as you demand long hours of your contractors and spend time at the designer home center picking out the cheapest recycled Lava Stone countertops?

If you have answered yes to any one of these questions, you need to seek immediate help.

Are you at risk for HGTV Syndrome?

YES! All of you!

Does this really happen? Will a buyer offer $40,000 less than the asking price and justify it with upgrades like the need for a brand new kitchen appliances because they are not stainless steel? They will HAVE to redo all the bathrooms because that tile color is SO 2015. How will they live without the recycled decking and local marble pizza oven with recycled rainforest fair trade pergola and hand carved mahogany dining set? Don't get me started on the three car garage concession! (Not Kidding!)

WARNING! Your agent might have it too!

Is there a cure? The cure can set you free!

No! Not that Cure!

How can you be sure you don’t come down with a case of HGTV Syndrome? Take a preventative, healthy dose of reality by speaking with a us first! Armed with the knowledge and perspective, you to can ward off any hint of home fantasy. We can provide a detailed assessment on what to expect in a certain town, neighborhood, and community. For some properties may be normal to have granite countertops — thus, if the home you are considering does not, then your expectation is justified. In other areas, it may be that popcorn ceilings and older appliances are the norm, and to expect a seller to drop their price so you can upgrade to your own personal taste is not considered reasonable.

See? Piece of cake!

What is a 1031 Exchange?

This blog post was going to be be about the best ways to show up your neighbor's Christmas light display, but  I chose instead to focus on 1031 exchanges! These can be exciting, if planned for and executed correctly. When real estate owners sell their investment, rental, business, or vacation real estate and reinvest the net proceeds in other property, this is called a 1031 tax deferred property exchange. When a property is held for this purpose, it is called a like-kind, or 1031, property. An owner must meet the requirements of Internal Revenue Code 1031 exchange in order to sell like-kind property and defer taxes on the profit of this sale.

The 1031 exchange is often referred to as a "tax free" ex­change. This not a truly tax free exchange. For qualifying properties, the 1031 exchange allows a way to defer taxes due as a re­sult of gain on the sale of commercial or investment properties. The amount of taxes deferred depends on the value of properties exchanged. If a higher value property is ex­changed for one of lesser value, so cash (or personal property) is included to compen­sate for this difference in value, capital gains tax would be due at closing for that portion that was not real property.

Section 1031 transactions don't have to involve identical types of investment properties. You can swap an apartment building for a shopping center, or a piece of undeveloped, raw land for an office or building. You can even swap a second home that you rent out for a parking lot.

There's also no limit as to how many times you can use a Section 1031 exchange. It's entirely possible to roll over the gain from your investment swaps for many years and avoid paying capital gains tax until a property is finally sold. Keep in mind, however, that gain is deferred, but not forgiven, in a like-kind exchange and you must calculate and keep track of your basis in the new property you acquired in the exchange.

Section 1031 is not for personal use. For example, you can't use it for stocks, bonds, and other securities, or personal property (with limited exceptions such as artwork).

 

Other Considerations for 1031 Exchanges

There are considerations that must be taken into account. For example, properties of unequal value, current mortgage debt, and personal residences and vacation homes all require advance planning if utilizing a 1031 exchange. 

Other Notable 1031 Considerations:

• A 1031 Is Only For Investment/Business Property 
• Some Personal Property Qualifies 
• “Like-Kind” Is Broad Term 
• A “Delayed” Exchange Is An Option
• You Must Identify Your Replacement Property Within 45 Days 
• You May Designate Multiple Replacement Properties
• You Must Close Within 6 Months 
• Cash Left Over Is Taxed
• You Need To Consider Differences In Mortgages And Debt  

If you are selling your home this fall, it is important to keep its exterior well-maintained and create a welcoming, cozy atmosphere indoors. Here are a few ways to ensure your home appeals to as many prospective buyers as possible.

Landscaping
Mow your lawn and remove leaves and debris. Weed, get rid of dead flowers and trim back all branches and foliage so that everything looks neat, clipped and in keeping with the season. Give your flower beds a splash of color by adding some plants that flower in the fall, such as chrysanthemums, coneflowers, and salvias.

A Perfect Porch
Place seasonal flowers in large pots on both sides of your front door. Give your front door a fresh coat of paint and hang up a wreath made from seasonal flowers and foliage. This will provide the perfect finishing touch for your entrance area.

Simple Exteriors 
Is your home exterior clean and free from paint chips or does it need to be pressure-washed and re-painted? Make sure the windows are clean. Do not forget to remove leaves, foliage and other wind-blown material from your gutters on a regular basis.

Inviting Interior
Remove clutter from all surfaces each day and keep as many personal items as possible out of sight. This can be a challenge now that the children have gone back to school, so ensure that they put away their school work, backpacks, and other school-related items each evening.

Holiday Decor
Don't let Holiday decorations overpower your home. Prospective buyers may find it hard to look beyond the decorations and see your home's true features and advantages. 

Keep It Cozy
Create a warm, cozy atmosphere that will encourage people to fall in love with your home. Adjust the temperature on your thermostat before each viewing to ensure that your home is comfortable and welcoming. Have a fireplace? It may set the perfect stage for your cozy interior. 

Add Some Warmth
Another way to create an inviting atmosphere is to add touches of warmth to each room. Place a colorful fleecy throw on the arm of a comfortable chair, pile sumptuous pillows on your bed, and display soft fluffy towels in the bathroom.

Seasonal Decorations
Add some well-chosen seasonal decorations, such as a small basket of pine cones, long twigs in a vase, or a bowl of cinnamon-spiced potpourri.

Smells Like Fall
Do not neglect the scent of your home. You don't have to bake cookies or fresh bread, but air fresheners and scented candles in such fragrances as apple, cinnamon, and vanilla will give your home an appealing atmosphere.

Small touches allow buyers to see your house as their future home. Decorating for the season can allow prospective buyers a chance to see your home as a warm and welcoming place.

GET OUT! This weekends weather looks to be about perfect to get outside and enjoy the late fall landscape. Whether you run, hike, walk, pedal, or paddle, there is something for everyone! (Then the snow flies, creating a winter wonderland of fun. But that is for another post.)

Looking to get out an engage your inner competitor? Hoping for a trail run? Vermont Sports Magazine has a calendar that direct you to fun events, festivals, and opportunities to spend some quality time in the "pain cave." 

If you venture out solo, or with a group of friends, there are numerous hiking opportunities in the greater Burlington area. RootsRated has a very accessible guide to some of the more popular hikes. Realistically, everyone has their favorites. Stop and ask at any outdoor retailer and you will get a number of "the best place to hike is" answers. Want to run, not hike? Load up your hydration system and head out to any of a number of trail running hotspots.

Maybe you want to see the Fall landscape my favorite way- from the seat of a bicycle. There are some world class routes to explore in Burlington and beyond. You can gravel grind by yourself, or with your own personal peloton on dirt roads with landscape that will take your breath away. Here are six routes that depart from the Greater Burlington area. Cruise the 14 miles of the Burlington Bike path/ Island Rail Trail, or challenge yourself to any of the six mountain gap rides. Find grades of 24%, mixtures of dirt road and pavement and get ready to let the legs and lungs burn. The benefit? Some incredible mountain views, and stops at some of the best general stores to refuel. Staff pick- we are partial to the home-crafted baked goods at the Lincoln General Store. 

Rather get muddy? Break out the fat bikes, full suspension, or rigid single speed (you know who you are!) and hit the trails. Again, we always recommend asking a local rider for the most prime riding, but this guide should head you in the right direction. 

Regardless of what you want to do outside, the greater Burlington area offers something for families of all ages. We hope to see you out there!

www.MattHurlburtGroup.com  Expect More.

Here are three tips for a successful sale:

1. Selling your home is going to be stressful.

Although we do as much as we possibly can to lessen the stress and guide you through each step of the sales process, you are still going to feel like that aliens have invaded your life.

Selling your home is simply not a fun process and it will be stressful. Remember that there is a goal to achieve and you are going through the inconvenience of selling so you can achieve your goal. Downsizing? Upsizing? Decide what those goals are first.

Acknowledging your objectives up front will help you make better decisions down the road.

2. Make sure you’re truly ready to sell.

Take the time to ensure you’re emotionally prepared for the sale. Talk to us and listen to our suggestions. Follow our recommendations. They are based on over 20 years of experience as to what works in the sales process and what does not. If we represent you, yet find yourself resisting our recommendations, it’s probably a sign that you’re not ready to sell. If that’s the case, wait until you’re ready. You should be as dedicated to your goals as we are.

Maybe you have no choice but to sell – which can be even more difficult emotionally. Believe me when I tell you we’ve been in your position and understand what you are going through. Whether you need to sell for financial reasons, can’t manage the property on your own, or have seen your last child move out and are faced with a property you no longer need, we have helped others go through the same process.

The more information you give us, the better we can represent your interests, and we have a responsibility to do just that. Let us help you through the process. Trust in the fact that you have hired experienced professionals to properly represent you.

3. Start thinking of your home as a product to be marketed.

When you haven’t separated yourself from your home, it’s difficult to see it as a product. But that’s what it is now – a house that will go on the open market to attract a buyer. Buyers don’t view it as your house. They view it as a potential home for them and what you think about it has little impact on its value or its appeal to the prospective buyer.

I know that is difficult to hear, but it’s the truth.

If you think of selling your home as a business transaction, and are able to emotionally distance yourself from the sales process, it will be less stressful, you will make more rational decisions and you will achieve the best possible price for it.

We are here to help. Expect More.

With the kids back in school, and with the holidays right around the corner, you might not think that now is the best time to sell your house. But with demand still strong, you could be missing out on a great opportunity for your family.

Here are five reasons why you should consider selling your house this fall: 

1. Demand Is Strong

The latest Realtors’ Confidence Index from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country.There are buyers in the market right now that are ready, willing, and able to purchase a new house.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

According to NAR’s latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market at 4.7-months.

This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. This means many of these home may come to the market this Fall.. Being ahead of the curve may provide an advantage in the market.

As builders regain confidence in the market, new construction of single-family homes is projected to continue to increase over the next two years, reaching historic levels by 2017. Last month’s new home sales numbers show that many buyers who have not been able to find their dream home within the existing inventory have turned to new construction to fulfill their needs. You may be living in exactly what a prospective buyer is searching for in the market!

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

3. The Process Will Be Quicker

Fannie Mae announced that they anticipate an acceleration in home sales that will surpass 2007's pace. As the market heats up, banks will be floodedwith loan inquiries causing closing-time lines to lengthen. Selling now will make the process quicker & simpler. 

4. The Best Time to Move Up

If you are moving up to a larger, more expensive home, now is the best time to consider a move. Prices are projected to appreciate by 5.3% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more (both in down payment and mortgage payment) if you wait.

According to Freddie Mac’s latest report, you can also lock-in your 30-year housing expense with an interest rate around 3.46% right now. Interest rates are projected to increase moderately over the next 12 months. Even a small increase in rate will have a big impact on your housing cost.

5. It’s a Perfect Time to Downsize and Simplify

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 think you should? Are your surrounded with a house that is too big now that the kids have moved out? Tired of the upkeep necessary for that over sized house?

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. 

What is truly important for you and your family?