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Expert Tips for Home Buyers & Sellers

Our mission at The Home Gallery Team is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

What Impact Has the Presidential Election had on our Housing Market?

Despite some initial concern, the presidential election shouldn’t have any long-term major impact on our housing market. Here’s why.

I’ve been through several elections in my lifetime, and the one thing you can always count on after a controversial election such as the one we just had is everybody getting riled up over it. For a short period of time, there’s usually a great deal of concern from the half of the population who didn’t get their preferred candidate. However, eventually everyone slides back into their normal routines.

In the long term, the power of habit usually takes over.

This is because supply and demand are what determine the housing market—not who is president. Folks buy and sell homes based on life motivators and their respective financial capability. While an election may rattle consumer confidence in the short term, in the long term, you’ll find that the power of habit usually takes over. Houses will continue to be bought and sold based on familiar motivators determined by supply and demand.

Based on the initial impact of the election, not much has changed in our market. My office has still been selling homes at a rapid pace, and I think we will see a strong housing market going into the spring. We still have fairly high demand and a low level of inventory. Not only that, but interest rates are still very low.

If you have any questions or are thinking of buying or selling a home in today’s market, please don’t hesitate to reach out to me. I’d be happy to help!

How's the Delaware Market Finishing in 2016?

The year is finally winding down, so I wanted to give you a quick update on the market. Inventory is still low, giving sellers a great chance to get a great price for their house.

The fall market looks to be wrapping up for the year, so today I wanted to give you a closer look.

When you compare this year to last year, we're essentially looking about the same. Inventory is down slightly from 2,505 units to 2,437, indicating that homes are selling faster than they're being listed.

This is a good sign for sellers.

Inventory this year is still hovering around five months of supply, which is basically a balanced market. Settle volume is down slightly from 501 units to 493, which indicates that buyers might not be getting homes as quickly as they have in the past.

The market needs inventory, making now a great time for sellers.

When settle volume goes down, it's a good sign for prices. It means that there's still demand for inventory. This will continue to drive the price increase, which we've already seen go up from $226,000 to $228,000 on average.

List-to-sales price ratio is exactly the same, with sellers getting 94.7% of asking price. You should expect a few points to come off your list price, but that's been commonplace forever.

Simply put, the market is still strong this year and not many things have changed. It looks like we'll still be strong heading into the spring, too. The market needs sellers, so if you've had any thoughts about selling, don't let the weather or the season deter you. Thanks to low inventory, now is an excellent time to get a great price for your home. You have motivated buyers in the market slogging through the cold, sloppy conditions outside because they so badly need to buy a home.

If you've got any questions or you're interested in talking about selling your house, give me a call or send me an email today. I'd love to hear from you!

What Do You Do With Family Photos During Home Showings?

One important aspect of home staging is removing your family photos. Why? We’ll explore a few reasons why family photos can cause home buyers to pass on your property.

You have probably heard about the importance of staging your home before you put it on the market. Today, I want to focus on one specific aspect of staging: removing your family photos.

Everybody sets up their homes to be attractive and comfortable to live in, but the way we live in a home and the way we sell a home are very different. Of course, you love your family and take pride in your family photos. However, in the eyes of a buyer, family photos are actually a territory marker. 

Like cave paintings, family photos send a subtle message to people. To buyers, that message is, “If you don’t see yourself in these photos, then you don’t belong here.”

It’s very interesting to go through a home with buyers when family photos are out. At the beginning of the showing, everyone is excited and chatting in their normal voices. As we go through the house more and more, they start to bring their voices down and whisper. Why? They feel like they’re in someone else’s den.

Buyers need to be able to envision themselves in your home.

That is not what you want when you are trying to sell your home. You want potential buyers to feel welcome, but family photos make them feel “other.” That is the anthropological psychology behind family photos.

So, box up your family photos before home showings. If you have photos that are hanging up and you think you still need a picture on the wall, here’s a quick tip: slide some kind of neutral magazine clipping or landscape between the glass and the family photo, and then you can leave the frame on the wall.

If you have any other questions about staging your home in order to sell for top dollar, give me a call or send me an email. I would be happy to help you!