Why Fall Might Be The Best Time To Buy A Home

A lot of people think the best time to buy a house is during the Spring market.

And, it is…

…in the sense that more houses are listed for sale in the Spring. But, there’s also a heck of a lot more buyers trying to buy those listings.

The thing is, some of the houses listed back in the Spring don’t end up selling. (Usually just because they were overpriced.)

Now, it isn’t like new listings don’t happen in the Fall. There’s always new listings coming on the market. But it’s not like, just because it’s Fall and not Spring, prices are necessarily going to fall. In other words, new listings aren’t likely to list for a lot lower than you would have seen in the Spring.

However, the homeowners who did list back in the Spring, are much more likely to be anxious (perhaps even desperate) to sell their home. They’ve created their own problem…they missed the boat by pricing too high.

Which is great news for you, if you’re looking to buy a home:

  • Less competition. (Many buyers stop looking at this time of year…for no good reason.)
  • Motivated sellers. (They’re sick of being on the market, and wondering why nobody bought their house.)

But it isn’t always easy to find those listings. They don’t wave a white flag, or lower their price to some ridiculous amount everyone would notice. If only it were that easy…
Just because someone listed their home back in the Spring doesn’t mean they’ll be all that negotiable.

There are certain things a great real estate agent will know to look for.

And I love rolling up my sleeves and finding the ones we can most likely negotiate the best deals on.

So, got anything you want me to roll up my sleeves and look for? Real estate deals won’t just fall in your lap, but I can certainly help you find one this Fall.

Bonus
Want another reason to buy a home in the Fall?

You can take advantage of year-end sales to outfit your home!

Hardly anybody buys a home who doesn’t want (or need) to make improvements, however small. So why not coordinate your purchase with sales on items you’ll need? According to Consumer Reports, September is an ideal time for buying carpet and paint. In October lawn mowers go on sale, and the same goes for appliances and cookware in November.

Home Sales in Champaign County Dips to 3.9% in May 2017

In Champaign County, sales of homes dipped in May this year compared with the same time last year. In May this year, 271 homes were sold, a decline of 3.9% from 282 last May 2016.

“I think they’re right around where they need to be,” said CCAR President Jim Waller. “Last year was a good year, and we’re not that far down from that.”

“We’re still lacking some inventory,” he said. “We’d love to see some more listings. There’s a lot of buyers, and they’re not all able to find what they want.”

Of the homes sold this May, 124 were in Champaign, 60 in Urbana, 23 in Mahomet and 14 in Savoy. Homes stayed listed for 61 days though as compared to 69 days last year.

The median price of homes currently listed is $155,00 in May, a 5.8% increase from $146,500 in May 2016.

“Low mortgage rates are still triggering more buyer demand in this market but some buyers are finding it taking a bit longer to find the right property that suits their prerequisites. The number of new listings and inventory of homes for sale continue to decrease in the Champaign market area,” said Jim Waller, president of the Champaign County Association of REALTORS®. “REALTORS report inventory sales and strong buyer demand is leading to more multiple offer situations in this hot spring/summer selling market and buyers have to proceed quickly on their offer if they find the home they wish to purchase.”

Sellers should note that buyers are eager to purchase and are searching the market right now. In fact, Waller expounds that Champaign County is a still a viable place to reside despite the dip in sales.

“It’s economically stronger than most of the state,” he said. “And we have some companies in town that are hiring.”

Home Upgrades that Work

An  upgrade is commendable when it can either serve to lower your average cost for basic items while you remain in the home or increase the value of the home’s sale price when you choose to make it available.

1. Barn Doors

The sliding entryway is an extraordinary approach to add a redesigned look to the room, and it’s a generally straightforward upgrade with little cost. If your closet doors have been overused, a barn door is a good replacement.

2. Paint

The fastest approach to make a room look new again is to include a new layer of paint. Homebuyers frequently observe the measure of work that would go into painting over a splendid red divider, and may even request that the seller paint over it themselves.

3. Working fireplace

Don’t remove that fireplace. 54 percent of agents polled by Angie’s list said a gas-burning fireplace builds the home’s estimation most, however, a review of 2,000 mortgage holders and homebuyers showed 58 percent want to have a fireplace that burns wood at home. It is clear that having a fireplace is a positive for your home value.

4. Landscaping 

Frequently underestimated by homeowners when they put their home available is the home’s curb appeal. As the first thing any buyer will see when they come to visit the house, it’s critical to seed dead grass, mow the lawn or garden regularly and add some blossoms or shrubberies without overpowering the yard.

5. Minor Bathroom Remodel

Expel dated wall covers and apply a crisp layer of paint. Spraying on the surface gives speedy scope. For that old tub,  re-caulk or re-caulk it for a like-new look

6. Minor Kitchen Remodel

Cover old vinyl with floor leveler.  Light up the kitchen by sanding and painting existing cupboards. It’s a great deal less costly than purchasing new ones. Change curtains and window molding.

7. Deck, Patio or Porch Addition 

Include planters on the front porch. Give a yard an amazing passage with a unique gate.  Ensure patio railings are safe and alluring. Cover cooling units with a wooden trellis.

8. Light Fixtures 

Outside lighting is a simple and practical approach to adding magnificence and security to your home. Consider adding lighting to the walkway, a hanging pendant light to the front entryway. Also, an extra light close to the garage works Discover styles that supplement your home.

9. Windows and Trim 

Replace broken glass. Sand, scrape and paint the trim. Clean within and outside of the windows until they sparkle. Include a few window boxes to offer a homey appeal.

Reasons Why You Should Not Do a For Sale By Owner

Some homeowners choose to sell their homes thinking they could save time and expenditures. The term For Sale by Owners is used in reference to properties put by the market by owners.

However, there are several reasons why deciding to do an FSBO might not be a good idea for many sellers:

1. Too Many People To Deal With

Sellers who want to sell their own homes have to prepare to meet and negotiate with different kinds of buyers, buyer’s agents, home inspections and appraisers as dictated by prospective buyers.

Scams may happen and FSBOs may even find hiring a representative which is an added expense.

2. It is Too Complicated and Difficult

The 2015 National Association of Realtors’ Profile of Home Buyers and Sellers  revealed that the paperwork  involved is just too much and can be daunting for owners wanting to sell their homes. Aside from the legal forms that has to be filled in, understanding them as well as customizing the contract to a one-size-fit-all can be difficult and time consuming.

3. Online Search Results More Common

Many FSBOs may not get the right selling price and get stuck in the market. Another reason for this is that more buyers find their homes in the internet:

44%  on the internet
33%  from a Real Estate Agent
9%    from a yard sign
1%    from newspaper

4. Dealing with Prospective Buyers

Most real estate agents have online marketing campaigns for their listings. FSBOs may simply rely  on their circle of friends and family and also social media. But these have setbacks and limitations as well.
With technology on their side, it won’t take long before a real estate agent sells a home in their listing. A homeowner may take longer to sell.

5. Earn More Net with an Agent

Homeowners decide to sell their homes with the purpose of saving money. Little do they know that they spend a considerable chunk of money for extras like flyers, home warranty, home inspection, contracts and so on.

Studies also have shown  that an FSBO in markets have lower price points.

So, before making any decisions whether to sell your home on your own or to work with an agent, contact a real estate professional, listen and see what they have to offer.

Real Estate Open House in Urbana

Urbana real estate
This fine home in quiet Urbana is open for you to see this Sunday 2-4p.

904 S Carle in Urbana is open for you to see this Sunday 2-4pm. This vintage home is listed for 184,900.

This home is right on Carle Park, is close to the University of Illinois, and has 3 bedrooms and  1 1/2 baths.

A real estate open house works like this:

  • there is no charge
  • we answer your questions about the home or any other real estate in the area
  • you get a chance to interact with one of our real estate pros

So drop on by and have a look!

First Step in Selling your Champaign Home

Champaign real estate open house
1020 W Armory in Champaign is open this weekend–Sunday 2-4p–stop by!

 

A functional and beautiful kitchen, flowing floor plan, plenty of storage, and spacious master bathroom will help win buyers’ hearts.

However, often before they see those areas, they see your landscape. It’s the curb appeal theory that I’m talking about. Some buyers will decide based on the look of the outside of your home whether they’ll even bother to come inside.

If your front yard is cluttered, your exterior paint is chipped, driveway cracked, you’ll find that the for sale sign in your yard won’t attract as many buyers as it could if you spent some time to clean up and create curb appeal.

Fortunately, you don’t have to hire a landscape company to come and renovate the entire area. There are things that you can do that are fairly simple and will attract buyers.

Pull out the dead plants and debris. Start by removing dead plants, shrubs, and debris. Doing this step will create space in your yard and allow you to find a few potted plants to fill in the empty space to bring some color into your yard.

If you get a lot of fallen leaves, make sure you have someone rake and sweep up regularly. Remember your home is on the market every day, not just when it’s being held open. So, keep it up daily. Just like when you go out to eat, you like to dine in pretty restaurants that are clean, buyers want to see your house in its best condition and that starts at the street.

Treat your lawn to a fresh coat of paint. It might sound odd but you can, indeed, paint your lawn. Large patches of brown lawn can lower the value of your home or turn a buyer off completely. It might not be practical to completely remove your lawn. So, you might try hiring a company to spray paint your lawn. Companies that do this can match the color of your lawn so that it looks natural.

Some cities have used this method to clean up lawns on foreclosed homes. Painting lawns has been used on commercial properties for decades. The paint is typically made from a non-toxic vegetable oil so it’s not harmful to people and pets.

Lawn paint is similar to dying your hair. It’s a semi-permanent color that stays on the grass and won’t wash off but it will fade over time, usually about three months.

Fix broken windows and dents in the garage door. Take a walk around the exterior of your home and note which areas need repairs. If you have paint chipped areas get them fixed. It’s likely that the cost won’t be that much and yet the payoff of repairing these items will help improve your home’s overall value.

Add a splash of color. I saw a home the other day that had a yellow front door and a matching yellow umbrella in the front yard. Frankly, I don’t remember much else about the landscape except that I thought the home was charming. The bright yellow door stood out and the umbrella made it seem quaint. Nothing else about the landscape was that spectacular, but adding some eye-catching color made the home shine.

The time and money you put into cleaning up your front yard will help attract buyers and keep them from bypassing your home.

Written by Phoebe Chongchua

 

705 Wingstem, St Joseph Open House

St Joe open house
This affordable home at 705 Wingstem, St Joe is open this Sunday 2-4pm.

There is a real estate open house in St Joe this weekend and you can walk through and get info on Sunday, 2-4pm.

705 Winstem, St Joseph is a well priced and lovely home in one of Champaign County’s nicest little communities. St Joe has parks, local business, an easy drive to Champaign Urbana, and great schools.

This home is listed at only $157,000 and has lots of updates. Check out the backyard and deck!

Open house in St Joe
Wide open backyard with lots of room for entertaining on the deck–a great home!

And take a look at the interior!

Open house in St Joe
The spacious interior if this home has many updates.

 

902 W Church Open this Sunday

There are many real estate open houses in Champaign Urbana this Sunday and they are free and open to the public…especially home buyers!

Champaign open house
This lovely and stately home at 902 West Church, Champaign will be open this Sunday, 2-4p.

Come by this Sunday to have a look at this luxury home for sale in Champaign.

This vintage five bdr Georgian colonial has been restored and beautifully renovated. The modern amenities in the remodeled kitchen and baths are lovely and there are improvements throughout the home. The large foyer opens into the elegant and comfortable living room. The dining room, with coffered ceiling, leads to the bright and airy modern kitchen. A private wood paneled office and sunroom complete the first floor. Up the grand front staircase are four generously sized bedrooms and three full baths. Continue up the back stairs to the third floor with fifth bedroom, full bath, mini-kitchen and family room. There is a  second lot with a patio for entertaining…this is a lovely home.