Lancaster County Real Estate Podcast with Gretchen Karr Gretchen Karr

Today, I have five tips to help you get a jumpstart on organizing your things and simplify your next move. Buying a Lancaster County home? Get a Full Home Search Selling your Lancaster County home? Free Home Price Evaluation It’s important to get a head start on your move before you get an offer from a homebuyer. Here are five tips to help you jumpstart your organizing and simplify your next move.  1. Sort your belongings into these groups: keep, give away, maybe, and trash. Once you have, box up everything in the maybe pile and store those items for six to 12 months. If you don’t have a use for those items in the next year, then you can probably give those away.  2. Give yourself plenty of time. Be patient. The process of getting organized takes time. Sorting through personal paper and memorabilia will take much longer than sorting through other items. Give yourself some extra time for the reminiscing that will occur. The process of getting organized takes time. 3. Store your items in clear bins. Using plastic bins helps you know what’s inside each bin. If you use colored bins or cardboard boxes, use a pen to clearly label what’s inside and which room it will go in. Use a large piece of paper to write your labels on so that you can use that bin again later for another purpose.  4. Get rid of your paper. Another problem in homes is the paper trail you leave from room to room. It could be magazines, newspapers, documents, advertising, or receipts. Most homeowners keep a lot of paper, which creates a lot of clutter. Go through your files and reduce that paper by shredding or recycling documents that you do not need.  5. Do it now. This is the most valuable tip. As soon as you finish reading this, block some time off on your calendar to start getting organized. Putting it on your calendar should prevent any procrastination. If you start taking care of things right away, it will get simpler over time.  The same is true for your move.  I hope you found these tips helpful. If you have any other questions about buying or selling a home, just give me a call or send me an email. I would be happy to help you!

This winter is shaping up to be a huge moment for area homeowners who are looking to sell. Here are a few reasons why. Buying a Lancaster County home? Get a Full Home Search Selling your Lancaster County home? Free Home Price Evaluation This winter is likely to be a very important moment for many home sellers. That’s because three big trends are coming together to affect Lancaster County home prices right now: 1. Housing inventory remains extremely tight. The total number of homes on the market fell 10% year over year in the last quarter. This is the biggest drop since 2013, and it's part of a consistent pattern of very limited and decreasing housing supply. Of course, the fewer homes there are on the market, the easier it is to sell, and the higher the price you can expect to get. Home prices have increased almost 6.5% nationally since last year. 2. Buyers are increasingly optimistic. Despite the tight inventory, homebuyers are increasingly optimistic and continue to look for homes. Some of this has to do with the recent growth in income and job stability. Loosening lending standards are also making many homebuyers eager to take advantage of current mortgage rates, which slipped under 4% recently. It’s the perfect time to get in the real estate market. 3. The new tax reform bill will impact the market. The federal government recently passed the Tax Cuts and Jobs Act, which majorly overhauled our tax code. While it’s unclear how this will affect the real estate market as a whole, there are some changes that do not favor home sellers. As a result of the changes made to the tax code, the National Association of Realtors now projects slower growth for home prices in 2018, with an appreciation rate of 1% to 3%. By doubling the standard deduction, Congress has significantly reduced the value of mortgage interest and property deductions as tax incentives for homeownership. On the bright side, no changes were made in the rules surrounding capital gains for home sales, which is good news for home sellers.  When you put all three of these three trends together, two big conclusions emerge. First, now is a very favorable moment for home sellers, thanks to the shortage in the market, the many eager buyers, and the high and rising prices. On the other hand, higher cost, higher tax areas will likely see prices decline as the result of new restrictions on mortgage interest and state and local taxes.  If you are looking to take advantage of the present moment to sell your home, please reach out by giving us a call or sending us an email. We look forward to hearing from you soon.

Contrary to popular belief, fall is a great time to put your home on the market. There are three reasons why.  Buying a Lancaster County home? Get a Full Home Search Selling your Lancaster County home? Free Home Price Evaluation Fall is upon us, and with it the end of the high season for real estate. However, if you're thinking you've missed your chance to sell your home, let me reassure you: This autumn actually presents a fantastic moment to sell. Here's why.  First off, housing inventory is still incredibly low. In fact, according to data from the Census Bureau and the National Association of Realtors, inventory remains well below historic averages, and is 50% less than its peak in 2006. In addition, the recent slump in new construction means demand for existing homes will stay high in the near future.   The time to list your home is now. Second, while mortgage rates also remain very low, recent announcements by the Federal Reserve might cause them to finally start rising. This would make mortgages less affordable and might turn away a significant number of potential buyers. This is even more of a concern when you consider the continuing growth of home prices—6.9% in the last year alone. Third, buyers in the fall are likely to be more serious because they have probably been searching for months without success. Also, because fewer homes are listed in the fall, this means there's even less competition than we’ve seen due to the general low inventory.  So what do you get when you put all those things together? Well, if you were to list your home right now, chances are good that you would be able to sell it very easily and for a top price.  On the other hand, if you decide to wait, the situation might not be as favorable because mortgage rates might rise or because new construction might pick up. That means the time to list your home is now.  If you’d like a precise estimate of what your home could sell for this fall or you have any other questions about the current Lancaster real estate situation, give me a call or send me an email. I'm here to help.

We’re experiencing a 30-year low in inventory. Here’s what that means to you. Buying a Lancaster County home? Get a Full Home Search Selling your Lancaster County home? Free Home Price Evaluation Spring is typically the busiest time of year for the real estate market. Buyers who are experiencing cabin fever come eagerly into the market in search of their dream homes. Homeowners who are anticipating the increased demand are enticed to list their homes for sale in order to move up or downsize and cash in. New data from CoreLogic shows that even though buyers came out in full force, not as many homeowners made the jump to list in the 2nd quarter as expected. Our sales growth has slowed, not due to lack of affordability but due to lack of inventory. Inventory is down for the 25th consecutive month nationwide. As of the end of the second quarter this year, our unsold inventory is at 1.9%—the lowest 2nd quarter reading in over 30 years. CoreLogic’s president says that home prices are marching even higher as mortgage rates keep things affordable from a financing perspective. Affordability will likely become a much bigger challenge in the years ahead. Overall, inventory across the U.S. is down for the 25th consecutive month according to the National Association of Realtors. It now stands at a 4.3-months’ supply. However, conditions in the luxury and premium markets are the opposite. These homes are staying on the market for a longer period of time than usual, putting that segment of homes in a buyer’s market. The bottom line is that buyers are out in full force and there has never been a better time to sell your home and move up than right now. If you’re interested in buying or selling a home or if you just have any questions, you can always reach out and give us a call or send us an email. We look forward to hearing from you!

Whether you’re a buyer or a seller, there are three tips you need to know to succeed in today’s market. Buying a Lancaster County home? Get a Full Home Search Selling your Lancaster County home? Free Home Price Evaluation In today’s highly competitive real estate market, where inventory levels are not keeping pace with the constant stream of buyer demand, there are three steps you can take to ensure you’re most prepared for success when buying or selling a home. These tips come from a fellow real estate blog called “The Skinny on Skinny Inventory.” First, be prepared. If you’re buying a home you should talk with a lender and a Realtor before even looking for a home or making an offer on a property. Being intentional, pre-approved, and prepared will set you up for the accelerated time tables that come with a highly competitive market. If you’re the most prepared buyer, you have a readily secured financial approval, and you’re ready to move fast, your bid will be much more attractive to sellers than others.  If you’re selling your home, you want it to be in show condition before it even hits the market. Also, be prepared for showings the first day it’s listed. Finding a way to stand out from the crowd by getting creative will improve your chances of getting the home you want. Next, think strategically. If you’re a homebuyer and don’t have a home to sell but can be flexible on the closing date, this can help your offer stand out. If you’re a buyer who needs to sell your home, your first step should be listing your home with a real estate professional before looking for a home. This process can be smooth with the right real estate agent guiding you.  Lastly, seek out the ugly ducklings. Consider looking for homes that have been on the market for a while and then investigating why. The reasons might be a deal-killer, but it only takes one ugly duckling to turn into a swan. Finding a fixer-upper or a home that needs a little love might be your best option to guarantee that you find a home in the neighborhood you want. The worst home on the block will go for a steal or below market value and offer instant equity once you fix it up.  If you’re a seller, regardless of your home’s condition, know that there’s a buyer out there for every home. By pricing your home under its current market value and having a strong marketing and advertising plan, you home will get sold. In today’s market, finding a way to stand out from the crowd by getting creative will improve your chances of having a home to call your own.  If you have any questions about succeeding in the market or you’re thinking of buying or selling a home, please don’t hesitate to give me a call. I’d be happy to help you.

Because of the shortage of inventory in our market, now might be the time to sell your home. If you’re a buyer, you also need to act fast because homes are moving quickly. Buying a Lancaster County home? Get a Full Home Search Selling your Lancaster County home? Free Home Price Evaluation Our housing market is moving along in positive recovery mode. In most price ranges, both home sales and home values are up. Distressed homes have fallen, and it looks as though our market is racing forward this year. However, a lack of inventory may cause this momentum to slow down. It appears that buyer demand will remain strong over the summer, but supply will not be able to keep pace. Lawrence Yeung, the chief economist at the National Association of Realtors, says that sellers are in the driver’s seat this spring. Intense competition for fewer homes for sale is forcing buyers to be aggressive in their offers. They’re showing resiliency, though, given the challenging conditions.  Supply can’t keep pace with current buyer demand. Freddie Mac says that tight housing inventory has been an important feature of the housing market—at least since 2016. Inventory for starter homes is currently at its lowest level in more than 10 years. To quote Pro Teck CEO Tom O’Grady, “The lack of inventory is real, and could have a severe impact on home sales in the following months.” The bottom line is if you’re thinking about selling your house, now may be the time. Demand for your house is strongest when there is little competition among other sellers. If you’re thinking about buying a home, you should keep your eyes peeled—homes are moving very quickly.  If you have any questions about our market or are thinking about buying or selling a home, feel free to reach out to me. I’d be happy to help you.