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Amy Zimmerman

Sales Associate

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Empty Nesters: Best to Remodel or Time to Sell?

8/31/2017
Empty Nesters: Best to Remodel or Time to Sell? | Simplifying The Market

Empty Nesters: Best to Remodel or Time to Sell?

Your children have finally moved out and you and your spouse now live alone in a four-bedroom colonial (or a similar type of house). You have two choices to make:

  1. Remodel your house to fit your current lifestyle and needs
  2. Sell your house and purchase the perfect home

Based on the record of dollars spent on remodeling and renovations, it appears that many homeowners are deciding on number one. But, is that the best long-term solution?

If you currently live in a 3-4-bedroom home, you probably bought it at a time when your children were the major consideration in determining family housing needs. Along with a large home, you more than likely also considered school district, the size of the property and the makeup of other families living in the neighborhood (example: you wanted a block with other kids your children could play with and a backyard large enough to accommodate that).

Remodeling your home to meet your current needs might mean combining two bedrooms to make one beautiful master suite and changing another bedroom into the massive walk-in closet you always wanted. However, if you live in a neighborhood that historically attracts young families, you may be dramatically undermining the value of your house by cutting down the number of bedrooms and making it less desirable to the typical family moving onto your block.

And, according to a recent study, you will recoup only 64.4% of a remodeling project’s investment dollars if you sell in the future.

Your home is probably at its highest value as it stands right now. Instead of remodeling your house, it may make better financial sense to sell your current home and purchase a home that was built specifically to meet your current lifestyle and desires.

In many cases, this well-designed home will give you exactly what you want in less square footage (read less real estate taxes!) than your current home.

Bottom Line

If you are living in a house that no longer fits your needs, at least consider checking out other homes in your area that would meet your lifestyle needs before taking on the cost and hassle of remodeling your current house.

July 2017 Northern Kentucky Market Update

8/21/2017

June 2017 Northern Kentucky Market Update

7/25/2017

May 2017 Northern Kentucky Market Update

6/28/2017

April 2017 Northern Kentucky Real Estate Market Update

5/31/2017

April 2017 Northern Kentucky Real Estate Market Update

5/31/2017

 

 

April 2017

Northern Kentucky Real Estate Market Update*

National Update……

March launched the home-buying season with post-recession records for increasing home sales and prices and decreasing inventory, according to this month’s RE/MAX National Housing Report that surveys 53 metro areas. 
Last month, home sales were 6.6% higher than the nine-year-old report’s previous March record, set in 2016. Thirty-eight of the 53 metro areas in the report showed year-over-year increases.
Meanwhile, Months Supply of Inventory dropped below three months for the first time in the history of the report, indicating a market that greatly favors sellers, as six months is considered a balanced market.
 Active inventory continued to decline, dropping 17% year-over-year. As a result, the Median Sales Price of $225,000—also a March record—was up 11% year-over-year. This was the 12th consecutive month of year-over-year price increases.  Homes continued selling faster last month, with the average Days on Market dropping to 64, compared to 68 in February 2017 and 71 in March 2016. 
 

Local Update (all Northern Kentucky)

  • Listings (homes on the market/inventory) decreased 14% when compared to a year ago.
  • Pending Sales in April increased 1% compared to last year.
  • Closed Sales were down 13% versus a year ago.
  • The average list price was $272,000, up 2% from a year ago.
  • The average sale price was $177,000, up 4% from a year ago.
  • The average days on the market were 54 days.
  • The average List Price vs. Sale price was 97%.

 

Boone County

  • Listings (homes on the market/inventory) were down 22% when compared to a year ago.
  • Pending Sales in April decreased 6% compared to a year ago.
  • Closed Sales were down 23% when compared to a year ago.
  • The average list price was $322,000, up 7% from a year ago.
  • The average sales price was $194,000, down 1% from a year ago.
  • The average days on the market were 50 days.
  • The average List Price vs. Sale price was 98%.

 

Campbell County

  • Listings (homes on the market/inventory) decreased 10% when compared to a year ago.
  • Pending Sales in April increased 5% compared to a year ago.
  • Closed Sales were down 17% when compared to a year ago.
  • The average list price was $267,000, down 10% from a year ago.
  • The average sales price was $185,000, up 7% from a year ago.
  • The average days on the market were 50 days.
  • The average List Price vs. Sale price was 96%.

 

Kenton County

  • Listings (homes on the market/inventory) decreased 14% when compared to a year ago.
  • Pending Sales in April, were 2% higher than a year ago.
  • Closed Sales were up .5% versus a year ago.
  • The average list price was $264,000, up 5% from a year ago.
  • The average sales price was $170,000, up 8% from a year ago.
  • The average days on the market were 51 days.
  • The average List Price vs. Sale price was 97%.

The data in this report covers a very large area, broad price ranges, and types of housing.  Do you have a specific question regarding the value of your home or sales in your immediate neighborhood???   ……………      contact me today!  I specialize in helping homeowners accurately determine the value of their most valuable asset.  Sometimes they are pleasantly surprised and other times they are not.  Regardless of the value, you will always receive an HONEST assessment with the data to back it up.

*the data used to compile this information is based on all Northern Kentucky MLS residential (condos and single family home) listings and sales in all price ranges in Northern Kentucky as of 4/30/16. 

February 2017 Housing Market Update

3/23/2017

December 2016 Northern Kentucky Real Estate Market Update

1/24/2017

December 2016 Ntl Market Update

December 2016

Northern Kentucky Real Estate Market Update*

 

National Update…

 

Capped off by a strong December, 2016 was the best year for U.S. home sales since the recession, according to the January 2017 RE/MAX National Housing Report. Home sales in 2016 were the highest in the housing report’s eight-year history, topping the sales of 2015, the previously strongest year. Nine months of 2016 posted sales greater than in the same months of 2015.

 

Local Update (all Northern Kentucky)

  • Listings (homes on the market/inventory) decreased 16% when compared to a year ago.
  • Pending Sales in December increased 6% compared to last year!
  • Closed Sales were down 8% versus a year ago.
  • The average list price was $249,000, up 8% from a year ago.
  • The average sale price was $172,000, up 6% from a year ago!
  • The average days on the market was 57 days.
  • The average List price vs. Sale price was 97%.

 

Boone County

  • Listings (homes on the market/inventory) were down 16% when compared to a year ago.
  • Pending Sales in December decreaased 7% compared to a year ago.
  • Closed Sales were down 15% versus a year ago.
  • The average list price was $288,000, up 9% from a year ago.
  • The average sales price was $209,000, up 5% from a year ago.
  • The average days on the market was 58 days.
  • The average List price vs. Sale price was 97%.

 

Campbell County

  • Listings (homes on the market/inventory) decreased 19% when compared to a year ago.
  • Pending Sales in December increased 30% compared to a year ago!
  • Closed Sales were up 2% versus a year ago.
  • The average list price was $241,000, the same as a year ago!
  • The average sales price was $183,000 up 22% from a year ago.
  • The average days on the market was 55 days.
  • The average List price vs. Sale price was 96%.

 

Kenton County

  • Listings (homes on the market/inventory) decreased 13% when compared to a year ago.
  • Pending Sales in December were 5% lower than a year ago.
  • Closed Sales were up 1% versus as a year ago.
  • The average list price was $242,000, up 10% from a year ago.
  • The average sales price was $146,000, the same as a year ago.
  • The average days on the market was 58 days.
  • The average List price vs. Sale price was 96%.

 

The data in this report covers a very large area, broad price ranges, and types of housing.  Do you have a specific question regarding the value of your home or sales in your immediate neighborhood???   ……………      Contact me today!  I specialize in helping homeowners accurately determine the value of their most valuable asset.  Sometimes they are pleasantly surprised and other times they are not.  Regardless of the value, you will always receive an HONEST assessment with the data to back it up.

*The data used to compile this information is based on all Northern Kentucky MLS residential (condos and single family home) listings and sales in all price ranges in Northern Kentucky as of 12/31 /16. 

Real Estate Advisor January 2017

1/11/2017

 

 

Real Estate Advisor: January 2017
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Finding the Value in a Real Estate Agent

Perhaps you're considering buying or selling a home or property in the New Year. For some, the idea of selling a home might seem like a challenge worth taking. For others, the thought of selling or buying a property is incredibly daunting, which is a major reason why real estate agents and brokers exist: to help us with our real estate transactions. Even so, there are some people who question the value in an agent. Because a normal real estate transaction takes on average between 30 to 45 days (there are times when it's shorter or much longer), it might seem as though an agent gets a lot more out of the transaction than they put in, prompting a buyer or seller to attempt the transaction on his/her own. What many people don't realize is the incredible value offered to buyers and sellers by using an agent. If you're looking to buy or sell in the New Year, read below to find out all the value you receive by using a real estate agent.

Pre-Listing Activities

A huge value offered by hiring a real estate agent is all the work that occurs before your property is even listed on the market. An agent will not only arrange appointments and other meetings with the seller, he or she will also research comparable properties and the MLS or public record sales activity, download and review the property tax information, and research and review a number of things pertaining to the property like the ownership and deed type, public record information for lot size/dimensions, the legal description and current use and zoning. The pre-listing process ensures the property is ready for the market. It can be tedious, but part of the value in using a real estate agent is the agent does these items and more for you.

Exposure/Marketing

Long gone are the days when a home sold because there was a sign in the front yard or an ad in the newspaper. With the advent of social media, exposure and marketing are huge assets to any seller. One value afforded to a seller through an agent is the amount of exposure and marketing available to them via the agent. Not only will your property be listed on the agent's site and the agent's company site (if they have one), you will also have the added benefit of your home likely appearing on the agent and company's social media accounts (think Facebook, Instagram, Twitter, etc.). Many of us don't have the time to properly market a home or property because of other commitments (jobs and family). With a real estate agent, the marketing and exposure of a listing takes top priority with the agent because it's essential to an eventual sale. Not only will the agent prepare all the marketing materials, but s/he handles internet and social media marketing, hosts open houses and networks with other agents. Marketing is a huge part of any successful business, and selling a home is no different. Agents offer a tremendous value in terms of marketing and exposure of a property - don't miss out on this added value by avoiding a real estate agent.

Negotiating

There is a reason why real estate agents do what they do for a living: selling or buying a home is a major life event. Most people wouldn't try to negotiate the stock market with their life savings if they didn't know what they were doing, and the same can be said for navigating the real estate market. A home purchase or sale is a major transaction, and a real estate agent knows the ins and outs of a sale or purchase. With selling, there is the initial offer, the counter offer, and the period after acceptance of the offer. When it comes to buying, an agent is skilled at negotiation and will be able to provide assistance when it comes to home inspections, repairs and other items. For the seller, he or she will also be able to provide advice if there are any requests for concessions from the buyer. Sellers and buyers alike benefit from all a real estate agent can offer.

Smooth Transaction

When it comes to the thick of it, most buyers and sellers want the entire transaction to be as smooth and successful as possible. Success comes with experience, and a professional real estate agent offers experience. One of the true values in all that an agent offers is experience - agents know the market, they are efficient at their jobs, they know how to help if there are financing problems. They know how to deal with any objections or complaints from buyers; they deal directly with contracts and escrow, and they ultimately keep everything on track. The value in an agent is tenfold when you consider all the benefits of having one on your side during a real estate transaction.

To Stage or Not to Stage

1/10/2017

Staging before and after

To Stage or Not to Stage:

When listing your home you may be pondering whether or not you should have it “staged”.   Staging a home can be expensive or, maybe if you decide to stage it yourself, it may be cumbersome.  I want to attempt to explain what staging is and how to decide for yourself if you want to have your home staged or may decide to stage it yourself.

Staging can be as simple as decluttering and deep cleaning your home.  Decluttering can include getting rid of some items on kitchen and/or bathroom counters.   Removing all personal pictures.  And, removing large bulky furniture items.  It can also mean rearranging furniture to appear aesthetically pleasing to a potential buyer.  The buyer wants to imagine themselves living in the home.  Furniture arrangement that makes better sense for your living dynamic, may not appeal to a buyer.  Using a storage pod would be a great way to remove large furniture and anything other items you want to clear out so a potential buyer is not “turned off” by these things.

Staging can also mean hiring someone to come to your home and arrange furniture and use “staging” furniture and accessories to appeal to a buyer.  A staging professional tries to create space that is appealing to a buyer.  Smaller furniture may be needed, a color theme may be infused, or key accent pieces may be added.  Think of it as a “trial” home redecorating period.    Contacting a home interior decorator and asking if they can visit your home and consult with you would be a great way to get started.

The age-old argument remains, “Does staging my home result in a higher sale price?  You can think of it as if you were the buyer.  When a buyer walks into a home, they want to feel as if they could move right in.  Nothing to be done.  If buyers view your home and see areas they may think need improved or it is too cluttered, they may want to adjust their offer to reflect making those changes.  

I’m always available to discuss options for staging services or staging ideas.  Feel free to or email me at Amy@NkyRealEstateWeb.com or Call 859-466-0140

Also, there is an abundance of articles, blogs, posts on the web.  Just search “to stage or not to stage a home”. 

 

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