If you’re looking to take advantage of the red-hot seller’s market, you may be wondering, “when should I sell my home?” The answer is spring! The era of historically low interest rates is coming to an end, meaning buyers won’t be as eager to jump the gun as rates continue to rise. So, if you’re looking to cash in on current market conditions, this spring is the perfect time to do so before interest rates rise too much and the market swings back in favor of buyers.

Benefits of Spring Selling

Selling in the spring comes with some pretty awesome benefits for sellers, including:

Sell for More

Spring has long been considered the best time of the year to sell homes, for many reasons, including the fact that you’ll be most likely to maximize the selling price and make the most money — especially during spring 2022’s market conditions, home sales are expected to reach a 16-year high.

According to reports, most sellers who list their homes in May can expect them to sell 18.5 days faster than any other month and for nearly six percent more money. The report notes that April or June have even better home sales in some areas of the country than May.

Curb Appeal

Trudging through a snow-covered driveway overlooking a dead garden and brown grass isn’t exactly appealing. But, in the spring, the flowers come out, the grass turns greener and the birds start chirping — making for a much more visually appealing process. If you want to present your home in the best (sun) light possible, spring is an excellent season for selling, especially if you have a pool, water fountain, garden, outdoor kitchen, or any other feature that is meant for the warmer months.

More Buyers

As the weather warms up, you can expect to see more buyers in the market. Many homebuyers start their search during the spring because they know the selection will be better and they can schedule the move around their children’s school schedules. 

Better Moving Weather

Who wants to lug heavy boxes and move into a cold and unfurnished home during freezing temps? Not us! Spring offers more comfortable moving weather — not too cold and not too hot. Spring temperatures are perfect for an enjoyable move.

Disadvantages of Spring Selling

But, similar to spring weather, spring selling is not all rainbows and butterflies — there are some downfalls too, including:

Higher Moving Company Rates

Unfortunately, the secret of spring selling is not unknown. Movers are looking to cash in on the busy season as well, and many may even hike their rates due to increased competition, which can also make it harder for you to nail down a moving date where all required parties are available. Try to book your spring move ASAP to ensure you get a spot on the mover’s calendar before it fills up.

More Competition

If you list your house in the dead of winter, you may be able to capitalize on low inventory. But, in the spring, the market becomes more saturated, meaning potential buyers have many more options. This is why it’s important to make sure your house stands out, from beautiful landscaping, fresh flowers, an updated kitchen, etc. 

School Is in Session

Moving with kids can be challenging, especially if they’re in school. If you end up selling your home in the spring, you’ll have a lot more to plan logistically with the kids’ schedules. This can disrupt your kids’ learning and their social activities and routines. If you’re worried about disrupting your kids’ school year to move, we recommend moving at the tail-end of spring to early summer.

🤔 Escalation Clauses....  How Do They Work?

Amanda gives us the ins and outs of escalations clauses and how they work. In this very unique and exciting real estate market we come across escalation clauses more than you might think. I have found the majority of agents and consumers don't really understand how they work. So here is how escalation clauses work in a nutshell. Let's say a buyer is going to offer a price of $300,000 for a home. Then we add an escalation clause to the offer as an addendum. So I will ask my buyer what is the top number you are willing to pay for this home, they choose $350,000. That number is their top escalation amount. So we will put in an escalating factor of $1,000. So our offer will increase by $1,000 until you reach $350,000. So to break it down, it means you are willing to over $300,000, up to $350,000 in increments of $1,000 automatically if someone summits an offer that is competitive. The listing agent does have to provide proof that another competitive offer is on the table. Sometimes it helps to pick an odd number, for example $351,000. Hopefully this helps explain escalation clauses! Always reach out to me if you have any question!! 

#HomeBuyers #EscalationClause #WinTheBid #HomeBuyersRichmondKY #HomeBuyersBereaKY #MyRichmond #RichmondKY #BereaKY #InTheKnow #KnowledgeIsPower #MARCUMsoldTeam #BHHSFosterRealtors #StayInformed

If you’re thinking about selling your home, it's important to have a good understanding of what’s going on in the Madison County market.

Knowing the most important data such as the average sales price, number of homes sold, and days on market will better prepare you to sell your home.

Our market report showcases everything you need to know about local real estate trends.

105

New Listings

140

Active Listings

116

Under Contract

92

Closed Sales

Homes Sold

98.14%

Sale-to-List Price

$260,443

Average Sales Price

1.5

Months of Supply

32

Average Days on Market

$138

Average Price per Square Foot

Just because it’s a strong seller’s market does not mean you can throw your home up on the market willy-nilly, for whatever price your heart desires, ignoring all of the best home-selling practices of days past. Even though sellers do have the advantage these days, it’s still important to avoid these top five common home-selling mistakes.

#1. Not Hiring an Agent

We know you want to keep as much of the profit from the sweat equity you poured into your home over the years and all of the sentimental value. But, selling a home is not as simple as taking a few photos and listing it online. If it was, the whole profession of real estate agents would not be around. Working with a real estate agent can help you sell your house for more money and faster. According to the National Association of Realtors, the typical “for sale by owner” listing goes for about $260,000, while agent-assisted sales go for $318,000 on average. 

A real estate agent is an invaluable resource during the home-selling process who will be there to guide you, give you expert tips and answer any questions as they pop up. Real estate agents are well worth the investment. So, don’t make the mistake of opting for a “for sale by owner” listing with the hope of saving a few thousand dollars. The headache and extra costs and time it takes may not be worth it in the long run.

#2. Hiring the Wrong Agent

That being said, you don’t always want to hire the first real estate agent you come across. Some research is required to find the agent who’s the best fit. Start and try to find reviews or even friends and family who have used agents they recommend. This will save you the headache of hiring the wrong agent who just doesn’t jive with your goals — and the pain and time it takes to find a new agent.

#3. Not Getting Your Home Ready to Sell

Even in a red-hot seller’s market, you still need to de-clutter, deep clean, and even stage your home before you list it.

Make sure you fix any visible issues that will decrease your home’s value, like dripping faucets, chipped paint, and broken doorknobs and appliances. When a house is riddled with visible damages, buyers will be under the impression that there are many more issues lingering that have also been ignored. This is another area working with a real estate agent can help you in as they are primed in what buyers look for, what turns them off, and what repairs are worth it.

De-cluttering and de-personalizing is another critical step to get your home for sale-ready. That means take down the personal photos, go through the junk drawer and donate any miscellaneous items clogging your closets, doorways, basement, attic, and anywhere else. 

#4. Underestimating the Cost

You’ve likely heard the adage, “you have to spend money to make money.” This rings true when it comes to selling your home as well, which many sellers often forget about. But, did you know the total cost to sell a home can be as much as 10 percent of the sale price when you factor in commission, closing costs, repairs, and any other buyer concessions? You may also have to pay two mortgages if you don’t sell your home before you move or pay rent if you sell your home before you find another one. So, if you’re toying with the idea of selling, let's talk about budgeting to handle any related costs as they pop up.

#5. Setting an Unrealistic Price  

Just because it’s a seller’s market does not mean you can ask for an astronomical price for your house. This is another area where working with an agent helps as they have the tools, knowledge, and experience to price your home fairly based on what similar homes in the area are going for, updates you’ve done, square footage, and so forth. Despite what you may think, given market conditions, overpriced homes don’t typically sell. A recent survey found that 70 percent of real estate agents said that overpricing is the number one mistake that sellers make.

Bonus: Posting Unprofessional Photos  

We’re all photographers these days with our iPhones and Instagram filters, aren’t we? Not quite. Online photos are often the first thing potential buyers will see. And, blurry, dimly lit, or otherwise amateur-looking photos will convey to them that you’re not serious about your listing and who knows what other issues they may find inside your home. Professional images will position your home in the best light (literally) and leave the best first impression possible among potential buyers who will be eager to get a glimpse of your home in person instead of being under the impression that your home is a dark cave.

👀 A Look Back At 2021!

Let's take a look back and see what happened with Madison County real estate in 2021. So here are some of the statistics for residential sold properties. In 2021 we had 1,591 sold residential units. In 2020 that number was 1,615. The numbers are pretty close so I would call that a wash. The average sales prices is super interesting though! In 2020 the average sale price was $217,000. Last year that number was $250,000. That is a huge difference. This difference definitely makes you think about affordability. I believe this number is driven by inflation and the cost of goods. We want housing to be affordable to everyone. Our average list-to-sales price ratio in 2020 was 98% and in 2021 it was 99%. So not much negotiating happening. The average days on the market for 2020 was 39. Last years days on the market was only 20. Ready to buy or sale, I would love to help!! 

#MARCUMsold #BHHSFosterRealtors #ALookBack2021 #RichmondKY #BereaKY #2021inNumbers #MadisonCountyRealEstate #RichmondKYRealEstate #BereaKYRealEstate

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Unless you’ve been living under a rock, you’ve probably heard about the seller’s market currently taking place around the globe. Seeing what homes are selling for in your neighborhood may have you wondering, “should I sell my home, too?” In this post, we’ll go over the top signs that it may be time for you to get your very own “For Sale” sign.

#1. Your Home Is No Longer Meeting Your Needs

Outgrowing your home is very common — especially for first-time buyers who outgrow their “starter homes.” As your family grows, it makes sense that a house you bought just for your partner and you starts to feel a little too snug for comfort. Once your family starts growing, or your needs change, there’s a good chance you’ll want to sell and find a new home. Of course, you should have a plan in place before listing your home as far as when the right time to list is (don’t forget to take school, work, and extracurricular schedules into account). Here are some other things to think about:

• How much other houses in your area are going for.
• If the neighborhood you’re thinking of moving to is a good fit for your family and needs.
• If the size of your new house will be able to fit the whole family and even grow with you.

On the other end of the spectrum, as people age and their kids fly the nest, they often choose to downsize to something easier to maintain. No matter your situation, if your home is no longer meeting your needs, it’s probably a good idea to sell it.

#2. Your Home’s Upkeep Is Taking a Toll

If your to-do list is never-ending and unexpected repairs pop up by the day, it might be time for a house that requires less maintenance and upkeep.

Did you know the average homeowner pays $2,000 per year to maintain their home? That includes landscaping, snow removal, trash and recycling, gardening, house cleaning, septic services, and so on. That doesn’t even cover what it costs to make repairs. These costs on top of property tax and the mortgage can start to add up — surprising some first-time homeowners in particular. If it’s becoming too hard to afford upkeep or tackle the list of DIY repairs and home chores, downsizing might be in your near future — especially if your home needs excessive upkeep and maintenance and it’s no longer worth it. 

#3. It Makes Financial Sense To Sell

A house is the most significant investment we make, and homes can accrue a lot of value as the years pass by. If you’ve owned your house for a long time and your mortgage is paid or almost paid off, you have excellent built-in equity, and given today’s market, this may be the perfect time for you to recoup a large portion of your nest egg. The housing market is expected to stay red hot in 2022 as Zillow predicts home values will increase by an additional 11% in 2022 after increasing by a record 13% in 2021. So, if you're wondering when a good time to sell is, now is your answer!

Additionally, if your financial situation has changed — either way — it might be time for a new home to accommodate your new lifestyle. A recent promotion might allow you to finally get that home with a swimming pool, while a job loss may require you to move into a smaller home.

#4. You’ve Done Your Research

The best seller is a well-informed seller. If you’ve done your research on both the national and local market and know that it’s a good time to sell a home, you’re one step ahead of the game. Researching Realtors during this time is also an excellent idea because you can chat with them about what houses are selling for and get the inside scoop if any of your neighbors with homes similar to yours are planning to list theirs soon so you can know what you may be competing with — and make the required repairs/upgrades to outshine them!

#5. You Know What’s Next

The thing about selling your home is, you’ll no longer have a home. You certainly don’t want to put yourself and your family out on the street! So, before you decide to list your home, you need to have a pretty good idea of what the next steps are for your living situation. Will you be relocating? Downsizing? Moving to a different school district? Whatever reason you’re moving for, it’s important to start devising a plan, researching your intended market, and figuring out what you’ll do when your current home sells.

Predictions For 2022 Madison County Real Estate Market! 

🤔🧐 What's going to happen with our local Madison County, Kentucky real estate market in 2022? Below are my thoughts and predictions.  Interest rates will increase over this coming year, but they will not get anywhere significant. Also I believe new construction will continue to pick up. The cost of lumber and goods has come back down to reasonable prices. This will help us get out of this silly, silly sellers market. We will continue to grow and sell probably pretty similar amount of units as the past 2 years. Here in Madison County we are very blessed that our leaders and officials believe in growth and development. 2022 is going to great time to buy & sell. I would love to help you!!! 

#MarketUpdate #MarketUpdate2022 #HousingMarket #RealEstateMarketPredictions #MARCUMsold #BHHSFosterRealtors #2022HousingMarket #RichmondKY #BereaKY #RichmondKYRealEstate #NewConstructionHomes #Developments

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10 Random Fun Facts you probably don't know about me! 

🏡 Random Fun Facts you probably don't know about me! 

1. I love animals more than people. 

2. I can actually juggle! 

3. I have played golf my whole life. 

4. I am super competitive. 

5. I grew up competitive dancing. 

6. I've won one National Pageant, but did not start competing until my thirties. 

7. I am an only child. 

8. I have been on national television twice. 

9. I am a self proclaimed people pleaser. 

10. My favorite radio station is XM radio 7, PitBull radio. 

Now tell me something fun about you too!  

#FunFacts #MARCUMsold #BHHSFosterRealtors #AnimalLover #BeautyPageant #Golf #GetToKnowMe #Dance #RichmondKY #BereaKY #MyRichmond

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On The Go Essentials For Realtors!

Below are some of my absolute must haves to have handy in your vehicle as a realtor. 

1. A copy of a contract 

2. Lock boxes, both electric & mechanical 

3. Boots 

4. Tide pen 

5. A sewing kit

6. Snacks/water 

7. Blankets 

8. Candles for open houses 

9. 1 gallon jug of water 

10. Painters tape, for new construction homes 

11. Measuring tape - regular, long & digital

12. A sign, so when you sign up a listing you are ready to go!

#MARCUMsold #OnTheGo #BePreparedBeReady #RealtorLife #RealtorTipsandTricks #BHHSFosterRealtors #Realtor #RealtorMustHaves #TipsAndTricks

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This Valentine’s Day, why not show some extra love to your home? After all, home is where the heart is! What’s more, in today’s red hot seller’s market, you can definitely recoup any investment you put into your home — and then some! In this blog, we’ll go over nine simple ways to show your home some TLC this V-Day.

#1. Make Easy DIY Upgrades

Who doesn’t love a good DIY project? Even if you’re not planning on listing your home anytime soon, small improvements are always a good idea to keep your home updated and to increase your home’s value. Here are some no-fuss projects that you can knock out in a weekend:

• Install a touchless faucet on your kitchen sink.
• Swap out your drawer pulls for something modern, fun, and fresh that shows off your home's — and family’s — personality.
• Replace your lighting fixtures across your home. Looking for some more drama? Add a chandelier. Want to add a flair of rustic charm? Try fixtures made out of antlers and wood.
• Add a pop of pattern or color with wallpaper. Wallpaper is back, baby, and you can’t tell us any different! Of course, you don’t want your entire home covered in wallpaper à la the 1970s, but pick a room or two and choose a fun, bold print to cover it in.

#2. Paint the Town Red — Or Any Color

Fresh paint goes a long way when it comes to increasing home values. It also yields an excellent return on investment — on average, people who paint the inside and outside of their homes see a value bump of $4,000+! That’s a 107% return on investment for painting the inside and a 55% return on investment for painting the outside! If you’re looking for a smaller project than painting your entire house, start with just the front door or shutters. A fresh pop of color will do wonders when it comes to increasing your curb appeal and giving your home a little more heart.

#3. Say Goodbye to Your Popcorn Ceiling

Nothing dates a home faster than a popcorn ceiling. Did you know that in addition to being quite unsightly, popcorn ceilings can also be unsanitary? They harbor dust, dirt, and even cobwebs — yuck! The good news is you can easily remove your popcorn ceiling with a wet/dry vacuum and drywall knife.  

#4. Whitewash Your Brick

Redbrick is out, and white brick is in. Depending on how ambitious you’re feeling, you can whitewash the exterior of your home or start small with your fireplaces. A simple whitewashing will transform your fireplace from a dated relic of the past to a cozy modern cottage.

#5. Turn Up the Coziness

Speaking of creating cozy spaces, there’s nothing better than a warm home, especially for cuddling up in on Valentine’s Day! Buyers also love charming houses, so any cozy upgrades you make now will surely pay off when it’s time to sell. Consider adding fire features — as simple as purchasing a fire pit or detailed as building an outdoor fireplace — as well as water features, purchase some fuzzy throws and pillows, add an herb garden to your window sill, and buy some dimmers to create mood lighting. Your oasis awaits!

#6. Upgrade Your Appliances 

Nothing transforms a kitchen quite like beautiful, working appliances. Consider purchasing one new appliance, such as a fridge or stove, to add a "wow factor" to your kitchen. If you’re not up to dole out the cash for entirely new appliances, a few repairs to ensure your current ones are in working order will do the trick. Now’s the time to finally get around to fixing that dented dishwasher, broken garbage disposal, or burned-out light in the refrigerator. The kitchen undergoes the most scrutiny by potential buyers, so this is one investment that’s sure to be well worth it.

#7. Freshen Up the Floors

Another area that potential buyers heavily scrutinize is the floors. Now’s the perfect time to have your hardwood floors refinished, give your tile and grout a deep cleaning, and add some plush area rugs to cover any problem areas or to increase a room’s coziness and stylishness. If you’ve got a lot of carpet in your home, consider replacing a room or two — or at least giving the carpet a good steam cleaning.

#8. Give Your Home a Deep Cleaning

If your budget is tight or you’re just not up to DIY projects, consider giving your home the deep cleaning you’ve been putting off. We’re talking clearing clutter and getting rid of things you no longer need, cleaning ceilings and cobwebs, dusting fans, cleaning walls, cabinets, floors, and more. Give your home a sparkle that even Cupid would be proud of!  

#9. Sweeten Your Space by Rearranging Furniture

A little feng shui can go a long way when it comes to lifting your overall mood and view of your home. Try rearranging furniture, like your dining room table, couches, chairs, and lamps, to create a new look without much effort.