Selling your home in 2022 is an excellent idea as property values are expected to continue to increase after a record 2021. If you’ve been thinking to yourself, “I should sell my home,” but you’re not entirely sure what buyers are looking for in 2022, you’re in the right place. In this post, we’ll go over the must-haves to sell a house in today’s red hot market.

#1. A Home Office

In the wake of the COVID-19 pandemic, more people are working from home — and loving it! This means that people need spaces in their homes that they can devote to working distraction-free. If you don’t currently have a room that’s designated as the office, consider turning a spare bedroom into an office when you show your home. A simple addition of a desk and office chair to an unused space could have potential buyers racing to sign on the dotted line.

#2. A Laundry Room

Nearly half of all homebuyers reported a laundry room is essential in 2022. An additional 87% reported it’s a must-have or desirable. What’s more, 63% of homebuyers want the laundry room on the main floor. If you’re looking for a new washer and dryer to spruce up your laundry room, opt for Energy Star-certified models that buyers are looking for. Also, consider adding cabinetry, countertops, and a sink — depending on what your budget allows.

#3. A Functional Kitchen

Did you know that the kitchen is the most scrutinized place as potential buyers tour a home? Buyers put a lot of focus on the kitchen and its features and functions. 81% of buyers want a double sink, and 81 percent want a walk-in pantry, while 77% want a central island, and 76% want a water filtration system.

Buyers are also going crazy for EnergyStar appliances (and windows) to help them save on their electricity bills. More than half of homebuyers report being willing to pay up to $5,000 more for a house if they can save $1,000 on their annual utility bills.

#4. Open, Flowing Kitchens

Speaking of the kitchen, if walls separate your kitchen from your living space, get the sledgehammer! Today’s buyer wants a kitchen that flows freely into the eating and living space — no separation required! Bonus points if said living space is anchored by a brick or stone fireplace!

#5. Multi-Use Garages

Spending more time at home has also inspired many homeowners to create workspaces in their garages. That means home buyers want reimagined spaces that serve more purpose than a conventional garage of days past. If you’ve got some extra room in your garage, consider adding cabinets and shelving to transform your empty corner into a workman’s paradise.

#6. Outdoor Space

The mid-pandemic world also enjoys more time outdoors, meaning homebuyers want outdoor spaces the Ritz Carlton would be jealous of. Fireplaces, water features, pools, sprawling gardens, outdoor TVs, and outdoor kitchens... you name it, they want it! 

Homebuyers are looking for backyards that are large and well-designed or that have the potential to be transformed into a comfortable outdoor living space. 

#7. Pools

While we’re on the topic of outdoor features, pools are also increasing in demand in 2022, spurred by a historic increase in residential pool demand in 2020 (24 percent). 

This is another pandemic-related effect as people worry about travel bans and restrictions and opt to turn their backyards into their own mini resorts. Adding a pool is an extremely costly endeavor, so many homeowners are opting to purchase new homes that have pools instead of taking on the out-of-pocket costs of upwards of $55,000. So, if you have a pool in your backyard, you could be sitting on a goldmine that will have buyers offering above the asking price!

#8. Exterior Lighting

With all these backyard upgrades, homebuyers want to show off their outdoor paradises. Exterior lighting is the second-most wanted outdoor feature for homebuyers. Options for exterior lighting include spotlights, pendant lighting, and walkway lights. Colorful and fun pool lights are also a hit with homebuyers who love to entertain and who have kids. Lighting is also a great safety feature, for example, motion-sensor lights that turn on automatically when they sense movement outside of the home.

#9. Guest Suites

For the holidays and every day, buyers find it important to have a dedicated space for their loved ones to comfortably visit them. This includes a bedroom and their own full bathroom. Today’s homebuyers are prioritizing homes with large guest rooms, guest suites, or large open spaces that could be turned into guest suites.

#9. Half Bathrooms

The lost art of the half bath is making a resurgence as people entertain more at home. A half bathroom is a bathroom that only contains a toilet and a sink, no shower or bath. Half bathrooms are perfect for short-term guests to use, so they don’t have to enter your master suite or the children’s rooms or bathrooms and instead have their own area free from bath toys, rainbow toothpaste splatter, and the socks your husband leaves in the master bathroom eery day!

If you are thinking of purchasing a home this year, you are not alone. In today’s competitive market, when it comes to buying a house, you must have an “in it to win it” mentality. You need the right people on your team and the right leader in charge of your game. Without a doubt, having the right real estate agent is the key to successfully landing the home of your dreams.

One of the best things about employing a real estate agent is that you can get a straight answer about anything you need to know regarding purchasing a home. Here are a few examples of common questions that many people ask their real estate agents.

What’s the First Step to Buying a Home?

Before you get too excited and start hunting around for a home on the Internet, the first steps you should take before buying a home are threefold.

It should begin with you checking your credit score, to give you an idea of what type of home loan you might qualify for. Next, you need to take an honest look at your finances and calculate how much house you can afford. Getting pre-approved for a home loan will also put you one step ahead of the crowd.

After you have a solid figure in mind, allow the real estate agent that you have chosen to help guide you through a list of possible homes within your price range. Be sure to select a real estate agent that you trust and communicates well.

Discuss with him or her what aspects of your ideal home are most important to you. Perhaps you desire a specific neighborhood or school district. Or, you might wish for particular aesthetic characteristics. Whatever the case may be, real estate agents specialize in locating what you desire, and making magic happen for you.

Can You Recommend a Good Lender, Inspector, or Appraiser?

When purchasing your first home, you will need to utilize various professionals during the process. Real estate agents often have an extensive network of connections.

If you haven’t already gotten a pre-approval loan, getting a recommendation on a lender from your real estate agent may really help bring you up to speed. When you find a home you are interested in, it will be very helpful to have both an inspector and an appraiser ready to go - especially in this hot market!

What Are the Closing Costs on a House?

Some people don’t realize that a down payment isn’t the only thing they need to bring to the table when purchasing a home. Closing costs are also part of the equation. They are essentially processing fees that you are required to pay to your lender. Closing costs may comprise as much as 3% to 6% of the cost of your home. This money owed is separate from your down payment.

Common types of closing costs include appraisal fees, attorney’s fees, and inspection fees.

How Do I Compete to Win in a Bidding War?

Many buyers wonder what to do when they have found their ideal home but find themselves in a bidding war over it.

To begin with, if possible, offer the seller cash over financing. If this isn’t a possibility for you, make sure you can show proof that you are pre-approved to buy the home.

Another thing you should do is assess any contingencies that you have included in your offer. Contingencies are essentially clauses in your contract that allow you to back out after signing. One common contingency is that the house must pass an inspection. While some contingencies are needed to protect yourself as the buyer, there are some that we may be able to do without. Your real estate agent will be able to advise on the best path forward here.

Another smart move to win a bidding war is to offer earnest money. This is a deposit that you give the seller. Giving the seller earnest money shows that you are committed to purchasing the home.  

What Are the Next Steps After an Offer Is Accepted?

Logically, after your offer was accepted, you may be ready to jump for joy! Before you do, let’s get real about what could happen next.

First of all, don’t be surprised if everything doesn’t go exactly as planned. You need to prepare yourself for the possibility that the house could have issues, you can’t obtain the type of financing you want, or your house was not appraised high enough to justify its price. Being prepared for possible outcomes will help you overcome any challenges that may happen throughout the process.

With that being said, here is what the schedule is like after your offer is accepted. To begin, your initial deposit is transferred. Next, all inspections on the home will be completed. Your lender will then choose a certified appraiser to assess the property.

Your loan approval deadline will then approach. You will do the final walkthrough of the home, followed by signing all of the documents and transferring the rest of the down payment. In the final step, the property deed is stamped and the house legally becomes yours.

Now it's time to celebrate! 

Paint does more than coat the walls of a room. 

The color you choose can showcase personality, evoke emotion, and even make a space look bigger!

That is why once yearly, all the big paint and color companies come out with their colors of the year.

Whether you're renovating to sell or want to jazz up your favorite rooms, here are the latest paint trends to consider and how to use them during your next home improvement project.

How Color Influences a Room

Believe it or not, there's such thing as the psychology of paint. 

Being a simple yet highly effective design tool, paint can evoke mood changes, create a sense of comfort, or trick the eye into thinking the space is larger than it is. 

It's all about finding colors that make a room as cozy or spacious as possible and selecting colors that make you feel good. When done right, color can create a remarkable experience, transforming your home into an expression of your style. 

Top Paint Trends for 2022

Each year, the top color experts and paint companies choose their "colors of the year" — often drawing on trends in fashion, pop culture, design, and technology from around the globe. 

Whether your go-to brand is Behr or Valspar, learning what's trending across the industry can help you make the perfect selection of paints for your upcoming reno or home makeover. Here is what some of the top brands are recommending, plus how you can use these suggestions to enhance the rooms in your house. 

1. Benjamin Moore

Benjamin Moore's Color Trends 2022 Palette includes 14 hues, offering endless combinations that ensure effortless harmony. These colors were chosen based on their "modern-day relevance and long-lasting appeal."

The company's top pick is October Mist, which evokes the silver-green stem of a flower. Acting as a canvas for other colors, this hue allows for plenty of creativity.

Other recommendations include:

• Pale Moon
• Hint of Violet 
• Morning Dew
• Venetian Portico

Tips from Benjamin Moore:

• Choose luminous pales to invigorate your senses
• Opt for botanical hues when seeking a sense of warmth 
• Paint with refreshed primaries to let your personal style shine 

2. BEHR

The BEHR® Colour Trends 2022 Palette offers 20 hues that will "ignite newfound passions and enhance every corner of your home."

Breezeway was the top pick, inspired by the hue "where the sea meets the sky." The idea of this color is to bring a breath of fresh air into any space. It is being used on everything from kitchen cabinetry to front doors, bedroom walls, to office walls. For effortless styling, harmonize with shades of white, grey, and natural wood tones. 

Utilize BEHR's paint trends for 2022 by decorating: 

• Flexible spaces (suggested colors include Laural Tree, Perfect Penny, Cracked Pepper, and Lunar Surface)
• Serene Sanctuaries (suggested colors include Ocean Abyss, Etched Glass, Dark Cobalt Blue, and Nightingale Gray)
• Natural influences (suggested colors include Basswood, Wild Mustang, Corn Stalk, and Studio Clay)

3. Valspar

For 2022, Valspar chose colors that come from nature, intending to bring a calming, comfortable presence into any home. The Valspar Colors of the Year are 12 hues that are both trendy and timeless. 

Let's take a closer look at some of these colors.

Blanched Thyme — This shade of green pairs perfectly with warmer wood tones to create a balanced, natural look. Trending because of its ability to help you refocus, this color promotes a space that is calming and grounding. In an office, style with a wood desk and other natural elements. In a bedroom or living room, pair with warm tones. 

Lilac Lane — This shade of pink is all about uplifting and restoring a space, bringing optimism into any room. Often used as a colorful backdrop, this color is great to feature as an accent wall, livening up your home, but also ideal for an entire room. To style, complement with textured accessories and pops of accent colors. 

Rustic Oak — This warm, rich color will bring in a level of sophistication. Reminiscent of shades from the 70s and 90s, warm tones are making a strong comeback. It's stunning when paired with dark wood floors, as this will help ground the shape and add interest. 

Other trending colors include:

• Gilded Linen  
• Delightful Moon 
• Mountain River 
• Orchid Ash 
• Grey Suit 
• Subtle Peach 
• Sunset Curtains 
• Country Charm
• Fired Earth 

Dive deeper in paint trends for 2022 with these guides:

• Dulux - 2022 Paint Colour & Design Trends
• Sherwin Williams - Color of the Year 2022
• Graham & Brown - Wallpaper & Color of the Year
• PPG Paints - 2022 Color Trends

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.

108

New Listings

181

Active Listings

130

Under Contract

133

Closed Sales

Homes Sold

98.7%

Sale-to-List Price

$257,760

Average Sales Price

1.3

Months of Supply

19

Average Days on Market

$129

Average Price per Square Foot

When the COVID-19 outbreak took the world by storm in March 2020, there were many uncertainties. With all the chaos and unknowns, few could have predicted that the pandemic would ultimately spur one of the most competitive and tight housing markets in both U.S. and Canadian history. Between August 2020 and August 2021, home prices across the United States and Canada rose to record levels, with the U.S. housing market rising to a record of 19.9% and the Canadian housing market rising to a record 21.4%. 

While these prices have been a home seller's dream, it has also made buying a home much more difficult over the past year and a half. So, what can home sellers and home buyers expect to move in 2022? Will the market continue to rise, stay the same, or finally see a steady decline? Read on to discover more about all the predictions for the 2022 real estate market. 

Will the 2022 Real Estate Market Run Bullish or Bearish?

When it comes to predicting markets, you will always have experts on both sides of the discussion. So while some experts are predicting a bullish outlook for the 2022 real estate market where home prices continue to rise, others are predicting a bearish outlook where home prices will start to trend down. 

Of course, with home prices hitting record levels of growth, even faster than that experienced in the run-up to the 2008 financial crisis, the current market will not be sustainable forever. However, the question is not if the market will trend down, but when. Will the real estate market come to a crashing halt in 2022, or will it slow gradually? Check out all the expert predictions regarding the 2022 real estate market below. 

Will Home Prices Rise, Fall, or Stay Steady in 2022?

While there are many predictions regarding the 2022 real estate market, the general consensus is that the market will cool off in both the United States and Canada, but not by much. Fannie Mae predicts that the medium home prices will see a rise of around 7.9% between the fourth quarter of 2021 and the fourth quarter of 2022. While this would mark a fall in the current price growth of the market, it would still represent a strong growth by historical standards of the real estate market. Ultimately, Fannie Mae's predictions have the housing market returning to steady levels of price appreciation. 

In comparison to Fannie Mae's outlook on the 2022 real estate market, Zillow and Goldman Sachs are forecasting a much more bullish run while CoreLogic has put out a bearish prediction. Zillow has predicted home prices jumping 13.6% and Goldman Sachs even higher with a prediction of 16%. While Zillow and Goldman Sachs are seeing a world where home prices soar in 2022, the real estate data firm CoreLogic is predicting only a small 2.2% home price growth in the coming year. 

Ultimately, it looks like the 2022 real estate market will still strongly favor home sellers rather than home buyers. The supply of homes for sale is near record lows, and the gap between supply and demand is only widening. However, with the right real estate agent, finding a new home in 2022 is still certainly possible. 

The real estate market is busy right now. The pandemic has allowed people to rethink their lifestyles and look for more space. Technology has shown that many jobs can be done remotely, which opens up the potential for people to live further from their work. All these affect real estate sales, so if you are planning to sell your home in 2022, here's what you need to know.

1. Find a Good Real Estate Agent To Market Your Home

A lot of property research is done online these days, so having a best-in-class real estate company to market your home is vital. They should take professional photos, deal with inquiries and manage the selling process for you. They should have access to marketing tools that will get your home seen by thousands of people. Real estate agents will also accompany viewers to your home, which gives you additional security and selling power.

2. Prices Are Rising, But There's a Catch

If you are selling your home, the good news is that real estate prices are rising, and there is demand for homes with more space, such as an office. The downside to this is that if you are buying a home, you may not be able to afford what you could five years ago as the price has increased significantly. That's why it's very important to think things through and budget beforehand so you can work out whether this is the right time to sell.

3. Be Prepared for a Fast Sale

The demand for homes means that houses can sell faster than you think, so work with your agent to plan for what you will do if you do get a quick sale. You need to ensure all your documentation is up to date so it does not delay the selling process. Think through various scenarios such as putting your belongings into storage temporarily, renting a property while you research an area, or starting to look for your dream home. If you get a good offer, it would be a shame to decline it because you don't have a plan of where to go.

4. People Want Space

The pandemic has seen people confined to their homes, leading to a craving for more space. An important thing to do if you are selling is to radically declutter your home so it looks spacious, and anyone viewing it can see the potential for living space. If necessary, put some belongings into temporary storage to make your home clutter-free. Trends on a home buyer's wish list include open plan living and an office area. You don't need to do all that to your house, of course, but let a buyer visualize the potential. They can't do that if the place is cluttered.

5. Clean Areas Are Vital

COVID-19 also taught us the importance of keeping things clean. People looking at real estate today are looking for tidy homes with clean surfaces that can be wiped down easily. Give your home a deep clean after your declutter to look fresh and appealing. When your real estate agent markets your home, a clean space is more appealing to people.

People are also looking to avoid extensive renovations right now, so making sure your property is up to date with maintenance and warranties is essential. You don't have to do a complete renovation if you are selling. Just tidying the place and keeping it clutter-free makes a big difference.

6. Millennials Are Buying Homes

One of the trends affecting the real estate market is that Millennials are increasingly looking at buying homes. They do most of their research online and are not only looking for bigger and more up-market homes but want sustainability too. If you have solar panels or garden space where food can be grown, these trends appeal to millennials.

Have Housing Prices Peaked?

During the height of the pandemic, house prices rose significantly. While they are still high, there are indications that this has slowed. It is worth working with your real estate agent to market at the best price and be aware of the local trends if you are selling.

Interest rates remain low but could increase as a consequence of the financial recovery post-COVID pandemic, so getting the timing of your sale right is vital, and that's where a discussion with a real estate will set you on the right track. 

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.

129

New Listings

116

Active Listings

134

Under Contract

144

Closed Sales

Homes Sold

98.8%

Sale-to-List Price

$230,247

Average Sales Price

1.4

Months of Supply

18

Average Days on Market

$127

Average Price per Square Foot

The cold breeze, the nippy air, the crowd of shoppers, and the festive decorations everywhere are sure signs that the holidays are coming. This holiday conjures a lot of tradition, and one of these is making a wish list. Children are busy writing their lists of things they want to receive from their parents and old Saint Nick, but the fun doesn't have to stop at childhood!

In 2021, home prices rose significantly, so if you're thinking about selling, it's a good time to put your house on the market (yes, even during the winter!). If your home could talk, what do you think it would want this holiday season to make it more enticing to potential buyers?

Here are some six things to add to your holiday wish list for your home:

1. A New Paint Job

If your home has been in the same color palette for a few years, a new fresh look will spruce it up for the holiday season and beyond! You can choose to repaint with your current color scheme. But if you want to be adventurous, you can select a new color palette and give your home a contemporary vibe. Your imagination only limits the color combination. You can turn to the internet for inspiration, but be adventurous and don't be afraid to try something new.

2. A Video Doorbell

Give your home some tech for the holidays with a video doorbell. A video doorbell gives you a mobile notification through motion detection when somebody is on your doorstep. It also shows you who is at your front door. They have crisp wide-angle videos so you can see who is at your door. Some also have microphones and speakers so you can greet your guests before you even open the door—no more surprises about who is at the door with this device!

3. New Windows

If your house feels drafty, you see some condensation in the window glass, or the windows look old and worn, giving your house new windows is a perfect thing to add to your holiday wish list. 

You can choose to replace your windows with the same style and design as your old ones. However, selecting a new design can give your house a new look. Keep in mind that if you want a new window design than what was previously installed, you'll have to consider things like the type of windows, the material, the kind of glass. 

4. A Deep Clean

Preparing your house during the holiday season need not be expensive. Sometimes all your house needs is a good, thorough cleaning. It can be as simple as unleashing your inner Marie Kondo and decluttering your house by getting rid of things you don't need. 

Then, you can start to vacuum and dust all the places you think need it. If you have carpets that have been worn over time, you can give them a good shampoo to restore them to their former glory. Of course, you can do this yourself, but if you want, you can also go the professional route and have someone come clean your house. If you're going to go the extra step, you can also update your cleaning supplies and tools in the house by getting a new vacuum or a steam mop.

5. Solar Roof

If your house has been extra good to you and your family this year and you want to splurge, you can look into getting a beautiful (and energy efficient) solar roof for your home. A solar roof is composed of a series of solar panels, each one looking like a regular roof shingle. With a solar roof, the house makes its electricity and saves its occupants money from electric bills. It also boosts your home’s curb appeal and gives it that little extra oomph to make it stand out from all the other houses in the neighborhood.

6. A New Sofa

If you've wanted to get a new sofa for a long time, this holiday is an excellent excuse to gift your house with one. There's nothing like a fresh, comfortable sofa to add to the home's appeal. With so many year-end sales going on, you'll be able to find a great deal! If you're thinking about selling your home, you'll, of course, be able to take your new sofa with you, and you may even be able to use it while staging your current home.

Thinking of selling? Want to refinance your home?

If so, the first thing you're probably asking yourself is, how much is my house worth?

There is no shortage of online home value tools in today's digital world, but how accurate are they? 

To calculate the actual value of your home, you must consider a broad spectrum of factors. Here's what you need to consider, plus how to get started!

How Much Is My Home Worth?

Wondering what your house is currently worth?

The quick answer is: whatever someone will pay for it. 

A more comprehensive answer will depend on several variables, including what's happening in the housing market, particularly in your area. For example, is the demand for houses high but supply is low? In this case, you are likely in a seller's market. What your home was worth a year or two ago may no longer represent its current value. 

When supply and demand are not balanced, values become more of a challenge to determine. 

So, how do you find out what the value of your house is?

You lean on tools and industry experts to paint a clear picture. This leads us to our next question — is one more favorable than the other? How accurate are online valuation tools, and how do they stack up to working with a local industry expert?

How Redfin and Zillow Value Your Home

If you search "how much is my house worth?" online, you will get dozens of hits, showcasing the top home value estimators. According to NerdWallet, 22% of homeowners in the United States determine the value of their home using this method. The technical term for these tools is "automated valuation model."

Two of the big players in this space are Redfin and Zillow. 

These tools leverage the data available from public records, such as tax assessments and property transfers. Using mathematical modeling, these tools aim to predict the value of your home based on the most recent listing prices and sales in your area. 

Both companies are transparent concerning their national median error rates. For example, Redfin reports that its current median error rate is just 2.72% for houses for sale and 6.79% for off-market homes. This means that the estimate is within these margins of error half the time. So, for when a home is on the market and sells, Redfin's estimate will be within 2.72% of the sales prices half of the time. 

In comparison, Zillow reports that its national median error rate for on-market homes is 1.9%, and for off-market homes, that error rate increases to 6.9%. 

The issue here is that a median national error rate does not represent your local market. So, the error within your local real estate market may be better, or far worse, than the advertised national medians. 

The Pros and Cons...

Both Redfin and Zillow are easy-to-use and convenient, but the price you pay for that is low accuracy. There have even been instances where homeowners (unsuccessfully) sued Zillow because the estimates were so far off. 

Both of these companies warn users that the estimates provided should be used only as a starting point. The figures provided are not appraisals — they are simply algorithm-based computer estimates. They should certainly not be used as part of a bargaining strategy when selling or buying a home. 

They are good "estimate tools" — they are not all-knowing tools. 

Pros 

Tools like Redfin and Zillow are good starting points, giving you some insight into what you can expect from your journey ahead.

The figure you receive can then be discussed with a local industry expert to determine if you can ask less or more depending on a more comprehensive analysis.

Cons

Online home value tools only consider certain factors because they do not often have access to the same information that a local real estate database has. This lack of information creates skewed results. This means you will only get a partial estimate, resulting in a figure that isn't accurate.  

These tools are not ideal when dealing with fast-moving markets, especially when homes are selling in a matter of days. That is why an estimate on Redfin may significantly differ from the one you got on Zillow. 

Nothing Beats Working With a Local Real Estate Agent

Online home value tools can provide a good starting point, allowing you to get a ballpark estimate. However, there isn't any substitute for a local industry expert. Unlike most third-party real estate sites, local real estate agents have access to the information you need to ensure greater accuracy.

Your local real estate expert will dive deeper than Redfin or Zillow, providing you with a comparative market analysis. They will also be able to give you a more accurate value based on when your house was last renovated, the condition of the property, the type of view you have, the amount of natural light inside, and the list goes on. These are the type of key variables that online estimate tools and the algorithms responsible for estimated values miss.

The #MARCUMsold Show, Season 3, Episode 18: Giving at Hospice Care Plus 

🏡 On this week's #MARCUMsold Show, Amanda interviews Brenna Wallhausser of Hospice Care Plus and they discuss how you can give back this holiday season.

#MARCUMsold #GivingTuesday #Volunteer #GivingBack #MyRichmond #BereaKY #BHHSFosterRealtors #GoodToKnow #Zillow

Catch up on our past episodes of The #MARCUMsold Show!