Buyers' "delay of game" & sellers' "costly turnover" (a dated kitchen) penalties

Dated: February 11 2024

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Happy 'big game' Sunday!

Hope you're well. The thing I loathe about winter most is the cold and dreary weather affecting my mood. When it IS warm-ish, that's usually when it's rainy (like this weekend) and when it looks nice out, it's usually chilly, cool or downright frigid. And windy. Ugh.

I say all that say I'm REALLY looking forward to spring and summer, but I must also tell you that while the weather may cool you on the idea of finding a new place to live, it's market conditions like right now that make it advantageous for potential home buyers to be active now to avoid the competition of spring and summer later. 

Interest rates have been quietly creeping downward and the Federal Reserve indicates they'll do their part to make that continue happening in 2024. Despite the chill in the housing market, though, home values aren't suffering, and home builders aren't building homes fast enough ot meet demand, so the thinking is, with limited supply and prices going up, get what you find and like now and address your mortgage rate if/when rates continue to slope downward later. You won't be able to do that if you aren't able to buy at all due to the competition and that competition pushing prices out-of-reach later. 

One thing I caution buyers about is looking to fall in love with a home when a home they strongly like, with a "but" ... meaning, they like the home, BUT ... there's something to update. It's like choosing a political candidate, honestly. These days unless you're buying a custom-built new home, it's highly unlikely you're going to get everything you want in a home. Maybe it's like finding a spouse. "Madea" gave us the 80/20 rule ... 

My point being, when you see the "80%" house, in your budget and attainable, consider taking it and - unlike the potential spouse - work on the other 20% on your own. You're investing in your own savngs and growing it that way, anyway. 

That being said ...

Sellers: don't fumble the "turnover"

Younger home buyers are telling us they need the baby boom generation of seller not to "drop the ball" when they sell and move out of the home: don't leave your dated kitchen behind.

In a crucial game, that's a "costly turnover." It's no different in a home sale.

"Young move-up home buyers are growing increasingly worried that baby boomers, many of whom are staying put in their current home, won’t update their properties and will pass down costly renovations and repairs to the next generation of owners, according to a new study(link is external) from Morning Consult and Leaf Home, a national home improvement company."

There's a lot to unpack here. more than 2/3 of baby boomers aren't downsizing once becoming empty nesters, with "68% saying they’ve lived in their homes for 30 years or more." That leaves a growing list of updates and upgrades likely going undone - and once it is time to sell - for the empty nester or thei family once they've passed on - the massive list of "must do" upgrades is often too daunting. 

That's how the "fix & flip" phenomenon thrives. Hey, it's great reality TV binge-watching on these cold winter days, so I'm not hating. I am, suggesting, however, that whether it's you living in the "empty nest" awhile longer or your loved one, if you're nearing the time to put that older home on the market, consider reaching out to me for a consultation to discuss what, if any, updates are needed to please today's homebuyer. If there are updates needed, I can likely guide you through the process of doing them without spending a dime until the home is sold, too. Hear me out ... 

Happy to discuss your options whenever you're ready! I mean even answer a text message during the big game. 

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Ron Roberts

Hi! I’m Ron, a Georgia-born Atlanta resident and real estate agent ready to put my education, personal and professional experience and work ethic into helping you find your new home, sell your e....

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