Reflections From A Realtor
The #1 Thing You Can Do To Protect The Value of Your Home
“I resolve to take better care of my home this year”, said no one ever. I was thinking about this the other day as I read a list of the top resolutions for 2023. The top five were to exercise more, eat better, lose weight, save more money and spend more time with family and friends. I get it, home maintenance is not a sexy topic but a focus on maintaining your largest asset is more than just a good idea.
“I resolve to take better care of my home this year”, said no one ever. I was thinking about this the other day as I read a list of the top resolutions for 2023. The top five were to exercise more, eat better, lose weight, save more money and spend more time with family and friends. I get it, home maintenance is not a sexy topic but a focus on maintaining your largest asset is more than just a good idea. After years of record equity gains for homeowners and historically low interest rates, this year will be stabilizing for the real estate market. Rates have peaked and will slowly fall as we head into the spring market. Home values have leveled off and will return to more modest gains. Whether you bought at the height of the market, or you have been in your home for 20 years, how do you protect your hard earned equity? The number one way to protect your equity is to maintain your home. Homes that consistently sell the fastest and for the most money regardless of market conditions are those that are meticulously maintained. Deferred maintenance is the kiss of death for home values and yet many homeowners take a relaxed approach to maintenance. They prioritize things like a kitchen renovation while their front steps are rotting off. An updated kitchen does add value, but deferred maintenance will quickly reduce any gains you may get from your shiny quartz countertops.
It can be expensive to maintain a home to this level and people often put off maintenance to save money. If you’re in this camp, I urge you to rethink your position. Repairs that come as a result of deferred maintenance are almost always more costly than the regular scheduled maintenance would have been. There are lots of easy ways to maintain your home that are budget friendly and just require your time. This year, to help you protect the value of your biggest asset, I have created a home maintenance checklist. Every month I’ll send out an email with two simple things you can do to be a ‘Meticulous Maintainer’ and protect the value of your biggest asset. Click here to sign up.
Hot Market, No Realtor Needed?
A recent article in the Ipswich Chronicle featured a husband and wife real estate team who switched offices and went with a virtual brokerage. One of the agents who has been in real estate for 36 years was quoted as saying:
“We keep seeing houses sell so quickly, it almost doesn’t take any skill to sell a home these days.”
A recent article in the Ipswich Chronicle featured a husband and wife real estate team who switched offices and went with a virtual brokerage. One of the agents who has been in real estate for 36 years was quoted as saying:
“We keep seeing houses sell so quickly, it almost doesn’t take any skill to sell a home these days.”
What?? This is a shocking statement from a Realtor. It is true that the market is hot and homes are selling quickly. It's also true that anyone can list a home and sell it quickly. Proper pricing, effective marketing and competently negotiating multiple offers are skills that make the difference between just selling your home and maximizing the return on your investment.
The difference is in the details. I'm in the business of helping sellers maximize the return on their investment. My success is the result of extensive market research, effective marketing with the use of the best photography, videography and floor plans, staging, planning and preparation. It is both art and science. When done well, the results are quick and the process appears effortless. That is the sign of a pro. My marketing will set your home apart and yields greater online exposure, more views and saves, more competition, a higher sale price and ultimately more money in your pocket. Last year my listings sold for an average of 107.29% of list. The statewide average according to MLS Pin data was 102.4%. Be very wary of anyone who tells you it doesn't take any skill to sell a home and that listing with a discount Realtor will save you money.
Shift.
It seems like everywhere I look, the headlines are of lack. Lack of homes for sale, lack of workers, lack of materials, lack of pet food, lack, lack, lack. Just typing the word lack makes me anxious and I have to stop myself from jumping out of my chair and running to the store to stock up on something.
Everywhere I look, the headlines are of lack. Lack of homes for sale, lack of workers, lack of materials, lack of pet food, lack, lack, lack. Just typing the word lack makes me anxious and I have to stop myself from jumping out of my chair and running to the store to stock up on something. All my needs are met and yet that word still has the power to induce anxiety and instead of feeling grateful for what I have, I worry. The fallout from these feelings can be seen everywhere. In my basement, I still keep a stockpile of food and supplies because of the media accounts of lack. Yet for all my worry, not for one day have I gone without a basic need. All this talk about lack reminded me of one of my favorite quotes from The Power of Positive Thinking:
“If you think lack you tend to create a condition of lack. Shift your thought pattern to one of abundance and believe that God is now in the process of giving you the abundance you need.”
Realtors everywhere are complaining about the lack of inventory and the intense competition for the handful of homes listed each week. Hundreds of eager buyers tromp through these homes with hunger and desperation in their eyes and then buy into the frenzy with outlandish offers that are so far removed from reality that it almost feels like a game. It's not a game and the money is real. Peal was right, thinking lack creates a condition of lack. I'm seeing buyers look way outside their original price range and zip codes. Buyers who proclaimed to want one style of home abandon their wish list altogether. Their actions are being guided by thinking lack.
It is okay to tweak your must haves, to compromise, even to shift zip codes. It's not okay to do all these things reactively simply because the media or your agent or your well meaning family and friends tell you that you have to get a home before ‘X’ because rates are going up and inventory is low and the sky is falling.
“This IS a market like we have never seen before. You WILL face competition. None of these facts is a reason to abandon what you truly want or compromise on the things that are most important. ”
As we head into another weekend of house hunting, try a different approach. If there aren't any properties that fit your criteria this week, don’t spiral and search every home for sale in Massachusetts and New Hampshire and wallow in self pity. Take the time you would have spent at open houses and focus on your finances. Review your budget, make sure you understand how rising interest rates will impact your purchase. Save and plan so that when the perfect home is listed, you will be ready. A home purchased in a frenzied state of lack will not bring you peace and happiness.
Need help with your home search, or shifting your thought pattern to one of abundance, reach out!