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It’s an Unprecedented Sellers’ Market

02/26/2021 by Debe Leave a Comment

It’s an Unprecedented Sellers’ Market

I received an email this morning with an article about how sellers are ‘finally feeling comfortable selling again.’ I almost wrote back and asked what planet the sender was on! Our sellers have felt comfortable selling since mid-2012 and we’ve been in a strong sellers’ market since February, 2016.

If you don’t own your home (meaning outright or carrying a mortgage), the median sales price should be a wake-up call! Where else can you invest your money and garner a 13+% increase in value in 12 months – not years, MONTHS – ONE YEAR! That is unprecedented. If you do own, have you thought about adding investment property/properties to your portfolio?

Sellers are in the driver’s seat when they receive 3+ Offers in 2021. That doesn’t mean it’s not a great time to buy as well. When have you seen interest rates this low? For sellers, they are able to call the shots with multiple Offers in-hand.

Over the past year, buyer demand is soaring like it never has before – not even during the years of 2005-2007.
According to NAR, homes are selling twice as fast as they did in 2020 at this time, getting multiple Offers and exponentially increasing in value, putting homeowners squarely in the driver’s seat.
Thinking of selling your Charlotte area home this spring or summer? Let’s talk! Let me show you how to leverage your position as a seller in today’s market. Call me at (704) 491-3310 today.

Debunking the Forbearance and Foreclosures Myths in 2021

01/22/2021 by Debe Leave a Comment

Debunking the Forbearance and Foreclosures Myths in 2021

Many homeowners had their lives turned topsy-turvy nearly a year ago with their economic stability, completely disrupted. In the beginning of the COVID pandemic, economic uncertainties were first and foremost in most American’s minds. The government very quickly responded to that angst, putting into place forbearance plans. They were available to homeowners who had experienced job loss and/or economic hardships, allowing them to remain in their homes, without making their monthly mortgage payments.

Some who signed up for the forbearance program, quickly rebounded and have since attempted to secure a mortgage for a new house and many to refinance their homes. Sadly, those who accepted forbearance are unable to refinance or secure mortgages.

The good news…

There is good news for those who were able to exit forbearance. Most homeowners must only make 3 consecutive payments AFTER exiting forbearance to be able to refinance.

**Note: I am not a lender so, please check with your lender to confirm that this applies to your mortgage.

Nearly three million American households are actively in a forbearance plan. While 1/3 of those in forbearance have continued to stay current on their mortgage payments, many have not. According to CoreLogic, 39% of those who accepted forbearance are 150+ days behind; fewer than 25% who are actively in the forbearance plan are 180+ days past due.

The better news…

When you compare today’s homeowners who are behind on their mortgage to 2006-2008, that number is really a drop in the bucket. The housing crisis during The Great Recession does not even remotely compare to today’s housing market.

Michael Sklarz, President at Collateral Analytics:

“We may very well see a meaningful increase in the number of homes listed for sale as these borrowers choose to sell at what is arguably an intermediate top in the market and downsize to more affordable homes rather than face foreclosure.”

Delinquency alone is not enough to send a mortgage into foreclosure. Pundits who speculate that massive foreclosure is right around the corner, are not taking into consideration, the equity of the homeowners who are in forbearance. If push comes to shove, a large majority of those homeowners can sell their home to avoid foreclosure – and no, not short-sale it – sell it and cash out!

Many homeowners in distress have the option to tap into their equity to use until their economic strife improves. OR, instead of participating in the forbearance program their bank offers, they can simply refinance and reduce their mortgage payments. This can help them avoid having to accept forbearance and thus, having that impact further/future financial challenges.

According to Realtor.com,“Nationally, the number of homes for sale was down 39.6%, (449,000 fewer homes for sale than last December).”

With the unprecedented lack of inventory on the market, the national market can easily absorb 500,000 homes this year, without home values depreciating. In the Charlotte Metro region alone, our inventory is down 55% – over 50,000 homes can easily be absorbed in our market.

Americans have suffered economic hardships in their lives – both personally and in business. The overall residential real estate market however, has overwhelmingly weathered the 2020 pandemic storm and will continue to do so in 2021.

Moving Success Tip #3 – Staging Your Local Move

10/17/2020 by Debe Leave a Comment

Moving Success Tip #3 – Staging Your Local Move

While I am in great physical shape for my age, I do not have the strongest of backs! I am very conscious of protecting it and moving is one of those times that I have, in the past, abused my back. I wanted this move to be different. Having watched many, many clients move during my tenure as a real estate agent, I have learned that organization is key for making a smooth move. Isn’t that the way of the world though? When you’re organized, things just tend to fall into place a lot more smoothly!

Since I was making a local move, I knew the companies I wanted to interview to help us with the move. I keep an updated list and interview my buyers and sellers following their moves to get their testimonials on the movers they used. One complaint and the moving company is removed from my list; I keep a very tight list so that I never refer a company who has had a complaint from one of my clients.

I digress…

Choosing a Mover

One particular company seemed to stand above the rest both in customer service and in pricing. I had previously used them when we had our hardwood floors refinished in our last house and we had to move out the entire main level. They were focused on making my life easier and their pricing was very attractive. Seeing what others had struggled with during their move, I noticed that oftentimes, sellers got to the day of Closing, having to push out their deep cleaning crew as they simply ran out of time. I was not going to get caught like that – being the only one physically able to get those final items done, I did not want that falling on me.

SO, I decided that the cost of the move was the same if done in stages; that is exactly what we did. We had the movers help fill our POD storage unit (through NewMove) first. We had the storage unit delivered to be filled in 3 days. I had used stickers to denote all items in the house that I wanted the movers to move into the storage unit. They arrived that day and within 2 hours, our POD was filled. A nice, deep-cleaning was done and then photos and video was done the following week. The POD storage holds items that were not key to our day-to-day activities – in fact, they are delivering that next week and I doubt seriously that a lot of it will be taken into my house! I am confident we will be donating a lot of it instead of bringing hit into the house.

Staging Your Move

The second stage came after we Closed on our new house. We decided to schedule the move of the upstairs the day after our Due Diligence Period (DDP) ended on our old house. During the DDP, I boxed up the upstairs. So, the day after the DDP, the movers loaded our upstairs and delivered it to the new house, placing everything in their respective rooms. I spent the rest of that week unloading boxes in those rooms as I had time between clients & work. I also began packing my most valuable, breakable items and packed them myself. The following week, I delivered those to the new house and prepared for the final move, TWO DAYS prior to Closing.

Final Stages

Why two days? JUST in case we had residual items to pack, surprise repairs, etc., I wanted that additional day. The afternoon after the movers left my old house, the cleaners did their magic. Simultaneously, I was directing the movers for furniture and box placement and we we were settled enough to sleep in the new house that night.

The following day, I took care of yard ornaments (shepherd’s crooks, bird feeders, hoses and flower pots). I checked (and found) for storage items (in garage cabinets) and throughout the house. I had hooks on the backs of doors that I found hanging items that we had missed on moving day! There wasn’t a lot but it really did help that the morning of Closing, we were only focused on Closing and welcoming our buyers into our former home.

Had we not purchased our new home first, I would still have recommended moving 2 days prior to Closing. Most of my clients spend a night or two with their families or friends who are local and some even spend a night or two in the hotel. Most of us don’t account for the ‘little’ things and the incredible amount of dust bunnies that are buried beneath the furniture! We always want to leave our home in the best possible condition for the new owners.

Want more moving tips? Let’s talk! Call or text me at (704) 491-3310.

Is Now the Time to Buy a Retirement Home?

10/15/2020 by Debe Leave a Comment

Is Now the Time to Buy a Retirement Home in Charlotte NC?

What is the magic age for retirement?

When you hit that 50+ age, it seems statistics about age jump off of the page as though they are targeted directly at you! Today, reading a Keeping Current matters article, I was, once again, reminded of that. Did you know that every day in the US, roughly 10,000 people turn 65. That number is expected to more than double by 2050 with approximately 20% of the population being 65 and over then. At my age, that is staggering/sobering statistic!

Prior to the 2020 pandemic, most people waited until they retired to make a move to the beach, the golf course, lake or even their favorite senior living community. Plans for settling in for the later years in life were pushed to the very end of work careers. Speaking as a baby boomer who shifted priorities, this year, the game changed for many pre-retirees.

The new age of working remotely

The ability to work remotely is expanding homeowners’ geographic options and driving their motivation to buy those dream homes/locations now, rather than waiting to pursue their dreams. If the links or the sun and the water are calling your name and you have the ability to work remotely for the foreseeable future, now may absolutely be a great time to purchase that lake bungalow you’ve always dreamed of or that ranch home in the sprawling countryside. Whether it’s a second home or a future retirement home, spending the next few years in a place that truly makes you smile every day might be the best way to build upon and in the end, round out a long and meaningful career.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“The pandemic was unexpected, working from home was unexpected, but nonetheless many companies realized that workers can be just as productive working from home…We may begin to see a boost in people buying retirement homes before their retirement.”

According to the 20th Annual Transamerica Retirement Survey, 3 out of 4 retirees (ages 50+) own their homes, and only 23% have mortgage debt (including any equity loans or lines of credit). Since entering retirement, roughly 38% have moved into a new home. They’re selling their current homes at a profit in today’s low inventory market and using their equity to purchase their future retirement homes. It’s a win-win.

Why Boomer Homeowners Are Making Moves Now

The pandemic this year made us all more aware of the importance of our family and friends, and many of us have not seen our extended families since the pandemic started. It’s no surprise, therefore, to see in the same report that 32% of those surveyed cited the top reason they’re making a move is that they want to be closer to family and friends (See graph below):

The survey also revealed that 73% percent of retirees currently live in single-family homes. With the overall number of homes for sale today hitting an historic low, and with the buyer demand for single-family homes skyrocketing, there’s never been a more ideal time to sell a single-family home and make a move toward retirement. Conversely, and a topic for another article that stems from the pandemic, many people are moving away from the ‘tighter’ city living and to those single family homes in the nearby suburbs. Today’s market is the perfect combination of driving forces to make selling optimal for retirees, especially while buyers are looking to take advantage of historically low interest rates and baby boomers facing less competition in compact living the city offers.

If you’re one of the 73% of retirees with a single-family home and want to move closer to your family, now is a great time to put your house on the market. With the pace homes are selling today, you could essentially wrap up your move – start to finish – before the holidays.

Whether you’re looking to fully retire or to buy a second home with the intent to use it as your retirement home in the future, the 2020 fall housing market may very well work in your favor. Let’s talk about your options in our local market. Call or text me at (704) 491-3310

Why Pricing Your Charlotte Area Home Right Matters This Fall [INFOGRAPHIC]

09/30/2020 by Debe Leave a Comment

Why Pricing Your Charlotte Area Home Right Matters This Fall [INFOGRAPHIC]

Sellers always want to ‘push the envelope’ when it comes to pricing their home. Many will say, “Well, if it doesn’t sell, we’ll simply lower the price until it does.” While that may work for the rare few, most sellers’ homes will wind up selling BELOW the original market value.

Why? The reason is really very simple – you have put doubt in buyers’ minds that there is something wrong with your home when you keep having to reduce the price. Now, that said, expediency matters. We recently had a seller who listed a little high to test the market and after 2 days without an Offer, they reduced their price…and the home sold right away. That is not always the case, especially now, during COVID – you don’t want to lose that first weekend by being over-priced.

Most sellers who do push the envelope, feel strongly about ‘giving it some time’ at the price that is too high. The more time that goes by between listing and hitting the right price, the farther below the original list price you are going to be. Not only does this cost you money but, it also costs you agonizing time-on-the-market.

• As a seller in today’s market, you may think pricing your home on the high end will result in a higher final sale price, but the opposite is actually true.

• To sell your home quickly and for the best possible price, you should eliminate buyer concerns by pricing your home competitively from the very beginning.

• Thinking of selling your home? Let’s talk! We will provide you the guidance you need to price your home right this fall. Call or text (704) 491-3310 or email Debe at SavvyBroker@me.com.

Results of OVERPRICING Your Charlotte Home

10 Tips to Marketing Your Luxury Home – Selling Charlotte – Moving Success Tip #2

09/19/2020 by Debe Leave a Comment

Let’s get down to the nuts & bolts of marketing your home. Moving is done in stages, as is selling your home. In our area, we are allowed to share our luxury listings as ‘coming soon’ listings, which better promotes them for our sellers – and we do just that. Sellers often put together a ‘highlights’ list but, there are several things to consider about marketing your home while you are doing your initial physical tasks – decluttering and putting mobile storage to use if necessary.

Here are 10 things that are must-dos when selling your Charlotte luxury home:

Know your competition. Let’s review how the competing homes are being marketed…then, let’s explore how we need to market YOUR home.
Work with a luxury home specialist. Affluent home buyers & sellers occupy a particular niche, not just in the Charlotte Metro region but, globally. Our affluent buyers and sellers expect “white glove service” – and they get it.
Professional photos & videography must tell a story – and in sequential order AND labeled with detailed descriptions in the MLS.
Give the high-end appointments the spotlight. I have found that appliances, lighting and yes, garage unfitting (epoxied flooring & custom cabinetry) are important to our local luxury buyers – so, flaunt them!
Views, views, VIEWS! This is EXPECTED so, promote it!
Market features like high ceilings, unique ceilings, large spaces.
Is the home move-in ready? If so, market that!
Let’s talk lifestyle, community… Yes, buyers want to know about your neighborhood and the surrounding community, especially if they are relocating to the Metro region.
Think social media – Instagram, YouTube and FB as well as open houses are preferred by luxury buyers – so, sellers, take heed! Be SURE that you are hiring someone who knows how important these social media sites AND open houses are to luxury buyers.
Sell the experience – walkability, nearby amenities and eco-friendly appointments are key to many luxury buyers. Share this valuable information with your agent so he/she can help you sell the experience.

BONUS TIP – I am a big believer in knowing your buyer and staging your home for them. Remember staging and decorating are two completely different things. Let’s talk!

I am a proud Guild member of the Institute for Luxury Home Marketing of Dallas, Texas. The training and support we receive through this organization better helps us serve affluent buyers and sellers. Having recently experienced a personal luxury purchase and a luxury sale, I learned first-hand how important this certification is. Let me share my experience and knowledge with you! Call or text me at (704) 491-3310.

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It’s an Unprecedented Sellers’ Market

Debunking the Forbearance and Foreclosures Myths in 2021

Moving Success Tip #3 – Staging Your Local Move

Choosing a Mover

Staging Your Move

Final Stages

Is Now the Time to Buy a Retirement Home?

What is the magic age for retirement?

The new age of working remotely

Why Boomer Homeowners Are Making Moves Now

Why Pricing Your Charlotte Area Home Right Matters This Fall [INFOGRAPHIC]

10 Tips to Marketing Your Luxury Home – Selling Charlotte – Moving Success Tip #2

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