The Best Time to Buy a Home is 3 Weeks Away

According to Realtor.com, the best time to purchase a home is the week of October 3rd.

The past year has been a double-edged sword for homebuyers as they’ve struggled to take advantage of record-low mortgage rates in the midst of record-high home price growth. However, there’s a silver lining for bidding-war-weary buyers, according to realtor.com’s latest market report.

Thanks to a normalizing market, homebuyers can expect to experience some much-needed price breaks as the fall homebuying season goes into full swing. Based on four years of listing data, realtor.com said the week of Oct. 3-9 is the “sweet spot” for buyers looking for the perfect abode at a reasonable price.

“Fortunately for buyers, some relief may be on the horizon as the season quickly approaches the best time to buy — the time of year when the balance of market conditions favor buyers the most,” the report read. “With all of the challenges facing buyers as the housing market recovers from the impact of the pandemic, this week provides a balance of market conditions that favor buying over every other week of the year.”

Realtor.com said homebuyers are benefiting from the kickoff of the school year, meaning most parents are holding off their homebuying plans until next spring or summer when moving is easier. Also, many markets are experiencing a boost in new inventory, meaning savvy buyers have more leverage to negotiate as the competition takes a timeout.

“The typical seasonal trend expects this week to have 17.6 percent more active listings than the start of the year,” the report read. “If this trend holds in 2021, we can expect to see around 705,000 listings on the market in October, which is roughly 100,000 more active listings nationwide than during the peak summer season in July and 166,000 (31 percent) more active listings than the average week so far this year.”

“The summer has the highest concentration of buyers looking at each home for sale, which translates to competition for buyers looking to lock down a home,” it added. “During the Best Week, demand is 18 percent lower than the peak in July, and 6 percent lower than the average week.”

The increase in inventory and the decrease in competition also leads to a longer list-to-sale pipeline, meaning homebuyers will have more time to do a proper home search and find a home that actually fits their needs.

“The best week historically slowed by 18 percent compared to the peak pace earlier in the year,” the report noted. “With a median time on market of 37 days in June, by the time the best week comes around in October, that pace should slow down to 44 days, adding an additional week for buyers.”

Although most buyers will have a few weeks to take advantage of their market sweet spot, some homebuyers will have to strike a little faster. In Los Angeles, Boston, New York City, Denver, Portland, and Minneapolis, the best week to purchase has already started — Sept. 12-18.

“Those markets made up 17.4 percent of the national inventory in July,” the report explained. “Among those markets, the week of September 12-18 has historically had an average of 27 percent more listings on the market over the typical week of the year.”

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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The Easy Curb Appeal Project with a Huge Return on Investment

In a hot seller’s market, it’s tempting to forgo any and all improvements when listing your home.

After all, with property inventory as low as it is, buyers are more willing to purchase homes that are in need of a little — or a lot — of TLC. But as the saying goes, “You’ve got to spend money to make money.” And there’s one small project that can make your investment back big time.

According to homeowner data firm Realm, revamping your front door can score a return on investment (ROI) of up to 484.55 percent. That’s not a typo. That’s nearly five times the dough you put into your door. Whether you redo the hardware, refresh the paint, or replace the whole door, you boost your curb appeal immensely. 

“The front door is a big part of the first impression of your home, your curb appeal,” says Laura McGurk, a licensed real estate agent with Century 21 Breeden Realtors in Columbus, Indiana. “If it’s clean, new, and fresh, buyers will assume the rest of the house is, too. Conversely, if your front door is a drab paint color scratched up from years of use and sticks when you try to open it, it’s easy for a buyer to assume the rest of the house is tired as well.”

According to Porch, a site that connects homeowners with contractors, the materials needed to paint a single door cost an average of $6.67. For DIY projects, you can’t beat that budget. Even if you’d rather hire a pro to do it, the range in price for the work is $77.60 and $176.20. Like with many home improvement projects, the estimated price depends on a variety of factors, including the size of your door and the quality of paint you choose.

Traci, an Oregon homeowner, unwittingly set off a trend on her block when she repainted her front door as she was preparing to put it on the market. “I know it enhanced the curb appeal because the new buyer said so and then kept it [that way],” she says. 

Looking for inspiration on what color to paint your door? Traci advises selecting a “snappy color.” Her choice was a shade of navy by the name of Thunder Blue, and it certainly had an impact. “The rest of the neighbors joined the fun soon after,” she says. 

HomeAdvisor suggests going with these colors for a modern front door buyers will want to knock on: black, bright orange, eggplant, lime, taxi yellow, or turquoise. For a more traditional-styled home, HomeAdvisor says you can stick with natural wood tones.

If the paint is still looking pretty fresh on your door, here are some other ways to spruce up your front entrance for instant curb appeal without breaking the bank:

• Add a door knocker.

• Hang an address plaque or house numbers.

• Swap out a traditional round door knob for a handle or lever.

If you’re looking for a simple yet effective way of sprucing up your home before you list it, there’s an DIY opportunity literally knocking at your front door. In this market, you might even find a buyer before the paint dries.

Get more tips like this on Apartment Therapy.

Related Links

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Should I rent or buy a home right now? Well, that depends on where you want to live.

Buying a home? Here's what you need to know. From the cheapest cities to the best time to buy, here's everything you need to know if you're considering buying a home.

Three metropolitan areas —Phoenix, Las Vegas and Stockton, California — are among the 10 most overvalued housing markets in the nation, according to a new report published by Florida Atlantic University (FAU) and Florida International University (FIU). The three had been among the places most harmed by the housing collapse more than a decade ago.

Homes in Phoenix and Las Vegas are selling at a 42% premium and homes in Stockton, California are commanding a 38% premium compared with past pricing history.

The nation’s most overvalued market is Boise, Idaho, where homes are selling for 81% more than they should, according to the report.

“We never suspected Boise, Idaho, would be the most overpriced market in the U.S.," says Ken Johnson, a real estate economist and associate dean in FAU’s college of business, who co-authored the report. "They're truly a boomtown, especially the run-up in the last 12 to 18 months and their pricing."

Johnson, along with Eli Beracha, a professor at FIU’s Hollo School of Real Estate, analyzed the nation’s 100 largest metro areas using publicly available data from Zillow, Realtor.com, Redfin and the Federal Housing Finance Agency.

When the COVID-19 pandemic gave many employees the opportunity to work remotely from home, they left expensive markets in California to live in cheaper places like Boise, says Johnson.

"We think we're entering the peak of our current real estate cycle,"" says Johnson. "No ones really wants to buy at the top of the current cycle. And because of that, we're encouraging people to consider renting similar property and re-investing monies into a portfolio of stocks and bonds."

If you are looking for a home as an investment, Honolulu could be ripe for a bargain. It is currently undervalued by 5%.

“During the pandemic, it's actually been very difficult to get to Hawaii to vacation,” says Johnson.

He believes timeshare units and second homes are being put on the market, causing a short-term oversupply of homes.

Other markets on the undervalued list include Virginia Beach, Va., (-2.46%), Baltimore, Maryland, ( -1.7%), New York, New York (-0.8%) and Baton Rouge, Louisiana (0.4%).

People who buy in these markets should feel comfortable because home prices, on average, appear to have room to grow — based on past pricing behavior, according to Beracha.

Top 10 U.S. overpriced housing markets

1. Boise, Idaho -- 80.64%

2. Austin, Texas -- 50.72%

3. Ogden, Utah -- 49.70%

4. Provo, Utah -- 46.16%

5 . Detroit, Michigan -- 45.57%

6. Spokane, Washington -- 45.21%

7. Salt Lake City, Utah 42.41%

8. Phoenix, Arizona -- 42.31%

9. Las Vegas, Nevada -- 41.88%

10. Stockton, California -- 38.50%

Read more on USA Today.

Related Links

• 10 home renovations that will decrease your property value

• The 3 Words on a Real Estate Listing That Can Cause Your Home to Sell for Less

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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10 home renovations that will decrease your property value

For homeowners, making investments in your property is a great way to build long term wealth. 

From large-scale renovations to small fixes, upgrades can increase property value, sometimes by hundreds of thousands of dollars. But before you break ground, beware. Big payoffs from remodels aren't always a sure thing. 

The average return from a home's resale is 56% of the cost of the remodel, CNBC reported. Which means homeowners making big changes to their properties could have a lot to lose if they're not intentional about the changes they make. Large-scale projects like new windows, roofs, and complete kitchen renovations, for example, are fixes the National Association of Realtors say can go a long way, and are more likely to generate a profitable return. 

Being smart about home improvement is more relevant than ever amid today's hot housing market, where buyers and sellers make all kinds of demands and concessions to win homes or find good deals. While some settle for more affordable fixer-uppers, others are opting for move-in ready spaces. But across the board, buyers and sellers should be thinking about what they want to see at home, and what renovations they'll want to make or avoid.

With that in mind, a new report from personal finance news site GoBankingRates identified the home renovations that hurt property value the most, from bright paint colors to lavish light fixtures to swimming pools. And Insider unpacked the top 10.

1. Lavish lighting fixtures

Light fixtures easily fall victim to trend, and can get outdated fast. Especially ones priced at the high end.

But falling in love with lavish light fixtures is a common home improvement mistake, according to Alon Barzilay, founder of real estate development company Urban Conversions. "Whatever is in Vogue today will look dated 10 years down the road when you are ready to sell," he told GoBankingRates. 

Luckily, light fixtures can be swapped inexpensively, he said. But to make a safe investment, keep it simple rather than splurging on a lavish piece.

2. Too much wallpaper

From a design perspective, wallpaper can be a nightmare. Often overstated, the prospect of having to remove it could be intimidating to homebuyers looking for a move-in-ready home.

Rather than choosing wallpaper (which is also known for being difficult to remove), homeowners should decide on a shade of neutral-colored paint to optimize their future resell potential.

3. Texture on walls and ceilings

Textured walls and ceilings are difficult to change and can be costly renovations for potential homebuyers.

Expensive and time-consuming, the looming premise of removing it could incentivize potential buyers to make low-ball bids on a home.

Homeowners should avoid elaborate, expensive textured paints, and, if they feel so inclined, opt for textured wall decor instead.

4. Quirky tiling

Homes with too much personalization aren't always easy to sell, and homeowners adding in fixtures like custom tiling can be costly to replace in the case of a resell, Bob Gordon, a realtor and blogger at Boulder Real Estate News, told GOBankingRates.

When it comes to resale value, most homebuyers will see details like quirky tiling as distracting fixtures they'll need to rip out.

Homeowners should consider traditional white tile floors, instead, and use a rug to add a sense of personality or style you're going for, he said.

5. Too much carpeting

Hardwood floors are in, and carpet is way out. There are too many downfalls to carpeting, from it looking too used and damaged to it being too personalized to the current homeowner's taste. 

Instead, opt for hardwood floors, which can ramp up the value of your home. In fact, home remodeling expert Alex Biyevetskiy told Realtor.com that new hardwood floors can increase a home's sale price by up to 2.5%.

6. Bright, bold paint colors

Paint is important — and bright, bold shades can be major turn-offs for potential homebuyers who can't envision a space's renovation potential.

But repainting is a quick fix. According to HGTV, homeowners looking to list should choose neutral colors if they want to impress potential buyers with a living space they can more easily envision themselves in.

7. An extremely high-end kitchen

Most homeowners or eager homebuyers have a dream kitchen — but the resale value of expensive, luxury kitchens is actually less than what homeowners put into the project for themselves.

In 2020, the average cost of a kitchen remodel was $68,490, according to home improvement site Remodeling, while the resale value was only $40,127.

Rather than reap a low return on investment, homeowners should prioritize updating old or worn appliances and fixtures instead of shelling out thousands for luxe options.

8. A home office conversion

Even though remote work is seemingly here to stay and more professionals are embracing working from home, transforming what was once a bedroom into office space could be an expensive mistake.

There are costs that come with transforming a bedroom into an office, from removing furniture to adding outlets or making larger improvements. Overall, building a custom home office could run up a bill of between $15,000 and $80,000 according to HomeAdvisor — a cost that could be for nothing if a prospective buyer prefers extra bedroom space instead.

9. Combining bedrooms to create a bigger room

Combining rooms for the sake of creating a larger living space might seem like a good idea, but it could mean bad news for homeowners who don't plan on staying put long term.

"Even small bedrooms add value to homes, as most families want children to have their own rooms but don't mind if they're on the small side," Brian Davis, a real estate investor and the director of education of renting resource SparkRental, told GOBankingRates. "In my experience, each bedroom can add about 15% to the value of a home."

Rather than tearing rooms apart, design hacks could go a long way in amplifying your space, from light wall colors to modern decor.

10. A swimming pool

Unless you live in a location where summer-like weather exists year round, a swimming pool isn't actually a strong value-add to your home.

Best case, a pool could increase a property value by only about 7%, according to HouseLogic. Costly to build and maintain, the minor potential value increase a swimming pool represents simply isn't worth it for most homeowners.

Hardwood floors are in, and carpet is way out. There are too many downfalls to carpeting, from it looking too used and damaged to it being too personalized to the current homeowner's taste. 

Keep reading on Apple News.

Related Links

• Experts predict foreclosures to rise by end of year, here’s how you can avoid one

• The 3 Words on a Real Estate Listing That Can Cause Your Home to Sell for Less

• Do you still need a 20% down payment to buy a house?

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Vail Real Estate Market Report from August 2021

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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