Thinking of Selling? You Should Act NOW!

If you thought about selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.

Lawrence Yun, Chief Economist at the National Association of Realtors, recently commented:

“Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.”

Yun goes on to say:

“Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”

In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction, including the inspection, appraisal and financing contingencies.

Bottom Line

As a potential seller, you are in the driver’s seat right now. Call or text me if you’re ready to hit the gas!

About Carol Juntunen: I'm a Realtor® with Baird & Warner in the Chicago area. My intention is to provide insights and information to empower you to make confident, informed real estate choices and decisions, and guide you through the home buying and selling process.

How can I help you achieve your real estate goals?

Ready to buy or sell? Call or text me today:
Cell:    224-523-2217
Website: www.caroljuntunen.com
Email:   carol.juntunen@bairdwarner.com

Designations: 
Certified Probate Real Estate Expert (CPRES)
Seniors (50+) Real Estate Specialist (SRES)
Certified Negotiation Expert (CNE)
Pricing Strategy Advisor (PSA)
Certified Staging Consultant (CSC)
Internet Marketing Expert (e-PRO)

Staging Tips to Help Your Home Sell

In real estate, staging a home and selling a home often go hand in hand. Though the process can be involved, the results are indisputable. Need some help executing an effective home staging? Browse this list of resources to help you dazzle prospective buyers and increase your chances of a quick home sale.

Clear Clutter 
Not only will decluttering your property make moving day easier, but clearing space also gives viewers room to visualize themselves living in your space. Some items you can sell or donate outright. What about the housewares or sentimental objects you want to hold on to but need to remove to optimize showings? Give them a temporary home in a storage unit or portable moving container.

Set Up Your Space 
Focus on staging the rooms that see the most action: the living room, kitchen and master bedroom. If reinventing multiple rooms in your home is too expensive, you do have the option of renting furniture and accessories. It’s a quick way to supply art for the walls, lamps to improve lighting or even an entire suite of furniture. Just be sure to sign with a furniture rental company that offers delivery and pickup as part of their packages. When you’re getting ready to move, the last thing you want is to ferry furniture between multiple locations.

Hire Help
Some homeowners aren’t up to the task of a full home staging, and that’s OK. That’s where I come in! As a Certified Staging Consultant (CSC) with a background in art and home repairs and improvements, I can ensure that a little work up front will yield huge benefits in the end.

Let’s explore your options! Call or text me if you’re thinking about selling your house!

About Carol Juntunen: I'm a Realtor® with Baird & Warner in the Chicago area. My intention is to provide insights and information to empower you to make confident, informed real estate choices and decisions, and guide you through the home buying and selling process.

How can I help you achieve your real estate goals?

Ready to buy or sell? Call or text me today:
Cell:    224-523-2217
Website: www.caroljuntunen.com
Email:   carol.juntunen@bairdwarner.com

Designations: 
Certified Probate Real Estate Expert (CPRES)
Seniors (50+) Real Estate Specialist (SRES)
Certified Negotiation Expert (CNE)
Pricing Strategy Advisor (PSA)
Certified Staging Consultant (CSC)
Internet Marketing Expert (e-PRO)

The Importance of Home Equity in Retirement Planning

We often discuss the difference in family wealth between homeowner households and renter households. Much of that difference is the result of the equity buildup that homeowners experience over the time that they own their home. In a report recently released by the nonpartisan Employee Benefit Research Institute (EBRI), they reveal how valuable equity can be in retirement planning.

Craig Copeland, Senior Research Associate at EBRI, recently authored a report, Importance of Individual Account Retirement Plans and Home Equity in Family Total Wealth, in which he reveals:

“Individual account retirement plan assets, plus home equity, represent almost all of what families have to use for retirement expenses outside of Social Security and traditional pensions. Those families without individual account assets typically have very low overall assets, so they have almost nothing to draw from for retirement expenses.”

The report echoed the findings of a working paper, Home Equity Patterns among Older American Households, authored by Barbara Butrica and Stipica Mudrazija of Urban Institute. Fannie Mae highlighted these findings for their blog The Home Story this past winter, quoting Butrica and Mudrazija:

“For most adults near traditional retirement age, a home is their most valuable asset — dwarfing retirement accounts, other financial assets, and other nonfinancial assets. Although relatively few retirees tap into their home equity, having it provides financial security… In fact, many retirement security experts argue that the conventional three-legged stool of retirement resources — Social Security, pensions, and savings — is incomplete because it ignores the home.”

USAToday interviewed two area experts to comment on the EBRI report. Randy Bruns, a private wealth adviser with HighPoint Planning Partners, agreed with the findings:

“Social Security and home equity are major pieces of the retirement puzzle.”

Wade Pfau, Professor of Retirement Income at The American College of Financial Services and author of Reverse Mortgages: How to use Reverse Mortgages to Secure Your Retirement, said having the equity without a plan to use it won’t help:

“Home equity is a very important asset for American retirees, and so it is important to think about how to make best use of home equity in retirement planning.”

Bottom Line

Whether you use the equity in your home through a reverse mortgage or by selling and downsizing to a less expensive home, it should be a crucial piece of your retirement planning. Call or text me if you would like to know how much equity you have in your home.

About Carol Juntunen: I'm a Realtor® with Baird & Warner in the Chicago area. My intention is to provide insights and information to empower you to make confident, informed real estate choices and decisions, and guide you through the home buying and selling process.

How can I help you achieve your real estate goals?

Ready to buy or sell? Call or text me today:
Cell:    224-523-2217
Website: www.caroljuntunen.com
Email:   carol.juntunen@bairdwarner.com

Designations: 
Certified Probate Real Estate Expert (CPRES)
Seniors (50+) Real Estate Specialist (SRES)
Certified Negotiation Expert (CNE)
Pricing Strategy Advisor (PSA)
Certified Staging Consultant (CSC)
Internet Marketing Expert (e-PRO)

Buying Is Now 33.1% Cheaper Than Renting in the US

The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers actually show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!

Other interesting findings in the report include:

  • Interest rates have remained low and, even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation.
  • With rents & home values moving in tandem, shifts in the ‘rent vs. buy’ decision are largely driven by changes in mortgage interest rates.
  • Nationally, rates would have to reach 9.1%, a 128% increase over today’s average of 4.0%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.

Bottom Line

Buying a home makes sense socially and financially. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let’s get together to find your dream home.

About Carol Juntunen: I'm a Realtor® with Baird & Warner in the Chicago area. My intention is to provide insights and information to empower you to make confident, informed real estate choices and decisions, and guide you through the home buying and selling process.

How can I help you achieve your real estate goals?

Ready to buy or sell? Call or text me today:
Cell:    224-523-2217
Website: www.caroljuntunen.com
Email:   carol.juntunen@bairdwarner.com

Designations: 
Certified Probate Real Estate Expert (CPRES)
Seniors (50+) Real Estate Specialist (SRES)
Certified Negotiation Expert (CNE)
Pricing Strategy Advisor (PSA)
Certified Staging Consultant (CSC)
Internet Marketing Expert (e-PRO)

Do You Know How Much Equity You Have in Your Home?

CoreLogic’s latest Equity Report revealed that 91,000 properties regained equity in the first quarter of 2017. This is great news for the country, as 48.2 million of all mortgaged properties are now in a positive equity situation.

Price Appreciation = Good News for Homeowners

Frank Nothaft, CoreLogic’s Chief Economist, explains:

One million borrowers achieved positive equity over the last year, which means risk continues to steadily decline as a result of increasing home prices.”

Frank Martell, President and CEO of CoreLogic, believes this is a great sign for the market in 2017 as well, as he had this to say:

Homeowner equity increased by $766 billion over the last year, the largest increase since Q2 2014. The rising cushion of home equity is one of the main drivers of improved mortgage performance. Since home equity is the largest source of homeowner wealth, the increase in home equity also supports consumer balance sheets, spending and the broader economy.”

This is great news for homeowners! But, do they realize that their equity position has changed?

According to the Fannie Mae’s Home Purchase Sentiment Index (HPSI), more homeowners are beginning to realize that they may have more equity than they first thought.

This is only the second time in the survey’s history that the net share of those saying it’s a good time to sell surpassed the net share of those saying it’s a good time to buy.

78.8% of homeowners have significant equity (more than 20%) in their homes today!

This means that many Americans with a mortgage have an opportunity to take advantage of today’s seller’s market. With a sizeable equity position, many homeowners could easily move into a housing situation that better meets their current needs (moving to a larger home or downsizing).

Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae spoke out on this issue:

“High home prices have led many consumers to give us the first clear indication we’ve seen in the National Housing Survey’s seven-year history that they think it’s now a seller’s market. However, we continue to see a lack of housing supply as many potential sellers are unwilling or unable to put their homes on the market…” 

Bottom Line

If you are one of the many Americans who is unsure of how much equity you have built in your home, don’t let that be the reason you fail to move on to your dream home in 2017! Let’s get together to evaluate your situation!

About Carol Juntunen: I'm a Realtor® with Baird & Warner in the Chicago area. My intention is to provide insights and information to empower you to make confident, informed real estate choices and decisions, and guide you through the home buying and selling process.

How can I help you achieve your real estate goals?

Ready to buy or sell? Call or text me today:
Cell:    224-523-2217
Website: www.caroljuntunen.com
Email:   carol.juntunen@bairdwarner.com

Designations: 
Certified Probate Real Estate Expert (CPRES)
Seniors (50+) Real Estate Specialist (SRES)
Certified Negotiation Expert (CNE)
Pricing Strategy Advisor (PSA)
Certified Staging Consultant (CSC)
Internet Marketing Expert (e-PRO)

Top Home Renovations for Maximum ROI [INFOGRAPHIC]

Some Highlights:

  • Whether you are selling your home, just purchased your first home, or are a homeowner planning to stay put for a while, there is value in knowing which home improvement projects will net you the most Return On Investment (ROI).
  • While big projects like adding a bathroom or a complete kitchen remodel are popular ways to increase a home’s value, something as simple as updating landscaping and curb appeal can have a quick impact on a home’s value.
  • For more information about top renovation projects that net you the most ROI, you can check out the complete list here.
About Carol Juntunen: I'm a Realtor® with Baird & Warner in the Chicago area. My intention is to provide insights and information to empower you to make confident, informed real estate choices and decisions, and guide you through the home buying and selling process.

How can I help you achieve your real estate goals?

Ready to buy or sell? Call or text me today:
Cell:    224-523-2217
Website: www.caroljuntunen.com
Email:   carol.juntunen@bairdwarner.com

Designations: 
Certified Probate Real Estate Expert (CPRES)
Seniors (50+) Real Estate Specialist (SRES)
Certified Negotiation Expert (CNE)
Pricing Strategy Advisor (PSA)
Certified Staging Consultant (CSC)
Internet Marketing Expert (e-PRO)

Thinking of Selling? Now is the Time to Act!

If you thought about selling your house this year, now may be the time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.

Jonathan Smoke, Chief Economist at realtor.com, revealed in a recent article that:

“The biggest challenge to buyers this spring will be simply finding a home to buy and getting it successfully under contract. That’s because the supply of homes for sale is at an all-time low, and yet demand is strong and getting stronger.”

Smoke goes on to say:

“We started the year with the lowest inventory of homes available for sale that we’ve ever seen on realtor.com. While we did see inventory grow 2% in February, total inventory was down 11% over last year.”

In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction including the inspection, appraisal and financing contingencies.

Bottom Line

As a potential seller, you are in the driver’s seat right now. It might be time to hit the gas.

About Carol Juntunen: I'm a Realtor® with Baird & Warner in the Chicago area. My intention is to provide insights and information to empower you to make confident, informed real estate choices and decisions, and guide you through the home buying and selling process.

How can I help you achieve your real estate goals?

Ready to buy or sell? Call or text me today:
Cell:    224-523-2217
Website: www.caroljuntunen.com
Email:   carol.juntunen@bairdwarner.com

Designations: 
Certified Probate Real Estate Expert (CPRES)
Seniors (50+) Real Estate Specialist (SRES)
Certified Negotiation Expert (CNE)
Pricing Strategy Advisor (PSA)
Certified Staging Consultant (CSC)
Internet Marketing Expert (e-PRO)

It’s a Seller’s Market! Should I Downsize Now?

A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.

In a blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:

  1. A smaller home means less space, but it also means less time, stress and money spent on upkeep.
  2. Let’s assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1–1.6 million in the bank to get you through your golden years.
  3. Use the proceeds from selling your current home to pay cash for a smaller one. Just imagine what you could do with no mortgage holding you down! If you can’t pay cash, aim for a 15-year fixed rate mortgage and put at least 10–20% down on your new home. Apply the $500 you saved from downsizing to your new monthly payment. At 3% interest, you could pay off a $200,000 mortgage in less than 10.5 years, saving almost $16,000 in the process.

Realtor.com also addressed downsizing in an article. They suggest that you ask yourself some questions before deciding if downsizing is right for you and your family. Here are two of their questions followed by their answers (in italics) and some additional information that could help.

Q: What kind of lifestyle do I want after I downsize?

A: “For some folks, it’s a matter of living a simpler life focused on family. Some might want to cross off travel destinations on their bucket lists. Some might want a low-maintenance community with high-end upgrades and social events. Decide what you want to achieve from your move first, and you’ll be able to better narrow down your housing options.”

Comments: Many homeowners are taking the profits from the sales of their current homes and splitting it in order to put down payments on smaller homes in their current locations, as well as on vacation/retirement homes where they plan to live when they retire.

This allows them to lock in the home price and mortgage interest rate at today’s values which makes sense financially as both home prices and interest rates are projected to rise.

Q: Have I built up enough equity in my current home to make a profit?

A: “For most homeowners, the answer is yes. This is if they’ve held on to their properties long enough to have positive equity that will be sizable enough to put a large down payment on their next home.”

Comments: A study by Fannie Mae revealed that only 37% of Americans believe that they have significant equity (> 20%) in their current home. In actuality, CoreLogic’s latest Equity Report revealed that 78.9% have greater than 20% equity. That equity could enable you to build the life you’ve always dreamt about.

Bottom Line

As a Seniors (50+) Real Estate Specialist, I understand how life stages, health and economic challenges can impact real estate choices. If you are debating downsizing your home, let’s meet up to explore all your options!

About Carol Juntunen: I'm a Realtor® with Baird & Warner in the Chicago area. My intention is to provide insights and information to empower you to make confident, informed real estate choices and decisions, and guide you through the home buying and selling process.

How can I help you achieve your real estate goals?

Ready to buy or sell? Call or text me today:
Cell:    224-523-2217
Website: www.caroljuntunen.com
Email:   carol.juntunen@bairdwarner.com

Designations: 
Certified Probate Real Estate Expert (CPRES)
Seniors (50+) Real Estate Specialist (SRES)
Certified Negotiation Expert (CNE)
Pricing Strategy Advisor (PSA)
Certified Staging Consultant (CSC)
Internet Marketing Expert (e-PRO)

How to Get the Most Money When Selling Your Home

Every homeowner wants to make sure they get the best price when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensuring you get the highest price possible.

1. Price it a LITTLE LOW 

This may seem counter intuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In reality, this just dramatically lessens the demand for their house (see chart below).

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price, but will instead have multiple buyers fighting with each otherover the house.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

2. Use a Real Estate Professional

This, too, may seem counterintuitive, as the seller likely believes that he or she will net more money if they don’t have to pay a real estate commission. With that being said, studies have shown that homes typically sell for more money when handled by a real estate professional.

Research posted by the National Association of Realtors revealed that:

“The median selling price for all FSBO homes was $185,000 last year. When the buyer knew the seller in FSBO sales, the number sinks to the median selling price of $163,800. However, homes that were sold with the assistance of an agent had a median selling price of $245,000 – nearly $60,000 more for the typical home sale.”

Bottom Line

Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the price you get for your house.

About Carol Juntunen: I'm a Realtor® with Baird & Warner in the Chicago area. My intention is to provide insights and information to empower you to make confident, informed real estate choices and decisions, and guide you through the home buying and selling process.

How can I help you achieve your real estate goals?

Ready to buy or sell? Call or text me today:
Cell:    224-523-2217
Website: www.caroljuntunen.com
Email:   carol.juntunen@bairdwarner.com

Designations: 
Certified Probate Real Estate Expert (CPRES)
Seniors (50+) Real Estate Specialist (SRES)
Certified Negotiation Expert (CNE)
Pricing Strategy Advisor (PSA)
Certified Staging Consultant (CSC)
Internet Marketing Expert (e-PRO)

 

Every Transition is an Opportunity, Regardless of Your Stage in Life!

With the right preparation, a new home can provide the fresh start and continual enjoyment you’ve been working toward.

By partnering with a SRES® like me during the sale of your house and your new home search, you’ll gain the help and expertise of a REALTOR® specialized in meeting the needs of home buyers and sellers 50 plus. I have both the education and real estate experience to serve as your trusted advisor through the unique financial and lifestyle transitions involved in relocating, buying or selling your family home.

My mission is to help seniors and their families navigate the maze of financial, legal, and emotional issues that can accompany the sale of a long-time home.  How can I help you and your family? Let’s talk about your reasons for selling or buying and then explore all the options to be sure you find the very best housing solution.

About Carol Juntunen: I'm a Realtor® with Baird & Warner in the Chicago area. My intention is to provide insights and information to empower you to make confident, informed real estate choices and decisions, and guide you through the home buying and selling process.

How can I help you achieve your real estate goals?

Ready to buy or sell? Call or text me today:
Cell:    224-523-2217
Website: www.caroljuntunen.com
Email:   carol.juntunen@bairdwarner.com

Designations: 
Certified Probate Real Estate Expert (CPRES)
Seniors (50+) Real Estate Specialist (SRES)
Certified Negotiation Expert (CNE)
Pricing Strategy Advisor (PSA)
Certified Staging Consultant (CSC)
Internet Marketing Expert (e-PRO)