Real Estate Blog - Sellers

Why Isn’t Your Home Selling in Brookings? Here’s How to Speed Up the Process

Posted by Shane Andersen on October 18th, 2024

Watching your home sit on the market with no offers coming in can be frustrating—especially when you’re ready to move on to your next chapter. You’re not alone in this. Many sellers in Brookings, South Dakota and surrounding areas are experiencing this challenge today.

According to data from the National Association of Realtors (NAR), the average time a house stays on the market has been increasing. This is a trend that’s becoming more common nationwide. As Realtor.com recently noted:

"During the week ending Sept. 14, homes stayed on the market eight days longer compared to last year. With more choices available and mortgage rates expected to fall, buyers are taking their time, which means sellers will need to be patient and flexible.”

…

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Helpful Negotiation Tactics for Today's Housing Market

Posted by Shane Andersen on September 2nd, 2024

 

If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market. And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate.

Whether you’re looking to buy or sell a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on.

What Can You Negotiate?

Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplinger and LendingTree:

• Sale Price: The most obvious is the price of the home. And…

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Why Your Asking Price Matters Even More Right Now

Posted by Shane Andersen on August 8th, 2024

 

If you’re thinking about selling your house, here’s something you really need to know. Even though it’s still a seller’s market today, you can’t pick just any price for your listing.

While home prices are still appreciating in most areas, they’re climbing at a slower pace because higher mortgage rates are putting a squeeze on buyer demand. At the same time, the supply of homes for sale is growing. That means buyers have more options and your house may not stand out as much, if it’s not priced right.

Those two factors combined are why the asking price you set for your house is more important today than it has been in recent years.

And some sellers are finding that out the hard way. That’s leading to more price reductions. Mike Simonsen,…

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Housing Market Forecast: What's Ahead for the 2nd Half of 2024

Posted by Shane Andersen on July 26th, 2024

 

As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.

Home Prices Are Expected To Climb Moderately

Home prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry:

The reason for continued appreciation? The supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:

“One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don't have housing inventory.”

While inventory is up compared to the last couple of years, it’s still low overall. And…

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What Are Experts Saying About The Spring Housing Market?

Posted by Shane Andersen on April 30th, 2024

 

If you’re planning to move soon, you might be wondering if there'll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here's what the professionals are saying about what’s in store for this season.

Odeta Kushi, Deputy Chief Economist, First American:

“. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.”

Lisa Sturtevant, Chief Economist, Bright MLS:

“There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.”

Danielle Hale, Chief Economist, Realtor.com:

“Where we are…

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Are More Homeowners Selling as Mortgage Rates Come Down?

Posted by Shane Andersen on February 15th, 2024

 

If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale.

The Mortgage Rate Lock-In Effect

Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac explains:

“The lack of housing supply was partly driven by the rate lock-in effect. . . . With higher rates, the incentive for existing homeowners to list their property and move to a new house has greatly diminished, leaving them rate…

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Home Prices Are Falling, But Not Like What You Think.

Posted by Shane Andersen on November 1st, 2023

Are home prices actually falling in 2023? Not exactly. They dipped a bit and are now on the rise again. Check out this video to see our sources and then let us know if you have any questions here at the Brookings Home Team!

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What Is Home Affordability?

Posted by Shane Andersen on September 13th, 2023

On the national level, the median sales price of new homes has gone down recently. What can we learn from this? Buyers need more affordable homes! Check out this video for more info and let us know here at the Brookings Home Team how we can help YOU!

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The True Cost of Selling Your House on Your Own

Posted by Shane Andersen on July 31st, 2023

 

Selling your house is no simple task. While some homeowners opt to sell their homes on their own, known as a FSBO (For Sale by Owner), they often encounter various challenges without the guidance of a real estate agent. If you’re currently considering selling your house on your own, here’s what you should know.

The most recent Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveyed homeowners who’d recently sold their own homes and asked what difficulties they faced. Those sellers say some of the greatest challenges were prepping their home for sale, pricing it right, and properly managing the required paperwork, just to name a few.

When it comes to selling your most valuable asset, consider the…

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What’s the Difference Between a Home Inspection and an Appraisal?

Posted by Shane Andersen on June 1st, 2023

What’s the Difference Between a Home Inspection and an Appraisal?

If you’re planning to buy a home, an inspection is an important step in the process. It assesses the condition of the home before you finalize the transaction. It’s also a different step in the process from an appraisal, which is a professional evaluation of the market value of the home you’d like to buy. In most cases, an appraisal is ordered by the lender to confirm or verify the value of the home prior to lending a buyer money for the purchase. Here’s the breakdown of each one and why they’re both important when buying a home.

Home Inspection

Here’s the key difference between an inspection and an appraisal. Bankrate says:

“In short, while an appraisal helps you understand…

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