The Wide World of Real Estate April 25, 2022

The Strength of the ‘R’ Lifts Up Ukraine

April 20, 2022

by Melissa Dittmann Tracey

At a church near her real estate office in the city of Irpin, Ukraine, Zoya Ilnytska busied herself helping to make meals for the hundreds who’d gathered there seeking refuge. Distant artillery shots rang out and explosions shook the town, which sits just outside the Ukrainian capital of Kyiv.

Ilnytska’s home and her office had already been damaged by shelling from the Russian invasion of Ukraine, which began Feb. 24. But Ilnytska, a mother of three, a real estate professional, and an international member of the National Association of REALTORS®, worked calmly. She joined the others in singing songs of hope.

“We will not fear,” she says. “We don’t have time for that. Because in war … when you think not only of yourself—fear passes.”

During it all, she wore her REALTOR® pin.

REALTORS® Unite Globally

Ilnytska says she takes comfort in wearing the pin that has united so many REALTORS® across the globe who have rallied to answer the calls and to provide humanitarian assistance to the people of Ukraine. (Read more of Ilnytska’s story in her words.)

The response has been vast—from individuals donating commission checks to REALTOR® associations leading donation drives. REALTORS® have offered up their brokerage’s moving trucks to collect supplies. Brokerage parking lots have been turned into donation centers. Real estate offices have been stacked to the ceiling in shoeboxes of toys for Ukrainian children. And, open houses have been transformed into fundraising events.

Ukraine is home to nearly 50 international REALTOR® members. Dmitriy Selektor, NAR’s global ambassador to Ukraine and other neighboring countries, has kept in touch with many of Ukraine’s REALTORS® since the conflict began. Some have found themselves on the frontlines in the invasion. At least one member of the Ukrainian REALTORS® association, Pavel Novoselov, was reportedly killed while serving in the citizen’s defense forces. This local entity, a bilateral partner of NAR in Ukraine, also has been part of the coordination with humanitarian groups to bring in supplies.

“Many of our members are risking their lives on a daily basis driving and distributing help in their cars to areas under constant bombardment,” Selektor says.

Alina Aeby, NAR’s global coordinator for Eastern Europe; Gizo Ujarmeli, NAR’s global coordinator to Georgia, Moldova, and Romania; and Selektor got to work as soon as the first missiles blazed into Ukraine, helping to coordinate communications and humanitarian aid among NAR’s more than 100 global partner associations. “We wanted to bridge alliances and connect the world,” says Aeby. By March, up to 30 partners—from Romania, Georgia, Moldova, Slovakia, Portugal, Poland, and more—had responded to calls and were leading efforts. In addition to being active NAR leaders, Aeby is a real estate professional with Compass in San Francisco and Selektor is an associate real estate broker at eXp Realty in Troy, Mich.

On her own, Aeby started a Facebook group where real estate professionals in the U.S., Ukraine, and elsewhere can share fundraising and donation efforts and coordinate additional aid.

A Port in a Storm

 

APAIR members

© APAIR

Members of the APAIR association, a REALTOR® bilateral international partner in Romania, met to strategize a widespread response in their “people for people” campaign, which included transporting and finding housing for refugees and providing meals.

 

Since Feb. 24, about 10 million Ukrainians had fled their homes. Of those, 4.3 million have left for neighboring countries. Just two days in, REALTORS® from Romania part of the APAIR association drove to the Ukrainian border to pick up refugees (many of whom had walked miles in freezing temperatures, holding children and belongings). APAIR members’ eagerness to help bloomed into a mission and campaign to help Ukraine called “People for People.”

“We had in front of us people who lost everything they had, including those who lost husbands, fathers, grandparents, children,” says Dan Negulescu, an international REALTOR® member in Romania. “They had nowhere to go back home.”

 

APAIR members

© APAIR

APAIR members helped to transport Ukrainians fleeing the war at the border of Romania. Within three weeks from the start of the invasion, APAIR members personally had found housing for more than 630 refugees and served more than 2,000 meals.

 

REALTORS® with APAIR drove refugees to safety, coordinated housing needs, supplied meals, found jobs for some refugees, helped access medical care, and in many cases, welcomed refugees into their own homes. Within three weeks, APAIR members had found housing for more than 630 refugees and served more than 2,000 meals. NAR subsidiary Second Century Ventures has provided funding to APAIR—as well as other REALTOR® global bilateral partners—who are engaged in humanitarian relief efforts in assisting Ukrainian refugees.

Other NAR global partner associations have been quick to respond as well. The Portuguese International Realty Alliance formed CIPU (translated from Portuguese, the acronym stands for Real Estate Agents for Ukraine) and started a humanitarian caravan, driving thousands of miles to Poland to deliver donations and pick up refugees. They also started a website to identify housing needs and match requests.

“We all have witnessed great generosity from owners willing to share part of their houses or even their entire house, helping to find a job and a place at school for the kids, or even buying clothes, food, or lending their car,” the Portuguese International Realty Alliance said in a statement to REALTOR® Magazine.

The international response continues to evolve with new alliances taking root. “The crisis is not going to stop, even when the war stops,” Aeby says. “We have a displaced country in Europe and so many refugees. As REALTORS®, we can find ways to help the civilians who lost their houses.”

‘We Had to Do Something’

 

Shoeboxes of toys in Realty One office

© Realty One

Shoeboxes filled Realty One’s 400-plus offices across the country. The real estate company collected shoeboxes full of toys and donations for displaced children in Ukraine.

 

An ocean away, many U.S. REALTORS® have rushed to take action, too. Many of Realty One’s 400-plus offices nationwide became towers of packed shoeboxes that had been collected for displaced children in Ukraine. In one month, Realty One offices collected more than 30,000 shoeboxes—referred to as “cheer boxes”—filled with toys, clothing, and handwritten notes of encouragement. Realty One CEO Kuba Jewgieniew had posted on Facebook asking offices to join in a shoebox collection drive. He called the response “amazing.”

“Many REALTORS® and their families, clients, friends, neighbors, children’s schools, local churches, and various businesses across America came together to participate and contribute their love to touch the hearts of children running away from their homes for an uncertain tomorrow,” says Jewgieniew, whose wife is from Ukraine.

Oleg Bortman, who was born in Kyiv and now lives in Phoenix, says he has been “overwhelmed by the outreach and support” of his former home country. Bortman, associate broker at The Brokery, helped coordinate housing for refugees with contacts he has in Europe. He found an eagerness among his Arizona clients, who asked how they could help, so he started collecting care package donations for Ukraine filled with everyday necessities and first aid kits.

Real estate pro Heather Griesser adapted her nonprofit’s resources to go toward Ukraine. As executive director of the Kids Against Hunger Philadelphia, she’s committed to packing 250,000 meals ready to ship by the end of April to Ukrainian refugees who’ve fled to Poland. She is teaming with Convoy of Hope to deliver the meals abroad. Griesser, a real estate professional with the Griesser LaPierre Team in Philadelphia, said universities, corporations, and community residents have joined their events to pack meals and donate funds.

 

 

“I think we were all feeling so hopeless watching the news. We had to do something,” Griesser says. “Some people want to give money, but then they’re not always sure where it goes. We have a warehouse, ingredients, and a place for them to come in and help pack up the food. We’re feeding the hunger within each of us to give back and also the hunger of those who receive our food.”

 

boxes with sunflowers on them

© Sunflower of Peace

Using the Ukrainian national flower, the sunflower, real estate pro Katya Malakhova leads a nonprofit called Sunflower of Peace in raising millions to fund first-aid backpacks for paramedics and doctors in Ukraine.

 

Katya Malakhova, a real estate professional for Advisors Living in Boston, moved to the U.S. from Ukraine in 2008. She’s using her nonprofit Sunflower of Peace to fund first-aid backpacks for paramedics and doctors in Ukraine. From Feb. 24 to mid-March, Sunflower of Peace had raised more than $3 million.

Two former presidents of the Rhode Island Association of REALTORS® came together to spark a viral movement in the state. Their idea: Use open houses to raise money for Ukraine. Dean deTonnancourt, broker owner of the HomeSmart Professional Real Estate, and Arthur Yatsko, owner of Salisbury Real Estate Agency, both based in Warwick, created a flyer that real estate pros and brokerages could leave next to sign-in sheets at open houses so visitors could scan QR codes and donate to a charity supporting Ukraine (e.g. Doctors Without Borders, International Committee of the Red Cross, and the United Nations Children’s Fund or UNICEF).

“We feel fortunate to have houses to look at,” deTonnancourt says. “You look at the devastation in Ukraine and all the people losing their home.” “It’s a moment to count your blessings and maybe give back to others who aren’t as fortunate right now,” Yatsko adds about making the donation flyers part of open houses.

As humanitarian efforts grow across the nation and internationally, NAR leaders remain committed to raising global awareness and building its REALTOR® alliances in support of those impacted by the violence in Ukraine. “We continue to look at every possible outlet to express our support for Ukraine and our genuine concern for all of those whose lives will be forever changed by this war,” Leslie Rouda Smith, NAR’s president, said in a statement.

As for Ilnytska, she sees the efforts on social media and has felt the rally of her industry—a profession she plans to continue to be part of in the future, despite current unknowns. In March, she posted a video of herself and others singing songs from the church basement in Irpin while gunshots were being fired across the street and fierce fighting was breaking out in parts of town. “Together, we are strength,” they sang. After the song, she noticed she was still wearing her REALTOR® pin. “Apparently because that’s who we R,” she writes. “You are with us, dear friends, from all over the world, and we feel it.”

The Wide World of Real Estate April 14, 2022

Let’s stand together to make unfair housing history

By Ryan Gorman, CEO, Coldwell Banker

At Coldwell Banker, we’re committed to supporting and expanding equal access to housing for all and we stand together to help build thriving, inclusive communities that fuel economic growth and prosperity. We honor this commitment by commemorating Fair Housing Month in April.

The History of Fair Housing

National Fair Housing Month celebrates the passage of the Fair Housing Act, a national law that prohibits discrimination in the sale, rental, and financing of housing based on race, color, national origin, religion, and gender. The Fair Housing Act was signed into law by President Lyndon B. Johnson in April 1968 after the assassination of civil rights leader Dr. Martin Luther King, Jr. and was later amended to include protections for people with disabilities and families with children. By regulation, protection has also been extended to include gender identity and sexual orientation. Additionally, state or local fair housing laws provide for additional protections like source of income including the use of vouchers.

Why National Fair Housing Month is Important

Fair Housing Month is especially significant to those of us who work in the real estate industry. As real estate professionals, our work has a direct impact on the wealth gap of demographic groups and the overall state of fair housing in the communities, neighborhoods, and markets in which we operate.

Every real estate transaction affects the very fabric and composition of every neighborhood, town, and city. Illegal and discriminatory policies and practices from the past and present, such as redlining, continue to contribute to neighborhood segregation, socio-economic inequality, and the marginalization of certain groups and communities.

I made it my mission to learn more about the history of fair housing, housing policy, discrimination, and segregation in our society and in real estate. While our industry has made tremendous progress in the past 50 years, there is still work to do, and as one of the largest residential real estate companies in the world, Coldwell Banker can be a force for good to drive change. This month is an opportunity to remind ourselves of the responsibility we all have to learn more about how we can become allies and advocates in removing barriers to housing opportunity, and to advance inclusive, vibrant communities.

Visit us at ColdwellBanker.com/Diversity to learn how we are making a difference, and how you can, too.

You Can Also Learn More About Fair Housing:

The Wide World of Real Estate April 13, 2022

Where Are Mortgage Rates Headed?

Where Are Mortgage Rates Headed?

Where Are Mortgage Rates Headed? | MyKCM

There’s never been a truer statement regarding forecasting mortgage rates than the one offered last year by Mark Fleming, Chief Economist at First American:

“You know, the fallacy of economic forecasting is: Don’t ever try and forecast interest rates and or, more specifically, if you’re a real estate economist mortgage rates, because you will always invariably be wrong.”

Coming into this year, most experts projected mortgage rates would gradually increase and end 2022 in the high three-percent range. It’s only April, and rates have already blown past those numbers. Freddie Mac announced last week that the 30-year fixed-rate mortgage is already at 4.72%.

Danielle Hale, Chief Economist at realtor.comtweeted on March 31:

“Continuing on the recent trajectory, would have mortgage rates hitting 5% within a matter of weeks. . . .”

Just five days later, on April 5, the Mortgage News Daily quoted a rate of 5.02%.

No one knows how swiftly mortgage rates will rise moving forward. However, at least to this point, they haven’t significantly impacted purchaser demand. Ali Wolf, Chief Economist at Zondaexplains:

Mortgage rates jumped much quicker and much higher than even the most aggressive forecasts called for at the end of last year, and yet housing demand appears to be holding steady.”

Through February, home prices, the number of showings, and the number of homes receiving multiple offers all saw a substantial increase. However, much of the spike in mortgage rates occurred in March. We will not know the true impact of the increase in mortgage rates until the March housing numbers become available in early May.

Rick Sharga, EVP of Market Intelligence at ATTOM Datarecently put rising rates into context:

“Historically low mortgage rates and higher wages helped offset rising home prices over the past few years, but as home prices continue to soar and interest rates approach five percent on a 30-year fixed rate loan, more consumers are going to struggle to find a property they can comfortably afford.”

While no one knows exactly where rates are headed, experts do think they’ll continue to rise in the months ahead. In the meantime, if you’re looking to buy a home, know that rising rates do have an impact. As rates rise, it’ll cost you more when you purchase a house. If you’re ready to buy, it may make sense to do so sooner rather than later.

Bottom Line

Mark Fleming got it right. Forecasting mortgage rates is an impossible task. However, it’s probably safe to assume the days of attaining a 3% mortgage rate are over. The question is whether that will soon be true for 4% rates as well.

The Wide World of Real Estate April 12, 2022

Why a Real Estate Professional Is Key When Selling Your House

Why a Real Estate Professional Is Key When Selling Your House

Why a Real Estate Professional Is Key When Selling Your House | MyKCM

With today’s real estate market moving as fast as it is, working with a real estate professional is more essential than ever. They have the skills, experience, and expertise it takes to navigate the highly detailed and involved process of selling a home. That may be why the percentage of people who list their houses on their own, known as a FSBO or For Sale By Owner, has reached its lowest point since 1985 (see graph below):

Why a Real Estate Professional Is Key When Selling Your House | MyKCM

Here are five reasons why selling with a real estate professional makes more sense, even in today’s hot market:

1. They Know What Buyers Want To See

Before you decide which projects and repairs to take on, connect with a real estate professional. They have first-hand experience with today’s buyers, what they expect, and what you need to do to make sure your house shows well.

If you don’t lean on their expertise, you may spend your time and money on something that isn’t essential. That’s because, in today’s low-inventory market, buyers are willing to take on more of the renovation work themselves. A survey from Freddie Mac finds that:

“. . . nearly two-in-five potential homebuyers would consider purchasing a home requiring renovations.” 

A professional can help you decide what you need to tackle. It’s not canned advice you could find online – it’s recommendations specific to your house and your area.

2. They Help Maximize Your Buyer Pool

Today, the average home is getting 4.8 offers per sale according to recent data from the National Association of Realtors (NAR), and that competition is pushing prices up. While that’s promising for you as a seller, it’s important to understand your agent’s role in bringing buyers in.

Real estate professionals have an assortment of tools at their disposal, such as social media followers, agency resources, and the MLS to ensure your house is viewed by the most buyers. According to realtor.com:

Only licensed real estate agents can list homes on the MLS, which is a one-stop online shop of sorts for getting a house seen by thousands of agents and home buyers. . . . This is certainly one of many good reasons why the majority of home sellers decide to employ the services of a listing agent rather than going it alone.”

Without access to these tools, your buyer pool is limited. And you want more buyers to view your house since buyer competition can drive your final sales price higher.

3. They Understand the Fine Print

Today, more disclosures and regulations are mandatory when selling a house. That means the number of legal documents you’ll need to juggle is growing. That’s why Investopedia says:

One of the biggest risks of FSBO is not having the experience or expertise to navigate all of the legal and regulatory requirements that come with selling a home.”

A real estate professional knows exactly what needs to happen, what all the paperwork means, and how to work through it efficiently. They’ll help you review the documents and avoid any costly missteps that could occur if you try to handle them on your own.

4. They’re Trained Negotiators

If you sell without a professional, you’ll also be solely responsible for all the negotiations. That means you’ll have to coordinate with:

  • The buyer, who wants the best deal possible
  • The buyer’s agent, who will use their expertise to advocate for the buyer
  • The inspection company, which works for the buyer and will almost always find concerns with the house
  • The appraiser, who assesses the property’s value to protect the lender

Instead of going toe-to-toe with all these parties alone, lean on an expert. They’ll know what levers to pull, how to address everyone’s concerns, and when you may want to get a second opinion.

5. They Know How To Set the Right Price for Your House

If you sell your house on your own, you may over or undershoot your asking price. That could mean you’ll leave money on the table because you priced it too low or your house will sit on the market because you priced it too high. Pricing a house requires expertise. Investopedia explains it like this:

. . . There is no easy or universal way to determine market value for real estate.

Real estate professionals know the ins and outs of how to price your house accurately and competitively. To do so, they compare your house to recently sold homes in your area and factor in the current condition of your house. These factors are key to making sure it’s priced to move quickly while still getting you the highest possible final sale price.

Bottom Line

There’s a lot that goes into selling your house. Instead of tackling it alone, let’s connect so you have an expert on your side throughout the entire process.

The Wide World of Real Estate March 17, 2022

Open House Tips for Buyers and Sellers

How do you make sure your open house goes smoothly and gets the job done?

An open house is a tried and true way to attract potential buyers and create buzz when your house goes on the market. So how do you make sure your open house goes smoothly and gets the job done? Consider the following insider tips and tricks to help ensure you have a successful open house.

Out with the old. It might sound a little harsh, but you’re going to want to remove about half of your belongings. The goal is to sell your house, so any unnecessary clutter is really just getting in the way of that. This might mean storing away all those sentimental vacation knickknacks, framed family portraits, toddler toys and bulky furniture. Buyers want to see fresh, clean open spaces. They need to imagine their things there, not yours. If storage is an issue, look into a nearby short-term storage facility to help move things out during this time.

What’s on the outside counts. In this instance, what’s on the outside matters. First impressions are huge, so make sure your lawn is cut, trees trimmed, toys and garbage cans … are all stored away. Think about planting some pretty flowers or adding a few big flowerpots and a welcome mat by the door. This would also be a good time to power wash the outside and clean the windows. Also, replace any outdated light fixtures and consider painting your front door a welcoming color.

Shine up your kitchen and baths. Get them as sparkly clean as possiblewe’re talking cleaning every square inch. Focus your attention on decluttering these spaces. Buyers want to see your counter tops, your backsplash, your shiny appliances – not your blender, toaster and junk mail. It’s also smart to clean out your pantry and refrigerator because, let’s be honest, people do like to snoop around.

Always take a final lap. Look at your house objectively, through the eyes of a buyer. Make sure you’ve depersonalized every room. That means dog beds, little Jimmy’s 3rd grade artwork, closets stuffed with old clothes, toothbrushes on the bathroom counter … And then look at rooms that could use a little more sprucing up. There are a few simple and cost-effective ways you can make a room look brand new. Invest in a couple new throw pillows on your bed and sofa, a new entryway rug, a neutral-colored shower curtain and a bouquet of fresh flowers. Always make sure your home smells good. There’s nothing that turns a buyer off faster than a stuffy, smelly house.

Holding an open  house is a great way to gauge buyers’ interest in a property and quickly assess whether the asking price is appropriate. And preparing for an open house really comes down to two things: cleaning and decluttering. With these tips, you’re well own your way to your next real estate adventure.

The Wide World of Real Estate March 15, 2022

Coldwell Banker Around the World : February 2022

A picturesque gem, surrounded by Gallo-Roman walls and towers (dating from the late 3rd Century CE), offering historic secrets and charms that many are not aware of? Welcome to Le Mans! The town of Le Mans is typically visited to experience one of the most famous and oldest car races in the world, 24 Hours of Le Mans. Of a quarter of a million attendees, there are very few who stay past the duration of the race to discover the rich history of Le Mans, which dates back to being the capital of the Gallic tribe Cenomani.

Rich in history but always moving forward, the newest addition to Le Mans is Coldwell Banker Val Property, the newest franchisee to the Coldwell Banker France network. “Come visit our region for its incredible cultural heritage,” says Director of Coldwell Banker Val Property, Catherine Gourmelon. The beautiful old town flaunts a Roman legacy seen by the distinctive pink mortar and ochre sandstone wall around the city, as well as medieval houses with propped open doors, gorgeous courtyard gardens, paved streets, and museums to satisfy a range of interests. Perched along the beautiful River Sarthe and overlooked by the spectacular Cathedral of Saint-Julian, directors and film makers have long prized this destination as a period film set. You, too, could experience this real-life movie set and take in the unique history among the city walls.

Where do you live:   Coldwell Banker Val Property is located in Le Mans, the department of Sarthe in the region Pays de la Loire

What is the perfect weekend day like? Le Mans prides itself on having one of the best-preserved city walls found anywhere. Of the 1,300 meters of wall that originally surrounded the city, dating from the third and early fourth centuries A.D., more than 500-meters remain today in marvelous condition. The wall is significant in size and condition and is also remarkably recognized for its geometric decorations and the lovely hues of its ochre sandstone held together by pink mortar. Walk around and take in the beauty of our unique city. Le Mans offers a rare set of half-timbered houses, Renaissance mansions and cobbled streets of the period used as natural scenery for many films such as Cyrano de Bergerac by Jean Paul Rappeneau, Le Bossu by DE Brocca or Le Mans 66 with Matt Damon and Christian Bale. Be sure to visit the highlight of Le Mans, the Saint Julien Cathedral, and end the afternoon with a coffee at the Jacobins Market, one of the most beautiful markets in France!

What are the common modes of transportation there: Le Mans is at the heart of an excellent motorway and rail network. The city is 55 minutes by TGV (high-speed train) from Paris Montparnasse, 3 hours from Lyon and 3h 30m from Strasbourg.

Tell us about the foods your area is known for: “Les Rillettes” (pork pâté with a stringy appearance, seasoned with salt and pepper and slow cooked in its own fat), the world’s best cheese monger, Fabien Degoulet, and one of the best chocolate makers in France, “Bellanger”

What is your favorite meal? At home or at a restaurant: I truly enjoy having dinner at Auberge de Bagatelle, the Michelin-starred restaurant that serves unforgettable meals. Located in an old inn that’s been wonderfully renovated, Chef Jean-Sébastien Monné creates exquisite dishes.

Where do you recommend someone vacation in your region, why: Rent a boat and go up the Sarthe to explore the hidden villages, hike in the Mancelle Alps, or visit the Loire castles while tasting local wines

What is your favorite recreational or leisure time activity: It is fun to go see basketball games. Le Mans Sarthe Basket (MSB) is a basketball club playing in the first division. Many people also like golfing. Le Golf des 24 Heures is a 24-hour golf course affiliated to the French Golf Federation. An original competition takes place there every year too!

Share a little known but interesting fact about the area/region: The 24 Hours of Le Mans race is a 24-hour endurance car competition held in June (usually the 24th week of the year) on the road circuit south of the city of Le Mans and on a section of the famous Bugatti circuit. This event exists since 1923 and is one of the 3 most prestigious races in the world with the Monaco Grand Prix and Indianapolis 500 miles, attracting more than 500,000 spectators from all over the world. Unlike fixed-distance races whose winner is determined by minimum time, the 24 Hours of Le Mans is won by the car that covers the greatest distance in 24 hours. Racing teams must balance the demands of speed with the cars’ ability to run for 24 hours without mechanical failure.

If you were to live in any other region where we have a Coldwell Banker presence, where would it be and why: If I lived anywhere else it would be Arcachon, France, as it is famous for its quiet beaches and delicious oysters.

Territory Summary:

Le Mans, city, capital of Sarthe département, Pays de la Loire région, northwestern France. Situated in the former province of Maine, the city lies southwest of Chartres at the confluence of the Sarthe and Huisne rivers. Le Mans derives its name from the ancient Gallic tribe of the Cenomani, whose capital it was. In the late 3rd century CE, the Gallo-Romans surrounded the town with walls, parts of which still survive. Le Mans was mainly a market town for the agricultural products of the region until the mid-19th century, when new industries developed and later expanded, principally producing railway, motorcar, and agricultural machinery; textiles; and tobacco. Every year, 24 Hours of Le Mans, probably the world’s best-known automobile race, is held at the Sarthe road-racing circuit just outside the city. Nearby there is a museum of early motorcars.

Key Facts:

  • Population: 560,000 inhabitants in the Sarthe department / 3,790,000 inhabitants in the Loire region
  • Language(s) Spoken: French
  • Climate: Oceanic with Continental influence
  • Currency: Euros

Industry Facts:

  • Types of Architecture: 11th Century houses, renaissance, 19th Century with “Mancelle” type houses with slate roofs
  • Price per sq. ft/meter: Approx 2000/m2
  • Average years in house/apt: 7 years

Something else interesting? Le Mans is classified as the 6th best area to live in France, 2nd least stressful city in France, and the most advantageous area to invest (August 2021)

Email:  valproperty@coldwellbanker.fr

 

The Wide World of Real Estate March 14, 2022

Get Your 2022 Spring Buyer and Seller Guides!

The Wide World of Real Estate March 14, 2022

Spring Time Selling

This Spring Presents Sellers with a Golden Opportunity

This Spring Presents Sellers with a Golden Opportunity | MyKCM

If you’re thinking of selling your house this year, timing is crucial. After all, you’ll want to balance getting the most out of the sale of your current home and making the best investment when you buy your next one.

If that’s the case, you should know – you may be able to get the best of both worlds today. Here are four reasons why this spring may be your golden window of opportunity.

1. The Number of Homes on the Market Is Still Low

Today’s limited supply of houses for sale is putting sellers in the driver’s seat. There are far more buyers in the market today than there are homes availableThat means purchasers are eagerly waiting for your house.

Listing your house now makes it the center of attention. And if you work with a real estate professional to price your house correctly, you can expect it to sell quickly and likely get multiple strong offers this season.

2. Your Equity Is Growing in Record Amounts

According to the most recent Homeowner Equity Insight report from CoreLogic, homeowners are sitting on record amounts of equity thanks to recent home price appreciation. The report finds that the average homeowner has gained $55,300 in equity over the past year.

That much equity can open doors for you to make a move. If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help fuel your move. It may be just what you need to cover a large portion – if not all – of the down payment on your next home.

3. Mortgage Rates Are Increasing

While it’s true mortgage rates have already been climbing this year, current mortgage rates are still below what they’ve been in recent decades. In the 2000s, the average mortgage rate was 6.27%. In the 1990s, the average rate was 8.12%.

For context, the current average 30-year fixed mortgage rate, according to Freddie Mac, is 3.85%. And while recent global uncertainty caused rates to dip slightly in the near-term, experts project rates will rise in the months ahead. Doug Duncan, Senior Vice President and Chief Economist at Fannie Maesays:

“For homebuyers, we believe that borrowing costs will likely rise with the increase in mortgage rates….”

When that happens, it’ll cost you more to purchase your next home. That’s why it’s important to act now if you’re ready to sell. Work with a trusted advisor to kickstart the process so you can take key steps to making your next purchase before rates climb further.

4. Home Prices Are Climbing Too

Home prices have been skyrocketing in recent years because of the imbalance of supply and demand. And as long as that imbalance continues, so will the rise in home values.

What does that mean for you? If you’re selling so you can move into the home of your dreams or downsize into something that better suits your current needs, you have an opportunity to get ahead of the curve by leveraging your growing equity and purchasing your next home before prices climb higher.

And, once you make your purchase, you can find peace of mind in knowing ongoing home price appreciation is growing the value of your new investment.

Bottom Line

If you want to win when you sell and when you buy, this spring could be your golden opportunity. Let’s connect so you have the insights you need to take advantage of today’s incredible sellers’ market.