Spring 2023 Market Update

Spring 2023 Market Update

Where have you been?  How is the market? We aren’t seeing much come on the market. 

At long last, Ask Kathe is back!  For those of you who follow Ask Kathe on my website, AskKathe.com or KatheBarge.com, I have continued to post replies.  As most of you know by now, after 24 years selling residential real estate in Sewickley, I moved to Piatt Sotheby’s International Realty in January.  And as you also could likely anticipate, transitions take time, so I have been busy behind the screens getting ramped up for the spring market and am excited that spring is finally here!

Data over 10 years shows that the number of pending and closed sales have been consistent over the past 10 years.  Yes, there are seasonal ebbs and flows, but taking a year-over-year approach, it is remarkable how steady our market has been.  Additional data shows that prices on the eastern side of our country continue to rise.  Rising interest rates may have caused a temporary slow-down in sales last fall, but that has become an irrelevancy in our market at this point.  Buyer have adjusted to the fact that the rates are where they are, and they still want or need to move.  As we like to say “you only date the rate.” There will be opportunities to refinance at lower rates down the road. 

What the data does show, however, is that we have about one-third the inventory available at any given time than we did before COVID. This is due in part to the fact that there remains so much pent up demand that when a well-conditioned, appropriately priced home comes on the market, it sells quickly, keeping inventory levels low.  What does all this mean?  Buyers have far less to choose from at any given time and as a result, need to adjust expectations and be less choosey.  The perfect house may be years away.  And sellers, my age old mantra, again – if you would consider a move, there has never been a better time than now! Reach out to me and let’s strategize on how you can make the most of this incredible seller’s market!

Experience Makes

The Difference

If you’re moving across town, from elsewhere in the state, or even relocating
across the country, I can help you find the perfect home! 

Sounds Too Good To Be True

Sounds Too Good To Be True

WE WOULD LIKE TO BUY A NEW HOME SOON BUT INTEREST RATES SEEM VERY HIGH – WE SEE ADVERTISEMENTS FOR INTERNET LENDERS OFFERING WHAT SEEM TO BE BELOW MARKET RATES.  IS THIS TOO GOOD TO BE TRUE? 

If you were simply refinancing an existing mortgage debt, you MAY be ok choosing an internet lender.  You would just need to be very careful that, before you apply to refinance your loan, you receive from the lender a full disclosure of all the costs and not just the rates.  Often times I see lenders have exorbitantly high fees connected with low rates.  In a sense, you would be buying down your rate by paying high fees upfront.  You would want to be sure to compare them on the same day to a couple of local lenders and understand what you are paying to get the quoted rates.  The reason you must compare rates on a singular date is because rates go up and down continuously and a rate may seem lower simply because you called a particular lender on a date rates dropped.

Since you are buying a new home rather than refinancing, I do NOT recommend that you use an internet lender.  They do not tend to be familiar with area norms and that can cause you more headaches than you can imagine.  There is a long list of particularities to PA Agreements of Sale and the last thing you want to do is have your closing delayed (while your movers are standing at the curb) while you wait for your lender (who does not have a local presence that you can visit personally to address any issues) to sort things out.  As they are not familiar with our Agreements and processes, internet lenders may also impose requirements on you that are not requirements generally imposed by local lenders that may disadvantage you later.  Finally, internet lenders often do not understand that PA Agreements of Sale declare “time is of the essence” inside the contract – what that means to you is that if you miss your closing date because the lender isn’t ready to close, the seller does have the legal right to declare you in default, keep your hand money and sell the home to someone else.

When buying, why take a risk?  Rely on your trusted Realtor to help you find a local lender who offers the most competitively priced loan products and delivers exceptional customer service.  Realtors cannot accept referral fees from lenders, so you can be sure we are motivated only by knowing you will have an outstanding transaction.  Feel free to reach out to me for help finding you the best local lender to meet your financing needs!

Experience Makes

The Difference

If you’re moving across town, from elsewhere in the state, or even relocating
across the country, I can help you find the perfect home! 

Holiday Decor When Trying To Sell

Holiday Decor When Trying To Sell

Our home is on the market – is it ok to show it decorated for the holidays?

Decorating for the holidays while your home is on the market is not a bad idea – homes often look their best decorated for the holidays – as long as a few basic guidelines are followed. Briefly stated, when decorating this holiday season, keep your decorations more neutral and reasonably simple.

Start by taking a more minimalist approach. You may have bins and bins of holiday decorations like I do, but when your home is on the market, its best to leave some of those decorations packed away. Choose decorations that have less of a religious theme. Snowmen, evergreen wreaths, poinsettias and nutcrackers, for example, have broad appeal. Be careful that the decorations that you do choose compliment your décor.   You may have changed the color scheme in your home since buying your holiday decorations and it’s important that they don’t clash! Don’t over-decorate the exterior of your home either. A few well placed, tasteful strands of lights or an attractive evergreen wreath can add sense of warmth to your home, but keep your inflatables packed up!

If you bring in a tree, make sure it doesn’t overwhelm the room. This year a tall, skinny tree might be the best choice so that the room doesn’t feel small. And of course, consider using decorations to highlight some of your home’s special architectural features, such as using candles to draw attention to an attractive fireplace.

When showings are scheduled, a brewing pot of mulled cider or a plate of freshly baked cookies is not only seasonably appropriate but will go along way toward creating an inviting feel for your buyers. And don’t forget – even if you normally keep your thermostat down, be sure to turn it up for showings so that buyers are comfortably warm!

Experience Makes

The Difference

If you’re moving across town, from elsewhere in the state, or even relocating
across the country, I can help you find the perfect home! 

The Value of a Deep Clean

The Value of a Deep Clean

Do we really have to have our home professionally deep cleaned before putting it on the market?

The short answer is yes, but here is why! When we live in our homes, we don’t see the dirt and the grime build up.  Even if you have your home cleaned every week, it is impossible for a weekly cleaning to keep up with the little things.  And when you want to sell your home, to achieve top dollar, it is important that your home sparkles at the highest possible level.  We are no longer in a market where buyers are happy to get any house.  We have moved back to a more traditional market and that means that sellers must take the time and incur the expense of a deep cleaning to make sure your home is squeaky clean and showing its very best.

Deep cleans are expensive and when done properly take many days of work.  It is unlikely that your weekly housekeeper (if you have one) is going to have the time to clean at this level.  Should you choose to take on the task yourself, you will soon see why deep cleans are costly and time consuming. So what is involved?  In every room of your home, every surface must be thoroughly cleaned.  Light switches and plugs should have all grime completely removed and restored to new, all vent covers (heating, ceiling fans, appliances) must be removed and washed (some may need to be repainted), all lighting fixtures must be carefully cleaned (including removing any glass bowls to clean inside) and should sparkle, all cabinets and drawers should be cleaned inside and out, windows should be washed inside and out including screens and tracks, carpets should be steam cleaned, shower grout needs to be cleaned, mineral build-up should be removed from shower/bath glass and all plumbing fixtures (try CLR and a scrub brush, or Stanley Steamer if the deposits wont budge), fireplaces need to be swept out and scrubbed down (if you burn wood in them, call a chimney sweep for a professional cleaning).  All wood work needs to be washed down or repainted as needed to look fresh.  Any smudging on walls needs to be cleaned or painted away.

Outside your home be sure that all doors are clean and fresh, that your porch/deck is clean (power wash if needed), that all lighting fixtures sparkle and that all patios and walkways are freshly power washed.

You may of course find it helpful to employ additional service providers, such as a power washer, carpet cleaner and window washer to get the job done right! It’s a big task cleaning up after years of enjoying a home, but it will absolutely pay dividends when you go to sell.

Experience Makes

The Difference

If you’re moving across town, from elsewhere in the state, or even relocating
across the country, I can help you find the perfect home!