If you're thinking of selling your house this spring, now is the perfect time to start getting it ready. With the market gearing up for its busiest time of year, it'll be important to make sure your house shines bright among the competition.

Here are some valuable tips you can use to get your house market-ready.

Declutter and Organize

First impressions matter, and if your house is a mess, that can easily turn off potential buyers. Before listing, take the time to declutter and organize each room. Decluttering is about more than just tidying up – it's about creating a sense of space and openness that allows potential buyers to envision themselves living in your home. According to Moving.com:

“Decluttering and organizing your space will go a long way in appealing to potential buyers. . . .decluttering will help the buyers see themselves living in your home. Less clutter inside a home also helps a place appear larger and cleaner, which should attract more buyers.”

Deep Clean Your Kitchen and Bathrooms

The kitchen and bathrooms are focal points for many buyers, and often influence their overall opinion of the house. Ensure these spaces dazzle by giving them a thorough deep cleaning. Pay attention to details like scrubbing grout lines, polishing fixtures, and decluttering countertops. A sparkling kitchen and bathroom can leave a lasting positive impression on potential buyers.

Maintain Your Yard

Your home’s exterior is the first thing potential buyers see, so it’s important to make a good impression from the moment they arrive. A well-maintained yard not only enhances curb appeal, but also shows buyers the home has been well taken care of.

Take the time to spruce up your yard by mowing the lawn, trimming bushes, and clearing away any debris or dead plants. Remember, the goal is to create a welcoming environment that entices buyers to step inside and imagine themselves living there. U.S. News says:

“A beautifully landscaped front yard can elevate an ordinary house into a charming home and will help homes sell faster and for more money.”

Find a Listing Agent

A skilled listing agent is your partner in minimizing stress when selling your home. Lean on your agent for advice on decluttering, staging, and enhancing your home's appeal to potential buyers. Their insights into market trends and recommendations for reliable contractors and stagers are invaluable. As Realtor.com says:

“A good listing agent will help you price your home . . . recommend a photographer and stager to make it look its best, and put your home on the multiple listing service.”

Bottom Line

By decluttering, deep cleaning, and tidying up your house, you can create a welcoming environment that resonates with buyers and increases your chances of a successful sale. Connect with a trusted real estate agent for advice on what you need to do to get your house ready to sell this spring.

Based on what you’re hearing in the news about home prices, you may be worried they’re falling. But here’s the thing. The headlines aren’t giving you the full picture.

If you look at the national data for 2023, home prices actually showed positive growth for the year. While this varies by market, and while there were some months with slight declines nationally, those were the exception, not the rule.

The overarching story is that prices went up last year, not down. Let’s dive into the data to set the record straight. 

2023 Was the Return to More Normal Home Price Growth

If anything, last year marked a return to more normal home price appreciation. To prove it, here’s what usually happens in residential real estate.

In the housing market, there are predictable ebbs and flows that take place each year. It’s called seasonality. It goes like this. Spring is the peak homebuying season when the market is most active. That activity is usually still strong in the summer, but begins to wane toward the end of the year. Home prices follow along with this seasonality because prices grow the most when there’s high demand.

The graph below uses data from Case-Shiller to show how this pattern played out in home prices from 1973 through 2022 (not adjusted, so you can see the seasonality):

As the data shows, for nearly 50 years, home prices match typical market seasonality. At the beginning of the year, home prices grow more moderately. That’s because the market is less active as fewer people move in January and February. Then, as the market transitions into the peak homebuying season in the spring, activity ramps up. That means home prices do too. Then, as fall and winter approach, activity eases again and prices grow, just at a slower rate.

Now, let’s layer the data that’s come out for 2023 so far (shown in green) on top of that long-term trend (still shown in blue). That way, it’s easy to see how 2023 compares.

As the graph shows, moving through the year in 2023, the level of appreciation fell more in line with the long-term trend for what usually happens in the housing market. You can see that in how close the green bars come to matching the blue bars in the later part of the year.

But the headlines only really focused on the two bars outlined in red. Here’s the context you may not have gotten that can really put those two bars into perspective. The long-term trend shows it’s normal for home prices to moderate in the fall and winter. That’s typical seasonality.

And since the 49-year average is so close to zero during those months (0.10%), that also means it’s not unusual for home prices to drop ever so slightly during those times. But those are just blips on the radar. If you look at the year as a whole, home prices still rose overall.

What You Really Need To Know

Headlines are going to call attention to the small month-to-month dips instead of the bigger year-long picture. And that can be a bit misleading because it’s only focused on one part of the whole story.

Instead, remember last year we saw the return of seasonality in the housing market – and that’s a good thing after home prices skyrocketed unsustainably during the ‘unicorn’ years of the pandemic.

And just in case you’re still worried home prices will fall, don’t be. The expectation for this year is that prices will continue to appreciate as buyers re-enter the market due to mortgage rates trending down compared to last year. As buyer demand goes up and more people move at the same time the supply of homes for sale is still low, the upward pressure on prices will continue.

Bottom Line

Don’t let home price headlines confuse you. The data shows that, as a whole, home prices rose in 2023. If you have questions about what you’re hearing in the news or about what’s happening with home prices in your local area, connect with a trusted real estate professional.

Homeownership is a major part of the American Dream. But, the path to achieving this dream can be quite difficult. While progress has been made to improve fair housing access, households of color still face unique challenges on the road to owning a home. Working with the right real estate experts can make all the difference for diverse buyers.

It's clear that achieving homeownership is more challenging for certain groups because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Black households continue to have the lowest homeownership rate nationally (see graph below):

Homeownership is an important part of building household wealth that can be passed down to future generations. According to a report by the National Association of Realtors (NAR), almost half of Black homebuyers in 2023 were first-time buyers. That means many didn’t have home equity they could use toward their home purchase.

That financial hurdle alone makes buying a home more challenging, especially at a time when affordability is a major concern for first-time buyers. Jessica Lautz, Deputy Chief Economist at NAR says:

“It’s an incredibly difficult market for all home buyers right now, especially first-time home buyers and especially first-time home buyers of color.”

Because of these challenges, there are several down payment assistance programs specifically aimed at helping minority buyers fulfill their homeownership dreams:

• The 3By30 program offers valuable resources for Black buyers, making it easier for them to secure a down payment and buy a home.
• For Native Americans, Down Payment Resource highlights 42 U.S. homebuyer assistance programs across 14 states that make homeownership more attainable by providing support with down payments and other costs.
• Fannie Mae provides down payment assistance to eligible first-time homebuyers living in Latino communities.

Even if you don’t qualify for these programs, there are many other federal, state, and local options available to look into. And a real estate professional can help you find the ones that best meet your needs.

For minority homebuyers, the challenges that remain can be a point of pain and frustration. That’s why it’s so important for members of diverse groups to have the right team of experts on their sides throughout the homebuying process. These professionals aren’t only experienced advisors who understand the market and give the best advice, they’re also compassionate educators who will advocate for your best interests every step of the way.

Bottom Line

Connect with a real estate professional to make sure you have to make sure you have the information and support you need as you walk the path to homeownership.

Some Highlights

• In today's housing market, you can still come out on top if you have the right team and plan.
• To win when buying a home, you need to build your team, make strategic plays, consider what’s in and out of bounds, and stand out from the crowd.
• Connect with a local real estate agent today to make your winning move.

On the road to becoming a homeowner? If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024.

What Pre-Approval Is

As part of the homebuying process, your lender will look at your finances to figure out what they’re willing to loan you. According to Investopedia, this includes things like your W-2, tax returns, credit score, bank statements, and more.

From there, they’ll give you a pre-approval letter to help you understand how much money you can borrow. Freddie Mac explains it like this:

“A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. . . . Keep in mind that the loan amount in the pre-approval letter is the lender’s maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying.”

Now, that last piece is especially important. While home affordability is getting better, it’s still tight. So, getting a good idea of what you can borrow can help you really wrap your head around the financial side of things. It doesn’t mean you should borrow the full amount. It just tells you what you can borrow from that lender.

This sets you up to make an informed decision about your numbers. That way you’re able to tailor your home search to what you’re actually comfortable with budget-wise and can act fast when you find a home you love.

Why Pre-Approval Is So Important in 2024

If you want to buy a home this year, there’s another reason you’re going to want to be sure you’re working with a trusted lender to make this a priority.

While more homes are being listed for sale, the overall number of available homes is still below the norm. At the same time, the recent downward trend in mortgage rates compared to last year is bringing more buyers back into the market. That imbalance of more demand than supply creates a bit of a tug-of-war for you.

It means you’ll likely find you have more competition from other buyers as more and more people who were sitting on the sidelines when mortgage rates were higher decide to jump back in. But pre-approval can help with that too.

Pre-approval shows sellers you mean business because you’ve already undergone a credit and financial check. As Greg McBride, Chief Financial Analyst at Bankrate, says:

“Preapproval carries more weight because it means lenders have actually done more than a cursory review of your credit and your finances, but have instead reviewed your pay stubs, tax returns and bank statements. A preapproval means you’ve cleared the hurdles necessary to be approved for a mortgage up to a certain dollar amount.”

Sellers love that because that makes it more likely the sale will move forward without unexpected delays or issues. And if you may be competing with another buyer to land your dream home, why wouldn’t you do this to help stack the deck in your favor?

Bottom Line

If you’re looking to buy a home in 2024, know that getting pre-approved is going to be a key piece of the puzzle. With lower mortgage rates bringing more buyers back into the market, this can help you make a strong offer that stands out from the crowd.