Delaware Home Gallery Real Estate Video Blog With Jason Morris

Do You Need Flood Insurance if You Live in the Middletown Area?

hello@delawarehomegallery.com (Jason and Nancy Morris) — Tue, 19 Sep 2017 12:40:00 -0700

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

The cleanup effort in the aftermath of Hurricane Harvey is ongoing here in Katy, Texas, where I’ve joined Keller Williams’ relief initiative with many others to lending a helping hand to those in need.

As you can see in the video above, it’s a nightmare of a mess. Many folks are unloading everything from inside their houses onto wheelbarrows and dumping the clutter onto the street. The house we’re cleaning out now had a water line that reached four feet up the wall.

The whole experience has brought a couple of points to my mind that I want to share with you.

“

Donations are still very much needed for the folks down here in Texas.

”

First, if you live in an area in Middletown that’s had its flood lines remapped, you should seriously consider getting flood insurance. There are definitely some areas that have been remapped, and not all mortgage companies know about it.

Second, remember that any donations are still very much needed for the folks down here in Texas. Whether that’s food, supplies, or money, every little bit helps.

If you have any questions about how to donate or how to obtain flood insurance, don’t hesitate to get in touch with me. I’d love to help you.

A Market Update for the End of Summer

hello@delawarehomegallery.com (Jason and Nancy Morris) — Thu, 7 Sep 2017 14:54:00 -0700

What can you expect from our real estate market over the next few months? We’re here to let you know.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

Today we’re going to talk all about the summer market: what happened, what it means for you, and what you can expect as we transition into fall.

There are five long-term indicators that show how our market is doing, along with one short-term indicator. The long-term indicators include:

Inventory is down from last year.
The rate at which inventory is accumulating is down.
The number of closed transactions is up.
The median price point is up.
The list-to-sale price ratio is up.

All long-term indicators point to a strong seller’s market.

All these long-term indicators point to us being in a strong seller’s market, but the short-term indicator is different. Over the last seven days, we’ve started to see the number of new listings outpace the number of pending transactions. We’ll keep an eye on this trend to see if it continues. You should keep an eye on it as well.

If you have any questions for us about the market or anything else about real estate, give me a call or send me an email. I look forward to hearing from you.

Why Is the Negotiation Gap So Important In Pricing Your Home?

hello@delawarehomegallery.com (Jason and Nancy Morris) — Mon, 10 Jul 2017 12:43:00 -0700

When pricing your home, it’s important that you stay within the negotiation gap. If you don’t, you could lose out on a lot of money.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

What effect does low inventory and high demand have on pricing in our market? The short answer is it allows you to get a higher sale price for your house than you would’ve been able to last year.

There’s something I want to caution you about, though. Every single time I sit down with a homeowner and ask how much they want to pad the price of their house to leave room for negotiation, I get the same answer—10%. In this market, the reality is that you only need to pad the price by a little less than 3%.

If you overshoot your home’s market value by 10% and your margin of error is 3%, that means you’re 7% over the mark. 3% goes into 7% a little more than two times, meaning you’re more than twice your allowable margin of error. If you remember your grade school math when it comes to calculating percentages, you’ll know that twice of what you need translates to 200%.

In other words, you’re more than 200% in excess of your margin of error, or what I call “the negotiation gap.”

“

If you price your home over the negotiation gap, you’ll likely lose money on its sale.

”

When you come in with numbers this high, it drives your home’s time on the market way up because you have to keep reducing the price until it’s back within that 3% margin. On top of that, buyers will assume there’s something wrong with your house because it’s been on the market for so long, so you’re bound to get less money for it than if you priced it within the 3% margin to begin with.

If you’re thinking of putting your home on the market, you won’t be able to draw the competition for your house you need to get a good price if you’re 200% over the margin of error. Even if your house looks like a million bucks, it’ll be too far outside of what buyers expect in terms of price.

You can save yourself this trouble by working with an agent who can figure out the numbers and help you step into the market intelligently. If you’d like to know the math on your home, don’t hesitate to give me a call. I’d be happy to help you.

Don't Underestimate Your Front Door

hello@delawarehomegallery.com (Jason and Nancy Morris) — Thu, 22 Jun 2017 10:29:00 -0700

While the agent opens the lock box, buyers have plenty of time to take in every detail of your entryway.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

Statistics show that your front door is actually one of the few places in your home where you can spend money on an update and get a positive return on your cash when you sell. Why is this?

Most homeowners don't even use their front door, preferring the garage door or a side door that's closest to where you park. It's there for show, but it actually gets less attention thanks to how little most homeowners use them. Bugs get into the lamps by your entryway and the glass gets dirty from fingerprints.

When you sell your house though, the agent will usually bring buyers through the front door. Why? Most homes being shown have an electronic lock box on their front door so that these buyers can enter the home in the most picturesque way. They come in the front door that might open to a foyer with the light flowing in and a view to the kitchen.

It's just the best way to enter a home.

“

While the agent opens the lock box, buyers have plenty of time to take in every detail of your entryway.

”

Keep in mind that that lock box takes a moment to access. That means the buyer will just be standing there waiting for the Realtor to open the lock box, giving them plenty of time to look at the whole entryway. They'll see all the dead bugs piled up in your lights, the cobwebs around the door, and the dog's nose prints on the glass next to the door.

You want buyers to come in through the front of the house and form a great first impression, and the best way to do that is by making the entryway look brand new.

If you have any other questions about preparing your home for the market, don't hesitate to give me a call or send me an email. I'd be glad to help.

How to Juggle A Home Sale and a Home Purchase

hello@delawarehomegallery.com (Jason and Nancy Morris) — Tue, 6 Jun 2017 09:07:00 -0700

Buying and selling a home at the same time can get tricky. Here’s how you can make the situation easier.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

A lot of people have been asking lately how they can buy and sell a home at the same time. How can you get those two transactions to hook together?

Inventory is low right now, so there isn’t much to choose from on the market. This is good news for sellers, but they are still hesitant to put their homes on the market because they aren't sure what they will do when their home sells more quickly than they can buy. There are a few different ways you can manage it.

The first option is buying a home with no contingency. This involves either paying for two mortgages at once, paying cash for your new home, or taking out a home equity line of credit to buy. If you make an offer that isn’t contingent on the sale of your home, those are the offers that sellers will take most seriously.

If that option isn’t feasible for you, the second best option is to have your home already under contract by the time you make an offer. This way, the seller knows that you are a serious buyer, and you already have a buyer for your home. Then you need to develop a plan B.

It could be finding a flexible seller who will allow you to take your time selling your own home. It could also be finding a flexible buyer who will wait for you to make a purchase or let you out of the sale if you can’t. Either way, you should have a temporarily living plan in place as well. Whether it’s living with a family member or in a furnished apartment, it’s good to have a backup situation for every possible scenario.

“

You always need a plan B.

”

Another option is to assume you will use temporary living and go into it right away as soon as your house is sold. This will let you buy on your own time and you’ll also be able to buy without that pesky home sale contingency. You can shop at your leisure and there aren't as many logistical concerns.

As a last ditch effort, you could attempt to find a seller who is willing to work with you and be patient. There aren’t many of those in this market, however, because most buyers aren’t asking sellers to do this.

If you don’t fit into any of these scenarios, it will be tough for you to balance things. At the very least, you should get your home on the market before you start looking at homes to buy so you can show sellers that you are serious. Remember, you can always say no to a deal that doesn’t work for you, but you can’t always get a seller to work with you if you don’t have a definite timeline to sell your home.

If you have any questions for us or want us to help you work through the logistics of buying and selling a home, give us a call or send us an email and we would be glad to help. We look forward to hearing from you soon.

How Can Sellers Time Our Spring/Summer Market?

hello@delawarehomegallery.com (Jason and Nancy Morris) — Mon, 22 May 2017 11:00:00 -0700

Every year, our spring/summer market goes through two rushes of buyer activity.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

When exactly does the spring/summer market start? When is the best time to enter the spring/summer market?

Houses sell all year long, but what happens in the spring and summer is a large influx of buyers come from a specific demographic: folks who have school-age children. This subsection of buyers produces two rushes of market activity.

The first rush starts about 45 days before school is out for the summer. Why 45 days? It takes the average buyer about 45 days to get through the underwriting cycle because that’s how long banks usually take to approve a loan. Buyers who want to get their kids settled in at the start of summer will start their home search around mid-April or early May.

“

The second rush happens 45 days before the first day of school.

”

The second rush starts about 45 days before school gets back in session. This rush comes from folks who want to spend one last summer in their current home and settle into a new home by the time their kids get back in school.

The spring rush started a couple weeks ago, so we’re still in it right now, and it should climb all the way into July. Other categories of buyers will be here all year long, though, so don’t make the assumption that houses only sell during spring and summer.

If you have any questions about timing the market or are looking to buy or sell a home, don’t hesitate to give me a call or send me an email. I’d be happy to help.

Should You Try Selling Your Home as a Pocket Listing?

hello@delawarehomegallery.com (Jason and Nancy Morris) — Tue, 25 Apr 2017 14:33:00 -0700

Pocket listings have both pros and cons to them, but they typically don’t give you the best chance to get a great price on your home.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

What is a pocket listing?

Basically, a pocket listing is when you have an agent who tries to sell a home before it hits the market. The agent tries to market that property to their internal list of buyers so they can get both halves of the commission. If you’re a seller, there are both pros and cons to this type of listing.

On the pro side, it’s a much quieter sale. You can avoid having a lot of showings or walkthroughs and your agent can sell the property directly to one of the few buyers who come to your house.

On the con side, not exposing the listing to the public market means not generating any competition. Less competition means the buyer who’s bidding on your house has no incentive to get aggressive on their offer price. Therefore, you won’t have the best chance to get a great price on your house.

“

Pocket listings don’t always allow you to get the best possible price for your home.

”

We’re seeing record-low inventory in our market right now, so there is fierce competition and multiple bids happening for many listed homes that end up selling over their asking price. Before you let an agent sell your home as a pocket listing, stop and consider what your aim is. The buyer doesn’t have to compete against other buyers and the agent gets both sides of the commission without the extra work, but what about you?

On our team, even if we have a buyer that’s perfect for one of our seller’s properties, we still suggest to that seller that it might be a good idea to expose that property to the public market before allowing the buyer to make an offer on it. By widening the number of potential buyers, you increase your odds of getting the best possible price for your home.

If you have any questions about this topic or have a topic in mind you’d like to see me discuss in a future video, please feel free to give me a call or send me an email. I’d be happy to help you.

Get a Bird’s-Eye View of the 301 Bypass Project

hello@delawarehomegallery.com (Jason and Nancy Morris) — Mon, 3 Apr 2017 09:45:00 -0700

Today, I’m flying over the 301 bypass to give you a bird’s-eye view of the progress that has been made so far.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

Today I am broadcasting from 3,000 feet over Middletown to show you footage of the 301 bypass project.

This project has been in the works for such a long time that many of us here in Middletown (including myself) doubted that it would ever make it from the drawing board to the groundbreaking ceremony. However, construction is underway. Believe it or not, there are actually plans to start placing concrete this summer! Click here to read the Delaware Business Times article

Now that I have seen the 301 bypass from the ground and the air, I want to tip my hat to the men and women responsible for planning it. They have done an admirable job of tucking this massive project away in copses of trees and farmland.

Of course, some people will have to adjust to additional traffic noise and may see their home values impacted while people get used to the change. The city planners did plan ahead, as most areas close to the bypass are already close to fairly heavy traffic.

“

Flying over it, I just thought, ‘Wow!’

”

My hope is that the uptick in volume will be offset by the easing of traffic build-up in key areas. I also hope that people who purchased property close to the project knew about the bypass and negotiated prices accordingly. Although creating this bypass is a perfectly logical move, something like this springing up behind your home can be quite a surprise. A good Realtor can help you do some additional due diligence if you are planning on buying or selling in this area.

Flying over this project, though, I was mostly impressed by the progress that has been made. To get a complete bird’s-eye view, check out the video.

In the meantime, if you have any real estate questions, please don’t hesitate to give me a call or send me an email. I would be happy to help you!

How to Add Value to a Home With DIY Projects

hello@delawarehomegallery.com (Jason and Nancy Morris) — Tue, 14 Mar 2017 14:21:00 -0700

I'm back at another remodel site to show you a cool example of how you can add some serious value to your home without hiring a contractor. In this case, the homeowner paneled their ceiling and added decorative trim and beams for just $1,400.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

We're going informal again today as we're shooting from another remodel job to talk about making your own ceiling.

The ceiling you see in the video above needed a facelift really badly—it was what I call a cake frosting ceiling. It also had a couple big ceiling fans that just weren't very flattering. The whole ceiling needed to come down, so most of the work was just demo work to rip down the old drywall.

“

This job was done by a homeowner, not a contractor.

”

From there, we had a choice of going with drywall again for the ceiling or to do something that really grabbed the imagination. We ended up choosing a cedar ceiling for this house. It's just tongue and groove cedar strips that you can find at Home Depot or Lowes along with some pre-finished white trim. The white beams you see are actually just white two-by-fours that are bracketed to the ceiling and boxed in with more pre-finished trim.

Of course, this was detailed work that took a lot of effort working overhead with a nail gun and other tools. However, this was done by a homeowner, not a contractor. If you're thinking about doing some work in your house and you have just a little bit of skill, there's no limit to what you can do. Since this ceiling was a homeowner job, the cedar, the trim, and the beams were only about a $1,400 DIY job.

If you have any questions about these kinds of projects to lift the value of a home, don't hesitate to give me a call or send me an email. I'd love to hear from you!

How to Quiet Your Creaky Staircase

hello@delawarehomegallery.com (Jason and Nancy Morris) — Thu, 23 Feb 2017 15:32:00 -0800

Today we’re doing things a little bit informally as I’m on the job to show you how to repair creaky stairs.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

Today we’re discussing how to get rid of creaky stairs. I’m on the job so I can walk you through this process.

Creaky steps have been a plague on this particular house for years and years. In fact, if someone goes up and down these stairs, you can hear it throughout the entire home.

We’re using a retread kit to fix this issue. The original stairs were stripped, in this case stripped of carpeting, so we could work with the bare treads. In the video above, you can see where the riser went up to on the original tread, but the creaking was coming from an old pressboard tread. So, the wood needed to be secured down to prevent squeaking. It also needed to be screwed in from the back and secured with a heavy liquid nail glue both under the face and on the back of the tread.

“

This isn't an expensive repair.

”

That process really tightened things up. As you can see in the video, I’m going up and down the stairs and it’s nice and quiet. After things are screwed, glued, and made very tight, all that’s left is putting on the top piece and the face piece.

The tread and riser kits are really pretty cool, and I have been able to find them online for as low as $39, but the total cost will depend on how much tightening work you have to do, how high-end you want your finishes to be, and how many stairs you have.

Take a look at the video to see the materials we used for our tread kit.

If you have any other questions about getting rid of creaky stairs or any other real estate-related questions, please feel free to give me a call or send me an email. I look forward to hearing from you.

What Impact Has the Presidential Election had on our Housing Market?

hello@delawarehomegallery.com (Jason and Nancy Morris) — Tue, 3 Jan 2017 13:04:00 -0800

Despite some initial concern, the presidential election shouldn’t have any long-term major impact on our housing market. Here’s why.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

I’ve been through several elections in my lifetime, and the one thing you can always count on after a controversial election such as the one we just had is everybody getting riled up over it. For a short period of time, there’s usually a great deal of concern from the half of the population who didn’t get their preferred candidate. However, eventually everyone slides back into their normal routines.

“

In the long term, the power of habit usually takes over.

”

This is because supply and demand are what determine the housing market—not who is president. Folks buy and sell homes based on life motivators and their respective financial capability. While an election may rattle consumer confidence in the short term, in the long term, you’ll find that the power of habit usually takes over. Houses will continue to be bought and sold based on familiar motivators determined by supply and demand.

Based on the initial impact of the election, not much has changed in our market. My office has still been selling homes at a rapid pace, and I think we will see a strong housing market going into the spring. We still have fairly high demand and a low level of inventory. Not only that, but interest rates are still very low.

If you have any questions or are thinking of buying or selling a home in today’s market, please don’t hesitate to reach out to me. I’d be happy to help!

How's the Delaware Market Finishing in 2016?

hello@delawarehomegallery.com (Jason and Nancy Morris) — Mon, 19 Dec 2016 17:17:00 -0800

The year is finally winding down, so I wanted to give you a quick update on the market. Inventory is still low, giving sellers a great chance to get a great price for their house.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

The fall market looks to be wrapping up for the year, so today I wanted to give you a closer look.

When you compare this year to last year, we're essentially looking about the same. Inventory is down slightly from 2,505 units to 2,437, indicating that homes are selling faster than they're being listed.

This is a good sign for sellers.

Inventory this year is still hovering around five months of supply, which is basically a balanced market. Settle volume is down slightly from 501 units to 493, which indicates that buyers might not be getting homes as quickly as they have in the past.

“

The market needs inventory, making now a great time for sellers.

”

When settle volume goes down, it's a good sign for prices. It means that there's still demand for inventory. This will continue to drive the price increase, which we've already seen go up from $226,000 to $228,000 on average.

List-to-sales price ratio is exactly the same, with sellers getting 94.7% of asking price. You should expect a few points to come off your list price, but that's been commonplace forever.

Simply put, the market is still strong this year and not many things have changed. It looks like we'll still be strong heading into the spring, too. The market needs sellers, so if you've had any thoughts about selling, don't let the weather or the season deter you. Thanks to low inventory, now is an excellent time to get a great price for your home. You have motivated buyers in the market slogging through the cold, sloppy conditions outside because they so badly need to buy a home.

If you've got any questions or you're interested in talking about selling your house, give me a call or send me an email today. I'd love to hear from you!

What Do You Do With Family Photos During Home Showings?

hello@delawarehomegallery.com (Jason and Nancy Morris) — Mon, 28 Nov 2016 13:54:00 -0800

One important aspect of home staging is removing your family photos. Why? We’ll explore a few reasons why family photos can cause home buyers to pass on your property.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

You have probably heard about the importance of staging your home before you put it on the market. Today, I want to focus on one specific aspect of staging: removing your family photos.

Everybody sets up their homes to be attractive and comfortable to live in, but the way we live in a home and the way we sell a home are very different. Of course, you love your family and take pride in your family photos. However, in the eyes of a buyer, family photos are actually a territory marker.

Like cave paintings, family photos send a subtle message to people. To buyers, that message is, “If you don’t see yourself in these photos, then you don’t belong here.”

It’s very interesting to go through a home with buyers when family photos are out. At the beginning of the showing, everyone is excited and chatting in their normal voices. As we go through the house more and more, they start to bring their voices down and whisper. Why? They feel like they’re in someone else’s den.

“

Buyers need to be able to envision themselves in your home.

”

That is not what you want when you are trying to sell your home. You want potential buyers to feel welcome, but family photos make them feel “other.” That is the anthropological psychology behind family photos.

So, box up your family photos before home showings. If you have photos that are hanging up and you think you still need a picture on the wall, here’s a quick tip: slide some kind of neutral magazine clipping or landscape between the glass and the family photo, and then you can leave the frame on the wall.

If you have any other questions about staging your home in order to sell for top dollar, give me a call or send me an email. I would be happy to help you!

What’s Happening in the Fall Market?

hello@delawarehomegallery.com (Jason and Nancy Morris) — Sat, 5 Nov 2016 11:23:00 -0700

In our current market, inventory is down and prices are up. As the weather turns colder, we’ll probably see this trend intensify.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

What’s going on right now in the fall market? Let’s take a look at the numbers from the month of September and see how they stack up against September of last year:

Inventory has decreased from 2,587 homes to 2,450.
Inventory accumulation—the number of months it would take to sell through the existing inventory—has also decreased from 5.6 months to 4.9 months.
The number of settled properties has increased from 524 to 538.
The median sales price has increased from $220,000 to $224,000.
The sales-to-list price ratio has decreased from 94.6% to 94%.

Overall, this information indicates that there is currently more demand than supply. Why is the sales-to-list price ratio going down? Sellers are starting to realize that the market is favoring them, and they’re increasing their asking prices accordingly; however, they may be getting too aggressive, resulting in them giving a little bit more away in negotiations than what they may have originally thought.

“

The market is favoring sellers.

”

As we start to enter the colder weather months and we lose time off the daylight clock, you’ll start to see the majority of the home searching activity shift over to the weekends. You should also see fewer homes on the market, which could mean an increase in prices due to the low inventory.

If you have any questions about what’s going on in the market right now, please feel free to email me or give me a call. I look forward to hearing from you!

How to Determine if an Agent Is Right for You

hello@delawarehomegallery.com (Jason and Nancy Morris) — Tue, 18 Oct 2016 17:14:00 -0700

If you’re planning on selling your house, it’s important that you find the right agent to help you sell it.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

If you’re selling your house and an agent is trying to buy your listing, they’re simply over-guaranteeing on the sale price in order to convince you to list with them.

This typically happens when multiple agents are competing for the same listing. Sellers have every right to interview multiple agents, but keep in mind that one single agent can’t make the market move. A house will sell for what it’s going to sell for. What’s more, agents who become aware that there is competition for the listing also have a tendency to slant the figures and promise you more of a net payout on the house than what can actually be obtained. They do this knowing that they can always talk you into a price reduction later on.

“

Don’t listen to the agent’s promises—look at the results.

”

The question then becomes, how do you avoid this scenario when interviewing multiple agents?

The easiest way is to look at the results. It’s simple enough to look up an agent’s track record and their customer reviews on a site like Zillow. Once you’ve done your research and have begun the interviewing process, be wary of them telling you what you want to hear and trying to buy your listing. Remember—overpriced houses don’t sell.

You can also just choose to withhold the fact that you’re interviewing multiple agents from the agents you’re interviewing. What they don’t know won’t hurt them, and it won’t hurt you, either.

If you have any questions or topics in mind you’d me to address, don’t hesitate to give me a call or shoot me an email. I look forward to hearing from you!

How to Re-Enter the Market the Right Way

hello@delawarehomegallery.com (Jason and Nancy Morris) — Thu, 29 Sep 2016 17:47:00 -0700

If you tried to sell your home once already and failed, how long should you wait before trying again?

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

If you tried to sell your home and were unsuccessful, how long should you keep it off the market before resetting and trying again?

The official reset time period for the MLS is 60 to 90 days, but buyers tend to be active on the market for anywhere between six and 18 months. This means the MLS will reset your house’s number of days on market back to zero, but the buyers won’t be fooled. They’ve been watching homes roll through for much longer to see what kind of deals they can get.

What does this mean for you? You can either wait an extremely long time to try again and do it the same way in the hope of introducing yourself to some new buyers, or you can jump right back in and correct all the problems that caused your home sale to fail in the first place.

Generally, these problems are limited to two areas: price and condition. The two of them almost go hand in hand; you can offset condition issues by price, and vice versa. The tendency is to assume your failure had more to do with poor marketing on behalf of your agent. While that can certainly be true, more often than not, it boils down to factors that you control yourself.

“

If your home is overpriced, you will compete in the wrong market & draw the wrong buyers.

”

If you’re overpriced, that dictates who you’re competing with, meaning you’re competing with the wrong houses and have the wrong buyers looking at your house. You’re doomed to fail right before you start. If you’re under-conditioned, nobody will want to buy your house. They’ll consider it all the way up until another home comes along offering them a better value or better condition for the same price.

At the end of the day, you’re better off hiring a new agent, making a rapid course correction, and jumping right back into the fray.

If you’d like an evaluation or some assistance with trying to resell your home with a different agent, we’d be happy to help. If you have any other questions, give us a call or send us an email. We look forward to hearing from you!

How the Middletown Market Has Improved in a Year

hello@delawarehomegallery.com (Jason and Nancy Morris) — Wed, 14 Sep 2016 13:10:00 -0700

Summer is nearly over, but the summer real estate market isn’t. We’ve got an update for you today complete with the latest numbers for the Middletown market.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

We’ve got a quick summer market update to share with you about how the housing market is doing right now in the Middletown area. To look at how the market is doing, we look at the numbers and figures for the most recent months vs. the numbers we saw at the same time last year. Here’s what we found:

Available homes are down by 9% from this time last year. Inventory is getting thinner.
The median price for homes has increased by $7,000 since last year.
The list-to-sales ratio has improved by ⅓ of a percent. Sellers are getting more for their homes.

“

You can get top dollar for your home now.

”

We are shifting more towards a seller’s market, which is great news if you’ve been thinking about listing. If you have any questions for us or you’re interested in getting your home on the market, give us a call or send us an email. We would love to hear from you.

When’s the Best Selling Season in Delaware?

hello@delawarehomegallery.com (Jason and Nancy Morris) — Mon, 22 Aug 2016 11:56:00 -0700

When is the best time to put your home on the market? This is one of the most frequently asked questions that I get as a real estate agent.

The general public seems to believe that spring is the best time of year to sell a house. However, I've seen that the decision to sell your home is usually triggered by a life-changing event. A baby being born, someone dying, someone getting married, someone getting divorced, someone’s job being transferred, a home burning down, or maybe wanting your kids to get into a different school - these are all the types of life events that could dictate when to move that aren’t tied to a certain month or season.

The exception, of course, could be the school cycle, with most families wanting to move before the school year starts, if schools are a factor. I think this is where the notion of the Spring selling season comes from. The reality is that buyers are out there every single month of the year because they’re driven by those triggering events.

Life events should determine when to move, not seasons.

If you’re thinking about selling your home and looking at the calendar thinking you missed the Spring market and you have to wait for next year - know that’s not the case!

Our Decembers are often as busy as July or August. It really depends on when your house is truly ready. If you have a house you’re thinking about selling, go ahead and do it. Buyers are out there, and they will look for a property in the dead of winter if they need to move. Remember, it’s the triggering event that matters, not the month of the year.

If you have any questions about the home selling process or real estate in general, give me a call or send me an email. I would be happy to help you!

Just How Accurate Is My Zestimate?

hello@delawarehomegallery.com (Jason and Nancy Morris) — Wed, 3 Aug 2016 14:34:00 -0700

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

Automated home value tools like Zillow and other real estate websites aren’t always reliable. Although the conversation is often about how accurate these tools are, I’d like to bring up a new question. How accurate is the information that’s going in?

These algorithms predominantly rely on information given about your home. This information, derived from public sources, compares your property to the homes you compete against. Unfortunately, there’s not much policing of this information, which can cause inaccuracy and skewed data.

“

Be a conscious consumer.

”

Although these tools are a great place to start the buying or selling process, you have to be careful, because the data just isn’t reliable. There is a "garbage in, garbage out" effect going on. The results are only as good as the information going in, which happens to not be good at all!

Again, these sources can be useful for trending information, but be a conscious consumer regarding those specific figures. You need a human source to provide an accurate home value.

If you’re thinking about buying or selling a home in the surrounding area, you can reach me by phone or email. I’d be happy to discuss and serve your local real estate needs!

Lois Houston Reviews Jason Morris

hello@delawarehomegallery.com (Jason and Nancy Morris) — Fri, 8 Jul 2016 14:51:00 -0700

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

"Everything was as good as it could be. There were times where we were a little freaked because something wasn't going the way it should, and Jason was really good about taking care of the situation. Each time we got off the phone with him we felt relieved. He did a great job marketing our home and had great advice on how to get the home ready to sell, which helped the house sell quickly."

How to Sell Quickly in Middletown

hello@delawarehomegallery.com (Jason and Nancy Morris) — Tue, 5 Jul 2016 15:32:00 -0700

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

How long does it take to sell a Middletown home? Typically, buyers in our marketplace don’t have any requirement for how long a property has to be on the market. In fact, we find the most motivated buyers are anxiously waiting to purchase your home.

If you have a home in excellent shape and priced appropriately, you’re likely to receive an offer immediately. However, if you’re lagging on condition or price, expect your home to sit on the market. You might not even find a buyer willing to work with your expectations. Buyers might think something is wrong with your home since it’s been listed for so long.

“

Many sellers are shocked to learn how quickly other properties sold in their neighborhoods.

”

Days on the market shouldn’t be too long. We prefer to avoid homes sitting on the market for more than 60 days. Right now, our properties are going under contract quicker than usual.

When we conduct a CMA (comparative market analysis) we examine the history of homes around you. We can determine how long it took to sell these surrounding homes. It’s quite revealing. Many sellers are shocked to learn how quickly other properties sold in their neighborhoods.

If you’re thinking about buying or selling a home in the area, reach out by phone or email. I’d be delighted to answer any questions you might have about real estate!

Be Aware of Your Septic System in the Delaware Market

hello@delawarehomegallery.com (Jason and Nancy Morris) — Wed, 15 Jun 2016 10:45:00 -0700

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

We recently reached out to Delaware clients to find out which topics you’d like to see covered in our video blogs. Surprisingly, the top answer was septic systems.

The last revision of the agreement of sale that's used as a bit of a template for real estate agents has language to put responsibility on the seller to provide a septic pump and certification within a certain number of days of going under contract.

If you’re a homeowner and you have a septic system in your house, be aware the vast majority of buyers out there - particularly those working with an agent - will have an expectation for seeing that pump and certification.

“

You need to be proactive with home maintenance.

”

The good news is, it’s typically good for three years. It’s a good thing to do upfront, as turnaround time for inspections can be long at times. If you’re planning on doing a septic pump out, go ahead and do the certification at the same time, so you won’t have to get it re-pumped.

The most common issue we see with septic systems is a problem with the distribution box , usually because of the age of a lot of the systems out there. Just because your system isn’t having problems, I wouldn’t feel comfortable assuming that it’s going to be OK and put the house on the market. You might find out after it’s too late.

Likewise, if you’re a buyer and you’re looking to purchase, you should expect that the pump information is readily available.

If you have any further questions or more topic ideas for our video blog, please feel free to reach out to me! I appreciate your feedback.

What Happens When You Overprice Your Delaware Home?

hello@delawarehomegallery.com (Jason and Nancy Morris) — Fri, 27 May 2016 12:41:00 -0700

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

Today, I want to talk about a topic that comes up frequently: pricing.

Many home sellers think they can’t earn the listing price for their home. Although it varies by neighborhood, the difference between the offer price and listing price is not nearly as big as you might think. For instance, they overwhelmingly think they’ll earn 10% less than the initial asking price. When looking at the figures, we actually see the list-to-sale price ratio closer to 2% or 3%. It’s a tight number. Oftentimes, a home in excellent condition can earn the full listing price.

“

By overpricing your property, you create low-ball offers.

”

Buyers like to do what we call a split-the-difference negotiation. If you have a home they admire that’s $10,000 over, buyers will try to split the difference with an offer $10,000 less. By overpricing your property, you create low-ball offers.

If you have a home priced accurately, buyers don’t mind paying the full price! It’s a win-win. That’s why it’s so important to avoid the split-the-difference negotiation altogether by pricing your home correctly.

If you’re thinking about buying or selling a Delaware home, give me a call or send me an email! I’d be happy to serve your local real estate needs and answer any questions you might have.

Repairs vs. Upgrades: Which Is More Important when Selling a Home?

hello@delawarehomegallery.com (Jason and Nancy Morris) — Thu, 28 Apr 2016 15:26:00 -0700

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

A lot of homeowners think that they can raise the value of their property before selling by installing multiple upgrades or doing a wide array of repairs. However, I’ve seen a lot of people dump a lot of money into repairs that would never bring a return that they wanted.

“

Repairs are usually more valuable than upgrades when selling.

”

Keep in mind that a repair is necessary when something is not in working order. An update or an upgrade does not need to be repaired; the purpose of an upgrade is to completely replace a properly working appliance or system. Most often, upgrades will not bring you a good return before selling your home.

Repairs work much differently. If you have an item that is defective, scratched, or worn, you definitely need to fix it. Buyers like turnkey homes, and if you haven’t gone through the effort of fixing things, they will hit you with the hassle tax, which is basically just sweat equity. They’ll do a loose estimate of what is needed to fix the problem, and then probably charge you double in the form of price reductions on your home. It’s simply more cost-efficient to repair most things on your own.

If you have any further questions about what kinds of repairs buyers like to see in our market, please don’t hesitate to contact me.

What to Expect From the Middletown Market This Spring

hello@delawarehomegallery.com (Jason and Nancy Morris) — Wed, 13 Apr 2016 09:41:00 -0700

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

Today we are excited to talk about what’s going on in the local housing market here in Middletown. While each neighborhood market can vary, overall we are seeing an increase in the number of sold properties. We’re up by 21.3% from this time last year! At the same time, we are only seeing a slight increase in the number of new homes available, at 1.3%. There is a pretty big gap of what’s been sold and what’s coming on the market.

“

Buyers will be competing for your home

”

For sellers, a well-priced home in good condition should have competition. Buyers will be competing for your home, and you should sell in fewer days than the average days on market. On the buying side, be prepared to act quickly, because the competition for these homes will be stiff. Don’t be surprised if you have to put in a really strong offer in order to get that really great house.

The real exciting piece to all of this is that interest rates are still very low, below 4% in most cases. We don’t know how long this is going to last, but an increase is inevitable, so take advantage of the situation now.

If you have any questions for us about the market or if you’re looking to buy or sell a home, don’t hesitate to reach out to us via phone or email. We’d love to hear from you!