For many, it can make sense to keep your primary home as a rental property, especially if you’re looking to bolster your real estate investment portfolio. And for anyone who took advantage of historically low interest rates just a few years ago, they are faced with the dilemma of selling and getting rid of that epically low rate forever. Yet many are, especially when it just isn’t financially feasible to hang onto multiple properties or buy the next one without cashing in. For those who want to keep their property that cash-flows and has a wonderfully low rate, or is paid off, there are benefits. Here are ones we came up with for you to consider. Additional Income: Renting out your home provides a source of passive income, helping offset mortgage payments, property taxes, and other expenses. Diversified Investment Portfolio: Owning rental property diversifies your investment portfolio, potentially providing long-term financial stability and growth. Tax Benefits: Landlords may be eligible for various tax deductions, including mortgage interest, property taxes, depreciation, and maintenance expenses. Asset Appreciation: Real estate values may appreciate over time, allowing you to build equity and potentially generate a profit when you eventually sell the property. Flexibility: Renting out your home offers flexibility in case you need to move for work, travel, or other reasons, providing a backup plan for housing. Market Demand: If there's strong demand for rental properties in your area, you may be able to secure reliable tenants quickly and achieve competitive rental rates. Long-Term Investment: Real estate is often considered a stable, long-term investment, providing a hedge against inflation and market fluctuations. Property Utilization: If you're not currently occupying the property, renting it out allows you to make use of the space and generate income rather than leaving it vacant. Potential for Cash Flow: Depending on rental income versus expenses, your rental property could generate positive cash flow, providing financial stability and additional funds for other investments or expenses. Future Options: Renting out your home provides the option to move back in or sell it at a later date, maintaining flexibility. This can be an especially nice option if your move may be temporary and is helpful to combat market uncertainty and fluctuation.  If you’re considering hanging onto your primary home as a rental and the reasons above are speaking to you, it may just make sense in your case to do that.

As a REALTOR, I meet with a lot of people who are faced with the question of whether or not to sell their home in order to buy the next one in the event they can afford to do so. That question has become even harder to answer now that so many homeowners took advantage of the historically low interest rates in the post-pandemic world of the early 2020s. Of course the answer to this question is going to be personal to you and your situation. Let me suggest several reasons why it may NOT be a good idea to keep your primary home as a rental. Shopping for a Rental vs. Your Dream Home: The first reason that gets overlooked as much as any is the fact that when you shop for a rental you shop based on drastically different criteria than when you’re looking for your ideal dream home, if you will. You will have different aspects of a property that stand out and matter to you when you’re looking for a home you want to live in compared to when you shop for one to put renters in. That leads me to my next point… Personal Attachment: You may have emotional ties to your home, making it difficult to deal with potential tenant issues or changes to the property. Uncertain Rental Market: If the rental market in your area is weak or unstable, you may struggle to find reliable tenants or achieve desired rental income. Maintenance Costs: As a landlord, you're responsible for maintaining the property, which can incur significant costs over time, especially if the home is older or requires frequent repairs. And renters never care for your property the way you would…ever. Legal and Financial Risks: Landlords are exposed to various legal and financial risks, including liability for tenant injuries, property damage, and potential lawsuits. If you’re not familiar with your liabilities as a landlord, you’re going to want to bone up on them. Loss of Flexibility: Converting your primary home into a rental limits your ability to sell or make changes to the property without disrupting tenants or terminating lease agreements. Mortgage Considerations: Some mortgage lenders have restrictions or may require approval for converting a primary residence into a rental property, potentially complicating the process. Property Depreciation: Renting out your home could result in wear and tear that depreciates its value faster than if it were owner-occupied. Tenant Management: Dealing with tenant turnover, late payments, or disputes can be stressful and time-consuming, especially if you don't have experience as a landlord. Local Regulations: Landlord-tenant laws, zoning regulations, and homeowner association rules may impose restrictions or additional requirements on renting out your property. Potential Loss of Tax Benefits: Converting your primary home into a rental property may impact your eligibility for certain tax deductions or exemptions associated with homeownership. If you’re ready to take on these obstacles and it just makes financial sense for you, by all means, rent away. Our next blog focuses on several reasons why turning your primary home into a rental could be right for you.

The latest housing news for November 2023. In our professional opinion, here's what you need to know about today's real estate market conditions--despite what you may have heard: Mortgage Rates and Market Trends In a surprising turn of events, traders are not currently pricing in another rate hike for the first time in two years! Yesterday, we saw RATES at their LOWEST POINT in 3 months. The 10-year treasury's fall from 5% to 4.4% adds weight to the expectation of a downward trend in mortgage rates. So far in November the market has already experienced about a half to one percentage drop in mortgage interest rates. It’s difficult to forecast if this dip represents a long-term trend at this time, but homebuyers should welcome the improvement.This could make late fall and early winter an opportune time for home shopping before rates potentially fall into the 6% range, as they did yesterday. The market moves quickly and some of those gains evaporated today, but that’s the market. If rates were to dip into the 6s in the spring, there’s a good chance for a frenzy of new homebuyers entering the market, driving up competition for the already low supply of available homes to buy. Federal Reserve and Market Dynamics Despite conflicting signals, the market largely believes the Fed is done tightening monetary policy. Recent data on the consumer price index (CPI) sparked a major rally on Wall Street, with traders almost completely taking potential Fed rate hikes off the table. The flat reading on the headline CPI, along with a decrease in energy prices, contributed to this sentiment. Local Market Conditions The local market conditions provide interesting insights. With over 50% of units under contract experiencing price reductions and motivated sellers willing to negotiate, repair, and offer concessions, 2023 stands out as a year where sellers are driven by necessity. Traditional seasonal patterns indicate a rise in homes being withdrawn or expired from the market in the fourth quarter, setting the stage for likely increased demand and multiple offers in the first quarter of the following year. Market Trends and Insights Zillow's October Housing Report highlights a national trend of falling home prices month-over-month due to high mortgage rates and the usual seasonal housing cooldown. However, year-over-year, home values are still up in 34 of the 50 largest markets. Prices increased only slightly nationwide in October but the month’s hottest markets saw more substantial price growth due to high demand. Unfortunately, none of the Front Range’s largest cities made it onto the latest list (October 2023) of Top 20 Hottest Housing Markets or Markets Seeing the Largest Jump in Rankings (October 2023), though many of our neighbors in the West did (per realtor.com). Expert Predictions Expert predictions suggest a rebound in home sales in 2024, with Lawrence Yun, NAR Chief Economist, stating, "Existing home sales will rise by 15% next year." The market's expectation for the path of the federal funds rate has shifted, with potential rate cuts in 2024. Yun’s prediction for home sales is not to be confused with home values, though most experts expect that prices will increase next year, with most agreeing on a relatively modest increase. Bottom Line In conclusion, 2023 presents both challenges and opportunities in the real estate market. Understanding these trends is crucial for making informed decisions. Your reflection on the significance of data-driven facts will not only benefit your clients but also contribute to the overall health and stability of our market.   Remember there are always opportunities and advantages in any market, so please always feel free to reach out if you have any questions or if you're ready to explore the exciting opportunities in the current real estate landscape.

When preparing your home for sale, few things can have as large and immediate impact as painting.  If you're selling your house, painting is a great way to increase your resale price. Paint color takes up much of a room's visual space — it draws the eye and can even influence your mood while you're in the room. As a general rule, you want to stick to as few colors as possible, even if they are all neutrals. Using the same color in more than one area will give your home an overall cohesive feel. It also makes your home seem bigger, since there is an easy flow from one room to the next. THE IMPACT OF PAINT COLORS The choice of paint colors can significantly influence a buyer’s perception of your home. The right color palette can make your property feel inviting, spacious, and up-to-date. On the other hand, outdated or overly personal colors might deter potential buyers. Therefore, it’s crucial to consider current design trends and the psychology of color when selecting your paint hues. The most appealing color to paint the inside of a home when selling it is usually a neutral color, such as white, beige, or gray. These colors appeal to the majority of buyers and provide a blank canvas that allows them to easily visualize their own belongings and style in the space. Generally, going with neutral colors like shades of white, beige, taupe, and grays lead to a faster sale," she shares. "Neutral colors are also more appealing to potential buyers because many want the creative freedom of a blank canvas to add their personal touches to when looking for a new place to call home. From a seller's point of view, it can be risky having bright, bold paint colors because personal preference ranges greatly from person to person." 1. CLASSIC WHITE White is a timeless and enduring favorite among home sellers. It creates a clean and fresh canvas that allows potential buyers to envision their own style and décor in the space. However, not all whites are created equal; consider opting for a warm white with a hint of cream to add a touch of warmth and coziness to your rooms. Remember to consider your home’s architectural style and the preferences of your target buyers when selecting paint colors. By choosing wisely, you can enhance your home’s appeal and increase your chances of a successful sale in the competitive real estate market. 2. SOFT GRAY Gray continues to be a popular neutral color that appeals to a wide range of buyers. Opt for soft, warm grays that create a soothing and elegant atmosphere. Light gray walls can make rooms appear larger and more inviting, making it an excellent choice for various spaces throughout your home. 3. GREIGE Greige, a fusion of gray and beige, is a versatile and contemporary color choice. It offers a subtle warmth while maintaining a neutral backdrop for various decor styles. Greige works particularly well in living rooms and bedrooms, creating a sophisticated yet comfortable ambiance. Consider consulting with a professional painter when making color selections. You could have different tastes (that’s ok, by the way) but a painter knows what shades are not only popular, but how they vary from the paint swatches/chips to then they’re actually applied on the walls, what colors work well together (and which don’t), and how colors work in different types of light. We have a list of preferred vendors and contractors available to our private clients. WHAT’S TRENDING Consensus says that Sherwin Williams Agreeable Gray (SW 7029) is still the number one most widely-appealing choice to paint the interior of your home when preparing it for sale.  Sherwin Williams Alabaster (SW7008) is second on many lists and offers a creamier white option for those who are tired of grays or where a gray isn’t the right complement to existing decor choices.  Sherwin Williams Gray Mist is a compromise of the first two favorites, not gray, not beige, but a “greige” compromise.  Another favorite is Sherwin Williams Snowbound (SW 7004) for a creamy white option. However it suits an exterior better where conveying warmth isn’t as critical as it is with interior paint colors.  WHAT THE EXPERTS SAY Warm neutrals were a top choice for homeowners in 2023, and that trend I can see continuing. 82% of experts recommend warm-tinted neutral paint for selling because of the likelihood that it won’t turn away buyers for being too bright or too cold. Warm colors are welcoming, and neutrals don’t impose your personal style, so they’re great for inviting prospective buyers to see their future in your home. They can give texture to small rooms that may look sterile painted in white, and they can open up larger rooms that may feel smothered in rich, deep color. In contrast, spaces feel more open and unified when the same color is used across all rooms on a floor. Uniform paint choices can be more widely appealing and offer a clean-slate-feeling for potential buyers. This lets buyers more easily envision what customizations they want, thus making your home more attractive to them. The more they wrestle with your custom touches, the less they feel drawn to your home. BOTTOM LINE At the end of the day, it’s your house, so it’s your choice. Just remember, if you’re painting so you can appeal to the most buyers, put your trust in the experts. We’re always here to help. Please reach out to begin your staging and home prep consultation.    

As closing approaches you may find yourself moving before the sale is finalized with a buyer. To ensure a smooth handoff to the buyer whether you’re still in town or not, you'll need to make sure you have completed everything you are supposed to—from negotiated terms to good seller etiquette. There are certain things that every responsible seller should do, and you can make sure you accomplish them all if you make a home-selling checklist. Your closing checklist is a guide for your actions after all of your personal belongings and furniture have been removed from your home. This includes Clean the house Preparing the house to be vacant Be sure to close any relevant utility accounts Securing the property Change your address with the post office Customary Expectations Most Sellers are good about leaving a home in presentable condition for the new Buyer.  It’s understandable that after moving all day, sellers may be too tired to spend a lot of time cleaning, so it's a good idea to move one day and clean the next, leaving an extra day before closing when possible.  An alternative would be to hire a cleaning service to do a thorough deep cleaning. Clean the House If you don't have time to personally clean the home before leaving it, hire a professional cleaning service to do so. What makes a house clean enough is often a matter of opinion and personal preference. It's not always necessary to shampoo the carpets, but it's a nice touch. Clean the cabinets, refrigerators, and other appliances inside and out. Make sure the home is devoid of any trash and debris. Don’t leave personal property of any kind behind, except for what’s already been negotiated. Don’t forget the exterior: mow, rake, clear snow, clean up after pets, etc. We have a list below that will give you a good idea of what specifics matter. The Golden Rule The best way to ensure a worry-free final walkthrough is to follow the Golden Rule which is, of course: do unto others as you would have others do unto you. In other words, leave your home the way you would like to find it if you were the buyer. Don’t leave any room for interpretation of what is acceptable. And, it doesn't hurt to make your last impression on the buyer a good one with little touches (like polishing sink fixtures). The last thing you want is a threat from the buyer to not close based on the condition you left the property. If you leave it so there’s no room for complaint, then you likely won’t get complaints from the buyer. Cleaning List While many Buyers will clean the home to their own standards before moving in, regardless of a Sellers’ own cleaning efforts, there is a list of things a Seller can do to leave a home clean and create goodwill with the Buyer. This list is not comprehensive, but it will serve to get you started. Use your judgment for anything else that might need to be done. Remove all personal property. Throw away trash and debris. Vacuum the carpets & floors,sweep & mop tiled areas. Clean kitchen appliances, inside the refrigerator and oven, and wipe down counters. Scour sinks and tubs. Wipe down interior cabinets and shelves. Clean out the garage. Clean up after pets. As best you can, leave the yard in the condition it was in in your listing photos. Don’t forget your patio/lawn furniture, gas grill, etc. Stack items pertaining to the home such as paint cans, roofing materials or extra flooring and leave them for the new buyer, ONLY if they want them. If they don’t expressly want them, plan to have them removed. Leave the home in the condition you would hope to find it in if you were moving in. Preparing Your Home to be Vacant For some, peace of mind comes from leaving a house winterized so that you can neutralize the threat for potential water leaks, etc. If that’s you, you're going to want to turn off shut-off valves to sinks, toilets, dishwashers, the water heater, refrigerator and washing machine. Leave a note for the buyers so they won't call a plumber. Turn off all switches for lights and fans. Some sellers flip all of the circuit breakers to the “off” position. This might be overdoing it, but it keeps them from paying for any electricity until the account is switched. In most cases, we don’t recommend this approach. However, if the house has to be shown again or inspected, you’ll want the house to still be functional, and walking into a house that is literally cold, can leave a cold feeling with a new buyer. If they can’t turn on lights or test fans, then it’s tough for them to see how the house functions. Inspectors are not allowed to open valves and flip breakers, so we recommend leaving them on. One solution to make sure pipes don’t freeze is to leave the temperature set at 50° or even 55°. That way the house isn’t being heated to comfortable room temperature when no one is there, but the pipes won’t freeze either. It’s up to you. Having water running is important for any inspection but not necessary for showings. Having power to the home, in our opinion, is highly advisable, however. Utility Accounts Once the property sale has closed, you can cancel all the utilities. But, as mentioned above, you won’t want to turn off electricity or gas until the sale has been completed. In the meantime you can discontinue services such as cable, internet, newspaper, and other routine delivery services. It’s up to your discretion whether or not to discontinue security. Be sure you can find phone numbers for each of your utility and entertainment companies in advance. Keep in mind that not every utility is always paid monthly. You might have a refund coming, have to pay a balance, or be able to transfer the balance to your next home. Necessary Incidentals Leave all house keys, remotes, gate keys, pool keys, access fobs, and mailbox keys for the new owner. The buyers will probably change the locks, but that won't happen the instant they move in. Put them in a kitchen drawer or other location that is easily found and let us know where the buyers can find them. Assemble a packet of appliance manuals, receipts, and any warranties as well. You might have come across manuals for the HVAC, security system, sprinkler system, or appliances as you are packing. If you have receipts from contractors, warranties, put them into an envelope or box, and leave them in a cupboard as well, along with the manuals and codes for the security alarms, garage or door openers, etc. What to Leave Behind - Inclusions & Exclusions If you need a refresher about what constitutes an inclusion versus an exclusion, check our educational video on the matter here. Don’t forget to make sure all items that are in the contract DO convey with the house.  You should also consult your real estate contract before removing some items from the home.  These may include “fixtures” – anything not already glued, screwed, taped or nailed to the house, rather easily removed from the walls or ceiling – such as curtain rods, window treatments, light fixtures, light bulbs, etc.  Your real estate buy/sell contract may state that fixtures are to convey with the house.  Do you remember what you agreed to in the contract? If you aren’t sure – just ask. Check cabinets, drawers, and storage areas for any forgotten items. Run one more check, even if your spouse or friend says they've gone through every room with a fine-tooth comb, searching for anything you might have overlooked. As mentioned above, you should obviously leave anything you’ve agreed to leave (by contract) for the buyers. But don’t be tempted to leave things you think they’ll want. Only leave things you know they want or are expecting. Sellers with the best of intentions may think to leave things such as paint for touch-ups, even when they’re properly labeled, may find that the buyers don’t want them and feel like they’ve been burdened with removal of those items after closing. That’s not what you want. Construction materials such as matching carpet swatches and pieces of flooring may be left with the best intentions, but again, the buyer may not want them. Don’t leave them unless you’re sure they’re wanted. Items such as mowers and snow blowers, might have value to you, and thus, you feel it’s a nice gesture to leave them to the buyers, but if they don’t want them it becomes a disposal burden they didn’t sign up for and may cause waves at a final walkthrough. Lock Up on Your Way Out Close the blinds and lock the windows and doors. You'd be amazed at how many people forget to close up the house. It is especially important to lock up if the home is going to be vacant for a while. Consider leaving an inexpensive lamp behind on a timer. FAQs Q: When should I cancel utilities when selling a home? A: You can call in advance to set up a cancellation for your utilities, but be sure not to have your utilities turned off until after you officially close on the sale. You will need your utilities on throughout the selling process, and, as mentioned above, an early shutoff could cause problems. Q: Many Sellers ask me “So how clean is clean enough?” A: The bottom line is leave the home in the condition you’d want to find it in if you were the buyer, which is “move-in ready.” Does that phrase leave room for interpretation? Think of it this way, just be sure that you leave it in the condition that would give the buyers no room to grovel, or complain or even reject it at a final walkthrough prior to closing. Don’t Forget… Lastly, keep in mind that some of your mail and package deliveries might come to the Buyers after you leave, and you’ll want them to forward it on or allow you to pick it up.  Besides the fact that you will create goodwill, it is the right thing to do. Once closing concludes, it may make sense to exchange contact information (buyers and sellers) in case deliveries come up after closing that need to be redirected.

The latest housing news for October 2023. In our professional opinion, here's what you need to know about today's real estate market conditions--despite what you may have heard: Mortgage Rates at 8% Mortgage rates have reached 8%, a level not seen in 23 years. While this might be concerning, it's important to note that we've been hovering in the high 7% range recently. The big question on everyone's mind is when will rates start decreasing according to the experts? Many of the local lenders I work with and associate with seem to think that rates are nearing their top. The Federal Reserve, the monetary entity behind all the recent rate hikes wants spending to stop before they slow down rate hikes.  What's the Outlook? Fortunately, there is hope for relief in the near future. The latest inflation data suggests that the Federal Reserve's interest rate hikes may be working to combat inflation, which is a positive sign. However, the Fed is not expected to increase the interest rate at the next meeting. The reality is, when trillions are pumped into the system, inflation goes through the roof. Market Dynamics New listings have dropped by 6%, while inventory has increased by 11% to 6,629 listings. We're beginning to see inventory build--inventory currently stands at about 2.4 months of available supply. Notably, the median price continues to climb slightly (up 0.86% year over year), and the close to list price ratio remains strong at around 99%. Many sellers are still achieving their desired prices, with noted concessions, but buyers are becoming more assertive and winning negotiations. The 5 D's Yeah but are people still moving? The “5 D's”--those moving out of necessity--is a significant driver of the housing market. While prices haven't dropped significantly yet, increased rates have decreased demand, potentially impacting prices. However, low inventory is a complicating factor in this equation which is currently underpinning values, keeping them from substantially decreasing. We're closely monitoring the situation as inventory is finally increasing…slowly. Ownership and Foreclosures What's keeping the market going? Currently, 38% of homes in the U.S. are owned without mortgages, while 62% have mortgages. Importantly, 90% of those with mortgages have rates under 6%, and 80% have rates under 5%. Foreclosures have increased by 34%…but they're coming up from historic lows. The situation is not as extreme as it may seem. National foreclosure rates are at 3%, but in Colorado, they're just 1.7% and forbearances are becoming a thing of the past. Don't let the news tell scare you into thinking the worst, without knowing these facts. Strong Foundational Market Elements  Further expounding on the comments above, the market is supported by a substantial $31 trillion in home equity. Most homeowners have an average of 71% equity, and many have seen their equity grow by 45% in the post-pandemic boom. These facts provide stability and opportunities in our market, despite the current volatility in mortgage rates and perceived tenuous nature of the market. Seasonal Opportunities We are currently experiencing the traditional seasonal slowdown in the market. In some ways, seeing seasonality in the marketplace is welcome because it’s been predictable in the past (pre-pandemic), and always has presented opportunity for homebuyers.   For today's buyers there is also opportunity. Although there's less inventory of homes from which to choose, there are also fewer buyers to compete with. Historically, we've seen deals and negotiations pick up during this season.    For sellers, we advise pricing properties reasonably and ensuring they're in tip-top shape for listing. Sellers should anticipate that while price reductions aren't always expected, when a property is priced correctly, most buyers who are getting loans will need a mortgage rate buydown (also known as a seller subsidy) to make the montly payment work in today's near-8-percent mortgage rate environment. For more information on mortgage rate buydowns click here. The Silver Lining Despite hitting 8% last week, mortgage rates dropped ever so slightly back into the high 7's recently. That's not much, admittedly, and many buyers are waiting for a more substantial drop, but this may prove costly in the long run. Lower rates are expected to attract more buyers and potentially drive up home prices. An estimated 5.5 million prospective buyers could enter the market if the rates fell by a percent and double that number if rates fell by 2 percentage points. Competition would be beyond fierce if those numbers came to fruition, and if that happens, you've seen what happens to prices. Not to mention, the winter season typically brings more concessions and price drops, making it an excellent time for buyers to make a move in the current market. Ask us how you can get pre-approved with one of our preffered lenders. Whos' Buying? In the current market, three prevalent groups are cash buyers, first-time buyers, and circumstantial buyers and sellers (e.g., due to death, divorce, job changes). Cash buyers are not as affected by rising rates, seeing this as an opportunity. First-time buyers recognize the power of real estate as an investment and hedge against inflation. Life circumstances and investors continue to drive transactions. Ignoring the Noise Amidst the ongoing chatter about rising mortgage rates, it's essential to remember that predictions have often been wrong this year. Pay attention to time in the market rather than trying to time the market. Seek advice from trustworthy individuals with real experiences. Real estate and the stock market have historically been wealth-building assets over time. Quite honestly, if you look at who's positioning themselves in this market, its the investors who are still actively seeking opportunities. So you might ask yourself, what do they know that keeps them buying in today's market that I don't know? Bottom Line While the market is facing rising mortgage rates, there's always someone finding opportunities. We're here to guide you through these market conditions so you can confidently make informed decisions.    Please don't hesitate to reach out with any questions or for personalized advice--that's precisely why we're here.

As I was packing up from another successful open house the sellers came home, right on time. We began to chat and before we knew it, we had been chatting for about 20-30 minutes. Before I had a chance to take the open house signs down outside on the driveway, an interested potential homebuyer burst in the door–it was obvious he was there for the open house.  The homeowners had been away during the open house and came home briefly to get ready for another appointment later that day. So when the fellow came in the door, ready to see the house, the homeowners found themselves with a stranger inside their home and in a bit of a pickle? We had just closed the blinds, turned off all the lights and they were making a quick lunch. They weren’t ready for more guests but they were still excited about having someone new see the home that they’re so proud of and still wanted to sell. This is how it goes with open houses. Homeowners wrestle with questions like: Do we bend over backwards to accommodate everybody who wants to see the house? What if we just get looky-loos? Do I really want my neighbor looking for design ideas in my home? But shouldn’t we try everything?   There is a case to be made that an open house could be the exact marketing instrument that enables your home to be seen by more potential homebuyers and, more importantly, the right buyer. Yet, statistics show that it is highly unlikely (3-6% chance) that the open house will be the reason a potential buyer decides to buy your home over someone else's. Of course there are several factors that can impact the success of an open house, including location within a community, how well it’s advertised, how well it’s signed, how widely appealing is the house you’re selling, the weather, events & sentiment of the local community, and regional norms.  Regional norms? For example, in many areas in California, open houses are more widely attended in general than they are generally in Colorado. Great weather days (and we have many) can keep people engaged in outdoor activities, rather than seeing homes. Yet a dedicated buyer in need will take the time to schedule a private showing if they need to see a particular property. Conversely, however, bad weather can keep people away as well. A cold, snowy Saturday in February isn’t likely to bring people who aren’t serious enough about their home search to set up private showings and get them off their couch, into the snow, out of the car, and over to your cozy house. So the question remains: should we have an open house or is it not worth it? Allow me to share a list of reasons why you might consider an open house as part of the marketing your agent does to get your home sold. I’ll also share with you reasons why maybe, just maybe, you might not want to open your house up to neighbors and unrepresented strangers without agents. Reasons to Have an Open House Increased Exposure: One of the most significant advantages of hosting an open house is the exposure it provides for your property. Open houses attract not only serious buyers but also curious neighbors and passersby who might not have seen your listing online. This increased foot traffic and buzz can potentially lead to more offers. Digital Exposure: Interestingly, it's usually those who respond to online digital marketing that are the most likely to be serious about your home, rather than those who just follow the signs set up in your neighborhood pointing them to a property they likely aren't planning to buy. Serious open house attendees are the people who have digital home search apps notifying them of open house times. In fact, it’s the digital marketing itself that can be more effective and bring more awareness to the home-buying public about the house listing than the actual open house itself. Mobile home-search apps have special notifications and often, separate pages dedicated to open houses. Listings with open houses advertised often land at the top of an online search. Having your home listed there may bring extra attention to it from those watching for fresh listings and new options. Building Buzz: Open houses can give you a chance to add an element of competition to your listing. When showings and open houses overlap, there can be multiple parties in the home at the same time and that can brew a sense of urgency in those who are concerned someone else might buy the home first. A little competition never hurt anyone right? And imagine what competition could do for the price of your home. Face-to-Face Interaction: Open houses allow your agent to interact with potential buyers directly. This personal touch can help build rapport, answer questions, and address concerns in real-time. Buyers often appreciate the opportunity to speak with the listing agent directly, and in turn, your agent can size up potential buyers and gain clues from conversations that can be valuable in a negotiation. Immediate Feedback: Hosting an open house can provide instant feedback. You can gauge visitor reactions and identify potential issues with your home's presentation. This valuable input can help you make quick adjustments to enhance your property's appeal. Time Efficiency: By designating a specific time for open houses, you can minimize the disruptions to your daily life caused by sporadic showings. This concentrated effort can help you maintain your privacy while still accommodating potential buyers. Reasons Not to Have an Open House Privacy Concerns: Some homeowners value their privacy above all else. If you're uncomfortable with the idea of strangers wandering through your home, an open house might not be the right choice for you. Sure, most homebuyers will be strangers to you, but ones accompanied by another agent who has prequalified them first makes for a more private scenario. Privacy is a valid concern, especially if you have personal items or valuable belongings you'd rather keep out of sight. Security Risks: While real estate agents take precautions to ensure the safety of your property during an open house, there is always a small risk of theft or damage. If you have private, valuable or irreplaceable items in your home, you may prefer to limit showings to serious, pre-qualified buyers or certainly make the effort to put them out of reach. Unqualified Visitors: Open houses can attract curious individuals who have no intention of buying but are merely interested in browsing homes for fun. This can lead to wasted time and frustration if you're trying to sell quickly or avoid unnecessary interruptions. Inconvenience: Preparing your home for an open house can be time-consuming and stressful. Cleaning, staging, and vacating the premises for several hours can be a significant inconvenience, especially if you have a busy schedule or family to accommodate. By contrast, when you prepare for a showing, you’re expecting a prequalified homebuyer who chose specifically to see your house, rather than someone who saw the signs or smelled the cookies. Limited Impact: In some markets, open houses are less effective at driving sales. This can vary from state to state, or neighborhood to neighborhood. If your area primarily relies on online listings and private showings, the effort and resources required for an open house may not be justified. Bottom Line In the end, the decision to host an open house or not should be based on your specific circumstances and priorities. The Altitude Group can provide valuable guidance tailored to your situation and market conditions. Remember that there's no one-size-fits-all answer, and what works for one seller may not work for another. So, weigh the pros and cons carefully to make the best choice for your home-selling journey.

It seems that if there's one thing that any home seller wants during a home sale process is to be able to be in control of every aspect along the way. The outcome matters. So, the good news is there are actually three, but only three things that we can actually control in real estate.  And that is: what your home looks like when we put it on the market,  what price we will put it on the market for, and  what you will take as a price when you receive a contract. At the end of the day, there’s only one fundamental truth in real estate and that is that the market is going to dictate what your home is worth. Not me, not you, not your neighbor, not your dad, and certainly not a Zestimate, so what I advise my clients is: let’s shift our focus to strategy win the three things that we know to be certain…to strategy and how we’re going to position your home to win, when we put it on the market. At the Altitude Group, your outcome matters to us too. Let us help guide you through your home sale. Reach out and let's start the conversation.