A Resource to Help You List in the Capital District

If you’ve been thinking of listing in the Capital District, you need to check out the tips in my book.

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Today, I want to share some information about a very important resource sellers in the Capital District are using to close deals quickly and for top dollar. 

The real estate market is very hot right now, especially for sellers. Recently, I’ve been getting a lot of positive feedback from sellers on my book “What Every Person Needs to Know About Selling a Home in the Capital District.”

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My book contains staging ideas, ways to get top dollar, things to avoid when listing, and more.

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I wrote this book because I wanted to share the information I share on each and every listing appointment. The book contains staging ideas, ways to get top dollar, things to avoid when listing, and more. 

Before you even think about listing your home in our area, please secure your free copy of my book by giving me a call or visiting my website: www.518sellerbook.com. 

If you have any other questions or would like more information, feel free to reach out by calling or sending me an email. I look forward to hearing from you soon.

We Can Now Connect You With Buyers and Sellers Everywhere

Miranda Real Estate Group is now affiliated with Leading RE. What does this mean for us?

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I’m coming to you from Las Vegas, where I’ve been for the last five days, masterminding with top agents from around the world. I’ve been doing a lot of posting, letting people know that we just affiliated with Leading Real Estate Companies of the World.

What is Leading RE? It’s a global network of top real estate brokerages and agents from around the globe. Seventy countries, over 4,000 offices, and more than 130,000 agents are represented in this network.

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We can now serve buyers and sellers not just locally, but internationally as well.

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For the Miranda Real Estate Group, this means that, now, not only can we sell or help buyers locally, but we can also help them globally. We can also attract many buyers now looking to come into the Capital District with the extra marketing and branding that we now have.

If you are looking to sell or buy a home and want to take advantage of this expansion, please reach out to us. We have access to buyers and sellers all over the world, and we hope to use this network to better serve your needs, wherever you are.

A Few Predictions for Our 2018 Market

2017 was a great year for our market, and conditions are ripe in 2018 for both buyers and sellers to take advantage.

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What do the final numbers say about our 2017 market? What can buyers and sellers expect moving forward in 2018?

Overall, 2017 was a pretty good year for our market. The Miranda Real Estate Group had our best year ever, selling 807 homes for a total sales volume of $166 million.

Here’s how the final numbers tallied year over year compared to 2016:

• The number of new listings dropped 4%. 
• The number of pending sales rose almost 2%. 
• The number of closed sales stayed pretty much the same. 
• The average days on market dropped from 74 days to 66 days. 
• The median sale price increased 3% from $194,000 to $200,000. This was primarily caused by low inventory, which heightened demand for homes.
• The list-to-sale price ratio was 95% 

Right now, we have a 5.5-month supply of inventory. This puts us slightly in a seller’s market, but things are still very balanced. If you’re looking to sell your home, you can expect to get top dollar. If you’re looking to buy, conditions are also favorable due to low interest rates, a healthy stock market, high consumer confidence, and low unemployment. 

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If you’re a homebuyer, take advantage of interest rates while they’re still low.

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These conditions mean we think 2018 will be a great year. If you’re a buyer, though, you should really think about capitalizing on these low interest rates now because they’ll eventually rise throughout the year. 

If you have any more questions about our market or you’re thinking of buying or selling a home, give me a call or message me here on our website. I’d love to help you.

6 Reasons You Should Consider Selling Now

There are six important reasons why the fall and winter months present a great opportunity to sell your home quickly and for top dollar.

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Should you sell your home now or wait until the spring market?

It’s an exciting time to sell in the spring—you have the spring market rush with so many buyers coming out of the woodwork who have been in hibernation all winter. Fall and winter are also great times to sell, though, and here are six reasons why. 

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If you’re truly motivated to sell your home, you need to make sure it’s on the market throughout the fall and winter months

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1. You’ll face less competition. The real estate market is all about supply and demand. If you drive around a neighborhood during the spring, you’ll see all kinds of “For Sale” signs. If you drive around a neighborhood during fall and winter, you won’t see as many of those signs because most of the other sellers have taken their homes off the market. Having less competition will create more demand for your property. 

2. There are serious buyers out there. A lot of homeowners out there still believe that nobody buys homes in the fall and wintertime, and that’s just not true. Serious buyers are out there 365 days a year, and you want your home to be on the market so they’ll get a chance to look at it. 

3. The best agents are always up for a challenge. If your agent is telling you to take your home off the market and wait until spring so you can enjoy the holidays, you’ve got the wrong agent. If you’re truly motivated to sell your home, you need to make sure it’s on the market throughout the fall and winter months. If you want to enjoy Christmas or New Year’s, you can simply elect not to show your home those days, but don’t take it off the market completely. 

4. You can stage for the holiday season. A lot of buyers out there buy with emotion, and they like to see the different colors, aromas, and decorations the holiday season brings. If you stage your home for the holidays, it can create an emotional connection to buyers because it gives them the opportunity to see themselves in the home next holiday season. 

5. Mortgage rates are low right now. What happens if they rise 0.5% after the first of the year, though? That could mean the difference between getting top dollar for your home right now or watching it sit on the market for much longer. When mortgage rates rise, buyers’ buying power diminishes. 

6. Odds are you’ll have a quicker transaction. Though a lot of sales happen in the spring, those transactions normally take between six and eight weeks to complete. Fall and winter transactions close quicker than that because there are fewer other closings happening and fewer inspections that need to be done. 

If you have any questions about this topic or you’re thinking of buying or selling a home in the Capital District, don’t hesitate to call me or message me on my website. I’d love to help you. 

First Quarter Market Update for the Capital District

The numbers for the first quarter in our real estate market are in! I’ll go over those with you today. 

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What’s going on with our housing market?

The first four months have been very good, despite the rumors floating around about the government changes, interest rates going up, and low inventory. Despite a 23.5% decrease in the number of homes for sale this year compared to last year, we’re still doing well. 

Pending sales are up and the average sales price is up 3.2% at $217,302. It’s all about supply and demand. The fewer homes are on the market, the more demand there is, which increases prices for sellers. However, homes still need to be priced right to sell quickly. 

The average days on market was 96 last year, which is down to 84 days this year. So, not only are homes selling for more money, they’re also selling more quickly. 

Due to the shortage of inventory, we are seeing a lot of multiple offer situations. Buyers are getting discouraged as they go up against all-cash offers or offers with a large deposit. Luckily, we anticipate more inventory coming onto the market as we enter the second quarter, so buyers should have more to choose from and have a better chance at getting their offer accepted. 

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Anticipated inventory growth in the next few months will give buyers a better shot at finding their dream home.

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If you have any questions about the market or are looking to buy or sell a home, please feel free to give me a call or send me an email. I look forward to hearing from you! 

A Great New Home Selling Resource

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I'm excited today because I just received the first shipment of my book, "What Every Person Needs to Know About Selling a Home in the Capital District." 

My team and I have sold over 7,000 homes here in the Capital District for well over a billion dollars in real estate sales. In my new seller book, I will share with you my experience and knowledge to help you sell your home fast and for top dollar. Unfortunately, I talk to many homeowners who really have no clue about what it takes to sell their house for top dollar. 

There's a book for both buyers and sellers. In the seller version, for example, you'll get tips on how to sell your house for top dollar, staging, the questions you should ask a real estate agent, preparing for home inspections, and setting a price for your home. Pricing your home is one of the most important aspects of your sale. 

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If you're thinking of selling in the next two years, get your hands on a free copy soon.

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If you're even thinking about selling your house here in the Capital District in the next one to two years, you definitely want to get a hold of your free copy of this book. 

If you'd like to receive your free copy, visit 518sellerbook.com or call me directly.

I look forward to hearing your feedback!

What to Expect From the Capital District Real Estate Market in 2017

There is a lot to smile about in the Capital District real estate market. Here are just a few of the trends we are seeing right now.

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No matter where I go, people ask me about the market here in the Capital District. There has been a lot of uncertainty lately with a soaring stock market and a new presidential administration, so it’s only natural that people want to know what’s going on. 

Here’s what I’ve been seeing lately.

Home prices here in the Capital District are up by about 5% from last year. The main reason for that is our shortage of inventory. We only have about a five-month supply right now. That’s 20% less inventory than we had at this time in 2016. That’s great news for home sellers because the low supply is driving demand and prices up.

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Low supply is driving higher demand and prices.

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As we see more inventory come on the market in the spring and summer, we will see sales prices decrease. Pending sales are up, which is good, but we are starting to see sales decline from last year. Consistent wages and stable unemployment have contributed to this, too.

With all that in place, it looks like the first quarter stats from 2017 point to a strong market throughout the year. If you have any questions for me or you’re looking to buy a home in the Capital District, give me a call or send me an email. I would love to hear from you.

The Benefits of Selling a House in the Winter

Should you sell your home now or wait for the spring market if you're preparing to move? Today I'll explain why you should list now.

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I recently received a great question from a viewer that I wanted to answer for everyone. She asked, "Should I list my home now during the winter months or should I wait until the spring?"

There are three reasons why I feel you should list now rather than waiting for the spring market:

1. Less competition. There are only about three months of inventory here in the Capital District, and this will make your home stand out more with the buyers out there. In the spring, you will compete against many more sellers.
2. Buyers are really motivated right now. The buyers who are out looking for homes in the cold and snow are not just kicking tires; they are highly motivated to buy a home for reasons like a job transfer or tax reasons. Additionally, interest rates just went up, so buyers want to get a deal done before they go up again.
3. Your home looks great if it's tastefully decorated this time of year. Buyers make emotional decisions when buying a home and you want them to feel comfortable in your home. Buyers want to be able to picture themselves in your warm, cozy home next year when they're celebrating the holidays with their family.

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The decrease in competition makes your home stand out in the winter.

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Thanks to Eileen for submitting this question. It's a great topic for this season. You win a $25 gift card for having your question selected!

If you're ready to get into the market this winter, give me a call or send me an email. I'd be happy to help you.

The 9 Factors that Determine the Success of Your Home Sale

If you’re selling your home here in the Capital District, there are nine factors you need to pay attention to that will determine the success of your sale.

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If you’re selling your home here in the Capital District, there are nine factors you need to keep in mind in order to ensure that it sells quickly and for top dollar: 

1. Curb appeal. This is like a first impression you make when you meet someone. Stand in front of the driveway of your home and take a long look at it. You’d be surprised at what you might notice that needs to be fixed. 

2. Local school ratings. People will pay top dollar to make sure that their kids are in the top schools. How does your local school stack up?

3. Is the home in move-in ready condition? Buyers want to be able to move into a home without needing to fix it up. 

4. The quality of the home’s photos. These days, 96% of all buyers start their search online. This means that if you don’t have high-quality photos, you’re turning off the majority of your buyer pool before they ever step foot into your home.  

5. Staging. Staging a home tends to sell a home quicker because it allows people to visualize themselves in it better. What you’d pay to have your home professionally staged is absolutely worth the price tag. 

6. Virtual tours. This allows online buyers to get an all-access walkthrough of your home. A presentation like that is a tempting lure to get them to see the home in person. 

7. Design features. If you’re going to invest money into your home, you want to make sure the kitchen and the bathrooms are taken care of and any granite countertops, stainless steel appliances, and cabinets are accentuated. 

8. Pricing. One of the worst things you can do when selling a house in a fast-moving market like ours is overpricing or underpricing it. 

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Beautify your home’s condition and list it at the right price.

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9. Having the right agent. Simply put, the right agent will work on your behalf and create the least amount of hassle possible for you and get your home sold for top dollar.

If you have any questions, feel free to give me a call or visit my website. I look forward to helping you!

What’s Going on in the Capital District Housing Market?

Our local real estate market has been super hot lately. How long will this hot streak continue?

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Our real estate market has really been on fire in Upstate New York, and in the Capital District, we’ve seen some record months. Actually, the month of August was the number one month across New York state in terms of the number of homes sold. This is the highest number since August 2007.

Inventory still remains light, however, in that there are fewer homes on the market now than there were last year. Last year at this time, we had about 10 months of supply; we’re now down to about six months of inventory. What we’re finding is that at six months of inventory, we’re in more of a balanced market, whereas last year we were in more of a buyer’s market.

As inventory supply slips further down into five months’ worth, and even three months’ worth in some areas, we’ll be headed into more of a seller’s market. As a result of this, home prices will start to increase.

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We’re beginning to head into a seller’s market.

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So far this year, we’ve only seen about a 2% increase in home sales here in the Capital District, but closed sales are up 14%, new listings are down by about 7%, and pending sales are up as well. This means that we are seeing a lot of homes selling but not a lot of new homes coming onto the market.

Homes are also selling much quicker this year. While last year at this time, the average days on market was about 73 days, this year we’re looking at about 64 days on market.

When people ask, “How is the market?” I tell them that interest rates are still down at record-lows and that some are predicting the rates to go back up after the election. Unemployment rates are still under 5% and consumer confidence is still very strong.

What does this mean if you’re a buyer? Buyers should take advantage of this unique opportunity in the market and act quickly. Sellers should still continue to price their homes aggressively to get them sold but should be sure to price them accurately. A good real estate agent will be able to price their homes correctly so that they sell in today’s market.

As we move into the 4th quarter of 2016, we anticipate that interest rates will continue to stay low and that it will still be a great market for sellers in 2017.

If you have any questions about our market or anything else related to real estate, give me a call or send me an email. I’d be happy to help you!

Home Buying Tips for Veterans

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A question I receive all the time, especially from new agents, is what type of loan programs are out there for veterans?

Having just spent July 4th thinking about all of our veterans and current members of the military, I thought that this would be a great time to answer that question. To help, I brought in Jeff Miller from Sunmark FCU to explain the benefits of a VA loan and how to qualify for it.

To be eligible for a VA loan, you just need to be honorably discharged from the military and have a DD-214 form. The main benefit to a VA loan is that it offers 100% financing, so there is no down payment required and there is no private mortgage insurance involved. You can even roll in the closing costs with seller’s concessions. If you’re a veteran, all you have to do is find out if the lender you’re working with offers VA loans. Most federal credit unions (including Sunmark) will.

If you’re looking to buy or sell a house here in the Capital District, or want to take advantage of a VA loan, please give me a call or visit my website.

To contact Jeff, be sure to visit https://www.sunmarkfcu.org/.

5 Tips To Sell Your Home for Top Dollar

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I have five tips I wanted to share with you, on how to sell your home fast and for top dollar in the Capital District.

1. Landscaping. It’s important to really look hard at this; many times I see overgrown bushes that need to be trimmed or even dead bushes that need to be removed, for example. Give your home some color with flowers, planted either on the lawn or in hanging baskets. Grass should obviously stay mowed.

2. Curb appeal. Keep walkways clear, house numbers painted, house paint looking fresh, and your mailbox looking new. Buyers can get that first impression and know whether they’re going to like a home or not within a few seconds. 

3. Lighting. Open up the curtains for natural light and paint dark rooms a light, neutral color. Make sure all rooms - bathrooms especially - have all their bulbs and are the same kind.

4. Cleanliness. Keep everything dust-free, especially this time of year with pollen left over. Also make sure your windows are clean, including the front and back door, especially if you have pets. Some people take the time to do power washing but leave the outside of the windows dirty. Don’t overlook it. Make sure carpets are clean and stain-free, and if the stains can’t be removed, you may want to replace it. Otherwise, you can seek out a professional carpet cleaner to really make them shine. Keeping mirrors clean should also go without saying.

5. Decluttering. You should declutter your closets by 50% so that they don’t look overstuffed. Make sure boxes are stowed away and nicely organized in the garage or basement, not in a closet or within the home. You also want to clear your kitchen table and countertops. Remove or box up all the countertop things like knife butcher blocks, toaster ovens, and microwaves to leave it bare and open to make them look usable as workspace. Too much clutter won’t allow them to look beyond it. The same goes with bathrooms; remove knickknacks and supplies.

Hopefully, you find these tips useful. If you or anyone you know could use them, please pass these tips along! If you have questions for me, give me a call on my cell phone or visit my website.

The Capital District Market at a Glance

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I wanted to give a quick update on some of the housing stats for the first half of 2016 here in the Capital District. It's was a very busy first quarter of 2016, and the second followed just as strongly.

Coming into the middle of June, we show that the number of homes available for sale actually decreased by nearly 16%, shrinking inventory and creating more demand. Pending sales rose more than 16%, which is good because more homes are selling. As a result, closed sales are up 17.5% from this time last year.

You’d think the average sales price all over the Capital District would increase, but it actually fell by 2.2% over last year. Then again, there are certain pockets like Saratoga County, which is up about $10,000, in average sales price. Likewise, months supply of inventory is another number we like to watch, and it’s down 28.2% - that’s a huge number. We’re down about 6.4 months of inventory throughout the entire capital district. Again, this varies by area.

Percentage of original list price to sale price ratio is about 93.6%, which is something we’ll probably see start to increase as more and more multiple offers come in. If you find yourself in one of these multiple offer situations, don’t throw out a lowball offer. Do your research and find out what homes in the area are selling for so you can act quick. I recently had a buyer who just came onto the market and only saw two properties, but the second was exactly what they wanted. Someone told them they had to go out and see seven or eight homes before they actually put an offer on a home, and they ended up losing the home because an offer came in and was accepted in the meantime.

Finally, remember that mortgage interest rates are still very low. There are some rumors that these interest rates could rise in the third or fourth quarter, so you might want to take advantage now.

Thanks for tuning in today. If you have any questions for me, please feel free to give me a call or send me an email.

How to Navigate a Multiple Offer Situation in the Capital District

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Today, I want to talk about best practices for handling a multiple offer situations.

The market conditions right now are great for sellers. There’s a shortage of inventory and more buyers in the market, which creates more demand for your property. There are more buyers than there are homes, which means more multiple offer situations. 

Here’s an example. This past week, we had a listing on the market for four days. We aggressively marketed the property to bring in a ton of buyers, which resulted in three offers. The seller was very happy. Two of the offers were above listing price. The other was just under. 

We wanted to make sure everyone had a fair chance. As a seller, you should look at all the offers and let the agents know they have until 5pm the next day to give you their best and final offer. We didn’t want to go back and forth for weeks and wind up turning those buyers away!

We did exactly that and every offer came back over asking price. We also examined the conditions, terms, and the financing. My seller picked the one that best suited their needs. 

Unfortunately, the next morning I received a phone call from one of the buyers who didn’t get the home. They upped their offer by $5,000. My seller decided to stick with the offer they had already selected, so naturally, this buyer was disappointed. 

In a multiple offer situation, you should always have the seller reach out to buyer agents and get the best and final offer. If you want to keep the other two as back up, that’s fine. The fact of the matter is there’s one house and three buyers, so someone’s going to be upset that they didn’t get the home. 

As a buyer, if you find the perfect home, I highly advise that you put your best and final offer forward. If you want to stand out, some buyers will put together a love letter describing why they love the home. Believe it or not, that’s helped many of my buyers secure the home of their dreams. 

You should definitely work with a professional real estate agent to help you negotiate multiple offers as a buyer or seller. If you have any questions, give me a call or send me an email. I would be happy to help you!

5 Types of Home Inspections in the Capital District

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A lot of home buyers ask me, “Should I get a home inspection?” The short answer is yes. A home inspection only costs a few hundred dollars, and it reveals any potential problems with a home before you own it. There are five important inspections for buyers:

1. Structural and exterior inspection. The inspector looks at everything inside the home, such as plumbing, wiring, and heating systems to make sure everything is in working order. The inspector will also look at the outside of the home and make sure things like the roof and siding are in good condition. If any problems are reported, you can negotiate price and repairs with the seller.
2. Pest inspection. This is important because you could have termites, carpenter ants, or other pests living in your home, some of which can have very damaging long term effects.
3. Radon testing. Radon is an odorless gas that can cause cancer. It’s incredibly important to test for radon levels. If there is radon in the home, you can negotiate with a seller to have a mitigation system installed. The mitigation system will carry the gas out of your basement.
4. Septic tests. If the property uses the public sewer, you don’t have to worry about this. If you have a septic tank, we recommend that a professional comes out, inspects it, and pumps it out prior to closing on the property.
5. Well water testing. This is more of a speciality inspection, as most homeowners won’t have wells on their property. If there is one, have a professional come out and check the bacteria levels in the water.

For each of these inspections, you should hire a certified home inspector. If you have any questions, give me a call or send me an email. I would be happy to help you!

Don’t Miss This Expert Analysis of Capital District Real Estate

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We’re currently seeing a very strong market in the Capital District. We had a brutal winter last year, but we are seeing warmer weather this year, which is bringing out a lot more buyers.

Our total days on market have decreased by 10 days, and we now have homes averaging 94 days on the market. Sales price has also shifted and now stands at $218,000. However, this increase in sale price may be due to a very low amount of inventory in the area. 

Either way, 2016 will be a great time to come out and sell your home. Interest rates are still historically low, so buyers can still find very affordable homes even though inventory has tightened up. 

Sellers will be happy to know that rising interest rates will push a few extra buyers onto the market. If your home is in good condition and priced well, you can expect a quick and profitable sale.

If you have any questions about this information, please don’t hesitate to contact me!

How to Buy a Home Without a Down Payment

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A lot of home buyers want to go out and purchase a home, but they have no money to put a large down payment in for a home. Some loan programs require a down payment, but not all of them do. If you qualify for a VA loan or a USDA loan, you will not be required to put any money down. 

You do have options if you cannot put any money down on a property. However, our first recommendation is to get pre-approved for a loan. This will let you know how much you can borrow and it will narrow your home search. 

For sellers who need to use the equity in their homes to purchase new properties, there are some programs available for you. An 80/20 home loan can work in this situation, but another good option for you is to simply contact Liz Jacobsen at 518-347-3174. 

If you need any assistance with Capital District real estate, please don’t hesitate to contact me!