Summer is in full swing, and there is so much to enjoy throughout Nevada County and Lake of the Pines.
We’re excited to share the second edition of The Front Porch, our monthly newsletter created to help our friends, clients, and neighbors stay connected with the community we all love.
Inside the August edition, you’ll find local events, seasonal things to do, a fresh recipe from Angie’s Kitchen, gardening and homeowner tips, a Nevada County market update, and a spotlight on one of our favorite South County restaurants, Sunrise Cafe.
We’re also introducing a new feature this month: Photo of the Month. We kicked it off with a funny backyard visitor who decided our bird feeder looked like the perfect snack bar!
Beginning next month, we’d love to feature photos submitted by our readers. Sunsets, wildlife, gardens, lakes, local landmarks, and everyday foothill moments are all welcome. Please include your name and where the photo was taken when sending it to Angie@FoothillsProperty.com.
Grab a cup of coffee, settle in, and enjoy the August edition of:
The Front Porch
Your Local Guide to Living Well in Nevada County & Lake of the Pines
Thank you for spending a few minutes with us and for your continued friendship, trust, and referrals. It truly means so much to us.
Debbie Krogman & Angie Pitts
Debbie & Angie REALTORS®
Coldwell Banker Grass Roots Realty
Debbie: 530-330-3042
Angie: 530-308-2537
www.FoothillsProperty.com
Life is better on the Front Porch.
Let Our Family Bring Your Family Home.
Planning to sell this spring? While you may be tempted to hold off until the first blooms or the spring showers hit, that’s actually waiting too long to get started by today’s standards.
Buyers have more options than they did a few years ago. So, it’s worth it to tackle repairs now and make sure your house is set up to stand out. Because you don’t want to be caught scrambling right before the spring rush. Or, running out of time to do the work your house really needs.
The key is focusing on updates that actually matter. And that’s exactly where return-on-investment (ROI) data comes in handy.
Which Projects Tend to Pay Off?
Every year, Zonda looks at which home improvements deliver the most bang for the buck when you go to sell the home. And the results can be a little surprising.
The green in the chart below shows the updates where sellers have the biggest potential to add value based on that research:
While there’s a wide range of projects represented in this data, the cool part is, some of the top winners aren’t big to-do’s. They’re just swapping out doors.
Small Updates, Big Visual Impact
This goes to show little projects can have a big impact. So, you don’t have to spend a fortune. And you don’t need to tackle everything on this list. But in today’s market, doing nothing can work against you.
Now that buyers have more homes to choose from, a lot of them are going to opt for what’s move-in ready.
The best advice? Focus on what your house needs, whether it’s listed here or not – like the repairs you’ve been putting off. A front door or shutters in need of a little TLC. Piles of leaves in the yard. Scuffed up paint where your kids play inside. Those details matter too.
Mallory Slesser, Interior designer and Home Stager, explains it to the National Association of Realtors (NAR) this way:
“If you’re looking for affordable updates that pack a punch, dollar for dollar, I would say painting; changing out light fixtures; changing out hardware; maybe new draperies or window treatments. Those are all cost-effective ways to make a big statement. It really changes the space.”
These seemingly small things help buyers focus on the home itself – not the work they think they’ll have to do after moving in. And that’s paying off for other sellers. Buyers are often willing to spend more on homes that feel well cared for, updated, and move-in ready.
This Chart Is a Starting Point, Not a Strategy
Here’s the important thing to remember. National data like this is a guideline. Buyer preferences are going to vary by location, price point, and even neighborhood. That means a project that boosts value in one area might be unnecessary (or even overkill) in yours.
That’s why the first step should always be to talk with a local real estate professional before you start.
An experienced agent can help you answer questions like:
- Which updates do buyers in your market expect?
- What can you skip without hurting your sale?
- Where will a small investment make the biggest difference?
- Is it better to update, or sell as-is?
That guidance helps you avoid over-improving and under-preparing.
Bottom Line
If you’re looking to sell this spring, you still have time to make updates that help your home stand out – without taking on a full renovation.
If you’re not sure where to start, talk to a local about what makes sense for your house. A quick conversation can help you prioritize the updates that’ll pack the biggest punch.
What’s one upgrade you’ve been thinking about – and wondering if it’s worth it?
The Share of Homeowners Selling with an Agent Just Hit a New All-Time High
91% of homeowners use an agent when they sell. That’s a new all-time high. That’s because this market rewards the right strategy. Let’s talk to make sure you’ve got it.
Sources Used for data:
https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers
While you’ve been living life, your home has been quietly working for you — building wealth in the background! 🌟 Thanks to rising home prices and every payment you’ve made on your mortgage, your investment is growing stronger every day.
According to the latest data, the average homeowner now has about $311,000 in home equity. 💰 That’s six figures you could be sitting on — without even realizing it!
When’s the last time you had a real estate professional show you what your home is really worth and how much equity you have? 📈
If you're curious, we’d love to help! 💬 Let's run the numbers together and show you the possibilities. You might have more options than you think!
— Debbie & Angie
#webringuhome ❤️
🔗 www.FoothillsProperty.com
#HomeEquity #HomeValues #KeepingCurrentMatters #EquityOpportunity
More Buyers Are Entering the Market – Is It Time for You To Sell?
If you’ve been waiting for the right time to sell your home, this may be the sign you’ve been looking for. More buyers are stepping back into the market, and that could mean great opportunities for sellers like you.
Over the past few years, rising mortgage rates and affordability challenges made many would-be buyers pause their home search. But now, the market is shifting. Buyers are adjusting to current conditions, and with mortgage rates beginning to stabilize, more of them are resuming their home search. According to the National Association of Realtors (NAR):
"Home buyers seem to be getting over the shock of mortgage rates in the mid- to upper-6% range."
That’s great news if you’re thinking about selling. While we’re not seeing an overwhelming surge of buyers all at once, serious homebuyers are re-entering the market—and there’s solid data to back it up.
3 Signs Buyers Are Ready To Make Their Move
- Mortgage Applications Are on the Rise
The Mortgage Bankers Association (MBA) reports that mortgage applications have increased by 37% since the start of the year. This shows that more buyers are getting serious about securing financing—meaning they’re ready to purchase homes like yours. - Buyer Demand Is Growing
Homebuyer Demand Index reveals a 3% uptick in demand since late January. While this may not seem like a huge jump, it’s a clear indication that interest in purchasing homes is gaining momentum. - More Home Showings Are Happening
ShowingTime data shows a 13% increase in home showings since the beginning of the year. More buyers out viewing homes means greater visibility for your listing—and potentially more offers.
Spring: The Best Time To Sell
With buyer activity picking up, now is the perfect time to list your home. Spring is traditionally the busiest season for real estate, as more buyers and sellers enter the market. You don’t want to miss out on this prime opportunity.
Let Debbie and Angie Help You Sell Your Home
If you’re thinking about selling, REALTORS® Debbie and Angie are here to guide you every step of the way. With years of experience in the local market, they know how to position your home to attract serious buyers and get you the best possible offer.
Let’s connect today and take advantage of the growing buyer activity!
Last year, the housing market slowed down in response to higher mortgage rates, and that had an impact on home prices. If you’re thinking of selling your house soon, that means you’ll want to adjust your expectations accordingly. As realtor.com explains:
“. . . some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.”
In a more moderate market, how you price your house will make a big difference to not only your bottom line, but to how quickly your house could sell. And the reality is, homes priced right are still selling in today’s market.
Why Pricing Your House Appropriately Matters
Especially today, your asking price sends a message to potential buyers.
If it’s priced too low, you may leave money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home.
If it’s priced too high, you run the risk of deterring buyers. When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag by some buyers who will wonder what that means about the home.
To avoid either headache, price it right from the start. A real estate professional knows how to determine that ideal asking price. They balance the value of homes in your neighborhood, current market trends, buyer demand, the condition of your house, and more to find the right price. This helps lead to stronger offers and a greater likelihood your house will sell quickly.
Bottom Line
Homes that are priced at current market value are still selling. To make sure you price your house appropriately, maximize your sales potential, and minimize your hassle, let’s connect.
Today’s housing market is nothing like the real estate market 15 years ago. If you’re a buyer right now, this may be the chance you’ve been waiting for.
There’s no doubt today’s housing market is very different than the frenzied one from the past couple of years. In the second half of 2022, there was a dramatic shift in real estate, and it caused many people to make comparisons to the 2008 housing crisis. While there may be a few similarities, when looking at key variables now compared to the last housing cycle, there are significant differences.
In the latest Real Estate Forecast Summit, Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), drew the comparisons below between today’s housing market and the previous cycle:
Looking at the facts, it’s clear: today is very different than the housing market of 15 years ago.
There’s Opportunity in Real Estate Today
And in today’s market, with inventory rising and less competition from other buyers, there’s opportunity right now. According to David Stevens, former Assistant Secretary of Housing:
“So be advised…this may be the one and only window for the next few years to get into a buyer’s market. And remember…as the Federal Reserve data shows…home prices only go up and always recover from recessions no matter how mild or severe. Long term homeowners should view this market…right now…as a unique buying opportunity.”
During the pandemic, second homes became popular because of the rise in work-from-home flexibility. That’s because owning a second home, especially in the luxury market, allowed those homeowners to spend more time in their favorite places or with different home features. Keep in mind, a luxury home isn’t only defined by price. In a recent article, Investopedia shares additional factors that push a home into this category: location, such as a home on the water or in a desirable city, and features, the things that make the home itself feel luxurious.
A recent report from the Institute for Luxury Home Marketing (ILHM) explains just how much remote work impacted the demand for second and luxury homes:
“The unprecedented ten-fold increase towards remote work since the pandemic is an historic development that will continue to fuel second home demand for many years to come.”
But what if you bought a second home that you no longer use? If you’re now shifting back into the office or are seeing your priorities and needs change, you may find you’re not utilizing your second home as much. If so, it may be time to sell it.
And if you own what’s considered a luxury home, buyer demand for it may be even greater. In another report, the Institute for Luxury Home Marketing explains:
“. . . the last few years have left their legacy for the luxury market. While it might only represent a small percentage of the overall real estate market, luxury homeownership’s influence is growing. Not only has the purchase of homes valued over $1 million (a figure considered by the National Association of Realtors to be a benchmark for luxury) tripled from 2.6% to 6.5% since 2018, but demand for multiple luxury properties has soared over the last two years.
This phenomenal increase has been driven by a growing affluent demographic who consider owning a luxury property a necessity in their asset portfolio. All indications are that this trend is here to stay, albeit that demand is set to return to a more sustainable level.”
If you own a luxury second home that isn’t being used as much anymore, now’s the time to sell. There are still buyers in the market who are looking for a home like yours today.
Bottom Line
Let’s connect to explore the benefits of selling your second home this year.
If you’re wondering if home prices are going to come down due to the cooldown in the housing market or a potential recession, here’s what you need to know. Not only are experts forecasting home prices will continue to appreciate nationwide this year, but most of them also actually increased their projections for home price appreciation from their original 2022 forecasts (shown in green in the chart below):
As the chart shows, most sources adjusted up, and now call for more appreciation in 2024 than they originally projected this January. But why are experts so confident the housing market will see ongoing appreciation? It’s because of supply and demand in most markets. As Bankrate says:
“After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and strong household formation by large numbers of millennials.”
Knowing that experts forecast home prices will continue to appreciate in most markets and that they’ve actually increased their original projections for this year should help you answer the question: will home prices fall? According to the latest forecasts, experts are confident prices will continue to appreciate this year, although at a more moderate rate than they did in 2021.
Bottom Line
If you’re worried home prices are going to decline, rest assured many experts raised their forecasts to say they’ll continue to appreciate in most markets this year. If you have questions about what’s happening with home prices in our local area, let’s connect.
