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Don’t Make These Mistakes When Selling Your House
Donât Make These Mistakes When Selling Your House
Are you thinking about selling your house? Some common mistakes today can make the process more stressful or even cost you money.
Fortunately, theyâre easy to avoid, as long as you know what to watch for. Letâs break down the biggest seller slip-ups, and how an agent helps you steer clear of them.
1. Overpricing Your House
Itâs completely natural to want top dollar for your house, especially if youâve put a lot of work into it. But in todayâs shifting market, pricing it too high can backfire. Investopedia explains:
âSetting a list price too high could mean your home struggles to attract buyers and stays on the market for longer.â
And your house sitting on the market for a long time could lead to price cuts that raise red flags. Thatâs why pricing your house right from the start matters.
A BHG Service First Realtor will look at what other homes nearby have sold for, the condition of your house, and whatâs happening in your market right now. That helps them find a price thatâs more likely to bring in buyers, and maybe even more than one offer.
2. Spending Money on the Wrong Upgrades
The housing market has nearly a half million more sellers than buyers according to Redfin. That means you have more competition as a seller and may have to do a bit more to get your house ready to sell. But not all projects are going to be worth it. If you spend money on the wrong projects, it could really cut into your profit.
A BHG Service First Realtor knows what buyers in your area are really looking for, and they can help you figure out which projects are worth it, and which ones to skip. Even better, theyâll know how to highlight any upgrades you make in your listing, so your house stands out online and gets more attention.
3. Refusing To Negotiate
Now that inventory is starting to grow a bit, itâs important to stay flexible. Buyers have more options â and with it comes more negotiating power. U.S. News explains:
âIf youâve received an offer for your house that isnât quite what youâd hoped it would be, expect to negotiate . . . make sure the buyer also feels like he or she benefits . . . consider offering to cover some of the buyerâs closing costs or agree to a credit for a minor repair the inspector found.â
Thatâs where your agent comes in. Theyâll help you understand what buyers are asking for, whatâs normal in todayâs market, and how to find a win-win solution. Sometimes making a small compromise can keep the deal moving and help you move on to your next chapter faster.
4. Skipping Research When Hiring an Agent
All of these mistakes are avoidable with the help of a skilled agent. So, you want to be sure you’re working with the right partner. Still, according to the National Association of Realtors (NAR), 81% of sellers pick the first agent they talk to.
Many homeowners may skip basic steps like reading reviews, checking sales history, and interviewing a few agents. But thatâs a mistake. You want someone you know you can rely on â someone with a good track record. A BHG Service First Realtor can help you price your house right, market it well, and sell it quickly (and maybe for more money).
Bottom Line
Selling a house doesnât have to be stressful, especially if you have an experienced agent by your side. Letâs connect so you have an expert to help you avoid these common mistakes and make the most of your sale.
Whatâs one thing youâd want expert advice on before putting your house on the market?
The Truth About Where Home Prices Are Heading
The Truth About Where Home Prices Are Heading
There are plenty of headlines these days calling for a housing market crash. But the truth is, theyâre not telling the full story. Hereâs whatâs actually happening, and what the experts project for home prices over the next 5 years. And spoiler alert â itâs not a crash.
Yes, in some local markets, prices are flattening or even dipping slightly this year as more homes hit the market. Thatâs normal with rising inventory. But the bigger picture is what really matters, and itâs far less dramatic than what the doom-and-gloom headlines suggest. Hereâs why.
Over 100 leading housing market experts were surveyed in the latest Home Price Expectations Survey (HPES) from Fannie Mae. Their collective forecast shows prices are projected to keep rising over the next 5 years, just at a slower, healthier pace than what weâve seen more recently. And that kind of steady, sustainable growth should be one factor to help ease your fears about the years ahead (see graph below):
And if you take a look at how the various experts responded within the survey, they fall into three main categories: those that were most optimistic about the forecast, most pessimistic, and the overall average outlook.
Hereâs what the breakdown shows:
- The average projection is about 3.3% price growth per year, through 2029.
- The optimists see growth closer to 5.0% per year.
- The pessimists still forecast about 1.3% growth per year.
Do they all agree on the same number? Of course not. But hereâs the key takeaway: not one expert group is calling for a major national decline or a crash. Instead, they expect home prices to rise at a steady, more sustainable pace.
Thatâs much healthier for the market â and for you. Yes, some areas may see prices hold relatively flat or dip a bit in the short term, especially where inventory is on the rise. Others may appreciate faster than the national average because there are still fewer homes for sale than there are buyers trying to purchase them. But overall, more moderate price growth is cooling the rapid spikes we saw during the frenzy of the past few years.
And remember, even the most conservative experts still project prices will rise over the course of the next 5 years. Thatâs also because foreclosures are low, lending standards are in check, and homeowners have near record equity to boost the stability of the market. Together, those factors help prevent a wave of forced sales, like the kind that could drag prices down. So, if youâre waiting for a significant crash before you buy, you might be waiting quite a long time.
What kind of market are we in right now in Macon County? We are still in a Seller’s Market. However, that may be starting to change according to our latest Absorption Rate numbers. If you look at this chart you will see that we have upward movement for the first time in quite a while. Could our local market be on its way to balancing out? We hope. Time will tell.
Bottom Line
If youâve been on the fence about your plans, nowâs the time to get clarity. The market isnât heading for a crash. Itâs on track for steady, slow, long-term growth overall, with some regional ups and downs along the way.
Want to know what that means for our neighborhood? Because national trends set the tone, but what really matters is whatâs happening in your zip code. Letâs have a quick conversation so you can see exactly what our local data means for you. Connect with a BHG Realtor today by visiting: https://bhgservicefirst.com/directory
The Rooms That Matter Most When You Sell
The Rooms That Matter Most When You Sell
Now that buyers have more options for their move, you need to be a bit more intentional about making sure your house looks its best when you sell. And proper staging can be a great way to do just that.
What Is Home Staging?
Itâs not about making your house look super trendy or like it belongs in a magazine. Itâs about helping it feel welcoming and move-in ready, so it’s easy for buyers to picture themselves living there.
Itâs important to understand thereâs a range when it comes to staging. It can include everything from simple tweaks to more extensive setups, depending on your needs and budget. But a little bit of time, effort, and money invested in this process can really make a difference when you sell â especially in todayâs market.
A study from the National Association of Realtors (NAR) shows staged homes sell faster and for more money than homes that aren’t staged at all (see below):
Which Rooms Matter Most?
The best part is, odds are you donât have to stage your whole house to make an impact. According to NAR, hereâs where buyersâ agents say staging can make the biggest difference (see graph below):
As you can see, agents who talk to buyers regularly agree, the most important spaces to stage are the rooms where buyers will spend the most time, like the living room, primary bedroom, and kitchen.
While this can give you a good general idea of what may be worth it and whatâs probably not, it canât match a local agentâs expertise.
How an Agent Helps You Decide What You Need To Do
Agents are experts on what buyers are looking for where you live, because they hear that feedback all the time in showings, home tours, walkthroughs, and from other agents. And they’ll use those insights to give their opinion on your specific house and what areas may need a little bit of staging help, like if you need to:
- Declutter and depersonalize by removing photos and personal items
- Arrange your furniture to improve the room’s flow and make it feel bigger
- Add plants, move art, or re-arrange other accessories
A lot of buyers can use the agentâs know-how as the only staging advice they need. But, if your home needs more of a transformation, or itâs empty and could benefit from rented furniture, a great agent will be able to determine if bringing in a professional stager might be a good idea, too. Just know that level of help comes with a higher price tag. NAR reports:
âThe median dollar value spent when using a staging service was $1,500, compared to $500 when the sellers’ agent personally staged the home.â
A local agent will help you weigh the costs and benefits based on your budget, your timeline, and the overall condition of your house. Theyâll also consider how quickly similar homes are selling nearby and what buyers are expecting at your price point.
Bottom Line
Staging doesnât have to be over-the-top or expensive. It just needs to help buyers feel at home. And a great agent will help you figure out the level of staging that makes the most sense for your goals.
Which room in your house do you think would make the biggest impression on a buyer?
Your BHG agent can walk through your home with you and discuss what will make your house stand out!
Don’t have a BHG agent yet? Connect with one today by going to: https://bhgservicefirst.com/directory
Paused Your Moving Plans? Hereâs Why It Might Be Time To Hit Play Again
Paused Your Moving Plans? Hereâs Why It Might Be Time To Hit Play Again
Last year, 70% of buyers abandoned their home search â and maybe you were one of them. It makes sense. Inventory was low, prices were high, and mortgage rates were up and down like a rollercoaster. All of that made it really hard to find a home you loved â and could afford.
But guess what? The market is shifting.
So, if you paused your moving plans in 2024, it might be time to hit play again. Hereâs why.
More Inventory Opens Up More Options
Even if you could make the numbers work, the lack of available homes in recent years probably made it hard to come by something that fit your needs. But inventory is starting to rise. In Macon County, inventory in the first two months of 2025 was up 4.7% over the first two months of 2024.
According to Realtor.com, inventory has jumped 27.5% since this time last year (see graph below):
So, if you were reluctant to list your house because you werenât sure where youâd go if it sold, you have more choices than you did a year ago. Thatâs a big win.
Homes Are Staying on the Market Longer, Too
When the supply of homes for sale is low, theyâre snatched up quickly because there just aren’t enough of them to go around. And a few years ago, that meant your house could sell overnight. While thatâs not always a bad thing, if youâre planning a move and also need to find your next home, a slower pace isnât the end of the world. In fact, itâs welcome relief.
Now that inventory has grown, homes are staying on the market longer, meaning you donât have to feel as rushed in the process (see graph below):
The latest data shows the typical time homes spent on the market went up by about 8% this year â thatâs higher than weâve seen since 2020, but still a faster pace than before the market ramped up. And itâs about a week longer than last year. Talk about a sweet spot for movers. It may seem like just a few days, but it gives you more flexibility and time to be thoughtful about your decisions. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, notes:
âThere are more homes for sale than in the last few years, which means the market pace is a bit more manageableâwith longer days on marketâand many sellers are more flexible . . . Though buyers face still-high housing costs, they may find a bit more give in the market, which could give them more time to make a decision, even in the busy spring and summer months.â
And if youâre thinking â but wait â doesnât that mean it will be harder to sell my house? Donât worry. With inventory still almost 23% below the pre-pandemic norm, well-priced homes are selling, especially as more buyers step back into the game this season.
Bottom Line
With growing inventory, sellers who want to upgrade, downsize, or relocate have more choices. Plus, with less pressure to rush into an offer, it could be a great time to revisit your home search if youâve put it on hold.
With more homes on the market and more time to make decisions, what else do you need to see in order to kickstart your home search again? Letâs talk about whatâs happening in our local market right now. Reach out to a BHG Service First agent today!
Welcome, Heather Saffer!
Please join us in welcoming Heather Saffer to the BHG Servie First Team!
Heather started her real estate career in 2014 and is returning now after a few years of pursuing other ventures. Specializing as a buyerâs agent in rural markets, sheâs a country girl and native of the area. She is looking forward to unlocking doors that lead to your dreams.
You can call or text Heather at 217-330-4714 or visit her website at: https://heathersaffer.sites.bhgrealestate.com/
The Best Time To Buy a Home This Year
The Best Time To Buy a Home This Year
A shift is underway in the housing market this season. And if youâve been sitting on the sidelines waiting for the right moment to jump back into your homebuying search, this is a great time to do it. Thatâs because the best week to buy a home this year is just around the corner. Your sweet spot is here.
The experts at Realtor.com study seasonal trends to figure out the ideal week for homebuyers:
âNationally, the best time to buy in 2024 is the week of Sept. 29âOct. 5. This week historically has shown the best balance of market conditions that favor buyers. Inventory tends to be high, prices are below peak levels, demand is waning, and the pace of the market slows to a more manageable speed.âÂ
In addition to the historical trends and typical seasonality that Realtor.com looks at, there are also clear indicators in todayâs market data that youâll see better conditions right now than you would have over the last few years.
Mortgage rates just hit their lowest point in 19 months, and that goes a long way to help with your purchasing power and affordability. Andy Walden with Intercontinental Exchange Inc. (ICE) points out:
âRecent easing in mortgage rates brought some much-sought relief to prospective homebuyers. Along with a general cooling in home price growth, rates falling below 6.5 percent made August the most affordable month for housing since February.â
And Ralph McLaughlin, Senior Economist at Realtor.com, explains that itâs not just rates that have improved â inventory has too:
âThe number of homes actively for sale continues to be elevated compared with last year, growing by 35.8%, a 10th straight month of growth, and now sits at the highest since May 2020.â
That should give you more options. At the same time, sellers now have to compete with each other for your attention. That means theyâll be more likely to negotiate because they know their house will sit on the market longer if they donât. As Zillow says:
âBuyers waiting on the sidelines could find that early fall presents a âsweet spot,â where thereâs less competition from other buyers, more motivated sellers and lower interest rates to finance their purchases.â
Bottom Line
If you want to make sure youâre ready to take advantage of this sweet spot, you need to connect with a Better Homes & Gardens Realtor today! Maybe itâs time to get off the sidelines and into the action. Click Here to connect with a BHG Service First agent.
Worried About Mortgage Rates? Control the Controllables
Chances are youâre hearing a lot about mortgage rates right now. You may even see some headlines talking about last weekâs Federal Reserve (the Fed) meeting and what it means for rates. But the Fed doesnât determine mortgage rates, even if the headlines make it sound like they do.
The truth is, mortgage rates are impacted by a lot of factors: geo-political uncertainty, inflation and the economy, and more. And trying to pin down when all those factors will line up enough for rates to come down is tricky.
Thatâs why itâs generally not worth it to try to time the market. Thereâs too much at play that you canât control. The best thing you can do is control the controllables.
And when it comes to rates, hereâs what you can influence to make your moving plans a reality.
Your Credit Score
Credit scores can play a big role in your mortgage rate. As an article from CNET explains:
âYou canât control the economic factors influencing interest rates. But you can get the best rate for your situation, and improving your credit score is the right place to start. Lenders look at your credit score to decide whether to approve you for a loan and at what interest rate. A higher credit score can help you secure a lower interest rate, maybe even better than the average.â
Thatâs why itâs even more important to maintain a good credit score right now. With rates where they are, you want to do what you can to get the best rate possible. If you want to focus on improving your score, your trusted loan officer can give you expert advice to help.
Your Loan Type
There are many types of loans, each offering different terms for qualified buyers. The Consumer Financial Protection Bureau (CFPB) says:
âThere are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose.â
Work with your BHG real estate professional and local, professional lender to make sure you find out whatâs available for your situation and which types of loans you may qualify for.
Your Loan Term
Another factor to consider is the term of your loan. Just like with loan types, you have options. Freddie Mac says:
âWhen choosing the right home loan for you, itâs important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.â
Depending on your situation, the length of your loan can also change your mortgage rate.
Bottom Line
Remember, you canât control what happens in the broader economy. But you can control the controllables.
Work with a trusted lender to go over the things you can do thatâll make a difference. By being strategic with these factors, you may be able to combat todayâs higher rates and lock in the lowest one you can.
What To Know About Credit Scores Before Buying a Home
What To Know About Credit Scores Before Buying a Home
If you want to buy a home, you should know your credit score is a critical piece of the puzzle when it comes to qualifying for a mortgage. Lenders review your credit to see if you typically make payments on time, pay back debts, and more. Your credit score can also help determine your mortgage rate. An article from US Bank explains:
âA credit score isnât the only deciding factor on your mortgage application, but itâs a significant one. So, when youâre house shopping, itâs important to know where your credit stands and how to use it to get the best mortgage rate possible.â
That means your credit score may feel even more important to your homebuying plans right now since mortgage rates are a key factor in affordability. According to the Federal Reserve Bank of New York, the median credit score in the U.S. for those taking out a mortgage is 770. But that doesnât mean your credit score has to be perfect. The same article from US Bank explains:
âYour credit score (commonly called a FICO Score) can range from 300 at the low end to 850 at the high end. A score of 740 or above is generally considered very good, but you donât need that score or above to buy a home.â
Working with a trusted lender is the best way to get more information on how your credit score could factor into your home loan and the mortgage rate youâre able to get. As FICO says:
âWhile many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable. There is no single âcutoff scoreâ used by all lenders and there are many additional factors that lenders may use to determine your actual interest rates.â
If youâre looking for ways to improve your score, Experian highlights some things you may want to focus on:
- Your Payment History:Â Late payments can have a negative impact by dropping your score. Focus on making payments on time and paying any existing late charges quickly.
- Your Debt Amount (relative to your credit limits):Â When it comes to your available credit amount, the less youâre using, the better. Focus on keeping this number as low as possible.
- Credit Applications:Â If youâre looking to buy something, donât apply for additional credit. When you apply for new credit, it could result in a hard inquiry on your credit that drops your score.
Bottom Line
Finding ways to make your credit score better could help you get a lower mortgage rate. If you want to learn more, talk to your trusted Better Homes & Gardens Realtor today!
360-Degree View of the Future Home of Ellsworth Dansby Jr. Magnet School – The Latest Addition to Decatur Public Schools!
If you haven’t been over by Oak Grove Park, you may want to go take a look at the progress of the future home of Ellsworth Dansby Jr. Magnet School – the latest addition to Decatur Public Schools.
Background
On Tuesday, September 26, 2023, the DPS Board of Education approved naming the new building Ellsworth Dansby Jr. Magnet School.
Mr. Ellsworth Dansby Junior was a native of Decatur, born on October 5, 1914. He was a graduate of Decatur High School and one of the first black men to graduate from Millikin University. But what Mr. Dansby is most known for is his military service â he was the second black man to be sworn into the Army Air Force, the first enlisted man in the group to receive the rank of master sergeant during World War II, and a member of the first black aviation unit, the 99th Pursuit Squadron of the Army Air Corps, which later became known as the Tuskegee Airmen.
Also, Mr. Dansby was always fascinated with flying. He and his friends built model airplanes. And, at the age of 12, Mr. Dansby flew an airplane alone at a farm airstrip near Dalton City, taking off and landing safely.
Mr. Dansby began applying to the Air Force shortly after his graduation from high school. He joined the Army Air Force just as the 99th Squadron was activated at Chanute Field in Rantoul and sent to Tuskegee, Alabama. Thatâs where Mr. Dansby became the first African-American master sergeant and one of the âTuskegee Airmen,â the nationâs first black military fighter pilots.
Finally, you can find out more about this project and the history behind the man by CLICKING HERE.
Housing in the Area
This Decatur Public School will be near the Home Park area – a great place to live in Decatur, Illinois! You can see the park in this video here: https://www.youtube.com/watch?v=2LxVl4qIdYs
You can find a great home in the Decatur Public School District by connecting with one of our agents.
Take a look at this aerial 360-degree view of the construction site!
Two Brands Under One Roof!
No, Tim did not sell the company. No, Tim did not leave the company. What Tim DID do, is brand and franchise the residential side of the business as Better Homes & Gardens Real Estate Service First! The commercial real estate side of the business will remain under Vieweg Real Estate. So now you will find TWO brands under one roof. The same people you know. The same people you trust. The same address: 601 E. William St. in Decatur, Illinois.
When you list with Better Homes & Gardens for your residential real estate needs, and Vieweg Real Estate for your commercial real estate needs, you can rest assured that you are in the best of hands. We are still #WorkingHardSoYouDontHaveTo, but with our new partnership with Better Homes & Gardens, you will have Better tools. Better service. You can #ExpectBetter. We want to be your #RealtorForLife and go #BeyondTheHome. Our goal is to serve you from our first meeting, to the closing table, and beyond.
If you are looking to buy or sell residential or commercial real estate, you can do both by calling our office at 217-450-8500.
Here’s to a bright and beautiful new year! Here’s a message from Tim Vieweg
