NAVIGATING THE MARKET LANDSCAPE: FORECASTING TRENDS AND OPPORTUNITIES

As we take account of fitting in all the new “stuff” we’ve added to our lives during the holidays, it becomes clear that it’s time to start seriously decluttering and refreshing our homes. The timing of this undertaking is ideal for homeowners motivated to sell in this new year. One of the primary pre-listing steps we advise for sellers is to transform your house from “lived-in” to inviting – creating a clean slate that allows interested buyers to visualize their new home.

Certainly, a wealth of new listings are upon us in 2024 as mortgage rates have decreased since New Year’s Day. Lenders have quoted rates ranging from 6.25% (7/1 Jumbo) to 6.625% (30-year fixed, non-Jumbo) and the new-listings activity reflects the sellers’ anticipation that re-energized buyers who waited out the high-rates spike are now poised to pounce.

Near MX Associates’ Seven Gables Real Estate home base in Huntington Beach, there have been a total of 210 new homes posted for sale in 2024 in Huntington Beach, Newport Beach, Fountain Valley and Costa Mesa.

And near my personal home and our new Inland Valley office, Upland, Claremont, Rancho Cucamonga and Ontario produced 200 new listings since the start of the new year. At MX Associates, we emphasize the importance of setting an appointment to strategically map out the steps required to maximize the value of your home before it goes live on the market. Part of that discussion revolves around some key steps of preparation sellers can exercise to boost their closing price.

SINCE WE’RE ALREADY IN THE SEASON OF DECLUTTERING, LET’S GO OVER 10 OF THOSE TIPS TODAY:

1) Rid the home of unnecessary items in the garage, in storage rooms and clothing closets: If you haven’t worn selected clothing items in more than a year, donate them to Goodwill, the American Cancer Society, the charity of your choice or schedule a garage sale. Take the time to fill your trash bin with unwanted items that tend to get hurriedly tossed into the garage.

2) Paint your bedrooms and consider installing new flooring. Now that our holiday travel is complete and rainy weekends are descending, there’s a golden opportunity here to plan for these times when we’re “stuck” in our homes. New paint and flooring are some of the most ideal routes to inexpensively upgrading our homes in ways that easily increase the home’s value. Be honest in assessing what needs to be done. If it seems like yesterday when you painted or put in new carpet, find out when it was exactly. If it’s more than 10 years ago, it’s no longer new.

3) Make those little fixes. Perhaps the toilet flap sticks, a light switch doesn’t work or plugs are inoperable. Again, with little expense, you, a plumber, electrician or gardener can address all those small but nagging repairs you know are necessary: new GCI plugs, a new toilet/ sink angle stop (that can save thousands in potential leak damage) or the broken lawn sprinklers.

4) Reglaze your shower or tub. Among the vendors we can refer you to is a man who charges $600 to transform your fiberglass tub from faded/stained to new.

5) Schedule a consultation with your lender to discuss your expected financial position. The more prepared you are for this important move, the better.

6) Scout the neighborhoods you would love to live. The exact live listing may not be available to you in the weeks/ months ahead when you sell, but if you know where you want to go, the right home always seems to emerge when you’re ready.

7) Enhance your landscaping. By adding plants and small trees, you can boost your home’s curb appeal and convert a chaotic backyard into a relaxing oasis.

8) Downsize the home’s unsightly furniture. Let the 70’s live on in your musical choices, not your living room sofa. Again, many will accept these donations, or you can offer them to a friend or family member, move them out to the vacation home or hawk them at your estate/garage sale. The house that is staged correctly routinely nets the ultimate offer.

9) Modernize your bathrooms and kitchen. Whether it’s a less costly recessed lighting upgrade, or a more expensive revamp such as new vanities or countertops, these rooms often sway buyers and allow the seller to recoup their investment at the time of sale. We have vendors ready to refer you – people who’ve worked inside our own homes – if you are interested.

10) Find a realtor. Interview more than one to ensure you find the right realtor for you. We, of course, would love to be part of that process and look forward to hearing about your plans! Thank you, everyone! Looking forward to a great 2024 and wish each of you the best!