The success of the housing market is strongly tied to the consumer’s confidence in the overall economy. For that reason, we believe 2017 will be a great year for real estate. Here is just a touch of the news coverage on the subject.
“Consumers’ faith in the housing market is stronger than it’s ever been before, according to a newly released survey from Fannie Mae.”
“Americans’ confidence continued to mount last week as the Bloomberg Consumer Comfort Index reached the highest point in a decade on more-upbeat assessments about the economy and buying climate.”
“Confidence continues to rise among America’s consumers…the latest consumer sentiment numbers from the University of Michigan showed that in March confidence rose again.”
“U.S. consumers are the most confident in the U.S. economy in 15 years, buoyed by the strongest job market since before the Great Recession. The survey of consumer confidence rose…according to the Conference Board, the private company that publishes the index. That’s the highest level since July 2001.”
Ivy Zelman, in her recent Z Report, probably best capsulized the reports:
“The results were incredibly strong and…offer one of the most positive consumer takes on housing since the recovery started.”
The Housing Market Does Not Hibernate in Winter. Home sellers often opt to wait until spring to list their homes. The winter market is just as strong, however. This time of year is a great time to sell your home. Buyers who are out looking at homes in freezing temperatures are a different breed of buyer. Sellers also have an additional edge on the market this time of year; lesser inventory which brings more attention to their home. Buyers are not overwhelmed with too many choices when there is less inventory to choose from. Winter buyers are focused on the priorities that started their initial home search and are out looking with the need to buy with fewer distractions, finding a home is top priority.
Real Estate Inventory Is Fueled By Life Changes
Life circumstances change daily with the need to buy and sell real estate due to various reasons such as job relocation, getting married, divorced, up-sizing or downsizing. These are just a few of the circumstances that bring new buyers and sellers into the housing market every day, regardless of the market season. Which in turn brings new inventory and choices to the market.
The holidays and winter months showcase areas of the home not always considered during the spring/summer months. The size and layout of space for holiday decorating and entertaining, guest spaces, how well insulated and warm a home feels when temperatures dip below freezing, gain importance. Buyers visiting homes in winter will spend more time inside the home admiring the features and amenities offered. A wood burning or pellet stove warming the house can be seen as energy efficiency savings. Buyers can feel the warmth and coziness of a fire roaring in a fire place.
It’s A Win Win
You should take advantage of the market you’re about to enter, preparation is key regardless of the time of year. Winter sales play a vital role for the upcoming spring market. Winter house sales that close after the New Year are the newest comps for your neighborhood. These sales will be used for valuing homes in the upcoming spring market. And finally, the winter months can provide a win-win for home sellers who are serious about selling and buyers who are serious about buying as it’s the most advantageous time to buy real estate.
Best Time To Sell
I’m often asked when is the best time to sell my house? Best time to list your home is ONLY when you’re ready regardless of the market season. If you’re not emotionally ready to sell your house and prepared getting it show ready then it’s not the right time for you. You’ll know you’re ready when the pro’s of selling outweigh the cons regardless of the time of year. Working with a local broker like myself who knows the market and inventory is able to provide you with a wealth of information for a successful home sale transaction.
Save Energy and Money
You can save energy and money with a few simple fixes today! Like it or not, the cold weather is on its way, and there’s no time like now to begin preparing for it here in the Warwick Valley than by looking at ways to cut your energy usage in your home – and thus your expenses. As energy costs continue to rise, there’s no better place to begin to save energy and money then with the lighting in your house.
A recent report from the U.S. Department of Energy showing that an average household dedicates 10 percent of its energy budget to lighting and spends approximately $1,900 per year in total on utility bills. That adds up!
Changing your traditional incandescent light bulbs or CFLs (compact fluorescent lamps often recognized by their spiral design) to LED light bulbs will save not only energy, but also dollars off your electricity bill. The bulbs feature longer life spans than traditional light bulbs, while still emitting warm tones to make your home cozy with illuminating, comfortable light. Because LED bulbs consume far fewer watts to deliver the same level of brightness as traditional bulbs, they can save you energy and money daily by reducing that light’s energy use by up to 85 percent!
Making the switch to LED bulbs in your home is easier than you think. Quality LED bulbs can last between 15,000 and 40,000 hours depending on the bulb. This can amount to an approximate average of 25 times longer than traditional bulbs.
Five Reasons to Switch to LED Lighting Now:
Energy Savings: Most LED bulbs use 75 to 85 percent less energy than incandescent bulbs, which means savings for your energy bill and extra cash in your pocket.
Convenience: Long-lasting life spans of 22 to 36 years means you will only have to change the bulbs a few times in your lifetime – this means you won’t be bothered to replace a dimming bulb for decades at a time.
Versatility: LEDs come in all different shapes and sizes to fit any room or fixture in your home. The bulbs create a warm, natural illuminating light that set a comfortable ambiance of your choosing inside, and many can be controlled by a dimmer to cascade any amount of light within your rooms.
Save Money: According to the U.S. Department of Energy, replacing just 15 bulbs in your home with more energy efficient versions can save an average of $50 off your energy bill annually – or up to $1,800 on your energy bill over the course of your LED bulb’s lifetime.
Instant Lighting: Instead of waiting seconds or minutes for your lights to reach full brightness, LED lamps light up immediately to full brightness to illuminate your space.
So begin converting your home’s light bulbs to LEDs, and you’ll immediately start to see the savings both in energy and money on your next O&R bill!
How a “Green” house can save you money while protecting the environment. When we think about going green, we usually mean protecting the environment. But a green or environmentally sound home can also save the green in your checking account.
The bottom line is you can save money by building a green-friendly house or making energy saving improvements to your home. And it’s not rocket science.
First of all, if you’re building, think carefully about all the empty space you may not need.
A smaller home is easier and less expensive to heat in winter or cool in summer. And, if it’s at all possible, select a site and face the house and the majority of the windows to get the most benefit from the sun in winter. Also, don’t forget that proper insulation is one of the most important considerations for reducing energy consumption along with fuel and electric bills.
If you’re already living in your home and how it faces the sun is not an option, there are other solutions.
Savings in fuel or electric power can help pay for the latest energy efficient windows such as those labeled “Energy Star.” And if you have wall to wall glass facing a deck and a great view, an awning will reduce the need for maximum air conditioning.
Solar energy, somewhat expensive at first, will also result in long-term savings. And there may be government grants, incentives and tax breaks to make that happen much sooner.
Less costly are energy efficient light bulbs along with simple green ideas like using the water from a rain barrel to water plants and the like.
The Internet is filled with more suggestions and the New York State Energy Research and Development Agency (NYSERDA) will provide a free or reduced cost energy audit. Visit www.nyserda.ny.gov/residential
The Orange County & Warwick Real Estate Markets continue to pick up speed. Overall the number of units sold are up almost 30% for Orange County as a whole and Warwick is up 32%. What hasn’t really moved is the average sale price but if the number of units sold keeps trending up that number should follow.
If you have any questions about the market or are interested in buying or selling, please give me a call.
Here is the Warwick & Orange County Real Estate Market Report. Just click on the link below. Please give me a call with any questions.
2016 Market Stats – March 2016