The Best Week to List Your House is Almost Here

by Amy McCalman Kirby

The Best Week To List Your House Is Almost Here

Are you thinking about making a move? If so, now may be the perfect time to start the process. That’s because experts say the best week to list your house is just around the corner.

A recent Realtor.com study looked at housing market trends over the past several years (with the exception of 2020, since it was an unusual year), and found the best week to put your house on the market this year is April 14-20:

“Every year, one week stands out from the rest as that perfect stretch of time when it’s great to be a home seller. This year, the week of April 14–20 is the best time to sell—that is, if sellers want to see lots of interest in their homes, sell quickly, and pocket some extra cash, according to Realtor.com® data.”

Here’s why this matters for you. While the spring market is a great time to sell no matter the week, this may be the peak sweet spot. And if you’ve been putting your plans on the back burner and waiting for the right time to act, this could be the nudge you need to make your move happen. As Hannah Jones, Senior Economic Research Analyst at Realtor.com explains:

“The third week of April brings the best combination of housing market factors for sellers. The best week offers higher buyer demand, lower competition [from other sellers], and fewer price reductions than the typical week of the year.”

But, if you want to get in on the action, you’ll need to move quickly and lean on the pros. Your local real estate agent is the perfect go-to when it comes to figuring out a plan to prep your house and get it on the market.

They’ll be able to offer advice to balance your target listing date with what you need to do from a repair and renovation standpoint. And they can walk you through exactly how to prioritize your list so you know what to tackle first.

For example, if your house is already in good shape, you’ll be able to really focus in on the smaller things that are easy to do and make a big impact. As an article from Investopedia says:

“You won’t have time for any major renovations, so focus on quick repairs to address things that could deter potential buyers.”

Here are some specific examples from that article:

Just remember, even if you’re not ready to list within the next couple of weeks, that’s okay. The window of opportunity doesn’t close when this week ends. Spring is the peak homebuying season and it’s still a seller’s market, so you’ll be in the driver’s seat all season long.

Bottom Line

Ready to get the ball rolling? Let’s connect and schedule a time to go over your next steps. Call my office at 843-656-0622. After hours, call or text me at 843-260-4246. If you prefer email, reach out to me at amy@eraleatherman.com.

First Time Home Buyers • Florence South Carolina • For Buyers • For Sellers • Housing Market Updates • Pricing • Rent vs. Buy • March 19, 2024

Your Home Is a Powerful Investment

by Amy McCalman Kirby

Your Home Is a Powerful Investment

Going into 2023, there was a lot of talk about a possible recession that would cause the housing market to crash. Some in the media were even forecasting home prices would drop by as much as 10-20%—and that might have made you feel a bit unsure about buying a home.

But here’s what actually happened: home prices went up more than usual. Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, explains:

“Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.”

To put last year’s growth into context, the graph below uses data from Freddie Mac on how home prices have changed each year going back to 1980. The dotted line shows the long-term average for appreciation:

The big takeaway? Home prices almost always go up.

As an article from Forbes says:

“. . . the U.S. real estate market has a long and reliable history of increasing in value over time.”

In fact, since 1980, the only time home prices dropped was during the housing market crash (shown in red in the graph above). Fortunately, the market today isn’t like it was in 2008. For starters, there aren’t enough available homes to meet buyer demand right now. On top of that, homeowners have a tremendous amount of equity, so they’re on much stronger footing than they were back then. That means there won’t be a wave of foreclosures that causes prices to fall.

The fact that home values went up every single year except those four in red is why owning a home can be one of the smartest moves you can make. When you’re a homeowner, you own something that typically becomes more valuable over time. And as your home’s value appreciates, your net worth grows.

So, if you’re financially stable and prepared for the costs and expenses of homeownership, buying a home might make a lot of sense for you.

Bottom Line

Home prices almost always go up over time. That makes buying a home a smart move, if you’re ready and able. Let’s connect to talk about your goals and what’s available in our area.

Florence SC Real Estate • For Sellers • Housing Market Updates • Selling Myths • March 18, 2024

Why Today’s Seller’s Market is Good for Your Bottom Line

by Amy McCalman Kirby

Why Today’s Seller’s Market Is Good for Your Bottom Line

Thinking about selling your house and wondering if now’s a good time to do it? Here’s what you need to know. Even though the number of homes for sale has been growing this year, there still aren’t enough homes on the market for all the buyers who want to buy.

So, what does that mean for you? To keep it simple, it means it’s still a seller’s market. Here’s how it works:

A neutral market is when supply and demand is balanced. Basically, there are enough homes to meet buyer demand based on the current sales pace, and home prices hold fairly steady.
A buyer’s market is when there are more homes for sale than there are buyers. When that happens, buyers have more negotiation power because sellers are willing to make compromises to close the deal. In a buyer’s market, sellers may have to do price cuts to re-ignite interest in their home, and prices may go down. But we haven’t seen this for years since there are so few homes available to buy.
In a seller’s market, it’s just the opposite. When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which can lead to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer upfront. This could drive the final sale price of your house up.

The graph below uses data from the National Association of Realtors to show just how deep into seller’s market territory we still are today:

What Does This Mean for You?

The market is still working in your favor. If you lean on an agent for advice on how to get your house list ready and how to price it competitively, it should get a lot of attention from eager buyers. That means you’ll likely get multiple offers and see your house sell quickly and for top dollar. As a recent article from Ramsey Solutions explains:

“A seller’s market is when demand for homes is higher than the supply of homes. And that’s still the case right now. If you’re planning to sell your house, you can expect to sell it fairly quickly for close to your asking price—as long as your asking price is realistic for the current market.”

Bottom Line

Today’s housing market still favors sellers. If you’re ready to sell your house, let’s connect so you can start making your moves.

Disclosure • First Time Home Buyers • Florence SC Real Estate • For Buyers • Housing Market Updates • Move-Up Buyers • Rent vs. Buy • March 16, 2024

3 Important Differences Between Real Estate Agents

by Amy McCalman Kirby

One of the hardest parts of buying a home is understanding real estate terminology. It’s not just a matter of learning new words. You may also need to unlearn a few things you thought you knew. For example, did you know that “REALTOR^(R)” is a trademark denoting membership in the National Association of REALTORS^(R), and cannot be used synonymously with “real estate agent?” Here’s how it works:

Level 1. Real Estate licensee. All real estate agents must be licensed. Each state sets its own requirements, in terms of the minimum number of hours spent in real estate education. Before receiving a real estate license, agents must also pass an exam that covers national, as well as state and local real estate laws, standards and practices. After passing the exam, and affiliating with a real estate brokerage, a licensee can begin representing buyers and sellers in property transactions.

Level 2. REALTOR^(R). REALTORS^(R) adhere to a higher set of standards. The term REALTOR^(R) is a registered trademark that can only be used by active members of the National Association of REALTORS^(R). The term REALTOR^(R) identifies a real estate professional who is a member of the National Association of REALTORS^(R) (NAR) — the largest trade association in the U.S., with over a million members — and subscribes to its strict Code of Ethics. The term REALTOR^(R) can only be used to convey membership in NAR.

This is important to homebuyers because REALTORS^(R) abide by a strict Code of Ethics and Professional Standards — duties that go beyond state licensing laws and help ensure fair and honest treatment to all parties to real estate transactions.

Level 3. Accredited Buyer’s Representative (ABR^(R)). The National Association of REALTORS^(R) also helps its members develop deeper real estate expertise by providing education, and conferring designations and certifications, in various areas of specialization, including buyer representation.

To earn the Accredited Buyer’s Representative (ABR^(R)) designation, REALTORS^(R) must take additional courses and demonstrate prior experience in representing buyer-clients in real estate transactions. The education emphasizes an agent’s fiduciary responsibilities to buyer-clients, including adhering to very specific duties, obligations, and high standards of good faith and loyalty throughout the transaction process.

Most buyers prefer working with an ABR^(R) designee, once they understand these important differences between real estate professionals. It’s a choice that can significantly improve your home buying experience!

Florence SC Real Estate • Florence South Carolina • January 15, 2024

Dr. Martin Luther King Jr. Day

by Amy McCalman Kirby

ERA Leatherman Realty Honors the Life and Legacy of Dr. Martin Luther King Jr.

Community Events • Florence SC Real Estate • Florence South Carolina • January 2, 2024

Press Release: Amy McCalman Kirby Installed as 2024 President for the Pee Dee REALTOR Association

by Amy McCalman Kirby

Press Release: Amy McCalman Kirby Installed as 2024 President for the Pee Dee REALTOR Association

Photo #1: Jean Leatherman, Broker/Owner ERA Leatherman Realty, Inc., 2024 President Amy McCalman Kirby, and 2024 Vice President Vonda Sellers Ford

Florence, South Carolina — Amy McCalman Kirby, a Broker with ERA Leatherman Realty, Inc., of Florence, was installed as the Pee Dee REALTOR Association President for 2024.

Amy McCalman Kirby, a 1991 graduate of the University of South Carolina (MBA) and a 1988 graduate of Francis Marion College (BBA), is a broker with ERA Leatherman Realty of Florence.

Amy is also a Director for the SC Association of REALTORS. Amy has achieved the following designations: ABR, ABRM, C2EX, CRB, GRI.

Amy is married to Rodney Kirby and they live in Florence with their four dogs: Trouble, Riley, Tory & Blue.

First Time Home Buyers • Florence SC Real Estate • For Buyers • Housing Market Updates • December 28, 2023

Get Ready To Buy a Home by Improving Your Credit Score

by Amy McCalman Kirby

Get Ready To Buy a Home by Improving Your Credit Score

As the new year approaches, the idea of buying a home might be on your mind. It’s an exciting goal to set, and it’s never too early to start laying the groundwork. One crucial step to prepare for homeownership is building a solid credit score.

Lenders review your credit to assess your ability to make payments on time, pay back debts, and more. It’s also a factor that helps determine your mortgage rate. An article from CNBC explains:

“When it comes to mortgages, a higher credit score can save you thousands of dollars in the long run. This is because your credit score directly impacts your mortgage rate, which determines the amount of interest you’ll pay over the life of the loan.”

This means your credit score may feel even more important to your homebuying plans right now since mortgage rates are a key factor in affordability, especially today.

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 doesn’t mean your credit score has to be perfect. An article from Business Insider explains generally how your FICO score range can make an impact:

“. . . you don’t need a perfect credit score to buy a house. . . . Aiming to get your credit score in the ‘Good’ range (670 to 739) would be a great start towards qualifying for a mortgage. But if you’re wanting to qualify for the lowest rates, try to get your score within the ‘Very Good’ range (740 to 799).”

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. As FICO says:

“While 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 “cutoff score” used by all lenders and there are many additional factors that lenders may use to determine your actual interest rates.”

If you’re looking for ways to improve your score, Experian highlights some things you may want to focus on:

Your Payment History: 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): When it comes to your available credit amount, the less you’re using, the better. Focus on keeping this number as low as possible.
Credit Applications: If you’re looking to buy something, don’t apply for additional credit. When you apply for new credit, it could result in a hard inquiry on your credit that drops your score.

A lender will help you navigate the process from start to finish, from assessing which range your score falls in to telling you more about the specifics for each loan type.

Bottom Line

As you set your sights on buying a home in the upcoming year, a focus on boosting your credit score could help you get a better mortgage rate when the time comes. If you want to learn more, connect with a trusted lender.

Florence SC Real Estate • For Buyers • Housing Market Updates • Infographics • Interest Rates • Pricing • December 8, 2023

Experts Project Home Prices Will Rise over the Next 5 Years

by Amy McCalman Kirby

Experts Project Home Prices Will Rise over the Next 5 Years

Even with so much data showing home prices are actually rising in most of the country, there are still a lot of people who worry there will be another price crash in the immediate future. In fact, a recent survey from Fannie Mae shows that 23% of consumers think prices will fall over the next 12 months. That’s nearly one in four people who are dealing with that fear – maybe you’re one of them.

To help ease that concern, here’s what the experts say will happen with home prices not just next year, but over the next five years.

Experts Project Ongoing Appreciation

While seeing a small handful of expert opinions may not be enough to change your mind, hopefully, a larger group of experts will reassure you. Here’s that larger group.

The Home Price Expectation Survey (HPES) from Pulsenomics is a great resource to show what experts forecast for home prices over a five-year period. It includes projections from over 100 economists, investment strategists, and housing market analysts. And the results from the latest quarterly release show home prices are expected to go up every year through 2027 (see graph below):

And while the projected increase in 2024 isn’t as large as 2023, remember home price appreciation is cumulative. In other words, if these experts are correct after your home’s value rises by 3.32% this year, it should go up by another 2.17% next year.

If you’re worried home prices are going to fall, here’s the big takeaway. Even though prices vary by local area, experts project they’ll continue to rise across the country for years to come at a pace that’s more normal for the market.

What Does This Mean for You?

If you’re not convinced yet, maybe these numbers will get your attention. They show how a typical home’s value could change over the next few years using the expert projections from the HPES. Check out the graph below:

In this example, let’s say you bought a $400,000 home at the beginning of this year. If you factor in the forecast from the HPES, you could potentially accumulate more than $71,000 in household wealth over the next five years.

Bottom Line

If you’re someone who’s worried home prices are going to fall, rest assured a lot of experts say it’s just the opposite – nationally, home prices will continue to climb not just next year, but for years to come. If you have any questions or concerns about what’s next for home prices in our local area, let’s connect.

Florence SC Real Estate • For Sellers • Housing Market Updates • Move-Up Buyers • Selling Myths • December 7, 2023

When You Sell Your House, Where Do You Plan To Go?

by Amy McCalman Kirby

When You Sell Your House, Where Do You Plan To Go?

If you’re thinking about selling your house, you may have heard the supply of homes for sale is still low, and that means your house should stand out to buyers who are craving more options. But you may also be wondering, once you sell, how does the current supply impact your own move? And, will you be able to find a home you want to buy with inventory this low?

One thing that can help you find your next home is exploring all your options, including both homes that have been lived in before as well as newly built ones. Let’s look at the benefits of each one.

The Pros of Newly Built Homes

First, let’s look at the advantages of purchasing a newly constructed home. With a brand-new home, you’ll be able to:

Create your perfect home. If you build a home from the ground up, you’ll have the option to select the custom features you want, including appliances, finishes, landscaping, layout, and more.
Cash-in on energy efficiency. When building a home, you can choose energy-efficient options to help lower your utility costs and reduce your carbon footprint.
Minimize the need for repairs. Many builders offer a warranty, so you’ll have peace of mind on unlikely repairs. Plus, you won’t have as many little projects to tackle.
Have brand new everything. Another perk of a new home is that nothing in the house is used. It’s all brand new and uniquely yours from day one.

The Pros of Existing Homes

Now, let’s compare that to the perks that come with buying an existing home. With a pre-existing home, you can:

Explore a wider variety of home styles and floorplans. With decades of homes to choose from, you’ll have a broader range of floorplans and designs available.
Join an established neighborhood. Existing homes give you the option to get to know the neighborhood, community, or traffic patterns before you commit.
Enjoy mature trees and landscaping. Established neighborhoods also have more developed landscaping and trees, which can give you additional privacy and curb appeal.
Appreciate that lived-in charm. The character of older homes is hard to reproduce. If you value timeless craftsmanship or design elements, you may prefer an existing home.

The choice is yours. When you start your search for the perfect home, remember that you can go either route – you just need to decide which features and benefits are most important to you. As an article from The Mortgage Reports says:

“When building, you gain more freedom to tailor the design, materials, and features, but it demands more time and involvement. Conversely, buying an established home offers immediate occupancy . . . yet may require compromises. Your choice should align with your budget, timeline, customization preferences, and the local real estate landscape.”

Either way, working with a local real estate agent throughout the process is mission-critical to your success. They’ll help you explore all of your options based on what matters most to you in your next home. Together, you can find the home that’s right for you.

Bottom Line

If you have questions about the options in our area, let’s discuss what’s available and what’s right for you. That way you’ll be ready to make your next move with confidence.

First Time Home Buyers • Florence SC Real Estate • For Buyers • Housing Market Updates • Interest Rates • Rent vs. Buy • December 6, 2023

How To Turn Homeownership into a Side Hustle

by Amy McCalman Kirby

How To Turn Homeownership into a Side Hustle

Does the rising cost of just about everything these days make your dream of owning your own home feel less within reach? According to Bankrate, many people are seeking additional income through side hustles, possibly to cope with those increasing expenses and save for a home. This trend is particularly popular with younger individuals who may be dealing with student loan debt (see graph below):

Here are two strategies that can not only make homeownership more affordable in the short term, but turn it into a lucrative side hustle that can pay off down the road.

Transforming the Challenge of a Fixer-Upper into an Opportunity

One thing you could do to help you break into homeownership is consider purchasing a fixer-upper. That’s a home that may be a bit less appealing and as a result has lingered on the market longer than normal. According to a recent article from U.S. News:

“The current state of the housing market may have you expanding your options to try to find a home that you can afford. A fixer-upper that needs some updating and a little love can feel like a welcome alternative to move-in ready houses that go off the market before you can even take a tour.”

By opting for a home that requires some work, you may see two big benefits. For starters, you may find it’s easier to find a home because you’re not looking for that perfect option. Plus, it may also help you enter the housing market at a lower price point. This strategy provides a more affordable way to become a homeowner while also offering the potential for future profits.

Yes, the home may need a little elbow grease, but investing time and effort into gradually enhancing your house not only makes it a home but also increases its future market value. So, while you enjoy the satisfaction of turning a house into a home, you’re also building equity that can be unlocked when it’s time to sell.

Renting Out a Portion of Your Home To Make It More Affordable

Another savvy strategy is to purchase a home with the upfront intention of renting out a portion of it. According to a recent press release from Zillow, renting out a part of their home is already very important for most young homebuyers (see graph below):

This approach serves a strong purpose. As Manny Garcia, Senior Population Scientist at Zillow, says:

“For those first-time buyers navigating the ‘side hustle culture,’ where a regular 9-to-5 might not quite cut it for homeownership dreams, rental income can step in to help . . .”

Basically, it can help you afford your monthly mortgage payments. So if you’re open to it, renting out a portion of your home not only helps with affordability, but it also positions you as an investor and turns your home into a source of income.

Bottom Line

In the face of today’s affordability challenges, both of these strategies offer more attainable paths to homeownership, especially for younger buyers. If you want to discuss these options and see how they might play out for you in our local market, let’s connect.

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