The Hidden Time Cost of Selling Your Home
A new report shows how much time homeowners lose when selling a home. Learn how partnering with a real estate professional can save you time and stress. For most homeowners, selling a home feels less like a straightforward transaction and more like taking on a second job. A job that doesn’t just demand your money but also your most precious resource: time. In fact, according to recent data, selling a home can consume over a third of your waking hours, turning your life upside down. So, if you’re wondering how to sell a home without sacrificing your personal time (or sanity), keep reading. The "Home Move Tax" We all know time is valuable. Between work, family, and personal commitments, there just aren't enough hours in the day. Opendoor surveyed 1,000 recent home buyers and sellers to understand the true cost of time—of “Home Move Tax”—lost during the traditional real estate process. Here's what they found: 71% of Americans say selling a home feels like a second job. This isn't surprising when you consider everything involved, from cleaning and staging to repairs and showings. Employed buyers and sellers are losing PTO and work time. The report estimates that Americans lose over $430 million in missed work time just preparing their homes to sell. Quiet moving is on the rise. 13% of respondents admitted to taking time off work, without their employer knowing, to deal with moving tasks. Selling a home can also take a toll on your well-being, with 85% of sellers reporting they lost sleep worrying about the sale. Here’s what kept them up at night: Offer falling through: 41% Saying “bye” to my home: 37% Offer acceptance: 36% Home prep for listing: 36% Leaving memories behind: 32% Managing repairs: 32% How to Save Time (and Stress) Every moment you spend on the home-selling process is a moment you could be spending elsewhere—on your career, with your family, or just taking a breather in a world that already feels too fast-paced. Recognizing the hidden time costs of selling your home allows you to make more informed decisions. And that’s why working with the right real estate professional is so important. Think of them as your project manager, advocate, and guide rolled into one. They handle the heavy lifting—from setting a competitive price and staging your home to coordinating showings, managing negotiations, and navigating the mountain of paperwork. But beyond these tangible tasks, real estate professionals offer something even more valuable: peace of mind. By tapping into local market knowledge, extensive networks, and experience, they can streamline the entire process, helping you avoid common pitfalls that consume time and energy. This means fewer sleepless nights worrying about the next step, and more time for what matters.
How the 2024 Presidential Election Might Affect the Housing Market
Historically, the housing market has reacted, if only temporarily, to election year tensions during the month of November, with changes to home sales, prices, and mortgage rates. No matter how many elections you’ve lived through, each one can feel a bit like a wildcard when November draws near and you’re wondering whether you should make a move—or wait until the dust settles. Generally speaking, presidential elections have only a small and temporary impact on the housing market. That said, it’s natural to be curious as to how an election could impact your decision to buy or sell a home this year. So, here’s a quick rundown of what you can expect from this year’s election, based on what has happened in election years past. How do Elections Impact the Housing Market? Home Sales For the past several election years, November has typically brought a slight slowdown in U.S. home sales. Ali Wolf, Chief Economist at Zonda, confirms that while home sales are generally unchanged during an election year, November is slower than normal. That temporary downtick is mainly due to people feeling uncertain and hesitant about making a big decision (like buying or selling a home) when they perceive an election’s outcome could have a real impact on their financial situations or where they want to live next. It’s a pivotal time. It’s also short-lived. Home sales generally bounce back in December and continue to climb the following year. In fact, according to data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors® (NAR), after nine of the last 11 Presidential elections, home sales increased the following year. Home Prices According to Bankrate, home price appreciation during past election years has outpaced that of the surrounding non-election years. A Bankrate analysis of Case-Shiller data shows home prices rose an average of 4.84% in the nine election years we’ve had since 1987, compared to an average 4.44% in the 28 non-election years. Based on that, you might think presidential elections are good for the housing market. The reality is a bit more complicated. Home price appreciation by year from 1987 to 2023 (election years in bold font): 1987: 7.22% 1988: 7.23% 1989: 4.39% 1990: -0.69% 1991: -0.17% 1992: 0.82% 1993: 2.16% 1994: 2.52% 1995: 1.79% 1996: 2.43% 1997: 4.02% 1998: 6.44% 1999: 7.68% 2000: 9.29% 2001: 6.68% 2002: 9.56% 2003: 9.82% 2004: 13.64% 2005: 13.51% 2006: 1.73% 2007: -5.40% 2008: -12.00% 2009: -3.85% 2010: -4.11% 2011: -3.88% 2012: 6.44% 2013: 10.71% 2014: 4.51% 2015: 5.20% 2016: 5.31% 2017: 6.21% 2018: 4.52% 2019: 3.68% 2020: 10.43% 2021: 18.87% 2022: 5.65% 2023: 5.56% In recent decades, the worst election year by far for the U.S. housing market was 2008. Home values that year plunged 12% as the historic housing bubble of 2004–2007 finally burst. The housing market crash had nothing to do with the tension surrounding the election. It was all thanks to horrendous economic timing. The global economy was collapsing. The silver lining was the suddenly gigantic room for improvement. Granted, this is the one election year in the past few decades when home price appreciation was actually down from the previous year (from -5.40% to -12.00%). The best year for home price growth since 1987 was 2021, when home values skyrocketed 18.9% amid record-low mortgage rates during the pandemic housing boom. Again, the extreme housing market conditions that year had nothing to do with a new president taking office. Mortgage Rates Mortgage rates are a big deal because they determine how big your monthly payment will be when you buy a home. So, it’s natural to want to know whether these rates tend to go up or down during an election year—or what you can expect with rates before and after an election. Based on data from Freddie Mac, mortgage rates have declined from July to November in eight of the past 11 presidential elections. Moving on to the aftermath of this year’s election, most housing market forecasts show mortgage rates easing slightly throughout the remainder of 2024 and into 2025. Assuming they’re correct, this year will continue the trend of declining interest rates leading up to the election—and keep rates on a downward trend in the months to follow. Lower rates can translate into lower monthly payments. But lower rates also mean more buyers are likely to enter the market. That means buyers who wait for rates to fall below 6% will likely encounter fierce competition for available homes, driving up home prices and all but eliminating concessions that could make the home more affordable. Final Thoughts While presidential candidates often hype up the economic plans they have for their first year in office, economists tend to agree they have little to no influence over the housing sector. Doesn’t mean they won’t try to convince you otherwise. The housing market may seem confusing right now (even if you’re not sweating the election), but with the right information and a focus on local data, you can navigate it confidently. For an even more personalized data report for your home or neighborhood, reach out to me here.
Going Solo vs. Hiring a Real Estate Agent: What You Should Know
Let’s get real. Do you have to use a real estate agent when buying or selling a home? The answer, of course, is no. You can absolutely go it alone, and there are people who opt to do so every year. After all, with the internet at your fingertips, you can search for homes, look up property values, and even negotiate deals on your own. Yet, even with all that info, 89% of people choose to work with a professional, according to a report from the National Association of Realtors. There’s been a lot of attention on real estate industry changes lately. But today, I want to go back to the basics and discuss the difference between a buyer’s agent and a seller’s agent—and what each can do for you during your real estate transaction. Buyer’s Agents Sites like Zillow can help you find your dream home by browsing listings online, and they even alert you to open house schedules. These sites can also connect you with a local real estate professional if you are not already working with one. A buyer’s agent goes beyond the vast amount of information online and acts as your personal guide throughout the entire home buying process. Think of them as your real estate advocate, someone who is entirely focused on your needs and interests. Realtor.com compiled 111 things buyer’s agents do throughout the real estate transaction, but here, we’ll just focus on some of the key elements of their work: Finding the Perfect Home Like I noted above, you can search for homes online, but can you really spot the difference between a house that’s priced to sell and one that’s hiding a laundry list of issues? According to the 2023 Profile of Home Buyers and Sellers, 89% of buyers used an agent to purchase their home, with 50% citing that the most valuable service was helping them find the right property. Your agent will use their knowledge of the local market to help you find properties that match your criteria. They’ll schedule showings, provide insights, and help you weigh the pros and cons of each home. Negotiating Price and Terms You might think you can haggle your way to a better deal, but without an agent, you’re missing out on the subtle art of negotiation. Keep in mind that negotiations can happen at different points throughout the transaction, such as getting an offer accepted and after inspection and appraisals are complete. The NAR report highlights that agents are essential in negotiating better contract terms and handling the complexities of the sale. A good buyer’s agent knows how to sweeten the deal in ways you might not even consider—like securing repairs or getting the seller to cover closing costs. Navigating Paperwork The paperwork involved in buying a home can be a maze of legalese. This can be overwhelming for many. That’s why 90% of buyers found their agent to be a useful information source throughout the process, ensuring every “i” is dotted and every “t” is crossed. Seller’s Agents On the other side of the deal, a seller’s agent (also known as a listing agent) is dedicated to helping homeowners sell their property quickly and at the best price possible. They’re the ones who market your home, negotiate with buyers and handle the logistics of the sale. Let’s take a look at some of the key responsibilities of a listing agent. Pricing the Home Correctly Pricing your home is part data and part art. Get it wrong, and you could scare off buyers or leave money on the table. The right price attracts serious buyers and maximizes your profit. Over the past few years, properties were flying off the market in a matter of days. Yet, even then, for sale by owner (FSBO) homes sold for significantly less than agent-assisted homes. In 2022, FSBOs sold for a median price of $310,000 compared to a median price $405,000 of agent-assisted homes, according to NAR. Seller’s agents use data, experience, and market insight to price your home strategically—something an online calculator just can’t replicate. Marketing the Property A seller’s agent will create a comprehensive marketing plan to showcase your home to attract serious buyers, not just window shoppers. This includes professional photos, videos, an online social plan, open houses, and sometimes even staging the home to make it more appealing to buyers. Interested in learning about our marketing plan? Check it out here. (Link to your marketing plan or include a “contact me” option.) Handling Offers and Negotiations Without an agent, you’re the one fielding offers, counter-offers, and everything in between. It sounds empowering until you’re faced with a buyer who’s playing hardball. That’s why 87% of sellers said they would definitely or probably recommend their agent for future services. A seller’s agent handles the back-and-forth, ensuring you don’t cave under pressure or get taken for a ride. In addition, they manage the entire sale process beyond getting an offer accepted—from coordination of inspectors and appraisers to getting to the closing table on time. Final Thoughts It’s tempting to think you can save money on commissions without an agent. But when buying or selling a property, the stakes are high. A skilled real estate agent isn’t just another expense; they bring a level of expertise and market knowledge that can save you time, stress, and money. And that’s an investment that can make all the difference.
Buyer’s Relief? What Zillow’s Latest Report Reveals About the Housing Market
You may not feel it yet, but the housing market is shifting. In July, the market shifted from a strong sellers’ advantage to more balanced neutral territory, according to Zillow’s latest market report. So, what does this mean for you? Let’s dive in. The Shift to a Neutral Market For the first time this year—and the first July since 2019—the national housing market entered neutral territory. This means neither buyers nor sellers hold a distinct advantage, a significant change from the competitive sellers’ market we’ve seen over the past few years. In July’s more balanced market, homes stayed on the market longer, with properties going under contract in an average of 18 days across the country. I know you’re probably thinking, “That’s a quick sale!”—and you’re right. But keep in mind, it’s almost a week longer than this time last year. In addition, housing inventory has increased by nearly 25% compared to 2023, providing more options for buyers. Plus, 26% of homes on Zillow saw a price reduction in July—the highest percentage for any July since 2018. Housing Trends in Bullhead City, AZ Now that we’ve got an overview of the national housing market, let’s go local. Here in Bullhead City, AZ and surrounding areas, we saw the following trends in July 2024: Days on the market: On average, homes went under contract in 26 days in July. That’s a 4% increase compared to this time last year. Active listings: The number of homes for sale in July fell to 706, a 2.6% decrease year over year. Price reductions: We saw 98.7% list to sold price, a 0.14% increase month over month. What Buyers Should Know Buyers have an opportunity to explore the market with greater flexibility. In other words, you have a moment to catch your breath and make more informed decisions! Keep in mind that the recent dip in mortgage rates, which began in early August, could bring more buyers back into the market. This may reignite competition in some markets. Another important consideration for buyers is that, as of August 17, 2024, new industry mandates went into place. Going forward, buyer’s agents must enter into a written agreement with the buyer before giving them a tour of any properties. This change allows for more transparency surrounding buyer agent compensation—learn more about it here, or schedule a call with me here for more info! What Sellers Should Know Now let’s talk about sellers. There’s no need to panic—but it may be time to adjust expectations. It’s no longer 2022, when properties were selling in a matter of hours. Homes are taking a bit longer to sell, and with more inventory available, pricing your home correctly is critical. As the market becomes more competitive for sellers, you can also consider other incentives, such as covering some of the closing costs or offering compensation for the buyer’s agent. Even though the industry's new rules mean that compensation can no longer be made on the MLS, you still have the option to offer it to buyer’s agents off the MLS. Final Thoughts Whether you are buying or selling, stay informed and be prepared to adapt. The housing market, along with mortgage rates, can cause fluctuations in buyer and seller activity. And don’t hesitate to reach out for personalized market reports or advice! You can schedule a time with me here.
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