Two situations that show the difference between the old and new markets.

Today we have an important message for anyone looking to buy or sell in our market. The current market is very different from the one we had three to six months ago. We want to paint a picture of what’s going on by comparing the past to the present—we think you’ll find the comparison interesting.

Three to six months ago, a $200,000 house might sell for $235,000. Interest rates were about 3.5% back then. The buyer in this first situation waived all their inspections, offered a $5,000 appraisal gap, and paid $5,000 toward the seller’s closing costs. They let the sellers stay in the home for 60 days after closing and take the new fridge that they just bought. The buyer closed in 27 days, which is a quick turnaround. Their offer gets accepted, and their new monthly payment is $1,428 per month. 

Interest rates have risen in our current market, but what about everything else? In the second scenario, the buyers buy the same $200,000 house. They pay $210,000 instead of $235,000, but they’ll have a higher interest rate of 5.5%. They feel like the home will appraise, so they don’t offer gap coverage. They do an inspection for informational purposes only, and each side pays their own closing costs. They close in the typical 40 days and give the seller only 10 days to vacate their home. Their monthly payment is $1,538.

Yes, that monthly payment is $110 more than what the buyer got, but pay attention to everything else: The second buyer didn’t pay for an appraisal gap or cover any seller closing costs, so they have $10,000 more than the first buyer. Let’s say the second buyer takes $6,000 of that extra money and uses it to buy down their interest rate to 4.65%. That makes their monthly payment $1,440, which is only $12 more than it was for the first buyer.

“Don’t let higher interest rates scare you away from buying or selling.”

On top of that, they used the $4,000 leftover to cover the costs of future home improvements that every buyer needs. They saved an extra monthly payment by not letting the sellers stay so long after closing, and they also kept that new fridge, saving the buyer $1,800. Their inspection also found mold in the attic, and the sellers decided to take care of that mold since they would have to disclose it anyway if they put the home back on the market, saving another $1,200.

In total, the second buyer saved about $33,000. The sellers are also happy in both situations because they got more than the asking price in a very short time. Additionally, there is more inventory in our market now, so the sellers in the second situation would have an easier time finding their new house.

We’ve been wanting this market to balance out for months, and now we’re starting to see signs of that. Don’t let higher interest rates scare you away from buying or selling. We are still making great deals every day.

These situations are obviously hypothetical, but they are very true to what we’re seeing today. If you want to buy, sell, or do both, please call or email us. We would love to help you make a plan to achieve your real estate goals.

Anxious about buying a home in today’s market? We can help you save money.

We’re definitely feeling the spring market here at the Amy Wengerd Group, and it’s so exciting. I’m sure you’ve heard about all the offers that homes for sale are receiving and the terms that are being negotiated. Some homes are selling for 20% or even 30% over asking price! Buyers are even offering to pay for the seller’s closing costs, and many are willing to bridge the gap if the appraisal comes in lower than the asking price. Buyers are willing to do almost anything to secure a house in our market.

While we have to educate our buyers that this is what they’re up against, something feels wrong about telling them that they have to pay that much more than the asking price to win a home. After all, we are concerned about our buyers’ futures, and nobody can predict with certainty what’s going to happen down the road.

“Year to date, we have saved our buyers $137,800 on the asking prices of the homes they purchased.”

That’s why we’re committed to educating you about the market and providing you with every possible option to secure your next purchase. Armed with this knowledge, you can then make an informed decision about whether you want to buy in this market or not. If you don’t want to buy in this market, we’d totally understand. It might be better in some situations to put the home purchase on hold until the market cools down some.

However, I do want to offer a ray of hope to all the homebuyers out there. Year to date, we have saved our buyers $137,800 on the asking price of the homes they have purchased. That’s huge, especially considering that number is only over a 3.5-month period. Our buyers went through the whole process, did their inspections, and didn’t all have to pay way more than asking price for their homes. In one case, a buyer paid $20,000 under asking price!

If you’re looking to buy a home, know that there are options available to you. We help people overcome obstacles every day, and we’d love to help you, too. Don’t hesitate to give us a call or send us an email if you have any questions or need assistance with your home purchase. We hope to hear from you soon.

Here’s what we’re doing to combat the rise of waived home inspections.

As you know, waiving the home inspection has become more common in real estate transactions these days. With so many buyers competing for each property, this is one strategy they’re using to win.

However, it’s also creating some problems. If buyers move in and they find issues, many of them want the previous homeowner to help pay for the fixes. It would be nice if the world worked like that, but it doesn’t. When you waive your inspection, the liability falls on you. 

To combat this, I’ve started a program to help both sides of the transaction. For our sellers, I’m paying for a pre-listing home inspection that covers just the major areas of the house. I’m talking about looking at the electrical, plumbing, roof, and other major systems in a home that can cause problems. 

Then our sellers can make that information available to buyers. It prevents the buyer from being caught off guard by issues and even allows our sellers to fix those issues before listing their homes and possibly get a higher price as a result.

“It prevents the buyer from being caught off guard by any major issues.”

What does this do for buyers? It lets them waive their inspections with confidence. You’ll be aware of any problems upfront, and the inspection report will be disclosed. You won’t be caught off guard by any major surprises once you move in.

I am constantly looking for ways to help our clients on both sides of the transaction get through this hectic market. If you have any questions about buying a home, selling a home, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

Rising rates might be unattractive but could help balance this market.

Today I’ll talk about interest rates and what the trends we’re seeing may mean for buyers and our market in general.

Today’s average interest rate on a 30-year fixed mortgage is 4.19%. At this same time last month, it was 3.68%. 4.19% is still a phenomenal rate, but they are on the rise. Honestly, rates have been unrealistically low for over 20 years now. 

“My advice is to find a home soon and get locked in. ”

Rising rates could help us balance out this seller’s market. Otherwise, buyers who were already approved at the top of their price point won’t be able to compete, especially with the multiple offers and the higher sale prices that are happening right now.

My advice is to find a home soon and get locked in. In the last seven days in Stark and Summit counties, 25 homes that were previously pending and under contract are now back on the market. This could possibly be a great way to find a motivated seller. This is just one of the ways that I help my buyers navigate this market and successfully purchase a home without breaking the bank. 

Contact me by phone or email to set up a private meeting where we can strategize and come up with the best way to put you in your new home. I look forward to hearing from you.

We have options to help both FSBO sellers and buyers looking at FSBO homes.

We’ve seen a lot more for-sale-by-owner homes, or FSBOs, in our market lately. We have also heard many horror stories about what these FSBO sellers are going through. It’s tempting to navigate real estate by yourself. It’s a seller’s market, so it should be easy, right? That’s not always the case; there are a lot of pitfalls and obstacles even with contracts between professionals, let alone when you do it by yourself. That’s why we’re here to help.

For buyers, we can represent you in a FSBO sale. We can work with the homeowners, negotiate the commission, and work it all out so that you have representation. The seller can still represent themselves in the transaction too.

“We can be flexible with FSBO buyers and sellers.”

We have options for sellers, too. We can offer a free open house where one of our buyer agents will hold your house open, and if they secure a buyer, they will represent that buyer. You can still represent yourself. 

We also provide discounted professional photography and a free front picture of your house. We can even give you the state-required forms if you need them. Our team of 14 buyer agents would love to take a tour of your home and see if they have any buyers who would be interested. 

We understand the temptation of listing FSBO, and we can be flexible with you. We want to be a resource for you, and we want to help out buyer clients if they are interested in a FSBO home. If you are interested in our resources, want to buy a for-sale-by-owner home, or have any other questions, feel free to call or email me or my team. We would love to help you however we can.

Here’s where I advise home sellers to spend their money before listing.

We’ve been receiving a ton of calls from homeowners lately who are interested in listing their homes this spring. They want to know what they should add or upgrade in their homes before they sell. Many think they need a full kitchen or basement remodel to get the best return on investment. Most of the time, what they should actually focus on surprises them. Today I’ll go over some of the easy things you can do to get the best possible return.

Most times when we meet with homeowners and evaluate their houses, we don’t need to do the majority of things the sellers think they need to do. We’ve found that just cleaning the carpets will get a great ROI. Touching up your paint is an inexpensive fix, too. You might just need to re-paint a room or two.

“You’re going to move anyway, so you might as well pack up a bit early.”

Decluttering is another great tip. We all accumulate stuff over the years that we like to hang onto, but the more you can pack away while you’re selling your home, the better. The best way to get the best pictures of your property is to declutter your rooms to help them look better for photos. You’re going to move anyway, so you might as well start a little early.

Curb appeal is another area of focus that brings a great return on investment. A pop of color here and fresh mulch there can have a huge impact on how buyers perceive your property.

My main point for today is that you don’t have to necessarily make those large, expensive upgrades and finishes to get the best return on your investment. There are lots of things you can do to make your home appealing and increase your sale price without breaking the bank. It’s a service that we’re happy to provide here at The Amy Wengerd Group. 

If you have any questions for me about selling your home or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

Here’s a story of how Amy’s Guarantee helped a client get out of a pinch.

You’ve probably heard about Amy’s Guarantee for years through our ads: If we can’t sell your house, we will buy it. What does that mean, and do we really do it? I wanted to share a recent story with you so you understand what we do here and what makes us so different.

We were working with a couple who wanted to purchase their dream home. They wanted something bigger and closer to their work, but they had to sell their old home first. We made a contingent offer on their dream home, and even though we’re in a seller’s market, the seller agreed to our offer. However, that meant we had to sell my clients’ home fast.

“We didn’t want to see them lose their dream home.”

They prepped the home beautifully; we must have had 40 showings before they accepted an offer. We weren’t hearing great things from the buyer’s lender, and sure enough, their financing fell through, ending the contract. Our clients were in trouble of losing their dream home, so we stepped in and bought their old house.

We closed on their house in eight days, which let them close on their dream home in time. This isn’t typically how we do it, but it needed to be done. Our clients did everything right, so we didn’t want to see them lose their dream home. 

Thankfully, because of our experience and marketing, we don’t usually have to buy our client’s homes, but if we need to, we will. If you are looking to buy, sell, or just ask some questions about real estate, feel free to call or email me. Happy holidays!

This is my grateful Thanksgiving message to every one of you.

Happy Thanksgiving! We’ve almost made it through 2021, and what a year it has been. Today I just wanted to say a very special thank you to the clients that we’ve been able to serve this year, those who have put their trust in us, and those of you who have sent us referrals. I hope that your Thanksgiving is wonderful, your Christmas is fantastic, and your new year is blessed and filled with all the things you’re hoping it will contain. 

I can’t wait to see all of our present and past clients at our upcoming pie giveaway! If you haven’t RSVP’d yet, please do. It may be too late to RSVP by the time you see this, but we also might have some extra pie to share anyway.

Update: All pies spots have been claimed.

“Have an exceptional holiday season!”

If you’re considering buying or selling, I’d love to speak with you about why the holiday and winter seasons can be an excellent time to enter the real estate market. I love providing the stats so you know exactly where you are in the current market and can make the best decisions for yourself and your family. 

Thank you again from the bottom of our hearts, from me, my family, and all of our agents here. Have an exceptional holiday season!

Homes are taking a little longer to sell, but there aren’t that many on the market.

It’s been about a month since my last market update, and some things have happened in that time. I wanted to keep you all updated on our market, so I’ve put together some more stats to look at today:

Stark County

421 homes for sale

33 days on market on average

$239,000 average sales price

Last month, the average days on market was 27, so homes are taking a bit longer to sell on average.

Summit County

727 homes for sale

34 days on market on average

$275,000 average sales price

A month ago, the average days on market was 25. Homes are taking nine days longer to sell on average. This is very natural as we move towards the holidays season, and things start to slow down a little.

“Here’s your latest market update for Stark and Summit Counties.”

In Stark County, 469 homes have been sold in the last 30 days. That’s more than we have for sale right now, which means we have less than a 30-day supply of homes on the market. The same is true for Summit County, which had 755 sales over the last 30 days.

All of this means that we are still in a very strong seller’s market. Homes are taking a bit longer to sell. Sellers in Stark County are getting 103% over the asking price on average, and in Summit County, they’re selling for 99.6% of the asking price on average.

Overall, it’s good news for both buyers and sellers. If you need any help at all in buying, selling, or just answering some real estate questions, please give me a call. I am confident that I can help you.

Here’s a little information about the positions we’re looking to fill.

Happy fall, everyone. The Amy Wengerd Group, like many other companies, is experiencing growth right now, and we need members to join our team. We’re looking for talented individuals to fill a few specific roles. You are some of the best sources of referrals that we could ask for, so we wanted to give a quick synopsis of what we’re looking for right now!

The first position is a marketing coordinator. We’re looking for someone who’s creative and has skills in videography, photography, and editing. This person will manage our social, digital, and print media platforms. They’ll also help us nurture past clients so that we can grow even more. We are looking for someone who is also outgoing, forward-thinking, and has experience in helping real estate businesses grow through marketing.

“Tech-savvy handymen are a huge plus.”

We’re also looking for a full-time client care specialist. This person sits at the front of our office, greets people, schedules closings, handles deliveries, and is in close contact with our clients. They call them after they’ve moved in, send cards and gifts, and let our clients always know that we’re here for them no matter what. It’s a crucial role. 

Additionally, if you know of any great handymen, send them our way. With all of the listings we have, we’re in desperate need of good, qualified contractors who can communicate well. Tech-savvy handymen are a huge plus.

If you know anyone that would be good for any of these positions, don’t hesitate to reach out via phone or email. We greatly appreciate all of you, and we hope to hear from you soon.