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Low inventory and increased demand have created a great opportunity for sellers. In the last 2 months we’ve seen quick sales (in less than 2 weeks) in both existing and new construction and across a variety of price ranges. Of course, a quick sale does not happen automatically, and there are some things that Sellers and Realtors can do to reduce time on market.
- Do your homework – Work with a Realtor who understands the local market and knows how to put your listing in front of buyers.
- Be Prepared – Get your home in selling shape BEFORE it hits MLS… you only get one chance for a first impression.
- Price It Right – There is a fine line between priced to sell and overvaluing a home. Make sure your Realtor understands market value and is willing to get you top dollar while making your home attractive to buyers. A win-win is always the goal.
- Be Ready to Move – Stay ready for showings, be responsive to feedback, help your Realtor spread the word, and demonstrate good faith to interested buyers. When you follow these steps, expect great results, and start packing! An active seller and a motivated buyer = SOLD!
Through 3 St. Jude 1/2 Marathons, I’ve experienced a growing conviction to support this noble, faith-based children’s research hospital. To that end, I’m running my first FULL MARATHON (that’s 26.2 miles!) THIS SUNDAY, February 28 in New Orleans, LA. I’ll be running again as a St. Jude HERO, and I’d love for you to join me in the battle to fight pediatric cancer.
Further, I’ve pledged $75 to St. Jude from every Real Estate sale I make this year. I’ve begun making contributions on behalf of my clients. You can see my commitment on my fundraising page: Donnie’s St. Jude Hero Page
Will you join me in raising funds for St. Jude? Did you know it costs $2 million per day to operate St. Jude? Over 70% of that amount is given by people like you and me. I’ve committed to raise $1000 by Sunday, and I’m almost there.
Look for a page on our DC Team Website coming soon dedicated to our St. Jude Children’s Research Hospital commitment. St. Jude has helped push the overall childhood cancer survival rate from 20% 50 years ago to 80% today. It truly is one of the biggest blessings in our area, and we are happy to support their efforts.
I appreciate your prayers and support! Heb 12:1
More families are taking the option of “in-law” quarters sooner in life than ever before. We work with some buyers looking at “in-law” options when their parents are only in their 60’s. There are many benefits to a “sooner than later” approach including reducing living expenses, sharing home responsibilities, and spending time with family. Your realtor can assist you in prioritizing specific needs for your family situation, but here are 3 general tips to consider.
- Start planning before it is time. Ideally, families will begin the discussion of combining households with ample time to agree on needs and priorities. When buying a home to accommodate the future possibility of an aging parent, be sure that your new home has a minimum of two large bedrooms and two full bathrooms downstairs. The second bedroom can be used as a guest room or office prior to being an “in-law” space. You may also want to consider aging in place features such as wide halls and doorways, easy home entry, and bathrooms that could be handicap accessible.
- Base budget on your income alone. A benefit of combining households is certainly cost savings by sharing expenses, but be certain of affordability for you and your family without using in-law funds. It is attractive to combine households to allow greater affordability of amenities with two income contributors vs. one. However, be sure you can afford the home on your own if it does not work out or if income (or health status) changes.
- Make personal space a priority and be sure gathering spaces are generous. Everyone needs their own personal space even if it is just a bedroom retreat. There has to be an understanding that sharing a home does not result in the loss of independence. Family members must to be able to “do their own thing,” or the arrangement will become burdensome. In addition, gathering spaces, including the kitchen, should be able to accommodate the entire family comfortably.
As with any home search, there is not a “one home fits all” option. Location, floor plans, features, and budget will vary widely based on your family’s situation. Your realtor will be able to help you think through the numerous options that can be made more complicated when combining households.
by Margie Mays, DC Team and Crye-Leike, Realtors Southaven Broker
Margie knows first-hand about the blessings and challenges of combining households. She shares a home with her sister and mother in Olive Branch, which is often filled with extended family for dinners, card games, and grandchildren sleepovers.
One of life’s key transitions affecting a family’s housing decisions is when children leave the nest. However, there is more to consider in downsizing than square footage and number of bedrooms. Here are 3 considerations for those beginning the process.
1. Consider downsizing sooner than later. We all expect our homes to be the hub of family gatherings. However, children will leave to have lives of their own, with busy schedules and options other than home for the holidays. Visits are often fewer than we imagine, and that’s ok!
You will be free to travel yourself, and a smaller home can give you financial freedom and lessen upkeep demands. When family does come to visit for holidays, a little overcrowded craziness should be embraced. The longer you keep a large family home, the more tempting it is for them to return after college to live… indefinitely. Depending on your family situation, you may want to begin the downsizing process earlier, even if all children have not left. This can help you financially as well as ease into the transition of your new life as an empty nester so that being in your family home without kids is not such a big adjustment.
2. Consider what life is going to be like when your home is not teenager-centered. Take some time to consider your family’s routine and how you use your home. You may be surprised how much time is dictated by your children’s activities. What will change when your children are no longer in the home? What are your “wish list” features?
Some questions to ask yourself:
Do I really want the upkeep of a large yard or pool? What outdoor space features are most important to my new life?
Do I need a large recreation room or will a keeping room or smaller bonus room upstairs be sufficient? Where will grandkids play one day?
Do I need a two story home, or is it time to keep most living space on the ground floor?
How often will spare bedrooms be used, and are there creative ways to accommodate guests?
Do I need exercise equipment in my home or just walking trails and a nearby gym? How important is a dedicated home office?
How much and what type of storage do I need? Just because kids go off to college, does not mean their stuff leaves with them! Of course, the more storage you have, the longer their stuff will stay.
3. Consider long-term needs. If you are looking for a home that will see you into your retirement, you will want to consider how your home will accommodate your lifestyle and priorities as you age. Long-term considerations include finances and budget, proximity to family, health and mobility changes, access to transportation, and home amenities that you will enjoy as you age.
Life will be different as an empty nester, but instead of being sad or depressing it really can be exciting and joyful. We spend so much time with our lives focused on our children… this life stage gives you the opportunity to make “you” and your spouse a priority again. Consult your Realtor who can show you the best options for downsizing and help you make the most of your new adventure!
Debbie and her husband, Kevin, have 4 children and 8 grandchildren. Their youngest leaves the nest this fall to attend Ole Miss.