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    I’ve Owned My Home For A Few Years: Now What?

    It’s not going to be news to anyone who plans to sell their home this year: The 2020 real estate market has been shaken...

    • Ken Schwartz
    • September 15th, 2020
    • 4 min read

    It’s not going to be news to anyone who plans to sell their home this year: The 2020 real estate market has been shaken up completely by all the noteworthy events that have happened (so far). In many areas, the changes have favored sellers so far. Low inventory and interest rates continue to bring out buyers, leading to very fast sales. 

    For sellers, though, the “new normal” of 2020 might be short-term. (We'll always will keep you in the loop on what you need to know.) What’s more important to focus on isn’t what has changed this year, but in the past several years. Here’s what to think about if you’re considering selling after owning it for a few years:

    The Time To Address Home Maintenance Is Now

    The five year mark tends to be when key maintenance issues pop up.

    For instance, if you haven’t touched your HVAC system in this time period, it might already be due for replacement (or at least significant repairs). Water heaters are another likely candidate for replacement, especially if there have been significant changes to code requirements.

    A few years of weather also brings exterior problems, especially for your roof and gutter systems. Inside, wear and tear can be noticeable, particularly for flooring. If you have wall-to-wall carpet, expect to change it out for a fresher look. Paint colors — particularly beige hues and light neutrals — can often take on a yellow cast that can look dingy. 

    Prioritize projects according to your budget and the severity. A buyer can overlook less-than-perfect paint, but not a leaky roof or failing AC system. 

    Your Home’s Value Has Changed

    Of course, this is where the 2020 market comes into play.

    Since we've seen an uptick in buyers and lightning-quick sales, then you might be pleasantly surprised by our pricing strategy (and the comps that inform pricing). However, timing is everything: If mortgage rates increase, more listings hit the market or a shift in the economy happens, prices can take a hit. 

    While we all wish we could have a crystal ball to see where the market is heading, focus instead on what you can control to positively impact your home’s value. No matter where the market is headed, buyers are always interested in a home that is well-maintained and staged to show off its best features. While you’re addressing the aforementioned “five-year” issues, take the time to do a thorough decluttering (rent a storage unit if necessary) and ask us about a staging strategy.

    Buyer’s Tastes Have Changed

    In terms of home design, what may have caught your eye a few years back might already look out of date. 

    Trends have shifted dramatically for interior design as younger buyers enter the market. For instance, dark cabinetry and appliances have made a surprising comeback. Buyers also have stronger opinions about appliances that go beyond the cosmetic, favoring higher-tech options in the kitchen. 

    Further, there’s a dramatic change in how we live. Many workplaces have gone fully remote (indefinitely), making the home office more important than ever before. Features that were often considered “bonus” — media rooms and outdoor entertaining spaces — take on a whole new meaning after the experience of spending months cooped up indoors.

    What Buyers Are Looking For

    If you’re selling your home soon, you know how important it is that your home is in tip-top shape, but before you tackle any projects consider the features that buyers are actually looking for right now.

    Read the Blog

    The Real Question: Are You Ready?

    Purely looking at the numbers, five years is when you might notice that you have more equity in your home. The more equity you have, the less of an impact closing costs may have on your financial situation. 

    However, the biggest indicator that you’re ready to sell goes beyond a calculation. Meaning: A lot can change in five years, especially when it comes to your life. You might have gotten married or divorced, had children or became an empty nester, or your job has changed in a way that your commute no longer matters. Regardless of how the world has changed or what may change, the bottom line is that your home needs to fit your needs. 

    Let's Talk About You

    If you're considering selling your home, or if you're just curious about what it might sell for, click below to schedule a call.

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    About the author

    Ken Schwartz

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    Since 2008, I have been helping clients reach their goals, and doing so in the most professional fashion possible. I graduated with a Bachelor’s Degree in Mechanical Engineering from the University of California at San Diego in 2008. After working in the field for a short time, I found my true calling in Real Estate. My ability to talk with people and problem solve made real estate a perfect fit for me. I obtained my Real Estate License in 2008 and have worked in the industry ever since. My previous experience includes Property Management and helping clients Buy or Sell their home. In 2012 I received my Real Estate Brokers license and have recently joined the team at CENTURY 21 Affiliated. When I'm not out selling homes, I love spending time with my wife and 4 french bulldogs. I also play in an adult baseball league, which helps fulfill my competitive nature. Having played baseball in high school, it is a great extension to my glory days. Thankfully San Diego has such great weather, we can play year round. My expertise in the San Diego market and the outstanding resources of CENTURY 21 Affiliated give my clients the satisfaction that I can provide them the best quality service out there. A Real Estate transaction can be a stressful time, but it doesn't have to be. We do everything we can to make it as smooth as possible, while delivering our clients the best value and helping to build their personal wealth.

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    Ken Schwartz Real Estate

    Ken Schwartz | CA DRE #01854235 | NMLS 2461429

    2020 Camino Del Rio N. Suite 800, San Diego CA 92108

    2020 Camino Del Rio N. Suite 800, San Diego CA 92108

    Call Us:

    858-500-2195

    Message Us:

    [email protected]

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