NAR Lawsuit changes take effect today! Here is what you need to know.

Don’t stress about the NAR suit, I’ve got you covered!

The new regulations from the NAR lawsuit take effect today. There is A LOT of confusion around this topic because, hey it’s confusing!! Agents who are educated and are educating about what is happening will be the ones helping their clients win now and into the future. If you are thinking of buying or selling, or know someone who is. Please contact me. I will help you navigate these changes with confidence and clarity. Here is a brief summary of what you need to know.

508-962-4069 | homesbykellywhite@gmail.com

If you are a seller:

Not too much has changed for sellers. Fees offered to the buyer's brokerage have always been negotiable, however before typically you paid the total amount of commission due to your listing broker and they would pay a portion to the buy side. Now, going forward in most instances, you will pay the buyer broker directly from your proceeds at closing. I encourage all sellers to continue to offer compensation to the buy side. Why? There are A LOT of reasons for this, so give me a call and I will review it with you live on the phone or we can discuss it over coffee. I love coffee....

If you are a buyer 

Things look a bit different from before. The compensation that a seller may be offering towards the buy side agent fee is no longer being specified on the MLS so that will require your agent (me!) to communicate with the listing agent in advance to confirm what (if anything) they are offering. This will be a case by case basis. The good news is, that step is already part of my offer protocol because forming a relationship with the seller's agent is key to building trust and helps to get your offer accepted! Once we know what (if any) fee is being offered by the seller, that will help us craft our offer to ensure there is as little out of pocket cost for you as possible. If the seller is offering less than the buy side fee we can always write that amount into the offer as a credit or roll it into your closing costs. Don't worry, we got this! Last thing is the NAR is requiring a buyer agreement be signed at the first stages of the agent-client relationship, however this agreement is also completely negotiable so don't let the paperwork scare you. I will review it with you in detail before we sign and answer any questions you have.

I'm pleased to announce my new fee structure below. I love operating in total transparency so there are no surprises. No one likes real estate surprises!

• Buyer agency fee: 2.5% of gross sales price.

• Listing fee: 3% of gross sales price (Why? There are more out of pocket expenses with listings because I offer comprehensive marketing, if you want a breakdown of these costs let's chat).

• If you buy and sell with me within the same year, I will reduce the fees on both sides by .5%

• Early Bird Special! If you sign an exclusive agreement with me on either the buy or sell side between now and the end of the year (12/31/2024) for the duration of 2025, I will reduce either side (or both) by .5%.

That's it! Hopefully this helps clear up any confusion you might have had around this topic and as always please contact me with any questions. My cell phone remains the same (508) 962-4069.

Rates have dropped! Time to act is now before inventory reduces further!

For those who were waiting for the rates to drop your patience has paid off! As of yesterday, the rate for a 30 year mortgage dropped to 6.73% the lowest it has been since early February of this year. This also coincides with the what we traditionally see as the “last breath” of the busy season in the New England housing market. Usually, by the end of September inventory is starting to drop and most people will wait until the following spring to list. What does this mean for buyers? This is the time! If you are looking to get into a home this year, it is a perfect opportunity to lock in your rate and get serious about home shopping. If rates continue on this downward trend of course there will be more buyers in the market and the already fierce competition for homes will increase even more as inventory starts to decline. If you want more information or further explanation please feel free to reach out. I am happy to answer any questions.

Kelly White 508-962-4069

When is the best time to sell in Massachusetts?

1. Best Time to Sell Your House for a Higher Price

June, July, and August are the best months to sell your house in Massachusetts. The median sale price of houses in July 2023 was $647,400, which is expected to rise in 2024.

2. Best Time to Sell Your House Quickly

Again, June and July are the best months to close your house sale quickly. During these months, homes spend an average of 18-20 days on the market, which is 10-15 days less than the rest of the months.

Fewer days on the market are considered an indicator of a seller’s market. However, people who have to move due to job relocation tend to do it during November and December. Such sellers are usually eager and have strict home-selling timelines.

3. Best Day of the Week to List Your Massachusetts House

Thursday is the best day as 21% of homes across the nation are listed on Thursday and get better exposure. Homes listed at the start of the week had to stay longer on the market.

People searching for houses often attend open houses on the weekends. If you want to take advantage of the time game, list your home on Thursday. This gives potential buyers a chance to see the open house advertisement to ensure the best attendance and usually more offers.

4. Best Season to Sell Your House in Massachusetts

Late Spring to early Summer is the primary housing season of the year. If you have time flexibility, listing your home in late spring or early summer can yield quicker sales and higher profits.

These seasons are ideal for three advantages:

• Families can settle without disrupting their kids’ schooling.

• Fall and winter are busy seasons, leaving little time for house-hunting.

• Summer offers longer daylight hours and better weather, which is ideal for scheduling house showings.

But winter still holds an opportunity for a home sale in warmer regions. Buyers visit Massachusetts to invest in a second home for their holidays.

Is Now a Good Time to List a House in Massachusetts?

Yes, this is the right time to list your Massachusetts home to sell. Spring is here and the summer season will be an excellent time for home sellers.

If you want to sell your house in Massachusetts quickly and for higher profits, enlist the help of a Realtor who can market it on the MLS. Houses listed on the MLS sell for 17.5% more than those off the MLS.

Article provided by Houzeo.com

Five Ways To Build Your Home's Equity

these tips can help you build your home’s Equity ensuring you get the most cash out when it’s time to sell!

Whether you currently own a home or are thinking of purchasing one, you may be looking for ways to build equity. Home equity is the overall difference between the amount you owe on your mortgage loan and your home's market value. Home equity can be used to take out a loan, invest, build long term wealth or sell your home for more than you owe and keep the profit.

The equity you have access to will increase as you make payments that pay off your mortgage balance. It can also grow when your home's value increases. The following details five of the quickest ways to build home equity.

1. Make a Larger Down Payment
The simplest and quickest way to build equity in a home is to make a large down payment when you first buy the property. The down payment you make is immediate equity. Let's say that you're buying a home for $200,000. With a $10,000 down payment, you'll owe $190,000 on the mortgage and have $10,000 in equity.

If you can afford it, you could instead choose to make a down payment of $40,000, which means that you would owe $160,000 on the mortgage and have $40,000 in equity when you first move in. Keep in mind that a 20% down payment will also remove the private mortgage insurance requirements for conventional loans, which is an added benefit.

2. Make Mortgage Payments More Often
Only a percentage of the mortgage payment you make each month is put towards the principal of your house. The remainder of the payment goes towards interest and taxes. When you make additional payments or provide a payment that's higher than the minimum amount, you are putting more money toward the principal and increasing your equity.

3. Consider a 15-year Mortgage
If you take out a 15-year mortgage as opposed to a 30-year one, your monthly mortgage payments will be significantly larger. When you take this approach, you’ll be paying off more of the principal each month, which will help you build equity quicker. You'll also pay less interest over the course of the loan.

If you've already purchased your home, you could decide to refinance the mortgage loan, which would allow you to switch from a 30-year loan to a 15-year option and build equity faster. Make sure that you can afford the higher monthly payments before choosing this solution, and make sure you take current interest rates into account as well.

4. Invest in Home Improvement and Remodeling Projects
You can also build equity in your home by investing in home improvement and remodeling projects that will increase the home's value. The most popular renovations include kitchen and bathroom remodels. Make sure that you select projects that will get you the best return-on-investment (ROI). Reach out if you want to discuss projects with the highest ROI in our area.

5. Use Gifts and Windfalls
Consider building equity by using any gifts or windfalls you receive to pay down the balance of the loan. Do you receive birthday or holiday gift cards? If so, these can be converted to cash and added to your mortgage payment. The same is true of any inheritance you receive.

Building home equity gives you financial security and allows you to prepare for your future. By making a large down payment, paying more money each month, and improving the quality of your home, you can build equity relatively quickly.

Spring Market Forecast? Calm but Competitive

Well here we are, the first day of spring and already we have some forecasting arising about what this spring market will hold in store for us.

The fast-approaching spring home shopping season should feel a bit calmer than in recent years. Shoppers can expect competition for well-priced homes, but without the crowds of buyers that packed open houses like they did in 2021 and early 2022, according to a new Zillow analysis. “Affordability will still be a challenge for many buyers this year, but sellers who price and market their home competitively shouldn't have a problem finding a buyer,” said Zillow senior economist Jeff Tucker. “The slight drop in mortgage costs since October should revive demand after last fall’s slump, especially in more affordable markets and neighborhoods, but we are unlikely to see competition approach the fever pitch seen in the last two years.”

Mortgage movement sets the stage

The market cooled dramatically in the second half of 2022, amid rising mortgage rates and two straight years of red-hot competition. But as mortgage costs bumped down from their peak in the fall, sales returned. Though sales still remain below where they were a year ago, they’ve rebounded significantly over the past few months.Buyers today are typically spending roughly 31% of their household income on a mortgage — $1,595 a month — after a 20% down payment. That’s $170 a month below the 34% of income required in October, but far above the 20%–22% they were spending in the ten years before the pandemic — the monthly cost of principal and interest was less than $900 in January 2019.

Still, even while affordability affects the share of households looking to buy, demographics are contributing to demand through sheer numbers. Zillow’s 2022 national consumer survey found the median age of the first-time home buyer was 35 years old. The youngest members of the massive Millennial generation are now entering their late 20s, the oldest are approaching their mid-40s, and the bulk will soon be hitting prime first-time home-buying milestones.

Spring outlook and what it means for buyers, sellers and prices

There are as few homes for sale to start the year as there were in 2021, which, at the time, was a new record for scarcity. But the market is far from the white-hot demand-side conditions of early 2021 and 2022, when ultralow mortgage rates triggered bidding wars over most listings.

Buyers should expect competition — especially in more affordable markets like Cincinnati and St. Louis — and at lower price points. Buyers will mostly be motivated by the life transitions that have always triggered home purchases — new jobs, marriages and births — and less by the deal of a lifetime on mortgage rates. On the seller side, well-priced, well-marketed homes will receive attractive offers during their first weekend on the market, but many listings will take longer and will need price cuts to sell. Last month, 22% of listings saw a price cut, more than any January since at least 2018.

Buyers and sellers waiting for home prices to either plunge or skyrocket will be disappointed. Instead, prices are forecast to move on a slow, boring trajectory like they have historically, and inch a little higher in the spring after seasonal winter lows.

While heat in the housing market has ticked up in the past few months, there’s no guarantee it will continue along this path. The courses of inflation, unemployment and especially mortgage rates will determine what comes next.

Mortgage rates will affect both demand and supply significantly. If rates move lower, toward 6% or below, they will bring more buyers into the fold and make it more palatable for homeowners to sell, increasing supply. If rates hover in the upper 6% range or above, buyers may once again put their house hunt on hold.

Tucker said, “The housing turnaround since November has coincided with what are typically the weakest three months of the year — forecasting the future off that can be dicey. The economic news from earlier this winter raised hopes for a soft landing of the economy and housing market, but the risk of renewed inflation or even a recession is still significant, and either would have a serious impact on the housing market.”

Author: Brenda Richardson- for FORBES Magazine

It has been a seller's market for so long, now buyers can finally start to win! Here's why!

What Is A Buyer’s Market?

A buyer’s market occurs when supply exceeds demand. To put it another way, real estate inventory is available but there’s a shortage of interested home buyers. These conditions give buyers leverage over sellers because when supply is higher and demand lower, the market is forced to respond.

In a buyer’s market, real estate prices decrease, and homes linger on the market longer. So, sellers must compete with each other in order to attract potential buyers. Typically, sellers will drop their asking prices to gain an advantage in the market. Furthermore, they are much more willing to negotiate offers to prevent buyers from walking away.

Tips For Buyers

A buyer’s market is the ideal time to purchase a new home because prices are lower and there are fewer buyers to compete with. Even with the higher rates, if you pay less for the home overall, you are still winning!

• You can take a bit more time. During a buyer’s market, you can take a bit more time to make decisions because there’s less of a concern about losing out on a property you’re interested in. Gone are the days of every listing selling within a day or two of hitting the market. That being said a well priced, well cared for home will still go quickly, so waiting too long is ill advised.

• Know what’s available. See as many properties as possible before making an offer. Knowing what’s available on the market is highly beneficial, because it will not only help you ensure that you find your ideal home but also afford you a greater ability to negotiate price.

• Analyze comparable properties. Becoming familiar with comparable properties (comps) on the market is key to negotiating effectively. By analyzing comps, you can use their pricing to your advantage. On top of doing the research yourself, a real estate agent or REALTOR® can help you analyze comps based on up to the minute market trends.

Let’s say you’re interested in a three-bedroom house with an asking price of $700,000. If you find that there are a dozen similar three-bedroom homes priced at $550,000, you know the house is likely overpriced in the current market.

• Pay attention to days on the market. The longer a home has been available, the more power you’ll have negotiating for a lower price. Even if you don’t ask to lower the price significantly, you can still negotiate for contingencies, seller concessions and repairs.

Tips For Sellers

If you find yourself selling your home during a buyer’s market, do everything you can to make yours stand out.

• Make some needed repairs. Since there are more properties for buyers to choose from, you’ll find that they can be pickier. You’ll want to do any necessary repairs before putting your home on the market and consider making minor improvements.

• Clean and depersonalize your home. Spend a lot of time considering how others will view your property. If buyers can’t envision themselves living in your home, they won’t make offers. So, do a deep clean of your home, get rid of any clutter and touch up your landscaping in preparation. As you clean and stage your living space try to depersonalize. Don’t display too many family photos or souvenirs which can make it hard for buyers to picture themselves there.

• Market it like a pro. Your marketing will matter even more than it would in a neutral or seller’s market, so make sure you have stellar, professional photos taken of your property. If your home will be vacant or your decor is dated, it’s a good idea to hire a stager. With the assistance of a professional, you’ll be able to transform your rooms, so they look cohesive and polished.

• Price it competitively. It’s crucial that you ensure your home is competitive by pricing it to sell. Survey similar homes on the market to see what they’re asking. Make sure your list price is either on par with or lower than the comparable homes in your area. And when you do get an offer, make sure that you judge it fairly. Since you have less power to negotiate, you should consider offering to pay a portion of the closing costs and for any repairs requested.

Article by Rachel Burris of Rocket Mortgage, published October 13, 2022.

Why fall and winter might be the best time to list!

Everyone knows the spring and summer months are a great time to list your house. The market is buzzing and buyers are active. However as the below article by Kyle Hiscock explains, fall and winter might be an even better time. Why? Here are some advantages you may not have thought of:

• Less houses on the market means less competition for you. In addition to that obvious perk, the buyers that are shopping are more serious. There is a reason they are looking in the off season and they are likely to be highly motivated. During the summer months you are more subject to buyers who are casually looking or just curious.

• Using holiday staging to your advantage. Sure the flowers may be gone and the trees are getting bare but there is something about a freshly snow covered house, maybe dotted with glowing lights that is enchanting. Decorating for the holidays inside also helps buyers picture themselves in the home, celebrating with their families.

• Mortgage rates are still extremely reasonable and during the off season banks are less inundated with applications, so processing times are likely to be faster, resulting in quicker closings.

Below is the entire article. If you'd like to discuss why the fall/winter might be an optimum time to list your home and the best way to market your property to the buyers currently in the market, please be in touch! I'd love to have a conversation and find out how I can help you discover your real estate possibilities.

Kelly White, Realtor,

508-962-4069 | kelly.white@raveis.com

Should I Sell My Home Now or Wait Until the Spring?

By Kyle Hiscock

There are many questions homeowners ask themselves during the selling process. "How much will my home sell for?"  "How much should I list my home for?"  "Who should I select as a real estate agent to sell my home?"  "What if the real estate agent overprices my home?" Last but not least, "Is this a good time to be selling a home?" is also a very common question that real estate agents are asked.

As with every decision in life, there are pros and cons, and choosing when to sell a home is no different. There are many factors that need to be taken into consideration before deciding when to sell a home. Many homeowners believe selling a home during the fall or winter months is not a good idea and that the spring is the only time a house should be sold. This is the furthest from the truth. Certainly most real estate markets across the United States experience a "spring market rush" every year. There is no doubt that the "spring market" is a great time to be selling and buying real estate, however, the fall and winter seasons may be the best fit for you for many reasons.

Here are several reasons why choosing to sell your home now may be a better decision than waiting until the spring:

Less Competition
One way that you can tell the spring real estate market has arrived is by driving down a street in your local community. In all likelihood there will be For Sale signs up all over the neighborhood! One great reason to sell your home now and not wait until the spring market is there is sure to be less competition.  The fewer number of comparable homes for sale, the greater the probability that a buyer will look at your home.

Simply put, it’s the supply and demand theory. If there are less homes for sale, there are less homes that a potential buyer can choose from, therefore increasing the demand for your home. Not only will less competition increase the probability for showings, but it will also increase the probability that an offer will be received and you will get the maximum amount of money for your home.

Serious Buyers Are Out There
Homes are sold and bought 365 days a year, period!  Many homeowners believe that buyers aren't out there during the fall and winter months. This simply is not the case. Serious buyers are always out there!  Some buyers may stop their home search because it is the fall or winter, but serious buyers will continue to look at homes, no matter what time of year it is.

The fall and winter months are also a great time for a potential buyer to see what a specific neighborhood is like.  Do your neighbors have pumpkins on their front step?  Are there lots of Trick-or-Treaters wandering the neighborhood on Halloween?  Do any of your neighbors have any light displays for the holidays?  There are buyers out there who will look at these types of things when determining whether your home is in the right neighborhood for them or not.

The Best Agents Are Always Up To The Challenge
Any real estate agent who tells you that the fall or winter months are a bad time to sell is not someone you want selling your home! A great real estate agent will know how to adapt to the current season and market their listings to reflect that.  A great real estate agent can make suggestions and give some of their tips on how to sell a home during the fall or winter seasons. If a real estate agent doesn't have any suggestions on making your home more desirable for the current season, you should be concerned about the creativity they are going to use when marketing your home.

Staging For The Holiday Season
Many sellers believe staging a home is the main reason a home sells.  While staging certainly helps sell homes, some buyers have a difficult time envisioning themselves in a home no matter what you do. However, there are some buyers who can easily be "sold" on a home because it is staged.  Simple “seasonal” staging such as adjusting the color of the decor or having an aroma in the air that is relative to the time of year can go a long way with some potential buyers and possibly be the difference between a home selling or not.

Mortgage Rates Are Low
If you've read about real estate in the past year, it's likely you've read that the mortgage rates are very low.  You also probably read that there is an expectation that the rates will increase very soon. Since mortgage rates are so low right now, buyers are able to afford more expensive homes.  If mortgage rates increase over the fall and winter months while you're waiting for the spring market, it could cost you thousands of dollars as it could eliminate many buyers from the real estate marketplace!  Less demand for your home will mean less money. Bottom line: take advantage of selling your home while the rates are this low.

Quicker Transactions
Right now, there are fewer real estate transactions than there will be in the spring.  The fewer number of transactions means the mortgage lenders have less loans to process, attorneys have less closings to do, and home inspectors have fewer inspections to do.  All of these factors should lead to a quicker transaction and closing for all the parties involved.  One of the most frustrating things for a seller to deal with while selling their home is not getting answers in a reasonable amount of time. A quicker transaction is going to be less stress for you.

By considering all of the reasons above, you will be able to determine whether now is a good time to sell or if you should wait until the spring.

Kyle Hiscock is a real estate agent with Nothnagle Realtors, based out of Rochester, N.Y