If you’re thinking about selling your home, it's important to have a good understanding of what’s going on in the Madison County market.

Knowing the most important data such as the average sales price, number of homes sold, and days on market will better prepare you to sell your home.

Our market report showcases everything you need to know about local real estate trends.

108

New Listings

181

Active Listings

130

Under Contract

133

Closed Sales

Homes Sold

98.7%

Sale-to-List Price

$257,760

Average Sales Price

1.3

Months of Supply

19

Average Days on Market

$129

Average Price per Square Foot

When the COVID-19 outbreak took the world by storm in March 2020, there were many uncertainties. With all the chaos and unknowns, few could have predicted that the pandemic would ultimately spur one of the most competitive and tight housing markets in both U.S. and Canadian history. Between August 2020 and August 2021, home prices across the United States and Canada rose to record levels, with the U.S. housing market rising to a record of 19.9% and the Canadian housing market rising to a record 21.4%. 

While these prices have been a home seller's dream, it has also made buying a home much more difficult over the past year and a half. So, what can home sellers and home buyers expect to move in 2022? Will the market continue to rise, stay the same, or finally see a steady decline? Read on to discover more about all the predictions for the 2022 real estate market. 

Will the 2022 Real Estate Market Run Bullish or Bearish?

When it comes to predicting markets, you will always have experts on both sides of the discussion. So while some experts are predicting a bullish outlook for the 2022 real estate market where home prices continue to rise, others are predicting a bearish outlook where home prices will start to trend down. 

Of course, with home prices hitting record levels of growth, even faster than that experienced in the run-up to the 2008 financial crisis, the current market will not be sustainable forever. However, the question is not if the market will trend down, but when. Will the real estate market come to a crashing halt in 2022, or will it slow gradually? Check out all the expert predictions regarding the 2022 real estate market below. 

Will Home Prices Rise, Fall, or Stay Steady in 2022?

While there are many predictions regarding the 2022 real estate market, the general consensus is that the market will cool off in both the United States and Canada, but not by much. Fannie Mae predicts that the medium home prices will see a rise of around 7.9% between the fourth quarter of 2021 and the fourth quarter of 2022. While this would mark a fall in the current price growth of the market, it would still represent a strong growth by historical standards of the real estate market. Ultimately, Fannie Mae's predictions have the housing market returning to steady levels of price appreciation. 

In comparison to Fannie Mae's outlook on the 2022 real estate market, Zillow and Goldman Sachs are forecasting a much more bullish run while CoreLogic has put out a bearish prediction. Zillow has predicted home prices jumping 13.6% and Goldman Sachs even higher with a prediction of 16%. While Zillow and Goldman Sachs are seeing a world where home prices soar in 2022, the real estate data firm CoreLogic is predicting only a small 2.2% home price growth in the coming year. 

Ultimately, it looks like the 2022 real estate market will still strongly favor home sellers rather than home buyers. The supply of homes for sale is near record lows, and the gap between supply and demand is only widening. However, with the right real estate agent, finding a new home in 2022 is still certainly possible. 

The real estate market is busy right now. The pandemic has allowed people to rethink their lifestyles and look for more space. Technology has shown that many jobs can be done remotely, which opens up the potential for people to live further from their work. All these affect real estate sales, so if you are planning to sell your home in 2022, here's what you need to know.

1. Find a Good Real Estate Agent To Market Your Home

A lot of property research is done online these days, so having a best-in-class real estate company to market your home is vital. They should take professional photos, deal with inquiries and manage the selling process for you. They should have access to marketing tools that will get your home seen by thousands of people. Real estate agents will also accompany viewers to your home, which gives you additional security and selling power.

2. Prices Are Rising, But There's a Catch

If you are selling your home, the good news is that real estate prices are rising, and there is demand for homes with more space, such as an office. The downside to this is that if you are buying a home, you may not be able to afford what you could five years ago as the price has increased significantly. That's why it's very important to think things through and budget beforehand so you can work out whether this is the right time to sell.

3. Be Prepared for a Fast Sale

The demand for homes means that houses can sell faster than you think, so work with your agent to plan for what you will do if you do get a quick sale. You need to ensure all your documentation is up to date so it does not delay the selling process. Think through various scenarios such as putting your belongings into storage temporarily, renting a property while you research an area, or starting to look for your dream home. If you get a good offer, it would be a shame to decline it because you don't have a plan of where to go.

4. People Want Space

The pandemic has seen people confined to their homes, leading to a craving for more space. An important thing to do if you are selling is to radically declutter your home so it looks spacious, and anyone viewing it can see the potential for living space. If necessary, put some belongings into temporary storage to make your home clutter-free. Trends on a home buyer's wish list include open plan living and an office area. You don't need to do all that to your house, of course, but let a buyer visualize the potential. They can't do that if the place is cluttered.

5. Clean Areas Are Vital

COVID-19 also taught us the importance of keeping things clean. People looking at real estate today are looking for tidy homes with clean surfaces that can be wiped down easily. Give your home a deep clean after your declutter to look fresh and appealing. When your real estate agent markets your home, a clean space is more appealing to people.

People are also looking to avoid extensive renovations right now, so making sure your property is up to date with maintenance and warranties is essential. You don't have to do a complete renovation if you are selling. Just tidying the place and keeping it clutter-free makes a big difference.

6. Millennials Are Buying Homes

One of the trends affecting the real estate market is that Millennials are increasingly looking at buying homes. They do most of their research online and are not only looking for bigger and more up-market homes but want sustainability too. If you have solar panels or garden space where food can be grown, these trends appeal to millennials.

Have Housing Prices Peaked?

During the height of the pandemic, house prices rose significantly. While they are still high, there are indications that this has slowed. It is worth working with your real estate agent to market at the best price and be aware of the local trends if you are selling.

Interest rates remain low but could increase as a consequence of the financial recovery post-COVID pandemic, so getting the timing of your sale right is vital, and that's where a discussion with a real estate will set you on the right track. 

If you’re thinking about selling your home, it's important to have a good understanding of what’s going on in the Madison County market.

Knowing the most important data such as the average sales price, number of homes sold, and days on market will better prepare you to sell your home.

Our market report showcases everything you need to know about local real estate trends.

129

New Listings

116

Active Listings

134

Under Contract

144

Closed Sales

Homes Sold

98.8%

Sale-to-List Price

$230,247

Average Sales Price

1.4

Months of Supply

18

Average Days on Market

$127

Average Price per Square Foot

The cold breeze, the nippy air, the crowd of shoppers, and the festive decorations everywhere are sure signs that the holidays are coming. This holiday conjures a lot of tradition, and one of these is making a wish list. Children are busy writing their lists of things they want to receive from their parents and old Saint Nick, but the fun doesn't have to stop at childhood!

In 2021, home prices rose significantly, so if you're thinking about selling, it's a good time to put your house on the market (yes, even during the winter!). If your home could talk, what do you think it would want this holiday season to make it more enticing to potential buyers?

Here are some six things to add to your holiday wish list for your home:

1. A New Paint Job

If your home has been in the same color palette for a few years, a new fresh look will spruce it up for the holiday season and beyond! You can choose to repaint with your current color scheme. But if you want to be adventurous, you can select a new color palette and give your home a contemporary vibe. Your imagination only limits the color combination. You can turn to the internet for inspiration, but be adventurous and don't be afraid to try something new.

2. A Video Doorbell

Give your home some tech for the holidays with a video doorbell. A video doorbell gives you a mobile notification through motion detection when somebody is on your doorstep. It also shows you who is at your front door. They have crisp wide-angle videos so you can see who is at your door. Some also have microphones and speakers so you can greet your guests before you even open the door—no more surprises about who is at the door with this device!

3. New Windows

If your house feels drafty, you see some condensation in the window glass, or the windows look old and worn, giving your house new windows is a perfect thing to add to your holiday wish list. 

You can choose to replace your windows with the same style and design as your old ones. However, selecting a new design can give your house a new look. Keep in mind that if you want a new window design than what was previously installed, you'll have to consider things like the type of windows, the material, the kind of glass. 

4. A Deep Clean

Preparing your house during the holiday season need not be expensive. Sometimes all your house needs is a good, thorough cleaning. It can be as simple as unleashing your inner Marie Kondo and decluttering your house by getting rid of things you don't need. 

Then, you can start to vacuum and dust all the places you think need it. If you have carpets that have been worn over time, you can give them a good shampoo to restore them to their former glory. Of course, you can do this yourself, but if you want, you can also go the professional route and have someone come clean your house. If you're going to go the extra step, you can also update your cleaning supplies and tools in the house by getting a new vacuum or a steam mop.

5. Solar Roof

If your house has been extra good to you and your family this year and you want to splurge, you can look into getting a beautiful (and energy efficient) solar roof for your home. A solar roof is composed of a series of solar panels, each one looking like a regular roof shingle. With a solar roof, the house makes its electricity and saves its occupants money from electric bills. It also boosts your home’s curb appeal and gives it that little extra oomph to make it stand out from all the other houses in the neighborhood.

6. A New Sofa

If you've wanted to get a new sofa for a long time, this holiday is an excellent excuse to gift your house with one. There's nothing like a fresh, comfortable sofa to add to the home's appeal. With so many year-end sales going on, you'll be able to find a great deal! If you're thinking about selling your home, you'll, of course, be able to take your new sofa with you, and you may even be able to use it while staging your current home.

Thinking of selling? Want to refinance your home?

If so, the first thing you're probably asking yourself is, how much is my house worth?

There is no shortage of online home value tools in today's digital world, but how accurate are they? 

To calculate the actual value of your home, you must consider a broad spectrum of factors. Here's what you need to consider, plus how to get started!

How Much Is My Home Worth?

Wondering what your house is currently worth?

The quick answer is: whatever someone will pay for it. 

A more comprehensive answer will depend on several variables, including what's happening in the housing market, particularly in your area. For example, is the demand for houses high but supply is low? In this case, you are likely in a seller's market. What your home was worth a year or two ago may no longer represent its current value. 

When supply and demand are not balanced, values become more of a challenge to determine. 

So, how do you find out what the value of your house is?

You lean on tools and industry experts to paint a clear picture. This leads us to our next question — is one more favorable than the other? How accurate are online valuation tools, and how do they stack up to working with a local industry expert?

How Redfin and Zillow Value Your Home

If you search "how much is my house worth?" online, you will get dozens of hits, showcasing the top home value estimators. According to NerdWallet, 22% of homeowners in the United States determine the value of their home using this method. The technical term for these tools is "automated valuation model."

Two of the big players in this space are Redfin and Zillow. 

These tools leverage the data available from public records, such as tax assessments and property transfers. Using mathematical modeling, these tools aim to predict the value of your home based on the most recent listing prices and sales in your area. 

Both companies are transparent concerning their national median error rates. For example, Redfin reports that its current median error rate is just 2.72% for houses for sale and 6.79% for off-market homes. This means that the estimate is within these margins of error half the time. So, for when a home is on the market and sells, Redfin's estimate will be within 2.72% of the sales prices half of the time. 

In comparison, Zillow reports that its national median error rate for on-market homes is 1.9%, and for off-market homes, that error rate increases to 6.9%. 

The issue here is that a median national error rate does not represent your local market. So, the error within your local real estate market may be better, or far worse, than the advertised national medians. 

The Pros and Cons...

Both Redfin and Zillow are easy-to-use and convenient, but the price you pay for that is low accuracy. There have even been instances where homeowners (unsuccessfully) sued Zillow because the estimates were so far off. 

Both of these companies warn users that the estimates provided should be used only as a starting point. The figures provided are not appraisals — they are simply algorithm-based computer estimates. They should certainly not be used as part of a bargaining strategy when selling or buying a home. 

They are good "estimate tools" — they are not all-knowing tools. 

Pros 

Tools like Redfin and Zillow are good starting points, giving you some insight into what you can expect from your journey ahead.

The figure you receive can then be discussed with a local industry expert to determine if you can ask less or more depending on a more comprehensive analysis.

Cons

Online home value tools only consider certain factors because they do not often have access to the same information that a local real estate database has. This lack of information creates skewed results. This means you will only get a partial estimate, resulting in a figure that isn't accurate.  

These tools are not ideal when dealing with fast-moving markets, especially when homes are selling in a matter of days. That is why an estimate on Redfin may significantly differ from the one you got on Zillow. 

Nothing Beats Working With a Local Real Estate Agent

Online home value tools can provide a good starting point, allowing you to get a ballpark estimate. However, there isn't any substitute for a local industry expert. Unlike most third-party real estate sites, local real estate agents have access to the information you need to ensure greater accuracy.

Your local real estate expert will dive deeper than Redfin or Zillow, providing you with a comparative market analysis. They will also be able to give you a more accurate value based on when your house was last renovated, the condition of the property, the type of view you have, the amount of natural light inside, and the list goes on. These are the type of key variables that online estimate tools and the algorithms responsible for estimated values miss.

The #MARCUMsold Show, Season 3, Episode 18: Giving at Hospice Care Plus 

🏡 On this week's #MARCUMsold Show, Amanda interviews Brenna Wallhausser of Hospice Care Plus and they discuss how you can give back this holiday season.

#MARCUMsold #GivingTuesday #Volunteer #GivingBack #MyRichmond #BereaKY #BHHSFosterRealtors #GoodToKnow #Zillow

Catch up on our past episodes of The #MARCUMsold Show!

With the holiday season upon us, it's time to reflect on the year and show gratitude for another year well-lived. While there's always something to be grateful for, whether it be friends, family, or a delicious pumpkin pie, today we'll discuss some of the top reasons homeowners have to be thankful as 2021 comes to a close. Read on to learn more!

While the last couple of years have been difficult for many around the world, there are still many reasons to be grateful this holiday season. Check out the top five reasons homeowners can be grateful as another year comes to an end.

1. Living Out the American Dream of Home Ownership

Even in 2021, homeownership is still considered the pinnacle when it comes to realizing the American Dream. So if you're fortunate enough to be a homeowner in 2021, that is definitely something to be grateful for.  

2. Historically Low-Interest Rates

For first-time home buyers, 2021 stacked up to be a great year to become a homeowner. With historically low interest rates, obtaining a home loan and securing low-interest rates was highly achievable. For first-time homeowners, these historically low-interest rates are definitely something to be grateful for as the year comes to an end.  The low-interest rates also helped those wanting to refinance their homes or make improvements, so the low-interest rates for all homeowners is something most homeowners are very grateful for.  

3. The Ability to Live How You Want, Where You Want

Another reason homeowners should be grateful this year is that owning a home affords them the ability to live how they want and where they want. Unlike renting, homeowners have the freedom to decorate, remodel, have pets, and more, all without getting approval from a landlord. This freedom of living your life where you choose and being able to make changes to your environment that enhance your daily living desires is definitely something to be grateful for as a homeowner in 2021.

4. A Place to Celebrate Milestones With Friends and Family

With the holiday season upon us, having a place to celebrate with family and friends is another great reason to be grateful as a homeowner in 2021. There's nothing better than bringing the loved ones together to have a special holiday dinner where memories will be made that last a lifetime.

5. A Safe and Secure Place to Call Home

A final yet essential reason to be grateful as a homeowner in 2021 is that your house provides a safe and secure place for you and your loved ones to call home.  Regardless of what's going on in the world, there's nothing quite like knowing you have a safe place to come back to at the end of a hard day. 

Overall, there is much to be grateful for as a homeowner in 2021!

Are you looking to become a first-time homeowner? Or maybe even looking to sell your current house and find a new place to call home? Well, if any of the above scenarios sound like you, it's time to check out your home selling and buying options.  

The #MARCUMsold Show, Season 3, Episode 16: Amanda Visits The Madison County Humane Society. 

🐕  🐈 On this week's #MARCUMsold Show, Amanda interviews Jan Barnes of the Madison County Humane Society and highlights their work in the county. They also discuss ways you can help support this cause. 

Madison County Human Society is located in the Wallingford Building at 128 Big Hill Ave, Richmond, KY.

Mailing address: PO Box 2096 Richmond, KY 40476 

Email: info@HumanSocietyall.com 

Website: www.humansocietyall.com

#MARCUMsold #CASA #Community  #BereaKY #BHHSFosterRealtors #GoodToKnow #Zillow  #RichmondKY

Catch up on our past episodes of The #MARCUMsold Show!

People sell homes for a huge range of reasons...

The reason that you want to sell your home could influence the approach you take to selling. For example, you might feel comfortable letting your house sit on the market for several months when you simply want to move to a different neighborhood. If you need to relocate for a job or to live closer to family, though, you might feel more pressure to sell your house quickly.

No matter why you want to sell your home, a Realtor can help you get the best price within a time frame that works for you.

They Plan to Relocate to a Different City for Career Opportunities

More than 49% of people say that they want to move for career advancement opportunities. Relocation for work is the most common reason people sell homes. A person living in City A might consider moving to City B when an employer offers to pay them a significantly higher salary or let them work on exciting projects.

Moving for a job opportunity usually applies to certain demographics more than others. About 40% of people who move for new jobs are between 25 and 34 years old. This makes sense because recent graduates often leave their college towns to find employment in other cities.

Since 26.44% of employers assist with moving expenses, young professionals can start their careers or move into management positions without spending money on the relocation.

Nearly 37% of people between ages 35 and 54 move for new job opportunities. Importantly, about a quarter of home buyers are in their 30s, and the average home buyer is 45 years old. Many of these people need to sell homes quickly so they can relocate and purchase property in a new city. Paying two mortgages at the same time would cause significant financial strain, so it’s imperative to sell as soon as possible.

They Need Larger or Smaller Homes to Match Their Needs

The housing needs of a family can change dramatically over the decades. A single person may only need a small home with one or two bedrooms. A couple may want a slightly larger place to live. Couples frequently sell their “starter homes” when they have children or change their lifestyles.

A couple of decades later, people may find themselves in the opposite situation. Now, they may want to sell homes, so they don’t need to care for such large properties. Additionally, downsizing often means spending less money on property and taxes. As people near retirement, they recognize the benefits of selling larger, costlier homes in favor of smaller homes with lower values. (Lower property values lead to paying lower property taxes in most places.)

They Want to Live Closer to Loved Ones or Amenities

Life can take you all over the world. Eventually, though, you might want to return to your hometown or explore other amenities that cities and states have to offer. About 50% of people say they stay in their hometowns because they want to remain close to family. It makes sense to assume that plenty of people also move back home for the same reason.

They Don’t Like How the Neighborhood Has Changed

A neighborhood’s personality can change a lot within just a few years. As new businesses and people move into the area, your community might start to lose some of the characteristics that attracted you when you bought your home.

Maybe you bought an apartment downtown because you loved the hustle and bustle. Now, you find that the events you enjoyed tend to take place in the suburbs. You might decide to sell your house and move closer to the action.

The opposite is true for other people. Maybe you bought a house in a quiet suburb because you didn’t want a lot of neighbors. Now, the area’s population has grown, and you would like to relocate to a more rural spot.