The rise in foreclosures and bankruptcies isn’t cause for concern. They’re just approaching more normal levels. Have questions about what’s happening in the market? Let’s connect.
Don’t Believe Everything You Read About Home Prices in Prescott
Don’t Believe Everything You Read About Home Prices
According to the latest data from Fannie Mae, 23% of Americans still think home prices will go down over the next twelve months. But why do roughly 1 in 4 people feel that way?
It has a lot to do with all the negative talk about home prices over the past year. Since late 2022, the media has created a lot of fear about a price crash and those concerns are still lingering. You may be hearing people in your own life saying they’re worried about home prices or see on social media that some influencers are saying prices are going to come tumbling down.
If you’re someone who still thinks prices are going to fall, ask yourself this: Which is a more reliable place to get your information – clickbait headlines and social media or a trusted expert on the housing market?
The answer is simple. Listen to the professionals who specialize in residential real estate.
Here’s the latest data you can actually trust. Housing market experts acknowledge that nationally, prices did dip down slightly late last year, but that was short-lived. Data shows prices have already rebounded this year after that slight decline in 2022 (see graph below):
But it’s not just Fannie Mae that’s reporting this bounce back. Experts from across the industry are showing it in their data too. And that’s why so many forecasts now project home prices will net positive this year – not negative. The graph below helps prove this point with the latest forecasts from each organization:
What’s worth noting is that, just a few short weeks ago, the Fannie Mae forecast was for 3.9% appreciation in 2023. In the forecast that just came out, that projection was updated from 3.9% to 6.7% for the year. This increase goes to show just how confident experts are that home prices will net positive this year.
So, if you believe home prices are falling, it may be time to get your insights from the experts instead – and they’re saying prices aren’t falling, they’re climbing.
Bottom Line
There’s been a lot of misleading information about home prices over the past year. And that’s still having an impact on how people are feeling about the housing market today. But it’s best not to believe everything you hear or read.
If you want information you can trust, turn to the real estate experts. Their data shows home prices are on the way back up and will net positive for the year. If you have questions about what’s happening in our local area, let’s connect.
Are More Homes Coming onto the Market in Phoenix?
Are More Homes Coming onto the Market?
An important factor shaping today’s market is the number of homes for sale. And, if you’re considering whether or not to list your house, that’s one of the biggest advantages you have right now. When housing inventory is this low, your house will stand out, especially if it’s priced right.
But there are some early signs that more listings are coming. According to the latest data, new listings (homeowners who just put their house up for sale) are trending up. Here’s a look at why this is noteworthy and what it may mean for you.
More Homes Are Coming onto the Market than Usual
It’s well known that the busiest time in the housing market each year is the spring buying season. That’s why there’s a predictable increase in the volume of newly listed homes throughout the first half of the year. Sellers are anticipating this and ramping up for the months when buyers are most active. But, as the school year kicks off and as the holidays approach, the market cools. It’s what’s expected.
But here’s what’s surprising. Based on the latest data from Realtor.com, there’s an increase in the number of sellers listing their houses later this year than usual. A peak this late in the year isn’t typical. You can see both the normal seasonal trend and the unusual August in the graph below:As Realtor.com explains:
“While inventory continues to be in short supply, August witnessed an unusual uptick in newly listed homes compared to July, hopefully signaling a return in seller activity heading toward the fall season . . .”
While this is only one month of data, it’s unusual enough to note. It’s still too early to say for sure if this trend will continue, but it’s something you’ll want to stay ahead of if it does.
What This Means for You
If you’ve been putting off selling your house, now may be the sweet spot to make your move. That’s because, if this trend continues, you’ll have more competition the longer you wait. And if your neighbor puts their house up for sale too, it means you may have to share buyers’ attention with that other homeowner. If you sell now, you can beat your neighbors to the punch.
But, even with more homes coming onto the market, the market is still well below normal supply levels. And, that inventory deficit isn’t going to be reversed overnight. The graph below helps put this into context, so you can see the opportunity you still have now:
Bottom Line
Even though inventory is still low, you don’t want to wait for more competition to pop up in your neighborhood. You still have an incredible opportunity if you sell your house today. Let’s connect to explore the benefits of selling now before more homes come to the market.
Key Skills You Need Your Listing Agent To Have in Prescott
Key Skills You Need Your Listing Agent To Have
Selling your house is a big decision. And that can make it feel both exciting and a little bit nerve-wracking. But the key to a successful sale is finding the perfect listing agent to work with you throughout the process. A listing agent, also known as a seller’s agent, helps market and sell your house while advocating for you every step of the way.
But, how do you know you’ve found the perfect match in an agent? Here are three key skills you’ll want your listing agent to have.
They Price Your House Based on the Latest Data
While it may be tempting to pick the agent who suggests the highest asking price for your house, that strategy may cost you. It’s easy to get caught up in the excitement when you see a bigger number, but overpricing your house can have consequences. It could mean it’ll sit on the market longer because the higher price is actually deterring buyers.
Instead, you want to pick an agent who’s going to have an open conversation about how they think you should price your house and why. A great agent will base their pricing strategy on solid data. They won’t throw out a number just to win your listing. Instead, they’ll show you the facts, explain their pricing strategy, and make sure you’re on the same page. As NerdWallet explains:
“An agent who recommends the highest price isn’t always the best choice. Choose an agent who backs up the recommendation with market knowledge.”
They’re a Great Negotiator
The home-selling process can be emotional, especially if you’ve been in your house for a long time. You’re connected to it and have a lot of memories there. This can make the negotiation process harder. That’s where a trusted professional comes in.
A skilled listing agent will be calm under pressure and will be your point-person in all of those conversations. Their experience in handling the back-and-forth gives you with the peace of mind that you’ve got someone on your side who’s got your best interests in mind throughout this journey.
They’re a Skilled Problem Solver
At the heart of it all, a listing agent’s main priority is to get your house sold. A great agent never loses sight of that goal and will help you prioritize your needs above all else. If they identify any necessary steps you need to take, they’ll be open with you about it. Their commitment to your success means they’ll work with you to address any potential roadblocks and find creative solutions to anything that pops up along the way.
BankRate explains it like this:
“Just as important as the knowledge and experience agents bring is their ability to guide you smoothly through the process. Above all, go with an agent you trust and will feel comfortable with. . .”
Bottom Line
Whether you’re a first-time seller or you’ve been through selling a house before, a great listing agent is the key to success. Let’s connect so you have a skilled local expert by your side to guide you through every step of the process.
Are Grandparents Moving To Be Closer to Their Grandkids in Ventura?
Are Grandparents Moving To Be Closer to Their Grandkids?
During the pandemic, many people distanced themselves from their loved ones for health reasons. Grandparents were told to stay away from their grandkids, especially as schools started to open. That’s because it would have been risky to visit with their grandchildren who may have gotten sick from school.
Now that the pandemic has passed, many grandparents want more than ever to be near their grandchildren again to make up for that lost time. But how are they getting that “Grandparent Wish?” The data tells us many are moving to make sure they’re getting more quality time.
Grandparents Are Moving To Be Near Loved Ones
Recent data from the National Association of Realtors (NAR) shows people between the ages of 55 and 74 are moving farther (more than 100 miles) than any other age group (see graph below):
The average age of grandparents in the U.S. is 67 years. The logical leap is that at least some of the people who are moving the furthest are grandparents. But what’s causing them to move so far?
The same report from NAR shows the top reason people move is to be closer to loved ones (see graph below):
Based on this data, it’s fair to say many grandparents are getting their wish of more quality time with their grandchildren by moving to be closer to them. And after experiencing isolation and loneliness during the COVID pandemic, that’s an especially good thing.
If you’re a grandparent, you know how important your grandchildren are. And you may be willing to sell and move just to be closer by. As Vance Cariaga, a journalist at Go Bank Rates, explains:
“Never underestimate the power of grandchildren – especially when it comes to lifestyle and financial decisions. Recent data shows that many baby boomers are relocating further away from home than they used to so they can be closer to their grandbabies.”
Bottom Line
The data shows grandparents are moving further to be near their grandchildren. If you have grandchildren of your own, maybe you can relate. When you decide it’s time to be closer to your loved ones, let’s connect.
The Risks of Selling Your House on Your Own in Simi Valley
Are you thinking about selling your house as a For Sale by Owner (FSBO)? If so, know there’s a whole lot more time and expertise needed in that process than you might think. While the idea of doing it all by yourself might seem tempting, it’s important to recognize the challenges you may face if you take it on all by yourself. As a recent article from Bankrate explains:
“Choosing the right price, crafting a compelling listing, marketing to potential buyers, coordinating showings, preparing paperwork: All of these are tasks that, in the absence of a real estate agent, you will have to do yourself.”
Here’s a bit more information on just a few of those things and how you may miss out if you don’t use an agent.
You May Not Price it Right
Pricing your house right is key to a successful sale. Real estate agents have experience navigating this housing market and understand the art of pricing a home to sell today. Unfortunately, homeowners who sell on their own often lack this all-important experience. That can lead to two common consequences: overpricing or underpricing the house.
An article from Nerd Wallet offers this advice:
“If your home is overpriced, you run the risk of buyers not seeing the listing. . . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.”
Don’t run this risk. Instead, partner with an agent to make sure your house is priced at current market value, so it catches the eyes of eager buyers. This will put your house in a position to make the best first impression possible.
You Don’t Have as Much Experience in Marketing a House
In this digital age, online marketing has become a real game-changer, especially when it comes to selling your house. A recent report from the National Association of Realtors (NAR), explains:
“Among all generations of home buyers, the first step taken in the home search process was to look online for properties.”
When you partner with a real estate agent who knows how to take advantage of online marketing tools and resources, you’ll be able to get in front of these tech-savvy house hunters, boosting your chances of a successful sale. But, if you’re attempting to sell your house on your own, you might find yourself missing out on the full power of online and social media strategies.
You May Not Be Comfortable Handling All the Back-and-Forth
When you decide to sell your house, you’re not just on a quest to find a buyer; you’re also stepping into a world of negotiations. You’ll have to coordinate with a bunch of people, including the buyer, the buyer’s agent, the inspection company, the appraiser, and more. It’s a dance where every move counts, and the expertise of a real estate agent can make a world of difference in keeping these negotiations on track and sealing the deal.
As NerdWallet says:
“Your listing agent will also, of course, be on your side throughout negotiations. They’ll double-check paperwork that comes through, communicate with the buyer’s agent and other parties to the sale, and generally stay on top of things through to closing day.”
Bottom Line
If you’re thinking about selling your house and the idea of going it alone has crossed your mind, be sure to think through that decision carefully. Let’s connect to discuss how a real estate agent has the experience needed to take all that stress off your plate.
The Perks of Selling Your House When Inventory Is Low In Camarillo
When it comes to selling your house, you’re probably trying to juggle the current market conditions and your own needs as you plan your move.
One thing that may be working in your favor is how few homes there are for sale right now. Here’s what you need to know about the current inventory situation and what it means for you.
The Supply of Homes for Sale Is Far Below the Norm
When you’re selling something, it helps if what you’re selling is in demand, but is also in low supply. Why? That makes it even more desirable since there’s not enough to go around. That’s exactly what’s happening in the housing market today. There are more buyers looking to buy than there are homes for sale.
To tell the story of just how low inventory is, here’s the latest information on active listings, or homes available for sale. The graph below uses data from Realtor.com to show how many active listings there were in September of this year compared to what’s more typical in the market.
As you can see in the graph, if you look at the last normal years for the market (shown in the blue bars) versus the latest numbers for this year (shown in the red bar), it’s clear inventory is still far lower than the norm.
What That Means for You
Buyers have fewer choices now than they did in more typical years. And that’s why you could still see some great perks if you sell today. Because there aren’t enough homes to go around, homes that are priced right are still selling fast and the average seller is getting multiple offers from eager buyers. Based on the latest data from the Confidence Index from the National Association of Realtors (NAR):
- 69% of homes sold in less than a month.
- 2.6 offers: the average number of offers on recently sold homes.
An article from Realtor.com also explains how the limited number of houses for sale benefits you if you’re selling:
“. . . homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019 . . . as still-limited supply spurs homebuyers to act quickly . . .”
Bottom Line
Because the supply of homes for sale is so low, buyers desperately want more options – and your house may be just what they’re looking for. Let’s connect to get your house listed at the right price for today’s market. You could still see it sell quickly and potentially get multiple offers.
Today’s Housing Market Has Only Half the Usual Inventory
Some Highlights
- There are only about half the number of homes for sale compared to the last normal years in the market.
- That means buyers don’t have enough options right now. So, if you work with an agent to list your house, it should be in the spotlight.
- If you’re thinking of selling, let’s connect so your house can stand out while there’s such a shortage of supply and buyers are craving more options.
There’s Only Half the Inventory of a Normal Housing Market Today In Ventura, CA
There’s Only Half the Inventory of a Normal Housing Market Today In Ventura, CA
Wondering if it still makes sense to sell your house right now? The short answer is, yes. Especially if you consider how few homes there are for sale today.
You may have heard inventory is low right now, but you may not fully realize just how low or why that’s a perk when you go to sell your house. This graph from Calculated Risk can help put that into perspective:
As the graph shows, while housing inventory did grow slightly week-over-week (shown in the blue bar), overall supply is still low (shown in the red bars). Compared to the same week last year, supply is down roughly 10% – and it was already considered low at that time. But, if you look further back, you’ll see inventory is down even more significantly.
To gauge just how far off from normal today’s inventory is, let’s compare right now to 2019 (the last normal year in the market). When you compare the same week this year with the matching week in 2019, supply is about 50% lower. That means there are half the homes for sale now than there’d usually be.
The key takeaway? We’re still nowhere near what’s considered a balanced market. There’s plenty of demand for your house because there just aren’t enough homes to go around. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
So, if you want to list your house, know that there’s only about half the inventory there’d usually be in a more normal year. That means your house will be in the spotlight if you sell now and you may see multiple offers and a fast home sale.
Bottom Line
With the number of homes for sale roughly half of what there’d usually be in a more normal year, you can rest assured there’s demand for your house. If you want to sell, let’s connect now so your house can shine above the rest while inventory is so low.