Local REALTOR® Complete Realty Team has recently posted a video and an article that explains to homeowners what they need to know about moderating home values. Using a graph that depicts home price growth since 2019, they want to point out that while the growth in home values has been moderating month-over-month, the percentage of appreciation year-over-year at the present time are still well above the home price range that was observed during the pre-pandemic or normal years in the market.
According to the graph, before the pandemic, the home price growth was only around 3 to 4 percent, but during the pandemic, the home price growth reached a peak of around 20 percent. It has since them started to decline but the home price growth is still much more compared to the normal 3 to 4 percent price growth.
Ken Mandich from Complete Realty Team says, “It’s possible you’ve seen news stories mentioning a drop in home values or home price depreciation, but it’s important to remember those headlines are designed to make a big impression in just a few words. But what headlines aren’t always great at is painting the full picture. While home values are down slightly month-over-month in some markets, it’s also true that home values are up nationally on a year-over-year basis. It’s true home price growth has moderated in recent months as buyer demand has pulled back in response to higher mortgage rates, and this is what the headlines are drawing attention to today. But what’s important to notice is the bigger, longer-term picture. While home price growth is moderating month-over-month, the percent of appreciation year-over-year is still well above the home price change we saw during more normal years in the market.”
The graph shows that while home sellers will not be able to benefit from the 20 percent increase seen in early 2022, in most markets home prices have been appreciating by around 10 percent compared to the previous year. This 10 percent gain in home value is still significant compared to the usual level of home price increase of 3 to 4 percent. Thus, homeowners shouldn’t lead the headlines prevent them from selling their home if they want to. Over the past two years alone, homeowners have gained a significant amount in their home equity as home prices climbed rapidly. Even if home price moderation will be change moving forward, homeowners can still take advantage in the substantial increases to their home equity during the past two years.
Complete Realty Team has the mission of enabling home sellers and buyers to get the services of the real estate agents who can truly help them and make sure that their clients are comfortable and in the know as to what is happening at every step of the home selling or buying process. For home sellers, they will be assisting in the creation of a personalized and winning strategy for selling the home as fast as possible and for the highest price possible. Ken Mandich is a Realtor who leads a team of real estate agents. He is also knowledgeable and experienced in digital marketing, which is useful in putting the house of the seller in front of more people who are actively searching for a property to buy. For home buyers, they will be negotiating the best possible deal, such as the terms of the contract. And they will also offer the best resources to allow the home buyer to locate the best possible utilities, home insurance, home financing services, etc.
They offer their residential real estate expertise in Cobb County, including the nearby areas of: Austell, Fair Oaks, Acworth, Mableton, Marietta, Kennesaw, Roswell, Sandy Springs, Powder Springs, Vinings, and Smyrna.
https://www.youtube.com/watch?v=TkRKcham0Ak
Those who would like to know more about moderating home prices can check out the blog post of the Complete Realty Team on their website or contact them on the telephone or through email. They can be contacted 24 hours a day, at any day of the week.
Source: Complete Realty Team Explains What Homeowners Need to Know About Moderating Home Prices
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