Complete Realty Team Presents a 2023 Housing Market Forecast in New Video

Marietta, Georgia -

Complete Realty Team, which is based in Marietta, GA, has recently posted a video on YouTube on their predictions for the housing market in 2023. REALTOR® Ken Mandich explains that there are two key factors that will shape the real estate market in 2023 and those are inflation and home financing rates. And these two factors are interconnected because higher inflation results into higher interest rates. In 2022, inflation was high and the Federal Reserve had to raise rates to control it. But there are signs that inflation is finally getting in control, which means that home financing rates are likely to go down.

While the year 2022 was a time of economic uncertainty and higher home financing rates, which significantly dampened buyer demand, it appears that there are signs of inflation getting in control, which promises lower rates. Many people involved in the real estate market are therefore excited about the prospects of the housing market in 2023.

According to the National Association of Realtors (NAR), “While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market, . . . mortgage rates are expected to stabilize while home sales and prices moderate after recent highs, . . .”

Meanwhile, Lawrence Yun, chief economist at NAR, explains, “After a big boom over the past two years, there will essentially be no change nationally… Half of the country may experience small price gains, while the other half may see slight price declines.”

The bottom line is that while the outlook for 2023 is positive, it will actually depend on the direction that inflation will take. It would be a good idea to be informed on the latest market trends and insights from trusted real estate professionals like Ken Mandich and the realtors at Complete Realty Team.

Realtors are licensed professionals who are knowledgeable and experienced about the housing market and can offer the needed guidance for both home sellers and home buyers. Meanwhile, they want to highlight certain factors that would make people choose them over other similar providers. One important factor is their focus on the human touch while applying cutting edge technology, which enables them to deliver a better level of consistency, excellent value, and service. Another factor is their belief that the home selling or buying process should be fun and hassle-free. The whole buying or selling process has to be kept as simple as possible with people who really care and provide the appropriate guidance. And lastly, what they provide to clients is honesty, peace of mind, and knowledge.

Complete Realty Team has the primary goal of enabling home sellers and buyers to find the real estate agents who would be able to help them and know how to make their clients comfortable and be knowledgeable on what exactly is happening at each step of the home selling or buying process. For home sellers, they will assist in developing a personalized and winning strategy for selling the home as fast as possible and for the highest amount possible. Ken Mandich is a Realtor who leads a team of real estate agents. He is experienced and knowledgeable in digital marketing and he applies this to help the house of the seller to be put in front of more people who are actively searching for a home to buy. For home buyers, they will help in negotiating the best possible deal, including the terms of the contract. And they will also provide the best resources to assist the home buyer in locating the best possible home financing services, utilities, and homeowners’ insurance. They offer their services in Cobb County, including neighboring areas, including: Austell, Fair Oaks, Acworth, Mableton, Marietta, Kennesaw, Roswell, Sandy Springs, Powder Springs, Vinings, and Smyrna.

Those who are interested in knowing more about the 2023 housing market forecast can visit the Complete Realty Team website or contact them on the phone or through email. They can be contacted 24 hours a day, from Sunday to Saturday.

Source: Complete Realty Team Presents a 2023 Housing Market Forecast in New Video

Wondering How Much You Really Need For A Down Payment?

If you're about to buy your first home, you're probably saving up for all of the costs that come with it. Your down payment is probably the first cost that comes to mind. But don't make it harder than it needs to be by believing a common myth about how much you need to save.

Understand That a 20% down payment isn't always the norm

Freddie Mac explains:

“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”

Most of the time, you don't have to put 20% down unless your loan type or lender says so. This means that you might be closer to buying a home than you think. The National Association of Realtors (NAR) says that since 2005, the average down payment has never been more than 20%. In fact, the average down payment is only 14% these days. And for first-time homebuyers, it's even lower, at just 6% (see graph below):

Find out what you can do to help you reach your goal

If it's still hard for you to save for a down payment, know that you can get help. A real estate agent and a lender you trust can show you options that could help you get closer to your goal of having a down payment. According to the latest Homeownership Program Index from Down Payment Resource, there are more than 2,000 programs in the U.S. that help people buy homes. Most of these programs help with down payments.

There are also loan types, like FHA loans, with down payments as low as 3.5% and options, like VA loans and USDA loans, that don't require a down payment from qualified borrowers.

Do your homework to know what your options are. If you want to learn more about programs that help with the down payment, you can find information on sites like Down Payment Resource. Then, work with a trusted lender to find out what kind of home loan you can get.

Bottom Line

Remember that you don't always have to put down 20%. Let's talk if you want to buy a house this year. You'll also need a lender you can trust so you can look into your down payment options, and we can also help you there with finding a superb mortgage broker to help you get the best rate and find out how much YOU need for a down payment.

Get in touch with us at 404-410-6465, or visit our website at CompleteRealtyTeam.com to learn more.

Wondering How Much You Really Need For A Down Payment? was first seen on CompleteRealtyTeam.com. See more at: Complete Realty Team Agents Blog

Complete Realty Team Launches New You Tube Channel

Marietta, Georgia -

Complete Realty Team, based in Marietta, GA, has launched a new YouTube Channel. Their first video welcomes all their viewers and clients while providing a brief introduction about the Georgia real estate market.

If anyone in the state is looking for an agent that listens to them, is accessible and has their best interests in mind, Complete Realty Team firmly states their team is the answer. The company’s top priority is taking care of their clients and making sure they are comfortable and know exactly what is happening with every step of the home buying or selling process. Whether a client is buying or selling, the team believes the entire process should be enjoyable and as stress-free as possible. The team does their very best to achieve this — despite the inevitable bumps in the road, their collective expertise is utilized to help smooth out any obstacles. The company has earned a strong reputation for honesty, expertise and professionalism. They also believe in the American dream and that home ownership should be achievable for everyone.

Apart from their introduction video, the company hopes to post updates about the real estate market and what to expect in the near future on their new YouTube channel as well. The mission of the company is to give their clients a foundation of knowledge and insight that will help them make decisions that are right for them (and help to carve out a path towards generational wealth).

Buying or selling a home is not a simple task, as many are aware. It is a complicated process that requires the help of a professional REALTOR®. A top real estate agent will help clients through every step of the process, from finding the right home or the right buyer to negotiating the best price. A REALTOR® is not a luxury in real estate, notably. Rather, they are a necessity if a client wants to ensure a smooth home buying or selling process. A top REALTOR® will help clients find the right home or the right buyer and will have in-depth knowledge of the region’s real estate.

Based on the listings identified, good real estate agents will also go above and beyond to help clients find the right home or sell them home for top dollar. An agent of this caliber will also facilitate negotiation and handle all the paperwork. They are experienced in all aspects of the home buying and selling process and will be there to offer professional guidance every step of the way, from start to finish. Learn more here: REALTORS®.

There are several steps involved in buying or selling a home in Cobb County, GA. The steps of selling a home include determining its value, preparing it for sale, advertising it to buyers, receiving (and negotiating) offers and closing on the sale. The process of buying a home includes helping clients get pre-approved for a financial aid plan, searching for the right home, making an offer on a home, receiving and negotiating a counteroffer and finally closing on the purchase of the new home.

Clients in search of a top real estate agent in Cobb County, GA need look no further than Complete Realty Team. Their experienced real estate agents are knowledgeable about the Atlanta and Cobb County real estate market and are ready to help all of their clients buy or sell a home. As top real estate agents in the region, they have been helping people buy and sell homes for many years. They are experienced in all aspects of the home buying and selling process. For buyers, they are committed to protecting the client’s investment by getting them the best deals as they search for a home. The team will also assist their clients when shopping for financial aid plans, homeowner's insurance and utilities. For sellers, the team has perfected a winning digital marketing strategy with a multiple listing service that will get the client’s house a huge audience with prospective homebuyers who are currently in search of a home.

https://www.youtube.com/watch?v=Yrg4RDMRmkU

To learn more about Complete Realty Team, clients may visit the company’s official website or contact their office directly via phone or email. The company serves all of Cobb County, Georgia, including the cities of Acworth, Austel, Fair Oaks, Kennesaw, Mableton, Marietta, Powder Springs, Roswell, Sandy Springs, Smyrna and Vinings.

Source: Complete Realty Team Launches New You Tube Channel

What’s In Store For The 2023 Real Estate Market?

Everyone wants to know what is in store for the 2023 Residential Real Estate Market. While we can't see into the future (wish we could, we'd make some Super Bowl bets!), we can look at the Data and what is happening with the economy in general to get a good idea. We think there will be two driving forces behind the 2023 real estate market. Curious about what we see on the horizon? Then check out this video -

 

 

To learn more about what is happening with today's market, as well as tips for sellers and buyers, be sure and check out our site at CompleteRealtyTeam.com.

The previous Post What’s In Store For The 2023 Real Estate Market? was first seen on CompleteRealtyTeam.com. Learn more on: Complete Realty Team - Ken Mandich - Agent

Marietta REALTOR® Ken Mandich Explains What Homeowners Should Expect When Working With A Listing Agent

Marietta, Georgia -

Georgia REALTOR® Ken Mandich, from Complete Realty Team, is guiding homeowners on what they can expect when being represented by a sellers' agent in a real estate transaction.

Real estate agents can work as listing agents, also known as sellers’ agents, or buyers’ agents. The former helps property owners list their property for sale while the latter represents those who are in the market looking to buy. Being a successful listing agent requires an insight into the state’s laws and regulations surrounding real estate transactions, a keen eye for interior design, excellent salesmanship, and strong negotiation skills.

The result is that experienced real estate agents can add significant value to a real estate transaction for the seller. In a publication titled “2021 Profile of Home Buyers and Sellers,” the National Association of REALTORS® reported that FSBO (For Sale By Owners) Sellers sold their properties for a significantly lower median price of $260,000 as compared to the median price of $318,000 for agent-assisted home sales.

Ken Mandich then talks about the many ways listing agents make the process easier for the seller by saying, “Listing agents are trusted advisors during the listing, marketing, and closing stages. They provide information about similar properties in the area and offer informed advice on staging and improvements that will generate interest and maximize the sales price. They help you price your property, market it, navigate the many forms, documents, and disclosure requirements involved, negotiate the best price and terms for you, review all written offers, and promote your interests.”

Homeowners need to sign a listing agreement to authorize a real estate firm's agent to act as their sellers' agent in all their dealings. Agents from other firms may also be allowed to assist a homeowner in finding a buyer for their property. The listing company will charge the homeowner a commission fee for representing them and marketing the property. The listing agreement will state how the fee or commission is calculated and whether the firm will share its commission with the buyers' agents.

Ken, who leads a team of Marietta seller's agents at Complete Realty Team, then explains the specific advantages that listing agents can offer when it comes to marketing a property by saying, “A listing agent will make sure that your home garners a lot more interest than if you went at it alone. Apart from putting up a listing on the local Multiple Listing Service (MLS), sellers’ agents have access to many other effective marketing channels. The real estate agent can list the property on their website, social media profiles, blogs, and newsletters to gather interest from buyers who are following its updates. The listing agent can even propagate the deal through their professional networks which can catch the attention of buyers’ agents.”

Readers who are planning on selling their property soon can head over to Complete Realty Team’s website to determine its worth by filling out and submitting a contact form. The company asks for the visitors’ contact information, whether they are ready to list or just trying to preemptively determine their property’s value, its address, and other details about it such as the number of bedrooms, full bathrooms, and half bathrooms. The contact form also urges the applicants to write a custom message informing the company’s representatives whether the home needs repairs or if it was recently renovated.

The Georgia real estate company assures potential customers that the value of their property is not determined algorithmically. Instead, every submitted application is given personal attention by a team of expert real estate professionals who will calculate the estimated value of the property using their years of knowledge and experience. Applicants can usually expect a reply to their inquiry within 24 hours.

Readers in Marietta, Georgia, or anywhere else in Cobb County looking for some of the top listing agents in their local area can find contact information for Ken Mandich on his Google My Business listing at https://g.page/realtorken?share.

Source: Marietta REALTOR® Ken Mandich Explains What Homeowners Should Expect When Working With A Listing Agent

Will Your House Still Sell In Today’s Market?

If recent headlines about the housing market cooling and buyer demand moderating have you worried you’ve missed your chance to sell, here’s what you need to know. Buyer demand hasn’t disappeared, it’s just eased from the peak intensity we saw over the past two years.

Buyer Demand Then and Now

During the pandemic, mortgage rates hit record lows, and that spurred a significant rise in buyer demand. This year, as rates increased due to factors like rising inflation, buyer demand pulled back or softened as a result. The latest data from ShowingTime confirms this trend (see graph below):

 

The orange bars in the graph above represent the last few months of data and the clear cooldown in the volume of home showings the market has seen since mortgage rates started to rise. But context is important. To get the full picture of where today's demand stands, let's look at the July data for the past six years (see graph below):

This second visual makes it clear that, while moderating compared to the frenzy in 2020 and 2021, showing activity is still beating pre-pandemic levels – and those pre-pandemic years were great years for the housing market. That goes to show there’s still demand if you sell your house today.

What That Means for You When You Sell

The key to selling in a changing market is understanding where the housing market is now. It’s not the same market we had last year or even earlier this year, but that doesn’t mean the opportunity to sell has passed.

While things have cooled a bit, it’s still a sellers’ market. If you work with a trusted local expert to price your house at the current market value, the demand is still there, and it should sell quickly. According to a recent survey from realtor.com, 92% of homeowners who sold in August reported being satisfied with the outcome of their sale.

Bottom Line

Buyer demand hasn’t disappeared, it’s just moderated this year. If you’re ready to sell your house today, let’s connect so you have expert insights on how the market has shifted and how to plan accordingly for your sale.

The previous Article Will Your House Still Sell In Today’s Market? is available on Complete Realty Team. Learn more on: www.CompleteRealtyTeam.com

Ken Mandich From Marietta, Georgia Is Offering Tips On How To Find A REALTOR

Marietta, Georgia -

Georgia REALTOR® and Team Leader at Complete Realty Team, Ken Mandich is providing tips on how homeowners and commercial property owners should go about picking a real estate agent or broker to represent them.

A REALTOR® is a member of the National Association of Realtors (NAR), a century-old American trade association with over 1.4 million members who work in the nation’s real estate industry. The term REALTOR® is a federally registered collective membership mark that identifies a real estate professional who subscribes to the NAR’s strict Code of Ethics.

All real estate professionals have to be licensed by the state to serve their customers. However, not all licensed real estate agents or brokers are REALTORS®. According to statistics from the Association of Real Estate License Law Officials (ARELLO), of the over 3 million people who hold active real estate licenses in the country, only a little over half are REALTORS®. If a real estate agent or broker claims to be a REALTOR® and they don’t have the proof to back it up, they are engaging in fraud.

The criteria that an applicant has to meet to become a member of the NAR are rigorous. This demanding vetting process requires applicants to show their experience within the industry and finish courses that add to their knowledge. This exclusivity and discerning intake process are why the trademarked designation is well-respected within the real estate industry. REALTORS® are sought after for their skills in the real estate market as well as their pledge to always serve their clients with integrity and honesty.

Ken Mandich, who is a REALTOR® himself, talks about why homeowners and commercial property owners should always look for others like him when buying, selling, or leasing property by saying, “For most Americans who invest their hard-earned money in real estate, buying and selling property are the biggest expenses and potential sources of income in their lives. You will rarely deal with such large sums of money again. Would you trust the safety and security of hundreds of thousands, or even millions, of dollars to someone who is not experienced or well versed with the system? When you work with REALTORS®, you get the peace of mind that the most astute and honorable professionals in the real estate industry are on your side. If you are participating in a real estate transaction in the United States today, you shouldn’t go ahead with it unless you have a REALTOR® in your corner looking out for you.”

Ken Mandich then offers some industry advice on the best ways in which property owners can go about choosing a REALTOR® to represent them. The first piece of advice from Ken is to ask family members and friends for recommendations. Getting a referral through word of mouth is one of the strongest indicators that a professional offers excellent service and delivers on what they promise. If one goes the online route, internet reviews are a great way to gauge the quality of services offered by a REALTOR®.

Next, the REALTOR® should ideally have most of their experience within the area of the country where a homeowner or business owner is looking to buy, sell, or rent a house or commercial property. This ensures that the REALTOR® is intimately familiar with local rules and regulations and is also a sound judge of the prices that local properties are fetching in the current market.

Finally, one should plan on meeting with at least a couple of REALTORS® in person to find out more information such as their years of experience, the time they would be able to dedicate to the case, their specialty, and their strategy to market the property and to negotiate a better price.

Readers looking for the best REALTOR® in Marietta, Georgia, and other cities located in Cobb County including Acworth, Austell, Kennesaw, Mableton, Powder Springs, and Smyrna, can contact Ken Mandich at (404) 410-6465 or write to Complete Realty Team at admin@completerealtyteam.com.

Source: Ken Mandich From Marietta, Georgia Is Offering Tips On How To Find A REALTOR

Housing Market Slow Down Or Bubble?

The talk of a housing bubble in the coming year seems to be at a fever pitch as rising mortgage rates continue to slow down an overheated real estate market. Over the past two years, home prices have appreciated at an unsustainable pace causing many to ask: are things just slowing down, or is a crash coming?

To answer this question, there are two things we want to understand. The first is the reality of the shift in today’s housing market. And the second is what experts are saying about home prices in the coming year.

The Reality of the Shift in Today’s Housing Market

The reality is we’re seeing an inflection point in housing supply and demand. According to realtor.com, active listings have increased more than 26% over last year, while showings from the latest ShowingTime Showing Index have decreased almost 17% from last year (see graph below). This is an inflection point for housing because, over the past two years, we’ve seen a massive amount of demand (showings) and not enough homes available for sale for the number of people that wanted to buy. That caused the market frenzy.

Today, supply and demand look very different, and the market is slowing down from the pace we’ve seen. This offers proof of the sudden slowdown so many people are feeling.

What Experts Are Saying About Home Prices in the Coming Year

Right now, most experts are forecasting home price appreciation in 2023, but at a much slower pace than the last two years. The average of the six forecasters below is for national home prices to appreciate by 2.5% in the coming year. Only one of the six is calling for home price depreciation.

When we look at the shift taking place along with what experts are saying, we can conclude the national real estate market is slowing down but is not a bubble getting ready to burst. This isn’t to say that a few overheated markets won’t experience home price depreciation, but there isn’t a case to be made for a national housing bubble.

Bottom Line

The real estate market is slowing down, and that’s causing many to fear we’re in a housing bubble. What we’ve experienced in the housing market over the past two years were historic levels of demand and constrained supply. That led to homes going up in value at a record pace. While some overheated markets may experience price depreciation in the short term, according to experts, the national real estate market will appreciate in the coming year.

If you have questions about buying or selling a home in Cobb County, or any of the surrounding areas, feel free to reach out to us and we will be happy to answer them!

Housing Market Slow Down Or Bubble? is available on Complete Realty Team. Learn more at: Complete Realty Team REALTORS Site

Work With An Agent For Expert Advice When Getting Your House Ready To Sell

In a market that’s shifting as fast as it is today, many homeowners wonder what, if anything, needs to be renovated before they sell their house. That’s where a trusted real estate professional comes in. They can help you think through today’s market conditions and how they impact what you should – and shouldn’t – do before selling your house.

Here are some considerations a professional will guide you through.

What You Need To Know About Your Local Market

Since the supply of homes for sale has increased so much this year, today’s buyers have more options than they had last year. That may mean you’re not able to ignore some of those repairs or cosmetic updates you could have skipped in previous months. As a recent article from realtor.com says:

“To stand out in the market, sellers should make their home attractive to buyers, which usually means some selective updates.”

The key word here is selective. Since it’s still a sellers’ market, focusing on a few key areas may be enough to make your house stand out from other options. And since inventory is still low overall, it’s also possible buyers may be willing to handle the renovations themselves once they move in. It all depends on buyer demand and the available inventory in your local area. For advice on what’s happening in your market and what to do to make your house show well, lean on a professional.

Not All Renovation Projects Are Equal

In addition to making sure your house makes a good first impression, you’ll also want to consider the return on your investment (ROI) for any renovations. According to the 2022 Remodeling Impact Report from the National Association of Realtors (NAR), here are the projects that could net you the best return when you sell your house (see visual below):

Again, your real estate advisor is your best resource. When your agent comes to your house for a walk-thru and consultation, they’ll use their expertise to offer any insight into what you may need to repair, replace, or refinish. They also know what other sellers are doing before listing their homes and how buyers are reacting to those upgrades to help steer you in the right direction. As Dr. Jessica Lautz, Vice President of Demographics and Behavioral Insights for NAR, explains:

“This year, the winner was hardwood flooring. Hardwood floor refinishing and putting in new wood flooring had the most significant value, . . .”

How To Draw Buyer Attention to the Upgrades You’ve Made

For any projects you’ve already completed or for those you plan to do before listing, make sure your real estate professional knows. They’re not just an advisor to help you decide where to focus your efforts, they’re also skilled at highlighting any upgrades in your listing. That way, potential buyers know about the features that may help sell them on the house.

No matter what, contact a local real estate professional for expert advice on what work needs to be done and how to make it as appealing as possible to future buyers. Every home is different, so a conversation with your agent is mission-critical to make sure you make the right moves when selling this season.

Bottom Line

In today’s shifting market, it’s important to spend your time and money wisely when you’re getting ready to move. Let’s connect to find out where to focus your efforts before you sell.

The previous Post Work With An Agent For Expert Advice When Getting Your House Ready To Sell was first seen on CompleteRealtyTeam.com. Learn more at: Complete Realty Team RE Agents Blog

Complete Realty Team Answers: Realtor Fees, Are They Worth It?

Marietta, Georgia -

Marietta, Georgia based Complete Realty Team is reaching out to the local community to explain why realtor fees are actually worth it. Complete Realty Team has helped many residents of Marietta and the surrounding areas buy and sell homes. Learn more about the team at the following link: Marietta REALTORS®.

Ken Mandich, founder of Complete Realty Team, says, “While many people may bristle at the thought of having to pay a percentage as commission to their realtors, the truth is that this fee is completely worth it. Not only are there so many things a realtor can do for their clients that will ensure the property is sold for the highest price possible, it is also a fact that homes sold by experienced agents will sell for more than homes sold For Sale By Owner (FSBO). You have everything to gain by working with a realtor when you are looking to sell your home.”

There are a number of reasons why homes sold by realtors can go for bigger amounts than homes sold by owners. To begin with, any good realtor will know how to maximize the value of a home by sprucing it up where it is needed. They can recommend improvements that can boost the bottom line, which can ensure that any problems that could potentially become evident during the sale process are dealt with appropriately.

Realtors also commit to taking professional photographs of the homes being sold and they will only work with professional property photographers who know how to photograph each area of the property to ensure that it is beautifully represented. These photographs are not meant to deceive, but rather to allow potential buyers to see the home at the peak of its potential.

Good realtors will also help property owners decide on a listing price as well. They will conduct a straight-forward comparative market analysis (CMA) to examine all the homes that are currently on the market, pending or have recently been sold. They take into account all improvements made to the property and a number of other variables, ultimately arriving at the right price for the property and saving the owners the headache of having to decide on a price that may ultimately be inaccurate.

Once all of this is done, realtors also take on the job of marketing the property on the multiple listing service (MLS), which will display the property on other real estate platforms. This is an on-going job that requires up-to-date photos, descriptions, square footage measurements and more. It is also a process that is much more effective than placing a For Sale By Owner (FSBO) sign in the front yard.

When there are interested buyers, real estate agents will step in and handle negotiations, taking that stress off property owners. They will write up offers and counteroffers until a deal can be arrived at in the favor of the seller. At this point in the process, they also do a lot to counsel sellers on whether they should reject an offer, accept an offer or otherwise make a different choice. Once an agreement has been reached, real estate agents will take care of all the necessary preparations to finalize the sale. They will help prepare the property for appraisal, conduct the final walk-through, review the documents prepared by the lender or escrow agent and review the terms of the contract. Finally, they will help the seller finish off the process.

Mandich says, “This is just the tip of the iceberg as far as what realtors can do for you. There is a lot of stress involved when you are trying to sell your home, and working with the right realtor can ensure that you can skip the vast majority of any hassle your property sale may reveal. Of course, the final decision is wholly up to you, but good agents are often a safe place to land. Therefore, they are a worthwhile investment. If you are interested in selling your property and are thinking of working with a realtor, feel free to get in touch with us, and we would be glad to help!”

Those who want to learn more about Complete Realty Team and the host of services offered by the company should visit their website for more information. Ken Mandich encourages interested parties to get in touch with a representative of the company via phone or email. Complete Realty Team also maintains a social media presence and can be found on Facebook. Learn more about them here: Local REALTOR®.

Source: Complete Realty Team Answers: Realtor Fees, Are They Worth It?

Fewer Bidding Wars For Buyers In Areas

One of the top stories in recent real estate headlines was the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic – and it drove home prices up. If you tried to buy a house over the past two years, you probably experienced this firsthand and may have been outbid on several homes along the way.

But here’s the news you’ve been waiting for: data shows clear signs bidding wars are easing this year.

According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined considerably over the past few months (see graph below):

The graph shows homes were seeing a high of around five offers earlier this year. But the latest data shows that average was down to just shy of three offers per recently sold home. This shift is happening largely because rising mortgage rates moderated buyer demand and slowed home sales, resulting in a growing supply of homes on the market. Essentially, more choices for buyers.

What This Means for You

If you put your home search on pause because you were outbid last year or because you didn’t want to deal with the peak intensity of bidding wars, you can breathe a welcome sigh of relief. While it’s still a sellers’ market, an uptick in inventory gives you a window of opportunity to jump back in. You may still be competing with some buyers, but it likely won’t be anything like it was just a few short months ago.

Bottom Line

If you put your plans on pause because of intense bidding wars in recent years, it may be time to kick off your home search. Today, bidding wars are easing and that may mean less competition for you as a buyer. If you’re serious about buying a home or making a move, let’s connect to get started today.

The previous blog post Fewer Bidding Wars For Buyers In Areas was originally seen on Complete Realty Team. See more at: The Complete Realty Team Site

What’s Happening Today With Home Prices?

One of the biggest questions people are asking right now is: what’s happening with home prices? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture.

Part of the challenge is that it can be hard to understand what experts are saying when the words they use sound similar. Let’s break down the differences among those terms to help clarify what’s actually happening today.

• Appreciation is when home prices increase.
• Depreciation is when home prices decrease.
• Deceleration is when home prices continue to appreciate, but at a slower or more moderate pace.

Experts agree that, nationally, what we’re seeing today is deceleration. That means home prices are appreciating, just not at the record-breaking pace they have over the past year. In 2021, data from CoreLogic tells us home prices appreciated by an average of 15% nationwide. And earlier this year, that appreciation was upward of 20%. This year, experts forecast home prices will appreciate at a decelerated pace of around 10 to 11%, on average.

The graph below uses the latest data from CoreLogic to help tell the story of how home prices are decelerating, but not depreciating so far this year.

As the green bars show, home prices appreciated between 19-20% year-over-year from January to March. But over the last few months, the pace of that appreciation has decelerated to 18%. This means price growth is still climbing compared to last year but at a slower rate.

As the Monthly Mortgage Monitor from Black Knight explains:

“Annual home price growth dropped by nearly two percentage points . . . – the greatest single-month slowdown on record since at least the early 1970s. . . While June’s slowdown was record-breaking, home price growth would need to decelerate at this pace for six more months to drive annual appreciation back to 5%, a rate more in line with long-run averages.”

Basically, this means, while moderating, home prices are still far above the norm, and we’d have to see a lot more deceleration to even fall in line with more typical rates of home price growth. That’s still not home price depreciation.

The big takeaway is home prices haven’t fallen or depreciated nationwide, they’re just decelerating or moderating. While some unique and overheated markets may see declines, nationally, home prices are forecast to appreciate. And when we look at the country as a whole, none of the experts project home prices will net depreciate or fall. They’re all projecting ongoing appreciation.

Bottom Line

If you have questions about what’s happening with home prices in our local area, let’s connect.

The preceding Post What’s Happening Today With Home Prices? was first seen on Complete Realty Team. See more on: Complete Realty Team - Ken Mandich - Real Estate Agent ERA Sunrise Realty Blog

Growing Housing Inventory

If you’re thinking about buying a home, you likely have a lot of factors on your mind. You’re weighing your own needs against higher mortgage rates, today’s home prices, and more to try to decide if you want to jump into the market. While some buyers may wait things out, there’s a reason serious buyers are making moves right now, and that’s the growing number of homes for sale.

So far this year, housing inventory has been increasing and that’s making the prospect of finding your dream home less difficult. While there are always reasons you could delay making a big decision, there are also always reasons to consider moving forward. And having a growing number of options for your home search may be exactly what you needed to feel more confident in making a move.

What’s Causing Housing Inventory To Grow?

As new data comes out, we're getting an updated picture of why housing supply is increasing so much this year. As Bill McBride, Author of Calculated Risk, explains:

“We are seeing a significant change in inventory, but no pickup in new listings. Most of the increase in inventory so far has been due to softer demand - likely because of higher mortgage rates.”

Basically, the inventory growth is primarily from homes staying on the market a bit longer (known as active listings). And that’s happening because higher mortgage rates and home prices have helped moderate the peak frenzy of buyer demand.

The graph below uses data from realtor.com to show how much active listings have risen over the past five months as a result (shown in green):

Why This Growth Is Good News for You

Regardless of the source, the increase in available housing supply is good for buyers. More housing supply actively for sale means you have more options as your search for your next home. A recent article from realtor.com explains just how significant the inventory growth has been and why it’s good news for your plans to buy:

“Nationally, the inventory of homes actively for sale on a typical day in July increased by 30.7% over the past year, the largest increase in inventory in the data history and higher than last month’s growth rate of 18.7% which was itself record-breaking. This amounted to 176,000 more homes actively for sale on a typical day in July compared to the previous year and more choice for buyers who are still looking for a new home.”

The growth this year is certainly good news for you, especially if you’ve had trouble finding a home that meets your needs. If you start your search today, those additional options should make it less difficult to find a home than it would have been over the past two years.

Bottom Line

If you’re ready to jump into the market and take advantage of the increasing supply of homes for sale, get in touch with us today. The opportunity is knocking, will you answer?

Growing Housing Inventory was originally published on CompleteRealtyTeam.com. Learn more on: Complete Realty Team RE Agents Website