Market Updates Archives -

August 28, 2024August 28, 2024

2025 Housing Market Forecast: What To Expect

Looking ahead to 2025, it’s important to know what experts are projecting as the housing market forecast. Whether you’re buying or selling, having a clear picture of what’s ahead can help you make the best possible decision for your homeownership plans.

Here’s an early look at the most recent projections on mortgage rates, home sales, and prices for 2025.

Mortgage Rates Are Projected To Come Down Slightly

Mortgage rates play a significant role in the housing market. The forecasts for 2025 from Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR), and Wells Fargo show an expected gradual decline in mortgage rates over the course of the next year (see chart below):

Mortgage rates are projected to come down. Continued easing of inflation and a slight rise in unemployment rates are key signs of a strong but slowing economy. And many experts believe these signs will encourage the Federal Reserve to lower the Federal Funds Rate, which tends to lead to lower mortgage rates. As Morgan Stanley says:

“With the U.S. Federal Reserve widely expected to begin cutting its benchmark interest rate in 2024, mortgage rates could drop as well—at least slightly.”

Expect More Homes To Sell

The market will see an increase in both the supply of available homes on the market, as well as a rise in demand, as more buyers and sellers who have been sitting on the sidelines because of higher rates choose to make a move. That’s one big reason why experts project an increase in home sales next year.

Fannie Mae, MBA, and NAR, believe total home sales will climb slightly, with an average of about 5.4 million homes selling in 2025 (see graph below):

That would represent a modest uptick from the lower sales numbers in 2023 and 2024. For reference, about 4.8 million total homes were sold in 2023, and expectations are for around 4.5 million homes to sell this year.

While the housing market forecast projects that slightly lower mortgage rates are not expected to bring a flood of buyers and sellers back to the market, they certainly will get more people moving. That means more homes available for sale – and competition among buyers who want to purchase them.

Home Prices Will Go Up Moderately

More buyers ready to jump into the market will put continued upward pressure on prices. Take a look at the latest price forecasts from 10 of the most trusted sources in real estate (see graph below):

On average, experts forecast home prices will rise nationally by about 2.6% next year. But as you can see, there’s a range of opinions on how much prices will climb. Experts agree, however, that home prices will continue to increase moderately next year at a slower, more normal rate. But keep in mind, prices will always vary by local market.

Bottom Line

Understanding 2025 housing market forecasts can help you plan your next move. Whether you’re buying or selling, staying informed about these trends will ensure you make the best decision possible. Let’s connect to discuss how these forecasts could impact your plans.

Learn the basics of mortgages in our “Mortgage 101” post and check out Paul Wheeler’s latest Market Update.

February 1, 2024July 27, 2024

Maximize Your Real Estate Potential

Welcome to the dynamic world of local real estate! As your Tulsa neighborhood experts, we’re here to make understanding market statistics easy and enjoyable. Whether you’re dreaming of a new home or getting ready to sell, a clear grasp of local numbers is your key to a seamless and delightful real estate experience. Let’s dive into these insights together, making your journey both successful and fun.

Why Neighborhood Stats Matter

Neighborhood statistics provide a clear picture of the local real estate scene. They help you see beyond the general market trends and understand what’s happening in your area. These numbers offer a real-time glimpse into the unique characteristics of your neighborhood.

happy clients meeting with real estate agent

Simplifying Local Market Statistics

Here’s a straightforward look at some key neighborhood stats:

Average Selling Prices: Shows the going rate for homes in your area, giving you a good idea of market value.
Number of Homes Sold: Tells you about the recent sales activity, indicating the level of market movement.
Average Listing Prices: Provides insight into what sellers are asking for their homes.
Median List Price: Offers a balanced view of the market’s price range.
Inventory Levels: Indicates how many homes are available for sale, hinting at whether it’s a buyer’s or seller’s market.

These figures are just the start. There are many more aspects to consider for a complete market picture.

Practical Strategies for Sellers

As a seller, local market stats are your roadmap to a successful sale. Knowing the average selling prices helps you price your home just right – appealing to buyers and in tune with the market. Also, understanding current inventory levels guides your strategy: whether it’s time to make your listing more competitive or to stand firm on your price. It’s about smart, informed decisions for a swift and satisfying sale.

happy new homebuyers receiving house keys

Making Informed Decisions as a Buyer

For buyers, these neighborhood stats are invaluable. They help you gauge the market, showing when to make a move and how to negotiate. A high number of listings could mean more room for negotiation, while a low inventory suggests a need for quick, decisive action. By understanding these dynamics, you’re not just buying a house; you’re making a well-informed investment in your future.

happy couple receiving guidance from real estate agent

Expert Guidance Every Step of the Way

Joining forces with us means tapping into our deep knowledge of neighborhood market trends. We offer personalized advice and insights, whether you’re selling a cherished home or hunting for your dream house.

Let’s use these insights to your advantage. With our expert guidance, you can navigate the local real estate landscape with ease and make decisions that bring you closer to your goals. Your neighborhood is more than a place to live; it’s full of opportunities waiting to be discovered, and we’re excited to help you uncover them, so that you can Get Ready for Homeownership in 2024!

March 17, 2023June 18, 2024

The Silver Lining for Homebuyers in the Wake of Bank Collapses

How recent financial events could lead to significant savings on your dream home

In the ever-changing world of finance and real estate, sometimes the unexpected can lead to new opportunities. The collapse of Silicon Valley Bank and other regional banks might seem like bad news, but it could present an opportunity. Let’s delve into the backstory and explore how these events can benefit homebuyers.

A Brief Backstory

In 2020 and 2021, banks saw a flood of new deposits as a result of stimulus money and increased savings during the pandemic. At the time, banks invested in low-interest treasury bonds and mortgage-backed securities, locking in 1-2% returns. Fast forward to today, and the Federal Reserve has significantly raised interest rates, making those previous investments far less attractive. This series of events has contributed to the banks’ downfall.

The Silver Lining for Homebuyers

The collapse of these banks and the subsequent rapid drop in interest rates have led to a decrease in mortgage rates. Mortgage rates typically align with the 10-year treasury.

Seizing the Opportunity

If you or someone you know has been considering purchasing a home, this recent turn of events could be a once-in-a-lifetime opportunity. Here are a few steps you can take to make the most of these favorable financial conditions:

Get pre-approved for a mortgage: With lower interest rates available, now is the time to secure your mortgage pre-approval. Lock in these favorable rates!
Start your home search: Begin exploring potential homes and neighborhoods that fit your criteria. Consider working with a knowledgeable real estate agent who can guide you through the process. Let us help you make the most of this opportunity.

Navigating the Current Market

The recent collapse of banks might seem like a cause for concern, but it has opened up a window of opportunity. Homebuyers might secure their dream home at a potentially lower cost. By acting quickly and working with knowledgeable professionals, you can take advantage of this rare chance to save on your mortgage. Make your dream of homeownership a reality.

If you have any questions or need assistance navigating these unique market conditions, don’t hesitate to reach out to our team. We’re here to help you every step of the way.

Learn how to maximize the equity of your home.

January 15, 2023June 18, 2024

Forecast: What’s Ahead in the 2023 Real Estate Market

Key Takeaways:

There’s goods news on the horizon in 2023 for home buyers and sellers
Look for shifts when it comes to home prices, inventory, and interest rates
Make a smart move by contacting us today to plan and strategize!

The COVID-19 pandemic ushered in an era of unprecedented milestones in the housing market. From the lowest interest rates in history to record amounts of equity, the last few years in the real estate market were anything but ordinary. As economies work on finding a middle ground, homebuyers and sellers can look forward to a much more familiar market in 2023. Let’s take a look at what we expect to see this year, so you can start thinking ahead to make your move.

Expect a bright spring for the national real estate market

Coin stack on international banknotes with house and construction crane models on the table.

The current inflationary pressures should ease by the spring of 2023. The sellers market will start to wane as slight price adjustments and an increase in inventory bring balance. Supply chain issues caused by the COVID-19 global pandemic are easing and will continue to improve throughout the year. Finally, the overall sentiment of the housing market will improve as we move away from comparisons that distort decades of housing market data.

What homebuyers can expect from this year’s market

Happy millennial couple receiving keys from realtor, purchasing real estate

As the market continues to balance, there will be an increase in the number of homes available for sale. Estimates suggest around 23% more inventory. Younger generations are planning to enter the housing market—many for the first time. A recent survey indicated that 79% of Millennials and 84% of Gen Z plan to buy a house in the next few years. Interest rates are forecast to come down nearly two percentage points. They should move down from the recent high of 7.12% to a more standard 5.25% by the end of this year, according to Bankrate. This will help fuel movement among homebuyers, who are also enjoying a strong job market. Despite high-profile layoffs primarily in the tech sector, the overall unemployment rate is expected to stay at a low 3.6%.

What homesellers can expect from this year’s market

Home agent shake hand with customer after sign contract and finishes deal purchase house success

The Fannie Mae Home Price Index (FNM-HPI) expects home prices to decline this year—by a modest 1.5%. While a “decline” can sound disappointing, since the COVID-19 pandemic in 2020, the median home listing price is up 27%. This adds more than $9 trillion to the total value of the US housing market. Despite the recent dip in home values, homeowners that purchased before February 2020 are still better off. They are up an average of $92,000 in equity, according to real estate experts Black Knight. This provides sellers with some flexibility in the listing price, allowing for a faster sale if you’re willing to price your home competitively. It’s important to keep the last several years in perspective in order to maximize those returns and put your investment to work for you.

Talk With Us About Your Real Estate Goals

While the real estate market is always in shift, ultimately, buying or selling a home is more about what’s right for your lifestyle each year. And with a more egalitarian market expected in 2023, both homebuyers and sellers can expect to make beneficial deals. The best way to get started is to contact us. Our team has experienced countless shifts in the market, and we’re backed by the latest data in your local area to help you find your dream home!

Should you wait for spring to sell?

November 15, 2022June 18, 2024

What’s Happening in Your Local Housing Market?

Key Takeaways:

Today’s market conditions are unique, and there’s plenty of ways to win
Let’s explore the steps you can take to pave your path to homeownership
Our team is ready to help you achieve your goals, so contact us today!

Amid high inflation, increasing mortgage rates, and limited housing inventory, the headlines make it seem like there’s no good news in the real estate market. But when you listen closely to expert economists and look at your local market, you’ll learn that there’s plenty of opportunity. Let’s take a closer look to understand the complete picture of what’s really going on in the housing market.

Low inventory keeps home prices high

Magnifying glass in front of an open newspaper with paper houses.

It’s easy to hear snippets of today’s news cycle and get swept up into a maelstrom of doom and gloom. You don’t need to fear that the Great Recession of 2008 is happening all over again. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), gave a talk this month in Orlando. Mr. Yun pointed out why the housing market will remain stable and profitable.

One of the leading factors behind his assertion is that “housing inventory is about a quarter of what it was in 2008.” The historic low inventory of available housing in the US is a positive. That limited inventory will prevent large price drops for most of the country. Mr. Yun went on to say that “distressed property sales are almost non-existent, at just 2%, and nowhere near the 30% mark seen during the housing crash (of 2008). Moreover, short sales are almost impossible because of the significant price appreciation of the last two years.”

The national housing market is not your local market

Gainesville, Florida, USA downtown cityscape at twilight.

The national news won’t give you an accurate snapshot of what’s happening in your area. It’s a collection of data that makes for wonderful headlines but has little to do with what you need to know to buy or sell a home. It’s our job to dive deep into the microdata and help guide our clients to making smart moves.

Despite inventory remaining limited nationally, there are still housing markets with increases in available units. This is true especially for starter homes, making this a wonderful time to buy. Other pockets are holding onto a seller’s market, with prices staying steady. It’s always best to speak to your trusted agent to know what’s happening in the area where you live or want to move. And, with rental prices continuing to rise as well, it’s never a bad time to consider purchasing a home.

How to start planning your next move

Full length body size view of four cheery people dad mom small little kids brother sister carrying cardboard boxes moving new residence cottage town.

As a homeowner or prospective homebuyer, there are always ways you can stay ahead of the market. No one purchases a home overnight, so give yourself plenty of time and take smart steps to ensure success when the time is right.

First, contact us today to find the latest, up-to-the-minute value of your home, backed by local data. This will give you accurate insights into the value of your home and what your best move may be. From there, you’ll be able to make data-backed decisions about whether you should remodel, list your home, what kind of return you can expect, and more.

If you’re looking to buy, contact us to learn more about our market and how much inventory is available. Stay flexible, and consider different styles of homes, from townhouses and condos to older homes ready for some modern upgrades. Or, maybe a new construction home is right for you, with special financing and other incentives offered by the builders.

You Can Win Your Local Housing Market

Ultimately, real estate is always local! The best thing you can do before making a move in today’s real estate market is to contact your local real estate agent. As your local, trusted real estate professionals, we know what’s happening and are your best resource for determining your next best step. So contact us today!

October 1, 2022August 8, 2024

How to Stay Ahead of the Real Estate Market

From volatile national market trends impacting local housing markets to unforeseen structural problems, a property’s value fluctuation can be tricky to gauge accurately. However, the good news for current and would-be homeowners curious about a property’s actual value in today’s market is that information is more accessible than ever. So let’s look at some of the easiest, most straightforward options for knowing a property’s actual value and why it’s so important!

Key Takeaways:

Knowing your property’s real-time value is more important than ever
Build a relationship with your local real estate team to maximize your money
This is a great time to plan for the future of your home, so contact us today!

Know the accurate value of your property:

Stacked gold coins and plant growing on the top and wooden home model

People usually want to know how much a home is worth to take comfort in knowing they’re making a good investment. Buying or selling a home is one of the most significant financial investments people will ever make. So naturally, when sellers want as much profit as possible and buyers want to pay as little as possible, achieving the right balance between these two when the closing time rolls around can be tricky. Staying informed about your home’s value and the trend of home prices in your local area allows you to make better financial decisions overall. It all boils down to knowing how much a home is realistically worth.

Suppose you’re a current homeowner about to place your property on the market who’s considering a renovation to increase your payout at closing; knowing your home’s current value will help determine if doing so is even necessary, potentially saving you thousands of dollars. Or perhaps you’re a buyer eager to make an offer; knowing a property’s real-time, comparative value in the market could help you avoid overpaying.

And this is where getting to know your local real estate professionals becomes one of the most important decisions you will make.

Build a relationship with your local real estate agent

Regardless of what is happening within the broader national housing market, buying or selling a home is always a local matter. While real estate is an industry heavily influenced by environmental, political, social, and broader economic forces that affect property value and pricing, what is valid for buyers and sellers in San Francisco differs from what is reasonable for buyers and sellers in Sioux Falls, SD.

This is where knowing who your local real estate experts are is invaluable. Top-earning real estate agents have one thing in common: they know their local real estate markets. Ask them any question about the area, and they can answer it, or at least they know where to go and who to ask to find the answer.

So, when you’re ready to put your house on the market or make an offer, the first and easiest step you can and should take is to contact your local real estate professionals. They are experts in their field who understand market etiquette and know how to make a great offer that achieves the difficult balance of satisfying both buyer and seller. The right real estate agent knows how to negotiate the complex web of forms best, and they can foresee issues you might not.

Discover Your Real Estate Partnership

If you’re ready to move, don’t get caught up in the frenzy of negative news. Instead, work with your local team that knows the micro-housing market in your area. Our real estate agents have decades of experience and understand how to help you best navigate today’s market. So don’t hesitate to reach out and say Hello! to figure out your best options for buying or selling your home!

When you know your value on the market, make sure that you maximize that potential with proper staging. Read our blog on Staging Mistakes for more information.

July 1, 2022July 26, 2024

Is It Better to Rent or Buy Right Now?

Key Takeaways:

Homeownership remains one of the best ways to build long-term wealth
The cooling housing market is causing bidding wars for rental units
Our experienced team of dedicated agents will help you secure a home!

The Cost of Rent Is Rising

Recent reports on current conditions in the real estate market have highlighted a new trend developing in today’s heated market: rising rents. In addition to increasing rental costs, bidding wars within the apartment and housing rental market are increasingly becoming commonplace, with some offering hundreds of dollars more than the asking price.

If you’ve been renting and wondering if buying a home instead of renting would be a better use of your money, the good news is that, yes, buying a house is still a better use of your money. So let’s take a closer look at what’s happening in today’s market and why buying a home remains the better option for building your wealth versus renting.

Why is rent increasing?

According to real-estate company Redfin, the median U.S. asking rent passed $2,000 for the first time in May, and it has risen 15% over the past 12 months. While bidding wars have long been a staple of hot housing markets, where buyers compete with offers above the seller’s listing price, these contests are now becoming more commonplace in the rental market.

Historically, rents have risen in step with home prices. As home values rise, renters become more likely to stick to renting, taking pressure off home prices and demands on the housing supply. The push and pull between these two facets of the housing market keep the two markets roughly in balance.

However, an increasing number of white-collar professionals are reluctant to buy because of record-high home prices, rising mortgage rates, and the limited supply of housing that is continuing to haunt the global housing market. As a result, many have said they are renting instead, helping drive a frenzy for leased properties of all kinds and helping fuel the trend of offering above asking rents, which isn’t helping anyone. Real-estate agents from New York to Chicago and Atlanta say they see more people making offers above asking to lease homes and apartments they will never own.

To rent or to buy? It’s not that complicated!

Happy family with daughter holding keys from their new home, selective focus on hands, closeup.

As anyone who has ever rented will tell you, when it’s time to renew your lease, there is an expectation that the cost of rent will increase. Usually, the new monthly rental price will rise nominally, and it’s not that big of a deal for renters to absorb the increase. However, in today’s market, nearly every usual trend has been upended, and renting is no exception. Yet as more individuals experience sticker shock as they renew their rental agreements, with some increases being several hundred dollars more a month, many have begun to question the efficacy of renting for their future.

So as more frustrated buyers retreat from the market and steer toward renting, the savvy move to be made right now is buying a home. Homeownership remains a stable long-term investment despite the higher mortgage interest rates, because owning a home comes with certain tax benefits that renting does not, helping your money go further. Benefits such as deductions on mortgage interest, discount points, mortgage insurance, and property taxes will reduce your taxable income and help you keep more of your hard-earned money.

Another factor to keep in mind is that as the housing market cools off and bidding wars in the rental market increase, the price of homes is beginning to see price reductions from the seller’s side of the market, which indicates that now is a terrific time to consider becoming a homeowner.

Secure Your Future

Serious buyers understand that waiting will cost them more later. They should approach today’s competitive market of rising rates and low inventory as a motivating factor to buy sooner, not a reason to wait. Let’s connect today to see what homes are in your budget, prepare you to become a homeowner, and start building your wealth sooner rather than later.

February 1, 2022June 19, 2024

How Will Inflation Affect the Housing Market?

Key Takeaways:

The historic low housing inventory creates value opportunities in competitive housing markets.
Anticipation of new home listings to hit a 10-year high as some owners see right now as the best time to sell.
Condo and rental demand are likely to surge as inventory supply chain issues impact the housing market.

This Year Will Bring Balance to the Housing Market

After two consecutive years in which words like “unprecedented,” “historic,” and “white-hot” have been buzzing about, we can now add “inflation” to the list.

What is inflation, and how will it affect the real estate market in 2022?

Real estate is not immune from the inflationary effects of declining purchasing power on an economy. When prices go up, so do the costs associated with real estate. In a nutshell, that’s how inflation works; like a rising tide lifts all boats, so does inflation with rising costs. However, there are always reasons to be genuinely confident in real estate’s proven ability to hedge against inflation and be profitable.

Here are three particulars and tips to help you navigate these inflationary waters and better prepare you to make your move when you decide it’s time to do so.

#1: Low Housing Inventory Drives Values

Dictionary showing the word inflation being highlighted.

With the market expected to remain undersupplied throughout the year and with this year already seeing historic low numbers in housing inventory, continued supply chain issues, and material costs resulting from inflationary pressure will undoubtedly influence the market. Many analysts are anticipating a modest 3% growth in home values, compared to the 24% return that last year saw.

Historically, it is well-documented that real estate remains profitable when inflation affects an economy. One reason is that landlords can always pass their cost increases off to their tenants. But the real lesson here is the age-old axiom that scarcity creates value. So instead of seeing the record-low number of housing inventory as something to steer clear of, it means that while there may be much competition in home buying, that’s because of the value of being a homeowner.

#2: New Listings to Hit 10-Year High

Image showing a couple signing real estate documents with money in front of them.

The end of double-digit price growth in home values will also encourage more homeowners to cash out finally, which will create more inventory in the market. But as the market settles down and becomes more balanced, homeowners will also be more inclined to list their homes to offset inflationary pressures elsewhere, though it will not be enough to meet the expected historical demand in 2022. This increase in listings of existing homes will also coincide with a slight increase in the listings of newly constructed homes, similarly expected to be the highest in a decade.

New home inventory should increase from 2021’s bottom, but we anticipate the market will remain undersupplied. In particular, the entry-level supply of new home construction will remain highly constrained.

#3: Condo and Rental Demand Will Take Off

Image showing a luxury condominium overlooking several swimming pools.

2022 will also see the end of mortgage forbearance, which along with inflationary pressures, will cause many homeowners to sell and rent instead. This surge in rental costs and demand will create opportunities for others looking to get into the housing market. As a result, expect rents to increase 7% by the end of 2022, more than double the predicted year-over-year growth in home prices of 3%, once again proving that homeownership is always a more reliable use and investment of your money.

As the pandemic subsides, more people will live in cities once again where renting is more common. Additionally, the strong labor market will cause many movers wanting to move into a new town the opportunity to get to know their new city before they commit to homeownership.

The Market Is Moving—Get Started Now

There’s always much to consider when buying a new home. Whether you’re a first-time home buyer or looking for your next, understanding the more significant economic trends is always important to maximize your efforts’ success. So contact us today and let us know how we can help support you in your journey.

December 15, 2021June 19, 2024

What to Expect in the 2022 Real Estate Market

Key Takeaways:

Many of the dynamics seen in 2021 will carry through into next year’s housing market, but at a much less frenzied pace.
As remote work becomes a more permanent, widespread option, Millennials are taking advantage and entering the real estate market.
We’re ready for another seller’s market. Like last year, there isn’t time to waste—contact us to start planning now!

What Buyers and Sellers Need to Know About the 2022 Housing Market

In the final few weeks of 2021, both home buyers and sellers look forward to what lies ahead in 2022. We can help build your strategy to stay competitive! Don’t wait for the real estate market to heat up during the spring and summer. Here’s what you need to know to get ahead of the competition next year.

First-time home buyers can overcome the challenging market

Recent real estate forecasts suggest that competitive will be the defining characteristic of the housing market throughout 2022. That will be especially true for first-time home buyers.

Competing levels of low inventory supply and high buyer demand will continue to hold housing market values at, or above, asking prices. Total inventory will increase by the end of 2022, but it will not be enough to slow the seller’s market.

For first-time home buyers to secure their house, they need to start early and expect competition. On a positive note, low interest rates can help new homeowners build equity faster.

Millennials are working remotely and finally buying homes

A lot has changed in these last two years. Buzzwords like “the new normal” were everywhere, along with speculations about how people lived, worked, and commuted were going to change. As we enter into 2022, we now have data reports and are beginning to see how these changes affect the housing market.

The ability to work remotely is helping the more than 45 million Millennials that make up the fastest growing segment of buyers. After an uphill battle, they’re entering the prime first-time home buying age range of 26 – 35, and changing the real estate landscape.

Millennials are leaving the glamor of big city life to take advantage of more affordable housing markets in suburbs and rural areas. As long as they have internet access, their salary remains the same. And unsurprisingly, 99% of them use technology to research the home buying market.

With 90% of managers and employees reporting that they’re happy working from home, and productivity increasing by as much as 47%, remote work is here to stay. The new normal will also create new investment opportunities as companies seek to reduce their office sizes.

Low inventory stretches into the new year

After years of underbuilding, housing supply shortages will continue to be a dominant feature of the market next year. One of the most significant factors that will carry over immediately from last year is low inventory supply.

Available housing will remain tight throughout the year. While that will generate some stress, it will also drive home values higher. Estimates of continued home sales growth will be 6.6%.

While housing inventory levels will remain lower than their pre-pandemic levels throughout 2022, a modest 0.3% growth in inventory should be enough to keep market prices from spiraling even further upward.

Sellers remain in control of the market

As we look ahead to 2022, some clear realities for the housing market begin to appear: it will remain a seller’s market. Interest rates continue to hover around a record-low 3%, providing incentives for sellers to upgrade to a larger home for a lower monthly payment.

After the refinance boom in 2020, homeowners are still in an advantageous position. With home sales expected to hit their highest level in 16 years due to Millennials entering the housing market, sellers sit in a very good position to profit. If accurately priced and, more importantly, if houses are in great condition with upgrades throughout, the real estate market will continue to be a boon for sellers.

Be Prepared for a Competitive Year

The new normal in 2022 turns out to be an old adage: the early bird gets the worm. We have the experience and can move quickly to make sure you stay competitive, regardless of whether you’re buying or selling. Contact us today to make your plan for the new year!

May 1, 2021June 19, 2024

5 Questions Sellers Keep Asking About 2021’s Hot Real Estate Market

Key Takeaways:

Today’s real estate market is heavily skewed towards sellers, making now the perfect time to list your home.
Many would-be sellers have questions about moving when the market is this hot—and we have the answers you need to get started.
If you’re considering selling your home soon, it’s crucial to work with a top local agent. Give us a call to see what we bring to the table!

The Top 5 Questions Every Seller Asks in Today’s Market

Whether you’re eager to list or are just thinking about selling, you’ve probably heard that the 2021 real estate market is one for the record books. Since last year’s swift economic recovery, home values just keep getting higher, and it’s not uncommon for listings to sell over asking price in just a few days. And according to the National Association of Realtors, the typical home is now selling for 14.1% more than last year.

Have a few reservations about listing your home right now? Here are the answers to some of the most common questions we hear from our sellers.

Should I even consider selling right now?

To put it simply: yes! There’s never been a better time to sell, especially if you’ve built up equity by living in the same home for a while. Since the beginning of the pandemic, we’ve seen a national housing shortage, record-low interest rates, and a surge of serious buyers. This has driven prices to all-time highs, and many buyers are even waiving contingencies or paying extra for the right home.

Looking for another reason to move? A recent survey by NerdWallet found that one in six homeowners plan to list their home in the next 18 months. So if you want to take advantage of today’s crazy market and beat out the competition, you shouldn’t wait much longer.

Will I be able to buy a new home after I sell?

A majority of homeowners aren’t worried about selling their home—they’re actually more concerned with buying a new one. If your home sells quicker than you expect, you still have options. You may be able to request “use and occupancy” or “rent-back” contingencies from your buyer, which allow you to live in your current home until you find a new one. It’s also worth asking your buyer if they’re willing to be flexible with the closing date. Depending on your situation, it might even be more advantageous to buy before you sell.

Do I need to work with an agent if the market is so hot?

Many homeowners believe they can make an even bigger profit by not using an agent, particularly in a seller’s market. While you may save some money on commission, you could end up selling your home for below its true market value. And let’s be honest—nobody has time to sort through dozens of offers or handle all the complicated paperwork that comes with selling a home!

If you want to price your home right and ensure a stress-free selling experience, it’s worth paying for an agent.

Should I still stage my home or make improvements?

Unless your home is in dire need of an update, there’s no need to make any major changes before you list. However, it’s still a good idea to do a little staging to get your space looking its best. Start by tidying up, getting rid of clutter, and depersonalizing as much as possible.

If you’re trying to sell a fixer-upper and don’t want to complete any repairs, consider listing “as-is.” This tells potential buyers that you won’t be making any changes—what they see is what they get.

What’s my home worth in today’s market?

Tempted to use an online estimator to see how much your home is worth? Before you type in your address, consider reaching out to a local real estate agent instead. The real estate market in our area changes day by day, and an agent will have up-to-date data that’s more accurate than any algorithm.

If you’ve lived in your house for at least a few years, your property has probably increased in value more than you’d expect. Get in touch with us today for a complimentary valuation, or give us a call for more personalized advice!

Sell Your Home with Confidence

Selling your home shouldn’t be a stressful experience. If you have even more questions about today’s market, just drop us a line—we’re here to make the entire process hassle-free!

Curious about your home’s value? Send over your address, and we’ll conduct a free, no-obligation home value estimate.