We couldn’t be more thankful for our clients this Thanksgiving.
It’s almost Thanksgiving, so today, I want to talk a little bit about gratitude. Sincerely, I want to say thank you. Without your support, without the help, the referrals, and the trust from people like you, our real estate business wouldn’t exist.
In fact, we’ve helped over 100 families in a very chaotic real estate market find a new place to call home this year. That doesn’t happen without referrals and trust from great clients like you.
Even if you haven’t worked with us before, we’re still grateful for you because gratitude is contagious. I know from life that the more you’re grateful for, the more you’ll have an opportunity to be grateful for.
Spend time with your loved ones. Think about the things that are positive in your life because I’m sure there’s a lot to be thankful for. If you have questions about real estate or just want to talk, please call or email me. I’d love to help you.
What’s happening in the housing markets we serve? The San Diego, Houston, Tucson, and Austin market statistics from September are in, and we can’t wait to share them with you. After, there is a very important piece of market wisdom we learned recently that could really make or break your buying or selling plans.
You can listen to our full market breakdown in the video above or skip to each topic using the timestamps provided:
0:00 — Introduction
1:23 — How are our markets changing?
3:21 — Prices remain strong in our markets
4:43 — How much are home prices going to fall?
6:08 — Homeowners have tons of equity, and supply remains relatively low
8:38 — Home sales are down but still high
10:56 — Affordability is getting worse
13:01 — There’s a lot of uncertainty in our market
14:46 — Is it still a good time to buy a home?
17:34 — The options of where our market is heading
19:00 — If the economy takes a turn, there’s no point in waiting
22:30 — Wrapping things up
If you have questions about this topic or anything else, please call or email us. We are always willing to help!
When will we see a housing price correction? If you’ve been reading the news, most recent media headlines have been about housing prices stalling, falling, or cooling. Is a pricing correction soon to happen, or is it already happening? Today I’ll share my answer to this question.
According to experts, home prices will not decrease. They are expecting the rate of appreciation to slow down instead. Historically, real estate has appreciated 4% year over year. During 2008, the housing crisis caused an economic crisis, eventually leading to a 20% pullback in home prices nationally.
The current economic and housing market conditions are very different from the housing crash in 2008. Our strong price appreciation in the last few years was driven by stimulus money, additional liquidity, and a historically strong job market — not by manufactured loans, unlike in 2008. This means that there is nothing to indicate that housing prices will collapse.
Most experts predict 4% to 7% housing price appreciation over the next year. Due to interest rates rising dramatically in the first half of this year, home affordability has taken a hit. If you’re a buyer, it’s tough to see house prices and interest rates increase, but the good news is that interest rates have softened during the summer. As inflation tapers into the winter months, interest rates will continue to soften slightly.
“There is nothing to indicate that housing prices will collapse.”
As my favorite saying goes, “Marry the house, date the rate.” Now that inventory has increased during the summer, the house that you love may become available. You may not like the rate that you’re locked in, but you can always refinance in the future once rates go down.
The best time to buy a home was 20 years ago; the second best time is now. Your home will be worth more in the future than what you paid today. Even those who bought from 2006 to 2008 have tons of equity because the housing market eventually corrects itself.
If you have more questions about this topic or have any real estate concerns, don’t hesitate to call or email me. I’m always happy to help!
Even after more than a year in our frenzied market, home prices continue to soar, which is excellent news for those who own new and existing homes in our marketplace.
The Case-Shiller National Home Price Index measures the average home prices in major markets across the nation—they’ve tracked that home prices rose by 13.2% year over year as of March, which had the highest annual price growth rate in almost 16 years. According to the National Association of Realtors, the median sales price for existing homes increased by 19.1% in April to $341,000.
This extreme price growth is driven by a few different factors. Record-low mortgage interest rates have made purchasing homes more affordable, even considering rising home prices. Many people have taken advantage of this and flocked away from urban centers, seeking out homes that offer more space to accommodate working remotely and spending more time at home in general.
However, supply is still very limited, and inventory may only continue to shrink. High prices and high demand have contributed to the shortage; April was the third month in a row of declining home sales. By the beginning of May 2021, the number of available homes for sale had shrunk by 20.5%.
This has led to some intense multiple-offer situations, where buyers are throwing out all the stops to compete for homes, including by waiving inspections, appraisals, and other contingencies to draw the seller’s eye to their offers.
Even though homebuilders are trying their best to keep up with demand, the new home construction industry can’t fill the gap in inventory. Increased land, labor, and material costs have made building new homes difficult and expensive, even as demand continues to surge. Still, many are turning to new construction homes because the competition for existing homes is still fierce in our current market.
As hectic as it sounds, this market presents some prime opportunities for homeowners to get top dollar for their properties. However, just because options are slim and demand is high doesn’t mean you can simply throw your home on the market and expect it to fetch a maximal price. Before you can figure out how much you can expect to walk away with, you’ll first need to assess how much it will cost you to prepare your home for the market.
Here’s a quick breakdown of some of the costs of selling a home:
The bottom line is that now is an excellent time to be a seller. The market leans heavily in your favor, and with just a little time, investment, and guidance from an experienced real estate professional, you can get the absolute best price for your home.
If you’re curious about what you could get for your home, check out this link to instantly calculate your home’s value based on recent Tucson sales:
If you need assistance getting the home-selling process started or have questions about any other real estate matter, please don’t hesitate to reach out to me. I would love to help you reach your real estate goals.