Friday, September 3, 2021 / by Barbara Oleska
Everyone asks me, "how's the market?" Real estate is fascinating and we have never experienced a more unusual market! In this email I will share national information and local market information where applicable. Please call me if you have any questions or love graphs and I'll send them!
There are many headlines out there that claim we’re reverting to a more normal real estate market. That would indicate the housing market is returning to the pre-pandemic numbers we saw from 2015-2019. But that’s not happening. The market is still extremely vibrant as demand is still strong even while housing supply is slowly returning.
Here’s the definition of normal from the Merriam-Webster Dictionary:
“conforming to a type, standard, or regular pattern: characterized by that which is considered usual, typical, or routine.”
Using this definition, here are five housing industry metrics that prove we’re nowhere near normal.
1. Mortgag ...
Wednesday, September 1, 2021 / by Barbara Oleska
If you’re trying to decide whether or not to sell your house, this is the time to think seriously about making a move. Fannie Mae’s recent Home Purchase Sentiment Index (HPSI) reveals the number of respondents who say it’s a good time to sell is higher now than it was over the past few summers (see graph below). Today, the majority of consumers, 75 percent, say it’s a good time to sell a house.
Why is sellers sentiment up year-over-year?
The higher good time to sell sentiment has to do with today’s market conditions, specifically low housing supply and high buyer demand. In the simplest terms, we don’t have enough houses available for sale to meet buyer demand.
According to the latest data from the National Association of Realtors (NAR), we’re still firmly in a sellers’ market because housing supply is well below a balanced norm (shown in ...
Friday, May 14, 2021 / by Barbara Oleska
Did you know that…
Homes that advertised higher-end kitchen and bathroom amenities sold for more than otherwise expected in 2020.
Self-admitted fixer-uppers sold for almost 13% less than expected.
Many higher-end, custom home features are associated with slower sales.
The first point might seem obvious, right? But (and that’s a big BUT), there’s catch that ties into the third point. When remodeling, if you don’t plan to sell for 10 years, then do whatever you like because once it’s time to sell, your home will be due for a remodel anyway; however, if you think you’ll be selling sooner, it is better to keep future buyers in mind so to appeal to as many of them as possible. Get what you like, just know that if you go too personal, your buyers may not see your new kitchen as desirable and that will hurt the sales price of your home. Also, keep in mind the price point of your neighborhood. I once showed a home with a drop dead, gorgeous Italian, c ...