real estate market Tag

25 May 2016

Buying your first home? Here’s step 4: Making the Offer

When you’ve found the one you want to call home, it’s time to take things to the next level by making an offer. So let’s get started by examining the art of the offer. Step 1: Understand the market If you’ve been house hunting for some time now, you’ve probably figured out whether it’s a buyer’s or seller’s market. If it seems like the ‘for sale’ signs are literally multiplying overnight, you’re in a buyer’s market, and on the flip side, if real estate signs in yards are as sparse as country music fans at a Guns N’ Roses concert, you’re in a seller’s market.   Understanding which housing market you’re in helps you present realistic offers. In a seller’s market...
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21 Mar 2014

Snow No Problem for Real Estate

Like much of the rest of the country, the Carolinas have had more than their fair share of winter weather this year – snow, sleet, ice and very cold temperatures. I love our usually moderate year-round climate, and I join you in longing for consistently warm days and more evidence of spring. But while the unusually harsh weather has been a “distraction” to homebuyers and sellers throughout the Carolinas, listings, sales and closings have remained steady in the first two months of 2014. We closed out a strong year in 2013, up 26 percent over 2012, with 20,083 closings. And while we felt some seasonal effects in early 2014, we are seeing lots of market activity as we move into spring. As I...
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10 Jan 2014

Carolinas’ Real Estate Market Returns to a “New Normal”

After a year of exponential growth in many markets, home buyers and sellers have a renewed optimism that the real estate market is “back to normal.” Year-end 2013 surprised even the most optimistic forecasts. Allen Tate closings were up 30 percent over 2012, with more than 20,000 closed sales units. But today’s normal is more of a “new normal.” Today’s market represents more of a reset off the boom – and bust – of the past decade. Home sales, appreciation and demand are returning to levels that are sustainable long-term. That’s a healthy place to be. In my latest edition of Carolinas Market Update, I share what we can expect moving forward in 2014. As new construction resumes in 2014 and 2015, buyers will...
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16 Dec 2013

Are we in a buyer’s or seller’s market?

I’m often asked how the real estate market is doing.  Are we in a buyer’s market or a seller’s market?  So what exactly is a buyer’s market?  A Buyer’s Market is when we have more homes for sale than buyers.  In this market buyers can leverage the over-supply of homes to their advantage and get very favorable terms such as lower prices, receive closing costs and can take their time with selection.  Buyer’s markets are often identified with a depressed market or declining market and the obvious signs are very few offers in a buyer’s market - best offer is the only offer you received and it’s really low. So what exactly is seller’s market?  A Seller’s Market is when we have...
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13 Feb 2012

One Step at a Time

Right now, the residential real estate market is not lacking in sales activity. It is caused by fabulous interest rates, rock-bottom prices and an increase in demand. Thus far, the first two months of 2012 are 50-60 percent greater as compared to this time last year.  All indicators for the Carolinas look at a healthy uptick in sales units this year.  January and February are proving to be just that!

That being said, contract failures are proving to be a big deterrent in today’s market. After negotiating a contract in good faith, some sellers feel abused when they receive bad news from the inspector which, in turn, results in a low appraisal. A situation like that is incredibly frustrating and for many, it is the final straw.

A lack in buyer confidence, expectations on dates that have to be met and more stringent lending requirements are all potential roadblocks that we are faced with today. They are not however, the end of the world. Nevertheless, left uncontrolled, they contribute to the highest fall-through rates we have seen in a long, long time.

18 Jan 2012

Are You an Echo Boomer?

Do you dream of owning your own home someday? The pundits want us to believe that your generation – born between 1980 and 1995 – are disenchanted with the dream of homeownership. But I, for one, don’t believe it for a moment, although for the first time in history, you’re not leading the charge in the housing recovery.

Here’s what I have heard and think:

  • You are concerned about education, leisure and people. They are very important to you at this time in your life.
  • You have more school debt than any generation prior to you.
  • You are in a very tight job market.
  • You are taking longer to settle down and plant roots in one place.
  • You are delaying having children.
  • You have limited savings and assets.
2 Jan 2012

Top 10 Things We Learned in 2011

It is the time of year when everyone feels compelled to either summarize the year that has past, make a top 10 list or even some combination of the two. We are no different.  When we decided to write this blog, we asked our Realtors what information they would include on our list. Here are the answers:

  • Patience is a virtue. With short sales and foreclosures becoming a big part of the real estate landscape, we have learned that being patient is essential. These types of transactions take much longer than a traditional sale.  We need specialized knowledge to navigate these waters and great partners to get them closed.
  • We know how to get listings sold.  While demand is still a little lower than supply, you can get listings sold when they are in good condition, presented correctly, promoted appropriately and priced for today’s market.  Pre-inspection and home warranties make listings stand out.
  • Real estate is local.  It always has been. But with the housing market on the forefront of all national media, buyers and sellers need a local trusted advisor (REALTORÒ) now more than ever. We have learned that we have to undo misinformation before we can start explaining the real story.
27 Dec 2011

The Trend is Upward!

Earlier this month, there was more news that, for the fourth straight month, existing home sales were up nationally from the previous year’s levels. What is the reason? A lot of this uptick is due to the tax credit of the Spring of 2010 where sales were borrowed from the second half of 2010. This made this Falls’ results more realistic.

The latest report from the National Association of Realtors shows sales of existing homes up 13.5 percent to a seasonally adjusted annual rate of 4.97 million houses in October. I am also hearing from around the country that the upper end is starting to move, especially in the second- home markets. As I stated many times, real estate is a local game. This is good news if it is systemic growth.

Last October was the bottom. With four straight months of 2011 growth, this doesn’t mean that we are on another boom course, but rather a gentle recovery over time.

16 Nov 2011

We Only Know The Right Now Marketplace

Listing inventories are down year over year in the Carolinas. I credit this to two situations. The first is when the seller has made the conscious decision to pull their property off the market and wait. The second is that current Fair Market Value does not allow them enough equity to make their next move.

I sense that at least 40 percent of home sellers are still unrealistic about home value appreciation despite the recent economic downturn and volatility in the nation’s housing markets.

On a national level, home values declined for five consecutive years during the downturn. Since 1950, home values historically have tended to appreciate at an average of 2 percent to 5 percent per year. So we, as Americans, have been ingrained to believe that the value of our home will always rise. What is it that creates such an unrealistic view on home values – even now as much of the economy is still working hard to find its path?

30 Aug 2011

Another Recovery Perspective

Last month I attended the meeting of the Leading Real Estate Companies of the World Board of Directors in Chicago. The board members represent premier residential real estate companies and, as I was heading back to my home sweet home in the Carolinas, I felt a sense that the second half of the year had the promise to be very positive. Even our Florida and Midwest brokers are reporting an increase in business without the tax incentive that we had last year.

Overcompensation in mortgage reform is still causing more-fall throughs than we would like. However, as the pendulum is trying to get back to a place that is a win-win for the customer, as well as the investor, we are seeing some movement.

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