Friday, November 5, 2021 / by Nicole Solari
With forbearance plans coming to an end, many are concerned the housing market will experience a wave of foreclosures similar to what happened after the housing bubble 15 years ago. Here are a few reasons why that won’t happen.
There are fewer homeowners in trouble this time
After the last housing crash, about 9.3 million households lost their homes to a foreclosure, short sale, or because they simply gave it back to the bank.
As stay-at-home orders were issued early last year, the fear was the pandemic would impact the housing industry in a similar way. Many projected up to 30% of all mortgage holders would enter the forbearance program. In reality, only 8.5% actually did, and that number is now down to 2.2%.
As of last Friday, the total number of mortgages still in forbearance stood at 1,221,000. That’s far fewer than the 9.3 million households that lost their homes just over a decade ago.
Most of the mortgages in forbearance have ...
Monday, September 27, 2021 / by Nicole Solari
In today’s real estate market, buyers shouldn’t shop for a home with the expectation they’ll be able to negotiate a lower sales price. In a typical housing market, buyers try to determine how much less than the asking price they can offer and still get the home. From there, the buyer and seller typically negotiate and agree on a revised price somewhere in the middle.
Things Are Different Today
Today’s housing market is anything but normal. According to the National Association of Realtors (NAR), homes today are:
Receiving an average of 3.8 offers
Selling in just 17 days
Homes selling quickly and receiving multiple offers highlights how competitive the housing market is right now. This is due, in large part, to the low supply of homes for sale. Low supply and high demand mean homes often sell for more than the asking price. In some cases, they sell for a lot more. Selma Hepp, Deputy Chief Economist at CoreLogic,&n. ...
Friday, September 24, 2021 / by Nicole Solari
Due to low supply and high demand, today is one of the strongest sellers’ markets we’ve seen.
Sellers can benefit from more offers to pick from, higher home values, and a faster sales process. That might be why 73% of people believe it’s a good time to sell.
Sellers, don’t miss out on this unique opportunity. Work with an agent to take advantage of this hot sellers’ market. ...
Monday, September 13, 2021 / by Nicole Solari
If you’re on the fence about whether or not you want to sell your house this year, there’s good news. Real estate professionals are highly experienced in how to sell houses safely during the pandemic. Over the last year, agents have adopted new technologies and safety measures designed to keep you safe. And experts say these practices are here to stay. As Bob Goldberg, CEO of the National Association of Realtors (NAR), puts it:
“The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate.”
Below is a closer look at some of the new tools real estate professionals are using to better serve sellers.
New and Existing Technology Are Impacting the Process
In the 2021 Realtor Technology Survey, NAR asks real estate professionals their opinions on the most valuable pieces of technology for their business over the past 12 months. The graph below highlights the top five. ...
Monday, May 17, 2021 / by Nicole Solari
At this point, many in the real estate agency have heard the ways in which the lightning-fast seller’s market of 2021 is moving. From multiple offers in the first day to outright bidding wars, extremely low inventory is playing a major role in driving prices up. While individual sellers may be excited to receive strong returns on their homes, many of them must also find a home to purchase as they move on, so there are both challenges and opportunities in this market.
Low inventory is not a desirable situation for almost anyone, however; prices may go artificially high if people are buying out of desperation not because they really see the home as accurately valued by the price. While it may take more time than any of us would like to remedy the current situation, here are some of the levers that could move us toward more normal inventory, according to Homelight’s survey of top real estate agents this spring.
Vaccine Roll-Out Boosts Confidence
One positive hope . ...