Philadelphia Real Estate BlogRecently posted or modified blog postshttps://www.reidrosenthalgroup.com/blog/Copyright ReidRosenthalGroup.com2023-10-04T06:30:21-07:00tag:reidrosenthalgroup.com,2012-09-20:13838Gorgeous New Townhome For Sale In Rittenhouse Square
Welcome to 1539 Pine - This grand & elegant 4 story, Rittenhouse Square brownstone offers a harmonious blend of old world charm and modern finishes. There are so many reasons to fall in love with this home from its high ceilings, size and scale, parking, large beautiful windows, gorgeous banisters with exposed brick accent that flows gracefully up and down the stairwell to its multiple outdoor spaces and perfect Rittenhouse Square location. You will feel right at home! This home has been completely renovated by the current owners. Updates include new mechanical systems (HVAC, electric, plumbing), refinished hardwood floors throughout, detailed millwork, sheetrock walls and ceilings, lighting, paint, and remodeled chef’s kitchen and bathrooms with Carrarra marble floors and surround. The property features a gated driveway with garage door, rear trex deck that is great for barbecuing and entertaining friends and family, 6 fireplaces, and a large roof deck with stunning skyline views of the city. This legal duplex provides the flexibility of a lower-level unit with an independent entrance, offering income potential or a private au pair suite. A gated driveway featuring a garage door for added convenience. The first floor of this lovely home features an open floor plan with a living room, dining room, powder room, and beautiful kitchen with ample cabinet space, breakfast bar, large island, granite countertops, stainless steel appliances and 2 fireplaces. The 2nd floor boasts wide hallways and 2 great rooms with 13 foot ceilings, each with a fireplace and large, opulent windows along. The second floor is great for entertaining your guests and has a perfectly located, full guest bathroom. The 3rd floor boasts a large primary bedroom with fireplace, spacious closets, and stunning full bath. The sizable 2nd bedroom features a fireplace and full bathroom, spacious closets, and storage. The 4th floor includes three more bedrooms, each with a full bath and a dedicated laundry room. There’s also a sitting area with roughed-in plumbing for a wet bar area and stairs up to the roof deck with stunning views of the skyline and surrounding neighborhood. This home has so much to offer beyond its location and skyline views! Just steps to shopping and eating at the best restaurants Philadelphia has to offer, surrounded by history and local venues, yet still has the convenience, privacy, and ambiance of your own home. 1 year pre paid parking space across the street included with this purchase. Walking distance to all major hospitals and Center City, close to colleges and major highways.2023-10-04T06:24:56-07:002023-10-04T06:30:21-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:13685T.R.G Fall 2023 Home Sellers Guide2023-09-13T11:55:21-07:002023-09-13T12:00:53-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:13476Main Line Real Estate Market Update The current state of the Main Line Suburbs' real estate market. This update sheds light on key trends and indicators, offering valuable insights for both local and broader market dynamics.. <br /><br />1. Active listing count hit a low in the Winter Months of 2023 and has been climbing ever since locally and following the National trends. <br /><br />2. Median Days properties remain on the market stands steadfast at an average of approximately 37 days. This persistence underscores the consistent demand and stability characterizing the region's real estate landscape.<br /><br />3. Median Listing price has reached a plateau, maintaining a range just below the levels seen in the Spring of 2023. This measured adjustment signifies a maturing market with balanced pricing tendencies.<br /><br />4. Price Reductions - A notable uptick in price reductions for active listings has been observed, signaling a pragmatic approach in negotiations as the market responds to shifting dynamics.<br /><br />5. Echoing nationwide patterns, the total count of active listings is ascending. This convergence emphasizes the Main Line's alignment with broader real estate trends.<br /><br />6. Curiously, July witnessed a perceptible decline in new listings introduced to the market. This trend, while noteworthy, warrants further exploration to comprehend its implications.<br /><br />To Summarize - The suburban real estate market continues to demonstrate resilience, albeit in a context distinct from the fervor witnessed during the post-Covid boom. The surge in active listings, coupled with the rise in price reductions, portrays an environment marked by recalibrated expectations. While multiple bid scenarios have tempered, prices maintain an upward trajectory albeit at a more measured pace.<br /><br />Should you desire more comprehensive insights into the local real estate market, whether focused on the Main Line or Center City, Philadelphia markets, please don't hesitate to reach out.<br /><br /><a href="https://www.linkedin.com/feed/hashtag/?keywords=realestate&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A7094667160962097152" data-attribute-index="0">#realestate</a><br /><a href="https://www.linkedin.com/feed/hashtag/?keywords=markets&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A7094667160962097152" data-attribute-index="1">#markets</a><br /><a href="https://www.linkedin.com/feed/hashtag/?keywords=stats&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A7094667160962097152" data-attribute-index="2">#stats</a>
<img src="https://assets.site-static.com/userfiles/2363/image/days_on_market_6.png" width="1080" height="1080" alt="Median Days On Market - Main Line " /><img src="https://assets.site-static.com/userfiles/2363/image/inventory_months_9.png" width="1080" height="1080" alt="Median Months Supply Of Inventory - Main Line " /><img src="https://assets.site-static.com/userfiles/2363/image/median_square_feet_8.png" width="1080" height="1080" alt="Home Size - Main Line " /><img src="https://assets.site-static.com/userfiles/2363/image/pending_listing_count_3.png" width="1080" height="1080" alt="Pending Listings - Main Line " /><img src="https://assets.site-static.com/userfiles/2363/image/price_reduction_count_7.png" width="1080" height="1080" alt="Price Reductions - Main Line " /><img src="https://assets.site-static.com/userfiles/2363/image/total_listing_count_0.png" width="1080" height="1080" alt="Total Listing Count Main Line " />
2023-08-10T04:15:09-07:002023-08-10T04:21:48-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:1335610 Rittenhouse Building Highlight Let's Take a Tour Of The Luxurious 10 Rittenouse Condominiums In Rittenhouse Square, Philadelphia
2023-08-03T04:04:07-07:002023-08-03T04:16:22-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:12985Homeownership Helps Protect You from Inflation [INFOGRAPHIC]Homeownership Helps Protect You from Inflation [INFOGRAPHIC]
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230622/Homeownership-Helps-Protect-You-From-Inflation-KCM-Share.png" width="600" /><br /><br />
<a href="https://www.simplifyingthemarket.com/en/content/images/20230622/Homeownership-Helps-Protect-You-From-Inflation-MEM.png?a=587890-c6f39386e5c0b35edc66223c4d17abc9" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230622/Homeownership-Helps-Protect-You-From-Inflation-MEM.png" /></a>
Some Highlights
Wondering if it makes sense to <a rel="noopener noreferrer" target="_blank">buy</a> a home today even when <a rel="noopener noreferrer" target="_blank">inflation</a> is high? When other costs go up due to inflation, buying a home helps you keep your monthly housing expense <a href="https://myhome.freddiemac.com/blog/homebuying/should-inflation-change-your-homebuying-plans" rel="noopener noreferrer" target="_blank">steady</a>.
Rents typically <a href="https://fred.stlouisfed.org/series/CUUR0000SEHA#0" rel="noopener noreferrer" target="_blank">increase</a> with <a href="https://www.usinflationcalculator.com/inflation/united-states-core-inflation-rates/" rel="noopener noreferrer" target="_blank">inflation</a>. Maybe that’s why, according to a recent survey, <a href="https://www.avail.co/blog/avail-rental-report-landlords-aim-to-keep-rentals-occupied-while-renters-grapple-with-financial-challenges" rel="noopener noreferrer" target="_blank">65.1%</a> of landlords say they plan to raise the rent of at least one of their properties within the next 12 months.
Especially when inflation is up, having a stable housing payment can be helpful. Let’s connect so you can <a rel="noopener noreferrer" target="_blank">learn</a>more and start your journey to <a rel="noopener noreferrer" target="_blank">owning</a> a home today.
learn more about buying and selling real estate in Philadelphia and the Main Line Suburbs. Contact Us Today
2023-06-23T05:15:04-07:002023-06-23T05:19:33-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:12912The Impact of the I-95 Collapse on the Residential Real Estate MarketThe recent collapse of a section of the I-95 highway in Philadelphia has raised concerns about its potential effects on the local economy and, specifically, the residential real estate market. With I-95 being a crucial transportation artery for the region, it is important to examine the potential impact this incident could have on commuters, property values, and overall market dynamics. In this blog post, we will delve into the repercussions of the I-95 collapse and explore how it could affect the residential real estate market in Philadelphia.
Disrupted Commutes and Transportation: The closure of a significant portion of I-95, a key route for commuters, has created immense traffic congestion and disrupted transportation in and around Philadelphia [<a href="https://edition.cnn.com/2023/06/12/economy/i-95-philadelphia-collapse-economic-impact/" target="_new">1</a>]. This disruption could lead to increased commute times, detours, and general inconvenience for residents traveling to work or other destinations. Such challenges may prompt individuals to seek housing options closer to their workplaces, favoring properties located in proximity to alternative transportation routes or within walking distance of their jobs.
Shift in Housing Demand: The I-95 collapse may impact the demand for housing in certain areas of Philadelphia. Individuals who frequently travel on I-95 for work or other purposes may now consider relocating to neighborhoods that offer more convenient access to alternative routes. Subsequently, residential areas near these alternative routes may experience increased demand, potentially leading to a rise in property prices. On the other hand, neighborhoods that heavily rely on I-95 for commuting purposes might experience a temporary decline in demand until the highway is fully restored.
Supply Chain Disruptions: The collapse of I-95 can also affect the supply chain, leading to complications in deliveries and logistics. The disrupted flow of goods and services could impact businesses and industries that rely on efficient transportation systems, potentially affecting their operations and profitability. These repercussions may indirectly influence the residential real estate market as businesses reassess their location strategies and potentially adjust their workforce, which could impact housing demand in certain areas.
Infrastructure Investment: In response to the I-95 collapse, there will likely be a heightened focus on infrastructure investment and maintenance to prevent similar incidents in the future. Such investments can lead to job creation and economic stimulus, as well as improved transportation systems that benefit commuters and businesses alike. Increased infrastructure spending can positively impact property values in the long term, especially in areas that benefit directly from improved transportation connectivity.
Conclusion: The collapse of a section of the I-95 highway in Philadelphia has the potential to impact the residential real estate market in various ways. Disrupted commutes, shifts in housing demand, supply chain complications, and future infrastructure investments are key factors to consider when assessing the implications of this incident on the real estate market. As the community responds to the challenges posed by the I-95 collapse, it is crucial to monitor how these factors unfold and adapt accordingly to ensure the resilience and long-term growth of the residential real estate market in Philadelphia.
References: [1] CNN. (2023, June 12). Will the I-95 collapse in Philadelphia hurt the economy? Look at other... Retrieved from <a href="https://edition.cnn.com/2023/06/12/economy/i-95-philadelphia-collapse-economic-impact/" target="_new">https://edition.cnn.com/2023/06/12/economy/i-95-philadelphia-collapse-economic-impact/</a>2023-06-14T06:29:37-07:002023-06-14T06:39:30-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:12727Navigating the Philadelphia and Main Line Philadelphia Suburbs Real Estate Market with ConfidenceThe process of buying a home can feel overwhelming, especially in today's dynamic market. In the Philadelphia and Main Line Philadelphia suburbs, where housing inventory is limited, bidding wars and rising home prices have become the norm. If you're feeling uncertain about embarking on this journey alone, fear not. Having a skilled real estate expert by your side is crucial, particularly in these challenging times. According to Bankrate:
"Advice and guidance from a professional real estate agent can be invaluable, particularly amid a hot or unpredictable housing market."
Here are a few ways in which a real estate expert can make a significant difference in your homebuying experience in the Philadelphia and Main Line Philadelphia suburbs:
Experience: A seasoned real estate professional possesses in-depth knowledge of the local market, understands current trends, and can help you navigate potential obstacles that may arise.
Education: Stay informed and empowered throughout the homebuying process. Your advisor will provide clear explanations of market conditions, helping you understand their implications and enabling you to make confident decisions.
Negotiations: Your real estate advisor will serve as your advocate, working in your best interests. They can assist you with the purchase agreement and negotiate potential concessions from the seller, should the inspection uncover any issues.
Contracts: In today's heavily regulated environment, real estate advisors guide you through the necessary disclosures and contracts, ensuring compliance and protecting your interests.
Pricing: Making an offer and negotiating with sellers can be stressful. A skilled agent will provide you with a comprehensive understanding of comparable home prices, empowering you to make competitive offers that align with market values.
These compelling reasons explain why 86% of recent buyers enlisted the help of a real estate agent, as reported by the National Association of Realtors (NAR) in their latest Home Buyers and Sellers Generational Trends Report. NAR also emphasizes the importance of an agent's role in the current market:
"A great real estate agent will guide you through the home search with an unbiased eye, helping you meet your buying objectives while staying within your budget. Agents are also a great source when you have questions about local amenities, utilities, zoning rules, contractors, and more."
Choosing the right expert starts with trust. You need a professional who provides reliable advice based on the available information and current circumstances. They will advocate for you, equip you with essential knowledge, and ensure you make confident decisions throughout the process.
In conclusion, having an expert real estate advisor on your side is critical in navigating the complexities of today's housing market. If you're planning to buy a home in the Philadelphia and Main Line Philadelphia suburbs this year, let's connect. Together, we'll ensure you receive the best advice and guidance every step of the way.2023-05-23T04:29:47-07:002023-05-23T04:32:39-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:12580Buyer Activity Is Up Despite Higher Mortgage RatesIf you’re a homeowner in Center City, Philadelphia or the Main Line Suburbs thinking about making a move, you may wonder if it’s still a good time to sell your house. Here’s the good news: even with higher mortgage rates, buyer traffic is actually picking up speed in these areas.
According to the latest ShowingTime Showing Index, which measures buyer activity, there has been a noticeable increase in buyer traffic in the first two months of 2023 (see graph below). This is likely because the limited number of homes for sale kept shoppers looking for homes even during colder months.
<a href="https://files.keepingcurrentmatters.com/content-images-20230502-20230503-showing-traffic-up-again-in-february.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content-images-20230502-20230503-showing-traffic-up-again-in-february.png" /></a>
To put this in context, let’s compare foot traffic in February 2023 with each February for the last six years (see graph below). It shows that this year still marks a clear rise in buyer activity, despite the increase in mortgage rates.
<a href="https://files.keepingcurrentmatters.com/content-images-20230502-20230503-showing-traffic-is-still-higher-than-pre-pandemic-years.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content-images-20230502-20230503-showing-traffic-is-still-higher-than-pre-pandemic-years.png" /></a>
The uptick in buyer traffic is even more noteworthy considering the increase in mortgage rates this February. The Freddie Mac 30-year fixed mortgage rate rose from 6.09% during the week of February 2nd to 6.50% in the week of February 23rd. But even with higher rates, more buyers were looking for a home.
Jeff Tucker, Senior Economist at Zillow, says the increased buyer activity could continue:
“More buyers will keep coming out of the woodwork. We always see a seasonal uptick in home shoppers in March and April . . .”
This is great news if you’re looking to sell your house in Center City, Philadelphia or the Main Line Suburbs. It’s a sign that buyers are out there and could be looking for a home just like yours. Working with a real estate professional to list your house now will help you get your home in front of eager buyers today.
In conclusion, rising foot traffic is a bright spot for this year’s housing market and indicates that buyers are looking to purchase this year, even with higher mortgage rates. If you’re ready to sell your house in Center City, Philadelphia or the Main Line Suburbs, let’s connect and get your home in front of eager buyers.2023-05-03T04:04:20-07:002023-05-03T04:07:44-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:12558Main Line Area Spotlight As a real estate agent on The Main Line suburbs of Philadelphia, I can attest to the many reasons why this area is so special. From the excellent schools to the beautiful homes, there's something for everyone here. And the dining scene is no exception.
In recent months, the area has seen a number of exciting new restaurants open up, catering to the diverse tastes of the community. Bua Loy Thai Cuisine in Ardmore offers authentic and flavorful Thai dishes, while Estrella Tacos y Mas in Wayne offers a creative take on Mexican street food. Fattoush Mediterranean Grill in Bryn Mawr has also been gaining popularity with its fresh and flavorful Middle Eastern fare. I recently dined at Dupauls table, I can attest to the high-quality food and beautiful atmosphere. I was impressed. There are more restaurants and entertainment options popping up around the Main Line recently making the area even more desirable.
But it's not just the dining scene that makes The Main Line so desirable. Residential real estate in the area continues to be in high demand, with home values remaining strong. In fact, according to Zillow, the median home value in Lower Merion Township is $663,500, while in Radnor Township it's $871,700 and in Tredyffrin Township it's $603,700. And despite the ongoing pandemic, home sales in the area have remained strong, with many homes selling above asking price and within days of being listed.
Part of what drives the demand for real estate on The Main Line is the excellent schools. Lower Merion School District, Radnor School District, and Tredyffrin-Easttown School District consistently rank among the top school districts in the state. In fact, in 2021, Lower Merion School District was ranked #2 in the state by Niche, while Radnor School District came in at #4 and Tredyffrin-Easttown School District at #6.
Overall, The Main Line suburbs of Philadelphia offer a unique and desirable lifestyle. Whether you're looking for excellent schools, beautiful homes, or delicious dining experiences, you'll find it all here. As a real estate agent, I'm proud to be a part of this community and to help others find their perfect home on The Main Line.2023-04-29T09:20:54-07:002023-04-29T09:32:57-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:12541Rittenhouse Square Neighborhood HighlightRittenhouse Square Philadelphia: A Gem in the Heart of the City
Rittenhouse Square is one of Philadelphia's most popular and sought-after neighborhoods. Located in the heart of Center City, Rittenhouse Square boasts a perfect mix of residential, commercial, and cultural attractions. In this article, we'll explore the market trends in residential real estate, the things to do in the area, and its close proximity to universities and public transportation.
Real Estate Market Trends
Over the past few years, Rittenhouse Square has become one of the most popular neighborhoods for real estate investors and homebuyers alike. With its prime location and a plethora of amenities, it's easy to see why. According to Zillow, the median home value in Rittenhouse Square is $529,300, with an average price per square foot of $558. The neighborhood has experienced a 4.7% increase in home values over the past year and is expected to rise another 3.4% in the next year.
Despite the high prices, Rittenhouse Square remains a highly sought-after neighborhood. The demand for homes in the area is driven by the neighborhood's walkability, diverse dining and shopping options, and cultural attractions. The neighborhood is also home to some of the best public schools in the city, making it an attractive option for families with children.
Things to Do
Rittenhouse Square has a wide variety of things to do and see. One of the most popular attractions is Rittenhouse Square Park itself, a beautiful and well-maintained green space that hosts a variety of events throughout the year, including farmers' markets and outdoor concerts. The park is also home to a variety of sculptures and other works of art, making it a popular destination for art lovers.
The neighborhood is also home to some of the city's best dining options, ranging from casual cafes and bars to upscale restaurants. Some of the most popular options include Vernick Food & Drink, Parc, Rouge, The Love and many others. The area also has a lively nightlife scene, with a variety of bars and clubs that cater to different tastes.
Close Proximity to Universities and Public Transportation
One of the biggest draws of Rittenhouse Square is its close proximity to some of the city's top universities. The University of Pennsylvania, Drexel University, and Temple University are all within a 30-minute drive of the neighborhood. Additionally, the University of the Arts and the Curtis Institute of Music are both located in the nearby Washington Square West neighborhood.
Rittenhouse Square is also well-connected to public transportation. The neighborhood is served by several SEPTA bus and subway lines, making it easy to get around the city. Additionally, the 30th Street Station, which serves Amtrak and regional rail lines, is located just a few blocks from the neighborhood.
In conclusion, Rittenhouse Square is a gem in the heart of Philadelphia. Its diverse attractions, prime location, and close proximity to universities and public transportation make it a highly sought-after neighborhood for real estate investors and homebuyers alike. If you're looking for a vibrant and convenient place to call home, Rittenhouse Square should definitely be on your list.
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2023-04-27T10:28:03-07:002023-04-27T10:46:56-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:12535Why Today's Foreclosure Numbers Are Nothing Like 2008If you’re looking to buy or sell a home in the Philadelphia area, it’s important to understand the current state of the market. The Main Line residential real estate market has been thriving in recent years, with home values steadily increasing. In fact, according to a report from Zillow, the median home value in the Main Line area is currently $681,711.
Meanwhile, in Center City Philadelphia, the real estate market is also experiencing growth. The median home value in Center City is currently $450,767, according to Zillow. This is a significant increase from just a few years ago, as the demand for urban living continues to rise.
As for the foreclosure situation, while there has been a recent increase in filings, it’s important to keep it in perspective. According to a report from ATTOM, foreclosure filings in the Philadelphia-Camden-Wilmington metropolitan area were up 33% in Q3 2022 compared to the previous quarter, but still down 10% compared to the same period in 2021.
Basically, there’s not a sudden flood of foreclosures coming. Instead, some of the increase is due to the delayed activity explained above while more is from economic conditions. As Rob Barber, CEO of ATTOM,<a href="https://www.attomdata.com/news/market-trends/foreclosures/attom-q1-2023-u-s-foreclosure-market-report/" rel="noopener noreferrer" target="_blank">explains</a>:
“This unfortunate trend can be attributed to a variety of factors, such as rising unemployment rates, foreclosure filings making their way through the pipeline after two years of government intervention, and other ongoing economic challenges. However, with many homeowners still having significant home equity, that may help in keeping increased levels of foreclosure activity at bay.”
To further paint the picture of just how different the situation is now compared to the housing crash, take a look at the graph below. It shows foreclosure activity has been lower since the crash by looking at properties with a foreclosure filing going all the way back to 2005.
<br class="gmail-Apple-interchange-newline" /><img src="https://files.keepingcurrentmatters.com/content/images/20230426/20230427-US-foreclosure-activity-grows-but-still-below-pre-pandemic-levels.png" />
Furthermore, the number of foreclosures in the current market is still far below the levels seen during the housing crisis. Buyers today are generally more qualified and less likely to default on their loans. And with many homeowners still having significant home equity, that may help in keeping increased levels of foreclosure activity at bay.
Overall, the Main Line and Center City Philadelphia real estate markets remain strong, with rising home values and a manageable level of foreclosures. If you’re thinking about buying or selling a home in these areas2023-04-27T05:00:24-07:002023-04-27T05:14:52-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:12454Experience Elevated Living at The Murano: Luxury Condo in Center City Philadelphia with Unbeatable Views, 2-Car Parking, and Exceptional Amenities2023-04-16T12:39:16-07:002023-04-16T12:45:04-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:12003How To Make Your Dream of Homeownership a RealityHow To Make Your Dream of Homeownership a Reality
<img width="750" height="410" src="https://files.mykcm.com/2023/02/22131011/how-to-make-your-dream-of-homeownership-a-reality-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="How To Make Your Dream of Homeownership a Reality | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/02/22131011/how-to-make-your-dream-of-homeownership-a-reality-KCM.jpg 750w, https://files.mykcm.com/2023/02/22131011/how-to-make-your-dream-of-homeownership-a-reality-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/02/22131011/how-to-make-your-dream-of-homeownership-a-reality-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
According to a recent Harris Poll survey, <a href="https://www.nerdwallet.com/article/mortgages/2023-home-buyer-report" title="8 in 10" target="_blank" rel="noopener noreferrer">8 in 10</a> Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and nonfinancial <a href="https://www.simplifyingthemarket.com/2022/12/22/what-makes-a-house-a-home/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="benefits" target="_blank" rel="noopener noreferrer">benefits</a>, so that interest is understandable.
However, it’s unlikely all 28 million Americans will accomplish that goal in the coming year. Experts <a href="https://www.simplifyingthemarket.com/2022/12/16/2023-housing-market-forecast-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="project" target="_blank" rel="noopener noreferrer">project</a> a total of around five million homes will be sold in 2023. Why is there such a big difference? It’s partly because there can be challenges to buying a home.
In the same survey, when asked, “Which of the following are preventing you from pursuing homeownership at this time?”:
34% answered, “I don’t have enough saved for a down payment”
30% answered, “My credit score”
If you’re aiming to buy a home, here’s what you need to know to accomplish that goal.
Save for Your Down Payment
Your <a href="https://www.simplifyingthemarket.com/2023/02/03/you-may-not-need-as-much-as-you-think-for-your-down-payment-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="down payment" target="_blank" rel="noopener noreferrer">down payment</a> is a big chunk of what you pay up front for your home. For most home purchases, buyers put down some amount of cash up front (a down payment) and then take out a loan (a mortgage) to pay for the rest.
It’s a longstanding myth that you need to pay 20% of the purchase price for your down payment. In reality, 20% down isn’t always required. In fact, according to the <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" title="National Association of Realtors" target="_blank" rel="noopener noreferrer">National Association of Realtors</a> (NAR), today’s median down payment is 14% for the average buyer and just 6% for a first-time buyer.
Regardless of how much money you can save for your <a href="https://www.simplifyingthemarket.com/2023/01/03/wondering-how-much-you-need-to-save-for-a-down-payment/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="down payment" target="_blank" rel="noopener noreferrer">down payment</a>, know there’s help available. A local lender can show you <a href="https://downpaymentresource.com/" title="options" target="_blank" rel="noopener noreferrer">options</a> to help you get closer to your down payment goal. Plus, there are even loan types, like <a href="https://www.hud.gov/buying/loans" title="FHA loans" target="_blank" rel="noopener noreferrer">FHA loans</a>, with down payments as low as 3.5% for some buyers, as well as options like <a href="https://www.simplifyingthemarket.com/2022/11/10/va-loans-can-help-veterans-achieve-their-dream-of-homeownership/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="VA loans" target="_blank" rel="noopener noreferrer">VA loans</a> and <a href="https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-guaranteed-loan-program" title="USDA loans" target="_blank" rel="noopener noreferrer">USDA loans</a> with no down payment requirements for qualified applicants.
Beyond assistance programs and different loan types, <a href="https://www.nerdwallet.com/article/mortgages/payment-buy-home" title="here" target="_blank" rel="noopener noreferrer">here</a> are a few other tips to help you as you save for your down payment:
Remember to factor in closing costs. In addition to your down payment, <a href="https://www.simplifyingthemarket.com/2023/02/13/what-you-should-know-about-closing-costs/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="closing costs" target="_blank" rel="noopener noreferrer">closing costs</a> are usually 2-5% of the home's purchase price.
Maintain your savings. Your down payment shouldn’t deplete all your savings. It’s important to still have some money set aside for homeownership expenses after you move in.
Explore your options and lean on your trusted advisor for expert guidance. Do your research, ask questions, and look into the resources available for buyers like you.
Improve Your Credit Score
Your credit score is a number that indicates how financially reliable you are to lenders. A higher credit score usually means you’ll be able to borrow more money at a better interest rate. If your credit score is preventing you from getting an affordable mortgage, there are steps you can take to improve it. Here are two:
Pay your bills on time. When you pay your bills on time, your credit score improves. When you’re late, it takes a hit. One way to make paying your bills on time easier? Set up automatic payments when and where you can.
Mix it up. From auto loans, to credit cards, to mortgages – there are several different types of credit. And having a mix of them improves your credit score.
Bottom Line
If you want to purchase a home this year, let’s connect so we can <a href="https://www.simplifyingthemarket.com/2023/02/10/how-to-win-as-a-buyer-in-todays-housing-market-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="start preparing" target="_blank" rel="noopener noreferrer">start preparing</a>.
2023-02-23T13:08:45-07:002023-02-23T13:11:38-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11998 A Smaller Home Could Be Your Best OptionA Smaller Home Could Be Your Best Option
<img width="750" height="410" src="https://files.mykcm.com/2023/02/21124855/a-smaller-home-could-be-your-best-option-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="A Smaller Home Could Be Your Best Option | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/02/21124855/a-smaller-home-could-be-your-best-option-KCM.jpg 750w, https://files.mykcm.com/2023/02/21124855/a-smaller-home-could-be-your-best-option-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/02/21124855/a-smaller-home-could-be-your-best-option-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
Many people are reaching the point in their lives when they need to decide where they want to live when they retire. If you’re a homeowner approaching this stage, you have several options to explore. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“As we see the transition of the large Baby Boomer generation age into retirement, it will be interesting to see if they move in with their Millennial and Gen Z children or if they stay put in their own homes.”
Lautz lists two options: move into a <a href="https://www.simplifyingthemarket.com/2022/04/15/what-is-multigenerational-housing-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="multigenerational" target="_blank" rel="noopener noreferrer">multigenerational</a> home with loved ones, or stay in your current house. Multigenerational living is rising in popularity, but it isn’t an option for everyone. And staying put may fit fewer and fewer of your needs. There’s a third option though, and for some, it’s the best one: downsizing.
When you <a href="https://www.simplifyingthemarket.com/2023/02/17/the-spring-housing-market-could-be-a-sweet-spot-for-sellers-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="sell your house" target="_blank" rel="noopener noreferrer">sell your house</a> and <a href="https://www.simplifyingthemarket.com/2023/02/15/should-you-consider-buying-a-newly-built-home/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="purchase" target="_blank" rel="noopener noreferrer">purchase</a> a smaller one, it’s known as downsizing. Sometimes smaller homes are more suited to your changing needs, and moving means you can also land in your ideal location.
In addition to the personal benefits, downsizing might be more cost effective, too. The New York Times (NYT) <a href="https://www.nytimes.com/2022/09/09/business/retirement/retirement-downsizing-real-estate.html" title="shares" target="_blank" rel="noopener noreferrer">shares</a>:
“Many downsizers expect to improve their retirement income stream if their new home costs less than what their old house sells for. Lower utility costs, insurance and property taxes — as well as investment returns on the proceeds — can also improve the bottom line.”
Being in a strong financial position is one of the most important parts of retirement, and downsizing can make a big difference.
A key part of why downsizing is still cost effective today, even when mortgage rates are higher than they were a year ago, is the <a href="https://themreport.com/news/data/01-18-2023/senior-home-equity-11t" title="record-high" target="_blank" rel="noopener noreferrer">record-high</a> level of equity homeowners have. Leveraging your equity when you downsize can lower or maybe even eliminate the mortgage payment on your next home.
So, not only is the upkeep of a smaller home likely more affordable, but leveraging your home equity could make a big difference too. Your local real estate advisor is the best resource to help you understand how much equity you may have in your current home and what options it can provide for your next move.
Bottom Line
If you’re a homeowner getting ready for retirement, part of that transition likely includes deciding where you’ll live. Let’s connect so you can understand your options and explore your downsizing opportunities.
2023-02-22T07:35:00-07:002023-02-23T07:39:42-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11969The Two Big Issues the Housing Market’s Facing Right NowThe Two Big Issues the Housing Market’s Facing Right Now
<img width="750" height="410" src="https://files.mykcm.com/2023/02/16150441/the-two-big-issues-facing-the-housing-market-right-now-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="The Two Big Issues the Housing Market’s Facing Right Now | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/02/16150441/the-two-big-issues-facing-the-housing-market-right-now-KCM.jpg 750w, https://files.mykcm.com/2023/02/16150441/the-two-big-issues-facing-the-housing-market-right-now-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/02/16150441/the-two-big-issues-facing-the-housing-market-right-now-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, <a href="https://blog.firstam.com/economics/why-housing-market-potential-increased-for-the-second-straight-month" title="explains" target="_blank" rel="noopener noreferrer">explains</a> the root causes of today’s low supply:
“Two dynamics are keeping existing-home inventory historically low – rate-locked existing homeowners and the fear of not finding something to buy.”
Let’s break down these two big issues in today’s housing market.
Rate-Locked Homeowners
According to the Federal Housing Finance Agency (FHFA), the <a href="https://www.fhfa.gov/DataTools/Downloads/Pages/National-Mortgage-Database-Aggregate-Data.aspx" title="average interest rate" target="_blank" rel="noopener noreferrer">average interest rate</a> for current homeowners with mortgages is less than 4% (see graph below):
<a href="https://files.mykcm.com/2023/02/16150439/average-mortgage-rate-is-less-than-4-percent-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-107542" src="https://files.mykcm.com/2023/02/16150439/average-mortgage-rate-is-less-than-4-percent-MEM.png" /></a>
But today, the typical mortgage rate offered to buyers is <a href="https://www.freddiemac.com/pmms" title="over 6%" target="_blank" rel="noopener noreferrer">over 6%</a>. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as being rate locked.
When so many homeowners are rate locked and reluctant to sell, it’s a challenge for a housing market that needs more inventory. However, experts project <a href="https://www.simplifyingthemarket.com/2023/01/17/think-twice-before-waiting-for-3-mortgage-rates/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> will gradually fall this year, and that could mean more people will be willing to move as that happens.
The Fear of Not Finding Something To Buy
The other factor holding back potential sellers is the fear of not finding another home to buy if they move. Worrying about where they’ll go has left many on the sidelines as they wait for more homes to come to the market. That’s why, if you’re on the fence about selling, it’s important to consider all your <a href="https://www.simplifyingthemarket.com/2023/01/30/where-will-you-go-if-you-sell-you-have-options/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="options" target="_blank" rel="noopener noreferrer">options</a>. That includes newly built homes, especially right now when builders are offering concessions like mortgage rate <a href="https://www.simplifyingthemarket.com/2023/2/15/should-you-consider-buying-a-newly-built-home/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="buydowns" target="_blank" rel="noopener noreferrer">buydowns</a>.
What Does This Mean for You?
These two issues are keeping the supply of homes for sale lower than pre-pandemic levels. But if you want to sell your house, today’s market is a <a href="https://www.simplifyingthemarket.com/2023/2/17/the-spring-housing-market-could-be-a-sweet-spot-for-sellers-infographic?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="sweet spot" target="_blank" rel="noopener noreferrer">sweet spot</a> that can work to your advantage.
Be sure to work with a local real estate professional to explore the options you have right now, which could include leveraging your current home equity. According to <a href="https://www.attomdata.com/news/market-trends/home-sales-prices/attom-q4-2022-u-s-home-equity-and-underwater-report/" title="ATTOM" target="_blank" rel="noopener noreferrer">ATTOM</a>:
“. . . 48 percent of mortgaged residential properties in the United States were considered equity-rich in the fourth quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than 50 percent of their estimated market values.”
This could make a major difference when you move. Work with a local real estate expert to learn how putting your equity to work can keep the cost of your next home down.
Bottom Line
Rate-locked homeowners and the fear of not finding something to buy are keeping housing inventory low across the country. But as mortgage rates start to come down this year and homeowners explore all their options, we should expect more homes to come to the market.
2023-02-21T06:42:36-07:002023-02-21T06:44:47-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11968Spring into Action: Boost Your Home’s Curb Appeal with Expert GuidanceSpring into Action: Boost Your Home’s Curb Appeal with Expert Guidance
<img width="750" height="410" src="https://files.mykcm.com/2023/02/16132137/spring-into-action-boost-your-homes-curb-appeal-with-expert-guidance-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/02/16132137/spring-into-action-boost-your-homes-curb-appeal-with-expert-guidance-KCM.jpg 750w, https://files.mykcm.com/2023/02/16132137/spring-into-action-boost-your-homes-curb-appeal-with-expert-guidance-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/02/16132137/spring-into-action-boost-your-homes-curb-appeal-with-expert-guidance-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
To sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but <a href="https://www.simplifyingthemarket.com/2023/02/08/number-of-homes-for-sale-up-from-last-year-but-below-pre-pandemic-years/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="inventory" target="_blank" rel="noopener noreferrer">inventory</a> is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, homes that are updated and <a href="https://www.simplifyingthemarket.com/2023/01/23/want-to-sell-your-house-price-it-right/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="priced" target="_blank" rel="noopener noreferrer">priced</a> at market value are still selling fast.
Today, homes with curb appeal that are presented well are still selling quickly, and sometimes over asking <a href="https://www.simplifyingthemarket.com/2023/01/20/whats-really-happening-with-home-prices-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="price" target="_blank" rel="noopener noreferrer">price</a>. According to Danielle Hale, Chief Economist at <a href="https://www.realtor.com/news/trends/a-tale-of-2-housing-markets-why-some-homes-still-cause-heated-bidding-wars-while-others-sit-unsold/" title="realtor.com" target="_blank" rel="noopener noreferrer">realtor.com</a>:
“In a market where costs are still high and buyers can be a little choosier, it makes sense they’re going to really zero in on the homes that are the most appealing.”
With the spring buying season just around the corner, now’s the time to start getting your house ready to sell. And the best way to determine where to spend your time and money is to work with a trusted real estate agent who can help you understand which improvements are most valuable in your local market.
Curb Appeal Wins
One way to prioritize updates that could bring a good return on your investment is to find smaller projects you can do yourself. Little updates that boost your curb appeal usually work well. <a href="https://www.investopedia.com/investing/types-home-renovation-which-ones-boost-value/" title="Investopedia" target="_blank" rel="noopener noreferrer">Investopedia</a> puts it this way:
“Curb-appeal projects make the property look good as soon as prospective buyers arrive. While these projects may not add a considerable amount of monetary value, they will help your home sell faster—and you can do a lot of the work yourself to save money and time.”
Small cosmetic updates, like refreshing some paint and power washing the exterior of your home, create a great first impression for buyers and help it stand out. Work with a real estate professional to find the low-cost projects you can tackle around your house that will appeal to buyers in your area.
Not All Updates Are Created Equal
When deciding what you need to do to your house before selling it, remember you’re making these repairs and updates for someone else. Prioritize projects that will help you sell faster or for more money over things that appeal to you as a homeowner.
The 2022 Remodeling Impact Report from the National Association of Realtors (NAR) <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf" title="highlights" target="_blank" rel="noopener noreferrer">highlights</a> popular home improvements and what sort of return they bring for the investment (see graph below):
<a href="https://files.mykcm.com/2023/02/16133943/typical-cost-recovery-for-common-remodeling-projects-MEM-1.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-107538" src="https://files.mykcm.com/2023/02/16133943/typical-cost-recovery-for-common-remodeling-projects-MEM-1.png" alt="Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance | MyKCM" width="600" height="450" /></a>
Remember to lean on your trusted real estate advisor for the best advice on the updates you should invest in. They’ll know what local buyers are looking for and have the latest insights of what your house needs to sell quickly this spring.
Bottom Line
As we approach the spring season, now’s the time to get your house ready to <a href="https://www.simplifyingthemarket.com/2023/02/06/the-top-reasons-for-selling-your-house/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="sell" target="_blank" rel="noopener noreferrer">sell</a>. Let’s connect today so you can find out which updates make the most sense.
2023-02-20T06:00:00-07:002023-02-21T06:42:31-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11919 Your Castle In Manayunk Is Now Live!Your New Castle In Manayunk Awaits You!
You’re not going to want to miss this gorgeous, corner unit townhome with a two car garage and roof deck at the modern and sophisticated The Locks Townhomes in Manayunk!
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xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/videos/" role="link" tabindex="0">#videos</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/hometours/" role="link" tabindex="0">#hometours</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/fitletclub/" role="link" tabindex="0">#fitletclub</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/eagles/" role="link" tabindex="0">#eagles</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/flyers/" role="link" tabindex="0">#flyers</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/parking/" role="link" tabindex="0">#parking</a><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/roofdecks/" role="link" tabindex="0">#roofdecks</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/letshirereidhoney/" role="link" tabindex="0">#letshirereidhoney</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/houses/" role="link" tabindex="0">#houses</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/luxuryrealestate/" role="link" tabindex="0">#luxuryrealestate</a><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/modern/" role="link" tabindex="0">#modern</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/brick/" role="link" tabindex="0">#brick</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/bhhs/" role="link" tabindex="0">#bhhs</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/foxroach/" role="link" tabindex="0">#foxroach</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/berkshirehathaway/" role="link" tabindex="0">#berkshirehathaway</a><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/housetours/" role="link" tabindex="0">#housetours</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/luxury/" role="link" tabindex="0">#luxury</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/realtors/" role="link" tabindex="0">#realtors</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/loveyourhome/" role="link" tabindex="0">#loveyourhome</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/love/" role="link" tabindex="0">#love</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/selfies/" role="link" tabindex="0">#selfies</a><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/therosenthalgroup/" role="link" tabindex="0">#therosenthalgroup</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/philly/" role="link" tabindex="0">#philly</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/philadelphia/" role="link" tabindex="0">#philadelphia</a>
2023-02-17T10:44:21-07:002023-02-17T11:03:06-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11909The Spring Housing Market Could Be a Sweet Spot for Sellers [INFOGRAPHIC]The Spring Housing Market Could Be a Sweet Spot for Sellers [INFOGRAPHIC]
<img width="1046" height="2434" src="https://files.mykcm.com/2023/02/16105352/The-Spring-Housing-Market-Could-Be-A-Sweet-Spot-For-Sellers-MEM-1046x2434.png" class="attachment-entry size-entry wp-post-image" alt="The Spring Housing Market Could Be a Sweet Spot for Sellers [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/02/16105352/The-Spring-Housing-Market-Could-Be-A-Sweet-Spot-For-Sellers-MEM-1046x2434.png 1046w, https://files.mykcm.com/2023/02/16105352/The-Spring-Housing-Market-Could-Be-A-Sweet-Spot-For-Sellers-MEM-258x600.png 258w, https://files.mykcm.com/2023/02/16105352/The-Spring-Housing-Market-Could-Be-A-Sweet-Spot-For-Sellers-MEM-440x1024.png 440w, https://files.mykcm.com/2023/02/16105352/The-Spring-Housing-Market-Could-Be-A-Sweet-Spot-For-Sellers-MEM-768x1787.png 768w, https://files.mykcm.com/2023/02/16105352/The-Spring-Housing-Market-Could-Be-A-Sweet-Spot-For-Sellers-MEM-660x1536.png 660w, https://files.mykcm.com/2023/02/16105352/The-Spring-Housing-Market-Could-Be-A-Sweet-Spot-For-Sellers-MEM-880x2048.png 880w, https://files.mykcm.com/2023/02/16105352/The-Spring-Housing-Market-Could-Be-A-Sweet-Spot-For-Sellers-MEM-100x233.png 100w, https://files.mykcm.com/2023/02/16105352/The-Spring-Housing-Market-Could-Be-A-Sweet-Spot-For-Sellers-MEM.png 1300w" sizes="(max-width: 1046px) 100vw, 1046px" /><br /><br />
Some Highlights
The <a href="https://www.simplifyingthemarket.com/2023/02/08/number-of-homes-for-sale-up-from-last-year-but-below-pre-pandemic-years/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="biggest challenge" target="_blank" rel="noopener noreferrer">biggest challenge</a> in the housing market is how few houses there are for sale compared to the number of people who want to buy.
The number of <a href="https://www.realtor.com/research/january-2023-data/" title="homes for sale" target="_blank" rel="noopener noreferrer">homes for sale</a> is up from last year but below pre-pandemic numbers, and that means we’re still in a sellers’ market.
The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about <a href="https://www.simplifyingthemarket.com/2023/02/06/the-top-reasons-for-selling-your-house/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="selling" target="_blank" rel="noopener noreferrer">selling</a>, let’s connect today.
2023-02-17T06:47:33-07:002023-02-17T06:50:09-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11893Wondering What’s Going on with Home Prices?Wondering What’s Going on with Home Prices?
<img width="750" height="410" src="https://files.mykcm.com/2023/02/15123718/wondering-whats-going-on-with-home-prices-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Wondering What’s Going on with Home Prices? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/02/15123718/wondering-whats-going-on-with-home-prices-KCM.jpg 750w, https://files.mykcm.com/2023/02/15123718/wondering-whats-going-on-with-home-prices-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/02/15123718/wondering-whats-going-on-with-home-prices-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
The recent changes in home prices are top of mind for many as the <a href="https://www.simplifyingthemarket.com/2023/02/02/experts-forecast-a-turnaround-in-the-housing-market-in-2023/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="housing market" target="_blank" rel="noopener noreferrer">housing market</a> begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices.
Local price trends still vary by market. But looking at national data, Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the Federal Housing Finance Agency (FHFA), <a href="https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/FHFA-HPI-Monthly-1312023.pdf" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022. While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.”
Month-over-month home price changes can be seen in the chart below. The data also shows that price depreciation peaked around August. Since then, any depreciation has been even milder. In other words, today’s home prices aren’t in a freefall.
<a href="https://files.mykcm.com/2023/02/15123720/us-house-prices-largely-unchanged-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-107489" src="https://files.mykcm.com/2023/02/15123720/us-house-prices-largely-unchanged-MEM.png" /></a>
What Does This Mean for You?
If you currently own your house, you may be concerned about even the <a href="https://www.simplifyingthemarket.com/2023/02/09/why-todays-housing-market-isnt-headed-for-a-crash/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="smallest decline" target="_blank" rel="noopener noreferrer">smallest decline</a> in prices. But keep in mind how much home values grew over the last few years. Compared to that growth, any declines we’re seeing nationally are likely to be minimal. Selma Hepp, Chief Economist at CoreLogic, <a href="https://www.cnbc.com/2023/02/10/home-prices-mortgage-rates-fall.html" title="shares" target="_blank" rel="noopener noreferrer">shares</a>:
“. . . while prices continued to fall from November, the rate of decline was lower than that seen in the summer and still adds up to only a 3% cumulative drop in prices since last spring’s peak.”
It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the home prices in your area if you’re planning to make a move this spring.
Bottom Line
To understand what’s going on with home prices in our market and how they could impact your goals, let’s connect today.
2023-02-16T07:06:12-07:002023-02-16T07:08:54-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11885Should You Consider Buying a Newly Built Home?Should You Consider Buying a Newly Built Home?
<img width="750" height="410" src="https://files.mykcm.com/2023/02/14110909/should-you-consider-buying-a-newly-built-home-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Should You Consider Buying a Newly Built Home? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/02/14110909/should-you-consider-buying-a-newly-built-home-KCM.jpg 750w, https://files.mykcm.com/2023/02/14110909/should-you-consider-buying-a-newly-built-home-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/02/14110909/should-you-consider-buying-a-newly-built-home-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
If you’re thinking about buying a home, you might be focusing on previously owned ones. But with so few houses for sale <a href="https://www.simplifyingthemarket.com/2023/02/09/why-todays-housing-market-isnt-headed-for-a-crash/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="today" target="_blank" rel="noopener noreferrer">today</a>, it makes sense to consider all your options, and that includes a home that’s newly built.
The Number of Newly Built Homes Is on the Rise
While there are more houses for sale right now than there were at this time last year, there’s still a historically low number of <a href="https://www.simplifyingthemarket.com/2023/02/08/number-of-homes-for-sale-up-from-last-year-but-below-pre-pandemic-years/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="homes available" target="_blank" rel="noopener noreferrer">homes available</a> on the market. One reason for that is years of underbuilding—meaning there haven’t been enough new homes built to keep up with demand.
<a href="https://files.mykcm.com/2023/02/14110907/single-family-housing-units-completed-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-107444" src="https://files.mykcm.com/2023/02/14110907/single-family-housing-units-completed-MEM.png" /></a>
The graph above shows how low the production of newly constructed homes has been over the <a href="https://www.census.gov/construction/nrc/data/series.html" title="past 14 years" target="_blank" rel="noopener noreferrer">past 14 years</a>. But it also shows another important trend: the number of new homes being built each year is on the rise. As Mark Fleming, Chief Economist at First American, <a href="https://blog.firstam.com/economics/why-housing-market-potential-increased-for-the-second-straight-month" title="shares" target="_blank" rel="noopener noreferrer">shares</a>, that’s good news for buyers:
“While existing-home inventory remains limited, the silver lining for home buyers is that new-home inventory is on the rise, and a new home at the right price is a pretty good substitute.”
Builder Incentives Can Provide a Boost
While there a growing number of new homes for sale, builders are slowing that pace until they sell more of their current inventory. According to Logan Mohtashami, Lead Analyst at <a href="https://www.housingwire.com/articles/homebuilders-still-need-lower-mortgage-rates/" title="HousingWire" target="_blank" rel="noopener noreferrer">HousingWire</a>:
“The builders have to work off the backlog of homes, but instead of 3%-4% mortgage rates, they’re dealing with 6% plus mortgage rates, which means they have to provide many incentives to make sure those homes sell.”
Many builders are now offering incentives to help buyers purchase these homes. Fleming also explains:
“The National Association of Home Builders reported that nearly two-thirds of builders were offering incentives, including mortgage rate buydowns, paying points for buyers and price reductions, which could entice potential home buyers.”
A builder who’s willing to pay to reduce your mortgage rate could be a game changer. Ksenia Potapov, Economist at First American, <a href="https://blog.firstam.com/economics/why-mortgage-rates-hold-the-key-to-improved-affordability-in-2023" title="puts it" target="_blank" rel="noopener noreferrer">puts it</a> this way:
“A one percentage-point decline in mortgage rates has the same impact on affordability as an 11 percent decline in house prices.”
Should You Buy a Brand-New Home?
The best way to decide what type of home to buy is to work with a trusted real estate professional who can help you weigh the pros and cons of each option. They know which homes are available in your local market, and which builders might be offering incentives that make sense for you.
Bottom Line
Even though there aren’t a lot of homes for sale today, new home inventory is on the rise, and many builders are offering incentives. Let’s connect so I can help you weigh the pros and cons of shopping for a new home versus an existing one.
2023-02-15T07:20:52-07:002023-02-15T07:23:12-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11874Why Homeownership is easy to fall in love with Why It’s Easy To Fall in Love with Homeownership
<img width="750" height="410" src="https://files.mykcm.com/2023/02/13103950/why-its-easy-to-fall-in-love-with-homeownership-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Why It’s Easy To Fall in Love with Homeownership | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/02/13103950/why-its-easy-to-fall-in-love-with-homeownership-KCM.jpg 750w, https://files.mykcm.com/2023/02/13103950/why-its-easy-to-fall-in-love-with-homeownership-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/02/13103950/why-its-easy-to-fall-in-love-with-homeownership-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
No matter how the housing market changes, there are some things about <a href="https://www.simplifyingthemarket.com/2023/01/24/the-3-factors-that-affect-home-affordability/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="owning a home" target="_blank" rel="noopener noreferrer">owning a home</a> that never change—like the personal benefits it can provide. When you own your home, you likely feel a sense of attachment because of the comfort it gives and also because it’s a space that’s truly yours.
Over the last few years, we’ve fully embraced the meaning of our homes as we spent more time than ever in them. As a result, the emotional benefits our homes provide have become even more important to us.
As the most recent <a href="https://contentimages.o-prod.unison.com/images/press/2021-Unison-SOTAH-Report.pdf" title="State of the American Homeowner" target="_blank" rel="noopener noreferrer">State of the American Homeowner</a> from Unison puts it:
“. . . one thing has stayed the same: the home continues to be of the utmost importance and a place of security and comfort.”
The same study from Unison notes:
91% of homeowners say they feel secure, stable, or successful owning a home
64% of American homeowners say living through a pandemic has made their home more important to them than ever
It’s no surprise this study also reveals that homeowners now love their homes even more as our attachments to them have grown:
<a href="https://files.mykcm.com/2023/02/13103952/more-homeowners-are-falling-in-love-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-107429" src="https://files.mykcm.com/2023/02/13103952/more-homeowners-are-falling-in-love-MEM.png" /></a>
The National Association of Realtors (NAR) also <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-snapshot-of-race-and-home-buying-in-the-us-04-26-2022.pdf" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“In addition to tangible financial benefits, homeownership brings substantial social benefits for [households], communities, and the country as a whole.”
In other words, not only does owning a home build your <a href="https://www.simplifyingthemarket.com/2023/01/27/homeownership-builds-your-wealth-over-time-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="net worth" target="_blank" rel="noopener noreferrer">net worth</a> over time, but it also gives you and your loved ones a place to <a href="https://www.simplifyingthemarket.com/2023/02/07/how-experts-can-help-close-the-gap-in-todays-homeownership-rate/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="thrive" target="_blank" rel="noopener noreferrer">thrive</a>. And by living near people with shared experiences, homeownership helps you connect with your community and contribute meaningfully.
Bottom Line
Whether you’re thinking of buying your first home, moving up to your dream home, or downsizing to something that better fits your changing lifestyle, let me be the key to unlocking a home you can truly fall in love with.
2023-02-14T06:48:58-07:002023-02-14T06:50:28-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11867What You Should Know About Closing CostsWhat You Should Know About Closing Costs
<img width="750" height="410" src="https://files.mykcm.com/2023/02/10115324/what-you-should-know-about-closing-costs-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="What You Should Know About Closing Costs | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/02/10115324/what-you-should-know-about-closing-costs-KCM.jpg 750w, https://files.mykcm.com/2023/02/10115324/what-you-should-know-about-closing-costs-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/02/10115324/what-you-should-know-about-closing-costs-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
Before you buy a home, it’s important to <a href="https://www.simplifyingthemarket.com/2023/02/10/how-to-win-as-a-buyer-in-todays-housing-market-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="plan ahead" target="_blank" rel="noopener noreferrer">plan ahead</a>. While most buyers consider how much they need to save for a <a href="https://www.simplifyingthemarket.com/2023/02/03/you-may-not-need-as-much-as-you-think-for-your-down-payment-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="down payment" target="_blank" rel="noopener noreferrer">down payment</a>, many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when it’s time to close on your home, you need to understand what closing costs are and how much you should budget for.
What Are Closing Costs?
People are sometimes surprised by closing costs because they don’t know what they are. According to <a href="https://www.bankrate.com/mortgages/understanding-the-closing-process/#wh" title="Bankrate" target="_blank" rel="noopener noreferrer">Bankrate</a>:
“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”
In other words, your closing costs are a collection of fees and payments involved with your transaction. According to <a href="https://myhome.freddiemac.com/buying/understanding-costs" title="Freddie Mac" target="_blank" rel="noopener noreferrer">Freddie Mac</a>, while they can vary by location and situation, closing costs typically include:
Government recording costs
Appraisal fees
Credit report fees
Lender origination fees
Title services
Tax service fees
Survey fees
Attorney fees
Underwriting Fees
How Much Will You Need To Budget for Closing Costs?
Understanding what closing costs include is important, but knowing what you’ll need to budget to cover them is critical, too. According to the Freddie Mac article mentioned above, the costs to close are typically between 2% and 5% of the total purchase price of your home. With that in mind, here’s how you can get an idea of what you’ll need to cover your closing costs.
Let’s say you find a home you want to purchase for the <a href="https://www.nar.realtor/research-and-statistics" title="median price" target="_blank" rel="noopener noreferrer">median price</a> of $366,900. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,500 and $18,500.
Keep in mind, if you’re in the market for a home above or below this price range, your closing costs will be higher or lower.
What’s the Best Way To Make Sure You’re Prepared at Closing Time?
Freddie Mac provides great advice for homebuyers, <a href="https://myhome.freddiemac.com/buying/understanding-costs" title="saying" target="_blank" rel="noopener noreferrer">saying</a>:
“As you start your homebuying journey, take the time to get a sense of all costs involved – from your down payment to closing costs.”
Work with a team of trusted real estate professionals to understand exactly how much you’ll need to <a href="https://www.simplifyingthemarket.com/2023/01/19/pre-approval-in-2023-what-you-need-to-know/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="budget" target="_blank" rel="noopener noreferrer">budget</a> for closing costs. An agent can help connect you with a lender, and together your expert team can answer any questions you might have.
Bottom Line
It’s important to plan for the fees and payments you’ll be responsible for at closing. Let’s connect so I can help you feel confident throughout the process.
2023-02-13T06:45:00-07:002023-02-13T12:48:44-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11822How To Win as a Buyer in Today’s Housing Market [INFOGRAPHIC]How To Win as a Buyer in Today’s Housing Market [INFOGRAPHIC]
<img width="1046" height="2288" src="https://files.mykcm.com/2023/02/09132905/How-To-Win-As-A-Buyer-In-Todays-Housing-Market-MEM-1046x2288.jpg" class="attachment-entry size-entry wp-post-image" alt="How To Win as a Buyer in Today’s Housing Market [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/02/09132905/How-To-Win-As-A-Buyer-In-Todays-Housing-Market-MEM-1046x2288.jpg 1046w, https://files.mykcm.com/2023/02/09132905/How-To-Win-As-A-Buyer-In-Todays-Housing-Market-MEM-274x600.jpg 274w, https://files.mykcm.com/2023/02/09132905/How-To-Win-As-A-Buyer-In-Todays-Housing-Market-MEM-468x1024.jpg 468w, https://files.mykcm.com/2023/02/09132905/How-To-Win-As-A-Buyer-In-Todays-Housing-Market-MEM-768x1680.jpg 768w, https://files.mykcm.com/2023/02/09132905/How-To-Win-As-A-Buyer-In-Todays-Housing-Market-MEM-702x1536.jpg 702w, https://files.mykcm.com/2023/02/09132905/How-To-Win-As-A-Buyer-In-Todays-Housing-Market-MEM-936x2048.jpg 936w, https://files.mykcm.com/2023/02/09132905/How-To-Win-As-A-Buyer-In-Todays-Housing-Market-MEM-100x219.jpg 100w, https://files.mykcm.com/2023/02/09132905/How-To-Win-As-A-Buyer-In-Todays-Housing-Market-MEM-scaled.jpg 1170w" sizes="(max-width: 1046px) 100vw, 1046px" /><br /><br />
Some Highlights
In today’s housing market, you can still be the champion if you have the right team and strategy.
To win as a buyer, you need to build your team, <a href="https://www.simplifyingthemarket.com/2023/02/03/you-may-not-need-as-much-as-you-think-for-your-down-payment-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="make strategic plays" target="_blank" rel="noopener noreferrer">make strategic plays</a>, consider what’s in and out of bounds, and <a href="https://www.simplifyingthemarket.com/2023/01/19/pre-approval-in-2023-what-you-need-to-know/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="stand out" target="_blank" rel="noopener noreferrer">stand out</a> from the crowd.
Let’s connect today to make your game-winning play.
2023-02-10T07:35:05-07:002023-02-10T07:38:14-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11809Why Today’s Housing Market Isn’t Headed for a CrashWhy Today’s Housing Market Isn’t Headed for a Crash
<img width="750" height="410" src="https://files.mykcm.com/2023/02/08135548/why-todays-housing-market-isnt-headed-for-a-crash-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Why Today’s Housing Market Isn’t Headed for a Crash | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/02/08135548/why-todays-housing-market-isnt-headed-for-a-crash-KCM.jpg 750w, https://files.mykcm.com/2023/02/08135548/why-todays-housing-market-isnt-headed-for-a-crash-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/02/08135548/why-todays-housing-market-isnt-headed-for-a-crash-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
<a href="https://www.nerdwallet.com/article/mortgages/2023-home-buyer-report" title="67%" target="_blank" rel="noopener noreferrer">67%</a> of Americans say a housing market crash is imminent in the next three years. With all the talk in the media lately about shifts in the housing market, it makes sense why so many people feel this way. But there’s good news. Current data shows <a href="https://www.simplifyingthemarket.com/2023/02/02/experts-forecast-a-turnaround-in-the-housing-market-in-2023/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="today’s market" target="_blank" rel="noopener noreferrer">today’s market</a> is nothing like it was before the housing crash in 2008.
Back Then, Mortgage Standards Were Less Strict
During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. Banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance an existing one.
As a result, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices. Today, things are different, and purchasers face much higher standards from mortgage companies.
The graph below uses <a href="https://www.mba.org/news-and-research/newsroom/news/2023/01/10/mortgage-credit-availability-decreased-in-december" title="data" target="_blank" rel="noopener noreferrer">data</a> from the Mortgage Bankers Association (MBA) to help tell this story. In this index, the higher the number, the easier it is to get a mortgage. The lower the number, the harder it is.
<a href="https://files.mykcm.com/2023/02/08135553/lending-regulations-remain-stable-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-107334" src="https://files.mykcm.com/2023/02/08135553/lending-regulations-remain-stable-MEM.png" /></a>
This graph also shows just how different things are today compared to the spike in credit availability leading up to the crash. Tighter lending standards have helped prevent a situation that could lead to a wave of foreclosures like the last time.
Foreclosure Volume Has Declined a Lot Since the Crash
Another difference is the number of homeowners that were facing foreclosure when the housing bubble burst. Foreclosure activity has been <a href="https://www.simplifyingthemarket.com/2023/01/25/why-you-shouldnt-fear-todays-foreclosure-headlines/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="lower" target="_blank" rel="noopener noreferrer">lower</a> since the crash, largely because buyers today are more qualified and less likely to default on their loans. The graph below uses <a href="https://www.attomdata.com/news/market-trends/foreclosures/attom-year-end-2022-u-s-foreclosure-market-report/" title="data" target="_blank" rel="noopener noreferrer">data</a> from ATTOM to show the difference between last time and now:
<a href="https://files.mykcm.com/2023/02/08135922/foreclosure-starts-past-and-present-MEM-1.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-107335" src="https://files.mykcm.com/2023/02/08135922/foreclosure-starts-past-and-present-MEM-1.png" /></a>
So even as foreclosures tick up, the total number is still very low. And on top of that, most experts don’t expect foreclosures to go up drastically like they did following the crash in 2008. Bill McBride, Founder of Calculated Risk, <a href="https://calculatedrisk.substack.com/p/the-housing-bubble-and-mortgage-debt-76d" title="explains" target="_blank" rel="noopener noreferrer">explains</a> the impact a large increase in foreclosures had on home prices back then – and how that’s unlikely this time.
“The bottom line is there will be an increase in foreclosures over the next year (from record level lows), but there will not be a huge wave of distressed sales as happened following the housing bubble. The distressed sales during the housing bust led to cascading price declines, and that will not happen this time.”
The Supply of Homes for Sale Today Is More Limited
For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to fall dramatically. Supply has increased since the start of this year, but there’s still a <a href="https://www.simplifyingthemarket.com/2023/02/08/number-of-homes-for-sale-up-from-last-year-but-below-pre-pandemic-years/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="shortage of inventory" target="_blank" rel="noopener noreferrer">shortage of inventory</a> available overall, primarily due to years of underbuilding homes.
The graph below uses <a href="https://www.nar.realtor/sites/default/files/documents/ehs-12-2022-overview-2023-01-20.pdf" title="data" target="_blank" rel="noopener noreferrer">data</a> from the National Association of Realtors (NAR) to show how the months’ supply of homes available now compares to the crash. Today, unsold inventory sits at just 2.7-months’ supply at the current sales pace, which is significantly lower than the last time. There just isn’t enough inventory on the market for home prices to come crashing down like they did last time, even though some overheated markets may experience slight declines.
<a href="https://files.mykcm.com/2023/02/08135550/housing-supply-is-lower-than-last-time-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-107332" src="https://files.mykcm.com/2023/02/08135550/housing-supply-is-lower-than-last-time-MEM.png" /></a>
Bottom Line
If recent headlines have you worried we’re headed for another housing crash, the data above should help ease those fears. Expert insights and the most current data clearly show that today’s market is nothing like it was last time.
2023-02-09T07:00:00-07:002023-02-09T09:31:36-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11790Number of Homes for Sale Up from Last Year, but Below Pre-Pandemic YearsNumber of Homes for Sale Up from Last Year, but Below Pre-Pandemic Years
<img width="750" height="410" src="https://files.mykcm.com/2023/02/07124039/number-of-homes-for-sale-up-from-last-year-but-below-pre-pandemic-years-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Number of Homes for Sale Up from Last Year, but Below Pre-Pandemic Years | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/02/07124039/number-of-homes-for-sale-up-from-last-year-but-below-pre-pandemic-years-KCM.jpg 750w, https://files.mykcm.com/2023/02/07124039/number-of-homes-for-sale-up-from-last-year-but-below-pre-pandemic-years-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/02/07124039/number-of-homes-for-sale-up-from-last-year-but-below-pre-pandemic-years-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
The biggest challenge in the housing market right now, and likely for years to come, is how few homes there are for sale compared to the number of people who want to buy. That’s why, if you’re thinking about selling your house, this is a great time to do so. Your house would be welcome in a market that has fewer homes for sale than it did in the years leading up to the pandemic.
<a href="https://www.realtor.com/research/january-2023-data/" title="According" target="_blank" rel="noopener noreferrer">According</a> to the latest Monthly Housing Market Trends Report from realtor.com:
“There were 65.5% more homes for sale in January compared to the same time in 2022. This means that there were 248,000 more homes available to buy this past month compared to one year ago. While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.”
The graph below shows how today’s inventory of homes for sale compares to recent years:
<a href="https://files.mykcm.com/2023/02/07124041/active-monthly-listing-counts-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-107314" src="https://files.mykcm.com/2023/02/07124041/active-monthly-listing-counts-MEM.png" /></a>
What Does This Mean for You?
Fewer homes for sale means buyers have fewer choices than they did prior to the pandemic—and that frustration is leading some to give up on the homebuying process altogether. But with mortgage rates sitting <a href="https://www.simplifyingthemarket.com/2023/01/31/lower-mortgage-rates-are-bringing-buyers-back-to-the-market/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="lower" target="_blank" rel="noopener noreferrer">lower</a> than they were at the peak last fall, more buyers are willing to come back into the process—they just need to find homes to buy. This is welcome activity for the spring market, especially if you’re thinking of selling your house.
With a renewed interest in buying a home for many, the New York Times (NYT) <a href="https://www.nytimes.com/2023/02/02/business/mortgage-rates-housing-market.html" title="reports" target="_blank" rel="noopener noreferrer">reports</a>:
“Home buyers are edging back into the market after being sidelined last year . . .”
So, if you want to take advantage of a sweet spot in the market, this spring could be your shot.
Bottom Line
The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about selling, now’s the time for us to connect and get ready for you to make a move this spring.
2023-02-08T07:00:00-07:002023-02-08T08:16:06-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11772How Experts Can Help Close the Gap in Today’s Homeownership RateHow Experts Can Help Close the Gap in Today’s Homeownership Rate
<img width="750" height="410" src="https://files.mykcm.com/2023/02/06143111/how-experts-can-help-close-the-gap-in-todays-homeownership-rate-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="How Experts Can Help Close the Gap in Today’s Homeownership Rate | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/02/06143111/how-experts-can-help-close-the-gap-in-todays-homeownership-rate-KCM.jpg 750w, https://files.mykcm.com/2023/02/06143111/how-experts-can-help-close-the-gap-in-todays-homeownership-rate-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/02/06143111/how-experts-can-help-close-the-gap-in-todays-homeownership-rate-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
As we celebrate Black History Month, we reflect on the past and present experiences of Black Americans. This includes the path toward investing in a home of their own. And while equitable access to housing has come a long way, homeownership can be a steeper climb for households of color. It’s an important experience to talk about, along with how it can make all the difference for diverse homebuyers to work with the right real estate experts.
We know it’s more challenging for some to <a href="https://www.simplifyingthemarket.com/2023/01/24/the-3-factors-that-affect-home-affordability/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="buy a home" target="_blank" rel="noopener noreferrer">buy a home</a> because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, the lowest homeownership rate persists in the Black community (see graph below):
<a href="https://files.mykcm.com/2023/02/06143109/20230207-Homeownership-Rate-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-107290" src="https://files.mykcm.com/2023/02/06143109/20230207-Homeownership-Rate-MEM.png" /></a>
Homeownership is an essential piece for building household wealth that can be passed down to future generations. However, there are obstacles in the <a href="https://www.simplifyingthemarket.com/2023/02/03/you-may-not-need-as-much-as-you-think-for-your-down-payment-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="homebuying" target="_blank" rel="noopener noreferrer">homebuying</a> process that can negatively impact certain groups. This can delay or prevent many from achieving homeownership, challenging their ability to benefit from everything owning a home offers. A <a href="https://www.nar.realtor/sites/default/files/documents/2022-snapshot-of-race-and-home-buying-in-the-us-04-26-2022.pdf" title="recent report" target="_blank" rel="noopener noreferrer">recent report</a>from the National Association of Realtors (NAR) explains:
“. . . not all [households] have the same opportunities to homeownership, with many of them facing more constraints in their effort to achieve the American Dream. . . . Given that homeownership contributes to wealth accumulation and the homeownership rate is lower in minority groups, data shows that the net worth for these groups is also lower.”
However, with the right support and resources, there are solutions if you’re part of this community and planning to <a href="https://www.simplifyingthemarket.com/2023/01/19/pre-approval-in-2023-what-you-need-to-know/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="buy a home" target="_blank" rel="noopener noreferrer">buy a home</a>. Jacob Channel, Senior Economist at LendingTree, <a href="https://www.cnbc.com/2022/08/27/black-borrowers-mortgage-denial-rate-twice-that-of-overall-population.html" title="shares" target="_blank" rel="noopener noreferrer">shares</a>:
“The problem does exist. We have data that back that up. But there are solutions, and Black homebuyers shouldn’t lose faith that they’ll never be able to become homeowners.”
That’s why it’s so important for members of diverse groups to have the right team of experts on their sides throughout the homebuying process. These professionals aren’t only experienced advisors who understand the local <a href="https://www.simplifyingthemarket.com/2023/01/17/think-twice-before-waiting-for-3-mortgage-rates/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="market" target="_blank" rel="noopener noreferrer">market</a> and give the best advice. They’re also compassionate allies who will advocate for your best interests every step of the way.
Bottom Line
Access to housing improves every day, but there are still equity challenges that some buyers face. Let’s connect to make sure you have an advocate on your side as you walk the path to homeownership.
2023-02-07T06:30:00-07:002023-02-07T11:07:34-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11767The Top Reasons for Selling Your HouseThe Top Reasons for Selling Your House
<img width="750" height="410" src="https://files.mykcm.com/2023/02/02171326/the-top-reasons-for-selling-your-house-kcm.jpg" class="attachment-entry size-entry wp-post-image" alt="The Top Reasons for Selling Your House | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/02/02171326/the-top-reasons-for-selling-your-house-kcm.jpg 750w, https://files.mykcm.com/2023/02/02171326/the-top-reasons-for-selling-your-house-kcm-600x328.jpg 600w, https://files.mykcm.com/2023/02/02171326/the-top-reasons-for-selling-your-house-kcm-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.
Today, <a href="https://blog.firstam.com/economics/why-housing-market-potential-increased-for-the-second-straight-month" title="93%" target="_blank" rel="noopener noreferrer">93%</a> of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is important, but there are plenty of <a href="https://www.simplifyingthemarket.com/2023/01/12/is-it-time-to-sell-your-second-home/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="reasons" target="_blank" rel="noopener noreferrer">reasons</a> you may still need or want to move. <a href="https://www.realtrends.com/articles/15-predictions-to-help-you-plan-your-real-estate-business/?utm_campaign=Newsletter%20-%20RealTrends%20Daily%20Update&utm_medium=email&_hsmi=242803681&_hsenc=p2ANqtz--cgeSndq-bGP9pHDdzMaLYQzDYmTRBNTPj4HTxWlZvvqwyFWbY3LjDS8Un0xv50kKZdWj23iAj0m5-1VvPh2A9IFNzTwEjkv82QTcDm5ZDdRvaWE0&utm_content=242803681&utm_source=hs_email" title="RealTrends" target="_blank" rel="noopener noreferrer">RealTrends</a> explains:
“Sellers who don’t have to move won’t be moving. The most common sellers will be: Homeowners downsizing . . . people moving to get more space, [households] looking for better schools…etc.”
So, if you’re on the fence about selling your house, consider the other reasons homeowners are choosing to make a move. A recent report from the National Association of Realtors (NAR) <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" title="breaks down" target="_blank" rel="noopener noreferrer">breaks down</a> why homeowners have decided to sell over the past year:
<a href="https://files.mykcm.com/2023/02/02171323/homeowners-top-reasons-to-sell-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-107234" src="https://files.mykcm.com/2023/02/02171323/homeowners-top-reasons-to-sell-MEM.png" alt="The Top Reasons for Selling Your House | MyKCM" width="600" height="450" /></a>
As the visual shows, the most commonly cited reasons for selling were the desire to move closer to loved ones, followed by moving due to retirement, and their neighborhood becoming less desirable. Additionally, the need for more space factored in, as did a change in household structure.
If you also find yourself wanting a change in location or needing space your current house just can’t provide, it may be time to sell.
What you want and need in a home can be reason enough to move. To find out what’s right for you, work with a trusted real estate professional who will offer <a href="https://www.simplifyingthemarket.com/2023/01/05/3-best-practices-for-selling-your-house-this-year/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="advice" target="_blank" rel="noopener noreferrer">advice</a> and expert guidance throughout the process. They’ll be able to lay out all your options – giving you what you need to make a confident decision.
Bottom Line
When deciding whether or not to move, you have a lot to <a href="https://www.simplifyingthemarket.com/2023/01/10/the-truth-about-negative-home-equity-headlines/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="consider" target="_blank" rel="noopener noreferrer">consider</a>. There are plenty of non-financial reasons to factor in. Let’s connect today to weigh the benefits of selling your house.
2023-02-06T06:00:00-07:002023-02-07T11:08:34-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11713Experts Forecast a Turnaround in the Housing Market in 2023Experts Forecast a Turnaround in the Housing Market in 2023
<img width="750" height="410" src="https://files.mykcm.com/2023/01/30141759/experts-forecast-a-turnaround-in-the-housing-market-in-2023-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Experts Forecast a Turnaround in the Housing Market in 2023 | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/30141759/experts-forecast-a-turnaround-in-the-housing-market-in-2023-KCM.jpg 750w, https://files.mykcm.com/2023/01/30141759/experts-forecast-a-turnaround-in-the-housing-market-in-2023-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/01/30141759/experts-forecast-a-turnaround-in-the-housing-market-in-2023-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
The housing market has gone through a lot of change recently, and much of that was a result of how quickly <a href="https://www.simplifyingthemarket.com/2023/01/17/think-twice-before-waiting-for-3-mortgage-rates/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> rose last year.
Now, as we move through 2023, there are signs things are finally going to turn around. Home <a href="https://www.simplifyingthemarket.com/2023/01/20/whats-really-happening-with-home-prices-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="price appreciation" target="_blank" rel="noopener noreferrer">price appreciation</a> is slowing from the recent frenzy, mortgage rates are <a href="https://www.simplifyingthemarket.com/2023/01/24/the-3-factors-that-affect-home-affordability/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="coming down" target="_blank" rel="noopener noreferrer">coming down</a>, inflation is easing, and overall market activity is starting to <a href="https://www.simplifyingthemarket.com/2023/01/26/why-it-makes-sense-to-move-before-spring/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="pick up" target="_blank" rel="noopener noreferrer">pick up</a>. All of that’s great news for the housing market this year. Here’s what experts are saying.
Cristian deRitis, Deputy Chief Economist, <a href="https://www.newsweek.com/housing-market-reckoning-wont-provide-salvation-homebuyers-1774415" title="Moody’s Analytics" target="_blank" rel="noopener noreferrer">Moody’s Analytics</a>:
“The current state of the housing market is that it is certainly in transition.”
Susan Wachter, Professor of Real Estate and Finance, <a href="https://www.bloomberg.com/news/articles/2023-01-12/housing-market-in-2023-will-be-shaped-by-fed-policy" title="University of Pennsylvania’s Wharton School" target="_blank" rel="noopener noreferrer">University of Pennsylvania’s Wharton School</a>:
“Housing is going to ease up. I think 2023 will be a turnaround year.”
Lawrence Yun, Chief Economist, <a href="https://apnews.com/article/inflation-national-association-of-realtors-business-0fee2b2e18dd8e4aa047f892476fcba8" title="National Association of Realtors" target="_blank" rel="noopener noreferrer">National Association of Realtors</a> (NAR):
“Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.”
Robert Dietz, Chief Economist and Senior Vice President, <a href="https://www.businessinsider.com/2023-could-be-the-year-that-the-us-housing-market-gets-back-on-track-2023-1" title="National Association of Home Builders" target="_blank" rel="noopener noreferrer">National Association of Home Builders</a> (NAHB):
“. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.”
Bottom Line
If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for. Let’s connect to talk about the latest trends in our area.
2023-02-02T06:33:16-07:002023-02-02T06:36:11-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11700NEW LISTING in Northern LibertiesModern Marvel In Northern Liberties <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/newlisting/" role="link" tabindex="0">#NEWLISTING</a> !
I am honored to have been selected to list and sell this gorgeous home! Indulge in the ultimate luxury living and the epitome of city life at 800 N 5th street, situated in the heart of Northern Liberties. Don't hesitate to take a tour of this one-of-a-kind, impeccably designed townhome boasting over 4,000 square feet of living space across 4 levels. This property features MULTIPLE CAR PARKING, 3 generously-sized bedrooms, 4 full bathrooms, and 2 half bathrooms, along with 3 separate outdoor spaces and a Tax Abatement.
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3/4 Bedrooms
6 Bathrooms
4095 Square Feet
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Roof Deck With City Skyline Views!
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Let’s Hire Reid Honey!
<br /> Who you work with matters! Call us today if you are interested in purchasing real estate in Philadelphia and the Suburbs or if you’d like to learn more about The Rosenthal Group’s proprietary and powerful marketing system. We would love to make you our next happy customer! 267.626.7613
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x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/homesforsale/" role="link" tabindex="0">#homesforsale</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/therosenthalgroup/" role="link" tabindex="0">#therosenthalgroup</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/bhhs/" role="link" tabindex="0">#BHHS</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/foreverbrand/" role="link" tabindex="0">#Foreverbrand</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/everythingyouneed/" role="link" tabindex="0">#Everythingyouneed</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/consumerstrong/" role="link" tabindex="0">#Consumerstrong</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/bhhsproud/" role="link" tabindex="0">#BHHSProud</a> <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/bhhsplacetobe/" role="link" tabindex="0">#BHHSPlacetobe</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/fitlerclub/" role="link" tabindex="0">#FitlerClub</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/unionleague/" role="link" tabindex="0">#UnionLeague</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/berkshirehathaway/" role="link" tabindex="0">#BerkshireHathaway</a>2023-02-01T09:26:23-07:002023-02-01T09:43:43-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11699NEW LISTING at Parc Rittenhouse! <a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/newlisting/" role="link" tabindex="0">#NEWLISTING</a> At The Prestigious Parc Rittenhouse Condominiums!
<br /><br />Here is your chance to live in one of the most renowned residential buildings in Philadelphia, located right on the East side of Rittenhouse Square! The prestigious Parc Rittenhouse condominiums is known for its incredible location, luxurious amenities and friendly staff. This stunning and roomy one bedroom condo boasts over 700 sq ft of living space and offers gleaming hardwood floors, various modern finishes, ample closet space, a large living room with an abundance of natural light, and a separate dining area that can accommodate a large dining table and can double as a great office space. Parc Rittenhouse stands majestically on the picturesque Rittenhouse Square, where you'll find the best dining, shopping, and recreation. Parc is a pet-friendly building (restrictions may apply), you'll enjoy a 24-hour concierge and maintenance, landscaped rooftop with outdoor pool and sundeck, whirlpool spa, kiddy pool, state-of-the-art fitness center, board room, media room, bike storage, pet-friendly on-site management, and underground parking (for an extra monthly fee and when available).
<br />🏠 1 Bedroom<br />🏠 1 Bathrooms<br />🏠 717 Square Feet <br />🏠 Luxurious Amenities <br />🏠 In Unit Washer / Dryer <br />🏠 1 Year Pre-Paid Parking Credit W/An Acceptable Offer<br />🏠 24-hour doormen, common rooftop terrace Pool & Hot Tub<br />🏠 State-Of-The-Art Fitness Center <br />🏠 Let’s Hire Reid Honey!<br /><br />Who you work with matters! Call us today if you are interested in purchasing real estate in Philadelphia and the Suburbs or if you’d like to learn more about The Rosenthal Group’s proprietary and powerful marketing system. We would love to make you our next happy customer! 267.626.7613 <br /><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/condos/" role="link" tabindex="0">#Condos</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/parcrittenhouse/" role="link" tabindex="0">#ParcRittenhouse</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/rittenhousesquarecondos/" role="link" tabindex="0">#Rittenhousesquarecondos</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/centercity/" role="link" tabindex="0">#CenterCity</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/centercityrealestate/" role="link" tabindex="0">#CenterCityRealEstate</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/luxuryrealestate/" role="link" tabindex="0">#luxuryRealEstate</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/realtor/" role="link" tabindex="0">#Realtor</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/philadelphiarealestate/" role="link" tabindex="0">#PhiladelphiaRealEstate</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/realtors/" role="link" tabindex="0">#realtors</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/realestate/" role="link" tabindex="0">#realestate</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/homesforsale/" role="link" tabindex="0">#homesforsale</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/therosenthalgroup/" role="link" tabindex="0">#therosenthalgroup</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/bhhs/" role="link" tabindex="0">#BHHS</a> <br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/foreverbrand/" role="link" tabindex="0">#Foreverbrand</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/everythingyouneed/" role="link" tabindex="0">#Everythingyouneed</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/realtorsinphiladelphia/" role="link" tabindex="0">#realtorsinphiladelphia</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/toprealtor/" role="link" tabindex="0">#TopRealtor</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/consumerstrong/" role="link" tabindex="0">#Consumerstrong</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/bhhsproud/" role="link" tabindex="0">#BHHSProud</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/bhhsplacetobe/" role="link" tabindex="0">#BHHSPlacetobe</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/letshirereid/" role="link" tabindex="0">#letshirereid</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/fitlerclub/" role="link" tabindex="0">#fitlerclub</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/unionleague/" role="link" tabindex="0">#unionleague</a><br /><a class="x1i10hfl xjbqb8w x6umtig x1b1mbwd xaqea5y xav7gou x9f619 x1ypdohk xt0psk2 xe8uvvx xdj266r x11i5rnm xat24cr x1mh8g0r xexx8yu x4uap5 x18d9i69 xkhd6sd x16tdsg8 x1hl2dhg xggy1nq x1a2a7pz _aa9_ _a6hd" href="https://www.instagram.com/explore/tags/selfies/" role="link" tabindex="0">#selfies</a>2023-02-01T09:16:01-07:002023-02-01T09:25:48-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11694Should You Rent Your House or Sell It?Should You Rent Your House or Sell It?
<img width="750" height="410" src="https://files.mykcm.com/2023/01/31112703/should-you-rent-your-house-or-sell-it-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Should You Rent Your House or Sell It? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/31112703/should-you-rent-your-house-or-sell-it-KCM.jpg 750w, https://files.mykcm.com/2023/01/31112703/should-you-rent-your-house-or-sell-it-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/01/31112703/should-you-rent-your-house-or-sell-it-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of <a href="https://www.simplifyingthemarket.com/2023/01/23/want-to-sell-your-house-price-it-right/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="selling" target="_blank" rel="noopener noreferrer">selling</a> it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years. According to a Harris Poll <a href="https://theharrispoll.com/wp-content/uploads/2022/12/State-of-Real-Estate-December-2022.pdf" title="survey" target="_blank" rel="noopener noreferrer">survey</a>, 28% of homeowners have considered using a rental service to temporarily rent out their home for additional income.
Owning a short-term rental can be a tempting idea, but you may find the reality of being responsible for one difficult to take on. Here are some of the challenges you could face if you rent out your house instead of <a href="https://www.simplifyingthemarket.com/2023/01/26/why-it-makes-sense-to-move-before-spring/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="selling" target="_blank" rel="noopener noreferrer">selling</a> it.
A Short-Term Rental Comes with Responsibilities
Successfully owning and renting a house takes work. Think through your ability to make that commitment, especially if you plan to use a platform that advertises your rental listing. Most of them have specific requirements hosts have to meet, and it takes a lot of work. A recent article from Bankrate <a href="https://www.bankrate.com/real-estate/should-i-sell-or-rent-my-house/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“Managing a rental property can be time-consuming and challenging. Are you handy and able to make some repairs yourself? If not, do you have a network of affordable contractors you can reach out to in a pinch? Consider whether you want to take on the added responsibility of being a landlord, which means screening tenants and fielding issues, among other responsibilities, or paying for a third party to take care of things instead.”
Not only is there the upfront time and cost of owning a short-term rental, but there are also risks that could come up for you down the road. Investopedia <a href="https://www.investopedia.com/articles/personal-finance/021815/how-make-money-airbnb-risks-rewards.asp" title="warns" target="_blank" rel="noopener noreferrer">warns</a>:
“Risks of hosting include renting your place to rude guests, theft or damaged property, complaints from neighbors, and potential regulatory violations depending on your location.”
There’s a lot to consider before taking the leap and converting your house into a short-term rental. If you aren’t ready for the work it takes, it could be wiser to <a href="https://www.simplifyingthemarket.com/2023/01/30/where-will-you-go-if-you-sell-you-have-options/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="sell" target="_blank" rel="noopener noreferrer">sell</a>instead.
Your House May Not Be Ideal for Your Rental Goals
Not every house ends up being a profitable short-term rental either. One of the biggest factors is where your home is located. The less likely your neighborhood is to be a travel destination, the fewer requests you should expect from potential renters—and that impacts your bottom line. An article from the National Association of Realtors(NAR) <a href="https://www.nar.realtor/magazine/broker-news/network/what-your-clients-need-to-know-about-short-term-rentals" title="advises" target="_blank" rel="noopener noreferrer">advises</a>:
“When it comes to the viability of profitable STRs . . . consider factors like location, amenities, and whether the property is appealing. Most people seek STRs in locations where they vacation, so proximity to attractions is important. Likewise, the property should cater to a variety of travelers.”
It’s smart to do your homework and learn how much rentals in your area go for, how much business they get throughout the year, and how this compares to your goals.
Bottom Line
Converting your home into a short-term rental isn’t a decision you should make without doing your research. To decide if selling your house is a better alternative, let’s connect today.
2023-02-01T07:10:52-07:002023-02-01T07:13:04-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11693Lower Mortgage Rates Are Bringing Buyers Back to the MarketLower Mortgage Rates Are Bringing Buyers Back to the Market
<img width="750" height="410" src="https://files.mykcm.com/2023/01/30122156/lower-mortgage-rates-are-bringing-buyers-back-to-the-market-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Lower Mortgage Rates Are Bringing Buyers Back to the Market | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/30122156/lower-mortgage-rates-are-bringing-buyers-back-to-the-market-KCM.jpg 750w, https://files.mykcm.com/2023/01/30122156/lower-mortgage-rates-are-bringing-buyers-back-to-the-market-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/01/30122156/lower-mortgage-rates-are-bringing-buyers-back-to-the-market-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling.
Now, however, rates are beginning to come down—and <a href="https://www.simplifyingthemarket.com/2023/01/26/why-it-makes-sense-to-move-before-spring/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="buyers" target="_blank" rel="noopener noreferrer">buyers</a> are starting to reenter the market. In fact, the latest data from the Mortgage Bankers Association (MBA) shows <a href="https://www.mba.org/news-and-research/newsroom/news/2023/01/25/mortgage-applications-increase-in-latest-mba-weekly-survey" title="mortgage applications" target="_blank" rel="noopener noreferrer">mortgage applications</a> increased last week by 7% compared to the week before.
So, if you’ve been planning to <a href="https://www.simplifyingthemarket.com/2023/01/30/where-will-you-go-if-you-sell-you-have-options/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="sell your house" target="_blank" rel="noopener noreferrer">sell your house</a> but you’re unsure if there will be anyone to buy it, this shift in the market could be your chance. Here’s what experts are saying about buyers returning to the market as we approach spring.
Mike Fratantoni, SVP and Chief Economist, <a href="https://www.mba.org/news-and-research/newsroom/news/2023/01/18/mortgage-applications-increase-in-latest-mba-weekly-survey" title="MBA" target="_blank" rel="noopener noreferrer">MBA</a>:
“Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall. As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers.”
Lawrence Yun, Chief Economist, <a href="https://twitter.com/NAR_Research/status/1597970968298782720?s=20&t=RM8XMxPm_1ZkD0xfSe4N6Q" title="National Association of Realtors" target="_blank" rel="noopener noreferrer">National Association of Realtors</a> (NAR):
“The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November.”
Thomas LaSalvia, Senior Economist, <a href="https://www.newsweek.com/housing-market-reckoning-wont-provide-salvation-homebuyers-1774415" title="Moody’s Analytics" target="_blank" rel="noopener noreferrer">Moody’s Analytics</a>:
"We expect the labor market to remain robust, wages to continue to rise—maybe not at the pace that they did during the pandemic, but that will open up some opportunity for folks to enter homeownership as interest rates stabilize a bit."
Sam Khater, Chief Economist, <a href="https://freddiemac.gcs-web.com/node/26516/pdf" title="Freddie Mac" target="_blank" rel="noopener noreferrer">Freddie Mac</a>:
“Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of Millennial renters will provide support to the purchase market.”
Bottom Line
If you’ve been thinking about making a move, now’s the time to get your house <a href="https://www.simplifyingthemarket.com/2023/01/23/want-to-sell-your-house-price-it-right/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="ready to sell" target="_blank" rel="noopener noreferrer">ready to sell</a>. Let’s connect so you can learn about buyer demand in our area the best time to put your house on the market.
2023-01-31T06:48:00-07:002023-02-01T07:10:33-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11692Where Will You Go If You Sell? You Have Options.Where Will You Go If You Sell? You Have Options.
<img width="750" height="410" src="https://files.mykcm.com/2023/01/26201733/where-will-you-go-if-you-sell-you-have-options-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Where Will You Go If You Sell? You Have Options. | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/26201733/where-will-you-go-if-you-sell-you-have-options-KCM.jpg 750w, https://files.mykcm.com/2023/01/26201733/where-will-you-go-if-you-sell-you-have-options-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/01/26201733/where-will-you-go-if-you-sell-you-have-options-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
There are plenty of good reasons you might be ready to move. No matter <a href="https://www.simplifyingthemarket.com/2023/01/02/what-are-your-goals-in-the-housing-market-this-year/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="your motivations" target="_blank" rel="noopener noreferrer">your motivations</a>, before you list your current house, you need to consider where you’ll go next.
In today’s <a href="https://www.simplifyingthemarket.com/2022/12/13/ready-to-sell-todays-housing-supply-gives-you-two-opportunities/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="market" target="_blank" rel="noopener noreferrer">market</a>, it makes sense to explore all your options. That includes both homes that have been lived in before as well as newly built ones. To help you decide which is right for you, let’s compare the benefits of each. Regardless of which option you choose to explore, working with a trusted real estate professional throughout the process is essential.
The Benefits of Newly Built Homes
First, let’s look at the benefits of purchasing a newly constructed home. With a brand-new house, you’ll be able to:
1. Build your dream home
If you build a home from the ground up, you’ll have the option to select the custom features you want, including appliances, finishes, landscaping, layout, and more. Bankrate puts it like <a href="https://www.bankrate.com/mortgages/build-or-buy-a-house/#building" title="this" target="_blank" rel="noopener noreferrer">this</a>:
“Building means customizing. . . . instead of wishing your home had a certain kind of flooring, a sunroom or some other special amenity, you’ll be able to tailor the property to your exact needs. You also won’t be limited to a specific location or neighborhood.”<br />
2. Take advantage of builder concessions
In today’s market, a lot of home builders are working hard to sell their current inventory before they add more to their mix. That means many of them are <a href="https://www.realtor.com/advice/buy/what-are-builder-incentives-deals-on-new-construction/" title="offering concessions" target="_blank" rel="noopener noreferrer">offering concessions</a> and are more willing to negotiate with buyers. That could work to your advantage in the process.
3. Minimize home repairs
Many builders offer a warranty, so you’ll have peace of mind on unlikely repairs. Plus, you won’t have as many little improvement projects to tackle. As realtor.com <a href="https://www.realtor.com/advice/buy/purchasing-new-construction-for-first-time-homebuyers/" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“. . . if something goes wrong with your new home, not only are there likely some manufacturer warranties in place, but many builders also include additional home warranties . . .”
4. Take advantage of energy efficiency
When building a home, you can choose brand-new, energy-efficient options to help lower your utility costs, protect the environment, and reduce your carbon footprint.
The Benefits of Existing Homes
Now, let’s compare those to the perks that come with buying an existing home. With a pre-existing home, you can:
1. Explore a wider variety of home styles and floorplans
With decades of homes to choose from, you’ll have a broader range of floorplans and designs available.
2. Appreciate that lived-in charm
The character of older homes is hard to reproduce. If you value timeless craftsmanship or design elements, you may prefer an existing home.
3. Join an established neighborhood
Existing homes give you the option to get to know the neighborhood, community, or traffic patterns before you commit. Plus, they have more developed landscaping and trees, which can give you additional privacy and curb appeal.
4. Move in faster
If you have a short timeframe to move or you just don’t want the process to take several months while your home is under construction, buying an existing home might make sense for you. U.S. News <a href="https://realestate.usnews.com/real-estate/articles/should-you-buy-a-new-build-or-previously-owned-home" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“When you’re choosing a home, existing or new, you should also consider how long it might take to move into that home. Just because you have a contract doesn’t mean that your new home will be completed (or even started) at the time you agree to the purchase. It can be a struggle waiting for the walls to go up as you wonder what your home will become.”
When thinking about where you’ll go after you <a href="https://www.simplifyingthemarket.com/2023/01/05/3-best-practices-for-selling-your-house-this-year/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="sell your house" target="_blank" rel="noopener noreferrer">sell your house</a>, remember your options. As you start your search, think about what’s most important to you. By working with a trusted <a href="https://www.simplifyingthemarket.com/2022/12/29/planning-to-sell-your-house-its-critical-to-hire-a-pro/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="real estate agent" target="_blank" rel="noopener noreferrer">real estate agent</a>, you can be confident you’re making the most educated, informed decision.
Bottom Line
If you have questions about the options in our area, let’s discuss what's available and what's right for you, so you’re ready to make your next move with confidence.
2023-01-30T06:46:00-07:002023-02-01T06:48:02-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11691Homeownership Builds Your Wealth over Time [INFOGRAPHIC]Homeownership Builds Your Wealth over Time [INFOGRAPHIC]
<img width="1046" height="2314" src="https://files.mykcm.com/2023/01/26130518/Homeownership-Builds-Your-Wealth-In-The-Over-Time-MEM-1046x2314.png" class="attachment-entry size-entry wp-post-image" alt="Homeownership Builds Your Wealth over Time [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/26130518/Homeownership-Builds-Your-Wealth-In-The-Over-Time-MEM-1046x2314.png 1046w, https://files.mykcm.com/2023/01/26130518/Homeownership-Builds-Your-Wealth-In-The-Over-Time-MEM-271x600.png 271w, https://files.mykcm.com/2023/01/26130518/Homeownership-Builds-Your-Wealth-In-The-Over-Time-MEM-463x1024.png 463w, https://files.mykcm.com/2023/01/26130518/Homeownership-Builds-Your-Wealth-In-The-Over-Time-MEM-768x1699.png 768w, https://files.mykcm.com/2023/01/26130518/Homeownership-Builds-Your-Wealth-In-The-Over-Time-MEM-694x1536.png 694w, https://files.mykcm.com/2023/01/26130518/Homeownership-Builds-Your-Wealth-In-The-Over-Time-MEM-926x2048.png 926w, https://files.mykcm.com/2023/01/26130518/Homeownership-Builds-Your-Wealth-In-The-Over-Time-MEM-100x221.png 100w, https://files.mykcm.com/2023/01/26130518/Homeownership-Builds-Your-Wealth-In-The-Over-Time-MEM.png 1300w" sizes="(max-width: 1046px) 100vw, 1046px" /><br /><br />
Some Highlights
If you’re <a href="https://www.simplifyingthemarket.com/2023/01/02/what-are-your-goals-in-the-housing-market-this-year/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="thinking" target="_blank" rel="noopener noreferrer">thinking</a> of buying a home this year, be sure to factor in the long-term <a href="https://www.simplifyingthemarket.com/2023/01/10/the-truth-about-negative-home-equity-headlines/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="benefits of homeownership" target="_blank" rel="noopener noreferrer">benefits of homeownership</a>.
On average, nationwide, <a href="https://www.simplifyingthemarket.com/2023/01/18/have-home-values-hit-bottom/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="home prices" target="_blank" rel="noopener noreferrer">home prices</a> appreciated by <a href="https://www.fhfa.gov/DataTools/Tools/Pages/House-Price-Index-(HPI).aspx" title="288.7%" target="_blank" rel="noopener noreferrer">288.7%</a> over the last 32 years. That means homeowners grow their <a href="https://www.simplifyingthemarket.com/2023/01/20/whats-really-happening-with-home-prices-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="net worth" target="_blank" rel="noopener noreferrer">net worth</a> significantly in the long term.
Homeownership <a href="https://www.simplifyingthemarket.com/2023/01/04/avoid-the-rental-trap-in-2023/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="wins" target="_blank" rel="noopener noreferrer">wins</a> over time. Let’s connect so you can start your homebuying journey today.
2023-01-27T06:40:00-07:002023-02-01T06:46:16-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11690Why It Makes Sense To Move Before SpringWhy It Makes Sense To Move Before Spring
<img width="750" height="410" src="https://files.mykcm.com/2023/01/25112149/why-it-makes-sense-to-move-before-spring-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Why It Makes Sense To Move Before Spring | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/25112149/why-it-makes-sense-to-move-before-spring-KCM.jpg 750w, https://files.mykcm.com/2023/01/25112149/why-it-makes-sense-to-move-before-spring-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/01/25112149/why-it-makes-sense-to-move-before-spring-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
Spring is usually the busiest season in the housing market. Many buyers wait until then to make their move, believing it’s the best time to find a home. However, that isn’t always the case when you factor in the competition you could face with other buyers at that time of year. If you’re ready to buy a home, here’s why it makes sense to move before the spring market picks up.
Spring Should Bring a Wave of Buyers to the Market
In most years, the housing market goes through predictable seasonal trends in activity. Winter is typically a quiet point in the year, while spring sees a surge of buyers begin their search. And experts project that this year will be no exception.
Right now, buyer demand is low due to a combination of normal seasonal trends and a reaction to last year’s rise in mortgage rates. But rates have started to come down since last November, which has more and more potential buyers planning to jump into the market. That means right now is a sweet spot if you’re in a good position to buy, before more buyers reappear. Affordability is beginning to improve, but demand is still low — for now. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://www.housingwire.com/articles/existing-home-sales-ended-the-year-with-a-whimper-in-2022/" title="shares" target="_blank" rel="noopener noreferrer">shares</a>:
“. . . expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”
If you’re ready to buy a home, right now is the best time to do so before your competition grows and more buyers enter the market.
Today’s Sellers Are Motivated
Low demand from buyers often means sellers are more motivated to work with you, and that can set you up to buy a home on your terms. In fact, sellers have been more willing to <a href="https://www.simplifyingthemarket.com/2022/12/14/you-may-have-more-negotiation-power-when-you-buy-a-home-today/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="negotiate" target="_blank" rel="noopener noreferrer">negotiate</a> this winter because there are fewer buyers in the market. According to a recent article from <a href="https://www.forbes.com/sites/brendarichardson/2023/01/05/a-record-share-of-home-sellers-gave-concessions-to-buyers-in-the-4th-quarter/?sh=58dc6ba3fbee" title="Forbes" target="_blank" rel="noopener noreferrer">Forbes</a>:
“. . . sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter of last year.”
But keep in mind, the advantages buyers have this winter won’t last forever. The competition you face could be greater if you wait until spring to make a move, and increased buyer demand means sellers will have less motivation to negotiate with you. Be sure to work with a trusted real estate professional to learn what you can expect in your local market right now.
Bottom Line
If you’re in a good position to make a move, it may make sense to move before spring. Working with your team of expert real estate advisors is the best way to learn about the current market and what it means for you. Let’s connect today to determine the best plan to achieve your homebuying goals.
2023-01-26T06:35:00-07:002023-02-01T06:43:54-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11689Why You Shouldn’t Fear Today’s Foreclosure HeadlinesWhy You Shouldn’t Fear Today’s Foreclosure Headlines
<img width="750" height="410" src="https://files.mykcm.com/2023/01/24115337/why-you-shouldnt-fear-todays-foreclosure-headlines-kcm.jpg" class="attachment-entry size-entry wp-post-image" alt="Why You Shouldn’t Fear Today’s Foreclosure Headlines | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/24115337/why-you-shouldnt-fear-todays-foreclosure-headlines-kcm.jpg 750w, https://files.mykcm.com/2023/01/24115337/why-you-shouldnt-fear-todays-foreclosure-headlines-kcm-600x328.jpg 600w, https://files.mykcm.com/2023/01/24115337/why-you-shouldnt-fear-todays-foreclosure-headlines-kcm-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
If you’ve seen recent headlines about foreclosures surging in the housing market, you’re certainly not alone. There’s no doubt, the <a href="https://www.simplifyingthemarket.com/2023/01/10/the-truth-about-negative-home-equity-headlines/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="stories" target="_blank" rel="noopener noreferrer">stories</a> in the media can be pretty confusing right now. They may even make you think twice about buying a home for fear that prices could crash. The reality is, the data shows a foreclosure crisis is not where the market is headed, and understanding what that really means is mission critical if you want to know the truth about what’s <a href="https://www.simplifyingthemarket.com/2023/01/11/todays-housing-market-is-nothing-like-15-years-ago/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="happening today" target="_blank" rel="noopener noreferrer">happening today</a>. Here’s a deeper look.
According to the <a href="https://www.attomdata.com/news/market-trends/foreclosures/attom-year-end-2022-u-s-foreclosure-market-report/" title="Year-End 2022 U.S. Foreclosure Market Report" target="_blank" rel="noopener noreferrer">Year-End 2022 U.S. Foreclosure Market Report</a> from ATTOM, foreclosure filings are up 115% from 2021, but down 34% from 2019. As media headlines grab onto this 115% increase, it’s more important than ever to put that percentage into context.
While the number of foreclosure filings did more than double last year, we need to remember why that happened and how it compares to more normal, pre-pandemic years in the market. Thanks to the forbearance program and other relief options for homeowners, foreclosure filings were down to record-low levels in 2020 and 2021, so any increase last year is — no surprise — a jump up. Rick Sharga, Executive VP of Market Intelligence at ATTOM, <a href="https://www.attomdata.com/news/market-trends/foreclosures/attom-year-end-2022-u-s-foreclosure-market-report/" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“Eighteen months after the end of the government’s foreclosure moratorium, and with less than five percent of the 8.4 million borrowers who entered the CARES Act forbearance program remaining, foreclosure activity remains significantly lower than it was prior to the COVID-19 pandemic. It seems clear that government and mortgage industry efforts during the pandemic, coupled with a strong economy, have helped prevent millions of unnecessary foreclosures.”
Clearly, these options meant millions of homeowners could stay in their homes, allowing them to get back on their feet during a very challenging period. With home values rising at the same time, many homeowners who may have found themselves facing foreclosure under other circumstances were able to leverage their equity and sell their houses rather than face foreclosure, and that trend continues today.
And remember, as the graph below shows, foreclosures today are far below the record-high 2.9 million that were reported in 2010 when the housing market crashed.
<a href="https://files.mykcm.com/2023/01/24115339/us-foreclosure-activity-doubles-annually-but-still-below-pre-pandemic-levels-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-107043" src="https://files.mykcm.com/2023/01/24115339/us-foreclosure-activity-doubles-annually-but-still-below-pre-pandemic-levels-MEM.png" alt="Why You Shouldn’t Fear Today’s Foreclosure Headlines | MyKCM" width="600" height="450" /></a>
So, while foreclosures are rising, keeping perspective in mind is key. As Bill McBride, Founder and Author of Calculated Risk, <a href="https://calculatedrisk.substack.com/p/the-housing-bubble-and-mortgage-debt-76d" title="noted" target="_blank" rel="noopener noreferrer">noted</a> just last week:
“The bottom line is there will be an increase in foreclosures over the next year (from record low levels), but there will not be a huge wave of distressed sales as happened following the housing bubble. The distressed sales during the housing bust led to cascading price declines, and that will not happen this time.”
Bottom Line<br />
Right now, putting the data into context is more important than ever. While the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst, and that won’t lead to a crash in <a href="https://www.simplifyingthemarket.com/2023/01/20/whats-really-happening-with-home-prices-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="home prices" target="_blank" rel="noopener noreferrer">home prices</a>.
2023-01-25T06:14:00-07:002023-02-01T06:43:25-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11595Want To Sell Your House? Price It Right.Want To Sell Your House? Price It Right.
<img width="750" height="410" src="https://files.mykcm.com/2023/01/20114953/want-to-sell-your-house-price-it-right-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Want To Sell Your House? Price It Right. | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/20114953/want-to-sell-your-house-price-it-right-KCM.jpg 750w, https://files.mykcm.com/2023/01/20114953/want-to-sell-your-house-price-it-right-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/01/20114953/want-to-sell-your-house-price-it-right-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
Last year, the housing market slowed down in response to higher mortgage rates, and that had an impact on home prices. If you’re thinking of <a href="https://www.simplifyingthemarket.com/2023/01/05/3-best-practices-for-selling-your-house-this-year/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="selling" target="_blank" rel="noopener noreferrer">selling</a> your house soon, that means you’ll want to adjust your expectations accordingly. As realtor.com <a href="https://www.realtor.com/advice/sell/home-selling-rules-youve-heard-lately-that-you-might-want-to-break/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“. . . some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.”
In a more moderate market, how you price your house will make a big difference to not only your bottom line, but to how quickly your house could sell. And the reality is, homes priced right are still selling in today’s market.
Why Pricing Your House Appropriately Matters
Especially today, your asking price sends a message to potential buyers.
If it’s priced too low, you may leave money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home.
If it’s priced too high, you run the risk of deterring buyers. When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag by some buyers who will wonder what that means about the home.
To avoid either headache, price it right from the start. A <a href="https://www.simplifyingthemarket.com/2022/12/29/planning-to-sell-your-house-its-critical-to-hire-a-pro/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="real estate professional" target="_blank" rel="noopener noreferrer">real estate professional</a> knows how to determine that ideal asking price. They balance the value of homes in your neighborhood, current market trends, buyer demand, the condition of your house, and more to find the right price. This helps lead to stronger offers and a greater likelihood your house will sell quickly.
The visual below helps summarize the impact your asking price can have:
<a href="https://files.mykcm.com/2023/01/20114949/price-it-right-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-106994" src="https://files.mykcm.com/2023/01/20114949/price-it-right-MEM.png" alt="Want To Sell Your House? Price It Right. | MyKCM" width="600" height="338" /></a>
Bottom Line
Homes that are priced at current market value are still selling. To make sure you price your house appropriately, maximize your sales potential, and minimize your hassle, let’s connect.
2023-01-23T06:30:00-07:002023-01-23T07:27:13-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11575What’s Really Happening with Home Prices? [INFOGRAPHIC]What’s Really Happening with Home Prices? [INFOGRAPHIC]
<img width="1046" height="2447" src="https://files.mykcm.com/2023/01/19134245/Whats-Really-Happening-With-Home-Prices-MEM-1046x2447.png" class="attachment-entry size-entry wp-post-image" alt="What’s Really Happening with Home Prices? [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/19134245/Whats-Really-Happening-With-Home-Prices-MEM-1046x2447.png 1046w, https://files.mykcm.com/2023/01/19134245/Whats-Really-Happening-With-Home-Prices-MEM-256x600.png 256w, https://files.mykcm.com/2023/01/19134245/Whats-Really-Happening-With-Home-Prices-MEM-438x1024.png 438w, https://files.mykcm.com/2023/01/19134245/Whats-Really-Happening-With-Home-Prices-MEM-768x1797.png 768w, https://files.mykcm.com/2023/01/19134245/Whats-Really-Happening-With-Home-Prices-MEM-657x1536.png 657w, https://files.mykcm.com/2023/01/19134245/Whats-Really-Happening-With-Home-Prices-MEM-876x2048.png 876w, https://files.mykcm.com/2023/01/19134245/Whats-Really-Happening-With-Home-Prices-MEM-100x234.png 100w, https://files.mykcm.com/2023/01/19134245/Whats-Really-Happening-With-Home-Prices-MEM.png 1300w" sizes="(max-width: 1046px) 100vw, 1046px" /><br /><br />
Some Highlights
If you’re thinking about selling your house, <a href="https://www.simplifyingthemarket.com/2023/01/10/the-truth-about-negative-home-equity-headlines/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="recent headlines" target="_blank" rel="noopener noreferrer">recent headlines</a> about home prices falling month-over-month may have you <a href="https://www.simplifyingthemarket.com/2022/12/27/confused-about-whats-going-on-in-the-housing-market-lean-on-a-professional/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="second guessing" target="_blank" rel="noopener noreferrer">second guessing</a> your decision—but perspective matters.
While home prices are down slightly month-over-month in some markets, home values are still up <a href="https://www.spglobal.com/spdji/en/index-announcements/article/sp-corelogic-case-shiller-index-continued-to-decline-in-october/" title="almost 10%" target="_blank" rel="noopener noreferrer">almost 10%</a> nationally on a year-over-year basis. A nearly 10% <a href="https://www.simplifyingthemarket.com/2022/12/20/homeowners-still-have-positive-equity-gains-over-the-past-12-months/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="gain" target="_blank" rel="noopener noreferrer">gain</a> is still dramatic compared to the more normal level of appreciation, which is 3-4%.
<a href="https://www.simplifyingthemarket.com/2022/12/29/planning-to-sell-your-house-its-critical-to-hire-a-pro/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="Let’s connect" target="_blank" rel="noopener noreferrer">Let’s connect</a> to find out how much <a href="https://blog.firstam.com/economics/house-prices-decline-but-equity-buffers-remain-robust" title="equity" target="_blank" rel="noopener noreferrer">equity</a> you have in your current home and how you can use it to fuel your <a href="https://www.simplifyingthemarket.com/2023/01/02/what-are-your-goals-in-the-housing-market-this-year/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="next purchase" target="_blank" rel="noopener noreferrer">next purchase</a>.
2023-01-20T06:15:00-07:002023-01-20T08:16:15-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11570Pre-Approval in 2023: What You Need To KnowPre-Approval in 2023: What You Need To Know
<img width="750" height="410" src="https://files.mykcm.com/2023/01/18114845/pre-approval-in-2023-what-you-need-to-know-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Pre-Approval in 2023: What You Need To Know | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/18114845/pre-approval-in-2023-what-you-need-to-know-KCM.jpg 750w, https://files.mykcm.com/2023/01/18114845/pre-approval-in-2023-what-you-need-to-know-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/01/18114845/pre-approval-in-2023-what-you-need-to-know-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
One of the first steps in your <a href="https://www.simplifyingthemarket.com/2023/01/06/tips-to-reach-your-homebuying-goals-in-2023-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="homebuying journey" target="_blank" rel="noopener noreferrer">homebuying journey</a> is getting pre-approved. To understand why it’s such an important step, you need to understand what <a href="https://www.simplifyingthemarket.com/2022/12/26/financial-fundamentals-for-first-time-homebuyers/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="pre-approval" target="_blank" rel="noopener noreferrer">pre-approval</a> is and what it does for you. Business Insider <a href="https://www.businessinsider.com/personal-finance/mortgage-preapproval" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“In a preapproval [sic], the lender tells you which types of loans you may be eligible to take out, how much you may be approved to borrow, and what your rate could be.”
Basically, pre-approval gives you critical information about the homebuying process that’ll help you understand your options and what you may be able to borrow.
How does it work? As part of the pre-approval process, a lender will look at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand how much money you can borrow. That can make it easier when you set out to search for homes because you’ll know your overall numbers. And with higher <a href="https://www.simplifyingthemarket.com/2023/01/17/think-twice-before-waiting-for-3-mortgage-rates/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> impacting affordability for many buyers today, a solid understanding of your numbers is even more important.
Pre-Approval Helps Show You’re a Serious Buyer
Another added benefit is pre-approval can help a seller feel more confident in your offer because it shows you’re serious about buying their house. A recent article from Forbes <a href="https://www.forbes.com/advisor/mortgages/what-it-takes-to-be-preapproved-for-a-mortgage-and-why-it-matters/" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“From the seller’s perspective, a preapproval [sic] letter from a reputable local lender often can make the difference between accepting and rejecting an offer.”
This goes to show, even though you may not face the intense bidding wars you saw if you tried to buy during the pandemic, pre-approval is still an important part of making a strong offer. In fact, Christy Bieber, Personal Finance Writer at The Motley Fool <a href="https://www.nasdaq.com/articles/this-is-the-most-important-reason-to-get-pre-approved-according-to-dave-ramsey.-but-is-he" title="explains" target="_blank" rel="noopener noreferrer">explains</a> it may be the most important part of making an offer:
“Pre-approval maximizes the chances you’ll be able to actually close the deal – and sellers want to see that.
The fact that a pre-approval gives you a better chance of getting your offer accepted is undoubtedly the most important reason to complete this step . . .”
Bottom Line
Getting pre-approved is an important first step towards buying a home. It lets you know what you can borrow and shows sellers you’re serious about purchasing their home. Connect with a local real estate professional and a trusted lender so you have the tools you need to purchase a home in today’s market.
2023-01-19T06:00:00-07:002023-01-19T09:10:58-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11558NEW LISTING in Old City#NEWLISTING in Old City!
<img src="https://assets.site-static.com/userfiles/2363/image/129_cuth.png" width="806" height="1454" />
Imagine living on one of the most picturesque & quiet cobblestone streets in a historic Old City boutique building in the showcase unit! No steps to enter this secure, first floor space. This bohemian, 2 bedroom condo is the perfect blend of airy spaciousness, practicality, and character.
2 Bedrooms
1 Bathrooms
897 Square Feet
Barn Door that Can Be Opened
Factory Loft Windows
Exposed Brick
Beautiful Stained Glass
Who you work with matters! Call us today if you are interested in purchasing real estate in Philadelphia and the Suburbs or if you’d like to learn more about The Rosenthal Group’s proprietary and powerful marketing system. We would love to make you our next happy customer! 267.626.7613
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#BHHSProud2023-01-18T13:33:16-07:002023-01-18T13:46:11-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11557NEW LISTING in Society Hill#NEWLISTING in Society Hill !
<img src="https://assets.site-static.com/userfiles/2363/image/211_s_4th.png" width="1080" height="1920" />
Nestled in the charming tree-lined streets of historic Society Hill, The Willings at Independence Park offers luxurious living in a building with a rich history. Once the headquarters of the Reading Railroad in 1871, the building has been transformed into 23 elegant condominiums with a 24/7 staffed front desk, on-site manager, and individual security systems.
2 Bedrooms
2 Bathrooms
1,506 Square Feet
Beautiful Parquet Floors
High Ceilings
Grand Windows with Lots of Natural Light
1 Year Pre-Paid Parking with Acceptable Offer
Who you work with matters! Call us today if you are interested in purchasing real estate in Philadelphia and the Suburbs or if you’d like to learn more about The Rosenthal Group’s proprietary and powerful marketing system. We would love to make you our next happy customer! 267.626.7613
#TheWillings
#IndependencePark
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<a href="https://www.instagram.com/explore/tags/bhhsplacetobe/">#BHHSPlacetobe</a>2023-01-18T13:29:53-07:002023-01-18T13:33:05-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11542Have Home Values Hit Bottom?Have Home Values Hit Bottom?
<img width="750" height="410" src="https://files.mykcm.com/2023/01/17142553/have-home-values-hit-bottom-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Have Home Values Hit Bottom? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/17142553/have-home-values-hit-bottom-KCM.jpg 750w, https://files.mykcm.com/2023/01/17142553/have-home-values-hit-bottom-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/01/17142553/have-home-values-hit-bottom-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
Whether you’re already a homeowner or you’re looking to become one, the recent headlines about <a href="https://www.simplifyingthemarket.com/2022/12/12/what-every-seller-should-know-about-home-prices/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="home prices" target="_blank" rel="noopener noreferrer">home prices</a> may leave you with more questions than answers. <a href="https://www.simplifyingthemarket.com/2022/12/27/confused-about-whats-going-on-in-the-housing-market-lean-on-a-professional/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="News stories" target="_blank" rel="noopener noreferrer">News stories</a> are talking about home prices falling, and that’s raising concerns about a repeat of what happened to prices in the <a href="https://www.simplifyingthemarket.com/2023/01/11/todays-housing-market-is-nothing-like-15-years-ago/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="crash in 2008" target="_blank" rel="noopener noreferrer">crash in 2008</a>.
One of the questions that’s on many minds, based on those headlines, is: how much will home prices decline? But what you may not realize is expert <a href="https://www.simplifyingthemarket.com/2022/12/21/what-to-expect-from-the-housing-market-in-2023/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="forecasters" target="_blank" rel="noopener noreferrer">forecasters</a> aren’t calling for a free fall in prices. In fact, if you look at the latest data, there’s a case to be made that the biggest portion of month-over-month price depreciation nationally may already behind us – and even those numbers weren’t significant declines on the national level. Instead of how far will they drop, the question becomes: have home values hit bottom?
Let’s take a look at the latest data from several reputable industry sources (see chart below):
<a href="https://files.mykcm.com/2023/01/17142555/have-home-values-hit-bottom-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-106922" src="https://files.mykcm.com/2023/01/17142555/have-home-values-hit-bottom-MEM.png" alt="Have Home Values Hit Bottom? | MyKCM" width="600" height="450" /></a>
The chart above provides a look at the most recent reports from <a href="https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-us-national-home-price-nsa-index/#news-research" title="Case-Shiller" target="_blank" rel="noopener noreferrer">Case-Shiller</a>, the <a href="https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx" title="Federal Housing Finance Agency" target="_blank" rel="noopener noreferrer">Federal Housing Finance Agency</a> (FHFA), <a href="https://www.blackknightinc.com/data-reports/" title="Black Knight" target="_blank" rel="noopener noreferrer">Black Knight</a>, and <a href="https://www.corelogic.com/intelligence/u-s-home-price-insights-december-2022/" title="CoreLogic" target="_blank" rel="noopener noreferrer">CoreLogic</a>. It shows how, on a national scale, home values have changed month-over-month since January 2022. November and December numbers have yet to come out.
Let’s focus in on what the red numbers tell us. The red numbers are the change in home values over the last four months that have been published. And if we isolate the last four months, what the data shows is, in each case, home price depreciation peaked in August.
While that doesn’t guarantee home price depreciation has hit bottom, it confirms prices aren’t in a free fall, and it may be an early signal that the worst is already behind us. As the numbers for November and December are released, data will be able to further validate this national trend.
Bottom Line
Home prices month-over-month have depreciated for the past four months on record, but there’s a strong case to be made that the worst may be behind us. If you have questions about what’s happening with home prices in our local market, let’s connect.
2023-01-18T07:00:24-07:002023-01-18T07:07:06-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11533Think Twice Before Waiting for 3% Mortgage RatesThink Twice Before Waiting for 3% Mortgage Rates
<img width="750" height="410" src="https://files.mykcm.com/2023/01/12145408/think-twice-about-waiting-for-3-percent-mortgage-rates-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Think Twice Before Waiting for 3% Mortgage Rates | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/12145408/think-twice-about-waiting-for-3-percent-mortgage-rates-KCM.jpg 750w, https://files.mykcm.com/2023/01/12145408/think-twice-about-waiting-for-3-percent-mortgage-rates-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/01/12145408/think-twice-about-waiting-for-3-percent-mortgage-rates-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
Last year, the Federal Reserve took action to try to bring down inflation. In response to those efforts, <a href="https://www.simplifyingthemarket.com/2022/12/21/what-to-expect-from-the-housing-market-in-2023/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> jumped up rapidly from the record lows we saw in 2021, peaking at just over 7% <a href="https://www.freddiemac.com/pmms/archive" title="last October" target="_blank" rel="noopener noreferrer">last October</a>. Hopeful <a href="https://www.simplifyingthemarket.com/2023/01/04/avoid-the-rental-trap-in-2023/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="buyers" target="_blank" rel="noopener noreferrer">buyers</a> experienced a hit to their purchasing power as a result, and some decided to press pause on their plans.
Today, the rate of inflation is starting to drop. And as a result, mortgage rates have dipped below last year’s peak. Sam Khater, Chief Economist at Freddie Mac, <a href="https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-inch-3" title="shares" target="_blank" rel="noopener noreferrer">shares</a>:
“While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.”
That’s potentially great news if you’re a <a href="https://www.simplifyingthemarket.com/2023/01/02/what-are-your-goals-in-the-housing-market-this-year/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="buyer" target="_blank" rel="noopener noreferrer">buyer</a> aiming to jump back into the housing market. Any drop in mortgage rates helps boost your <a href="https://www.simplifyingthemarket.com/2022/12/19/mortgage-rates-are-dropping-what-does-that-mean-for-you/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="purchasing power" target="_blank" rel="noopener noreferrer">purchasing power</a> by bringing down your expected monthly mortgage payment. This means the lower mortgage rates <a href="https://www.simplifyingthemarket.com/2023/01/09/what-experts-are-saying-about-the-2023-housing-market/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="experts" target="_blank" rel="noopener noreferrer">experts</a> forecast <a href="https://www.simplifyingthemarket.com/2022/12/16/2023-housing-market-forecast-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="this year" target="_blank" rel="noopener noreferrer">this year</a> could be just what you need to reignite your homebuying goals.
While this opens up a window of opportunity for you, remember: you shouldn’t expect rates to drop back down to record lows like we saw in 2021. Experts agree that’s not the range buyers should bank on. Greg McBride, Chief Financial Analyst at Bankrate, <a href="https://www.bankrate.com/mortgages/mortgage-rate-forecast/#forecast" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“I think we could be surprised at how much mortgage rates pull back this year. But we’re not going back to 3 percent anytime soon, because inflation is not going back to 2 percent anytime soon.”
It’s important to have a realistic vision for what you can expect this year, and that’s where the advice of expert <a href="https://www.simplifyingthemarket.com/2022/12/27/confused-about-whats-going-on-in-the-housing-market-lean-on-a-professional/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="real estate " target="_blank" rel="noopener noreferrer">real estate </a>advisors is critical. You may be surprised by the impact even a mild drop in mortgage rates has on your budget. If you’re ready to <a href="https://www.simplifyingthemarket.com/2023/01/03/wondering-how-much-you-need-to-save-for-a-down-payment/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="buy a home" target="_blank" rel="noopener noreferrer">buy a home</a> now, today’s market presents the opportunity to get a more affordable mortgage rate, find your dream home, and face <a href="https://www.simplifyingthemarket.com/2022/12/14/you-may-have-more-negotiation-power-when-you-buy-a-home-today/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="less competition" target="_blank" rel="noopener noreferrer">less competition</a> from other buyers.
Bottom Line
The recent pullback in mortgage rates is great news – but if you’re ready to buy now, holding out for 3% is a mistake. Work with a local lender to learn how today’s rates impact your goals, and let’s connect to explore your options in our area.
2023-01-17T06:56:23-07:002023-01-17T07:06:18-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11530What Past Recessions Tell Us About the Housing MarketWhat Past Recessions Tell Us About the Housing Market
<img width="750" height="410" src="https://files.mykcm.com/2023/01/12122450/what-past-recessions-tell-us-about-the-housing-market-in-2023-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="What Past Recessions Tell Us About the Housing Market | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/12122450/what-past-recessions-tell-us-about-the-housing-market-in-2023-KCM.jpg 750w, https://files.mykcm.com/2023/01/12122450/what-past-recessions-tell-us-about-the-housing-market-in-2023-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/01/12122450/what-past-recessions-tell-us-about-the-housing-market-in-2023-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
It doesn’t matter if you’re someone who closely follows the economy or not, chances are you’ve heard whispers of an upcoming recession. Economic conditions are determined by a broad range of factors, so rather than explaining them each in depth, let’s lean on the experts and what history tells us to see what could lie ahead. As Greg McBride, Chief Financial Analyst at Bankrate, <a href="https://www.bankrate.com/investing/stock-market-outlook-2023/" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“Two-in-three economists are forecasting a recession in 2023 . . .”
As talk about a potential recession grows, you may be wondering what a recession could mean for the housing market. Here’s a look at the historical data to show what happened in real estate during previous recessions to help prove why you shouldn’t be afraid of what a recession could mean for the <a href="https://www.simplifyingthemarket.com/2022/12/27/confused-about-whats-going-on-in-the-housing-market-lean-on-a-professional/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="housing market" target="_blank" rel="noopener noreferrer">housing market</a> today.
A Recession Doesn’t Mean Falling Home Prices
To show that home prices don’t fall every time there’s a <a href="https://www.corelogic.com/blog/2019/03/housing-recessions-and-recoveries.aspx" title="recession" target="_blank" rel="noopener noreferrer">recession</a>, it helps to turn to <a href="https://www.thebalance.com/the-history-of-recessions-in-the-united-states-3306011" title="historical data" target="_blank" rel="noopener noreferrer">historical data</a>. As the graph below illustrates, looking at recessions going all the way back to 1980, <a href="https://www.simplifyingthemarket.com/2022/12/12/what-every-seller-should-know-about-home-prices/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="home prices" target="_blank" rel="noopener noreferrer">home prices</a> appreciated in four of the last six of them. So historically, when the economy slows down, it doesn’t mean home values will always fall.
<a href="https://files.mykcm.com/2023/01/12122452/a-recession-does-not-mean-falling-prices-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-106878" src="https://files.mykcm.com/2023/01/12122452/a-recession-does-not-mean-falling-prices-MEM.png" alt="" width="600" height="450" /></a>
Most people remember the <a href="https://www.simplifyingthemarket.com/2023/01/11/todays-housing-market-is-nothing-like-15-years-ago/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="housing crisis" target="_blank" rel="noopener noreferrer">housing crisis</a> in 2008 (the larger of the two red bars in the graph above) and think another recession would be a repeat of what happened to housing then. But today’s housing market <a href="https://www.simplifyingthemarket.com/2022/11/30/why-there-wont-be-a-flood-of-foreclosures-coming-to-the-housing-market/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="isn’t about to crash" target="_blank" rel="noopener noreferrer">isn’t about to crash</a> because the fundamentals of the market are different than they were in 2008. According to <a href="https://www.simplifyingthemarket.com/2023/01/09/what-experts-are-saying-about-the-2023-housing-market/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="experts" target="_blank" rel="noopener noreferrer">experts</a>, home prices will vary by market and may go up or down depending on the local area. But the average of their <a href="https://www.simplifyingthemarket.com/2022/12/21/what-to-expect-from-the-housing-market-in-2023/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="2023 forecasts" target="_blank" rel="noopener noreferrer">2023 forecasts</a> shows prices will net neutral nationwide, not fall drastically like they did in 2008.
A Recession Means Falling Mortgage Rates
<a href="https://mtg-specialists.com/2022/05/11/recession-interest-rates-and-real-estate/" title="Research" target="_blank" rel="noopener noreferrer">Research</a> also helps paint the picture of how a recession could impact the cost of financing a home. As the graph below shows, historically, each time the economy slowed down, <a href="https://www.freddiemac.com/pmms/archive" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> decreased.
<a href="https://files.mykcm.com/2023/01/12122448/a-recession-means-falling-mortgage-rates-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-106876" src="https://files.mykcm.com/2023/01/12122448/a-recession-means-falling-mortgage-rates-MEM.png" alt="What Past Recessions Tell Us About the Housing Market in 2023 | MyKCM" width="600" height="450" /></a>
Fortune <a href="https://fortune.com/2019/06/19/next-recession-assets-mortgage-rates/" title="explains" target="_blank" rel="noopener noreferrer">explains</a> mortgage rates typically fall during an economic slowdown:
“Over the past five recessions, mortgage rates have fallen an average of 1.8 percentage points from the peak seen during the recession to the trough. And in many cases, they continued to fall after the fact as it takes some time to turn things around even when the recession is technically over.”
In <a href="https://www.simplifyingthemarket.com/2022/12/16/2023-housing-market-forecast-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="2023" target="_blank" rel="noopener noreferrer">2023</a>, market experts say mortgage rates will likely stabilize below the peak we saw last year. That’s because <a href="https://www.simplifyingthemarket.com/2022/12/19/mortgage-rates-are-dropping-what-does-that-mean-for-you/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> tend to respond to inflation. And early signs show inflation is starting to cool. If inflation continues to ease, rates may fall a bit more, but the days of 3% are likely behind us.
The big takeaway is you don’t need to fear the word recession when it comes to housing. In fact, experts say a recession would be mild and housing would play a key role in a quick economic rebound. As the 2022 CEO Outlook from KPMG, <a href="https://home.kpmg/xx/en/home/media/press-releases/2022/09/global-ceo-short-recession-optimistic-global-economy-over-3-years.html" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“Global CEOs see a ‘mild and short’ recession, yet optimistic about global economy over 3-year horizon . . .
More than 8 out of 10 anticipate a recession over the next 12 months, with more than half expecting it to be mild and short.”
Bottom Line
While history doesn’t always repeat itself, we can learn from the past. According to historical data, in most recessions, home values have appreciated and mortgage rates have declined.
If you’re thinking about buying or selling a home this year, let’s connect so you have expert advice on what’s happening in the housing market and what that means for your homeownership goals.
2023-01-16T07:57:00-07:002023-01-16T08:00:36-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11529Key Terms To Know When Buying a Home [INFOGRAPHIC]Key Terms To Know When Buying a Home [INFOGRAPHIC]
<img width="1046" height="2684" src="https://files.mykcm.com/2023/01/11164544/Key-Terms-To-Know-When-Buying-A-Home-MEM-1046x2684.png" class="attachment-entry size-entry wp-post-image" alt="Key Terms To Know When Buying a Home [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/11164544/Key-Terms-To-Know-When-Buying-A-Home-MEM-1046x2684.png 1046w, https://files.mykcm.com/2023/01/11164544/Key-Terms-To-Know-When-Buying-A-Home-MEM-234x600.png 234w, https://files.mykcm.com/2023/01/11164544/Key-Terms-To-Know-When-Buying-A-Home-MEM-399x1024.png 399w, https://files.mykcm.com/2023/01/11164544/Key-Terms-To-Know-When-Buying-A-Home-MEM-768x1971.png 768w, https://files.mykcm.com/2023/01/11164544/Key-Terms-To-Know-When-Buying-A-Home-MEM-599x1536.png 599w, https://files.mykcm.com/2023/01/11164544/Key-Terms-To-Know-When-Buying-A-Home-MEM-798x2048.png 798w, https://files.mykcm.com/2023/01/11164544/Key-Terms-To-Know-When-Buying-A-Home-MEM-100x257.png 100w, https://files.mykcm.com/2023/01/11164544/Key-Terms-To-Know-When-Buying-A-Home-MEM.png 1300w" sizes="(max-width: 1046px) 100vw, 1046px" /><br /><br />
Some Highlights
<a href="https://www.simplifyingthemarket.com/2023/01/06/tips-to-reach-your-homebuying-goals-in-2023-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="Buying a home" target="_blank" rel="noopener noreferrer">Buying a home</a> is a major transaction that can seem even more complex when you don’t understand the <a href="https://blog.firstam.com/15-real-estate-terms-you-should-know" title="terms" target="_blank" rel="noopener noreferrer">terms</a> used throughout the process.
If you’re looking to become a homeowner this year, it’s important to know these housing <a href="https://www.ftc.gov/sites/default/files/documents/one-stops/real-estate-competition/realestateglossary.pdf" title="terms" target="_blank" rel="noopener noreferrer">terms</a> and how they relate to the current market so you feel confident throughout the homebuying process.
Let’s connect so you have <a href="https://www.simplifyingthemarket.com/2022/12/27/confused-about-whats-going-on-in-the-housing-market-lean-on-a-professional/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="expert answers" target="_blank" rel="noopener noreferrer">expert answers</a> for any questions as they come up.
2023-01-13T06:45:00-07:002023-01-16T07:56:49-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11509Is It Time To Sell Your Second Home?Is It Time To Sell Your Second Home?
<img width="750" height="410" src="https://files.mykcm.com/2023/01/11104936/is-it-time-to-sell-your-second-home-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Is It Time To Sell Your Second Home? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/11104936/is-it-time-to-sell-your-second-home-KCM.jpg 750w, https://files.mykcm.com/2023/01/11104936/is-it-time-to-sell-your-second-home-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/01/11104936/is-it-time-to-sell-your-second-home-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
During the pandemic, second homes became popular because of the rise in work-from-home flexibility. That’s because owning a second home, especially in the luxury market, allowed those homeowners to spend more time in their favorite places or with different home features. Keep in mind, a luxury home isn’t only defined by price. In a <a href="https://www.investopedia.com/articles/personal-finance/092414/investing-luxury-real-estate.asp" title="recent article" target="_blank" rel="noopener noreferrer">recent article</a>, Investopedia shares additional factors that push a home into this category: location, such as a home on the water or in a desirable city, and features, the things that make the home itself feel luxurious.
A recent report from the Institute for Luxury Home Marketing (ILHM) <a href="https://issuu.com/realmarketing/docs/_ilhm_-_luxury_report_northamerica_nov2022" title="explains" target="_blank" rel="noopener noreferrer">explains</a> just how much remote work impacted the demand for second and luxury homes:
“The unprecedented ten-fold increase towards remote work since the pandemic is an historic development that will continue to fuel second home demand for many years to come.”
But what if you bought a second home that you no longer use? If you’re now shifting back into the office or are seeing your priorities and needs change, you may find you’re not utilizing your second home as much. If so, it may be time to <a href="https://www.simplifyingthemarket.com/2023/01/05/3-best-practices-for-selling-your-house-this-year/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="sell it" target="_blank" rel="noopener noreferrer">sell it</a>.
And if you own what’s considered a luxury home, buyer demand for it may be even greater. In another report, the Institute for Luxury Home Marketing <a href="https://issuu.com/realmarketing/docs/_ilhm_-_luxury_report_northamerica_dd23a270bcdf6f" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“. . . the last few years have left their legacy for the luxury market. While it might only represent a small percentage of the overall real estate market, luxury homeownership’s influence is growing. Not only has the purchase of homes valued over $1 million (a figure considered by the National Association of Realtors to be a benchmark for luxury) tripled from 2.6% to 6.5% since 2018, but demand for multiple luxury properties has soared over the last two years.
This phenomenal increase has been driven by a growing affluent demographic who consider owning a luxury property a necessity in their asset portfolio. All indications are that this trend is here to stay, albeit that demand is set to return to a more sustainable level.”
If you own a luxury second home that isn’t being used as much anymore, now’s the time to sell. There are still buyers in the market who are looking for a home like yours today.
Bottom Line
Let’s connect to explore the benefits of selling your second home this year.
2023-01-12T07:23:02-07:002023-01-12T07:27:02-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11500Today’s Housing Market Is Nothing Like 15 Years AgoToday’s Housing Market Is Nothing Like 15 Years Ago
<img width="750" height="410" src="https://files.mykcm.com/2023/01/10124016/todays-housing-market-is-nothing-like-15-years-ago-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Today’s Housing Market Is Nothing Like 15 Years Ago | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/10124016/todays-housing-market-is-nothing-like-15-years-ago-KCM.jpg 750w, https://files.mykcm.com/2023/01/10124016/todays-housing-market-is-nothing-like-15-years-ago-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/01/10124016/todays-housing-market-is-nothing-like-15-years-ago-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
There’s no doubt today’s <a href="https://www.simplifyingthemarket.com/2023/01/09/what-experts-are-saying-about-the-2023-housing-market/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="housing market" target="_blank" rel="noopener noreferrer">housing market</a> is very different than the frenzied one from the past couple of years. In the second half of 2022, there was a dramatic shift in real estate, and it caused many people to make comparisons to the 2008 housing crisis. While there may be a few similarities, when looking at key variables now compared to the last housing cycle, there are significant differences.
In the latest <a href="https://www.nar.realtor/sites/default/files/documents/2022-12-13-nar-real-estate-forecast-summit-the-year-ahead-lawrence-yun-presentation-slides-12-13-2022.pdf" title="Real Estate Forecast Summit" target="_blank" rel="noopener noreferrer">Real Estate Forecast Summit</a>, Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), drew the comparisons below between today’s housing market and the previous cycle:
<a href="https://files.mykcm.com/2023/01/10124010/today-is-nothing-like-15-years-ago-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-106779" src="https://files.mykcm.com/2023/01/10124010/today-is-nothing-like-15-years-ago-MEM.png" alt="Today’s Housing Market Is Nothing Like 15 Years Ago | MyKCM" width="600" height="450" /></a>
Looking at the facts, it’s clear: today is very different than the <a href="https://www.simplifyingthemarket.com/2022/12/21/what-to-expect-from-the-housing-market-in-2023/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="housing market" target="_blank" rel="noopener noreferrer">housing market</a> of 15 years ago.
There’s Opportunity in Real Estate Today
And in today’s market, with inventory rising and <a href="https://www.simplifyingthemarket.com/2022/12/14/you-may-have-more-negotiation-power-when-you-buy-a-home-today/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="less competition" target="_blank" rel="noopener noreferrer">less competition</a> from other buyers, there’s opportunity right now. According to <a href="https://www.linkedin.com/pulse/reminder-home-prices-always-rise-over-time-david-h-stevens-cmb/?trackingId=v4Fg7EqLTTCx94toGrR%2Ffw%3D%3D" title="David Stevens" target="_blank" rel="noopener noreferrer">David Stevens</a>, former Assistant Secretary of Housing:
“So be advised…this may be the one and only window for the next few years to get into a buyer’s market. And remember…as the Federal Reserve data shows…home prices only go up and always recover from recessions no matter how mild or severe. Long term homeowners should view this market…right now…as a unique buying opportunity.”
Bottom Line
Today’s housing market is nothing like the real estate market 15 years ago. If you’re a buyer right now, this may be the chance you’ve been waiting for.
2023-01-11T06:31:46-07:002023-01-11T06:33:42-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11486The Truth About Negative Home Equity HeadlinesThe Truth About Negative Home Equity Headlines
<img width="750" height="410" src="https://files.mykcm.com/2023/01/09125630/the-truth-about-negative-home-equity-headlines-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="The Truth About Negative Home Equity Headlines | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/09125630/the-truth-about-negative-home-equity-headlines-KCM.jpg 750w, https://files.mykcm.com/2023/01/09125630/the-truth-about-negative-home-equity-headlines-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/01/09125630/the-truth-about-negative-home-equity-headlines-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
Home equity has been a hot topic in <a href="https://www.simplifyingthemarket.com/2022/12/27/confused-about-whats-going-on-in-the-housing-market-lean-on-a-professional/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="real estate news" target="_blank" rel="noopener noreferrer">real estate news</a> lately. And if you’ve been following along, you may have heard there’s a growing number of homeowners with negative <a href="https://www.simplifyingthemarket.com/2022/09/26/the-true-strength-of-homeowners-today/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="equity" target="_blank" rel="noopener noreferrer">equity</a>. But don’t let those headlines scare you.
In truth, the headlines don’t give you all the information you really need to understand what’s happening and at what scale. Let’s break down one of the big equity stories you may be seeing in the news, and what’s actually taking place. That way, you’ll have the context you need to understand the big picture.
Headlines Focus on Short-Term Equity Numbers and Fail To Convey the Long-Term View
One piece of news circulating focuses on the percentage of homes purchased in 2022 that are currently underwater. The term underwater refers to a scenario where the homeowner owes more on the loan than the house is worth. This was a huge issue when the housing market crashed in 2008, but it much less significant today.
Media coverage right now is based loosely on a report from Black Knight, Inc. The actual report from that source <a href="https://www.blackknightinc.com/black-knights-october-2022-mortgage-monitor/" title="says" target="_blank" rel="noopener noreferrer">says</a> this:
“Of all homes purchased with a mortgage in 2022, 8% are now at least marginally underwater and nearly 40% have less than 10% equity stakes in their home, . . .”
Let’s unpack that for a moment and provide the bigger picture. The data-bound report from Black Knight is talking specifically about homes purchased in 2022, but media headlines don’t always mention that timeframe or provide the surrounding context about how unusual of a year 2022 was for the housing market. In 2022, <a href="https://www.simplifyingthemarket.com/2022/12/12/what-every-seller-should-know-about-home-prices/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="home price appreciation" target="_blank" rel="noopener noreferrer">home price appreciation</a> soared, and it reached its max around March-April. Since then, the rate of appreciation has been slowing down.
Homeowners who bought their house last year right at the peak or those who paid more than market value in the months that followed are more likely to fall into the category of being marginally underwater. The qualifier marginally is another key piece of the puzzle the media isn’t necessarily including in their coverage.
So, what does that mean for those who purchased a home in 2022? It’s important to remember, owning a home is a long-term investment, not a short-term play. When headlines focus on the short-term view, they’re not necessarily providing the full context.
Typically speaking, the longer you stay in your home, the more <a href="https://www.simplifyingthemarket.com/2022/12/20/homeowners-still-have-positive-equity-gains-over-the-past-12-months/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="equity" target="_blank" rel="noopener noreferrer">equity</a> you gain as you pay down your loan and as home prices appreciate. With recent market conditions, you may not have gained significant equity right away if you owned the home for just a few months. But it’s also true that many homeowners who recently bought their house are unlikely to be looking to sell quite yet.
Bottom Line
As with everything, knowing the context is important. If you have questions about real estate headlines or about how much equity you have in your home, let’s connect.
2023-01-10T06:42:07-07:002023-01-10T06:48:00-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11471What Experts Are Saying About the 2023 Housing MarketWhat Experts Are Saying About the 2023 Housing Market
<img width="600" height="315" src="https://files.mykcm.com/2023/01/05132532/what-experts-are-saying-about-the-2023-housing-market-BB.jpg" class="attachment-entry size-entry wp-post-image" alt="What Experts Are Saying About the 2023 Housing Market | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/05132532/what-experts-are-saying-about-the-2023-housing-market-BB.jpg 600w, https://files.mykcm.com/2023/01/05132532/what-experts-are-saying-about-the-2023-housing-market-BB-100x53.jpg 100w" sizes="(max-width: 600px) 100vw, 600px" /><br /><br />
If you’re thinking about <a href="https://www.simplifyingthemarket.com/2023/01/02/what-are-your-goals-in-the-housing-market-this-year/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="buying or selling" target="_blank" rel="noopener noreferrer">buying or selling</a> a home soon, you probably want to know what you can expect from the <a href="https://www.simplifyingthemarket.com/2022/12/27/confused-about-whats-going-on-in-the-housing-market-lean-on-a-professional/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="housing market" target="_blank" rel="noopener noreferrer">housing market</a> this year. In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about <a href="https://www.simplifyingthemarket.com/2022/12/21/what-to-expect-from-the-housing-market-in-2023/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="2023" target="_blank" rel="noopener noreferrer">2023</a>?
An article from HousingWire <a href="https://www.housingwire.com/articles/the-red-hot-housing-market/" title="offers" target="_blank" rel="noopener noreferrer">offers</a> this perspective:
“The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. . . . now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.”
This year, experts agree we may see the return of greater stability and predictability in the housing market if inflation continues to ease and <a href="https://www.simplifyingthemarket.com/2022/12/16/2023-housing-market-forecast-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> stabilize. Here’s what they have to say.
The 2023 forecast from the National Association of Realtors (NAR) <a href="https://www.nar.realtor/magazine/real-estate-news/2023-real-estate-forecast-market-to-regain-normalcy" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market, . . . mortgage rates are expected to stabilize while home sales and prices moderate after recent highs, . . .”
Danielle Hale, Chief Economist at realtor.com, <a href="https://www.realtor.com/research/2023-national-housing-forecast/" title="adds" target="_blank" rel="noopener noreferrer">adds</a>:
“. . . buyers will not face the extreme competition that was commonplace over the past few years.”
Lawrence Yun, Chief Economist at NAR, <a href="https://www.nar.realtor/magazine/real-estate-news/2023-real-estate-forecast-market-to-regain-normalcy" title="explains" target="_blank" rel="noopener noreferrer">explains</a> home prices will vary by local area, but will net neutral nationwide as the market continues to adjust:
“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”
Mark Fleming, Chief Economist at First American, <a href="https://blog.firstam.com/economics/why-the-housing-market-may-begin-to-stabilize-in-2023" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“The housing market, once adjusted to the new normal of higher mortgage rates, will benefit from continued strong demographic-driven demand relative to an overall, long-run shortage of supply.”
Bottom Line
If you’re looking to buy or sell a home this year, the best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect.
2023-01-09T07:19:37-07:002023-01-09T07:22:28-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11459NEW LISTING at The Luxurious & Iconic Ritz-Carlton Residences In The Heart Of Center City #NEW LISTING at The Luxurious & Iconic Ritz-Carlton Residences In The Heart Of Center City
<img src="https://assets.site-static.com/userfiles/2363/image/ritz.png" width="1080" height="1920" />
Luxurious city living at its finest! Welcome to Unit 26B at the posh Residences At The Ritz-Carlton in the heart of Center City, Philadelphia. This rarely offered, impeccably priced and highly coveted "B" unit offers 3 en-suite bedrooms, 3.5 bathrooms, a wonderful open floor plan featuring a rare private terrace overlooking the beautiful and historic City Hall. Only the "B" units have this private terrace.
3 Bedrooms
3.5 Bathrooms
2,046 Square Feet
Private Terrace
Private Parking Spot Included(Second Parking Space Available For $75,000)
Ritz-Carlton Amenities Include: Concierge, Front Door Man, Room Service From Hotel, Chauffeur-Driven Town-Cars, A State-Of-The-Art Fitness Center
Who you work with matters! Call us today if you are interested in purchasing real estate in Philadelphia and the Suburbs or if you’d like to learn more about The Rosenthal Group’s proprietary and powerful marketing system. We would love to make you our next happy customer! 267.626.7613
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#BHHSPlacetobe2023-01-06T09:05:04-07:002023-01-06T09:12:11-07:00Reid Rosenthal