Philadelphia Real Estate BlogRecently posted or modified blog posts by tag - realestateinphiladelphiahttps://www.reidrosenthalgroup.com/blog/Copyright ReidRosenthalGroup.com2022-08-30T09:50:22-07:00tag:reidrosenthalgroup.com,2012-09-20:10093SOLD in Queen Village! <a href="https://www.instagram.com/explore/tags/newlisting/">#SOLD </a>in Queen Village!<img src="https://assets.site-static.com/userfiles/2363/image/Screenshot_2022-08-30_at_12.47.43_PM.png" width="1284" height="2265" style="text-align: left;" />Congratulations to our first time home buyer for the purchase of this townhome in Queen Village! She stuck with it in this tough market to find a home that was an ideal size, in a great location with a Garage! Can’t wait to see what she does with the place after renovations!
2 Bedrooms
1.5 Bathrooms
950 Square Feet
One Car Garage
Gated Courtyard
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
#Townhome
<a href="https://www.instagram.com/explore/tags/thecolonnade/">#</a>QueenVillage
<a href="https://www.instagram.com/explore/tags/springgarden/">#Queen</a>VillageRealEstate
<a href="https://www.instagram.com/explore/tags/philadelphia/">#Philadelphia</a>
<a href="https://www.instagram.com/explore/tags/philadelphiarealestate/">#PhiladelphiaRealEstate</a>
<a href="https://www.instagram.com/explore/tags/realtor/">#Realtor</a>
<a href="https://www.instagram.com/explore/tags/realtors/">#realtors</a>
<a href="https://www.instagram.com/explore/tags/realestate/">#realestate</a>
<a href="https://www.instagram.com/explore/tags/homesforsale/">#homesforsale</a>
<a href="https://www.instagram.com/explore/tags/therosenthalgroup/">#therosenthalgroup</a>
<a href="https://www.instagram.com/explore/tags/bhhs/">#BHHS</a>
<a href="https://www.instagram.com/explore/tags/foreverbrand/">#Foreverbrand</a>
<a href="https://www.instagram.com/explore/tags/everythingyouneed/">#Everythingyouneed</a>
<a href="https://www.instagram.com/explore/tags/consumerstrong/">#Consumerstrong</a>
<a href="https://www.instagram.com/explore/tags/bhhsproud/">#BHHSProud</a>
<a href="https://www.instagram.com/explore/tags/bhhsplacetobe/">#BHHSPlacetobe</a>2022-08-30T06:50:00-07:002022-08-30T09:50:22-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:9766Another Fabulous Home Sold in Graduate Hospital! #SOLD in Graduate Hospital
Congratulations to our very loyal clients on the sale of their beloved Grad Hospital townhouse! This is our third successful transaction over the years. Wishing you the best of everything in your new suburban life. Wishing them all the best in NJ!
<img src="https://assets.site-static.com/userfiles/2363/image/1409_pem.png" width="1080" height="1920" />
4 Bedrooms
4 Bathrooms
3,300 Square Feet
2 Car Garage (1 car with a lift)
2 Outdoor Spaces - Back Patio & Rooftop
State-of-the-art finishes
10 Foot Ceilings
7 years left on the TAX ABATEMENT
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
#Townhome
#GraduateHospital
#GraduateHospitalRealEstate
#Philadelphia
#PhiladelphiaRealEstate
#luxuryrealestate
#Realtor
#realtors
#realestate
#homesforsale
#therosenthalgroup
#BHHS
#Foreverbrand
#Everythingyouneed
#Consumerstrong
#BHHSProud
#BHHSPlacetobe2022-07-29T07:56:00-07:002022-07-29T08:03:12-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:9728Charming Home Sold in Fairmount!SOLD in Fairmount
<img src="https://assets.site-static.com/userfiles/2363/image/ringgold.png" width="1080" height="1920" />
Persistence and patience in this market is key! After countless showings and multiple offers we were able to secure this charming 2 bedroom home for Diego and Migela. I wish you both so much happiness in your new home! It’s perfect.
2 Bedrooms + Bonus Den
1.5 Bathrooms
1,208 Square Feet
Original Hardwood Floors
Built in Shelving
Back Patio with Private Fencing
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
#townhomes
#ArtMuseumArea
<a href="https://www.instagram.com/explore/tags/bellavista/">#</a>Fairmount
<a href="https://www.instagram.com/explore/tags/bellavistarealestate/">#FairmountRealEs</a>tate
<a href="https://www.instagram.com/explore/tags/philadelphiarealestate/">#PhiladelphiaRealEstate</a>
<a href="https://www.instagram.com/explore/tags/realtors/">#realtors</a>
<a href="https://www.instagram.com/explore/tags/realestate/">#realestate</a>
<a href="https://www.instagram.com/explore/tags/therosenthalgroup/">#therosenthalgroup</a>
<a href="https://www.instagram.com/explore/tags/bhhs/">#BHHS</a>
<a href="https://www.instagram.com/explore/tags/foreverbrand/">#Foreverbrand</a>
<a href="https://www.instagram.com/explore/tags/everythingyouneed/">#Everythingyouneed</a>
<a href="https://www.instagram.com/explore/tags/consumerstrong/">#Consumerstrong</a>
<a href="https://www.instagram.com/explore/tags/bhhsproud/">#BHHSProud</a>
<a href="https://www.instagram.com/explore/tags/bhhsplacetobe/">#BHHSPlacetobe</a>2022-07-26T08:02:00-07:002022-07-26T08:12:22-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:9698Penthouse level condo in Graduate Hospital! NEW LISTING in Graduate Hospital!
<img src="https://assets.site-static.com/userfiles/2363/image/111111111.png" width="1080" height="1920" />
The Penthouse level condo that you have been waiting for has finally arrived! Welcome to 500 Admirals Way Unit 412. Located within the gorgeous & gated Naval Square community in the heart of Graduate Hospital.
2 Bedroom + Den
2 Bathrooms
1,419 Square Feet
Most Desired Floor Plans in the Strickland Row building
DEDICATED, DEEDED PARKING Space Is Just Steps Away From The Elevators Up To Your Floor
Two Juliette Balconies
Naval Square is a 24-hour secure, gated community with amenities that include: A state-of-the-art fitness center, outdoor pool, concierge (for package delivery), and many more
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
#condos
#NavalSquareCommunity
#StricklandRowBuilding
<a href="https://www.instagram.com/explore/tags/bellavista/">#GraduateHospital</a>
<a href="https://www.instagram.com/explore/tags/bellavistarealestate/">#GraduateHospitalRealEs</a>tate
<a href="https://www.instagram.com/explore/tags/philadelphiarealestate/">#PhiladelphiaRealEstate</a>
<a href="https://www.instagram.com/explore/tags/realtors/">#realtors</a>
<a href="https://www.instagram.com/explore/tags/realestate/">#realestate</a>
<a href="https://www.instagram.com/explore/tags/therosenthalgroup/">#therosenthalgroup</a>
<a href="https://www.instagram.com/explore/tags/bhhs/">#BHHS</a>
<a href="https://www.instagram.com/explore/tags/foreverbrand/">#Foreverbrand</a>
<a href="https://www.instagram.com/explore/tags/everythingyouneed/">#Everythingyouneed</a>
<a href="https://www.instagram.com/explore/tags/consumerstrong/">#Consumerstrong</a>
<a href="https://www.instagram.com/explore/tags/bhhsproud/">#BHHSProud</a>
<a href="https://www.instagram.com/explore/tags/bhhsplacetobe/">#BHHSPlacetobe</a>2022-07-22T07:17:00-07:002022-07-22T07:29:54-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:9185Another Beautiful Home Sold In Graduate Hospital By The Rosenthal Group<img src="https://assets.site-static.com/userfiles/2363/image/2346christian.jpg" width="1080" height="1080" alt="Homes in Graduate Hospital " title="Just Sold In Graduate Hospital" />
The most important aspect of any successful property sale is pricing strategy. If you price a listing too high it can cost you a lot of time and money. We were employed by the sellers of 2346 Christian Street to list and sell their home by a specific date and obviously while attaining the maximum sale price the current market would bear. We looked at the comparable sales going back 1 year but then positioned their property in a way that made it stand out compared to the other active listings in the neighborhood. We purposefully priced it slightly below the comparable sales and other active listings in order to capture a segment of the market that was most competitive. We had many offers and sold the property in 5 days for $56,000 over the asking price with no contingencies. Pricing strategy can sometimes sound and feel counterintuitive but positioning your property competitively in a given neighborhood and market is just as important as only looking at the comparable sales. Strategy matters. Congratulations to our sellers on their success! Who’s next? 2022-05-24T04:01:00-07:002022-05-24T04:06:58-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:8939Another Rittenhouse Square Gem Sold - 1830 Rittenhouse Square 7C<img src="https://assets.site-static.com/userfiles/2363/image/1830rittenhouse7csoldblock.png" width="1080" height="1080" />
#SOLD in Rittenhouse Square
We are honored to have represented both buyer and seller when marketing & selling this gorgeous, historic gem located in one of our favorite pre-war buildings located on the South side of Rittenhouse Square. Check out the April 2022 issue of Philadelphia Style where it was featured.
@arielleroemer & @reidrosenthal1
2 Bedrooms<br /> 2.5 Bathrooms<br /> 1,958 Square Feet <br /> Southern Exposure<br /> Pristine Condition<br /> Original Character<br /> 10 Foot Ceilings<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 /> #condominium <br /> #RittenhouseSquare<br /> #RittenhouseSquareRealEstate<br /> #Realtor<br /> #PhiladelphiaRealEstate<br /> #realtors<br /> #realestate<br /> #homesforsale<br /> #therosenthalgroup<br /> #BHHS <br /> #Foreverbrand<br /> #Everythingyouneed<br /> #Consumerstrong<br /> #BHHSProud<br /> #BHHSPlacetobe #prewarcondos
2022-04-23T05:11:00-07:002022-04-23T05:20:09-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:8607Are You Wondering if This Is the Year To Buy a Home?
<img width="750" height="410" src="https://files.mykcm.com/2022/03/15132118/20220316-KCM-Share0.jpg" class="attachment-entry size-entry wp-post-image" alt="Are You Wondering if This Is the Year To Buy a Home? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/03/15132118/20220316-KCM-Share0.jpg 750w, https://files.mykcm.com/2022/03/15132118/20220316-KCM-Share0-600x328.jpg 600w, https://files.mykcm.com/2022/03/15132118/20220316-KCM-Share0-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
Every year, many renters ask themselves the same question: Should I continue <a href="https://www.mykcm.com/2022/02/25/the-difference-between-renting-and-owning-infographic/" title="renting">renting</a>, or is it time to <a href="https://www.mykcm.com/2022/03/10/how-to-navigate-a-market-where-multiple-offers-is-the-new-normal/" title="buy a home">buy a home</a>? If you’re a renter, chances are you’ve asked yourself that question at least once, and it’s likely because you’ve faced an increase in your monthly housing costs over time. After all, according to <a href="https://www.census.gov/housing/hvs/files/currenthvspress.pdf" title="Census" target="_blank" rel="noopener noreferrer">Census</a> data, rents have risen consistently for decades.
To make an informed and powerful decision, the first step is understanding what’s happening in today’s housing market so you can determine which option is the better long-term <a href="https://www.mykcm.com/2022/01/31/owning-is-more-affordable-than-renting-in-the-majority-of-the-country/" title="financial decision">financial decision</a> for you.
Rents Are Going Up Again This Year
Rents are skyrocketing right now. <a href="https://news.move.com/2022-02-22-Realtor-com-R-January-Rental-Report-Buying-a-Starter-Home-is-More-Affordable-than-Renting-in-Over-Half-of-the-Largest-U-S-Metros" title="Data" target="_blank" rel="noopener noreferrer">Data</a> from realtor.com shows just how much rental prices are surging throughout the country. The graph below highlights rental unit price increases over the past year:
<a href="https://files.mykcm.com/2022/03/15114235/20220316-MEM-Eng-1.png" target="_blank" rel="" class="use_kcm_lightbox"><img loading="lazy" class="aligncenter wp-image-101509" src="https://files.mykcm.com/2022/03/15114235/20220316-MEM-Eng-1.png" alt="Are You Wondering if This Is the Year To Buy a Home? | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/03/15114235/20220316-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/03/15114235/20220316-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/03/15114235/20220316-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/03/15114235/20220316-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
If you’re a renter and plan on signing a new lease, your monthly costs are likely to go up when you do. Those rising costs can have a big impact on your financial goals, including any <a href="https://www.mykcm.com/2022/03/02/down-payment-assistance-programs-can-help-you-achieve-homeownership/" title="plans">plans</a> you’re making to save for a home purchase.
Homeownership Offers Stable Monthly Costs
Of course, one of the key benefits of owning your home is that you’re able to <a href="https://www.mykcm.com/2022/02/21/real-estate-voted-the-best-investment-eight-years-in-a-row/" title="lock in">lock in</a>and stabilize your payments for the duration of your loan. That’s not the case when you rent.
While rents are already on the rise, there’s a good chance many people will see their rental costs increase even more this year. As Danielle Hale, Chief Economist at realtor.com, <a href="https://www.prnewswire.com/news-releases/realtorcom-december-rental-report-rental-market-wraps-up-2021-with-price-growth-thats-5-3-times-faster-than-in-2020--301468347.html" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“With rents already at a high and expected to keep going up, rental affordability will increasingly challenge many Americans in 2022. For those thinking about making the transition from renting to buying their first home, rising rents will remain a motivating factor. . . .”
So, if you’re ready to become a homeowner, waiting any longer may not make financial sense. Instead, escape the cycle of <a href="https://www.mykcm.com/2022/01/04/avoid-the-rental-trap-in-2022/" title="rising rents">rising rents</a> and enjoy the <a href="https://www.mykcm.com/2022/02/14/are-you-ready-to-fall-in-love-with-homeownership/" title="many benefits">many benefits</a>that come with homeownership today.
Bottom Line
Starting your journey towards homeownership can pay off significantly this year. If you’re financially ready today, let’s connect so we can discuss your options.
2022-03-16T06:04:00-07:002022-03-16T06:07:23-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:8581Just Sold At The Ritz-Carlton Residences in Center City, Philadelphia<img src="https://assets.site-static.com/userfiles/2363/image/1414_s_penn_sq-5-2.JPG" width="1080" height="1080" alt="Just Sold At The Ritz-Carlton Residences" title="Just Sold At The Ritz-Carlton Residences" /><img src="https://assets.site-static.com/userfiles/2363/image/48E0FAB3-AD39-4FBA-93B5-8EC9BE26D009.JPG" width="1125" height="1999" alt="Just Sold At The Ritz-Carlton Residences" title="Just Sold At The Ritz-Carlton Residences" />
#SOLD At The Ritz-Carlton Residences
2 Bedroom
2.5 Bathroom
1,467 Square Feet
Custom Walk-In Custom Closets
Hardwood Floors
Bright & Open Floor Plan
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 that delivers higher sales prices guaranteed along with faster sales with less stress. We would love to make you our next happy customer! 267.626.7613
#sellformore
#sellfaster
#buyandsellwithlessstress
#Condos
#Ritz-CarltonResidences
#CenterCity
#CenterCityRealEstate
#PhiladelphiaRealEstate
#luxuryRealEstate
#luxuryhomes
#luxuryinteriors
#realtors
#realestate
#therosenthalgroup
#BHHS
#Foreverbrand
#Everythingyouneed
#Consumerstrong
#BHHSProud
#BHHSPlacetobe
2022-03-13T08:01:00-07:002022-03-13T08:09:53-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:8580Another Stunner Sold In Rittenhouse Square <img src="https://assets.site-static.com/userfiles/2363/image/2000delanceycover.jpg" width="1080" height="1080" alt="Just Sold On Delancey Street" title="Philadelphia Real Estate" />
#SOLD in Rittenhouse Square by @sammilane & @reidrosenthal1
Congratulations to our buyers on the purchase of 2000 Delancey Place #2, it is situated on one of Rittenhouse Square's most desirable blocks and is a rare first offering of a breathtaking and magnificently proportioned residence. Buyers were a pleasure to work with, best of luck!
2 Bedroom
2 Bathroom
1,885 Square Feet
Ideal Location Filled with Character & Charm
Beautifully Detailed Over-Sized Windows
Ultra-High Ceilings
1 Year Left on Tax Abatement
Deeded One-Car Garage Space, Bike Storage, & a Beautiful Common Roof Deck
#Townhomes
#RittenhouseSquare
#RittenhouseSquareRealEstate
#PhiladelphiaRealEstate
#luxuryRealEstate
#realtors
#realestate
#therosenthalgroup
#BHHS
#Foreverbrand
#Everythingyouneed
#Consumerstrong
#BHHSProud
#BHHSPlacetobe2022-03-13T07:51:00-07:002022-03-13T07:57:47-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:8579Sold In Rittenhouse Square <img src="https://assets.site-static.com/userfiles/2363/image/230_s_22nd-2-2.JPG" width="1080" height="1080" alt="Just Sold In Rittnhouse" title="Just Sold In Rittenhouse" />
#SOLD in Rittenhouse Square
Congratulations to our buyers on the purchase of this 1876 Rittenhouse Square townhouse. This home was built by civil war hero Colonel William Brooke Rawle and has 5 ‘living space’ rooms: formal living room, library, family room, sitting room & game room. Best of luck to the new owners!
5 Bedroom
4.5 Bathroom
6,600 Square Feet
Ultra-High Ceilings
Handsome Walnut Staircase
Huge Roof Deck with 360 Degree Views of the Center City Skyline
Large, Charming Private Garden
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
#Townhomes
#RittenhouseSquare
#RittenhouseSquareRealEstate
#PhiladelphiaRealEstate
#luxuryRealEstate
#realtors
#realestate
#therosenthalgroup
#BHHS
#Foreverbrand
#Everythingyouneed
#Consumerstrong
#BHHSProud
#BHHSPlacetobe2022-03-13T07:36:00-07:002022-03-13T07:46:19-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:8277Take a 3D Tour Of 220 W. Rittenhouse Square Unit 6ABC2022-02-07T08:41:00-07:002022-02-07T08:47:15-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4640Why Working from Home May Spark Your Next Move Why Working from Home May Spark Your Next Move
<img width="750" height="410" src="https://files.mykcm.com/2020/11/12171924/20201116-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Why Working from Home May Spark Your Next Move | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2020/11/12171924/20201116-KCM-Share.jpg 750w, https://files.mykcm.com/2020/11/12171924/20201116-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2020/11/12171924/20201116-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
If you’ve been <a href="https://www.simplifyingthemarket.com/2020/08/06/how-is-remote-work-changing-homebuyer-needs/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="working from home" target="_blank" rel="noopener noreferrer">working from home</a> this year, chances are you’ve been at it a little longer than you initially expected. Businesses all over the country have figured out how to operate remotely to keep their employees healthy, safe, and productive. For many, it may be carrying into next year, and possibly beyond.
While the pandemic continues, Americans are re-evaluating their homes, floorplans, locations, needs, and more. Some need more space, while others need less. Whether you’re renting or own your home, if remote work is part of your future, you may be thinking about <a href="https://www.simplifyingthemarket.com/2020/10/28/buyer-interest-is-growing-among-younger-generations/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="moving" target="_blank" rel="noopener noreferrer">moving</a>, especially while today’s mortgage rates are so low.
A recent study from Upwork <a href="https://www.upwork.com/press/releases/economist-report-remote-workers-on-the-move" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“Anywhere from 14 to 23 million Americans are planning to move as a result of remote work.”
To put this into perspective, last year, 6 million homes were sold in the U.S. This means roughly 2 – 4X as many people are considering moving now, and there’s a direct connection to their ability to work from home.
The same study also notes while 45.3% of people are planning to stay within a 2-hour drive from their current location, 41.5% of the people who are citing working from home as their primary reason for making a move are willing to look for a home more than 4 hours away from where they live now (See graph below):<a href="https://files.simplifyingthemarket.com/2020/11/12171927/20201116-MEM-Eng-1.jpeg?a=587890-c6f39386e5c0b35edc66223c4d17abc9" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-96453" src="https://files.mykcm.com/2020/11/12171927/20201116-MEM-Eng-1.jpeg" alt="Why Working from Home May Spark Your Next Move | MyKCM" width="600" height="450" /></a>In some cases, moving a little further away from your current location might mean you can get <a href="https://www.simplifyingthemarket.com/2020/09/22/the-cost-of-a-home-is-far-more-important-than-the-price/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="more" target="_blank" rel="noopener noreferrer">more</a> home for your money. If you have the opportunity to work remotely, you may have more options available by expanding your search. Upwork also indicates, of those surveyed:
“People are seeking less expensive housing: Altogether, more than half (52.5%) are planning to move to a house that is significantly more affordable than their current home.”
Whether you can eliminate your daily commute to the office, or you simply need more space to work from home, your plans may be changing. If that’s the case, it’s time to connect with a local real estate professional to assess your evolving needs and determine your path together.
Bottom Line
This has been a year of change, and what you need in a home is no exception. Let’s connect today to make sure you have expert guidance on your side to help you find a home that fits your remote work needs in Philadelphia or The Main Line.
2020-11-16T11:44:00-07:002020-11-16T11:50:01-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4391 Thinking of Moving? [INFOGRAPHIC]Thinking of Moving? [INFOGRAPHIC]
<img width="1046" height="2570" src="https://files.mykcm.com/2020/10/08125237/20201009-MEM-1046x2570.png" class="attachment-entry size-entry wp-post-image" alt="Thinking of Moving? [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2020/10/08125237/20201009-MEM-1046x2570.png 1046w, https://files.mykcm.com/2020/10/08125237/20201009-MEM-244x600.png 244w, https://files.mykcm.com/2020/10/08125237/20201009-MEM-417x1024.png 417w, https://files.mykcm.com/2020/10/08125237/20201009-MEM-768x1887.png 768w, https://files.mykcm.com/2020/10/08125237/20201009-MEM-625x1536.png 625w, https://files.mykcm.com/2020/10/08125237/20201009-MEM-834x2048.png 834w, https://files.mykcm.com/2020/10/08125237/20201009-MEM-100x246.png 100w, https://files.mykcm.com/2020/10/08125237/20201009-MEM.png 1300w" sizes="(max-width: 1046px) 100vw, 1046px" /><br /><br />
Some Highlights
If you’re ready to sell your house in Philadelphia or The Main Line but you’re worried about finding one to move into, why not invest in a brand-new home built just for you?
<a href="https://www.simplifyingthemarket.com/2020/09/23/home-builder-confidence-hits-all-time-record/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="New construction" target="_blank" rel="noopener noreferrer">New construction</a> is on the rise, so it’s a great time to think about a custom home to fit your family’s changing needs.
Let’s connect today to discuss how to sell your house while buyer <a href="https://www.simplifyingthemarket.com/2020/09/30/why-selling-this-fall-may-be-your-best-move/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="demand" target="_blank" rel="noopener noreferrer">demand</a> is high and find you a new home to call your own while you’re at it.
2020-10-09T06:54:00-07:002020-10-09T06:56:50-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4320Where Are Home Values Headed Over the Next 12 Months?Where Are Home Values Headed Over the Next 12 Months?
<img width="750" height="410" src="https://files.mykcm.com/2020/09/28080821/20200929-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Where Are Home Values Headed Over the Next 12 Months? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2020/09/28080821/20200929-KCM-Share.jpg 750w, https://files.mykcm.com/2020/09/28080821/20200929-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2020/09/28080821/20200929-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
As shelter-in-place orders were implemented earlier this year, many questioned what the shutdown would mean to the real estate market. Specifically, there was concern about home values. After years of rising home prices, would 2020 be the year this appreciation trend would come to a screeching halt? Even worse, would home values begin to depreciate?
Original forecasts modeled this uncertainty, and they ranged anywhere from home values gaining 3% (Zelman & Associates) to home values depreciating by more than 6% (CoreLogic).
However, as the year unfolded, it became clear that there would be little negative impact on the housing market. As Mark Fleming, Chief Economist at First American, recently <a href="https://blog.firstam.com/economics/housing-market-potential-reaches-highest-level-since-2007" title="revealed" target="_blank" rel="noopener noreferrer">revealed</a>:
“The only major industry to display immunity to the economic impacts of the coronavirus is the housing market.”
Have prices continued to appreciate so far this year?
Last week, the Federal Housing Finance Agency (FHFA) released its latest <a href="https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-House-Price-Index-Up-1pt0-Pct-in-July-Up-6pt5-Pct-from-Last-Year.aspx" title="Home Price Index" target="_blank" rel="noopener noreferrer">Home Price Index</a>. The report showed home prices actually rose 6.5% from the same time last year. FHFA also noted that price appreciation accelerated to record levels over the summer months:
“Between May & July 2020, national prices increased by over 2%, which represents the largest two-month price increase observed since the start of the index in 1991.”
What are the experts forecasting for home prices going forward?
Below is a graph of home price projections for the next year. Since the market has changed dramatically over the last few months, this graph shows forecasts that have been published since September 1st.<a href="https://files.simplifyingthemarket.com/2020/09/28080823/20200929-MEM-Eng-1.jpg?a=587890-c6f39386e5c0b35edc66223c4d17abc9" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-95960" src="https://files.mykcm.com/2020/09/28080823/20200929-MEM-Eng-1.jpg" alt="Where Are Home Values Headed Over the Next 12 Months? | MyKCM" width="600" height="450" /></a>
Bottom Line
The numbers show that home values have weathered the storm of the pandemic. Let’s connect if you want to know what your Philadelphia or Main Line home is currently worth and how that may enable you to make a move this year.
Direct Line: 256.626.7613
2020-09-29T04:26:00-07:002020-09-29T04:28:24-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4307Why Pricing Your Home Right Matters This Fall [INFOGRAPHIC]Why Pricing Your Home Right Matters This Fall [INFOGRAPHIC]
<img width="1046" height="588" src="https://files.mykcm.com/2020/09/24122226/20200925-MEM-1046x588.jpg" class="attachment-entry size-entry wp-post-image" alt="Why Pricing Your Home Right Matters This Fall [INFOGRAPHIC] | MyKCM" srcset="https://files.mykcm.com/2020/09/24122226/20200925-MEM-1046x588.jpg 1046w, https://files.mykcm.com/2020/09/24122226/20200925-MEM-600x338.jpg 600w, https://files.mykcm.com/2020/09/24122226/20200925-MEM-1024x576.jpg 1024w, https://files.mykcm.com/2020/09/24122226/20200925-MEM-768x432.jpg 768w, https://files.mykcm.com/2020/09/24122226/20200925-MEM-1536x864.jpg 1536w, https://files.mykcm.com/2020/09/24122226/20200925-MEM-100x56.jpg 100w, https://files.mykcm.com/2020/09/24122226/20200925-MEM-1484x835.jpg 1484w, https://files.mykcm.com/2020/09/24122226/20200925-MEM.jpg 1600w" sizes="(max-width: 1046px) 100vw, 1046px" /><br /><br />
Some Highlights
As a seller today, you may think pricing your home on the high end will result in a higher final sale price, but the opposite is actually true.
To sell your home quickly and for the best possible price, you should eliminate buyer concerns by pricing your home competitively right from the start.
Let’s connect today to make sure you have the guidance you need to price your home right this fall on the Main Line or Philadelphia.
2020-09-25T05:34:00-07:002020-09-25T05:36:40-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4276Is the Economic Recovery Beating All Projections?Is the Economic Recovery Beating All Projections?
<img width="750" height="410" src="https://files.mykcm.com/2020/09/18124524/20200921-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Is the Economic Recovery Beating All Projections? | MyKCM" srcset="https://files.mykcm.com/2020/09/18124524/20200921-KCM-Share.jpg 750w, https://files.mykcm.com/2020/09/18124524/20200921-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2020/09/18124524/20200921-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
Earlier this year, many economists and market analysts were predicting an apocalyptic financial downturn that would potentially rattle the U.S. economy for years to come. They immediately started to compare it to the Great Depression of a century ago. Six months later, the economy is still trying to stabilize, but it is evident that the country will not face the total devastation projected by some. As we continue to battle the pandemic, forecasts are now being revised upward. The Wall Street Journal (WSJ) just <a href="https://www.wsj.com/articles/wsj-survey-overall-economy-is-recovering-faster-than-economists-expected-11599746400" title="reported" target="_blank" rel="noopener noreferrer">reported</a>:
“The U.S. economy and labor market are recovering from the coronavirus-related downturn more quickly than previously expected, economists said in a monthly survey.
Business and academic economists polled by The Wall Street Journal expect gross domestic product to increase at an annualized rate of 23.9% in the third quarter. That is up sharply from an expectation of an 18.3% growth rate in the previous survey.”
What Shape Will the Recovery Take?
Economists have historically cast economic recoveries in the form of one of four letters – V, U, W, or L.
A V-shaped recovery is all about the speed of the recovery. This quick recovery is treated as the best-case scenario for any economy that enters a recession. NOTE: Economists are now also using a new term for this type of recovery called the “Nike Swoosh.” It is a form of the V-shape that may take several months to recover, thus resembling the Nike Swoosh logo.
A U-shaped recovery is when the economy experiences a sharp fall into a recession, like the V-shaped scenario. In this case, however, the economy remains depressed for a longer period of time, possibly several years, before growth starts to pick back up again.
A W-shaped recovery can look like an economy is undergoing a V-shaped recovery until it plunges into a second, often smaller, contraction before fully recovering to pre-recession levels.
An L-shaped recovery is seen as the worst-case scenario. Although the economy returns to growth, it is at a much lower base than pre-recession levels, which means it takes significantly longer to fully recover.
Many experts predicted that this would be a dreaded L-shaped recovery, like the 2008 recession that followed the housing market collapse. Fortunately, that does not seem to be the case.
The same WSJ survey mentioned above asked the economists which letter this recovery will most resemble. Here are the results:<a href="https://files.simplifyingthemarket.com/2020/09/18124527/20200921-MEM-Eng-1.jpg?a=587890-c6f39386e5c0b35edc66223c4d17abc9" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-95813" src="https://files.mykcm.com/2020/09/18124527/20200921-MEM-Eng-1.jpg" alt="Is the Economic Recovery Beating All Projections? | MyKCM" width="600" height="450" /></a>
What About the Unemployment Numbers?
It’s difficult to speak positively about a jobs report that shows millions of Americans are still out of work. However, when we compare it to many forecasts from earlier this year, the numbers are much better than most experts expected. There was talk of numbers that would rival the Great Depression when the nation suffered through four consecutive years of unemployment over 20%.
The first report after the 2020 shutdown did show a 14.7% unemployment rate, but much to the surprise of many analysts, the rate has decreased each of the last three months and is now in the single digits (8.4%).
Economist Jason Furman, Professor at Harvard University's John F. Kennedy School of Government and the Chair of the Council of Economic Advisers during the previous administration, recently put it into <a href="https://twitter.com/jasonfurman/status/1301871401226338305" title="context" target="_blank" rel="noopener noreferrer">context</a>:
“An unemployment rate of 8.4% is much lower than most anyone would have thought it a few months ago. It is still a bad recession but not a historically unprecedented event or one we need to go back to the Great Depression for comparison.”
The economists surveyed by the WSJ also forecasted unemployment rates going forward:
2021: 6.3%
2022: 5.2%
2023: 4.9%
The following table shows how the current employment situation compares to other major disruptions in our economy:<a href="https://files.simplifyingthemarket.com/2020/09/18124525/20200921-MEM-Eng-2.jpg?a=587890-c6f39386e5c0b35edc66223c4d17abc9" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-95812" src="https://files.mykcm.com/2020/09/18124525/20200921-MEM-Eng-2.jpg" alt="Is the Economic Recovery Beating All Projections? | MyKCM" width="600" height="450" /></a>
Bottom Line
The economic recovery still has a long way to go. So far, we are doing much better than most thought would be possible.
If you are looking at buying or selling real estate in Philadelphia or The Main Line then please do not hesitate to reach out to us today to start the conversation.
2020-09-21T04:30:00-07:002020-09-21T04:33:51-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4250Is Now a Good Time to Move?Is Now a Good Time to Move?
<img width="750" height="410" src="https://files.mykcm.com/2020/09/14133411/20200915-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Is Now a Good Time to Move? | MyKCM" srcset="https://files.mykcm.com/2020/09/14133411/20200915-KCM-Share.jpg 750w, https://files.mykcm.com/2020/09/14133411/20200915-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2020/09/14133411/20200915-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
How long have you lived in your current home? If it’s been a while, you may be thinking about moving. According to the latest <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" title="Profile of Home Buyers and Sellers" target="_blank" rel="noopener noreferrer">Profile of Home Buyers and Sellers</a> by the National Association of Realtors (NAR), in 2019, homeowners were living in their homes for an average of 10 years. That’s a long time to time to be in one place, considering the average length of time homeowners used to stay put hovered closer to <a href="https://www.simplifyingthemarket.com/2020/07/20/thinking-of-selling-your-house-now-may-be-the-right-time/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="6 years" target="_blank" rel="noopener noreferrer">6 years</a>.
With today’s changing <a href="https://www.simplifyingthemarket.com/2020/09/04/the-2020-homebuyer-wish-list-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="homebuyer needs" target="_blank" rel="noopener noreferrer">homebuyer needs</a>, especially given how the current health crisis has altered our daily lifestyles, many homeowners are reconsidering where they’re at and thinking about moving to a home with more space for their families. Here’s why it might be a great time to make that happen.
The real estate market has changed in many ways over the past 10 years, and current homeowners are earning much more equity today than they used to have. According to CoreLogic, in the first quarter of 2020 alone, the average homeowner gained approximately <a href="https://www.simplifyingthemarket.com/2020/06/18/want-to-make-a-move-homeowner-equity-is-growing-year-over-year/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="$9,600" target="_blank" rel="noopener noreferrer">$9,600</a> in equity. If you’re considering selling your house right now, you may have accumulated more equity to put toward a move than you realize.
Dialing back 10 years, many homeowners also locked in a fairly low mortgage rate. In 2010, the average rate was only 4.09%. This motivated homeowners to stay in their houses longer than usual to keep their rate low, rather than moving. Just last Thursday, however, average mortgage rates hit a new historic low at 2.86%. Sam Khater, Chief Economist at Freddie Mac <a href="https://freddiemac.gcs-web.com/node/20771/pdf" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery…These low rates have ignited robust purchase demand activity, which is up twenty-five percent from a year ago and has been growing at double digit rates for four consecutive months.”
Ten years ago, we couldn’t have imagined a mortgage rate under 3%. Looking at the math today, making a move into a new home and locking in a significantly lower rate than you have now could save you greatly on a monthly basis, and over the life of your loan (See chart below):<a href="https://files.simplifyingthemarket.com/2020/09/14133412/20200915-MEM-Eng-1.jpg?a=587890-c6f39386e5c0b35edc66223c4d17abc9" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-95682" src="https://files.mykcm.com/2020/09/14133412/20200915-MEM-Eng-1.jpg" alt="Is Now a Good Time to Move? | MyKCM" width="600" height="338" /></a>As the example shows, you can save a substantial amount every month if you qualify for today’s low mortgage rate, and the savings can really add up over the life of a 30-year fixed-rate loan.
Bottom Line
As a homeowner, you have a huge opportunity to move up right now. Whether you want to save more each month or get more home for your money based on your family’s changing needs, it’s a great time to connect to discuss the market in our area. <a href="https://www.simplifyingthemarket.com/2020/09/03/homebuyer-demand-is-far-above-last-years-pace/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="Buyers" target="_blank" rel="noopener noreferrer">Buyers</a> are actively looking for more homes to buy, and you can win big by making a move if the time is right for you.
2020-09-15T04:34:00-07:002020-09-15T06:29:12-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4216Virtual School Is Changing Homebuyer Needs [INFOGRAPHIC]Virtual School Is Changing Homebuyer Needs [INFOGRAPHIC]
<img width="1046" height="1580" src="https://files.mykcm.com/2020/09/10111103/20200911-MEM-1046x1580.jpg" class="attachment-entry size-entry wp-post-image" alt="Virtual School Is Changing Homebuyer Needs [INFOGRAPHIC] | My KCM" srcset="https://files.mykcm.com/2020/09/10111103/20200911-MEM-1046x1580.jpg 1046w, https://files.mykcm.com/2020/09/10111103/20200911-MEM-397x600.jpg 397w, https://files.mykcm.com/2020/09/10111103/20200911-MEM-678x1024.jpg 678w, https://files.mykcm.com/2020/09/10111103/20200911-MEM-768x1160.jpg 768w, https://files.mykcm.com/2020/09/10111103/20200911-MEM-1017x1536.jpg 1017w, https://files.mykcm.com/2020/09/10111103/20200911-MEM-100x151.jpg 100w, https://files.mykcm.com/2020/09/10111103/20200911-MEM.jpg 1080w" sizes="(max-width: 1046px) 100vw, 1046px" /><br /><br />
Some Highlights
With remote learning sweeping the nation this academic year, organized spaces with enough room for kids to learn effectively are high on <a href="https://www.realestateconsulting.com/the-light-your-kids-live-at-home-too/" title="buyer wish lists" target="_blank" rel="noopener noreferrer">buyer wish lists</a>.
If you’re trying to make room for your family’s growing needs, multi-purpose rooms and dedicated workspaces may be features to consider in your next home.
Let’s connect today so you can find a home on the Main Line or Philadelphia where your kids feel confident and comfortable too.
2020-09-11T04:25:00-07:002020-09-11T04:29:08-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4193 Have You Ever Seen a Housing Market Like This?Have You Ever Seen a Housing Market Like This?
<img class="gmail-attachment-entry gmail-size-entry gmail-wp-post-image" src="https://files.mykcm.com/2020/09/03135454/20200908-KCM-Share.jpg" alt="Have You Ever Seen a Housing Market Like This? | MyKCM" width="750" height="410" />
The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here’s a look at four key areas that are fundamentally defining the market this year.
Housing Market Recovery
The economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully, <a title="technology" href="https://www.simplifyingthemarket.com/2020/04/22/keys-to-selling-your-house-virtually/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" target="_blank" rel="noopener noreferrer">technology</a> and innovation helped the industry power forward, and business gradually ramped back up as shelter-in-place orders were lifted.
The result? Total transformation of the market from rock-bottom lows to exceptional highs. Today, the housing recovery is being called truly remarkable by many experts and is far exceeding expectations. From <a title="pending home sales" href="https://www.nar.realtor/newsroom/pending-home-sales-rise-5-9-in-july" target="_blank" rel="noopener noreferrer">pending home sales</a> to <a title="purchase applications" href="https://www.simplifyingthemarket.com/2020/08/19/just-how-strong-is-the-housing-recovery/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" target="_blank" rel="noopener noreferrer">purchase applications</a>, buyers are back in business and homes are selling – fast.
According to the <a title="Housing Market Recovery Index" href="https://www.realtor.com/research/housing-market-recovery-index/" target="_blank" rel="noopener noreferrer">Housing Market Recovery Index</a> by realtor.com, the market has surpassed pre-pandemic levels, and has regained the strength we remember from February of this year (See graph below):<a href="https://files.simplifyingthemarket.com/2020/09/03135456/20200908-MEM-Eng-1.jpg?a=587890-c6f39386e5c0b35edc66223c4d17abc9" target="_blank" rel="noopener noreferrer"><img class="gmail-aligncenter gmail-wp-image-95571" src="https://files.mykcm.com/2020/09/03135456/20200908-MEM-Eng-1.jpg" alt="Have You Ever Seen a Housing Market Like This? | MyKCM" width="600" height="450" /></a>
Record-Breaking Mortgage Rates
Historically <a title="low" href="https://www.simplifyingthemarket.com/2020/07/15/mortgage-rates-hit-record-lows-for-three-consecutive-weeks/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" target="_blank" rel="noopener noreferrer">low</a> mortgage rates are another 2020 game-changer. Today’s low rate is one of the big motivating factors bringing buyers back into the market. The average rate reached an all-time low on multiple occasions this year, and it continues to hover in record-low territory.
When rates are this low, buyers have a huge opportunity to get more for their money when purchasing a home, something many are eager to find while continuing to spend <a title="more time" href="https://www.simplifyingthemarket.com/2020/08/24/the-top-reasons-people-are-moving-this-year/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" target="_blank" rel="noopener noreferrer">more time</a> than expected at home this year, and likely beyond.
Continued Home Price Appreciation
One of the key drivers of home price appreciation this year is historically low <a title="inventory" href="https://www.simplifyingthemarket.com/2020/07/20/thinking-of-selling-your-house-now-may-be-the-right-time/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" target="_blank" rel="noopener noreferrer">inventory</a>. Inventory was low going into the pandemic, and it is still sitting well below the level needed for a normal market. Although sellers are slowly making their way back into the game, buyers are scooping up homes faster than they’re coming up for sale.
This is a classic supply and demand scenario, forcing home prices to rise. Selling something when there is a higher demand for what is available naturally bumps up the price. If you’re ready to sell your house today, this may be the optimal time to make your move. As Bill Banfield, EVP of Capital Markets at Quicken Loans, <a title="notes" href="https://themreport.com/daily-dose/07-28-2020/home-price-increases-decelerate" target="_blank" rel="noopener noreferrer">notes</a>:
“The pandemic has not stopped the consistent home price growth we have witnessed in recent years.”
Increasing Affordability
Even as home prices continue to rise, <a title="affordability" href="https://www.simplifyingthemarket.com/2020/09/01/its-not-just-about-the-price-of-the-home/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" target="_blank" rel="noopener noreferrer">affordability</a> is working in favor of today’s homebuyers. According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power – an opportunity not to be missed, especially if your family’s needs have changed. If you now need space for a home office, gym, virtual classroom, and more, it may be time to <a title="reconsider" href="https://www.simplifyingthemarket.com/2020/09/04/the-2020-homebuyer-wish-list-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" target="_blank" rel="noopener noreferrer">reconsider</a> your current house.
According to <a title="Mortgage News Daily" href="http://www.mortgagenewsdaily.com/08032020_black_knight_mortgage_monitor.asp" target="_blank" rel="noopener noreferrer">Mortgage News Daily</a>:
“Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.”
Bottom Line
With mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the market recovering like no other, 2020 has been quite a year for real estate – perhaps one we’ve never seen before and may never see again. Let’s connect today if you’re ready to take advantage of this year’s record-breaking opportunities and you are ready to buy or sell real estate in Philadelphia, The Main Line or Eastern Montgomery County.
2020-09-08T04:46:00-07:002020-09-08T04:49:29-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4190The 2020 Homebuyer Wish List [INFOGRAPHIC]The 2020 Homebuyer Wish List [INFOGRAPHIC]
<img width="1046" height="1536" src="https://files.mykcm.com/2020/09/03121217/20200904-MEM-1046x1536.jpg" class="attachment-entry size-entry wp-post-image" alt="The 2020 Homebuyer Wish List [INFOGRAPHIC] | MyKCM" srcset="https://files.mykcm.com/2020/09/03121217/20200904-MEM-1046x1536.jpg 1046w, https://files.mykcm.com/2020/09/03121217/20200904-MEM-409x600.jpg 409w, https://files.mykcm.com/2020/09/03121217/20200904-MEM-697x1024.jpg 697w, https://files.mykcm.com/2020/09/03121217/20200904-MEM-768x1128.jpg 768w, https://files.mykcm.com/2020/09/03121217/20200904-MEM-100x147.jpg 100w, https://files.mykcm.com/2020/09/03121217/20200904-MEM.jpg 1080w" sizes="(max-width: 1046px) 100vw, 1046px" /><br /><br />
Some Highlights
The word “home” is taking on a whole <a href="https://www.zillow.com/resources/new-construction/rethinking-floor-plans-for-covid/" title="new meaning" target="_blank" rel="noopener noreferrer">new meaning</a> this year, and buyers are starting to look for new features as they re-think their needs and what’s truly possible.
From more outdoor space to virtual classrooms for their children, buyers have a <a href="https://www.simplifyingthemarket.com/2020/08/24/the-top-reasons-people-are-moving-this-year/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="growing list" target="_blank" rel="noopener noreferrer">growing list</a> of what they’d like to see in their homes.
Let’s connect today if your needs have changed and your wish list is expanding too.
2020-09-04T07:37:00-07:002020-09-04T07:39:10-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4181How Will the Presidential Election Impact Real Estate?How Will the Presidential Election Impact Real Estate?
<img width="750" height="410" src="https://files.mykcm.com/2020/09/01090345/20200902-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="How Will the Presidential Election Impact Real Estate? | MyKCM" srcset="https://files.mykcm.com/2020/09/01090345/20200902-KCM-Share.jpg 750w, https://files.mykcm.com/2020/09/01090345/20200902-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2020/09/01090345/20200902-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
The year 2020 will be remembered as one of the most challenging times of our lives. A worldwide pandemic, a recession causing historic unemployment, and a level of social unrest perhaps never seen before have all changed the way we live. Only the real estate market seems to be unaffected, as a <a href="https://www.nar.realtor/newsroom/pending-home-sales-rise-5-9-in-July" title="new forecast" target="_blank" rel="noopener noreferrer">new forecast</a> projects there may be more homes purchased this year than last year.
As we come to the end of this tumultuous year, we’re preparing for perhaps the most contentious presidential election of the century. Today, it’s important to look at the impact past presidential election years have had on the real estate market.
Is there a drop-off in home sales during a presidential election year?
BTIG, a research and analysis company, looked at new home sales from 1963 through 2019 in their report titled <a href="http://researchwiseny.btig.com/ResearchLibraryAnalec/DownloadResearch.aspx?E=cafidk-b" title="One House, Two House, Red House, Blue House" target="_blank" rel="noopener noreferrer">One House, Two House, Red House, Blue House</a>. They noted that in non-presidential years, there is a -9.8% decrease in November compared to October. This is the normal seasonality of the market, with a slowdown in activity that’s usually seen in fall and winter.
However, it also revealed that in presidential election years, the typical drop increases to -15%. The report explains why:
“This may indicate that potential homebuyers may become more cautious in the face of national election uncertainty.”
Are those sales lost forever?
No. BTIG determined:
“This caution is temporary, and ultimately results in deferred sales, as the economy, jobs, interest rates and consumer confidence all have far more meaningful roles in the home purchase decision than a Presidential election result in the months that follow.”
In a separate <a href="https://meyersresearchllc.com/planning-for-2020-what-an-election-year-means-for-home-sales/" title="study" target="_blank" rel="noopener noreferrer">study</a> done by Meyers Research & Zonda, Ali Wolf, Chief Economist, agrees that those purchases are just delayed until after the election:
“History suggests that the slowdown is largely concentrated in the month of November. In fact, the year after a presidential election is the best of the four-year cycle. This suggests that demand for new housing is not lost because of election uncertainty, rather it gets pushed out to the following year.”
Will it matter who is elected?
To some degree, but not in the overall number of home sales. As mentioned above, consumer confidence plays a significant role in a family’s desire to buy a home. How may consumer confidence impact the housing market post-election? The BTIG report covered that as well:
“A change in administration might benefit trailing blue county housing dynamics. The re-election of President Trump could continue to propel red county outperformance.”
Again, overall sales should not be impacted in a significant way.
Bottom Line
If mortgage rates remain near all-time lows, the economy continues to recover, and unemployment continues to decrease, the real estate market should remain strong up to and past the election.
2020-09-02T04:46:00-07:002020-09-02T04:48:42-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4156Why Is It so Important to Be Pre-Approved in the Homebuying Process?Why Is It so Important to Be Pre-Approved in the Homebuying Process?
<img width="750" height="410" src="https://files.mykcm.com/2020/08/26091204/20200827-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Why Is It so Important to Be Pre-Approved in the Homebuying Process? | MyKCM" srcset="https://files.mykcm.com/2020/08/26091204/20200827-KCM-Share.jpg 750w, https://files.mykcm.com/2020/08/26091204/20200827-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2020/08/26091204/20200827-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
You may have heard that pre-approval is a great <a href="https://www.simplifyingthemarket.com/2019/06/24/stop-wondering-what-your-budget-is-get-pre-approved/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="first step" target="_blank" rel="noopener noreferrer">first step</a> in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.
According to a recent <a href="https://hub.realtor.com/blog/5-rampant-mortgage-myths-you-ll-hear-these-days-completely-debunked" title="survey" target="_blank" rel="noopener noreferrer">survey</a> from realtor.com, many buyers are making the mistake of skipping the pre-approval step in the homebuying process:
“Of over 2,000 active home shoppers who plan to purchase a home in the next 12 months, only 52% obtained a pre-approval letter before beginning their home search, which means nearly half of home buyers are missing this crucial piece of paperwork.”
This paperwork (the pre-approval letter) shows sellers you’re a qualified buyer, something that can really help you stand out from the crowd in the current ultra-competitive market.
How competitive is today’s market? Extremely – especially among buyers.
With limited <a href="https://www.simplifyingthemarket.com/2020/07/20/thinking-of-selling-your-house-now-may-be-the-right-time/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="inventory" target="_blank" rel="noopener noreferrer">inventory</a>, there are many more buyers than sellers right now, and that’s fueling the competition. According to the National Association of Realtors (NAR), homes are receiving an average of <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" title="2.9 offers" target="_blank" rel="noopener noreferrer">2.9 offers</a> for sellers to negotiate, so <a href="https://www.simplifyingthemarket.com/2020/07/13/buyers-are-you-ready-for-a-bidding-war/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="bidding wars" target="_blank" rel="noopener noreferrer">bidding wars</a> are heating up.
Pre-approval shows homeowners you’re a serious buyer. It helps you stand out from the crowd if you get into a multiple-offer scenario, and these days, it’s likely. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war and land the home of your dreams.
Danielle Hale, Chief Economist for realtor.com notes:
“For ‘a buyer in a competitive market, it’s typically essential to have pre-approval done in order to submit an offer, so getting it done before you even look at homes is a smart move that will enable a buyer to move fast to put an offer in on the right home.’”
In addition, today’s housing market is also changing from moment to moment. <a href="https://www.simplifyingthemarket.com/2020/08/14/mortgage-rates-payments-by-decade-infographic/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="Interest rates" target="_blank" rel="noopener noreferrer">Interest rates</a> are low, <a href="https://www.simplifyingthemarket.com/2020/08/13/homes-are-more-affordable-right-now-than-they-have-been-in-years/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="prices" target="_blank" rel="noopener noreferrer">prices</a> are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals (a loan officer and a real estate agent) making sure you take the right steps along the way and can show your qualifications as a buyer at the time you find a home to purchase.
Bottom Line
In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. If you’re ready to buy real estate in Center City, Philadelphia, The Main Line or Eastern Montgomery County, this year than let’s connect before you start searching for a home.
2020-08-27T04:25:00-07:002020-08-27T04:34:58-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4151Builders & Realtors Agree: Real Estate Is BackBuilders & Realtors Agree: Real Estate Is Back
<img width="750" height="410" src="https://files.mykcm.com/2020/08/24083304/20200825-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Builders & Realtors Agree: Real Estate Is Back | MyKCM" srcset="https://files.mykcm.com/2020/08/24083304/20200825-KCM-Share.jpg 750w, https://files.mykcm.com/2020/08/24083304/20200825-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2020/08/24083304/20200825-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
When shelter-in-place orders brought the economy to a screeching halt earlier this year, many believed the residential housing market would follow suit. Countless analysts predicted buyer demand would disappear and home values would depreciate for the first time in almost a decade. That, however, didn’t happen. It appears the opposite is taking place.
After the bottom fell out of the real estate market immediately following the shutdown, it has come roaring back – and seems to still be gaining steam. Here’s a look at two recent reports – one from the National Association of Home Builders (NAHB) and one from the National Association of Realtors (NAR) – showing this growing strength.
Builder Confidence Hits All-Time High
Last week, it was <a href="http://www.mba.org/2020-press-releases/august/july-new-home-purchase-mortgage-applications-increased-39-percent-year-over-year" title="reported" target="_blank" rel="noopener noreferrer">reported</a> that applications for new home purchases with home builders were 39% higher than in July of 2019. That has builder confidence soaring.
Each month, NAHB releases its <a href="http://nahbnow.com/2020/08/builder-confidence-matches-all-time-high-on-record-traffic/" title="Housing Market Index" target="_blank" rel="noopener noreferrer">Housing Market Index</a>, a survey of NAHB members who rate market conditions for the sale of new homes at the present time and over the next six months, as well as prospective buyer traffic for new homes.
This month, they reported that builder confidence in the market for newly-built single-family homes increased to the highest reading in the 35-year history of the series. NAHB Chairman, Chuck Fowke, explained:
“The demand for new single-family homes continues to be strong, as low interest rates and a focus on the importance of housing has stoked buyer traffic to all-time highs…Housing has clearly been a bright spot during the pandemic and the sharp rebound in builder confidence over the summer has led NAHB to upgrade its forecast for single-family starts, which are now projected to show only a slight decline for 2020.”
The number of newly constructed homes being built will be almost at the same level as last year, even though the economic shutdown crushed home building earlier in the year.
Existing Homes Are Also Selling Like Hotcakes
Last Friday, NAR released its <a href="https://www.nar.realtor/newsroom/existing-home-sales-continue-record-pace-soar-24-7-in-july" title="Existing Home Sales Report" target="_blank" rel="noopener noreferrer">Existing Home Sales Report</a>. The report revealed that month-over-month sales increased by 24.7%, setting another record for the category. The Wall Street Journal <a href="https://www.wsj.com/articles/u-s-existing-home-sales-rose-24-7-in-july-from-june-11598018897?mod=djemalertNEWS" title="reported" target="_blank" rel="noopener noreferrer">reported</a> that the increase crushed expert forecasts:
“Economists surveyed by The Wall Street Journal expected a 14.2% monthly increase in sales of previously-owned homes, which make up most of the housing market.”
Home sales increased by 8.7% year-over-year.
Lawrence Yun, Chief Economist for NAR, explained how the resale market is just as hot as the new construction market:
“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days. With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”
In addition, the <a href="https://www.simplifyingthemarket.com/2020/06/25/new-index-reveals-impact-of-covid-19-on-real-estate/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="Housing Market Recovery Index" target="_blank" rel="noopener noreferrer">Housing Market Recovery Index</a>, which is released monthly by realtor.com, also showed the market is recovering nicely. The <a href="https://www.realtor.com/research/housing-market-recovery-index/" title="latest index" target="_blank" rel="noopener noreferrer">latest index</a> reading was 104.8, which means the housing market is doing better than it was in January and February of this year. As a reference, the highest point in the index was a 106.5 in early March, just prior to the health crisis setting in.
Bottom Line
Both the newly constructed and existing home sale markets are posting numbers greater than a year ago. Real estate is back. If you’re thinking of buying or selling, let’s connect so you have the expert counsel you need along the way.
2020-08-25T04:50:00-07:002020-08-25T04:52:55-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4145The Top Reasons People Are Moving This YearThe Top Reasons People Are Moving This Year
<img width="750" height="410" src="https://files.mykcm.com/2020/08/21123356/20200824-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="The Top Reasons People Are Moving This Year | MyKCM" srcset="https://files.mykcm.com/2020/08/21123356/20200824-KCM-Share.jpg 750w, https://files.mykcm.com/2020/08/21123356/20200824-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2020/08/21123356/20200824-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
Today, Americans are moving for a variety of different reasons. The current health crisis has truly re-shaped our lifestyles and our needs. Spending extra time where we currently live is enabling many families to re-evaluate what homeownership means and what they find most important in a home.
According to <a href="https://www.zillow.com/resources/new-construction/rethinking-floor-plans-for-covid/" title="Zillow" target="_blank" rel="noopener noreferrer">Zillow</a>:
“In 2020, homes went from the place people returned to after work, school, hitting the gym or vacationing, to the place where families do all of the above. For those who now spend the majority of their hours at home, there’s a growing wish list of what they’d change about their homes, if possible.”
With a new perspective on homeownership, here are some of the top reasons people are reconsidering where they live and making moves this year.
1. Working from Home
<a href="https://www.simplifyingthemarket.com/2020/08/06/how-is-remote-work-changing-homebuyer-needs/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="Remote work" target="_blank" rel="noopener noreferrer">Remote work</a> is becoming the new norm in 2020, and it’s continuing on longer than most initially expected. Many in the workforce today are discovering they don’t need to live close to the office anymore, and they can get more for their money if they <a href="https://www.simplifyingthemarket.com/2020/07/30/will-we-see-a-surge-of-homebuyers-moving-to-the-suburbs/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="move" target="_blank" rel="noopener noreferrer">move</a> a little further outside the city limits. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) <a href="https://www.nar.realtor/newsroom/existing-home-sales-continue-record-pace-soar-24-7-in-july" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”
If you’ve tried to convert your guest room or your dining room into a home office with minimal success, it may be time to find a larger home. The reality is, your current house may not be optimally designed for this kind of space, making remote work and continued productivity very challenging.
2. Virtual Schooling
With school about to restart this fall, many districts are beginning the new academic year online. Education Week is <a href="https://www.edweek.org/ew/section/multimedia/school-districts-reopening-plans-a-snapshot.html" title="tracking" target="_blank" rel="noopener noreferrer">tracking</a> the reopening plans of schools across the country, and as of August 21, 21 of the 25 largest school districts are choosing remote learning as their back-to-school instructional model, affecting over 4.5 million students.
With a need for a dedicated learning space, it may be time to find a larger home to provide your children with the same kind of quiet room to focus on their schoolwork, just like you likely need for your office work.
3. A Home Gym
Staying healthy and active is a top priority for many Americans. With various levels of concern around the safety of returning to health clubs across the country, dreams of space for a home gym are growing stronger. The Home Builders Association of Greater New Orleans <a href="https://www.hbagno.org/news/details/8-features-home-buyers-want-after-covid-19" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“For many in quarantine, a significant decrease in activity is more than a vanity issue – it's a mental health issue.”
Having room to maintain a healthy lifestyle at home – mentally and physically – may prompt you to consider a new place to live that includes space for at-home workouts.
4. Outdoor Space
Especially for those living in an apartment or a small townhouse, this is a new priority for many as well. Zillow also notes the benefits of being able to use yard space throughout the year:
“People want more space in their next home, and one way to get it is by turning part of the backyard into a functional room, ‘an outdoor space for play as well as entertaining or cooking.’”
You may, however, not have the extra square footage today to have these designated areas – indoor or out.
Moving May Be Your Best Option
If you’re clamoring for extra space to accommodate your family’s changing needs, making a move may be your best bet, especially while you can take advantage of today’s <a href="https://www.simplifyingthemarket.com/2020/08/13/homes-are-more-affordable-right-now-than-they-have-been-in-years/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="low mortgage rates" target="_blank" rel="noopener noreferrer">low mortgage rates</a>. Low rates are making homes more <a href="https://www.simplifyingthemarket.com/2020/08/13/homes-are-more-affordable-right-now-than-they-have-been-in-years/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="affordable" target="_blank" rel="noopener noreferrer">affordable</a> than they have been in years. According to <a href="https://www.blackknightinc.com/black-knights-june-2020-mortgage-monitor/" title="Black Knight" target="_blank" rel="noopener noreferrer">Black Knight</a>:
“Buying power for those shopping for a home is up 10% year over year, with home buyers able to afford nearly $32,000 more home than they could have 1 year ago while keeping their monthly payment the same.”<br />
It’s a great time to get more home for your money, just when you need the extra space.
Bottom Line
People are moving for a variety of different reasons today, and many families’ needs have changed throughout the year. If you’ve been trying to decide if now is the time to buy a new home in Center City, Philadelphia or The Main Line, let’s connect to discuss your needs.
2020-08-24T04:55:00-07:002020-08-24T05:01:17-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4137Forbearance Numbers Are Lower than ExpectedForbearance Numbers Are Lower than Expected
<img width="750" height="410" src="https://files.mykcm.com/2020/08/19110253/20200820-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Forbearance Numbers Are Lower than Expected | MyKCM" srcset="https://files.mykcm.com/2020/08/19110253/20200820-KCM-Share.jpg 750w, https://files.mykcm.com/2020/08/19110253/20200820-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2020/08/19110253/20200820-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
Originally, some housing industry analysts were concerned that the mortgage forbearance program (which allows families to delay payments to a later date) could lead to an increase in foreclosures when forbearances end. Some even worried that we might relive the 2006-2008 housing crash all over again. Once you examine the data, however, that seems unlikely.
As <a href="https://blog.firstam.com/economics/this-time-its-different-why-a-wave-of-foreclosures-is-unlikely" title="reported" target="_blank" rel="noopener noreferrer">reported</a> by Odeta Kushi, Deputy Chief Economist for First American:
“Despite the federal foreclosure moratorium, there were fears that up to 30% of homeowners would require forbearance, ultimately leading to a foreclosure tsunami. Forbearance did not hit 30%, but rather peaked at 8.6% and has been steadily falling since.”
According to the <a href="https://www.blackknightinc.com/blog-posts/forbearances-below-4-million-for-first-time-since-april/" title="most current data" target="_blank" rel="noopener noreferrer">most current data</a> from Black Knight, the percentage of homes in forbearance has fallen to 7.4%. The report also gives the decrease in raw numbers:
“The overall trend of incremental improvement in the number of mortgages in active forbearance continues. According to the latest data from Black Knight’s McDash Flash Forbearance Tracker, the number of mortgages in active forbearance fell by another 71,000 over the past week, pushing the total under 4 million for the first time since early May.”
Here’s a graph showing the decline in forbearances over the last several months:<a href="https://files.simplifyingthemarket.com/2020/08/19110255/20200820-MEM-Eng-1.jpg?a=587890-c6f39386e5c0b35edc66223c4d17abc9" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-95256" src="https://files.mykcm.com/2020/08/19110255/20200820-MEM-Eng-1.jpg" alt="Forbearance Numbers Are Lower than Expected | MyKCM" width="600" height="450" /></a>The report also explains that across the board, overall forbearance activity fell with 10% fewer new forbearance requests and nearly 40% fewer renewals.
What about potential foreclosures once forbearances end?
Kushi also addresses this question:
“There are two main reasons why this crisis is unlikely to produce a wave of foreclosures similar to the 2008 recession. First, the housing market is in a much stronger position compared with a decade ago. Accompanied by more rigorous lending standards, the household debt-to-income ratio is at a four-decade low and household equity near a three-decade high. Indeed, thus far, MBA data indicates that the majority of homeowners who took advantage of forbearance programs are either staying current on their mortgage or paying off the loan through a home sale or a refinance. Second, this service sector-driven recession is disproportionately impacting renters.”
There is one potential challenge
Today, the options available to homeowners will prevent a large spike in foreclosures. That’s good not just for those families impacted, but for the overall housing market. A <a href="https://www.fanniemae.com/portal/research-insights/perspectives/2020/covid-consumer-outreach-home-purchase-081220.html" title="recent study" target="_blank" rel="noopener noreferrer">recent study</a> by Fannie Mae, however, reveals that many Americans are not aware of the options they have.
It’s imperative for potentially impacted families to better understand the mortgage relief programs available to them, for their personal housing situation and for the overall real estate market.
Bottom Line
If Americans fully understand their options and make good choices regarding those options, the current economic slowdown does not need to lead to mass foreclosures.
2020-08-21T04:50:00-07:002020-08-21T04:52:22-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4101Sellers Are Returning to the Housing MarketSellers Are Returning to the Housing Market
<img width="750" height="410" src="https://files.mykcm.com/2020/08/17080149/20200818-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Sellers Are Returning to the Housing Market | MyKCM" srcset="https://files.mykcm.com/2020/08/17080149/20200818-KCM-Share.jpg 750w, https://files.mykcm.com/2020/08/17080149/20200818-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2020/08/17080149/20200818-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
In today’s housing market, it can be a big challenge for buyers to find homes to purchase, as the number of houses <a href="https://www.simplifyingthemarket.com/2020/07/20/thinking-of-selling-your-house-now-may-be-the-right-time/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="for sale" target="_blank" rel="noopener noreferrer">for sale</a> is far below the current demand. Now, however, we’re seeing sellers slowly starting to come back into the market, a bright spark for potential buyers. Javier Vivas, Director of Economic Research at realtor.com, <a href="https://news.move.com/2020-08-13-Realtor-com-R-Weekly-Recovery-Report-Final-Piece-of-Recovery-Puzzle-Falls-into-Place-with-New-Listings-Growth" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“Seller confidence has been improving gradually after reaching its bottom in mid-April, and now it appears to have reached an important recovery milestone…After five long months, sellers are back in the housing market; while encouraging, the improvement to new listings is only the first step in the long road to solving low inventory issues keeping many buyers at bay."
Even with the number of homes coming into the market, the available inventory is well below where it needs to be to satisfy buyer interest. The National Association of Realtors (NAR) <a href="https://www.nar.realtor/newsroom/existing-home-sales-climb-record-20-7-in-june" title="reports" target="_blank" rel="noopener noreferrer">reports</a>:
“Total housing inventory at the end of June totaled 1.57 million units, up 1.3% from May, but still down 18.2% from one year ago (1.92 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, down from both 4.8 months in May and from the 4.3-month figure recorded in June 2019.”
Houses today are selling faster than they’re coming to market. That’s why we only have inventory for 4 months at the current sales pace when in reality we need inventory for 6 months to keep up. But, as mentioned above, sellers are starting to return to the game. Realtor.com <a href="https://www.realtor.com/research/housing-market-recovery-index-trends-august-8-data/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“The ‘housing supply’ component – which tracks growth of new listings – reached 101.7, up 4.9 points over the prior week, finally reaching the January growth baseline. The big milestone in new listings growth comes as seller sentiment continues to build momentum…After constant gradual improvements since mid-April, seller confidence appears to be reaching an important milestone. The temporary boost in new listings comes as the summer season replaces the typical spring homebuying season. More homes are entering the market than typical for this time of the year.”
Why is this good for sellers?
A good time to enter the housing market is when the competition in your area is low, meaning there are fewer sellers than interested buyers. You don’t want to wait for all of the other homeowners to list their houses before you do, providing more options for buyers to choose from. With sellers starting to get back into the market after five months of waiting, if you want to sell your house for the best possible <a href="https://www.simplifyingthemarket.com/2020/08/05/why-homeowners-have-great-selling-power-today/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="price" target="_blank" rel="noopener noreferrer">price</a>, now is a great time to do so.
Why is this good for buyers?
It can be challenging to find a home in today’s low-inventory environment. If more sellers are starting to put their houses up for sale, there will be more homes for you to choose from, providing a better opportunity to find the home of your dreams while taking advantage of the affordability that comes with historically low <a href="https://www.simplifyingthemarket.com/2020/08/11/current-buyer-seller-perks-in-the-housing-market/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a>.
Bottom Line
While we still have a long way to go to catch up with the current demand, inventory is slowly starting to return to the market. If you’re thinking of moving In Philadelphia or The Main Line this year, let’s connect today so you’re ready to make your move when the home of your dreams comes up for sale.
2020-08-18T05:01:00-07:002020-08-18T05:04:54-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4097Mortgage Rates and Payments Per DecadeMortgage Rates & Payments by Decade [INFOGRAPHIC]
<img width="1046" height="1306" src="https://files.mykcm.com/2020/08/13150648/20200814-MEM-1-1046x1306.jpg" class="attachment-entry size-entry wp-post-image" alt="Mortgage Rates & Payments by Decade [INFOGRAPHIC] | MyKCM" srcset="https://files.mykcm.com/2020/08/13150648/20200814-MEM-1-1046x1306.jpg 1046w, https://files.mykcm.com/2020/08/13150648/20200814-MEM-1-480x600.jpg 480w, https://files.mykcm.com/2020/08/13150648/20200814-MEM-1-820x1024.jpg 820w, https://files.mykcm.com/2020/08/13150648/20200814-MEM-1-768x959.jpg 768w, https://files.mykcm.com/2020/08/13150648/20200814-MEM-1-1230x1536.jpg 1230w, https://files.mykcm.com/2020/08/13150648/20200814-MEM-1-1640x2048.jpg 1640w, https://files.mykcm.com/2020/08/13150648/20200814-MEM-1-100x125.jpg 100w, https://files.mykcm.com/2020/08/13150648/20200814-MEM-1-1484x1853.jpg 1484w" sizes="(max-width: 1046px) 100vw, 1046px" /><br /><br />
Some Highlights<br />
Sometimes it helps to see the dollars and cents you’ll save when you purchase a home while mortgage rates are low.
Today’s low rates mean it’s less expensive to borrow money, so the savings over the life of your loan is significant.
Let’s connect to determine the best way to position your family for a financially-savvy move in Philadelphia or The Main Line in today’s market.
2020-08-14T09:38:00-07:002020-08-14T13:34:43-07:00Reid Rosenthal