Philadelphia Real Estate BlogRecently posted or modified blog posts by tag - realtorinphiladelphiahttps://www.reidrosenthalgroup.com/blog/Copyright ReidRosenthalGroup.com2023-01-06T09:12:11-07:00tag: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 Rosenthaltag:reidrosenthalgroup.com,2012-09-20:11387Planning To Sell Your House? It’s Critical To Hire a Pro.Planning To Sell Your House? It’s Critical To Hire a Pro.
<img width="750" height="410" src="https://files.mykcm.com/2022/12/21071208/planning-to-sell-your-house-its-critical-to-hire-a-pro-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Planning To Sell Your House? It’s Critical To Hire a Pro | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/12/21071208/planning-to-sell-your-house-its-critical-to-hire-a-pro-KCM.jpg 750w, https://files.mykcm.com/2022/12/21071208/planning-to-sell-your-house-its-critical-to-hire-a-pro-KCM-600x328.jpg 600w, https://files.mykcm.com/2022/12/21071208/planning-to-sell-your-house-its-critical-to-hire-a-pro-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
With higher mortgage rates and moderating buyer demand, conditions in the housing market are different <a href="https://www.simplifyingthemarket.com/2022/12/21/what-to-expect-from-the-housing-market-in-2023/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="today" target="_blank" rel="noopener noreferrer">today</a>. And if you’re thinking of <a href="https://www.simplifyingthemarket.com/2022/11/22/what-homeowners-want-to-know-about-selling-in-todays-market/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="selling your house" target="_blank" rel="noopener noreferrer">selling your house</a>, it’s important to understand how the market has changed and what that means for you. The best way to make sure you’re in the know is to work with a trusted housing market expert.
Here are five reasons working with a professional can ensure you’ll get the most out of your sale.
1. A Real Estate Advisor Is an Expert on Market Trends
Leslie Rouda Smith, 2022 President of the National Association of Realtors (NAR), <a href="https://www.nar.realtor/newsroom/nar-finds-share-of-first-time-home-buyers-smaller-older-than-ever-before" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
"During challenging and changing market conditions, one thing that's calming and constant is the assurance that comes from a Realtor® being in your corner through every step of the home transaction. Consumers can rely on Realtors®' unmatched work ethic, trusted guidance and objectivity to help manage the complexities associated with the home buying and selling process.”
An expert real estate advisor has the latest information about national trends and your local area too. More importantly, they’ll know what all of this means for you so they’ll be able to help you make a decision based on trustworthy, data-bound information.
2. A Local Professional Knows How To Set the Right Price for Your House
<a href="https://www.simplifyingthemarket.com/2022/12/06/whats-going-on-with-home-prices-ask-a-professional/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="Home price appreciation" target="_blank" rel="noopener noreferrer">Home price appreciation</a> has moderated this year. If you sell your house on your own, you may be more likely to overshoot your asking price because you’re not as aware of where prices are today. If you do, you run the risk of deterring buyers or seeing your house sit on the market for longer.
Real estate professionals provide an unbiased eye when they help you determine a price for your house. They’ll use a variety of factors, like the condition of your home and any upgrades you’ve made, and compare your house to recently sold homes in your area to find the best price for today’s market. These steps are key to making sure it’s set to move as quickly as possible.
3. A Real Estate Advisor Helps Maximize Your Pool of Buyers
Since buyer demand has cooled this year, you'll want to do what you can to help bring in more buyers. Real estate professionals have a large variety of tools at their disposal, such as social media followers, agency resources, and the Multiple Listing Service (MLS) to ensure your house gets in front of people looking to make a purchase. Investopedia<a href="https://www.investopedia.com/articles/personal-finance/071514/8-reasons-not-sell-your-home-without-agent.asp#toc-4-agents-access-large-networks" title="explains" target="_blank" rel="noopener noreferrer">explains</a> why it’s risky to sell on your own without the network an agent provides:
“You don’t have relationships with clients, other agents, or a real estate agency to bring the largest pool of potential buyers to your home.”
Without access to the tools and your agent’s marketing expertise, your buyer pool – and your home’s selling potential – is limited.
4. A Real Estate Expert Will Read – and Understand – the Fine Print
Today, more disclosures and regulations are mandatory when selling a house. That means the number of legal documents you’ll need to juggle is growing. NAR <a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-sellers/8-reasons-to-work-with-a-realtor" title="explains" target="_blank" rel="noopener noreferrer">explains</a> it like this:
“Selling a home typically requires a variety of forms, reports, disclosures, and other legal and financial documents. . . . Also, there’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.”
A real estate professional knows exactly what all the fine print means and how to work through it efficiently. They’ll help you review the documents and avoid any costly missteps that could occur if you try to handle them on your own.
5. A Trusted Advisor Is a Skilled Negotiator
In today’s market, buyers are also regaining some negotiation power as bidding wars ease. If you sell without a professional, you’ll also be responsible for any back-and-forth. That means you’ll have to coordinate with:
The buyer, who wants the best deal possible
The buyer’s agent, who will use their expertise to advocate for the buyer
The inspection company, which works for the buyer and will almost always find concerns with the house
The appraiser, who assesses the property’s value to protect the lender
Instead of going toe-to-toe with all the above parties alone, lean on an expert. They’ll know what levers to pull, how to address everyone’s concerns, and when you may want to get a second opinion.
Bottom Line
Don’t go at it alone. If you’re planning to sell your house this winter, let’s connect so you have an expert by your side to guide you in today’s market.
2022-12-29T06:48:00-07:002023-01-03T06:50:35-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:10248NEW LISTING - Modern, Brick Townhouse in Graduate Hospital! #NEWLISTING in Graduate Hospital!
<img src="https://assets.site-static.com/userfiles/2363/image/Screenshot_2022-09-12_at_9.46.13_AM.png" width="1284" height="2274" />
Look no further than this modern, brick townhouse located in the heart Graduate Hospital (between Pemberton and Bainbridge Street). 706 S. 20th St is just steps away from the best that Rittenhouse Square and Graduate Hospital neighborhoods have to offer.
<br />
3 Bedroom
2.5 Bathroom
2,136 Square Feet
Large Back Patio
Finished Basement
Custom Closets
Roof Deck with City Views
<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 href="https://www.instagram.com/explore/tags/condos/">#homes</a> <br /> #GraduateHospital<br /> #GraduateHospitalRealEstate
#Philadelphia<br /> <a href="https://www.instagram.com/explore/tags/philadelphiarealestate/">#PhiladelphiaRealEstate</a><br /> <a href="https://www.instagram.com/explore/tags/realtors/">#realtors</a><br /> <a href="https://www.instagram.com/explore/tags/realestate/">#realestate</a><br /> <a href="https://www.instagram.com/explore/tags/therosenthalgroup/">#therosenthalgroup</a><br /> <a href="https://www.instagram.com/explore/tags/bhhs/">#BHHS</a> <br /> <a href="https://www.instagram.com/explore/tags/foreverbrand/">#Foreverbrand</a><br /> <a href="https://www.instagram.com/explore/tags/everythingyouneed/">#Everythingyouneed</a><br /> <a href="https://www.instagram.com/explore/tags/consumerstrong/">#Consumerstrong</a><br /> <a href="https://www.instagram.com/explore/tags/bhhsproud/">#BHHSProud</a><br /> <a href="https://www.instagram.com/explore/tags/bhhsplacetobe/">#BHHSPlacetobe</a>2022-09-08T06:38:00-07:002022-09-12T06:58:56-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:10064A Trusted Real Estate Advisor Provides Expert AdviceA Trusted Real Estate Advisor Provides Expert Advice
<img width="750" height="410" src="https://files.mykcm.com/2022/08/25123513/20220829-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="A Trusted Real Estate Advisor Provides Expert Advice | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/25123513/20220829-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/25123513/20220829-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/25123513/20220829-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
If you’re a <a href="https://www.simplifyingthemarket.com/2022/08/23/what-sellers-need-to-know-in-todays-housing-market/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="homeowner" target="_blank" rel="noopener noreferrer">homeowner</a> or are planning to become one soon, you’re probably looking for clear information about <a href="https://www.simplifyingthemarket.com/2022/08/11/what-does-the-rest-of-the-year-hold-for-home-prices/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="today’s housing market" target="_blank" rel="noopener noreferrer">today’s housing market</a>. And if you’ve turned to the news or even just read headlines recently, you might feel like you’re left with more questions than answers. The best way to make sure you get what you need is to work with an expert.
Why You Want To Lean on a Trusted Professional
With any big milestone in life, it’s wise to seek advice from people who are experts in their field. While you likely want that advice to be perfect, perfect simply isn’t possible. But professionals have the knowledge and experience to be able to provide you with the best advice for your situation.
For example, let’s say you need an attorney, so you seek out an expert in the type of law required for your case. They won’t immediately tell you how the case is going to end or how the judge or jury will rule. But what a good attorney can do is discuss the most effective strategies based on their experience and help you put a plan together. They’ll even use their knowledge to work with you to adjust as new information becomes available.
Similarly, the job of a trusted real estate professional is to give you the best advice they can. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. That’s because it’s impossible to know exactly what’s going to happen throughout your transaction. But an expert real estate advisor knows <a href="https://www.simplifyingthemarket.com/2022/08/24/why-todays-housing-inventory-proves-the-market-isnt-headed-for-a-crash/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="market trends" target="_blank" rel="noopener noreferrer">market trends</a> and the ins and outs of the <a href="https://www.simplifyingthemarket.com/2022/08/22/3-tips-for-buying-a-home-today/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="homebuying" target="_blank" rel="noopener noreferrer">homebuying</a> and <a href="https://www.simplifyingthemarket.com/2022/08/09/selling-your-house-your-asking-price-matters-more-now-than-ever/?a=587890-c6f39386e5c0b35edc66223c4d17abc9" title="selling processes" target="_blank" rel="noopener noreferrer">selling processes</a>.
They’ll use that knowledge to explain both the national headlines and what’s happening in your local area. That way, you have the best of both worlds and can feel confident in your decision to buy or sell. Freddie Mac <a href="https://myhome.freddiemac.com/buying/finding-your-team" title="explains" target="_blank" rel="noopener noreferrer">explains</a> why having an expert on your side is so essential:
“The success of your homebuying journey largely depends on the company you keep. . . . Be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”
With their expertise, a real estate advisor can anticipate what could happen next and work with you to put together a solid plan. Then, they’ll guide you through the process, helping you make decisions along the way. That’s the very definition of getting the best – not perfect – advice. And that’s the power of working with a real estate advisor.
Bottom Line
To get expert advice when you buy or sell a home this year, let’s connect today.
2022-08-29T05:32:00-07:002022-08-29T06:39:31-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:9906SOLD in Holmesburg!SOLD in Holmesburg!
<img src="https://assets.site-static.com/userfiles/2363/image/Copy_of_Copy_of_Copy_of_2322_fitz0Copy_of_Copy_of_THE_URBAN_STORIES-16.png" width="1080" height="1920" /><br />We are thrilled for our wonderful client who relocated on the sale of their stunning Holmesburg townhome. Best of luck to the new owners!
4 Bedrooms
4 Bathrooms
2,200 Square Feet
Brand New Oak Vinyl Plank Floors
Recessed Lighting
Private Rear Parking Spot
RARE fully finished apartment basement with a full kitchen, bathroom, and bedroom!
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! 267.907.6329
#Townhomes
<a href="https://www.instagram.com/explore/tags/parcrittenhousecondominiums/">#Holmesburg</a>
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<a href="https://www.instagram.com/explore/tags/bhhsplacetobe/">#BHHSPlacetobe</a>2022-08-15T06:54:00-07:002022-08-15T07:00:42-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:9894SOLD in Fitler Square!#SOLD in Fitler Square!
<img src="https://assets.site-static.com/userfiles/2363/image/Copy_of_Copy_of_Copy_of_2322_fitz0Copy_of_Copy_of_THE_URBAN_STORIES-11.png" width="1080" height="1920" />
Congratulations to our repeat client on the sale of their Fitler’s Walk townhome. This is the highest price for a 3 bedroom in the community going back many years. Best of luck to all parties involved.
3 Bedrooms
2.5 Bathrooms
1,920 Square Feet
Garage Parking
Private & Gated Community
Spacious Back Patio
Ceramic Floors W/ Radiant Heat
Recently Renovated First Floor & Kitchen
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
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#BHHSPlacetobe2022-08-12T06:59:00-07:002022-08-12T07:06:22-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:9840Property SOLD in Society Hill!SOLD in Society Hill!
<img src="https://assets.site-static.com/userfiles/2363/image/work.jpg" width="1284" height="2275" />
I’m honored to have represented such an amazing family during their new home search. They couldn’t have picked a more beautiful home. Congratulations!
4 Bedrooms
4.5 Bathrooms
3,704 Square Feet
Elegant Architectural Details
Original Wide Plank Pine Floors
Seven Fireplaces
Outdoor Patio
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
<a href="https://www.instagram.com/explore/tags/parcrittenhousecondominiums/">#SocietyHill</a>
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<a href="https://www.instagram.com/explore/tags/realestate/">#realestate</a>
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<a href="https://www.instagram.com/explore/tags/bhhsplacetobe/">#BHHSPlacetobe</a>2022-08-08T07:29:00-07:002022-08-08T07:43:44-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:9633Beautifully Renovated Home In West PassyunkWelcome to 2216 S Hemberger Street, a beautiful 3 bedroom 1 bathroom home that has been renovated from top to bottom!<img src="https://assets.site-static.com/userfiles/2363/image/1.png" width="1080" height="1920" />
3 Bedrooms
1 Bathrooms
1,120 Square Foot
Back Patio
Large Front Porch
<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 /> #townhome<br /><a href="https://www.instagram.com/explore/tags/lofts/">#West</a>passyunk<br /><a href="https://www.instagram.com/explore/tags/philadelphiarealestate/">#PhiladelphiaRealEstate</a><br /><a href="https://www.instagram.com/explore/tags/realtors/">#realtors</a><br /><a href="https://www.instagram.com/explore/tags/realestate/">#realestate</a><br /><a href="https://www.instagram.com/explore/tags/therosenthalgroup/">#therosenthalgroup</a><br /><a href="https://www.instagram.com/explore/tags/bhhs/">#BHHS</a><br /><a href="https://www.instagram.com/explore/tags/foreverbrand/">#Foreverbrand</a><br /><a href="https://www.instagram.com/explore/tags/everythingyouneed/">#Everythingyouneed</a><br /><a href="https://www.instagram.com/explore/tags/consumerstrong/">#Consumerstrong</a><br /><a href="https://www.instagram.com/explore/tags/bhhsproud/">#BHHSProud</a><br /><a href="https://www.instagram.com/explore/tags/bhhsplacetobe/">#BHHSPlacetobe</a>2022-07-14T05:52:00-07:002022-07-14T06:18:14-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:8745The Gem on Pemberton <img src="https://assets.site-static.com/userfiles/2363/image/Copy_of_Copy_of_2322_fitz0Copy_of_Copy_of_THE_URBAN_STORIES-4.png" width="1080" height="1920" alt="Gem On Pemberton " />
<a href="https://www.reidrosenthalgroup.com/property-search/detail/86/PAPH2099302/1409-pemberton-st-philadelphia-pa-19146/" title="More Details Here">https://www.reidrosenthalgroup.com/property-search/detail/86/PAPH2099302/1409-pemberton-st-philadelphia-pa-19146/</a>
#NEWLISTING in Graduate Hospital
Introducing the Gem On Pemberton! This gorgeous, 3 year young, custom-built townhome is tucked away on a quiet block in the popular Graduate Hospital neighborhood. Refined luxury defines this 4 Bedroom, 4 Full Bathroom, 2 CAR GARAGE (1 car with a lift) townhome offering the finest craftsmanship and attention to detail.
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
#BHHSPlacetobe2022-04-01T18:42:00-07:002022-04-01T18:48:41-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:5365It’s a Sellers’ Market<img width="1046" height="1503" src="https://files.mykcm.com/2021/02/25131035/20210226-MEM-1046x1503.png" class="attachment-entry size-entry wp-post-image" alt="It’s a Sellers’ Market [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2021/02/25131035/20210226-MEM-1046x1503.png 1046w, https://files.mykcm.com/2021/02/25131035/20210226-MEM-418x600.png 418w, https://files.mykcm.com/2021/02/25131035/20210226-MEM-713x1024.png 713w, https://files.mykcm.com/2021/02/25131035/20210226-MEM-768x1103.png 768w, https://files.mykcm.com/2021/02/25131035/20210226-MEM-1069x1536.png 1069w, https://files.mykcm.com/2021/02/25131035/20210226-MEM-100x144.png 100w, https://files.mykcm.com/2021/02/25131035/20210226-MEM.png 1400w" sizes="(max-width: 1046px) 100vw, 1046px" />
Some Highlights
Over the past year, homeowners have gained an unprecedented opportunity to sell with great success while buyer demand is soaring.
With homes selling twice as <a href="https://www.nar.realtor/newsroom/existing-home-sales-tick-up-0-6-in-january" title="fast" target="_blank" rel="noopener noreferrer">fast</a> as they did last year at this time, getting multiple <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-01-realtors-confidence-index-02-19-2021.pdf" title="offers" target="_blank" rel="noopener noreferrer">offers</a>, and rising in <a href="https://www.nar.realtor/newsroom/existing-home-sales-tick-up-0-6-in-january" title="price" target="_blank" rel="noopener noreferrer">price</a>, homeowners are in the driver’s seat.
Let’s connect today if you’re ready to learn about the <a href="https://www.mykcm.com/2021/02/24/how-much-leverage-do-todays-house-sellers-have/" title="leverage">leverage</a> you have as a seller in today’s housing market.
2021-02-26T07:00:00-07:002021-02-26T07:03:43-07:00Reid Rosenthaltag:reidrosenthalgroup.com,2012-09-20:4276Is the Economic Recovery Beating All Projections?Is the Economic Recovery Beating All Projections?
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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?
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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 Rosenthal