Quick Market Update and Happy Thanksgiving!

The real estate market has slowed as we enter the holiday season. This is completely normal for this time of year and as always, the slower market offers an excellent opportunity for investors and owner occupants alike. I have investor clients who have done incredibly well buying rental properties during the holidays and it's also a great time for owner occupants who happen to be looking to buy right now. As the holidays approach, some sellers become very motivated. Please call me to discuss the opportunities that the current market presents.

For sellers, it's best to list after the New Year since the market will pick up once the holidays are over. I'm predicting an active market in the first half of 2025.  

Lastly, I'd like to take a moment to express my gratitude to you, my clients, for your business, referrals and friendship. I am sincerely thankful for you. Happy Thanksgiving to you and your family! 

All the Best, 

Rich  

August NAR Settlement Update

There is a National Association of REALTORS® proposed settlement agreement based on a class action lawsuit and related changes have already been implemented. These practice changes took effect last week. One of the biggest changes coming from this settlement agreement is the requirement for more disclosure to sellers and buyers related to real estate broker compensation. Real estate broker compensation is fully negotiable and not set by law. Contracts have all been updated to make this more clear.

Another practice change is that compensation being offered to brokers working with buyers will no longer be advertised on the MLS where homes are listed for sale. This is something that will now be discussed broker to broker based on what is outlined in the signed Exclusive Right to Sell Listing Contract. This will lead to more discussion about who will be paying a buyer broker's compensation and how much will be paid.

One of the goals of the settlement is to encourage more discussion about how real estate brokers are paid and how much they are paid in any given transaction, so please reach out if you want to discuss more or have any questions.

Thanks,

Rich

Quick Summer Market Update

We are now two years out from the top of the real estate market which was in June 2022. A year ago, I was reporting that prices had dropped slightly from the peak. Now, prices have recovered and are right about where they were at the peak. The chart below shows that the number of active listings has increased dramatically, yet prices are up slightly and the number of sales is up slightly. Buyers have more choices and are taking more time to make a purchase decision, but prices are stable. Because inventory is up and the market has become more competitive, not all sellers will get their home sold. For sellers, you will need to price your home more aggressively in order to get it sold. For buyers, there are more homes to choose from, interest rates have come down and are forecast to come down further in September, so this is a great time to buy.

With lower interest rates on the way, I'm predicting a busy 4th quarter. Please reach out if you want to discuss the current market and how I can help make it work for you, whether you are buying, selling or both. 

All the best,

Rich