MARRY THE HOUSE, DATE THE RATE EXPLAINED

Today’s agents have had to shift messaging away from the price of the home to help buyers find a home that has an affordable payment. “I am telling buyers, ‘Let’s find the home that still has an affordable payment. Rates Will Go Back Down, and When They Do, You Will Be Positioned to Refinance,” said an Orlando, Florida-based Keller Williams sales associate, in RealTrends Q4 2022 AgentPulse survey.   RealTrends AgentPulse requests quarterly surveys from some 19,000+ real estate agents around the nation on market trends, opportunities, and challenges. Of the 202 completed surveys, 21% were from the Northeast, 15% were from the Southeast, 28% from the Southwest, 23% from the Midwest, and 12% from the Northwest.   “Marry the house; date the rate,” said a Coldwell Banker agent in Pacific Palisades, California. It’s a familiar refrain as interest rates rise. And, while 61% of agents surveyed expect home sales (61%) and home prices (55%) to drop more than 5% for the remainder of 2022, only 34% felt pessimistic about the market, up from 19% in the Q3 2022 AgentPulse. Most (43%) felt neutral and 23%, down from 36% in Q3, felt optimistic still.   DATA IS KING   According to the survey, agents are overwhelmingly using market data to help sellers price properties and inform both buyers and sellers about where the bright spots are. “I look at all active homes and pending homes,” said a Palo Alto, California-based Compass sales associate. “Sold homes are too old to look at in a changing market.”   Most of those surveyed are using their local MLS for this data, but other sources include ReMine, state association data, Redfin, Zillow, Realtors® Property Resource (RPR), and more so they can give buyers and sellers a comprehensive and comparative view of sales and pricing. “I use sales from the last 12 months within a one-mile radius from four different sources — RPR, Redfin, Zestimate, and the MLS,” according to a sales associate with an independent firm in Flagler Beach, Florida.   “We look at on-the-market inventory in a much broader area as inventory is still low,” said a sales associate with Ebby Halliday Realtors® in Dallas, Texas. “Appraisers are starting to discount sales earlier in the year that was high.” His advice is, “Do not overprice.”   NEW CHALLENGES ARISE   When asked what their biggest challenges are, some 46% said interest rates and inflation are at the top of their list, this is up from 31% last quarter. Next was low inventory, which 19% of respondents selected as a top challenge.   Not registering on past AgentPulse reports was reluctant buyers and sellers, which in Q4 2022 was listed as the No. 3 challenge by respondents. Rounding out the top five are getting listings and mindset.   Today’s market requires agents to learn new techniques, consistently prospect and find innovative ways to get buyers off the fence and sellers to list.   When asked about proven strategies for handling price reductions, agents aren’t waiting very long to recommend them. “If I don’t have any offers after 10 showings or 10 days on the market, I reduce the price,” said an agent with an independent brokerage in the Northeast. Another agent, who works with luxury buyers in the Northeast, said that they, “Re-evaluate our position in the market after the first two weeks a home is on the market.”

TIPS AND TRICKS FOR AN AFFORDABLE HOME DECOR REFRESH

If you’re new to the home-owning game or need a refresh, it can be hard to know where to start. I’ve got tips and tricks to make your place feel like the home of your dreams without breaking the bank.   When you’re shopping for furniture, don’t feel like you have to buy everything at once. If you’re on a budget, start with one or two key pieces that will anchor the room and make it feel like home. Then add more over time as your budget allows. Invest in some great lighting: It’s easy to underestimate how much lighting can make a room feel more welcoming and cozy. It’s also not too expensive; you can pick up a few lamps at Ikea or Target for pretty cheap, and Wayfair or Amazon have fixtures to fit all budgets! Don’t be afraid to mix styles! You don’t need to decorate in one particular style—use what inspires you and makes you happy. Keep it simple! Too much stuff can feel overwhelming, so think about what’s important and make sure your decor is focused on those things. Use what you have! If you have an old piece of furniture that doesn’t match the new stuff perfectly, don’t worry about it! It’s still beautiful and has its unique style—and it might even work better than anything new would! Bring it together with colors or fabrics that can tie the room together.   It’s easy to get caught up in all the things you have to do when it comes to decorating a house. But one of the most important things you can do is make sure it feels like your own home.

AN EXPERT ADVISOR WILL GIVE YOU THE BEST ADVICE IN TODAY’S MARKET

Having an experienced guide coaching you through the process of buying or selling a home is important in a normal market – but today’s market is far from normal. As a result, an expert real estate advisor isn’t just good to have by your side, they’re essential.   Today’s housing market is full of extremes. Experts project mortgage rates will continue to rise this year, and that’s driving significant demand for homes as buyers want to make their purchases before rates climb even higher. At the same time, an absence of sellers is leading to record-low housing inventory. This imbalance in supply and demand is creating bidding wars and driving home price appreciation as well as considerable gains in home equity.   These market conditions can feel overwhelming, but you don’t have to go at it alone. Having a trusted expert to coach you through the process of buying or selling a home gives you clarity and confidence through each step.       Here are just a few of the ways a real estate expert is invaluable:   Contracts: Agents help with the disclosures and contracts necessary in today’s heavily regulated environment.   Experience: In an unprecedented market, experience is crucial. Real estate professionals know the entire sales process, including how it’s changed over the past two years.   Negotiations: Your real estate advisor acts as a buffer in negotiations with all parties throughout the entire transaction and advocates for your best interests.   Education: Knowledge is power in today’s market, and your advisor will simply and effectively explain market conditions and translate what they mean for you.   Pricing: Finally, a real estate professional understands today’s real estate values when setting the price of your home or helping you make an offer to purchase one.   A real estate agent is a crucial guide through this unprecedented market, but not all agents are created equal. A true expert can carefully walk you through the whole real estate process, look out for your unique needs, and advise you on the best ways to achieve success. Finding an expert real estate advisor – not just any agent – should be your top priority when you’re ready to buy or sell a home.   WHAT’S THE KEY TO CHOOSING THE RIGHT EXPERT?   It starts with trust. You’ll want to know you can trust the advice they’re giving you, so you need to make sure you’re connected with a true professional. No one can provide perfect advice because it’s impossible to know exactly what’s going to happen at every turn – especially in today’s unique market. But a true professional can give you the best possible advice based on the information and situation at hand. They’ll help you make the necessary adjustments along the way, advocate for you throughout the process, and coach you on the essential knowledge you need to make confident decisions. That’s exactly what you want and deserve.   It’s critical to have an expert on your side who’s well-versed in navigating today’s rapidly changing market. If you’re planning to buy or sell a home this year, connect with a real estate professional who will give you the best advice and guide you along the way.   Give us a call to help you navigate the process with one of our outstanding agents! (224) 239-3966