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How Does the supply of homes for Sale Impact Buyer Demand?
Monday, September 30, 2019
How Does the Supply of Homes for Sale Impact Buyer Demand?
The price of any item is determined by supply, as well as the market’s demand for the item. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand).
Buyer Demand
The map below was created after asking the question: “How would you rate buyer traffic in your area?”
The darker the blue, the stronger the demand for homes is in that area. The survey shows that in 3 of the 50 U.S. states, buyer demand is now very strong; only 2 of the 50 states have a ‘weak’ demand. Overall, buyer demand is slightly lower than this time last year but remains strong.
Seller Supply
The index also asked: “How would you rate seller traffic in your area?”
As the map below shows, 18 states reported ‘weak’ seller traffic, 29 states and Washington, D.C. reported ‘stable’ seller traffic, and 3 states reported ‘strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are looking for homes.
Bottom Line
Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together to help you capitalize on the demand in our market now.
Should You Fix Your House Up or Sell Now?
Thursday, September 26, 2019
Should You Fix Your House Up or Sell Now?
What will you likely to recoup from your project? Find out here with the COST VS Value Report 2019:
With the fall season upon us, change is in the air. For many families, children are growing up and moving out of the house, maybe leaving for college or taking a jump into the working world. Parents are finding themselves as empty nesters for the first time. The question inevitably arises: is it finally time to downsize?
If you’re pondering that thought, you may also be wondering if you should fix-up your house before you sell it, or go straight to the market as-is, allowing a potential buyer to do the updates and remodeling. If you’re one of the many homeowners this camp, here are a few tips to help you decide which way to go.
1. Analyze Your Market
A real estate professional can help you to understand your market and the potential level of buyer interest and demand for your home. Are you in a seller’s market or a buyer’s market? This can change based on the price range of your home, too. A professional can also give you some insight on what you can change or remodel, and how to declutter your house to make it attractive to buyers in your area.
2. Get an Inspector
Right now, the average length of time a family stays in a home is between 9-10 years. That’s a little longer than the historical average, so if you’ve been living in your home for a while, it might be time to make some significant improvements. Think: electrical system, HVAC units, roof, siding, etc. An inspector can give you a better idea of the condition of your home, if it is up to current code standards, and recommendations on how to have your house ready before you put it on the market.
3. Decide If You Need to Remodel
You may also be thinking about driving buyer appeal with something like a kitchen or a bathroom remodel. If so, first dig into the market value of your home, and compare it to the actual cost of the remodel. A local real estate professional can help you determine your home’s market value, and you’ll want to get a few quotes from contractors on the potential remodel pricing as well. Once you have those two factors narrowed down, you can to decide if a remodel will give you a return on your investment when you sell. Oftentimes, it is actually more advantageous to price your house to sell, list it competitively, and then let the buyer pick the colors they want for their bathroom tiles and the type of countertop they prefer. The 2019 Cost vs. Value Report in Remodeling Magazine compares the average cost for remodeling projects with the value those projects typically retain at resale.
Bottom Line
Nationwide, inventory is low, meaning there is less than the 6-month housing supply needed for a normal market. This drives buyer demand, creating a perfect time to sell. If you’re considering selling your house, let’s get together to help you confidently determine what will be the best choice for you and your family.
Looking to Upgrade Your Current Home? Now’s the Time to Move-Up!
Friday, April 12, 2019
In every area of the country, homes that are priced at the top 25% of the price range for that area are considered to be Premium Homes. In today’s real estate market there are deals to be had at the higher end! This is great news for homeowners who want to upgrade from their current house and move-up to a premium home.
Much of the demand for housing over the past couple years has come from first-time buyers looking for their starter home, which means that many of the more expensive homes that have been listed for sale have not seen as much interest.
This mismatch in demand and inventory has created a Buyer’s Market in the luxury and premium home markets according to the ILHM’s latest Luxury Report. For the purpose of the report, a luxury home is defined as one that costs $1 million or more.
“A Buyer’s Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.”
The authors of the report were quick to point out that the current conditions at the higher end of the market are no cause for concern,
“While luxury homes may take longer to sell than in previous years, the slower pace, increased inventory levels and larger differences between list and sold prices, represent a normalization of the market, not a downturn.”
Luxury can mean different things to different people. It could mean a secluded home with a ton of property for privacy to one person, or a penthouse in the center of it all for someone else. Knowing what characteristics you are looking for in a premium home and what luxury means to you will help your agent find your dream home.
Bottom Line
If you are debating upgrading your current house to a premium or luxury home, now is the time!
Hot markets: L.A. and DFW will be the places to buy property in 2019
Friday, March 22, 2019
Dallas-Fort Worth is again near the top of a shopping list for commercial property investors — behind only Los Angeles in a new survey. For the third year in a row, commercial real estate firm CBRE ranked D-FW second nationally in its survey of property investors. Houston also made the top 10.
Investors said industrial and warehouse buildings and apartments were their most targeted properties for 2019.
"We are seeing unprecedented investor interest for industrial and logistics properties in Dallas-Fort Worth coming not only from U.S. investors but also global capital from Asia, primarily Singapore, Europe, and the Middle East," Randy Baird, CBRE executive vice president of Industrial & Logistics, said in the report. "D-FW is capturing the interest of all forms of capital because we are at a central point in the U.S. supply chain, we have a pro-business environment with a low cost of doing business, and we have nation-leading population growth.
"Investors are attracted not only by the current market fundamentals, which are stronger than ever but by the long-term view that D-FW and Texas as a whole will continue to outpace the country in population and job growth, translating to long-term asset appreciation. "Only 1 in 10 of the investors CBRE polled said they planned to acquire office buildings this year. And only 9 percent said they were shopping for retail properties. While 98 percent of the real estate industry execs CBRE surveyed said they planned to make property acquisitions this year, more investors indicated they would be more cautious in their buys."Pricing is at or near the previous peak for most asset types in prime locations, so investors are seeking yield in secondary markets and alternative asset types," said Chris Ludeman, Global President of Capital Markets for CBRE. CBRE surveyed investors in November and December for the annual report.
After Los Angeles and D-FW, the real estate markets that investors are most hot on are Washington, D.C., San Francisco, Seattle, Denver and Atlanta. When asked to list their top concerns for the real estate market this year, investors most often mentioned a global economic shock, rising interest rates and a property price bubble. CBRE's annual investor poll is just the latest industry snapshot in which D-FW won high marks. Last fall, the Urban Land Institute and PriceWaterhouse Coopers identified D-FW as the top market for 2019 real estate investment and development activity.
Why an Economic Slowdown Will NOT Crush Real Estate this Time
Friday, March 8, 2019
Why an Economic Slowdown Will NOT Crush Real Estate this Time
Last week, the National Association for Business Economics released their February 2019 Economic Policy Survey. The survey revealed that a majority of the panel believe an economic slowdown is in the near future:
“While only 10% of panelists expect a recession in 2019, 42% say a recession will happen in 2020, and 25% expect one in 2021.”
Their findings coincide with three previous surveys calling for a slowdown sometime in the next two years:
- The Pulsenomics Survey of Market Analysts
- The Wall Street Journal Survey of Economists
- The Duke University Survey of American CFOs
That raises the question: Will the real estate market be impacted like it was during the last recession?
A recession does not equal a housing crisis. According to the dictionary definition, a recession is:
“A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.”
During the last recession, prices fell dramatically because the housing collapse caused the recession. However, if we look at the previous four recessions, we can see that home values weren’t negatively impacted:
- January 1980 to July 1980: Home values rose 4.5%
- July 1981 to November 1982: Home values rose 1.9%
- July 1990 to March 1991: Home values fell less than 1%
- March 2001 to November 2001: Home values rose 4.8%
Most experts agree with Ralph McLaughlin, CoreLogic’s Deputy Chief Economist, who recently explained:
“There’s no reason to panic right now, even if we may be headed for a recession. We’re seeing a cooling of the housing market, but nothing that indicates a crash.”
The housing market is just “normalizing”. Inventory is starting to increase and home prices are finally stabilizing. This is a good thing for both buyers and sellers as we move forward.
Bottom Line
If there is an economic slowdown in our near future, there is no need for fear to set in. As renowned financial analyst, Morgan Housel, recently tweeted:
“An interesting thing is the widespread assumption that the next recession will be as bad as 2008. Natural to think that way, but, statistically, highly unlikely. Could be over before you realized it began.”
Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com
www.CannonTeamHomes.com
The Housing Market Will “Spring Forward” This Year!
Wednesday, March 6, 2019
The Housing Market Will “Spring Forward” This Year!
Just like our clocks this weekend, in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale has been holding back the market.
Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right.
Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially in areas of the country impacted by arctic conditions.
That hasn’t happened this year.
Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with an increase in rates forecasted for 2019, buyers are still able to lock in an affordable monthly payment. Buyers are increasingly jumping off the fence and into the market to secure a lower rate.
The National Association of Realtors (NAR) recently reported that in 2018 the top 10 dates sellers listed their homes all fell in April, May, or June.
Those who act quickly and list now, before a flood of increased competition, will benefit from additional exposure to buyers.
Bottom Line
If you are planning on selling your home in 2019, meet with a local real estate professional to evaluate the opportunities in your market.
Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com
www.CannonTeamHomes.com
Keller Williams Named Among Fast Companies Most Innovative Companies
Tuesday, March 5, 2019
Keller Williams Named Among Fast Companies Most Innovative Companies
Keller Williams has been named to Fast Company's prestigious annual list of the World's Most Innovative Companies (MIC) for 2019. The company ranked No. 1 in the real estate and urban development category on the new ranking.
"We are excited and honored to be named one of Fast Company's Most Innovative Companies in 2019," said Gary Keller, co-founder, chairman, and CEO of Keller Williams. "We are developing our technology in close partnership with our associates – from ideation to design and iterating together through release."
"It is this collaboration that drives our greatest opportunities for innovation. As technology continues to reshape our industry, I have never been more excited for thehttp://www.christiecannon.com future of our company," said Keller. "This is just the beginning."
The real estate industry is changing faster than ever before and Keller Williams is at the forefront of this change. The company is reaching new heights through innovation, disruption and an uncompromising commitment to the agent and the consumers they represent.
Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com
www.CannonTeamHomes.com
A Snapshot of Today's Sellers
Friday, March 1, 2019
A Snapshot of Today's Sellers
Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com
www.CannonTeamHomes.com
Do You Need Any More Reasons to Love Frisco?
Thursday, February 28, 2019
Do You Need Any More Reasons to Love Frisco?
The Frisco Economic Development Corporation recently released a list of top accolades the Fastest Growing U.S. Metro in the past decade has earned.
From "Best Places to Live in America" to the "Best Real Estate Market", let this list be your top reasons why you should "See Yourself in Frisco"!
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Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com
www.CannonTeamHomes.com
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