Buyers May Face Less Competition as Bidding Wars Ease

One of the top stories in recent real estate headlines in the past couple years has been the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic – and it drove home prices up. If you tried to buy a house over the past two years, you probably experienced this firsthand and may have been outbid on several homes along the way. 
Fear not! Things are beginning to shift as seen in the graph below. According to the National Association of Realtors, the average number of offers on recently sold homes has declined considerably over the past few months:


The graph shows homes were seeing a high of around five offers earlier this year. But the latest data shows that average was down to just shy of three offers per recently sold home. This shift is happening largely because rising ...

This is happening WAAAYYY too fast!

Last Sunday (8-7) we celebrated Aubrey’s 2nd birthday.  Wait…. What?!?  Yep, it has already been 2 years and it seems to have gone by in a blur.  She is almost 3ft tall (benefits of a tall mother), talking in nearly complete sentences, counting to 15 (sometimes 20), singing her ABC’s, recognizing and remembering pretty much EVERYTHING, and making it abundantly clear that she has her own opinion of just what should be happening at any given moment as well as what consequences will befall those who do not get in line with the program.  HAHAHA.  She loves doing Montessori pre-school 3 half-days each week as well as gymnastics twice each week and she is absolutely smitten with planes, helicopters, motorcycles, trash trucks, buses….and pretty much anything with a motor…Hmmmm.  She is also overwhelmingly happy, full of the wonder and excitement that comes with childhood, open to all the poss ...

There is a lot of questions and concerns around the housing market and a lot of us are experiencing resurfaced pain from scars caused from the 2008 housing crisis.  The big question on everyone’s mind is if this is going to be like 2008?
 
As we are all looking at capacity, staffing, compensation, UW guidelines and overall P&L management; looking at the numbers and not just the headlines is the key in this market.  Based on all the data it looks like we need to be prepared for a surge not decline in the months ahead.
 
I thought the below data was very helpful in analyzing what is coming in the months ahead.  Based on the data, almost all economist and experts are calling for a  3rd to 4th quarter rebound.  Many feel that the housing market is going to help push the economy forward and that we will need to handle the volume and demand pre-health crisis plus the pent up demand from people that held off buying in 2nd quarter! ...

Common Questions We Keep Hearing
There is a lot of confusion and understandably so, which is why this month’s Housing Update is a bit on the lengthier side.
 
·        Are we heading for another housing bubble?
·        Should I list my house now or keep it listed? Or wait until things settle down?
·        Is now a good time to buy or should I wait and see if prices will go down?   
 
If you have time to watch it, we encourage you to do so as it contains some valuable information and insight into how the housing market works, what affects its volatility, and what we can expect to happen into the near future. If you don’t have time, below are the top takeaways.
 
What’s The Market Doing Now?
Dennis compiles information he’s gathered from half a dozen industry gurus at the national level, alo ...