The Worst Home Price Declines Are Behind Us

  If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an unnecessarily negative picture. Contrary to those headlines, home prices aren’t in a freefall. The latest data tells a very different and much more positive story. Local home price trends still vary by market, but here’s what the national data tells us. If we take a year-over-year view, home prices stayed positive – they just appreciated more slowly than they did at the peak of the pandemic. To get a more detailed picture of some of the trends in the market, we need to look at monthly data.  The monthly graphs below use recent reports from three sources to show that the worst home price declines are already behind us, and prices are on their way back up nationally. The story this more detailed monthly view tells us is that the last year has been a tale of two halves in the housing market. In the first half of 2022, home prices were climbing, and they peaked in June. Then, in July, home prices started to decline (shown in red in the graphs above). And by roughly August or September, the trend began to stabilize. As we look at the most recent data for the early part of 2023, these graphs also show a recent rebound in momentum with prices ticking back up. Monthly changes in home prices are gaining steam as we move into the busier spring season.  While one to two months doesn’t make a trend, the fact that all three reports show prices have stabilized is an encouraging sign for the housing market. The month-over-month data conveys a clear, but early, consensus that a national shift is taking place today. In essence, home prices are starting to tick back up. Andy Walden, Vice President of Enterprise Research at Black Knight, says this about home price trends:  “Just five months ago, prices were declining on a seasonally adjusted month-over-month basis in 92% of all major U.S. markets. Fast forward to March, and the situation has done a literal 180, with prices now rising in 92% of markets from February.” Selma Hepp, Chief Economist at CoreLogic, explains the limited supply of homes available for sale is contributing to this positive turn: “ . . . prices in many large metros appeared to have turned the corner, with the U.S. recording a second month of consecutive monthly gains. . . . The monthly rebound in home prices underscores the lack of inventory in this housing cycle.”  Here’s What This Means for You  Sellers: If you’ve been holding off on selling because you’re worried about what was happening with home prices and how it would impact the value of your home, it may be time to jump back in and partner with an agent to list your house. You don’t have to put your needs on hold any longer because the latest data shows a turn in your favor.  Buyers: If you’ve been waiting to buy because you didn’t want to purchase something that would decrease in value, you now have the peace of mind things are looking up. Buying now lets you make your move before home prices climb more and gives you the chance to own an asset that typically grows in value over time.  Bottom Line If you put off your plans to move because you were worried about home prices falling, data shows the worst is already behind us and prices are actually rising nationally. Partner with a local real estate professional so you have an expert to explain what’s happening with home prices in your area.

9 Critical Questions before Listing your Home...

Selling your home can be a daunting task, and choosing the right real estate agent to help you with the process can make all the difference. Before you list your home, it's important to ask prospective agents critical questions about their experience, approach, and knowledge of the market. Here are 9 Critical Questions to Ask Before Hire a Real Estate Agent to Sell Your Home! 1. What is your experience in selling homes in this area? It's important to work with a real estate agent who has experience selling homes in your neighborhood or area. They'll have an understanding of the local market, know the pricing trends, and have contacts with potential buyers. 2. What is your approach to marketing a home? Marketing is a crucial aspect in selling a home. Ask the prospective agent about their approach to marketing your home. Will they use social media, print advertising, or other methods to attract buyers? 3. What is your pricing strategy? Pricing your home correctly is essential to selling it for the best price. Ask the prospective agent about their pricing strategy and how they plan to arrive at the right price for your home. 4. How will you help me prepare my home for sale? Preparing your home for sale is an important step in the process. Ask the prospective agent about their approach to preparing your home for sale. Will they help with staging, repairs, or other tasks? 5. What is your commission rate and how is it structured? Real estate agents work on commission, and it's important to understand their commission rate and how it's structured. Ask the prospective agent about their commission rate and how it will be calculated. 6. What is your communication style? Communication is key when it comes to selling your home. Ask the prospective agent about their communication style and how often they will update you on the progress of your home sale. 7. What is your plan to attract potential buyers to my home? Attracting potential buyers to your home is critical to selling it quickly and for the best price. Ask the prospective agent about their plan to attract buyers to your home, including open houses, online listings, and other methods. 8. How will you handle negotiations? Negotiations are a key part of the selling process. Ask the prospective agent about their approach to negotiating with potential buyers, including their experience in handling negotiations. 9. What sets you apart from other real estate agents? Finally, ask the prospective agent what sets them apart from other real estate agents. Their answer will give you an idea of their strengths and what they can bring to the table when it comes to selling your home. In addition to these critical questions, it's important to choose an agent that you feel comfortable working with and who has your best interests in mind. Selling your home can be a stressful process, but with the right agent, it can also be a successful one.

Discover Your Dream Home on Anderson St. in Pensacola

Looking for a serene and peaceful place to call home? Look no further than 1750 E Anderson in Pensacola, FL. This newly remodeled home boasts plenty of curb appeal and is located on one of the most tranquil streets in all of East Hill.With a listing price of $479,000, this home has so much to offer. The meandering walkway leading to the Mosiac Tile Front Porch with custom wood columns and rails creates a welcoming entrance. A new flower garden and hardscaping in the front provide a hardscape walking path to the driveway.As you step inside, the light grey Luxury Vinyl Plank floors flow throughout the house and add to the bright and airy feel of the home. Oversized windows in each room provide tons of natural light. Entertain guests or work on homework at the Quartz Bar between the Kitchen and Dining Room. The Kitchen is complete with custom mosaic tile backsplash, stainless steel appliances, and all new designer light fixtures.The backyard is equally impressive, with a new Full Lite French Door leading to a new deck with stairs and a concrete landing. The backyard is now fully fenced and recently cleared, providing endless possibilities for a detached garage with an ADU, a pool, or both!The Primary Bath includes a new custom Carrara Tile Walk in shower with Teal accent tile niche and matching Vanity with Soft Close Drawers and White Quartz Top. The Kohler Shower door with ClearCoat technology completes the spa-like transformation. Your guests will love the Custom Tile tub surround and the new large vanity with plenty of storage!Located just blocks away from multiple parks, including Bayview Park, this beautiful home is a must-see. Don't miss your chance to call 1750 E Anderson in Pensacola home.