Coit Group Fine Homes

  How Much Leverage Do Today’s House Sellers Have? The housing market has been scorching hot over the last twelve months. Buyers and their high demand have far outnumbered sellers and a short supply of houses. According to the latest  Existing Home Sales Report  from the  National Association of Realtors  (NAR), sales are up 23.7% from the same time last year while the inventory of homes available for sale is down 25.7%.  There are 360,000 fewer single-family homes for sale today than there were at this time last year.  This increase in demand coupled with such limited supply is leading to more bidding wars throughout the country. Rose Quint,  Assistant Vice President for Survey Research  with the  National Association of Home Builders  (NAHB), recently  reported : “The number one reason long-time searchers haven’t made a home purchase is not because of their inability to find an affordably-priced home, but because they continue to get outbid by other offers.” A survey in the NAHB repo

  The Luxury Market Is Attracting Buyers in 2021 As more people continue to identify their changing needs this year, some are turning to the upscale housing sector for more space or finer features. In their most recent  Luxury Market Report , the  Institute for Luxury Home Marketing  (ILHM) shares: “In a snapshot of 2020,  despite the devasting effects of the coronavirus pandemic, the luxury real estate market has seen one of its strongest years since 2008 . In comparison to experts’ predictions in early 2020, it is remarkable how significant demands for property type, location, and amenity preferences have changed amid the pandemic.” With more opportunities to work from home and a growing interest in having extra space for things like virtual school, working out, and cooking more meals, the desire to own a home that can meet these needs continues to increase. Additionally, record-low mortgage  rates  are creating opportunities for homebuyers to stretch their legs into higher price poi

  3 Reasons We’re Definitely Not in a Housing Bubble Home values appreciated by about ten percent in 2020, and they’re forecast to appreciate by about five percent this year. This has some voicing concern that we may be in another housing bubble like the one we experienced a little over a decade ago. Here are three reasons why this market is totally different. 1. This time, housing supply is extremely limited The price of any market item is determined by supply and demand. If supply is high and demand is low, prices normally decrease. If supply is low and demand is high, prices naturally increase. In real estate, supply and demand are measured in “ months’ supply of inventory ,” which is based on the number of current homes for sale compared to the number of buyers in the market. The normal months’ supply of inventory for the market is about 6 months. Anything above that defines a buyers’ market, indicating prices will soften. Anything below that defines a  sellers’ market  in which pr

  The reality TV shows are great but few of them represent a real life transaction. Check out this video to unpack a few of the myths and if you have questions on the selling or buying process, just give us a call!