CyCy Cornaglia recently joined Berkshire Hathaway HomeServices Bay Street Realty Group and Berkshire Hathaway HomeServices Cora Bett Thomas Realty as the new Office Assistant for the Savannah, Georgia office. In this role, Cornaglia will greet guests, tend the front desk, keep inventory, assist with Caravans, Just Listed Postcards, Legal Descriptions, and various other duties.
From Sao Paulo, Brazil, she speaks fluent Portuguese, basic Spanish and comprehends some Italian. Cornaglia most recently owned and operated Everyday Errands, LLC where she acted as a Concierge and personal assistant to local and non-local clients.
Be sure to stop in and say "Hi!" to CyCy!
In today's housing market, it can be a big challenge for buyers to find homes to purchase, as the number of houses for sale is far below the current demand. Now, however, we're seeing sellers slowly starting to come back into the market, a bright spark for potential buyers. Javier Vivas, Director of Economic Research at realtor.com, explains:
"Seller confidence has been improving gradually after reaching its bottom in mid-April, and now it appears to have reached an important recovery milestone…After five long months, sellers are back in the housing market; while encouraging, the improvement to new listings is only the first step in the long road to solving low inventory issues keeping many buyers at bay."
Even with the number of homes coming into the market, the available inventory is well below where it needs to be to satisfy buyer interest. The National Association of Realtors (NAR) reports:
"Total housing inventory at the end of June totaled 1.57 million units, up 1.3% from May, but still down 18.2% from one year ago (1.92 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, down from both 4.8 months in May and from the 4.3-month figure recorded in June 2019."
Houses today are selling faster than they're coming to market. That's why we only have inventory for 4 months at the current sales pace when in reality we need inventory for 6 months to keep up. But, as mentioned above, sellers are starting to return to the game. Realtor.com explains:
"The 'housing supply' component – which tracks growth of new listings – reached 101.7, up 4.9 points over the prior week, finally reaching the January growth baseline. The big milestone in new listings growth comes as seller sentiment continues to build momentum…After constant gradual improvements since mid-April, seller confidence appears to be reaching an important milestone. The temporary boost in new listings comes as the summer season replaces the typical spring homebuying season. More homes are entering the market than typical for this time of the year."
A good time to enter the housing market is when the competition in your area is low, meaning there are fewer sellers than interested buyers. You don't want to wait for all of the other homeowners to list their houses before you do, providing more options for buyers to choose from. With sellers starting to get back into the market after five months of waiting, if you want to sell your house for the best possible price, now is a great time to do so.
It can be challenging to find a home in today's low-inventory environment. If more sellers are starting to put their houses up for sale, there will be more homes for you to choose from, providing a better opportunity to find the home of your dreams while taking advantage of the affordability that comes with historically low mortgage rates.
While we still have a long way to go to catch up with the current demand, inventory is slowly starting to return to the market. If you're thinking of moving this year, let's connect today so you're ready to make your move when the property of your dreams comes up for sale.
Savannah, Ga. – Berkshire Hathaway HomeServices Cora Bett Thomas Realty recently welcomed new agent Cynthia Fitzpatrick to the team as a Realtor/Associate Broker. Fitzpatrick's role within the company will cover residential real estate and executive leasing.
She began her work as a Realtor with Prudential in 1997 in Pittsburgh, Pennsylvania. She currently holds a license with Berkshire Hathaway HomeServices in Georgia and North Carolina and is currently working on receiving her license with Berkshire Hathaway HomeServices in New York.
Bay Street Realty Group and Cora Bett Thomas Realty is the largest full-service real estate agency in the Coastal Georgia and South Carolina Lowcountry with combined sales of over $291 million in 2019 and offices located in downtown Beaufort, SC, Harbor Island, Fripp Island, Historic Savannah, and Skidaway Island. Bay Street Realty Group has over 150 years of combined lifestyle-based community home sales and development experience and has more than 100 agents. For more information, visit www.baystreetrealtygroup.com.