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May
6

2022 Housing Market Forecast [INFOGRAPHIC]

2022 Housing Market Forecast [INFOGRAPHIC] | MyKCM

Some Highlights

October
13

What's Causing Today's Competitive Real Estate Market? [INFOGRAPHIC]

What's Causing Today's Competitive Real Estate Market? [INFOGRAPHIC] | MyKCM

Some Highlights

October
1

Don't Tackle Selling Your Home on Your Own – an Agent Can Help

Don't Tackle Selling Your Home on Your Own - an Agent Can Help | MyKCM

If you're looking to maximize your sale and minimize your effort, you need to work with a real estate professional. In a sellers' market like today's, it can be tempting to list your house on your own – known as For Sale By Owner (FSBO). But the truth is, a real estate professional can save you time and money by managing every step of the process, from pricing your home to reviewing documents and handling negotiations.

Before you decide to sell your house on your own, here are five reasons why working with an agent is your best bet to maximize the sale of your home.

1. First impressions are everything – and an agent knows how to make a great one.

Prepping a house for sale requires a significant amount of time and effort, even though it may seem simple at first glance. Doing it right so it stands out takes expertise and an understanding of what buyers are looking for. An agent considers things like:

  • Should you take down any personal art or pictures?
  • How much landscaping should you invest in to boost your house's curb appeal?
  • What wall colors are most appealing to buyers?

An expert real estate advisor relies on their experience to answer these questions and more so you don't invest in the wrong things. Your time and money are important – you shouldn't waste either.

2. Agents have tools to maximize the number of views your home gets.

Put plainly, the more buyers that view your house, the better your return will be. In our current market, homes are receiving 3.8 offers on average per sale, according to recent data from the National Association of Realtors (NAR). While that's promising for the sale of your home, it's important to understand your agent's role in bringing buyers in.

Agents have multiple tools at their disposal – from social media to agency resources – to ensure your home is viewed by more prospective buyers. Leveraging the tools available to your agent and your agent's expertise may help boost your sale price as well.

3. An agent won't miss anything in the fine print.

Your agent can also save you time by taking any guesswork out of navigating the required documentation. Today, more disclosures and regulations are mandatory, meaning the number of legal documents you need to juggle is growing.

Because there's so much to take care of, it can be hard to truly understand all of the requirements and the fine print. That's where an expert advisor can truly shine. They've been through the process before and can be your guide to avoid any costly missteps.

4. Expert advisors know the market and how to price your home.

Another way your agent maximizes the sale of your home is by making sure it's priced right. Real estate professionals have the experience to compare your house to recently sold homes in your area. They also understand the market at large and can factor in any upgrades you've completed to your home. Combining these factors is the key to making sure your home is priced to move quickly – and at a competitive price.

When you FSBO, you're operating without this expertise. Even with your own research, you may not find the most up-to-date information and could risk setting a price that's inaccurate or unrealistic. If you price your house too high, you could turn buyers away before they're even in the front door. This could also cause problems when it's time for the appraisal.

5. Your agent will be an expert negotiator.

In addition to their experience navigating sales, real estate professionals understand how to negotiate every aspect of a deal. They also know all the parties that will be involved with the sale, including:

  • The buyer, who wants the best deal possible.
  • The buyer's agent, who will use their expertise to advocate for the buyer.
  • The inspection company, which works for the buyer and will almost always find concerns with the house.
  • The appraiser, who assesses the property's value to protect the lender.

An agent relies on their experience and training to make the right moves during the negotiation. They'll know what levers to pull, how to address each individual's concerns, and when you may want to get a second opinion. Selling your house as a FSBO means you'll need to be prepared to have these conversations on your own.

Bottom Line

Selling a house takes time, effort, and expertise – don't go at it alone. Let's connect to make sure you have an expert on your side to make the most of your sale

September
9

When Should You Hire a Surveyor?

A surveyor is a professional who determines the exact location of a property line. Many homeowners don't know the boundaries of their yards and operate under erroneous assumptions. That can lead to disputes between neighbors that are stressful, costly and preventable. 

You Need to Know the Location of the Property Line Before You Build
If you're thinking about building an addition or constructing a fence, you need to know exactly where the property line is so that you don't accidentally encroach on your neighbor's land. If you don't have your property surveyed and you inadvertently build in your neighbor's yard, you can find yourself in legal and financial trouble. You may be required to move a fence or have an addition torn down, or you may have to purchase a piece of land from your neighbor to rectify the situation and avoid a lawsuit.

Local zoning laws typically require that additions and other structures be located a minimum distance from a property line. You'll need to know precisely where that line lies before you begin building, or even designing, an addition. You don't want to spend time and money to develop a plan, then learn that you don't have the legal right to follow through with it.

You Need to Know Who Owns a Tree
Trees are often located on or near property lines. The location of the property line is important because it determines who is responsible for maintaining a tree. It can also impact liability if a tree falls in a storm. If the tree is located in your yard and it falls on your neighbor's property because you failed to have dead branches trimmed, you may be held liable for repair costs.

You Need to Know If There Are Additional Factors That Affect Land Ownership
Sometimes a property owner is granted an easement that gives that party permission to use a portion of someone else's land for a particular purpose. If an easement exists, you may not be aware of it, but it can affect your rights to build in your yard. A surveyor can research the issue and note any easements in a report.

You Need to Know Where Utilities Are Located
Pipes, gas lines and cables are often placed underground. It's critical to know what's beneath your property and where it's located before you or a contractor begins digging for any type of project. A surveyor can find and mark the locations of underground utilities to help you avoid an accident.

Get Accurate Information So You Can Make Informed Decisions and Prevent Disputes
When neighbors get into disagreements about property lines, things can get heated. Often, a dispute stems from a misunderstanding. If you want to build on your property or if you think your neighbor may be violating your rights, hiring a surveyor is a good first step. Once you have accurate, unbiased information, you'll be able to decide how to proceed. 

August
18

Real Estate: It's Still a Lack of Supply, Not a Lack of Demand

Real Estate: It's Still a Lack of Supply, Not a Lack of Demand | MyKCM

One of the major questions real estate experts are asking today is whether prospective homebuyers still believe purchasing a home makes sense. Some claim rapidly rising home prices are impacting demand and, by extension, leading to the recent slowdown in sales activity.

However, demand isn't the real issue. Instead, it's the lack of supply (homes available for sale). An article from the Wall Street Journal shows this is true for new home construction:

"Home builders have sold more homes than they can build. Now they are limiting their sales in an effort to catch up."

The article quotes David Auld, CEO of D.R. Horton Inc. (the largest homebuilder by volume in the United States since 2002), explaining how they don't have enough homes for the number of buyers coming into their models:

"Through our history, to have somebody walk into our models and to tell them, 'We don't have a house for you to buy today', is something that is foreign to us."

Danielle Hale, Chief Economist for realtor.com, also explains that, in the existing home sale market, the slowdown in sales was a supply challenge, not a lack of demand. Responding to a recent uptick in listings coming to market, she notes:

". . . if these changing inventory dynamics continue, we could see a wave of real estate activity heading into the latter part of the year."

Again, the buyers are there. We just need houses to sell to them.

If the slowdown in sales was the result of demand waning, we would start to see home prices beginning to moderate – but this isn't the case. As Mark Fleming, Chief Economist for First American, explains:

"There's a lot of conversation around rising prices and falling quantity in the housing market, and there's this concept, or this idea, that it's a demand-side problem . . . . But, if demand were falling dramatically, we would actually see less price pressure, less home price growth."

Instead, we're seeing price appreciation accelerate throughout this year, as evidenced by the year-over-year percentage increases reported by CoreLogic:

  • January: 10%
  • February: 10.4%
  • March: 11.3%
  • April: 13%
  • May: 15.4%
  • June: 17.2%

(July numbers are not yet available)

There's a shortage of listings, not buyers, and there are three very good reasons for purchasers to still be interested in buying a home this year.

1. Affordability isn't the challenge some are claiming it to be.

Though home prices have risen dramatically over the last 18 months, mortgage rates remain near historic lows. Because of these near-record rates, monthly mortgage payments are affordable for most buyers.

While homes are less affordable than they were last year, when we adjust for inflation, we can see they're also more affordable than they were in the 1970s, 1980s, 1990s, and much of the 2000s.

2. Owning is a better long-term decision than renting.

A recent study shows renting a home takes up a higher percentage of a household's income than owning one. According to the analysis, here's the percentage of income homebuyers and renters should expect to pay now versus at the end of the year.

Real Estate: It's Still a Lack of Supply, Not a Lack of Demand | MyKCM

While the principal and interest of a monthly mortgage payment remain the same over the lifetime of the loan, rents increase almost every year.

3. Owners build their wealth. Renters build their landlord's wealth.

Whether you're a homeowner or an investor, real estate builds wealth through growing equity year-over-year. If you own, your household is gaining the benefit of that wealth accumulation. Fleming says:

"The major financial advantage of homeownership is the accumulation of equity in the form of house price appreciation . . . . We have to take into account the fact that the shelter that you're owning is an equity-generating or wealth-generating asset."

Odeta Kushi, Deputy Chief Economist at First American, elaborates in a recent article:

". . . once the home is purchased, appreciation helps build equity in the home, and becomes a benefit rather than a cost. When accounting for the appreciation benefit in our rent versus own analysis, it was cheaper to own in every one of the top 50 markets, including the two most expensive rental markets, San Francisco and San Jose, Calif."

Today, that equity buildup is substantial. The National Association of Realtors (NAR) reports:

"The median sales price of single-family existing homes rose in 99% of measured metro areas in the second quarter of 2021 compared to one year ago, with double-digit price gains in 94% of markets."

In 94% of markets, there was a greater than 10% increase in median price. That means if you bought a $400,000 home in one of those markets, your net worth increased by at least $40,000. If you rented, the landlord was the recipient of the wealth increase.

Bottom Line

For many reasons, housing demand is still extremely strong. What we need is more supply (house listings) to meet that demand.

July
27

A Look at Housing Supply and What It Means for Sellers

A Look at Housing Supply and What It Means for Sellers | MyKCM

One of the hottest topics of conversation in today's real estate market is the shortage of available homes. Simply put, there are many more potential buyers than there are homes for sale. As a seller, you've likely heard that low supply is good news for you. It means your house will get more attention, and likely, more offers. But as life begins to return to normal, you may be wondering if that's something that will change.

While it may be tempting to blame the pandemic for the current inventory shortage, the pandemic can't take all the credit. While it did make some sellers hold off on listing their houses over the past year, the truth is the low supply of homes was years in the making. Let's take a look at the root cause and what the future holds to uncover why now is still a great time to sell.

Where Did the Shortage Come From?

It's not just today's high buyer demand. Our low supply goes hand-in-hand with the number of new homes built over the past decades. According to Sam Khater, VP and Chief Economist at Freddie Mac:

"The main driver of the housing shortfall has been the long-term decline in the construction of single-family homes."

Data in a recent report from the National Association of Realtors (NAR) tells the same story. New home construction has been lagging behind the norm for quite some time. Historically, builders completed an average of 1.5 million new housing units per year. However, since the housing bubble in 2008, the level of new home construction has fallen off (see graph below):A Look at Housing Supply and What It Means for Sellers | MyKCMThe same NAR report elaborates on the impact of this below-average pace of construction:

". . . the underbuilding gap in the U.S. totaled more than 5.5 million housing units in the last 20 years." 

"Looking ahead, in order to fill an underbuilding gap of approximately 5.5 million housing units during the next 10 years, while accounting for historical growth, new construction would need to accelerate to a pace that is well above the current trend, to more than 2 million housing units per year. . . ."

That means if we build even more new houses than the norm every year, it'll still take a decade to close the underbuilding gap contributing to today's supply-and-demand mix. Does that mean today's ultimate sellers' market is here to stay?

We're already starting to see an increase in new home construction, which is great news. But newly built homes can't bridge the supply gap we're facing right now on their own. In the State of the Nation's Housing 2021 Report, the Joint Center for Housing Studies of Harvard University (JCHS) says:

"…Although part of the answer to the nation's housing shortage, new construction can only do so much to ease short-term supply constraints. To meet today's strong demand, more existing single-family homes must come on the market."

Early Indicators Show More Existing-Home Inventory Is on Its Way

When we look at existing homes, the latest reports signal that housing supply is growing gradually month-over-month. This uptick in existing homes for sale shows things are beginning to shift. Based on recent data, Odeta Kushi, Deputy Chief Economist at First American, has this to say:

"It looks like existing inventory is starting to inch up, which is good news for a housing market parched for more supply."

Lawrence Yun, Chief Economist at NAR, echoes that sentiment:

"As the inventory is beginning to pick up ever so modestly, we are still facing a housing shortage, but we may have turned a corner."

So, what does all of this mean for you? Just because life is starting to return to normal, it doesn't mean you missed out on the best time to sell. It's not too late to take advantage of today's sellers' market and use rising equity and low interest rates to make your next move.

Bottom Line

It's still a great time to sell. Even though housing supply is starting to trend up, it's still hovering near historic lows. Let's connect to discuss how you can list your house now and use the inventory shortage to get the best possible terms for you.

October
6

Berkshire Hathaway HomeServices Bay Street Realty Group Commercial Division 

When we think of real estate, oftentimes we direct our thoughts towards homes and residential property, but there's a lot more than meets the eye. Commercial real estate takes the cake when it comes to complexity: from the longer contracts and higher price tags, to the complicated terminology that the ordinary person might not understand.

So... That's where the BHHS Bay Street Realty Group Commercial team comes in! Our firm makes the intricate buying, selling, and leasing process easy and profitable for you. Commercial real estate is simply defined as property used solely for business purposes and intended for profit. This could range from retail properties, office buildings, shopping centers, hotels, warehouses, manufacturing facilities, apartment complexes, and even vacant land.


Our expert agents have decades of extensive real estate experience in commercial investment, development, brokerage, negotiation, and management. Meet them and learn about the importance of investing in commercial property, in this video: 

 

 

July
2

Vast Connections & Exceptional Experience

CBT Commercial

When we think of real estate, often times we direct our thoughts towards homes and residential property, but there's a lot more than meets the eye. Commercial real estate takes the cake when it comes to complexity: from the longer contracts and higher price tags, to the complicated terminology that the ordinary person might not understand.

But… That's where CBT Commercial comes in! Our boutique firm makes the intricate buying, selling, and leasing process easy and profitable for you. Commercial real estate is simply defined as property used solely for business purposes and intended for profit. This could range from retail properties, office buildings, shopping centers, hotels, warehouses, manufacturing facilities, apartment complexes, and even vacant land.

CBT Commercial utilizes its vast local connections and relationships to broker the best deals for buyers, sellers, landlords and tenants. The Commercial side of Cora Bett Thomas Realty has been around since 1995, and covers coastal Georgia and South Carolina.

Graham Sadler, a commercial real estate expert on the team says, "Our local knowledge, strong local connections, high level of service, and thoroughly experienced team make us trusted and loved in the community." Graham is just one of the many dedicated professionals that cares deeply about the relationships created.

Our expert agents have decades of extensive real estate experience in commercial investment, development, brokerage, negotiation, and management.

CBT Commercial

A very well known, standout property the team has dealt with is 25 Chatham Center South. This 5,000 square footage office space is located within The Woodlands at Chatham Center and is one of Savannah's most beautiful office parks. There are a total of eleven buildings, each uniquely designed with abundant parking and easy access. Some of the professional tenants include: WTOC, SouthCoast Health, and U.S. Postal Inspection Service.

The building that houses the famous Soho South Cafe on Liberty Street, and the one that's home to the delicious East End End Provisions on Broughton Street, are both well-known restaurants that CBT Commercial has helped foster transactions.

Big or small, apartment complex or office space, buying, selling, or leasing… No matter the case, the CBT Commercial team has the connections and knowledge you need to make the process rewarding.

Get to Know Our Agents Today!

May
8

Painting a Picture for Savannah's Future

Cora Bett Thomas Realty welcomed a special guest last week. Robert Morris, Senior Director for Corporate Communications at the Georgia Ports Authority (GPA), took some time to explain the impacts and the future of the port of savannah to our agents.

The ports are Georgia's gateway to the world, and with its growth, right here in Savannah, real estate sees a positive impact.

The Georgia Ports Authority brings 42,500 jobs to Chatham, Bryan, Liberty, and Effingham counties. As you may know, our terminal here in Savannah is a record-setter. It's the single largest and the fastest growing U.S. Container Port. That growth isn't stopping anytime soon, as they are working on an estimated $1.019 billion project to deepen the Savannah River by 5 feet. Right now that project is 50 percent complete.

Robert presented these outstanding numbers to Cora Bett's team through his passion for art. Interestingly enough, Robert studied art at the Sidwell Friends School in Washington, D.C. and Tulane University in New Orleans, Louisiana. His art has been widely exhibited in major American museums, galleries and libraries. His paintings were displayed throughout his presentation.

From May 22 through January 12, the public will have an opportunity to see his artistic side at the Ships of the Sea Museum. 2019 marks the 200th anniversary of the SS Savannah's groundbreaking trans-Atlantic crossing.

The numbers speak for themselves and truly show the impact that GPA have on our community, but it is Robert's artwork that really paints a beautiful picture and captures the aesthetic impact it has on the port of Savannah.

November
15

Circa Lighting

Lighting can make all the difference in the space you inhabit. And while the right amount of light can infuse you with a good mood, the right amount of light from just the right light fixture will make your good mood great. A truly stylish home focuses on the details, and lighting is one of those inherent details that must always be just right.

Circa Lighting was founded in Savannah in 1998 by Gale Singer. Gale had a vision for a curated lighting selection presented in a boutique-like showroom. Through the first showroom Gail reached out to interior designers, architects and builders to have a similar experience locally and online with well curated offerings.

Located in Savannah's Downtown Design District, Circa offers lamps and fixtures of all kinds, for both interior and exterior lighting uses. Floor lamps, table lamps, and ceiling lamps are all available, as well as wall-mounted lighting fixtures. Circa Lighting also offers fans, also for both interior and exteriors. And to help keep the air circulating in your home or business, fans and floor fans are available too.

Floor to Ceiling

Ceiling lamps include chandeliers, flush mounted lamps, lanterns, hanging shades, and linear lamps. A ceiling lamp is a great way to make a statement with your lighting, without sacrificing living or surface space. Both table and floor lamps are divided into 2 categories, decorative and task. Table and floor lamps come in any number of shapes, sizes and materials. In most cases, the only limitation to what you can have is either what you can afford or what can fit into your home.

Wall-mounted lighting fixtures include decorative, bath, task and picture lamps. Most wall-mounted lighting is more functional than fun, but the pieces at Circa still, nonetheless, have pizazz. The same goes for fans, which are more of a necessity than a luxury in Savannah. The fans at Circa can very nearly be considered art, and can add panache to any dwelling. 

Whatever style of lighting you are looking for, Circa has it. Understated, overstated, modern, traditional, dramatic, if you can think of it, Circa has something that will fit your description. Better still, if you are struggling to come up with what exactly you do want, Circa can help with that, too. Circa Lighting's expansive and beautifully designed showrooms are full of inspiration, and their knowledgeable staff are there to help you. 

Circa Lighting |  Savannah Showroom
405 Whitaker St
(912) 447-1008

November
14

John Jewell Joins Our Commercial Team

Cora Bett Thomas Realty recently announced the addition of John Jewell to the commercial real estate team. As a commercial broker, he will act as the mediator between buyers and sellers, facilitating transactions in properties such as: large scale multi-family, land for development, multi-tenant strip centers, multi-tenant office buildings, and restaurants.

With over 15 years of experience in commercial real estate, Jewell has completed transactions across both Georgia and Tennessee. In that time, he has worked with some of the largest property owners, completed transactions with national retailers, and secured large government leases. Most recently, he opened and ran his own real estate business in Tennessee. Prior to that he worked as Managing Director for a national commercial office, and before that, began his career with a regional commercial firm.

Jewell received his Bachelor's Degree in Business and Economics from Wofford College in Spartanburg, South Carolina. His father, Ken Jewell, sparked his passion for real estate, having practiced commercial real estate in South Carolina for years. Jewell is married to real estate power house Amanda Jewell, together they have 2 children. He and his family enjoy boating or traveling whenever possible.

Jewell has been a multi-million dollar producer every year since 2003. He has a passion for both landlord and tenant representation, and looks forward to new opportunities here in Savannah.

Contact John

November
5

Commercial Real Estate as an Investment

Home Is Where Is the Heart Is, But Is it Where the Investment Is?

By Graham Sadler, Cora Bett Thomas Realty

The term real estate naturally leads one to think of buying and selling homes or even renting out residential property. While there are many advantages to residential investments, commercial properties have even more financial gain.

The term commercial property refers to buildings such as: retail space, offices, warehouses, industrial buildings, land, and even multi-family housing (such as duplexes or apartment buildings). That ranges from a luxury hotel buildings, to your favorite coffee shop.

Owning real estate, in general, can increase your long-term wealth, but why add specifically commercial to your investment portfolio? There are several benefits: higher incomes, less competition, longer leases, professional relationships, and, of course, tax advantages.  

Advantages Commercial Real Estate as an Investment

Let's start with the most distinct advantage: financial reward. Commercial real estate gives you a better return on your investment. It will allow you to avoid stock market volatility and bring in steadier returns.

The commercial field is also less competitive because it seems unattainable. Investing in a shopping center or a warehouse is a major endeavor and a big expense, thus many assume it is out of their purchasing power. The solution: competitive loan programs. This option is available for nearly all investors, and taking out a loan can be an even greater advantage due to the long term gain and relatively low interest rates.

Vacancy, maintenance, and management issues are a lot less common when it comes to commercial properties than residential. Commercial tenants have a vested interest in keeping up their space, because if they don't, it could have a negative impact on their personal business. However when it comes to tenants renting out a home, the only thing at stake is the loss of a security deposit.

Commercial properties typically have much longer leases (some tenants sign on for multiple years) and most have more than one tenant, which means you benefit from consistent cash flow and multiple streams of income.

There are also tax advantages. With commercial real estate you can write off loan interest, property depreciation, and expenses related to operation of the building. The tax benefits differ from investor to investor.

As for me, I want investments that are close to home, and thankfully Savannah has a strong economy. The growth in our area has been steady, very few highs and lows in comparison to other markets, which means real estate values will appreciate. Thanks to tourism and industry, there's also commercial investment money being brought in from outside of Savannah. And truly, there's no place like home to start investing.

So if you're looking to take the first step, think bigger than renting out a single family home. Diversify your investment portfolio to include commercial real estate, your potential for financial reward is that much greater and the hassle is that much smaller.

Graham Sadler, a commercial real estate market leader with over 18 years' experience in the industry, is an Associate Broker at Cora Bett Thomas Commercial. He can be reached at 912-398-0932 or gsadler@cbtcommercial.com.

July
3

Starland

The Starland District of Savannah has been growing for some time now, but in the last few years this beloved neighborhood has truly started coming into its own. With a reputation for the eclectic and a nod to the concept of responsible consumerism, Starland is gaining popularity with visitors and is beloved by local Savannahians. 

Starland embraces quirkiness and eschews conventional labels. This attitude extends to the location of this neighborhood. There are no established boundaries for the Starland District, although it is commonly considered to be comprised of the blocks centered around Bull Street and north of Victory Drive. These blocks, numbering about 35, are those bordered by Barnard, Drayton, and 37th streets. However, there are many who consider the streets beyond these boundaries to be included in the Starland District, as they embrace the free-spirited attitude that is prevalent in this neighborhood. 

The Starland District's origins can be traced back to over a 100 years ago, with the founding of The Starland Dairy. The boom and bust of this milk processing factory had a significant impact on the neighborhood, which saw a decline with the closing of the dairy in the 1980s. Restoration of the dairy began in 2000, and is still in progress. 

Starland

Some of Starland's popular places include Bull Street Taco, Back in the Day Bakery, Atlantic, El Coyote, and Two Tides Brewing. Starland also hosts a First Friday Art March — a celebration of culture, art, food and music that is accessible by trolley. First Friday Art March emphasizes the importance that art has in Starland. This movement, coupled with the support that Savannahians continue to give to businesses in the Starland District, show that the Starland District will continue to grow and develop as a vital part of the city of Savannah. 

Are You Looking for Homes in Starland?

Contact Cora Bett Thomas Realty & Associates today.

June
25

3 Issues Facing Today's Real Estate Market

Last week, the National Association of Real Estate Editors (NAREE) held their 52nd Annual Journalism Conference in Las Vegas, NV. Among the many highly anticipated sessions was one called "Top Ten Issues Affecting Real Estate™," given by Joseph Nahas, Jr., Chair of the Counselors of Real Estate & Senior Vice President of Equus Capital Partners. 

The Counselors of Real Estate (CRE) "is an international organization of high profile property professionals which include principals of prominent real estate, financial, legal, and accounting firms as well as recognized leaders of government and academia." 

Their annual "top 10" list spans any and all issues that could have an impact on the real estate market. This year, the list was broken up into "Current" and "Long-Term Issues."

Today we're going to focus on three of the five "Current" issues with a brief explanation of their impacts on the housing market today!

E-Commerce & Logistics

With promises of 2-day shipping no matter where you live, we are benefiting more now than ever before from the speed and ease-of-use of online retailers like Amazon. These e-retailers haven't changed whether or not we buy certain items, but rather HOW we buy them!

Many traditional malls or big-box stores are being repurposed as warehouses or distribution centers for online retailers so that they can get their products out faster.

A Look to the Future: "Developers who are including experiences into their locations are the ones who will succeed. It's about the experience and gaining something over just going to buy a product."

Generational Change & Demographics

By now we've all heard that the millennial generation is the largest yet, just by sheer volume. The largest group of millennials turns 30 years-old in 2020. The average first-time homebuying age is between 30 and 32, depending on marital status. Real estate professionals will be inundated with more and more buyers as the years roll on. Nahas commented on this in his presentation, saying that,

"Too many developers have become dependent on making decisions based on baby boomer's preferences.

The 75 million millennials are coming, and they will influence real estate and commerce even faster than the baby boomers in the 50s and 60s."

Interest Rates & the Economy

The interest rate that you secure for your mortgage is a big factor in your monthly housing cost and in how much you ultimately pay for your home. According to Freddie Mac's Primary Mortgage Market Survey, rates rose to 4.62% on a 30-year fixed rate loan last week.

The Federal Reserve also raised the federal funds rate for the second time this year. If unemployment continues to be at or near record lows, two more hikes are likely to come later this year. Nahas added,

"Rising rates can be good and bad for the economy. Bad for borrowing money with additional costs, but good to control inflation and help grow the economy at a moderate pace."

Bottom Line

If you are planning on buying and/or selling a home this year, let's get together to help you navigate the conditions in your market and set you up for success.

Contact Cora Bett Thomas Realty & Associates today.

From KCM

April
3

Choose From Savannah's Best Real Estate Team!

Savannah's Best Real Estate Team

How do you select the members of your team who are going to help make your dream of owning a home a reality? What should you be looking for? How do you know if you've found the right agent or lender?

The most important characteristic that you should be looking for in your agent is someone who is going to take the time to really educate you on the choices available to you and your ability to buy in today's market.

As the financial guru Dave Ramsey advises:

"When getting help with money, whether it's insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman."

Do your research. Ask your friends and family for recommendations of professionals they've worked with in the past and have had good experiences with.

Look for members of your team who will be honest and trustworthy; after all, you will be trusting them to help you make one of the biggest financial decisions of your life.

Whether this is your first or fifth time buying a home, you want to make sure that you have an agent who is going to have the tough conversations with you, not just the easy ones. If your offer isn't accepted by the seller, or they think that there may be something wrong with the home that you've fallen in love with, you would rather know what they think than make a costly mistake.

According to the Home Buyer and Seller Generational Trends Report:

"Buyers from all generations primarily wanted their agent's help to find the right home to purchase. Buyers were also looking for help to negotiate the terms of sale and to help with price negotiations." Additionally, "Help understanding the purchase process was most beneficial to buyers 37 years and younger at 75 percent."

Look for someone to invest in your family's future with you. You want an agent who isn't focused on the transaction but is instead focused on helping you understand the process while helping you find your dream home.

Bottom Line

In this world of Google searches, where it seems like all the answers are just a mouse-click away, you need an agent who is going to educate you and share the information that you need to know before you even know you need it. 

Contact Savannah's Best Real Estate Team Today!

January
29

What Impact Will the New Tax Code Have on Home Values?

Every month, CoreLogic releases its Home Price Insights Report. In that report, they forecast where they believe residential real estate prices will be in twelve months.

Below is a map, broken down by state, reflecting how home values are forecasted to change by the end of 2018 using data from the most recent report.

 

As we can see, CoreLogic projects an increase in home values in 49 of 50 states, and Washington, DC (there was insufficient data for HI). Nationwide, they see home prices increasing by 4.2%.

How might the new tax code impact these numbers?

Recently, the National Association of Realtors (NAR) conducted their own analysis to determine the impact the new tax code may have on home values. NAR's analysis:

"…estimated how home prices will change in the upcoming year for each state, considering the impact of the new tax law and the momentum of jobs and housing inventory."

Here is a map based on NAR's analysis:

Bottom Line

According to NAR, the new tax code will have an impact on home values across the country. However, the effect will be much less significant than what some originally thought.

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