As your dedicated real estate agent, I want to address the challenges we’re facing in the current market and reassure you that I’m here to guide you through these uncertain times. Despite the difficulties, I’m committed to serving you and continuously improving my skills to provide the best possible service.

According to the National Association of REALTORS®’ 2024 Member Profile, 2023 was a challenging year for real estate professionals. High mortgage rates and low housing inventory significantly impacted home sales volume, with existing-home sales hitting their lowest level since 1995. In fact, 26% of REALTORS® cited lack of inventory and housing affordability as the most important factors limiting potential clients from making a purchase.

The NAR report reveals a significant statistic: only 73% of REALTORS® plan to remain in the real estate industry for at least two more years. This means that nearly 28% of agents are considering leaving the profession in the near future. However, I want to assure you that I am firmly in the group committed to this career. Despite the challenges we face, I am dedicated to my profession and to serving you, my valued clients, for the long haul.

These statistics not only highlight the complexities of the current market but also underscore why working with a committed, experienced agent is more crucial than ever. As a professional who’s in this for the long term, I’m continuously adapting to market changes and improving my skills to provide you with the best possible service, regardless of market conditions.

Here’s a few reasons why partnering with a professional like myself is invaluable in today’s market:

1. Contract Expertise: I’ll help you understand and navigate the disclosures and contracts necessary in today’s heavily regulated environment.
2. Negotiation Skills: As your advocate, I’ll act as a buffer in negotiations with all parties, ensuring your best interests are protected throughout the entire transaction.
3. Market Knowledge: I stay up-to-date with current market conditions and can explain processes and key terms, translating what they mean for you along the way.
4. Pricing Strategy: In a market where pricing matters more than ever, I can help you set the right price for your home or make a competitive offer on a property you’re interested in purchasing.

As the market evolves, I’m constantly adapting and improving my skills to serve you better. I’m committed to being your trusted advisor, providing you with the guidance and support you need to navigate this challenging market successfully.

Remember, not all agents are created equal. When choosing a real estate professional, it’s essential to find someone you trust and feel comfortable working with closely. I’m here to be that person for you, always putting your interests first and helping you achieve your real estate goals.

If you have any questions or concerns about buying or selling in the current market, please don’t hesitate to reach out. I’m here to help you every step of the way.

Sources:

1. National Association of REALTORS®’ 2024 Member Profile
2. Keeping Current Matters “Why Working with a Real Estate Professional Is Crucial Right Now”

If you’ve seen the recent headlines about foreclosures increasing in the housing market, you might be getting flashbacks to the mortgage crisis of 2008 and feeling concerned. However, the data tells a different story than those alarming headlines would suggest.

Despite the media portraying it as dramatic, the reality is that today’s foreclosure increase is just a return to normal levels after the artificial lows caused by the COVID foreclosure moratorium from 2020-2021. During that period, millions of struggling homeowners were able to pause payments and avoid foreclosure thanks to that federal program.

Now that the moratorium has ended, foreclosure filings have understandably risen. But they are still nowhere close to the Crisis levels seen in 2008 when over 1 million homes per year were being foreclosed on. Current year projections are around 357,000 total foreclosures – a fraction of the previous crash.

The key difference from 2008 is that most homeowners today actually have significant home equity after years of rising prices. Back then, homeowners were underwater on their mortgages as prices plummeted, leaving them with no equity cushion when hardships hit. This time around, that equity is protecting homeowners and preventing the next foreclosure crisis.

A recent article from Bankrate explains, “In the years after the housing crash, millions of foreclosures flooded the housing market, depressing prices. That’s not the case now. Most homeowners have a comfortable equity cushion in their homes.”

So while the foreclosure rate rising makes for attention-grabbing headlines, it’s simply not evidence of another housing crisis brewing. It’s just a reversion to normal levels that were temporarily suppressed during the pandemic. With homeowner equity largely intact, there’s no reason to think this temporary foreclosure increase will lead to the type of market crash and pricing freefall we saw 15 years ago.

When you look at the full context instead of just the headlines, the data is reassuring that today’s housing market fundamentals remain strong despite the foreclosure rate increasing from ultra-low pandemic levels. No crisis here!