Sellers Have an Opportunity with Today’s Home Prices
As mortgage rates started to rise this year, many homeowners began to wonder if the value of their homes would fall. Here’s the good news. Historically, when mortgage rates rise by a percentage point or more, home values continue to appreciate. The latest data on home prices seems to confirm that trend.
According to data from CoreLogic, home price appreciation has been re-accelerating since November. The graph below shows this increase in home price appreciation in green:
This is largely due to an ongoing imbalance in supply and demand. Specifically, housing supply is still low, and demand is high. As mortgage rates started to rise this year, many homebuyers rushed to make their purchases before those rates could climb higher. The increased competition drove home prices up even more. Selma Hepp, Deputy Chief Economist at CoreLogic, explains:
“Home price growth continued to gain speed in early spring, as eager buyers tried to get in front of the mortgage rate surge.”
And experts say prices are forecast to continue appreciating, just at a more moderate pace moving forward. A recent article from Fortune says:
“. . . the swift move up in mortgage rates . . . doesn’t mean home prices are about to crash. In fact, every major real estate firm with a publicly released forecast model . . . still predicts home prices will climb further this year.”
What This Means for You
If you’re thinking about selling your house, you should know you have a great opportunity to list your home and capitalize on today’s home price appreciation. As prices rise, so does the value of your home, which gives your equity a big boost.
When you sell, you can use that equity toward the purchase of your next home. And at today’s record-level of appreciation, that equity may be enough to cover some (if not all) of your down payment.
Bottom Line
History shows rising mortgage rates have not had a negative impact on home prices. Now is still a great time to sell your house thanks to ongoing price appreciation. When you’re ready to find out how much equity you have in your current home and what’s happening with home prices in your local area, let’s connect.
Green Teams Small Groups
If you’re looking to improve your real estate career, consider joining a brokerage that puts emphasis on teamwork and peer relationships. Even though that might not be something that initially comes to mind as a helpful resource in real estate. Green Team Realty is showing the positive effects that it has on its agents’ work.
“Small Groups” was created by Green Team Realty to give its sales associates the opportunity to connect and learn more from their peers. Each group consists of 1 group leader and no more than 10 group members. These meetings occur monthly with the exception of August and December. Every group is then given activities and discussion topics that cover everything from sales skills to health and wellness.
Carol Buchanan was the first sales associate to lead one of these groups. She has been a real estate professional for nearly 29 years, a member of Green Team New York Realty for four years, and achieved the Gold Award for $5-10 Million in Sales Volume for 2021. . Her group meets on the second Friday of every month and the members have grown exceptionally close since its start. Carol works with Morgan Beattie, New York’s Agent Service Manager (ASM), to make sure that her group has everything they need for the meetings including printouts and snacks.
Carol, as well as the other group leaders, are experienced professionals and great people for their group members to learn from.
Green Team Realty hires agents of all experience levels and Small Groups is a great asset to new and experienced agents alike. If this sounds like a team you would enjoy being part of, consider reaching out to us to learn more about what Green Team offers its agents.
2021 Circle Of Excellence Awards Ceremony
“New Jersey Realtors® is proud to have members who are experts in their fields, advocates in their communities and leaders amongst their peers. Throughout the year, New Jersey Realtors® honors the accomplishments of select members through prestigious awards.”
On Wednesday, May 18th, Green Team Realty agents attended the Annual Circle of Excellence Extravaganza Ceremony hosted by SCAR. This event is held to recognize and celebrate Realtors® who have achieved outstanding results.
The 2021 Circle Of Excellence Awards Levels Are as follows:
- Platinum: $20 million and 30 units minimum, or 125 units
- Gold: $12 million and 25 units minimum, or 90 units
- Silver: $6.5 million and 20 units minimum, or 70 units
- Bronze: $2.5 million and 15 units minimum, or 30 units”
Most noteworthy, this is the first year Green Team New Jersey Realty has had a sales associate in each of the four categories.
Green Team New Jersey’s NJ Realtors® Circle Of Excellence® Sales Award® Recipients Are:
Keren Gonen is the first to reach the Platinum Level for more than $20 million in sales.
Kristi Anderson achieved Gold Level, with over $12 million in sales.
The Dynamic Duo of Charles Nagy and Theodore Van Laar each received the silver award.
And Barbara Tesa and Pamela Zachowski were awarded the bronze award.
Congratulations on your outstanding accomplishments!