Weekly Market News + Event Guide | The Public Square 3.15.23

What this means for US!

Compass is #1! We are pleased to share that – for the second year in a row – as of the end of 2022, Compass remains the LARGEST Brokerage in the United States in terms of closed sales volume (RealTrends 3/9/23).

In a little over 10 years, we went from nothing — not existing — to #1.

We can confidently say our referral network is officially the best in the United States. Almost anywhere a Buyer is considering moving, Compass has highly talented, high integrity, well-respected and hardworking Agents to refer you to.
We are proud to be a part of the largest Brokerage in the U.S. – where we can best support YOU! Powered by the Compass network and technology, we have access to the top Agents nationwide to help you with all of your Real Estate needs.

Interested in learning more about how we can help you navigate this Real Estate market in your area or in other markets across the country? Let’s set up a time to connect. And don’t hesitate to reach out if you have any other questions.

The housing market looks a lot different today than it did 12 short months ago. If you’re trying to keep up, you’re not alone. According to a recent Zillow survey of real estate agents, would-be buyers and sellers commonly have misconceptions about the future state of home prices, the probability of a bidding war, how fast their home will sell and more.

Here are some of the most common misconceptions agents hear from their clients, and their advice on the best strategies for a shifting market.
Buyer misconception #1: I should wait until home prices fall to buy a home. Of the real estate agents surveyed, 46% said the biggest misconception among would-be buyers is believing that home prices will significantly fall. After housing prices skyrocketed, it can be easy to assume that what goes up, must come down. Before touring homes, take time to lock in your must-haves and where you’re willing to compromise so you can find a house that best fits your expectations and budget. 
Buyer misconception #2: It’s better to buy a house once mortgage rates drop. In just two years, 30-year fixed mortgage rates went from historical lows (2.65% in January 2021) to the current reality of more than 6%. That jump can feel like a leap for many buyers right now. However, according to 35% of agents surveyed, it may be a mistake to believe it’s better to wait for the mortgage rates to come down. So instead of waiting for rates to drop, consider taking steps to determine if and when it’s the right time for you to commit financially to a home based on current circumstances.
Seller misconception #1: My home will get multiple offers and sell quickly. Sellers are more likely to need to prepare their homes for more discerning buyers, as 56% of agents say that home buyers are taking more time to think about a home. And 55% of buyers also offer below the listed price. That’s not to say sellers won’t be able to sell their homes for a reasonable price. It’s more that they probably should not expect their homes to go under contract within days of being listed.
Seller misconception #2: I won’t need to cut my listing price. It’s a widespread belief among sellers that they won’t need to lower their listing price when selling a home right now — 74% of agents surveyed said that’s a common mentality. Yet the share of listings with a price cut in January was 22% — that’s about one out of five sellers. This is the highest January rate through at least 2018, when Zillow began collecting this data.

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Our Thoughts

It's really great to do your research on the local housing market trends. It doesn't have to be in-depth, but knowing what's up is always good. Also, you have to consider the implications of paying in cash versus taking out a mortgage and be aware that there are other fees you need to deal with, like the closing costs. Sometimes a deal doesn't go well just because the other party found a reason to back out. This is why due diligence is very important.

Everything becomes easier when you find a trusted Real Estate Agent near you. Seek Professional Advisors for your financial and Real Estate needs.

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Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.