August Market Update & Newsletter

As we enter August, the real estate market isn’t as hot as the weather we’ve been experiencing this year. Despite this, it remains a strong seller’s market, though the intensity has definitely cooled slightly compared to earlier in the year. You may recall from previous newsletters that we saw sight-unseen offers significantly above the list price and multiple offers waiving all contingencies. Sight-unseen offers are becoming rare, though we still see multiple offers in certain areas and segments, though it may now be only two or three rather than five to ten. Some  places take a couple of weeks to go. Additionally, buyers are now able to negotiate contingencies, which I believe is a positive development.

With kids heading back to school soon, families might consider moves aligning with school district boundaries. This time of year often prompts discussions about relocating to be closer to schools or settling into a new area before the academic year kicks off. Whether you’re contemplating a move or thinking about selling, this seasonal transition can influence housing decisions for many families.

Looking ahead, several factors might influence the market this August. There are some definite economic storm clouds on the horizon. Check that, it’s already raining a little. Job growth has slowed dramatically, with July figures well below expectations and May and June figures revised downward. As a result, unemployment is up to 4.3%, the highest in nearly 3 years. Despite inflation dropping to 3%, Federal Reserve Chair Jerome Powell has opted not to lower the Fed rate, which could have future implications. There is speculation about a potential rate cut in September, followed by additional cuts in November and December. September seems likely but I wouldn’t bet on the other 2. These all affect the general economic tides that buyers and sellers pay attention to. On specific real estate items, mortgage rates did decrease steadily in July, now standing in the high 6% range, but this didn’t result in a surge of sales. It might be attributed to the seasonal slowdown we typically see in the late summer months, or the fact that larger decreases will be necessary to move the needle with buyers. Check my weekly blogs for up to date local analysis.

Mid-August also brings changes in how buyer agent compensation is advertised, which could impact sales, buyer representation, and seller decisions regarding compensating buyer agents. These are indeed interesting times, and I will keep you informed about these developments.

As always, I am here as a resource for you, whether you are considering selling or buying. Feel free to reach out to discuss your situation in more detail. Additionally, if you purchased a home in the last year, now might be a good time to refinance your loan! Contact me to discuss your interest rate options.

It’s a good life.

Chris

 

Avoid These Common Seller Mistakes for a Smooth Sale

Selling your home can be a complex and emotional journey. As a REALTOR, I’ve seen the most common mistakes sellers make and how they can impact the sale. Here are four key pitfalls to avoid to ensure a smooth and successful selling experience.

1. OVERPRICING THE HOME 

Mistake: Setting a price based on emotional attachment or without proper market research.

Solution: I will prepare comparative market analysis (CMA) to set a competitive price that reflects current market conditions. This will attract more potential buyers and increase the chances of a quicker sale.

 2. NEGELECTING NECESSARY REPAIRS

Mistake: Ignoring minor repairs and maintenance issues.

Solution: Invest time and resources in fixing any issues before listing your home. Small repairs can make a big difference in the eyes of potential buyers and can prevent the deal from falling through after inspections.

3. POOR STAGING AND PRESENTATION

Mistake: Failing to stage the home effectively or leaving it cluttered and personalized.

Solution: Stage your home to highlight its best features. Declutter, depersonalize, and consider hiring a professional stager to make your home more appealing to a broader audience.

4. IGNORING PROFESSIONAL ADVICE

Mistake: Not heeding the advice of your real estate agent.

Solution: Trust the expertise of your real estate agent. We have the experience and knowledge to guide you through the selling process, from pricing and marketing to negotiations and closing.

By avoiding these common mistakes, you can enhance your chances of a successful and smooth sale. Remember, partnering with an experienced real estate professional, such as myself, can make all the difference. I’m committed to guiding you through every step of the selling process, ensuring your experience is both positive and profitable!

 

Recipe of the Month | Eggroll in a Bowl Pork & Veggie Bowl

By Foodnetwork.com

Ingredients

  • 2 tablespoons olive oil
  • 3 medium carrots, shredded (about 1 cup)
  • 3 scallions, thinly sliced, white and green parts separated
  • 1 red bell pepper, thinly sliced
  • Kosher salt and freshly ground black pepper
  • 2 cloves garlic, minced
  • 1 teaspoon finely grated peeled fresh ginger (from a 1-inch piece)
  • 1 pound ground pork
  • 1/2 cup chicken broth
  • 4 tablespoons honey
  • 3 tablespoons rice wine vinegar
  • 2 tablespoons low-sodium soy sauce
  • 2 pinches crushed red pepper flakes
  • 2 cups finely shredded Napa cabbage (about 4 1/2 ounces)
  • 2 cups finely shredded red cabbage (about 6 ounces)
  • Black and white sesame seeds, for serving
  • Sriracha, optional, for serving

Directions

  1. Heat the olive oil in a large skillet over medium-high heat. Add the carrots, scallion whites, bell pepper, 1 teaspoon salt and a few grinds of black pepper and cook, stirring occasionally, until the vegetables just start to soften but are still bright in color, 3 to 4 minutes. Add the garlic and ginger and cook, stirring occasionally, until just softened, about 1 minute. Add the pork, 1/2 teaspoon salt and a few grinds of black pepper and cook, breaking up the pork with a spoon and stirring occasionally, until no longer pink, 5 to 6 minutes.
  2. Stir in the chicken broth, 2 tablespoons of the honey, 2 tablespoons of the vinegar, soy sauce and 1 pinch of red pepper flakes, then gently fold in the cabbages and bring to a simmer. Continue to cook, stirring carefully so that the cabbage doesn’t fall out of the pan, until the liquid is completely absorbed and the cabbage is wilted and softened, 4 to 5 minutes.
  3. Meanwhile, mix the remaining 2 tablespoons honey, 1 tablespoon vinegar and pinch of red pepper flakes together in a small bowl. Divide the pork mixture among 4 bowls and spoon 1 tablespoon honey sauce over the top. Sprinkle with the scallion greens and sesame seeds and drizzle with sriracha if using.

Monthly Home Maintenance Tips

Test your irrigation system for leaks or clogs to ensure your lawn and garden stay properly watered during the late summer heat.

Clean and inspect your dryer vent to prevent fire hazards and improve drying efficiency.

Power wash your home’s exterior, including siding, walkways, and driveways, to remove dirt and mildew.

Examine your attic and basement for any signs of pests or leaks, addressing any issues before they become bigger problems in the coming colder months.