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July
27

MORTGAGE RATES ARE DRIVING A MARKET SHIFT
By Brad Gosslee, President, Coldwell Banker Gosslee

We knew it would come but didn't know what it would look like. I'm talking about the potential end of one housing cycle and the beginning of the next.

The last few years have seen the real estate market hugely impacted by the pandemic. While so many took advantage of the "work from anywhere" phenomenon and mortgage interest rates dropped to record lows, our housing supply quickly reached all-time lows.

With soaring demand and low inventory, prices were sure to rise. And they did.

Today, seemingly overnight, we have seen some softening. This occurred because of rising mortgage rates that are the result of rising inflation that came about because of supply chain issues, the impact of the war in Ukraine and other factors.

We are starting see some potential buyers move to the sidelines because of increased costs. The U.S. Federal Reserve reports that with each rise of 1% in mortgage rates, buyer demand will drop by 10.4%.

But I want to state a few things at the start of this blog that are critically important to both buyers and sellers:

  • We still do not have enough inventory to meet demand. While sellers may have missed "the top of the market," they are still benefitting today.
  • Therefore, we are a long way from emerging out of a very strong sellers' market where that side of the transaction has a negotiating advantage.
  • Buyers need to understand that home prices are technically not coming down. Instead, the pace of percentage increase is slowing. Remember, home prices in Northwest Louisiana are up 11% over last June and 6% for the entire year.
  • Buyers should therefore not expect home prices to return to pre-pandemic levels. Here is an interesting fact. NAR just reported in its monthly Existing Homes Sales Report that the median price of all June home sales in the U.S. was $416,000. Just three years ago, the U.S. reached a then-record $285,700. Home prices would have to tumble 45.6% to reach those levels again. It's likely not going to happen!

I now want to touch on mortgage rates and what their impact is. Rates are currently bouncing between the high 5%'s and low 6%'s according to Fairway Mortgage. When rates were 3.5% a buyer who took out a $250,000 30-year fixed rate mortgage with 5% down had a monthly fee (not including taxes, insurance, etc.) of $1,066.  At 6%, that buyer is paying about $300 more a month each month.

It makes sense that unfortunately, a certain number of potential buyers would not be able to afford a home. Or they now set their sights on a lower-priced home. But for the overall majority of potential buyers, this increase is not an insurmountable hurdle.

For comparison, take a look at some of these annual average mortgage rates:

 

  • 1981 17.00%
  • 1985 12.96%
  • 1990 10.31%
  • 1995 9.13%
  • 2000 8.25%
  • 2005 5.66%
  • 2010 4.98%

 

This is why you will hear real estate professionals explain that today's interest rates are more normal that you might think. And our sales, while off of our record-pace, reflect that buyers are still buying as we are still ahead of our five year June average.

Last month, there were 521 sales in Caddo, Bossier and Desoto Parishes which was down 15% over last June. But we need some perspective. Last June was the strongest sales month EVER with 615 sales. We had never before even cracked the 600 sales mark in any month, in any year.

We are still ahead of pre-pandemic levels - June 2019 (452) and June 2018 (501) - by a nice margin. In fact, our 5-year average is 511 sales in June.

This next chart shows the "slowing" of sales as we are not seeing the huge percentage increases we saw for many, many months. At the same time, we must recognize that part of the sales challenge is simply not having enough homes to sell which is especially the case in Desoto Parish.

Price Range

YTD Number of Home Sales NW LOUISIANA
(% change over June 2021

YTD Number of Home Sales in Bossier Parish (% change over June 2021

YTD Number of Home Sales in Caddo Parish (% change over June 2021

YTD Number of Home Sales in Desoto Parish (% change over June 2021

Total

2,793 (-6%)

1,107 (-6%)

1,601 (-6%)

85 (-7%)

$100,000 & less

405 (-6%)

    102 (+5%)

293 (-8%)

10 (-41%)

$100,000-$200,000

885 (-18%)

266 (-23%)

594 (-15%)

25 (-22%)

$200,000-$300,000

858 (+1%)

402 (-5%)

439 (+7%)

    17 (+13%)

$300,000-$400,000

354 (+2%)

213 (+7%)

127 (-5%)

14 (-7%)

$400,000-$500,000

157 (+4%)

85 (+18%)

63 (-7%)

9 (-18%)

$500,000-
$600,000

64 (+33%)

    22 (0%)

34 (+31%)

8 (+800%)

$600,000+

70 (+27%)

17 (+21%)

51 (+28%)

2 (+100%)

 

To provide even greater insight, let me share a new term – "current pendings." These are properties that have entered the contracting phase. But they have not yet closed. In just two months we have dropped from 677 pending sales to 541. This could be a sign that a return to sales normalcy may be on the horizon.

Our local sales figures – at least on a year-over-year percentage basis – are very similar to what NAR is reporting nationally. Across the U.S., sales were down 14.2% compared to 15% here.

You will also notice in the below chart that our median home price increase is also similar to the U.S, 11% vs. 13.4%. But it is also great to know that our median home is more than $180,000 cheaper than the U.S. norm!

And while our inventory – the number of available homes for sale – is mirroring the U.S. market with a 3% increase vs. 2.4% nationally, you see with the month supply that we still have a critical shortage of homes at only 1.9 months. Just two years ago when the pandemic first began, we had a 3.6-month supply. It was 5.4 months prior to us having ever heard of the word "pandemic."

In most housing markets, a 6-month supply is considered balanced where neither buyer nor seller has a negotiating advantage. I've always felt our line of demarcation was closer to 5 months. You can see we have a long way to go to get there.

 

U.S.

(change over June '21)

Northwest LA

(change over June '21)

Median Price

$416,600/+13.4%

$232,000/+11%

Number of Sales

5.12 million/-14.2%
(annualized)

521/-15%

Inventory

1.26 million/+2.4%

910/+3%

Month Supply

3.0/2.5

1.9/1.7

Median Days on Market

14/16

7/7

 

We also need to be aware that homes went under contract in June in a previously unheard of 7 days. This speed is caused by the supply vs. demand imbalance. Northwest Louisiana is 2 times faster than the overall U.S. figure.

Another thing we want to pay close attention to over the coming months is the supply of homes at the upper-end, since those sales are largely predicated on the "move up" buyer. This next chart shows that our most expensive homes have the highest supply. While this is normally true because it takes longer to sell more expensive homes simply because the buyer pool is smaller, every move higher in supply would be indicative of a normalizing market at the lower to mid-tiers.

Price Range

June 2022 Available Homes/Month Supply

May 2018 Available Homes/Month Supply

Total

910/1.9

2,285/5.6

$100,000 & less

171/2.4

453/4.7

$100,000-$200,000

214/1.3

733/4.6

$200,000-$300,000

216/1.5

500/5.5

$300,000-$400,000

101/1.8

265/9.9

$400,000-$500,000

74/2.8

142/16.2

$500,000+

132/6.3

172/26.1

 

I want to close this month's blog, the same exact way I did last month.

I'm going to strongly suggest that EVERY potential buyer and seller speak with one of our agents. Get your questions answered. Gain a perspective of the state of the market.

Buyers can learn about how much they can afford and how to best work with a lender to learn about different mortgage options that can help get monthly payments where they need them to be. Remember, there are plenty of choices beyond a 30-year-fixed rate mortgage which became even more popular because rates have been so low. As they rise, the options are important. And, because we still have multiple bids occurring, our agents are preparing their buyers to effectively compete.

Sellers also need to learn how to effectively price and prepare their home for sale so it commands top dollar. We also must prepare for a day when homes don't sell as quickly as they are today. At the same time, as market conditions change beyond Northwest Louisiana, our agents are connecting sellers with agents in other cities who can provide insight about what's occurring in that next destination.

Buying, selling and moving are never easy. There are multiple emotional and financial decisions along with numerous steps. Doing it in a market like this is even harder. It's important to remember that there are no dumb questions. And we are here to help!

If you want to get even more insight, you can click here to get our Coldwell Banker Gosslee June 2022 Monthly Market Report.

Please reach out to one of our agents or feel free to reach out to me at bgosslee@cbgosslee.com.

I can't believe we are almost to August. My internal clock is already ticking. Football season is almost here!

 

June
27

GOING FORWARD AND SEEING BACKWARD
By Brad Gosslee, President, Coldwell Banker Gosslee

I can talk about the real estate market forever. It's fascinating! There are so many moving pieces and nuances that dictate prices and sales. And I love working with our incredible agents who have a laser focus into what is occurring in specific neighborhoods and price points as they help guide buyers and sellers.

This is one of those times where buyers and sellers really need our agents. Even though it may look similar, what is occurring in the moment is not quite the same as it was just a month ago. At the same time, what has occurred for the last several years throughout the pandemic continues to have incredible ramifications today.

Let's start with the basics. Sales activity remains strong, buyers are active and we still do not have enough homes to meet demand. Far from it. In fact, we are so far behind in that category that it will take us a while to go from our big-time sellers' market to a balanced one. But there has been a change that I want to address. While we don't yet have the supporting evidence in the full statistics, here is what is happening:

  • Mortgage rates have risen and now fall in the 5.75% to 6.25% range according to our friends at Fairway Mortgage.
  • The monthly payment on a traditional 30-year mortgage is therefore up and could be preventing some from entering the home buying process.
  • As we lose some buyers, we are seeing fewer multiple bids and properties with multiple bids. There is slightly less of a "frenzy."
  • If a home was priced to reflect the market conditions of even a month ago, the seller may reduce the price.
  • Over time, if more homes come on the market, many would likely stay on the market longer. Our supply would eventually catch up to demand.
  • Buyers would have more choices and sellers would not have the same competitive advantage they have today.
  • Slowly, but surely, we would return to a normalized Northwest Louisiana housing market where we again become a "Steady Eddie" market with gradual price increases.

But we are not there yet! Our sales are just off of record pace, inventory remains incredibly low, and prices continue to rise.

This month's first chart compares Caddo, Bossier and Desoto Parishes to the rest of the nation. Looking at the National Association of Realtors Existing Home Sales Report just issued, we know that the median (middle) price of all homes sold in May was a record $407,600, up 14.8% from a year ago. $407,600! We had an almost identical percentage increase but thankfully our median price is about $153,000 less!

Why have prices jumped so high? Supply vs. demand. In the case of real estate, demand can be measured in sales. Locally, there were 544 homes sold in May, down just one percent while the national levels were off about 8%. But take this in context. This was the second-best May EVER locally! We were six houses short of last May's record of 550 home sales. In fact, the five-year May average is just 479. And, for all of 2022 so far, while down 3% in total sales of 2,267, this was the second best first five months in our region's history.

 

U.S.

(change over May '21)

Northwest LA

(change over May '21)

Median Price

$407,600/+14.8%

$254,537/+14%

Number of Sales

5.41 million/-8.6%
(annualized)

544/-1%

Inventory

1.16 million/-4.1%

802/+2%

Month Supply

2.6/2.5

1.6/1.6

Median Days on Market

17/16

6/7

I wonder how high our sales figures would have been in May IF we had more homes to sell. We entered June with only 802 homes on the market. Here is a quick comparison to show you how low this is:

May 2022:        802
May 2021:        795
May 2020:     1,567 (the pandemic began two months prior)
May 2019:     2,097
May 2018:     2,222

Look at how tight things are at the different price points compared to four years ago:

Price Range

May 2022 Available Homes/Month Supply

May 2018 Available Homes/Month Supply

Total

802/1.6

2,222/5.7

$100,000 & less

164/2.3

440/4.5

$100,000-$200,000

212/1.2

716/4.5

$200,000-$300,000

173/1.2

501/5.6

$300,000-$400,000

75/1.3

259/8.9

$400,000-$500,000

72/2.8

142/16.7

$500,000+

106/5.1

164/23.2

Inventory levels are probably the most important statistic to watch to gain perspective on the market's future. The 802 listings available at the end of May was more than our record low of 667 in April. While up 20%, these additional homes were gobbled up at record pace. In fact, it took only six days for homes to sell! This is almost 3 times faster than the national mark of 17 days!

I want to zoom in a bit on what is occurring in sales. Several months ago on our next chart, we saw + signs everywhere almost always accompanied with double-digit growth. This was because of the pandemic-fueled economy that brought all-time low mortgage rates along with the work-from-anywhere phenomenon which made our affordable marketplace attractive to so many.

What also occurred was that we saw incredible activity at the higher price points. Because we had so many buying at the lower-end of the market, this allowed move-up buyers to take advantage of price gains and their equity, along with the low mortgage rates. Therefore, the higher-priced homes became scarce too.

At some point, we had to see these sales figures level off as we couldn't keep going up forever. And that's what has occurred, especially at the lower ends. But remember, even though our May sales are down, they are down of incredible highs.

Price Range

YoY Number of Home Sales NW LOUISIANA
(% change over May 2021

YoY Number of Home Sales in Bossier Parish (% change over May 2021

YoY Number of Home Sales in Caddo Parish (% change over May 2021

YoY Number of Home Sales in Desoto Parish (% change over May 2021

Total

2,264 (-3%)

873 (-7%)

1,324 (-1%)

67 (-8%)

$100,000 & less

341 (-2%)

     79 (-4%)

253 (0%)

9 (-31%)

$100,000-$200,000

741 (-15%)

227 (-20%)

495 (-12%)

19 (-30%)

$200,000-$300,000

699 (+3%)

316 (-5%)

369 (+12%)

14 (+8%)

$300,000-$400,000

269 (+3%)

158 (+5%)

99 (-1%)

12 (+9%)

$400,000-$500,000

117 (-1%)

65 (+18%)

47 (-15%)

5 (-38%)

$500,000-
$600,000

47 (+34%)

17 (-6%)

23 (+35%)

7 (+700%)

$600,000+

50 (+52%)

11 (0%)

38 (+81%)

1 (0%)

For the market to even out a bit, a reduction in the buyer pool will need to be met with more homes on the market. Otherwise, we likely won't notice a dramatic change in a shift to a more balanced market.

There is an adage in real estate that "you won't know the market has hit the top until we've passed it." Unfortunately, we likely had a lot of sellers who were trying to "time the market" and sell at the peak. My guess is that because of the rising mortgage rates, that time has passed. It will be interesting to see if this group decides it is time to list as they can also take advantage of greater home supply in their next destination – if they are leaving Northwest Louisiana and our slice of heaven.

This leads to one more adage - "sellers are usually the last to know." This refers to the fact that sellers will often believe their home is worth more than it is. Remember, the sales price will always reflect what an "able and willing buyer will pay." Our agents are working hard with their current and prospective buyers on the subtleties of today's market. When you see price drops, its usually indicative that the home was priced too high at the start and/or it was caught in an unforeseen market change (i.e., rising rates).

That's why looking at the list-to-sales price ratio is another great indication of the market's strength. Real estate agents strive to be as close to 100% as possible. For example, if a home is listed for $400,000 and sells for $400,000, that is a 100% list-to-sell ratio. If it sells for $390,000 that is a 97.5% ratio.

Our agents have done an incredible job in counseling sellers. We entered June with the region's agents coming in at 99%. I do expect this number to drop simply because it will take a while to adjust to a potentially changing market especially if mortgage rates bounce around a lot.

Therefore, I'm going to strongly suggest that EVERY potential buyer and seller speak with one of our agents. Get your questions answered. Gain a perspective of the state of the market.

Buyers can learn about how much they can afford and how to best work with a lender to learn about different mortgage options that can help get monthly payments where they need them to be. Remember, there are plenty of choices beyond a 30-year-fixed rate mortgage which became even more popular because rates have been so low. As they rise, the options are important. And, because we still have multiple bids occurring, our agents are preparing their buyers to effectively compete.

Sellers also need to learn how to effectively price and prepare their home for sale so it commands top dollar. We also must prepare for a day when homes don't sell as quickly as they are today. At the same time, as market conditions change beyond Northwest Louisiana, our agents are connecting sellers with agents in other cities who can provide insight about what's occurring in that next destination.

Buying, selling and moving are never easy. There are multiple emotional and financial decisions along with numerous steps. Doing it in a market like this is even harder. It's important to remember that there are no dumb questions. And we are here to help!

CLICK HERE to view the full May 2022 Residential Real Estate Market Report for Shreveport/Bossier City, LA. Please reach out to one of our agents or feel free to reach out to me at bgosslee@cbgosslee.com with any questions.

Hope you are enjoying the "official" start of summer!

May
25

MAY IS THE MOST IMPORTANT WORD
By Brad Gosslee, President, Coldwell Banker Gosslee

This is my May blog. And it's also an article that will use the word "may" over and over. That's because there remain a whole lot of unknowns about what may occur in housing over the near- and long-term future. But there remains one certainty…we are still in the one of the hottest and tightest times in real estate history that is especially challenging in Northwest Louisiana.

Let's start with today. We continue to see strong buyer demand met with a limited supply of available homes, causing continued rising prices.

I want to explain a bit more about the current market while I also look into the future of what may occur.

As you can tell from my blogs, I love digging into the statistics associated with the housing market. I believe the numbers give us insight into what is occurring and what may be coming down the road with prices, sales and the pace of the market.

One of the most telling numbers that indicates a down-the-road shift may be coming is in the number of home sales. The National Association of Realtors just came out with its Existing Home Sales Report looking at April sales and shared that the U.S. was down 5.4% in sales over last April. This was the third time in a row that the sales figures were below the previous month. And locally, our sales in April were down 8% over last year.

That rationale for a decrease in sales likely has a lot to do with the following:

  • Mortgage rates have ticked up. Locally, as I write this, we are around 5.3% for a 30-year fixed mortgage according to our friends at Fairway Mortgage.
  • Home prices have risen to record levels.
  • Prices and mortgage rates may be pulling some entry-level buyers out of the market.

At the same time, we are continuing to see the repercussions of a record low number of homes on the market. If there aren't enough homes for sale, logic would indicate we can't sell as many homes.

The buying frenzy of these last several years, which was fueled by historically low mortgage rates and the "work from anywhere" phenomenon, has never allowed for an already dipping pre-pandemic supply of homes to keep up. If we continue to see fewer buyers, we may start to see homes stay on the market longer, with fewer multiple bids and therefore prices would stabilize. After all, double-digit percentage increases are not sustainable.

But for now, we remain in dire need of more listings. I am hopeful that potential sellers who may have waited to "time the market" and sell at the peak, may recognize that we may be at that point and decide to list.

The inventory challenge has been exacerbated by another phenomenon of modern times – aging in place. The older generation, those 65+, have the highest homeownership rate according to the U.S. Census, with just under 79% in this age group owning their homes. This figure more than doubles the 38.8% reported for those under 35. But these older homeowners may not be selling. In fact, AARP reports that more than 90% of them want to remain in their homes.

It's just another piece of our inventory concerns. We entered May in Caddo, Bossier and Desoto Parishes with only 667 homes for sale. This was just a 1.3-month supply, and off nearly 78% from just four years ago. Even though 606 new listings came on the market in April, they are being sold really quickly. In fact, the median days on market locally for all sold homes was a ridiculously fast nine days, which was almost twice as fast as the national figure of 17.

We remain in the greatest "seller's market" of all-time. As this next chart shows, because inventory levels are so low, sellers have a huge negotiating advantage. You can see that by comparing back to 2018.

Four years ago, we had a very balanced market at our lower price points – at or near the six-month supply. In this environment, neither side has a negotiating advantage. The script flips to the buyer's advantage when there are more properties available than buyer demand. Taking a look at the chart below, this is evident in the higher price points in 2018. You can also see how severe today's lack of inventory is:

Price Range

April 2022 Available Homes/Month Supply

April 2018 Available Homes/Month Supply

Total

667/1.3

2,289/5.9

$100,000 & less

148/2.0

523/5.4

$100,000-$200,000

172/1.0

728/4.6

$200,000-$300,000

144/1.0

494/5.6

$300,000-$400,000

64/1.1

261/9.2

$400,000-$500,000

51/1.9

132/14.9

$500,000+

88/4.7

160/23.4

 

Now let's address sales and demand. While we are off a bit from last year, remember a year ago our frenzy was at full capacity. There were 469 home sales in April in Caddo, Bossier and Desoto Parishes. The drop of eight percent was off a record 510 a year ago. But if you look at our five-year April average of 426, we are actually running 10% ahead. So the demand is still there!

What's also interesting locally is that if we were selling more at the lower price points, we would be at record level pace. As this next chart shows, the move-up segments above $200,000 continue to show incredible sales strength.

Price Range

YoY Number of Home Sales NW LOUISIANA
(% change over April 2021

YoY Number of Home Sales in Bossier Parish (% change over April 2021

YoY Number of Home Sales in Caddo Parish (% change over April 2021

YoY Number of Home Sales in Desoto Parish (% change over April 2021

Total

1,723 (-4%)

649 (-10%)

1,021 (0%)

54 (-11%)

$100,000 & less

281 (+5%)

    66 50 (0%)

208 (+9%)

8 (-27%)

$100,000-$200,000

573 (-18%)

173 (-25%)

308 (-12%)

15 (-42%)

$200,000-$300,000

530 (+5%)

233 (-6%)

285 (+17%)

    12 (+0%)

$300,000-$400,000

194 (-1%)

112 (-2%)

74 (0%)

8 (0%)

$400,000-$500,000

84 (+12%)

48 (+55%)

32 (-22%)

4 (+100%)

$500,000-
$600,000

34 (+21%)

    11 (-35%)

17 (+55%)

6 (+400%)

$600,000+

27 (0%)

6 (-40%)

20 (+25%)

1 (+100%)

 

This is also the second straight month where we are not seeing dramatic increases in the number of sales over the previous year. In fact, because 2021 was such a strong sales year, we are even seeing large swings to the negative. But I urge you not to read into these shifts too much since they are compared to record levels. I am more focused on the price points that are still showing positive increases. A few months ago, we were seeing most of these in the plus 50-80% ranges. We are not seeing those same dramatic increases today. This may be an indicator that we are entering a more normalized market.

 

As you would expect with demand (buyers) still high being and a lack of supply, prices would continue to rise. And that is exactly what has occurred here and throughout the U.S.

Nationally, home prices have risen to a record median price of $391,200, up 14.8% over last year. For comparison's sake, it was $255,300 at this time in 2018. Locally we saw a similar April increase of 11% to $218,000. Thankfully our median priced home is $172,000 cheaper! Once again, the affordability of Northwest Louisiana is visible.

This next chart shows how we compare to the U.S. As you can see by what I've highlighted, our supply and pace is drastically lower than the nation:

 

U.S.

(change over April '21)

Northwest LA

(change over April '21)

Median Price

$391,200/+14.6%

$218,000/+11%

Number of Sales

5.61 million/-5.4%
(annualized)

469/-8%

Inventory

1.03 million/-10.4%

667/-14%

Months Supply

2.2/2.3

1.3/1.6

Median Days on Market

17/17

9/10

 

I wanted to close this month's blog with a portion of the actual script from our radio ads that run on our local radio stations. It addresses a seller's needs:   

NOW…MORE THAN EVER…SELLERS NEED A HIGHLY SKILLED….FULL TIME AGENT…..WHO IS WELL TRAINED ON PRICING AND NEGOTIATING MULTIPLE OFFERS.

THAT'S WHAT YOU WILL FIND IN A COLDWELL BANKER GOSSLEE AGENT…

REMEMBER…NOT ALL AGENTS ARE THE SAME…

YOUR TRUST HAS ALLOWED US TO BE THE #1 BROKERAGE IN NORTHWEST LOUISIANA FOR 29 STRAIGHT YEARS.

This is not just marketing speak. It is the truth. Sellers face different challenges today than they ever have, including managing the nearly daily changes in prices along with the ability to properly choose and negotiate with the right buyer.

I am confident that our agents are the most skilled in the region and I applaud them for continuing to train, learn and grow.

Remember, there are no silly questions. If you have any, please reach out to one of our agents or feel free to reach out to me at bgosslee@cbgosslee.com.

Hope you have a great Memorial Day start to summer!

 

 

 

May
31

Pay Off Your Mortgage Early With These Tips

The answer is different for each homeowner. Your earning power, expected future earning power, savings, and even your hobbies will all have an impact on how you choose to pay your mortgage. The good news is that there really are simple, effective tactics for paying off your mortgage early — as long as you're willing to stay committed to the process.

One of the best ways to pay off your mortgage early is to make sure that your mortgage fits your finances well before signing on the dotted line. Free mortgage calculators are very useful when shopping for a mortgage. If you're already locked into a mortgage, don't worry, there's still plenty you can do to more quickly own your home free and clear.

  1. Cut Expenses, Increase Savings – The number one tip for paying off your mortgage early is both pretty simple on the surface but sometimes easier said than done. It's sort of like saying that to lose weight, you need to burn more calories than you take in. We all know that it's true, but cutting expenses and increasing savings requires a lot of planning, discipline, and persistence.

  2. Earn More, Save More – One of the best options to cut expenses will come when you earn a raise at work or move to a higher-paying position. It's natural to want to splurge a bit, but you've already proven that you can live comfortably on your prior salary. Keep the same budget when you get a raise and put the difference toward paying off your mortgage.

  3. Focus on Frugal Fun – There will always be little sacrifices when you want to pay off a mortgage early, but that doesn't mean you have to forego fun. You'll just want to be smart about how you invest your entertainment budget. Focus on affordable hobbies, plan vacations on a budget, and try replacing a few dinners out with creative, home-cooked meals. It's all about finding the right balance.

  4. Plan Your Financial Future – If you're not on a first-name basis with a financial adviser, now is a great time to change that. A financial adviser can help optimize your budget, minimize your tax load and identify ways to lower spending that won't cut into your quality of life. Investing some of your extra savings can also help with paying off your mortgage early.

  5. Extra Payments – The ultimate payoff of saving more and spending less is the extra payments you'll be able to make, which will help you pay off your mortgage early. These payments add up quickly, and with a little planning, you can start making extra payments soon after buying a house. Your financial adviser can help you optimize your extra payments to make paying off your mortgage early as efficient as possible.

While the goal of saving more and spending less holds true for all homeowners interested in paying off their mortgage early, there are many different ways to reach that goal after buying a house. Research, experiment, and find the savings tips that work for you. The benefits of owning your home free and clear are worth the effort.

April
26

WE ARE TIGHTER THAN THE NATION
By Brad Gosslee, President, Coldwell Banker Gosslee

Let's get right to it. The housing market in Northwest Louisiana is tougher than what we are seeing across the nation.

The National Association of Realtors just came out with its Existing Home Sales Report looking at March sales and I found it striking how much tighter our market was. But before you think it is all gloom and doom, as we go on in this blog, there are some potentially promising signs.

Looking at the below chart, we are down in numerous categories compared to the overall U.S.:

  • Sales
  • Inventory (number of homes on the market)
  • Month supply
  • Median days on market which shows how fast homes are selling. In fact, our homes are selling almost 100% faster than in the rest of the nation.

 

U.S.

(change over March '21)

Northwest LA

(change over March '21)

Median Price

$375,300/-4.6%

$193,345/-1%

Number of Sales

5.77 million/-7.1%
(annualized)

491/-8%

Inventory

950,000/-9.5%

688/-11%

Months Supply

2.0/2.1

1.4/1.8

Median Days on Market

17/18

9/43

 

On the flip side, it is important to notice that our affordability levels are a HUGE positive. Our median priced home (the middle of all sales) was a whopping $181,955 less than the national price. Also, while our prices have appreciated from about $158,000 in March of 2019 to today's $193,345, we are seeing the pace of price increases slow.

We ended 2021 up 8% for the year to an overall median price of $198,950. This was another anomaly as traditionally I call our market "Steady Eddie" since we don't normally see huge annual increases. So far this year, prices are flat over this time last year.

Also, while most of 2020, and all of 2021, saw sales greatly influenced by historically-low mortgage rates, the work-from-home phenomenon and other pandemic-fueled sales, we may – I say "may" because none of us has a crystal ball – slowly begin to see a more normalized housing market.

But this can only occur if – and only if – we start to see more homes come on the market. While this will likely not happen overnight, here is what could start to happen:

  • If mortgage rates do continue to creep up into the mid/high 4% and low 5% levels, that may pull some potential buyers out of the market or they would be forced to only consider lower priced homes. Remember our price gains have already made it harder for first-time buyers to get into homeownership.
  • Fewer buyers would create more balance in the supply vs. demand equation and limit the number the number of multiple bids.
  • Homes would potentially stay on the market longer with prices leveling off.
  • If prices stabilize, this might allow potential sellers to recognize we've reached the "top of the market" and those interested might act.
  • More homes would then come on the market allowing us to begin returning to a more traditional market.

But we are definitely not there yet. Our demand is still really strong and inventory levels really low.

Sales is a great reflection of demand. While we are down 2% in sales over last year, remember this is off a record pace last year. Consider that since March 2018, just four years ago, we are:

  • We are up 29% in total sales
  • We approximately doubled the sales figures in the mid-level ranges
  • The $400,000+ luxury market is up 311% in sales

Price Range

March 2022 Sales

March 2018 Sales

Total

490

379

$100,000 & less

81

103

$100,000-$200,000

176

166

$200,000-$300,000

149

76

$300,000-$400,000

47

23

$400,000-$500,000

23

7

$500,000+

14

            2       

 

I think the major reason for the year-over-year sales slowdown is a reflection of our inventory remaining ridiculously low. Last February was our lowest inventory level ever with only 667 homes on the market. Today we are at only 688. This equates to a major seller's market with a paltry 1.4 month supply, far below the 5-6 month range we need for a balanced market where neither buyer nor seller has a negotiation advantage.

This chart shows the lack of supply compared to five years ago. Notice how the month supply has also dropped dramatically, especially in the mid-level price points:

Price Range

March 2022 Available Homes/Month Supply

March 2018 Available Homes/Month Supply

Total

688/1.4

2,222/5.5

$100,000 & less

181/2.4

456/4.7

$100,000-$200,000

168/1.0

745/4.8

$200,000-$300,000

127/0.9

495/5.6

$300,000-$400,000

64/1.2

263/9.5

$400,000-$500,000

51/1.9

116/13.7

$500,000+

93/5.1

145/21

 

If you are looking for a positive sign of a more stabilized market, you'd look at our most expensive homes where the month supply, which had come down dramatically from the 20-month level prior to the pandemic, has leveled off in the 5-month range for a while.

The impact of the inventory challenge is really noticeable in the $300,000-$400,000 range where only 64 homes were available. This sector has been fueled by move up buyers who took advantage of their equity and historically-low mortgage rates to buy larger and more expensive homes. We are down in this price range 12% across the region, 17% in Caddo Parish and 10% in Bossier Parish.

Price Range

YoY Number of Home Sales NW LOUISIANA
(% change over March 2021

YoY Number of Home Sales in Bossier Parish (% change over March 2021

YoY Number of Home Sales in Caddo Parish (% change over March 2021

YoY Number of Home Sales in Desoto Parish (% change over March 2021

Total

1,252 (-2%)

466 (-7%)

744 (+1%)

42 (0%)

$100,000 & less

224 (+14%)

50 (+9%)

169 (+16%)

5 (0%)

$100,000-$200,000

425 (-14%)

128 (-23%)

282 (-8%)

15 (-29%)

$200,000-$300,000

372 (+8%)

165 (+2%)

198 (+14%)

     9 (+0%)

$300,000-$400,000

134 (-12%)

79 (-10%)

50 (-17%)

5 (0%)

$400,000-$500,000

56 (+14%)

30 (+58%)

23 (-18%)

3 (+100%)

$500,000-
$600,000

24 (+4%)

     8 (-38%)

12 (+20%)

4 (+400%)

$600,000+

17 (-11%)

6 (0%)

10 (-23%)

1 (+100%)

 

I am so proud of our agents. Coldwell Banker Gosslee has led the local real estate industry for 29-straight years. We really believe that full-time agents deserve full-time support. And today's market certainly demands full-time agents who have proper, non-stop training who can be in constant communications with their clients.

Our behind-the-scenes team are unsung heroes. They work closely with our agents to assist them in attracting buyers, marketing your home and handling back-end details, which allows our agents to attend training classes, network with others and work closely with you.

While none of us has been through a market quite like this, we have been in business since 1960 and have amassed great knowledge and experiences. Both buyers and sellers NEED that today.

I want to re-iterate what I wrote last month:

Our agents are doing an incredible job in explaining to their sellers and buyers what is happening in the housing market. It is a stressful time on both sides. Here is why:

  • Sellers need to identify where they want to move and ensure that their next potential home is available. Our agents are connecting them with agents in their next community to assist them.
  • Sellers then have to be prepared for the fast-pace of the sale. If they get multiple bids they will eventually have to choose who they want to sell to. Our agents handle the negotiations and help the seller understand the complexities of each offer.
  • Our agents also work with their seller to create "contingencies" that often state when the sale will become final predicated on when the seller can leave and move into their next home.
  • Buyers are stressed because they have to move very quickly. They don't have as many choices as in previous years. Their agent may have to have the buyer make a quick decision and offer.
  • Buyers are also facing rejection. They may not win a bidding war and many are frustrated that they have the down payment funds and want to take advantage of the low mortgage rates, but they can't buy the home they want.

To those who are considering selling your home, I would encourage you to have a conversation with one of our agents. They can help you understand market conditions, give you a look at what your home is worth, help you meet with an agent where you are considering moving to (if it is out of town), and answer any questions you have.

Of course, you should feel free to reach out to me at bgosslee@cbgosslee.com.

See you next month!

March
25

DREAMING AND TAKING ADVANTAGE OF THE MARKET
By Brad Gosslee, President, Coldwell Banker Gosslee

I'd like to start this month's blog by asking you to click on this link and watch this video from Coldwell Banker. While valuable, you don't even have to watch the last 26 seconds where our ad agency promoted features on the coldwellbanker.com web site.

The start of the video, which is the national TV commercial that is running throughout March Madness basketball and elsewhere, talks about how the increase in home prices is allowing so many homeowners to take advantage of their increased home equity and move on in the next phase of their lives.

I love the last line of the video. "Your dreams don't have to be just dreams."

We are seeing this play out here with so many of our clients.

Now let's take a deeper dive into how buyer demand and lack of available homes have driven home prices up.

Let's start with buyer demand. There were 388 home sales in Northwest Louisiana in February. This is stunning. Our 5-year average in February, a month where we are normally pretty slow, is 320 homes. And we are even higher than last February when pandemic-related sales grew our total to 365.

Drilling down a bit deeper, we are also seeing that Caddo Parish is leading in sales, up 9% versus last year, while Bossier Parish is down 8%. This is not because Bossier has suddenly become unpopular. Instead, it is a direct reflection that there are not enough homes on the market to meet the demand.

Price Range

YoY Number of Home Sales NW LOUISIANA
(% change over Feb. 2021

YoY Number of Home Sales in Bossier Parish (% change over Feb. 2021

YoY Number of Home Sales in Caddo Parish (% change over Feb. 2021

YoY Number of Home Sales in Desoto Parish (% change over Feb. 2021

Total

759 (+2%)

276 (-8%)

457 (+9%)

26 (+8%)

$100,000 & less

143 (+20%)

24 (-27%)

116 (+33%)

3 (0%)

$100,000-$200,000

246 (-16%)

68 (-33%)

169 (-5%)

9 (-31%)

$200,000-$300,000

223 (+18%)

109 (+22%)

108 (+14%)

     6 (+20%)

$300,000-$400,000

87 (-5%)

51 (-7%)

34 (+0%)

2 (-33%)

$400,000-$500,000

33 (+22%)

15 (+25%)

17 (+13%)

1 (+100%)

$500,000-
$600,000

15 (+7%)

     4 (-60%)

7 (+75%)

4 (+400%)

$600,000+

12 (+0%)

5 (+25%)

6 (-25%)

1 (+100%)

This next chart shows that the dramatic shift in sales is occurring in the more expensive price brackets. This is because so many have built up equity in their current home and they used the incredibly low mortgage rates to "move up." At the same time, there have been plenty of renters who saved for a down payment, who could afford a more expensive home because of those ultra-low mortgage rates:

Price Range

February 2022 Sales

February 2018 Sales

Total

388

334

$100,000 & less

62

95

$100,000-$200,000

122

133

$200,000-$300,000

119

70

$300,000-$400,000

50

21

$400,000-$500,000

20

8

$500,000+

15

      7       

We now move on to supply – what we call inventory. We are at an all-time low of only 667 homes on the market. This equates to a 1.3 month supply, another all-time low. A year ago, we were at what I then called a "drastically low" 1.8 months. It was 4.5 months just two years ago. There were 437 new listings that came on the market, but most of these were scooped up extremely quickly. In fact, homes stayed on the market just 16 days in February, six days faster than last February.

To put all of this in perspective, real estate professionals usually refer to 5-6 month supply as being a balanced market. Less than that, we have a seller's market. Above that, it's considered a buyer's market. We are in a major seller's market that creates multiple bids with the seller in the negotiating driver's seat.

This chart shows the lack of supply compared to five years ago. Notice how the month supply has also dropped dramatically, especially in the mid-level price points:

Price Range

February 2022 Available Homes/Month Supply

February 2018 Available Homes/Month Supply

Total

667/1.3

2,128/5.5

$100,000 & less

185/3.0

442/4.7

$100,000-$200,000

170/1.0

734/4.8

$200,000-$300,000

124/0.8

462/5.1

$300,000-$400,000

65/1.2

229/8.6

$400,000-$500,000

42/1.6

106/12.5

$500,000+ 

81/4.4

145/20.5

Thus, the rise in prices.

The median price – the middle of all 388 homes sold in February – was $205,000, while the average was $225,573, up 6% and 5% respectively. Looking at median prices as a guide, here is a striking note – if you bought your home in March of 2019, your home's value may have increased by $53,884.

This increase leads to greater home equity – the value of your home minus what you currently owe on your mortgage.

Greater equity is leading so many homeowners to live their dream!

Our agents are doing an incredible job in explaining to their sellers and buyers what is happening in the housing market. It is a stressful time on both sides. Here is why:

  • Sellers need to identify where they want to move and ensure that their next potential home is available. Our agents are connecting them with agents in their next community to assist them.
  • Sellers then have to be prepared for the fast-pace of the sale. If they get multiple bids, they will eventually have to choose who they want to sell to. Our agents handle the negotiations and help the seller understand the complexities of each offer.
  • Our agents also work with their seller to create "contingencies" that often state when the sale will become final predicated on when the seller can leave and move into their next home.
  • Buyers are stressed because they have to move very quickly. They don't have as many choices as in previous years. Their agent may have to have the buyer make a quick decision and offer.
  • Buyers are also facing rejection. They may not win a bidding war and many are frustrated that they have the down payment funds and want to take advantage of the low mortgage rates, but they can't buy the home they want.

I want to take a moment to salute our agents. They are working so hard and navigating the tightest real estate market we have ever seen. Their training and ability to work closely with our support staff is allowing them to rise to the top. They know what to do. They know how to do it. And because they have so much power behind them, they are able to focus on their client's needs exceptionally well.

If you are ready to dream, please reach out to one of our 150+ agents who can help. Or, feel free to reach out to me at bgosslee@cbgosslee.com.

 

 

March
22

February 2022 Market Overview
Shreveport/Bossier, LA – (Caddo, Bossier, Desoto Parishes only)

To view or download the full report click here.

February Summary:  Sales demand remains high.  Average price up.  Inventory at all-time record low.

Sales:  Strong demand continued in February, posting the highest sales activity we've seen since February 2007 (which was the peak of the market before the crash of 2008).  There were 388 sales this February versus 365 last year. To give this some context, the 5 year average for February is only 320.  Year to date, we are slightly ahead of last year (up +2%) which was a record at the time. These results differ though when you drill down on each parish. Sales in Caddo are up +9% versus last year while Bossier parish is currently down –8%.  Desoto parish is up +8% versus last year but that is really only 2 additional sales.  Bossier's recent slow down is similar to what Desoto experienced last year where there were not enough available listings we able to meet demand.  While new listings are coming on-line every day, we need the new listing rate to increase or we will begin to see a slow down in closings because would-be buyers won't be able to find what they are looking for.   Builders are trying to meet this demand with new construction but lack of labor and materials is an ongoing challenge.

Unit Sales YTD by price range vs. last year:

Inventory:  Listing inventory bottomed in May of last year at 774. Since then, it climbed back up to the low 900's where it hovered for the last few months of 2021. It has now dropped again to a record level of 667 which is officially an all-time low.  With 388 homes sold in February and only 667 currently on the market, the Monthly Supply (using the 12 month trailing average) of homes is now only 1.3 which down from 1.5 last month and officially an all-time low. This is incredibly low for the Shreveport-Bossier market.  Just 12 months ago, the monthly supply was 1.8, and two years ago it was 4.5. There were 437 new listings that came on the market in February in all price ranges but the majority were put under contract shortly after hitting the market.  There are currently 626 properties in pending sale status.  This is up from 618 last month.   

PricesWith the continued low inventory and strong sales demand, we continue to see prices rise.  The average price this February was $225,573 versus $201,626 last month and $214,150 last year.   Year to date, the average price is $214,089 versus 213,813 last year.  On a price per square foot basis, average prices so far this year are $107.87/ft versus $104.73/ft last year. 

February 2022 Comparative Market Statistics
Shreveport/Bossier, LA – (Caddo, Bossier, Desoto Parishes Only)
 
 
February 2022 Absorption Rates
Shreveport/Bossier, LA – (Caddo, Bossier, & Desoto Parishes Only)

The following figures are through the month of February 2022

Currently, there are 667 total homes for sale in Shreveport/Bossier.
Over the last 12 months, 502 homes have sold per month on average.
That's a 1.3 month supply of homes if no more homes come on the market.
Last month 437 homes came on the market.

Currently there are 185 homes priced below $100,000 for sale in Shreveport/Bossier.
Over the last 12 months, 74 homes have sold per month on average in this price range.
That's a 2.5 month supply of homes if no more homes come on the market.
Last month 71 homes came on the market in this price range.

Currently there are 170 homes priced between $100,000 and $199,999 for sale in Shreveport/Bossier.
Over the last 12 months, 177 homes have sold per month on average in this price range.
That's a 1.0 month supply of homes if no more homes come on the market.
Last month 140 homes came on the market in this price range.
 
Currently there are 124 homes priced between $200,000 and $299,999 for sale in Shreveport/Bossier.
Over the last 12 months, 149 homes have sold per month on average in this price range.
That's a 0.8 month supply of homes if no more homes come on the market.
Last month 121 homes came on the market in this price range.
 
Currently there are 65 homes priced between $300,000 and $399,999 for sale in Shreveport/Bossier.
Over the last 12 months, 57 homes have sold per month on average in this price range.
That's an 1.2 month supply of homes if no more homes come on the market.
Last month 42 homes came on the market in this price range.
 
Currently there are 42 homes priced between $400,000 and $499,999 for sale in Shreveport/Bossier.
Over the last 12 months, 26 homes have sold per month on average in this price range.
That's a 1.6 month supply of homes if no more homes come on the market.
Last month 31 homes came on the market in this price range.
 
Currently there are 81 homes priced above $500,000 for sale in Shreveport/Bossier.
Over the last 12 months, 18 homes have sold per month on average in this price range.
That's a 4.4 month supply of homes if no more homes come on the market.
Last month 24 homes came on the market in this price range.

 

Important Note: A 6 month supply is considered to be a balanced market.
Under 6 months is a seller's market.
Over 6 months is a buyer's market. 
Data Source: Northwest Louisiana Association of Realtors MLS, Inc 3/9/2022
Author: Brad Gosslee of Coldwell Banker Gosslee
Information believed to be accurate but not guaranteed.
February
25

WOW…IT'S THE ONLY WORD
By Brad Gosslee, President, Coldwell Banker Gosslee

I've been in real estate for a long time and cannot remember a market like this. Not only are we seeing continued record demand, but the supply of homes for sale has shrunk again to an all-time low. And while normally I call Northwest Louisiana a "Steady Eddie" market where we don't traditionally follow the patterns of the rest of the nation, today we are just like most of America, and in some instances, have an even more challenging market.

Before I get into the state of the market and a look at the numbers, I wanted to provide some thoughts to both buyers and sellers.

As I now routinely share, those who are interested in selling their home are in a great position. We have plenty of buyers. This supply vs. demand imbalance has created a "seller's market" where sellers are in the negotiating advantage. While we discourage sellers from trying to time the market, we may be nearing a peak of rising prices simply because increasing mortgage rates may eventually pull some prospective buyers out of the market. Even the slight difference in monthly payments associated with a 4% mortgage rate might be a stretch for some. As this occurs, bidding wars cool, prices begin to level off and sellers don't see the same annual appreciation as we've had over the last few years.

This places buyers in a precarious situation. Many have down payment funds, solid jobs and every other intangible needed to become a homeowner. They just don't have enough homes to choose from. It's therefore critically important to retain the services of a full-time real estate professional who has their "ear-to-the-ground" and knows what homes are coming onto the market. Remember, agents with companies like Coldwell Banker Gosslee who do well in attracting sellers are hugely beneficial today. They have inside knowledge and that advantage can position you well in being ahead of the buying pack.

Potential buyers need to be ready to move quickly. Along with having your must-have/nice-to-have/not-that-important list ready-to-go, you also will need mortgage pre-approval. Don't miss this step! Along with telling a potential seller that you are a great buyer candidate, the pre-approval process also lets you best understand the price-range you can afford and want to be in.

If you have any questions, please feel free to reach out to me or any one of our agents. We are here to help.

Now let's jump into the most recent statistics that prove, once again, we are in a "Wow" market like no other. Normally January is a slow month in real estate, but not this year. There were 368 sales last month, 9 less than last year but 88 more than our rolling five-year average of 280, an increase of 31%!

We must remember that our local sales decline, and the national year-over-year 2.6% decrease according to the National Association of Realtors (NAR), is lower from the off-the-charts, fast-paced, pandemic-fueled housing market of 2020-2021. Demand remains strong and we expect it will remain so for the foreseeable future. Need proof? We entered January 2022 with 618 pending sales – indicating they are in some phase of the purchase cycle. That's a lot. Another reason why we don't anticipate a reduction in buyer activity is rising mortgage rates. As we head to the 4% range, we will likely see a sense of urgency for some buyers who want to lock-in lower rates.

At the same time that sales are brisk, our inventory levels have shrunk. We entered February with only 737 homes on the market – an all-time low – which is 140 less than last year when I also shared how low we were. This equates to a super-low 1.5 month supply. It was 1.9 months last year and 4.4 months two years ago. To put that into context, our normal rate is about 5-6 months.

We are mirroring the supply problem seen nationwide. NAR recently shared its Existing Home Sales Report that showed there were a record-low 860,000 homes for sale nationwide. This was down 16.5% over January 2021 and equated to a 1.6 month supply.

Another area where we are in lock-step with the nation is in the pace of our housing market. Nationally, homes are selling in just 19 days, down from 21 a year ago. And a whopping 79% of all U.S. homes sold in 30 days-or-less. Locally we are at the same 19 days, but much quicker than last year's 27 days.

But we differed from the nation in one critical area – prices. Nationally, NAR reported the median (middle of all sold homes) price was $350,300, up 15.4% over January 2021. But the median price in Caddo, Bossier and Desoto Parishes was down 3.0% to $182,450. I don't think I've used "down" and "prices" in the same sentence for a while. But, there is a big reason for this. There were 19 more $100,000-or-less home sales last month than there were a year ago – Caddo Parish was up 49% - along with a slower pace at the top price points.

This chart compares how Northwest Louisiana compares to the U.S. in a variety of categories according to NAR's Existing Home Sales report:

 

U.S.
(change over Jan. '21)
Northwest LA
(change over Jan. '21)

Median Price

$350,300/+15.8

$182,450/-3%

Number of Sales

6.5 million/-2.3%
(annualized)

368/-2%

Inventory

860,000/-16.5%

737/-16%

Months' Supply

1.6/1.9

1.5/1.9

Median Days on Market

19/21

19/27

Now let's get even closer to where you live. Caddo Parish was especially strong in the lowest price point while the $200,000-$300,000 range also continues to boom. This chart shows how the various price points fared in January sales in our three parishes:

Price Range

YoY Number of Home Sales NW LOUISIANA
(% change over Jan. 2021

YoY Number of Home Sales in Bossier Parish (% change over Jan. 2021

YoY Number of Home Sales in Caddo Parish (% change over Jan. 2021

YoY Number of Home Sales in Desoto Parish (% change over Jan. 2021

Total

368 (-2%)

122 (-21%)

239 (+13%)

9 (-25%)

$100,000 & less

79 (+32%)

12 (-14%)

67 (+49%)

2 (+100%)

$100,000-$200,000

124 (-18%)

35 (-33%)

87 (-4%)

2 (-75%)

$200,000-$300,000

104 (+13%)

48 (+12%)

54 (+13%)

     2 (0%)

$300,000-$400,000

36 (-25%)

19 (-41%)

16 (+7%)

1 (0%)

$400,000-$500,000

13 (-13%)

4 (-50%)

8 (+14%)

1 (+100%)

$500,000-
$600,000

5 (-17%)

     2 (-50%)

2 (0%)

1 (100%)

$600,000+

7 (+40%)

2 (0%)

5 (+67%)

0 (0%)

I also want to share these next two charts that break down our January sales and inventory in Northwest Louisiana over the last 5 years. The increases in sales are dramatic:

Price Range

January 2022 Sales

January 2018 Sales

Total

368

253

$100,000 & less

79

72

$100,000-$200,000

124

105

$200,000-$300,000

104

53

$300,000-$400,000

36

16

$400,000-$500,000

13

3

$500,000+

12

4

Now compare the increase in sales to the decrease over the same period of time in the number of available homes and you'll clearly see the supply vs. demand imbalance:

Price Range

January 2022 Available Homes

January 2018 Available Homes

Total

737

2,126

$100,000 & less

220

445

$100,000-$200,000

213

761

$200,000-$300,000

133

456

$300,000-$400,000

59

221

$400,000-$500,000

37

101

$500,000+

75

142

You can see that our market needs more listings. This makes it an ideal time to put your home on the market IF you are prepared to do so. That preparation involves being emotionally ready and having as much information as possible.

Along with knowing the value of your home and the equity you have gained, our agents are also helping their clients – and potential clients – connect with a quality agent in the market they are interested in moving to if it's outside of our region. This added value is proving to be extremely important as that agent, who has obvious local expertise where they live and work, helps answer many questions and address concerns that are part of the decision to sell.

If you enjoyed this blog and want to see even more data and information, take a look at our Coldwell Banker Gosslee Monthly Report. And of course, feel free to reach out to me at bgosslee@cbgosslee.com.

 

 

 

 

 

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