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Home Prices to Tumble Over 25% From Peak Levels in ‘Overheated’ Markets, Says Goldman

Credit researchers at Goldman Sachs now expect home prices in several “overheated” metro areas to fall over 25% from peak levels

Metro areas included in their forecast were Seattle, Denver, Phoenix and San Diego, according to a new home-price outlook from a Goldman research team led by Lotfi Karoui.

Some of the markets at risk for the biggest price drops this year already saw at least a 10% depreciation in home price growth, according to the Goldman team. 

Nationally, the Goldman team expects home prices to fall by roughly 10% this year from June 2022 levels, following their roughly 4% estimated decline in the second half of last year.

1. There is no

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Mortgage rates are continuing their downward trend as investors keep a lookout for more signs of cooling inflation.

“This week, labor cost data provided a ray of hope as it showed that hourly compensation was lower than previously reported in the second and third quarters for all sectors except manufacturing,” writes Danielle Hale, chief economist at Realtor.com, adding that gas prices are also plunging.

Nadia Evangelou, NAR senior economist and director of real estate research, commented: 

“Mortgage rates continue to move down. According to Freddie Mac, the rate on a 30-year fixed mortgage dropped to 6.33% from 6.59% the previous week. Housing affordability rose about 8% in the last four weeks as mortgage rates moved closer to 6%. If inflation

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Mortgage rates continued their plunge from a peak of 7.08% in November, marking their biggest three-week drop in 14 years.

“Mortgage rates continued to drop this week as optimism grows around the prospect that the Federal Reserve will slow its pace of rate hikes,” says Freddie Mac chief economist Sam Khater.

Mortgage rates this week

30-year fixed-rate mortgages

The average 30-year fixed-rate mortgage dropped to 6.49%, down from 6.58% the week prior, Freddie Mac reported Thursday. A year ago, the 30-year rate averaged 3.11%.

Mortgage rates began to slide below 7% after the most recent inflation data was released in mid-November. The consumer price index was at 7.7%, coming in below economist's expectations.

“Data shows that mortgage rates

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If you have ever thought about listing your home during the holidays below are 12 great reasons - Happy Holidays from Greer Real Estate! 

1. People who look at your home over the holidays are serious buyers.

2. Serious buyers have fewer homes to choose from over the holidays as most sellers take their homes off the market, equating to less competition and more money for you.

3. Since the supply of homes will drastically increase in January, more inventory means more competition in selling your home, which could cost you money.

4. Homes show their best when decorated for the holidays.

5. Buyers can get emotionally connected to a home, visualizing celebrating their future holidays there and may spend more money.

6.

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Interest rates have been a hot topic over the last 6-9 months.  As rates have been increasing many buyers have become reluctant to purchase a home.  Below is a great read from Ryan Niles at Cornerstone Home Lending - 

WHAT DRIVES RATES? 

One driver of interest rates is credit quality or risk of default. Even though underwriting can mitigate this, someone with worse credit quality has a higher chance of default. Investors will demand a higher rate of interest to compensate them for taking on the added risk of default due to poorer credit quality. 

The other and more important driver of interest rates is inflation. Inflation is the archenemy of Bonds since Bonds pay investors a fixed rate of return over time. 

Inflation erodes the buying power

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With everything going on from Holiday parties to shopping and visits from the in-laws we know that it’s easy to turn away from listing and selling your home during the holidays. Plus, almost everyone says the market slows down in the Winter and you should just wait until Spring, right? WRONG!

While it’s true the market is usually slower around the holidays, the current market trends of constrained inventory and desperate buyers have in fact made the Holidays an excellent time to put your house up for sale. With fewer sellers listing during the Holiday period, buyers are left sitting around with pre-approval letters in-hand just starving for inventory!

Here are 5 TIPS FOR SELLING YOUR HOME AROUND THANKSGIVING

1. Make Curb Appeal a Top

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What a difference just a few months can make. As the year comes to a close, the red-hot housing market has been brought to its knees by soaring mortgage interest rates.

  •          “Seattle, Phoenix, San Francisco could all see 20% price drops.”
  •          Wolf, of Zonda, expects prices could fall by 15% nationally over the next year
  •          “A really important thing to remember is housing is cyclical,” says Wolf. “We came from a massive run-up in prices, sales, demand in the housing market, and now it’s contracting. This is not new.”
  •          Nationally, home list prices rose 40.6% in just over two years’ time
  •          So, a 10%, 15%, or even 20% drop over a two-year span isn’t as significant as it might seem at first.

It now appears

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“As for the interest rate ‘elephant in the room,’ the time has come for buyers and sellers to revisit financing methods from previous markets,”

  •          “Mortgage programs are offering below-market rates with various buydown options – something we have not seen for years!”
  •          Buydowns, adjustable-rate loans, carrying back second deeds of trust, and closing cost allowances as possible options.
  •          Sellers need to be “laser focused on price and condition"
  •          “What your neighbor’s house sold for six months ago has very little bearing on your home’s value today.”
  •          This is the new normal until interest rates go down.”

KIRKLAND, Washington (November 7, 2022) – Brokers with Northwest Multiple Listing Service

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2022 Study: More Than Half of Buyers Would Purchase a Haunted Home in a Competitive Market October 10, 2022 by Jaime Dunaway-Seale

As Americans spend less time at home in 2022, fewer people believe they’ve lived in a haunted house. Among those who have not shared a house with ghosts, however, two-thirds (67%) believe it’s possible for a home to be haunted.

Read on to discover how Americans’ beliefs in the supernatural have changed and how that affects their home-buying preferences in a still-competitive market.

REAL HAUNTED HOUSE STATISTICS

  •          About one-fourth of Americans (24%) believe they’ve lived in a real haunted house, down from the 44% who said the same in 2021, when they spent more time at home during the pandemic.
  •         
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You may be aware of a new rule change from the Northwest Multiple Listing Service regarding “Offering” a Buyer’s Agent Compensation (We no longer use the term Commission). While it’s a confusing topic for both consumers and real estate agents alike, The Cascade Team has put together some Questions and Answers on the topic.

What is a “Fair” amount to pay for real estate compensation?

“Fair” is whatever you and the agent decide is fair, and just as you are not under any obligation to pay more than you want, the agent is not under any obligation to do business with you if they are not going to earn what they expect.

The Cascade Team will charge a total of 2% compensation to sell your home if the buyer comes unrepresented.

This includes full

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