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Hello November
As we venture in the end part of 2023, I always like to reflect on the year past. This was indeed a year of change. Some of it was scary, and parts of it were challenging but all of it was worth it! This year we changed up our business management and made some personnel changes that radically improved our overall production and morale. It may not have happened in the way I wanted it to and it was by no means planned, but at the end of the day, I have no regrets! I very much look forward to what 2024 has to offer. Onto the news….
October was a fairly slow month in real estate. I personally believe that the interest rates have had a negative result on the market and consumers are not buying. It will get better but for now, sellers are seeing a definite slowdown in showings and longer times to get under contract. The buyers we are working with tend to be much more cautious in their decision-making process and some even think that way below-market offers will fly, Let me explain. I put up a house for 375K and within a 24-hour period, I got an offer of 100K less. I think it’s fair to assume that I didn’t price the house with that much wiggle room. still, buyers are out there thinking we have switched over to a buyer’s market The TRUTH is, we are actually in a fair market except neither party realizes it LOL! Sellers are still holding on to the dream and buyers are digging in deep as they feel justified to do so because of the rate near the 7% mark.
So what do we do? Well, communication is key, as is knowledge from a reliable source. Stay away from the news. It’s not that bad. Is it ideal? yes and no, meaning that sellers are coming about and being more realistic. they are offering concessions towards closing costs and buy downs. Buyers are beginning to understand that rates will change over time and refi opportunities exist that did not just a year ago. Expect more time on the market and more compromise. In the end, someone is always selling and someone is always buying. Get your head on straight with it and you can succeed on either side. If you have questions, I can help. 407-948-8295
If you're curious about the current market conditions or have any real estate questions, don't hesitate to reach out. I'm here to help you navigate this market and make the most of your real estate purchase or sale.
Sellers, wanna try out something really neat? If you own a home and would like to keep track of your equity and value, I have access to a really cool product called HomeBot. You can sign up here: HOMEBOT AI. I love this technology! It gets delivered once a month and the info is easy to read and understand. It’s a free app to use. I highly recommend you try it out. I have 500 spaces available and they are first come, first served. As always, you can always call me to get a personal evaluation of your home. 407-948-8295.
Oh yeah…YOU HAVE TO SEE THIS HOUSE! CLICK TO SEE THIS HOUSE!
RECENT HOME SALES
Foreclosures and Bankruptcies Won’t Crash the Housing Market
If you've been following the news recently, you might have seen articles about an increase in foreclosures and bankruptcies. That could be making you feel uneasy, especially if you're thinking about buying or selling a house.
But the truth is, even though the numbers are going up, the data shows the housing market isn’t headed for a crisis.
Foreclosure Activity Rising, but Less Than Headlines Suggest
In recent years, the number of foreclosures has been very low. That’s because, in 2020 and 2021, the forbearance program and other relief options were put in place to help many homeowners stay in their homes during that tough time.
When the moratorium ended, there was an expected rise in foreclosures. But just because they’re up, that doesn't mean the housing market is in trouble.
To help you see how much things have changed since the housing crash in 2008, check out the graph below using research from ATTOM, a property data provider. It looks at properties with a foreclosure filing going all the way back to 2005 to show that there have been fewer foreclosures since the crash.
As you can see, foreclosure filings are inching back up to pre-pandemic numbers, but they're still way lower than when the housing market crashed in 2008. And today, the tremendous amount of equity American homeowners have in their homes can help people sell and avoid foreclosure.
The Increase in Bankruptcies Isn’t Dramatic Either
As you can see below, the financial trouble many industries and small businesses felt during the pandemic didn’t cause a dramatic increase in bankruptcies. Still, the number of bankruptcies has gone up slightly since last year, nearly returning to 2021 levels. But that isn’t cause for alarm.
The numbers for 2021 and 2022 were lower than more typical years. That’s in part because the government provided trillions of dollars in aid to individuals and businesses during the pandemic. So, let’s instead focus on the bar for this year and compare it to the bar on the far left (2019). It shows the number of bankruptcies today is still nowhere near where it was before the pandemic. Both of these two factors are reasons why the housing market isn't in danger of crashing.
Bottom Line
Right now, it's crucial to understand the data. Foreclosures and bankruptcies are rising, but these leading indicators aren’t signaling trouble that would cause another crash.
What are you thankful for?
I love the holidays! I love to cook and I love the time spent with family and friends. If you have ever been to my place for a holiday meal, you know that you aren’t going home hungry! Over the years I have taken the November issue to write about Thanksgiving and such. This year, I just want to take some time to share some personal thoughts on what I am thankful for.
First, I am thankful for my health. My sinuses are horrible, but overall, I am healthy and able to do the things that make me happy. I know not everyone can say that, so I am truly grateful to be able to get around and not worry about regretting it later.
I am thankful for friendship. I’ve had a few hurdles this year both personal and business, and let’s be honest, business to me IS personal. I have not once felt alone in the process of dealing with things. My friends have been there and the overall support I have seen and felt has been truly humbling.
I am thankful for my work success and those I work with. As I mentioned at the top, this year brought major staffing changes to my office. The people I rely on for business truly showed their strength and resolve as always and I am truly grateful. They say “It takes a village” and that is still true! From my amazing staff, agents, and vendors, I know without you, I’d be out of business!
Finally, my family. They know who they are. They are always there to pick me up and set me straight! Family is different for everyone. I am lucky enough to have all kinds in my life and I never take them for granted!
So, I wish you all a happy November and start to the holiday season! Don’t forget to tell those you care about how much they mean to you!
I am happy to come by and check your home out! Call me! 407-948-8295
FIND OUT YOUR HOME’S ESTIMATED VALUE. CLICK HERE!
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THANKS! See you all next time!
DAVID DORMAN BROKER / OWNER
CENTURY 21 PROFESSIONAL GROUP. 2747 MAGUIRE RD OCOEE, FL 43761
DAVID@DAVIDDORMAN.COM. 407-948-8295. WWW.DAVIDDORMAN.COM