Key Takeaways
- Sellers can expect more competition this spring as the market heats up.
- Preparing your home for sale can help attract prospective buyers and potentially increase your home’s sales price.
- Buyers are looking to negotiate, so sellers should address needed repairs ahead of time.
Spring is one of the best times to sell your home. Homebuyers are coming out of winter hibernation with more room in their schedules since the holidays are over. They’re also watching the calendar, hoping to get into new homes before the next school year. You can still take advantage of the busy spring market, but enticing prospective buyers to put down an offer will take some work.
Why You Need to Prepare Your House for a Spring Listing
Kurt Carlton, president and co-founder of real estate investment marketplace New Western in Dallas, says sellers can expect more competition this spring. They still need to prepare their homes ahead of listing so the sale is more likely to close without lengthy negotiations.
“It may seem like spring will be a seller’s market but buyers have a budget and will be looking to negotiate,” Carlton says. “Even minor repairs can be deal-breakers, so sellers should address maintenance issues ahead of time to avoid giving buyers a reason to walk away or ask for a price reduction.”
Preparing your home for sale can also help attract more buyers and potentially hike its sales price. “Properly preparing your house for the market can increase your audience and showings and will also increase your sales price by as much as 20%, depending on the improvements,” says Greg Forest, senior global real estate advisor at Sotheby’s International Realty in Palm Beach, Florida.
6 Tips to Prepare Your Home for the Spring Real Estate Market
When preparing your home for the spring homebuying season, here are some tips experts say can potentially help you sell your home faster and for top dollar:
- Boost your home’s curb appeal.
- Make necessary repairs and renovations.
- Consider making cosmetic upgrades.
- Declutter and depersonalize.
- Do a deep clean.
- Stage your home.
Boost Your Home’s Curb Appeal
Your home’s exterior, landscaping and overall condition and appearance all contribute to its curb appeal. First impressions are everything in real estate and can have a major impact when you list your home for sale.
“The most straightforward and affordable way for sellers to boost curb appeal for spring is to power wash siding and sidewalks and keep the lawn mowed, edged and trimmed,” Carlton says. “A fresh paint job to the entire exterior of a home can get expensive, but clean gutters and a fresh-looking yard will go a long way.”
The entryway is another area that often needs attention. Pantea Bionki, owner and lead designer of Bionki Interiors based in Chino Hills, California, recommends adding vibrant flowers and greenery in pots around the front entrance. If you have a front porch, Bionki says adding cozy seating areas and rugs can create a more welcoming atmosphere.
Make Necessary Repairs and Renovations
Before making any repairs or renovations, consider whether they’ll add value, provide a good return on investment or help attract prospective buyers. Remodeling kitchens and bathrooms may seem like a good option, but Carlton encourages sellers to determine whether they’ll actually get a return on investment. He says homeowners should focus on functionality and curb appeal. “Repair anything that is obviously and visibly not functioning as it should before showing it to buyers,” he says.
A big mistake sellers tend to make is attempting to match the latest design trends or renovating according to their own personal taste, says Andrea Saturno-Sanjana, a broker at Coldwell Banker Warburg in New York City. “Renovations that are too specific often do not appeal to the widest range of buyers,” she says.
Saturno-Sanjana says sellers should consider repairs and refreshing items that are immediately visible to the buyers, as well as what might catch the attention of the home inspector. “For example, it might be less costly to replace loose wall switches before listing rather than to leave them as is for a buyer’s home inspector to view them as red flags, which might signal other problems with the home,” Saturno-Sanjana says.
Consider Making Cosmetic Upgrades
Sellers can make a big impact without paying a small fortune for renovations. “If sellers want a buyer to feel like their home is move-in ready, a fresh coat of paint on interior walls and exterior doors and windows is a high-impact option without construction,” Carlton says.
If you don’t want to spend a lot of time and money fixing up your home, put what you can in the entry foyer, says Sheila Trichter, a broker at Coldwell Banker Warburg. “A fresh coat of paint won’t cost a lot in what is typically a small space,” she says. “Bright overhead lighting, a fabulous print or some other striking art will all set the mood. You want the prospective buyer to be smiling.”
Declutter and Depersonalize
Your home may reflect your life, but you want new people to visualize it as their home. That means removing all the family photos, trophies and any political or religious decor items. Strive for a clean slate.
You’ll also want to declutter. That can be everything from magazines on a side table to the kids’ boots in the hall to your blender on the kitchen counter. The home needs to look sleek and minimalist. Put everything you can away, but don’t overfill closets because prospective buyers will look there, too.
Forest recommends using neutral colors and removing excess furniture to make the space feel more inviting. This will help buyers envision themselves in the space.
Do a Deep Clean
Do a thorough spring cleaning, inside and out. You’ll want to clean out closets, wash all the windows and have the carpets cleaned. Go room by room, but pay attention to the kitchen, bathrooms and outdoor spaces. “These spaces are where people spend their most time, so if they are unappealing it can be a turnoff to a potential buyer,” Forest says.
Stage Your Home
Staging doesn’t necessarily raise the value of your home, but it could entice prospective buyers to make a higher offer and increase the likelihood it will sell quickly. According to the National Association of Realtors’ 2023 Profile of Home Staging, 20% of sellers’ agents said staging a home increased the dollar value offered by homebuyers between 1% and 5% compared with similar homes on the market that were not staged.
However, try not to stage a home for a specific season. “Doing so risks letting the buyers know that the home has been on the market for an extended period,” Bionki warns. “While this information is available online, it is best to avoid drawing unnecessary attention to it. So, I discourage the use of seasonal pillows or decorations to maintain a timeless appeal.”
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But not all home improvements are eligible for tax deductions, and those that do qualify won’t apply to the year you make renovations.
“Now, while most home improvement efforts won’t lower your taxes today, they’re not without their future perks,” says real estate agent Clint Jordan, a veteran and former Air Force fireman who founded Mil-Estate Network, a real estate service for veterans and their families. “If you tackle some major renovations that boost your home’s value, prolong its life or adapt it for a new purpose, you’re essentially making what’s known as capital improvements.” Later, when it’s time to sell, these capital improvements can benefit you and your tax situation, Jordan adds.
Make sure you keep track of all these costs, including receipts, purchase orders and other related documentation, for when you decide to sell your home.
Here are some guidelines for exploring home improvement tax deductions:
Generally, most home improvements, especially cosmetic ones, aren’t tax deductible. However, the IRS does offer some tax benefits for certain capital improvements, such as renovating your home office or a space you rent, making energy-efficient improvements or making changes due to a medical condition.
If you do qualify for tax breaks, you won’t see the benefit immediately. “When you make a home improvement, such as installing central air conditioning or replacing the roof, you can’t deduct the cost in the year you spend the money,” says Roxanne Hendrix, CPA and tax expert with JustAnswer. “But, if you keep track of those expenses, they may help you reduce your taxes in the year you sell your house.”
Most home improvements aren’t tax deductible, but the IRS does specify situations in which you can write off expenses as you improve your home. Here are home improvements that could save you money, either as a deduction or a credit, on your tax bill.
Capital improvements. The IRS defines a capital improvement as one that adds value to your home, prolongs its useful life or adapts it to new users. A capital improvement is tax deductible, but only if the improvement exists for more than one year and remains when you sell the home.
According to the IRS, a capital improvement can be:
- An addition to your home, such as a bedroom, bathroom, deck or garage.
- Landscaping.
- Exterior upgrades, such as a new roof, new siding, storm windows or doors.
- Insulation added to the attic, walls, floors, pipes and ductwork.
- Home system improvements, including an HVAC system, furnace, ductwork or security system.
- Plumbing upgrades, including the septic system, water heater or filtration systems.
- Interior improvements, such as built-in appliances, kitchen modernization, flooring, wall-to-wall carpeting or fireplace.
Home office improvements. If you use part of your home as your main office exclusively for business, you can typically deduct repairs and maintenance costs. “The amount you can deduct depends on whether the project impacts the entire home or just the office,” explains Courtney Klosterman, home insights expert at Hippo Insurance. The deduction is also categorized similarly to capital improvements and only applies to the percentage of your home that your office occupies.
For example, Klosterman says you could potentially get a tax break if you replace your home office windows with dual or triple-pane windows to help improve insulation and reduce noise. This would also benefit the entire house, but the deduction would only be applied to the percentage of the property the office takes up. If the improvement only benefits your home office, then you can deduct 100% of the cost of improvements.
Landlord home improvements. If you rent out a portion of your home, you can potentially depreciate the expense as a rental expense from the rental income you receive. “Improvements that benefit only the portion of the home being rented can be depreciated in full. Improvements that benefit the entire home can be depreciated according to the percentage of rental use of the home,” Hendrix says.
Medical improvements. You can potentially get a tax break if you make medically necessary upgrades to your home as part of the medical expense deduction. “These include improvements that help make your home more accommodating for a disability that you, your spouse or dependents that live in your home have,” Klosterman says.
The amount you include in the deduction depends on how the improvement impacts the home’s value. Klosterman explains that if your home’s value increases, your medical expense is considered the cost of the improvement minus the increase in home value. If your home’s value doesn’t increase, you can include the entire cost in your medical expense deduction.
Historic home improvements. The federal historic rehabilitation tax credit gives homeowners a tax break if they are renovating a historic home. “Historic homes can qualify for this tax credit and other grants since many organizations wish to preserve historical buildings,” Klosterman says. “Taking advantage of these can help lower the financial burden of potential repairs while helping you maintain your home’s original beauty.”
Per IRS guidelines, the property must be classified as a “certified rehabilitation,” meaning any rehabilitation of a historic structure certified with the National Park Service must be consistent with the historic character of the property or the district where the property is located. The credit is equal to 20% of the qualified rehabilitation expenditures.
Energy-efficient improvements. Homeowners can potentially qualify for the Energy Efficiency Home Improvement Credit of up to $3,200 for energy-efficient improvements made after January 1, 2023. For 2024, the credit is 30% of qualified expenses, but Klosterman says there are limits for different types of improvements.
Energy efficient upgrades, including structural improvements or the installation of new systems, can also reduce your home’s energy usage, strain on critical systems and utility costs, Klosterman explains.
“Some states also offer their own incentive programs, ranging from tax credits and rebates to low-interest loans for energy-efficient upgrades,” Jordan adds. “These can cover a broad spectrum of improvements, from solar installations to HVAC upgrades and even landscaping for water conservation in some areas.”
These rebates could add up to as much as $14,000 and can be combined with income tax credits.
Clean energy improvements. Investments in renewable energy for your home – solar, wind, geothermal, fuel cells or battery storage technology – may qualify you for the Residential Clean Energy Credit. According to Hendrix, the tax credit is 30% of the costs for qualifying, newly installed property from 2022 through 2032. The credit percentage drops to 26% for property installed in 2033 and 22% for property installed in 2034.
The credit applies to your primary residence in the U.S., new or existing. It may also apply to a second home, but you must live on the property part time and cannot rent to others; however, fuel cell property claims don’t apply. “For these upgrades, you can carry forward any excess credit and apply it to reduce the tax you owe in future years. You may not include interest paid, including loan origination fees,” Hendrix says.
The IRS states that the cost of repairs and maintenance necessary to keep your home in good condition, but don’t add to its value or prolong its life, don’t qualify and cannot be included in your basis – the amount you paid for the property plus the cost of capital improvements.
Some examples the IRS gives include painting the interior or exterior of the home, fixing leaks, filling holes or cracks, or replacing broken hardware.
Additionally, costs associated with improvements that are no longer part of the home and costs with a life expectancy of less than one year after installation do not qualify.
There are some exceptions. The entire project is considered a home improvement if items that would be considered repairs are done as part of an extensive remodeling or restoration of the home. For instance, the IRS explains that if you have a casualty (such as a fire or storm) and your home is damaged, then increase your basis by the amount you spent on repairs that restored the property to its previous condition. You must also adjust your basis by any amount of insurance reimbursement you received or expect to receive for losses.
According to Hendrix, the money you spend on your home fits into two categories from a tax perspective: the cost of improvements and the cost of repairs.
“You add the cost of capital improvements to your cost basis in the house,” Hendrix says. Capital improvements increase the cost basis of your property, which reduces your tax burden when you go to sell. “The price you paid for the home will increase in turn reducing your capital gain on the sale of the home in the future,” she adds.
On the other hand, repairs are treated differently and not added to your cost basis. “Although you can’t deduct home improvements, it’s possible in some situations to depreciate them,” she says.
Depreciation means you deduct the cost over several years, typically anywhere between three and 27.5 years, Hendrix says. This also depends on the type of assets. “To qualify to depreciate home improvement costs, you must use a portion of your home other than as a personal residence,” she adds. This typically means using part of your property as a residential rental property or as an office for business.
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Housing demand is reaching its seasonal peak amid some promising signs for the spring homebuying market.
According to the National Association of Realtors, existing home sales were up 9.5% month over month in February and prices were up 5.7% year over year, marking a strong start to the 2024 housing market. Inventory was also up in February 2024 to 2.9 months from 2.6 months the year prior, so there’s hope that this year might be less frustrating for homebuyers, despite stubbornly high interest rates.
The Federal Reserve announced that its rate hike program may soon end, as mortgage interest rates fell at the end of March for the second consecutive week.
What can you expect for the busiest time of year for the real estate market? Probably a heady mix of drama and frustration, as both buyers and sellers take advantage of warmer weather and longer days to scour local markets for their next homes. Here are the top things to keep in mind as you’re shopping for your new home.
1. Affordable Homes Are Still Out There, But It’s Competitive
Affordability is on everybody’s mind, with mortgage interest rates still hovering around 7% and the median home sales price at $384,500, a 5.7% increase year over year. There’s a very real question about just how much further buyers can bend before they break. Experts say that affordable homes are out there, but in many markets you may face stiff competition.
“Expect continuing multiple offers on affordable homes,” says Lawrence Yun, chief economist and senior vice president of research at the National Association of Realtors. “Job additions are creating more housing demand, but the supply of affordably priced homes is still limited.”
If your job is mobile, or you work fully remote, you may find it much easier and more affordable to buy outside your current market.
“The relative abundance of options in the South should make that area a bit easier to buy in than in previous years,” says Danielle Hale, chief economist at Realtor.com. “While the Northeast and Midwest offer relative affordability of homes, that feature has been drawing buyers in and keeping these markets relatively competitive.”
According to Realtor.com research, nationally, the supply of homes priced between $200,000 and $350,000 increased 20.6% year-over-year in February 2024, versus a 14.8% increase in overall housing inventory for sale. The markets with the most relatively affordable homes for sale include Orlando, Miami and Tampa, but there’s been a significant increase in these homes across the South, Midwest and Texas.
2. New Construction Is a Viable Option for All Buyers
With new construction homes coming in at a median sales price of $400,500 for February, according to the U.S. Census Bureau, the cost to buy new is only a little more than 4% higher than an existing home.
“With more inventory available, the ability to buy down mortgage rates and attractive incentives such as free refinancing within three years of purchase, new construction homes are becoming increasingly appealing,” says Brandon Lwowski, senior director of research at HouseCanary, an AI-powered residential real estate data and analytics firm based in San Antonio. “As existing home inventory remains tight, it’s expected that more future homeowners will gravitate towards the new construction market.”
Sales of new construction homes are up, but don’t let that deter you. An increase in builder confidence means more new homes will be ready to go sooner rather than later.
“Some reports say that nearly 32% of homes sold last quarter were new construction,” says Amy Lessinger, president at RE/Max in Denver. “The Commerce Department also said, ahead of what tends to be a busy season for the market, that new-home construction soared in February. Overall, an increase in new construction and growing builder confidence is indicative of more options for buyers this year.”
According to Yun, one-third of current listings are new homes right now. Usually, it’s closer to 10%, so you may find yourself in a new home this spring.
3. Despite Rate Lock-Ins, Life Changes Push Sales
Even if you’re already in the market and it feels bleak, keep in mind that life is continually happening to homeowners. Circumstances they might not have expected are turning them into home sellers, even if they’ve been trying to stay on the sidelines.
“Some homeowners who have delayed listing in the past couple of years, despite life-changing circumstances, can no longer delay,” says Yun. “There were 7 million newborn babies over the past two years whose parents may need to list their starter home and trade up. There were 7 million people who hit the retirement age of 65 who may want to trade down. Marriage and divorce lead to more listings. There were also around 50 million job switches, which means different commuting patterns that may require a different residence. Expect more supply.”
With this increased supply from homeowners who absolutely must sell, there’s another unexpected benefit: the potential to assume their mortgages. An assumption allows you to essentially take over the seller’s mortgage – and their interest rate. This won’t be possible on all properties, but it’s certainly a bonus to watch out for.
“Homebuyers who are looking for ways to maximize their housing budget and are willing to put in some effort to secure a loan may consider whether an assumable mortgage is something to look for,” says Hale. “A recent Realtor.com analysis showed that in markets where they are most common, sellers advertise assumable mortgages on 1% to 3% of homes for sale.”
Mortgage assumption can be one way for buyers to save money while interest rates are high, and it can help sellers stand apart from the competition by offering a more affordable home loan.
4. Remember the Seller Is Still Leading Negotiations
With only 2.9 months of inventory currently available, remember that it’s still a seller’s market. That means that no matter how badly you want a particular home, no matter how much you think your local market has cooled, the seller can easily walk away from your offer because they know another will be along any moment.
“In some competitive markets, buyers should be proactive in making their offer stand out,” says Lessinger. “Rather than starting with a low bid, it’s essential to present a strong initial offer to avoid losing out. Sellers often prioritize offers with fewer contingencies and more flexible terms, such as accommodating the seller’s preferred move-in date.”
She also stresses the importance of having a trusted buyer’s agent in your negotiations. They can advise you on how to craft the most effective offer for your financial goals, and advocate on your behalf in a multiple offer situation.
A Regional Breakdown
Among the four major U.S. regions, monthly sales in February jumped in the West, South and Midwest, and were unchanged in the Northeast. Year-over-year, sales declined in all regions. Here’s a look at each market.
Northeast: At 480,000 units, existing home sales in the Northeast were identical to January but down 7.7% from February 2023. It wasthe fourth consecutive month that home sales in the Northeast registered 480,000 units. The median price in the Northeast was $420,600, up 11.5% from one year ago.
Midwest: In the Midwest, existing home sales jumped 8.4% from January to an annual rate of 1.03 million in February, down 3.7% from the previous year. The median price in the Midwest was $277,600, up 6.8% from February 2023.
South: Existing home sales in the South leapt 9.8% from January to an annual rate of 2.02 million in February, down 2.9% from one year earlier. The median price in the South was $354,200, up 4.1% from last year.
West: In the West, existing home sales skyrocketed 16.4% from a month ago to an annual rate of 850,000 in February, a decline of 1.2% from 2023. The median price in the West was $593,000, up 9.1% from February 2023.
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From its glorious beaches to unique suburban neighborhoods and vibrant cities, New Jersey can be a great place to call home. And its proximity to two major metro areas – New York City and Philadelphia – make it a prime spot for job seekers looking to grow their careers.
The average home value in New Jersey is $503,432, according to Zillow. That’s a 9% increase from a year ago. Three New Jersey metropolitan areas made Realtor.com’s list forecasting the hottest U.S. markets in 2024: Allentown-Bethlehem-Easton, PA-NJ, ranking No. 23; New York-Newark-Jersey City, NY-NJ-PA, ranking No. 75; and Philadelphia-Camden-Wilmington, PA-NJ-DE-MD, ranking No. 80. These markets were ranked based on a combination of forecasted home price growth and predicted number of sales.
If you’re hoping to buy a New Jersey home, it’s important to find a great real estate agent to help with your search. Here are some of the top real estate companies in the Garden State by sales volume, according to RealTrends agent ranking service.
Based in Colonia in the heart of central New Jersey, the Robert Dekanski Team has recorded over $2 billion in sales and sold more than 10,000 properties. Robert Dekanski began selling New Jersey real estate in 2002. The team of 66 consists of agents and support staff serving buyers looking for homes across the Garden State.
Based in Hoboken, the Jill Biggs Group is dedicated to helping homebuyers in Hudson County. Affiliated with Coldwell Banker Realty, the team of more than 50 focuses on areas that include Weehawken, Jersey City and other neighborhoods that are only a quick train ride across the river from Manhattan. Jill Biggs has more than 20 years of experience in New Jersey real estate. In 2023, the group earned $434 million in sales.
Chris Walsh leads The Real Estate Leaders, a group of 70 agents assisting buyers and sellers throughout New Jersey, though mainly focused on Monmouth County.
Since 2003, Walsh has sold over $750 million worth of real estate and more than 1,200 homes. Affiliated with eXp Realty LLC, the group earned $305 million in sales in 2023.
With offices in Short Hills, Summit and Chatham, the Sue Adler Team is dedicated to helping homeowners looking to buy in northern New Jersey. Affiliated with Keller Williams Realty Premier Properties, the firm, which consists of nearly 40 professionals, focuses on towns that include Westfield, Berkeley Heights, Maplewood, Livingston and South Orange. Sue Adler, the firm’s CEO, has more than 20 years of experience selling real estate.
The Jack Binder Group has been a top-producing real estate team since 1986. Based in Avalon, the Jack Binder Group focuses on the beach communities of Avalon and Stone Harbor. The team of seven is committed to helping New Jersey buyers find their ideal shore home. In 2023, the group earned $268 million in sales. The Jack Binder Group is affiliated with Ferguson Dechert Real Estate.
With offices in Westfield, Summit, Jersey City, Ridgewood, Short Hills and Red Bank, the Michelle Pais Group at Signature Realty brings 68 combined years of real estate experience to the table. The team of 14 has sold more than 4,000 homes totaling upward of $1.5 billion. Michelle Pais, the firm’s owner, has been selling real estate for almost 20 years. The firm’s target areas include Westfield, Mountainside, Summit, Cranford and Clark.
With offices in Margate and Margate City, Paula Hartman and her staff of 15 serve the communities of Margate, Longport, Atlantic City, Ocean City and surrounding beach towns. Affiliated with Berkshire Hathaway HomeServices, The Hartman Home Team earned $250 million in sales in 2023. Paula Hartman works alongside her daughter and son-in-law, Dana and Brian Hiltner, and her son, Todd Gordon.
Known as SEG, Stacy Esser Group Realty has a staff of seven based in Tenafly, situated in northeast New Jersey across from New York City. Affiliated with Keller Williams Town Life Realty, SEG earned $213 million in 2023.
Former pro tennis player Aleksandr Pritsker is founder and CEO of Team Blackstar, a Montclair-based real estate firm with a staff of 15. Affiliated with eXp Realty, Team Blackstar serves Marlboro, Manalapan, Colts Neck, Freehold and Holmdel. In 2023, the firm earned $213 million in sales.
Affiliated with eXp Realty and led by realtor Matthew Rowack, the Rowack Real Estate Team is a group of nearly 70 real estate agents with an office in North Brunswick. The Rowack Real Estate Team serves the communities of Edison, East Brunswick, Monroe, Piscataway, Franklin and Princeton. In 2023, the group earned $209 million in sales.
How to Find a Real Estate Agent Near You
Your search for a real estate agent in New Jersey could start with one of the firms above. But it’s a good idea to interview several real estate agents and find out how they work before settling on yours. Buying a home in New Jersey is hardly an inexpensive prospect, and it’s something you want to get right. Take the time to find the perfect agent for you.
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Whether you’re looking for access to the Washington, D.C., metro area or are seeking peace and quiet in the suburbs, Maryland is a great state to call home. The average home value in Maryland is about $406,843, according to Zillow, a 3.6% increase from a year ago.
The Baltimore/Columbia/Towson area ranked No. 46 on Realtor.com’s 2024 forecast of the 100 largest housing markets. Baltimore’s median home price falls at the lower end ($177,786), with Columbia at the high end ($479,909), with Townson falling in the middle at there is440,118, up about 4% from a year ago, according to Zillow. While the greater Washington, D.C. area came in at No. 44, homes in Montgomery County, bordering Washington D.C., are the most expensive in the state, according to data collected by statewide association Maryland Realtors. Homes in Montgomery County range from a median home price of $526,417 in Silver Spring to more than $1 million in Bethesda, according to Zillow.
Meanwhile, Hagerstown, on the border of Pennsylvania, has a more modest median home price of $263,890, and Havre de Grace, on the opposite side of the state, at the mouth of the Susquehanna River and the head of Chesapeake Bay, has a median home price of $377,898.
No matter which area of Maryland you’re looking to move to, it’s important to find the right real estate agent to help with your home search. Here are some of the top real estate companies in Maryland, by sales volume according to RealTrends agent ranking service.
The Bob Lucido Team of Keller Williams Lucido Agency employs more than 100 agents. Based in Ellicott City, the firm earned $991 million in sales in 2023. Bob Lucido’s real estate career stems back to 1976, when at age 18, he became one of the youngest people to obtain a real estate license in Maryland. In 2008, he and his wife, Tracy, founded the Bob Lucido Team in Howard County. In 2016, the team expanded and launched Lucido Agency, its global real estate division.
Nurit Coombe and Alex Martinez lead a team of more than 30 agents plus support staff operating out of North Bethesda. Affiliated with luxury brand The Agency, the team services areas including Bethesda, North Bethesda, Potomac and Kensington. Team Nurit & Alex earned more than $326 million in sales in 2023. Coombe and Martinez are also the hosts of “The American Dream,” a national cable talk show highlighting the Washington D.C. area’s culture, lifestyle and best real estate listings.
The Bob & Ronna Group of Berkshire Hathaway HomeServices PenFed Realty has offices in Annapolis, Baltimore, Bethesda, Bel Air, Columbia, Ellicott City, Frederick, Monkton, Rockville, Severna Park and Towson. The team consists of nearly 80 real estate agents, plus a management and support team. The Bob & Ronna Group works with buyers in the market for luxury homes, single-family homes, condos and townhomes. In 2023, the firm earned $290 million in sales.
The Maryland & Delaware Group of Long & Foster is team of more than 30 agents responsible for over $228 million in real estate transactions. Operating out of its office in Salisbury, the team also serves Berlin, Delmar, Fruitland, Pittsville, Ocean City, St. Michaels, Ocean Pines and Princess Anne. The agency aims to provide real estate customers everything they need in one place, from a wide variety of properties and personalized financing services, to moving and repair services.
Raised on the waters of the Chesapeake Bay, Brad Kappel is a third-generation Annapolitan and executive vice president of TTR Sotheby’s International Realty. Kappel offers an insider understanding of the unique differences in each of the area’s waterfront communities. His background in home construction and renovation provides practical insight into a property’s current condition and potential. With a support staff of three, including his wife, Barb, Kappel earned $209 million in sales in 2023.
A native Washingtonian, Nathan Dart leads a team of 10 based in Bethesda. Affiliated with Long & Foster Real Estate, Dart Homes serves Poolesville, Gaithersburg, Germantown, North Potomac and several other neighborhoods in Montgomery County. In 2023, the team earned $189 million in sales.
From first-time homebuyers to experienced investors, SURE Group of Berkshire Hathaway HomeServices Homesale Realty works with a range of clients in the Greater Baltimore area. Neighborhoods serviced include Charles Village, Locust Point, Fells Point and Brewers Hill. Led by owners Andrew Undem and Matthew Pecker, the team of nearly 20 earned $188 million in sales in 2023.
Based in Bethesda, Barak Sky leads The Sky Group of Long & Foster Real Estate. With a team and support staff of more than a dozen professionals, the Sky Group works with clients looking to buy in areas ranging from Bethesda to Potomac to Chevy Chase, as well as Washington, D.C. and Virginia. In 2023, The Sky Group earned more than $187 million in sales.
Led by Nick Waldner, the Waldner Winters Team of Keller Williams Realty Centre consists of 20 agents and an administrative and support staff of nine. Waldner himself specializes in waterfront properties and has hosted TV shows including TLC’s “My First Home” and FYI’s “Waterfront House Hunting.” Based in Columbia, the Waldner Winters Team serves areas including Baltimore, Bel Air, Westminster, Rockville, White Marsh and Annapolis. The firm earned $169 million in sales in 2023.
The Banner Team has specialized in luxury and upper bracket properties throughout Bethesda and Potomac in Montgomery County, Maryland and the metropolitan D.C. region for over 35 years. Its 12 real estate agents assist buyers looking to purchase or custom build a new home as well as sellers. Based in Bethesda and affiliated with Long & Foster Real Estate, the team earned $159 million in sales in 2023.
How to Find a Real Estate Agent Near You
Your search for a real estate agent might start with one of the companies above. All have great knowledge and experience in the Maryland real estate market.
Before you choose your real estate agent, talk to several professionals and ask questions to get a sense of how they operate. If you know people who recently bought homes in Maryland, ask who they used and whether they’d recommend their agents. The more research you do, the more likely you are to end up with a real estate agent you’re happy with.
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Hot tech industries and diverse economies are fueling housing demand in Texas, home to the nation’s fastest growing housing markets in 2024, according to a forecast by the National Association of Realtors. Austin and Dallas-Fort Worth are expected to be the nation’s top two markets based on demand, while Houston ranked sixth.
The average home value in Texas is about $298,624, reports Zillow. That’s about a 0.1% decrease from a year ago. But home prices can vary substantially from one metro area within the state to another.
The median home price in Houston, for example, is $264,626. The median home price in the Dallas-Fort Worth area is $307,990. And in Austin, the median home price is even higher at $4,533,719. It’s a different story in the northern part of the state, however: Amarillo’s median home price is just $194,790.
Robust population and job growth are fueling new construction in Texas’ top three metro areas. While prices in the cities are expected to remain steady, smaller towns like Lamesa and Dumas in northwest Texas might see price corrections, according to the Houston Association of Realtors.
The combination of warmer weather and no state income tax could make Texas an ideal spot to plant roots, whether you’re still working or are looking for a place to retire.
No matter where you decide to settle down in Texas, it’s important to find the right real estate company to help with your home search. Here is a list of the top real estate firms in Texas by sales volume, according to RealTrends agent ranking service.
Having worked with more than 60 homebuilders in Dallas-Fort Worth, Houston, Austin and San Antonio, Ben Caballero, founder and CEO of HomesUSA.com, is a known for being one of the most productive real estate agents in the world. Three times, Cabellero was awarded the Guinness World Records title as selling the highest number of homes in the world – his most recent recognized year being 2020, when he sold 6,438 homes. A former homebuilder, Caballero hosts the podcast series “Lessons from the #1 ranked Real Estate Agent in the World.” He earned more $3 billion in sales in 2023, with his online platform assisting homebuyers looking for homes in the major metropolitan areas as well as Abilene, Texas.
The Loken Group, a team of specialists out of the Keller Williams Platinum office, works with homebuyers in all nine counties in the greater Houston area. The Loken Group was ranked by RealTrends as the No. 1 Large Team in Houston in 2023 based on volume, with $756 million in sales. The team is comprised of over 30 specialists and operates out of Houston.
After a successful start with RE/MAX in 2012, Levi Rodgers formed the the Levi Rodgers Real Estate Group in 2016 and spun off from RE/MAX in 2020. Based in San Antonio, the Levi Rodgers Real Estate Group also offers service coverage locally in Austin and Killeen. The firm has grown to 250 licensed agents and earned $732 million in sales in 2023.
The Heyl Group at Keller Williams has more than 10 years of experience and has worked with more than 7,000 customers in central Texas. Based in Austin, the team focuses on neighborhoods including Cedar Creek, Lakeway, Manor, Elgin and Cedar Park. The Heyl Group earned $607 million in sales in 2023.
The Franklin Team, which is affiliated with eXp Realty, closed roughly 1,400 homes totaling over $593 million in sales in 2023. Based in Katy, the team of nearly 50 professionals serves buyers in communities ranging from Magnolia to Sugar Land to Deer Park and many more.
The Rhodes Team is a North Texas real estate firm serving areas including Plano, Allen, Highland Village and McKinney. Based in Flower Mound, the team consists of more than 40 professionals who closed $591 million in sales in 2023. The Rhodes Team is affiliated with Berkshire Hathaway HomeServices and Penfed Realty Texas.
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The Matthews Team, which is affiliated with RE/MAX, has over 25 years of real estate experience. The team of 13 works out of Spring, and its founders have been deeply entrenched in the real estate market since the late 1980s. In 2023, the team earned $390 million in sales.
With more than two decades of experience, Mark Dimas leads a staff of 27 serving the greater Houston area. Based in Cypress, the firm helps clients buy and sell homes in Sugar Land, Galveston and Pearland, among many other neighborhoods in the Houston area. In addition to homebuying and selling, the team also provides property management services for landlords. In 2023, Mark Dimas Team earned $320 million in sales.
Based in Dallas, Alex Perry earned $303 million in sales in 2023. With more than a decade of affiliation with Allie Beth Allman & Associates, Perry is experienced in high-end home sales, representing both sellers and buyers. He specializes in the Park Cities, Preston Hollow and surrounding neighborhoods.
Detwiler + Wood Group, a team affiliated with Compass Real Estate, achieved over $300 million in sales for 2023. Detwiler + Wood Group has operated in the Dallas-Fort Worth area since January 2018. The team consists of nine agents and operates out of Dallas.
How to Find a Real Estate Agent Near You
Ultimately, you’ll want someone who not only knows the area inside and out, but who also listens to what you’re looking for, is mindful of your budget, and is generally communicative and easy to work with.
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Homeowners could see a significant drop in the cost of selling their homes after a powerful real estate trade group agreed last week to resolve antitrust litigation accusing brokerages of inflating sales commissions.
The $418 million settlement calls for the Chicago-based National Association of Realtors (NAR) to eliminate decades-old rules on commissions, and make it easier for buyers to negotiate fees with their own agents or use no agents at all, Reuters reports. The accord resolves claims against more than 1 million members, state and local realtor associations, and most smaller brokerages.
The move could mean major shifts in how buyers and sellers pay their agents – and just how much those fees cost moving forward.
What’s In The Settlement?
The March 15 settlement comes after several years of litigation, including class-action suits from home sellers and a legal battle with the U.S. Justice Department. As part of the settlement, the realtor group agreed to prohibit offers to compensate the buyer’s agent on multiple listing services (MLS), a practice that critics say reduced price competition and led to inflated commissions and home prices.
NAR will also require buyer’s agents to enter written agreements with all clients, outlining their fees and services before moving forward with any work. According to experts, the settlement will usher in sweeping change for buyers, sellers and agents alike.
“It’s hard to predict the timing of actual changes to the real estate market, but it’s clear now that change is coming, and perhaps sooner than anyone thought possible,” says Steve Nicastro, a real estate agent and content lead at Clever Real Estate in Charleston, South Carolina. “This will likely lead to lower commissions overall, and a change in how homebuyers use and pay their agent.”
What Were the NAR Lawsuits About?
It’s a little complicated, but the basis of the recent NAR lawsuits boiled down to the group’s MLS cooperative compensation rule, which was introduced in the 1990s in response to calls from consumer protection advocates for buyer representation
According to that rule, in order to list a for-sale property on an MLS – the databases agents use to share properties amongst themselves – they must offer a commission to the agent who ultimately brings in the winning buyer. Historically, this has resulted in a 5% to 6% total commission, with half going to the seller’s agent and half to the buyer’s agent.
Here’s the catch, though: The buyer doesn’t pay their agent’s fee directly. Instead, the commission is fully paid by the seller as part of their closing costs. According to the recently settled suit, as well as other litigation, this amounts to a form of antitrust, allegedly reducing competition and pushing up commissions higher than services warrant.
While NAR agreed to settle the suits against it, the group has made it clear it denies any wrongdoing in connection with its MLS or compensation rules.
“NAR has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers,” said Nykia Wright, interim CEO of NAR, in a statement. “Ultimately, continuing to litigate would have hurt members and their small businesses. While there could be no perfect outcome, this agreement is the best outcome we could achieve in the circumstances.”
What It Means for Buyers and Sellers
The rule changes, which are set to go into effect in mid-July, represent a major change to the way real estate agents have operated going back to the 1990s, and could lead to homebuyers and sellers negotiating lower agent commissions.
The settlement still needs court approval, but if that comes through, things could start to change in the real estate industry – and quickly. For one, buyers will need to start negotiating with their agents from the get-go.
“If the buyer’s agent fails to negotiate their commission with the seller, they will have to contract and arrange compensation to be paid by the buyer,” says Suzanne Seini, founder of Innovate Realty in Irvine, California. “This can strain first-time homebuyers who may be exercising their max budget to buy a home in the price point and area they desire.”
It could also have benefits, though, allowing buyers more freedom to pay for the services they want – and avoid paying for those they do themselves.
“Buyers will likely desire a more flexible structure now, as they can pick and choose which services they want from a buyer’s agent,” Nicastro says. “So, I think it will be more like a pay-for-service structure versus a 2.5 to 3% flat commission rate.”
Luke Babich, CEO of Clever Real Estate in St. Louis, expects buyers to have more of a “menu” of services once the new rules go into effect.
“You could pay a small fee for an agent to do an on-demand showing for you, or you could pay 0.5% to 1% if you just want help with negotiations – and maybe that’s all provided remotely,” Babich says. “You could pay 1.5% to 2% for an agent who will commit to a certain level of availability and take you to regular showings. We’ll see a wider range in pricing for different service levels.”
All in all, the changes will likely result in reduced commission costs across the board. Prior to the settlement, a report from consulting firm Keefe, Bruyette & Woods projected an “unbundling” of agent services could potentially reduce commissions as much as 2 percentage points or more. This week, economists told The New York Times it could mean about a 30% drop, which would take commissions from about 3% per agent down to around 2% or less.
These are just initial predictions, though. It’s likely that fees and services will evolve gradually over time as the industry, agents and consumers adjust to the new normal.
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New York is an extremely diverse state in terms of income, lifestyle and property values. The average median home in New York state is $450,431, up 4.9% year over year, with a median of 38 days to pending, according to Zillow. That encompasses a wide swath of real estate: In New York City, home values now average around $727,695, while in Kings County, New York, on the southwestern tip of Long Island, the median home price is $814,963, down 1% year over year; and in the capital city of Albany, the median home is $280,732, 6.6% year over year.
New York City itself is a draw for many people who want access to amenities like nightlife, public transportation and nearby jobs. With only 10% of homes there sold over asking price and 48% sold under asking price, Rocket mortgages has deemed New York City a buyer’s market in February 2024.
But whether you’re looking to live in New York City proper or elsewhere in the state, it’s essential to find the right real estate company to help you with your home search. Here are the top real estate firms serving New York:
Founded by Oren and Tal Alexander, the Alexander Team provides white-glove service for buyers and sellers interested in newly developed luxury homes. The Alexander Team earned $1.3 billion in sales in 2023. In partnership with real estate broker Official, 12 of its licensed real estate agents service New York City neighborhoods including Lower Manhattan, Upper West Side, Upper East Side, Tribeca, Chelsea and Gramercy.
Specializing in Manhattan, Brooklyn and the Hamptons, the Hudson Advisory Team offers a comprehensive range of services including sales, rentals and new development marketing. Founders Clayton Orrigo and Stephen Ferrara lead the team of more than 30 licensed real estate professionals who pulled in more than $935 million in sales in 2023. The firm also has partners across the country, including South Florida, Aspen, Colorado, Los Angeles and San Francisco.
A broker at Stribling & Associates for over 25 years before it was purchased by Compass, Alexa sells some of the highest-end properties in Manhattan, but her reach includes customers and properties in varied price ranges. Compass Real Estate has 16 officesin New York City, 19 offices in Westchester and Hudson Valley, six in The Hamptons and 12 on Long Island.
Shaun Osher founded CORE in 2005. The company employs approximately 40 licensed real estate agents who specialize in 23 neighborhoods within New York City. As CEO, he has been responsible for more than 30 projects and $6 billion in sales. A native of Johannesburg, South Africa, Osher graduated from The New School and began his career in 1994.
With over $5 billion of luxury co-op, condo and townhouse sales, Cathy Franklin is a 30-year real estate veteran who has consistently ranked among Corcoran’s top real estate agents. Franklin recorded over $600 million in sales volume in 2023.
Corcoran is committed to serving its original markets in New York City, the Hamptons and South Florida, but the company is expanding to new markets across the country.
Hedgerow Exclusive Properties is a real estate and marketing firm with 17 licensed real estate agents. Operating from Bridgehampton, New York, it had a sales volume in excess of $500 million in 2023.
A native of Shanghai, Carrie Chiang was raised in Hong Kong and spent time in Brazil before moving to New York in 1988. In addition to her experience trading the city’s prestigious condominiums, Chiang has sold more than 100 townhouses and more than $10 billion in real estate. She brokered a $100 million deal with a Hong Kong-based consortium that enabled the construction of the Riverside Boulevard community on Manhattan’s Upper West Side.
Before she began her career in real estate, Serena Boardman was employed at Sotheby’s Auction House and then at LuxuryFinder.com. She started with Sotheby’s International Realty in 2001. Since then, she has sold in excess of $4 billion dollars of property. Boardman works in the co-op, condominium and townhouse markets both on the Upper East Side, Upper West Side and Downtown, focusing on the sale of top-tier properties, but also working with a variety of price ranges. The majority of Boardman’s sales are in the $5 million to $15 million range. Sotheby’s services 81 countries and territories and operates 1,000 offices worldwide, eight of them in New York.
Founded by Ari Harkov and Warner Lewis, The Harkov Lewis Team has a staff of 19 with 13 licensed real estate agents. The firm focuses on Manhattan’s luxury market and sold more than $400 million in 2023, according to RealTrends. Affiliated with Brown Harris Stevens, the team focuses on the Manhattan and Brooklyn real estate markets.
As managing director of the Lesser Team, Matthew Lesser has led his team to be townhouse experts within Leslie J. Garfield & Co. The Lesser Team covers Manhattan and Brooklyn, having expanded into Brooklyn nearly 10 years ago with partner Ravi Kantha, who joined Serhant Real Estate in 2024 with other members of the Lesser Kantha team. The Lesser Team sold more than $400 million in 2023, according to RealTrends.
How to Find a Real Estate Agent Near You
Whether you’re looking for a home in New York City or another part of the state, it’s essential to find the right real estate agent. You may want to search for a real estate agent with one of the companies above, or get recommendations from neighbors and friends. Teaming up with the right agent is an important step in the homebuying process, so take the time to ask the right questions and weigh your choices.
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With its beautiful year-round weather and diverse landscape, California has long been a destination for homebuyers interested in the West Coast lifestyle. The average value of a home in California is $750,709, up 4.4% from a year ago, according to Zillow.
After a 22.2% decline in home sales in 2023, the California Association of Realtors (CAR) expects a rebound in the housing market, with five California metro areas forecasted to see double-digit year-over-year sales growth in 2024.
Two of these markets are pricier metropolitan statistical areas: Oxnard-Thousand Oaks-Ventura, with a median home price of $834,967, and San Diego-Chula Vista-Carlsbad, with a median home price of $902,199. But it also includes more modestly-priced markets like Bakersfield, with a median home price of approximately $376,000, Sacramento, with a median home price of nearly $466,000, and Riverside-San Bernardino-Ontario, with a home value of approximately $563,000, according to Zillow.
In 2024, CAR analysts are expecting sales to decline in two metro areas, San Jose-Sunnyvale-Santa Clara, with a median home price of about $1.493 million, and Fresno, with a median home price shy of $368,000, according to Zillow.
CAR also points out that California’s top markets tend to be more sensitive to mortgage rates than many other parts of the nation because less than a third of “homeowners” actually own their homes outright and, instead, owe money to a bank or lender.
No matter what budget you have and where you’re looking to buy, it’s important to find the right real estate company to help you with your home search. Here are some of the top real estate firms in California, by sales volume according to RealTrends agent ranking service.
With six branches across Southern California and more than 800 agents, Pinnacle Real Estate Group is one of the largest Asian American real estate companies in California, according to President Calvin Gong.
Its Advanced Super Team, consisting of 83 active licensed agents conducting business in Arcadia, California, was recognized by RealTrends as among the top 1,000 agents and teams in the U.S., in 2023, with $2.687 billion in sales. Pinnacle’s real estate business spans across many cities in Southern California, including the coastal areas of Beverly Hills, Irvine, San Diego and Santa Monica, to the Inland Empire region containing San Bernardino and Riverside. The scope of business ranges from cozy residences to luxury homes and mansions and from land development to commercial real estate investments. Servicing first-time homebuyers to experienced investors, the company also provides loan financing, property management, title protection and other real estate-related services.
With 25 years of experience, CEO Aaron Kirkman leads a team of more than 150 active licensed agents servicing clients interested in luxury inventory. Founded in 2017, AKG operates from an office in Beverly Hills servicing much of southern California, including recent expansions into the San Fernando Valley, Santa Barbara and Brentwood. AKG earned over $2 billion in sales in 2023.
This husband-and-wife team specializes in luxury historic properties in Malibu, Bel Air, Beverly Hills, Los Feliz and other areas surrounding Los Angeles. Led by Branden and Rayni Williams, the team of four operates from an office in West Hollywood. In 2019, the company sold the highest priced Frank Lloyd Wright property ever by closing The Ennis House, a Mayan-influenced home designed by the architect, for $18 million. In 2023, Williams & Williams Estates Group earned $1.258 billion in sales.
The Altman Brothers, Josh and Matthew Altman, are full-service real estate experts serving Los Angeles. The team commonly works with high-net-worth clients looking for homes in areas such as Beverly Hills, Malibu and Hollywood Hills. The brothers, along with Josh’s wife and real estate broker Heather Altman, appear on Bravo’s TV show, “Million Dollar Listing Los Angeles.” In 2023, the staff of seven earned more than $1 billion in sales and signed a multiyear renewed contract with Douglas Elliman.
Born and raised in Los Angeles, Drew Fenton has represented some pedigreed and significant estates in Beverly Hills, Holmby Hills and Bel Air. Over his career, he has sold more than 70 properties in excess of $20 million. In 2019, Drew famously sold the Chartwell Estate – also seen in “The Beverly Hillbillies” TV show – for $150 million. Last year, he ranked No. 4 among 1,000 agent and teams in the U.S. for residential sales volume, with $977 million in sales.
Ehomes is a team of 250 real estate agents serving the Chino, California, metro area. Located in Downey, California, the team includes more than 145 agents. Among the most popular areas it serves are Chino, Bloomington, Solana Beach, San Diego and Las Mesa, to name a few.
Born and raised in Malibu, Chris Cortazzo has over 28 years amassed more than $8 billion in career sales and ranked among the top 1,000 agents and teams in the U.S., having attracted some big names in entertainment and business. He earned $809 million in sales in 2023, according to RealTrends. Though powerhouses may be the backbone of his clientele, he welcomes all types of clients.
Established by David Parnes and longtime colleague James Harris, Bond Street Partners is a team of 14 specializing in high-end residential real estate and properties in Beverly Hills, Bel Air, Holmby Hills, Hollywood Hills, Brentwood, Pacific Palisades, Malibu and the greater Los Angeles region. In 2023, they earned more than $785 million in sales, according to RealTrends. Working alongside real estate broker Carolwood Estates, Bond Street Partners caters to all budgets, with a particular focus on prime location and high-end residential real estate transactions and investments. In-house designers and developers are also available to provide complete service for property sales in need of remodeling or refurbishing.
With more than 5 billion in sales volume since 2013, the Tim Smith Real Estate Group is a team of 30 licensed real estate agents based in Newport Beach, California. In 2023, the group earned more than $782 million in sales, according to RealTrends.
Justin Tye Team is a real estate team consisting of 165 active licensed agents with Active Realty, conducting business from seven offices in Corona, Irvine, La Mesa, Newport Beach, Riverside, San Diego and San Francisco. The team primarily serves clients in Los Angeles, Orange, Riverside and San Diego counties. The group earned more than $768 million in 2023, according to RealTrends.
How to Find a Real Estate Agent Near You
Your search for a real estate agent could start with one of the companies above. Consider interviewing agents from more than one firm to get a sense of how they work and what vibe they give off. Ultimately, any seasoned real estate agent who knows your target area well is likely to be a reasonable choice, but pay attention to details like their level of communication so you end up happy with the agent you choose.
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