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Henderson County real estate market pushes average house prices to $472,000
In Henderson County, houses are selling before the concrete is poured, as prospective homeowners scout out spots and buy, sight unseen.
In Henderson County, houses are selling before the concrete is poured, as prospective homeowners scout out spots and make purchases, sight unseen. “Yeah, people approach all the time,” said builder Michael Casoria. “We probably get one or two people a week that pull in, ask what we’re doing and ask if we’re going to sell or houses to sell. They’ll come months in advance.”Though according to Forbes, 30-year fixed mortgage interest rates have risen to 7%, so housing prices are anything but nailed in place.Jolie Casoria, a real estate agent in Henderson County said in the past year, the average price of a single-family home is selling for just over $472,000. “We’ve definitely seen a lot of price increases,” she said. “So here in Henderson County, it used to be that a house could sit on the market for a while. Well, right now, we have about 1.7 months of inventory, which means that in 1.7 months, we would run out of houses to sell. And so, when you have a low inventory, the prices do tend to go up.”The low inventory and high demand make it difficult for buyers like Valerie Coy. She said she ran into countless obstacles searching for a home as she moved from Texas. After one of her many offers was finally accepted, she said a lengthy inspection report came back on the home. “Foundation, mold, well, septic, there was a lot,” she said. “There was a lot, a lot of stuff that needed to get done, and they absolutely refused to do any of the work or to discount the price. We’re not in the market to move into a home and then do six months’ worth of repairs.”According to Realtor.com, Henderson County’s average single-family home price rose by almost 30% in the last year. Casoria believed that the rate could keep building. “I think the prices are going to stay relatively stable,” she continued. “They may dip a little bit, but this is a really sought-after area. “If we learned anything from the last couple years, it’s that people don’t really want to be tight-knit in the city anymore, they want to move out to a place where they can have a little bit more space, a little bit more land.”
In Henderson County, houses are selling before the concrete is poured, as prospective homeowners scout out spots and make purchases, sight unseen.
“Yeah, people approach all the time,” said builder Michael Casoria. “We probably get one or two people a week that pull in, ask what we’re doing and ask if we’re going to sell or houses to sell. They’ll come months in advance.”
Though according to Forbes, 30-year fixed mortgage interest rates have risen to 7%, so housing prices are anything but nailed in place.
Jolie Casoria, a real estate agent in Henderson County said in the past year, the average price of a single-family home is selling for just over $472,000.
“We’ve definitely seen a lot of price increases,” she said. “So here in Henderson County, it used to be that a house could sit on the market for a while. Well, right now, we have about 1.7 months of inventory, which means that in 1.7 months, we would run out of houses to sell. And so, when you have a low inventory, the prices do tend to go up.”
The low inventory and high demand make it difficult for buyers like Valerie Coy. She said she ran into countless obstacles searching for a home as she moved from Texas. After one of her many offers was finally accepted, she said a lengthy inspection report came back on the home.
“Foundation, mold, well, septic, there was a lot,” she said. “There was a lot, a lot of stuff that needed to get done, and they absolutely refused to do any of the work or to discount the price. We’re not in the market to move into a home and then do six months’ worth of repairs.”
According to Realtor.com, Henderson County’s average single-family home price rose by almost 30% in the last year. Casoria believed that the rate could keep building.
“I think the prices are going to stay relatively stable,” she continued. “They may dip a little bit, but this is a really sought-after area. “If we learned anything from the last couple years, it’s that people don’t really want to be tight-knit in the city anymore, they want to move out to a place where they can have a little bit more space, a little bit more land.”
Whether it’s buying, selling, or renting, a real estate transaction is a big undertaking. If you’re a regular reader of this column, you’ll know that I share my advice every week to try and help consumers make more informed decisions before they take the real estate plunge.
As the saying goes, time sure does fly. I cannot believe that this month marks 10 years since I penned my first “Ask Joe” column!
Since that time, the market has seen significant shifts. Over the last several years, many parts of the province have seen a sellers’ market, complete with multiple and “bully” offers, and record-high prices. Of course, there was (and is) the pandemic, which did not have the expected cooling effect on the market.
And now, in late 2022, we are seeing the repercussions of increasing inflation and a buyers’ market.
No matter what kind of market we are in, however, my essential tips remain the same. So, to commemorate the occasion, I’ve decided to recap some of my top tips from the past decade.
Do your research. A good place to start is the Real Estate Council of Ontario (RECO)’s website. Here you can find a variety of helpful resources, including information about real estate agents and guides. RECO’s real estate professional search tool lets you check if agents and brokerages are actively registered to trade in real estate in Ontario.
Understand the market. You’ve seen it in the news. Much of Ontario’s real estate market has cooled down recently, so now may be a more favourable time for buyers than sellers. However, it’s equally important to bear in mind that property values tend to fluctuate over time.
Assess your finances and priorities. Ask yourself these important questions: How much can you afford for a down payment and mortgage? How is your credit score? How much responsibility are you comfortable with? Do you care more about equity or having the freedom to move?
Set a clear budget. Make sure to account for the extra costs that come with buying a home — such as legal fees, land transfer tax and utilities costs.
Consult experts for strategic guidance and information. These experts include:
- Real estate agent: They can offer many service options, including sharing knowledge about specific neighbourhoods, monitoring market trends, providing comparative market analyses of similar properties, arranging showings, and negotiating terms.
- Real estate lawyer: They can provide counsel, review documents, investigate titles and take the necessary steps to complete a transaction successfully.
- Mortgage lender: If you need a mortgage, finding one with loan terms and a rate you are comfortable with is key. Talk with a bank or financial institution mortgage adviser or a mortgage broker.
- Home inspector: An experienced inspector will examine and report to you about property features such as electrical, roofing, plumbing, foundation and septic systems.
- Don’t skip the fine print. All the paperwork can be overwhelming, yes. But it is vital to remember that these real estate agreements are legally binding. So, review it closely and ask for clarification if something in the contract is confusing.
- Include conditions to protect yourself. While removing conditions such as financing or a home inspection can make your offer more appealing to a seller, remember that it can also be risky for you.
- Don’t assume that everything you see in a showing is included in the sale of a property. Confirm everything that comes with the home and ask your agent to detail all items in writing.
If you have a question about the home buying or selling process, please email email@example.com.
The shortage of housing in both the sale and rental market is having an impact on the community.
Realtors say that the market has been good but they just need more houses to sell.
“Right now, we have 28 homes for sale in Washington, ranging in price from $100,000 to $600,000,” said Shelly Brinson, owner of Century 21 Realty. “The trend we have seen in the last two years has been a very low supply, even more than pre-pandemic. In the past in our office alone we would have more than 28 houses for sale at any given time and right now there are just 28 in the entire city.”
“Business is OK but it is not like it was. Before you would have a home up for sale and in one or two days you would get offers above the asking price. In my opinion those days are gone,” said Vic Hopkins at Hopkins Realty.
The tight housing market is something Erika Olsen Marino can attest to. She, her husband and three school-age children recently moved to Washington from Atlanta.
“It was tough. There was not a lot on the housing market that fit our needs. Since we were from out of state, we found the most important thing was to find a good real estate agent that you trust. That was the big thing because so much of it was virtual and over the phone,” said Marino. “There just wasn’t much on the market. We weren’t really ready to buy when we did. We knew we were going to buy, but we had to jump on this house as soon as it came on the market. We put in an offer the same day it went on the market, because we knew we had to jump on it.”
Because of the tight market that same house received multiple offers, but Marino says they are able to close the deal.
One area that officials say is missing is entry level housing. Housing currently on the market ranges from $150,000 to $600,000. That in turn has rental property filled up.
“We never have a vacancy. We always stay full. Every day the phone is ringing and we have begun taking deposits on our waiting list, because our waiting list is so long,” said Dusty Davis, who has several rental properties. “The demand is up for housing. The people that are calling are telling me they are trying everybody and can’t find anything available. You almost have to know someone that is moving out to find an apartment.”
“There is just a convergence of factors that make the rental business stay good. Part of that is the rising interest rates, and the limited number of houses on the market,” said Grant Swartzentruber who has rental properties. “Demand for housing is significant everywhere, in this county as well as other places.”
Both Swartzentruber and Davis say there are factors in Washington that lead to the housing and rental shortage to begin at the low end of the market and work its way up.
“It might be slightly higher for rentals because of Perdue which brings in a large immigrant population that struggles at times to buy a house,” said Swartzentruber. “The rental market here is as strong as it is anywhere.”
“I believe we have had a lot of out-of-town workers, from various cultures that been brought in for different industrial operations in the area,” said Davis. “It seems there is a large need for rentals in that market. I think they may have driven the rest of the market up as well. That’s the largest market impact I see.”
Davis says he has noticed that a tight housing market is something that the community has grown into over the last decade.
“I think both housing for sale and rentals have been tight for some time. It is not something that has happened overnight,” he said. “It started when I-69 was under construction and we had all of the workers staying here. This community has had no-occupancy issues for 10 years. If I had a vacancy and posted it for rent, we would get more than 50 responses for that place. Since COVID I think it has gotten worse.”
With the apartments full, the impact on real estate has been to raise the price on homes.
“We have seen prices rise. In Washington, last year the average price of a home was $176,000, already our average sales price close was $180,000 in Washington,” said Brinson. “Our market seems to be staying pretty stable. We closed 164 homes last year at this time. This year we have closed 154.”
Private developers have some projects in the works in and around Washington that could help relieve some of the pressure on the tight market.
“We are excited about the growth in housing projects. There is a subdivision going up on the east side of Washington, and an expansion of another subdivision on Bussard Road. The first house there has been built and already sold. We have four more available there,” said Brinson.
“We are seeing apartments being built that will be more than $1,000 per month. I don’t think there is a market for that, but I am certain these people have done their research and there is a demand for it,” said Swartzentruber.
Hopkins says national factors like interest rates have put a lot of home sellers and buyers on the sidelines for now.
“People pay attention. The feds have increased rates and are talking about doing it again. That has left a lot of people just sitting there. Buyers are saying they want to see what happens with interest rates,” he said. “There are not enough houses to sell because people are sitting still and waiting to see what is going on with interest rates.”
The average stay on the market for a house in Washington is 40 days. But Hopkins says that number can be cut with a better pricing strategy.
“If you have a nice home that is priced fairly it will sell,” said Hopkins. “If you have a home that is substantially overpriced by today’s standards it will sit there for a while.”
For those who are in the market to buy a house, the advice is to be ready to move quickly.
“The biggest take away for us in this housing market was to have a real estate agent that knows what it up and coming and knows what the sellers are looking for. And to have all of your financing in order, so that you are ready to buy when you can,” said Marino.
With the anticipated rent increase, they were facing monthly payments of $1,100 if they signed a year-long lease and even more if they went month-to-month.
Priolo said the process of finding a new home was a “mad dash” but their real estate agent was able to put the $155,000, 1,500-square-foot home on Third Street Court SW on their radar.
The couple will soon be closing on the house that will serve as the home for them and their 10-month-old son.
Their new home is one of six newly constructed affordable homes built as part of a partnership between the city of Hickory and Charlotte-based JRN Development.
Leaders from the city joined with company representatives and homeowners to celebrate the completion of the new subdivision, known as Ridgefield Place, on Wednesday.
Last October, the city agreed to sell six city-owned pieces of property on Third Street Court and Third Street Place SW to JRN for $18,000. JRN representative Chris Younger said the city also waived utility connection fees.
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Younger estimates they had 20 inquiries in the first 48 hours after the homes were listed.
“We did not allow bidding wars,” Younger said. “It was a first-come, first-qualify type scenario.”
The houses were only available to people earning below 80% of the area median income, which is $53,900 for a family of four.
The homes, which are mostly in the 1,500- to 1,700-square-foot range, have all been sold for between $155,000 and $168,000.
The homes have deed restrictions limiting the amount of the selling price for 15 years. That’s to ensure the homes remain in an affordable price range even if they are sold.
‘A little breathing room’
The new residents of the community, many if not all of whom are young couples or single parents with young children, were excited for the chance provided by the community.
Priolo called it a “life-changing opportunity.” While he said he would now be paying the same amount for his mortgage that he would be paying in rent, he also pointed to the upside of being able to have a place to call his own.
“I’ll be able to fix things myself and not think that I’m just doing it for some other person,” Priolo said.
For some new residents, the houses in Ridgefield Place will be their first homes in Hickory.
Philip and Samantha Manche moved from Boone after finding a lack of suitable options in the mountain town.
“We want to grow a family and this is a great family town and a great area,” Samantha Manche, 21, said. The couple welcomed a child into the family less than three weeks ago.
They said stability was important for them.
“Since we’ve been married, we’ve had very transitional housing from apartments to kind of Airbnbs and living with family, kind of figuring out where to live,” Philip Manche, 23, said. “So we’re so excited to have a place that we can make our roots and be a part of this community.”
Shontabia Belton, 27, is another newcomer to Hickory. She moved from Charlotte with her 6-year-old son because of the lack of affordable housing.
Without the opportunity provided by the program, she said she likely would not have been able to afford a home of her own. Not without an immense amount of stress, at least.
“This gives me a little breathing room,” Belton said.
Keep it going
The Hickory Affordable Housing Initiative that helped establish Ridgefield Place began in 2020.
At that time, the city partnered with the Unifour Consortium housing program and Western Piedmont Council of Governments to build two units in the same neighborhood that now includes Ridgefield Place.
The first two houses have already been sold.
At the gathering on Wednesday, representatives of both the city and JRN said they were interested in finding ways to keep the program going.
“We’re not in the business of owning vacant lots,” Hickory Mayor Hank Guess said, adding the city would continue to look for places where affordable houses could be built.
Kevin Griffin is the city of Hickory reporter at the Hickory Daily Record.
How does a cooling real estate market affect buyers and sellers?
A variety of factors — including higher interest rates, rising inflation and the climbing cost of living — have all played a role in cooling much of Ontario’s residential real estate market.
Financial institutions have recently reported that rising interest rates are driving up the stress test’s qualifying rate for a mortgage. The stress test is a calculation that lenders use to determine if a buyer is able to qualify for a certain mortgage, and it automatically includes an interest rate at a higher level. The use of a higher rate is to assess a purchaser’s ability to make mortgage payments if the interest rate increases.
Now, with interest rates on the rise, an even tougher stress test means that the number of people eligible for a mortgage, and the amount they are approved for, will likely decline.
It’s important to highlight that property values fluctuate over time, sometimes with sharp increases and decreases. Although economists are generally of differing opinions on how long real estate prices will be down or up, it is difficult to guarantee any projections with certainty, as they can be influenced by so many global factors.
If you are keen on purchasing a home in Ontario, conditions leading to declining prices may work in your favour. However, no one knows how low the market might go. Depending on your neighbourhood preference, you may be able to find a property for less than what it may have sold for just a few months ago. As well, there may be more opportunity for you to negotiate terms and conditions to your advantage, such as getting a home inspection or securing financing.
If you are looking to sell your property, however, this may be a less favourable time. Depending on the type of home you have or its location, you may no longer see competing offers as commonly as you may have in the last few years.
It is understandable that you may be wondering whether now is the best time to forge ahead and list your property — or if it might be better to wait on the sidelines until the real estate landscape changes. The short answer is that it will largely depend on each individual’s personal and financial goals and circumstances.
Here are some questions to consider:
- What is driving your decision to sell? Is it because you have bought another home and want to avoid carrying two mortgages at the same time? Are you looking to move to another city for work, or to be closer to family? Are there other personal reasons behind your decision?
- Do your finances allow you to hold onto your property for a little longer? Is your timing flexible?
- If you are moving to another property, can you rent your home out and reassess the market over the next few years?
- Are you looking to make the maximum equity possible, or do you have an amount you will be content to settle on?
Everyone’s situation differs, so answering these questions may help you make a more informed decision. I also highly recommend consulting a real estate agent who is knowledgeable and experienced with real estate transactions in your area.
If you have a question about the home buying or selling process, please email firstname.lastname@example.org.
GLENDALE — When searching for an overnight rental, many people have found comfort in a residential rental.
But many in the Valley are question the explosion of the short-term rental industry in the region and its impact on the local housing market. And opinions are divided on what it means.
Out-of-state banks, holding companies and individuals have bought Valley homes and marketed via online sites such as Airbnb, Vrbo and others.
Realtors, in their efforts to find appropriate homes for potential customers, say they are struggling with this issue, dealing with a reduced inventory and, in some cases, whole blocks of rental homes used mostly for parties and vacationers.
A study of homes shows the average overnight rental price for the 1,334 homes available in Mesa on a recent day was $198. In Sun City, it was $171 for 74 units.
Jennifer Allen, the chief creative officer for 72SOLD, said the shortage has had an impact on the ability of qualified buyers to find homes.
“It definitely has a negative effect on sale prices with respect to potential buyers who plan to occupy the properties instead of renting them,” Allen said. “It makes the properties less desirable for this group of buyers.”
Allen said the presence of overnight rental homes has a slightly negative effect with respect to investment buyers as well.
“Homes in quiet neighborhoods without a lot of rentals tend to rent for a higher monthly rate,” she said. “It further affects the quality of life in a community, because particularly with short-term rentals, you have so many people coming in and out who tend to stay up later and create more noise and activity in and around the area.”
Allen said the buy ups also lead to an excess inventory — temporarily. When investment firms buy large blocks of homes, it sometimes allows them to manipulate prices.
“They have so much buying power” under those circumstances, she said. “Also, a sudden decision to sell a lot of those homes could end up flooding the market with inventory.”
There are few studies to show the impact of short-term rentals on overall housing markets. Those that are done look at specific market’s such as Los Angeles, so gaging the impact can come down to anecdotal information.
A review of random Maricopa County for rent shows some are owned by out-of-state entities. A Scottsdale property on Mitchell Drive is owned by Desert Norseman Mitchell Inc., headquartered in the San Diego area.
Some homes are listed on websites as overnight rentals. A Gilbert home that rents a two-bed suite for $280 per night is owned by IH6 Property Phoenix LP, which is listed by the Arizona Corporation Commission as a “foreign limited partnership,” with no mailing address.
Even in areas where there’s less out-of-state ownership, there are still blocks within residential neighborhoods with high percentages of rentals.
One block in northwest Phoenix, near Glendale, is northeast of the intersection of 41st Avenue and Pinnacle Peak Road. A string of contiguous homes on that block are owned by a couple with a California mailing address, a living trust and a Scottsdale-based leasing firm. CPI-Amherst, a foreign limited liability company with an address in Austin, Texas, owns another home on that block.
A high number of single-family rental homes in an area doesn’t have the same impact as an apartment complex or condominiums, Allen said.
“It tends to have a negative effect on the quality of life and saleability of homes in quiet neighborhoods as well as a negative effect on hotels and resorts,” she said. “They’re facing competition from investment owners who typically don’t have to comply with all of the safety regulations and other governmental oversight required of commercial businesses.”
Allen said this trend has become part of what’s discussed with potential buyers up-front.
“We are careful to disclose to buyers if we know about short-term rental properties in the area because of their effect on the quality of life,” she said.
Several Arizona cities, notably Scottsdale, Paradise Valley and Sedona have tried targeting those quality-of-life issues through lobbying the legislature to change state laws giving cities more power to regulate short-term rentals. Scottsdale has seen among the biggest impact of short-term rental buyers purchasing numerous houses.
But not everyone in the Valley real estate business is experiencing the same issue. A broker with a prominent Valley firm, who asked to be anonymous, said there aren’t enough overnight rental homes in the areas Award serves for it to be an issue.
“We haven’t seen whole blocks being purchased by corporate buyouts in the areas we serve,” the broker said. “Inventory was at record lows for over 18 months until the end of May.”
That firm serves more than a dozen Valley communities, but primarily focuses on retirement communities, such as Sun City, Sun City West and Wickenburg.
Evans said through the end of May, institutional buyers are part of the reason home prices kept climbing.
“Since the end of May, inventory is up, demand is down and interest rates are high,” the broker said. “The investors and other institutions who were buying things up weren’t making the prices spike, but they were keeping the prices high. Then, interest rates went up, and now we have inventory, but no buyers.”
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Is commercial real estate currently a good investment?
A recent article from Capital River Commercial discusses key economic indicators in the commercial real estate investment and construction industry. The industry’s key indicators include federal interest rate hikes, construction cost increases, consumer spending and economic growth.
Lenders are increasing the cost of capital and tightening their requirements, which is challenging for investors and builders. Construction costs and supply-chain issues are significant problems for builders in bringing finished product to market. Consumer confidence is being chipped away by the high cost of consumer goods, energy, rent and fuel.
The multifamily sector will likely continue strong, but we may see a softening in rents. Builders may start focusing on updating older properties or looking at adaptive reuse of non-residential property.
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The industrial sector will likely remain strong for the remainder of the year. Still, with consumer spending pulling back, companies may reassess expansion plans.
Retail properties’ prospects depend on the use, with essential retailers doing well in tough times and luxury high-end brand retailers seemingly unscathed. Brands that cater to the middle class may find tough times ahead.
The office sector outlook will remain bleak with companies still figuring out how their employees will work. Office space square footage requirements will likely decrease while amenities for employees increase.
Price collapse of the housing market
Many in the residential real estate market are holding their breath at what could be the market’s peak and a precipice on the horizon.
According to a study by Moody Analytics, arguably, the U.S. is already in a recession. People who have purchased homes in 180 highly desirable markets may find they paid too much. In a recent study by Fortune, 183 of the nation’s 413 largest regional housing markets are overvalued by more than 25%.
The most overvalued locations in the U.S. are Boise, Idaho at 72%; Charlotte, North Carolina, 66%; Nashville, Tennessee, 54%; Flagstaff, Arizona and Austin, Texas, 61%; and Miami-Fort Lauderdale, 34%.
Eviction of 3.8 million renters
According to an article published in The Daily Wire, 8.5 million people are behind in their rent, according to the U.S. Census Bureau. With eviction moratoriums expiring, as many as 3.8 million renters may be evicted from their homes for the next two months.
With the new national median rent of $2,000 a month, rents have increased at least 25% from pre-pandemic levels.
Landlords are in a tough bind, with several not being able to collect rents for years while also not being able to evict. Some tenants have taken advantage of the situation. Still, many are just not making enough income, with the national median annual income for renters at $42,500.
Things are looking dire with the imminent evictions when added to the potential collapse of the housing market.
Update to my previous article
There was an excellent response to my last article, “Converting an investment property into a personal residence.” A reader, John, the vice presidnet of a 1031 exchange company, commented that the IRS updated its rules regarding converting investment property to personal use.
First, I stated there was no precise time that you had to rent the replacement property out to show your intent of it being an investment property. The amount of time is now at least 24 months. Any less, and you are out of the safe harbor.
Second, I stated how you should retain advertisements, broker agreements, and marketing to secure your intent to rent your replacement property. No requirements are needed to demonstrate your intention to rent the property as long as you report the investment property on your taxes, and it is rented a minimum of 14 days per 12-month period.
Can I list my home on an MLS without a real estate agent?
The short answer is no.
You cannot post a property on a Multiple Listing Service database — more commonly known as MLS — without the help of a real estate agent who has access to this system.
However, you can decide how much or how little you want an agent’s involvement in the sale of your home. Let’s dive into this a bit more.
Known as “mere postings,” some agents post listings on MLS under limited-service agreements. Although they can do so without providing extra services, or representing your interests, agents are still obligated to ensure that any information presented in the listings is accurate.
Typically costing a flat fee, a “mere posting” is usually a “for sale by owner (FSBO)” property, except it appears on an MLS listing service.
Having said that — and while selling a home privately is certainly your choice — I would like to flag that selling your own home is a substantial undertaking that requires significant time, effort and expertise. If you choose the FSBO route, you will be responsible for everything, including setting the listing price, getting the property in “sell-ready” condition, advertising, managing showings, reviewing offers, negotiating terms and managing the paperwork once an agreement with a buyer has been reached. So, before you move forward, assess your circumstances and priorities to make sure you are comfortable with this approach.
If you change your mind and decide to have a full-service arrangement with an agent, they are then obligated to represent your interests. Agents offer a broad range of service options, including monitoring market trends, property staging and preparation, offering strategic advice, arranging showings, negotiating, and managing paperwork on your behalf.
All agents in Ontario have to be registered with the Real Estate Council of Ontario (RECO) to trade in real estate. Before applying for registration, they must complete a comprehensive education program and pass a series of exams. They must also comply with a code of ethics.
And, to better serve clients, they are required to take additional courses every two years, and continue to update and hone their knowledge and skills.
Keep in mind that agents’ offerings vary in terms of their knowledge, experience, fee structures and services. It’s always wise to interview and assess a few agents before choosing the one who can best help you.
Whatever you decide, given that real estate agreements are legally binding contracts, I strongly encourage you to discuss the sale of your home with a lawyer who is insured to practise real estate law. They can provide counsel, review the documents, and take the necessary steps to complete the transaction successfully. Good luck.
If you have a question about the home buying or selling process, please email email@example.com.
Though slowing a bit now, the real estate market in the Chicago area has been hotter than ever the last couple of years, and that means lucrative times for agents. Carrie McCormick, who tops our latest rankings of individual agents, sold $186.3 million in residential properties last year, up from $104.4 million the year before, when she finished third. With diminished inventory, pent-up demand, and low (though increasing) interest rates fueling the market, the @Properties Christie’s International Real Estate agent doesn’t see an end to the flurry of activity anytime soon, just some decelerating: “I think these trends are going to continue for the rest of 2022. We were going 150 miles per hour, now we’re maybe down to 120, and we might eventually get down to 100. The market might slow, but it’s not going to die.”
Among real estate teams, Lowe Group Chicago, headed by Jeff Lowe and part of Compass, continues its reign at No. 1, with $399 million in sales in 2021, up from $298 million in 2020. Increases were felt across the board. A whopping 39 individual agents or teams cracked the $100 million mark in 2021, more than double the prior year’s 17. Meanwhile, the No. 100 entry in last year’s team rankings posted sales of $40.6 million; in the new list, the group in that slot hit $54.0 million.
ST. PETERSBURG, Fla., July 25, 2022 (GLOBE NEWSWIRE) — YES-HOMES Real Estate Group, a top tier luxury real estate partnership in the Tampa Bay area, proudly announces that they have joined the Coastal Properties Group, the exclusive affiliate of Christie’s International Real Estate. Alex Jansen, CEO and Broker at Coastal Properties Group International is pleased to welcome the talented trio to Tampa Bay’s invitation only group of Real Estate Advisors.
“We’re so thrilled and confident in our decision to join the Coastal and Christie’s team because they are committed to the same level of personalized service that our business was founded on. We ultimately want to better serve our clients, and we know that we can depend on Coastal’s reputation and premiere marketing services to facilitate all our clients’ needs without exception,” states YES-HOMES partner Rhonda Sanderford.
Previously with Keller Williams Realty, YES-HOMES’ three outstanding Real Estate Professionals, Rhonda Sanderford, Marian Yon Maguire and Rachel Sartain Tenpenny, are giving luxury a new address – bringing decades of combined expert experience to Coastal Properties Group International. As a prestigious team of women who are constantly in high demand, the YES-HOMES team chose Coastal not only because the brokerage offers a proven track record, but also a prestigious partnership with Christie’s International that provides access to unparalleled marketing resources, worldwide buyers and personalized service tailored to an individual’s specific needs and preferences. Furthermore, Coastal offers a deep understanding of high-net-worth clients and a commitment to building the personal, fiduciary relationships that YES-HOMES partners know their clients deserve.
YES-HOMES is thrilled to make this transition just before celebrating their 20-year anniversary in September – marking two decades of successfully servicing the Tampa Bay area’s luxury real estate needs. The team has been consistently ranked among the Top 10 Agents in St. Petersburg since its foundation in 2002, successfully closing more than $550 million. These three women value hands-on relationships with clients, advising and serving as a personal liaison every step of the way.
As a unique three-for-one real estate team, YES-HOMES has a plethora of combined knowledge and experience. Rhonda specializes in the relocation process – finding and identifying a new lifestyle, and Marian offers a wide variety of market knowledge, which ensures that even complex transactions proceed smoothly. Their newest team member, Rachel – veteran real estate broker and coach, offers relentless energy with a solid background of integrity and commitment. All three women share a deep passion for making real estate dreams come true.
“These women are some of the hardest working agents in the business, and we are exceptionally proud to invite them onto our team. It’s not just about their numbers, it’s about the way they treat their clients – making sure that everyone is comfortable and involved in the entire process,” says Myra Sload, President and Broker at Coastal Properties Group International.
Looking ahead, YES-HOMES anticipates tremendous benefits for their clients. Working with the Coastal Properties Group International team will allow the group to build tailored real estate experiences, rolling out the red carpet for each client to meet individual needs. YES-HOMES has officially found their home, and they are ready to get to work doing the same for so many others.
YES-HOMES Real Estate Group has been consistently ranked among the Top 10 Agents in St. Petersburg for more than two decades. Established in 2002, the group consists of three agents and operates under the Coastal Properties Group and Christie’s International Real Estate brokerage in the Tampa Bay area. This equal partnership operates at the highest level of real estate advising and offering a deep understanding of the luxury market. Focused on the wealth client, YES-HOMES maintains an outstanding reputation for upstanding concierge service. With Coastal Properties Group, the team’s geographic reach encompasses coastal residences from Tarpon Springs to Tierra Verde, downtown St. Petersburg to downtown Tampa, Clearwater Beach to Apollo Beach and beyond. The YES-HOMES team is located at 111 2nd Ave, Suite 105, St. Petersburg, FL, 33701. For more information, please visit https://www.yes-homes.com.
Rachel Sartain Tenpenny, Marian Yon Maguire, Rhonda Sanderford (left to right)
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