Foreclosure Numbers Are Nothing Like the 2008 Crash
If you’ve been keeping up with the news lately, you’ve probably come across some articles saying the number of foreclosures in today’s housing market is going up. And that may leave you feeling a bit worried about what’s ahead, especially if you owned a home during the housing crash in 2008. The reality is, while increasing, the data shows a foreclosure crisis is not where the market is headed. Here’s the latest information stacked against the historical data to put your mind at ease. The Headlines Make the Increase Sound Dramatic – But It’s Not The increase the media is calling attention to is a little bit misleading. That’s because it’s comparing the most recent numbers to a time when foreclosures were at historic lows. And that lopsided comparison is making it sound like a much bigger deal than it actually is. Back in 2020 and 2021, there was a moratorium and forbearance program that helped millions of homeowners avoid foreclosure during challenging times. That’s why numbers for just a few years ago were so low. Now that the moratorium has come to an end, foreclosures are resuming and that means numbers are rising. But it’s an expected increase, not a surprise, and not a cause for alarm. Just because foreclosure filings are up doesn’t mean the housing market is in trouble. To prove that to you, let’s expand the comparison out a bit more. Specifically, we’ll go all the way back to the housing crash in 2008 – since that’s what people worry may happen again. The graph below uses research from ATTOM, a property data provider, to show foreclosure activity has been consistently lower since the crash in 2008: What the data shows is that things now aren’t anything like they were surrounding the housing crash. The bars in red are when there were over 1 million foreclosure filings a year. In 2023, there were roughly 357,000. That’s a big difference. A recent article from Bankrate explains one of the reasons things aren’t like they were back then: “In the years after the housing crash, millions of foreclosures flooded the housing market, depressing prices. That’s not the case now. Most homeowners have a comfortable equity cushion in their homes.” Basically, foreclosure activity is nothing like it was during the crash. That’s because most homeowners today have enough equity to keep them from going into foreclosure. And that’s a really good thing for homeowners and for the market. The reality is, the data shows a foreclosure crisis is not where the market is today, or where it’s headed. Bottom Line Right now, putting the data into context is more important than ever. While the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst, and that won’t lead to a crash in home prices.
The power of launching a listing as a new product
In the dynamic world of real estate, sellers often overlook a powerful strategy to maximize the potential of their properties: treating their listings as new products. Just like any other product, homes are valuable assets that can benefit from a well-planned launch. By applying tried-and-true marketing techniques, sellers can create excitement and generate increased demand for their properties. In this blog post, we will explore the importance of treating your listing as a new product, and how proper launch preparation and launch events can greatly impact your selling success. Homes, undoubtedly, are assets. They hold immense value for both buyers and sellers. However, it is crucial to recognize that in a competitive market, new inventory needs a bang to stand out from the crowd. A listing launch can provide just the right impetus to capture the attention of potential buyers and create a sense of urgency. By treating your listing as a new product, you can create excitement and generate the high level of interest necessary to attract the right buyers. To ensure a successful launch, it is imperative to invest time and effort into launch preparation. Start by thoroughly researching the market and understanding the target audience for your property. Identify key selling points that make your listing unique, and emphasize them in your marketing materials. Collaborate with a skilled real estate agent who can assist you in devising a comprehensive launch strategy tailored to your property's strengths, prepare professional-quality photos, virtual tours, and detailed property descriptions to showcase the beauty and functionality of the home. One effective element to consider for a listing launch is hosting launch events. These events create a sense of exclusivity and provide an opportunity for potential buyers to experience the property firsthand. Open houses are prime opportunities for different buyers, professionals, neighbors, to see the home and possibly be or know the buyer. Launch events can generate buzz and create a competitive atmosphere, leading to faster and more rewarding sales. It is also crucial to leverage various marketing channels to amplify the reach of your listing launch. Utilize social media platforms, such as Facebook, Instagram, and Twitter, to promote your property's unique selling points and generate interest. Engage with potential buyers through targeted online advertising campaigns, showcasing your beautifully staged photos and virtual tours. Additionally, distribute eye-catching printed materials, such as brochures and flyers, in strategic locations to attract local buyers. Lastly, do not underestimate the power of word-of-mouth marketing. Share the news of your upcoming listing launch with friends, family, neighbors, and colleagues. Encourage them to spread the word within their networks, expanding your reach and increasing the chances of finding the perfect buyer quickly. In conclusion, treating your listing as a new product can significantly impact your selling success in the real estate market. Homes are valuable assets that require a well-planned launch to generate interest and create a sense of urgency among potential buyers. By investing time in launch preparation, hosting launch events, and leveraging various marketing channels, sellers can maximize the potential of their properties and achieve a faster and more rewarding sale. So, don't miss out on the power of launching your listing as a new product; it might just be the key to a successful real estate transaction.
Benefits of home ownership we don't think about
Benefits of Home Ownership We Don't Think About When it comes to owning a home, many of us immediately think about the financial investment and stability it provides. While these are indeed crucial factors, there are also numerous other benefits of homeownership that often go overlooked. In this blog, we will explore some of these lesser-known advantages that can truly enhance your life. For starters, buying a home offers a sense of security and stability that renting can't match. As home owners, we often take for granted the constant uncertainty of lease renewals, rent increases, and the potential of having to move frequently. When you own a home, you have the peace of mind knowing that it is truly yours, providing a stable environment for you and your family. Additionally, owning a home is a valuable asset that can appreciate over time. While the real estate market can fluctuate, historically, properties tend to increase in value over the long term. This means that as a homeowner, you have the potential to build equity and create wealth. Unlike renting, where your monthly payments simply go towards someone else's investment, owning a home allows you to invest in your own future. One aspect of homeownership that is often overlooked is the freedom it brings. Having a physical escape that you can call your own is empowering. It gives you the freedom to customize and personalize your living space according to your taste and lifestyle. Whether it's painting the walls, remodeling the kitchen, or creating a beautiful garden, homeownership allows you to express your creativity and make your house truly feel like home. Furthermore, owning a home encourages a stronger sense of community and belonging. You become part of a neighborhood, where you can establish relationships with your neighbors, participate in community events, and contribute to the overall well-being of the area. This sense of belonging fosters a feeling of pride and connection, making homeownership an enriching experience beyond the walls of your property. In conclusion, while the financial benefits of homeownership are well-known, it is vital not to overlook the other advantages that come with owning a home. From the stability and security it provides to the potential for wealth creation, the freedom to personalize your space, and fostering a sense of community, homeownership truly enhances your overall quality of life. So next time you consider your housing options, remember these hidden benefits and embrace the advantages that come with owning a home.
