London Transplant who made the move across the pond in 2008 and jumped into the world of marketing. After working with some of the largest companies in the US and being accepted into Harvard's Executive Business Program, Matt decided to turn his talents to his true passion: Real Estate. Consistently a top producer in his office and Hall of Fame agent at First Team Real Estate, Matt prides himself in giving his clients the top notch service they deserve.
Choose Matt as your agent and you will have a top-notch guy. I never in my wildest dreams thought I would find an agent who moved boxes to the garage, planted and watered flowers, came to the house at 7:30 am to put out donations in the rain. He kept me on track when I was down.
With my First Impressions Concierge service, you can upgrade your home now and pay for it later. You can sell your home faster for top dollar with services like staging, flooring, painting and more.
Does the latest news about the housing market have you questioning your plans to sell your house? If so, perspective is key. Here are some of the ways a trusted real estate professional can explain the shift that’s happening today and why it’s still a sellers’ market even during the cooldown.
While the supply of homes available for sale has increased this year compared to last, we’re still nowhere near what’s considered a balanced market. A recent article from Calculated Risk helps put this year’s increased inventory into context (see graph below):
It shows supply this year has surpassed 2021 levels by over 30%. But the further back you look, the more you’ll understand the big picture. Compared to 2020, we’re just barely above the level of inventory we saw then. And if you go all the way back to 2019, the last normal year in real estate, we’re roughly 40% below the housing supply we had at that time.
Why does this matter to you? When inventory is low, there is still demand for your house because there just aren’t enough homes available for sale.
And while homes aren’t selling as quickly as they did a few months ago, the average number of days on the market is still well below pre-pandemic norms – in large part because inventory is so low. The graph below uses data from the Realtors’ Confidence Index by the National Association of Realtors (NAR) to illustrate this trend:
As the graph shows, the pre-pandemic numbers (shown in blue) are higher than the numbers we saw during the pandemic (shown in green). That’s because the average days on the market started to decrease as homes sold at record pace during the pandemic. Most recently, due to the cooldown in the housing market, the average days on the market have started to tick back up slightly (shown in orange) but are still far below the pre-pandemic norm.
What does this mean for you? While it may not be as fast as it was a couple of months ago, homes are still selling much faster than they did in more normal, pre-pandemic years. And if you price it right, your home could still go under contract quickly.
Buyer demand has softened this year in response to rising mortgage rates. But again, perspective is key. Getting 3-5 offers like sellers did during the pandemic isn’t the norm. The graph below uses data from NAR going back to 2018 to help tell the story of this shift over time (see graph below):
Prior to the pandemic, it was typical for homes sold to see roughly 2-2.5 offers (shown in blue). As the market heated up during the pandemic, the average number of offers skyrocketed as record-low mortgage rates drove up demand (shown in green). But most recently, the number of offers on homes sold today (shown in orange) has started to return to pre-pandemic levels as the market cools from the frenzy.
What’s the takeaway for you? Buyer demand has moderated from the pandemic peak, but it hasn’t disappeared. The buyers are still out there, and if you price your house at current market value, you’ll still be able sell your house today.
If you have questions about selling your house in today’s housing market, talk to a trusted real estate professional. An agent can help provide context around what’s happening now, so you’re up to date on what you can expect when you’re ready to move.
HERMOSA BEACH, CA – Closing sale on 20 4th St, Hermosa Beach for $4,021,875 in just one month, Matt Tilley wasted no time capturing top dollar for his client with a thorough preparation plan and comprehensive marketing strategy to match. Known throughout the local market as The British Bloke, Tilley’s keen marketing expertise and in-depth understanding of Southern California’s coastal luxury markets consistently place him among the top agents within the First Team Long Beach office and the entire company as a Hall of Fame recipient.
HERMOSA BEACH, CA – 1818 Manhattan Ave languished on the market for eleven months in 2019 with no offers, but First Team Real Estate agent Matt Tilley knew that with the proper marketing strategy and timing, the owners could make their much-anticipated move a reality. Going under contract after only 9 days on the market, the beautiful Cape Cod-style beach home sold for $3,500,00, allowing the sellers to head straight to their next dream home.
Several agents have been experiencing the built-up to more inventory hitting the market as well, including top-producing FirstTeam agent Matt Tilley, affectionately known as The British Bloke, from our Long Beach Office. “I’m currently speaking to 10 home sellers all looking to do something within the next 3 to 4 months. There definitely seems to an uptick in inventory and I think there are several factors at play,” explains Matt. “People are noticing...