On this episode of r-House, your host, Peter Hunt, welcomes Karen Fuhrey, Director of Residential Lending at HUNT Mortgage.
Together, Peter and Karen discuss how increasing mortgage rates have affected clients, along with conditions relative to individual borrowers today when it comes to the mortgage industry; including the number of mortgages applied for and economic factors affecting mortgages.
Are you looking to make a move to start off the new year?
While the purchase or sale of a home has always been among the most intricate and largest financial transactions most people will ever make, the current market shift presents new challenges for sellers and buyers alike.
That’s why it’s essential to be prepared on all fronts when navigating any real estate transaction and to use all tools at your disposal to ensure a successful outcome. We’ve said it before, and we’ll say it again – one of the most effective tools you can have in your arsenal when entering the market is an experienced and knowledgeable real estate professional.
An increasing number of buyers and sellers are trusting real estate professionals to handle their real estate transactions instead of facing the market on their own, especially in recent years. Take a look at some of the statistics from the 2022 NATIONAL ASSOCIATION OF REALTORS® (NAR) Profile of Home Buyers and Sellers that show these percentages*:
86% of buyers recently purchased their home through a real estate agent or broker
85% of home sellers worked with a real estate agent to sell their homes.
Only 10% of recent home sales were FSBO sales
If you’re looking to sell, per additional statistics from the NAR, the involvement of a real estate professional can also potentially help increase the price of your final home sale:
FSBO homes sold at a median of $225,000 last year, signiﬁcantly lower than the median of agent-assisted homes at $345,000.
Working with a real estate professional provides you with access to their cutting-edge sales and marketing tools as well as in-depth knowledge of the current landscape, all of which will be invaluable to you as you pursue your dreams of homeownership in this shifting market. Contact one of our HUNT Real Estate sales professionals today to help guide you through your homeownership journey!
As we enter into a new year, projections have already started for what 2023 will bring in terms of real estate. But what have trends looked like throughout the past year, and how might some of these affect your decision to buy or sell a property in the near future? Let’s take a look at five common trends that have defined real estate in 2022.
1) Going Digital
Real estate, like so many other industries, has undergone a shift over the past couple of years to a digital landscape. From virtual tours to drone videos, virtual staging to 3D home tours, and initial home searches on real estate sites to mortgage applications, much of the home buying and selling process has transitioned to a digital platform.
According to the National Association of REALTORS® Home Buyers and Sellers Generational Trends Report, this trend directly correlates with the fact that millennials are now the largest share of the homebuying population – 43 percent of buyers, and make up the generation most likely to conduct their search for real estate options online. This includes looking for homes on social media platforms instead of strictly traditional real estate websites, including TikTok, Facebook, and Instagram.
While the pandemic contributed to this surge in digital options, the convenience of readily accessible tools to view a home, such as virtual tours, has proven to be a strong factor in this trend becoming the new normal.
Buying a home in 2022 came with challenges, especially the continued inventory shortage of available homes and increasing mortgage rates. Supply has continued to remain at lower levels than in previous years, resulting in the housing market being in favor of sellers, and as mortgage rates have fluctuated, buyers have felt the impact on the cost of buying a home.
That being said, there are signs that the market is slowly starting to shift. Inventory has increased slightly compared to 2021 and is projected to continue slowly increasing in 2023, and mortgage rates in the latter months of 2022 have slowly been dropping. Patience and flexibility will be the most beneficial approaches to the current inventory shortage as a homebuyer – it may help your search to be more flexible about what kind of home you’re looking to buy, and the area where you’re looking to live. When it comes to keeping up with mortgage rates and preparing financially to buy a home, make sure you’re working with a trusted Mortgage professional as the market evolves and changes.
3) Smart Homes
With remote work becoming more entrenched for many homeowners, one of the more popular trends occurring in 2022 is the extension of efficiency in the home office to the rest of the house. Bluetooth and smart appliances that are compatible with a smartphone are becoming increasingly popular, such as in the kitchen, where an oven could be remotely preheated and times can be synced among multiple appliances. Smart technology is also being used for garage doors, lighting control, and security, allowing connectivity in the household to streamline various everyday processes. These amenities not only add value to the home, but provide a way for potential homeowners to see how smart home systems are becoming more mainstream and affordable, and to envision themselves in a similarly upgraded home.
Energy-efficient homes are also trending with potential homebuyers as a measure to fight inflation. This can include energy-efficient lighting, windows, or ENERGY STAR® appliances
4) Suburban Living
The migration from the city to the suburbs has continued throughout 2022 for many buyers and has informed many trends occurring currently, including the low inventory of homes. According to the 2022 Real Estate Trends Report conducted by Qualtrics for Opendoor, millennials are driving this trend, and many industry experts predict that the pandemic-fueled shift to the suburbs will remain through 2025.
A couple of the reasons for the suburban shift include some buyers moving to less densely populated areas in the wake of the pandemic, while others are taking advantage of the flexibility to work remotely and seeking other areas to make their homes. Suburbs tend to help buyers get a larger home for their budget compared to cities, and also have features that are important to buyers – walkability, closer proximity to loved ones, and access to the outdoors, local parks, and businesses in the area.
5) Sales Professionals vs. FSBOs
In an ever-changing real estate market, For Sale By Owners, or FSBOs, tend to increase – however research by the National Association of REALTORS® (NAR) has shown, that over the past couple of years, buyers are using real estate professionals instead of going it alone in the current real estate landscape. Per the NAR’s Profile of Home Buyers and Sellers, FSBOs sold significantly lower than agent-assisted homes in 2022, and as a result, FSBOs made up only 10% of home sales in the last year.
Even as the seller’s market boomed in the last couple of years, NAR research has also revealed that 90% of sellers still sought guidance from and found value in working with a real estate agent for the sale of their homes, especially for the following issues: marketing to targeted buyers, competitively pricing their home, and negotiating a transaction.
If you’re looking for more information about today’s trends in the real estate market, or are interested in how you can achieve your homeownership goals in the new year, reach out to one of our HUNT Real Estate sales professionalstoday!
In this episode of r-House, your host, Peter Hunt, welcomes Paul Tyno, AVP of Sustainability Technologies at NOCO Energy Group and Program Director of Launch NY Emerging Cleantech Opportunity (ECO) Incubator, and his colleague Bobbie Thoman, Director of Sustainability and Innovation, Emerging Business Team at NOCO.
Together, Bobbie and Paul discuss their respective roles and the state of sustainability with Peter, along with topics including developing and implementing sustainable energy solutions for local companies, the concept of ‘clean’ products, and opportunities to improve our community.
HUNT Real Estate ERA has announced that the 2022 fiscal year broke previous records for sales with 13,824 residential units sold totaling $4.076 billion in sales volume, eclipsing the $4 billion mark for the first time in the company’s 111-year history. HUNT’s fiscal year ran from November 1, 2021, through October 31, 2022.
“2022 was a transition year for the entire real estate industry. Our customers and our people all throughout the organization responded to the many changes. We are very grateful to the thousands of customers that chose to partner with our dedicated sales professionals to reach their homeownership goals,” stated Peter Hunt, Chairman & CEO of HUNT Real Estate ERA. “Because of those hard-working professionals working together to deliver superior experiences, HUNT Real Estate is the #1 family-owned and operated residential brokerage in New York State.”
In this episode of r-House, your host, Peter Hunt, welcomes Steve Stoute, the 25th President of Canisius College.
Together, Peter and Steve discuss how Steve came to join Canisius, and the current challenges facing higher education; including the impact of technology on students, the evolving state of the industry in the wake of the pandemic, and creating lasting interaction between the business community and colleges/students.
There may be a chill in the air, but if you’re thinking about a new home for the holidays, the market is still warm and inviting to those looking to sell during the off-season. Inventory is markedly lower this time of year since most sellers take their homes off the market, which means more competition for your property and potentially means a higher selling price for your home.
Additionally, while there are fewer buyers this time of year, those who are searching tend to be more motivated than those who may just be looking in warmer weather. These potential homebuyers are usually dedicated to committing their time and braving the elements to pursue their real estate goals for the new year.
Ready to check ‘selling my home’ off your list before the end of the year? Here are 4 tips to help you stage your home for sale during the holidays!
1) Curb appeal and caution
In addition to the lack of lush greens and blooming plants of summer, inclement weather is a challenge during winter months when it comes to curb appeal.
If you’re in an area known for snow, make it a priority to keep all walkways, driveways, and steps clear for any potential buyers to walk into and around your house safely. Keep up with raking leaves and shoveling snow, salt all paths around your home to prevent slips and falls, and keep an eye on any icicles hanging from gutters should there be a potential safety hazard.
Next, clear away piled-up snow, dead leaves, sticks, and any other weather-related debris away from outdoor spaces you normally use in the spring and summer. In addition to keeping the areas safe, this helps feature your home’s selling points – a deck, an outdoor patio, or a unique backyard space used for entertaining during warmer months.
Finally, use the season to your advantage! Your neighborhood is appealing on its own at this time of year with festive lights and outdoor decor, so it’s an opportune moment to make your home shine. Add outdoor light features to make the entrance to your home cozy and inviting or decorations to help showcase your home’s seasonal curb appeal.
2) Don’t let the light(s) go out
Speaking of lights, now that you’ve illuminated the exterior, you’ll want to ensure that your home’s interior reflects that same brightness and warmth.
The colder months bring less sunlight, which leads to less natural light for photos, virtual tours, and in-person showings. Make the most of the limited daylight by cleaning both sides of your windows and opening the blinds or curtains to let in the natural light, and when the sun sets, ensure that all rooms in your house are well-lit. (This would also be a great time to make updates to your lighting as needed, including replacing burnt-out bulbs and fixing any issues with light switches!)
You can also adjust your interior lighting to make it cozier and more appealing to potential buyers on cloudy days or evenings. Lamps, sconces, lanterns, and ceiling fixtures are all effective sources of soft lighting to help create a cozy ambiance and increase overall illumination despite the weather outside.
3) Stylish, seasonal staging
While summer stagingfocuses on highlighting the potential of your outdoor space, winter staging should showcase your home’s inviting interior features: a chef’s kitchen to bake for holiday gatherings, an elegant fireplace to relax near on a cold day, or bay windows to have a stunning view of the lights in your neighborhood.
It’s easy to get caught up in the festivities during the winter months, but when you’re selling your home, less is more – make sure any holiday decoration doesn’t overwhelm or block those features and instead provides a festive accent. Minimalist decorations such as strategically placed garland, glass ornaments, and string lights are subtle, tasteful additions during the holidays and winter season, and allow the buyer to envision celebrating their festivities in the space.
Additionally, it’s always a good idea to have decorations enhance your current decor and color scheme. Holiday accents of deep and rich reds, gold, and green are the perfect complement for a neutral palette, while sparkling silver or white would set off blue decor.
Scents are another effective way to evoke the season: whether it’s cedar boughs, spices, or cookies, light scents in the form of candles or essential oils can help elevate the atmosphere during a showing during winter months.
While professional photos are always important in marketing and selling your home, when you’re listing in the winter, it’s a good idea to keep a few things in mind when it comes to getting photos taken.
Since there’s limited sunlight in colder months, try to have photos scheduled for the times of the day when the sun is brightest so potential buyers can see what your home looks like when it’s light out, preferably late morning or early afternoon. It’s also a good idea to refrain from having holiday decor up while photos are being taken – this way buyers can see your home and how it shows in an everyday setting. Lastly, it’s always a good idea to have photos of your home available during showings that show it during warmer seasons, particularly the outdoors.
Regardless of the season, it’s always an ideal time to prepare your home to be photographed, staged, and presented at its best. For help staging your home for the holidays, or if you have any questions about selling your home, reach out to one of our sales professionals today!
Another one of our Buffalo/Niagara branches, West Seneca, donated Thanksgiving turkeys to the Seneca Street United Methodist Church to distribute to families in need.
In Massachusetts, our ERA Key sales professionals and staff have given back to their local communities by working with the Boys and Girls Club, Habitat for Humanity, local senior citizens and veterans groups, and other organizations in addition to participating in community meals, cleanups, and fundraisers.
Thanks to the organizational efforts of our Administrative Sales Manager, Danielle Gruttadaurio, our Rochester branches will be participating across the region for a day of bell ringing on Wednesday, November 30th, to raise funds for and support The Salvation Army’s Red Kettle Campaign.
On Thursday, December 8th, from 1:30-4:30 PM, the ConnectLife bus will be at our Williamsville/Clarence branch. All December blood & platelet donors will be entered into a 27 Days of Giving raffle with one new winner every day – prizes include tickets to Bills & Sabres games, autographed merchandise, Hutch’s Restaurant & Russell’s Steakhouse gift certificates, & more!
Our Oneida sales professionals and employees are once again continuing their annual tradition of collecting food for the Church on the Rock Food Pantry. The pantry is especially in need of proteins and canned fruit and vegetables at this time of year. Donations can be dropped off at the office Monday through Friday from 8:30 AM to 4:00 PM through December 16th.
Throughout November and December, our Liverpool branch will be a drop-off point to collect clothing donations for Clarys Closet for students in need at schools throughout the Central New York area. Items needed include socks, hats, gloves, and other winter items if you’re local!