Hello, raving fans! I’m back with your market update, as well as a message about the rumors of an impending recession. Stay tuned!
I don’t know about you, but every time I turn on the TV these days, I want to throw something at it. All this talk of recession, all the fake news created by the media, and all the news about a recession from pundits aren’t based on facts or real conditions. Rather, it’s based on a belief that by predicting a recession, they can create one and thus set the stage for a Democratic victory in 2020. This is a good sign that they have an exaggerated opinion of their own influence and have lost touch with the canons of their profession. The odds of a recession occurring in the US over the next year do not appear very high.
With all that said, there is definitely no recession in the real estate market! The homes I’m listing are selling in hours, not days or months, all at a realistic price. I have indicators that show a strong housing market that I’m going to share with you today.
First, let’s look at FICO scores. There’s a common belief that you need an 800 credit score to qualify for a mortgage, but that’s just not true. If you’re an FHA buyer, the average score needed is 675; that means some of our borrowers are getting loans with scores lower than that.
According to Mark Fleming, First American’s chief economist, “If the 30-year fixed rate mortgage declines just a fraction more, consumer home buying power would reach its highest level in almost 20 years.” And it has! Does that sound like an economy that’s ready for a recession? Most people are saying that if there is a recession, it will come and go so fast that you won’t even know what happened.
Next, let’s look at the average days on market—for a visual map of averages across the US, refer to 1:45 in the video above. As you can see, most of the United States’ average days on market is between zero and 30 days. That’s amazing because that means you’ll need to differentiate your home even more than in a buyer’s market to gain the edge needed to sell your home for tons of money. That’s why I plan with my sellers years in advance—to maximize their profit in either a buyer’s or a seller’s market.
Now let’s examine the year-over-year pending home sales in every region (refer to 2:31 in the video above). As you can see, in every region, pending home sales are up, with a total year-over-year change of 1.6% throughout the US.
At 2:35 in the video, you can see the forecasted year-over-year change in price. Pennsylvania and New Jersey are projected to increase by 5.2% and 5.9%, respectively.
This is all good news for the real estate market and for what could be the largest asset in your financial portfolio.
As your real estate planner, I’m now taking listings for 2020 and 2021. If you’re planning to sell your home within the next year or so, now is the time to take some fabulous pictures of your home’s exterior, as experts are predicting a hot real estate market for the spring. Imagine having beautiful, eye-catching exterior photos of your home when your competition will have snow and leafless trees in theirs.
Gain the edge and get your price with my exclusive Coming Soon Home Selling System that will put a sold sign on your lawn in hours, not months. Why work with a traditional Realtor who takes pictures with their cell phone, has no marketing or negotiating skills, and is only worried about their commission check?
Are you with me here? Call me now to get your exterior photos done and to register for my next home seller seminar at 9 a.m. on Saturday, October 12, at the Hilton Garden Inn in Fort Washington, Pennsylvania. There, you’ll learn that great exterior photos are just one of my eight secret strategies outlined in my book, “Fighting the Home Selling Sharks.” To get a copy for yourself, come to my seminar or give me a call! You’ll get one in your free toolkit.
In the meantime, feel free to reach out to me with any questions you have. Hope to see you in September!