Evernest is a full-service property management company that offers services for property owners, renters, and those looking to buy or sell properties.

Evernest

We buy, sell, renovate, lease, and manage single-family and small multi-family rental properties. 

We specialize in single-family houses, condos, and small multifamily buildings; and currently manage over 14,000 homes for almost 6,000 different investors and homeowners.  Our clients range from real estate funds to homeowners of single-family homes and small multifamily buildings.

This week, nearly 50 Evernest leaders from around the country met in Denver, CO. We got together for our mid-year offsite meetings.

It's hard to overstate the benefits of seeing each other in person instead of on a screen! It offers the chance to solve pressing issues and have fun in the evening, which is just what this team needed in the busy summer leasing season.

Matthew Whitaker Matt Patterson Graham Robinson Gray Hall Curren Melgarejo Jillian Marrocco Reagan Arnold and the list could go on...

According to a recent Redfin report (link in the comments), the housing market is changing.  

Here's what you need to know:

1) Home Sales and Asking Prices - For the four weeks ending June 23, homes sold slightly less than their asking price.  This is a welcomed shift for buyers they haven't seen in a long time.

2) Market Trends - However, almost two-thirds of homes sold over the asking price in the last month. Even though this is the lowest share since June 2020, the market is still strong for sellers.

3) Annual Home Price Growth - Annual home price growth slipped to 4.6% in May. This is down from 5.3% in April, marking the slowest growth rate in seven months.

4) What This Means for Buyers - Buyers might find more room to negotiate prices. The market is showing slight signs of cooling, offering more opportunities for potential homeowners.

5) What This Means for Sellers - Sellers may need to adjust their expectations. 

If you want to speak with an investor-friendly agent about buying or selling, give us a call! --->>> https://lnkd.in/eumNTV5V

Mortgage Rates and Buyer Behavior

Mortgage rates have been around 7% since late 2023. But the housing market is less affected than you might think. A recent Bright MLS survey (article link in the comments) sheds light on buyer and seller sentiments.

Key Insights:

Buyer resilience is high. 

Among 463 buyer agents, 50% reported their clients are buying despite mortgage rates. Additionally, 23.5% are cash buyers, and 16.4% consider rates but aren’t primarily deterred by them.

Major life events drive purchases. 

These events include marriages, divorces, and job changes. They motivate buyers. Notably, 30.7% are first-time buyers, and 16% are purchasing a second home or investment property.

Challenges persist. 

High rates (57%) and affordability (60.9%) are concerns. But, buyers are still active. Unsuccessful offers frustrate 52.7% of buyers.

Seller Landscape:

- Many sellers are hesitant due to low locked-in mortgage rates from pre-2022. Nearly half can't find buyers, and 33.5% don't want to lose their current rate.

Market Outlook:

Agents are slightly pessimistic. Only 31.7% expect high buyer activity in the next three months, an 8% drop from May 2024.

#RealEstate #HousingMarket #MortgageRates #HomeBuying #MarketTrends

Housing costs are rising. Homeowners and renters both feel the squeeze.

A recent report from Harvard University reveals that almost one in four homeowners are now "stretched worryingly thin." 

They are dealing with rising expenses. However, the situation is even more dire for renters.

By the Numbers:A record 12.1 million renters now spend over half of their income on housing and utilities.

These statistics highlight the urgent need for more affordable housing solutions.

If you're a landlord considering raising rent soon, remember that your residents are likely facing price hikes in many areas of their lives.

It may be helpful to ask yourself if you would rather keep a good resident at the current rental rate or fill a vacancy.

Home prices keep rising. 

And 2024 is no exception.

8 reasons why home price growth continues in 2024:

1. Low Inventory: 

Fewer homes are available for sale. 

This scarcity drives up prices. Builders can't keep up with demand, and many homeowners are holding onto their properties.

2. High Demand: 

More people want to buy homes, including first-time buyers and investors. 

Low interest rates make mortgages more affordable, which increases buyer interest.

3. Economic Growth: 

A strong economy boosts home prices. 

Job growth and rising incomes give people more purchasing power. Financial security sparks a willingness to invest in real estate.

4. Urbanization: 

Cities are growing. 

More people are moving to urban areas for jobs and amenities. This increased demand in cities pushes home prices higher.

5. Remote Work: 

Remote work is here to stay. People are buying homes in desirable locations outside city centers. 

This shift spreads demand across wider areas, impacting suburban and rural home prices.

6. Inflation: 

Inflation affects everything, including real estate. 

As the cost of goods rises, so do home prices. Real estate is often seen as a hedge against inflation, attracting more buyers.

7. Investor Interest: 

Real estate remains a popular investment. 

Even with higher rates, both individual and institutional investors are buying properties. This extra demand from investors contributes to rising prices.

8. Government Policies: 

Policies can influence the market. 

Tax incentives and subsidies for homebuyers can increase demand. Zoning laws and regulations can also limit the supply of new homes, affecting prices. 

Understanding these factors helps you navigate the market. Stay informed and make the best decisions for your real estate investments.

#RealEstate2024 #HomePriceGrowth

It's no secret today's real estate market is challenging, with strong demand and limited supply driving home prices to a record-high median in April. High interest rates (around 7%) further limit affordability. You'll want to keep an eye on these and other key trends when considering potential investment opportunities.  Watch the full video for additional insights:  https://bit.ly/3zsBEJx

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