Sands Montes Luxury Homes Team

Sands Montes Luxury Homes Team INTEGRITY EXPERIENCE RESULTS

-Since 1995, selling luxury Condos, Co-ops and Townhouses.
-Licensed Associate Real Estate Brokers in NY and CA
-Utilizing fine-tuned negotiating and marketing skills to achieve our client's goals.

Let’s see a show of hands…👍…Do you agree with this paradox…“It’s a pretty terrible time to buy a house these days, which...
11/20/2023

Let’s see a show of hands…👍…
Do you agree with this paradox…
“It’s a pretty terrible time to buy a house these days, which is why it’s a good time to buy a house.”-Insider Today (End)

So let’s try and unravel this apparent absurdity….
Yes, in many markets selling prices are still rising due to an imbalance of low for sale inventory while high level demand to buy.
In many other real estate markets those imbalances
are playing out in the opposite direction.
This ‘sluggish/off’ scenario factors into many sellers’ pricing strategy to be more flexible. Therefore if a buyer was to purchase at today’s higher rates but at a reduced selling price, they could wait until rates drop to refinance…as occurred for instance in the early 2000’s.
A double win…if they have the time and budget to wait it out.
BTW, talking about time and budget…
Many baby boomers are seeing their 30 year mortgages now being paid off. Probably refinanced over the years. And according to the NAR: “Baby boomers now make up 39% of home buyers – the most of any generation – an increase from 29% last year.”(End)
Surprised?
Overtime, interest rates will begin to lower…though probably not as fast nor as low as buyers would like to see…
With mortgage rates presently at over 7% the days of 3% or lower are way back in the rear view mirror.
As Barbara Corcoran stated recently, “The days of the 2%-3% interest rates are never going to come back. Forget about that. But they will come down.” (End)
So what will happen when interest rates finally begin to fall…
Buyers will think they’ve been thrown a lifeline when rates drop to 5% or even 6%…
But they will not react in a ‘vacuum’…they will not be alone…
There will be ‘pent up’ energy to buy similar to when the pandemic started to ease and buyers jumped back in…
Resulting in…
Sellers seeing more competition resulting in increase pricing…
Resulting in…
Buyers being pressured to look (fast), decide (faster), commit (fastest). And that within the specter of bidding wars and even more ‘Cash is King.’
As Redfin chief economist, Daryl Fairweather said,
“So buyers who remain persistent in the current market could end up finding good opportunities. Once mortgage rates pull back, there would probably only be a small period of improved affordability before prices jump”(End)
Insider concluded…
“So yes, the housing market may not be pretty right now, but maybe that’s a good thing.”(End)
Depending on a buyer’s motivation, timeframe and budget that may be more attractive than waiting when competition heats up raising the specter of those bidding wars and fatigue, frustration and angst. Or worse pressured into a buyer remorse situation.
In summation…
Look, as in compare and research property and analyze your current and future finances, before you
Leap and sit in your new dining room.
But wherever you find yourself…
Have and Enjoy a
Respectful Thanksgiving 🦃🍁

NAR commemorates Hispanic Heritage Month, which is celebrated each year. Let’s celebrate the rich and vibrant culture of...
09/17/2023

NAR commemorates Hispanic Heritage Month, which is celebrated each year.
Let’s celebrate the rich and vibrant culture of the Hispanic community!

Is there ever a time when deciding to move that there aren’t ‘crosswinds’? And can those crosswinds actually be benefici...
07/26/2023

Is there ever a time when deciding to move that there aren’t ‘crosswinds’?
And can those crosswinds actually be beneficial ‘to pick oneself up and move along in a new direction’?

According to NAR Chief Economist Lawrence Yun, “There are many life changing circumstances that requires a move.”

And as per TD Bank’s latest Mortgage Service Index, “Even up against high home prices and mortgage rates, not to mention limited housing choices, Americans overall still appear eager to buy a home. Fifty-four percent of consumers say now is a good time to purchase. But home buyers are stressed, citing inventory and mortgage rates among their biggest stressors, the survey finds.”

Yun further states, “There are buyers competing for limited properties out there. If some consumers, perhaps mistakenly, heard about a housing recession, they're finding out that it is a tough market to be a buyer in the current environment." (End)

Though some buyers may be experiencing ‘cross winds’, perhaps it’s time to ask…since these seem to always exist to some degree or another, perhaps these are actually ‘prevailing winds’.
And since as expressed, “There are many life changing circumstances that requires a move”, buyers continue to look, offer, buy and yes, move.

Good news for sellers with their homes on the market, as Yun states, “Despite rising costs, 33% of homes on the market had multiple offers.”
And in NYC, Jonathan Miller for the Douglas Elliman Report stated that,
“2/3 of closings are cash, a new record.”
Similarly according to Yun, “All-cash sales accounted for 26% of transactions in June, up from 25% in both May 2023 and June 2022.” (End)

And according to NAR data, “Homes are selling at a brisk pace: Seventy-six percent of homes sold in June were on the market for less than a month. The typical time on market was just 18 days.”

And that brisk selling statistic wasn’t offset by home pricing…
Home prices in May rose for the fourth straight month on the S&P CoreLogic Case-Schiller home price index…The gains come despite a sharp jump in mortgage interest rates during the month…nationally rose 0.7% month to month, seasonally adjusted. The index's 10-city composite gained 1.1%, and the 20-city composite gained 1%.
Prices nationally were still down 0.5% compared with May 2022, but they are just 1% below their June 2022 peak.”

And heading into those crosswinds of lower inventory and rising mortgage rates is the prevailing wind, beneficial to sellers, of rising home prices…
In a USA Today 7/20/2023 article entitled, ‘Housing market recession? Not likely. Prepare for hot post-pandemic prices’, it is stated that “The median sale price for an existing home in June was $410,200, the second-highest recorded in the last 24 years, according to the National Association of REALTORS®’ latest housing report.”

Therefore, the outlook on the horizon is perhaps more optimistic than originally and for too long forecasted by National media outlets when describing the housing market as ‘the sky is falling’ in order to attract shrinking viewership and readership…
So it has to be asked, “Did those ‘National media predictions’ have almost as much of a factor affecting buyers in the local housing market as the Fed in raising bank rates?” ‘RE agent’s boots or heels on the ground in local markets stated their open houses and days on the market was better than those media outlets kept speaking of.

For actually, as stated by Lisa Sturtevant, chief economist for BrightMLS, “Despite slower sales activity, there were an estimated 4.16 million home sales on an annualized basis in June, and the housing recession that was predicted by some simply has not materialized. With positive inflation news and a strong labor market, the possibility that the Fed will be able to bring the economy in for a 'soft landing' is improving."(End)

So for all those ”life changing circumstances that requires a move” go and be happy that you did…Welcome Home!

As the day of celebrating draws to an end… may the quest for Equal Rights, Representation and Respect be fully fulfilled...
06/20/2023

As the day of celebrating draws to an end… may the quest for Equal Rights, Representation and Respect be fully fulfilled…finally and forever…

Happy Father’s Day! Today we celebrate You, amazing dad’s everywhere.Thank you for being a pillar of support and a sourc...
06/18/2023

Happy Father’s Day!
Today we celebrate You, amazing dad’s everywhere.
Thank you for being a pillar of support and a source of inspiration.
❤️We keep you in our hearts.

My friends, June is National Homeownership Month! And, NAR is working diligently with industry partners on solutions to ...
06/12/2023

My friends, June is National Homeownership Month! And, NAR is working diligently with industry partners on solutions to increase homeownership opportunities in America. REALTORS® strive to ensure all Americans have the opportunity to achieve homeownership, the centerpiece of the American Dream and the pathway to economic well-being and intergenerational wealth-building.👍🙏👏

Where were you 50 years ago? Congratulations to the Corcoran Group celebrating its 50th Anniversary of its founding by B...
04/27/2023

Where were you 50 years ago?
Congratulations to the Corcoran Group celebrating its 50th Anniversary of its founding by Barbara Corcoran
We are proud to be Corcoran agents for over half of those years. Going on Listing Presentations with Barbara was always a learning experience. Her auditorium filled company meetings were inspiring and insightful from the openin “Morning Barbara”.

Named President in 2000 Pam Liebman as we told her “way back”, that she is a “Firecracker”. Pam continuously lights up the sky continuing to guide and grow Corcoran…Anywhere.

We are truly thankful to our sellers, buyers and investors placing their trust, goals and responsibility in our hands, guiding our endeavors…’to do right’.
Achieving that trust, fulfilling those goals, maintaining that responsibility has been our ‘mindset’ whether working with a first time buyer looking to purchase their first ‘dream home’ or a seller who has seen that truly ‘home is where the heart is’ but is ready to pass the ‘keys’.
Fulfilling goals and dreams for those sellers and buyers with their individual ‘personal/financial life stories’ that are overlayed with outside market factors has been gratifying.
As we look back to Congratulate Corcoran on its milestone we look forward to Congratulate others on achieving theirs.

“There is only one happiness in this life, to love and be loved." — George Sand.Happy Valentine’s Day May you all find t...
02/15/2023

“There is only one happiness in this life, to love and be loved." — George Sand.
Happy Valentine’s Day May you all find true happiness…❤️


Looking forward, We wish everyone a very Happy, Healthy and Loving New Year’s 2023…It was a mere 3 years ago that the Ne...
01/01/2023

Looking forward, We wish everyone a very Happy, Healthy and Loving New Year’s 2023…
It was a mere 3 years ago that the New Year’s wish was for a Happy and Healthy 2020…
And less than 3 months after that wish more than just plans and resolutions were shut down…lives were lost, storefronts were boarded up, factories closed, offices emptied out, city exodus took place, individuals’ lives and their world got smaller and one’s home truly became ‘the universe for all activity’ with the Internet taking over for visiting and shopping, if supply existed and not stuck in a shipping container ‘somewhere out there’…
So the lesson…
everyday is precious,
life is precious,
take known of it for granted,
and though we can control only so much
we can achieve so much with strength, resiliency, determination, and love…
So love yourself and love others who love you back so as to spread Peace and Tolerance and Acceptance in the World…

Looking forward, We wish everyone a very Happy, Healthy and Loving New Year 2023…As a “throwback” it was a mere 3 years ...
12/31/2022

Looking forward, We wish everyone a very Happy, Healthy and Loving New Year 2023…
As a “throwback” it was a mere 3 years ago that the New Year’s wish was for a Happy and Healthy 2020…
And less than 3 months after that wish more than just plans and resolutions were shut down.
So the lesson…
everyday is precious,
life is precious,
and though we can control only so much
we can achieve so much with strength, resiliency, determination, and love…
So love yourself and love others who love you back so as to spread Peace and Tolerance and Acceptance in the World…

‘Santa’ has a ‘good taste’ for homeownership/investing and it lasts longer than a plateful of ginger bread cookies…Zillo...
12/31/2022

‘Santa’ has a ‘good taste’ for homeownership/investing and it lasts longer than a plateful of ginger bread cookies…
Zillow said Kris Kringle's 3-bedroom, 2-bathroom North Pole property is now worth $1,154,137 — an increase of 12% over the past year. The home has soared in 77% in value compared to when Zillow first "listed" it six years ago, with its initial Zestimate coming in at just over $650,000.

St. Nick's home, which Zillow says sits on 25 acres of property, was constructed in the 1800s is "steeped in Old World charm but thanks to a recent renovation, offers modern-day amenities." Santa's house includes many features home buyers love, including a floor-to-ceiling fireplace and a gourmet kitchen for baking.

Mortgage rates may be up with forecasts to moderate and lower…
Home sales may have slowed but contracts are being signed…
And those contracts are reflecting close to asking and in some locales even elevated, with pricing correctly being the successful factor.

Wishing everyone south of the North Pole a Very Happy and Healthy Holiday Season and New Year…

So what is it going to be? Mortgage Rates: So is it up or is it down? Or ‘resting’? Is it a ‘moment’ or a ‘trend’. What ...
07/30/2022

So what is it going to be? Mortgage Rates: So is it up or is it down? Or ‘resting’? Is it a ‘moment’ or a ‘trend’. What else is happening and what are some overall consequences for the housing market?
From CNBC and Diana Olick:
* The average rate on the popular 30-year fixed mortgage fell to 5.22% on Thursday from 5.54% on Wednesday.
* "This is an exceptionally fast drop!" wrote Matthew Graham of Mortgage News Daily.
* The rate fell even further Friday to 5.13%.
* The slide in mortgage rates came after a negative GDP report and the Fed's latest interest rate hike.
* Rates had been slowly coming off their most recent high in mid-June, when the 30-year fixed briefly crossed 6%.
* The number of homes for sale in the U.S. increased by 2 percent in June for the first time since 2019. (End)

And separately from an article in Barron’s:
“Higher interest rates on top of soaring home prices make homes even more expensive for buyers. Housing affordability has plunged to the lowest level since 2006, Bank of America says.
With the pace of home sales slowing, consumers are also pulling back purchases on home-related items.”(End)

That last comment definitely sets a ‘domino effect’ into play.

Apart from these articles…
* According to the Federal Reserve Economic Data, the median price of houses sold in 2022 is $428,700.
* Meanwhile, the median household income in the United States is $67,521 a year. This means the median family can only afford a mortgage of around $250,000 and may find themselves being priced out of owning a home…
* That last comment ‘stifles’ sales by owners from selling their homes and moving upwards to a higher priced home. Thus, affecting each higher step in the ‘pricing ladder’.

In adding to my thoughts on median prices of homes, there’s this comment as detailed by Jonathan Miller, president and CEO of Manhattan based Miller Samuel Real Estate Appraisers & Consultants,
“What happens is the median [home price] actually rises when a market starts to turn weaker because the lower-end sales activity drops out first, and it moves the middle of the market, the median, upward”. (End)

As I’ve been saying over and over, timely questions need sound answers…experience ‘crafted’ over several markets spanning decades can provide insights to help navigate these challenging times.

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