Deciding to sell your home is no small feat. For many, a home is not just the most substantial investment they’ve ever made; it is a repository of precious memories and life’s milestones. This intertwining of financial and emotional investment means that selling your home is often accompanied by a whirlwind of emotions. It’s vital to have a partner in this journey—someone who not only understands the weight of what you’re undertaking but is also an expert at guiding homeowners through this intricate process.

Enter the listing agent, or as they’re more commonly known, the seller’s agent. This professional isn’t just someone who handles transactions; they’re your guide through the complex real estate terrain, equipped with an essential skill set tailored for your success:

Simplifying the Complex
Real estate can be riddled with jargon and complex concepts. A stellar agent cuts through the noise, simplifying the complex without overwhelming you with industry speak. They keep you informed in a way that is not only understandable but also relevant to your specific situation. This clarity in communication ensures you’re never out of the loop, empowering you with confidence every step of the way.

Strategic Pricing with Data
It’s tempting to choose an agent who suggests the highest price for your property. However, this approach can be misleading. Overpricing might lead to your home lingering on the market, potentially alienating potential buyers. The right agent will engage in an honest discussion about pricing strategies, grounding their advice in solid data and aligning their strategy with market realities to avoid costly pricing mistakes.

Objective Negotiation
Selling a home can stir up emotions, especially if it’s a space where you’ve woven a tapestry of personal history. This emotional connection can cloud objectivity in negotiations. A proficient listing agent brings not only their negotiation expertise but also a calm, objective perspective to the table. They navigate the emotional highs and lows of the selling process, ensuring that your interests are protected and championed, all while drawing on their understanding of market dynamics to secure the best possible deal.

The Bottom Line
Whether you’re a seasoned seller or navigating your first sale, the right listing agent is indispensable. They offer more than just expertise in real estate—they provide peace of mind and a strategic partnership. If you’re contemplating selling your home, connecting with a skilled, empathetic real estate professional is your first step towards a successful and satisfying sale.

In this journey, remember that the right support can transform a potentially overwhelming process into an empowering experience. Here’s to finding the perfect agent to help you close one chapter and begin another with confidence and clarity.

If you’re holding out hope that the housing market is going to crash and bring home prices back down, here’s a look at what the data shows. And spoiler alert: that’s not in the cards. Instead, experts say home prices are going to keep going up.

Today’s market is very different than it was before the housing crash in 2008. Here’s why.

It’s Harder To Get a Loan Now – and That’s Actually a Good Thing

It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back then, banks had different lending standards, making it easy for just about anyone to qualify for a home loan or refinance an existing one.

Things are different today. Homebuyers face increasingly higher standards from mortgage companies. The graph below uses data from the Mortgage Bankers Association (MBA) to show this difference. The lower the number, the harder it is to get a mortgage. The higher the number, the easier it is:

The peak in the graph shows that, back then, lending standards weren’t as strict as they are now. That means lending institutions took on much greater risk in both the person and the mortgage products offered around the crash. That led to mass defaults and a flood of foreclosures coming onto the market.

There Are Far Fewer Homes for Sale Today, so Prices Won’t Crash

Because there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), that caused home prices to fall dramatically. But today, there’s an inventory shortage – not a surplus.

The graph below uses data from the National Association of Realtors (NAR) and the Federal Reserve to show how the months’ supply of homes available now (shown in blue) compares to the crash (shown in red):

Today, unsold inventory sits at just a 3.0-months’ supply. That’s compared to the peak of 10.4 month’s supply back in 2008. That means there’s nowhere near enough inventory on the market for home prices to come crashing down like they did back then.

People Are Not Using Their Homes as ATMs Like They Did in the Early 2000s

Back in the lead up to the housing crash, many homeowners were borrowing against the equity in their homes to finance new cars, boats, and vacations. So, when prices started to fall, as inventory rose too high, many of those homeowners found themselves underwater.

But today, homeowners are a lot more cautious. Even though prices have skyrocketed in the past few years, homeowners aren’t tapping into their equity the way they did back then.

Black Knight reports that tappable equity (the amount of equity available for homeowners to access before hitting a maximum 80% loan-to-value ratio, or LTV) has actually reached an all-time high:

That means, as a whole, homeowners have more equity available than ever before. And that’s great. Homeowners are in a much stronger position today than in the early 2000s. That same report from Black Knight goes on to explain:

“Only 1.1% of mortgage holders (582K) ended the year underwater, down from 1.5% (807K) at this time last year.”

And since homeowners are on more solid footing today, they’ll have options to avoid foreclosure. That limits the number of distressed properties coming onto the market. And without a flood of inventory, prices won’t come tumbling down.

Bottom Line

While you may be hoping for something that brings prices down, that’s not what the data tells us is going to happen. The most current research clearly shows that today’s market is nothing like it was last time.