Russ Gelston-Woodland Hills-PC-Sep23-16299_Sample

SECOND HALF 2023

MARKET WATCH

After a record-breaking run that saw mortgage rates plunge to all-time lows and home prices soar to new highs, the market finally started normalizing late last year. However, home values have started rising again, for three months in a row.

SELLERS HAVE POWER DUE TO INVENTORY

We’re still well below the five to six-month supply needed for a healthy, balanced market. This explains why bidding wars have returned; many buyers still have little choice but to bid up prices. The supply-anddemand equation simply won’t allow a price crash.

HOME PRICES ARE STEADY AND WILL RISE

Prices are up by more than $100,000 since the pandemic began in March 2020.

According to Rick Arvielo, head of mortgage firm New American Funding, “You’re not going to see house prices decline. There’s just not enough inventory.”

BUILDERS DIDN’T KEEP UP WITH DEMAND

Never fully ramping up from pre-2007 levels, there’s no way for builders to move quickly enough to quench demand. Overbuilding looks unlikely, and while increased construction balances supply and demand, it won’t happen overnight.

LEONARDO AND ANGELICA,

If you’ve thought about selling, now is a great time to take advantage of the lack of inventory. Give me a call at 301.370.6005, and let’s discuss a strategy to help you move into your next dream home.

2023, www.bankrate.com/real-estate/is-the-housing-market-about-to-crash/

Ostrowski, Jeff. “Is the housing marketing about to crash? What the experts are saying.” Bankrate, July 17th,

Russ was incredible on many accounts. He was calm, personable, and trustworthy. We felt comfortable at all times with his guidance. He was a key partner in the rental, then sale, of our home in Maryland. His ability to find local contractors that met our budget was incredibly helpful, and their work boosted the sale price of our home! As a property manager, Russ’ oversight of the rental of our home prior to its sale was wonderful. He was always communicative with us and honest with our renters regarding the lease agreement. He followed up with issues that arose with the renters immediately and let us know of our legal responsibilities as out-of-state property owners. I have already recommended his services to many friends and will continue to do so.”

~ FROM A HAPPY CLIENT

301.370.6005.