Tag Archive for: Ann E. Cappellini

Last year had its challenges, no doubt. The sales volume coming from all the companies associated with the Greater Scranton Board of REALTORS® was down about 11.7% year-over-year in relation to the previous one (2022). The number of transactions was down about 5.4% year-over-year and surprisingly, the average sales price also decreased from $202,511 in 2022 to $189,148 in 2023 (-6.6%). Yet, many still found success in a market that had begun to turn. Our region still favors sellers (no doubt), but those days appear to be coming to end for the immediate future. The months supply of homes is creeping in the direction of a three months supply. We’re still a reach from the lower side of average, around five months, but these trends can accelerate when the market is changing — it’s done it before.As challenges persist, there can be uncertainty about your situation as a homebuyer or seller when faced with the state of the local market. How is buying or selling different now than it was four years ago? One could argue, now is the time when (a) you don’t want to go at it alone, and (b) you should rely on those real estate professionals who deliver results and who have experience in various types of market conditions. We have many agents who have this pedigree! We have a wonderful “team” of professionals at Realty Network Group. Additionally, these are our top performers for 2023…

 

Top Producers
Ann E. Cappellini
$5,445,613

 

Top Producers
Halle Stevens
$5,029,288

 

Top Producers
Maria Muchal Berta
$4,503,750

 

Top Producers
Ann A. Sheroda
$4,084,800

 

Top Producers
Melissa C. LeStrange
$3,933,000

 

Top Producers
Scott J. Weiland
$2,433,260

 

Top Producers
Dana A. DeLeo
$2,228,960

 

Top Producers
Heather A. Luklanchuk
$1,960,350

 

Top Producers
Amy L. Kiesinger Bohenek
$1,492,400

 

Top Producers
Theresa DeMario Plisko
$1,475,800

 

If you are thinking about buying or selling a home, these agents are a great starting point. Get started today by reaching out to one of our top performers!

When Buyers Get More Realistic: Shifting Trends in the Housing Market22

The housing market is seeing a shift, signaling opportunities for buyers. While inventory remains tight, changes in buyer behavior and market trends are creating a more balanced landscape. Here’s how buyers are navigating this evolving market.

Current Market Conditions

Low Inventory Levels

In July 2019, there were 1,387 active listings. By July 2023, this number dropped to 553, reflecting a 60% decrease in inventory.

National Trends

On a national scale, housing inventory has increased by over 30% year-over-year, marking the largest jump since 2017.

Interest Rates

Mortgage rates have fluctuated, climbing from around 3% at the beginning of the year to approximately 5.5%–5.6%. These rates are influencing buyer and seller behavior alike.

How Buyers Are Getting More Realistic

Adopting Contingencies

Buyers are increasingly relying on contingencies, such as home inspections, to protect their investments. These clauses allow for careful evaluation of properties, reducing risks during the escrow period.

Slower Pace of Transactions

With fewer bidding wars and reduced competition, buyers have more time to evaluate properties and negotiate terms.

Leveraging Escrow Protections

Escrow plays a critical role in ensuring fair transactions. In Pennsylvania, earnest money is held in compliance with the Real Estate Licensing & Registration Act (RELRA), safeguarding buyer and seller interests.

The Role of Contingencies

Why They Matter

Contingencies protect buyers from unforeseen issues, allowing for deposits to be refunded if specific conditions aren’t met.

Impact on Sellers

While contingencies may seem to favor buyers, they ensure a fair process for both parties, reducing potential disputes.

Conclusion

When buyers get more realistic, they make smarter decisions that align with evolving market dynamics. By using contingencies, understanding escrow procedures, and leveraging current trends, buyers can approach the homebuying process with confidence.

Contact Realty Network Group for expert guidance in navigating today’s real estate market!