Tag Archive for: Realty Network Group

Someone You Can Count On

A real estate career is truly unique, unlike any profession you’ll discover. Those who have been connecting buyers and sellers for some time will tell you no two transactions are alike and there are hurdles along the way – many! Realty Network Group’s newest agent, Florence Avvisato, is eagerly awaiting the challenges that will inevitably appear for her seller and buyer clients in 2023. This industry is always changing, in fact there’s never been a time which has mimicked the past three years in real estate. Florence recognizes present opportunities not only for her clients, but also for her personal growth.

We recently sat down with her to find out where she sees herself in five years. Furthermore, we were impressed with her ability, in the first place, to anticipate the skills needed to be successful. “On the surface, real estate is a challenging space, and that appeals to me,” remarks Florence. “Because this industry grants flexibility for originality and possibilities for those willing to pull in the time, there are a variety of ways individuals can thrive. I believe this gives people the ability to excel creatively, and for that reason, real estate will always be stimulating.” Her forward-thinking approach will be an asset to her clients, who can count on her integrity and ambition, as she seeks to go above and beyond to meet their needs.

Years from now, Florence envisions many of her strengths, which she learned or fine-tuned in the hospitality and medical fields, creating advantages for her homebuyers and sellers. Her experience in hospitality taught her how to be humble. She learned the importance of punctuality, accommodation, thriving under pressure and attention to detail. Each of these traits are often sorely missed in our business. For instance, her ability to “read the room” and meet people in their present situation in order to effectively communicate is an exceptional quality for a REALTOR® to possess today. Moreover, similar to how customers notice the details of their surroundings (such as a restaurant), buyers notice how a property shows or if their agent is someone they can relate to and trust. If people don’t like what they see, they’re not coming back!

As someone starting a new career in real estate, she believes it’s critical for people to know they can count on her. “I truly care about buyers and sellers, and being their trusted guide through one of life’s most monumental moments,” reveals Florence. “I don’t take a purchase or sale of this size lightly. I knew I wanted to team up with a Brokerage, who supports their REALTORS®, one who provides ample training. Realty Network Group is what I perceive as an incredibly safe space for learning, and learning is my key objective at this point.” She sees the value in a firm that provides excellent training, understanding that the more she knows, the better service she can provide to her clientele. She saw a great reputation in Realty Network Group, one with a strong foundation of integrity and ethical practice.  “The way people perceive you is greatly attributed to how you treat and carry out business with them,” asserts Florence.

She’s lived in Northeastern Pennsylvania, specifically the Wyoming Valley, for over the past two decades, but she’s very familiar with the Scranton/Wilkes-Barre area. She loves that NEPA allows for a variety of lifestyles and provides so many places to explore. She’s a devoted wife and mother of three and resides in the Back Mountain. She’s an avid outdoorswoman and enjoys doing anything outside, especially gardening or hiking through national parks. She’s currently training to run her second half marathon race in March.

If you’re in need of the services of a real estate professional, someone who has a positive demeanor, who’s highly motivated and energetic, and who tries to see things from other people’s perspectives, then Florence Avvisato is the agent for you! You can reach her directly via 272-446-0407 or [email protected].

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A REALTOR® With An Entrepreneurial Spirit

Real estate is more than a transaction, it alters lives and creates memories. It’s about helping homebuyers and sellers make the right move at the right time. One REALTOR® who ascribes to this mantra is Halle Stevens. Born and raised in Northeastern Pennsylvania, this passionate, bright and enthusiastic agent is excited for what the future holds. Recently, she made the move to Realty Network Group, a company that embraces many of the ideals she also holds to be true.

“Meeting people and communicating is critical for helping buyers and sellers make the right move,” indicates Halle. “I enjoy learning what my clients need, their wants, then developing a custom plan for the individual or their family, if they’re shopping for a home or investment, or for the property, if they’re looking to sell.” When sitting down with Halle, you understand why she’s successful in this business. What makes her stand out from other agents is her drive, her commitment to her clients in addition to how she’s wired to communicate. Furthermore, she has a strong background in marketing, which is never wasted in our industry.

In her past life, Halle displayed her entrepreneurial mind set when she launched an Instagram page, which quickly became a success. The page focused on the promotion of (national and international) real estate houses for sale. It was during this venture when she discovered how to get the most eyeballs on the listings she was featuring. Now, as she gains more experience dealing with buyers and sellers, homeowners reap the benefits of having an agent who knows how to market their home. And effective marketing is crucial with 51% of buyers now finding the home they eventually purchase online.

Besides her passion and motivation for connecting buyers and sellers, her relationship-forming abilities are a strength too. “My philosophy is simple,” reveals Halle. “My clients come first!” She’s dedicated to providing excellent service, while keeping her clients informed every step of the way. She’s a real estate professional who’s in constant communication with them, available 24/7. Her attention to the transaction, from beginning to end, aids her goal of making it a positive experience for her buyers or sellers.

“Realty Network Group is centered around their agents,” points out Halle. “This allows them to have more tools and knowledge at their fingertips for their clients’ benefit. This firm is a great fit for me, because of the support they provide, their office atmosphere and the positive reputation they have throughout our area. They’re also very involved in giving back to the community, something I’m always striving to do. I’m extremely eager to get started at Realty Network Group. 2023 is my year!”

From a very young age, Halle has always wanted to be a real estate agent. She loves every aspect of the business and couldn’t imagine doing anything else. Her family has been a positive influence in her life as well. Her grandparents instilled in her a strong work ethic and the idea that with hard work anything can be accomplished. They taught her that dreams are only goals you can attain and to never give up.

Are you looking for a fresh start in real estate and need the services of an agent who is locally-connected, who loves what she does, who is always available and who is dedicated to providing you timely, accurate information? Then experience the difference the RIGHT AGENT can make, someone who puts you FIRST. Connect with Halle today at 570-909-6018 (direct) or via [email protected].

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Downtown Living Done Right

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Downtown living is a different way of life, especially in Northeastern Pennsylvania (NEPA). Whether it’s Scranton or Wilkes-Barre, there are arguably more amenities at your fingertips and a different mode of going about your daily activities compared to other areas in the region. Downtown living provides residents options for how they conduct their affairs and how they interact with their community.

Downtown living in NEPA is often perceived as being in sharp contrast to the more rural lifestyle so many from our region experience regularly. Most of our school districts cater to children from bucolic areas. Heck, even some from our communities will joke about how traveling into downtown Scranton is like entering “the big city.” Yet, there are those who migrated in from major metropolitan cities. To them, Scranton is as miniature as you get for downtown living!

The Electric City, as Scranton is also known, once built upon the shoulders of coal-mining families, has evolved into something of legend. On November 30, 1886, the first streetcar system run entirely by electricity, made its debut in America in downtown Scranton. Where there were once strong ethnic concentrated centers of Irish, Italians, Polish, Germans, Jews throughout parts of the city, a melting pot has sprung up giving unique spins on the culture. This is evident in restaurants like Thai Rak Thai or even two in the north side: Casa Bella and Ipanema Grille. There’s a new-found sense of hope for a rebirth movement in this city.

The rebirth of a city plays a role in downtown living done right. Some of the essential features that make for great downtown living are walkable sections of town; commercial space that is of the mixed-used category; gathering spaces for recreation, education and entertainment; a successful residential component; and accessible/affordable parking. While these aren’t the only features that make a downtown thrive, they should be on everyone’s radar. We believe Scranton is building towards something spectacular. Obviously there’s still work to be done, but economic revitalization efforts have been undertaken by the city and organizations, such as Scranton Tomorrow. We simply can’t overstate how vital this volunteer-based organization has been in transforming downtown Scranton, especially in recent years.

Being a walkable community makes for great downtown living. Wide sidewalks, decorative courts/side-streets, greenspaces and removing graffiti/litter are ways to create pleasant spaces for pedestrians. Having a mixed-use mindset is also necessary for any new development and construction that takes place in the downtown area. Pedestrians want to be able to connect to the larger community, which surrounds them, and they want to feel welcomed as they venture around town. Community connection goes beyond commercial businesses. Connecting at events, drinking establishments, performing arts centers, fairs, movie theaters, parks, artisan markets, just to name a few is important for the creation of downtown living, which is a step above the rest. People want downtown living to be their city’s family room, especially in the later hours of the evening. Having affordable and convenient housing as well as parking are also what makes downtown living click.

Since COVID, we’ve experienced a trend in NEPA whenever possible where restaurants and pubs have provided more opportunities for patrons to enjoy food, drink and entertainment outside, in larger upgraded/converted spaces or in semi-covered areas, usually a back patio space or front of a building. Other accommodations have been made at hotels, convention centers, etc., but restaurants seem to have been the most creative to date.

A recent positive trend with respect to downtown living has been a decrease in vacant commercial space. When more businesses are leasing space or renting larger spaces, or when developers start thinking about catering to a person’s balanced lifestyle rather than only one of their aspects, everyone wins. In Scranton, one great example of a business who has done exactly this and has doubled-down on investing in the downtown area is Noteology. For downtown living to be done right, it’s all about a lived experience which is optimized and shared by residents and visitors to the city. Create a story and memories, then some of the first steps toward building a flourishing downtown are realized.

Successful downtowns don’t sprout up overnight. They take time, hard work, cooperation, great minds, forward-thinkers, patience and the like. To produce a “live-work-play” community in Scranton, or anywhere for that matter, takes these things in addition to the attributes described above.

 

* Image courtesy of Discover NEPA

 

Real Estate and Houses for Sale in Scranton, PA

Commercial Properties for Sale Near Scranton, PA

Lake Houses for Sale Near Scranton, PA

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Helping Clients Find Their Vision

Realty Network Group is pleased to announce the addition of Annabelle Rogers to their network of real estate professionals. She’s a newly licensed REALTOR® who’s lived in Northeastern Pennsylvania since the age of six. She’s eager to help families find what they’re looking for: investment properties, starter homes, forever homes and the like. Annabelle has a distinct skill set, which sets her apart from some of her peers in our business. These include an extensive background in child care, experience in customer service, an affinity for interior room design and a Bachelor’s degree in Mathematics.

These abilities will help her succeed, while connecting buyers and sellers in today’s challenging market. “I love assisting children and their parents,” explains Annabelle. “Besides child care or my responsibilities as a nanny, one of the most important things I can do for families is to help them connect the dots as they seek to acquire or sell a home.” Catering to people’s needs is certainly a strength she brings to the table.

Annabelle has her eyes set on furthering her education, perhaps one day becoming an Associate Broker. She plans to keep learning and improving her craft, enabling her clients to prosper. There’s a certain level of knowledge and anticipation needed as a real estate professional and she believes she’s headed in the right direction. Trustworthiness also plays a role. Her past and present employers know she’s very trustworthy – she’s even been left with their infants in foreign countries.

“After interviewing with several companies, Realty Network Group offered the most support for a newer agent like myself,” maintains Annabelle. “This company was most eager to help me excel in this business. Their marketing is a step above the rest and their website is user-friendly and very appealing. I look forward to the new year and assisting homebuyers and sellers on their path to homeownership”

Annabelle will be a great addition to Realty Network Group. Her passion for learning, her ability to problem solve and her willingness to help are also pluses as she begins her real estate career.

If you have your heart set on buying or selling in the near future, get in touch with Annabelle Rogers today. Her upbeat nature and work ethic are sure to be strengths for you in reaching your real estate goals! She can be contacted at 570-862-3331 or at [email protected].

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Why You Need An Agent: Inside The Mind Of A Buyer Agent

Those who are looking for a home to purchase might not know what they’re searching for in a property or in an agent, but it’s not their fault, especially if they’re first-timers. This is where having a trusted real estate advisor early in the process can be a saving grace for many who are venturing into homeownership. A buyer’s agent is that trust advisor, who must make “a continuous and good faith effort to find a property for the buyer,” assuming a contract with another agent isn’t in play. And with other conditions like keeping all confidential information relayed by the buyer, confidential as well as always acting in the buyer’s best interests, these agents play a vital role in the transaction. We recently sat down with one of our own to explore the mind of a buyer agent.

“Buyers have to be able to get in touch with you, their buyer’s agent,” emphasizes Ann A. Sheroda, Associate Broker with Realty Network Group [Clarks Summit, PA]. “When they can’t there’s frustration, distrust and quite frankly, abandonment to some extent.” A successful business is predicated on fostering relationships. Connecting buyers and sellers is critical for obvious reasons in a transaction, but the connection between the seller and their agent in addition to the buyer and their agent shouldn’t be minimized.

In the relationship between agent and buyer there’s either a sense of trust or distrust. From the onset, establishing this trust is important. One way to build upon it is in how the agent protects the homebuyer. “It’s the buyer’s agent who needs to protect their client,” underscores Sheroda. “If they won’t, who will? A buyer needs a good lender, title company and attorney. It’s unfortunate when an unsuspecting party hires the services of an attorney at the eleventh hour of the transaction or teams up with a lender, who many in the field will avoid whenever possible. A good agent will make sure the terms the purchaser needs are written up correctly in the contract. They’ll make sure inspections are in place to protect them. If your buyer previews six homes and none of them are any good and don’t match their needs, you show them six more.”

These are some of the advantages to using a buyer’s agent in today’s market. Buyers desire, whether they know it or not, someone who’s going to look out for their best interests. Though they might come at a lower premium during autumn and the early winter months, home prices are elevated and buyers need someone who has their back. The same can be said for mortgage interest rates and the potential for overpaying for a property. Buyer representation is a must-have for buyers heading into 2023.

Do drawbacks to buyer representation exist? There could be disadvantages for homebuyers entering into a business relationship with a buyer’s agent. Namely, you could become a hostage to poor representation. As Sheroda points out: “It can be brutal when you can’t get in touch with your agent and they don’t make time for you. Flexibility on the agent’s part is needed, but it goes further than that. Communication is critical. If you’re not committed to your clients and their need to acquire a suitable dwelling for themselves and their families, then it begs the question: Why are you representing them in the first place?” The worst situation a prospective buyer can find themselves in prior to signing an agreement of sale, is being locked into a contract with an agent who isn’t giving their client their best effort, isn’t acting in their best interests and isn’t staying in touch with them either. “Don’t think dealing with the listing agent is the answer,” asserts Sheroda. “Though listing agents in the state of Pennsylvania, who act ethically, can also represent the interests of the buyer through dual agency, a buyer should hesitate before retreating to the agent who has the property listed. A buyer needs to make sure they’re being properly represented in the transaction.”

“There have been numerous times in my seventeen years when a client of mine has been desperate to purchase, but when previewing homes that weren’t a match for them, I’ve told them they absolutely need to walk away,” explains Sheroda. “Buyers need to understand, no matter how rushed or pressured they feel to purchase, they should not buy just to buy. I recently had a situation where a contractor I knew was previewing a home with one of my clients, who also had an association with the contractor and requested he be present at the showing. The house needed a ton of work and it wasn’t worth the aggravation, in my mind, and it certainly wasn’t a fit for my buyer. My client asked me if she should consider purchasing the home. I told her she needed to walk away. Afterwards, the contractor said he gained even more respect for me, upon hearing the counsel I was giving to my client.”

Ann Sheroda believes finding an agent can and should be a process of trial by error. The buyer needs to be comfortable with their agent. They need to trust and form a rapport with them. “If I weren’t licensed in this business, I would still use a buyer’s agent,” affirms Sheroda. “There can be pitfalls along the way and every buyer needs guidance throughout all phases of their dealings: In the search process, pricing, negotiating, networking, through the transaction to settlement and beyond. Selecting an agent should be carefully done. In fact, I recommend prospective buyers and sellers who approach me to check my references – Interviewing past clients of mine and inquiring about my services and work ethic is a great starting point.” A referral might be one of the best ways an agent acquires business, but here are a few effective questions to ask along the way:

  • How long have you been licensed as a real estate professional?
  • Do you have a flexible schedule? Can it accommodate mine?
  • How long does it take buyers you’ve worked with to find and purchase a home?
  • What areas of real estate are your specialty?

Find other noteworthy questions in our homebuyer guide.

If you’re toying with the thought of joining forces with a buyer’s agent, what’s holding you back? The home is a hub for so much in our lives, it’s a memory-making machine. A home purchase is also a large one. You want an expert who will help deliver the best outcome for you and your situation – financial and personal.

Lastly, there are many wheels spinning in a real estate transaction. Get a professional, preferably a REALTOR®, who has access to other experts in the field. You want to work with someone who has an impressive network you can approach and pull into your homebuying process. You want excellent service every step of the way. Your trusted advisor, your buyer’s agent, will have a connection with reputable lenders, inspectors, attorneys, and the like. You can hopefully rest easier knowing that an agent, you have confidence in, attracts like-minded, successful professionals.

There’s more to explore when it comes to purchasing a property — consider these things before you go all in on buying.

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Buying A Home? Consider These Four Things First

The most important things for homebuyers to consider when purchasing a home are:

  1. Being able to afford a home based upon one’s situation in life
  2. Not over-paying for a home based upon its market value
  3. A home’s location – What do the neighborhoods, school districts and surrounding area look like?
  4. A house’s age and the age of its components

Notice how security is an aspect you can’t ignore with the prospect of purchasing a home. It’s only natural to have hesitation about buying a home as it’s a big investment. Furthermore, feeling a sense of security goes beyond the financial commitments, which are required from buyers as they move forward with their purchase. If you lack security, you’ll be without peace taking another step toward homeownership. It’s also important to note that three of these four considerations listed above directly relate to money.

Tops on the list is paramount, because if your circumstances in life won’t allow it, you can’t or perhaps shouldn’t purchase a home. Home affordability comes in all shapes and sizes. What might be affordable to buyer A, isn’t feasible to buyer B. Being able to afford a home relates to the ability to budget properly for each and every cost associated with the purchase. Your debt-to-income ratio might be the surest way to prove to yourself as well as a lender, you’re able to follow-through with a home purchase. Besides your debt-to-income ratio, you should also reflect upon how much of a mortgage you can afford? You may be approved for borrowing a certain sum, but that doesn’t necessarily mean you should take on that loan. The underwriters who dabble in rating an applicant’s ability to purchase will ultimately examine a buyer’s gross income, outstanding debt, assets and liabilities. They’re going to probe to see what demands have been placed on the buyer’s income. They’ll also forecast, as best they can, to ensure the bank’s ability to get paid back in the future isn’t at risk.

Secondly, buyers and sellers have been more cautious with the drastic increases in home appreciation since the onset of the pandemic. While the pandemic has vanished, home prices continue their upward climb. Since the beginning of COVID, when real estate sales were restricted, home prices have risen 54.8% in the Greater Scranton market.* A market recently named as the most affordable in the country. Again, while there are sales to be had right now, in fact we’re entering a time of the year where homebuyers will discover some of the best premiums around, buyers should exercise prudence. How long do they intend to live in the place they’re thinking about buying? Their offering on a property may not align with its value and might place undue hardship on the homeowner, if they need to sell a few years after their purchase. We would recommend living in a home for at least seven or more years at the risk of taking a loss. Though homes are generally a solid investment, there are no guarantees. If you need the freedom to move at a moment’s notice, within a shorter time frame from when you purchased the home, you might want to refrain from buying until your circumstances change.

For some buyers, a home’s location is the first litmus test it must pass. If the setting isn’t appealing or the property – though it has virtually everything the buyer is looking for – is in a non-ideal section of town or the purchaser has a family/children and thus schools are high on their list, then it’s hard to overlook locale. We would suggest reviewing pros and cons of various listings as it relates to their whereabouts. You can’t change their bearings, so start there and rate how important distances to work, school, daycare and shopping are, for instance. Look into traffic patterns and noise levels in particular parts of town. If school districts are important to you, target homes in the districts you would prefer to live. Scope out the home’s surroundings. Catch a glimpse of the area on the weekends, during the week, day and night. Is the neighborhood kid or pet friendly? Is the home in a walkable community?

Finally, the vast majority of homebuyers aren’t acquiring a new or newer construction home, one that’s less than ten years old. Being that many buyers are moving into a house that has been around the block, we’d certainly recommend a home inspection as a contingency to the purchase. Besides that, over time, a home’s elements begin to display patterns of behavior and likewise, deterioration. What parts of a home should you keep your eyes on? Windows, roof, HVAC (heating/cooling) system, foundation, to name a few, but again, call in the professionals, such as a reputable home inspector. They’re more than capable of assessing the age of a house’s components/appliances. A few decades after the construction of a home, repairs become more common, and thus as a prospective buyer it’s important to understand what your yearly maintenance/repair costs might resemble.

 

* Greater Scranton Board of REALTORS® stats; median homes sales for March 2020, October 2022

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How To Know: Buy Your Dream Home Or A Starter House?

Buying a new house is an exciting experience, but it is also a huge life milestone. It is sometimes difficult to know whether you should purchase an affordable starter home or instead build or buy a dream house. There are benefits and disadvantages to each option, so here are three things you should understand to help you make the right decision.

Know the Benefits of Each Option

There are different benefits to buying a starter home or your dream house. It is up to you to analyze your current stage of life and determine which option is most beneficial for your unique situation.

Starter homes are more affordable than move-up homes (i.e. second home, typically a larger house), which you may want to live in for the rest of your life. They require less upkeep. You may even be able to rent them out in the future and generate additional income. However, starter homes generally need more repairs than newer ones. They are usually small in size and sometimes can be harder to sell, if/when you need the equity.

Your forever home, however, will be large enough to accommodate a growing family. Buying your dream home also gives you the opportunity to put down roots so you can avoid the hassle of moving again. The price tag is significantly higher and your dream home will likely need more upkeep than your starter house, depending upon its age.

Analyze Your Budget

The size of your budget has a direct impact on whether you purchase your forever home or a starter house. If you can only afford a small mortgage each month, you may have to buy a starter home to live within your means. If you have saved up enough money for a sizable down payment, you may be able to afford to purchase the house you’ll live in for the rest of your life. Knowing your budget and the features you desire in a home is important for finding the right house for a particular stage of life.

Understand the Costs of Each Option

Your new mortgage isn’t the only cost associated with purchasing a house. Homeowners insurance is a good investment because it covers the cost of any damage to the structure of your new house. It also covers the cost of any belongings that are stolen and any injuries that are sustained on your property. However, coverage does not extend to home systems or appliances. If you want to avoid unexpected expenses related to your plumbing, heating, electrical and cooling systems, it’s a good idea to consider buying a home warranty. While it’s an additional expense, it can save you money in the long run by dodging unnecessary repair costs.

According to one survey, less than 18% of Americans have home warranty coverage, however arming yourself with the right tools is essential for reducing unnecessary expenses for maintaining a home. When choosing a home warranty, decide which company is best by doing your research. You want to find a company with a great reputation for customer satisfaction. Furthermore, you want to ensure you’re getting excellent coverage for your home’s systems.

 

For some people, purchasing an affordable starter home is the best option. Others may prefer to go ahead and buy their dream house right out of the gate. There’s no one answer that’s right for everyone, but you must carefully weigh your options if you want to make the best decision for your family. Whether you choose to purchase a starter home or your dream house, purchasing a new place to live is a huge milestone for you! As always, we’re here to help you find the perfect place.

[This content is compliments of Well Parents]

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Realty Network Group Wins Award For Best Real Estate Website

For the fifth straight year, Realty Network Group was awarded the honors of Northeastern Pennsylvania’s “Best Real Estate Website.” The accolades were part of the Times-Tribune’s Readers’ Choice Awards, where online subscribers and readers of the Scranton Times voted for their favorite businesses in multiple categories such as Home & Services, Dining & Entertainment, Wellness & Person Style, Shopping as well as Recreation & Entertainment. These category winners are honored as the best in the Greater Scranton area.

Realty Network Group is so appreciative of all the support they’ve received over the years, but especially for this latest recognition as NEPA’s top dog in real estate search. Over the last year, the company has added a search by city function to their website in addition to boosting content and reorganizing many of their most visited pages. The site features one of the most dynamic search tools powered by RealtyNA, which offers a vast array of content at the consumer’s fingertips and numerous ways for prospective homebuyers to find exactly what they’re looking for. Their lakefront properties page will soon get a upgrade!

“We’re thankful for the support and votes we’ve received,” underscores Mark DeStefano, CEO and REALTOR® at Realty Network Group. “Our website, one of the strengths of our firm, continues to evolve toward the needs of our customers. They’ve been essential to our success, much in the same way as our network of real estate professionals. Without the expertise, hard work and dedication from our agents, we simply wouldn’t excel in this market.”

Realty Network Group is a smaller, boutique real estate business with a knack for reaching consumers through a high tech, high touch approach to the market. Their network of sales associates is one of the most experienced in the Greater Scranton area with a singular aim in mind: Connecting buyers and sellers. Everyday. In every way.

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Finding A Home Before It Hits The Market

Surviving a seller’s market the likes of the past few years can be exhausting, especially for buyers. Many realize this isn’t the market for them. When most of the COVID restrictions to purchasing a home in Pennsylvania were lifted in June of 2020, homebuyers raced into bidding wars and other highly contested situations. The climate wasn’t on their side and some could argue it was a little caustic for those who needed to move due to career or lifestyle changes. Whatever the case, potential buyers are beginning to see some relief in terms of a smaller pool of competition searching for their dream home.

Nonetheless, a buyer’s market can only be seen in the distance and many would-be buyers remain secluded behind their firewall and smart devices, browsing homes from a greater orbit than most sellers or REALTORS® might care to admit. What opportunities wait in the wings? Is there a path to homeownership for those who are looking to buy, but have been disenchanted by the market over the last few years? Here are three main courses of action buyers should undertake now to stay ahead of the game. In the words of Din Djarin, “This is the way.”

Lock Down An Agent

The absolute best way to spot which homes are entering the market before they go live is to seek the services of a competent real estate professional. But not just any agent will do. We would suggest finding one who is experienced, successful, reputable, hard-working and well-connected. Isn’t this too much to ask? Not necessarily. In fact, even though this certainly narrows the field quite a bit, an agent with a few of these qualities will likely possess them all.

It greatly benefits you to work with a REALTOR® who has a large network already in place, one that’s been working for them. In markets, such as the Greater Scranton area, where housing supply is exceedingly low, real estate professionals are constantly in touch with one another. Get inside intel by utilizing their strengths to your advantage. Yes, you might be the “metaphorical bait” cast out to entice would-be sellers, but it could pay off. By asking your agent what other reputable agents in their business have been sharing, you could get the inside track to finding a home before others even know about it. Your agent may also have presented their services to other homeowners who were thinking about selling. They might know of homes, which are set to debut on the market in the immediate future. Your agent might also be seeing “coming soon” listings from other agents in their MLS.*

Hello Neighbor

While we’re not advocating for anyone to go on private property nor play the creeper in their search for the perfect home, there are some things you can do to increase your chances of buying in this market (or any market, for that matter). First, search out neighborhoods that are desirable, whose location fits the profile you’ve created. Next, walk the streets and find properties that grab your attention. Maybe there are for sale by owner (FSBO) listings or homes that are on the verge of foreclosure that interest you. Of course, your REALTOR® will assist you throughout this whole process, connecting with owners of FSBOs or those trying to avoid the bank from ceasing their property. They’ll see if the owner would have any interest in selling their property to you, a serious buyer. Often, FSBOs have little luck selling on their own, and thus are likely very interested in selling to an agent who has an interested party.

Homeowners’ associations (HOAs) can be another channel for prospective buyers as well. Have your agent reach out to the association to see if there have been rumors of residents who are about to move/sell. That internal chatter might be just what you need to locate your next house. Some of these HOAs regularly have community (digit) bulletin boards, which seek to share information with other members of their association.

Another great strategy to employ is direct mailings (letters of interest or postcards). While snail mail isn’t as effective for real estate agents to deploy, mass mailings straight from buyers could open some doors. This tactic will allow you to avoid the open market. It shows select homeowners that you’re very interested and would strongly consider buying their home at the right price. If you’re willing to put the extra time and money into your home search, this approach can be a game-changer. 

Don’t Be Shy

While it is important to routinely stay in touch with your REALTOR® and have them do a bulk of the heavy-lifting, don’t fear getting your hands dirty too! Those looking to buy, need to get out there and leave no stone unturned. They need to network, establish connections (prior to their search is ideal) and get the word out that they are serious about purchasing a home. Share this desire with everyone you meet, but especially family, friends, co-workers in addition to your sphere on social media. There might be opportunities on Facebook to join neighborhood or community groups (though some are private) and identify what you’ve been seeking all along. Social clubs, open houses, country clubs, professional and charity organizations can all be great avenues for gaining worthwhile information in your home search.

If you’re looking to gain the upperhand over other aspiring buyers, keep your ears attune to life events such as the birth of a baby, weddings, divorces, obituaries, just to name a few. These occasions are legitimate leads for those looking to buy.

 

Finding a home that’s “off market,” either presently not listed on the MLS (i.e. a pocket listing) or not for sale in the first place, can be challenging for most, but it can and has been done. Stay focused and stay up to speed with the inventory in a particular locality. Of course, lean on your agent at all times and good things will develop as time begins to take root in this grand adventure you find yourself in.

For more insight prior to purchasing a home, make sure to read this.

* According to local MLS requirements, unless a listing is filed at the Greater Scranton Board of REALTORS® office (GSBR) and a seller(s) has explicitly requested in writing that their property not be displayed on the Internet, the listing information must be disseminated by the MLS. Furthermore, any member of the National Association of REALTORS®, and likewise the GSBR, must adhere to the clear cooperation policy, which states that “within one business day of marketing a property to the public [i.e. a “coming soon” listing displayed on social media], the listing Broker must submit the listing to the MLS for cooperation with other MLS participants.”

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When Buyers Get More Realistic

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Homebuyers, 2023 may be your year! There’s no guarantee next year will welcome a buyer’s market, but recent indicators are trending in that direction. Though properties are still moving for sellers in our market, they need to be priced right and there must be an element of enticement for prospective buyers, such as its location or curb appeal. Buyers can start getting down to business. They can deal with the market at their own pace and with very little pressure.

Some never caved to outside influences, especially those who could be patient and didn’t need to purchase a home. The winds in our market are shifting. Yes, inventory is bleak, scarcer than it was only three years ago. In July of 2019, 1,387 active listings sat on the market, this past July only a fraction of that – 553 listings – down 60%. And even less today with 532 residential listings currently active.* Many professionals in the industry thought the housing supply would recover by now, but that remains to be seen. Furthermore, the national supply is up year-over-year, over a 30% increase, the largest jump since 2017.

So where is this shift occurring? First, buyers are beginning to see the housing shortage disappear (at least on a large scale). Secondly, there’s a seasonal shift to buying and selling, this is traditional and it’s obvious, it’s “back to school” and it’s the onset of the autumn season, but it’s also temporal. Next, the pool of buyers has dwindled in recent months, placing more tension back upon the sellers. Buyers have faced climbing interest rates since the beginning of the year when they hovered near 3%. Though recent weeks have seen decreases to the mortgage rates, they currently sit around 5.5-5.6%. Buyer as well as sellers have been affected by these increases. Finally, buyers are regaining the upper hand over sellers. Now, they’re looking back to contingencies and leaning on them when signing sales agreements. When competition was fierce between buyers for over two years, this rarely happened.

“It’s certainly a breath of fresh air,” explains Ann E. Cappellini, Associate Broker for Realty Network Group. “There’s a stronger sense of hope for those looking to buy a home, though obstacles still remain.” Buyers can get more realistic nowadays. As long as they have the means financially, the way is less burdensome. With less resistance, homebuyers can use contingencies, such as home inspections to weigh their options, if and when sizable issues present themselves.

When the financial risks of an escrow deposit arise, it’s in the buyer’s best interests they utilize inspections, mortgage and/or appraisal contingencies. According to Redfin, escrow is a legal arrangement where typically a third party will temporarily hold the buyer’s deposit (often used as a down payment or toward their closing costs) until the deal is consummated. In Pennsylvania, the listing Brokerage will generally hold the earnest money deposit (not a neutral third party), though this isn’t always the case. “Escrow matters in Pennsylvania, like many other states, are held in strict compliance with the Real Estate Licensing & Registration Act (RELRA) and the state’s agreement of sale, which has been formulated by the Pennsylvania Association of REALTORS® (PAR),” emphasizes Cappellini. “During the homebuying escrow period of a sale, though the deposit might be held in the listing agency’s escrow account, the money may not be commingled with other funds and furthermore not released to either party, if the Broker is in receipt of a verifiable written notice that there’s a dispute over those funds and it’s subject to mediation or litigation.” Escrow is a serious matter in real estate, especially in our state, and as such, RELRA and PAR specifically outline how earnest money is to be handled from the beginning to the end of all transactions.

Yes, contingencies can kill a transaction and they certainly impact a deal, but they’re in place to protect buyers. These protections are good for both parties, even though it doesn’t always appear so for sellers. Perhaps a deal goes south due to one of the clauses employed by the buyer. It doesn’t go as expected and the buyer is able to receive their deposit monies back. On the flip side, if it’s understood that all the contingencies are met and the buyer walks away or defaults on the deal, the seller might be entitled to the deposit and can also sue for specific performance. Whether you’re a buyer or seller, make sure to discuss with your REALTOR® how contingencies in a real estate transaction can impact you. You’ll be glad you did!

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