Business

Trend 10: The Residential Real Estate Brokerage Shift – Suddenly Arrived in 2018

This is the first blog post in a series of ten that covers the trends that will shape the residential real estate industry in 2019 and beyond according to the publication, Swanepoel Trends Report 2019.  The views, thoughts, and opinions expressed in this post belong solely to the author, and not necessarily to the author’s employer or the publication cited.

If there is one constant in the residential real estate industry, its change.  And with change, brings a lot of mixed emotions.  Some individuals and companies seem to thrive in this environment, while others hold onto the past and get swept away in a tsunami.

The Swanepoel Trends Report cites a number of examples of companies that were on the top of their game but then failed to anticipate a shift in the business environment.  Read these two quotes and you’ll get the picture:

“Google is not a real company.  It’s a house of cards.”

Steve Ballmer, CEO, Microsoft (2004)

“Neither Redbox nor Netflix are even on the radar screen in terms of competition.”

Former Blockbuster CEO Jim Keyes (2008)

  

So if businesses evolve either up or down, where are we now?

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Lancaster County’s May 2018 Real Estate Market – By the Numbers

May is always a month of transition.  Winter is definitely behind us but summer is not quite here.  Some nights you can sleep with the windows open to breathe in the refreshingly, cool air; some nights it’s downright frigid and the windows are closed.

All across Lancaster, small signs are appearing right before our eyes that point to what lies ahead of us in just a few short weeks – – like the corn sprouting from small seedlings in hundreds of fields across the county.

Is the real estate market sprouting and following suit?  Let’s look at the numbers . . .

(Click on each infographic for a larger version)

2018 05 May Market Stats - Avg Sales Price

Average Sales Price – We cracked the two and a quarter mark for the first time ever.  Up 7% from last May.  This healthy rise is mainly due to extremely low inventory levels which don’t appear to be going up anytime soon. Continue reading →

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Here’s To the Future

I have been following Peter Diamandis through his YouTube site and his books for a couple of years.  He always provides a fascinating insight into where he thinks we are headed.

This short interview with Tom Ferry touches on some things that real estate agents need to prepare themselves for as we head into the next decade.

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Lancaster County’s April 2018 Real Estate Market – By the Numbers

The old saying, “April showers bring May flowers” is a reminder that even the most unpleasant of things, in this case, the heavy rains of April, can bring about very enjoyable things indeed – an abundance of flowers in May.  The lesson?  Patience.

So how did the rains of April affect Lancaster County’s real estate numbers?  Let’s take a look.

(Click on each infographic for a larger version)

2018 04 April Market Stats - Avg Sales Price

The Average Sales Price made a huge jump in April – 9%.  We have been humming along for months between 1-4% so this is a significant change.  As you will see when we examine the Absorption Rates this month, the upper price ranges (i.e. $400,000+) are now starting to move which is a good sign. Continue reading →

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Lancaster County’s March 2018 Real Estate Market – By the Numbers

March is traditionally a month associated with “Luck.”  People try to find four-leaf clovers, hang horseshoes with the heels up so that good luck won’t drain out, and celebrate St. Patrick’s Day with a good, old-fashioned green beer.

How did the real estate market fare in this “Lucky” month?  Here are the numbers:

(Click on each infographic for a larger version)

2018 03 March Market Stats - Avg Sales Price

  • We continue to experience a steady rise in average sales price which is great for those homeowners who lost a lot of their equity in the recession.  Short sales are no longer as prevalent as they were just a few short years ago.  A short sale requires lenders to forgive some of the indebtedness of a mortgage if the proceeds from a sale don’t cover the remaining balance of the mortgage, but only after the homeowner can prove a hardship.

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