Boston Real Estate Blog

Why Now Might Be the Ideal Time to Revisit Your Home Search

Posted November 21st, 2025

If you pressed pause on your home search in the last few years, you’re in good company and you may want to take another look. The housing market is shifting in favor of buyers in ways we haven’t seen in quite some time. More homes are coming on the market, price growth is calming, and mortgage rates are beginning to edge down. Put together, these changes are giving today’s buyers something they’ve been missing: real opportunity. Many experts agree that buyers now have a stronger footing than they’ve had in years. Here’s what’s driving that shift.

Affordability Is Getting Better
There’s finally progress on the affordability front. According to Lisa Sturtevant, Chief Economist at Bright MLS, “slower price growth coupled with a slight drop in mortgage rates will improve affordability and create a window for some buyers to get into the market.” After dealing with higher borrowing costs and steep price increases, buyers are starting to feel some relief. As rates soften and home values rise at a more moderate pace, budgets are beginning to stretch a bit further.

Inventory Is Expanding
More good news: there are more homes available than there were a year ago. Realtor.com reports that the number of listings has increased by 17% compared to this time last year. That means fewer bidding wars, more choices, and a better shot at finding a place that checks all your boxes. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), put it simply: “Homebuyers are in the best position in more than five years to find the right home and negotiate for a better price. Current inventory is at its highest since May 2020, during the COVID lockdown.”
This growth in supply is happening nationwide. Whether you want to buy your first home, trade up to more space, or downsize to something simpler, the odds of finding the right fit are improving. When we compare today’s inventory to pre-pandemic levels (2017–2019), the South and West have rebounded the most—now offering even more listings than they did in a typical year. The Northeast and Midwest haven’t fully caught up yet, but even those regions are seeing more homes on the market than they have in quite some time.

More inventory also means sellers are more willing to negotiate on price, repairs, or terms—giving today’s buyers leverage they haven’t had in recent years.

Local Expertise Matters More Than Ever
While national trends point in a promising direction, every local market behaves differently. That’s why connecting with a knowledgeable real estate professional, like myself, can make all the difference. I can help you understand what’s happening in your area, spot opportunities early, and navigate the nuances of local supply and demand.

If You Stepped Back, Now May Be the Time to Return
If you previously paused your search because the market felt too intense or too unpredictable, conditions may now be more in your favor. And if you’re not quite ready to buy yet, you can still prepare by reviewing your budget, exploring financing options, and keeping an eye on the homes coming to market in your price range.

Whenever you’re ready to start again or simply talk through your options I’m here to help. Let’s connect and discuss your next steps.

Upcoming Sotheby's Auctions

Posted November 14th, 2025

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent.

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Contemporary Day Auction | November 19th, 2025 - New York

This November, Sotheby’s Contemporary Day Auction in New York will showcase a vibrant selection of works spanning the Post-War, Abstract Expressionist, Minimalist, and Contemporary movements—celebrating the artistic breakthroughs that defined the late 20th century and continue to influence today’s art world. Bringing together masterpieces by pioneering figures and bold new voices, the sale offers collectors a rare opportunity to engage directly with the evolving narrative of art history. This season also marks a milestone as Sotheby’s presents the auction and pre-sale exhibition for the first time at the Breuer, the iconic Brutalist landmark on Madison Avenue.

Noble & Private Collections Including Property from Corby Castle, Cumbria, and Marco Voena’s London Pied-à-Terre | November 19th, 2025 - London

Sotheby’s is delighted to present a carefully curated selection of exceptional furniture and decorative arts drawn from distinguished aristocratic and private collections. This auction offers a captivating array of pieces to suit every discerning collector’s taste.

The sale will open with the principal contents of Corby Castle in Cumbria—a collection that beautifully reflects the character and heritage of the house and its inhabitants. Within its iconic red stone walls, generations have preserved a remarkable legacy, now represented by highlights such as an extraordinary glass chandelier that once graced the 1720s staircase, alongside exquisite paintings, fine silver, porcelain, and glassware—all crafted for grand entertaining.

Another highlight comes from Marco Voena’s London pied-à-terre, a refined expression of the renowned Italian dealer’s wide-ranging collecting interests. The collection spans from significant Napoleonic pieces to Old Master works of the same era, complemented by elegant furniture and modern design. This sophisticated and eclectic interior invites us on a journey through time, with resonances stretching from the Quirinale to Buckingham Palace.

Additional private collections featured in the auction will present a diverse selection of Georgian, French, and Continental furniture and decorative arts—including a magnificent George III giltwood pier mirror. Each piece stands as a testament to the exceptional craftsmanship and superb materials that define the artistry of past centuries.

Good News for Homebuyers: Fall Market Shows Signs of Relief

Posted October 24th, 2025

Over the past couple of years, many would-be homebuyers have faced a challenging landscape. Sky-high home prices, climbing mortgage rates, and stagnant wages made homeownership feel out of reach. But this fall, there’s finally some encouraging news where the market is beginning to shift in a more buyer-friendly direction.
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According to recent data from Redfin, the average monthly mortgage payment has dropped by about $290 compared to just a few months ago. This improvement comes from positive movement in the three key areas that influence affordability: mortgage rates, home prices, and wages.

Mortgage Rates Are Easing
After hovering around 7% earlier this year, mortgage rates have dipped to approximately 6.3%. That may not sound like a dramatic shift, but it can make a big difference in your monthly budget. For instance, on a $400,000 loan, that rate drop could save you nearly $190 per month. The Mortgage Bankers Association reports that this change has already pushed buyer demand to its highest level since 2022.

Home Price Growth Has Slowed Down
After years of rapid appreciation, home prices are beginning to level off. Nationally, price growth has slowed to the low single digits and in some markets, prices have even ticked down. This moderation gives buyers more breathing room and time to plan, rather than feeling pressured to act fast.

Wages Are Catching Up
Here’s another positive development: wages are growing faster than home prices. The Bureau of Labor Statistics reports annual wage growth near 4%, helping to close the affordability gap that’s challenged so many buyers in recent years.

Bottom Line
Buying a home is still a major financial decision, but the landscape is finally starting to shift in buyers’ favor. If you put your search on hold earlier this year, now could be a smart time to reevaluate. Let’s connect and take a fresh look at your budget, your options, and what’s possible this fall.

Upcoming Sotheby's Auctions

Posted October 17th, 2025

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Hemmerle Selling Exhibition | 21–23 October 2025 - Paris

From October 21st to 23rd, the Salon is proud to host Hemmerle, the esteemed family-run jewelry house celebrated for its extraordinary craftsmanship and pioneering approach to materials. Known for its distinctive aesthetic, Hemmerle’s signature designs range from bold, architectural forms and geometric lines to the iconic Harmony bangle with its invisible closure, tassel-adorned necklaces, and reverse pavé diamond spikes.
Blending the art of sculpture with the precision of fine jewelry, each piece is engineered with meticulous detail, allowing for elegant movement and surprising complexity beneath the surface.
This exclusive exhibition presents collectors with a rare opportunity to explore creations of remarkable beauty and innovation.

Prints & Photographs Part I October 22, 2025 - New York

Prints & Photographs Part I introduces a new LIVE sale platform dedicated to exceptional works by the masters of printmaking and photography. Launching in October 2025 to coincide with our major seasonal auctions, this inaugural sale will feature a tightly curated selection spanning from foundational Old Master printmakers to pioneering modern and contemporary artists. Highlights include works by Albrecht Dürer, Man Ray, Diane Arbus, Robert Mapplethorpe, Roy Lichtenstein, and others.

Prints Part II will open for online bidding on Tuesday, October 14th, followed by Photographs Part II on Thursday, October 16th. Bidding for both sales will close in succession on Thursday, October 23rd.

Mortgage Rates Recently Dropped — Here’s What That Means for You

Posted September 19th, 2025

If you've been waiting for mortgage rates to come down, good news: the shift you’ve been hoping for may finally be here.

On Friday, September 5th, the average 30-year fixed mortgage rate dropped to its lowest level since October 2024. Even more remarkable? It was the biggest single-day drop in rates in over a year.

What’s Behind the Drop?
The main driver was the latest jobs report for August, which came in weaker than expected… for the second month in a row. That sent a clear signal to financial markets: the economy may be slowing.

When the economy shows signs of cooling, mortgage rates often follow. This softer economic data led to a quick shift in market sentiment and a noticeable drop in rates.

Why It Matters for Buyers
This isn’t just a minor adjustment it could make a big difference in what you can afford. Take a $400,000 mortgage, for example. A drop in the interest rate from 7% to 6.29% could lower your monthly payment by nearly $200. That’s real money back in your pocket every month and over time, it adds up to thousands in savings.

In some cases, it could be the difference between stretching your budget or comfortably affording the home you want.

Will Rates Stay Low?
That’s still unclear. The direction of mortgage rates will depend on what happens next with inflation, the job market, and decisions from the Federal Reserve. Rates could continue to fall or bounce back up.

That’s why staying in touch with a knowledgeable real estate agent and a trusted lender is so important right now. As CNBC’s Diana Olick said recently, “Rates are finally breaking out of the high 6% range, where they’ve been stuck for months.”

The recent rate drop could be the window of opportunity you've been waiting for.

Thinking About Buying?
Let’s take a look at how today’s rates could affect your home search and monthly payment. Reach out anytime. I am here to help you make the most of this moment!

Upcoming Sotheby's Events

Posted September 15th, 2025

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

A Tale of Two Cellars | Exceptional Bordeaux and Burgundy - September 19, 2025 - New York

Sotheby’s Wine is proud to present A Tale of Two Cellars—an exceptional auction featuring two distinguished private collections from Greenwich and Southampton. This remarkable sale highlights the finest from both Burgundy and Bordeaux: Burgundy is represented by the region’s most revered domaines, while Bordeaux shines through iconic, impeccably preserved vintages offered in their original wooden cases. With flawless provenance and condition throughout, these two cellars together offer a rare glimpse into the pinnacle of French winemaking.

An Italian Collecting Journey: 16th–20th Century Paintings and Decorative Arts | September 25, 2025 - Milan

An Italian Collecting Journey offers a visual narrative of Italy told through its artistic heritage. This extraordinary private collection was not assembled by traditional standards but envisioned as a cultural odyssey—an exploration of Italian identity shaped over centuries of artistic achievement.

Each piece has been selected with scholarly insight and a discerning eye, reflecting an exceptional appreciation for quality, rarity, and condition. Far more than a gathering of exquisite objects, the collection forms a dialogue across time, style, and region—linking paintings, sculpture, porcelain, furniture, and decorative arts into a seamless story of beauty and innovation.

At its heart is the idea of Italy—not merely as a geographic or political entity, but as a cultural concept, shaped by generations of artists, thinkers, and artisans long before the formation of the modern state. The collection honors this idea through carefully curated thematic groupings, where noble portraits, sweeping vedute, still lifes, and aristocratic treasures intermingle with refined materials such as pietre dure, coral, and lacquer.

What emerges is a portrait of enduring creativity—a tribute to the virtuosity, experimentation, and craftsmanship that define Italian art and continue to inspire awe across generations.

What’s Next for the Housing Market in 2025? Here’s What Experts Are Saying

Posted August 21st, 2025

If you’ve been keeping an eye on the housing market, you’ve probably noticed some changes already this year. But what can we expect for the rest of 2025? Let’s break down what the latest expert forecasts say about home prices, mortgage rates, and what it all means for buyers and sellers.

Are Home Prices Going to Fall?
Many would-be buyers are holding off in hopes that prices will drop—but the outlook doesn’t point to a dramatic decline. While some markets have seen modest price adjustments, a broad, nationwide decrease isn’t on the horizon.

In fact, the average of eight leading forecasts projects home prices will still increase by 1.5% to 2% this year.

The National Association of Home Builders (NAHB) notes that price growth is slowing—thanks to higher mortgage rates and more inventory hitting the market. These factors are easing some of the upward pressure on prices, but not enough to cause a significant downturn. The minor declines seen in a few areas—averaging around -3.5%—are a far cry from the nearly 20% plunge we saw during the 2008 crash.

And when you look at the big picture, home values have risen 55% nationally over the past five years, according to the Federal Housing Finance Agency. So even if prices flatten, most homeowners have built up considerable equity.

What About Mortgage Rates?

Mortgage rates continue to be a key factor for buyers—and a common reason many are choosing to wait. However, that strategy might not pay off.

Recent updates from the Federal Reserve and Yahoo Finance suggest mortgage rates will likely remain in the 6% range through the end of 2025. While many are hoping for lower rates, trying to perfectly time the market can be risky.
Instead, experts recommend focusing on your personal circumstances. A small change in rates won’t make a huge difference in affordability—and waiting too long could mean missing the right home for your needs today.

Bottom Line: A Market in Transition, Not in Trouble

The 2025 housing market isn’t crashing—it’s simply stabilizing. Whether you’re buying, selling, or just weighing your options, the key is to work with a knowledgeable real estate professional (like myself) who understands the local market and can help you navigate today’s conditions with confidence.

Upcoming Sotheby's Auctions

Posted August 15th, 2025

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Fall Legends | Trading Card Rarities - September 10, 2025 - New York

Sotheby’s is pleased to present Fall Legends | Trading Card Rarities — a curated offering featuring some of the most iconic names in trading cards, showcased through exceptionally rare and highly coveted examples. Don’t miss this opportunity to own a piece of history—these grails may not come around again. Collectors attending the 2025 National Sports Collectors Convention in Rosemont, IL (July 30 – August 3) are invited to visit Sotheby’s at corporate booth #2619 for an exclusive preview of the sale and to submit consignments for consideration.

Masterpieces of Chinese Ceramics from the Ise Collection | September 9, 2025 - Hong Kong

Sotheby’s is proud to present Masterpieces of Chinese Ceramics from the Ise Collection—one of the most exceptional private collections of Chinese ceramics ever assembled, and unquestionably the most significant auction of its kind in recent memory. Thoughtfully curated over the past fifty years by renowned Japanese collector and tea master Mr. Hikonobu Ise, this collection is the result of decades of dedication, discernment, and a deep, intuitive understanding of quality.

Spanning over 7,000 years of history—from the understated beauty of Neolithic pottery to the rich splendor and technical mastery of Qing dynasty enamelled porcelains—the Ise Collection offers a comprehensive and unparalleled survey of Chinese ceramics. It also reflects a distinctive Japanese aesthetic in the appreciation of Chinese art. Throughout his collecting journey, Mr. Ise was closely guided by Mayuyama & Co., Ltd., the legendary Tokyo dealership, with most of the pieces preserved in their signature furoshiki wraps.

The collection comprises nearly 200 works, including masterpieces from every major period in the history of Chinese ceramics. Highlights include a rare Southern Song Imperial Guan dish once owned by Sir Harry M. Garner (1891–1977), a magnificent Ming Chenghua Palace bowl adorned with lilies from the collections of Peter Boode and Mr. and Mrs. R.H.R. Palmer, and an elegant Yongzheng-period pear-shaped vase finely painted with blossoming branches.
Yet the true significance of the Ise Collection lies beyond its individual treasures. It represents a profound cultural dialogue between China and Japan, deeply rooted in the refined traditions of chanoyu—the Japanese tea ceremony—and shaped by an enduring reverence for beauty, craftsmanship, and heritage.

The Real Estate Market Is Shifting—Here’s What Today’s Sellers Need to Know

Posted July 24th, 2025

If you’ve been watching the real estate market lately, you’ve likely noticed some changes. While the shift may seem like a drawback at first glance, it actually marks a return to a more balanced, pre-pandemic market—and that’s a good thing. For sellers who are informed and strategic, this environment presents exciting opportunities.

Inventory Is Rising—and So Is Buyer Leverage
More homes are hitting the market, which gives buyers increased choice and bargaining power. As a result, sellers may face a bit more competition when trying to stand out. That said, real estate is hyper-local. In areas where inventory is still tight, sellers continue to hold a strong position. In more balanced markets, pricing and presentation become even more critical. Either way, working with a local expert ensures you have the right strategy for your specific market conditions.

Smart Pricing Makes All the Difference
With a wider selection of homes available, buyers are more price-conscious and less likely to engage with listings they feel are overpriced. In fact, nearly 1 in 5 sellers are reducing their asking price to attract offers. The most successful sellers are those who price competitively from day one. According to Realtor.com, well-priced, move-in-ready homes are still selling quickly. Staying open to feedback from the market—and your real estate professional—can help avoid the need for later price cuts.

Flexibility Can Seal the Deal
Today’s buyers are taking their time and making more requests—whether it’s for repairs, credits, or help with closing costs. Nearly 44% of sellers are now willing to negotiate, and being flexible can make the difference between closing and losing a sale. Think of concessions not as losses but as smart moves—especially when you consider how much home values have appreciated over the past five years. You likely have room to negotiate while still making a strong return.

Final Thoughts
This isn’t a bad market—it’s simply a different one. Sellers who acknowledge the shift and adjust their approach will still find plenty of success. If you’re thinking about selling, let’s talk. I’ll provide the up-to-date data you need to price your home strategically and make the most of today’s evolving market.

Upcoming Sotheby's Auctions

Posted July 18th, 2025

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Siesta Key Home Listed for $5.59M | Starting Bids Expected Between $2M–$3.5M - July 23-31

A casually luxurious waterfront sanctuary where resort-style living meets effortless sophistication within Siesta Key's exclusive Riegels Landing enclave. This extraordinary property commands 357 feet of deep-water shoreline with direct Intracoastal access, creating a boater's paradise complete with dual 10,000-pound lifts or yacht accommodations. Expansive Shellstone patios embrace a saltwater pool and spa enhanced by fire and water features, while the seamlessly designed interior showcases Wolf and Sub-Zero kitchen appliances, custom millwork, and smart home automation. Multiple outdoor living spaces flow from engineered hardwood floors through floor-to-ceiling sliders, creating an indoor-outdoor lifestyle where every day feels like a permanent vacation in this turnkey coastal retreat. Property and opportunity details provided by seller or others; buyer to verify.

The Champions – Schumacher and F1 Legends | July 23-30, 2025 - Online

A remarkable collection of racing memorabilia from the biggest names in motorsport, The Champions – Schumacher and F1 Legends features nearly 300 unique pieces offered entirely without reserve. Highlights include dozens of gloves, boots, helmets, and racing suits from the likes of Formula 1 World Champions Michael Schumacher, Lewis Hamilton, and Ayrton Senna.

Included in the event is a 1997 Michael Schumacher Scuderia Ferrari Formula 1 OMP signed racing suit worn to victory at the 1997 Monaco Grand Prix, a 2002 Michael Schumacher Scuderia Ferrari 1 Schuberth signed helmet from his fifth Championship-winning year, and a 2010 Honda CBR 1000RR SC59 built for Schumacher to use on test days. Also worth mentioning is a 1988 Gianni Agnelli Formula Ferrari by Cartier Automatic Watch and a 1993 Jean Todt's personal Girard-Perregaux automatic Chronograph watch, with countless other Formula 1 artifacts to suit every taste and budget.

More than 35 pieces of memorabilia ranging from race-worn helmets to wristwatches will be on sale at the Concours of Elegance Germany event in Tegernsee on 25-26 July, with the auction itself to be held entirely online.

Why Strategic Pricing Is the Key to Selling Your Home in Today’s Market

Posted June 20th, 2025

Not long ago, selling a home felt like hitting the jackpot. Properties were flying off the market with multiple offers, often well above asking price. Sellers had the upper hand and could essentially name their price — and get it. But the market has shifted, and today's real estate landscape looks quite different.

A More Balanced Market
Now, the housing market is more evenly paced. Inventory has increased, buyers are more cautious, and homes are spending more time on the market. Price reductions are becoming increasingly common. In this environment, the most effective strategy for a successful sale is clear: pricing your home correctly from day one.

Seller Expectations vs. Buyer Reality
A recent Realtor.com survey found that 81% of sellers still expect to receive their full asking price — or more. However, the reality tells a different story. Data from the National Association of Realtors shows that 44% of homes recently sold for less than the asking price. In fact, nearly one in three sellers had to reduce their list price before landing a buyer. This disconnect can mean the difference between a quick sale and a listing that lingers.

The Risk of Overpricing
It might be tempting to aim high, thinking you can always negotiate down. But starting too high can backfire. An overpriced home can sit on the market too long, which often leads buyers to wonder if something’s wrong with it. That can result in fewer showings, lower interest, and — ironically — a lower final sale price. As Realtor.com puts it, “By getting the right price early on, you can increase the odds buyers will be interested in the home.” First impressions matter — especially in real estate.

The Power of Smart Pricing
Partnering with a local real estate expert is your best move. An experienced agent will analyze recent sales, current market trends, and neighborhood competition to help you set a compelling and competitive price. Even if your asking price is slightly below your ideal number, keep this in mind: home values have risen over 57% in the past five years. You're likely still in a strong position to earn a healthy return on your investment.

Final Thoughts
Yes, the market has shifted — but that doesn’t mean your opportunity to sell has vanished. With smart pricing and the right guidance, you can still attract serious buyers and secure a solid offer.

Ready to make your move? Let’s connect and create a winning strategy for your home sale.

Upcoming Sotheby's Auction Events

Posted June 13th, 2025

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Leisure Rules: Ferris's Signature Sweater Vest from Ferris Bueller's Day Off | Jun 24, 2025 - New York

On June 5, 1985, Ferris Bueller pulled off the ultimate skip day—convincing his best friend and girlfriend to ditch school for an unforgettable adventure.

Their wild day of carefree rebellion became the heart of Ferris Bueller’s Day Off, John Hughes’ 1986 classic that remains one of the most iconic comedies in American cinema.

Now, exactly forty years after Ferris and friends took the day off, Sotheby’s is proud to present “Leisure Rules”—a single-lot online auction featuring the film’s most recognizable costume piece: Ferris Bueller’s signature sweater vest, screen-worn by Matthew Broderick and photomatched to key scenes in the movie.

Worn most memorably during the “Twist and Shout” parade scene and the visit to Wrigley Field, the sweater vest—designed by Marilyn Vance—has become one of the most instantly recognizable pieces of American film costume. The lot also includes original ephemera from the movie, such as a screen-used baseball and a ticket from the Chicago Cubs vs. Atlanta Braves game where Ferris famously catches a foul ball.

“Leisure Rules” is a rare opportunity to own a true piece of pop culture history from one of the most beloved teen comedies ever made.

The exhibition will be on view at Sotheby’s New York from Thursday, June 5 through Tuesday, June 24, 2025, and will be open to the public.

NBA Auctions: 2025 Playoffs | Part II | June 24th, 2025 - New York

Sotheby’s is proud to be the ultimate destination for authentic NBA game-worn jerseys.
As the Official Game-Worn Source of the NBA, we’re excited to offer fans and collectors the chance to own a tangible piece of basketball history.

Throughout the action-packed 2024–2025 NBA season, Sotheby’s will present a series of online auctions featuring a carefully curated lineup of official, game-used jerseys. From the season-opening thrills of Kia NBA Tip-Off, to the star-studded NBA All-Star Game, and all the way to the intensity of the 2025 NBA Finals, each auction offers a rare opportunity to collect iconic jerseys worn during the league’s biggest moments.

Join us in celebrating the legacy, passion, and culture of the NBA—one jersey at a time. This exclusive partnership is your gateway to owning one-of-a-kind memorabilia from basketball’s greatest stars.

Upcoming Sotheby's Auction Events

Posted May 22nd, 2025

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Unlocking the Vault: Renaissance to Modern Works from the Daniel Katz Gallery | June 10. 2025 - London

Sotheby’s is proud to present a distinguished selection of works from the Daniel Katz Gallery, building on our enduring collaboration with one of the art world’s most esteemed dealers.

This exceptional collection spans from Renaissance masterpieces to 19th-century bronzes and Modern British icons, highlighting the breadth and discernment of Danny Katz’s vision. Each work has been chosen for its exceptional quality, character, and distinct presence.

The assembly of this group reflects Katz’s decades of connoisseurship—his innate talent for selecting works that speak with their own voice. Defined by diversity, depth, and a spirit of discovery, the collection captures the essence of the gallery from which it originates.

The Gem Drop June - June 9, 2025 - New York

The Gem Drop is an exclusive monthly event showcasing an extraordinary selection of dazzling jewels brought to you by Sotheby’s. Each curated release highlights a captivating array of exquisite stones, including radiant white diamonds, vivid colored diamonds in a spectrum of hues, and exceptionally rare gemstones sourced from around the world.

What truly sets the Gem Drop apart is its commitment to accessibility and value—every lot is offered with no reserve, ensuring that bidding starts at zero, and there is absolutely no buyer’s premium, meaning what you bid is what you pay. This unique structure creates an unparalleled opportunity for collectors, connoisseurs, and jewelry lovers alike to acquire some of the most breathtaking and sought-after gems on the market, often at prices well below traditional retail. Whether you're looking to invest in a timeless treasure or find the perfect piece to add to your collection, the Gem Drop delivers unmatched quality, excitement, and value month after month.

Is Now the Right Time to Jump Back Into the Market? It Just Might Be

Posted May 16th, 2025

Last year, nearly 70% of buyers decided to put their home search on hold—and given the circumstances, that was a smart move for many. Housing inventory was tight, prices were steep, and mortgage rates were all over the place. It wasn’t exactly the ideal environment to find a home that felt right or fit the budget. Sellers also faced uncertainty, unsure of where they’d go next, which made listing a home a tough decision. But the landscape is shifting—and it might be time to revisit your plans.

We’re starting to see more homeowners and builders step back into the market, creating more opportunities for buyers. In fact, Realtor.com reports that inventory is up 28.5% compared to this time last year. While we’re still about 20% below pre-pandemic levels in most areas, that’s a meaningful improvement.

So what does that mean for you? We’ve hit what many are calling an “inventory sweet spot.” There are enough homes available to offer real choices for buyers, yet not so many that sellers have to worry about being overlooked. It’s a rare market moment where both buyers and sellers can win.

Even better? Inventory has been growing for 17 straight months—and experts predict that trend will continue. That means if you’re selling, acting now could help your home stand out before more competition enters the market. And if you’re buying, you finally have a broader range of options to choose from.

So in conclusion, if you’ve been waiting for the right signal from the housing market, this could be it. Whether you're upsizing, downsizing, or making a big move, this is one of the most balanced opportunities we've seen in a while. Let’s talk about your next steps and find out if now is the right time for you to make a move. Contact me today!

Spring Real Estate Market Forecast

Posted April 22nd, 2025

Spring is officially here, and with it comes a surge of activity in the housing market. Whether you're thinking about buying your first home or making a move to something new, now might be the perfect time. Here's why:

More Homes, More Options
After a long stretch of limited inventory, the number of homes on the market is climbing. According to Realtor.com, active listings are up 27.5% compared to this time last year. While inventory still hasn’t reached pre-pandemic levels, it's noticeably higher than in recent spring seasons—giving buyers more choices and helping sellers feel more confident about finding their next home.

Price Growth Is Slowing Down
As inventory rises, the breakneck pace of home price increases is starting to ease. With more listings and less buyer competition, prices are still trending upward—but at a slower rate. Freddie Mac projects this moderation to continue into 2025. That’s good news for buyers looking to enter the market without chasing skyrocketing prices, and a reminder to sellers to price their homes competitively.

Mortgage Rates Are Finding Stability
After several years of fluctuation, mortgage rates are showing signs of settling down. While they can still shift, recent trends suggest more predictability, which helps buyers plan with greater confidence. For sellers, this stability is encouraging more buyers to jump back in—boosting demand for well-priced homes.

Buyer Confidence Is Growing
With stabilizing rates, slower price growth, and a wider selection of homes, more buyers are reentering the market. The Mortgage Bankers Association reports an uptick in mortgage applications—a clear sign that confidence is on the rise. For sellers, that means more interested buyers and potentially quicker offers.

Thinking About a Move? Let’s Talk.
Whether you’re buying, selling, or just exploring your options, this spring presents real opportunities. Let’s connect and create a strategy that works for you.

Upcoming Sotheby's Auction Events

Posted April 11th, 2025

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

The Classic Cellar of An Important Asian Collector | April 23rd 2025 - Hong Kong

Sotheby’s is privileged to present a curated selection from a distinguished Asian collector’s Classic Cellar this April.
Having been immersed in the world of hospitality and gastronomy from an early age, the collector has developed a refined palate, a profound appreciation for classic wines, and an unwavering commitment to excellence. A successful entrepreneur and respected wine expert, he is also renowned for his expertise in the hotel and restaurant industry. His exceptional taste is evident in this remarkable collection.

This collection showcases some of the finest Bordeaux Classified Growths and rare treasures from legendary vintages, including Mouton Rothschild 1982, Latour 1982, and Petrus 1989. It also features prestigious Champagnes from renowned producers, such as Comtes de Champagne Blanc de Blancs 1995 and Krug Clos du Mesnil 1990. Further enhancing this offering are wines from the iconic Domaine de la Romanée-Conti, spanning the late 1980s to the 1990s. Presented in generous quantities, this collection is a true homage to elegance, tradition, and exceptional quality.

High Jewelry featuring The Mediterranean Blue | May 13th, 2025 - Geneva

Our flagship jewelry sale in Geneva is a premier event in the auction calendar. Curated by Sotheby’s team of international experts, this High Jewelry sale will feature coveted signed pieces from the world’s most prestigious Haute Joaillerie houses, vintage treasures, exceptional colored stones, and extraordinary diamonds. We are especially excited to announce that the sale will be headlined by The Mediterranean Blue, a stunning and rare Fancy Vivid Blue diamond weighing 10.03 carats. Named for its captivating hue reminiscent of the azure Mediterranean waters, this newly discovered diamond, cut into an elegant cushion shape, is one of the most remarkable colored diamonds ever to be offered at Sotheby’s.

As the global leader in luxury auctions, Sotheby’s continually adapts to the evolving preferences and behaviors of today’s collectors. In line with this, our renowned Magnificent Jewels auctions are now known as High Jewelry, a name that better aligns with the digital era and broadens our online reach, ensuring we connect with new audiences and deliver exceptional results. What remains unchanged is the unparalleled quality and rarity of the jewels we offer, along with the world-class service provided by our specialists.

Do You Really Need To Wait For Rates To Drop To Buy?

Posted March 26th, 2025

Many homebuyers are hoping for a significant drop in mortgage rates, but experts predict that the decline will be modest, potentially not as much as some might hope. While rates are expected to decrease, they are likely to stabilize around 6.5% by year’s end.
Recent forecasts from Fannie Mae, the Mortgage Bankers Association (MBA), and Wells Fargo show the following projected averages for 2025, broken down by quarter:

Q1: 6.96%
Q2: 6.86%
Q3: 6.68%
Q4: 6.53%

If you're waiting for rates to drop drastically, you may need to adjust your expectations. Life changes, such as a new job or expanding family, might mean you can’t afford to wait. Fortunately, even if rates don’t fall significantly, there are alternative ways to make homebuying more affordable. Here are three creative financing options to consider:

Mortgage Buydowns: By paying an upfront fee, you can temporarily lower your mortgage rate. This can be especially helpful for buyers seeking lower monthly payments, with 27% of agents reporting that many buyers are requesting seller-paid buydowns.

Adjustable-Rate Mortgages (ARMs): ARMs typically offer lower initial rates, making them a good option if you expect rates to decrease further or plan to refinance down the road. Unlike the risky ARMs of the mid-2000s, today’s ARMs are more secure, as lenders evaluate borrowers’ ability to manage higher rates in the future.

Assumable Mortgages: With an assumable mortgage, you can take over the seller’s existing loan, including their lower mortgage rate. More than 11 million homes qualify for this option, so it's worth exploring if you’re looking for a better rate.

Waiting for mortgage rates to drop significantly might not be the best strategy. Instead, consider alternatives like buydowns, ARMs, or assumable mortgages to make buying a home more affordable now. Be sure to consult with your lender to find the best option for your situation.

Upcoming Sotheby's Events

Posted March 21st, 2025

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Sotheby’s to Auction Michael Jordan and Kobe Bryant’s First Game-Worn NBA Jerseys And The Original E.T. Model Used in Steven Spielberg’s 1982 Sci-Fi Classic

Sotheby’s will auction two game-worn NBA jerseys from basketball legends Michael Jordan and Kobe Bryant, marking an extraordinary opportunity for collectors. These iconic jerseys, expected to collectively fetch over $20 million, will be available for viewing at Sotheby’s New York starting March 21.

Jordan’s jersey, from his 1984 rookie season, is a rare artifact. Game-worn jerseys from his early years are nearly impossible to find, with only four from his first 12 seasons deemed authentic by MeiGray. This particular jersey, linked to Jordan’s preseason debut on October 5, 1984, has been authenticated through photomatching and is significant for its repurposed nature, having been worn by other players before Jordan. This jersey, stained with remnants of previous numbers, marks the beginning of Jordan's legendary career and will be up for auction from March 12 to 26, with an estimated price of $10 million.

Bryant’s rookie jersey from the 1996-1997 season will also be auctioned, highlighting the start of his incredible career with the Los Angeles Lakers. This jersey, worn during both his preseason debut on October 16, 1996, and his regular-season debut on November 3, 1996, has been photomatched to key moments of his rookie year. Despite modest stats early on, Bryant’s relentless work ethic led to a legendary career, including five NBA championships and two Finals MVP awards. This jersey will be auctioned online from April 10 to 24, with an estimated value of $10 million.

Additionally, Sotheby’s will auction a piece of film history—an original model of E.T. from Steven Spielberg’s 1982 film E.T. the Extra-Terrestrial. Created by the Oscar-winning special effects artist Carlo Rambaldi, the model was used in the famous closet scene. The model, estimated to fetch between $600,000 and $900,000, will be offered along with other items from Rambaldi’s collection, including props from Dune, Blade Runner, and Jurassic Park. The auction will run from March 21 to April 3. Rambaldi's daughter, Daniela, expressed pride in her father’s work and hopes these artifacts continue to inspire future generations.

These auctions offer rare chances to own pieces of both basketball and film history, with both sets of memorabilia poised to achieve record-breaking prices.

Upcoming Sotheby's Events

Posted March 14th, 2025

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Chinese Art | March 18-19, 2025 - New York

This March, Sotheby’s Chinese Art auction showcases a diverse selection of Ming and Qing porcelains, early ceramics, jades, classical furniture, and more. Highlighting the auction are significant de-accessions from the Carnegie Museum of Art, the Newark Museum of Art, and the Montreal Museum of Fine Arts. Additionally, the sale includes notable pieces from the Jane and Leopold Swergold Collection, Marchant Chinese jades, and a collection of classical Chinese furnishings from a distinguished American collection.

Indian and Himalayan Art | March 20, 2025 - New York

The Indian and Himalayan Art auction is headlined by an impressive 14th-century gilt-copper alloy figure of Shakyamuni Buddha from Central Tibet, hailing from a distinguished Dutch private collection. The sale also features numerous private collections of Indian and Himalayan paintings, sculptures, and ritual objects.
Kicking off the auction is a notable New York private collection of classical Indian paintings, many sourced directly from the Ehrenfeld collection. Key highlights include two folios from the Tehri Garhwal series of the Gita Govinda and a significant depiction of mythical birds. The auction continues with sixteen exceptional works from the collection of financier and scholar Kevin R. Brine, including a rare portrait of Thangpa Chenpo, commissioned for Taklung Monastery between 1180 and 1210, and a remarkable large 17th-century silver figure of the Fifth Shamarpa Lama. A standout piece in the Indian sculpture section is a stunning bronze figure of Parvati from the Vijayanagara period, once part of the collection of director Anant Singh.

The Benefits of Buying a Home Now

Posted February 21st, 2025

Thinking about whether to continue renting or dive into homeownership? It’s a significant decision, and renting can seem like the simpler choice, especially if owning a home feels unattainable. However, a Bank of America report highlights that 70% of renters are concerned about the long-term effects of renting, such as missing out on building equity and dealing with increasing rent prices.

If you can manage it, buying a home offers powerful financial benefits. Homeownership can build wealth over time. According to data from the Census and HUD, home prices generally increase, meaning homeowners not only pay down their mortgage but also see their home’s value rise. For example, the average home price in 1988 was just under $150,000, whereas today it’s around $500,000. With this growth in value, it’s no surprise that 79% of buyers believe owning a home is a solid financial investment, according to the National Association of Realtors (NAR).

While renting may feel more affordable in the short term, rents tend to rise over time. Census data shows rents have been climbing for decades. What once cost $350 in rent in 1988 now averages around $1,500. Each time you renew or sign a new lease, your costs likely increase—without any equity being built in return. Rising rent prices can also make it more difficult to save for a future home.

When comparing the long-term effects of renting vs. owning, the difference is clear: owning a home allows your monthly payments to build equity and increase your wealth, whereas renting helps your landlord build equity, not you.
Renting may be the right choice for those who aren’t ready to buy, but if you’re financially prepared, homeownership offers long-term financial benefits. While renting might be easier in the short term, it doesn't provide the same advantages as owning a home.

In conclusion: If you’re able to afford it, purchasing a home is a valuable investment in your future and can support long-term financial growth.

Now is a wonderful time to speak to a mortgage agent so you know what your purchasing power would be, or what you need to do now to be a stronger buyer down the road. If you need recommendations I’d be happy to give you some referrals. Contact me today and let’s discuss your options!

Upcoming Sotheby's Auctions

Posted February 14th, 2025

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Sealed - Porsche 911 REimagined by Singer | February 18-20 - UK

The Singer DLS (Dynamics and Lightweighting Study) redefines the restomod world, showcasing the air-cooled 911 at its peak. Powered by a 4.0-litre flat-six engine producing around 500 bhp and a 9,000 rpm redline, it features a six-speed manual gearbox and rear-wheel drive. Collaborating with Williams Advanced Engineering, Singer redesigned the suspension, braking system, aerodynamics, and crafted an engine regarded as one of the best air-cooled units. Michelin, Recaro, Momo, and BBS contributed bespoke tyres, seats, a steering wheel, and 18-inch wheels.

The "Oppenheimer Commission" is a stunning example, named after the rare Oppenheimer Blue diamond. Its Mercedes-Benz Brilliant Blue Metallic exterior contrasts with carbon accents and navy tint gloss lacquer. The car's attention to detail includes custom-fitted paint protection on the underbody—never before done by Singer. Premium materials like aluminum, carbon fibre, and maple wood, as well as bespoke features, set the DLS apart. Carbon trim, polished titanium brightwork, and magnesium wheels highlight its design, while smoked taillights add a refined touch.

Inside, the "Oppenheimer Commission" features a luxurious blend of Cream leather, Navy Blue Alcantara, and carbon fibre trim. The bespoke bucket seats have a unique weave with a navy double stripe. Built to LHD specifications for the UK market, it has driven less than 120 km since Singer's completion in 2023, making it practically new.

With only 75 DLS examples, this car represents the epitome of the air-cooled Porsche 911, offering an unmatched opportunity to own the most exceptional model in the series.

26th Floor Penthouse in Sao Paulo | February 21- March 1 - Sao Paulo Brazil

Situated in the highly coveted Parque Cidade Jardim condominium, this triplex penthouse offers an unparalleled level of security, privacy, and luxury. The property is renowned for its exceptional design and meticulous attention to detail, highlighted by an imposing double-height hall with imported black and white marble flooring. The expansive social area is bathed in natural light and features panoramic views, while the pastel-toned Trompe L’oeil-painted dining room flows seamlessly onto a charming balcony. The residence includes seven luxurious suites, two of which are sprawling master suites complete with lounges, Jacuzzis, massage rooms, and extensive walk-in closets. Additional amenities include a wine cellar, music studio, games room, family room, and a home cinema with seating for eight. The rooftop lounge offers breathtaking views of São Paulo’s skyline. The Parque Cidade Jardim development provides exclusive access to a shopping mall, fitness center, spa, and helipad, enhancing the property's appeal for the most discerning buyers. Property and opportunity details provided by seller or others; buyer to verify. Listed at $13M | Starting Bids Expected Between $4M-$8M

Is A New Home A Goal For The New Year?

Posted January 17th, 2025

As the new year begins, many people reflect on their goals, and for some, that includes the dream of owning a new home. But how do you get started? Here’s some advice to help you on your journey.

Identify Your Motivation
Before you dive into the home search, it's important to understand your “why.” Are you looking for more space for a growing family, planning to downsize, or ready to purchase your first home? Your motivation will keep you focused as you move forward. Sharing this with a real estate agent will help them steer you toward the right options, no matter what the market looks like. A great agent will be there to guide you through each step.

Clarify Your Needs
Think about the essential features your new home must have. How many bedrooms do you need? Is having a home office important? Do you want outdoor space? Identifying your must-haves will make the search process easier. If your budget is tight, consider adjusting your location to find a home that meets your needs. Be sure to discuss these priorities with your agent so they can narrow down the choices without exceeding your budget.

Assess Your Finances
Before beginning your search, take time to assess your finances. How much have you saved, and what monthly mortgage payment is manageable for you? Knowing your budget early on will help guide your decisions. Work with a lender and your real estate agent to plan your down payment, explore available assistance programs, and understand your mortgage options.

Work with an Experienced Agent
The housing market can be overwhelming, but you don’t have to navigate it alone. An experienced real estate agent will explain the process, answer your questions, and offer valuable guidance. As Bankrate emphasizes, “now, more than ever, it’s wise to rely on an experienced local agent.”

Final Thoughts
If buying or selling a home is part of your 2025 plans, now is the time to begin. Clarify your motivation, define your needs, and partner with trusted professionals to make your homeownership dreams a reality this year. With the right support, you can achieve your real estate goals.

Contact me today and let’s work on your new home goals together!

Upcoming Sotheby's Auctions

Posted January 10th, 2025

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

NBA Auctions: Christmas Day and Season Highlights | January 14, 2025 - New York

Sotheby’s is the choice destination for authentic NBA game-worn jerseys. As the Official Game-Worn Source of the NBA, we are thrilled to bring NBA fans and collectors an opportunity to own a piece of basketball history. Throughout the electrifying 2024-2025 NBA season, Sotheby's will host online auctions featuring a curated selection of official, game-used player jerseys. From the excitement of the Kia NBA Tip-Off to the prestige of the NBA All-Star Game and the intensity of the 2025 NBA Finals, our auctions offer a unique opportunity to acquire rare and collectible jerseys from pinnacle events. Come join us in investing in sports history and securing one-of-a-kind NBA memorabilia through this noteworthy partnership.

Art of the Americas, Featuring the American West | January 24th, 2025 - New York

Sotheby's is thrilled to present Art of the Americas, Featuring the American West during Visions of America on January 24, 2025 - a curated two session event of noteworthy paintings, drawings and sculpture. Led by Martin Johnson Heade's Hummingbirds and Gold and Purple Orchids, session one will boast historical works of art celebrating the landscapes, people and culture of the Americas. Session two will focus on fine art of the American West from historical to present day and is highlighted by Alfred Bierstadt's sublime painting, Yosemite.

Upcoming Sotheby's Auctions

Posted December 17th, 2024

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Important Jewels | December 17, 2024 - Hong Kong

We cordially invite you to our Important Jewels Auction, an extraordinary occasion highlighting the finest in luxury and rarity. The sale is filled with elegance and the promise of timeless treasures as we present a lovely collection of exquisite coloured diamonds and gemstones that are certain to pique the interest for both collectors and connoisseurs alike.

Among our highlights is the breathtaking 18.39 carat Fancy Vivid Yellow Heart-shaped Diamond Ring, a true masterpiece that radiates brilliance and warmth. We also present a 9.01 carat Fancy Blue Diamond Ring, one of the rarest and most coveted gems on the market today. For those who value classic beauty, our collection includes an exceptional Kashmir sapphire, renowned for its vibrant, captivating blue hue, alongside high-quality Colombian no-oil emeralds, celebrated for their rich green tones and unparalleled clarity.

In addition to these stones, we are excited to offer a curation of jewellery from the prestigious house of Bulgari, featuring the exquisite Monete Collection with pieces that artfully incorporate antique coins, as well as Van Cleef & Arpels, Cartier and Tiffany & Co. As the festive season is among us, this event presents the perfect opportunity to discover unforgettable gifts for your loved ones as much as yourself.

Important Judaica - December 18, 2024 - New York

Sotheby’s is excited to announce the December 18th sale of Important Judaica. Important points include an exceptional group of manuscripts from the celebrated Montefiore and Sassoon collections. Among these are several medieval Yemenite codices of Maimonides’ Mishneh Torah, a fifteenth-century prayerbook according to the Romaniote rite, a translation of the Prophets and Writings into Aramaic dated 1486, countless significant biblical and Talmudic commentaries, an illustrated Esther scroll that belonged to Flora Sassoon, and several other noteworthy works representing the traditions and scholarship of both Eastern and Western Jewries.

Predictions For 2025's Real Estate Market

Posted November 22nd, 2024

Whether you're considering a purchase or a sale in the near future, here's a look at what experts are predicting and how it could impact your decision. The housing market outlook for 2025 appears promising for both buyers and sellers, with two key factors shaping the landscape: mortgage rates and home prices.

Mortgage Rates
Experts are forecasting a decline in mortgage rates throughout 2025. After a period of significant increases, this easing is expected to make homeownership more affordable, encouraging more buyers to enter the market. While the decrease may not be consistent month-to-month, the overall trend is positive. As affordability improves, it’s likely to draw in buyers who have been on the sidelines, increasing market competition. According to Charlie Dougherty, Director and Senior Economist at Wells Fargo, “Lower financing costs will likely boost demand by pulling affordability-crunched buyers off of the sidelines.”

Home Prices
While mortgage rates are expected to fall, home prices are projected to rise at a more modest pace of around 2.5% nationally. This marks a shift from the rapid price increases seen in previous years, signaling a healthier and more sustainable market. The anticipated rise in prices is mainly driven by renewed buyer interest, though an increase in housing inventory—thanks to sellers feeling less "rate-locked"—could help moderate these gains.

Local Market Variations
It’s important to note that national trends may not reflect conditions in every local market. Some regions may experience faster price growth, while others could see prices decline. For this reason, it's essential to work with a local real estate expert like myself to understand the specific dynamics in your area.

Conclusion
Overall, 2025 is shaping up to be a favorable year for the housing market. With improved affordability due to lower mortgage rates and modest home price growth, both buyers and sellers stand to benefit. If you’re thinking about making a move, partnering with an experienced local agent will help you navigate these trends with confidence.
Let me know if you’d like to dive deeper into the specifics of your market or need assistance with your next move!

Upcoming Sotheby's Auction Events

Posted November 14th, 2024

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

A Legacy of Beauty: The Collection of Sydell Miller Evening Auction | November 18th - New York

The product of a lifetime devoted to beauty in all its forms, A Legacy of Beauty: The Collection of Sydell Miller Evening Auction brings together some of the finest pieces of artistic innovation in the twentieth century. From the monumental and forward-looking Nymphéas by Claude Monet, to the stately Neo-Classical depiction of a female artist by Pablo Picasso, and a pivotal, pre-Bauhaus exploration of color and rhythm by Wassily Kandinsky, this collection embodies Miller’s unerring eye and keen aestheticism. Joined by a stunning example of Yves Klein’s sponge reliefs, a monumental reclining figure by Henry Moore and a gilded elephant table by François-Xavier Lalanne, among other noteworthy pieces of painting, sculpture and design, A Legacy of Beauty: The Sydell Miller Collection Evening Auction presents an ode to timeless beauty and creative feat.

Modern Day Auction | November 18th 2024 - New York

Highlighted by rare examples of work by Charles Angrand and Camille Claudel, vibrant canvasses by Pierre-Auguste Renoir and Marc Chagall, exceptional works of American illustration by Norman Rockwell and Maxfield Parrish, and Latin American masterworks from the Jacques and Natasha Gelman Collection, Sotheby’s Modern Day Auction curates a century of paintings, drawings and sculpture from across Europe and the Americas to showcase the best of Impressionism through to mid-twentieth-century modern art.

Why Now Is an Ideal Time For Homebuyers

Posted October 18th, 2024

After months of waiting on the sidelines many homebuyers who experienced high mortgage rates and affordability issues now have a chance to act. With rates on the decline, the current market is becoming more favorable for buyers, but this situation might not last long. If you have been waiting to make a move, consider why you might want to act now. As you think about whether to buy now or wait, ask yourself: What will other buyers do?

If mortgage rates keep declining, as experts expect, more buyers will return to the market. A survey from Bankrate indicates that over half of homeowners would be willing to buy this year if rates fall below 6%. With rates already in the low 6% range, we are close to reaching that level. Once rates reach the 5% range, the number of buyers will likely increase, which means more competition for you.

This higher demand could encourage home prices to rise, possibly reducing some advantages of having lower mortgage rates. Nadia Evangelou, a Senior Economist at the National Association of Realtors, explains that higher demand can push home prices up as multiple buyers compete for fewer homes available. In areas with housing shortages, this price increase can offset some benefits of lower mortgage rates. So, while waiting might seem wise, it could be the opposite if prices rise faster than your savings from the lower rates.

What This Means for You
Right now, you have an opportunity to benefit from this situation. The current market is good for buyers because many are still waiting, resulting in less competition for homes. Affordability has also improved as recent mortgage rate dips have made owning a home easier. Mike Simonsen, from Altos Research, shares that typical mortgage payments are 7% lower than last year and 13% lower than their peak in May 2024.

While home supply is still low, it is better than it has been in years. Ralph McLaughlin, an Economist at Realtor.com, notes that the number of homes for sale has increased by 35.8% compared to last year, reaching the highest level since May 2020.

This situation gives you more options to choose from than you’ve had in a long time. With fewer buyers, improved affordability, and more homes available, you can find the right home now before competition rises.

Why Waiting Could Cost You
If you are waiting for the perfect moment to buy, keep in mind that predicting the market is never an exact science. The longer you wait, the greater the chance that conditions will change—and not always in your favor. Greg McBride, Chief Financial Analyst at Bankrate, warns that a further drop in rates could lead to a surge of buyers, making it harder to buy a home.

Upcoming Sotheby's Auction Events

Posted October 11th, 2024

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Ansel Adams: A Legacy | Photographs from the Meredith Collection | Oct 16, 2024- New York

This month Sotheby’s is excited to present Ansel Adams: A Legacy, Photographs from the Meredith Collection. This exceptional collection is comprised of photographs printed by Ansel Adams and later gifted to The Friends of Photography, the non-profit organization that was a catalyst for a generation of photographers to pursue their passion for the medium.

The Impeccable Burgundy Collection Part V | October 17th, 2024 - New York

Sotheby’s Wine is pleased to present the latest chapter of its prestigious single-owner series, The Impeccable Burgundy Collection Part V. This installment highlights the elegance of Burgundy and the timeless allure of Champagne, showcasing a hand selected collection from the region’s most esteemed Domaines and Maisons. We invite you to explore these exquisite wines, each chosen with the utmost care by a passionate oenophile.

Picasso Ceramics | October 17, 2024 - New York

Sotheby’s is proud to present Picasso Ceramics, a dedicated sale that will showcase over 50 lots of the artist’s editioned ceramic work. Spanning the artist’s career and with estimates ranging from $1,000 to over $50,000, the diverse collection of works in this sale appeals to new and experienced collectors alike.

Are We Approaching A Balanced Real Estate Market?

Posted September 13th, 2024

If you’ve been paying close attention to the real estate market over the past couple of years, you know it has been a seller’s market. However, is that going to change now that inventory is growing? Here are some details of what you need to know.

The Definition of a Balanced Market
A balanced market is defined as a real estate market with approximately 6 months worth of supply of homes available for sale. In this sort of market, neither buyers or sellers have an advantage over the other with both being equal. Home prices also tend to level out, and there’s a good amount of homes to choose from on the market for sale.

At the beginning of this year there was a three-month supply of homes nationally and now inventory has increased to four months. This is positive news as we are heading in the right direction despite it not being quite there yet. It is important to understand this increase in inventory is not leading to an oversupply that would cause a crash. Even with the recent growth there’s still nowhere near enough supply for that to happen. At the moment it is still a seller’s market, but it’s just not as frenzied as it’s been over the past few years. As Mark Fleming, Chief Economist at First American, says: “The faster housing supply increases, the more affordability improves and the strength of a seller’s market wanes.”

What This Means for Your Move
Here’s how this shift impacts you and the market conditions you’ll face when you move. Lawrence Yun, Chief Economist at NAR, explains: “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”

Homes are remaining on the market longer- Since more homes are on the market, they’re not selling as fast. For buyers, this means you may have the luxury of more time to find the right home while for sellers it means you need to price your house right if you want it to sell. If you don’t, buyers might pick some better priced options.

Sellers are getting fewer offers- As a seller, you may need to negotiate more and compromise on price or terms to close the deal. For buyers, you could start to see less intense competition since you have more homes to choose from.

A Fewer number of buyers are foregoing inspections- As a buyer, you have more negotiation strength these days and that’s why fewer buyers are omitting home inspections. For sellers, this means you need to be ready to negotiate and make concessions as you deal with any special requests to keep the sale moving forward.

If you are buying or selling, understanding how the local market is changing gives you a big advantage. Contact me today for the latest data and local insights so you know exactly what’s happening and how to navigate it.

Upcoming Sotheby's Events

Posted September 6th, 2024

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Chinese Art | September 18th, 2024 - New York

This month Sotheby’s Chinese Art auction features over 270 lots of Ming and Qing porcelains, early ceramics, jades and more. Kicking off this sale is a magnificent and extremely important archaic bronze Zhou Zha Hu and a rare Yongzheng mark and period Ge-type bronze-form vase. The exhibit also features a selection of important ceramics and works of art from the Junkunc Collection, jades from the Collection of Sam and Myrna Myers and the Collection of Robert A. and Elizabeth Cookson, as well as the reference library of Dalva Brothers.

Prints & Multiples | September 18th, 2024 - London

Open for bidding from September 18th–25th, 2024, the autumn Prints & Multiples auction at Sotheby’s London will bring together a diverse collection of modern and contemporary editions from the early 20th century to the present day. Exciting sale highlights include classic modern masterpieces such Picasso’s renowned linoleum cuts Buste de femme d'après Cranach le Jeune and La femme au chapeau, to be offered alongside iconic Post-War and Pop works by pioneering printmakers such as Andy Warhol, Roy Lichtenstein and Keith Haring. The event will also feature a special collection of inventive prints by Britain’s beloved Howard Hodgkin, from the Artist’s Estate.

How Mortgage Rates Are Influenced By The Economy

Posted August 16th, 2024

Anyone who is in the market to buy or sell a home in the near future is probably following mortgage rate trends and questioning what lies ahead. One thing that can affect mortgage rates is the Federal Funds Rate which influences how much it costs banks to borrow from one another. While the Fed doesn’t directly control mortgage rates, they do control the Federal Funds Rate.

The relationship between the two is why people have been monitoring closely to see when the Fed might lower the Federal Funds Rate. Whenever they do that, that puts pressure on mortgage rates to decrease shortly thereafter. When the Fed meets, three of the most important metrics they’ll look at as they make their decision include the rate of inflation, how many jobs the economy is adding and the unemployment rate. Here is some information on the three.

Rate of Inflation
Inflation has been in the news very often over the past year or two and everyone has likely felt it whenever they go to buy just about anything. That’s because high inflation means prices have been rising quikcly. The Fed has stated that its goal is to get the rate of inflation back down to 2%. Right now, it still remains higher than that, but is moving in the right direction.

How Many New Jobs
The Fed is also keeping tabs on how many new jobs are created every month. They want to see job growth slow down consistently before taking any action on the Federal Funds Rate. If fewer jobs are created, it means the economy is still strong but cooling a bit which is their goal. That looks to be exactly what is transpiring now. Inman says: “. . . the Bureau of Labor Statistics reported that employers added fewer jobs in April and May than previously thought and that hiring by private companies was sluggish in June.” So, while employers are still adding jobs, they’re not adding as many as they were before. That’s an indicator the economy is slowing down after being very overheated for quite some time and is an encouraging trend for the Fed to see.

Unemployment Rate
The unemployment rate is the percentage of people who would like to work but cannot get a job. A low rate means a lot of Americans are employed so that’s a good thing for many people. However, it can also lead to higher inflation because more people working means more people spending which can drive up prices. These days the unemployment rate is low, but it’s been rising slowly over the past few months. While it may sound harsh, a consistently rising unemployment rate is something the Fed needs to see before deciding to cut the Federal Funds Rate. That’s because a higher unemployment rate would mean reduced spending, and that would help get inflation back under control.

In the end some recent economic data may signal that hope is nearing for mortgage rates. Count on a local real estate agent you can trust like myself to keep you up to date on the latest trends and what they mean for you.

Upcoming Sotheby's Auction Events

Posted August 8th, 2024

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Porsche 911 Targa Reimagined by Singer | August 12-16, 2024 - Monterey, CA

Sotheby’s Sealed is pleased to present The Sotto Commission, the 300th Classic Study reimagined by Singer Vehicle Design. Based upon a 964-generation 911 Targa, at the heart of the Sotto Commission is Singer’s 4.0-liter flat six-cylinder engine, mated to a five-speed manual gearbox and rear-wheel drive power. Finished in Resistance Blue over a Citrus Orange interior, it is offered from its first and only Californian owner, having only accumulated testing and delivery mileage since the completion of Singer’s exhausting work in December 2023. On display at RM Sotheby’s Monterey auction, this is a remarkable opportunity to acquire a significant example of Singer’s beloved reimagined Classic Study.

NBA Auctions: National Team Capsule | August 15th, 2024 - New York

Sotheby’s is the premier destination for authentic NBA game-worn jerseys. As the Official Game-Worn Source of the NBA, we are excited to bring NBA fans and collectors an opportunity to own a piece of basketball history. Throughout the electrifying 2023-2024 NBA season, Sotheby's will host online auctions featuring a curated selection of official, game-used player jerseys. From the excitement of the Kia NBA Tip-Off to the prestige of the NBA All-Star Game and the intensity of the 2024 NBA Finals, our auctions offer a unique chance to collect rare and collectible jerseys from pinnacle events. Join us in investing in sports history and securing one-of-a-kind NBA memorabilia through this exciting partnership.

Upcoming Sotheby's Auction Events

Posted July 8th, 2024

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Contemporary Discoveries | July 9th, 2024 - New York

Sotheby’s is pleased to present the July Discoveries sales, which bring together diverse artworks of various media, regions and eras from each of Sotheby’s Fine Art Departments in an exciting sale context. The event encompasses paintings, prints, photographs, digital art and sculptures from the last 150 years. Modern Discoveries focuses on early Impressionism through ground-breaking Abstract Expressionism. Contemporary Discoveries has a focus on artwork from the 1960s to today. This sale series is curated with the collector of today in mind: both emerging buyers, who have no reason to limit the scope of their collections, as well as those connoisseurs whose collections already transcend traditional categories.

The Contemporary Discoveries auction will open for bidding on Tuesday, July 9th, and lots will close in succession on Tuesday, July 16th. Please note: The highlights exhibition will open at our York Avenue galleries on Thursday, July 11th.

Japanese Woodblock Prints | July 11th, 2024 - London

Sotheby’s is excited to present Japanese Woodblock Prints online auction this 11 - 18 July 2024. The sale features iconic designs by woodblock print artists from the 18th century to the early 20th century. From the beauty portraits of Harunobu and Utamaro to the striking landscapes of Hokusai and Hiroshige, fine examples of this popular art form exhibit the zeitgeist of metropolitan life in Japan during a time of radical change. Key features include a painting of a standing courtesan by Kaigetsudo Ando, a seminal figure in the ukiyo-e genre, a complete set of Hiroshige’s final masterwork One Hundred Famous Views of Edo and impressions from Hokusai’s Thirty-six Views of Mount Fuji.

Available Housing Inventory is On The Rise

Posted June 13th, 2024

For anyone who has been attempting to purchase a home in the past few years it has certainly been a challenge. The lack of homes on the market for sale has made it tough to find the right home and to actually get it by being the best offer. However, things are starting to look better these days as inventory is taking a turn.

There are more properties on the market this year per data shared by Realtor.com. If we look at the trends for each April for all years dating back to 2017 it is quite interesting. From 2017 to 2020 inventory was higher but then showed some drops for 2021 and 2022. We saw increases in 2023 but 2024 showed much more on the market comparatively for a positive trend. The direction of increased growth of inventory is encouraging, but we are still not back to the same levels seen during 2017-2020.

As Realtor.com explains: “There were 30.4% more homes actively for sale on a typical day in April compared with the same time in 2023, marking the sixth consecutive month of annual inventory growth.”

If you have halted your purchase plans because of the void of selection then you might start seeing more options opening up these days and think about resuming your search.

Real estate is all about location and it is wise to make your connection with a real estate professional in the area of interest. An agent can help you get the story on the properties available in the area you are interested in. As Bankrate states: “In today’s homebuying market, it’s more important than ever to find a real estate agent who really knows your local area — down to your specific neighborhood — and can help you successfully navigate its unique quirks.”

Contact me today and let us know how we can help you with your real estate needs.

Upcoming Sotheby's Auction Events

Posted June 10th, 2024

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Fine & Rare Whisky | June 9th, 2024 - Singapore

The lineup for the Sotheby's Singapore Spirits Auction sounds absolutely exquisite! The inclusion of rare and sought-after whiskies from both Japanese and Scotch origins ensures a diverse range for collectors and enthusiasts alike.
The Karuizawa offerings are particularly enticing, with the Karuizawa 1965 Japonisme standing out as a blend of unparalleled rarity and craftsmanship. The mention of the Karuizawa Geisha variants and the 36 views of Mount Fuji adds layers of intrigue for collectors keen on completing their collections.

Yamazaki's presence with sought-after single casks, notably the legendary cask #3T70070, is sure to draw significant attention. The cask's reputation precedes itself, making it a highlight of the auction.

Turning to Scotch whisky, the spotlight on Bowmore with the 1964 Trilogy set underscores the prestige of this Islay distillery. The perfect condition of these bottles adds further allure to an already prestigious offering. The inclusion of other notable Islay whiskies like the Laphroaig Cairdeas 30 Year Old and the Caol Ila 38 Year Old Cask of Distinction ensures a well-rounded selection for enthusiasts of peaty drams.

Overall, the auction promises a captivating assortment of fine and rare whiskies, catering to discerning collectors and enthusiasts eager to explore the world of premium spirits.

NBA Auctions | City & Icon Capsule | June 12, 2024 - New York

Sotheby's latest update regarding Buyer's Premium rates is definitely a boon for collectors, offering more favorable terms for acquiring items across various categories. While this change doesn't apply to Wine & Spirits lots, it's still a positive move overall, making acquisitions in other areas more accessible to enthusiasts and collectors alike.
Shifting gears, Sotheby's partnership with the NBA as the Official Game-Worn Source brings a thrilling opportunity for basketball aficionados and collectors to own authentic pieces of NBA history. The curated selection of game-used player jerseys spanning significant events throughout the 2023-2024 NBA season adds an extra layer of excitement for fans.

Whether it's capturing the energy of the Kia NBA Tip-Off, the prestige of the NBA All-Star Game, or the intensity of the NBA Finals, these auctions provide a unique chance to own a piece of sports history. The allure of acquiring rare and collectible jerseys worn by top athletes during pivotal moments in the basketball calendar is sure to resonate with fans and collectors alike.

Overall, Sotheby's continues to establish itself as a premier destination for acquiring exceptional memorabilia across a diverse range of categories, from fine art and collectible spirits to now authentic NBA game-worn jerseys.

Recent Data On Home Price Trends

Posted May 10th, 2024

According to data recently shared by Fannie Mae, about 25% of people feel that home prices are going to decline soon. If you are among those who think so, here are some things that you will want to know.

A lot of this thinking is probably coming from what we see in headlines or in the media, but we all must realize that negative news sells. It is important to look to professionals in the industry to learn the real story of what is actually happening in general and in your local area.

Home Prices Increased For Most of Last Year

Case-Shiller releases data each month regarding home prices changes. If you review their data from 2023 you would see that with the exception of January 2023 every month had month-over-month price increases ranging in amounts between 0.2% and 0.9%. It is also worth mentioning that in January most markets do see things experience a winter slow down so that would be normal. Not as many people are looking to move around the holidays and at the start of the year so there is less activity seen then. Also, even the amount of decrease seen in January at -0.2% was very small compared to the much larger ranges of increases seen all year.

To recap on all of that, Case Shiller explains: “Month-over-month numbers were relatively flat, . . . However, the annual growth was more significant for both indices, rising 7.4 percent and 6.6 percent, respectively.”

So if one of the expert organizations in the industry who is tracking home price trends says the very slight dips are nothing to be concerned about then why should we worry? Even Case-Shiller is drawing your attention to how those were small and how home prices actually grew over the year.

Ultimately the data shows that overall the home prices rose over the past year. If you have questions about what’s trending with home prices in your local area, be sure to reach out and speak with a trusted real estate professional such as myself. I would be happy to help you!

Upcoming Sotheby's Events

Posted May 3rd, 2024

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

RM Sotheby’s | May 10-11th, 2024 - Monaco

Monaco is the ideal destination for the classic car and motorsport enthusiast, playing host to both the Grand Prix de Monaco Historique and RM Sotheby’s biennial Monaco auction, which returns now for the seventh time on May 10-11th 2024. Once again hosted at the Grimaldi Forum, this year’s event features a bumper offering of 115 automotive lots over two days of action, with treasures ranging from the personal collection of Formula 1 World Champion, Jody Scheckter, to landmark hypercars, including the McLaren Elva and Lamborghini Countach LPI 800-4. As the hammer falls to the sound of howling V-12 reverberating around the most famous city circuit in the world, there is truly no more of an ideal place to be for those with petrol in their veins.

Contemporary Evening Auction | May 13th, 2024 - New York

The Contemporary Evening Sale this month will feature works which capture the seismic shifts that occurred in art in the latter half of the 20th Century. Beginning with Post-War abstraction in America and Europe, through to Color-Field painting, Minimalism and the Pop Art movement, and into the critical postmodern inquiries of the 1980s and 1990s, this radical new mode of art-making fundamentally altered the course of art history, laying the groundwork for the art movements which would shape the next 50 years across the world. Spotlighting these developments within a unified platform, the masterworks of the Contemporary Art Evening Sale call into focus the plurality of visions, identities, and artistic innovations that reshaped the trajectory of art history as we know it today.

The Latest Update For Mortgage Rates

Posted April 12th, 2024

Some of the headlines in the news lately may have you questioning what is going on with mortgage rates. A short while back there was discussion that there were going to be cuts that would bring mortgage rates down. This was in particular cuts to the Federal Reserve (The Fed) and the Fed Funds Rate. Any changes in the Fed Funds Rate does not directly set mortgage rates, but it does often influence them. As of the recent meeting the Fed had, a cut was not yet made. While there are many things that are considered in how the Fed makes their decision to make a cut, the real question we all have now is if this means that mortgage rates will soon fall or not.

Mortgage Rates Should Still Fall This Year
Just because it has not yet happened does not mean that it is not going to happen. Jerome Powell, the Chairman of the Fed, says they still plan to make cuts this year, assuming inflation cools: “We believe that our policy rate is likely at its peak for this tightening cycle and that, if the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year.”

When this happens, historical patterns show mortgage rates will likely follow suit. That means hope isn’t lost. As a recent release from Business Insider explains: “As inflation comes down and the Fed is able to start lowering rates, mortgage rates should go down, too. . .”

What This Means
With any movement in the rate it isn’t necessarily smart to wait for it to carry over to mortgages. Mortgage rates are historically tough to forecast what and when things will happen. There are so many factors at play and any one of those can change the projections as the economy changes. And it’s why the experts offer this advice. As Mark Fleming, Chief Economist at First American, says: “Well, mortgage rate projections are just that, projections, not promises and don’t forget how hard it is to forecast them. . . So my advice is to never try to time the market . . . If one is financially prepared and buying a home aligns with your lifestyle goals, then it could be the right time to purchase. And there’s always the refinance option if mortgage rates are lower in the future.”

So ultimately if you’re looking to move and trying to time the market, don’t wait for any specific time in the future. If you’re ready and prepared to move then it may still be worth it to do it now, especially if you can find the right home you’ve been looking for.

Upcoming Sotheby's Auction Events

Posted April 5th, 2024

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

An Important European Collection of Chinese Ceramics - Acquired from Edward T. Chow | April 9, 2024 - Hong Kong

Having seemingly vanished since its acquisition from Edward T. Chow (1910-1980) in the 1960s, this remarkable collection of exquisite Chinese ceramics is appearing on the market for the first time in more than 50 years. Each piece was hand selected by Edward T. Chow, who is celebrated for his discerning eye for ceramics. Mostly comprising some of the rarest and most noteworthy monochromes charting the rise and fall of China’s dynasties from the Song to Qing dynasties, highlights include an extremely rare guan-glazed octagonal vase, a Yongle period tianbai-glazed chess jar, and a Yongzheng period pair of ruby-pink and famille-rose ‘lychee’ cups.

NBA Auctions: 2024 All-Star Game | Live | April 11, 2024 - New York

Sotheby’s is your destination for authentic NBA game-worn jerseys. As the Official Game-Worn Source of the NBA, Sotheby’s is excited to bring NBA fans and collectors an opportunity to own a piece of basketball history. Throughout the electrifying 2023-2024 NBA season, Sotheby's will host online auctions featuring a curated array of official, game-used player jerseys. From the excitement of the Kia NBA Tip-Off to the prestige of the NBA All-Star Game and the intensity of the 2024 NBA Finals, our auctions offer an extraordinary chance to acquire rare and collectible jerseys from pinnacle events. If investing in sports history and securing one-of-a-kind NBA memorabilia is for you, please join Sotheby’s and celebrate this exciting partnership.

Upcoming Sotheby's Auction Events

Posted March 15th, 2024

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Fine Jewels | March 27th, 2024 - Paris

Sotheby's is pleased to present its Fine Jewels sale on March 27th, as part of The Paris Luxury Sales.

The event will feature a selection of Art Nouveau pieces, including the famous “Femme ailée” brooch by Vever, the well-known maker. Cartier's creations include many incredible stones like a sugarloaf sapphire weighing more than 23 carats but also an exceptional “Tigre” bracelet set with yellow diamonds. But the selection doesn't end there: there are many pieces signed by the renowned houses Van cleef & Arpels, Boucheron or Chaumet. Finally, we are excited to offer a unique selection of pieces from Conchita Piquer’s collection, the famous Spanish singer and actress.

Art Without Boundaries: An Arts Access Exhibition | March 29-April 7th - New York

Sotheby's Impact is proud to present Art Without Boundaries, our second selling exhibition in partnership with the Arts Access Program at Matheny special hospital and special education school in New Jersey. Matheny's mission is to provide exceptional care and an optimal quality of life for both children and adults that have special needs and medically complex developmental disabilities. This thoughtfully curated exhibition highlights the work of five Arts Access artists: Jessica Evans, Karen Frascella, Bari Kim Goldrosen, Tammy Heppner, and Paul Santo. These artists create dynamic works through painting and across multiple mediums including poetry, playwriting, choreography, and more. Featuring an array of dynamic visual art, this exhibition presents a view into the minds of these multi-talented artists.

50% of proceeds benefit the artists directly and 50% supports the Arts Access program.
The exhibition is free and open to the public to view in-person at Sotheby’s New York from Friday March 29 – Sunday April 7, 2024. Open Hours are Monday – Saturday 10AM – 5PM and Sunday 1PM – 5PM.

Why You Want An Agent To Guide Your Move

Posted March 8th, 2024

Buying and selling a home is a big deal as other than your home being your biggest asset, it is also the place you live and plant your roots. So where so much needs to be considered, getting the best advice available from a professional in the industry is always going to be most helpful.

You need insights from the pros to help you feel confident in your decision. Freddie Mac explains it like this: “As you set out to find the right home for your family, be sure to select experienced, trusted professionals who will help you make informed decisions and avoid pitfalls.”

While only you can ultimately make the best decision that is right for you, a seasoned agent can provide you with all of the best information to help you arrive at what is best for you.

The Value Of An Expert’s Advice
For example, let’s consider if you need to hire a lawyer. You would probably begin by finding an expert in the type of law required for your particular case. Once you do, they won’t immediately be able to tell you how the case is going to go, or how the judge will rule. However, what a good lawyer can do is guide you through the most effective strategies using their experience and help you craft an effective plan together and even utilize their knowledge to tweak that plan as new information comes about.

The job of a real estate agent is very similar. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. The reason why is because it is not possible to know everything that’s going to happen throughout your property transaction. An agent’s role is to furnish you with the best advice they can. An agent will provide you with valuable things like their experience, industry knowledge, and current market data. They are well versed in the latest trends, the ins and outs of the home buying and selling processes and what has worked well for buyers and sellers in the same situation as you.

With my expertise as a professional real estate agent, I have the foresight to anticipate what could happen next and work with you to plan accordingly. I'll assist you through the process, helping you make informed important decisions along the way. Ultimately, I'll give you the best advice you could possibly get to ensure a smooth and seamless transaction. Please click this link to see testimonials from my past clients. Many of whom are repeat clients with multiple transactions. https://www.judypagano.com/pages/2396/Testimonials

Feel free to contact me if you are looking to buy or sell. The Spring Market is in full swing and I'd be happy to help you.

Judy Pagano
judypagano22@gmail.com
617.257.2431

A Few Factors That Determine Home Loan Rates

Posted February 8th, 2024

Anyone who is ready to buy a home in the near future is most likely paying close attention to mortgage rates and trends. Over the past few years we had gotten used to historically low rates making money cheap only to have them increase dramatically and now taper off a bit. But what exactly makes the rates fluctuate? While the answer can be slightly complex, here is some information about some of the most influential factors.

Inflation and Federal Reserve
While the Federal Reserve (Fed) does not determine mortgage rates directly, they do in fact move the Federal Funds Rate as a response to some economic factors. These factors inflation, employment rates, the economy, etc. When this occurs, the mortgage rates often follow suit. Business Insider explains “The Federal Reserve slows inflation by raising the federal funds rate, which can indirectly impact mortgages. High inflation and investor expectations of more Fed rate hikes can push mortgage rates up. If investors believe the Fed may cut rates and inflation is decelerating, mortgage rates will typically trend down.”

Over the past handful of years the Fed raised the Federal Fund Rate to combat inflation and as that happened mortgage rates spiked as well. The good news is that experts all feel that the forecast for both inflation and interest rates is that they both should be more optimal as this year progresses.

The 10-Year Treasury
The other big factor that plays a role is that of the 10-Year Treasury Yield. Mortgage companies will also look at this and base their rates off of it. If the yield goes up, mortgage rates will often then too. According to Investopedia “One frequently used government bond benchmark to which mortgage lenders often peg their interest rates is the 10-year Treasury bond yield.”

The trend has mostly been that the 10-Year Treasury Yield and the 30-year fixed home loan rate have been pretty consistent except for recently. The good news is that this should mean that there is some room for improvement on mortgage rates where they should be coming down somewhat soon. These factors all contribute to why most experts and economists project that we should see favorable rates coming this year.

Upcoming Sotheby's Auction Events

Posted February 1st, 2024

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Contemporary Discoveries | February 12, 2024 - Paris

Following auctions in New York and London, Sotheby's is pleased to host the first edition of Contemporary Discoveries in Paris, which will include works by some of the most sought-after artists. This auction series is designed with the collector of today in mind: young emerging buyers eager to discover new artists, as well as connoisseurs whose collections transcend traditional categories.

The event will feature an original artwork by the artist Liu Bolin commissioned by LVMH, which will be auctioned for the Robert-Debré Hospital, as part of LVMH Dîner des Maisons engagées. All funds received will go to the Hospital to support research into sickle cell disease, and improve the daily lives of children.

Entitled l'Arbre de vie (The Tree of Life), the work features the artist and a child patient from the hospital, who merge into a backdrop made up of a dozen drawings of children being treated at the Robert Debré hospital.

Ferrari 250 Testa Rossa | February 21-23, 2024 - Detroit MI

Sotheby’s Sealed is excited to present one of the most beautiful and desirable Ferraris ever to leave Maranello: The 250 “Pontoon Fendered” Testa Rossa. Built in early 1958, chassis no. 0738 TR is one of only 19 special examples bodied by the renowned Italian coachbuilder Sergio Scaglietti. With nearly 20 period races and four overall victories, 0738 TR was active in competitions for over a decade. In more recent years, it has benefited from a full restoration at Ferrari Classiche, where it was Red Book certified as one of few remaining TRs to retain its matching engine and gearbox. Offered for sale from a prominent collection for the first time in over a decade, this represents a noteworthy chance to acquire one of Maranello’s all-time greats.

What Experts Say for 2024's Housing Market

Posted January 12th, 2024

Whether you are thinking about buying or selling a home soon you probably want to know what to expect from the new year’s housing market. Last year in 2023 we saw mortgage rates on the high side, a lack of housing inventory and some confusion about what headlines suggested about home price trends. The good news is that many experts are forecasting some positive direction for the real estate market.

Mortgage Rate Trends
The good news here is that home loan rates have started to come down. The pattern for them is to follow inflation and since that has declined, rates will now follow. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says: “For home buyers who are taking on a mortgage to purchase a home and have been wary of the autumn rise in mortgage rates, the market is turning more favorable, and there should be optimism entering 2024 for a better market.”

Housing Supply Trends
As the mortgage rates start to ease, there should be more activity in the market where those who have put their move on pause will be picking it back up. If more sellers decide to put their homes on the market then we will see inventory increase which has slowly been happening towards the end of 2023. Lisa Sturtevant, Chief Economist at Bright MLS, says: “Supply will loosen up in 2024. Even homeowners who have been characterized as being ‘locked in’ to low rates will increasingly find that changing family and financial circumstances will lead to more moves and more new listings over the course of the year, particularly as rates move closer to 6.5%.”

Home Price Trends
Mortgage rates moderating isn’t the only good sign for housing affordability. Home price growth is also expected to moderate too. As the Home Price Expectation Survey (HPES) from Fannie Mae, a survey of over 100 economists, investment strategists, and housing market analysts, says: “On average, the panel anticipates home price growth to clock in at 5.9% in 2023, to be followed by slower growth in 2024 and 2025 of 2.4 percent and 2.7 percent, respectively.”

Ultimately experts project 2024 will be a better year for the housing market. So, if you’re thinking about making a move next year, know that early signs are indicating that we’re turning a corner. As Mike Simonsen, President and Founder of Altos Research, puts it: “We’re going into 2024 with slight home-price gains, somewhat easing inventory constraints, slightly increasing transaction volume . . . All in all, things are looking up for the U.S. housing market in 2024.”

Upcoming Sotheby's Events

Posted January 5th, 2024

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Art of America | January 19, 2024 - New York

From Hudson River School paintings to dynamic illustrations of the western frontier, Art of America showcases portraiture, landscapes, and sculpture depicted by the nation’s leading artists. Noteworthy highlights from this season’s Art of America sale include early American portraiture by Charles Willson Peale, a Native American subject rendered in marble by female-sculptor Edmonia Lewis, and exceptional examples of nineteenth and early twentieth century landscapes showcasing a variety of wide-ranging regions across the Americas by artists from Ferdinand Bellermann to Jose Maria Velasco, signaling the cultural and geographic diversity of nineteenth century American art.

Contemporary Discoveries | January 19, 2024 - London

The January issue of Contemporary Discoveries in London is delighted to present works by some of the most sought after emerging artists, including Miriam Cahn, Mohammed Sami, Glendon Cordell and Victor Man, as well as many renowned international artists including as Günther Förg, George Condo, Victor Vasarely and Antony Gormley. This auction series is created with the collector of today in mind: both emerging buyers and those connoisseurs whose collections transcend traditional categories.

Experts See Home Prices Increasing For Next 5 Years

Posted December 8th, 2023

Despite the data showing trends of regular home price increases there are still many people who fear that there will be another crash in the near future. Fannie Mae recently shared a survey that 23% of consumers think that home prices will fall over the next 12 months. While nobody has a crystal ball to know exactly what will happen, here is what experts are saying not just for the next year but for the next five.

Projected Appreciation

Don’t just listen to a few people, consider what the vast majority of experts are suggesting to reassure you. The Home Price Expectation Survey (HPES) from Pulsenomics includes projections from over 100 economists, investment strategists and housing market analysts. The latest quarterly release indicates that home prices are projected by these experts to increase every year through the year 2027. Anticipated increases include:

2023 - 3.32%
2024 - 2.17%
2025 - 3.24%
2026 - 3.79%
2027 - 4.18%

Even though the increase speculated for 2024 isn’t as large as 2023, just remember that the appreciation is cumulative so it will add up over time regardless. But if you’re worried home prices are going to start to fall, here’s the big takeaway. Even though prices are going to be different by local area, experts agree that they’ll continue to rise across the country for years to come at a pace that’s more normal for the market.

To put all of this into some context, if you bought a home in January of 2023 for $400,000 then based on these predictions from the HPES then you could potentially accumulate more than $71,000 in household wealth over the course of the next five years.

So ultimately there are many experts that predict that home prices will increase overall rather than show signs of decline. So if you are in the market to purchase a home it still may be a good time to do so.

Upcoming Sotheby's Events

Posted December 1st, 2023

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Magnificent Jewels | December 5th, 2023 - New York

Hollywood takes center stage in this season’s auction of Magnificent Jewels, which includes items from the collections of Mary Tyler Moore, Frank and Barbara Sinatra, Red Skelton and Tony Randall. Jewels from noteworthy houses such as Van Cleef & Arpels, Cartier, Harry Winston and David Webb figure prominently, as do dazzling diamond jewels and a spectacular collection of colored gemstones.

European and British Paintings | December 7th, 2023 - London

Our winter sale includes art from Britain and mainland Europe, demonstrating the wide-ranging fascinations of nineteenth and twentieth century artists, from still-life to portraiture, the depiction of animals and landscapes to romantic or realistic depictions of everyday life.

Some highlights include masterworks by British artists John William Godward, Frederic, Lord Leighton and Sir Lawrence Alma-Tadema, as well as important and rare European works by Karl Friedrich Schinkel, Adolph Menzel and Hermenegildo Anglada Camarasa.

The Truth About Home Prices

Posted November 10th, 2023

These days there is often a lot of chatter and speculation about where the direction of the real estate market is headed as we approach the beginning of next year. Specifically many are guessing at what may happen with interest rates, but also with where home prices are headed. This has left some buyers and sellers a bit confused about what to do about their own moving plans. Here is some more information about the subject.

According to a recent data release from Fannie Mae, 23% of Americans still think that home prices will decline over the next year. But why would this group of people be thinking this will be the case? A lot of this has to do with countless headlines that people have read as well as general media coverage creating fear that a crash could be impeding similar to what we experienced back in 2008.

For anyone that lies within the camp of thinking prices will be falling, ask yourself which source you are going to follow. The general headlines or a trusted expert in the market? Here is some data that you can refer to from those in the industry. Experts in the industry will acknowledge that there was a dip in prices last year during Q3 and Q4 of 2022 but as we saw that was short lived. Housing prices reverted to increasing during Q1 through Q3 of this year. Furthermore, it is not just Fannie Mae with these reports of data showing the strength of home prices. Zillow, NAR, AEI, HPES and MBA all forecast some amount of appreciation with all of them averaging at 3.9% for the year of positive gain. Fannie Mae originally forecast 3.9% for their thoughts but recently increased that to 6.7%.

Ultimately there has been a lot of misleading information or negative speculation for home prices over the past year. This lingering idea is still having its impact on how buyers and sellers are making their purchase and selling plans. Consider this information as you discuss your plan with your local real estate professional for what is happening in your particular area.

Upcoming Sotheby's Auction Events

Posted November 3rd, 2023

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Modern Evening Auction | November 13th - New York

The Modern Evening Auction presents pieces that capture innovative pursuits of artists across the late 19th and early 20th centuries from Impressionism through Abstract Expressionism. Highlighting the innovations of the avant-garde, the Modern Evening Auction spotlights masterworks by the most noteworthy artists of the modern era that define art history as we know it today including Claude Monet, Pablo Picasso, Balthus, Mark Rothko and Philip Guston.

Master Sculpture | November 15th - Paris

Sotheby’s is delighted to announce our first major Master Sculpture auction in Paris on November 15th, which will be dedicated to European Sculpture and Works of Art.

Featuring a wide variety of materials and techniques in three dimensions, the sale will present an exceptional selection of works ranging from the Middle Ages to the 19th century.
This auction presents an opportunity to discover fresh-to-the-market works in bronze, terracotta and marble. A pair of French Baroque bronzes of Actéon and Latona, exquisite casts from the former collection of Count Alexandre Stroganoff (1733-1811) are among the flagship lots. A terracotta by Augustin Pajou from 1789 of Un voyageur auquel un homme tire une épine du pied from the collection of Marie-Angélique Diderot (1753-1824), daughter of the famous philosopher, as well as an exceptional portrait of man by Jean Baptiste II Lemoyne, are noteworthy for the quality of their modeling and execution.

Finally, an important terracotta relief illustrating Genius taming Peace by Joseph Chinard from 1791, as well as a life-size allegorical figure of the muse Erato in sandstone, signed and dated by Gilles-Lambert Godecharle in 1810, perfectly illustrate Neoclassical elegance.

Is Housing Inventory On The Rise?

Posted October 13th, 2023

An important factor that is helping shape the real estate market these days is the number of homes on the market that are available for sale. This can have an impact on what buyers have to choose from, but can also have an effect on sellers who are considering listing their home for sale. When inventory levels are lower, your home will stand out especially when correctly priced.

For a long time now we have been faced with slim levels of inventory, but is that going to change in the near future? There have been some early hints of more listings coming soon. According to some recent data from Realtor.com, new listings have been trending on the up. Here is a closer look.

More Inventory
The typical busy season for the majority of markets is spring. This is the most anticipated time of year for an increase in the volume of homes being listed for sale. Sellers are usually ramping up for these months when buyers are most active. By contrast as soon as the school year begins and then the holidays approach, then the market tends to cool down which is also expected. However, based on the data from Realtor.com there is an increase in the number of sellers listing their homes on the market for sale later this year than usual.

As Realtor.com explains: “While inventory continues to be in short supply, August witnessed an unusual uptick in newly listed homes compared to July, hopefully signaling a return in seller activity heading toward the fall season . . .”

Although this is only one month of data, it is unusual enough to be noteworthy. It is still too early to know if this trend will continue, but it is definitely something to stay on top of.

What This Means
If you have been holding off on putting your home on the market now may be a good time to do so. If more homes come on in the near future like this trend suggests, then you will have more competition. Inventory levels are still very low and while they won’t be overwhelmingly changed overnight, you still may have a good opportunity to list sooner than later.

If you are thinking of selling in the Spring, please feel free to call me. Now is a great time to discuss pricing, timing, marketing and staging so you are prepared to list as soon as the time is right.

617 257-2431
JudyPagano22@Gmail.com

Upcoming Sotheby's Auction Events

Posted October 5th, 2023

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Fine Chinese Paintings | October 8th - Hong Kong

This autumn, Sotheby’s Hong Kong is delighted to offer an exquisite collection of over 230 works of modern painting and calligraphy. Bringing an amazing visual impact to the auction scene is a 1968 lustrous splashed-color landscape by Zhang Daqian, Verdant Mountains of Summer Spirit, from an American private collection. This event will bring together works from various collections with impeccable provenances such as Chang Chun’s collection of works gifted by close friend Zhang Daqian, political leaders of the Republic of China and reputable Beijing-Shanghai artists; the collection of Wong Nanping’s daughter, Karen Wang, alongside the exquisite works from the collection of Paul Chang’s children tell heartfelt stories of familial bonds and memories. This is not to be missed!

Classic Design: Furniture, Silver & Ceramics | October 6th - New York

Shifting generational tastes, desire to create highly personal spaces, and concerns about sustainability and the environment are fostering demands for antique and classic design. Our sale series Classic Design Week – encompassing European Furniture, Silver, Ceramics and Objects of Vertu – highlights over 500 years of craftsmanship. The signature Classic Design auction offers the most noteworthy examples in each collecting category, and is defined by a worldly exploration of design across the centuries. Classic Design Weeks are hosted biannually in London, Paris and New York.

Historic and Future Mortgage Rate Potential Trends

Posted September 15th, 2023

Anyone who may be looking to purchase a home these days is more than likely following the current mortgage rate trends. With home prices maintaining a relatively strong foothold, fluctuations in mortgage rates are really impacting what homebuyers can afford. Where rates had been historically low for years, now is a great time to take a look at the big picture of where rates have been, where they are and where they are possibly headed to put things into perspective.

Mortgage Rate Historical Trends

Freddie Mac has been recording and tracking 30 year fixed rate mortgages for decades stemming back to 1971. They release the results from their mortgage market survey every week which averages mortgage application information from across the United States.

While rates have increased a few points over the past year or so, they are still lower than the 52 year average. This may be interesting overall but today’s buyers are still trying to adjust to rates around 7% where they were between 3 and 5% for a while. This is still a far cry from the 18% that existed in the early 1980’s. Nevertheless a dip in rates these days would certainly be welcomed by today’s buyers. Let’s take a look if this is realistic by examining inflation trends and their relationship.

Potential Future Rates

The Federal Reserve has been working to lower inflation since the beginning of 2022. This is important to note as there is a relationship between inflation and mortgage rates. If we turn to trends of inflation and interest rates we see their patterns are most often similar. When inflation has gone up or down over the past few decades, mortgage rates followed suit soon thereafter. Recent tracking of inflation shows that it has moderated a bit this year recently, but we have yet to see mortgage rates follow with their similar move. But if history has proven to be any kind of a guide, then we should expect to see rates dip then soon too. While nobody has the ability to forecast the future, it is helpful to review past trends so we know what we can realistically expect.

Upcoming Sotheby's Auction Events

Posted September 8th, 2023

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Dharma and Tantra, including Masterpieces from the Nyingjei Lam Collection | September 18th - New York

Dharma and Tantra is a carefully selected auction of sculptures, paintings and ritual works of art that depicts the development and diffusion of Buddhist art in Asia. The journey originates in the ancient region of Gandhara with a private English collection of stone sculpture and traverses the Silk Road with a comprehensive group of early Chinese sculpture from the Six Dynasties period through to the Liao dynasty, finally culminating in a fine collection of gilt-bronzes from the Imperial palaces of the Ming and Qing dynasties, and a unique set of sutra covers from the Kangxi Kangyur. The auction also includes a 7th century Japanese wood stupa enclosing arguably the earliest Buddhist printed text in private hands.

Noteworthy highlights of the Himalayan section include seven bronzes from the Nyingjei Lam collection, sold to raise funds to support medical and educational projects throughout Asia, a group of thangkas formerly in the Fournier collection with Musée Guimet exhibition history, an early Western Tibet figure of Padmapani from the Pan-Asian and Ellsworth collections and a magnificent Yuan dynasty gilt-copper alloy figure of Hevajra and Nairatmya, formerly in the collection of the Cathay Art Museum.

Vestiges of Ancient China | September 19th - New York

This offering of over 50 lots explores China’s antiquity through a selection of bronzes, jades and sculptures from the earliest Neolithic Cultures to the cosmopolitan Tang dynasty (618-907). The sale is led by an exceptionally rare marble frog from the Shang dynasty, a private collection of archaic jades, and a pair of inscribed Western Zhou bronze gui from an Important European private collection.

Pending Home Sales Show Increase

Posted August 17th, 2023

According to a recent report from the National Association of Realtors (NAR), pending home sales have recently experienced an increase in activity. Specifically, June’s pending home sales had gone up by 0.3% overall for the whole country from the month before. While both the South and West saw slight decreases, the Northeast and Midwest have grown.

"The recovery has not taken place, but the housing recession is over," said NAR Chief Economist Lawrence Yun, "The presence of multiple offers implies that housing demand is not being satisfied due to lack of supply. Homebuilders are ramping up production and hiring workers."

The Pending Home Sales Index is a forward looking indicator of home sales that is based on contract signings and had risen by 0.3% this June. This was the first increase that we have seen since February this year.

Rates

NAR anticipates that the 30 year fixed mortgage rate will rise to 6.4% this year but then lower to 6.0% for 2024. "With consumer price inflation calming close to the Federal Reserve's desired conditions, mortgage rates look to have topped out," Yun added. "Given the ongoing job additions, any meaningful decline in mortgage rates could lead to a rush of buyers later in the year and into the next."

Home Sales and Prices

NAR expects that existing-home sales will decrease a total of 12.9% from 2022 to 2023, coming in at 4.38 million, before climbing up by 15.5%, to 5.06 million in 2024 next year. Compared to last year, the national median existing-home prices will stay steady before rebounding by 2.6% next year, to $395,000. The West, being the country's most expensive sector, will see a reduction in home prices while the more affordable Midwest region is likely to see a smaller increase. Housing starts for new construction are anticipated to drop 5.3% from 2022 to 2023 before increasing 5.4%, in 2024.

Upcoming Sotheby's Auction Events

Posted August 4th, 2023

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Fashion Icons | August 31- September 14th - New York

Sotheby’s inaugural Fashion Icons sale features a highly curated collection of fashion pieces from the most influential people, designers and cultural moments. The Fashion Icons sale celebrates the legendary people, unforgettable events and unmatched creativity through the lens of fashion. Headlining the Fashion Icons sale is Princess Diana’s Warm and Wonderful Black Sheep Sweater. The Black Sheep sweater is one of the most iconic pieces worn by Princess Diana to ever come to market. Media attention has spanned over 40 years from the first newspaper covers of Lady Diana in 1981 to wide press coverage of Rowing Blazers reissue of the Black Sheep design in 2020.

Contemporary Discoveries | August 11th - London

Sotheby's August Contemporary Discoveries Auction in London is excited to present works by some of the most sought after emerging artists, including Javier Calleja, Glendon Cordell, Otis Kwame Kye Quaicoe and Albert Willem well as many famous international artists such as George Condo, Günther Förg, Tracey Emin, Richard Prince and Tom Wesselmann.

Why Homeownership Is The Long Term Answer

Posted July 14th, 2023

These days we are faced with headlines surrounding higher mortgage rates, inflation challenges and the concern about a potential recession. All of this is mounting which has many people wondering if they should consider buying a home now or hold off until later. While these concerns may be valid today it is important for one to think about the long-term benefits of homeownership.

To put it in perspective, most homeowners that purchased a property 5, 10 or 25 years ago would most likely not regret their decision. The reason being is that home values grow with time and in turn so does your wealth. In fact, according to a recent survey by Fannie Mae, 70% of respondents stated that they believe buying a home is a safe investment.

Across the country home prices have increased quite a bit with some varying degree per region. According to data from the Federal Housing Finance Agency (FHFA) the national average of home price gains was just over 56% over the past five years. Another data set from FHFA shows a 30 year time span with a national average of 290% increase in home prices. This means the typical homeowner who bought a house 30 years ago saw their home almost triple in value over that time frame. That’s a primary reason for why so many homeowners who bought their homes years ago are still happy with their decision.

More recently you may have heard talk in the latter portion of last year that home prices would crash, but that didn’t happen. Even though home prices have leveled somewhat from the record peak we saw during the past few years, prices are already starting to climb again in several areas today. This means that in most markets home prices should grow in value over the next year.

Finally, the alternative to buying a home would be renting and rental prices have been escalating for many years now too. So why rent and deal with annual lease increases for no long-term financial benefit? One thing is certain that if you are renting there will be no gain in equity for yourself where history proves that there is long term with a property purchase.

Sotheby's Auction Events

Posted July 7th, 2023

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Contemporary Discoveries | July 10th - New York

Sotheby’s is excited to present the July Discoveries sales, which bring together diverse artworks of various media, regions and eras from each of Sotheby’s Fine Art Departments in a fantastic sale context. The auction brings together paintings, prints, photographs, digital art and sculptures from the last 150 years. Modern Discoveries highlights early Impressionism through ground-breaking Abstract Expressionism. Contemporary Discoveries focuses on artwork from the 1960s to today. This sale series is designed with the collector of today in mind: both emerging buyers, who have no reason to limit the scope of their collections, as well as those connoisseurs whose collections already transcend traditional categories.

Fine Books and Manuscripts, Including Americana | July 20th - New York

Sotheby’s is delighted to announce New York’s July sale, “Fine Books and Manuscripts, Including Americana.” Part 1 of this sale will be open for online and absentee bidding on July 6th and will culminate in a live auction on July 20th. This first part brings together a select group of truly noteworthy books and manuscripts. With material ranging across periods and categories, the auction includes noteworthy and early manuscript Americana, a fine copy of Charles Dickens’ Great Expectations, original artwork from Ludwig Bemelmans beloved Madeline, and much more.

Strong Job Market Fuels Buyer Demand

Posted June 9th, 2023

The spring real estate market has been an active season this year in most areas. Even with home loan rates being higher this year as compared to last year, buyer demand is still strong and getting stronger. According to data from Showing Time, which is a measure of buyers touring homes, it is showing that more buyers are actively touring homes this March compared to March in pre-pandemic years. Here is a closer look at why buyers are so active at this time.

Current Job Market
With inflation continuing on the higher side, the Federal Reserve increasing the Federal Funds Rate and headlines discussing a potential recession, it is interesting to see just how strong the job market is. Furthermore, it continues to gain strength as well. According to the Bureau of Labor Statistics (BLS), there have been a significant amount of jobs added to the market. Specifically, there were 88,000 more jobs created this April than in March. Also, the April numbers exceeded expert projections as well. This shows progress in the direction of growth.

Unemployment Nearing All-Time Low
Another noteworthy factor that goes alongside new job growth is that of unemployment figures. According to BLS the unemployment rate is at the lowest since May of 1969. The average rate from 1948 to 2023 was 5.7% and we are currently at 3.4%. So with so many people employed now they are able to consider buying that home these days.

The Impact on The Market
In the end this is positive news particularly for sellers in this market given the buyer activity. With the number of homes available for sale still being lower, sellers should be expecting strong interest in their properties listed for sale. If you are considering selling your home in the near future, feel free to reach out to me and let’s have a discussion on what you should anticipate for your home in your particular area.

Upcoming Sotheby's Auction Events

Posted June 1st, 2023

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Art Contemporain Evening Auction | June 5, 2023 - Paris

The Paris Art Contemporain Evening Sale brings together beautiful artworks created by some of the masters of the latter half of the 20th century and the 21st century. Among the highlights of the sale will be found a magnificent painting by Zao Wou-Ki from the Hurricane period, a rare Anthropométrie by Yves Klein and an impressive work by Simon Hantaï. The sale also includes nine masterpieces from the collection Op Art, The collection of a visionary. These large scale works by the greatest artists of the optical art movement such as Victor Vasarely, Piero Dorazio and François Morellet have never been seen at auction before. Artists such as Pierre Soulages, Lucio Fontana and Sam Francis are also superbly represented, and the Art Contemporain Evening Sale is a unique occasion to acquire rare masterworks by these artists.

Photographs | June 6-13 - London

Sotheby’s is pleased to present our June Photographs sale. The event will feature a range of material from the 20th and 21st centuries and will illustrate the expressive breadth of the medium. The Photographs auction will give both established and new collectors the chance to acquire classic and contemporary works by some of the most significant names in photography, including Helmut Newton, Shirin Neshat, Andreas Gursky, Thomas Ruff, Irving Penn, and many more. A selection of the photographs will be on display from 15–18 May and from 30 May–13 June at Sotheby’s London.

Think Twice About Waiting For Lower Home Prices

Posted May 12th, 2023

The real estate market continues to evolve this year leaving many to wonder where it will go from here. Gone are the days of seeing historically low mortgage rates which powered the bidding wars that were occurring on most any property for sale. These days rates have climbed which has called for a slower pace for home sales perhaps giving buyers a bit more time to negotiate the right deal with less competition. The question many are left with now is what should we expect in the way of trends for home prices?

There has been a lot of discussion about a potential dip in prices since home prices peaked last year in June. Many have been pondering if they should be waiting on a home purchase as a result. In fact, a recent statistic from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. However, other recent data is suggesting that home prices have already bottomed out and are now on the rise again. Specifically, data from Black Knight shows home price trends in November of 2022 compared to February of 2023. The study shows that 96% of home prices had declined in the month of November where 78% of home prices increased during February of 2023.

This report will make you think twice about waiting as signs are showing that prices are now increasing as opposed to decreasing. Other experts and studies including the Home Price Expectation Survey forecast that prices will increase steadily and return back to more of a normal pace of appreciation after 2023.

Each market behaves differently and there will be subtle variations within every area. The best way to help you understand the trends in your market or area of interest is to consult with a professional real estate agent like myself to assist you with the best insight and guidance.

Upcoming Sotheby's Auction Events

Posted May 5th, 2023

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Sotheby’s Sealed – Ferrari F40 Allocated New To Alain Prost | May 10-12

Sotheby’s Sealed is pleased to offer this very special F40 at no reserve. Delivered new to four-time Formula 1 World Champion Alain Prost during his first season as a Scuderia Ferrari Formula 1 driver, this is an extremely desirable ‘non-cat, non-adjust’ specification example of Ferrari’s vaunted supercar. Ferrari Classiche certified and retaining its original chassis, engine, gearbox, and bodywork, this F40 was awarded second in class honors at the Ferrari 70th Anniversary Concours in Maranello back in 2017. A noteworthy example of its breed having been delivered to one of Formula 1’s most successful drivers, this F40 is not to be missed!

Centuries of Time: A Private Collection | May 14 - Geneva

Sotheby’s proudly presents an exceptional collection of rare pocket watches assembled over the course of 45 years, including a wide, diverse array of pieces spanning from the 16th to the 20th centuries. Comprising nearly 100 watches of supreme craftsmanship, originally made for various different markets, from China to the Ottoman Empire, the lot is led by a rare Breguet watch thought to have been made for the Sultan of the Ottoman Empire.

Studies Show Staging Sells Homes Faster

Posted April 14th, 2023

According to a recent study prepared by the National Association of Realtors (NAR) nearly half of seller’s agents stated that staging a home had decreased the number of days on the market for sale. Furthermore, 20% of buyer and seller agents stated that staging a home can increase the offer price anywhere between 1 and 5%.

"As days on market has lengthened for home sellers, it is not a surprise to see the return of home staging as a tool to attract potential buyers," said Jessica Lautz, NAR deputy chief economist and vice president of research. "Buyers want to easily envision themselves within a new home and home staging is a way to showcase the property in its best light."

Most buyer agents also concurred that a staged property makes it far easier for buyers to visualize the property set up as their own. Living rooms were listed as the most important room to be staged followed by the primary bedroom and kitchen respectively. Vacant homes of course are in need of these rooms to be staged with appropriate furniture. For homes that sellers currently live in, sometimes light staging is helpful with eliminating, adding or rearranging furniture and decorations in order to show off the home’s true potential.

Nowadays with so many real estate shows on television many buyers are conditioned to expect to see homes for sale staged and looking more turnkey. This has set the stage for what they anticipate to see when visiting homes for sale.

Professional real estate agents are trained and have the expertise to assist sellers with what needs to be done to their own home when it comes time to sell. This can include decluttering, doing some necessary updating, cleaning and staging. While the home may not be set up as a homeowner typically had it, this valuable prep work can really make a significant difference when putting the home on the market for sale.

Upcoming Sotheby's Auction Events

Posted April 7th, 2023

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Finest Scotch & The Rarest American Whiskey | April 14th, 2023 - London

Sotheby’s London Whisky auction is led by some of the most rare bottles of American Whiskey ever to be offered for sale. The bottles in this noteworthy set are the prototypes for a United Distillers initiative to launch an ultra-rare whiskey range in 1997. The Rare American Whiskey Selection, set up as a yearly release displaying the USA's most coveted spirit, was never released. These are the only bottles still in existence from this untold chapter in American Whiskey history.

Also on sale is The Macallan In Lalique Six Pillars Collection, a full set of six bottles regarded as the pinnacle of collectable whisky produced by the distillery. Alongside this is the Glenfarclas The Family Casks Trunk, a set of 50 bottles dating back to 1954, as well as The Macallan James Bond 60th Anniversary Collection in a Globe-Trotter suitcase.

Exceptional Jewels: The Wolf Family Collection | April 20, 2023 - New York

Like the fine and decorative art in the The Wolf Family Collection, the jewels alone reflect a lifetime of connoisseurship and an appreciation for rare, often one-of-a-kind designs. The majority are signed by esteemed makers, from inventive creations including René Boivin, Jean Schlumberger, and JAR to classic styles by Van Cleef & Arpels, David Webb and Harry Winston. Perhaps the most remarkable of the Collection is the large selection of Van Cleef & Arpels mystery-set jewels – one of the most impressive of its kind ever to be at auction – with nine impressive examples from a variety of periods in sapphires and rubies.

Pending Home Sales Are Up

Posted March 17th, 2023

According to a recent release from the National Association of Realtors (NAR) pending home sales have been increasing for the second month in a row. Despite the number of transactions being lower than last year at this time, contract signings have improved by 8.1% in January.

“Buyers responded to better affordability from falling mortgage rates in December and January,” said NAR Chief Economist Lawrence Yun.

NAR anticipates that the economy will remain strong and add jobs this year and next with 30 year fixed mortgages lowering to just over 6% this year and to the mid 5’s next. Yun predicts that this year we will still experience lower year-over-year sales before rebounding next year.

“Home sales activity looks to be bottoming out in the first quarter of this year, before incremental improvements will occur,” Yun said. “But an annual gain in home sales will not occur until 2024. Meanwhile, home prices will be steady in most parts of the country with a minor change in the national median home price.”

NAR also forecasts that home prices will remain stable compared to last year in most areas. It estimates that we will see more significant price increases resume come 2024.

Regional Breakdown

The Northeast pending home sales went up by 6.0% this January from the month before. The Midwest increased by 7.9% for the same time period.

The South grew by 8.3% with the West jumping the most by 10.1% in January from the month before. “An extra bump occurred in the West region because of lower home prices, while gains in the South were due to stronger job growth in that region,” Yun added.

In the end all of these signs show good strength and positivity in the marketplace.

Sotheby's Auction Events

Posted March 2nd, 2023

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Made in Britain | March 8th - London

Celebrating the absolute best of British artistic creativity across the disciplines of painting, works on paper, prints, photography, contemporary and studio ceramics and design, “Made in Britain” boasts the perfect opportunity to acquire works by some of the century’s most celebrated and sought-after British artists and makers. This sale features an exciting array of fresh-to-market works by artists and makers such as David Hockney, Lucian Freud, Bridget Riley, Damien Hirst, Alfred Wallis, Lynn Chadwick, Edmund de Waal, Dame Lucie Rie and Hans Coper, along with many others, and with estimates starting from only £500, the event has something for every collector, at every price level.

Surrealism and Its Legacy | March 15th - Paris

Dada and Surrealism transformed chaos into beauty, contradiction into poetry, darkness into imagery and the impossible into the possible. This was an avant-garde movement that emerged from the ashes of the First World War. Surrealists didn’t try to invent the beauty of the world–they did the opposite, taking it as it was and exploring its many elements to find the beauty, joy, force, hope and humor that Classicism could not achieve. Surrealism is the disobedient wife of Blue Beard, who wants nothing more than to open the forbidden door. In today’s increasingly complex, contradictory and multipolar world, the legacy of Surrealism resonates more because it acknowledges these contradictions instead of resolving them.

This March, “Surrealism and Its Legacy” will return for a second installment, charting the history and undeniable impact of the movement. Echoing the theme of the auction, the paintings and sculptures within will unlock the story behind Surrealism, showing how these artists brought to the fore timeless themes that remain just as relevant in today’s world.

Have The Prices of Homes Hit Their Low?

Posted February 10th, 2023

If you are a homeowner currently or if you’re going to purchase a home in the near future, the recent headlines about home prices may have you coming up with more questions than getting answers. The chatter about property values cooling and decreasing and that’s causing concern about a repeat of what happened to prices during the last crash back in 2008.

One of the top things people ponder today is just how much will home prices decline? However, what not everyone may realize is that experts aren’t predicting a free fall in prices. If you consult recent data, there’s an argument to be made that we may be past the most significant portion of month-over-month price depreciation. The numbers were not significant declines on the national level. Instead of wondering how far they will drop, the real question is if home values have already hit bottom.

Recent studies provide a snapshot of home pricing from Case-Shiller, the Federal Housing Finance Agency (FHFA), Black Knight, and CoreLogic. The reporting collectively indicates that on a national scale property values have changed month-over-month since January 2022. (November and December numbers have yet to come out.)

The most interesting trend is that if we look at the last four months that were published from July to October of 2022 we can see that all reports show the largest decline in home depreciation had occurred during the month of August of 2022. This certainly does not solidify that home prices have reached their low, but it does show that homes are not on a free fall which could mean that the worst may already be behind us.

If you have questions about what’s happening with home prices in your local market, contact me to further discuss. Each market performs differently and some may have seen prices that were more inflated than others. I am happy to review how the local market is currently trending with you.

Upcoming Sotheby's Auction Events

Posted February 2nd, 2023

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Fine Jewels | February 9th - London

Sotheby's presents London Fine Jewels on February 9th. This sale will display a selection of extraordinary jewels for the most discerning collectors looking for rare and iconic designs by houses such as Van Cleef & Arpels, Cartier and Bulgari. The jewels on sale represent over a century of jewelry making, spanning from the 19th century through to contemporary designs.

On the Road: Photographs by Robert Frank from the Collection of Arthur Penn | February 22nd - New York

This February, Sotheby’s is delighted to present On the Road: Photographs by Robert Frank from the Collection of Arthur Penn. As the world’s most robust private collection of Robert Frank photographs, the Arthur Penn Collection covers several decades of the photographer’s storied career. The Penn Collection demonstrates Robert Frank’s expertise in quietly observing and incisively documenting people and cultures from all walks of life. This live sale includes more than 100 photographs, including icons of 20th century photography such as Parade, Hoboken, New Jersey, Daytona, Florida, and St. Petersburg. Notable images from Coney Island, works from the London Businessmen and Welsh Miner series, images from his filmic From the Bus series of the late 1950s, and intimate family portraits are also on auction.

What To Expect For 2023's Real Estate Market

Posted January 13th, 2023

The real estate market for last year was most notable for inflation and a steep increase in mortgage rates. This collectively had a significant impact on buyer activity where momentum slowed leaving some buyers pushing off making their home purchase. So what does this mean as we kick off the new year? Here is what some experts have to report.

Home Loan Rates
Most of the experts agree that the future of mortgage rates hinges on inflation. If it is high, then rates will be too and if it continues to fall, rates will be sure to follow. There have been indications that inflation is cooling but it is still on the radar these days. What experts are suggesting now is that they expect rates to stabilize during 2023. It remains to be seen where they will land but if you average the reports from Freddie Mac, Fannie Mae, MBA and NAR you will see them arriving between mid 5% and mid 6%.

Home Price Trends
We can anticipate that home prices will still be defined by classic supply and demand. We experienced this in recent years yet the landscape has shifted during 2022. Buyer demand has simmered due to the higher mortgage rates allowing supply to grow. Similar to mortgage rate predictions, we should turn to the average of what experts forecast. Some feel we should see prices continue to rise while some feel they may fall. However, when you average what Realtor.com, HPES, NAR, Freddie Mac, MBA, Fannie Mae and Zelman have to say, you see them remain steady for 2023. Each market is different where some have been more inflated than others. So ultimately it makes sense that some may see drops while others will see increases this year. Lawrence Yun, Chief Economist of The National Association of Realtors puts it best by saying “After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”

Upcoming Sotheby's Auction Events

Posted January 11th, 2023

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Art of the Americas, Live Auction | 18 January 2023 - New York

Sotheby’s is excited to present our inaugural Art of the Americas auction on January 18, 2023. This sale series, taking place during Americana Week at Sotheby’s, will display examples of 19th and early 20th century historical American paintings, drawings and sculpture by noteworthy artists from John James Audubon to Frederic Remington. The auction will be led by Property from a Distinguished Canadian Private Collection which includes Asher B. Durand’s masterwork Lake Hamlet (Passing Showers) and also works by Albert Bierstadt, Alfred Bricher, William Trost Richards and David Johnson. Additionally, Sotheby’s will be offering Property from a Distinguished Private Collection presenting important historical paintings by John James Audubon, Jasper Francis Cropsey, Fitz Henry Lane, Robert Salmon and many more. In this auction we are pleased to be featuring Property From the Estate of Benjamin D. Holt, Jr. and Property from the Philadelphia Montessori Charter School.

Baroque: Masterpieces from the Fisch Davidson Collection | New York - January 26th

The Fisch Davidson Collection is one of the most notable collections of Baroque art ever to appear on the market. Ten extraordinary pieces from the collection will be offered in a dedicated single owner event at Sotheby’s, New York, in January 2023, during Masters Week. Including several masterpieces, The Fisch Davidson Collection constitutes a spectacular ensemble that traces the development of the Baroque. Assembled over the span of almost thirty years, the collection’s profound quality reflects the rare combination of passion and taste.

Mortgage Rates Will Drop, It's Just a Matter of Time

Posted December 9th, 2022

Since around the spring time we have seen the real estate market make a correction with the number of homes sold starting to take a slower pace. For many years the market was out of balance with consistent and steep home price increases and record low rates, but now that has changed. This is all due to the fact that the average 30-year fixed mortgage rate has quickly surged this year rising to over 7% and then landing recently in the 6% range. We are starting to see now what next year may bring in terms of home loan rate trends.

Inflation and Fluctuating Interest Rates
So long as inflation is high then we are sure to see higher mortgage rates. We have recently seen some signals that inflation may be cooling which gives us some insight into the future. Many, including the mortgage industry, are hoping for positive news. Ali Wolf, Chief Economist at Zonda, says: “The housing market is expected to face continued uncertainty heading into 2023 as consumers, financial markets, and policymakers work through their respective challenges in today’s economy. . . . we are watching for any additional stability in the MBS market, signs of cooling inflation, and/or less aggressive Federal Reserve action to give us confidence that mortgage rates are past their peak.”

How Mortgage Rates Will Trend
As we continue to navigate through the inflation war and see it starting to come down, we can expect that mortgage rates will shortly follow. We have seen some indication of this over the past few weeks. As the Federal Reserve works to bring inflation down, mortgage rates will come down as well. Bill McBride from Calculated Risk says: “My current view is inflation will ease quicker than the Fed currently expects.” As we fast approach the new year, we certainly hope he’s right on this. This will help fuel the market with some more buying power as we strive towards a healthy balance between both buyers and sellers.

Upcoming Sotheby's Auction Events

Posted December 1st, 2022

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Himalayas: The Richard R. & Magdalena Ernst Collection of Important Tibetan Paintings and other Himalayan Works of Art | December 8-15 - Paris

Richard and Magdalena Ernst shared a fascination for Tibetan and Nepalese art and culture, engendered by a trip to Kathmandu in 1968 where the first of many of their Tibetan thangkas paintings was obtained. Their knowledge of Tibetan art increased with every new purchase from art dealers and auction houses around the globe. One of the first thangkas they bought on their return home from Asia turned out to be one of the most important of the later Tibetan works in the lot, the circa 1600 Ngor monastery Vajrabhairava (fig. 1). The thangka was among their favorite paintings and hung in pride of place in the salon of their home in Winterthur, Switzerland.

Exclusive Releases from Eva Fricke | Pristine Burgundy from the Cellar of a Distinguished British Collector | Finest & Rarest Wines | December 13th - London

Sotheby’s Wine is excited to present our final London sale of the Winter season, Exclusive Releases from Eva Fricke | Pristine Burgundy from the Cellar of a Distinguished British Collector | Finest & Rarest Wines. This sale encompasses a selection of wonderful cellars, containing a huge variety of intoxicating delights to round off a busy vinous year.

The auction starts with an exclusive-to-Sotheby’s, direct release from the cellars of Weingut Eva Fricke, including her universally lauded Beerenauslese from Lorcher Krone and Lorcher Schlossberg.

Following this fine selection of benchmark Rheingau Riesling, we move to the joys of the Côte d'Or, with Pristine Burgundy from the Cellar of a Distinguished British Collector. This noteworthy collection features recent vintages from Domaine de la Romanée-Conti plus countless other blue-chip Domaines, such as Leflaive, Clos de Tart, and Jacques Prieur, all purchased upon release from highly esteemed British merchants.

Ending the sale, the various-owner Finest and Rarest Wines portion sees a handful of eclectic British collections brought to market. Displaying an impressive variety of beautifully mature stock from Europe’s most historic and desirable estates, the cellars offered here represent a lifetime of dedicated work on the part of these longstanding, steadfast collectors.

The Current Status on Housing Supply and Demand

Posted November 17th, 2022

The past few years there has been a considerable discrepancy between high homebuyer demand and lower levels of housing stock. This difference had forced buyer competition to a whole new point of bidding wars. However, nowadays we are seeing things shift which is changing the landscape.

This year we have seen home loan rates rise along with some economic uncertainty which has softened buyer demand. According to data from ShowingTime, showings have slowed by 12% at this time compared to last year showing us a trend in buyer demand. We also can look at some data from Realtor.com which is telling us that the number of active listings this year is up by 27% as compared to last year. The easing of buyer demand has shown us that it has allowed for inventory to increase.

The Forecast For Buyers
What this means for buyers is that you will have less competition and maybe an easier time purchasing a home than last year. There should be more available homes to choose from and this also should mean you as a buyer could also have more buying and negotiating power. Each market is still different which is why your trusted real estate professionals such as myself can direct you best for market nuances.

The Forecast For Sellers
What this means for sellers is that there may be more competition when you list your home for sale, but inventory is still sitting at the lower end. Pricing your home today is a little different strategy than what it was about a year ago. Once again a local real estate professional will be able to guide you best on reading the current market value of your home in today’s conditions. Listing your home at the appropriate asking price for today’s market will still result in a sale where there is such a great buyer demand out there.

Upcoming Sotheby's Auction Events

Posted November 7th, 2022

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Important Watches | November 9th - Geneva

Sotheby’s is pleased to present our Important Watches auction in November, encompassing beautiful and collectible watches from renowned makers such as Patek Philippe, Rolex, Audemars Piguet, Vacheron Constantin and Cartier. It also includes both vintage and contemporary pieces from various makers as well as independent brands like F.P. Journe.

We are currently accepting consignments for this exceptional auction. Please contact our specialists to receive a free and confidential valuation.

One of the most significant Formula One Cars of all time
The Michael Schumacher 2003 Ferrari F2003-GA | Chassis 229 | November 9th - Geneva

On November 9, 2022 at Sotheby’s in Geneva, car collectors will have their first opportunity to bid on a unique Formula One Cars: The Michael Schumacher 2003 Ferrari F2003-GA, Chassis 229 offered by RM Sotheby’s.

Ferrari has a long history in motor racing and has competed in the Formula 1 World Championship since its inception in 1950. However, it has never known a period of sustained success to match what it achieved in the early years of the 21st century. After signing German sensation Michael Schumacher—already a two-time World Champion with Benetton—for the 1996 season, the Scuderia built around him a “superteam” which was overseen by Jean Todt and included such engineering talent as Ross Brawn, Rory Byrne and Paolo Martinelli. Once they all hit their stride, Ferrari and Schumacher became unstoppable.

Ferrari began the year with an update of the old F2002, but Schumacher won just once in the opening four races. Only at the fifth round in Spain did the Scuderia introduce its new F2003-GA—the initials honoring late Fiat boss Gianni Agnelli, who had passed away in January. It was a longer-wheelbase design than its predecessor, which enabled Ferrari to package the aerodynamics in a very different way to the short-wheelbase car used by title rival Williams. The changes also supported a slightly longer Tipo 052 variant of the 3-litre V-10 engine, a truly special 845-horsepower powerplant that was capable of spinning to a spine-tingling 19,000 rpm.

Projected Home Price Trends for 2023

Posted October 21st, 2022

Fall has started and now the end of 2022 is officially in sight and too far off in the distance. This has many people questioning what is in store for home prices in the new year and experts have started to make their predictions. The forecasts are showing to be positive news for homeowners who may have thought the future was going to be more grim.

In past years home prices have been appreciating quite rapidly as we all know. Predictions for next year’s home price escalation are coming in at an average of 2.5% by forecasters including Fannie Mae, HPES, Freddie Mac, MBA, NAR and Zelman. Zelman & Associates was the only entity that projected a small depreciation of 3%.

Financial expert, Dave Ramsey sums it up by saying “The root issue of what drives house prices almost always is supply and demand . . .”

The two things that play into this is that there still is an consistent lack of supply of housing options that we are experiencing across the country. While rates increasing will lessen one’s buying power, there is still a large pool of buyers who are looking to make a home purchase with few options. Inventory levels stand below a 6 month supply which is telling us that we still remain more in a seller’s market for now.

The other factor that plays a part in the forecast for demand is who is making up a large pool of buyers. That group is millennials and they make up the second largest demographic behind baby boomers and they are amidst their peak buying years.

In the end no one has a crystal ball to tell us how things will play out and what markets will experience which trends. However, when we look at these important elements making up today’s real estate market landscape it looks like we can expect home prices to still appreciate just not as greatly as we have seen in recent years.

Upcoming Sotheby's Auction Events

Posted October 6th, 2022

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Modern Details | October 13th, 2022 - London

Taking place this month on the 13th, the Modern Discoveries sale showcases the creative output of key influential figures working across the late 19th and 20th centuries. Highlights of the auction include an elegant selection of works on paper, ceramics and sculpture by Pablo Picasso, the master of modernism, coming from the collection of the artist’s grand-daughter Marina Picasso. Additional highlights include noteworthy pieces by those working at the height of the avant-garde, including Henri Matisse, Joan Miró and Auguste Rodin. We are also excited to represent a selection of works by Leonor Fini that encompass her wildly unique artistic vision. With a number of works by these celebrated artists with estimates below £10,000 the Modern Discoveries event presents the perfect opportunity to begin or grow your collection.

Modern & Contemporary African Auction | October 14th, 2022 - London

Sotheby’s is delighted to present the October 2022 auction of Modern & Contemporary African Art taking place in London. The sale will feature a specially curated collection of paintings, photographs, drawings and sculpture from across the African continent. Notable highlights include pieces by highly sought-after artists including El Anatsui, Ben Enwonwu, Hassan El Glaoui, Mohamed Melehi, Cheri Samba and Gerard Sekoto, as well as trailblazing artists presently working on the continent, such as; Olamilekan Abatan, Isshaq Ismail, and Oluwole Omofemi, Tafadzwa Adolf Tega and Nedia Were.

Inventory Levels Show No Crash in Near Future

Posted September 16th, 2022

Everyone recalls the last housing crash in 2008 regardless of whether you owned a home then or not. The news these days about an economic downturn brings feelings of concern by many that we could be destined to experience the same thing as we did back then. However, we can rely on some data and facts that prove that today’s housing market is not like it was then and one of the key factors is inventory.

Today’s continued lack of supply of newly built homes, existing homes being listed by sellers and distressed properties are still far from saturating the market which makes it unlikely to crash. Here is a closer look at each of these property categories.

Current Homeowners Listing For Sale
Regardless of inventory increasing lately there are still very few homes on the market for sale. For example, according to data from Calculated Risk, inventory for the third week of August is 27.8% higher than last year in 2021 but is 42.6% lower than that of 2019. What this translates to is there simply isn’t enough housing stock to tip the scales to where home prices fall resulting in a market crash.

New Construction Homes
New construction nowadays is also going at a slower pace than what it was during the last bubble. Ali Wolf, Chief Economist at Zonda, states “It has become a very competitive market for builders where they are trying to offload any standing inventory.” Builders are responding to the mortgage rate increases and slowing down their production rate where they are being cautious about overbuilding.

Distressed Properties
Another arena where a glut of inventory can come from is distressed properties which includes short sales and foreclosures. During the last housing crisis there were many of these due to lax lending standards where today’s market is completely different and more strict. According to ATTOM Data Solutions in 2009 there were 2.8M foreclosure filings whereas in 2021 there were only 151k. Also, in recent years the forbearance program was further assistance to help prevent another wave of distressed properties like we saw around 2008.

Collectively these patterns and numbers show us that supply is not anywhere near where it would need to be for a crash to be in our near future.

Upcoming Sotheby's Auction Events

Posted September 1st, 2022

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Prints & Multiples | September 8th - London

Open for bidding from September 8th - 14th, Sotheby’s London’s Prints and Multiples sale features the work of prominent printmakers from the turn of the 20th century to the current day. The works on offer will represent the best of printmaking globally, including intaglio and relief prints by modern masters, as well as pop icons like Andy Warhol’s Queen Elizabeth II of the United Kingdom.

Fine Jewels | September 8th - London

The Fine Jewels event on September 8th in London will proudly present over 350 lots. The auction features an array of exceptional signed pieces by world-class jewelry houses such as Cartier, Van Cleef & Arpels and Bulgari, an assortment of coloured stones complemented by white diamonds of every shape and size to suit all tastes, as well as many noteworthy private collections. Highlights of the sale include a magnificent 16.18 carat Fancy Yellow diamond, a stunning Art Deco double-clip brooch by Cartier which was formerly in the collection of Elton John and an Archaeological-revival carnelian scarab necklace from the 1870s. The jewels in this sale represent nearly every decade starting from the early 19th century through to the modern day. In addition to this, a number of lots are to be sold with no reserve, so make sure to stop by our exhibition to find your autumn jewel!

The Real Estate Market Forecast For The Rest of 2022

Posted August 19th, 2022

As we are now beyond the midpoint of this year most of us have felt a slight change in the real estate market. For many years we have been in a market that was greatly favoring sellers with inventory levels hovering around one month’s supply where a truly normal market falls somewhere closer to six months. This has some questioning if it may be a good time to purchase or sell a home. Here are some interesting points that are covered by experts in the market.

The Mortgage Rate Forecast
Some buyers are feeling the squeeze as mortgage rates have been climbing this year by over 2%. While nobody has a crystal ball to know just what lies in store for where they are headed, but we can turn to some logic as to why they are rising now. Chief Financial Analyst of Bankrate states “Until inflation peaks, mortgage rates won’t either. Without improvement on the inflation front, we don’t know where the interest rate ceiling will be.” Home loan rates do impact buying power so it is important to heed expert advice from professionals about your specific move.

Housing Supply Forecast
Good news is finally here for buyers. The housing supply has been increasing this year due to more homeowners listing for sale but also because rising interest rates have softened buyer demand which results in more inventory. Realtor.com has updated their forecast for inventory projections for 2022 from 0.3% to 15% by year’s end. While there won’t be any quick burst of available homes, this steady growth should make buying a home easier than it has been in the past handful of years.

Housing Price Forecast
A few things are at play here with the trajectory in home prices. Inflation has triggered interest rates to climb, but while that is calling for less buying power, there is still significant buyer demand in the marketplace. The same inflation factor drives renters who are experiencing increases to want to buy in order to have more control over monthly expenses with a fixed-rate mortgage. When you add all of this up experts feel that home prices will not see a decline, rather we will see more of a “foot off the gas” scenario. Deputy Chief Economist of CoreLogic states “The current home price growth rate is unsustainable, and higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.”

Ultimately we are seeing more of a market correction rather than any sort of crash. The changes in the landscape are pushing conditions towards more of a balanced market that favors both sellers and buyers.

Upcoming Sotheby's Auction Events

Posted August 8th, 2022

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