Savannah's Housing Market: Why It's Not Crashing—Just Changing

If you've been holding off on buying or selling a home because you're waiting for a market crash, let me save you some time—it’s not happening. But that doesn’t mean the market isn’t shifting. Two of the biggest names in real estate, Ryan Serhant and Barbara Corcoran, are weighing in on what’s really going on from a national perspective, and their take is clear: it’s not a housing crisis—it’s an affordability crisis. So, what does that mean for you if you’re looking to buy, sell, or invest in Savannah? Let’s break it down. It’s Not a Housing Crisis—It’s an Affordability Problem Ryan Serhant, CEO of SERHANT., recently told Fox Business that the problem isn’t a collapsing market—it’s that buyers are struggling to afford homes at today’s prices and interest rates. “I don’t think there actually is necessarily a housing crisis the way you see and you read about it. I think there’s an affordability crisis.” — Ryan Serhant Here’s the reality: Home prices aren’t dropping, but they’re becoming harder to afford. Even though we’re seeing more inventory in some markets, much of it isn’t in the entry-level price range. In fact, in many cities, the idea of a “starter home” now means something over $1 million—not exactly budget-friendly for first-time buyers. And it’s not just homebuyers feeling the pinch—renters are struggling too. Serhant pointed out that more than half of all renters are spending 30-50% of their income on rent, leaving little room to save for a home purchase. Why Home Prices Are Staying High If affordability is such a problem, why aren’t prices coming down? The answer is simple: Homeowners don’t have to sell. Barbara Corcoran put it plainly in a recent interview: “No one wants to move and [there are] fewer houses to choose from at higher rates. So it's difficult for homebuyers.” Think about it—if you locked in a 3% mortgage rate in 2020, would you rush to trade that in for today’s 7%+ rates? Exactly. That’s why we’re seeing fewer listings, and even when homes do hit the market, many sellers are holding firm on their prices. Corcoran also pointed out that sellers aren’t exactly known for being realistic. “Their house is always worth more... I don’t think prices will shake out at all. I think they'll hold out hoping interest rates will go down again.” This has led to homes sitting on the market longer, with more than half of listings at the end of 2024 staying up for 60+ days. While that might seem like a slowdown compared to the frenzy of the past few years, it actually signals a return to a more balanced market—one where buyers have time to think before making an offer. What This Means for Savannah Buyers, Sellers, and Renters So, what should you do in Savannah’s current market? For Buyers: Yes, affordability is a challenge, but you have more negotiating power now. With homes staying on the market longer, sellers are more willing to consider reasonable offers. The days of cutthroat bidding wars are fading. You can take your time to make a smart decision. For Sellers: Prices aren’t tanking, but buyers are getting pickier. Homes that are priced competitively and move-in-ready will always get more attention. If you’re waiting for rates to drop to 3% again, you might be waiting a while. Selling now can still be profitable—if you have the right strategy. For Renters: Rents are high, and they’re likely to stay that way. If you’re planning to buy in the next few years, now’s the time to start building your financial foundation. Talk to us about what it takes to qualify for a mortgage. You might be closer than you think. The Bottom Line The Savannah market isn’t crashing, it’s just evolving. Whether you’re buying, selling, or renting, there are always smart moves to make—if you know where to look. Need help figuring out your best next step? Let’s talk. The right strategy makes all the difference, and I’m here to help you navigate it with confidence.

Mortgage Rates in 2025: What's Going On and How to Navigate It in Savannah

Since the fall, mortgage rates have been on a wild ride. Back in September, they dipped into the low 6% range, only to jump above 7% by the time 2025 rolled around. Yikes. If you’re feeling a little stressed out, you’re not alone. Rate fluctuations like this can make the home-buying process feel unpredictable, even intimidating. But here’s the thing—you don’t have to wait for the “perfect” rate to achieve your homeownership dreams. Savannah buyers are finding opportunities no matter where rates land. With a little insight into what drives mortgage rates and a solid plan, you can feel more confident and prepared to lock in a rate that works for you. Let’s break it down. What Causes Mortgage Rates to Fluctuate? Mortgage rates might feel random, but there’s a method to the madness. Rates are influenced by a mix of economic factors, including inflation, Federal Reserve policies, and even global events. Here’s what you need to know: The Federal Reserve: While the Fed doesn’t set mortgage rates directly, it plays a big role. When inflation heats up, the Fed raises interest rates to cool the economy, often driving mortgage rates higher. Economic Growth: A booming economy and low unemployment increase demand for loans, which can push rates up. When the economy slows, rates often drop to encourage borrowing. Financial Markets: Mortgage rates tend to track the 10-year Treasury yield. If investors get nervous (say, due to global instability), they move money into bonds, lowering yields—and mortgage rates often follow. Government Policies: Programs like down payment assistance or tax credits can fuel demand, potentially nudging rates higher. Global Events: Wars, pandemics, elections—world events impact the U.S. economy and financial markets, which in turn influence rates. How to Manage Your Monthly Mortgage Costs Planning your budget can feel tricky with rates bouncing around, but it’s doable with a little foresight. Use an Online Calculator: Plug in different interest rates and down payments to get a clearer picture of what you can afford. Think Beyond Principal & Interest: Your monthly payment will also include property taxes, homeowner’s insurance, and possibly PMI (if you’re putting down less than 20%). Plan for Flexibility: Budget for a slightly higher rate than expected, so you’re prepared if rates increase before you close. With careful planning, you’ll be ready for whatever the market throws at you. 5 Ways Savannah Buyers Are Scoring Lower Rates Believe it or not, buyers are getting creative—and successful—in securing better rates. Zillow reports that 45% of recent buyers locked in rates below 5%. Here’s how: Boost Your Credit ScoreA better credit score can save you thousands over the life of your loan. Simple steps like paying down debt, avoiding new credit inquiries, and reporting rent payments can help. Consider Buying Points Mortgage points and rate buydowns are upfront payments to reduce your interest rate. Nearly one-quarter (23%) of buyers who secured a rate under 5% over the past year bought points to do so. When buying a newly built home, builders sometimes cover these costs to attract buyers, but these strategies can work with resale homes, too. Just remember to: Assess the break-even point to ensure long-term savings outweigh upfront costs. Consult with a loan officer to see if this strategy aligns with your financial goals. Explore Alternative Loan TypesAdjustable-rate mortgages (ARMs) or shorter-term loans may offer lower initial rates. They’re worth considering if you don’t plan to stay in the home long term. Look Into Down Payment AssistanceDon’t let a big down payment keep you on the sidelines. Programs are available to help Savannah buyers, and many first-timers are taking advantage. Negotiate IncentivesIn today’s market, sellers and builders may offer rate buy-downs or cover closing costs to seal the deal. Don’t be afraid to ask—it could save you a bundle. Final Thoughts: Don’t Wait for the “Perfect” Rate Yes, rates have been unpredictable, but that doesn’t mean you’re stuck. With the right strategy and guidance, you can make your homeownership goals happen. If you’re ready to explore your options, give me a call. Let’s work together to navigate today’s market and find the best path for your family. Remember, it’s not about timing the market—it’s about making the best decision for you. Savannah is home to opportunities for every buyer. Let’s make 2025 the year you find yours.

Should You Sell or Stay in 2025?

If you’re a homeowner in Savannah or the surrounding Lowcountry, chances are you’ve noticed your home’s value climb over the past few years. Thanks to record-high equity levels, many local families are sitting on what feels like a financial jackpot. But as we approach 2025, the housing market is shifting, and you might be wondering: Is now the time to sell my home and cash in on that equity—or should I stay put and make the most of what I’ve got? Let’s break it down so you can make the smartest move for your situation. What Is Home Equity (and Why Should You Care)? Home equity is simple: it’s the difference between what your home is worth and what you still owe on your mortgage. For example, if your Savannah home is valued at $400,000 and you owe $200,000, you’ve got $200,000 in equity. In Corelogic's Q3 2024 Homeowner Equity Insights Report, they reported that nationwide, homeowners saw their collective equity increase by $425 billion in the past year, bringing total U.S. homeowner equity to a jaw-dropping $17.5 trillion (yes, trillion). Even though the pace of equity growth is slowing for 2025, homeowners here in Savannah can still benefit from historically high equity levels. This brings us to the big question: What do you do with this financial windfall? Should You Sell? Selling your home can be a winning strategy, especially if you want to: 1. Cash In on Equity Gains Over the last five years, median home prices in the U.S. have climbed nearly 50%. That means if you bought your home before 2019, you’re likely sitting on significant equity. By selling now, you can use that cash to fund a new down payment, pay off debt, or invest in something else that aligns with your financial goals. 2. Downsize or Relocate Maybe your kids are off to college, or you’re eyeing a move closer to work, family, or the beach. If your current home no longer fits your needs, your equity can help you transition smoothly—whether that’s downsizing to save money or moving to a new neighborhood that’s a better fit for your lifestyle. 3. Get Ahead of Market Changes While home prices are expected to grow modestly in 2025 (about 2.3%, according to CoreLogic), rising inventory and regional affordability concerns could slow equity growth in the coming years. Selling now allows you to lock in your gains before the market shifts. Or Should You Stay? Staying in your home might make more sense if you: 1. Want to Build More Equity Even with slower price appreciation expected, Savannah’s housing market remains strong, and steady mortgage payments mean you’ll continue to build equity over time. If you don’t need to sell right away, staying put allows your investment to grow further. 2. Love Your Current Home and Community Let’s be real—Savannah has a charm that’s hard to leave behind. If you’re happy in your current space and love your neighborhood, staying put and focusing on home improvements or paying down your mortgage can be a great way to enhance your lifestyle and financial future. What’s Your Best Move? When deciding whether to sell or stay, ask yourself: What are my financial goals? Do you need a lump sum of cash now, or do you prefer to continue building long-term wealth through equity? What is the market like in my area? CoreLogic and CBS highlight significant regional differences in equity growth. Research your local market or consult a real estate agent to understand your home’s value. What are the costs of moving? Factor in expenses like closing costs, moving fees, and potential higher mortgage rates if you’re buying a new home. If you’re not sure where to start, let’s talk. Whether you’re looking to sell, buy, or stay put, I’m here to help Savannah families make confident, informed decisions about their homes. Let’s create a game plan that works for you.

The 2025 Homeowner’s “Reverse Resolution” List

The 2025 Homeowner’s “Reverse Resolution” List New year, new resolutions—but let’s flip the script for a second. Instead of focusing on what you should do, what about the things you shouldn’t do? As homeowners, steering clear of a few key mistakes can save you a boatload of time, stress, and money in 2025. So, whether you’re settling into your first Savannah home or you’ve been here long enough to know the difference between a palmetto bug and a cockroach (spoiler: they’re essentially the same thing), this list is for you. 1. Don’t Skip Regular Maintenance Here’s the deal: your home is probably your biggest investment, and it doesn’t come with a magic “self-maintenance” button. Ignoring basic upkeep is like driving on bald tires—you’re just asking for trouble. Savannah Pro Tip: The humid coastal climate means regular inspections are crucial. Check for mold, mildew, and wood rot—especially after those summer storms. Tasks You Shouldn’t Ignore: Clean and inspect your gutters to avoid water damage. Replace HVAC filters every 1-3 months (your AC works hard in Savannah). Seal cracks around windows and doors to keep out drafts and bugs. Tackle these small issues now, and you’ll avoid massive repair bills later. Plus, if you’re thinking about selling, a well-maintained home gets buyers excited, not worried. 2. Don’t Overlook Energy Efficiency With Savannah’s long summers, energy bills can skyrocket fast. Ignoring energy efficiency means throwing cash out the window—literally, if your windows are drafty. Simple Upgrades to Make This Year: Add weatherstripping or caulk to seal drafts. Upgrade to LED light bulbs (bonus: they last a really long time). Invest in Energy Star appliances. Install a smart thermostat to keep your home cool without wasting energy. Not only will these upgrades lower your bills, but eco-conscious buyers love energy-efficient homes. That’s a win-win. 3. Don’t Go Wild With Personalization (If Selling Soon) Savannah is full of charm, but not everyone wants your neon green bathroom or your wall of 1990s boy band posters. When it comes to personalization, less is more—especially if you’re thinking about selling in the next few years. Stick to temporary pops of personality: bold throw pillows, funky rugs, or colorful artwork. Save the custom-built indoor slide for your next house. 4. Don’t Neglect Curb Appeal First impressions matter, and your home’s exterior is Savannah’s version of a Southern welcome. Whether it’s a neighbor stopping by or a potential buyer pulling up, curb appeal sets the tone. Quick Wins for Every Season: In winter: Keep walkways clear and add evergreen planters for a fresh look. In spring and summer: Prioritize lawn care, plant seasonal flowers, and refresh mulch or pine straw. Small updates like painting your front door or upgrading your house numbers can add serious value—and they don’t break the bank. 5. Don’t Procrastinate on Small Repairs Here’s a Savannah truth: small problems turn into big problems real quick. A leaky faucet today can become a water damage nightmare tomorrow. Fix These ASAP: Loose shingles (hurricane season loves to expose weak spots) Cracked tiles or squeaky doors Peeling paint or drafty windows Create a “repair day” once a month to knock out these tasks. If you’re not the DIY type, don’t hesitate to call a pro or ask us for our preferred vendor list—especially for plumbing, electrical, or structural work. 6. Don’t Wait Until Spring to Plan Home Projects Spring might be the traditional season for renovations, but here in Savannah, planning early can save you a ton of hassle. Contractors book up fast once the azaleas start blooming, and demand drives up costs. Get ahead by booking your pros in winter and ordering materials early. Whether you’re redoing your kitchen, sprucing up your outdoor space, or upgrading your bathroom, planning now means you’ll enjoy those upgrades sooner (and for less). Avoiding the “Don’ts” for a Smarter 2025 This year, let’s focus on smarter homeownership. By avoiding these common pitfalls, you’ll keep your Savannah home in top shape, reduce stress, and save money. Plus, when it’s time to buy or sell, you’ll be miles ahead of the game. Looking for more tips or ready to make a move in 2025? Reach out—I’m here to make the process easy and stress-free, just like it should be.