Our MLS experienced a 23% drop in closings starting in September 2022, and that slowdown grew to a 28.5% decrease by the end of the year. During that time, listing inventory increased 8%, and the time on the market for sellers increased by 20%. As a result, an increased number of sellers have seen the value in the expertise and marketing efforts we provide, and the realtors at Chinowth & Cohen have gained a significant increase in market share

Prices have leveled off, and we have recently seen an increase in sellers negotiating more on their prices. We've also seen a noticeable uptick in sellers offering credits for closing costs or buy-downs on buyers' mortgage interest rates.

It appears more favorable market conditions are on the horizon. Many of our realtors have reported a drastic increase in buyer activity since the beginning of 2023, and we have seen a strong surge of new contracts turned in for closings on March.

Lawrence Yun, the chief economist for the National Association of REALTORS®, has recently predicted interest rates will slightly decrease over the course of the year, and 2024 is likely to be the strongest year of sales in the nations history. He attributes that to buyers realizing that waiting for extremely low interest rates to return is not likely to happen and there is still a massive amount of pent up demand from buyers. Across the country, and in our market, there are a lot of buyers that have been looking for homes since the start of the pandemic and still have not purchased a home.

All of this news is positive for the realtors at Chinowth & Cohen. Although homes aren't selling the moment they're listed, more and more sellers are seeing the value in what a real estate professional brings to the table. Our Chinowth & Cohen agents are equipped and ready for what looks to be a stable remainder of 2023 and a potentially record breaking 2024.

According to a recent study, Chinowth & Cohen REALTORS® has the highest producing agents in Oklahoma and ranks third nationally.

Steve Murray, senior advisor and co-founder of Real Trends, said Real Trends examined the performance of the largest 750 real estate brokerages in the last ten years, and Chinowth & Cohen has been named among the best performing brokerages in growth of number of agents, growth in transactions, and growth in agent productivity. 

Murray said, "I'm a great fan of Sheryl, Lee, Leland, Taylor, and just the entire company."

Now, at more than 700 sales associates, 15 real estate offices, and over $2 billion in annual sales. Chinowth & Cohen continues to dominate the real estate market in Oklahoma as the largest independent real estate company in the state.

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With this said, if you're hoping to increase the value of your property with renovations, you'll want to consider the list below. Some renovations are more cost-effective than others, and we've listed them below.

The Best Renovations To Make To Increase The Value Of Your Property

In general, the kitchen and bathrooms in a home are usually the most interesting rooms, which is why experts recommend remodeling these rooms for increased value. Having said that, the renovations listed below also increase a home's value.

Paint & Flooring

If you are looking to sell your home, painting the interior and replacing the flooring can add $10-$30,000 to the value of your home. Further, paint and flooring are the easiest renovations to make, and if done right, can make a huge impression on the home.

Kitchen Remodels

A new kitchen can add as much as $15,000 to the value of your home. The kitchen is often the first consideration when someone looks at a home to buy, which is why making sure it is modern and fresh-looking is important if you're looking to sell.

The thing with kitchens is you don't need to spend a lot to bring them up to date. Purchasing materials from big box stores can lower the cost while still giving you plenty of beautiful options to choose from.

Bathroom Remodels

The bathroom is another room buyers look at closely. Freshly remodeled bathrooms can add $5-$20,000 to the value of your home, but it's very easy to go overboard and spend a lot of money on the renovation. If your bathroom isn't in terrible shape, you can get away with just replacing the toilet and vanity and not have to mess with the tub/shower, which can be expensive.

Fixtures & Hardware

Sometimes, you can get away with just replacing the fixtures and hardware in a room and not have to make any major renovations. Replacing faucets, light fixtures, door handles, etc. can give the room a new look and feel and you won't have had to spend a great deal of money to get it.

Replacing light fixtures, cabinet pulls, door handles, and other fixtures around the home can add up to $5,000 to the value of your home.

Other Renovations

Other renovations may or may not add value to the home as you think they might. For example, landscaping adds to the curb appeal of the home, but most buyers are more willing to deal with the landscaping than they are large kitchen or bathroom remodels.

New windows and doors definitely add value to the property, but the cost to have them replaced can be quite high. Of course, a home with old windows and doors may be hard to sell, so even though the cost and value increase basically cancel each other out, it might be worth it to replace the windows and doors if you're looking to sell.

Oklahoma's Largest Independent Real Estate Company Reaches Milestone!

 Chinowth & Cohen Realtors ended the year of 2020 by reaching the record-breaking $2 Billion mark in annual sales.

Founded In 2004 by Sheryl Chinowth and Lee Cohen, Chinowth & Cohen Realtors opened the brokerage with only one office and 25 Sales Associates. Today, Chinowth & Cohen Realtors has grown to be Oklahoma's largest independent Real Estate company, with over 800 agents operating out of 15 offices across the state of Oklahoma. 

Chinowth & Cohen Realtors is one of the fastest-growing real estate brokerages in the U.S.

Doubling their annual sales since 2018, independently-owned Chinowth & Cohen Realtors dominates the Oklahoma Real Estate market across all aspects of the business, including first-time homes, luxury homes, land and ranch, lake properties, Commercial, and Relocation.  Chinowth & Cohen Realtors' track record is unmatched in the industry. Sheryl Chinowth attributes the company's success to its team of experienced sales professionals and top-producers who consistently deliver strong performance through all economic cycles. "We are committed to our agents by providing top-tier marketing and cutting-edge IT services," Sheryl says. "Our agents undergo extensive training, are backed by the very best support team, including Managing Brokers, Administrative Staff, Training Specialists, and Marketing creative talent, and have access to global referral networks."

Recipient of Countless Honors

Sheryl Chinowth and Lee Cohen recently were honored at the Who's Who in Luxury Real Estate 24^th Annual Luxury Fall conference with the "Lifetime Achievement Award." This prestigious award is given to Who's Who in Luxury Real Estate members for their outstanding peer recognition, hard work, and persistent dedication to the global luxury real estate industry.

Recognized as forerunners in the industry, Chinowth & Cohen Realtors has also been honored with:

• Oklahoma Magazine's "Best of the Best" Real Estate Company - 15 consecutive years
• Tulsa World's "Best in the World" Real Estate Company – 8 consecutive years
• The only Real Estate company to win Tulsa Business Journal's "Besties Award"
• U.S. Local Business Association's "Best of Local Business" – 2008 - 2010
• Real Trends' #1 Real Estate Company (based on organic growth among all independent privately-owned firms)
• Power Broker with Real Trends and Rismedia 
• One of 12 National Game Changers in Real Estate by Real Trends 

Giving Back to the Community

Chinowth & Cohen Realtors' owners are passionate about giving back to their community. Sheryl's altruistic concern for human welfare, and generosity to socially responsible purpose was recognized by Who's Who of Luxury Real Estate with the prestigious "Extraordinary Philanthropists" Award. The company continually supports and is actively involved with local hospitals, police departments, public schools, food banks, and organizations. Here are a few out of the many:

• The Junior League

• American Cancer Society
• Habitat for humanity
• Big Brother/Big Sister
• Cancer Society's Relay for Life
• Light the Night for Leukemia & Lymphoma Society
• American Red Cross
• Susan G. Komen Foundation