Real Estate Blog for Buyers and Sellers - Christy Rabe

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More Homes, Slower Price Growth – What It Means for You as a Buyer

More Homes, Slower Price Growth – What It Means for You as a Buyer

There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. Let’s look at two reasons why. You Have More Options To Choose From An article from Realtor.com helps explain just how much the number of homes for sale has gone up this year: “There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.” And while the number of homes on the market still isn’t quite back to where it was in the years leading up to the pandemic, this is definitely an improvement (see graph below): With more homes available for sale now, you have more options to choose from. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, explains: “Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .” That means you have a better chance of finding a house that meets your needs. It also means the buying process doesn’t have to feel quite as rushed, because more options on the market means you’ll likely face less competition from other buyers. Home Price Growth Is Slowing When there aren’t many homes for sale, buyers have to compete more fiercely for the ones that are available. That’s what happened a few years ago, and it’s what drove prices up so quickly. But now, the increasing number of homes on the market is causing home price growth to slow down (see graph below): In certain markets, the number of available homes has not only bounced back to normal, but has even surpassed pre-pandemic levels. In those areas, home price growth has slowed or stalled completely. As Lance Lambert, Co-Founder of ResiClub, explains: “Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.” Slower or stalled price growth could give you a better chance of finding something within your budget. As Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), says: “For the third consecutive month U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability.” But remember, inventory levels and home prices are going to vary by market. So, having a real estate agent who knows the local area can be a big advantage. They can help you understand the trends in your community, which can make a real difference in finding a home that fits your needs and budget. Bottom Line More housing options – and the slower home price growth they bring – can help you find and buy a home that works for your lifestyle and budget. So don’t hesitate to reach out if you want to talk about the growing number of choices you have right now.
What’s Motivating Homeowners To Move Right Now

What’s Motivating Homeowners To Move Right Now

Over the past few years, some homeowners have decided to delay their move because they don’t want to sell and take on a higher mortgage rate on their next home. Maybe you’re thinking the same thing. And honestly, that’s no surprise. It’s a very common roadblock and is one of the biggest factors that’s kept the number of homes on the market so low for so long. But a growing number of homeowners are deciding they just can’t wait any longer. Often, it’s because of personal or lifestyle change. As Redfin explains: “Some homeowners are opting to bite the bullet and give up their low rate in order to move. Many are selling because a major life event like a job change, or divorce . . .” If you’re weighing the decision to move, take a look at some of the top reasons others are choosing to sell. You might find those are reason enough for you to move now, too. It’s Time for a Change A new job in a different city, a desire to be closer to family, or simply wanting a change of scenery can all spark the need to sell. Let’s say you’ve landed a great job offer that requires relocating, listing your current home quickly may be the next logical step. There’s Just Not Enough Space in Your Current House Sometimes, your current home just doesn’t fit your lifestyle anymore. A growing family, the need for a home office, or more room for entertaining can all drive the decision to upgrade to a larger space. As an example, if you live in a condo and have a baby on the way, selling might be the next best move so you can find a larger home that suits your needs. Retirement or Wanting To Downsize On the flip side, some homeowners are ready to downsize. This could be due to children moving out, retirement, or simply wanting less to maintain. If you’re newly retired and dreaming of a simpler lifestyle, downsizing to a smaller home could free up both time and resources to enjoy this new chapter of life. Changes in Relationship Status Big changes like divorce, separation, or marriage often lead to a need for new living arrangements. If you just went through a divorce, selling the house you once shared may allow both of you to move forward and find a living situation that works better for you now. Health and Mobility Needs Health concerns, especially those that affect mobility, can also drive the decision to sell. A home that once worked well might no longer suit your needs. If this sounds like your experience right now, selling your current home to move into a more accessible space, or even using the proceeds for assisted living, could significantly improve your quality of life. Bottom Line Selling your home isn’t just about market conditions or mortgage rates—it’s also about making the best decision for your lifestyle and future. As Bankrate says: “Deciding whether it’s the right time to sell your home is a very personal choice. There are numerous important questions to consider, both financial and lifestyle-based . . . Your future plans and goals should be a significant part of the equation.” If a major life change has you thinking about moving, now might still be the right time to sell. Let’s connect so you have an expert to help you navigate the process.
How Long Will It Take To Sell Your House?

How Long Will It Take To Sell Your House?

How Long Will It Take To Sell Your House? As you’re getting ready to sell your house, one of the first questions you’re probably asking is, “how long is this going to take?” And that makes sense—you want to know what to expect. While every market is different, understanding what’s happening nationally can give you a good baseline. But for an even more detailed look at real estate conditions in your area, connect with a local real estate agent. They know your local market best and can explain what’s happening near you and how it compares to national trends. Here’s a look at some of the things a great agent will walk you through during that conversation. More Homes Are on the Market, and That’s Affecting How Long They Take To Sell According to Realtor.com, the number of homes for sale has been going up this year. That means there are more options for buyers, which is great news for anyone looking to buy a home. But as a seller, it also means homes are staying on the market a bit longer now that buyers have more options to choose from (see graph below): One of the big reasons homes sold so fast in recent years is because there were so few of them for sale. And now that there are more houses on the market, it makes sense that they aren’t selling at quite the same pace. Right now, according to Realtor.com, it takes 55 days from the time a house is listed for it to be officially sold and closed on. But keep this in mind. While homes might not be selling as quickly as they did last year at this time, they’re still selling faster than they did in more normal years in the housing market, before the pandemic. If you look back at 2017-2019 in the graph above, you’ll see that it was typical for a house to take 60 days or more to sell. So, today’s process is still faster than the norm. That’s because, even with more homes for sale, there are still more buyers than homes for sale. So, homes that show well and are priced right are selling fast. As NerdWallet explains: “Overall, though, demand still outpaces supply. This is hardly a mellow market: Good homes sell quickly . . .” Your Agent Can Help Your Home Stand Out If you’re looking for ways to make your move happen as quickly as possible, partnering with a great local agent is the key. Your real estate agent will help you with everything from setting the right price to staging your home so it looks its best. They’ll even create a marketing plan that grabs buyers’ attention and will give you key insights about what’s happening in your specific area, so you can plan accordingly and make the process go as smoothly as possible. So, while homes might be on the market a little longer than before, they’re still selling faster than the norm. If you have the right agent and the right strategy in place, your house may even sell faster than you’d expect. Bottom Line If you’re planning to sell your house, knowing how long it might take is a big part of planning your next steps. Let’s connect so you’ll be able to price, market, and sell your home with confidence.
Planning To Sell Your House in 2025? Start Prepping Now

Planning To Sell Your House in 2025? Start Prepping Now

Planning To Sell Your House in 2025? Start Prepping Now If your goal is to sell your house in 2025, now’s the time to start prepping. Even though it might seem like there’s plenty of time between now and the new year, you should get a head start on any updates or repairs you want to make now. As Danielle Hale, Chief Economist at Realtor.com, says: “ . . . now is the time to start thinking about what you need for your next home and then taking those steps to prepare to list . . . We have survey data that says 47 percent of sellers are taking longer than a month to get their home ready to sell, so getting them to start that process early can mean more flexibility.” By starting your prep work early, you’ll give yourself plenty of time to get your house market-ready by the end of the year. But be sure to partner with a great agent before you get started, so you have expert insight into what repairs are worth it based on your local market. Why Starting Early Is Key To get the best price and sell quickly, it’s important that your home looks its best. And that means it’s up to you to make the necessary repairs, declutter, and even consider updates that could add value as part of getting your house ready to list. By starting now, you can tackle things one task at a time. Whether it’s fixing that leaky faucet, refreshing your landscaping, or painting a room, getting an early start gives you the flexibility to do the job right and with as little stress as possible. Because, if you wait to knock items off your list later on, they could quickly stack up and get overwhelming. As Realtor.com explains: “There are some important repairs to make before selling a house, so don’t be in too much of a hurry to get your home listed … if you move too fast, buyers see right through the fact that you skipped important home renovations. And this . . . might end up costing you time and money.” What Should You Focus On? Feeling motivated to start chipping away at that to-do list, but not sure where to start? Here’s a look at the most common improvements other sellers are making today (see graph below): The Importance of Working with a Local Agent And while that data gives you a starting point, it shouldn’t be seen as a comprehensive list. What buyers want in your area may be different, and only a local agent will have this in-depth understanding. For example, if homes in your area are selling quickly with updated kitchens, your agent might suggest focusing on minor kitchen improvements rather than spending money on other areas that won’t offer as much return. They’ll also help you figure out if tackling larger projects, such as replacing your roof or upgrading your HVAC system, is worth it based on other recently sold homes. As Point says: “Not all renovations are created equal, and focusing on upgrades that offer the highest potential for increasing your home's value is key.” And remember, it’s not just big-ticket items that can have an impact. Your agent will also speak to some of the smaller details – like cleaning up your yard, adding fresh mulch, or painting your front door – to make a real difference in how buyers feel about your home. This type of expert eye is crucial to help your house sell fast and for top dollar. Bottom Line Thinking of selling your house next year? Don’t wait until the last minute to get it ready. By getting a head start now, you can ensure everything is in place by the time the new year rolls around. Need advice on what to tackle first? Let’s connect.
Why Your House Will Shine in Today’s Market

Why Your House Will Shine in Today’s Market

Why Your House Will Shine in Today’s Market Even though there are more homes available for sale than there were at this time last year, there are still more buyers than there are houses to choose from. So, know that if you’ve got moving on your mind, your house can really stand out. There are several key reasons why there aren’t enough homes to go around and understanding them will help you see why the market is working in your favor if you’re ready to make a move. What’s Causing the Shortage? 1. Underproduction of Homes: For years, the industry hasn’t built enough homes to keep up with demand. As Zillow explains: “In 2022, 1.4 million homes were built — at the time, the best year for home construction since the early stages of the Great Recession. However, the number of U.S. families increased by 1.8 million that year, meaning the country did not even build enough to make a place for the new families, let alone begin chipping away at the deficit that has hampered housing affordability for more than a decade.” 2. Rising Costs: Building materials, labor shortages, and supply chain disruptions caused by the pandemic have all made it harder and more expensive to build homes. This can either limit or stop new home construction in some areas. 3. Regional Imbalances: Some markets are more affected by the shortage of homes than others. Popular and more desirable areas have more people moving in faster than new homes can be built. The number of new building permits issued doesn’t always keep pace with job growth in these regions, and that leads to even tighter markets and higher prices. How Big Is the Problem? According to estimates from Real Estate News, the U.S. is facing a housing shortfall of roughly 3.3 million homes, based on an average of several expert insights (see graph below): This shows there’s a significant number of homes that need to be built just to meet current demand from buyers. But what about future demand? According to John Burns Research and Consulting (JBREC), over the next 10 years, the U.S. will need about 18 million new homes to meet projected demand, including homes for new households, second homes, and replacements for aging or unusable homes. So, even though more homes are on the market compared to last year, there still aren’t enough of them to go around. This is where you can really win if you’re ready to sell your house. What You Need To Remember If you’re thinking about selling, the shortage of homes for sale means your house is likely to get some serious attention from buyers. It’ll take years to climb out of this inventory deficit, and the market is still very tight. So, when buyers are competing for relatively few homes like they are right now, that creates more interest in the houses that are on the market, putting upward pressure on prices and ultimately working in your favor. And since every market is different, it’s important to work with a real estate agent who understands local trends. They can help you price your house right and create a strategy to attract the right buyers. Bottom Line While there are more homes for sale than there were at this time last year, there’s still a shortage overall. And this puts you in the driver’s seat as a seller. Let’s connect so you have someone who can help you take advantage of today’s market.
What To Expect from Mortgage Rates and Home Prices in 2025

What To Expect from Mortgage Rates and Home Prices in 2025

What To Expect from Mortgage Rates and Home Prices in 2025 Curious about where the housing market is headed in 2025? The good news is that experts are offering some promising forecasts, especially when it comes to two key factors that directly affect your decisions: mortgage rates and home prices. Whether you're thinking of buying or selling, here’s a look at what the experts are saying and how it might impact your move. Mortgage Rates Are Forecast To Come Down One of the biggest factors likely affecting your plans is mortgage rates, and the forecast looks positive. After rising dramatically in recent years, experts project rates will ease slightly throughout the course of 2025 (see graph below): While that decline won’t be a straight line down, the overall trend should continue over the next year. Expect a few bumps along the way, because the trajectory of rates will depend on new economic data and inflation numbers as they’re released. But don’t get too hung up on those blips and reactions from the market as they happen. Focus on the bigger picture. Lower mortgage rates mean improving affordability. As rates come down, your monthly mortgage payment decreases, giving you more flexibility in what you can afford if you buy a home. This shift will likely bring more buyers and sellers back into the market, though. As Charlie Dougherty, Director and Senior Economist at Wells Fargo, explains: “Lower financing costs will likely boost demand by pulling affordability-crunched buyers off of the sidelines.” As that happens, both inventory and competition among buyers will ramp back up. The takeaway? You can get ahead of that competition now. Lean on your agent to make sure you understand how the shifts in rates are impacting demand in your area. Home Price Projections Show Modest Growth While mortgage rates are expected to come down slightly, home prices are forecast to rise—but at a much more moderate pace than the market has seen in recent years. Experts are saying home prices will grow by an average of about 2.5% nationally in 2025 (see graph below): This is far more manageable than the rapid price increases of previous years, which saw double-digit percentage growth in some markets. What’s behind this ongoing increase in prices? Again, it has to do with demand. As more buyers return to the market, demand will rise – but so will supply as sellers feel less rate-locked. More buyers in markets with inventory that’s still below the norm will put upward pressure on prices. But with more homes likely to be listed, supply will help keep price growth in check. This means that while prices will rise, they’ll do so at a healthier, more sustainable pace. Of course, these national trends may not reflect exactly what’s happening in your local market. Some areas might see faster price growth, while others could see slower gains. As Lance Lambert, Co-Founder of ResiClub, says: “Even if the average national home price forecast for 2025 is correct, it’s possible that some regional housing markets could see mild home price declines, while some markets could still see elevated appreciation. That has been, after all, the case this year.” Even the few markets that may see flat or slightly lower prices in 2025 have had so much appreciation in recent years – it may not have a big impact. That’s why it’s important to work with a local real estate expert who can give you a clear picture of what’s happening where you’re looking to buy or sell. Bottom Line With mortgage rates expected to ease and home prices projected to rise at a more moderate pace, 2025 is shaping up to be a more promising year for both buyers and sellers. If you have any questions about how these trends might impact your plans, let’s connect. That way you’ve got someone to help you navigate the market and make the most of the opportunities ahead.
The Benefits of Using Your Equity To Make a Bigger Down Payment

The Benefits of Using Your Equity To Make a Bigger Down Payment

The Benefits of Using Your Equity To Make a Bigger Down Payment Did you know? Homeowners are often able to put more money down when they buy their next home. That’s because, once they sell, they can use the equity they have in their current house toward their next down payment. And it’s why as home equity reaches a new height, the median down payment has too. According to the latest data from Redfin, the typical down payment for U.S. homebuyers is $67,500—that’s nearly 15% more than last year, and the highest on record (see graph below): Here’s why equity makes this possible. Over the past five years, home prices have increased significantly, which has led to a big boost in equity for current homeowners like you. When you sell your house and move, you can take the equity that gives you and apply it toward a larger down payment on your new home. That’s a major opportunity, especially if you’ve had concerns about affordability. Now, it’s important to remember you don’t have to make a big down payment to buy your next home—there are loan programs that let you put as little as 3%, or even 0% down. But there’s a reason so many current homeowners are opting to put more money down. That’s because it comes with some serious perks. Why a Bigger Down Payment Can Be a Game Changer 1. You’ll Borrow Less and Save More in the Long Run When you use your equity to make a bigger down payment on your next home, you won’t have to borrow as much. And the less you borrow, the less you’ll pay in interest over the life of your loan. That’s money saved in your pocket for years to come. 2. You Could Get a Lower Mortgage Rate Providing a larger down payment shows your lender you’re more financially stable and not a large credit risk. The more confident your lender is in your credit score and your ability to pay your loan, the lower the mortgage rate they’ll likely be willing to give you. And that amplifies your savings. 3. Your Monthly Payments Could Be Lower A bigger down payment doesn’t just help you reduce how much you have to borrow—it also means your monthly mortgage payment may be smaller. That can make your next home more affordable and give you a bit more breathing room in your budget. 4. You Can Skip Private Mortgage Insurance (PMI) If you can put down 20% or more, you can avoid Private Mortgage Insurance (PMI), which is an added cost many buyers have to pay if their down payment isn’t as large. Freddie Mac explains it like this: “For homeowners who put less than 20% down, Private Mortgage Insurance or PMI is an added insurance policy for homeowners that protects the lender if you are unable to pay your mortgage. It is not the same thing as homeowner's insurance. It's a monthly fee, rolled into your mortgage payment, that’s required if you make a down payment less than 20%.” Avoiding PMI means you’ll have one less expense to worry about each month, which is a nice bonus. Bottom Line Down payments are at a record high, largely because recent equity gains are putting homeowners in a position to put more money down. If you’re thinking about selling your current house and moving, let’s work together to figure out how much home equity you have right now, and how it can boost your buying power in today’s market.
Why Pre-Approval Should Be at the Top of Your Homebuying To-Do List

Why Pre-Approval Should Be at the Top of Your Homebuying To-Do List

Why Pre-Approval Should Be at the Top of Your Homebuying To-Do List Since the supply of homes for sale is growing and mortgage rates are coming down, you may be thinking it’s finally your moment to jump into the market. To make sure you’re ready, you need to get pre-approved for a mortgage. That’s when a lender looks at your finances, including things like your W-2, tax returns, credit score, and bank statements, to figure out what they’re willing to loan you. After that process, you’ll get a pre-approval letter to show what you can borrow. Here are two reasons why this is essential in today’s market. Pre-Approval Helps You Know Your Numbers While home affordability is finally starting to show signs of improving, it’s still tight. So, it’s a good idea to talk to a lender about your loan options and how today’s changing mortgage rates will impact your monthly payment. The pre-approval process is the perfect time for that. In addition to determining the maximum amount you can borrow, pre-approval also helps you understand this piece of the puzzle. As Investopedia says: “Consulting with a lender and obtaining a pre-approval letter allows you to discuss loan options and budgeting with the lender; this step can clarify your total house-hunting budget and the monthly mortgage payment you can afford.” You should use this information to tailor your home search to what you’re actually comfortable with budget-wise. Since mortgage rates have inched down some lately, you may find you’re able to afford a bit more than you’d expect for your monthly payment, but you still want to avoid overextending. As CNET explains: “In many cases, a lender may preapprove you for more than you need to spend on a home. And while it can be tempting to look at houses outside your budget, it won’t help you in the long run. Before you start touring homes, figure out how much you can realistically afford and stick to your budget.” Pre-Approval Makes Your Offer More Appealing And once you do find a home you want in your budget, pre-approval has another big perk. It not only makes your offer stronger, it also shows sellers you’ve already undergone a credit and financial check. When a seller sees you as a serious buyer, they may be more attracted to your offer because it seems more likely to go through. As Greg McBride, Chief Financial Analyst at Bankrate, says: “Preapproval carries more weight because it means lenders have actually done more than a cursory review of your credit and your finances, but have instead reviewed your pay stubs, tax returns and bank statements. A preapproval means you’ve cleared the hurdles necessary to be approved for a mortgage up to a certain dollar amount.” As mortgage rates trend down, more buyers are going to be ready to jump back into the market. And while demand is still limited right now, there’s the potential for competition to pick back up, especially in hot markets. So, why not stack the deck in your favor and make sure you’re putting yourself in the best position possible when you find a home you love? Bottom Line If you’re planning on buying a home, don’t forget to get pre-approved early in the process. It can help you get a more in-depth understanding of what you can borrow and shows sellers you mean business.
The Real Story Behind What’s Happening with Home Prices

The Real Story Behind What’s Happening with Home Prices

The Real Story Behind What’s Happening with Home Prices If you’re wondering what’s going on with home prices lately, you’re definitely not the only one. With so much information out there, it can be hard to figure out your next move. As a buyer, you might be worried about paying more than you should. And if you're thinking of selling, you might be concerned about not getting the price you're aiming for. So, here's a quick breakdown to help clear things up and show you what’s really happening with prices—whether you're thinking about buying or selling. Home Price Growth Is Slowing, but Prices Aren’t Falling Nationally Throughout the country, home price appreciation is moderating. What that means is, prices are still going up, but they're not rising as quickly as they were in recent years. The graph below uses data from Case-Shiller to make the shift from 2023 to 2024 clear: But rest assured, this doesn't mean home prices are falling. In fact, all the bars in this graph show price growth. So, while you might hear talk of prices cooling, what that really means is they're not climbing as fast as they were when they skyrocketed just a few years ago. What’s Next for Home Prices? It’s All About Supply and Demand You might be curious where prices will go from here. The answer depends on supply and demand, and it’s going to vary by local market. Nationally, the number of homes for sale is going up, but there still aren’t enough of them to meet today’s buyer demand. That’s keeping upward pressure on prices – even though recent inventory growth has caused that home price appreciation to slow. Danielle Hale, Chief Economist at Realtor.com, said: “. . . today’s low but quickly improving for-sale inventory has ushered in more market balance than would otherwise be expected . . . This should help home prices maintain a slower pace of growth.” And here’s one other thing you may not have considered that could play a role in where prices go from here. Since experts say mortgage rates should continue to decline, it’s likely more buyers will re-enter the market in the months ahead. If demand picks back up, that could make prices climb a bit further. Why You Should Work with a Local Real Estate Agent While national trends give a big-picture view, real estate is always local – especially when it comes to prices. What's happening in your neighborhood might be different from the national average based on what supply and demand look like in your market. That’s why it's crucial to get local insights from a knowledgeable real estate agent. As your go-to source for everything related to home prices, a local agent can provide the most current data and trends specific to your area. So, if you’re planning to sell, they can help you price your house accurately. And when you’re ready to buy, they can find the right home that fits your budget and your needs. Bottom Line Home prices are still rising, just not as quickly as before. Whether you’re thinking about buying, selling, or just curious about what your house is worth, let’s connect so you have the personalized guidance you need.
Is Your House Priced Too High?

Is Your House Priced Too High?

Is Your House Priced Too High? Every seller wants to get their house sold quickly, for as much money as they can, with as few headaches as possible. And chances are, you’re no different. But did you know one of the biggest things that could jeopardize your success is the asking price for your home? Pricing your house correctly is one of the most crucial steps in the selling process. So, how do you know if you’re missing the mark? Here are four signs your high asking price might be turning potential buyers away—and why leaning on your real estate agent is the best way to course correct. 1. You’re Not Getting Many Showings or Offers One of the most obvious signs your house may be overpriced is a lack of showings. If it's been on the market for several weeks and only a few buyers have come to see it—or worse, you haven’t gotten any offers—it could be a clear indication the price isn’t matching up with what buyers expect. Because buyers who have been looking for a while can easily spot (and write off) a home that seems overpriced. Your real estate agent will coach you through this, so lean on their experience for what you may want to try to bring more buyers in, including considering a price cut. 2. Buyers Have Consistent Negative Feedback after Showings And if after the showings you do have, comments from the potential buyers aren’t great, you may need to course correct. Feedback from showings is an important part of understanding how buyers see your house. If they consistently say it's overpriced compared to other homes they’ve seen, it’s time to reconsider your pricing strategy. Your agent will gather and analyze this feedback for you, so you can look at how your house stacks up in the market. They can also suggest specific improvements or staging changes to better justify your asking price, or recommend one that aligns with today’s buyer expectations. As the National Association of Realtors (NAR) explains: “Based on all the data gathered, agents may make adjustments to the initial price recommendation. This could involve adjusting for market conditions, property uniqueness, or other factors that may impact the property's value.” 3. It’s Been on the Market for Too Long And that lack of interest is ultimately going to lead to it sitting on the market without any serious bites. The longer it lingers, the more likely it is to raise red flags for buyers, who may wonder if something is wrong with it. Especially in today’s market with growing inventory, a long listing period means your house is stale – and that makes it even harder to sell. Your real estate agent will be able to give you perspective on how quickly other homes in your area are selling and walk you through what’s working for other sellers. That way you can decide together if there’s something you want to do differently. As a Bankrate article says: “Check with your agent about the average number of days homes spend on the market in your area. If your listing has been up significantly longer than average, that may be a sign to reduce the price.” 4. Your Neighbor’s House Sold Without an Issue And here’s the last one to watch out for. If similar homes in your area are selling faster than yours, it’s a clear sign that something is off. This could be due to things like a lack of upgrades, outdated features, or a less desirable location. Or, it may be priced too high. Your agent will keep you up to date on your competition and what changes, if any, you need to make your home more competitive. They’ll offer advice on small updates that could increase your home’s appeal or how to adjust your strategy to reflect the reality of the market today. Bottom Line Pricing a home correctly is both an art and a science. It requires a deep understanding of the market and buyer psychology. And when the price isn’t drawing in buyers, there’s no better resource than your agent on what you may want to do next.
The Latest Builder Trend: Smaller, Less Expensive Homes

The Latest Builder Trend: Smaller, Less Expensive Homes

The Latest Builder Trend: Smaller, Less Expensive Homes Even though affordability is improving, buying a home can still feel tough right now. But here’s some good news: builders are focusing their efforts on building smaller homes, and they’re offering key incentives to buyers. And both of these things can be a big help if you're worried about finding a home that’s right for your budget. Builders Are Building Smaller Homes During the pandemic, homebuyers were looking for larger homes—and many could afford them. Builders responded to that demand and created bigger spaces to help people with things like working from home, setting up home gyms, and having extra rooms for virtual school. Now, with affordability as tight as it is, builders are turning their focus to smaller single-family homes. Data from the Census shows how significant this trend toward smaller new homes has been over the last couple of years (see graph below): But why would builders want to build smaller homes right now? At the end of the day, builders are going to focus on building homes that meet current market demand – because they want to build what they know will sell. And the number one thing homebuyers are looking for right now is better affordability. Since smaller homes typically come with smaller price tags, both buyers and builders have shifted their focus to homes with less square footage. The National Association of Home Builders (NAHB) reports: “. . . home buyers are looking for homes around 2,070 square feet, compared to 2,260 20 years ago.” And according to Orphe Divounguy, Senior Economist at Zillow: “Not only are cash-strapped buyers continually seeking out lower-cost options, but developers are changing what type and size of home they're producing to try and meet that need." How a Newly Built Home Can Help You Achieve Your Homebuying Goals So, if you’re having a hard time finding something in your budget, it may be time to look at brand-new homes that have a smaller footprint. When you do, you may get a few other fringe benefits that can help on the affordability front – like price reductions or mortgage rate buy-downs. According to the most recent data from Zonda, more than half of builders are offering incentives, some of which are mortgage rate buydowns. And those perks could help lower your future monthly housing payment too. John Burns, CEO of John Burns Research & Consulting, shares: “The monthly payment matters more than anything else and builders have responded with smaller, more efficient homes.” Not to mention, with new home construction, you’ll also get brand new everything, have fewer maintenance needs, and get some of the latest features available. That’s worth looking into, right? Bottom Line With builders focusing on smaller homes, you may have more budget-friendly options when it matters most. If you're thinking about buying a home soon, let’s connect and see what’s available where you want to live.
Falling Mortgage Rates Are Bringing Buyers Back

Falling Mortgage Rates Are Bringing Buyers Back

Falling Mortgage Rates Are Bringing Buyers Back If you’ve been hesitant to list your house because you’re worried no one’s buying, here’s your sign it may be time to talk with an agent. After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming down due to a number of economic factors. And yesterday the Federal Reserve cut the Federal Funds Rate for the first time since they began raising that rate in March 2022. And while they don’t control mortgage rates, this sets the stage for mortgage rates to fall even further than they already have – especially since more cuts from the Fed are expected into next year. And lower mortgage rates are bringing more buyers back into the market. Lisa Sturtevant, Chief Economist at Bright MLS, says: “A drop in the cost of borrowing will help fuel more homebuyer demand . . . Falling rates will also bring more sellers into the market.” The best part? You can take advantage of that renewed buyer interest. As Rates Fall, Buyer Activity Goes Up The graph below illustrates the relationship between falling mortgage rates and rising buyer activity. The orange line represents the average 30-year fixed mortgage rate, while the blue line shows the Mortgage Bankers Association (MBA) Mortgage Application Index, which tracks the number of mortgage applications. As you can see, as mortgage rates (orange) come down, the Mortgage Application Index (blue) rises, showing more people start to re-engage in the process (see graph below): What This Means for You According to the National Association of Realtors (NAR), home sales increased in July, which was a welcome shift after four straight months of declines. If you're a homeowner thinking about selling, this uptick in buyer activity works in your favor. More buyers means more competition, which can lead to higher offers and shorter time on the market for your house. And, according to Edward Seiler, AVP of Housing Economics at the Mortgage Bankers Association (MBA), this trend is expected to continue: “MBA is expecting that slower home-price appreciation, coupled with lower rates, will ease affordability constraints and lead to increased activity in the housing market.” All in all, the market is becoming more accessible to a wider range of buyers, which could result in even more people looking to purchase a house like yours. With more buyers entering the market, now’s the time to start getting your house ready to sell. Bottom Line The recent decline in mortgage rates is already driving more buyers into the market, and experts project this trend will continue. Let’s work together to take advantage of this increased buyer demand and get your house ready to sell.
Helpful Negotiation Tactics for Today’s Housing Market

Helpful Negotiation Tactics for Today’s Housing Market

Helpful Negotiation Tactics for Today’s Housing Market If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market. And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate. Whether you’re looking to buy or sell a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on. What Can You Negotiate? Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplinger and LendingTree: Sale Price: The most obvious is the price of the home. And that lever is being pulled more often today. Buyers don’t want to overpay when affordability is already so tight. And sellers who aren’t realistic about their asking price may have to consider adjusting their price. Home Repairs: Based on the inspection, a buyer is within their rights to ask the seller to make reasonable repairs. If the seller doesn’t want to do that, they could offer to reduce the home price or cover some closing costs, so the buyer has the money to take them on themselves. Fixtures: Buyers can also ask for appliances or furniture to convey when the house changes hands. Having the seller throw in the washer and dryer cuts down on expenses the buyer would have when moving in. As the seller, you could leave your existing ones behind to sweeten the deal for your buyer, and get yourself new ones for your next place. Closing Costs: Closing costs typically run about 2-5% of the home’s purchase price. Buyers can ask the seller to pay for some or all of these expenses to offset the cash the buyer has to bring to the table. Home Warranties: Buyers can also ask the seller to pay for a home warranty. This is great for buyers worried about the maintenance costs that may pop up after taking possession of the home. And since this concession usually isn’t terribly expensive for the seller, it can be a good option for both parties. Closing Date: Buyers can ask for a faster or extended closing window based on their own timetable. The seller can also advocate for what they need based on their move to find the right compromise. One thing is true whether you’re a buyer or a seller, and that’s how much your agent can help you throughout the process. Your agent is your go-to for any back-and-forth. They’ll handle the conversations and advocate for your best interests along the way. As Bankrate says: “Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.” They may also be able to uncover what the buyer or seller is looking for in their discussions with the other agent. And that insight can be really valuable at the negotiation table. Bottom Line Buyers are regaining a bit of negotiation power in today’s market. Buyers, knowing what levers you can pull will help you feel confident and empowered going into your purchase. Sellers, having a heads up of what they may ask for gives you the chance to think through what you’ll be willing to offer. Want to chat more about what to expect and the options you have? Let’s connect.
What Every Homeowner Should Know About Their Equity

What Every Homeowner Should Know About Their Equity

What Every Homeowner Should Know About Their Equity Curious about selling your home? Understanding how much equity you have is the first step to unlocking what you can afford when you move. And since home prices rose so much over the past few years, most people have much more equity than they may realize. Here’s a deeper look at what you need to know if you’re ready to cash in on your investment and put your equity toward your next home. Home Equity: What Is It and How Much Do You Have? Home equity is the difference between how much your house is worth and how much you still owe on your mortgage. For example, if your house is worth $400,000 and you only owe $200,000 on your mortgage, your equity would be $200,000. Recent data from the Census and ATTOM shows Americans have significant equity right now. In fact, more than two out of three homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity in their homes (shown in blue in the chart below): Today, more homeowners are getting a larger return on their homeownership investments when they sell. And if you have that much equity, it can be a powerful force to fuel your next move. What You Should Do Next If you’re thinking about selling your house, it’s important to know how much equity you have, as well as what that means for your home sale and your potential earnings. The best way to get a clear picture is to work with your agent, while also talking to a tax professional or financial advisor. A team of experts can help you understand your specific situation and guide you forward. Bottom Line Home prices have gone up, which means your equity probably has too. Let’s connect so you can find out how much you have in your home and move forward confidently when you sell.
Less Competition, More Opportunity: Why Homebuyers Should Act Before the Election

Less Competition, More Opportunity: Why Homebuyers Should Act Before the Election

Less Competition, More Opportunity: Why Homebuyers Should Act Before the Election If you’ve been thinking about buying a home, there’s a good chance you’re wondering if it makes sense to wait and see who ends up getting elected as president in November. According to a recent survey, 60% of buyers are taking the election into consideration, concerned about how the results may impact the housing market, and nearly 40% of buyers claimed they’re actually waiting until after the election results are in to buy a house! The main things buyers are hoping to see happen after the election are lower mortgage rates, and for houses to become more affordable. It’s certainly understandable why someone would want to wait a few months, if it’ll mean they’re going to be able to buy a house for less money, and pay a lot less interest over the life of their loan. But the odds of that happening as a result of the election probably aren’t in their favor… Whoever Is Elected Won’t Have Immediate Impact on Real Estate Every political candidate has a platform and talks about how their plans will change things for the better if they get elected, which often includes things related to the housing sector. However, regardless of what any candidate suggests they’ll do to lower mortgage rates or home prices, there are a number of reasons why a home buyer won’t immediately benefit from them just by waiting to see who gets elected. There are still months before they’re even officially in office. No matter which candidate wins the election, they’re not currently in office, and won’t be until January 20, 2025. So any buyer waiting until the election is over should actually be pausing their home purchase until at least late January, when the new president is officially sworn in. The president doesn’t have entire control over their agenda. It’s unlikely that any plans the new president has in regard to real estate will be item number one on the to-do list, but even if they do make it a priority, there are a lot of steps to take before anything is likely to be approved, and a lot of legislators that’ll have a say in whether or not things get passed. It takes time for changes to have an impact. Anything the president may do to impact the real estate market isn’t likely to make a serious dent in the market overnight. It could take months, or years before the effects are felt by home buyers. The president doesn’t directly impact mortgage rates. It isn’t like a president can just tell mortgage lenders to lower their rates. They’re affected by the bond market, Federal Reserve policies, inflation rates, and other economic indicators. A president may indirectly affect all of these things, but the economy often has a mind of its own, and is affected by things on a global level. Home values are determined more by supply and demand. One of the main reasons home prices stay at historically high levels is because there have been more buyers in the market for a home than there are homes to buy. Unless the elected president does something to immediately flood the market with homes for sale, the overall supply and demand issues won’t go away. Take Advantage of Lower Demand in the Next Few Months Instead Considering nearly 40% of buyers are saying that they’re pausing their home search until they know who is elected president, and 60% are concerned about how the election will impact them, there’s a good chance you could benefit from less competition in the next few months. A temporary period of less competition in the market due to the coming election could actually give you more advantages than anything the next president may bring about, such as: Less chance you’ll have to compete in a bidding war. If a seller doesn’t have multiple offers to consider, there’s more of a chance for you to negotiate the price and terms of your purchase. In order to be competitive, many buyers waive their rights to home inspections, and other major contingencies. But with less competition you might not be dealing with as many buyers willing to do so. Sellers may even feel the need to lower their prices if demand is down enough and their houses aren’t selling quickly enough. There’s no guarantee that you won’t face any competition from other buyers, or even see a noticeable difference — it really depends upon your local market and price range. But the only way to benefit from other buyers pausing their home search is to remain active in the market, and pounce on any opportunity that may present itself between now and November.
If You’re a Homebuyer With Less-Than-Ideal Credit, Should You Consider a Nonprime or Dignity Loan?

If You’re a Homebuyer With Less-Than-Ideal Credit, Should You Consider a Nonprime or Dignity Loan?

If You’re a Homebuyer With Less-Than-Ideal Credit, Should You Consider a Nonprime or Dignity Loan? If you don’t have a great credit score, or a high-paying job, applying for a mortgage can feel scary, or seem like a waste of time. In order to qualify for a mortgage, ideally lenders look want to see that you have: Good credit A low debt-to-income level, which means how much of what you make goes toward paying off your monthly debt Enough income to pay your mortgage every month A job that will provide that income on a consistent and predictable basis The better your credit score, income, and debt levels are, the more likely you are to be approved, and the better the interest rates and loan terms you’ll be offered. On the other hand, if you don’t have great credit, or your income and job history leave some question marks, a lender may still approve you, but you just won’t get the best rates and terms. While that might not sound ideal, it probably sounds a lot more appealing than a lender not approving you for a loan at all, and it definitely sounds like the lender believes you’ll be able to handle the monthly payments! Unfortunately, getting a lender’s stamp of approval may be a bit misleading… The History and Risk of Subprime Loans One of the main reasons why the housing market collapsed around 2008 was because so many buyers were being approved for “subprime” loans. These loans were being offered to buyers who had lower credit scores and/or lower incomes, which made them more likely candidates to default. But to make matters even worse, many of those subprime loans also came with an adjustable rate, which meant that the monthly payments they were initially approved for would increase after a few years, if rates went up. Mortgage rates did end up increasing, and nearly 40% of subprime mortgages ended up in foreclosure. Looking back on it, the word “subprime loans” certainly sounds like a disaster waiting to happen now that everyone has let the word sink in a bit. But even many people in banking and finance didn’t let the term “subprime” get in the way of thinking they weren’t such a bad product to offer people who wanted to buy a home. So why would the average consumer have thought twice about it? Unfortunately, many buyers who had subprime mortgages felt duped by the lenders, because they felt that by approving them, the lender had done their due diligence and assessed that the buyers could afford to pay their mortgages. As you can imagine, lenders put the blame on the borrowers for getting in over their heads, and not being good with their finances. Ultimately, lenders were more to blame because they were the financial professionals in the equation. But yes, homebuyers should have given some thought to whether or not they could truly handle the financial commitment they were making. Well, regardless of whose fault it was, now they’re back… Now They’re Called “Nonprime” or “Dignity” Loans According to realtor.com, subprime mortgages are becoming more common again, but they’re now being called “nonprime” and “dignity” loans, and they’re being offered to potential homebuyers with less than ideal credit scores and histories. Fortunately, the government and banking industry have taken measures to ensure another “subprime crisis” doesn’t occur, and many experts claim that the current real estate market is much more stable than it was back then, so subprime mortgages shouldn’t create another market collapse. However, whether you call them subprime, nonprime, or dignity mortgages, they could hurt you as an individual buyer if you’re not fully informed or thoughtful about them. If you’re approved for a nonprime or dignity loan, you may have been given the green light from a lender to buy a house, but you might want to proceed as if you were given more of a yellow light. Yes, they’re saying they’ll give you a loan, but you should also give some thought as to whether or not you truly feel you can handle the monthly payments and any of the terms and conditions of the loan they’re offering well into the future. Do your own math. Really picture yourself over time and be honest about whether you’re ready and capable enough to handle the mortgage. Because ultimately it’s you who will have to deal with the consequences of not being able to handle it, not the lender who approves you. Does this mean you absolutely shouldn’t buy a house if you’re only able to be approved for a nonprime or dignity mortgage? Not at all. These loans can be great for someone who needs more lenient credit requirements, or who doesn’t have a traditional job or income source, but has a solid and dependable income stream. Just be aware of the type of loan you’re being approved for, and make sure that you understand and weigh the risks of them before signing on the dotted line.
Do Elections Impact the Housing Market?

Do Elections Impact the Housing Market?

Do Elections Impact the Housing Market? The 2024 Presidential election is just months away. As someone who’s thinking about potentially buying or selling a home, you’re probably curious about what effect, if any, elections have on the housing market. It’s a great question because buying or selling a home is a major decision, and it’s natural to wonder how such a major event might impact your plans. Historically, Presidential elections have only had a small, temporary impact on the housing market. Here’s the latest on exactly what’s happened to home sales, prices, and mortgage rates throughout those time periods. Home Sales During the month of November, in years when the Presidential election takes place, there’s typically a slight slowdown in home sales. As Ali Wolf, Chief Economist at Zonda, explains: “Usually, home sales are unchanged compared to a non-election year with the exception being November. In an election year, November is slower than normal.” This is mostly because some people feel uncertain and hesitant about making big decisions during such a pivotal time. However, it’s important to know this slowdown is temporary. Historically, home sales bounce back in December and continue to rise the following year. In fact, data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) shows after nine of the last 11 Presidential elections, home sales went up the next year (see graph below): The graph shows annual home sales going back to 1978. Each year with a Presidential election is noted in blue. The year immediately after each election is green if existing home sales rose that year. The two orange bars represent the only years when home sales decreased after an election. Home Prices What about home prices? Do they drop during election years? Not typically. As residential appraiser and housing analyst Ryan Lundquist puts it: “An election year doesn’t alter the price trend that is already happening in the market.” Home prices are pretty resilient. They generally rise year-over-year, regardless of elections. The latest data from NAR shows after seven of the last eight Presidential elections, home prices increased the following year (see graph below): Just like the previous graph, this shows election years in blue. The only year when prices declined after an election is in orange. That was during the housing market crash, which was far from a typical year. Today’s market is different than it was back then. All the green bars represent when prices rose the following year. So, if you're worried about your home losing value because of an election, you can rest easy knowing prices rise after most Presidential elections. Mortgage Rates Mortgage rates are important because they affect how much your monthly payment will be when you buy a home. Looking at the last 11 Presidential election years, data from Freddie Mac shows mortgage rates decreased from July to November in eight of them (see chart below): Most forecasts expect mortgage rates to ease slightly throughout the remainder of the year. If they’re right, this year will follow the trend of declining rates leading up to most previous elections. And if you’re looking to buy a home in the coming months, this could be good news, as lower rates could mean a lower monthly payment. What This Means for You So, what’s the big takeaway? While Presidential elections do have some impact on the housing market, the effects are usually small and temporary. As Lisa Sturtevant, Chief Economist at Bright MLS, says: “Historically, the housing market doesn’t tend to look very different in presidential election years compared to other years.” For most buyers and sellers, elections don’t have a major impact on their plans. Bottom Line While it’s natural to feel a bit uncertain during an election year, history shows the housing market remains strong and resilient. For help navigating the market, election year or not, let’s connect.
Famous Last Words: 5 Things Home Buyers Say That They Often Regret

Famous Last Words: 5 Things Home Buyers Say That They Often Regret

Famous Last Words: 5 Things Home Buyers Say That They Often Regret Real estate agents deal with so many different buyers. While every home buyer is different, and there isn’t a book or class that teaches them to say certain things, it’s uncanny how so many different individuals say such similar things during the course of buying a house. What’s even more interesting is how many of the things they say end up being things they either regret, or take a 180 degree turn on over time and change their tune about… Here are the top five “famous last words” agents often here from buyers: 1) “I know how much I can afford…” Some buyers get annoyed when an agent asks if they’ve been pre-approved for a mortgage, and try to brush off the inquiry by saying they know they can afford the houses they want to see. Well, unless you work in the mortgage business, the odds of you knowing exactly how much you can afford, and whether a bank will actually lend you that amount are pretty slim. Many would-be buyers have had their hopes and hearts crushed by looking at houses they couldn’t afford, because they presumed a lender would approve them for a certain amount of money, only to be wrong. 2) “I’ll never buy a (insert style of house here)…” Buyers often tell agents they’d never consider buying a certain type of house, so don’t even bother showing them any. But even the most adamant condo critics or bungalow bashers can find themselves charmed by the very style they swore off. Keep an open mind — your dream home might be hiding behind a style you hadn’t considered. 3) “I need to sleep on it…” Taking a night to think things over seems like a reasonable thing to do, but in a fast-paced real estate market, hesitation can mean heartbreak. If you need to “sleep on it,” perhaps make it a quick catnap, rather than a full night of slumber and sweet dreams. Otherwise, you could wake up to find the home of your dreams has already been scooped up by someone else. 4) “I don’t want to get involved in a bidding war…” To be fair, no buyer wants to get involved in a bidding war… However, there are some buyers who make it a point to swear to their agent that they’ll have nothing to do with a house if there are multiple offers on it. Unfortunately, if you love a house, the odds are there will be other buyers who love it too. So more often than not, a buyer who adamantly refused to join the fray of a fight when they started looking at houses, eventually finds themselves declaring war against their competitors in order to get the house they want. 5) “We can always increase our offer, but we can’t reduce it…” Most buyers want to get a house for the best price possible, which often involves making an offer that is less than asking price. But some buyers think coming in with an unjustifiably low offer is the ticket to getting the deal of the century. While it makes logical sense that you can always increase your offer, coming in with an absurdly low offer can work against you, and a seller may not even give you the chance to increase it if they’re insulted by your initial offer.
Additional Down Payment Resources That Can Help

Additional Down Payment Resources That Can Help

What You Need To Know About Today’s Down Payment Programs There's no denying it's gotten more challenging to buy a home, especially with today's mortgage rates and home price appreciation. And that may be one of the big reasons you’re eager to look into grants and assistance programs to see if there’s anything you qualify for that can help. But unfortunately, many homebuyers feel like they don’t know where to start. A recent Bank of America Institute study asked prospective buyers where they lack confidence in the process and need more information. And this is what topped the list: 53% said they need help understanding homebuying grant programs. So, here’s some information that can help you close that gap. What Is Down Payment Assistance? As the Mortgage Reports explains: “Down payment assistance (DPA) programs offer loans and grants that can cover part or all of a home buyer’s down payment and closing costs. More than 2,000 of these programs are available nationwide. . . DPA programs vary by location, but many home buyers could be in line for thousands of dollars in down payment assistance if they qualify.” And here’s some more good news. On top of all of these programs, you probably don’t need to save as much for your down payment as you think. Contrary to what you may have heard, typically you don’t have to put 20% down unless it’s specified by your loan type or lender. So, you likely don’t need to save as much upfront, and there are programs designed to make your down payment more achievable. Sounds like a win-win. First-Time and Repeat Buyers Are Often Eligible It’s also worth mentioning, that it’s not just first-time homebuyers that are eligible for many of these programs. That means whether you’re looking to buy your first house or your fifth, there could be an option for you. As Down Payment Resource notes: “You don’t have to be a first-time buyer. Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.” Additional Down Payment Resources That Can Help Here are a few of the down payment assistance programs that are helping many buyers achieve their dream of homeownership, even now: Teacher Next Door is designed to help teachers, first responders, health providers, government employees, active-duty military personnel, and Veterans reach their down payment goals. Fannie Mae provides down payment assistance to eligible first-time homebuyers living in majority-Latino communities. Freddie Mac also has options designed specifically for homebuyers with modest credit scores and limited funds for a down payment. The 3By30 program lays out actionable strategies to add 3 million new Black homeowners by 2030. These programs offer valuable resources for potential buyers, making it easier to secure down payments and realize their dream of homeownership. For Native Americans, Down Payment Resource highlights 42 U.S. homebuyer assistance programs across 14 states that ease the path to homeownership by providing support with down payments and other associated costs. If you want more information on any of these, the best place to start is by contacting a trusted real estate professional. They’ll be able to share more details about what may be available, including any other programs designed to serve specific professions or communities. And even if you don’t qualify for these types of programs, they can help see if there are any other federal, state, and local options available you should look into. Bottom Line Affordability is still a challenge, so if you’re looking to buy, you’re going to want to make sure you’re taking advantage of any and all resources available. The best way to find out what’s out there is to connect with a team of real estate professionals, including a trusted lender and a local agent.
The Difference Between an Inspection and an Appraisal

The Difference Between an Inspection and an Appraisal

The Difference Between an Inspection and an Appraisal When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with. While you may have a general idea of what an inspection is, maybe you’re not sure why you need one or how it’s different from an appraisal. To keep it simple, here’s an explainer of each one and what they mean for you as a homebuyer. Home Inspection Once you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the safety and overall condition of the home – which is important for such a big transaction. As a recent Realtor.com article explains: “A home inspection is something that protects your financial interest in what will likely be the largest purchase you make in your life—one in which you need as much information as possible.” If anything is questionable in the inspection process – like the age of the roof, the state of the HVAC system, or just about anything else – you have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction is final. And don’t worry – you don’t have to go through that process alone. Your real estate agent will be your advocate and negotiate with the seller for you. Home Appraisal While the inspection tells you about the current state of the house, an appraisal gives you its value. Bankrate explains: “When buying or selling a home, an appraisal verifies that the sale price of the home is in line with fair market value. This ensures the homebuyer doesn’t pay more than the home is worth, and the mortgage lender doesn’t lend more than it is worth.” Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal protects you from overpaying and the bank from lending you more than the home is worth. And if there’s ever any confusion or discrepancy between the appraisal and the agreed-upon price in your contract, your trusted real estate professional will help you navigate any additional negotiations to try to close the gap. Bottom Line The inspection and the appraisal are different but equally important steps when buying a home – and you don’t need to manage them by yourself. Let’s connect today so you have expert guidance from start to finish.
Focus on Time in the Market, Not Timing the Market

Focus on Time in the Market, Not Timing the Market

Focus on Time in the Market, Not Timing the Market Should you buy a home now or should you wait? That’s a big question on many people’s minds today. And while what timing is right for you will depend on a lot of other personal factors, here’s something you may not have considered. If you’re able to buy at today’s rates and prices, it may be better to focus on time in the market, rather than timing the market. The Downside of Trying To Time the Market Trying to time the market isn’t a good strategy because things can change. Here’s an example. For the better part of this year, projections have said mortgage rates will come down. And while experts agree that’s still what’s ahead, shifts in various market and economic factors have pushed back the timing of when that’ll happen. Here’s how that’s impacted homebuyers who’ve been sitting on the sidelines. As U.S. News says: “Those who put off buying a home during the past few years as they were holding out for lower mortgage rates have been left out of the market . . . mortgage rates have stayed higher for longer than previously expected, keeping monthly housing payments elevated. In other words, affordability didn't improve for those who chose to wait.” This is why timing the market may not pay off if you’re ready and able to buy now. The Proof Is in the Pudding: How Homeowners Benefit from Rising Home Prices Delaying your plans also means missing out on the equity you’d gain if you went ahead with your purchase today. And the potential equity gains that are at stake may surprise you. Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over the next five years. In the latest release, experts are projecting home prices will continue to rise through at least 2028 (see the graph below): To give these numbers context, let’s take a look at a breakdown of what you stand to gain once you buy. The graph below uses a typical home’s value to show how a home could appreciate over the next few years using those HPES projections: In this example, let’s say you went ahead and bought a $400,000 home at the beginning of this year. Based on the expert forecasts from the HPES, you could gain more than $83,000 in household wealth over the next five years. That’s not a small number. This data helps paint the picture of why time in the market really matters. The Advice You Need To Hear If You’re Ready and Able To Buy Now Right now, you may be focused on what’s happening with mortgage rates and how those impact your monthly payment, but don’t forget to factor in home prices. Prices are expected to continue climbing, just at a more moderate pace. And while a moderate rise in prices may not be fun for you now, once you own a home, that growth will be a huge perk. That’s the time in the market piece. Sure, you could try timing the market, but the equity you’ll be missing out on in the meantime is something to seriously consider. If you’re ready and able to buy now, you have to decide: is it really worth waiting? Rather than focusing on timing the market. It’s better to have time in the market. As U.S. News Real Estate sums up: “There's never a one-size-fits-all answer to whether now is the right time to buy a home. . . . There's also no way to predict precisely what the market will do in the near future . . . Perfectly timing the market shouldn't be the goal. This decision should be determined by your personal needs, financial means and the time you have to find the right home.” Bottom Line If you’re debating whether to buy now or wait, remember it’s time in the market, not timing the market. And if you want to get the ball rolling and set yourself up for those big equity gains, let’s connect to make it happen.
Housing Market Forecast: What’s Ahead for the 2nd Half of 2024

Housing Market Forecast: What’s Ahead for the 2nd Half of 2024

Housing Market Forecast: What’s Ahead for the 2nd Half of 2024 As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales. Home Prices Are Expected To Climb Moderately Home prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry: The reason for continued appreciation? The supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains: “One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don't have housing inventory.” While inventory is up compared to the last couple of years, it’s still low overall. And because there still aren’t enough homes to go around, that’ll keep upward pressure on prices. If you’re thinking of buying, the good news is you won’t have to deal with prices skyrocketing like they did during the pandemic. Just remember, prices aren’t expected to drop. They’ll continue climbing, just at a slower pace. So, getting into the market sooner rather than later could still save you money in the long run. Plus, you can feel confident experts say your home will grow in value after you buy it. Mortgage Rates Are Forecast To Come Down Slightly One of the best pieces of news for both buyers and sellers is that mortgage rates are expected to come down a bit, according to Fannie Mae, the Mortgage Bankers Association (MBA), and NAR (see chart below): When you buy, even a small drop in mortgage rates can make a big difference in your monthly payments. For sellers, lower rates will bring more buyers back into the market, which can help you sell faster and potentially at a higher price. Plus, it may help you get off the fence, if you’ve been hesitant to sell due to today’s rates. Home Sales Are Projected To Hold Steady For 2024, the number of home sales will be about the same as last year and may even rise slightly. The graph below compares the 2024 home sales forecasts from Fannie Mae, MBA, and NAR to the 4.8 million homes that sold last year: The average of the three forecasts is about 5 million sales in 2024 – a small increase from 2023. Lawrence Yun, Chief Economist at NAR, explains why: “Job gains, steady mortgage rates and the release of inventory from pent-up home sellers will lead to more sales.” With more inventory available and mortgage rates expected to go down, a few more homes are expected to be sold this year compared to last year. This means more people will be able to move. Let's work together to make sure you’re one of them. Bottom Line If you have any questions or need help navigating the market, reach out.
How VA Loans Can Help You Buy a Home

How VA Loans Can Help You Buy a Home

How VA Loans Can Help You Buy a Home For over 80 years, Veterans Affairs (VA) home loans have helped millions of veterans buy their own homes. If you or someone you know has served in the military, it's important to learn about this program and its benefits. Here are some key things to know about VA loans before buying a home. Top Benefits of VA Home Loans VA home loans make it easier for veterans to buy a home, and they're a great perk for those who qualify. According to the Department of Veteran Affairs, some benefits include: Options for No Down Payment: Qualified borrowers can often purchase a home with no down payment. That’s a huge weight lifted when you’re trying to save for a home. The Associated Press says: “. . . about 90% of VA loans are used to purchase a home with no money down.” Don’t Require Private Mortgage Insurance (PMI): Many other loans with down payments under 20% require PMI. VA loans do not, which means veterans can save on their monthly housing costs. Limited Closing Costs: There are limits on the types of closing costs you pay when you qualify for a VA home loan. So, more money stays in your pocket when it’s time to seal the deal. An article from Veterans United sums up how remarkable this loan can be: “For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible, $0-down payment mortgages have helped more than 24 million service members become homeowners since 1944.” Bottom Line Owning a home is the American Dream. Veterans give a lot to protect our country, and one way to honor them is by making sure they know about VA home loans.
How Do Climate Risks Affect Your Next Home?

How Do Climate Risks Affect Your Next Home?

How Do Climate Risks Affect Your Next Home? Climate change is impacting where people buy homes. As the experts at the National Association of Realtors (NAR) explain: “Sixty-three percent of people who have moved since the pandemic began say they believe climate change is—or will be—an issue in the place they currently live.” If you’re planning to move, climate change is something you might want to consider, no matter where you are. A recent study from Realtor.com helps put the growing impact climate change is having on real estate into perspective (see below): So, how can you be sure your investment is safe from the elements? For starters, work with a local real estate agent to understand the likelihood of your future home being exposed to hazards like wind, floods, and wildfires. Your agent will know the area and be able to tell you about the risks you’ll most likely face. Beyond that, there are two important factors to think about: the quality of the home you want to buy and the insurance you’ll need to protect it. A Home Built to Last If you’re planning to be in your home for many years, you want to know it’s going to last. One way to think ahead is to work with your real estate agent to ensure the home you buy can withstand environmental hazards. They’re up to date on the most common building and remodeling techniques—like a secondary water barrier on the roof or noncombustible, fire-resistant exterior walls—used to protect homes from the effects of climate change. And if the home you’re interested in doesn’t have the features you’re looking for, they can help you determine what you may be able to negotiate in the contract or what work it might require in the future. Insurance To Protect It Once you’re confident the home you’re looking at is well built, the next step is finding out what it’s going to take to insure it. As Selma Hepp, Chief Economist at CoreLogic, says: “. . . homeowners are going to become increasingly more aware of risks of living in some areas as it becomes prohibitively expensive or very difficult to obtain hazard insurance.” In areas where climate risks are having a bigger impact, the right home insurance can make a big difference. And the price of that insurance is an important factor when thinking about your budget and the true cost of buying and protecting your home. Get an insurance quote early in the process because you may want to compare multiple quotes and it can take several weeks to get them. While this may feel like a lot to consider, don’t worry. An agent can help. Your real estate agent will be your go-to resource on the homebuying process, what to look for and consider, and how climate change may affect your next home. With the right planning and an agent's expert advice, you can make this happen. Homeownership is worth it. And with a great agent by your side, you can make sure the home you find is the right fit. Bottom Line Climate change is an important factor to think about when buying a home. After all, your home is a huge investment, and you want to be ready for anything that might affect it. Let’s chat so you can find the perfect home.
Questions You May Have About Selling Your House

Questions You May Have About Selling Your House

Questions You May Have About Selling Your House There’s no denying mortgage rates are having a big impact on today’s housing market. And that may leave you with some questions about whether it still makes sense to sell your house and make a move. Here are three of the top questions you may be asking – and the data that helps answer them. 1. Should I Wait To Sell? If you’re thinking about waiting to sell until after mortgage rates come down, here’s what you need to know. So are a ton of other people. And while mortgage rates are still forecasted to come down later this year, if you wait for that to happen, you may be dealing with a lot more competition as other buyers and sellers jump back in too. As Bright MLS says: “Even a modest drop in rates will bring both more buyers and more sellers into the market.” That means if you wait it out, you’ll have to deal with things like prices rising faster and more multiple-offer scenarios when you buy your next home. 2. Are Buyers Still Out There? But that doesn’t mean no one is moving right now. While some people are holding off, there are still plenty of buyers active today. And here’s the data to prove it. The ShowingTime Showing Index is a measure of how frequently buyers are touring homes. The graph below uses that index to show buyer activity for March (the latest data available) over the past seven years: You can see demand has dipped some since the ‘unicorn’ years (shown in pink). That’s in response to a lot of market factors, like higher mortgage rates, rising prices, and limited inventory. But, to really understand today’s demand, you have to compare where we are now with the last normal years in the market (2018-2019) – not the abnormal ‘unicorn’ years. When you focus on just the blue bars, you can get an idea of how 2024 stacks up. And that gives you a whole new perspective. Nationally, demand is still high compared to the last normal years in the housing market (2018-2019). And that means there’s still a market for your house to sell. 3. Can I Afford To Buy My Next Home? And if you’re worried about how you’ll afford your next move with today’s rates and prices, consider this: you probably have more equity in your current home than you realize. Homeowners have gained record amounts of equity over the past few years. And that equity can make a big difference when you buy your next home. You may even have enough to be an all-cash buyer and avoid taking out a mortgage altogether. As Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says: “ . . . those who have earned housing equity through home price appreciation are the current winners in today's housing market. One-third of recent home buyers did not finance their home purchase last month—the highest share in a decade. For these buyers, interest rates may be less influential in their purchase decisions.” Bottom Line If you’ve had these three questions on your mind and they’ve been holding you back from selling, hopefully, it helps to have this information now. A recent survey from Realtor.com shows more than 85% of potential sellers have been considering selling for over a year. That means there are a number of sellers like you who are on the fence. But that same survey also talked to sellers who recently decided to take the plunge and list. And 79% of those recent sellers wish they’d sold sooner. If you want to talk more about any of these questions or need more information, let’s connect.
Worried About Home Maintenance Costs? Consider This

Worried About Home Maintenance Costs? Consider This

Worried About Home Maintenance Costs? Consider This If one of the main reasons you’re hesitant to buy a home is because you’re worried about the upkeep, here’s some information you may find interesting on both new home construction and existing homes (a home that’s been lived in by a previous owner). Newly Built Homes Need Less Upfront Maintenance If you can afford it, you may find a newly built home could help ease your worries about maintenance costs. Think about it, if everything in the house is brand new, it won’t have the wear and tear you may see in an existing home – and that means it’s less likely to need repairs. As LendingTree says: “Since the systems, appliances, roof and foundation are new, you’re less likely to pay for major or minor repairs within the first few years of homeownership. That can make a big difference for first-time homebuyers who are adjusting to owning rather than renting.” Plus, many builders also have warranties on their homes that would cover some of the more major expenses that could pop up. As First American explains: “The new systems in your home, like plumbing, electrical, and HVAC, are typically covered for one to two years by your builder’s warranty. When something happens to these systems, you contact the builder or their warranty company.” Existing Homes Can Still Have Great Perks But it’s worth mentioning, that it’s not just newly built homes that can have warranties. It’s an option for existing homes too. Your agent may be able to help you negotiate with the seller to add one as a concession on your contract. But you should know that not all sellers will be willing to do that. If they won’t, you could purchase one yourself, if you’d like to. An article from Forbes explains: “During a real estate transaction, a home warranty policy can be purchased by the buyer or the seller.” And there are benefits for both parties when it comes to a home warranty. According to MarketWatch: “A buyer’s home warranty benefits both buyers and sellers, as it helps the seller close the deal while providing the future homeowner with peace of mind that they’ll be covered if a system or appliance breaks down . . . Sometimes, a seller will pay for the first year of the home buyer’s warranty to sweeten the deal, but it depends on the real estate market.” If you’re interested in a home warranty for peace of mind, lean on your agent. They’ll negotiate on your behalf to see if a seller would be willing to cover one for you. Just remember, the likelihood of a seller throwing one in depends on conditions in your local market. So, Should I Buy New or Existing? While the need for less upfront maintenance is a great perk for new construction, there are some things a newly built home can’t provide that an existing home can. For example, existing homes have a lot of character and charm that’s difficult to reproduce. The quirks that come with an older home may make it feel more homey. And, existing homes usually have more developed landscaping and a well-established sense of community. So, it can feel more inviting than something that’s a blank slate, like new construction often is. Not to mention, if you go with new construction, you may have to wait for the home to finish being built based on where it is in the process. It all depends on what’s most important to you. Bottom Line Whether you choose a newly built or an existing home, you may be able to ease some of your concerns over maintenance with a home warranty. To weigh your options and go over what’s the top priority for you, talk to the professionals.
How Many Homes Are Investors Actually Buying?

How Many Homes Are Investors Actually Buying?

How Many Homes Are Investors Actually Buying? Are big investors really buying up all the homes today? If you’re trying to find a house to buy, this may be something you’re wondering about. Maybe you’ve read about it or seen reels on social media saying investors buying all the homes is making it even harder to find what the average buyer is looking for. But spoiler alert – there’s a lot of misinformation out there. To clear things up, here's the scoop on what's really happening. A lot of the big investor activity is actually in the rearview mirror already. The Wall Street Journal (WSJ) explains: “Investors of all sizes spent billions of dollars buying homes during the pandemic. At the 2022 peak, they bought more than one in every four single-family homes sold, though more recently their activity has slowed as interest rates rose and supply became tighter.” The key here is investor activity has slowed significantly, and even during the peak of investor buying, 3 out of every 4 single-family homes purchased were by regular, everyday buyers – not investors. And of the investors who bought over the past few years, most weren’t the big investors you may be hearing about. The vast majority were small mom-and-pop investors – people like your neighbors who own only a couple of homes, maybe even just their main residence and a vacation home. But let’s focus on the giant, mega-investor firms since that's what is being talked about so frequently on social media right now. Mega investors are those who own 1,000+ properties. You may be surprised to see that, according to the Wall Street Journal, they don’t buy all that many homes (see graph below): This graph tells us two things. First, institutional investors were never buying a large percentage of available homes. During the peak in 2022, they bought about 2% of available single-family homes. Second, that percentage has gotten even smaller recently (so small the number rounds down to 0%). In an effort to understand why that percentage is trending down, private lender RCN Capital asked investors about the challenges they’re facing. Here’s what Jeffrey Tesch, CEO of RCN Capital, found out: “Investors are already facing many challenges in today’s housing market – rising prices, limited inventory, and higher financing costs.” Understanding these challenges is important because they show big, mega investors aren’t taking over the housing market. So, don't fall for everything you hear. They aren't snatching up all the homes and making it impossible for regular people to buy. Bottom Line Big investors aren’t buying all the homes out there. If you've got questions about what you're hearing about the housing market, let's chat. I can help you understand what's really going on.
The Number of Homes for Sale Is Increasing

The Number of Homes for Sale Is Increasing

The Number of Homes for Sale Is Increasing There’s no denying the last couple of years have been tough for anyone trying to buy a home because there haven’t been enough houses to go around. But things are starting to look up. There are more homes up for grabs this year. The graph below uses the latest data from Realtor.com to show in April 2024 there were more homes for sale than there were over the last few years (2021-2023): 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.” But does this growing inventory make house hunting easier? Yes and no. Using the latest weekly data from Calculated Risk, the graph below shows, that even with the growth lately, there are still way fewer homes for sale than there were in the last normal year in the housing market: What Does This Mean for You? If you’ve been looking to buy but put your plans on hold because you just couldn’t find what you were searching for, you might see more options now than you did over the past few years – but don't expect a huge selection. To check out your growing options, it's a good idea to work with a local real estate agent you trust. Real estate is all about location. And an agent can help you get the scoop on the homes available in the area you're interested in. Bankrate explains: “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.” Bottom Line Let's team up so you have someone who can keep you in the loop on everything that might impact your move, like how many homes are up for sale right now.
Tips for Younger Homebuyers: How To Make Your Dream a Reality

Tips for Younger Homebuyers: How To Make Your Dream a Reality

Tips for Younger Homebuyers: How To Make Your Dream a Reality If you’re a member of a younger generation, like Gen Z, you may be asking the question: will I ever be able to buy a home? And chances are, you’re worried that’s not going to be in the cards with inflation, rising home prices, mortgage rates, and more seemingly stacked against you. While there’s no arguing this housing market is challenging for first-time homebuyers, it is still achievable, especially if you have professionals on your side. Here are some helpful tips you may get from a pro. 1. Explore Your Options for a Down Payment If a down payment is your #1 hurdle, you may have options to give your savings a boost. There are over 2,000 down payment assistance programs designed to make homeownership more achievable. And, that’s not the only place you may be able to get a helping hand. While it may not be an option for everyone, 49% of Gen Z homebuyers got money from loved ones that they used toward a down payment, according to LendingTree. And chances are you won’t need to put 20% down (unless specified by your loan type or lender). So be sure to work with a trusted mortgage professional to explore your options, find out how much you’ll really need, and learn about any guidelines on getting a gift from loved ones. 2. Live with Loved Ones To Boost Your Savings Another thing a number of Gen Z buyers are doing is ditching their rental and moving back in with friends or family. This can help cut down your housing costs so you can build your savings a whole lot faster. As Bankrate explains: “. . . many have opted to stop renting and live with family in order to boost their savings. Thirty percent of Gen Z homebuyers move directly from their family member’s home to a home of their own, according to NAR.” 3. Cast a Broad Net for Your Search When you’ve saved up enough, here’s how a pro will help you approach your search. Since the supply of homes for sale is still low and affordability is tight, they’ll give you strategies and avenues you may not have considered to open up your pool of options. For example, it’s usually more affordable if you consider a rural or suburban area versus an urban one. So, while the city may be livelier and more energetic, the cost of living may be reason enough to look at something further out. And if you consider smaller homes and condos or townhouses, you’ll give yourself even more ways to break into the market. As Colby Stout, Research Analyst at Bright MLS, explains: “Being flexible on the types of home (e.g., a condo or townhome versus a single-family home) and exploring more affordable neighborhoods is important for first-time buyers.” 4. Take a Close Look at Your Wants and Needs And lastly, an agent can help you really think about your must-have’s and nice-to-have’s. Remember, your first home doesn’t have to be your forever home. You just need to get your foot in the door to start building equity. If you want to buy, you may find making some compromises is worth it. As Chase says: “An open-minded approach to house-hunting may be one way for Gen Z homebuyers to maintain some edge. This could mean buying in areas that are less expensive. Differentiating needs vs. wants may help in this area as well.” An agent will help you prioritize your list of home features and find houses that can deliver on the top ones. And they’ll be able to explain how equity can benefit you in the long run and make it possible to move into that dream home down the line. Bottom Line Real estate professionals have expertise on what’s working for other buyers like you. Lean on them for tips and advice along the way. As Directors Mortgage says, with that support you can make it happen: “The path to homeownership may not be a straightforward one for Gen Z, but it’s undoubtedly within reach. By adopting the right strategies, like exploring down payment assistance programs and sharing living costs with relatives, you can bring your dream of owning a home closer to reality.” Let’s connect to get you set up for long-term success.
What’s Next for Home Prices and Mortgage Rates?

What’s Next for Home Prices and Mortgage Rates?

What’s Next for Home Prices and Mortgage Rates? If you’re thinking of making a move this year, there are two housing market factors that are probably on your mind: home prices and mortgage rates. You’re wondering what’s going to happen next. And if it’s worth it to move now, or better to wait it out. The only thing you can really do is make the best decision you can based on the latest information available. So, here’s what experts are saying about both prices and rates. 1. What’s Next for Home Prices? One reliable place you can turn to for information on home price forecasts is the Home Price Expectations Survey from Fannie Mae – a survey of over one hundred economists, real estate experts, and investment and market strategists. According to the most recent release, experts are projecting home prices will continue to rise at least through 2028 (see the graph below): While the percent of appreciation varies year-to-year, this survey says we’ll see prices rise (not fall) for at least the next 5 years, and at a much more normal pace. What does that mean for your move? If you buy now, your home will likely grow in value and you should gain equity in the years ahead. But, based on these forecasts, if you wait and prices continue to climb, the price of a home will only be higher later on. 2. When Will Mortgage Rates Come Down? This is the million-dollar question in the industry. And there’s no easy way to answer it. That’s because there are a number of factors that are contributing to the volatile mortgage rate environment we’re in. Odeta Kushi, Deputy Chief Economist at First American, explains: “Every month brings a new set of inflation and labor data that can influence the direction of mortgage rates. Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.” What happens next will depend on where each of those factors goes from here. Experts are optimistic rates should still come down later this year, but acknowledge changing economic indicators will continue to have an impact. As a CNET article says: “Though mortgage rates could still go down later in the year, housing market predictions change regularly in response to economic data, geopolitical events and more.” So, if you’re ready, willing, and able to afford a home right now, partner with a trusted real estate advisor to weigh your options and decide what’s right for you. Bottom Line Let’s connect to make sure you have the latest information available on home prices and mortgage rate expectations. Together we’ll go over what the experts are saying so you can make an informed decision on your move.

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