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Mistakes can cost you time, frustration, and money. If you want to buy a home in today’s market, let’s connect so you have a pro on your side who can help you avoid these missteps.

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Buyers face challenges in any market – and today’s is no different. With higher mortgage rates and rising prices, plus the limited supply of homes for sale, there’s a lot to consider.

But, there's one way to avoid getting tripped up – and that’s leaning on a real estate agent for the best possible advice. An expert’s insights will help you avoid some of the most common mistakes homebuyers are making right now.

Putting Off Pre-approval

As part of the homebuying process, a lender will look at your finances to figure out what they’re willing to loan you for your mortgage. This gives you a good idea of what you can borrow so you can really wrap your head around the financial side of things before you start looking at homes. While house hunting can be a lot more fun than talking about finances, you don’t want to do this out of order. Make sure you get your pre-approval first. As CNET explains:

“If you wait to get preapproved until the last minute, you might be scrambling to contact a lender and miss the opportunity to put a bid on a home.”

Holding Out for Perfection

While you may have a long list of must-haves and nice-to-haves, you need to be realistic about your home search. Even though your ideal state is you find a home that checks every box, you may need to be willing to compromise – especially since inventory is still low. Plus, a home that has everything you want may be too pricey. As Investopedia puts it:

When you expect to find the perfect home, you could prolong the homebuying process by holding out for something better. Or you could end up paying more for a home just because it meets all your needs.”

Instead, look for something that has most of your must-haves and good bones where you can add anything else you may need down the line.

Buying More House Than You Can Afford

With today’s mortgage rates and home prices, there’s no arguing it’s expensive to buy a home. And while it may be tempting to stretch your finances a bit further than you’re comfortable with to make sure you get the house, you want to avoid overextending your budget. Make sure you talk to your agent about how changing mortgage rates impact your monthly payment. Bankrate offers this advice:

“Focus on what monthly payment you can afford rather than fixating on the maximum loan amount you qualify for. Just because you can qualify for a $300,000 loan doesn’t mean you can comfortably handle the monthly payments that come with it along with your other financial obligations. Every borrower’s case is different, so factor in your whole financial profile when determining how much house you can afford.”

Not Working with a Local Real Estate Agent

This last one may be the most important of all. Buying a home is a process that involves a lot of steps, paperwork, negotiation, and more. Rather than take all of this on yourself, it’s a good idea to have a pro working with you. The right agent will reduce your stress and help the process go smoothly. As CNET explains:

Attempting to buy a home without a real estate agent makes the process more arduous than it needs to be. A real estate agent can give you professional legal guidance, market expertise and support, which will save you time, money and stress. They can also increase your chances of finding the right home so you don’t have to spend hours scouring the internet for listings.”  
[created_at] => 2024-05-22T14:06:17Z [description] =>

Buyers face challenges in any market – and today’s is no different.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240522/20240530-The-Biggest-Mistakes-Buyers-Are-Making-Today.png [id] => 52922 [kcm_ig_caption] => Buyers face challenges in any market – and today’s is no different. With higher mortgage rates and rising prices, plus the limited supply of homes for sale, there’s a lot to consider. Putting Off Pre-approval As part of the homebuying process, a lender will look at your finances to figure out what they’re willing to loan you for your mortgage. This gives you a good idea of what you can borrow so you can really wrap your head around the financial side of things before you start looking at homes. Make sure you get your pre-approval first. Holding Out for Perfection While you may have a long list of must-haves and nice-to-haves, you need to be realistic about your home search. Even though your ideal state is you find a home that checks every box, you may need to be willing to compromise – especially since inventory is still low. Buying More House Than You Can Afford With today’s mortgage rates and home prices, there’s no arguing it’s expensive to buy a home. Make sure you talk to your agent about how changing mortgage rates impact your monthly payment. Not Working with a Local Real Estate Agent This last one may be the most important of all. Buying a home is a process that involves a lot of steps, paperwork, negotiation, and more. Rather than take all of this on yourself, it’s a good idea to have a pro working with you. The right agent will reduce your stress and help the process go smoothly. Mistakes can cost you time, frustration, and money. If you want to buy a home in today’s market, let’s connect so you have a pro on your side who can help you avoid these missteps. [kcm_ig_hashtags] => homegoals,houseshopping,keepingcurrentmatters [kcm_ig_quote] => The biggest mistakes buyers are making today. [public_bottom_line] =>

Mistakes can cost you time, frustration, and money. If you want to buy a home in today’s market, connect with a local real estate agent so you have a pro on your side who can help you avoid these missteps.

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The Biggest Mistakes Buyers Are Making Today

Buyers face challenges in any market – and today’s is no different.

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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.

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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.”
[created_at] => 2024-05-21T17:54:10Z [description] =>

For over 80 years, Veterans Affairs (VA) home loans have helped millions of veterans buy their own homes.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240521/20240527-How-VA-Loans-Can-Help-You-Buy-a-Home.png [id] => 52857 [kcm_ig_caption] => 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.” 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. [kcm_ig_hashtags] => housegoals,makememove,keepingcurrentmatters [kcm_ig_quote] => How VA loans can help you buy a home. [public_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.

[published_at] => 2024-05-27T10:30:00Z [related] => Array ( ) [slug] => how-va-loans-can-help-you-buy-a-home [status] => published [tags] => Array ( [0] => content-hub ) [title] => How VA Loans Can Help You Buy a Home [updated_at] => 2024-05-27T10:30:21Z [url] => /2024/05/27/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.

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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.

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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:No Caption Received


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.”
[created_at] => 2024-05-21T13:43:53Z [description] =>

There’s no denying mortgage rates are having a big impact on today’s housing market.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240521/20240523-Questions-You-May-Have-About-Selling-Your-House.png [id] => 52818 [kcm_ig_caption] => 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. 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. 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. 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. 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. If you want to talk more about any of these questions or need more information, DM me. [kcm_ig_hashtags] => sellyourhouse,realestatetipsandadvice,keepingcurrentmatters [kcm_ig_quote] => Questions you may have about selling your house. [public_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 found 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, contact a real estate agent.

[published_at] => 2024-05-23T10:30:00Z [related] => Array ( ) [slug] => questions-you-may-have-about-selling-your-house [status] => published [tags] => Array ( [0] => content-hub ) [title] => Questions You May Have About Selling Your House [updated_at] => 2024-05-23T10:30:05Z [url] => /2024/05/23/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.

4
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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.

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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):

No Caption Received


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

[created_at] => 2024-05-20T17:48:14Z [description] =>

Are big investors really buying up all the homes today?

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240520/20240522-How-Many-Homes-Are-Investors-Actually-Buying.png [id] => 52768 [kcm_ig_caption] => 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. 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 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. 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%). 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. 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. [kcm_ig_hashtags] => realestatenews,realestateagent,keepingcurrentmatters [kcm_ig_quote] => How many homes are investors actually buying? [public_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, chat with a local real estate agent. They can help you understand what's really going on.

[published_at] => 2024-05-22T10:30:00Z [related] => Array ( ) [slug] => how-many-homes-are-investors-actually-buying [status] => published [tags] => Array ( [0] => content-hub ) [title] => How Many Homes Are Investors Actually Buying? [updated_at] => 2024-05-22T10:30:04Z [url] => /2024/05/22/how-many-homes-are-investors-actually-buying/ )

How Many Homes Are Investors Actually Buying?

Are big investors really buying up all the homes today?

5
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    [agents_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.

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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.

[created_at] => 2024-05-20T14:28:21Z [description] =>

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.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240520/20240521-Worried-about-home-maintenance-costs-Consider-this..png [id] => 52689 [kcm_ig_caption] => 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. Plus, many builders also have warranties on their homes that would cover some of the more major expenses that could pop up. 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 If you’re interested in a home warranty for peace of mind, lean on your agent. 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. 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. [kcm_ig_hashtags] => makememove,homegoals,keepingcurrentmatters [kcm_ig_quote] => Worried about home maintenance costs? Consider this. [public_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.

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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.

6
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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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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):

No Caption Received


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. 

[created_at] => 2024-05-14T18:17:34Z [description] =>

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.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240514/20240520-What-s-Next-for-Home-Prices-and-Mortgage-Rates.png [featured_image_meta] => [id] => 52301 [kcm_ig_caption] => 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. 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. 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. 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. 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. 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. DM me 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. [kcm_ig_hashtags] => housingmarket,househunting,keepingcurrentmatters [kcm_ig_quote] => What’s next for home prices and mortgage rates? [public_bottom_line] =>

Connect with a trusted real estate agent to make sure you have the latest information available on home prices and mortgage rate expectations. Together you’ll go over what the experts are saying so you can make an informed decision on your move.

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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.

7
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    [agents_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.

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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):

No Caption Received

 

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:

No Caption Received


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.”
[created_at] => 2024-05-15T14:15:45Z [description] =>

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.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240515/20240516-The-Number-of-Homes-for-Sale-Is-Increasing.png [id] => 52370 [kcm_ig_caption] => 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. 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.” 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.” 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. [kcm_ig_hashtags] => housingmarket,househunting,keepingcurrentmatters [kcm_ig_quote] => The number of homes for sale is increasing. [public_bottom_line] =>

Team up with a local real estate agent who can keep you in the loop on everything that might impact your move, like how many homes are up for sale right now.

[published_at] => 2024-05-16T10:30:00Z [related] => Array ( ) [slug] => the-number-of-homes-for-sale-is-increasing [status] => published [tags] => Array ( ) [title] => The Number of Homes for Sale Is Increasing [updated_at] => 2024-05-16T10:30:59Z [url] => /2024/05/16/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.

8
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    [agents_bottom_line] => 

It might be a good idea to think about condos in your home search. If you're ready to see what's out there, let's get in touch today.

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Having a hard time finding a first home that's right for you and your wallet? Well, here's a tip – think about condominiums, or condos for short.

They're usually smaller than single-family homes, but that's exactly why they can be easier on your budget. According to the latest data from the National Association of Realtors (NAR), condos are typically less expensive than single-family homes (see graph below):

No Caption Received


So, if you're comfortable with a smaller space and want to buy your first home this year, adding condos to your search might be easier on your wallet.

Besides giving you more options for your home search and maybe fitting your budget better, living in a condo has a bunch of other perks, too. According to Rocket Mortgage:

“From community living to walkable urban areas, condos are great options for first-time home buyers and people looking to enjoy homeownership without extensive upkeep.”

Let’s dive into a few of the draws of condos for first-time buyers from Bankrate:

  • They require less maintenance. Condos are great if you want to own your place but don't want to mow the lawn, shovel snow, or fix the roof. Your real estate agent can help explain any associated fees and details for the condos you’re interested in.
  • They allow you to start building equity. When you buy a condo, you build equity and your net worth as you make your mortgage payments and as your condo’s value goes up over time.
  • They often come with added amenities. Your condo might come with access to amenities like a pool, dog park, or parking. And the best part? You don’t have to take care of any of them.
  • They provide you with a sense of community. Buying a condo means you'll be living close to other people, which is nice if you enjoy having neighbors around and making friends. Many condo communities hold fun events like barbecues and parties during holidays for everyone to enjoy.


Remember, your first home doesn't have to be the one you stay in forever. The important thing is to get your foot in the door as a homeowner so you can start to gain home equity. Later on, that equity can help you buy another place if you need something different.

Ultimately, owning and living in a condo is a lifestyle choice. And if it’s one that appeals to you, they could provide the added options you need in today’s market.

[created_at] => 2024-05-13T18:36:02Z [description] =>

Having a hard time finding a first home that's right for you and your wallet?

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240513/20240515-Why-a-Condo-May-Be-a-Great-Option-for-Your-First-Home.png [id] => 52117 [kcm_ig_caption] => Having a hard time finding a first home that's right for you and your wallet? Well, here's a tip – think about condominiums, or condos for short. They're usually smaller than single-family homes, but that's exactly why they can be easier on your budget. So, if you're comfortable with a smaller space and want to buy your first home this year, adding condos to your search might be easier on your wallet. Besides giving you more options for your home search and maybe fitting your budget better, living in a condo has a bunch of other perks, too. According to Rocket Mortgage: “From community living to walkable urban areas, condos are great options for first-time home buyers and people looking to enjoy homeownership without extensive upkeep.” Let’s dive into a few of the draws of condos for first-time buyers from Bankrate: • They require less maintenance. • They allow you to start building equity. • They often come with added amenities. • They provide you with a sense of community. Remember, your first home doesn't have to be the one you stay in forever. The important thing is to get your foot in the door as a homeowner so you can start to gain home equity. Later on, that equity can help you buy another place if you need something different. Ultimately, owning and living in a condo is a lifestyle choice. And if it’s one that appeals to you, they could provide the added options you need in today’s market. It might be a good idea to think about condos in your home search. If you're ready to see what's out there, let's get in touch today. [kcm_ig_hashtags] => firsttimehomebuyer,opportunity,housingmarket [kcm_ig_quote] => Why a condo may be a great option for your first home. [public_bottom_line] =>

It might be a good idea to think about condos in your home search. If you're ready to see what's out there, get in touch with a local real estate agent today.

[published_at] => 2024-05-15T10:30:00Z [related] => Array ( ) [slug] => why-a-condo-may-be-a-great-option-for-your-first-home [status] => published [tags] => Array ( [0] => content-hub ) [title] => Why a Condo May Be a Great Option for Your First Home [updated_at] => 2024-05-15T10:30:16Z [url] => /2024/05/15/why-a-condo-may-be-a-great-option-for-your-first-home/ )

Why a Condo May Be a Great Option for Your First Home

Having a hard time finding a first home that's right for you and your wallet?

9
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    [agents_bottom_line] => 

Whether you're a first-time seller or you’ve been through this before, a great listing agent is the key to your success. Let’s connect so you have a skilled local expert by your side to guide you through every step of the process.

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Selling your house is a big decision. Your home is one of the biggest investments you’ve probably ever made, and it’s a place where you’ve created countless memories. That combo means there’s going to be a lot of emotions involved. You want someone who understands your perspective, knows what it feels like, and is an expert at helping homeowners just like you navigate the process of selling a home.

That’s where a good listing agent, also known as a seller's agent, comes in. Here are just a few skills you’ll want your agent to have.

The Ability To Turn Something Complex into Something Simple

Some agents are going to use big, fancy real estate terms to try and impress you. But you shouldn’t have to know all the industry jargon in order to understand what they’re saying. If anything, it's an agent’s job to keep it simple, so you don’t get overwhelmed or confused.

A great agent is going to be someone who is very good at explaining what’s happening in the housing market in a way that’s easy to understand. But they’ll take it one step further than that. They’ll explain what’s going on and, specifically, what that means for you. That way you’re always in the loop and it's a lot easier to feel confident when you’re making a big decision. As Business Insider explains:

“Maybe you have a better rapport with one of the agents you're considering, or you just feel like they're easier to approach. You're going to be working closely with this person, so it's important to choose an agent you're comfortable with.”

A Data-Based Approach on How To Price Your House

While it may be tempting to pick the agent who suggests the highest asking price for your house, that strategy may cost you. It’s easy to get caught up in the excitement when you see a bigger number, but overpricing your house can have consequences. It could mean your house will sit on the market longer because the higher price is actually turning away buyers.

Instead, partner with an agent who’s going to have an open conversation about how they recommend you should price your house. They won't throw out a number just to win your listing. A great agent will back up their number with solid data, explain their pricing strategy, and make sure you're both on the same page. As NerdWallet explains:

“An agent who recommends the highest price isn't always the best choice. Choose an agent who backs up the recommendation with market knowledge.”

A Fair, but Objective Negotiator

The home-selling process can be emotional, especially if you’ve been in your house for a long time. But that sentimental tie can make it harder to be objective during negotiations. That’s where a trusted professional can really make a difference.

They’re skilled negotiators who know how to stay calm under pressure. You can count on them to handle the back-and-forth and have your best interests at heart throughout the process. Not to mention, they’ll be able to rely on their market expertise and what they’re seeing work in other transactions to offer the best advice possible. As Rocket Mortgage explains:

“Whether this is your first or third time selling a house, listing agents work to help make the home selling process smoother and less stressful. These real estate professionals know the ins and outs of the industry and can help you secure the best deal.”
[created_at] => 2024-05-08T17:09:16Z [description] =>

Selling your house is a big decision.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240508/20240514-Thinking-of-Selling-You-Want-an-Agent-with-These-Skills.png [id] => 51779 [kcm_ig_caption] => Selling your house is a big decision. That’s where a good listing agent, also known as a seller's agent, comes in. Here are just a few skills you’ll want your agent to have. The Ability To Turn Something Complex into Something Simple Some agents are going to use big, fancy real estate terms to try and impress you. But you shouldn’t have to know all the industry jargon in order to understand what they’re saying. If anything, it's an agent’s job to keep it simple, so you don’t get overwhelmed or confused. A great agent is going to be someone who is very good at explaining what’s happening in the housing market in a way that’s easy to understand. A Data-Based Approach on How To Price Your House While it may be tempting to pick the agent who suggests the highest asking price for your house, that strategy may cost you. It’s easy to get caught up in the excitement when you see a bigger number, but overpricing your house can have consequences. It could mean your house will sit on the market longer because the higher price is actually turning away buyers. A Fair, but Objective Negotiator The home-selling process can be emotional, especially if you’ve been in your house for a long time. But that sentimental tie can make it harder to be objective during negotiations. That’s where a trusted professional can really make a difference. Whether you're a first-time seller or you’ve been through this before, a great listing agent is the key to your success. Let’s connect so you have a skilled local expert by your side to guide you through every step of the process. [kcm_ig_hashtags] => sellyourhouse,justsold,keepingcurrentmatters [kcm_ig_quote] => Thinking of selling? You want an agent with these skills. [public_bottom_line] =>

Whether you're a first-time seller or you’ve been through this before, a great listing agent is the key to your success. Connect with a real estate professional so you have a skilled local expert by your side to guide you through every step of the process.

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Thinking of Selling? You Want an Agent with These Skills

Selling your house is a big decision.

10
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The data shows home prices are increasing nationally. Let's chat to see exactly what’s going on with prices in our neighborhood.

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Thinking about buying a home or selling your current one to find a better fit? If so, you might be wondering what's going on with home prices these days. Here's the scoop.

The latest national data from Case-Shiller and the Federal Housing Finance Agency (FHFA) shows they’re going up (see graphs below):

No Caption Received


As you can see, home prices were rising for most of 2023. But over the course of December and January, they were virtually flat – which is pretty normal for that time of year.

But here's what you need to know now. As of February, when the spring market kicked off, prices were on the rise again.

Home Prices Are Going Up in Most of America's Top Cities

After seeing a jump in home prices nationally in February, you might be wondering if they’re going up in your area, too. While it depends on where you live, prices are rising in 18 of the top 20 cities Case-Shiller reports on in the monthly price index (see chart below):

No Caption Received


Most experts also think home prices will keep rising and end the year on a high note. Forbes explains why:

“Even as mortgage rates have reached their highest level since November, persistent demand coupled with limited housing supply are key drivers pushing home values upward.”

How This Impacts You

  • For Buyers: If you’re ready, willing, and able to buy a home, purchasing before prices go up even more might be a smart choice, since home values are expected to keep climbing.
  • For Sellers: Prices are going up because there still aren’t enough homes available for sale right now compared to today’s buyer demand. So, if you work with an agent to price your house right, you might receive multiple offers and sell quickly. 
[created_at] => 2024-05-08T20:34:48Z [description] =>

Thinking about buying a home or selling your current one to find a better fit?

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240508/20240513-Header-Image.png [id] => 51810 [kcm_ig_caption] => Thinking about buying a home or selling your current one to find a better fit? If so, you might be wondering what's going on with home prices these days. Here's the scoop. Home prices were rising for most of 2023. But over the course of December and January, they were virtually flat – which is pretty normal for that time of year. But here's what you need to know now. As of February, when the spring market kicked off, prices were on the rise again. Home Prices Are Going Up in Most of America's Top Cities After seeing a jump in home prices nationally in February, you might be wondering if they’re going up in your area, too. While it depends on where you live, prices are rising in 18 of the top 20 cities Case-Shiller reports on in the monthly price index. Most experts also think home prices will keep rising and end the year on a high note. Forbes explains why: “Even as mortgage rates have reached their highest level since November, persistent demand coupled with limited housing supply are key drivers pushing home values upward.” How This Impacts You • For Buyers: If you’re ready, willing, and able to buy a home, purchasing before prices go up even more might be a smart choice, since home values are expected to keep climbing. • For Sellers: Prices are going up because there still aren’t enough homes available for sale right now compared to today’s buyer demand. So, if you work with an agent to price your house right, you might receive multiple offers and sell quickly. The data shows home prices are increasing nationally. Let's chat to see exactly what’s going on with prices in our neighborhood. [kcm_ig_hashtags] => realestatetipsoftheday,realestatetipsandadvice,keepingcurrentmatters [kcm_ig_quote] => Home prices are climbing in these top cities. [public_bottom_line] =>

The data shows home prices are increasing nationally. Chat with a local real estate agent to see exactly what’s going on with prices in your neighborhood.

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Home Prices Are Climbing in These Top Cities

Thinking about buying a home or selling your current one to find a better fit?

11
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If you want to find out what builders are doing in our area, let’s connect and check it out together. And if you’re willing to cast a wider net to open up your options even more, we can talk about broadening your search to include other towns nearby.

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When you’re planning a move, it’s normal to wonder where you’ll end up and what your future home is going to look like. Maybe you’ve got a specific picture of that house in your mind. But unless you came into this process knowing you want to buy a newly built home, you may not have pictured new home construction.

A trusted real estate agent can help walk you through these two reasons you may want to reconsider that.

1. Adding Newly Built Homes Could Give You More Options

There are two types of homes on the market: new and existing. A newly built home refers to a house that was just built or is under construction. An existing home is one a previous homeowner has already lived in. Right now, the inventory of existing homes is tight. But there may be options for you on the new home side of things.

Data from the Census and the National Association of Realtors (NAR) shows that newly built homes are a bigger part of today’s housing inventory than the norm (see graph below):

No Caption Received


From 1983 to 2019 (the last normal year in the market), newly built homes made up only 13% of the total inventory of homes for sale. But today that number has climbed to over 33%.

Rest assured, after over a decade of underbuilding, builders aren’t overdoing it today. Even with an increase in new construction today, there’s still a significant housing shortage overall. But for you, the uptick in new builds can be a game changer because it gives you more options for your search.

2. Newly Built Homes May Be More Affordable Than You’d Think

You may still be wondering if a new build could really be an option for you. If you’ve previously written them off because you thought they would be out of your budget, consider this. The price gap between a newly built home and an existing house is shrinking. Here's why.

Builders are going to build what’s in demand. And they know people need more options right now, especially ones that are smaller and potentially more affordable. So, they’re focusing on building smaller homes at lower price points. The graph below shows the price difference between new and existing homes is shrinking as that happens:

 No Caption Received


As LendingTree explains:

In the past, newly built homes have been much more expensive than existing homes — but that gap has been getting smaller recently. In some places today, you may find that the cost to build versus buy is roughly the same.”

And an article from CNBC says:

“While new builds are still sold for slightly more than existing homes, the price gap has significantly narrowed . . .”

Not to mention, some builders are even offering price cuts and mortgage rate buy-downs right now to sweeten the deal. Today there are many reasons new builds may be worth considering. Other buyers sure seem to think so. As Freddie Mac says:

"As the supply of existing homes for sale remains low and home prices continue to rise, more buyers are choosing to purchase new homes than in previous years."

Just know that buying a newly built home isn’t the same as buying an existing one. Builder contracts have different fine print. So, partner with a local agent who knows the market, builder reputations, and what to look for in those contracts so you have an expert on your side to help you explore this option.

[created_at] => 2024-05-06T20:14:01Z [description] =>

When you’re planning a move, it’s normal to wonder where you’ll end up and what your future home is going to look like.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240506/20240509-The-Top-2-Reasons-To-Consider-a-Newly-Built-Home.png [id] => 51561 [kcm_ig_caption] => When you’re planning a move, it’s normal to wonder where you’ll end up and what your future home is going to look like. But unless you came into this process knowing you want to buy a newly built home, you may not have pictured new home construction. 1. Adding Newly Built Homes Could Give You More Options There are two types of homes on the market: new and existing. A newly built home refers to a house that was just built or is under construction. An existing home is one a previous homeowner has already lived in. Right now, the inventory of existing homes is tight. But there may be options for you on the new home side of things. 2. Newly Built Homes May Be More Affordable Than You’d Think You may still be wondering if a new build could really be an option for you. If you’ve previously written them off because you thought they would be out of your budget, consider this. The price gap between a newly built home and an existing house is shrinking. Just know that buying a newly built home isn’t the same as buying an existing one. Builder contracts have different fine print. So, partner with a local agent who knows the market, builder reputations, and what to look for in those contracts so you have an expert on your side to help you explore this option. If you want to find out what builders are doing in our area, DM me and check it out together. And if you’re willing to cast a wider net to open up your options even more, we can talk about broadening your search to include other towns nearby. [kcm_ig_hashtags] => firsttimehomebuyer,starterhome,keepingcurrentmatters [kcm_ig_quote] => The top 2 reasons to consider a newly built home. [public_bottom_line] =>

If you want to find out what builders are doing in your area, connect with a real estate agent. And if you’re willing to cast a wider net to open up your options even more, that agent can talk to you about broadening your search to include other towns nearby.

[published_at] => 2024-05-09T10:30:00Z [related] => Array ( ) [slug] => the-top-2-reasons-to-consider-a-newly-built-home [status] => published [tags] => Array ( [0] => content-hub ) [title] => The Top 2 Reasons To Consider a Newly Built Home [updated_at] => 2024-05-09T10:30:50Z [url] => /2024/05/09/the-top-2-reasons-to-consider-a-newly-built-home/ )

The Top 2 Reasons To Consider a Newly Built Home

When you’re planning a move, it’s normal to wonder where you’ll end up and what your future home is going to look like.

12
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Every time a home is sold, it really helps out the local economy. If you’re ready to move, let’s get in touch. It won’t just change your life—it’ll also do a lot of good for the whole community.

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If you're thinking of buying or selling a house, it's important to know it doesn't just impact you—it helps out the local economy and your community, too.

Every year, the National Association of Realtors (NAR) puts out a report that breaks down the financial impact that comes from people buying and selling homes (see visual below):

No Caption Received


When a house is sold, it really boosts the local economy. That’s because of all the people needed to build, fix up, and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry adds jobs to a community:

“. . . housing is a significant job creator. In fact, for every single-family home built, enough economic activity is generated to sustain three full-time jobs for a year . . .”

It makes sense that housing creates a lot of jobs because so many different kinds of work are involved in the industry.

Think about all the people involved with selling a house—city officials, contractors, lawyers, real estate agents, specialists, etc. Everyone has a job to do to make your deal go through. So, each transaction is a big help to those who work and live in your community.

Put simply, when you buy or sell a home, you’re helping out your neighbors. So, when you decide to move, you're not just meeting your own needs—you're also doing something good for your community. Just knowing your move helps so many people around you can give you a sense of empowerment as you make your decision this year.

[created_at] => 2024-05-07T15:35:56Z [description] =>

If you're thinking of buying or selling a house, it's important to know it doesn't just impact you—it helps out the local economy and your community, too.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240507/20240508-How-Buying-or-Selling-a-Home-Benefits-Your-Community.png [id] => 51638 [kcm_ig_caption] => If you're thinking of buying or selling a house, it's important to know it doesn't just impact you—it helps out the local economy and your community, too. When a house is sold, it really boosts the local economy. That’s because of all the people needed to build, fix up, and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry adds jobs to a community: “. . . housing is a significant job creator. In fact, for every single-family home built, enough economic activity is generated to sustain three full-time jobs for a year . . .” It makes sense that housing creates a lot of jobs because so many different kinds of work are involved in the industry. Think about all the people involved with selling a house—city officials, contractors, lawyers, real estate agents, specialists, etc. Everyone has a job to do to make your deal go through. So, each transaction is a big help to those who work and live in your community. Put simply, when you buy or sell a home, you’re helping out your neighbors. So, when you decide to move, you're not just meeting your own needs—you're also doing something good for your community. Just knowing your move helps so many people around you can give you a sense of empowerment as you make your decision this year. Every time a home is sold, it really helps out the local economy. If you’re ready to move, let’s get in touch. It won’t just change your life—it’ll also do a lot of good for the whole community. [kcm_ig_hashtags] => realestatetipsoftheday,realestatetipsandadvice,keepingcurrentmatters [kcm_ig_quote] => How buying or selling a home benefits your community. [public_bottom_line] =>

Every time a home is sold, it really helps out the local economy. If you’re ready to move, get in touch with a local real estate agent. It won’t just change your life—it’ll also do a lot of good for the whole community.

[published_at] => 2024-05-08T10:30:00Z [related] => Array ( ) [slug] => how-buying-or-selling-a-home-benefits-your-community [status] => published [tags] => Array ( [0] => content-hub ) [title] => How Buying or Selling a Home Benefits Your Community [updated_at] => 2024-05-08T10:30:49Z [url] => /2024/05/08/how-buying-or-selling-a-home-benefits-your-community/ )

How Buying or Selling a Home Benefits Your Community

If you're thinking of buying or selling a house, it's important to know it doesn't just impact you—it helps out the local economy and your community, too.

13
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    [agents_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.

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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.

[created_at] => 2024-05-03T14:26:52Z [description] =>

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?

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240503/20240507-Tips-for-Younger-Homebuyers-How-To-Make-Your-Dream-a-Reality.png [id] => 51379 [kcm_ig_caption] => 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? 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 chances are you won’t need to put 20% down (unless specified by your loan type or lender). 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. 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. 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. Real estate professionals have expertise on what’s working for other buyers like you. Lean on them for tips and advice along the way. Let’s connect to get you set up for long-term success. [kcm_ig_hashtags] => firsttimehomebuyer,opportunity,keepingcurrentmatters [kcm_ig_quote] => Tips for younger homebuyers: how to make your dream a reality. [public_bottom_line] =>

Real estate professionals have expertise on what’s working for other buyers like you. Lean on them for tips and advice on ways you can get ready to buy. 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.”
[published_at] => 2024-05-07T10:30:00Z [related] => Array ( ) [slug] => tips-for-younger-homebuyers-how-to-make-your-dream-a-reality [status] => published [tags] => Array ( [0] => content-hub ) [title] => Tips for Younger Homebuyers: How To Make Your Dream a Reality [updated_at] => 2024-05-07T10:30:48Z [url] => /2024/05/07/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?

14
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    [agents_bottom_line] => 

If you have questions about what’s happening in the housing market and what that means for you, let’s connect.

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You may have heard mortgage rates are going to stay a bit higher for longer than originally expected. And if you’re wondering why, the answer lies in the latest economic data. Here’s a quick overview of what’s happening with mortgage rates and what experts say is ahead.

Economic Factors That Impact Mortgage Rates

When it comes to mortgage rates, things like the job market, the pace of inflation, consumer spending, geopolitical uncertainty, and more all have an impact. Another factor at play is the Federal Reserve (the Fed) and its decisions on monetary policy. And that’s what you may be hearing a lot about right now. Here’s why.

The Fed decided to start raising the Federal Funds Rate to try to slow down the economy (and inflation) in early 2022. That rate impacts how much it costs banks to borrow money from each other. It doesn't determine mortgage rates, but mortgage rates do respond when this happens. And that’s when mortgage rates started to really climb.

And while there’s been a ton of headway seeing inflation come down since then, it still isn’t back to where the Fed wants it to be (2%). The graph below shows inflation since the spike in early 2022, and where we are now compared to their target rate:

No Caption Received


As the graph shows, we’re much closer to their goal of 2% inflation than we were in 2022 – but we’re not there yet. It's even inched up a hair over the last 3 months – and that’s having an impact on the Fed’s plans. As Sam Khater, Chief Economist at Freddie Mac, explains:

“Strong incoming economic and inflation data has caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates.”

Basically, long story short, inflation and its impact on the broader economy are going to be key moving forward. As Greg McBride, Chief Financial Analyst at Bankrate, says:

It’s the longer-term outlook for economic growth and inflation that have the greatest bearing on the level and direction of mortgage rates. Inflation, inflation, inflation — that’s really the hub on the wheel.”

When Will Mortgage Rates Come Down?

Based on current market data, experts think inflation will be more under control and we still may see the Fed lower the Federal Funds Rate this year. It’ll just be later than originally expected. As Mike Fratantoni, Chief Economist at the Mortgage Bankers Association (MBA), said in response to the Federal Open Market Committee (FOMC) decision yesterday:

“The FOMC did not change the federal funds target at its May meeting, as incoming data regarding the strength of the economy and stubbornly high inflation have resulted in a shift in the timing of a first rate cut. We expect mortgage rates to drop later this year, but not as far or as fast as we previously had predicted.

In the simplest sense, what this says is that mortgage rates should still come down later this year. But timing can shift as new employment and economic data come in, geopolitical uncertainty remains, and more. This is one of the reasons it’s usually not a good strategy to try to time the market. An article in Bankrate gives buyers this advice:

“ . . . trying to time the market is generally a bad idea. If buying a house is the right move for you now, don’t stress about trends or economic outlooks.”
[created_at] => 2024-05-01T20:29:16Z [description] =>

You may have heard mortgage rates are going to stay a bit higher for longer than originally expected.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240501/20240502-What-s-Going-on-with-Mortgage-Rates.png [id] => 51182 [kcm_ig_caption] => You may have heard mortgage rates are going to stay a bit higher for longer than originally expected. And if you’re wondering why, the answer lies in the latest economic data. Economic Factors That Impact Mortgage Rates When it comes to mortgage rates, things like the job market, the pace of inflation, consumer spending, geopolitical uncertainty, and more all have an impact. Another factor at play is the Federal Reserve (the Fed) and its decisions on monetary policy. And that’s what you may be hearing a lot about right now. Basically, long story short, inflation and its impact on the broader economy are going to be key moving forward. As Greg McBride, Chief Financial Analyst at Bankrate, says: “It’s the longer-term outlook for economic growth and inflation that have the greatest bearing on the level and direction of mortgage rates. Inflation, inflation, inflation — that’s really the hub on the wheel.” When Will Mortgage Rates Come Down? Based on current market data, experts think inflation will be more under control and we still may see the Fed lower the Federal Funds Rate this year. It’ll just be later than originally expected. In the simplest sense, what this says is that mortgage rates should still come down later this year. But timing can shift as new employment and economic data come in, geopolitical uncertainty remains, and more. This is one of the reasons it’s usually not a good strategy to try to time the market. If you have questions about what’s happening in the housing market and what that means for you, let’s connect. [kcm_ig_hashtags] => stayinformed,staycurrent,keepingcurrentmatters [kcm_ig_quote] => What’s going on with mortgage rates? [public_bottom_line] =>

If you have questions about what’s happening in the housing market and what that means for you, connect with a trusted real estate professional.

[published_at] => 2024-05-02T10:30:00Z [related] => Array ( ) [slug] => what-is-going-on-with-mortgage-rates [status] => published [tags] => Array ( [0] => content-hub ) [title] => What Is Going on with Mortgage Rates? [updated_at] => 2024-05-02T10:30:44Z [url] => /2024/05/02/what-is-going-on-with-mortgage-rates/ )

What Is Going on with Mortgage Rates?

You may have heard mortgage rates are going to stay a bit higher for longer than originally expected.

15
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    [agents_bottom_line] => 

If you're tired of your rent going up and want to explore the many benefits of homeownership, let’s talk to explore your options.

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Thinking about buying a home? While today’s mortgage rates might seem a bit intimidating, here are two solid reasons why, if you’re ready and able, it could still be a smart move to get your own place.

1. Home Values Typically Go Up Over Time

There’s been some confusion over the past year or so about which way home prices are headed. Make no mistake, nationally they’re still going up. In fact, over the long-term, home prices almost always go up (see graph below):

No Caption Received


Using data from the Federal Reserve (the Fed), you can see the overall trend is home prices have climbed steadily for the past 60 years. There was an exception during the 2008 housing crash when prices didn't follow the normal pattern, but generally, home values kept rising.

This is a big reason why buying a home can be better than renting. As prices go up and you pay down your mortgage, you build equity. Over time, this growing equity can really increase your net worth. The Urban Institute says:

“Homeownership is critical for wealth building and financial stability.”

2. Rent Keeps Rising in the Long Run

Here’s another reason you may want to think about buying a home instead of renting – rent just keeps going up over the years. Sure, it might be cheaper to rent right now in some areas, but every time you renew your lease or sign a new one, you’re likely to feel the squeeze of your rent getting higher. According to data from iProperty Management, rent has been going up pretty consistently for the last 60 years, too (see graph below):

No Caption Received


So how do you escape the cycle of rising rents? Buying a home with a fixed-rate mortgage helps you stabilize your housing costs and say goodbye to those annoying rent increases. That kind of stability is a big deal.

Your housing payments are like an investment, and you've got a decision to make. Do you want to invest in yourself or keep paying your landlord?

When you own your home, you're investing in your own future. And even when renting is cheaper, that money you pay every month is gone for good.

As Dr. Jessica Lautz, Deputy Chief Economist and VP of Research at the National Association of Realtors (NAR), says:

“If a homebuyer is financially stable, able to manage monthly mortgage costs and can handle the associated household maintenance expenses, then it makes sense to purchase a home.”
[created_at] => 2024-04-29T20:21:06Z [description] =>

Thinking about buying a home?

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240429/20240501-The-Perks-of-Buying-over-Renting.png [id] => 50922 [kcm_ig_caption] => Thinking about buying a home? While today’s mortgage rates might seem a bit intimidating, here are two solid reasons why, if you’re ready and able, it could still be a smart move to get your own place. 1. Home Values Typically Go Up Over Time There’s been some confusion over the past year or so about which way home prices are headed. Make no mistake, nationally they’re still going up. In fact, over the long-term, home prices almost always go up. This is a big reason why buying a home can be better than renting. As prices go up and you pay down your mortgage, you build equity. Over time, this growing equity can really increase your net worth. The Urban Institute says: “Homeownership is critical for wealth building and financial stability.” 2. Rent Keeps Rising in the Long Run Rent just keeps going up over the years. Sure, it might be cheaper to rent right now in some areas, but every time you renew your lease or sign a new one, you’re likely to feel the squeeze of your rent getting higher. So how do you escape the cycle of rising rents? Buying a home with a fixed-rate mortgage helps you stabilize your housing costs and say goodbye to those annoying rent increases. That kind of stability is a big deal. Your housing payments are like an investment, and you've got a decision to make. Do you want to invest in yourself or keep paying your landlord? When you own your home, you're investing in your own future. And even when renting is cheaper, that money you pay every month is gone for good. If you're tired of your rent going up and want to explore the many benefits of homeownership, let’s talk to explore your options. [kcm_ig_hashtags] => firsttimehomebuyer,opportunity,keepingcurrentmatters [kcm_ig_quote] => The perks of buying over renting. [public_bottom_line] =>

If you're tired of your rent going up and want to explore the many benefits of homeownership, talk to a local real estate agent to explore your options.

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The Perks of Buying over Renting

Thinking about buying a home?

16
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    [agents_bottom_line] => 

Even though inventory is still low, you don’t want to wait for more competition to pop up in your neighborhood. Let’s connect to go over the perks of selling before more homes come to the market.

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The number of homes for sale is playing a big role in today’s housing market. And, if you’re considering whether or not to list your house, today’s limited supply is one of the biggest advantages you have right now. That’s because your house stands out more when the inventory is low, especially if it’s priced right.

But the supply of homes for sale is growing. According to the latest data from Realtor.com, new listings (homeowners who just put their house up for sale) are trending up (see graph below):

 No Caption Received


This graph shows more homeowners are putting that sale sign up in their yards compared to the same time last year. As Realtor.com says:

“. . . sellers turned out in higher numbers this March as newly listed homes were 15.5% above last year’s levels. This marked the fifth month of increasing listing activity after a 17-month streak of decline.”

What This Means for You

If you’ve been putting off selling your house, maybe it’s time to start thinking about it again – before your neighbors do. While we’re not going to suddenly have a surplus of homes for sale, each house that pops on the market in your area runs the risk of pulling buyer attention away from yours.

For example, if your neighbor gets in on the action and lists their house too, it means you’ll have competition right next door. You don’t want buyers to tour your house and fall in love with someone else’s. You want yours to be in the spotlight.

A great agent can make that happen. They’ll help you get your house ready to list, draw attention to everything today’s buyers are looking for, and help you price it right. That way buyers are really drawn to your listing and eager to make it their home.

If you’re ready and able to sell now, here’s your chance to get the best of both worlds. Since the supply of homes for sale is growing, you’ll have more options for your own move. But you’ll also be able to sell while your house will still stand out.

[created_at] => 2024-04-25T18:26:17Z [description] =>

The number of homes for sale is playing a big role in today’s housing market.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240425/20240430-What-More-Listings-Mean-When-You-Sell-Your-House.png [id] => 50530 [kcm_ig_caption] => The number of homes for sale is playing a big role in today’s housing market. And, if you’re considering whether or not to list your house, today’s limited supply is one of the biggest advantages you have right now. That’s because your house stands out more when the inventory is low, especially if it’s priced right. But the supply of homes for sale is growing. As Realtor.com says: “. . . sellers turned out in higher numbers this March as newly listed homes were 15.5% above last year’s levels. This marked the fifth month of increasing listing activity after a 17-month streak of decline.” What This Means for You If you’ve been putting off selling your house, maybe it’s time to start thinking about it again – before your neighbors do. While we’re not going to suddenly have a surplus of homes for sale, each house that pops on the market in your area runs the risk of pulling buyer attention away from yours. For example, if your neighbor gets in on the action and lists their house too, it means you’ll have competition right next door. You don’t want buyers to tour your house and fall in love with someone else’s. You want yours to be in the spotlight. A great agent can make that happen. They’ll help you get your house ready to list, draw attention to everything today’s buyers are looking for, and help you price it right. That way buyers are really drawn to your listing and eager to make it their home. Even though inventory is still low, you don’t want to wait for more competition to pop up in your neighborhood. DM me to go over the perks of selling before more homes come to the market. [kcm_ig_hashtags] => realestatetipsoftheday,realestatetipsandadvice,keepingcurrentmatters [kcm_ig_quote] => What more listings mean when you sell your house. [public_bottom_line] =>

Even though inventory is still low, you don’t want to wait for more competition to pop up in your neighborhood. Connect with a local real estate agent to go over the perks of selling before more homes come to the market.

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What More Listings Mean When You Sell Your House

The number of homes for sale is playing a big role in today’s housing market.

17
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    [agents_bottom_line] => 

If you list during the spring and early summer, you might sell your house quickly and for a higher price. When you’re ready to make the most of today’s seller’s market, let’s get in touch.

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Thinking about selling your house? If you are, you might be weighing factors like today’s mortgage rates and your own changing needs to figure out your next move.

Here’s something else to consider. According to the latest Home Purchase Sentiment Index (HPSI) from Fannie Mae, the percent of respondents who say it’s a good time to sell is on the rise (see graph below):

No Caption Received


Why Are Sellers Feeling so Optimistic?

One reason why is because right now is traditionally the best time of year to sell a house. A recent article from Bankrate says:

“Late spring and early summer are generally considered the best times to sell a house. . . . While today’s rates are relatively high, low inventory is still keeping sellers in the driver’s seat in most markets.”

These are the seasons when most people move. That means buyer demand grows. And because there still aren’t enough homes for sale to meet that demand, sellers see some serious perks. According to Rocket Mortgage:

“Homes that are listed at the end of spring and the beginning of summer typically sell faster at a higher sales price.”

What Does This Mean for You?

More sellers are coming to realize conditions are ripe for a move. And that’s one reason why we’re seeing more homeowners put their homes up for sale. If you think you might want to get in on the action, it’s a good idea to start preparing.

A local real estate agent can help you get your house ready by offering advice on how best to fix it up and make it appealing to buyers in your area.

They also know if you list during the peak buying seasons of spring and early summer, you might sell quickly and for a higher price.

[created_at] => 2024-04-25T17:29:03Z [description] =>

Thinking about selling your house?

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240425/20240429-Now-s-a-great-time-to-sell-your-house..png [id] => 50510 [kcm_ig_caption] => Thinking about selling your house? If you are, you might be weighing factors like today’s mortgage rates and your own changing needs to figure out your next move. Here’s something else to consider. According to the latest Home Purchase Sentiment Index (HPSI) from Fannie Mae, the percent of respondents who say it’s a good time to sell is on the rise. Why Are Sellers Feeling so Optimistic? One reason why is because right now is traditionally the best time of year to sell a house. These are the seasons when most people move. That means buyer demand grows. And because there still aren’t enough homes for sale to meet that demand, sellers see some serious perks. According to Rocket Mortgage: “Homes that are listed at the end of spring and the beginning of summer typically sell faster at a higher sales price.” What Does This Mean for You? More sellers are coming to realize conditions are ripe for a move. And that’s one reason why we’re seeing more homeowners put their homes up for sale. If you think you might want to get in on the action, it’s a good idea to start preparing. A local real estate agent can help you get your house ready by offering advice on how best to fix it up and make it appealing to buyers in your area. They also know if you list during the peak buying seasons of spring and early summer, you might sell quickly and for a higher price. If you list during the spring and early summer, you might sell your house quickly and for a higher price. When you’re ready to make the most of today’s seller’s market, let’s get in touch. [kcm_ig_hashtags] => sellyourhouse,realestateadvice,keepingcurrentmatters [kcm_ig_quote] => Now’s a great time to sell your house. [public_bottom_line] =>

If you list during the spring and early summer, you might sell your house quickly and for a higher price. When you're ready to make the most of today's seller’s market, get in touch with a local real estate agent.

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Now’s a Great Time To Sell Your House

Thinking about selling your house?

18
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(
    [agents_bottom_line] => 

Right now, putting the data into context is more important than ever. While the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst, and that won’t lead to a crash in home prices.

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If you’ve been keeping up with the news lately, you’ve probably come across some articles saying the number of foreclosures in today’s housing market is going up. And that may leave you feeling a bit worried about what’s ahead, especially if you owned a home during the housing crash in 2008.

The reality is, while increasing, the data shows a foreclosure crisis is not where the market is headed.

Here’s the latest information stacked against the historical data to put your mind at ease.

The Headlines Make the Increase Sound Dramatic – But It’s Not

The increase the media is calling attention to is a little bit misleading. That’s because it’s comparing the most recent numbers to a time when foreclosures were at historic lows. And that lopsided comparison is making it sound like a much bigger deal than it actually is.

Back in 2020 and 2021, there was a moratorium and forbearance program that helped millions of homeowners avoid foreclosure during challenging times. That’s why numbers for just a few years ago were so low.

Now that the moratorium has come to an end, foreclosures are resuming and that means numbers are rising. But it’s an expected increase, not a surprise, and not a cause for alarm. Just because foreclosure filings are up doesn’t mean the housing market is in trouble.

To prove that to you, let’s expand the comparison out a bit more. Specifically, we’ll go all the way back to the housing crash in 2008 – since that’s what people worry may happen again.

The graph below uses research from ATTOM, a property data provider, to show foreclosure activity has been consistently lower since the crash in 2008:

 No Caption Received


What the data shows is that things now aren’t anything like they were surrounding the housing crash. The bars in red are when there were over 1 million foreclosure filings a year. In 2023, there were roughly 357,000. That’s a big difference.

A recent article from Bankrate explains one of the reasons things aren’t like they were back then:

In the years after the housing crash, millions of foreclosures flooded the housing market, depressing prices. That’s not the case now. Most homeowners have a comfortable equity cushion in their homes.”

Basically, foreclosure activity is nothing like it was during the crash. That’s because most homeowners today have enough equity to keep them from going into foreclosure. And that’s a really good thing for homeowners and for the market.

The reality is, the data shows a foreclosure crisis is not where the market is today, or where it’s headed.

[created_at] => 2024-04-23T13:13:14Z [description] =>

If you’ve been keeping up with the news lately, you’ve probably come across some articles saying the number of foreclosures in today’s housing market is going up.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240423/20240424-Foreclosure-Numbers-Are-Nothing-Like-the-2008-Crash.png [id] => 50128 [kcm_ig_caption] => If you’ve been keeping up with the news lately, you’ve probably come across some articles saying the number of foreclosures in today’s housing market is going up. The reality is, while increasing, the data shows a foreclosure crisis is not where the market is headed. The Headlines Make the Increase Sound Dramatic – But It’s Not The increase the media is calling attention to is a little bit misleading. That’s because it’s comparing the most recent numbers to a time when foreclosures were at historic lows. And that lopsided comparison is making it sound like a much bigger deal than it actually is. Back in 2020 and 2021, there was a moratorium and forbearance program that helped millions of homeowners avoid foreclosure during challenging times. That’s why numbers for just a few years ago were so low. Now that the moratorium has come to an end, foreclosures are resuming and that means numbers are rising. But it’s an expected increase, not a surprise, and not a cause for alarm. Just because foreclosure filings are up doesn’t mean the housing market is in trouble. Basically, foreclosure activity is nothing like it was during the crash. That’s because most homeowners today have enough equity to keep them from going into foreclosure. And that’s a really good thing for homeowners and for the market. The reality is, the data shows a foreclosure crisis is not where the market is today, or where it’s headed. Right now, putting the data into context is more important than ever. While the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst, and that won’t lead to a crash in home prices. [kcm_ig_hashtags] => realestatenews,realestatemarket,keepingcurrentmatters [kcm_ig_quote] => Foreclosure numbers are nothing like the 2008 crash. [public_bottom_line] =>

Right now, putting the data into context is more important than ever. While the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst, and that won’t lead to a crash in home prices.

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Foreclosure Numbers Are Nothing Like the 2008 Crash

If you’ve been keeping up with the news lately, you’ve probably come across some articles saying the number of foreclosures in today’s housing market is going up.

19
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Have questions about what’s going on in the housing market? Let’s connect so we can take what’s happening right now and figure out what it really means for you.

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If you’re thinking about buying a home, chances are you’ve got mortgage rates on your mind. You’ve heard about how they impact how much you can afford in your monthly mortgage payment, and you want to make sure you’re factoring that in as you plan your move.

The problem is, with all the headlines in the news about rates lately, it can be a bit overwhelming to sort through. Here’s a quick rundown of what you really need to know.

The Latest on Mortgage Rates

Rates have been volatile – that means they’re bouncing around a bit. And, you may be wondering, why? The answer is complicated because rates are affected by so many factors.

Things like what’s happening in the broader economy and the job market, the current inflation rate, decisions made by the Federal Reserve, and a whole lot more have an impact. Lately, all of those factors have come into play, and it’s caused the volatility we’ve seen. As Odeta Kushi, Deputy Chief Economist at First American, explains:

“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.”

Professionals Can Help Make Sense of it All

While you could drill down into each of those things to really understand how they impact mortgage rates, that would be a lot of work. And when you’re already busy planning a move, taking on that much reading and research may feel a little overwhelming. Instead of spending your time on that, lean on the pros.

They coach people through market conditions all the time. They’ll focus on giving you a quick summary of any broader trends up or down, what experts say lies ahead, and how all of that impacts you.

Take this chart as an example. It gives you an idea of how mortgage rates impact your monthly payment when you buy a home. Imagine being able to make a payment between $2,500 and $2,600 work for your budget (principal and interest only). The green part in the chart shows payments in that range or lower based on varying mortgage rates (see chart below):

No Caption Received


As you can see, even a small shift in rates can impact the loan amount you can afford if you want to stay within that target budget.

It’s tools and visuals like these that take everything that’s happening and show what it actually means for you. And only a pro has the knowledge and expertise needed to guide you through them.

You don’t need to be an expert on real estate or mortgage rates, you just need to have someone who is, by your side.

[created_at] => 2024-04-22T16:18:35Z [description] =>

If you’re thinking about buying a home, chances are you’ve got mortgage rates on your mind.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240422/20240423-The-Best-Way-To-Keep-Track-of-Mortgage-Rate-Trends.png [id] => 50010 [kcm_ig_caption] => If you’re thinking about buying a home, chances are you’ve got mortgage rates on your mind. You’ve heard about how they impact how much you can afford in your monthly mortgage payment, and you want to make sure you’re factoring that in as you plan your move. The problem is, with all the headlines in the news about rates lately, it can be a bit overwhelming to sort through. The Latest on Mortgage Rates Rates have been volatile – that means they’re bouncing around a bit. And, you may be wondering, why? The answer is complicated because rates are affected by so many factors. Things like what’s happening in the broader economy and the job market, the current inflation rate, decisions made by the Federal Reserve, and a whole lot more have an impact. Lately, all of those factors have come into play, and it’s caused the volatility we’ve seen. Professionals Can Help Make Sense of it All While you could drill down into each of those things to really understand how they impact mortgage rates, that would be a lot of work. And when you’re already busy planning a move, taking on that much reading and research may feel a little overwhelming. Instead of spending your time on that, lean on the pros. They coach people through market conditions all the time. They’ll focus on giving you a quick summary of any broader trends up or down, what experts say lies ahead, and how all of that impacts you. You don’t need to be an expert on real estate or mortgage rates, you just need to have someone who is, by your side. Have questions about what’s going on in the housing market? DM me so we can take what’s happening right now and figure out what it really means for you. [kcm_ig_hashtags] => expertanswers,stayinformed,keepingcurrentmatters [kcm_ig_quote] => The best way to keep track of mortgage rate trends. [public_bottom_line] =>

Have questions about what’s going on in the housing market? Connect with a real estate professional to take what’s happening right now and figure out what it really means for you. 

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The Best Way To Keep Track of Mortgage Rate Trends

If you’re thinking about buying a home, chances are you’ve got mortgage rates on your mind.

20
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The data shows that, as a whole, home prices rose over the past year. If you have questions about what’s happening with home prices in our area, let's chat.

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According to recent data from Fannie Mae, almost 1 in 4 people still think home prices are going to come down. If you’re one of the people worried about that, here’s what you need to know.

A lot of that fear is probably coming from what you’re hearing in the media or reading online. But here’s the thing to remember. Negative news sells. That means, you may not be getting the full picture. You may only be getting the clickbait version. As Jay Thompson, a Real Estate Industry Consultant, explains:

“Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points or predicting impending doom for the industry. Clickbait, the sensationalizing of headlines and content, has been an issue since the dawn of the internet, and housing news is not immune to it.”

Here’s a look at the data to set the record straight.

Home Prices Rose the Majority of the Past Year

Case-Shiller releases a report each month on the percent of monthly home price changes. If you look at their data from January 2023 through the latest numbers available, here’s what you’d see:

 a graph of green bars


What do you notice when you look at this graph? It depends on what color you’re more drawn to. If you look at the green, you’ll see home prices rose for the majority of the past year.

But, if you’re drawn to the red, you may only focus on the two slight declines. This is what a lot of media coverage does. Since negative news sells, drawing attention to these slight dips happens often. But that loses sight of the bigger picture. 

Here’s what this data really says. There’s a lot more green in that graph than red. And even for the two red bars, they’re so slight, they’re practically flat. If you look at the year as a whole, home prices still rose overall.

It’s perfectly normal in the housing market for home price growth to slow down in the winter. That’s because fewer people move during the holidays and at the start of the year, so there’s not as much upward pressure on home prices during that time. That’s why, even the green bars toward the end of the year show smaller price gains.

The overarching story is that prices went up last year, not down.

To sum all that up, the source for that data in the graph above, Case Shiller, explains it like this:

Month-over-month numbers were relatively flat, . . . However, the annual growth was more significant for both indices, rising 7.4 percent and 6.6 percent, respectively.”

If one of the expert organizations tracking home price trends says the very slight dips are nothing to worry about, why be concerned? Even Case-Shiller is drawing your attention to how those were virtually flat and how home prices actually grew over the year.

[created_at] => 2024-04-11T18:45:14Z [description] =>

According to recent data from Fannie Mae, almost 1 in 4 people still think home prices are going to come down.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240411/20240422-What-You-Really-Need-To-Know-About-Home-Price-Headlines.png [id] => 49141 [kcm_ig_caption] => According to recent data from Fannie Mae, almost 1 in 4 people still think home prices are going to come down. If you’re one of the people worried about that, here’s what you need to know. A lot of that fear is probably coming from what you’re hearing in the media or reading online. But here’s the thing to remember. Negative news sells. That means, you may not be getting the full picture. You may only be getting the clickbait version. As Jay Thompson, a Real Estate Industry Consultant, explains: “Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points or predicting impending doom for the industry. Clickbait, the sensationalizing of headlines and content, has been an issue since the dawn of the internet, and housing news is not immune to it.” Home Prices Rose the Majority of the Past Year It’s perfectly normal in the housing market for home price growth to slow down in the winter. That’s because fewer people move during the holidays and at the start of the year, so there’s not as much upward pressure on home prices during that time. The overarching story is that prices went up last year, not down. If one of the expert organizations tracking home price trends says the very slight dips are nothing to worry about, why be concerned? Even Case-Shiller is drawing your attention to how those were virtually flat and how home prices actually grew over the year. Don’t let what you're hearing about home prices confuse you. The data shows that, as a whole, home prices rose over the past year. If you have questions about what’s happening with home prices in our area, DM me. [kcm_ig_hashtags] => realestatenews,realestateagent,keepingcurrentmatters [kcm_ig_quote] => What you really need to know about home price headlines. [public_bottom_line] =>

The data shows that, as a whole, home prices rose over the past year. If you have questions about what’s happening with home prices in your local area, connect with a trusted real estate professional.

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What You Really Need To Know About Home Prices

According to recent data from Fannie Mae, almost 1 in 4 people still think home prices are going to come down.

21
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  • When it comes to the current housing market, there are some myths circling around right now.
  • Some of the more common ones are that it’s better to wait for mortgage rates to fall or prices to crash. But there are others about the supply of homes for sale and down payments. 
  • Let’s connect so you have an expert to help separate fact from fiction in today’s housing market.
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No Caption Received

[created_at] => 2024-04-16T17:11:13Z [description] =>

When it comes to the current housing market, there are some myths circling around right now. 

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240416/Myths-About-the-2024-Housing-Market-KCM-Share.png [id] => 49537 [kcm_ig_caption] => When it comes to the current housing market, there are some myths circling around right now. Some of the more common ones are that it’s better to wait for mortgage rates to fall or prices to crash. But there are others about the supply of homes for sale and down payments. Let’s connect so you have an expert to help separate fact from fiction in today’s housing market. [kcm_ig_hashtags] => realestatetipsoftheday,realestatetipsandadvice,keepingcurrentmatters [kcm_ig_quote] => Here's some myths about the 2024 housing market. [public_bottom_line] =>
  • When it comes to the current housing market, there are some myths circling around right now.
  • Some of the more common ones are that it’s better to wait for mortgage rates to fall or prices to crash. But there are others about the supply of homes for sale and down payments. 
  • Lean on a real estate professional to help separate fact from fiction in today’s housing market.
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Myths About the 2024 Housing Market [INFOGRAPHIC]

When it comes to the current housing market, there are some myths circling around right now. 

22
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If you stack these factors up, you’ll see mortgage rates are still projected to come down a bit later this year, home prices are going up at a more moderate pace, and wages are growing quicker than normal. Those trends are a good sign for your ability to afford a home.

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Over the past year or so, a lot of people have been talking about how tough it is to buy a home. And while there’s no arguing affordability is still tight, there are signs it’s starting to get a bit better and may improve even more throughout the year. Elijah de la Campa, Senior Economist at Redfin, says:

We’re slowly climbing our way out of an affordability hole, but we have a long way to go. Rates have come down from their peak and are expected to fall again by the end of the year, which should make homebuying a little more affordable and incentivize buyers to come off the sidelines.”

Here’s a look at the latest data for the three biggest factors that affect home affordability: mortgage rates, home prices, and wages.

1. Mortgage Rates

Mortgage rates have been volatile this year – bouncing around in the upper 6% to low 7% range. That’s still quite a bit higher than where they were a couple of years ago. But there is a sliver of good news.

Despite the recent volatility, rates are still lower than they were last fall when they reached nearly 8%. On top of that, most experts still think they’ll come down some over the course of the year. A recent article from Bright MLS explains:

Expect rates to come down in the second half of 2024 but remain above 6% this year. Even a modest drop in rates will bring both more buyers and more sellers into the market.” 

Any drop in rates can make a difference for you. When rates go down, you can afford the home you really want more easily because your monthly payment would be lower.

2. Home Prices

The second big factor to think about is home prices. Most experts project they'll keep going up this year, but at a more normal pace. That’s because there are more homes on the market this year, but still not enough for everyone who wants to buy one. The graph below shows the latest 2024 home price forecasts from seven different organizations:

 No Caption Received


These forecasts are actually good news for you because it means the prices aren't likely to shoot up sky high like they did during the pandemic. That doesn’t mean they’re going to fall – they'll just rise at a slower pace.

3. Wages

One factor helping affordability right now is the fact that wages are rising. The graph below uses data from the Federal Reserve to show how wages have been growing over time:

 No Caption Received


Check out the blue dotted line. That shows how wages typically rise. If you look at the right side of the graph, you'll see wages are climbing even faster than normal right now.

Here’s how this helps you. If your income has increased, it's easier to afford a home because you don't have to spend as big of a percentage of your paycheck on your monthly mortgage payment.

[created_at] => 2024-04-16T16:01:02Z [description] =>

Over the past year or so, a lot of people have been talking about how tough it is to buy a home.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240416/20240418-Is-It-Getting-More-Affordable-To-Buy-a-Home.png [id] => 49515 [kcm_ig_caption] => Over the past year or so, a lot of people have been talking about how tough it is to buy a home. And while there’s no arguing affordability is still tight, there are signs it’s starting to get a bit better and may improve even more throughout the year. 1. Mortgage Rates Despite the recent volatility, rates are still lower than they were last fall when they reached nearly 8%. On top of that, most experts still think they’ll come down some over the course of the year. Any drop in rates can make a difference for you. When rates go down, you can afford the home you really want more easily because your monthly payment would be lower. 2. Home Prices The second big factor to think about is home prices. Most experts project they'll keep going up this year, but at a more normal pace. That’s because there are more homes on the market this year, but still not enough for everyone who wants to buy one. These forecasts are actually good news for you because it means the prices aren't likely to shoot up sky high like they did during the pandemic. That doesn’t mean they’re going to fall – they'll just rise at a slower pace. 3. Wages One factor helping affordability right now is the fact that wages are rising. Here’s how this helps you. If your income has increased, it's easier to afford a home because you don't have to spend as big of a percentage of your paycheck on your monthly mortgage payment. If you stack these factors up, you’ll see mortgage rates are still projected to come down a bit later this year, home prices are going up at a more moderate pace, and wages are growing quicker than normal. Those trends are a good sign for your ability to afford a home. [kcm_ig_hashtags] => realestatenews,realestateagent,keepingcurrentmatters [kcm_ig_quote] => Is it getting more affordable to buy a home? [public_bottom_line] =>

If you stack these factors up, you’ll see mortgage rates are still projected to come down a bit later this year, home prices are going up at a more moderate pace, and wages are growing quicker than normal. Those trends are a good sign for your ability to afford a home.

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Is It Getting More Affordable To Buy a Home?

Over the past year or so, a lot of people have been talking about how tough it is to buy a home.

23
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When it comes down to it, buying a home gives you a benefit renting just can’t provide – and that’s the chance to gain equity. If you want to take advantage of long-term home price appreciation, let’s go over your options.

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You may have seen reports in the news recently saying it’s more affordable to rent right now than it is to buy a home. And while that may be true in some markets if you just look at typical monthly payments, there’s one thing that the numbers aren’t factoring in: and that’s home equity. Here’s a look at how big of an impact equity can have and why it’s worth considering as you make your decision.

What the Headlines Are Based on

The graph below uses national data on the median rental payment from Realtor.com and median mortgage payment from the National Association of Realtors (NAR) to compare the two options. As the graph shows, especially if you’re not looking for a lot of space, it can be more affordable on a monthly basis to rent:

 No Caption Received


But if you’re looking for something with 2 bedrooms, the gap between the median rent and the median mortgage payment starts to shrink to a difference that may be more doable. The median monthly mortgage payment is $2,040. The median monthly rent for 2 bedrooms is $1,889. That’s a difference of about $151 a month. But here’s what happens when you factor in equity too.

How Equity Changes the Game

If you rent, your monthly rental payments only go toward covering your housing costs and your landlord’s expenses. So other than saving a bit more per month and maybe getting your rental deposit back when you move, the money you spent on housing each month is gone – forever.

When you buy, your monthly mortgage payment pays for your shelter, but it also acts as an investment. That investment grows in the form of equity as you make your mortgage payment each month and chip away at what you owe on your home loan. Your equity gets an extra boost as home values climb – which they typically do.

To give you a clearer idea of how equity can really stack up fast, here’s some data for you. Each quarter, Fannie Mae and Pulsenomics publish the results of the Home Price Expectations Survey (HPES). It asks more than 100 economists, real estate professionals, and investment and market strategists what they think will happen with home prices. In the latest release, those experts say home prices are going to keep going up over the next five years.

Here's an example of how equity builds based on the projections from the HPES (see graph below):

No Caption Received


Imagine you purchased a home for $400,000 at the start of this year. Chances are, since you bought, you plan to stay put for a while. Based on the HPES projections, if you live there for 5 years, you could end up gaining over $83,000 in household wealth as your home grows in value.

Here’s how that stacks up compared to renting, using the overall median rent from above:

 No Caption Received


While you may save a bit on your monthly payments if you rent right now, you’ll also miss out on gaining equity.

So, what’s the big takeaway? Whether it makes more sense to rent or buy is going to vary based on your personal finances. It’s not a good idea to buy if the numbers truly don’t work for you. But, if you’re ready and able, adding equity as the final puzzle piece may be enough to help you realize buying is a better move in the long run.

[created_at] => 2024-04-15T18:31:01Z [description] =>

You may have seen reports in the news recently saying it’s more affordable to rent right now than it is to buy a home. 

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240415/20240417-Is-It-Better-To-Rent-Than-Buy-a-Home-Right-Now.png [id] => 49408 [kcm_ig_caption] => You may have seen reports in the news recently saying it’s more affordable to rent right now than it is to buy a home. How Equity Changes the Game If you rent, your monthly rental payments only go toward covering your housing costs and your landlord’s expenses. So other than saving a bit more per month and maybe getting your rental deposit back when you move, the money you spent on housing each month is gone – forever. When you buy, your monthly mortgage payment pays for your shelter, but it also acts as an investment. That investment grows in the form of equity as you make your mortgage payment each month and chip away at what you owe on your home loan. Your equity gets an extra boost as home values climb – which they typically do. Imagine you purchased a home for $400,000 at the start of this year. Chances are, since you bought, you plan to stay put for a while. Based on the HPES projections, if you live there for 5 years, you could end up gaining over $83,000 in household wealth as your home grows in value. While you may save a bit on your monthly payments if you rent right now, you’ll also miss out on gaining equity. So, what’s the big takeaway? Whether it makes more sense to rent or buy is going to vary based on your personal finances. It’s not a good idea to buy if the numbers truly don’t work for you. But, if you’re ready and able, adding equity as the final puzzle piece may be enough to help you realize buying is a better move in the long run. If you want to take advantage of long-term home price appreciation, let’s go over your options. [kcm_ig_hashtags] => firsttimehomebuyer,opportunity,keepingcurrentmatters [kcm_ig_quote] => Is it better to rent than buy a home right now? [public_bottom_line] =>

When it comes down to it, buying a home gives you a benefit renting just can’t provide – and that’s the chance to gain equity. If you want to take advantage of long-term home price appreciation, talk to a local real estate agent to go over your options.

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Is It Better To Rent Than Buy a Home Right Now?

You may have seen reports in the news recently saying it’s more affordable to rent right now than it is to buy a home. 

24
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If you’re thinking about whether you should wait for rates to come down before you move, don’t forget to factor in buyer demand. Once rates decline, competition will go up even more. If you want to get ahead of that and sell now, let’s chat.

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If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you.

In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold.

But when rates start to come down, things change. It goes from limited or weak demand to good or strong demand. That’s because a big portion of the buyers who sat on the sidelines when rates were higher are going to jump back in and make their moves happen. The graph below helps give you a visual of how this relationship works and where we are today:

 No Caption Received


As Lisa Sturtevant, Chief Economist for Bright MLS, explains:

“The higher rates we’re seeing now [are likely] going to lead more prospective buyers to sit out the market and wait for rates to come down.”

Why You Might Not Want To Wait

If you’re asking yourself: what does this mean for my move? Here’s the golden nugget. According to experts, mortgage rates are still projected to come down this year, just a bit later than they originally thought. 

When rates come down, more people are going to get back into the market. And that means you’ll have a lot more competition from other buyers when you go to purchase your next home. That may make your move more stressful if you wait because greater demand could lead to an increase in multiple offer scenarios and prices rising faster.

But if you’re ready and able to sell now, it may be worth it to get ahead of that. You have the chance to move before the competition increases.

[created_at] => 2024-04-15T14:21:04Z [description] =>

If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240415/20240416-Should-I-Wait-for-Mortgage-Rates-To-Come-Down-Before-I-Move.png [id] => 49365 [kcm_ig_caption] => If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you. In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold. But when rates start to come down, things change. It goes from limited or weak demand to good or strong demand. That’s because a big portion of the buyers who sat on the sidelines when rates were higher are going to jump back in and make their moves happen. As Lisa Sturtevant, Chief Economist for Bright MLS, explains: “The higher rates we’re seeing now [are likely] going to lead more prospective buyers to sit out the market and wait for rates to come down.” Why You Might Not Want To Wait If you’re asking yourself: what does this mean for my move? Here’s the golden nugget. According to experts, mortgage rates are still projected to come down this year, just a bit later than they originally thought. But if you’re ready and able to sell now, it may be worth it to get ahead of that. You have the chance to move before the competition increases. If you’re thinking about whether you should wait for rates to come down before you move, don’t forget to factor in buyer demand. Once rates decline, competition will go up even more. If you want to get ahead of that and sell now, DM me. [kcm_ig_hashtags] => housingmarket,sellyourhouse,keepingcurrentmatters [kcm_ig_quote] => Should I wait for mortgage rates to come down before I move? [public_bottom_line] =>

If you’re thinking about whether you should wait for rates to come down before you move, don’t forget to factor in buyer demand. Once rates decline, competition will go up even more. If you want to get ahead of that and sell now, talk to a real estate agent.

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Should I Wait for Mortgage Rates To Come Down Before I Move?

If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action.

25
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Builders building smaller homes can give you more affordable options at a time when you may really need it. If you’re hoping to buy a home soon, let’s connect to look at what’s available in our area.

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There’s no arguing it, affordability is still tight. And if you’re trying to buy a home, that may mean you need to look at smaller houses to find one that’s still in your budget. But there is a silver lining: builders are focused on building these smaller homes right now and they’re offering incentives. And that can help give you more options that fit the bill.

Newly Built Homes Are Trending Smaller

During the pandemic, homebuyers wanted (and could afford) larger homes – and builders delivered. They focused on homes that were bigger, so people had more space for things like working from home, having a home gym, bonus rooms for virtual school, and more.

But with the affordability challenges buyers are facing today, builders are increasingly shifting their attention to bringing smaller single-family homes to the market. The graph below uses data from the Census to show how this trend has evolved over the last few years:

a graph of a number of blue bars


So, why the shift to less square footage? It’s simple. Builders want to build what they know will sell. Basically, they focus on where the demand is strongest. And once mortgage rates started climbing and consumers felt the challenges of affordability creeping in, it became clear there was (and is) a very real need for smaller homes. As the National Association of Home Builders (NAHB) explains:

“After a brief increase during the post-covid building boom, home size is trending lower and will likely continue to do so as housing affordability remains constrained.”

A recent article in the Real Deal says this about how this helps buyers:

Even a slightly smaller home can be thousands of dollars cheaper — for both builders and buyers. . . In response to affordability challenges, major homebuilders are shifting priorities away from the big ticket homes and towards the cheaper set.”

What This Means for You

If you’re having a hard time finding something in your budget, it may help to look at smaller homes. And, if you consider new builds specifically, you may find a few other fringe benefits that can help on the affordability front – like price reductions or mortgage rate buy-downs. As NAHB says:

“More than one-third of builders cut home prices in 2023. NAHB expects builders to continue offering smaller homes and more affordable designs as housing affordability remains a barrier to homeownership.”

As Charlie Bilello, Chief Market Strategist, at Creative Planning, explains:

“Homebuilders are adapting to the lowest affordability on record by building smaller homes and offering more incentives/price cuts. The median square footage of a new single-family home in the US has moved down to its lowest level since 2010.”

If you explore these options, you’ll also get brand new everything, enjoy a house with fewer maintenance needs, and some of the latest features available. That’s worth looking into, right? 

[created_at] => 2024-04-08T14:30:28Z [description] =>

There’s no arguing it, affordability is still tight.

[expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240408/20240411-Builders-Are-Building-Smaller-Homes.png [id] => 48770 [kcm_ig_caption] => There’s no arguing it, affordability is still tight. And if you’re trying to buy a home, that may mean you need to look at smaller houses to find one that’s still in your budget. But there is a silver lining: builders are focused on building these smaller homes right now and they’re offering incentives. And that can help give you more options that fit the bill. Newly Built Homes Are Trending Smaller During the pandemic, homebuyers wanted (and could afford) larger homes – and builders delivered. They focused on homes that were bigger, so people had more space for things like working from home, having a home gym, bonus rooms for virtual school, and more. But with the affordability challenges buyers are facing today, builders are increasingly shifting their attention to bringing smaller single-family homes to the market. So, why the shift to less square footage? It’s simple. Builders want to build what they know will sell. Basically, they focus on where the demand is strongest. And once mortgage rates started climbing and consumers felt the challenges of affordability creeping in, it became clear there was (and is) a very real need for smaller homes. What This Means for You If you’re having a hard time finding something in your budget, it may help to look at smaller homes. And, if you consider new builds specifically, you may find a few other fringe benefits that can help on the affordability front – like price reductions or mortgage rate buy-downs. Builders building smaller homes can give you more affordable options at a time when you may really need it. If you’re hoping to buy a home soon, DM me to look at what’s available in our area. [kcm_ig_hashtags] => firsttimehomebuyer,starterhome,keepingcurrentmatters [kcm_ig_quote] => Builders are building smaller homes. [public_bottom_line] =>

Builders building smaller homes can give you more affordable options at a time when you really need it. If you’re hoping to buy a home soon, partner with a local real estate agent to find out what’s available in your area.

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Builders Are Building Smaller Homes

There’s no arguing it, affordability is still tight.