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1
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    [agents_bottom_line] => 
  • Thinking about selling your house? Here are a few reasons why you may want to do it this season.
  • Buyers looking right now are serious about moving and the number of homes for sale is typically lower this time of year – helping your house stand out.
  • While inventory is higher this year than it’s been in the last few winters, you'll still be in this year’s sweet spot.
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a screenshot of a home sale

[created_at] => 2024-12-03T16:16:50Z [description] =>

Thinking about selling your house? Here are a few reasons why you may want to do it this season.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241203/Why-This-Winter-Is-the-Sweet-Spot-for-Selling-KCM-Share-original.jpg [id] => 70686 [kcm_ig_caption] => Thinking about selling your house? Here are a few reasons why you may want to do it this season. Buyers looking right now are serious about moving and the number of homes for sale is typically lower this time of year – helping your house stand out. While inventory is higher this year than it’s been in the last few winters, you'll still be in this year’s sweet spot. [kcm_ig_hashtags] => sellyourhouse,opportunity,keepingcurrentmatters [kcm_ig_quote] => Why this winter is the sweet spot for selling. [poll] => [public_bottom_line] =>
  • Thinking about selling your house? Here are a few reasons why you may want to do it this season.
  • Buyers looking right now are serious about moving and the number of homes for sale is typically lower this time of year – helping your house stand out.
  • While inventory is higher this year than it’s been in the last few winters, you'll still be in this year’s sweet spot.
[published_at] => 2024-12-06T11:30:00Z [related] => Array ( ) [slug] => why-this-winter-is-the-sweet-spot-for-selling-infographic [status] => published [tags] => Array ( ) [title] => Why This Winter Is the Sweet Spot for Selling [updated_at] => 2024-12-06T11:30:13Z [url] => /2024/12/06/why-this-winter-is-the-sweet-spot-for-selling-infographic/ )

Why This Winter Is the Sweet Spot for Selling

Thinking about selling your house? Here are a few reasons why you may want to do it this season.

2
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    [agents_bottom_line] => 

There’s no denying today’s market is complex. But if you’re ready and able to buy right now, let’s connect to talk about how we can still make your move happen. That way you can take advantage of the long-term advantages that come with homeownership, like your ability to build wealth as your home value rises. 

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Today’s mortgage rates and home prices may have you second-guessing whether it's still a good idea to buy a home right now. While market factors are definitely important, there’s also a bigger picture to consider: the long-term benefits of homeownership.

Think of it this way. If you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. That’s because over time, home values usually grow – and that means a homeowner’s net worth does too. Here's a look at how that can really add up over the years.

Home Price Growth over Time

The map below uses data from the Federal Housing Finance Agency (FHFA) to show how much prices have grown over the last five years. Since home prices vary by area, the map is broken out regionally to really showcase larger market trends:

a map of the united states

You can see that nationally, home prices increased by over 57% in just five years.

Some regions are slightly above or below that average, but overall, home prices saw a big uptick in a short time. And if you zoom out even more, the benefit of homeownership — and the drastic gains homeowners made over the years — become even more clear (see map below):

The second map shows that, over a roughly 30-year span, home prices appreciated by an average of more than 320% nationally.

So the typical homeowner who bought a house about 30 years ago saw their home triple in value during that time. And that’s a major reason so many homeowners who bought their homes years ago are still happy with their decision today.

[created_at] => 2024-12-02T20:51:33Z [description] =>

Today’s mortgage rates and home prices may have you second-guessing whether it's still a good idea to buy a home right now.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241202/20241205-Why-Owning-a-Home-Is-Worth-It-in-the-Long-Run-original.png [id] => 70593 [kcm_ig_caption] => There’s no denying today’s market is complex. But if you’re ready and able to buy right now, let’s connect to talk about how we can still make your move happen. That way you can take advantage of the long-term advantages that come with homeownership, like your ability to build wealth as your home value rises. [kcm_ig_hashtags] => opportunity,realestate,keepingcurrentmatters [kcm_ig_quote] => Why owning a home is worth it in the long run. [poll] => [public_bottom_line] =>

There’s no denying today’s market is complex. But if you’re ready and able to buy right now, get in touch with an agent to talk through how you can still make your move happen. That way you can take advantage of the long-term advantages that come with homeownership, like your ability to build wealth as your home value rises.

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Why Owning a Home Is Worth It in the Long Run

Today’s mortgage rates and home prices may have you second-guessing whether it's still a good idea to buy a home right now.

3
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    [agents_bottom_line] => 

If you’re planning to move and want to stay informed about where mortgage rates are heading, let’s connect.

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One of the biggest questions on everyone’s minds right now is: when will mortgage rates come down? After several years of rising rates and a lot of bouncing around in 2024, we’re all eager for some relief.

While no one can project where rates will go with complete accuracy or the exact timing, experts offer some insight into what we might see going into next year. Here’s what the latest forecasts show.

Mortgage Rates Are Expected To Ease and Stabilize in 2025

After a lot of volatility and uncertainty, the most updated forecasts suggest rates will start to stabilize over the next year, and should ease a bit compared to where they are right now (see graph below):

a blue and white graph with numbers

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says

“While mortgage rates remain elevated, they are expected to stabilize.”

Key Factors That’ll Impact the Future of Mortgage Rates

It’s important to note that the timing and the pace of what happens with mortgage rates is one of the most challenging forecasts to make in the housing market. That’s because these forecasts hinge on a few key factors all lining up. So don’t be fooled, because while rates are expected to come down slightly, they’re going to be a moving target. And the ups and downs of ongoing economic drivers will likely stick around. Here’s a look at just a few of the things that’ll influence where they go from here:

  • Inflation: If inflation cools, rates could dip a bit more. On the flip side, if inflation rises or remains stubbornly high, rates may stay elevated longer.
  • Unemployment Rate: The unemployment rate also plays a significant role in upcoming decisions by the Federal Reserve (the Fed). And while the Fed doesn’t set mortgage rates, their actions do reflect what’s happening in the greater economy, which can have an impact.
  • Government Policies: With the next administration set to take office in January, fiscal and monetary policies could also affect how financial markets respond and where rates go from here.

Remember, these forecasts are based on the best information available right now. As new economic data comes out, experts will revise their projections accordingly. So, don’t try to time the market based on these forecasts alone.

Instead, the best thing you can do is focus on what you can control right now. Work on improving your credit score, put away any extra cash for your down payment, and automate your savings. All of these things will help you reach your homeownership goals even faster.

And be sure to connect with a trusted agent and a lender, so you always have the latest updates – and an expert opinion on what that means for your move.

[created_at] => 2024-12-02T19:38:32Z [description] =>

One of the biggest questions on everyone’s minds right now is: when will mortgage rates come down?

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241202/20241204-When-Will-Mortgage-Rates-Come-Down-original.png [id] => 70580 [kcm_ig_caption] => If you’re planning to move and want to stay informed about where mortgage rates are heading, let’s connect. [kcm_ig_hashtags] => expertanswers,realestate,keepingcurrentmatters [kcm_ig_quote] => When will mortgage rates come down? [poll] => [public_bottom_line] =>

If you’re planning to move and want to stay informed about where mortgage rates are heading, connect with a trusted agent and lender. 

[published_at] => 2024-12-04T11:30:00Z [related] => Array ( ) [slug] => when-will-mortgage-rates-come-down [status] => published [tags] => Array ( [0] => content-hub ) [title] => When Will Mortgage Rates Come Down? [updated_at] => 2024-12-04T11:30:11Z [url] => /2024/12/04/when-will-mortgage-rates-come-down/ )

When Will Mortgage Rates Come Down?

One of the biggest questions on everyone’s minds right now is: when will mortgage rates come down?

4
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    [agents_bottom_line] => 

With less competition and serious buyers on the hunt, you’ll be in a great position to sell your house this winter. Let's connect if you’re ready to get the process started.

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A lot of people assume spring is the ideal time to sell a house. And sure, buyer demand usually picks up at that time of year. But here’s the catch: so does your competition because a lot of people put their homes on the market at the same time.

So, what’s the real advantage of selling your house before spring? It’ll stand out.

Historically, the number of homes for sale tends to drop during the cooler months – and that means buyers have fewer options to choose from.

You can see how that trend played out over the past few years in this data from the National Association of Realtors (NAR). Each time, the supply of homes for sale dipped during these cooler months. And then, after each winter lull, inventory started to climb as more sellers jumped into the market closer to spring (see graph below):

a graph with green circles and white textHere’s why knowing how this trend works gives you an edge. While inventory is higher this year than it‘s been in the last few winters, if you work with an agent to list now, it’ll still be in this year’s sweet spot. So, while other sellers are taking their homes off the market, you can sell before the spring wave of new listings hits, and your house will have a better chance of standing out.

Why wait until spring when you can get ahead of the curve now?

Fewer Listings Also Means More Eyes on Your Home

Another big perk of selling in the winter? The buyers who are looking right now are serious about making a move.

During this season, the window-shopper crowd tends to stay busy with other things, like holiday celebrations, and avoids looking for homes when the weather’s cooler. So, the buyers out looking aren’t casually browsing—they’re motivated, whether it’s because of a job relocation, a lease ending, or some other time-sensitive reason. And those are the types of buyers you want to work with. Investopedia explains:

“. . .  if your house is up for sale in the winter and someone is looking at it, chances are that person is serious and ready to buy.”
[created_at] => 2024-11-26T15:06:24Z [description] =>

A lot of people assume spring is the ideal time to sell a house.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241126/20241203-Beat-the-Spring-Rush-and-Sell-Your-House-This-Winter-original.png [id] => 70207 [kcm_ig_caption] => With less competition and serious buyers on the hunt, you’ll be in a great position to sell your house this winter. Let's connect if you’re ready to get the process started. [kcm_ig_hashtags] => sellyourhouse,opportunity,keepingcurrentmatters [kcm_ig_quote] => Beat the spring rush and sell your house this winter. [poll] => [public_bottom_line] =>

With less competition and serious buyers on the hunt, you’ll be in a great position to sell your house this winter. Connect with a local agent to get the process started.

[published_at] => 2024-12-03T11:30:00Z [related] => Array ( ) [slug] => sell-your-house-during-the-winter-sweet-spot [status] => published [tags] => Array ( [0] => content-hub ) [title] => Sell Your House During the Winter Sweet Spot [updated_at] => 2024-12-03T11:30:10Z [url] => /2024/12/03/sell-your-house-during-the-winter-sweet-spot/ )

Sell Your House During the Winter Sweet Spot

A lot of people assume spring is the ideal time to sell a house.

5
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    [agents_bottom_line] => 

Selling a home without making any repairs is possible in today’s market, but it does have some trade-offs. To make sure you’re considering all your options and making the best choice possible, let's have a conversation.

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A recent study from the National Association of Realtors (NAR) shows most sellers (61%) completed at least minor repairs when selling their house. But sometimes life gets in the way and that’s just not possible. Maybe that’s why, 39% of sellers chose to sell as-is instead (see chart below):

a pie chart with text on itIf you’re feeling stressed because you don’t have the time, budget, or resources to tackle any repairs or updates, you may be tempted to sell your house as-is, too. But before you decide to go this route, here’s what you need to know.

What Does Selling As-Is Really Mean?

Selling as-is means you won’t make any repairs before the sale, and you won’t negotiate fixes after a buyer’s inspection. And this sends a signal to potential buyers that what they see is what they get.

If you’re eager to sell but money or time is tight, this can be a relief because it’s that much less you'll have to worry about. But there are a few trade-offs you’ll have to be willing to make. This visual breaks down some of the pros and cons:

a screenshot of a blue and white screenTypically, a home that’s updated sells for more because buyers are often willing to pay a premium for something that’s move-in ready. That’s why you may find not as many buyers will look at your house if you sell it in its current condition. And less interest from buyers could mean fewer offers, taking longer to sell, and ultimately, a lower price. Basically, while it’s easier for you, the final sale price might be less than you’d get if you invested in repairs and upgrades.

That doesn’t mean your house won’t sell – it just means it may not sell for as much as it would in top condition.

Here’s the good news though. In today’s market, as many as 56% of buyers surveyed would be willing to buy a home that needs some work. That’s because affordability is still a challenge, and while there are more homes for sale right now, inventory is lower than the norm. So, you might find there are a few more buyers who may be willing to take on the work themselves.

How an Agent Can Help

So, how do you make sure you’re making the right decision for your move? The key is working with a pro.

A good agent will help you weigh your options by showing you what comparable homes in your area have sold for, what updates your neighbors are making, and guide you in setting a fair price no matter what you decide. That helps you anticipate what your house may sell for either way – and that can be a key factor in your final decision.

Once you’ve picked which route you’re going to go and the asking price is set, your agent will market your house to maximize its appeal. And if you decide to sell as-is, they’ll call attention to the best features, like the location, size, and more, so it’s easy for buyers to see the potential, not just projects.

[created_at] => 2024-11-25T21:30:50Z [description] =>

A recent study from the National Association of Realtors (NAR) shows most sellers (61%) completed at least minor repairs when selling their house.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241125/20241202-Should-You-Sell-Your-House-As-Is-or-Make-Repairs-original.png [id] => 70159 [kcm_ig_caption] => Selling a home without making any repairs is possible in today’s market, but it does have some trade-offs. To make sure you’re considering all your options and making the best choice possible, let's have a conversation. [kcm_ig_hashtags] => sellyourhouse,opportunity,keepingcurrentmatters [kcm_ig_quote] => Should you sell your house as-is or make repairs? [poll] => [public_bottom_line] =>

Selling a home without making any repairs is possible in today’s market, but it does have some trade-offs. To make sure you’re considering all your options and making the best choice possible, have a conversation with a local agent. 

[published_at] => 2024-12-02T11:30:00Z [related] => Array ( ) [slug] => should-you-sell-your-house-as-is-or-make-repairs [status] => published [tags] => Array ( [0] => content-hub ) [title] => Should You Sell Your House As-Is or Make Repairs? [updated_at] => 2024-12-02T11:30:09Z [url] => /2024/12/02/should-you-sell-your-house-as-is-or-make-repairs/ )

Should You Sell Your House As-Is or Make Repairs?

A recent study from the National Association of Realtors (NAR) shows most sellers (61%) completed at least minor repairs when selling their house.

6
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  • There’s a misconception Wall Street is buying all the homes on the market. But data proves that isn’t true.​
  • Experts agree the share of homes bought by investors is declining – and most are smaller investors, like your neighbor who owns a second home, not Wall Street.
  • No matter what you’ve heard, the majority of homes are still being purchased by everyday homebuyers like you – not big investors. Let’s connect if you have questions.
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a screenshot of a social media ad

[created_at] => 2024-11-25T20:39:05Z [description] =>

There’s a misconception Wall Street is buying all the homes on the market. But data proves that isn’t true.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241125/Investors-Are-Not-Buying-Up-All-the-Homes-KCM-Share-original.jpg [id] => 70138 [kcm_ig_caption] => There’s a misconception Wall Street is buying all the homes on the market. But data proves that isn’t true. Experts agree the share of homes bought by investors is declining – and most are smaller investors, like your neighbor who owns a second home, not Wall Street. No matter what you’ve heard, the majority of homes are still being purchased by everyday homebuyers like you – not big investors. Let’s connect if you have questions. [kcm_ig_hashtags] => expertanswers,realestate,keepingcurrentmatters [kcm_ig_quote] => Investors are not buying up all the homes. [poll] => [public_bottom_line] =>
  • There’s a misconception Wall Street is buying all the homes on the market. But data proves that isn’t true.​
  • Experts agree the share of homes bought by investors is declining – and most are smaller investors, like your neighbor who owns a second home, not Wall Street.
  • No matter what you’ve heard, the majority of homes are still being purchased by everyday homebuyers like you – not big investors. Connect with an agent if you have questions.​
[published_at] => 2024-11-29T11:30:00Z [related] => Array ( ) [slug] => investors-are-not-buying-up-all-the-homes-infographic [status] => published [tags] => Array ( ) [title] => Investors Are Not Buying Up All the Homes [updated_at] => 2024-11-29T11:30:06Z [url] => /2024/11/29/investors-are-not-buying-up-all-the-homes-infographic/ )

Investors Are Not Buying Up All the Homes

There’s a misconception Wall Street is buying all the homes on the market. But data proves that isn’t true.

7
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    [agents_bottom_line] => 

There are plenty of good reasons to put (or keep) your house on the market during the holidays. Let’s connect to see if this is your moving season.

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With the holidays right around the corner, homeowners planning to move have a decision to make: sell now or wait? Some may even consider taking their house off the market until next spring. But is that the best choice? Because at this time of year, your home can really stand out.

Here's the thing: there are plenty of buyers out there who want to be in a new home by the holidays, and your house might be just what they’re looking for. As an article from Redfin says: 

“. . . there is typically less inventory in the housing market this time of year, allowing your home to easily stand out among the available inventory. And though there are technically fewer buyers overall, the homebuyers that are looking are far more serious about finding a home within a specific timeframe. . . selling your home during the holidays might be your best present this year.

Here are four key reasons you may not want to wait to sell your house.

1. Serious Buyers Are Looking Right Now 

The holiday season doesn’t put a pause on the desire to own a home. Sure, some buyers might delay their search until next year, but others have a reason they need to move now. These buyers are highly motivated and ready to make a serious offer. As Investopedia says:

“Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.”

2. You Have an Inventory Edge

While there are more homes coming to the market right now, overall, the number of houses available to buy is still low. 

So, what does that mean for you? If you work with a trusted agent to price your house right, it could still sell pretty quickly. That’s because today’s buyers are on the hunt for quality options – and your home may be exactly what they’re searching for.

3. You Have Control Over Your Showings 

Selling during the holidays doesn’t mean constantly disrupting your schedule. You have the flexibility to set up showings at times that work best for you. This is especially helpful during a busy season, and many buyers are likely to be more flexible with their schedules since they often have extra time off around the holidays.

Now, it’s always better to offer more flexible access to your house. But the reality is, you don’t have to stop the process entirely – especially when you have a great agent to help you navigate each step along the way.

4. Holiday Décor Can Make Your House Shine

For many buyers, a tastefully decorated home can create a warm, inviting atmosphere. It’s easy for them to imagine holiday gatherings and cozy nights in a space that feels just right. Keep your choices simple to let your home’s charm shine through. An article on holiday home-selling advises:

“If you’re selling around a holiday and have decorations up, make sure they accent—not overpower—a room. Less is more.
[created_at] => 2024-11-21T19:25:20Z [description] =>

With the holidays right around the corner, homeowners planning to move have a decision to make: sell now or wait?

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241121/20241128-Make-Your-House-the-Top-Thing-on-Every-Buyer-s-Wish-List-This-Season-original.png [id] => 69836 [kcm_ig_caption] => There are plenty of good reasons to put (or keep) your house on the market during the holidays. Let’s connect to see if this is your moving season. [kcm_ig_hashtags] => sellyourhouse,opportunity,keepingcurrentmatters [kcm_ig_quote] => Make your house the top thing on every buyer’s wish list this season. [poll] => [public_bottom_line] =>

There are plenty of good reasons to put (or keep) your house on the market during the holidays. Reach out to a local real estate agent and see if this is your moving season.

[published_at] => 2024-11-28T11:30:00Z [related] => Array ( ) [slug] => make-your-house-the-top-thing-on-every-buyers-wish-list-this-season [status] => published [tags] => Array ( ) [title] => Make Your House the Top Thing on Every Buyer’s Wish List This Season [updated_at] => 2024-11-28T11:30:05Z [url] => /2024/11/28/make-your-house-the-top-thing-on-every-buyers-wish-list-this-season/ )

Make Your House the Top Thing on Every Buyer’s Wish List This Season

With the holidays right around the corner, homeowners planning to move have a decision to make: sell now or wait?

8
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    [agents_bottom_line] => 

Remember, you can’t control what happens in the broader economy or when mortgage rates will come down. But there are actions you can take that could help you set yourself up for success.

Let’s connect to go over what you can now do that’ll make a difference when you’re ready to make your move.

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Chances are you’re hearing a lot about mortgage rates right now, and all you really want to hear is that they’re coming back down. And if you’ve seen headlines about the early November Federal Funds Rate cut by the Federal Reserve (The Fed), maybe you got hopeful mortgage rates would start to decline right away. Although some media sources may lead you to believe that the Fed’s actions determine mortgage rates, in reality, they don’t. 

The truth is, the Fed, the job market, inflation, geopolitical changes, and a whole list of other economic factors influence mortgage rates, too. So, while recent actions from the Fed set the stage for mortgage rates to come down over time — it's going to be a gradual and, likely bumpy, process.

Here’s the best advice anyone can give you right now. While you may be tempted to wait for rates to fall, it’s really hard to try and time the market — there’s just too much that can have an impact. Instead, set yourself up for homebuying success by focusing on the factors you can control. Here’s what to prioritize if you’re looking to put your best foot forward.

Your Credit Score

Credit scores can play a big role in your mortgage rate. And the difference of just a few points can make a significant impact on your monthly payment. As an article from Bankrate explains:

“Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions: Typically, the higher your score, the lower the interest rates and better terms you’ll qualify for.”

With rates where they are today, maintaining a good credit score is one of the keys to getting the best rate possible. To find out where your credit score stands and what you can do to give it a boost, reach out to a trusted loan officer.

Your Loan Type

There are many types of loans, and each one offers different terms for qualified buyers. The Consumer Financial Protection Bureau (CFPB) says:

“There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose. Talking to multiple lenders can help you better understand all of the options available to you.”

Work with your team of real estate professionals to see which loan types you may qualify for and figure out what will work best for you financially.

Your Loan Term

Just like with loan types, you have options when it comes to terms, or the length of your loan. As Freddie Mac says:

“When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.”

Lenders typically offer mortgages in 15, 20, and 30-year terms. And which term you go with has a direct impact on your rate. Talk to your lender about which one is right for your situation. 

[created_at] => 2024-11-21T15:38:55Z [description] =>

Chances are you’re hearing a lot about mortgage rates right now, and all you really want to hear is that they’re coming back down.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241121/20241127-Control-the-Controllables-If-You-re-Worried-About-Mortgage-Rates-original.png [id] => 69787 [kcm_ig_caption] => Remember, you can’t control what happens in the broader economy or when mortgage rates will come down. But there are actions you can take that could help you set yourself up for success. Let’s connect to go over what you can now do that’ll make a difference when you’re ready to make your move. [kcm_ig_hashtags] => expertanswers,realestate,keepingcurrentmatters [kcm_ig_quote] => Control the controllables if you’re worried about mortgage rates. [poll] => [public_bottom_line] =>

Remember, you can’t control what happens in the broader economy or when mortgage rates will come down. But there are actions you can take that could help you set yourself up for success.

Connect with a local real estate agent and lender to go over what you can do now that’ll make a difference when you’re ready to move.

[published_at] => 2024-11-27T11:30:00Z [related] => Array ( ) [slug] => control-the-controllables-if-youre-worried-about-mortgage-rates [status] => published [tags] => Array ( ) [title] => Control the Controllables If You’re Worried About Mortgage Rates [updated_at] => 2024-11-27T11:30:04Z [url] => /2024/11/27/control-the-controllables-if-youre-worried-about-mortgage-rates/ )

Control the Controllables If You’re Worried About Mortgage Rates

Chances are you’re hearing a lot about mortgage rates right now, and all you really want to hear is that they’re coming back down.

9
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If you're looking to get your foot in the door but are having a tough time with today’s affordability challenges, co-buying could be an option to make your move happen. But, it’s important to plan carefully and make sure all parties are clear on the details. To figure out if co-buying makes sense for you, let’s connect.

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Buying a home in today’s market can feel like an uphill battle – especially with home prices and mortgage rates putting pressure on your budget. If you’re feeling stuck, co-buying could be one way to help you get your foot in the door. Freddie Mac says:

“If you are an aspiring homeowner, buying a home with your family or friends could be an option.”

But there are some things you'll want to consider first. Let’s explore why co-buying is gaining popularity right now among some buyers and see if it may make sense for you too.

What Is Co-Buying?

Co-buying means buying a home with someone like a friend, sibling, or even a group of people. And, with today’s high home prices and mortgage rates, it’s an option more people are turning to.

According to a survey done by JW Surety Bonds, nearly 15% of Americans have already co-purchased a home with someone, and another 48% would consider doing it.

Why Consider Co-Buying?

The same survey also asked people about the perks of co-buying a home. Here are some of the top responses (see graph below):

Sharing Costs (67%): From saving for a down payment to managing monthly payments, buying a home is a big financial step. When you co-buy, you split these costs, making it easier to afford a home.

Affording a Better Home (56%): By pooling your financial resources, you may also be able to afford a larger or higher-quality home than you could have on your own. This may mean getting that extra bedroom, a bigger backyard, or living in a more desirable neighborhood.

Investment Opportunity (54%): Co-buying a home can also be an investment. You could buy a house with someone so you can rent out, which could help generate passive income.

Sharing Responsibilities (48%): Owning a home comes with a lot of responsibilities, including maintenance and upkeep and more. When you co-buy, you share these commitments, which can lighten the load for everyone involved.

Other Co-Buying Considerations

While co-buying has its benefits, there’s something else you need to consider before deciding if this approach is right for you. As Rocket Mortgage says:

“Buying a house with a friend or multiple friends might be a great way for you to achieve homeownership, but it’s not a decision you should make lightly. Before diving in, make sure you understand the financial and logistical hurdles you’ll face, as well as the human and emotional elements that might affect the purchase or, more importantly, your relationship.

Basically, make sure you and your co-buyer are on the same page about things like how costs will be split, who will handle what responsibilities, and what will happen if one of you wants to sell your share of the home in the future. Leaning on an expert can help you weigh the pros and cons to make that conversation easier.

[created_at] => 2024-11-21T14:21:56Z [description] =>

Buying a home in today’s market can feel like an uphill battle – especially with home prices and mortgage rates putting pressure on your budget.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241121/20241126-How-Co-Buying-a-Home-Helps-with-Affordability-Today-original.png [id] => 69777 [kcm_ig_caption] => If you're looking to get your foot in the door but are having a tough time with today’s affordability challenges, co-buying could be an option to make your move happen. But, it’s important to plan carefully and make sure all parties are clear on the details. To figure out if co-buying makes sense for you, let’s connect. [kcm_ig_hashtags] => opportunity,realestate,keepingcurrentmatters [kcm_ig_quote] => How co-buying a home helps with affordability today. [poll] => [public_bottom_line] =>

If you're looking to get your foot in the door but are having a tough time at today's rates and prices, co-buying could be an option to make your move happen. But, it’s important to plan carefully and make sure that all parties are clear on the details. To figure out if co-buying makes sense for you, connect with a local real estate agent.

[published_at] => 2024-11-26T11:30:00Z [related] => Array ( ) [slug] => how-co-buying-a-home-helps-with-affordability-today [status] => published [tags] => Array ( [0] => content-hub ) [title] => How Co-Buying a Home Helps with Affordability Today [updated_at] => 2024-11-26T11:30:03Z [url] => /2024/11/26/how-co-buying-a-home-helps-with-affordability-today/ )

How Co-Buying a Home Helps with Affordability Today

Buying a home in today’s market can feel like an uphill battle – especially with home prices and mortgage rates putting pressure on your budget.

10
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    [agents_bottom_line] => 

While mortgage debt is high, rest assured the market isn’t on the brink of another crash. Instead, most homeowners are in a strong position. If you have questions or concerns, let’s connect.

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One major reason why we’re not heading toward a foreclosure crisis is the high level of equity homeowners have today. Unlike in the last housing bubble, where many homeowners owed more than their homes were worth, today’s homeowners have far more equity than debt.

That’s a big part of the reason why even though mortgage debt is at an all-time high, this isn’t 2008 all over again. As Bill McBride, Housing Analyst for Calculated Risk, explains:

“With the recent house price increases, some people are worried about a new housing bubble – but mortgage debt isn’t a concern . . .”

Today’s homeowners are in a much stronger position than ever before. So, let’s break it down and see why today’s mortgage debt isn’t anything to fear.

More Equity, Less Risk of Foreclosures

According to the St. Louis Fed, total homeowner equity is nearly triple the total mortgage debt today (see graph below):

a graph of a graph showing the rise and fall of mortgagesHigh equity makes it less likely for homeowners to face foreclosure because they have more options. If someone struggles to make their mortgage payments, they could potentially sell their house and still come out ahead thanks to their built-up equity.

Even if home values were to dip, most homeowners would still have a comfortable cushion of equity. That’s a big contrast to the 2008 crisis, where many homeowners were underwater on their mortgages and had few options to avoid foreclosure.

Delinquency Rates Are Still Near Historic Lows

Another reassuring sign is that, according to the NY Fed, the number of mortgage payments that are more than 90 days late is still near historic lows (see graph below):

a graph showing a line going downThis is partly due to a variety of programs designed to help homeowners through temporary hardships. As Marina Walsh, VP of Industry Analysis at the Mortgage Bankers Association (MBA), says:

“. . . servicers are helping at-risk homeowners avoid foreclosures through loan workout options that can mitigate temporary distress.”

So, even if someone falls behind on their payments, there are support systems in place to help them avoid foreclosure.

Low Unemployment Helps Keep the Market Stable

One other important factor is today’s low unemployment rate. More people have stable jobs, which means they’re better able to afford their mortgage payments. As Archana Pradhan, Principal Economist at CoreLogic, explains:

“Low unemployment numbers have helped reduce the overall delinquency rate . . .”

During the last housing crisis, unemployment was much higher, which led to a wave of foreclosures. Today’s unemployment rate is very different (see graph below):

a graph of employment and financial crisisThat stability in how many people are employed is one of the reasons the market doesn’t have the same risks as it did the last time.

There’s no need to worry about a wave of distressed sales like the one we saw in 2008. Most homeowners today are employed and have low-interest mortgages they can afford, so they’re able to make their payments. As McBride states:

“The bottom line is there will not be a huge wave of distressed sales as happened following the housing bubble.” 
[created_at] => 2024-11-19T21:38:19Z [description] =>

One major reason why we’re not heading toward a foreclosure crisis is the high level of equity homeowners have today.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241119/20241125-Why-Today-s-Mortgage-Debt-Isn-t-a-Sign-of-a-Housing-Market-Crash-original.png [id] => 69582 [kcm_ig_caption] => While mortgage debt is high, rest assured the market isn’t on the brink of another crash. Instead, most homeowners are in a strong position. If you have questions or concerns, let’s connect. [kcm_ig_hashtags] => expertanswers,realestate,keepingcurrentmatters [kcm_ig_quote] => Why today’s mortgage debt isn’t a sign of a housing market crash. [poll] => [public_bottom_line] =>

While mortgage debt is high, rest assured the market isn’t on the brink of another crash. Instead, most homeowners are in a strong position. If you have questions or concerns, connect with a local real estate agent.

[published_at] => 2024-11-25T11:30:00Z [related] => Array ( ) [slug] => why-todays-mortgage-debt-isnt-a-sign-of-a-housing-market-crash [status] => published [tags] => Array ( [0] => content-hub ) [title] => Why Today’s Mortgage Debt Isn’t a Sign of a Housing Market Crash [updated_at] => 2024-11-25T11:30:12Z [url] => /2024/11/25/why-todays-mortgage-debt-isnt-a-sign-of-a-housing-market-crash/ )

Why Today’s Mortgage Debt Isn’t a Sign of a Housing Market Crash

One major reason why we’re not heading toward a foreclosure crisis is the high level of equity homeowners have today.

11
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  • If you’re planning to list your house in 2025, it’s already time to start working on any repairs. But where do you start?
  • Your local agent will be able to help you prioritize projects that will help you get the best return on your investment and appeal to what today’s buyers really want.
  • If your goal is to sell your house next year, let’s connect so you know what to start working on now.  
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a screenshot of a home improvement graph

[created_at] => 2024-11-19T14:56:19Z [description] =>

If you’re planning to list your house in 2025, it’s already time to start working on any repairs. But where do you start?

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241119/How-To-Get-Your-House-Ready-To-Sell-In-2025-KCM-Share-original.jpg [id] => 69472 [kcm_ig_caption] => If you’re planning to list your house in 2025, it’s already time to start working on any repairs. But where do you start? Your local agent will be able to help you prioritize projects that will help you get the best return on your investment and appeal to what today’s buyers really want. If your goal is to sell your house next year, let’s connect so you know what to start working on now. [kcm_ig_hashtags] => sellyourhouse,opportunity,keepingcurrentmatters [kcm_ig_quote] => How to get your house ready to sell in 2025. [poll] => [public_bottom_line] =>
  • If you’re planning to list your house in 2025, it’s already time to start working on any repairs. But where do you start?
  • Your local agent will be able to help you prioritize projects that will help you get the best return on your investment and appeal to what today’s buyers really want.
  • If your goal is to sell your house next year, connect with an agent so you know what to start working on now.  
[published_at] => 2024-11-22T11:30:00Z [related] => Array ( ) [slug] => how-to-get-your-house-ready-to-sell-in-2025-infographic [status] => published [tags] => Array ( ) [title] => How To Get Your House Ready To Sell in 2025 [updated_at] => 2024-11-22T11:30:08Z [url] => /2024/11/22/how-to-get-your-house-ready-to-sell-in-2025-infographic/ )

How To Get Your House Ready To Sell in 2025

If you’re planning to list your house in 2025, it’s already time to start working on any repairs. But where do you start?

12
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    [agents_bottom_line] => 

With more down payment assistance programs than ever before, now’s a great time to explore how these options can help on your homebuying journey. Let’s work together to make sure you’ve got a team of expert advisors in place to see which DPA programs could be a fit for you.

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With rising home prices and volatile mortgage rates, it’s important you know about every resource that could help make buying a home possible. And one thing you’ll want to be aware of is just how much the number of down payment assistance (DPA) programs has grown lately.

Take a look at the graph below to see how many new programs have been added in the last year, according to data from Down Payment Resource:

More Programs, More Opportunities for You

So, what does this increase mean for you? With more programs available, there’s a higher likelihood that one of them could help you reach your homeownership goals.

And these programs aren’t small-scale help either – the benefits can go a long way toward covering a chunk of your costs. As Rob Chrane, Founder and CEO of Down Payment Resource, shares:

“We are pleased to see a growing number of these programs, and think they are becoming a targeted way to help first-time and first-generation homebuyers struggling to save for a down payment get into a home they can afford. Our data shows the average DPA benefit is roughly $17,000. That can be a nice jump-start for saving for a down payment and other costs of homeownership.”

Imagine being able to qualify for $17,000 toward your down payment—that’s a big boost, especially if you’re looking to buy your first home. With that level of help, buying a home may be more within reach than you think.

But it’s worth calling out that the growth in DPA options isn’t just focused on first-time and first-generation buyers. Many of the new programs are also aimed at supporting affordable housing initiatives, which include manufactured and multi-family homes. This means that more people, and a wider variety of home types, can qualify for down payment assistance, making it easier for you to find an option that fits your needs.

Talk to a Real Estate Expert About What’s Available for You

With so many DPA programs out there, you need to make sure you’re finding the right one for you. That’s why it’s key to lean on your real estate and lending professionals for guidance. The Mortgage Reports says:

“The best way to find down payment assistance programs for which you qualify is to speak with your loan officer or broker. They should know about local grants and loan programs that can help you out.”

Your loan officer or real estate agent will know what’s available in your area and can point you toward programs that align with your goals.

[created_at] => 2024-11-18T19:10:48Z [description] =>

With rising home prices and volatile mortgage rates, it’s important you know about every resource that could help make buying a home possible.

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With more down payment assistance programs than ever before, now’s a great time to explore how these options can help on your homebuying journey. Connect with a team of expert advisors to see which DPA programs could be a fit for you.

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Don’t Miss Out on the Growing Number of Down Payment Assistance Programs

With rising home prices and volatile mortgage rates, it’s important you know about every resource that could help make buying a home possible.

13
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    [agents_bottom_line] => 

The takeaway? Today’s mortgage rate volatility is going to continue to be driven by economic factors and political changes.

Now is the time to lean on experienced professionals. A trusted real estate agent and mortgage lender can help you navigate through it. And with the right guidance, you can make informed decisions.

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If you’ve been keeping an eye on mortgage rates lately, you might feel like you’re on a roller coaster ride. One day rates are up; the next they dip down a bit. So, what’s driving this constant change? Let’s dive into just a few of the major reasons why we’re seeing so much volatility, and what it means for you.

The Market’s Reaction to the Election

A significant factor causing fluctuations in mortgage rates is the general reaction to the political landscape. Election seasons often bring uncertainty to financial markets, and this one is no different. Markets tend to respond not only to who won, but also to the economic policies they are expected to implement. And when it comes to what’s been happening with mortgage rates over the past couple of weeks, as the National Association of Home Builders (NAHB) says:

“. . . the primary reason interest rates have been on the rise pertains to the uncertainty surrounding the presidential election. Although the election is now complete, there continue to be growing concerns over budget deficits.”

In the short term, this anticipation has caused a slight uptick in mortgage rates as the markets adjust and react. Additionally, factors like international tensions, supply chain disruptions, and trade policies can drive investor sentiment, causing them to seek safer assets like bonds, which can indirectly impact mortgage rates. Essentially, the more global or domestic uncertainty, the greater the chance that mortgage rates may shift.

The Economy and the Federal Reserve

Inflation and unemployment are two other big drivers of mortgage rates. The Federal Reserve (the Fed) has been working to bring inflation under control, and has been closely monitoring the economy as they do. And as long as inflation continues to moderate and the job market shows signs of maximum employment, the Fed will continue its plans to cut the Federal Funds Rate.

Although the Fed doesn’t set mortgage rates, their decisions do have an impact, and typically a cut leads to a mortgage rates response. And in their November 6-7th meeting, the Fed had the data they needed to make another cut to the Federal Funds Rate. And while that decision was expected and much of the mortgage rate movement happened prior to that meeting, there was a slight dip in rates.

What To Expect in the Coming Months

As we look ahead, mortgage rates will respond to changes in the Fed’s policies and other economic indicators. The markets will likely remain in a wait-and-see mode, reacting to each new development. And, with the transition of a new administration comes an element of unpredictability. A recent article from The Mortgage Reports explains:

“Today’s economic indicators come with mixed pressures on mortgage rates and we’re likely to be in for a good amount of volatility as markets adjust and respond to the election . . .”

The best way to navigate this landscape is to have a team of real estate experts by your side. Professionals will help you understand what’s happening and can provide you with the guidance you need to make informed housing market decisions along the way.

[created_at] => 2024-11-18T15:33:27Z [description] =>

If you’ve been keeping an eye on mortgage rates lately, you might feel like you’re on a roller coaster ride.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241118/20241120-What-s-Behind-Today-s-Mortgage-Rate-Volatility-original.png [id] => 69302 [kcm_ig_caption] => The takeaway? Today’s mortgage rate volatility is going to continue to be driven by economic factors and political changes. Now is the time to lean on experienced professionals. A trusted real estate agent and mortgage lender can help you navigate through it. And with the right guidance, you can make informed decisions. [kcm_ig_hashtags] => expertanswers,realestate,keepingcurrentmatters [kcm_ig_quote] => What’s behind today’s mortgage rate volatility? [poll] => [public_bottom_line] =>

The takeaway? Today’s mortgage rate volatility is going to continue to be driven by economic factors and political changes.

Now is the time to lean on experienced professionals. A trusted real estate agent and mortgage lender can help you navigate through it. And with the right guidance, you can make informed decisions.

[published_at] => 2024-11-20T11:30:00Z [related] => Array ( ) [slug] => whats-behind-todays-mortgage-rate-volatility [status] => published [tags] => Array ( [0] => content-hub ) [title] => What’s Behind Today’s Mortgage Rate Volatility? [updated_at] => 2024-11-20T11:30:05Z [url] => /2024/11/20/whats-behind-todays-mortgage-rate-volatility/ )

What’s Behind Today’s Mortgage Rate Volatility?

If you’ve been keeping an eye on mortgage rates lately, you might feel like you’re on a roller coaster ride.

14
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    [agents_bottom_line] => 

The idea that Wall Street is buying up all the homes is largely a myth. Most investors are small ones, and the share of homes purchased by investors is declining – so you can take this one off your worry list.

If you have questions about the housing market, let’s talk

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Let’s be real – buying a home right now is tough. You’re scrolling through listings, rushing to open houses, and maybe even losing out to more competitive offers. Somewhere along the way, you might’ve heard the reason it’s so hard to find a home is because big Wall Street investors are swooping in and snatching up everything in sight.

But here’s the thing: that’s mostly a myth. While investors are part of the market, according to Redfin, they’re a relatively small part:

Here’s what that means. Five out of every six homes are being purchased by everyday homebuyers like you – not big investors.

So, before you get discouraged, let’s take a look at what’s really going on. You might be surprised to learn that Wall Street isn’t the competition you may think it is.

Most Investors Are Small Mom-and-Pops

Most investors aren’t the mega corporations you’ve probably heard about. In fact, many are your neighbors. A recent report from CoreLogic shows most investors are small, mom-and-pop types who own fewer than 10 properties. They aren’t massive companies with endless resources. Picture your neighbor who has another home they’re renting out or a vacation getaway.

Only about 1% of the market is owned by large, mega investors with thousands of properties. The majority are still owned by individuals and smaller investors – not the Wall Street giants.

Investor Purchases Are Declining

Not only are most investors small, but overall investor purchases have been on the decline. As the same report from CoreLogic says:

“Investors made 80,000 purchases in June 2024, compared with 112,000 in June 2023, and a nearly 50% percent drop from the high of 149,000 purchases in June 2021 . . .”

And what does this mean going forward? CoreLogic goes on to point out this downward trend is expected to continue into 2025.

So, if it seems like competition with investors is pushing you out of the market, it might help to know that investor activity is actually slowing down.

[created_at] => 2024-11-14T20:26:20Z [description] =>

Let’s be real – buying a home right now is tough.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241114/20241119-Is-Wall-Street-Really-Buying-All-the-Homes-original.png [id] => 69002 [kcm_ig_caption] => The idea that Wall Street is buying up all the homes is largely a myth. Most investors are small ones, and the share of homes purchased by investors is declining – so you can take this one off your worry list. If you have questions about the housing market, let’s talk. [kcm_ig_hashtags] => opportunity,expertanswers,keepingcurrentmatters [kcm_ig_quote] => Is Wall Street really buying all the homes? [poll] => [public_bottom_line] =>

The idea that Wall Street is buying up all the homes is largely a myth. Most investors are small ones, and the share of homes purchased by investors is declining – so you can take this one off your worry list.

If you have questions about the housing market, talk to a local real estate agent. They can explain what’s really happening.

[published_at] => 2024-11-19T11:30:00Z [related] => Array ( ) [slug] => is-wall-street-really-buying-all-the-homes [status] => published [tags] => Array ( [0] => content-hub ) [title] => Is Wall Street Really Buying All the Homes? [updated_at] => 2024-11-19T11:30:04Z [url] => /2024/11/19/is-wall-street-really-buying-all-the-homes/ )

Is Wall Street Really Buying All the Homes?

Let’s be real – buying a home right now is tough.

15
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    [agents_bottom_line] => 

If you’re thinking about selling, hopefully these concerns haven’t kept you up at night. With this information, you should realize you don’t have to let the what-if’s delay your move anymore.

Let’s connect so you have the data and the local perspective you need to move forward.

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If you’re debating whether or not you want to sell right now, it might be because you’ve got some unanswered questions, like if moving really makes sense in today’s market. Maybe you’re wondering if it’s even a good idea to move right now. Or you’re stressed because you think you won't find a house you like.

To put your mind at ease, here’s how to tackle these two concerns head-on.

Is It Even a Good Idea To Move Right Now?

If you own a home already, you may have been holding off because you don’t want to sell and take on a higher mortgage rate on your next house. But your move may be a lot more feasible than you think, and that’s because of your equity.

Equity is the current market value of your home minus what you still owe on your loan. And thanks to the rapid appreciation we saw over the past few years, your equity has gotten a big boost. Just how much are we talking about? See for yourself. As Dr. Selma Hepp, Chief Economist at CoreLogic, explains:

“Persistent home price growth has continued to fuel home equity gains for existing homeowners who now average about $315,000 in equity and almost $129,000 more than at the onset of the pandemic.”

Here’s why this can be such a game-changer when you sell. You can use that equity to put down a larger amount on your next home, which means financing less at today’s mortgage rate. And in some cases, you may even be able to buy your next home in cash, avoiding mortgage rates altogether.

The bottom line? Your equity could be the key to making your next move possible.

Will I Be Able To Find a Home I Like?

If this is on your mind, it’s probably because you remember just how low the supply of homes for sale got over the past few years. It felt nearly impossible to find a home to buy because there were so few available.

But finding a home in today’s market isn’t as challenging. That’s because the number of homes for sale is growing, giving you more options to choose from. Data from Realtor.com shows just how much inventory has increased – it's up almost 30% year-over-year (see graph below):

a graph of a number of numbersAnd even though inventory is still below pre-pandemic levels, this is the highest it’s been in quite a while. That means you have more options for your move, but your house should still stand out to buyers at the same time. That’s a sweet spot for you.

It’s important to note, though, that this balance varies by local market. Some places may have more homes for sale than others, so working with a local real estate agent is the best way to see what inventory trends look like in your area. 

[created_at] => 2024-11-14T15:30:14Z [description] =>

If you’re debating whether or not you want to sell right now, it might be because you’ve got some unanswered questions, like if moving really makes sense in today’s market.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241114/20241118--original.png [id] => 68910 [kcm_ig_caption] => If you’re thinking about selling, hopefully these concerns haven’t kept you up at night. With this information, you should realize you don’t have to let the what-if’s delay your move anymore. Let’s connect so you have the data and the local perspective you need to move forward. [kcm_ig_hashtags] => makememove,sellyourhouse,keepingcurrentmatters [kcm_ig_quote] => Don’t let these two concerns hold you back from selling your house. [poll] => [public_bottom_line] =>

If you’re thinking about selling, hopefully these concerns haven’t kept you up at night. With this information, you should realize you don’t have to let the what-if’s delay your move anymore.

Connect with a local agent so you have the data and the local perspective you need to move forward.

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Don’t Let These Two Concerns Hold You Back from Selling Your House

If you’re debating whether or not you want to sell right now, it might be because you’ve got some unanswered questions, like if moving really makes sense in today’s market.

16
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  • If you’re torn between renting or buying, don’t forget to factor in the wealth-building power of homeownership.
  • Unlike renters, homeowners gain equity as they pay their mortgage and as home values rise. That’s why, on average, a homeowner’s net worth is nearly 40x higher than a renter’s.
  • Let’s connect if you want to learn more about the financial benefits of homeownership or the programs that can help make buying possible.
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a stack of money on a blue background

[created_at] => 2024-11-13T15:42:15Z [description] =>

If you’re torn between renting or buying, don’t forget to factor in the wealth-building power of homeownership.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241113/20241115-The-Difference-Between-Renter-And-Homebuyer-Net-Worth-KCM-Share-original.jpg [id] => 68772 [kcm_ig_caption] => If you’re torn between renting or buying, don’t forget to factor in the wealth-building power of homeownership. Unlike renters, homeowners gain equity as they pay their mortgage and as home values rise. That’s why, on average, a homeowner’s net worth is nearly 40x higher than a renter’s. Let’s connect if you want to learn more about the financial benefits of homeownership or the programs that can help make buying possible. [kcm_ig_hashtags] => homegoals,opportunity,keepingcurrentmatters [kcm_ig_quote] => The big difference between renter and homeowner net worth. [poll] => [public_bottom_line] =>
  • If you’re torn between renting or buying, don’t forget to factor in the wealth-building power of homeownership.
  • Unlike renters, homeowners gain equity as they pay their mortgage and as home values rise. That’s why, on average, a homeowner’s net worth is nearly 40x higher than a renter’s. 
  • Connect with an agent if you want to learn more about the financial benefits of homeownership or the programs that can help make buying possible.
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The Big Difference Between Renter and Homeowner Net Worth

If you’re torn between renting or buying, don’t forget to factor in the wealth-building power of homeownership.

17
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To sum it all up, selling or renting out your home is a personal decision. Let’s connect so you have a pro on your side to help you feel supported and informed as you make your decision. 

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When you’re ready to move, figuring out what to do with your house is a big decision. And today, more homeowners are considering renting their home instead of selling it.

Recent data from Zillow shows about two-thirds (66%) of sellers thought about renting their home before listing, with nearly a third (28%) taking that possibility seriously. Compared to 2021, when fewer than half (47%) of homeowners considered renting before selling, it’s clear this trend is on the rise.

So, should you sell your house and use the money toward your next home or keep it as a rental to build long-term wealth? Let’s walk through some important questions to help you determine the right path for your financial and lifestyle goals.   

Is Your House a Good Fit for Renting?

Before you decide what to do, it's important to think about if it would make a good rental in the first place. For instance, if you’re moving far away, managing ongoing maintenance could become a major hassle. Other factors to consider are if your neighborhood is ideal for rentals and if your house needs significant repairs before it’s ready for tenants.

If any of these situations sound familiar, selling might be a more practical choice.

Are You Ready for the Realities of Being a Landlord?

Managing a rental property involves more than collecting monthly rent. It’s a commitment that can be time-consuming and challenging.

For example, you may get maintenance calls at all hours of the day or discover damage that needs to be repaired before a new tenant moves in. There’s also the risk of tenants missing payments or breaking their lease, which can add unexpected stress and financial strain. As Redfin notes:

“Landlords have to fix things like broken pipes, defunct HVAC systems, and structural damage, among other essential repairs. If you don't have a few thousand dollars on hand to take care of these repairs, you could end up in a bind.”

Do You Understand the Costs?

If you’re considering renting primarily for passive income, remember, there are additional costs you should anticipate. As an article from Bankrate explains:

Mortgage and Property Taxes: You still need to pay these expenses, even if the rent doesn’t cover all of it.

Insurance: Landlord insurance typically costs about 25% more than regular home insurance, and it’s necessary to cover damages and injuries.

Maintenance and Repairs: Plan to spend at least 1% of the home’s value annually, more if the house is older.

Finding a Tenant: This involves advertising costs and potentially paying for background checks.

Vacancies: If the property sits empty between tenants, you’ll lose rental income and have to cover the cost of the mortgage until you find a new tenant.

Management and HOA Fees: A property manager can ease the burden, but typically charges about 10% of the rent. HOA fees are an additional cost too, if applicable.

[created_at] => 2024-11-13T14:28:40Z [description] =>

When you’re ready to move, figuring out what to do with your house is a big decision.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241113/20241114-Should-You-Sell-Your-House-or-Rent-It-Out-original.png [id] => 68754 [kcm_ig_caption] => To sum it all up, selling or renting out your home is a personal decision. Let’s connect so you have a pro on your side to help you feel supported and informed as you make your decision. [kcm_ig_hashtags] => rentorsell,expertanswers,keepingcurrentmatters [kcm_ig_quote] => Should you sell your house or rent it out? [poll] => [public_bottom_line] =>

To sum it all up, selling or renting out your home is a personal decision. Make sure to weigh the pros and cons carefully and consult with professionals so you feel supported and informed as you make your decision. A real estate agent can be a great person to go to for advice.

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Should You Sell Your House or Rent It Out?

When you’re ready to move, figuring out what to do with your house is a big decision.

18
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More housing options – and the slower home price growth they bring – can help you find and buy a home that works for your lifestyle and budget. So don’t hesitate to reach out if you want to talk about the growing number of choices you have right now.

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There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. Let’s look at two reasons why.

You Have More Options To Choose From

An article from Realtor.com helps explain just how much the number of homes for sale has gone up this year:

“There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.”

And while the number of homes on the market still isn’t quite back to where it was in the years leading up to the pandemic, this is definitely an improvement (see graph below):

a graph of a number of homesWith more homes available for sale now, you have more options to choose from. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, explains:

“Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .

That means you have a better chance of finding a house that meets your needs. It also means the buying process doesn’t have to feel quite as rushed, because more options on the market means you’ll likely face less competition from other buyers.

Home Price Growth Is Slowing

When there aren’t many homes for sale, buyers have to compete more fiercely for the ones that are available. That’s what happened a few years ago, and it’s what drove prices up so quickly.

But now, the increasing number of homes on the market is causing home price growth to slow down (see graph below):

a graph of green and blue linesIn certain markets, the number of available homes has not only bounced back to normal, but has even surpassed pre-pandemic levels. In those areas, home price growth has slowed or stalled completely. As Lance Lambert, Co-Founder of ResiClub, explains:

“Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.”

Slower or stalled price growth could give you a better chance of finding something within your budget. As Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), says:

“For the third consecutive month U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability.

But remember, inventory levels and home prices are going to vary by market.

So, having a real estate agent who knows the local area can be a big advantage. They can help you understand the trends in your community, which can make a real difference in finding a home that fits your needs and budget.

[created_at] => 2024-11-12T16:50:02Z [description] =>

There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. 

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More housing options – and the slower home price growth they bring – can help you find and buy a home that works for your lifestyle and budget. So don’t hesitate to reach out to a local real estate agent if you want to talk about the growing number of choices you have right now.

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

There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. 

19
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    [agents_bottom_line] => 

Selling your home isn’t just about market conditions or mortgage rates—it’s also about making the best decision for your lifestyle and future. As Bankrate says:


“Deciding whether it’s the right time to sell your home is a very personal choice. There are numerous important questions to consider, both financial and lifestyle-based . . . Your future plans and goals should be a significant part of the equation.”

 

If a major life change has you thinking about moving, now might still be the right time to sell. Let’s connect so you have an expert to help you navigate the process.

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Over the past few years, some homeowners have decided to delay their move because they don’t want to sell and take on a higher mortgage rate on their next home. Maybe you’re thinking the same thing. And honestly, that’s no surprise. It’s a very common roadblock and is one of the biggest factors that’s kept the number of homes on the market so low for so long.

But a growing number of homeowners are deciding they just can’t wait any longer. Often, it’s because of personal or lifestyle change. As Redfin explains:

“Some homeowners are opting to bite the bullet and give up their low rate in order to move. Many are selling because a major life event like a job change, or divorce . . .”

If you’re weighing the decision to move, take a look at some of the top reasons others are choosing to sell. You might find those are reason enough for you to move now, too.

It’s Time for a Change

A new job in a different city, a desire to be closer to family, or simply wanting a change of scenery can all spark the need to sell.

Let’s say you’ve landed a great job offer that requires relocating, listing your current home quickly may be the next logical step.

There’s Just Not Enough Space in Your Current House

Sometimes, your current home just doesn’t fit your lifestyle anymore. A growing family, the need for a home office, or more room for entertaining can all drive the decision to upgrade to a larger space.

As an example, if you live in a condo and have a baby on the way, selling might be the next best move so you can find a larger home that suits your needs.

Retirement or Wanting To Downsize

On the flip side, some homeowners are ready to downsize. This could be due to children moving out, retirement, or simply wanting less to maintain.

If you’re newly retired and dreaming of a simpler lifestyle, downsizing to a smaller home could free up both time and resources to enjoy this new chapter of life.

Changes in Relationship Status

Big changes like divorce, separation, or marriage often lead to a need for new living arrangements.

If you just went through a divorce, selling the house you once shared may allow both of you to move forward and find a living situation that works better for you now.

Health and Mobility Needs

Health concerns, especially those that affect mobility, can also drive the decision to sell. A home that once worked well might no longer suit your needs.

If this sounds like your experience right now, selling your current home to move into a more accessible space, or even using the proceeds for assisted living, could significantly improve your quality of life.

[created_at] => 2024-11-07T18:09:40Z [description] =>

Over the past few years, some homeowners have decided to delay their move because they don’t want to sell and take on a higher mortgage rate on their next home. 

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241107/20241112-What-s-Motivating-Homeowners-To-Move-Right-Now-original.png [id] => 68106 [kcm_ig_caption] => Selling your home isn’t just about market conditions or mortgage rates—it’s also about making the best decision for your lifestyle and future. As Bankrate says: “Deciding whether it’s the right time to sell your home is a very personal choice. There are numerous important questions to consider, both financial and lifestyle-based . . . Your future plans and goals should be a significant part of the equation.” If a major life change has you thinking about moving, now might still be the right time to sell. Let’s connect so you have an expert to help you navigate the process. [kcm_ig_hashtags] => sellyourhouse,realestategoals,keepingcurrentmatters [kcm_ig_quote] => What’s motivating homeowners to move right now. [poll] => [public_bottom_line] =>

Selling your home isn’t just about market conditions or mortgage rates—it’s also about making the best decision for your lifestyle and future. As Bankrate says:


“Deciding whether it’s the right time to sell your home is a very personal choice. There are numerous important questions to consider, both financial and lifestyle-based . . . Your future plans and goals should be a significant part of the equation.”

 

If a major life change has you thinking about moving, now might still be the right time to sell. Work with a trusted real estate professional to help you navigate the process.

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What’s Motivating Homeowners To Move Right Now

Over the past few years, some homeowners have decided to delay their move because they don’t want to sell and take on a higher mortgage rate on their next home. 

20
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Owning a home is a key part of the American Dream, and VA home loans are a powerful benefit for those who’ve served our country. Let’s connect to make sure you have everything you need to make confident decisions in the housing market.

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For over 79 years, Veterans Affairs (VA) home loans have helped countless Veterans achieve the dream of homeownership. But according to Veterans United, only 3 in 10 Veterans realize they may be able to buy a home without needing a down payment (see visual below):

a group of people in circlesThat’s why it’s so important for Veterans – and anyone who cares about a Veteran – to be aware of this valuable program. Knowing about the resources available can make the path to homeownership easier and keep life-changing plans from being put on hold. As Veterans United explains:

“The ability to buy with 0% down is the signature advantage of this nearly 80-year-old benefit program. Eligible Veterans can buy as much house as they can afford, all without the need to spend years saving for a down payment.”

The Advantages of VA Home Loans

VA home loans are designed to make homeownership a reality for those who have served our country. These loans come with the following benefits according to the Department of Veterans Affairs:

  • Options for No Down Payment: One of the biggest perks is that many Veterans can buy a home with no down payment at all, making it simpler to get started on your homebuying journey.
  • Limited Closing Costs: With VA loans, there are limits on the types of closing costs Veterans have to pay. This helps keep more money in your pocket when you’re ready to finalize the sale.
  • No Private Mortgage Insurance (PMI): Unlike many other loan types, VA loans don’t require PMI, even with lower down payments. This means lower monthly payments, which adds up to big savings over time.

Your team of expert real estate professionals, including a local agent and a trusted lender, are the best resource to understand all the options and advantages available to help you achieve your homebuying goals.

[created_at] => 2024-11-07T15:21:02Z [description] =>

For over 79 years, Veterans Affairs (VA) home loans have helped countless Veterans achieve the dream of homeownership.

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Owning a home is a key part of the American Dream, and VA home loans are a powerful benefit for those who’ve served our country. Work with a real estate professional to make sure you have everything you need to make confident decisions in the housing market.

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The Majority of Veterans Are Unaware of a Key VA Loan Benefit

For over 79 years, Veterans Affairs (VA) home loans have helped countless Veterans achieve the dream of homeownership.

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  • The #1 task sellers struggle with is setting the right asking price for their house.
  • Without an agent’s help, you may set a price that turns away buyers and takes a long time to sell.
  • To make sure your house is priced right, let’s connect. Because, if the price isn’t compelling, it’s not selling.  
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a diagram of a price drop

[created_at] => 2024-11-06T16:45:42Z [description] =>

The #1 task sellers struggle with is setting the right asking price for their house. 

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241106/Why-You-Need-An-Agent-To-Set-the-Right-Asking-Price-KCM-Share-original.jpg [id] => 67889 [kcm_ig_caption] => The #1 task sellers struggle with is setting the right asking price for their house. Without an agent’s help, you may set a price that turns away buyers and takes a long time to sell. To make sure your house is priced right, let’s connect. Because, if the price isn’t compelling, it’s not selling. [kcm_ig_hashtags] => sellyourhouse,moveuphome,keepingcurrentmatters [kcm_ig_quote] => Why you need an agent to set the right asking price. [poll] => [public_bottom_line] =>
  • The #1 task sellers struggle with is setting the right asking price for their house.
  • Without an agent’s help, you may set a price that turns away buyers and takes a long time to sell. 
  • To make sure your house is priced right, connect with a local agent. Because if the price isn’t compelling, it’s not selling. 
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Why You Need an Agent To Set the Right Asking Price

The #1 task sellers struggle with is setting the right asking price for their house. 

22
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If you’re not sure if you should rent or buy, keep in mind that if you can make the numbers work, owning a home can really grow your wealth over time.

And if homeownership feels out of reach, let’s connect so we can explore programs that may make buying possible. 

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Trying to decide between renting or buying a home? One key factor that could help you choose is just how much homeownership can grow your net worth.

Every three years, the Federal Reserve Board shares a report called the Survey of Consumer Finances (SCF). It shows how much wealth homeowners and renters have – and the difference is significant.

On average, a homeowner’s net worth is nearly 40 times higher than a renter’s. Check out the graph below to see the difference for yourself:

Why Homeowner Wealth Is So High

In the previous version of that report, the average homeowner’s net worth was about $255,000, while the average renter’s was just $6,300. That’s still a big gap. But in the most recent update, the spread got even bigger as homeowner wealth grew even more (see graph below):

a graph with green line and orange lineAs the SCF report says:

“. . . the 2019-2022 growth in median net worth was the largest three-year increase over the history of the modern SCF, more than double the next-largest one on record.”

One big reason why homeowner wealth shot up is home equity.

Equity is the difference between your home’s value and what you owe on your mortgage. You gain equity by paying down your mortgage and when your home’s value goes up.

Over the past few years, home prices have gone up a lot. That’s because there weren’t enough available homes for all the people who wanted one. This supply-demand imbalance pushed home prices up – and that translated into faster equity gains and even more net worth for homeowners.

If you’re still torn between whether to rent or buy, here’s what you should know. While inventory has grown this year, in most places, there’s still not enough to go around. That’s why expert forecasts show prices are expected to go up again next year nationally. It’ll just be at a more moderate pace.

While that’s not the sky-high appreciation we saw during the pandemic, it still means potential equity gains for you if you buy now. As Ksenia Potapov, Economist at First American, explains:

“Despite the risk of volatility in the housing market, homeownership remains an important driver of wealth accumulation and the largest source of total wealth among most households.”

But prices and inventory are going to vary by area. So, lean on a local real estate agent. They’ll be able to give you the local trends and speak to the other financial and lifestyle benefits that come with owning a home. That crucial information will help you decide the best move for you right now. As Bankrate explains:

“Deciding between renting and buying a home isn’t just about cost — the decision also involves long-term financial strategies and personal circumstances. If you’re on the fence about which is right for you, it may be helpful to speak with a local real estate agent who knows your market well. An experienced agent can help you weigh your options and make a more informed decision.
[created_at] => 2024-11-05T18:36:43Z [description] =>

Trying to decide between renting or buying a home?

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241105/20241107-Renting-vs-original.-Buying-The-Net-Worth-Gap-You-Need-To-See [id] => 67748 [kcm_ig_caption] => If you’re not sure if you should rent or buy, keep in mind that if you can make the numbers work, owning a home can really grow your wealth over time. And if homeownership feels out of reach, let’s connect so we can explore programs that may make buying possible. [kcm_ig_hashtags] => opportunity,homegoals,keepingcurrentmatters [kcm_ig_quote] => Renting vs. buying: the net worth gap you need to see. [poll] => [public_bottom_line] =>

If you’re not sure if you should rent or buy, keep in mind that if you can make the numbers work, owning a home can really grow your wealth over time.

And if homeownership feels out of reach, connect with a local real estate agent and lender. They can help you explore programs that may make buying possible.

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Renting vs. Buying: The Net Worth Gap You Need To See

Trying to decide between renting or buying a home?

23
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While the Fed’s actions play a part, economic data and market conditions are what really drive mortgage rates. As we move through the rest of 2024 and 2025, expect rates to stabilize or decline gradually, offering more certainty in what has been a volatile market. 

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You may be hearing a lot of talk about the Federal Reserve (the Fed) and how their actions will impact the housing market right now. Here’s why.

The Fed meets again this week to decide the next step with the Federal Funds Rate. That's how much it costs banks to borrow from each other. Now, that’s not the same thing as setting mortgage rates, but mortgage rates can be influenced through this process. And if you’re thinking about buying or selling a home, you may be wondering about the downstream impact and when mortgage rates will come down.

Here’s a quick rundown of what you need to know to help you anticipate what’ll happen next. The Fed’s decisions are guided by these three key economic indicators:

  1. The Direction of Inflation
  2. How Many Jobs the Economy Is Adding
  3. The Unemployment Rate

Let’s take a look at each one.

1. The Direction of Inflation

You’ve likely noticed prices for everyday goods and services seem to be higher each time you make a purchase at the store. That’s because of inflation – and the Fed wants to see that number come back down so it’s closer to their 2% target.

Right now, it’s still higher than that. But despite a little volatility, inflation has generally been moving in the right direction. It gradually came down over the past two years, and is holding fairly steady right now (see graph below):

a graph of a graph with textThe path of inflation – though still not at their target rate – is a big part of the reason why the Fed will likely lower the Fed Funds Rate again this week to make borrowing less expensive, while still ensuring the economy continues to grow.

2. How Many Jobs the Economy Is Adding

The Fed is also keeping an eye on how many new jobs are added to the economy each month. They want job growth to slow down a bit before they cut the Federal Funds Rate further. When fewer jobs are created, it shows the economy is still doing well, but gradually cooling off—exactly what they’re aiming for. And that’s what’s happening right now. Reuters says:

“Any doubts the Federal Reserve will go ahead with an interest-rate cut . . . fell away on Friday after a government report showed U.S. employers added fewer workers in October than in any month since December 2020.”

Employers are still hiring, but just not as many positions right now. This shows the job market is starting to slow down after running hot for a while, which is what the Fed wants to see.

3. The Unemployment Rate

The unemployment rate shows the percentage of people who want jobs but can’t find them. A low unemployment rate means most people are working, which is great. However, it can push inflation higher because more people working means more spending—and that makes prices go up.

Many economists consider any unemployment rate below 5% to be as close to full employment as is realistically possible. In the most recent report, unemployment is sitting at 4.1% (see graph below):

a graph of a number of peopleUnemployment this low shows the labor market is still strong even as fewer jobs were added to the economy. That’s the balance the Fed is looking for.

What Does This Mean Going Forward?

Overall, the economy is headed in the direction the Fed wants to see – and that’s why experts say they will likely cut the Federal Funds Rate by a quarter of a percentage point this week, according to the CME FedWatch Tool.

If that expectation ends up being correct, that could pave the way for mortgage rates to come down too. But that doesn’t mean they’ll fall immediately. It will take some time. Remember, the Fed doesn’t determine mortgage rates. Forecasts show mortgage rates will ease more gradually over the course of the next year as long as these economic indicators continue to move in the right direction and the Fed can continue their Federal Funds rate cuts through 2025.

But a change in any one of the factors mentioned here could cause a shift in the market and in the Fed’s actions in the days and months ahead. So, brace for some volatility, and for mortgage rates to respond along the way. As Ralph McLaughlin, Senior Economist at Realtor.com, notes:

"The trajectory of rates over the coming months will be largely dependent on three key factors: (1) the performance of the labor market, (2) the outcome of the presidential election, and (3) any possible reemergence of inflationary pressure. While volatility has been the theme of mortgage rates over the past several months, we expect stability to reemerge towards the end of November and into early December."
[created_at] => 2024-11-05T14:21:09Z [description] =>

You may be hearing a lot of talk about the Federal Reserve (the Fed) and how their actions will impact the housing market right now. Here’s why.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241105/20241106-What-To-Look-For-From-This-Week-s-Fed-Meeting-original.png [id] => 67673 [kcm_ig_caption] => While the Fed’s actions play a part, economic data and market conditions are what really drive mortgage rates. As we move through the rest of 2024 and 2025, expect rates to stabilize or decline gradually, offering more certainty in what has been a volatile market. [kcm_ig_hashtags] => expertanswers,realestate,keepingcurrentmatters [kcm_ig_quote] => What to look for from this week’s Fed meeting. [poll] => [public_bottom_line] =>

While the Fed’s actions play a part, economic data and market conditions are what really drive mortgage rates. As we move through the rest of 2024 and 2025, expect rates to stabilize or decline gradually, offering more certainty in what has been a volatile market. 

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What To Look For From This Week’s Fed Meeting

You may be hearing a lot of talk about the Federal Reserve (the Fed) and how their actions will impact the housing market right now. Here’s why.

24
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The housing market may be experiencing some shifts, but don’t let it stop you from making your move. With the support of an experienced real estate agent and a trusted lender, you’ll be ready to navigate the changes and make the most of the opportunities that come your way.

Let’s turn any uncertainty into your advantage, helping you move forward with confidence.

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You’ve probably noticed one thing if you’re thinking about making a move: the housing market feels a bit unpredictable right now. The truth is, from home prices to mortgage rates, we’re seeing more volatility – and it’s important to understand why.

At a high-level, let’s break down what’s happening and the best way to navigate it.

What’s Driving Today’s Market Volatility?

Factors like economic data, unemployment numbers, decisions coming out of the Federal Reserve (The Fed), and even the presidential election, are creating uncertainty right now – and uncertainty leads to market volatility.

You can see that when you look at what’s happening with mortgage rates. New economic reports and other geopolitical events have an impact and can cause sudden shifts up or down, even though experts still forecast rates will come down overall. We’ve seen that effect play out recently, like when employment and inflation data get released each month.

And as the markets react, these types of updates will continue to have an impact on rates moving forward. As Greg McBride, CFA, Chief Financial Analyst at Bankrate, says: 

“After steadily declining throughout the summer months, I expect more ups and downs to mortgage rates . . . Job market data will be closely watched as well as any clues from the Fed about the extent of upcoming interest rate cuts.”

This is exactly why the projected decline in mortgage rates isn’t going to be a straight line down over the next year. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, explains:

“Rates have shown considerable volatility lately, and may continue to do so . . . Overall, we still expect a downward long-term mortgage rate trend.”

Plus, home prices and the number of homes on the market vary dramatically depending on where you’re looking to buy or sell, which makes it even harder to get a clear picture. In some areas, home prices are rising and inventory is tight, while in others, there are more homes available and it’s leading to more moderate pricing shifts.

As all of this unfolds, understanding what’s happening will help you make the right decisions, whether that’s buying or selling. And there’s one easy way to get that information: from a professional.

The Importance of Partnering with a Pro

While the road ahead may have some bumps and unexpected turns, you don’t have to go it alone. A great agent will keep you up to date on the latest market developments, guide you through any shifts, and help you make smart decisions based on your goals.

For example, as mortgage rates change, professionals (like your agent and a trusted lender) will explain how the shifts impact what you can reasonably plan for in your monthly payment. This will help you see how even a small change in rates can impact your bottom line – that way you don’t lose sight of the big picture even as shifts happen here and there.

And since conditions can vary significantly from one neighborhood to another, your agent will also help you understand the specifics of your market—whether it’s how to navigate competition with other buyers, the number of homes available, or what’s happening with local home prices. Their insights and expertise will help you adapt to any movement in the market.

[created_at] => 2024-11-04T18:59:07Z [description] =>

You’ve probably noticed one thing if you’re thinking about making a move: the housing market feels a bit unpredictable right now.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241104/20241105-Expect-the-Unexpected-Anticipating-Volatility-in-Today-s-Housing-Market-original.png [id] => 67554 [kcm_ig_caption] => The housing market may be experiencing some shifts, but don’t let it stop you from making your move. With the support of an experienced real estate agent and a trusted lender, you’ll be ready to navigate the changes and make the most of the opportunities that come your way. Let’s turn any uncertainty into your advantage, helping you move forward with confidence. [kcm_ig_hashtags] => realestateexpert,expertanswers,keepingcurrentmatters [kcm_ig_quote] => Expect the unexpected: anticipating volatility in today’s housing market. [poll] => [public_bottom_line] =>

The housing market may be experiencing some shifts, but don’t let it stop you from making your move. With the support of an experienced real estate agent and a trusted lender, you’ll be ready to navigate the changes and make the most of the opportunities that come your way.

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Expect the Unexpected: Anticipating Volatility in Today’s Housing Market

You’ve probably noticed one thing if you’re thinking about making a move: the housing market feels a bit unpredictable right now.

25
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In today’s market, where the cost of homeownership can be intimidating, finding a move-in-ready home that fits your budget can feel like a real challenge. But if you’re open to putting in a little work, you can transform a fixer upper into your ideal home over time. Let’s explore what’s possible and find a place that'll work for you.

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Looking to buy a home but feeling like almost everything is out of reach? Here’s the thing. There’s still a way to become a homeowner, even when affordability seems like a huge roadblock – and it might be with a fixer upper. Let’s dive into why buying a fixer upper could be your ticket to homeownership and how you can make it work.

What Is a Fixer Upper?

A fixer upper is a home that’s in livable condition but needs some work. The amount of work varies by home – some may need cosmetic updates like wallpaper removal and new flooring, while others might require more extensive repairs like replacing a roof or updating plumbing.

Because they need some elbow grease, these homes typically have a lower price point, based on local market value. In fact, a survey from StorageCafe explains that fixer uppers generally cost about 29% less than move-in-ready homes.

And that’s why, according to a recent survey, more buyers are considering homes that need a little extra work right now (see below):

a blue and grey pie chartIf you're looking for an option to get your foot in the door, and you're willing to roll up your sleeves and do a bit of work, a house with untapped potential may be a good option.

Tips for Buying a Home That Needs Some Work

Before you buy a home that may need a makeover, here are a few things to keep in mind:

  • Choose a Good Location: You can repair a house, but you can’t change where it is. Make sure the home is in a neighborhood you like or one with increasing property values and a growing number of local amenities. This way, even after you spend money fixing it up, the house will be worth more later.
  • Budget for Surprises: Fixing up a house can take more time and money than you might think. Make sure you save room in your budget for unexpected repairs or other unknowns that might come up while you're working on the house.
  • Get a Home Inspection: Before you buy, hire an inspector to check out the house. They’ll help you determine the necessary repairs, so you don’t end up with expensive surprises later.
  • Plan Your Priorities: When deciding what to tackle first, it helps to categorize your goals. Think of your home in three ways: the must-haves (essential repairs), the nice-to-haves (upgrades that would make life easier), and the dream-state features (luxuries you can add later). This will help you prioritize and stick to your budget.

Remember, the perfect home is the one you perfect after buying it. By starting with a fixer upper, you have the opportunity to customize a home to your liking while saving money on the initial purchase price. With careful planning, budgeting, and a little bit of vision, you can turn a house that needs some love into your perfect home. 

Real estate agents are great at finding homes with potential. They know the local market and can guide you to homes where smart upgrades can add value. With their help, you’re more likely to find a house that fits your total budget and has room for worthwhile improvements.

[created_at] => 2024-10-31T21:35:48Z [description] =>

Looking to buy a home but feeling like almost everything is out of reach?

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241031/20241104-is-a-fixer-upper-right-for-you-original.png [id] => 67279 [kcm_ig_caption] => In today’s market, where the cost of homeownership can be intimidating, finding a move-in-ready home that fits your budget can feel like a real challenge. But if you’re open to putting in a little work, you can transform a fixer upper into your ideal home over time. Let’s explore what’s possible and find a place that'll work for you. [kcm_ig_hashtags] => [kcm_ig_quote] => Is a fixer upper right for you? [poll] => [public_bottom_line] =>

In today’s market, where the cost of homeownership can be intimidating, finding a move-in-ready home that fits your budget can feel like a real challenge. But if you’re open to putting in a little work, you can transform a fixer upper into your ideal home over time. A local real estate agent can help you explore what’s possible and find a place that’ll work for you.

[published_at] => 2024-11-04T11:30:00Z [related] => Array ( ) [slug] => is-a-fixer-upper-right-for-you [status] => published [tags] => Array ( [0] => content-hub ) [title] => Is a Fixer Upper Right for You? [updated_at] => 2024-11-04T11:30:12Z [url] => /2024/11/04/is-a-fixer-upper-right-for-you/ )

Is a Fixer Upper Right for You?

Looking to buy a home but feeling like almost everything is out of reach?