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2503 search results for: thank you for all your support2015

1
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  • Even if you’re not looking to move right away, you may have questions about how the election will impact the housing market.
  • When we look at historical trends, combined with what’s happening right now, we can find your answers. Based on historical data, mortgage rates decrease in the months before and home prices and sales increase the year after the election.
  • The facts show Presidential elections only have a small and temporary impact on the housing market.
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a house with a question and answer

[created_at] => 2024-10-31T19:17:59Z [description] =>

Even if you’re not looking to move right away, you may have questions about how the election will impact the housing market.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241031/20241101-QandA-How-Do-Presidential-Elections-Impact-the-Housing-Market-KCM-Share-original.jpg [id] => 67248 [kcm_ig_caption] => Even if you’re not looking to move right away, you may have questions about how the election will impact the housing market. When we look at historical trends, combined with what’s happening right now, we can find your answers. Based on historical data, mortgage rates decrease in the months before and home prices and sales increase the year after the election. The facts show Presidential elections only have a small and temporary impact on the housing market. [kcm_ig_hashtags] => housingmarket,realestate,keepingcurrentmatters [kcm_ig_quote] => How do Presidential elections impact the housing market? [poll] => [public_bottom_line] =>
  • Even if you’re not looking to move right away, you may have questions about how the election will impact the housing market.
  • When we look at historical trends, combined with what’s happening right now, we can find your answers. Based on historical data, mortgage rates decrease in the months before and home prices and sales increase the year after the election.
  • The facts show Presidential elections only have a small and temporary impact on the housing market.
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Q&A: How Do Presidential Elections Impact the Housing Market?

Even if you’re not looking to move right away, you may have questions about how the election will impact the housing market.

2
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    [agents_bottom_line] => 

Don’t let fear or uncertainty hold you back from achieving your goals. Let's connect so you can move forward with confidence.

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Feeling a bit unsure, or even afraid, to move with everything going on right now? The decision to move shouldn’t be scary, it should be exciting. And the best way to eliminate any fear is to work with a pro. 

Real estate agents are so much more than just transaction facilitators; they’re trusted guides to help you navigate the complexities of the housing market with confidence and ease. And a great agent can turn what may feel like a daunting process into a manageable—and even enjoyable—experience.

That’s why, in a Bright MLS survey, respondents agreed partnering with an agent is essential and helps cut down on their stress:

a blue pie chart with white textHere are just a few examples of why that expertise can give you so much peace of mind.

1. Explaining the Current Market

You may be seeing misleading headlines about a potential market crash, falling prices, and more. And when you’re not an expert yourself, it’s easy to get swept up in the clickbait and let that scare you. As Jason Lewris, Co-Founder and Chief Data Officer at Parcl, says:

“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”

A real estate agent is there to help you separate fact from fiction and to debunk any headline that does more to terrify than clarify. With their deep understanding of local market trends, home values, inventory levels, and more, they’ll help you feel more confident in your decision.

2. Walking You Through the Process Step-by-Step

Is this your first time going through the process as a buyer or a seller? Don’t worry. Your agent will walk you through every step along the way, from the initial conversation all the way to closing day. As NerdWallet explains:

“If it's your first time buying — or selling — you're likely to come across terms you don't recognize and tasks that seem baffling. What's the difference between pending and contingent? Why do you need title insurance? How thoroughly do you need to fill out disclosure forms? Your agent should be able to confidently and competently explain it all.”

And if you’ve done this before, but it’s been a while, an agent will tailor how they explain it all to your previous experience. They won’t bog you down with details, they’ll only give you as much of a refresher as you want and need.

 3. Advocating for Your Best Interests

Does the thought of dealing with the back and forth of the transaction make your palms sweaty? Put that anxiety aside. Your agent is a skilled negotiator trained for these exact scenarios. And the best part is, they work for you. So, it’s your goals they’re using that expertise to fight for.

They’ll work to secure the best possible terms for you, whether it’s getting a better price as a homebuyer or negotiating a higher sale price as a seller. This removes the fear of a bad deal or being taken advantage of during the process.

4. Solving Any Unexpected Problems Quickly

Worried something is going come up that you don’t know how to handle? Rest assured, your agent has you covered.

Agents are skilled problem-solvers. They not only address issues, but they get ahead of them before they become deal-breakers – and that helps keep the process on track. So, if any challenges do pop up, know your agent has the skills and experience necessary to find a solution that works for you.

[created_at] => 2024-10-29T14:20:52Z [description] =>

Feeling a bit unsure, or even afraid, to move with everything going on right now?

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241029/20241031-How-Real-Estate-Agents-Take-the-Fear-Out-of-Moving-original.png [id] => 66892 [kcm_ig_caption] => Feeling a bit unsure, or even afraid, to move with everything going on right now? The decision to move shouldn’t be scary, it should be exciting. And the best way to eliminate any fear is to work with a pro. Here are just a few examples of why that expertise can give you so much peace of mind. 1. Explaining the Current Market You may be seeing misleading headlines about a potential market crash, falling prices, and more. And when you’re not an expert yourself, it’s easy to get swept up in the clickbait and let that scare you. A real estate agent is there to help you separate fact from fiction and to debunk any headline that does more to terrify than clarify. With their deep understanding of local market trends, home values, inventory levels, and more, they’ll help you feel more confident in your decision. 2. Walking You Through the Process Step-by-Step Is this your first time going through the process as a buyer or a seller? Don’t worry. Your agent will walk you through every step along the way, from the initial conversation all the way to closing day. 3. Advocating for Your Best Interests Does the thought of dealing with the back and forth of the transaction make your palms sweaty? Put that anxiety aside. Your agent is a skilled negotiator trained for these exact scenarios. And the best part is, they work for you. So, it’s your goals they’re using that expertise to fight for. 4. Solving Any Unexpected Problems Quickly Worried something is going come up that you don’t know how to handle? Rest assured, your agent has you covered. Don’t let fear or uncertainty hold you back from achieving your goals. Let's connect so you can move forward with confidence. [kcm_ig_hashtags] => expertanswers,realestateexpert,keepingcurrentmatters [kcm_ig_quote] => How real estate agents take the fear out of moving. [poll] => [public_bottom_line] =>

Don’t let fear or uncertainty hold you back from achieving your goals. With an expert agent by your side, you can move forward with confidence. 

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How Real Estate Agents Take the Fear Out of Moving

Feeling a bit unsure, or even afraid, to move with everything going on right now?

3
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The good news is you don’t have to deal with any of these headaches. Let’s connect so you have a pro on your side who can help you avoid these costly mistakes.

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No one likes making mistakes, especially when they happen in what’s likely the biggest transaction of your life – buying a home.

That’s why partnering with a trusted agent is so important. Here’s a sneak peek at the most common missteps buyers are making in today’s market and how a great agent will help you steer clear of each one.

Trying To Time the Market

Many buyers are trying to time the market by waiting for home prices or mortgage rates to drop. This can be a really risky strategy because there’s so much at play that can have an impact on those things. As Elijah de la Campa, Senior Economist at Redfin, says:

My advice for buyers is don’t try to time the market. There are ​a lot of swing factors, like the upcoming jobs report and the presidential election, that could cause the housing market to take unexpected twists and turns. If you find a house you love and can afford to buy it, now’s not a bad time.”

Buying More House Than You Can Afford

If you’re tempted to stretch your budget a bit further than you should, you’re not alone. A number of buyers are making this mistake right now.

But the truth is, it’s actually really important to avoid overextending your budget, especially when other housing expenses like home insurance and taxes are on the rise. You want to talk to the pros to make sure you understand what’ll really work for you. Bankrate offers this advice:

“Focus on what monthly payment you can afford rather than fixating on the maximum loan amount you qualify for. Just because you can qualify for a $300,000 loan doesn’t mean you can comfortably handle the monthly payments that come with it along with your other financial obligations.”

Missing Out on Assistance Programs That Can Help 

Saving up for the upfront costs of homeownership takes some careful planning. You’ve got to think about your closing costs, down payment, and more. And if you don’t work with a team of experienced professionals, you could miss out on programs out there that can make a big difference for you. This is happening more than you realize.

According to Realtor.com, almost 80% of first-time buyers qualify for down payment assistance – but only 13% actually take advantage of those programs. So, talk to a lender about your options. Whether you’re buying your first house or your fifth, there may be a program that can help.

Not Leaning on the Expertise of a Pro

This last one may be the most important of all. The very best way to avoid making a mistake that’s going to cost you is to lean on a pro. With the right team of experts, you can easily dodge these missteps.

[created_at] => 2024-10-28T18:29:58Z [description] =>

No one likes making mistakes, especially when they happen in what’s likely the biggest transaction of your life – buying a home.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241028/20241030-Avoid-These-Top-Homebuyer-Mistakes-in-Today-s-Market-original.png [id] => 66811 [kcm_ig_caption] => No one likes making mistakes, especially when they happen in what’s likely the biggest transaction of your life – buying a home. That’s why partnering with a trusted agent is so important. Here’s a sneak peek at the most common missteps buyers are making in today’s market and how a great agent will help you steer clear of each one. Trying To Time the Market Many buyers are trying to time the market by waiting for home prices or mortgage rates to drop. This can be a really risky strategy because there’s so much at play that can have an impact on those things. Buying More House Than You Can Afford If you’re tempted to stretch your budget a bit further than you should, you’re not alone. A number of buyers are making this mistake right now. Missing Out on Assistance Programs That Can Help Saving up for the upfront costs of homeownership takes some careful planning. You’ve got to think about your closing costs, down payment, and more. And if you don’t work with a team of experienced professionals, you could miss out on programs out there that can make a big difference for you. This is happening more than you realize. Not Leaning on the Expertise of a Pro This last one may be the most important of all. The very best way to avoid making a mistake that’s going to cost you is to lean on a pro. With the right team of experts, you can easily dodge these missteps. The good news is you don’t have to deal with any of these headaches. DM me so you have a pro on your side who can help you avoid these costly mistakes. [kcm_ig_hashtags] => opportunity,houseshopping,keepingcurrentmatters [kcm_ig_quote] => Avoid these top homebuyer mistakes in today’s market. [poll] => [public_bottom_line] =>

The good news is you don’t have to deal with any of these headaches. Connect with a local real estate agent so you have a pro on your side who can help you avoid these costly mistakes.

[published_at] => 2024-10-30T10:30:00Z [related] => Array ( ) [slug] => avoid-these-top-homebuyer-mistakes-in-todays-market [status] => published [tags] => Array ( ) [title] => Avoid These Top Homebuyer Mistakes in Today’s Market [updated_at] => 2024-10-30T10:30:28Z [url] => /2024/10/30/avoid-these-top-homebuyer-mistakes-in-todays-market/ )

Avoid These Top Homebuyer Mistakes in Today’s Market

No one likes making mistakes, especially when they happen in what’s likely the biggest transaction of your life – buying a home.

4
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It’s important to remember that while election years often bring a short-term slowdown in the housing market, the pause is usually temporary. Those sales are not lost. Data shows home sales typically increase the year after a Presidential election, and current forecasts indicate 2025 will be no different. If you’re waiting for a clearer picture before making a move, just know that the market is expected to pick up speed in the months ahead.

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With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down.

Election Years Bring a Temporary Slowdown

In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to data from BTIG, in election years there’s usually a slightly larger dip in home sales in the month leading up to Election Day (see graph below):

a graph of a person with an orange squareWhy? Uncertainty. Many consumers hold off on making major decisions or purchases while they wait to see how the election will play out. It’s a pattern that’s shown up time and time again, and it's particularly apparent for buyers and sellers in the housing market.

This year is no different. A recent survey from Redfin found that 23% of potential first-time homebuyers said they’re waiting until after the election to buy. That’s nearly a quarter of first-time buyers hitting the pause button, likely due to the same feelings of uncertainty.

Home Sales Bounce Back After the Election

The good news is these delayed sales aren’t lost forever—they’re just postponed. History shows sales tend to rebound after the election is over. In fact, home sales have actually increased 82% of the time in the year after the election (see chart below):

a blue and white chart with numbersThat’s because once the election dust settles, buyers and sellers have a sense of what’s ahead and generally feel more confident moving forward with their decisions. And that leads to a boost in home sales.

What To Expect in 2025

If history is any indicator, that means more homes will sell next year. And based on the latest forecasts, that’s exactly what you should expect. As the graph below shows, the housing market is on pace to sell a total of 4.6 million homes this year, and projections are for 5.2 million total sales next year (see graph below):

a graph showing the sales of a companyAnd that aligns with the typical pattern of post-election rebounds.

So, while it might feel like the market is slowing down right now, it’s more of a temporary dip rather than a long-term trend. As has been the case before, once the election uncertainty passes, buyers and sellers will return to the market.

[created_at] => 2024-10-28T15:40:39Z [description] =>

With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241028/20241029-Header-Image-original.png [id] => 66785 [kcm_ig_caption] => With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down. Election Years Bring a Temporary Slowdown In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to data from BTIG, in election years there’s usually a slightly larger dip in home sales in the month leading up to Election Day. Home Sales Bounce Back After the Election The good news is these delayed sales aren’t lost forever—they’re just postponed. History shows sales tend to rebound after the election is over. In fact, home sales have actually increased 82% of the time in the year after the election. What To Expect in 2025 If history is any indicator, that means more homes will sell next year. And based on the latest forecasts, that’s exactly what you should expect. The housing market is on pace to sell a total of 4.6 million homes this year, and projections are for 5.2 million total sales next year. And that aligns with the typical pattern of post-election rebounds. It’s important to remember that while election years often bring a short-term slowdown in the housing market, the pause is usually temporary. Those sales are not lost. Data shows home sales typically increase the year after a Presidential election, and current forecasts indicate 2025 will be no different. If you’re waiting for a clearer picture before making a move, just know that the market is expected to pick up speed in the months ahead. [kcm_ig_hashtags] => expertanswers,stayinformed,keepingcurrentmatters [kcm_ig_quote] => Why home sales bounce back after presidential elections. [poll] => [public_bottom_line] =>

It's important to remember that while election years often bring a short-term slowdown in the housing market, the pause is usually temporary. Those sales are not lost. Data shows home sales typically increase the year after a Presidential election, and current forecasts indicate 2025 will be no different. If you’re waiting for a clearer picture before making a move, just know that the market is expected to pick up speed in the months ahead.

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Why Home Sales Bounce Back After Presidential Elections

With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market.

5
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    [agents_bottom_line] => 

While there are more homes for sale than there were at this time last year, there’s still a shortage overall. And this puts you in the driver’s seat as a seller. Let’s connect so you have someone who can help you take advantage of today’s market.

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Even though there are more homes available for sale than there were at this time last year, there are still more buyers than there are houses to choose from. So, know that if you’ve got moving on your mind, your house can really stand out.

There are several key reasons why there aren’t enough homes to go around and understanding them will help you see why the market is working in your favor if you’re ready to make a move.

What’s Causing the Shortage?

1. Underproduction of Homes: For years, the industry hasn’t built enough homes to keep up with demand. As Zillow explains:

“In 2022, 1.4 million homes were built — at the time, the best year for home construction since the early stages of the Great Recession. However, the number of U.S. families increased by 1.8 million that year, meaning the country did not even build enough to make a place for the new families, let alone begin chipping away at the deficit that has hampered housing affordability for more than a decade.”

2. Rising Costs: Building materials, labor shortages, and supply chain disruptions caused by the pandemic have all made it harder and more expensive to build homes. This can either limit or stop new home construction in some areas.

3. Regional Imbalances: Some markets are more affected by the shortage of homes than others. Popular and more desirable areas have more people moving in faster than new homes can be built. The number of new building permits issued doesn’t always keep pace with job growth in these regions, and that leads to even tighter markets and higher prices.

How Big Is the Problem?

According to estimates from Real Estate News, the U.S. is facing a housing shortfall of roughly 3.3 million homes, based on an average of several expert insights (see graph below):

a graph of blue squaresThis shows there’s a significant number of homes that need to be built just to meet current demand from buyers. But what about future demand?

According to John Burns Research and Consulting (JBREC), over the next 10 years, the U.S. will need about 18 million new homes to meet projected demand, including homes for new households, second homes, and replacements for aging or unusable homes.

So, even though more homes are on the market compared to last year, there still aren’t enough of them to go around. This is where you can really win if you’re ready to sell your house.

What You Need To Remember

If you’re thinking about selling, the shortage of homes for sale means your house is likely to get some serious attention from buyers. It’ll take years to climb out of this inventory deficit, and the market is still very tight. So, when buyers are competing for relatively few homes like they are right now, that creates more interest in the houses that are on the market, putting upward pressure on prices and ultimately working in your favor.

And since every market is different, it’s important to work with a real estate agent who understands local trends. They can help you price your house right and create a strategy to attract the right buyers.

[created_at] => 2024-10-25T13:52:39Z [description] =>

Even though there are more homes available for sale than there were at this time last year, there are still more buyers than there are houses to choose from. 

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241025/20241028-Why-Your-House-Will-Shine-in-Today-s-Market-original.png [id] => 66591 [kcm_ig_caption] => Even though there are more homes available for sale than there were at this time last year, there are still more buyers than there are houses to choose from. So, know that if you’ve got moving on your mind, your house can really stand out. What’s Causing the Shortage? 1. Underproduction of Homes 2. Rising Costs 3. Regional Imbalances How Big Is the Problem? According to estimates from Real Estate News, the U.S. is facing a housing shortfall of roughly 3.3 million homes, based on an average of several expert insights. This shows there’s a significant number of homes that need to be built just to meet current demand from buyers. But what about future demand? According to John Burns Research and Consulting (JBREC), over the next 10 years, the U.S. will need about 18 million new homes to meet projected demand, including homes for new households, second homes, and replacements for aging or unusable homes. So, even though more homes are on the market compared to last year, there still aren’t enough of them to go around. This is where you can really win if you’re ready to sell your house. What You Need To Remember If you’re thinking about selling, the shortage of homes for sale means your house is likely to get some serious attention from buyers. And since every market is different, it’s important to work with a real estate agent who understands local trends. They can help you price your house right and create a strategy to attract the right buyers. While there are more homes for sale than there were at this time last year, there’s still a shortage overall. And this puts you in the driver’s seat as a seller. DM me so you have someone who can help you take advantage of today’s market. [kcm_ig_hashtags] => sellyourhome,opportunity,keepingcurrentmatters [kcm_ig_quote] => Why your house will shine in today’s market. [poll] => [public_bottom_line] =>

While there are more homes for sale than there were at this time last year, there’s still a shortage overall. And this puts you in the driver’s seat as a seller. Reach out to a trusted real estate agent who can help you take advantage of today’s market.

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Why Your House Will Shine in Today’s Market

Even though there are more homes available for sale than there were at this time last year, there are still more buyers than there are houses to choose from. 

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  • There are a number of scary myths about homebuying in today’s market. Here’s what you need to know.
  • Prices are not expected to crash, it is possible to buy even with student loan debt, and there are programs that can help you save for a down payment.
  • Don’t let scary myths delay your homebuying plans. Let's connect so you have a pro to help you separate the facts from your fears.
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a screenshot of a cell phone

[created_at] => 2024-10-23T17:26:11Z [description] =>

There are a number of scary myths about homebuying in today’s market. Here’s what you need to know.

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  • There are a number of scary myths about homebuying in today’s market. Here’s what you need to know.
  • Prices are not expected to crash, it is possible to buy even with student loan debt, and there are programs that can help you save for a down payment.
  • Don’t let scary myths delay your homebuying plans. Connect with an agent so you have a pro to help you separate the facts from your fears.
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Debunking Scary Myths About Buying a Home

There are a number of scary myths about homebuying in today’s market. Here’s what you need to know.

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Yes, everyday costs for gas and food have gotten more expensive—but that doesn’t mean the housing market is on the brink of another foreclosure crisis. Data shows the market is far from a foreclosure wave. Homeowners today are in a much stronger financial position than they were during the 2008 crash, thanks to significant equity. 

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With everything feeling more expensive these days, it’s natural to worry about how rising costs might impact the housing market. Many people are concerned that high prices and tighter budgets could cause more homeowners to fall behind on their mortgage payments, leading to a wave of foreclosures.

But before you start worrying about a housing market crash, here’s a look at what’s really happening. And the good news is: the latest foreclosure data shows there’s no wave on the horizon.

How Today’s Market Is Different from 2008

Let’s ease those fears by looking at the bigger picture. The graph below uses research from ATTOM, a property data provider, to show that the number of homeowners starting the foreclosure process is nowhere near what we saw coming out of 2008. Back then, there was a big spike in how many foreclosures were happening. Today, the number is much lower – it's even dropped some in the latest report. There’s a big difference between what’s happening now, and what happened when the housing market crashed (see graph below):

a graph of a fallJust in case you’re wondering why the number of foreclosure filings has ticked up slightly since 2020 and 2021, here’s what you need to know. During those years, there was a moratorium (shown in white) designed to help millions of homeowners avoid foreclosure in challenging times. That’s why the numbers for just a few years ago were so incredibly low. If you look further back, it’s clear overall foreclosure filings are down significantly.

And if you’re wondering: how are there fewer foreclosures today, even when the cost of living has gotten so pricey? Here’s your answer. One of the main reasons is that homeowners today have a lot more equity built up in their homes than they did back in 2008. As an article from Bankrate explains:

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

This equity acts like a safety net and is allowing many homeowners to avoid going into foreclosure if they’re facing financial hardships. Even if someone is struggling to make their monthly payments, they may be able to sell their home and avoid foreclosure altogether. This is a far cry from the conditions during the crash when homeowners owed more on their mortgages than their homes were worth.

What’s Ahead for the Housing Market

It’s true that today’s higher cost of living across the board is a challenge for many people right now. But this doesn’t mean we’re heading for a surge in foreclosures.

The equity cushion that people have is helping to keep foreclosure filings low. Today’s homeowners have more options to avoid going into foreclosure.

[created_at] => 2024-10-23T15:10:39Z [description] =>

With everything feeling more expensive these days, it’s natural to worry about how rising costs might impact the housing market.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241023/20241024-Why-Today-s-Foreclosure-Numbers-Won-t-Trigger-a-Crash-original.png [id] => 66253 [kcm_ig_caption] => With everything feeling more expensive these days, it’s natural to worry about how rising costs might impact the housing market. Many people are concerned that high prices and tighter budgets could cause more homeowners to fall behind on their mortgage payments, leading to a wave of foreclosures. But before you start worrying about a housing market crash, here’s a look at what’s really happening. And the good news is: the latest foreclosure data shows there’s no wave on the horizon. How Today’s Market Is Different from 2008 Let’s ease those fears by looking at the bigger picture. There’s a big difference between what’s happening now, and what happened when the housing market crashed. As an article from Bankrate explains: “In the years after the housing crash, millions of foreclosures flooded the housing market, depressing prices. That’s not the case now. Most homeowners have a comfortable equity cushion in their homes.” This equity acts like a safety net and is allowing many homeowners to avoid going into foreclosure if they’re facing financial hardships. Even if someone is struggling to make their monthly payments, they may be able to sell their home and avoid foreclosure altogether. This is a far cry from the conditions during the crash when homeowners owed more on their mortgages than their homes were worth. What’s Ahead for the Housing Market Yes, everyday costs for gas and food have gotten more expensive—but that doesn’t mean the housing market is on the brink of another foreclosure crisis. Data shows the market is far from a foreclosure wave. Homeowners today are in a much stronger financial position than they were during the 2008 crash, thanks to significant equity. [kcm_ig_hashtags] => expertanswers,realestate,keepingcurrentmatters [kcm_ig_quote] => Why today’s foreclosure numbers won’t trigger a crash. [poll] => [public_bottom_line] =>

Yes, everyday costs for gas and food have gotten more expensive—but that doesn’t mean the housing market is on the brink of another foreclosure crisis. Data shows the market is far from a foreclosure wave. Homeowners today are in a much stronger financial position than they were during the 2008 crash, thanks to significant equity. 

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Why Today’s Foreclosure Numbers Won’t Trigger a Crash

With everything feeling more expensive these days, it’s natural to worry about how rising costs might impact the housing market.

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If you’re planning to sell your house, knowing how long it might take is a big part of planning your next steps. Let’s connect so you’ll be able to price, market, and sell your home with confidence.

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As you’re getting ready to sell your house, one of the first questions you’re probably asking is, “how long is this going to take?” And that makes sense—you want to know what to expect.

While every market is different, understanding what’s happening nationally can give you a good baseline. But for an even more detailed look at real estate conditions in your area, connect with a local real estate agent. They know your local market best and can explain what’s happening near you and how it compares to national trends.

Here’s a look at some of the things a great agent will walk you through during that conversation.

More Homes Are on the Market, and That’s Affecting How Long They Take To Sell

According to Realtor.com, the number of homes for sale has been going up this year. That means there are more options for buyers, which is great news for anyone looking to buy a home. But as a seller, it also means homes are staying on the market a bit longer now that buyers have more options to choose from (see graph below):

a graph of blue barsOne of the big reasons homes sold so fast in recent years is because there were so few of them for sale. And now that there are more houses on the market, it makes sense that they aren’t selling at quite the same pace. Right now, according to Realtor.com, it takes 55 days from the time a house is listed for it to be officially sold and closed on.

But keep this in mind. While homes might not be selling as quickly as they did last year at this time, they’re still selling faster than they did in more normal years in the housing market, before the pandemic.

If you look back at 2017-2019 in the graph above, you’ll see that it was typical for a house to take 60 days or more to sell. So, today’s process is still faster than the norm.

That’s because, even with more homes for sale, there are still more buyers than homes for sale. So, homes that show well and are priced right are selling fast. As NerdWallet explains:

“Overall, though, demand still outpaces supply. This is hardly a mellow market: Good homes sell quickly . . .”

Your Agent Can Help Your Home Stand Out

If you’re looking for ways to make your move happen as quickly as possible, partnering with a great local agent is the key. Your real estate agent will help you with everything from setting the right price to staging your home so it looks its best. They’ll even create a marketing plan that grabs buyers’ attention and will give you key insights about what’s happening in your specific area, so you can plan accordingly and make the process go as smoothly as possible.

So, while homes might be on the market a little longer than before, they’re still selling faster than the norm. If you have the right agent and the right strategy in place, your house may even sell faster than you’d expect.

[created_at] => 2024-10-22T18:44:10Z [description] =>

As you’re getting ready to sell your house, one of the first questions you’re probably asking is, “how long is this going to take?” 

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241022/20241023-How-Long-Will-It-Take-To-Sell-Your-House-original.png [id] => 66168 [kcm_ig_caption] => As you’re getting ready to sell your house, one of the first questions you’re probably asking is, “how long is this going to take?” And that makes sense—you want to know what to expect. More Homes Are on the Market, and That’s Affecting How Long They Take To Sell According to Realtor.com, the number of homes for sale has been going up this year. That means there are more options for buyers, which is great news for anyone looking to buy a home. But as a seller, it also means homes are staying on the market a bit longer now that buyers have more options to choose from. But keep this in mind. While homes might not be selling as quickly as they did last year at this time, they’re still selling faster than they did in more normal years in the housing market, before the pandemic. As NerdWallet explains: “Overall, though, demand still outpaces supply. This is hardly a mellow market: Good homes sell quickly . . .” Your Agent Can Help Your Home Stand Out If you’re looking for ways to make your move happen as quickly as possible, partnering with a great local agent is the key. Your real estate agent will help you with everything from setting the right price to staging your home so it looks its best. So, while homes might be on the market a little longer than before, they’re still selling faster than the norm. If you have the right agent and the right strategy in place, your house may even sell faster than you’d expect. If you’re planning to sell your house, knowing how long it might take is a big part of planning your next steps. Let’s connect so you’ll be able to price, market, and sell your home with confidence. [kcm_ig_hashtags] => sellyourhouse,expertanswers,keepingcurrentmatters [kcm_ig_quote] => How long will it take to sell your house? [poll] => [public_bottom_line] =>

If you’re planning to sell your house, knowing how long it might take is a big part of planning your next steps. By working with a local expert, you’ll be able to price, market, and sell your home with confidence.

[published_at] => 2024-10-23T10:30:00Z [related] => Array ( ) [slug] => how-long-will-it-take-to-sell-your-house [status] => published [tags] => Array ( ) [title] => How Long Will It Take To Sell Your House? [updated_at] => 2024-10-23T10:30:21Z [url] => /2024/10/23/how-long-will-it-take-to-sell-your-house/ )

How Long Will It Take To Sell Your House?

As you’re getting ready to sell your house, one of the first questions you’re probably asking is, “how long is this going to take?” 

9
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Thinking of selling your house next year? Don’t wait until the last minute to get it ready. By getting a head start now, you can ensure everything is in place by the time the new year rolls around.

Need advice on what to tackle first? Let’s connect. 

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If your goal is to sell your house in 2025, now’s the time to start prepping. Even though it might seem like there’s plenty of time between now and the new year, you should get a head start on any updates or repairs you want to make now. As Danielle Hale, Chief Economist at Realtor.com, says:

“ . . . now is the time to start thinking about what you need for your next home and then taking those steps to prepare to list . . . We have survey data that says 47 percent of sellers are taking longer than a month to get their home ready to sell, so getting them to start that process early can mean more flexibility.”

By starting your prep work early, you’ll give yourself plenty of time to get your house market-ready by the end of the year. But be sure to partner with a great agent before you get started, so you have expert insight into what repairs are worth it based on your local market.

Why Starting Early Is Key

To get the best price and sell quickly, it’s important that your home looks its best. And that means it’s up to you to make the necessary repairs, declutter, and even consider updates that could add value as part of getting your house ready to list.

By starting now, you can tackle things one task at a time. Whether it’s fixing that leaky faucet, refreshing your landscaping, or painting a room, getting an early start gives you the flexibility to do the job right and with as little stress as possible. Because, if you wait to knock items off your list later on, they could quickly stack up and get overwhelming. As Realtor.com explains:

“There are some important repairs to make before selling a house, so don’t be in too much of a hurry to get your home listed … if you move too fast, buyers see right through the fact that you skipped important home renovations. And this . . . might end up costing you time and money.”

What Should You Focus On?

Feeling motivated to start chipping away at that to-do list, but not sure where to start? Here’s a look at the most common improvements other sellers are making today (see graph below):

The Importance of Working with a Local Agent

And while that data gives you a starting point, it shouldn’t be seen as a comprehensive list. What buyers want in your area may be different, and only a local agent will have this in-depth understanding.

For example, if homes in your area are selling quickly with updated kitchens, your agent might suggest focusing on minor kitchen improvements rather than spending money on other areas that won’t offer as much return. They’ll also help you figure out if tackling larger projects, such as replacing your roof or upgrading your HVAC system, is worth it based on other recently sold homes. As Point says:

“Not all renovations are created equal, and focusing on upgrades that offer the highest potential for increasing your home's value is key.”

And remember, it’s not just big-ticket items that can have an impact. Your agent will also speak to some of the smaller details – like cleaning up your yard, adding fresh mulch, or painting your front door – to make a real difference in how buyers feel about your home. This type of expert eye is crucial to help your house sell fast and for top dollar.

[created_at] => 2024-10-21T14:34:28Z [description] =>

If your goal is to sell your house in 2025, now’s the time to start prepping.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241021/20241022-Planning-To-Sell-Your-House-in-2025-Start-Prepping-Now-original.png [featured_image_meta] => [id] => 65898 [kcm_ig_caption] => If your goal is to sell your house in 2025, now’s the time to start prepping. By starting your prep work early, you’ll give yourself plenty of time to get your house market-ready by the end of the year. But be sure to partner with a great agent before you get started, so you have expert insight into what repairs are worth it based on your local market. Why Starting Early Is Key To get the best price and sell quickly, it’s important that your home looks its best. And that means it’s up to you to make the necessary repairs, declutter, and even consider updates that could add value as part of getting your house ready to list. By starting now, you can tackle things one task at a time. Because, if you wait to knock items off your list later on, they could quickly stack up and get overwhelming. The Importance of Working with a Local Agent And while that data gives you a starting point, it shouldn’t be seen as a comprehensive list. What buyers want in your area may be different, and only a local agent will have this in-depth understanding. And remember, it’s not just big-ticket items that can have an impact. Your agent will also speak to some of the smaller details – like cleaning up your yard, adding fresh mulch, or painting your front door – to make a real difference in how buyers feel about your home. This type of expert eye is crucial to help your house sell fast and for top dollar. Thinking of selling your house next year? Don’t wait until the last minute to get it ready. By getting a head start now, you can ensure everything is in place by the time the new year rolls around. Need advice on what to tackle first? DM me. [kcm_ig_hashtags] => sellyourhouse,opportunity,keepingcurrentmatters [kcm_ig_quote] => Planning to sell your house in 2025? Start prepping now. [poll] => [public_bottom_line] =>

Thinking of selling your house next year? Don’t wait until the last minute to get it ready. By getting a head start now, you can ensure everything is in place by the time the new year rolls around.

Need advice on what to tackle first? Connect with a local agent. 

[published_at] => 2024-10-22T10:30:00Z [related] => Array ( ) [slug] => planning-to-sell-your-house-in-2025-start-prepping-now [status] => published [tags] => Array ( [0] => content-hub ) [title] => Planning To Sell Your House in 2025? Start Prepping Now [updated_at] => 2024-10-28T19:36:17Z [url] => /2024/10/22/planning-to-sell-your-house-in-2025-start-prepping-now/ )

Planning To Sell Your House in 2025? Start Prepping Now

If your goal is to sell your house in 2025, now’s the time to start prepping.

10
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    [agents_bottom_line] => 

With mortgage rates expected to ease and home prices projected to rise at a more moderate pace, 2025 is shaping up to be a more promising year for both buyers and sellers.

If you have any questions about how these trends might impact your plans, let’s connect. That way you’ve got someone to help you navigate the market and make the most of the opportunities ahead.

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Curious about where the housing market is headed in 2025? The good news is that experts are offering some promising forecasts, especially when it comes to two key factors that directly affect your decisions: mortgage rates and home prices.

Whether you're thinking of buying or selling, here’s a look at what the experts are saying and how it might impact your move.

Mortgage Rates Are Forecast To Come Down

One of the biggest factors likely affecting your plans is mortgage rates, and the forecast looks positive. After rising dramatically in recent years, experts project rates will ease slightly throughout the course of 2025 (see graph below):

a graph showing the rate of a forecastWhile that decline won’t be a straight line down, the overall trend should continue over the next year. Expect a few bumps along the way, because the trajectory of rates will depend on new economic data and inflation numbers as they’re released. But don’t get too hung up on those blips and reactions from the market as they happen. Focus on the bigger picture.

Lower mortgage rates mean improving affordability. As rates come down, your monthly mortgage payment decreases, giving you more flexibility in what you can afford if you buy a home.

This shift will likely bring more buyers and sellers back into the market, though. As Charlie Dougherty, Director and Senior Economist at Wells Fargo, explains:

“Lower financing costs will likely boost demand by pulling affordability-crunched buyers off of the sidelines.”

As that happens, both inventory and competition among buyers will ramp back up. The takeaway? You can get ahead of that competition now. Lean on your agent to make sure you understand how the shifts in rates are impacting demand in your area.

Home Price Projections Show Modest Growth

While mortgage rates are expected to come down slightly, home prices are forecast to rise—but at a much more moderate pace than the market has seen in recent years.

Experts are saying home prices will grow by an average of about 2.5% nationally in 2025 (see graph below):

a graph of green barsThis is far more manageable than the rapid price increases of previous years, which saw double-digit percentage growth in some markets.

What’s behind this ongoing increase in prices? Again, it has to do with demand. As more buyers return to the market, demand will rise – but so will supply as sellers feel less rate-locked.

More buyers in markets with inventory that’s still below the norm will put upward pressure on prices. But with more homes likely to be listed, supply will help keep price growth in check. This means that while prices will rise, they’ll do so at a healthier, more sustainable pace.

Of course, these national trends may not reflect exactly what’s happening in your local market. Some areas might see faster price growth, while others could see slower gains. As Lance Lambert, Co-Founder of ResiClub, says:

“Even if the average national home price forecast for 2025 is correct, it’s possible that some regional housing markets could see mild home price declines, while some markets could still see elevated appreciation. That has been, after all, the case this year.”

Even the few markets that may see flat or slightly lower prices in 2025 have had so much appreciation in recent years – it may not have a big impact. That’s why it’s important to work with a local real estate expert who can give you a clear picture of what’s happening where you’re looking to buy or sell.

[created_at] => 2024-10-17T16:50:04Z [description] =>

Curious about where the housing market is headed in 2025?

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241017/20241021-What-To-Expect-from-Mortgage-Rates-and-Home-Prices-in-2025-original.png [id] => 65595 [kcm_ig_caption] => Curious about where the housing market is headed in 2025? The good news is that experts are offering some promising forecasts, especially when it comes to two key factors that directly affect your decisions: mortgage rates and home prices. Whether you're thinking of buying or selling, here’s a look at what the experts are saying and how it might impact your move. Mortgage Rates Are Forecast To Come Down One of the biggest factors likely affecting your plans is mortgage rates, and the forecast looks positive. After rising dramatically in recent years, experts project rates will ease slightly throughout the course of 2025. While that decline won’t be a straight line down, the overall trend should continue over the next year. Expect a few bumps along the way. Home Price Projections Show Modest Growth While mortgage rates are expected to come down slightly, home prices are forecast to rise—but at a much more moderate pace than the market has seen in recent years. Experts are saying home prices will grow by an average of about 2.5% nationally in 2025. This is far more manageable than the rapid price increases of previous years, which saw double-digit percentage growth in some markets. With mortgage rates expected to ease and home prices projected to rise at a more moderate pace, 2025 is shaping up to be a more promising year for both buyers and sellers. If you have any questions about how these trends might impact your plans, let’s connect. That way you’ve got someone to help you navigate the market and make the most of the opportunities ahead. [kcm_ig_hashtags] => expertanswers,stayinformed,keepingcurrentmatters [kcm_ig_quote] => What to expect from mortgage rates and home prices in 2025. [poll] => [public_bottom_line] =>

With mortgage rates expected to ease and home prices projected to rise at a more moderate pace, 2025 is shaping up to be a more promising year for both buyers and sellers.

If you have any questions about how these trends might impact your plans, connect with a local agent. That way you’ve got someone to help you navigate the market and make the most of the opportunities ahead.

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What To Expect from Mortgage Rates and Home Prices in 2025

Curious about where the housing market is headed in 2025?

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  • You may be torn between buying a home now or waiting. But don’t forget to factor in the equity you’ll gain as prices rise.
  • Experts forecast prices will climb over the next 5 years – and based on those forecasts, you could gain about $90k in equity in that time.
  • So, you could wait, but you’ll miss out on a lot of equity if you do. If you’re ready and able to buy, let’s connect so you can start growing your wealth now.
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a house with a blue sky and clouds

[created_at] => 2024-10-16T14:43:35Z [description] =>

You may be torn between buying a home now or waiting. But don’t forget to factor in the equity you’ll gain as prices rise.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241016/20241018-Why-Buying-Now-Is-Worth-It-KCM-Share-original.jpg [id] => 65447 [kcm_ig_caption] => You may be torn between buying a home now or waiting. But don’t forget to factor in the equity you’ll gain as prices rise. Experts forecast prices will climb over the next 5 years – and based on those forecasts, you could gain about $90k in equity in that time. So, you could wait, but you’ll miss out on a lot of equity if you do. If you’re ready and able to buy, let’s connect so you can start growing your wealth now. [kcm_ig_hashtags] => opportunity,expertanswers,keepingcurrentmatters [kcm_ig_quote] => Why buying now is worth it. [poll] => [public_bottom_line] =>
  • You may be torn between buying a home now or waiting. But don’t forget to factor in the equity you’ll gain as prices rise.
  • Experts forecast prices will climb over the next 5 years – and based on those forecasts, you could gain about $90k in equity in that time.
  • So, you could wait, but you’ll miss out on a lot of equity if you do. If you’re ready and able to buy, let’s connect so you can start growing your wealth now.
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Why Buying Now Is Worth It

You may be torn between buying a home now or waiting. But don’t forget to factor in the equity you’ll gain as prices rise.

12
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    [agents_bottom_line] => 

As rates came down at the end of the summer, sellers started to trickle back into the market, which means buyers have more choices right now. Let’s connect to make sure you have a trusted advisor to help you navigate the new options before they’re all scooped up. 

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Homeowners typically slow down their moving plans as the summer months wrap up, and as a result, fewer homes are listed for sale in the fall. It’s a predictable, seasonal trend in real estate. But this year, mortgage rates came down at the same time the number of homes on the market usually starts to decline. So, what happened? More homeowners decided to sell, so more homes came to the market.

The most recent data from Realtor.com reveals that in September, the number of homes put up for sale increased by 11.6% compared to this time last year.

As the green circle in the graph below shows, the typical September decline in homes coming to the market didn’t happen – that number actually went up (see graph below):

a graph of a number of homesRalph McLaughlin, Senior Economist at Realtor.com, explains why there was an unseasonable rise:

“This sharp increase is largely due to the decline in mortgage rates in mid-August, enticing homeowners to sell.”

So, as rates came down at the end of the summer, more people jumped into the market and decided to make their move.

What Does This Mean If You’re Looking To Buy a Home?

It means more fresh options to choose from than you’ve had in a while – not the ones that have been sitting around, unsold.

But keep in mind, mortgage rates have been volatile lately, ticking up slightly in recent weeks, which could limit the number of people who feel comfortable with the idea of selling in the months ahead. And in this market, it’s mortgage rates that are largely driving homeowner decisions.

Why Buy Now, Rather Than Wait?

Whether you're looking for a starter home, an upgrade, or hoping to downsize, you have more homes to choose from right now. And if you can find what you’re looking for, know that these new, fresh options won’t be on the market forever. So, staying on top of what’s available in your local area with a trusted agent is key.

And remember, one month doesn’t make a trend. So, what does that mean going forward? Whether more homeowners than normal continue to put their houses on the market will largely depend on what happens with mortgage rates and the economic factors that impact them, like inflation, employment, and the reactions by the Federal Reserve.

With that in mind, now might be your moment, while more homes are available – if you’re ready, willing, and able to buy this fall.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“The rise in inventory – and, more technically, the accompanying months’ supply – implies home buyers are in a much-improved position to find the right home and at more favorable prices.”
[created_at] => 2024-10-16T14:07:00Z [description] =>

Homeowners typically slow down their moving plans as the summer months wrap up, and as a result, fewer homes are listed for sale in the fall.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241016/20241017-Why-Did-More-People-Decide-To-Sell-Their-Homes-Recently-original.png [id] => 65438 [kcm_ig_caption] => This year, mortgage rates came down at the same time the number of homes on the market usually starts to decline. So, what happened? More homeowners decided to sell, so more homes came to the market. The most recent data from Realtor.com reveals that in September, the number of homes put up for sale increased by 11.6% compared to this time last year. Ralph McLaughlin, Senior Economist at Realtor.com, explains why there was an unseasonable rise: “This sharp increase is largely due to the decline in mortgage rates in mid-August, enticing homeowners to sell.” So, as rates came down at the end of the summer, more people jumped into the market and decided to make their move. What Does This Mean If You’re Looking To Buy a Home? It means more fresh options to choose from than you’ve had in a while – not the ones that have been sitting around, unsold. Why Buy Now, Rather Than Wait? Whether you're looking for a starter home, an upgrade, or hoping to downsize, you have more homes to choose from right now. And if you can find what you’re looking for, know that these new, fresh options won’t be on the market forever. So, staying on top of what’s available in your local area with a trusted agent is key. With that in mind, now might be your moment, while more homes are available – if you’re ready, willing, and able to buy this fall. As rates came down at the end of the summer, sellers started to trickle back into the market, which means buyers have more choices right now. Let’s connect to make sure you have a trusted advisor to help you navigate the new options before they’re all scooped up. [kcm_ig_hashtags] => expertanswers,stayinformed,keepingcurrentmatters [kcm_ig_quote] => Why did more people decide to sell their homes recently? [poll] => [public_bottom_line] =>

As rates came down at the end of the summer, sellers started to trickle back into the market, which means buyers have more choices right now. And working with a trusted local real estate agent is the best way to take advantage of your new options before they’re all scooped up. 

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Why Did More People Decide To Sell Their Homes Recently?

Homeowners typically slow down their moving plans as the summer months wrap up, and as a result, fewer homes are listed for sale in the fall.

13
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Down payments are at a record high, largely because recent equity gains are putting homeowners in a position to put more money down.

If you’re thinking about selling your current house and moving, let’s work together to figure out how much home equity you have right now, and how it can boost your buying power in today’s market.

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Did you know? Homeowners are often able to put more money down when they buy their next home. That’s because, once they sell, they can use the equity they have in their current house toward their next down payment. And it’s why as home equity reaches a new height, the median down payment has too.

According to the latest data from Redfin, the typical down payment for U.S. homebuyers is $67,500—that’s nearly 15% more than last year, and the highest on record (see graph below):

a graph showing a green lineHere’s why equity makes this possible. Over the past five years, home prices have increased significantly, which has led to a big boost in equity for current homeowners like you. When you sell your house and move, you can take the equity that gives you and apply it toward a larger down payment on your new home. That’s a major opportunity, especially if you’ve had concerns about affordability.

Now, it’s important to remember you don’t have to make a big down payment to buy your next home—there are loan programs that let you put as little as 3%, or even 0% down. But there’s a reason so many current homeowners are opting to put more money down. That’s because it comes with some serious perks.

Why a Bigger Down Payment Can Be a Game Changer

1. You’ll Borrow Less and Save More in the Long Run

When you use your equity to make a bigger down payment on your next home, you won’t have to borrow as much. And the less you borrow, the less you’ll pay in interest over the life of your loan. That’s money saved in your pocket for years to come.

2. You Could Get a Lower Mortgage Rate

Providing a larger down payment shows your lender you’re more financially stable and not a large credit risk. The more confident your lender is in your credit score and your ability to pay your loan, the lower the mortgage rate they’ll likely be willing to give you. And that amplifies your savings.

3. Your Monthly Payments Could Be Lower

A bigger down payment doesn’t just help you reduce how much you have to borrow—it also means your monthly mortgage payment may be smaller. That can make your next home more affordable and give you a bit more breathing room in your budget.

4. You Can Skip Private Mortgage Insurance (PMI)

If you can put down 20% or more, you can avoid Private Mortgage Insurance (PMI), which is an added cost many buyers have to pay if their down payment isn’t as large. Freddie Mac explains it like this:

“For homeowners who put less than 20% down, Private Mortgage Insurance or PMI is an added insurance policy for homeowners that protects the lender if you are unable to pay your mortgage. It is not the same thing as homeowner's insurance. It's a monthly fee, rolled into your mortgage payment, that’s required if you make a down payment less than 20%.”

Avoiding PMI means you’ll have one less expense to worry about each month, which is a nice bonus.

[created_at] => 2024-10-15T14:29:05Z [description] =>

Did you know? Homeowners are often able to put more money down when they buy their next home.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241015/20241016-The-Benefits-of-Using-Your-Equity-To-Make-a-Bigger-Down-Payment-original.png [id] => 65251 [kcm_ig_caption] => Did you know? Homeowners are often able to put more money down when they buy their next home. That’s because, once they sell, they can use the equity they have in their current house toward their next down payment. And it’s why as home equity reaches a new height, the median down payment has too. According to the latest data from Redfin, the typical down payment for U.S. homebuyers is $67,500—that’s nearly 15% more than last year, and the highest on record. Here’s why equity makes this possible. Over the past five years, home prices have increased significantly, which has led to a big boost in equity for current homeowners like you. When you sell your house and move, you can take the equity that gives you and apply it toward a larger down payment on your new home. That’s a major opportunity. Now, it’s important to remember you don’t have to make a big down payment to buy your next home—there are loan programs that let you put as little as 3%, or even 0% down. But there’s a reason so many current homeowners are opting to put more money down. That’s because it comes with some serious perks. Why a Bigger Down Payment Can Be a Game Changer 1. You’ll Borrow Less and Save More in the Long Run 2. You Could Get a Lower Mortgage Rate 3. Your Monthly Payments Could Be Lower 4. You Can Skip Private Mortgage Insurance (PMI) Down payments are at a record high, largely because recent equity gains are putting homeowners in a position to put more money down. If you’re thinking about selling your current house and moving, let’s work together to figure out how much home equity you have right now, and how it can boost your buying power in today’s market. [kcm_ig_hashtags] => powerfuldecisions,confidentdecisions,keepingcurrentmatters [kcm_ig_quote] => The benefits of using your equity to make a bigger down payment. [poll] => [public_bottom_line] =>

Down payments are at a record high, largely because recent equity gains are putting homeowners in a position to put more money down.

If you’re thinking about selling your current house and moving, reach out to a trusted real estate agent. They’ll help you figure out how much home equity you have right now, and how it can boost your buying power in today’s market.

[published_at] => 2024-10-16T10:30:00Z [related] => Array ( ) [slug] => the-benefits-of-using-your-equity-to-make-a-bigger-down-payment [status] => published [tags] => Array ( [0] => content-hub ) [title] => The Benefits of Using Your Equity To Make a Bigger Down Payment [updated_at] => 2024-10-16T10:30:11Z [url] => /2024/10/16/the-benefits-of-using-your-equity-to-make-a-bigger-down-payment/ )

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

Did you know? Homeowners are often able to put more money down when they buy their next home.

14
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    [agents_bottom_line] => 

If you’re considering buying a brand-new home, don’t let misconceptions hold you back. Let’s work together to find a home you’ll love and be proud to call your own.

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For some buyers, there’s a misconception that newly built homes aren’t made to last or fall short of the quality you can find in older homes. Unfortunately, this is turning some buyers away from what may be one of their best options in today’s housing market. As Builder Online says:

“As resale inventory remains limited and the price spread between new and resale homes narrows, new homes are increasingly an attractive value proposition for buyers, with incentives such as rate buydowns a way to help address ongoing affordability challenges.”

So, is there any merit to the myth? Let’s break down the best way to make sure you feel good about looking into new home construction. That way, you’re not missing out on such a great option today.

Choosing the Right Builder

The key to making sure you get a quality newly built home is to choose a good builder. Reputable builders adhere to strict building codes and standards, use advanced construction techniques, and often offer warranties that cover structural issues for several years. That’s why the Mortgage Reports offers this advice:

“When embarking on the journey of buying a new construction home, one of the most important steps is selecting the right builder. This decision can significantly impact the quality and satisfaction you derive from your new home.”

And while you could dig into research about all the builders in your area, there’s an easier option to get the job done: lean on a pro. When you work with a local real estate agent, they already know about the builders and the new home communities under construction in your area.

Beyond that, maybe they’ve even worked with other buyers who opted for a home in one of those neighborhoods. Here are just a few of the things your agent will help you with:

1. The Builder’s Reputation: Your agent will help point you toward builders with strong reputations and positive reviews from previous buyers. Additionally, your agent will make sure the builder is licensed and insured. Membership in professional organizations, such as the National Association of Home Builders (NAHB), is also a good sign of a builder’s commitment to industry standards.

2. Their Model Homes: Your agent will also be able to tell you if the builders have model homes you can tour. And when your agent walks through the model with you, they’ll draw your attention to the little details that matter most. Things like the quality of finishes, layout, and overall feel of the home.

3. Builder Warranties: Your agent will also be able to help you navigate any builder offers or incentives. Reputable builders often provide warranties to cover major structural elements of the home for a significant period of time. This is a testament to their confidence in the quality of their construction.

4. Getting Inspections: Even with new homes, inspections are crucial. Your agent will coordinate the inspections with licensed professionals to ensure the home meets safety and quality standards before you move in.

Agents Are the MVP When You’re Buying a Brand-New Home

Maybe that’s why data shows homebuyers unanimously scored their agents higher than their builders when looking back on their recent purchase:

a screenshot of a graphSo, you don’t need to worry that they just don’t make them like they used to. By working with a knowledgeable real estate agent to choose a reputable builder, you can feel confident when buying a newly built home today. As Realtor.com says:

“If you are interested in buying a new construction . . . You need your own real estate agent from the get-go. Even if it seems like plug and play to sign up with the builder’s on-site agent, you’re going to want someone representing your side of the deal.
[created_at] => 2024-10-10T14:16:49Z [description] =>

For some buyers, there’s a misconception that newly built homes aren’t made to last or fall short of the quality you can find in older homes.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241010/20241015-Why-an-Agent-Is-Essential-When-Buying-a-Newly-Built-Home-original.png [id] => 64808 [kcm_ig_caption] => For some buyers, there’s a misconception that newly built homes aren’t made to last or fall short of the quality you can find in older homes. Unfortunately, this is turning some buyers away from what may be one of their best options in today’s housing market. So, is there any merit to the myth? Let’s break down the best way to make sure you feel good about looking into new home construction. That way, you’re not missing out on such a great option today. Choosing the Right Builder The key to making sure you get a quality newly built home is to choose a good builder. Reputable builders adhere to strict building codes and standards, use advanced construction techniques, and often offer warranties that cover structural issues for several years. Beyond that, maybe they’ve even worked with other buyers who opted for a home in one of those neighborhoods. Here are just a few of the things your agent will help you with: 1. The Builder’s Reputation 2. Their Model Homes 3. Builder Warranties 4. Getting Inspections Agents Are the MVP When You’re Buying a Brand-New Home Maybe that’s why data shows homebuyers unanimously scored their agents higher than their builders when looking back on their recent purchase. So, you don’t need to worry that they just don’t make them like they used to. By working with a knowledgeable real estate agent to choose a reputable builder, you can feel confident when buying a newly built home today. If you’re considering buying a brand-new home, don’t let misconceptions hold you back. Let’s work together to find a home you’ll love and be proud to call your own. [kcm_ig_hashtags] => expertanswers,realestate,keepingcurrentmatters [kcm_ig_quote] => Why an agent is essential when buying a newly built home. [poll] => [public_bottom_line] =>

If you’re considering buying a brand-new home, don’t let misconceptions hold you back. Work with a local real estate agent to find a home you’ll love and be proud to call your own.

[published_at] => 2024-10-15T10:30:00Z [related] => Array ( ) [slug] => why-an-agent-is-essential-when-buying-a-newly-built-home [status] => published [tags] => Array ( [0] => content-hub ) [title] => Why an Agent Is Essential When Buying a Newly Built Home [updated_at] => 2024-10-15T10:30:10Z [url] => /2024/10/15/why-an-agent-is-essential-when-buying-a-newly-built-home/ )

Why an Agent Is Essential When Buying a Newly Built Home

For some buyers, there’s a misconception that newly built homes aren’t made to last or fall short of the quality you can find in older homes.

15
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    [agents_bottom_line] => 

Ready to find a home that suits your goals? A condo might be the perfect fit for your first home purchase. Let’s connect today to start your search.

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If you’re looking to break into homeownership but the price of single-family homes has you second-guessing, you might want to consider a condominium (condo) or townhome. These types of homes often come with a lower barrier to entry – and that can help you start to build equity and enjoy the benefits of owning a home sooner.

Since they're usually smaller than single-family homes, they can be easier on your wallet. While it’s not always the case, smaller square footage usually comes with a smaller price tag too. As a result, according to the latest data from Realtor.com, condos typically have a lower asking price than single-family homes (see graph below):

a screenshot of a graphAnd here’s some exciting news: builders are focusing more on homes like these. The National Association of Home Builders (NAHB) says:

“The share of townhomes being built is at an all-time high.”

That means there’s a good number of options to add to your home search if you broaden it to include condos and townhomes. And you may even find something that works better for your budget.

So, if you're comfortable with a smaller space and want to buy your first home before the spring rush, adding these types of homes to your search might be your answer.

The Perks of a Condo Lifestyle

Living in a condo has a bunch of other perks, too. Let’s look closer at why condos are appealing for first-time buyers:

  • They help you start building equity. When you buy a condo or townhome, you build equity and your net worth as you make your mortgage payments and as your condo’s value goes up over time.
  • They can be low maintenance. Condos are great if you want to own your place but don't want to mow the lawn, shovel snow, or fix the roof. Your real estate agent can help explain any associated fees and details for the condos you’re interested in.
  • They usually come with a range of amenities. Your condo might come with access to a pool, dog park, or parking. And the best part? You don’t have to take care of any of them.
  • They create a sense of community. Buying a condo means you'll be living close to other people, which is nice if you want a more close-knit feel. Many communities like these hold fun events such as barbecues and parties to help create that sense of connection among residents.

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

Ultimately, owning and living in a condo or townhome is a lifestyle choice. If you want to see if it makes sense for you, talk to a local real estate agent. 

[created_at] => 2024-10-09T17:36:59Z [description] =>

If you’re looking to break into homeownership but the price of single-family homes has you second-guessing, you might want to consider a condominium (condo) or townhome.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241009/20241014-Why-a-Condo-Could-Be-Your-Perfect-First-Home-original.png [id] => 64701 [kcm_ig_caption] => If you’re looking to break into homeownership but the price of single-family homes has you second-guessing, you might want to consider a condominium (condo) or townhome. These types of homes often come with a lower barrier to entry – and that can help you start to build equity and enjoy the benefits of owning a home sooner. And here’s some exciting news: builders are focusing more on homes like these. The National Association of Home Builders (NAHB) says: “The share of townhomes being built is at an all-time high.” That means there’s a good number of options to add to your home search if you broaden it to include condos and townhomes. So, if you're comfortable with a smaller space and want to buy your first home before the spring rush, adding these types of homes to your search might be your answer. The Perks of a Condo Lifestyle Living in a condo has a bunch of other perks, too. Let’s look closer at why condos are appealing for first-time buyers: • They help you start building equity. • They can be low maintenance. • They usually come with a range of amenities. • They create a sense of community. Remember, your first home doesn't have to be the one you stay in forever. The important thing is to get your foot in the door as a homeowner so you can start to gain home equity. Later on, that equity can help you buy another place if you want something different. Ultimately, owning and living in a condo or townhome is a lifestyle choice. If you want to see if it makes sense for you, talk to a local real estate agent. Ready to find a home that suits your goals? A condo might be the perfect fit for your first home purchase. DM me today to start your search. [kcm_ig_hashtags] => opportunity,housegoals,keepingcurrentmatters [kcm_ig_quote] => Why a condo could be your perfect first home. [poll] => [public_bottom_line] =>

Ready to find a home that suits your goals? A condo might be the perfect fit for your first home purchase. Contact a local real estate agent today to start your search.

[published_at] => 2024-10-14T10:30:00Z [related] => Array ( ) [slug] => why-a-condo-could-be-your-perfect-first-home [status] => published [tags] => Array ( ) [title] => Why a Condo Could Be Your Perfect First Home [updated_at] => 2024-10-14T10:30:09Z [url] => /2024/10/14/why-a-condo-could-be-your-perfect-first-home/ )

Why a Condo Could Be Your Perfect First Home

If you’re looking to break into homeownership but the price of single-family homes has you second-guessing, you might want to consider a condominium (condo) or townhome.

16
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    [agents_bottom_line] => 
  • Based on a recent study, in 22 of the top 50 metros, the monthly mortgage payment is lower than the rent payment.
  • Make sure you work with a pro who can help you crunch the numbers and see how your city stacks up.
  • This may be your opportunity to forget renting for good. If you want to see which option makes the most sense in our area, let’s do the math together.
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a screenshot of a table

[created_at] => 2024-10-09T14:11:42Z [description] =>

Based on a recent study, in 22 of the top 50 metros, the monthly mortgage payment is lower than the rent payment.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241009/20241011-Buying-Beats-Renting-in-These-Top-Cities-KCM-Share-original.jpg [id] => 64661 [kcm_ig_caption] => Based on a recent study, in 22 of the top 50 metros, the monthly mortgage payment is lower than the rent payment. Make sure you work with a pro who can help you crunch the numbers and see how your city stacks up. This may be your opportunity to forget renting for good. If you want to see which option makes the most sense in our area, let’s do the math together. [kcm_ig_hashtags] => opportunity,housingmarket,keepingcurrentmatters [kcm_ig_quote] => Buying beats renting in these top cities. [poll] => [public_bottom_line] =>
  • Based on a recent study, in 22 of the top 50 metros, the monthly mortgage payment is lower than the rent payment.
  • Make sure you work with a pro who can help you crunch the numbers and see how your city stacks up. 
  • This may be your opportunity to forget renting for good. If you want to see which option makes the most sense in your area, connect with a local agent.
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Buying Beats Renting in These Top Cities

Based on a recent study, in 22 of the top 50 metros, the monthly mortgage payment is lower than the rent payment.

17
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    [agents_bottom_line] => 

Want a better picture of what you should expect when you sell your house? Let’s have a conversation and walk through it together.

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If you’re toying with the idea of selling your house, you’re probably wondering how much it’ll cost. To be honest, the final number will depend on several factors like the offer you accept, if you help with your buyer’s closing costs, how many repairs you tackle, and more.

So, to give you a ballpark of what to expect, here’s some information on a few of the expenses you’ll want to be ready for (see graph below):

a graph of cost and costsBut here’s something that puts those costs into perspective. Most homeowners today have a substantial amount of equity built up in their homes, and that means they stand to make significant gains when they sell. Chances are, you do too. This can help quickly recoup these selling costs. You may even have enough equity leftover to put some toward your next home purchase too.

Let’s dive into a few of the costs from the graph above, so you have a bit more context on what they include and where you may be able to save some money, when it makes sense.

Closing Costs and Commission

These are the fees you’ll pay at the closing table to cover various aspects of the sale. You’ll have your own closing costs and you may even offer to pay some of the buyer’s as a concession. As U.S. News Real Estate explains:

“Closing costs are fees that are paid to finalize the transaction and transfer ownership of the home to the buyer . . . Sellers can expect to pay 2% to 4% of the sale price of the home in fees and taxes on top of the agent commission. Based on the national median home sale price, this means that closing costs in 2023 for sellers are about $7,740 to $15,480. . .”

Taxes are going to vary by state and agent commissions depend on what you agree upon upfront. And keep in mind, that the numbers in the chart above are just an example, not exact figures. Not to mention, if you put money toward things like your property taxes, mortgage escrow, etc. as part of your current mortgage payments – there's a chance you’ll get a credit back at closing that can help offset some of these selling expenses.

Pre-Listing Inspection and Repairs

One optional step some sellers take is having a pre-listing inspection. It gives you an idea of what may pop up later on in the buyer’s inspection – because those are the items a buyer may ask you to toss in a credit (or concession) to cover later on.

This allows you to get a jump on any repairs and tackle them before you list, so your house is set up to impress from the start.

Again, if you want to skip this step, an agent can help. They’ll be able to give you advice on things like paint colors, small cosmetic repairs, what buyers are looking for, and whether it’s worth tackling anything else ahead of time. This will help make sure you’re spending money on things that are most likely to net you a solid return on your investment.

Home Staging

As inventory grows, you may want to take a few extra steps to make sure your house stands out. Staging is an optional way to make sure your house shows well. It can include bringing in rental furniture if the house is vacant or art to warm up the walls. Some staging can even be done virtually once the photos are taken. But, in general, how much does it cost? According to Bankrate:

“Home sellers typically pay somewhere between $782 and $2,817 in home staging costs . . . but the price tag can vary widely.”

If you want to skip this step, you could opt to lean on your agent’s advice for what looks good and what may feel cluttered. A great agent will suggest things like removing a chair to open up the flow of a room, laying down a rug to add warmth to a space, or taking down photographs to de-personalize strategic areas.

Why Leaning on an Agent Is Key

If you’re looking to cut down on your costs, you have options. But be careful of where you trim. You may be able to skip staging or a pre-listing inspection since those are optional, but you don’t want to skimp and sell without a pro.

An agent is your go-to expert throughout the transaction. They’ll offer customized advice every step of the way, including how to stage the house and what repairs to tackle. This can help you avoid hiring an outside stager or having to pay for a pre-listing inspection.

But that’s not the only way your agent adds value. They’ll also create tailored marketing and pricing strategies that’ll highlight the house’s best assets and any work you did to get the home show ready. And that can actually help your house sell for more in the long run.

[created_at] => 2024-10-09T14:52:12Z [description] =>

If you’re toying with the idea of selling your house, you’re probably wondering how much it’ll cost.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241009/20241010-How-Much-Does-It-Cost-To-Sell-My-House-original.png [id] => 64671 [kcm_ig_caption] => If you’re toying with the idea of selling your house, you’re probably wondering how much it’ll cost. To be honest, the final number will depend on several factors like the offer you accept, if you help with your buyer’s closing costs, how many repairs you tackle, and more. Closing Costs and Commission These are the fees you’ll pay at the closing table to cover various aspects of the sale. You’ll have your own closing costs and you may even offer to pay some of the buyer’s as a concession. Pre-Listing Inspection and Repairs One optional step some sellers take is having a pre-listing inspection. It gives you an idea of what may pop up later on in the buyer’s inspection – because those are the items a buyer may ask you to toss in a credit (or concession) to cover later on. This allows you to get a jump on any repairs and tackle them before you list, so your house is set up to impress from the start. Home Staging As inventory grows, you may want to take a few extra steps to make sure your house stands out. Staging is an optional way to make sure your house shows well. If you want to skip this step, you could opt to lean on your agent’s advice for what looks good and what may feel cluttered. Why Leaning on an Agent Is Key If you’re looking to cut down on your costs, you have options. An agent is your go-to expert throughout the transaction. They’ll offer customized advice every step of the way, including how to stage the house and what repairs to tackle. This can help you avoid hiring an outside stager or having to pay for a pre-listing inspection. Want a better picture of what you should expect when you sell your house? Let’s have a conversation and walk through it together. [kcm_ig_hashtags] => sellyourhouse,realestatenews,keepingcurrentmatters [kcm_ig_quote] => How much does it cost to sell my house? [poll] => [public_bottom_line] =>

Want a better picture of what you should expect when you sell your house? Have a conversation with a local real estate agent.

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How Much Does It Cost To Sell My House?

If you’re toying with the idea of selling your house, you’re probably wondering how much it’ll cost.

18
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    [agents_bottom_line] => 

The housing market is doing a lot better than it was in 2008, but it’s important to remember that real estate is very local.

So, it’s always a good idea to stay informed about our specific market. If you have any questions or want to discuss how these factors are playing out in our area, feel free to reach out.

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You may have heard chatter recently about the economy and talk about a possible recession. It's no surprise that kind of noise gets some people worried about a housing market crash. Maybe you’re one of them. But here’s the good news – there’s no need to panic. The housing market is not set up for a crash right now.

Real estate journalist Michele Lerner says:

“A housing market crash happens when home values plummet due to a lack of demand for homes or an oversupply.”

With that definition in mind, here are two reasons why this just isn’t on the horizon.

1. Demand for Homes Is Higher than Supply

One of the biggest reasons the housing market crashed back in 2008 was an oversupply of homes. Today, though, it’s a very different story.

It’s a general rule of thumb that a market where supply and demand are balanced has a six-month supply of homes. A higher number means supply outpaces demand, and a lower number means demand outpaces supply. The graph below uses data from NAR to put today’s situation into context:

a graph of a company's supplyThe graph compares housing supply during three different periods of time. The red bar shows there were 13 months of supply before the 2008 crisis, which was far too much. The gray bar shows a balanced market with six months of supply, for context. And the blue bar shows there are only 4.2 months of supply today.

Put simply, there are more people who want to buy homes than there are homes available to buy right now. So, demand is greater than supply. When that happens, home prices stay steady or rise – the opposite of a housing market crash.

It’s important to note that inventory levels differ from market to market. Some areas may be more balanced, while a few could have a slight oversupply, which can impact prices locally. However, most markets continue to experience a shortage of homes.

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

We simply don’t have enough inventory. Will some markets see a price decline? Yes. [But] with the supply not being there, the repeat of a 30 percent price decline is highly, highly unlikely.”

2. Unemployment Is Still Low

When people are unemployed, they’re more likely to have trouble making their mortgage payments and may be forced to sell or face foreclosure. That was a big problem during the 2008 financial crisis. Today, the employment situation is much more stable (see graph below):

a graph of employmentAgain, this graph shows three different periods of time, but this one is the unemployment rate. The red bar represents the 2008 financial crisis when unemployment was very high at 8.3%. The gray bar shows the 75-year average of 5.7%. And the blue bar shows the unemployment rate today, and it’s much lower at just 4.1%.

Right now, people are working, earning an income, and making their mortgage payments. That’s one reason why the wave of foreclosures that happened in 2008 isn’t going to happen again this time. Plus, since so many people are employed right now, many are actually in a position to buy a home, and this demand keeps upward pressure on prices.

Today’s Housing Market Is Stronger than in 2008

While it’s understandable to be concerned when you hear talk of a recession and economic uncertainty, but know this: the housing market is in a much better place than it was in 2008. According to Rick Sharga, Founder and CEO at CJ Patrick Company:

“Literally everything is different about today’s housing market dynamics than the conditions that led to the housing crisis.”

Demand for homes still outpaces supply, and unemployment remains low. And these are two key factors that will help prevent the housing market from crashing any time soon.

[created_at] => 2024-10-08T15:09:33Z [description] =>

You may have heard chatter recently about the economy and talk about a possible recession.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241008/20241009-Two-Reasons-Why-the-Housing-Market-Won-t-Crash-original.png [id] => 64506 [kcm_ig_caption] => You may have heard chatter recently about the economy and talk about a possible recession. But here’s the good news – there’s no need to panic. The housing market is not set up for a crash right now. 1. Demand for Homes Is Higher than Supply One of the biggest reasons the housing market crashed back in 2008 was an oversupply of homes. Today, though, it’s a very different story. It’s a general rule of thumb that a market where supply and demand are balanced has a six-month supply of homes. A higher number means supply outpaces demand, and a lower number means demand outpaces supply. 2. Unemployment Is Still Low When people are unemployed, they’re more likely to have trouble making their mortgage payments and may be forced to sell or face foreclosure. That was a big problem during the 2008 financial crisis. Today, the employment situation is much more stable. Right now, people are working, earning an income, and making their mortgage payments. That’s one reason why the wave of foreclosures that happened in 2008 isn’t going to happen again this time. Today’s Housing Market Is Stronger than in 2008 While it’s understandable to be concerned when you hear talk of a recession and economic uncertainty, but know this: the housing market is in a much better place than it was in 2008. The housing market is doing a lot better than it was in 2008, but it’s important to remember that real estate is very local. So, it’s always a good idea to stay informed about our specific market. If you have any questions or want to discuss how these factors are playing out in our area, feel free to reach out. [kcm_ig_hashtags] => expertanswers,stayinformed,keepingcurrentmatters [kcm_ig_quote] => Two reasons why the housing market won’t crash. [poll] => [public_bottom_line] =>

The housing market is in a much better place than it was in 2008, but it’s important to remember that real estate is very local.

So, it’s always a good idea to stay informed about your specific market. If you have any questions or want to discuss how these factors are playing out in your area, reach out to a local real estate agent.

[published_at] => 2024-10-09T10:30:00Z [related] => Array ( ) [slug] => two-reasons-why-the-housing-market-wont-crash [status] => published [tags] => Array ( [0] => content-hub ) [title] => Two Reasons Why the Housing Market Won’t Crash [updated_at] => 2024-10-09T10:30:04Z [url] => /2024/10/09/two-reasons-why-the-housing-market-wont-crash/ )

Two Reasons Why the Housing Market Won’t Crash

You may have heard chatter recently about the economy and talk about a possible recession.

19
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While some sellers are choosing to take their homes off the market, this really isn’t the best move. With serious buyers eager to purchase, this is a great time to sell your house. Let’s connect to make sure we’ve got a strategy in place to make it happen. 

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Has your house been sitting on the market longer than expected? If so, you’re bound to be frustrated by now. Maybe you’re even thinking it’s time to pull the listing and wait to see what 2025 brings. But what you may not realize is, the decision to hold off could actually cost you. Here’s a look at why staying the course could be the smarter move.

Other Sellers Are Pulling Back. Should You Hold Off Too?

According to recent data from Altos Research, the number of withdrawals is increasing – that means more sellers are opting to pull their listings off the market right now. And this isn’t unusual for this time of the year.

In the housing market, there are seasonal ebbs and flows. Inventory levels typically start to drop off a bit headed into the fall season as some sellers delay their plans until the new year. As Mike Simonsen, Founder of Altos Research, explains:

“. . . we’re seeing a more normal seasonal pattern now with inventory beginning to decline. We’re also seeing more home sellers withdrawing their listings to try again next year. In fact, for every two sales, there is another listing withdrawn from the market.”

But is that a smart move? While it might seem like a good idea to pull your listing too, here’s why that approach may not pay off this year.

Today’s Buyers Are Serious and Ready To Act

The biggest reason to stick with your plan to sell now is that the buyers who are looking at this time of year are serious about making a purchase.

They’ve been sitting on the sidelines for a while waiting for affordability to improve. And now that mortgage rates are down from their recent peak, they’re ready to make their move. Mortgage applications are rising – and that’s a leading indicator that buyers are preparing to jump back in. And since they’ve already put their needs on the back burner for so long, they’re even more eager than buyers usually are at this time of year.

These aren’t window shoppers. They’re highly motivated buyers who want to move fast – and that’s the kind of buyer you want to work with. As Freddie Mac says:

“During the fall months, serious homebuyers are eager to settle in to a new home before the holiday season ramps up and the winter weather begins.”

By keeping your home on the market, you increase the chances of attracting people who are truly ready to make a purchase.

[created_at] => 2024-10-07T14:12:52Z [description] =>

Has your house been sitting on the market longer than expected?

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241007/20241008-Why-Now-s-Not-the-Time-To-Take-Your-House-Off-the-Market-original.png [id] => 64355 [kcm_ig_caption] => Has your house been sitting on the market longer than expected? If so, you’re bound to be frustrated by now. Maybe you’re even thinking it’s time to pull the listing and wait to see what 2025 brings. But what you may not realize is, the decision to hold off could actually cost you. Here’s a look at why staying the course could be the smarter move. Other Sellers Are Pulling Back. Should You Hold Off Too? According to recent data from Altos Research, the number of withdrawals is increasing – that means more sellers are opting to pull their listings off the market right now. And this isn’t unusual for this time of the year. In the housing market, there are seasonal ebbs and flows. Inventory levels typically start to drop off a bit headed into the fall season as some sellers delay their plans until the new year. Today’s Buyers Are Serious and Ready To Act The biggest reason to stick with your plan to sell now is that the buyers who are looking at this time of year are serious about making a purchase. They’ve been sitting on the sidelines for a while waiting for affordability to improve. And now that mortgage rates are trending down, they’re ready to make their move. Mortgage applications are rising – and that’s a leading indicator that buyers are preparing to jump back in. And since they’ve already put their needs on the back burner for so long, they’re even more eager than buyers usually are at this time of year. While some sellers are choosing to take their homes off the market, this really isn’t the best move. With serious buyers eager to purchase, this is a great time to sell your house. Let’s connect to make sure we’ve got a strategy in place to make it happen. [kcm_ig_hashtags] => sellyourhouse,realestate,keepingcurrentmatters [kcm_ig_quote] => Why now’s not the time to take your house off the market. [poll] => [public_bottom_line] =>

While some sellers are choosing to take their homes off the market, this really isn’t the best move. With serious buyers eager to purchase, this is a great time to sell your house. Connect with your agent to make sure you’ve got a strategy in place to make it happen. 

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Why Now’s Not the Time To Take Your House Off the Market

Has your house been sitting on the market longer than expected?

20
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    [agents_bottom_line] => 

If you’re ready to sell your current home and find the bigger, nicer home you’ve been dreaming of, don’t wait. Your equity, paired with lower mortgage rates, puts you in a great position to make that move today.

To make the best decisions and get the most out of your current market advantage, let’s connect so you have an expert guide through every step of the homebuying process.

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If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below):

No Caption ReceivedBut there’s also a good chance you, like many other people, have been holding off on that goal because of recent market challenges. It makes sense – when you’re planning an upgrade that could increase your monthly housing costs, affordability has a huge impact on when you make your move. But there’s good news: now’s actually a great time to make that move happen. Here’s why.

You Have a Lot of Equity To Leverage

One of the key benefits in today’s market is the amount of equity you’ve likely built up in your current house over the years. Even with recent shifts in the housing market, national home prices have steadily grown, adding to the equity homeowners have today. Selma Hepp, Chief Economist at CoreLogic, explains it well:

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.”

What does that mean for you? If you’ve been in your home for a few years, you’re probably sitting on a significant amount of equity. You can put that toward the down payment on your next home, helping keep the amount you borrow within a comfortable range.

This can make upgrading more achievable than you might think. If you’re curious how much you’ve built up over the years, ask your real estate agent for a professional equity assessment.

Mortgage Rates Have Fallen, Boosting Your Purchasing Power

And there’s another big reason why now’s a great time to make your move: mortgage rates are trending down. Lower rates can help make your future monthly payments more manageable, and they also increase your purchasing power. As Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), points out:

“When mortgage rates fall, the interest portion of monthly payments decreases, which lowers the total payment. This makes it easier for more borrowers to . . . qualify for mortgages that may have been unaffordable at higher rates.”

That gives you more flexibility when shopping for homes and may allow you to afford a house at a price point that was previously out of reach. A trusted lender can work with you to figure out the best plan for your budget.

[created_at] => 2024-10-03T13:41:41Z [description] =>

If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241003/20241007-Now-s-the-Time-To-Upgrade-to-Your-Dream-Home-original.png [id] => 64003 [kcm_ig_caption] => If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home. But there’s good news: now’s actually a great time to make that move happen. Here’s why. You Have a Lot of Equity To Leverage One of the key benefits in today’s market is the amount of equity you’ve likely built up in your current house over the years. What does that mean for you? If you’ve been in your home for a few years, you’re probably sitting on a significant amount of equity. You can put that toward the down payment on your next home, helping keep the amount you borrow within a comfortable range. Mortgage Rates Have Fallen, Boosting Your Purchasing Power And there’s another big reason why now’s a great time to make your move: mortgage rates are trending down. Lower rates can help make your future monthly payments more manageable, and they also increase your purchasing power. That gives you more flexibility when shopping for homes and may allow you to afford a house at a price point that was previously out of reach. A trusted lender can work with you to figure out the best plan for your budget. If you’re ready to sell your current home and find the bigger, nicer home you’ve been dreaming of, don’t wait. Your equity, paired with lower mortgage rates, puts you in a great position to make that move today. To make the best decisions and get the most out of your current market advantage, DM me so you have an expert guide through every step of the homebuying process. [kcm_ig_hashtags] => powerfuldecisions,confidentdecisions,keepingcurrentmatters [kcm_ig_quote] => Now’s the time to upgrade to your dream home. [poll] => [public_bottom_line] =>

If you’re ready to sell your current home and find the bigger, nicer home you’ve been dreaming of, don’t wait. Your equity, paired with lower mortgage rates, puts you in a great position to make that move today.

To make the best decisions and get the most out of your current market advantage, work with a trusted real estate professional who can guide you through every step of the homebuying process.

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Now’s the Time To Upgrade to Your Dream Home

If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone.

21
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  • Affordability is based on three key factors: mortgage rates, home prices, and wages.
  • And today, it’s improving quickly as rates come down, prices level off, and wages climb.
  • If you put your search on pause because it was too expensive to buy, let’s talk about why now may be the perfect time to jump back in.
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No Caption Received

[created_at] => 2024-10-03T19:13:07Z [description] =>

Affordability is based on three key factors: mortgage rates, home prices, and wages. 

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241003/20241004-Top-3-Reasons-Affordability-Is-Improving-KCM-Share-original.jpg [id] => 64089 [kcm_ig_caption] => Affordability is based on three key factors: mortgage rates, home prices, and wages. And today, it’s improving quickly as rates come down, prices level off, and wages climb. If you put your search on pause because it was too expensive to buy, let’s talk about why now may be the perfect time to jump back in. [kcm_ig_hashtags] => expertanswers,opportunity,keepingcurrentmatters [kcm_ig_quote] => The top 3 reasons affordability is improving. [poll] => [public_bottom_line] =>
  • Affordability is based on three key factors: mortgage rates, home prices, and wages.
  • And today, it’s improving quickly as rates come down, prices level off, and wages climb. 
  • If you put your search on pause because it was too expensive to buy, connect with an agent to talk about why now may be the perfect time to jump back in.
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The Top 3 Reasons Affordability Is Improving

Affordability is based on three key factors: mortgage rates, home prices, and wages. 

22
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    [agents_bottom_line] => 

The decrease in median price is not the same as a decrease in home values. The median asking price is down mostly due to the mix of smaller, less expensive homes on the market.

The important thing to focus on is the price per square foot, which is a better indicator of overall market value—and those prices are still going up. If you have questions about what home prices are doing in our area, feel free to reach out. 

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Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a buyer or seller, it’s easy to assume that means prices are coming down. But here’s the catch: those numbers don’t tell the full story.

Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create.

Homes on the Market Right Now Are Smaller

The biggest reason for the dip in median price is the size of homes being sold. The median price reflects the middle point of all the homes for sale at any given time. And that’ll be affected by the mix of homes on the market.

To show you how this works, here’s a simple explanation of a median (see visual below). Let’s say you have three coins in your pocket, and you decide to line them up according to their value from low to high. If you have one nickel and two dimes, the median (the middle one) is 10 cents. If you have two nickels and one dime, the median is now five cents.

No Caption ReceivedIn both cases, a nickel is still worth five cents and a dime is still worth 10 cents. The value of each coin didn’t change. The same is true for housing.

Right now, there’s a greater number of smaller, less expensive homes on the market, and that’s bringing the overall median price down. But that doesn’t mean home values are declining.

As Danielle Hale, Chief Economist at Realtor.com, explains:

“The share of inventory of smaller and more affordable homes has grown, which helps hold down the median price even as per-square-foot prices grow further.”

And here’s the data to prove it. 

Price Per Square Foot Is Still Rising

One of the best ways to measure home values is by looking at the price per square foot. That’s because it shows how much you're paying for the space inside the home.

The median asking price doesn't take into account the size of different homes, so it may not always reflect the true value. And the latest national price per square foot data shows home values are still increasing, even though the median asking price has dropped (see graph below).

No Caption ReceivedAs Ralph McLaughlin, Senior Economist at Realtor.com, explains:

“When a change in the mix of inventory toward smaller homes is accounted for, the typical home listed this year has increased in asking price compared with last year.”

This means that while smaller homes are affecting the median price, the average home’s value is still rising. According to the Federal Housing Finance Agency (FHFA):

“Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.”

So, while headlines may make it sound like prices are crashing, you don’t have to worry. With a closer look and more reliable data, you can see that prices are still climbing nationally.

But it’s important to remember that home prices can vary by region. While national trends provide a big-picture view, local markets may be experiencing different conditions. A trusted agent is the best resource to explain what’s happening in your area.

[created_at] => 2024-10-02T14:10:20Z [description] =>

Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241002/20241003-Home-Values-Rise-Even-as-Median-Prices-Fall-original.png [id] => 63836 [kcm_ig_caption] => Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create. Homes on the Market Right Now Are Smaller The biggest reason for the dip in median price is the size of homes being sold. The median price reflects the middle point of all the homes for sale at any given time. And that’ll be affected by the mix of homes on the market. Right now, there’s a greater number of smaller, less expensive homes on the market, and that’s bringing the overall median price down. But that doesn’t mean home values are declining. Price Per Square Foot Is Still Rising This means that while smaller homes are affecting the median price, the average home’s value is still rising. So, while headlines may make it sound like prices are crashing, you don’t have to worry. With a closer look and more reliable data, you can see that prices are still climbing nationally. But it’s important to remember that home prices can vary by region. While national trends provide a big-picture view, local markets may be experiencing different conditions. A trusted agent is the best resource to explain what’s happening in your area. The decrease in median price is not the same as a decrease in home values. The median asking price is down mostly due to the mix of smaller, less expensive homes on the market. The important thing to focus on is the price per square foot, which is a better indicator of overall market value—and those prices are still going up. If you have questions about what home prices are doing in our area, feel free to reach out. [kcm_ig_hashtags] => homevalues,homeownership,keepingcurrentmatters [kcm_ig_quote] => Home values rise even as median prices fall. [poll] => [public_bottom_line] =>

The decrease in median price is not the same as a decrease in home values. The median asking price is down mostly due to the mix of smaller, less expensive homes on the market.

The important thing to focus on is the price per square foot, which is a better indicator of overall market value—and those prices are still going up. If you have questions about what home prices are doing in your area, reach out to a local real estate agent who can provide insights on your specific market.

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Home Values Rise Even as Median Prices Fall

Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion.

23
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    [agents_bottom_line] => 

Selling a home quickly in a shifting market requires a strategic approach and an in-depth understanding of what buyers want. That’s why partnering with a local real estate agent is so important. As Forbes says:

“When time is of the essence, you can’t afford to take a chance on an inexperienced housing professional. Instead, you’ll want to work with a real estate agent who knows your market and has helped sellers in your situation before.”

Let’s connect to make sure you’re set up for success.

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Seeing your house sit on the market without any bites is the ultimate frustration. And unfortunately, some sellers are in that tricky spot today.

According to data from the National Association of Realtors (NAR), the average time a house spends on the market has increased over the past few years (see graph below):

No Caption ReceivedA recent post from Realtor.com notes a similar trend:

During the week ending Sept. 14, homes stayed on the market eight days longer compared to last year. With more choices available and mortgage rates expected to fall, buyers are taking their time, which means sellers will need to be patient and flexible.”

Some of that is because inventory has gone up, so buyers have more options. And higher mortgage rates have definitely slowed demand over the past two years, and that’s out of your control. But here’s the secret. There’s something you can control – it's also where those other sellers missed the mark. They didn’t work with the right agent.

Make no mistake, with the right strategy and agent partner, your house can still sell quickly, even today.

If time matters to you, you need to partner with an agent who understands this shifting market. That agent will be your go-to resource on what buyers are looking for right now, and how to position your home to hit the mark.

Here are just a few tips a great real estate agent will walk you through. They may seem simple, but advice like this can make all the difference.

1. Competitive Pricing: One of the most critical factors in selling your home quickly is setting the right price. A local real estate agent will do a competitive market analysis by reviewing recent sales and current listings for your area. Then, they’ll use that data to make sure your home is priced accurately for today’s market. This strategic pricing approach is the best way to make sure you’re hitting the sweet spot on price. If you don’t lean on an agent for this, it can really slow your process down. As U.S. News says:

“. . . setting an unrealistically high price with the idea that you can come down later doesn’t work in real estate . . . A home that’s overpriced in the beginning tends to stay on the market longer, even after the price is cut, because buyers think there must be something wrong with it.”

2. The Home’s Condition: Homes that are well maintained, have great curb appeal, and are updated with modern finishes tend to sell faster. So, if speed is a priority, make sure your house makes a great first impression. An agent is a key resource on what buyers will be looking for, if staging is worthwhile, and what repairs you need to tackle before you list. Ramsey Solutions offers this advice:

“In the spirit of selling your home fast, take care of things now that will be a problem in the closing process. Talk to your agent about fixes you’ll need to make to pass the home inspection, like: plumbing problems, roof damage, electrical issues, HVAC glitches. . . These are issues you’ll be expected to take care of before any buyers close on your house—you might as well get ahead of the game to help your home sell faster.”

3. Incentives and Extras: If you want to stand out from those other homes on the market, offering incentives or concessions, like help with closing costs, a home warranty, or including additional items (like appliances or furniture) with the sale can sweeten the deal for buyers. A real estate agent can suggest the right incentives to offer based on current market conditions and buyer expectations, so you can close the sale even faster.

[created_at] => 2024-09-30T18:21:39Z [description] =>

Seeing your house sit on the market without any bites is the ultimate frustration.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240930/20241002-Secrets-To-Selling-Your-House-Quickly-original.png [id] => 63588 [kcm_ig_caption] => Seeing your house sit on the market without any bites is the ultimate frustration. And unfortunately, some sellers are in that tricky spot today. According to data from the National Association of Realtors (NAR), the average time a house spends on the market has increased over the past few years. Some of that is because inventory has gone up, so buyers have more options. And higher mortgage rates have definitely slowed demand over the past two years, and that’s out of your control. Make no mistake, with the right strategy and agent partner, your house can still sell quickly, even today. Here are just a few tips a great real estate agent will walk you through. They may seem simple, but advice like this can make all the difference. 1. Competitive Pricing: A local real estate agent will do a competitive market analysis by reviewing recent sales and current listings for your area. Then, they’ll use that data to make sure your home is priced accurately for today’s market. 2. The Home’s Condition: An agent is a key resource on what buyers will be looking for, if staging is worthwhile, and what repairs you need to tackle before you list. 3. Incentives and Extras: A real estate agent can suggest the right incentives to offer based on current market conditions and buyer expectations, so you can close the sale even faster. Selling a home quickly in a shifting market requires a strategic approach and an in-depth understanding of what buyers want. That’s why partnering with a local real estate agent is so important. DM me to make sure you’re set up for success. [kcm_ig_hashtags] => sellyourhouse,expertanswers,keepingcurrentmatters [kcm_ig_quote] => Secrets to selling your house quickly. [poll] => [public_bottom_line] =>

Selling a home quickly in a shifting market requires a strategic approach and an in-depth understanding of what buyers want. That’s why partnering with a local real estate agent is so important. As Forbes says:

“When time is of the essence, you can’t afford to take a chance on an inexperienced housing professional. Instead, you’ll want to work with a real estate agent who knows your market and has helped sellers in your situation before.”

Connect with an agent to make sure you’re set up for success.

[published_at] => 2024-10-02T10:30:00Z [related] => Array ( ) [slug] => secrets-to-selling-your-house-quickly [status] => published [tags] => Array ( [0] => content-hub ) [title] => Secrets To Selling Your House Quickly [updated_at] => 2024-10-02T10:30:10Z [url] => /2024/10/02/secrets-to-selling-your-house-quickly/ )

Secrets To Selling Your House Quickly

Seeing your house sit on the market without any bites is the ultimate frustration.

24
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    [agents_bottom_line] => 

Don’t wait until you have to deal with more competition and higher prices – you already have the chance to buy a home while we’re in the sweet spot today. Let’s connect to make sure you’re taking advantage of it.

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After months of sitting on the sidelines, many homebuyers who were priced out by high mortgage rates and affordability challenges finally have an opportunity to make their move. With rates trending down, today’s market is a sweet spot for buyers—and it’s one that may not last long.

So, if you’ve put your own move on the back burner, here’s why maybe you shouldn’t delay your plans any longer.

As you weigh your options and decide if you should buy now or wait, ask yourself this: What do you think everyone else is going to do?

The truth is, if mortgage rates continue to ease, as experts project, more buyers will jump back into the market. A survey from Bankrate shows over half of homeowners would be motivated to buy this year if rates drop below 6% (see graph below):

No Caption ReceivedWith rates already in the low 6% range, we’re not terribly far off from hitting that threshold. The bottom line is, that when they drop into the 5s, the number of buyers in the market is going to go up – and that means more competition for you.

That increased demand will likely push home prices up, which could potentially take away from some of the benefits you'd gain from a slightly lower interest rate. As Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), explains:

“The downside of increased demand is that it puts upward pressure on home prices as multiple buyers compete for a limited number of homes. In markets with ongoing housing shortages, this price increase can offset some of the affordability gains from lower mortgage rates.”

So, while waiting to buy may seem like a smart move, it could backfire if rising prices outpace your savings from slightly lower rates.

What This Means for You

Right now, you’ve got the chance to get ahead of all of that. Today’s market is a buyer sweet spot. Why? Because a lot of other buyers are waiting – which means not as many people are actively looking for homes. That means less competition for you.

At the same time, affordability has already improved quite a bit. Recent easing in mortgage rates has made homeownership more accessible. As Mike Simonsen, Founder of Altos Research, says:

“Mortgage payments on the typical-price home are 7% lower than last year and are 13% lower than the peak in May 2024.”

And while the supply of homes for sale is still low, it's also higher than it’s been in years. According to Ralph McLaughlin, Senior Economist at Realtor.com:

“The number of homes actively for sale continues to be elevated compared with last year, growing by 35.8%, a 10th straight month of growth, and now sits at the highest since May 2020.”

This means you now have more options to choose from than you’ve had in quite a while.

With fewer buyers in the market, improving affordability, and more homes to choose from, you have the chance to find the right one before the competition heats up.

Why Waiting Could Cost You

If you’re waiting for the perfect time to buy, it’s important to understand that timing the market is nearly impossible. The longer you wait, the higher the risk that market conditions will shift—and not necessarily in your favor. As Greg McBride, Chief Financial Analyst at Bankrate, says:

“It’s one of those things where you should be careful what you wish for. A further drop in mortgage rates could bring a surge of demand that makes it tougher to actually buy a house.”
[created_at] => 2024-09-30T14:40:07Z [description] =>

After months of sitting on the sidelines, many homebuyers who were priced out by high mortgage rates and affordability challenges finally have an opportunity to make their move.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240930/20241001-This-Is-the-Sweet-Spot-Homebuyers-Have-Been-Waiting-For-original.png [id] => 63532 [kcm_ig_caption] => After months of sitting on the sidelines, many homebuyers who were priced out by high mortgage rates and affordability challenges finally have an opportunity to make their move. With rates trending down, today’s market is a sweet spot for buyers—and it’s one that may not last long. The truth is, if mortgage rates continue to ease, as experts project, more buyers will jump back into the market. A survey from Bankrate shows over half of homeowners would be motivated to buy this year if rates drop below 6%. With rates already in the low 6% range, we’re not terribly far off from hitting that threshold. The bottom line is, that when they drop into the 5s, the number of buyers in the market is going to go up – and that means more competition for you. What This Means for You Right now, you’ve got the chance to get ahead of all of that. Today’s market is a buyer sweet spot. Why? Because a lot of other buyers are waiting – which means not as many people are actively looking for homes. That means less competition for you. At the same time, affordability has already improved quite a bit. Recent easing in mortgage rates has made homeownership more accessible. Why Waiting Could Cost You If you’re waiting for the perfect time to buy, it’s important to understand that timing the market is nearly impossible. The longer you wait, the higher the risk that market conditions will shift—and not necessarily in your favor. Don’t wait until you have to deal with more competition and higher prices – you already have the chance to buy a home while we’re in the sweet spot today. Let’s connect to make sure you’re taking advantage of it. [kcm_ig_hashtags] => firsttimehomebuyer,opportunity,keepingcurrentmatters [kcm_ig_quote] => This is the sweet spot homebuyers have been waiting for. [poll] => [public_bottom_line] =>

Don’t wait until you have to deal with more competition and higher prices – you already have the chance to buy a home while we’re in the sweet spot today. Connect with an agent to make sure you’re taking advantage of it.

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This Is the Sweet Spot Homebuyers Have Been Waiting For

After months of sitting on the sidelines, many homebuyers who were priced out by high mortgage rates and affordability challenges finally have an opportunity to make their move.

25
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If you’re tired of renting and ready to find out what it takes to purchase a home in our area now that the landscape may be shifting, let’s do the math together to see if buying a home makes sense for you now or sometime soon.

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That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments (see chart below):

No Caption ReceivedAs mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country.

This is a big deal if you’ve been renting for a while now. But if you don’t see your city on this list, don’t sweat it. Things are moving fast, and your area might be joining these top metros soon.

You see, talking with a local real estate agent about what’s happening in your market before this happens in your ideal neighborhood could really change the game for you. It’s all about being informed by a true expert, and understanding what was out of reach before might actually be getting more affordable than you think. 

Now, while this study compares monthly rent to principal and interest on a mortgage payment (not the whole monthly payment), let’s think through this. As Zillow notes, what you can’t ignore when you buy a home are things like taxes, insurance, utilities, and maintenance that should also be factored into your budget and your monthly payment.

But remember – renters pay extra fees too, like renters’ insurance, utilities, parking, and more. And while doing the math may feel like a drag, this equation could be a much more exciting one to work through today.

So, grab your calculator and your agent because the big takeaway is this: it may be time to determine if you’re in a spot to afford what you couldn’t just a few months ago.

As Orphe Divounguy, Senior Economist at Zillow, says:

“… for those who can make it work, homeownership may come with lower monthly costs and the ability to build long-term wealth in the form of home equity — something you lose out on as a renter. With mortgage rates dropping, it's a great time to see how your affordability has changed and if it makes more sense to buy than rent.

Whether you live in one of these budget-friendly metros where the scales have already tipped in your favor, or any town in-between, it’s time to connect with a local real estate agent to get the conversation started.

With mortgage rates coming down and more homes hitting the market, you’ll want to be ready to jump back into your search – before everyone else does.

[created_at] => 2024-09-26T13:14:04Z [description] =>

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240926/20240930-Buying-Beats-Renting-in-22-Major-U-original.S [id] => 63193 [kcm_ig_caption] => That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments. As mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country. You see, talking with a local real estate agent about what’s happening in your market before this happens in your ideal neighborhood could really change the game for you. It’s all about being informed by a true expert, and understanding what was out of reach before might actually be getting more affordable than you think. Now, while this study compares monthly rent to principal and interest on a mortgage payment (not the whole monthly payment), let’s think through this. As Zillow notes, what you can’t ignore when you buy a home are things like taxes, insurance, utilities, and maintenance that should also be factored into your budget and your monthly payment. But remember – renters pay extra fees too, like renters’ insurance, utilities, parking, and more. With mortgage rates coming down and more homes hitting the market, you’ll want to be ready to jump back into your search – before everyone else does. If you’re tired of renting and ready to find out what it takes to purchase a home in our area now that the landscape may be shifting, let’s do the math together to see if buying a home makes sense for you now or sometime soon. [kcm_ig_hashtags] => housingmarket,househunting,keepingcurrentmatters [kcm_ig_quote] => Buying beats renting in 22 major U.S. cities. [poll] => [public_bottom_line] =>

If you’re tired of renting and ready to find out what it takes to purchase a home in your area now that the landscape may be shifting, connect with a local real estate agent to do the math and see if buying a home makes sense for you now or sometime soon. 

[published_at] => 2024-09-30T10:30:00Z [related] => Array ( ) [slug] => buying-beats-renting-in-22-major-us-cities [status] => published [tags] => Array ( [0] => content-hub ) [title] => Buying Beats Renting in 22 Major U.S. Cities [updated_at] => 2024-09-30T10:30:20Z [url] => /2024/09/30/buying-beats-renting-in-22-major-us-cities/ )

Buying Beats Renting in 22 Major U.S. Cities

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments.