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1
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  • Want to know the biggest mistakes homebuyers are making today?
  • They include everything from putting off pre-approval for too long, holding out for the perfect home, buying more than they can afford, and skipping out on hiring a pro.
  • Let’s connect to make sure you have a pro on your side who can help you avoid these mistakes.
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No Caption Received

[created_at] => 2024-07-17T13:10:08Z [description] =>

Want to know the biggest mistakes homebuyers are making today?

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240717/20240719-The-Biggest-Mistakes-Homebuyers-Are-Making-Right-Now-KCM-Share-original.jpg [id] => 57093 [kcm_ig_caption] => Want to know the biggest mistakes homebuyers are making today? They include everything from putting off pre-approval for too long, holding out for the perfect home, buying more than they can afford, and skipping out on hiring a pro. Let’s connect to make sure you have a pro on your side who can help you avoid these mistakes. [kcm_ig_hashtags] => firsttimehomebuyer,opportunity,keepingcurrentmatters [kcm_ig_quote] => The biggest mistakes homebuyers are making right now. [public_bottom_line] =>
  • Want to know the biggest mistakes homebuyers are making today?
  • They include everything from putting off pre-approval for too long, holding out for the perfect home, buying more than they can afford, and skipping out on hiring a pro
  • Connect with a real estate agent to make sure you have a pro on your side who can help you avoid these mistakes.
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The Biggest Mistakes Homebuyers Are Making Right Now

Want to know the biggest mistakes homebuyers are making today?

2
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If you’ve put your dream of homeownership on hold, the second half of 2024 may be your chance to jump back in. Let’s connect to talk more about the opportunities you have in today’s market.

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There’s no arguing this past year has been difficult for homebuyers. And if you’re someone who has started the process of searching for a home, maybe you put your search on hold because the challenges in today’s market felt like too much to tackle. You’re not alone in that. A Bright MLS study found some of the top reasons buyers paused their search in late 2023 and early 2024 were:

  • They couldn’t find anything in their price range
  • They didn’t have any successful offers or had difficulty competing
  • They couldn’t find the right home

If any of these sound like why you stopped looking, here’s what you need to know. The housing market is in a transition in the second half of 2024. Here are four reasons why this may be your chance to jump back in.

1. The Supply of Homes for Sale Is Growing

One of the most significant shifts in the market this year is how the months’ supply of homes for sale has increased. If you look at data from the National Association of Realtors (NAR), you’ll see how inventory has grown throughout 2024 (see graph below): No Caption Received


This graph shows the months’ supply of existing homes – homes that were previously lived in by another homeowner. The upward trend this year is clear.

This increase means you have a better chance of finding a home that suits your needs and preferences. And if the biggest reason you put off your home search was difficulty finding the right home, this is a big relief.

2. There’s More New Home Construction

And if you still don’t see an existing home you like, another big opportunity lies in the rise of new home construction. Builders have worked to increase the supply of newly built homes this year. And they’ve turned their attention to crafting smaller, more affordable homes based on what’s most needed in today’s market. This helps address the long-standing issue of housing undersupply throughout the country, and those smaller homes also offset some of the affordability challenges you’re feeling today.

According to data from the Census and NAR, one in three homes on the market is a newly built home (see graph below):No Caption Received


This means, that if you didn’t previously look at newly built homes as part of your search, you may have been cutting your pool of options by a third. Not to mention, some builders are also offering incentives like buying down mortgage rates to make it easier for buyers to get a home that fits their budget.

So, consider talking to your agent about what builders have to offer in your area. Your agent’s expertise on builder reputations, contracts, and more will help you weigh your options.

3. Less Buyer Competition

Mortgage rates are still hovering around 7%, so buyer demand isn’t as fierce as it once was. And when you combine that with more housing supply, you have a better chance of avoiding an intense bidding war. Danielle Hale, Chief Economist at Realtor.com, highlights the positive trend for the latter half of 2024, saying:

Home shoppers who persist could see better conditions in the second half of the year, which tends to be somewhat less competitive seasonally, and might be even more so since inventory is likely to reach five-year highs.”

This creates a unique opportunity for you to find a home you want to buy with less stress and at a potentially better price.

4. Home Prices Are Moderating

Speaking of prices, home prices are also showing signs of moderation – and that’s a welcome shift after the rapid appreciation seen in recent years (see graph below): No Caption Received


This moderation is mostly due to supply and demand. Supply is growing and demand is easing, so prices aren’t rising as fast. But make no mistake, that doesn’t mean prices are falling – they’re just rising at a more normal pace. You can see this in the graph. The bars are still showing prices increasing, just not as dramatic as it was before.

The average forecast for home price appreciation in 2024 is for positive growth around 3% to 5%, which is more in line with historical norms. That moderation means that you are less likely to face the steep price increases we saw a few years ago.

The Opportunity in Front of You

If you’re ready and able to buy, you may find that the second half of 2024 is a bit easier to navigate. There are still challenges, but some of the biggest hurdles you’ve faced are getting better as time wears on.

On the other hand, you could choose to wait. But if you do, here’s the risk you run. As more buyers recognize the shift in the market, competition will grow again. On a similar note, if mortgage rates do come down (as forecasts say), more buyers will flood back into the market. So, making a move now helps you take advantage of the current market conditions and get ahead of those other buyers.

[created_at] => 2024-07-11T14:20:02Z [description] =>

There’s no arguing this past year has been difficult for homebuyers.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240711/20240718-Unlocking-Homebuyer-Opportunities-in-2024-original.png [id] => 56653 [kcm_ig_caption] => There’s no arguing this past year has been difficult for homebuyers. And if you’re someone who has started the process of searching for a home, maybe you put your search on hold because the challenges in today’s market felt like too much to tackle. You’re not alone in that. A Bright MLS study found some of the top reasons buyers paused their search in late 2023 and early 2024 were: • They couldn’t find anything in their price range • They didn’t have any successful offers or had difficulty competing • They couldn’t find the right home If any of these sound like why you stopped looking, here’s what you need to know. The housing market is in a transition in the second half of 2024. Here are four reasons why this may be your chance to jump back in. 1. The Supply of Homes for Sale Is Growing 2. There’s More New Home Construction 3. Less Buyer Competition 4. Home Prices Are Moderating The Opportunity in Front of You If you’re ready and able to buy, you may find that the second half of 2024 is a bit easier to navigate. On the other hand, you could choose to wait. But if you do, here’s the risk you run. As more buyers recognize the shift in the market, competition will grow again. On a similar note, if mortgage rates do come down (as forecasts say), more buyers will flood back into the market. So, making a move now helps you take advantage of the current market conditions and get ahead of those other buyers. If you’ve put your dream of homeownership on hold, the second half of 2024 may be your chance to jump back in. Let’s connect to talk more about the opportunities you have in today’s market. [kcm_ig_hashtags] => opportunity,firsttimehomebuyer,keepingcurrentmatters,, [kcm_ig_quote] => Unlocking homebuyer opportunities in 2024. [public_bottom_line] =>

If you’ve put your dream of homeownership on hold, the second half of 2024 may be your chance to jump back in. Connect with a real estate agent to talk more about the opportunities you have in today’s market.

[published_at] => 2024-07-18T10:30:00Z [related] => Array ( ) [slug] => unlocking-homebuyer-opportunities-in-2024 [status] => published [tags] => Array ( ) [title] => Unlocking Homebuyer Opportunities in 2024 [updated_at] => 2024-07-18T10:30:07Z [url] => /2024/07/18/unlocking-homebuyer-opportunities-in-2024/ )

Unlocking Homebuyer Opportunities in 2024

There’s no arguing this past year has been difficult for homebuyers.

3
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If you want to have a conversation about all the things you need to consider to determine if you’re ready to buy, let’s connect.

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If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind. You’re thinking about your finances, today’s mortgage rates and home prices, the limited supply of homes for sale, and more. And, you’re juggling how all of those things will impact the choice you’ll make.

While housing market conditions are definitely a factor in your decision, your own personal situation and your finances matter too. As an article from NerdWallet says:

“Housing market trends give important context. But whether this is a good time to buy a house also depends on your financial situation, life goals and readiness to become a homeowner.”

Instead of trying to time the market, focus on what you can control. Here are a few questions that can give you clarity on whether you’re ready to make your move.

1. Do You Have a Stable Job?

One thing to consider is how stable you feel your employment is. Buying a home is a big purchase, and you’re going to sign a home loan stating you’ll pay that loan back. That's a big commitment. Knowing you have a reliable job and a steady stream of income coming in can help put your mind at ease when making such a large purchase.

2. Have You Figured Out What You Can Afford?

If you have reliable paychecks coming in, the next thing to figure out is what you can afford. That’ll depend on your spending habits, debt, and more. To be sure you have a good idea of what to expect from a number's perspective, start by talking to a trusted lender.

They’ll be able to tell you about the pre-approval process and what you’re qualified to borrow, current mortgage rates and your approximate monthly payment, closing costs to anticipate, and other expenses you’ll want to budget for. That way you can make an informed decision about whether you’re ready to buy.

3. Do You Have an Emergency Fund?

Another key factor is whether you’ll have enough cash left over in case of an emergency. While that’s not fun to think about, it’s an important thing to consider. You don’t want to overextend on the house, and then not be able to weather a storm if one comes along. As CNET says:

“You’ll want to have a financial cushion that can cover several months of living expenses, including mortgage payments, in case of unforeseen circumstances, such as job loss or medical emergencies.”

4. How Long Do You Plan To Live There?

It was mentioned above, but buying a home involves some upfront expenses. And while you’ll get that money back (and more) as you gain equity, that process takes time. If you plan to move too soon, you may not recoup your investment. For example, if you’re looking to sell and move again in a year, it might not make sense to buy right now. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“Five years is a good, comfortable mark. If the price of your home appreciates considerably, then even three years would be fine.”

So, think about your future. If you plan to transfer to a new city with the upcoming promotion you’re working toward or you anticipate your loved ones will need you to move closer to take care of them, that’s something to factor in.

5. Above all else, the most important question to answer is: do you have a team of real estate professionals in place? 

If not, finding a trusted local agent and a lender is a good first step. The pros can talk you through your options and help you decide if you’re ready to take the plunge or if you have a few more things to get in order first.

[created_at] => 2024-07-10T20:22:36Z [description] =>

If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240710/20240716-How-To-Determine-if-You-re-Ready-To-Buy-a-Home-original.png [id] => 56609 [kcm_ig_caption] => If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind. Instead of trying to time the market, focus on what you can control. Here are a few questions that can give you clarity on whether you’re ready to make your move. 1. Do You Have a Stable Job? One thing to consider is how stable you feel your employment is. 2. Have You Figured Out What You Can Afford? If you have reliable paychecks coming in, the next thing to figure out is what you can afford. 3. Do You Have an Emergency Fund? Another key factor is whether you’ll have enough cash leftover in case of an emergency. 4. How Long Do You Plan To Live There? 5. Above all else, the most important question to answer is: do you have a team of real estate professionals in place? If not, finding a trusted local agent and a lender is a good first step. The pros can talk you through your options and help you decide if you’re ready to take the plunge or if you have a few more things to get in order first. If you want to have a conversation about all the things you need to consider to determine if you’re ready to buy, DM me. [kcm_ig_hashtags] => expertanswers,stayinformed,keepingcurrentmatters [kcm_ig_quote] => How to determine if you’re ready to buy a home. [public_bottom_line] =>

If you want to have a conversation about all the things you need to consider to determine if you’re ready to buy, connect with a local real estate professional.

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How To Determine if You’re Ready To Buy a Home

If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind.

4
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  • Are you wondering if the upcoming election will have an impact on the housing market? Here’s what history tells us you need to know if you’re considering a move.​
  • Data shows home sales slow in November but quickly bounce back and rise the following year. Prices usually keep climbing. And mortgage rates typically come down slightly.
  • Presidential elections have only a small and temporary impact on the housing market. If you have questions, let’s connect.
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No Caption Received

[created_at] => 2024-07-09T18:14:08Z [description] =>

Are you wondering if the upcoming election will have an impact on the housing market?

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240709/How-Do-Presidential-Elections-Impact-The-Housing-Market-KCM-Share-original.jpg [id] => 56450 [kcm_ig_caption] => Are you wondering if the upcoming election will have an impact on the housing market? Here’s what history tells us you need to know if you’re considering a move. Data shows home sales slow in November but quickly bounce back and rise the following year. Prices usually keep climbing. And mortgage rates typically come down slightly. Presidential elections have only a small and temporary impact on the housing market. If you have questions, let’s connect. [kcm_ig_hashtags] => expertanswers,stayinformed,keepingcurrentmatters [kcm_ig_quote] => How do presidential elections impact the housing market? [public_bottom_line] =>
  • Are you wondering if the upcoming election will have an impact on the housing market? Here’s what history tells us you need to know if you’re considering a move.​
  • Data shows home sales slow in November but quickly bounce back and rise the following year. Prices usually keep climbing. And mortgage rates typically come down slightly.
  • Presidential elections have only a small and temporary impact on the housing market. If you have questions, connect with a real estate agent.
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How Do Presidential Elections Impact the Housing Market?

Are you wondering if the upcoming election will have an impact on the housing market?

5
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    [agents_bottom_line] => 

Starting your retirement journey? Think about downsizing – it could really help. When you're ready, let’s connect.

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Retirement is a time for relaxation, adventure, and enjoying the things you love. As you imagine this exciting new chapter in your life, it's important to think about whether your current home still fits your needs.

If it's too big, too costly, or just not convenient anymore, downsizing might help you make the most of your retirement years. To find out if a smaller, more manageable home might be the perfect fit for your new lifestyle, ask yourself these questions:

  • Do the original reasons I bought my current house still stand, or have my needs changed since then?
  • Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
  • What are my housing expenses right now, and how much do I want to try to save by downsizing?

If you answered yes to any of these, consider the benefits that come with downsizing.

The Benefits of Moving into a Smaller Home

There are many reasons why you should downsize. Here are just a few from Bankrate:No Caption Received


Your Equity Can Help Make Downsizing Possible

If those perks sound like something you’d want, you may already have what you need to make it happen. A recent article from Seniors Guide shares:

“And at a time when homeowners age 62 and older have more than $12 trillion in home equity, downsizing makes sense . . .”

If you’ve been in your house for a while, odds are you’re one of those homeowners who’s built up a considerable amount of equity. And that equity is something you can use to help you buy a home that better fits your needs today. Greg McBride, Chief Financial Analyst at Bankrate, explains:

“Downsizing can mean taking that equity when the home is sold and using it to pay cash or make a large down payment on a lower-priced home, reducing your monthly living expenses.”

When you’re ready to use all that equity to fuel your next move, your real estate agent will be your guide through every step of the process. That includes setting the right price for your current house when you sell, finding the home that best fits your evolving needs, and understanding what you can afford at today’s mortgage rate.

[created_at] => 2024-07-09T15:35:11Z [description] =>

Retirement is a time for relaxation, adventure, and enjoying the things you love.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240709/20240711-Why-Moving-to-a-Smaller-Home-After-Retirement-Makes-Life-Easier-original.png [id] => 56423 [kcm_ig_caption] => Retirement is a time for relaxation, adventure, and enjoying the things you love. As you imagine this exciting new chapter in your life, it's important to think about whether your current home still fits your needs. If it's too big, too costly, or just not convenient anymore, downsizing might help you make the most of your retirement years. To find out if a smaller, more manageable home might be the perfect fit for your new lifestyle, ask yourself these questions: • Do the original reasons I bought my current house still stand, or have my needs changed since then? • Do I really need and want the space I have right now, or could somewhere smaller be a better fit? • What are my housing expenses right now, and how much do I want to try to save by downsizing? If you answered yes to any of these, consider the benefits that come with downsizing. Your Equity Can Help Make Downsizing Possible You may already have what you need to make it happen. If you’ve been in your house for a while, odds are you’re one of those homeowners who’s built up a considerable amount of equity. And that equity is something you can use to help you buy a home that better fits your needs today. When you’re ready to use all that equity to fuel your next move, your real estate agent will be your guide through every step of the process. That includes setting the right price for your current house when you sell, finding the home that best fits your evolving needs, and understanding what you can afford at today’s mortgage rate. Starting your retirement journey? Think about downsizing – it could really help. When you're ready, DM me. [kcm_ig_hashtags] => realestate,homeownership,keepingcurrentmatters [kcm_ig_quote] => Why moving to a smaller home after retirement makes life easier. [public_bottom_line] =>

Starting your retirement journey? Think about downsizing – it could really help. When you're ready, talk to a local real estate agent about your housing goals this year.

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Why Moving to a Smaller Home After Retirement Makes Life Easier

Retirement is a time for relaxation, adventure, and enjoying the things you love.

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Remember, there is no perfect home. But with expert help and an open mind, we can find you the right home – even in today’s market. Let’s connect to see what’s out there.

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In life, patience is a virtue – but in the world of homebuying, waiting too long in hopes of finding the perfect home actually isn't wise. That’s because the pursuit of perfection comes at a cost. And in this case, that cost may be delaying your dream of homeownership. As Bankrate explains:

“One of the most common first-time homebuyer mistakes is looking for a home that checks each of your boxes. Looking for perfection can narrow your choices and lead you to pass over good, suitable options for starter homes in the hopes that something better will come along.”

The Cost of Holding Out for Perfection

Nothing in life is ever perfect – and that's true when you search for a home too. Unless you’re building a brand-new home from the ground up, chances are there are going to be some features or finishes you wouldn’t have picked yourself. It may be as simple as paint colors, a light fixture, or the tile in the bathrooms or kitchen. Or even that the backyard isn’t fenced in. It could also be that the home itself is great, but it’s not the ideal location you were hoping for.

But here’s the trade-off you'd be making without even realizing it. In all that time you’d spend searching for the perfect place, you’d overlook a lot of homes that would’ve worked for you. U.S. News explains:

“. . . you may miss opportunities if you enter the process with blinders on and aren’t open-minded . . . Countless potential buyers never buy because of this, and thus miss great investments or never move on to the next chapter of their lives.”

It’s Time To Redefine Perfection

Especially with affordability and inventory where they are today, buying a home that needs some updates, is a few neighborhoods away from your ideal location, or doesn’t have all your desired features can be a smart move. Here’s why.

For starters, these homes are usually more affordable, which is important at a time when some buyers are struggling to find options in their budget.

And they give you a chance to make the space your own or discover a whole new area of town. You may find out you actually love that neighborhood. Or, swapping out a feature here or there after move-in isn’t such a big deal. So, look past the green shag carpet and see the bones of the house. With a little vision and creativity, you can turn a good house into a fantastic home.

How an Agent Helps You Explore Your Options

If you’re open to a home that needs a little elbow grease or is a bit further out, let your agent know. They’ll be happy to show you how this can really open up your pool of homes to pick from. They’ll also help coach you through this process by:

1. Prioritizing Your Must-Haves: Your agent will want to revisit your wish list and separate your non-negotiables from your nice-to-haves. From there, they’ll focus on what’s really most important to you as they come up with a bigger list of options for you to choose from.

2. Coaching You To See the Potential: As you tour these added options, your agent will help you look beyond cosmetic flaws and imagine what the home could be with a little work. Simple updates like a fresh coat of paint or new flooring can make a big difference.

3. Connecting You with Local Pros: And an agent’s support goes one step further. If they know what you’re hoping to change after you move in, they can connect you with local pros who can get the job done. That way it’s less work for you, and you don’t have to worry about tracking down contractors.

[created_at] => 2024-07-01T17:54:36Z [description] =>

In life, patience is a virtue – but in the world of homebuying, waiting too long in hopes of finding the perfect home actually isn't wise.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240701/20240710-The-Price-of-Perfection-Don-t-Wait-for-the-Perfect-Home-original.png [id] => 55924 [kcm_ig_caption] => In life, patience is a virtue – but in the world of homebuying, waiting too long in hopes of finding the perfect home actually isn't wise. That’s because the pursuit of perfection comes at a cost. And in this case, that cost may be delaying your dream of homeownership. The Cost of Holding Out for Perfection Nothing in life is ever perfect – and that's true when you search for a home too. Unless you’re building a brand-new home from the ground up, chances are there are going to be some features or finishes you wouldn’t have picked yourself. But here’s the trade-off you'd be making without even realizing it. In all that time you’d spend searching for the perfect place, you’d overlook a lot of homes that would’ve worked for you. It’s Time To Redefine Perfection Especially with affordability and inventory where they are today, buying a home that needs some updates, is a few neighborhoods away from your ideal location, or doesn’t have all your desired features can be a smart move. How an Agent Helps You Explore Your Options If you’re open to a home that needs a little elbow grease or is a bit further out, let your agent know. They’ll be happy to show you how this can really open up your pool of homes to pick from. They’ll also help coach you through this process by: 1. Prioritizing Your Must-Haves. 2. Coaching You To See the Potential. 3. Connecting You with Local Pros. Remember, there is no perfect home. But with expert help and an open mind, we can find you the right home – even in today’s market. DM me to see what’s out there. [kcm_ig_hashtags] => firsttimehomebuyer,opportunity,keepingcurrentmatters [kcm_ig_quote] => The price of perfection: don’t wait for the perfect home. [public_bottom_line] =>

Remember, there is no perfect home. But with expert help and an open mind, an agent can find you the right home – even in today’s market. Connect with a local real estate agent to see what’s out there.

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The Price of Perfection: Don’t Wait for the Perfect Home

In life, patience is a virtue – but in the world of homebuying, waiting too long in hopes of finding the perfect home actually isn't wise.

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The right asking price is even more important today than it’s been over the last few years. To avoid making a costly mistake, let’s work together.

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If you’re thinking about selling your house, here’s something you really need to know. Even though it’s still a seller’s market today, you can’t pick just any price for your listing.

While home prices are still appreciating in most areas, they’re climbing at a slower pace because higher mortgage rates are putting a squeeze on buyer demand. At the same time, the supply of homes for sale is growing. That means buyers have more options and your house may not stand out as much, if it’s not priced right.

Those two factors combined are why the asking price you set for your house is more important today than it has been in recent years.

And some sellers are finding that out the hard way. That’s leading to more price reductions. Mike Simonsen, Founder and President of ALTOS Research, explains:

“Looking at the price reductions data set . . . It all fits in the same pattern of increasing supply and homebuyer demand that is just exhausted by high mortgage rates. . . As home sellers are faced with less demand than they expected, more of them have to reduce their prices.”

That’s because they haven’t adjusted their expectations to today’s market. Maybe they’re not working with an agent, so they don’t know what’s happening around them. Or they’re not using an agent who prioritizes being a local market expert. Either way, they aren’t basing their pricing decision on the latest data available – and that’s a miss.

If you want to avoid making a pricing mistake that could turn away buyers and delay your sale, you need to work with an agent who really knows your local market. If you lean on the right agent, they’ll help you avoid making mistakes like:

  • Setting a Price That’s Too High: Some sellers have unrealistic expectations about how much their house is worth. That’s because they base their price on their gut or their bottom line, not the data. An agent will help you base your price on facts, not opinion, so you have a better chance of hitting the mark.
  • Not Considering What Houses Are Actually Selling for: Without an agent’s help, some sellers may use the wrong comparable sales (comps) in their area and misjudge the market value of their home. An agent has the expertise needed to find true comps. And they’ll use those to give you valuable insights into how to price your house in a way that’s competitive for you and your future buyer.
  • Overestimating Home Improvements: Sellers who have invested a significant amount of money in home improvements may overestimate how much those upgrades affect their home's value. While certain improvements can increase a home's appeal, not all upgrades are going to get a great return on their investment. An agent factors in what you’ve done and what buyers in your area actually want as they set the price.
  • Ignoring Feedback and Market Response: Some sellers may be resistant to lowering their asking price based on feedback they’re getting in open houses. An agent will remind the seller how important it is to be flexible and respond to market feedback in order to attract qualified buyers.

In the end, accurate pricing depends on current market conditions – and only an agent has all the data and information necessary to find the right price for your house. The right agent will use that expertise to develop a pricing strategy that’s based on current market conditions and designed to get your house sold. That way you don’t miss the mark.

[created_at] => 2024-06-27T14:10:18Z [description] =>

If you’re thinking about selling your house, here’s something you really need to know.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240627/20240709-Why-Your-Asking-Price-Matters-Even-More-Right-Now-original.png [id] => 55665 [kcm_ig_caption] => If you’re thinking about selling your house, here’s something you really need to know. Even though it’s still a seller’s market today, you can’t pick just any price for your listing. While home prices are still appreciating in most areas, they’re climbing at a slower pace because higher mortgage rates are putting a squeeze on buyer demand. At the same time, the supply of homes for sale is growing. That means buyers have more options and your house may not stand out as much, if it’s not priced right. Those two factors combined are why the asking price you set for your house is more important today than it has been in recent years. And some sellers are finding that out the hard way. That’s leading to more price reductions. That’s because they haven’t adjusted their expectations to today’s market. If you want to avoid making a pricing mistake that could turn away buyers and delay your sale, you need to work with an agent who really knows your local market. If you lean on the right agent, they’ll help you avoid making mistakes like: • Setting a Price That’s Too High. • Not Considering What Houses Are Actually Selling for. • Overestimating Home Improvements. • Ignoring Feedback and Market Response. In the end, accurate pricing depends on current market conditions – and only an agent has all the data and information necessary to find the right price for your house. The right asking price is even more important today than it’s been over the last few years. To avoid making a costly mistake, let’s work together. [kcm_ig_hashtags] => sellyourhouse,moveuphome,keepingcurrentmatters [kcm_ig_quote] => Why your asking price matters even more right now. [public_bottom_line] =>

The right asking price is even more important today than it’s been over the last few years. To avoid making a costly mistake, connect with a local real estate agent. 

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Why Your Asking Price Matters Even More Right Now

If you’re thinking about selling your house, here’s something you really need to know.

8
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The market doesn’t have enough available homes for a repeat of the 2008 housing crisis – and there’s nothing that suggests that will change anytime soon. That’s why housing experts and inventory data tell us there isn’t a crash on the horizon.

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Even if you didn't own a home at the time, you probably remember the housing crisis in 2008. That crash impacted the lives of countless people, and many now live with the worry that something like that could happen again. But rest easy, because things are different than they were back then. As Business Insider says:

“Though many Americans believe the housing market is at risk of crashing, the economists who study housing market conditions overwhelmingly do not expect a crash in 2024 or beyond.”

Here’s why experts are so confident. For the market (and home prices) to crash, there would have to be too many houses for sale, but the data doesn't show that’s happening. Right now, there’s an undersupply, not an oversupply like the last time – and that’s true even with the inventory growth we’ve seen this year. You see, the housing supply comes from three main sources:

  • Homeowners deciding to sell their houses (existing homes)
  • New home construction (newly built homes)
  • Distressed properties (foreclosures or short sales)

And if we look at those three main sources of inventory, you’ll see it’s clear this isn’t like 2008.

Homeowners Deciding To Sell Their Houses

Although the supply of existing (previously owned) homes is up compared to this time last year, it’s still low overall. And while this varies by local market, nationally, the current months’ supply is well below the norm, and even further below what we saw during the crash. The graph below shows this more clearly.

If you look at the latest data (shown in green), compared to 2008 (shown in red), we only have about a third of that available inventory today. No Caption Received


So, what does this mean? There just aren't enough homes available to make values drop. To have a repeat of 2008, there’d need to be a lot more people selling their houses with very few buyers, and that's not the case right now.

New Home Construction

People are also talking a lot about what's going on with newly built houses these days, and that might make you wonder if homebuilders are overdoing it. Even though new homes make up a larger percentage of the total inventory than the norm, there’s no need for alarm. Here’s why.

The graph below uses data from the Census to show the number of new houses built over the last 52 years. The orange on the graph shows the overbuilding that happened in the lead-up to the crash. And, if you look at the red in the graph, you’ll see that builders have been underbuilding pretty consistently since then: No Caption Received


There’s just too much of a gap to make up. Builders aren’t overbuilding today, they’re catching up. A recent article from Bankrate says:

“What’s more, builders remember the Great Recession all too well, and they’ve been cautious about their pace of construction. The result is an ongoing shortage of homes for sale.”

Distressed Properties (Foreclosures and Short Sales)

The last place inventory can come from is distressed properties, including short sales and foreclosures. During the housing crisis, there was a flood of foreclosures due to lending standards that allowed many people to get a home loan they couldn’t truly afford.

Today, lending standards are much tighter, resulting in more qualified buyers and far fewer foreclosures. The graph below uses data from ATTOM to show how things have changed since the housing crash: No Caption Received


This graph makes it clear that as lending standards got tighter and buyers became more qualified, the number of foreclosures started to go down. And in 2020 and 2021, the combination of a moratorium on foreclosures (shown in black) and the forbearance program helped prevent a repeat of the wave of foreclosures we saw when the market crashed.

While you may see headlines that foreclosure volume is ticking up – remember, that’s only compared to recent years when very few foreclosures happened. We’re still below the normal level we’d see in a typical year.

What This Means for You

Inventory levels aren’t anywhere near where they’d need to be for prices to drop significantly and the housing market to crash. As Forbes explains:

“As already-high home prices continue trending upward, you may be concerned that we’re in a bubble ready to pop. However, the likelihood of a housing market crash—a rapid drop in unsustainably high home prices due to waning demand—remains low for 2024.”

Mark Fleming, Chief Economist at First American, points to the laws of supply and demand as a reason why we aren't headed for a crash:

“There’s just generally not enough supply. There are more people than housing inventory. It’s Econ 101.”

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

“We will not have a repeat of the 2008–2012 housing market crash. There are no risky subprime mortgages that could implode, nor the combination of a massive oversupply and overproduction of homes.”
[created_at] => 2024-07-03T13:12:57Z [description] =>

Even if you didn't own a home at the time, you probably remember the housing crisis in 2008.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240703/20240708-Blog-Header-Image-original.png [id] => 56098 [kcm_ig_caption] => Even if you didn't own a home at the time, you probably remember the housing crisis in 2008. That crash impacted the lives of countless people, and many now live with the worry that something like that could happen again. But rest easy, because things are different than they were back then. Homeowners Deciding To Sell Their Houses Although the supply of existing (previously owned) homes is up compared to this time last year, it’s still low overall. And while this varies by local market, nationally, the current months’ supply is well below the norm, and even further below what we saw during the crash. New Home Construction People are also talking a lot about what's going on with newly built houses these days, and that might make you wonder if homebuilders are overdoing it. Even though new homes make up a larger percentage of the total inventory than the norm, there’s no need for alarm. Here’s why. There’s just too much of a gap to make up. Builders aren’t overbuilding today, they’re catching up. Distressed Properties (Foreclosures and Short Sales) While you may see headlines that foreclosure volume is ticking up – remember, that’s only compared to recent years when very few foreclosures happened. We’re still below the normal level we’d see in a typical year. What This Means for You Inventory levels aren’t anywhere near where they’d need to be for prices to drop significantly and the housing market to crash. The market doesn’t have enough available homes for a repeat of the 2008 housing crisis – and there’s nothing that suggests that will change anytime soon. That’s why housing experts and inventory data tell us there isn’t a crash on the horizon. [kcm_ig_hashtags] => expertanswers,stayinformed,keepingcurrentmatters [kcm_ig_quote] => Not a crash: how today’s inventory differs from 2008. [public_bottom_line] =>

The market doesn’t have enough available homes for a repeat of the 2008 housing crisis – and there’s nothing that suggests that will change anytime soon. That’s why housing experts and inventory data tell us there isn’t a crash on the horizon.

[published_at] => 2024-07-08T10:30:00Z [related] => Array ( ) [slug] => not-a-crash-3-graphs-that-show-how-todays-inventory-differs-from-2008 [status] => published [tags] => Array ( [0] => content-hub ) [title] => Not a Crash: 3 Graphs That Show How Today’s Inventory Differs from 2008 [updated_at] => 2024-07-08T10:30:44Z [url] => /2024/07/08/not-a-crash-3-graphs-that-show-how-todays-inventory-differs-from-2008/ )

Not a Crash: 3 Graphs That Show How Today’s Inventory Differs from 2008

Even if you didn't own a home at the time, you probably remember the housing crisis in 2008.

9
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  • There are a few key things you’ll want to avoid after applying for a mortgage to make sure you’re in the best position when you get to the closing table.
  • Don’t change bank accounts, apply for new credit, make any large purchases or transfers, and don’t co-sign loans for anyone.
  • Here’s a good rule of thumb. Always connect with your loan officer before making any financial decisions once you’ve started the mortgage process.
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No Caption Received

[created_at] => 2024-07-02T16:31:57Z [description] =>

There are a few key things you’ll want to avoid after applying for a mortgage to make sure you’re in the best position when you get to the closing table.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240702/Things-To-Avoid-After-Applying-for-a-Mortgage-KCM-Share-original.jpg [id] => 56009 [kcm_ig_caption] => There are a few key things you’ll want to avoid after applying for a mortgage to make sure you’re in the best position when you get to the closing table. Don’t change bank accounts, apply for new credit, make any large purchases or transfers, and don’t co-sign loans for anyone. Here’s a good rule of thumb. Always connect with your loan officer before making any financial decisions once you’ve started the mortgage process. [kcm_ig_hashtags] => powerfuldecisions,confidentdecisions,keepingcurrentmatters [kcm_ig_quote] => Things to avoid after applying for a mortgage. [public_bottom_line] =>
  • There are a few key things you’ll want to avoid after applying for a mortgage to make sure you’re in the best position when you get to the closing table.
  • Don’t change bank accounts, apply for new credit, make any large purchases or transfers, and don’t co-sign loans for anyone.
  • Here’s a good rule of thumb. Always connect with your loan officer before making any financial decisions once you’ve started the mortgage process.
[published_at] => 2024-07-05T10:30:00Z [related] => Array ( ) [slug] => things-to-avoid-after-applying-for-a-mortgage-infographic-1 [status] => published [tags] => Array ( ) [title] => Things To Avoid After Applying for a Mortgage [INFOGRAPHIC] [updated_at] => 2024-07-05T10:30:31Z [url] => /2024/07/05/things-to-avoid-after-applying-for-a-mortgage-infographic-1/ )

Things To Avoid After Applying for a Mortgage [INFOGRAPHIC]

There are a few key things you’ll want to avoid after applying for a mortgage to make sure you’re in the best position when you get to the closing table.

10
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    [agents_bottom_line] => 

Owning a home is a significant and powerful decision that represents a big part of the American Dream. If you’re ready to take this step, let’s connect so you have someone who can guide you through the process and help you make your homeownership goals a reality.

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Everyone’s vision for the future is personal and unique. But for many, common goals include success, freedom, and prosperity — values closely tied to having your own home and the iconic feeling of achieving the American Dream.

A recent survey by Bankrate reveals exactly that: homeownership is still a part of the American Dream. The results show, at 78%, that owning a home tops the list, surpassing other significant milestones such as retirement, having a successful career, and more (see below):No Caption Received


So, why is buying a home important to so many today? One reason is the financial and physical security it provides. Many people see homeownership as a way to reduce stress because owning a home with a fixed-rate mortgage stabilizes what is likely their largest monthly expense.

Another factor is the potential for building wealth. That’s because, over time, homeowners gain equity as they pay down their mortgage and as home prices appreciate, leading to longer-term financial stability.

But what about the responsibilities that come with owning and maintaining a home? According to a survey by Entrata, only 23% of renters feel homeownership is too much work, indicating the majority are open to the commitments and obligations that come with being a homeowner.

What Does This Mean for You?

While buying a home today might seem daunting due to higher mortgage rates and rising home prices, the long-term benefits can make it worthwhile. If you’re considering homeownership, remember that it's more than just a financial investment — it's a step toward securing your future.

[created_at] => 2024-07-01T20:13:38Z [description] =>

Everyone’s vision for the future is personal and unique.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240701/20240704-Homeownership-The-Heart-of-the-American-Dream-original.png [id] => 55946 [kcm_ig_caption] => Everyone’s vision for the future is personal and unique. But for many, common goals include success, freedom, and prosperity — values closely tied to having your own home and the iconic feeling of achieving the American Dream. So, why is buying a home important to so many today? One reason is the financial and physical security it provides. Many people see homeownership as a way to reduce stress because owning a home with a fixed-rate mortgage stabilizes what is likely their largest monthly expense. Another factor is the potential for building wealth. That’s because, over time, homeowners gain equity as they pay down their mortgage and as home prices appreciate, leading to longer-term financial stability. But what about the responsibilities that come with owning and maintaining a home? According to a survey by Entrata, only 23% of renters feel homeownership is too much work, indicating the majority are open to the commitments and obligations that come with being a homeowner. What Does This Mean for You? While buying a home today might seem daunting due to higher mortgage rates and rising home prices, the long-term benefits can make it worthwhile. If you’re considering homeownership, remember that it's more than just a financial investment — it's a step toward securing your future. Owning a home is a significant and powerful decision that represents a big part of the American Dream. If you’re ready to take this step, let’s connect so you have someone who can guide you through the process and help you make your homeownership goals a reality. [kcm_ig_hashtags] => homeownership,realestategoals,keepingcurrentmatters [kcm_ig_quote] => Homeownership: The heart of the American Dream. [public_bottom_line] =>

Owning a home is a significant and powerful decision that represents a big part of the American Dream. If you’re ready to take this step, start by reaching out to a local real estate agent who can guide you through the process and help you make your homeownership goals a reality.

[published_at] => 2024-07-04T10:30:00Z [related] => Array ( ) [slug] => homeownership-the-heart-of-the-american-dream [status] => published [tags] => Array ( [0] => content-hub ) [title] => Homeownership: The Heart of the American Dream [updated_at] => 2024-07-04T10:30:30Z [url] => /2024/07/04/homeownership-the-heart-of-the-american-dream/ )

Homeownership: The Heart of the American Dream

Everyone’s vision for the future is personal and unique.

11
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    [agents_bottom_line] => 

If you're planning to move, the equity you've gained can really help. Curious about how much you have and how you can use it to help pay for your next home? Let's connect.

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If you own a home, your net worth has probably gone up a lot over the past year. Home prices have been rising, which means you're building equity much faster than you might think. Here’s how it works.

Equity is the current value of your home minus what you owe on the loan.

Over the past year, there have still been more people wanting to buy than there are homes available for sale, and that’s pushed prices up. That rise in prices has translated directly into increasing equity for homeowners.

How Much Equity Have You Earned over the Past 12 Months?

According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner's equity has grown by $28,000 in the last year alone.

That's the national average, so if you want to see what's happening in your state, check out the map below. It uses data from CoreLogic to show how much equity has grown in each state over the past year. You’ll notice every single state with sufficient data saw annual equity gains:No Caption Received


What If You Bought Your House Before the Pandemic?

If you bought your house before the pandemic, the equity news is even better. According to data from Realtor.com, home prices shot up by 37.5% from May 2019 to May 2024, meaning your home's value has likely increased significantly. Ralph McLaughlin, Senior Economist at Realtor.com, says:

“Homeowners have seen extraordinary gains in home equity over the past five years.”

To give context to how much equity can stack up over time, Selma Hepp, Chief Economist at CoreLogic, explains the total equity the typical homeowner has today:

“With home prices continuing to reach new highs, owners are also seeing their equity approach the historic peaks of 2023, close to a total of $305,000 per owner.”

How Your Rising Home Equity Can Help You

With how prices skyrocketed a few years ago, and the ongoing price growth today, homeowners clearly have substantial equity built up – and that has some serious benefits.

You could use it to start a business, fund an education, or even to help you afford your next home. When you sell, the equity you’ve built up comes back to you, and may be enough to cover a big part – or even all – of your next home’s down payment.

[created_at] => 2024-07-01T17:21:19Z [description] =>

If you own a home, your net worth has probably gone up a lot over the past year.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240701/20240703-Homeowners-Gained-28K-in-Equity-over-the-Past-Year-original.png [id] => 55917 [kcm_ig_caption] => If you own a home, your net worth has probably gone up a lot over the past year. Home prices have been rising, which means you're building equity much faster than you might think. Here’s how it works. Equity is the current value of your home minus what you owe on the loan. Over the past year, there have still been more people wanting to buy than there are homes available for sale, and that’s pushed prices up. That rise in prices has translated directly into increasing equity for homeowners. How Much Equity Have You Earned over the Past 12 Months? According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner's equity has grown by $28,000 in the last year alone. What If You Bought Your House Before the Pandemic? If you bought your house before the pandemic, the equity news is even better. According to data from Realtor.com, home prices shot up by 37.5% from May 2019 to May 2024, meaning your home's value has likely increased significantly. How Your Rising Home Equity Can Help You With how prices skyrocketed a few years ago, and the ongoing price growth today, homeowners clearly have substantial equity built up – and that has some serious benefits. You could use it to start a business, fund an education, or even to help you afford your next home. When you sell, the equity you’ve built up comes back to you, and may be enough to cover a big part – or even all – of your next home’s down payment. If you're planning to move, the equity you've gained can really help. Curious about how much you have and how you can use it to help pay for your next home? DM me. [kcm_ig_hashtags] => sellyourhouse,realestateexpert,keepingcurrentmatters [kcm_ig_quote] => Homeowners gained $28K in equity over the past year. [public_bottom_line] =>

If you're planning to move, the equity you've gained can really help. Curious about how much you have and how you can use it to help pay for your next home? Connect with a local real estate agent.

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Homeowners Gained $28K in Equity over the Past Year

If you own a home, your net worth has probably gone up a lot over the past year.

12
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When it comes to building wealth that stands the test of time, real estate is the name of the game. If you’re ready to start on your own journey toward homeownership, let’s connect today.

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With all the headlines circulating about home prices and mortgage rates, you may be asking yourself if it still makes sense to buy a home right now, or if it’s better to keep renting. Here’s some information that could help put your mind at ease by showing that investing in a home is still a powerful decision.

According to the experts at Gallup, real estate has been crowned the top long-term investment for a whopping 12 years in a row. It has consistently beat out other investment types like gold, stocks, and bonds. Just take a look at the graph below – it speaks volumes:No Caption Received


But why does real estate continue to reign supreme as a top-notch long-term investment? It’s because, even today, buying a home can be your golden ticket to building wealth over time.

Unlike other investments that can feel a bit like riding a rollercoaster with all the ups and downs and ongoing risk factors, real estate follows a more predictable and positive pattern.

History shows home values usually rise. And while prices may vary by market, that means as time goes by, your house is likely to appreciate in value. And that helps you grow your net worth in a big way. As an article from Realtor.com explains:

Homeownership has long been tied to building wealth—and for good reason. Instead of throwing rent money out the window each month, owning a home allows you to build home equity. And over time, equity can turn your mortgage debt into a sizeable asset.”

So, if you’re on the fence about whether to rent or buy, remember that real estate was consistently voted the best long-term investment for a reason. And if you want to get in on that action, it may make sense to go ahead and buy (if you’re ready and able).

[created_at] => 2024-06-26T15:18:01Z [description] =>

With all the headlines circulating about home prices and mortgage rates, you may be asking yourself if it still makes sense to buy a home right now, or if it’s better to keep renting.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240626/20240702--original.png [id] => 55536 [kcm_ig_caption] => With all the headlines circulating about home prices and mortgage rates, you may be asking yourself if it still makes sense to buy a home right now, or if it’s better to keep renting. Here’s some information that could help put your mind at ease by showing that investing in a home is still a powerful decision. But why does real estate continue to reign supreme as a top-notch long-term investment? It’s because, even today, buying a home can be your golden ticket to building wealth over time. Unlike other investments that can feel a bit like riding a rollercoaster with all the ups and downs and ongoing risk factors, real estate follows a more predictable and positive pattern. History shows home values usually rise. And while prices may vary by market, that means as time goes by, your house is likely to appreciate in value. And that helps you grow your net worth in a big way. As an article from Realtor.com explains: “Homeownership has long been tied to building wealth—and for good reason. Instead of throwing rent money out the window each month, owning a home allows you to build home equity. And over time, equity can turn your mortgage debt into a sizeable asset.” So, if you’re on the fence about whether to rent or buy, remember that real estate was consistently voted the best long-term investment for a reason. And if you want to get in on that action, it may make sense to go ahead and buy (if you’re ready and able). When it comes to building wealth that stands the test of time, real estate is the name of the game. If you’re ready to start on your own journey toward homeownership, let’s connect today. [kcm_ig_hashtags] => expertanswers,stayinformed,keepingcurrentmatters [kcm_ig_quote] => Real estate still holds the title of best long-term investment. [public_bottom_line] =>

When it comes to building wealth that stands the test of time, real estate is the name of the game. If you’re ready to start on your own journey toward homeownership, connect with a local real estate advisor today.

[published_at] => 2024-07-02T10:30:00Z [related] => Array ( ) [slug] => real-estate-still-holds-the-title-of-best-long-term-investment [status] => published [tags] => Array ( [0] => content-hub ) [title] => Real Estate Still Holds the Title of Best Long-Term Investment [updated_at] => 2024-07-02T10:30:27Z [url] => /2024/07/02/real-estate-still-holds-the-title-of-best-long-term-investment/ )

Real Estate Still Holds the Title of Best Long-Term Investment

With all the headlines circulating about home prices and mortgage rates, you may be asking yourself if it still makes sense to buy a home right now, or if it’s better to keep renting.

13
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It’s natural to feel disappointed when your listing has expired and your house didn’t sell. Connect with a reliable real estate agent to determine what happened, and what changes you should make to get your house back on the market.

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If your listing expired and your house didn’t sell, it’s totally natural to feel a mix of frustration and disappointment. And as you’re working through that, you’re probably also wondering what went wrong and what you should do next.

If you still need to move and want to get it back on the market, here are some things to consider as you look back.

Was It Priced for Today’s Market?

Setting the right price from the start is key. While it might be tempting to try shooting high with your price, that can slow down the selling process big time. If your house was priced higher than others similar to it, it may have turned away buyers. And that’s likely why it sat on the market. As Rocket Mortgage explains:

“Buyer interest in your home is highest when it first comes on the market. That’s why it’s so important to start with the right price on day one. . . If you overprice your house, buyers may just raise an eyebrow and move on to the next listing without even coming for a showing. . . It can be easy to think your home is worth more but try not to let sentimental value color your judgment. Your home’s true value is whatever a buyer is willing to pay for it.”

Was It Easy for Buyers To Tour?

One of the biggest mistakes you can make when selling your house is overly restricting the days and times when potential buyers can tour it. Even though it might feel stressful to drop everything and leave when buyers want to see your house, being flexible with your schedule is important. After all, minimal access means minimal exposure to buyers. ShowingTime advises:

“. . . do your best to be as flexible as possible when granting access to your house for showings.”

Was It Set Up To Make the Best Impression on Buyers?

If buyers weren’t interested in your house, it’s worth taking another look at your home through their eyes. Are there outstanding repairs that may be distracting them? Even if it’s a small thing, some buyers may see it as a sign the maintenance on the home is falling behind.

Just remember, you don’t always need to make big upgrades. Selective small repairs or touch-ups go a long way. Things like tidying up your landscaping, a fresh coat of paint inside, or removing personal items and clutter can work wonders in sprucing up the house for potential buyers. You could also consider staging the home.

Were You Willing To Negotiate?

If there were offers coming in, but you weren’t ready to negotiate, that may be another reason why it didn’t sell. While you want to get top dollar for your house, you also need to be realistic about what your house can net in today’s market. The market is still tipped in a seller’s favor, but the supply of homes for sale is growing and buyers are feeling the sting of higher mortgage rates. So being willing to play ball can make closing a deal a whole lot easier. A skilled agent can help. As Ramsey Solutions explains:

“If you don’t have the money or time to fix home issues, consider offering some other form of incentive to buyers. . . An experienced real estate agent can help you arrange a deal where you and your buyer both come out on top.” 

Did You Listen To Your Agent?

If you want an expert’s advice on why it didn’t sell, rely on a trusted real estate agent. Whether that’s the agent you used previously or a new one once the listing has officially expired, a great agent will sit down and take the time to talk it over with you. They’ll want to hear your honest opinion on what worked and what didn’t, and where you want to go from here.

Then, they’ll offer their perspective. This includes tailored advice and effective strategies for re-listing your house to get it sold. As Better Homes & Gardens says, an agent should be your go-to resource in this situation:

“If you’re frustrated with the timeline of your sale, chat with your real estate agent. Agents want what is best for you and the sale of your home, and having open communication about any frustrations will be key.”
[created_at] => 2024-06-25T16:08:52Z [description] =>

If your listing expired and your house didn’t sell, it’s totally natural to feel a mix of frustration and disappointment.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240625/20240701-What-To-Do-When-Your-House-Didn-t-Sell-original.png [id] => 55432 [kcm_ig_caption] => If your listing expired and your house didn’t sell, it’s totally natural to feel a mix of frustration and disappointment. And as you’re working through that, you’re probably also wondering what went wrong and what you should do next. Was It Priced for Today’s Market? Setting the right price from the start is key. While it might be tempting to try shooting high with your price, that can slow down the selling process big time. If your house was priced higher than others similar to it, it may have turned away buyers. And that’s likely why it sat on the market. Was It Easy for Buyers To Tour? One of the biggest mistakes you can make when selling your house is overly restricting the days and times when potential buyers can tour it. Was It Set Up To Make the Best Impression on Buyers? If buyers weren’t interested in your house, it’s worth taking another look at your home through their eyes. Are there outstanding repairs that may be distracting them? Even if it’s a small thing, some buyers may see it as a sign the maintenance on the home is falling behind. Were You Willing To Negotiate? If there were offers coming in, but you weren’t ready to negotiate, that may be another reason why it didn’t sell. So being willing to play ball can make closing a deal a whole lot easier. A skilled agent can help. Did You Listen To Your Agent? If you want an expert’s advice on why it didn’t sell, rely on a trusted real estate agent. It’s natural to feel disappointed when your listing has expired and your house didn’t sell. Connect with a reliable real estate agent to determine what happened, and what changes you should make to get your house back on the market. [kcm_ig_hashtags] => sellyourhouse,justsold,keepingcurrentmatters [kcm_ig_quote] => What to do when your house didn’t sell. [public_bottom_line] =>

It’s natural to feel disappointed when your listing has expired and your house didn’t sell. Connect with a reliable real estate agent to determine what happened, and what changes you should make to get your house back on the market.

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What To Do When Your House Didn’t Sell

If your listing expired and your house didn’t sell, it’s totally natural to feel a mix of frustration and disappointment.

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[created_at] => 2024-06-27T17:09:37Z [description] =>

Wondering what the second half of the year holds for the housing market? Here’s what expert forecasts say. 

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240627/Housing-Market-Forecast-for-the-2nd-Half-of-2024-KCM-Share-original.png [id] => 55688 [kcm_ig_caption] => Wondering what the second half of the year holds for the housing market? Here’s what expert forecasts say. Home prices are expected to climb moderately. Mortgage rates are forecast to come down slightly. And, home sales are projected to hold steady. If you have questions about what to expect for the rest of the year, DM me so we can have a conversation about what it means for you and your plans. [kcm_ig_hashtags] => stayinformed,staycurrent,keepingcurrentmatters [kcm_ig_quote] => Housing market forecast for the 2nd half of 2024. [public_bottom_line] => [published_at] => 2024-06-28T10:30:00Z [related] => Array ( ) [slug] => housing-market-forecast-for-the-2nd-half-of-2024-infographic [status] => published [tags] => Array ( ) [title] => Housing Market Forecast for the 2nd Half of 2024 [INFOGRAPHIC] [updated_at] => 2024-06-28T10:30:23Z [url] => /2024/06/28/housing-market-forecast-for-the-2nd-half-of-2024-infographic/ )

Housing Market Forecast for the 2nd Half of 2024 [INFOGRAPHIC]

Wondering what the second half of the year holds for the housing market? Here’s what expert forecasts say. 

15
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The inspection and the appraisal are different but equally important steps when buying a home – and you don’t need to manage them by yourself. Let’s connect today so you have expert guidance from start to finish.

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When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with. While you may have a general idea of what an inspection is, maybe you’re not sure why you need one or how it’s different from an appraisal. To keep it simple, here’s an explainer of each one and what they mean for you as a homebuyer.

Home Inspection

Once you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the safety and overall condition of the home – which is important for such a big transaction. As a recent Realtor.com article explains:

A home inspection is something that protects your financial interest in what will likely be the largest purchase you make in your life—one in which you need as much information as possible.”

If anything is questionable in the inspection process – like the age of the roof, the state of the HVAC system, or just about anything else – you have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction is final. And don’t worry – you don’t have to go through that process alone. Your real estate agent will be your advocate and negotiate with the seller for you.

Home Appraisal

While the inspection tells you about the current state of the house, an appraisal gives you its value. Bankrate explains:

“When buying or selling a home, an appraisal verifies that the sale price of the home is in line with fair market value. This ensures the homebuyer doesn’t pay more than the home is worth, and the mortgage lender doesn’t lend more than it is worth.”

Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal protects you from overpaying and the bank from lending you more than the home is worth.

And if there’s ever any confusion or discrepancy between the appraisal and the agreed-upon price in your contract, your trusted real estate professional will help you navigate any additional negotiations to try to close the gap.

[created_at] => 2024-06-25T19:40:36Z [description] =>

When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240625/20240627-The-Difference-Between-an-Inspection-and-an-Appraisal-original.png [id] => 55477 [kcm_ig_caption] => When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with. While you may have a general idea of what an inspection is, maybe you’re not sure why you need one or how it’s different from an appraisal. To keep it simple, here’s an explainer of each one and what they mean for you as a homebuyer. Home Inspection Once you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the safety and overall condition of the home – which is important for such a big transaction. And don’t worry – you don’t have to go through that process alone. Your real estate agent will be your advocate and negotiate with the seller for you. Home Appraisal While the inspection tells you about the current state of the house, an appraisal gives you its value. Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal protects you from overpaying and the bank from lending you more than the home is worth. And if there’s ever any confusion or discrepancy between the appraisal and the agreed-upon price in your contract, your trusted real estate professional will help you navigate any additional negotiations to try to close the gap. The inspection and the appraisal are different but equally important steps when buying a home – and you don’t need to manage them by yourself. Let’s connect today so you have expert guidance from start to finish. [kcm_ig_hashtags] => expertanswers,stayinformed,keepingcurrentmatters [kcm_ig_quote] => The difference between an inspection and an appraisal. [public_bottom_line] =>

The inspection and the appraisal are different but equally important steps when buying a home – and you don’t need to manage them by yourself. Connect with an agent today so you have expert guidance from start to finish.

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The Difference Between an Inspection and an Appraisal

When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with.

16
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If you’re debating whether to buy now or wait, remember it’s time in the market, not timing the market. And if you want to get the ball rolling and set yourself up for those big equity gains, let’s connect to make it happen. 

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Should you buy a home now or should you wait? That’s a big question on many people’s minds today. And while what timing is right for you will depend on a lot of other personal factors, here’s something you may not have considered.

If you’re able to buy at today’s rates and prices, it may be better to focus on time in the market, rather than timing the market.

The Downside of Trying To Time the Market 

Trying to time the market isn’t a good strategy because things can change. Here’s an example. For the better part of this year, projections have said mortgage rates will come down. And while experts agree that’s still what’s ahead, shifts in various market and economic factors have pushed back the timing of when that’ll happen. Here’s how that’s impacted homebuyers who’ve been sitting on the sidelines. As U.S. News says:

Those who put off buying a home during the past few years as they were holding out for lower mortgage rates have been left out of the market . . . mortgage rates have stayed higher for longer than previously expected, keeping monthly housing payments elevated. In other words, affordability didn't improve for those who chose to wait.”

This is why timing the market may not pay off if you’re ready and able to buy now.

The Proof Is in the Pudding: How Homeowners Benefit from Rising Home Prices

Delaying your plans also means missing out on the equity you’d gain if you went ahead with your purchase today. And the potential equity gains that are at stake may surprise you.

Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over the next five years. In the latest release, experts are projecting home prices will continue to rise through at least 2028 (see the graph below): No Caption Received


To give these numbers context, let’s take a look at a breakdown of what you stand to gain once you buy. The graph below uses a typical home’s value to show how a home could appreciate over the next few years using those HPES projections: No Caption Received


In this example, let’s say you went ahead and bought a $400,000 home at the beginning of this year. Based on the expert forecasts from the HPES, you could gain more than $83,000 in household wealth over the next five years. That’s not a small number.

This data helps paint the picture of why time in the market really matters.

The Advice You Need To Hear If You’re Ready and Able To Buy Now

Right now, you may be focused on what’s happening with mortgage rates and how those impact your monthly payment, but don’t forget to factor in home prices.

Prices are expected to continue climbing, just at a more moderate pace. And while a moderate rise in prices may not be fun for you now, once you own a home, that growth will be a huge perk. That’s the time in the market piece.

Sure, you could try timing the market, but the equity you’ll be missing out on in the meantime is something to seriously consider. If you’re ready and able to buy now, you have to decide: is it really worth waiting?

Rather than focusing on timing the market. It’s better to have time in the market.

As U.S. News Real Estate sums up:

“There's never a one-size-fits-all answer to whether now is the right time to buy a home. . . . There's also no way to predict precisely what the market will do in the near future . . . Perfectly timing the market shouldn't be the goal. This decision should be determined by your personal needs, financial means and the time you have to find the right home.” 
[created_at] => 2024-06-20T20:15:48Z [description] =>

Should you buy a home now or should you wait?

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240620/20240626-Focus-on-Time-in-the-Market-Not-Timing-the-Market-original.png [id] => 55194 [kcm_ig_caption] => Should you buy a home now or should you wait? That’s a big question on many people’s minds today. And while what timing is right for you will depend on a lot of other personal factors, here’s something you may not have considered. If you’re able to buy at today’s rates and prices, it may be better to focus on time in the market, rather than timing the market. The Downside of Trying To Time the Market Trying to time the market isn’t a good strategy because things can change. Here’s an example. For the better part of this year, projections have said mortgage rates will come down. And while experts agree that’s still what’s ahead, shifts in various market and economic factors have pushed back the timing of when that’ll happen. The Advice You Need To Hear If You’re Ready and Able To Buy Now Right now, you may be focused on what’s happening with mortgage rates and how those impact your monthly payment, but don’t forget to factor in home prices. Prices are expected to continue climbing, just at a more moderate pace. And while a moderate rise in prices may not be fun for you now, once you own a home, that growth will be a huge perk. That’s the time in the market piece. Sure, you could try timing the market, but the equity you’ll be missing out on in the meantime is something to seriously consider. If you’re ready and able to buy now, you have to decide: is it really worth waiting? Rather than focusing on timing the market. It’s better to have time in the market. If you’re debating whether to buy now or wait, remember it’s time in the market, not timing the market. And if you want to get the ball rolling and set yourself up for those big equity gains, DM me to make it happen. [kcm_ig_hashtags] => firsttimehomebuyer,opportunity,keepingcurrentmatters [kcm_ig_quote] => Focus on time in the market, not timing the market. [public_bottom_line] =>

If you’re debating whether to buy now or wait, remember it’s time in the market, not timing the market. And if you want to get the ball rolling and set yourself up for those big equity gains, connect with an agent to make it happen. 

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Focus on Time in the Market, Not Timing the Market

Should you buy a home now or should you wait?

17
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If you have any questions or need help navigating the market, reach out.

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As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.

Home Prices Are Expected To Climb Moderately

Home prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry:

No Caption Received

The reason for continued appreciation? The supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:

“One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don't have housing inventory.”

While inventory is up compared to the last couple of years, it’s still low overall. And because there still aren’t enough homes to go around, that’ll keep upward pressure on prices.

If you’re thinking of buying, the good news is you won’t have to deal with prices skyrocketing like they did during the pandemic. Just remember, prices aren’t expected to drop. They’ll continue climbing, just at a slower pace.

So, getting into the market sooner rather than later could still save you money in the long run. Plus, you can feel confident experts say your home will grow in value after you buy it.

Mortgage Rates Are Forecast To Come Down Slightly

One of the best pieces of news for both buyers and sellers is that mortgage rates are expected to come down a bit, according to Fannie Mae, the Mortgage Bankers Association (MBA), and NAR (see chart below):

No Caption ReceivedWhen you buy, even a small drop in mortgage rates can make a big difference in your monthly payments. For sellers, lower rates will bring more buyers back into the market, which can help you sell faster and potentially at a higher price. Plus, it may help you get off the fence, if you’ve been hesitant to sell due to today’s rates.

Home Sales Are Projected To Hold Steady

For 2024, the number of home sales will be about the same as last year and may even rise slightly. The graph below compares the 2024 home sales forecasts from Fannie Mae, MBA, and NAR to the 4.8 million homes that sold last year:

No Caption Received

The average of the three forecasts is about 5 million sales in 2024 – a small increase from 2023. Lawrence Yun, Chief Economist at NAR, explains why:

“Job gains, steady mortgage rates and the release of inventory from pent-up home sellers will lead to more sales.”

With more inventory available and mortgage rates expected to go down, a few more homes are expected to be sold this year compared to last year. This means more people will be able to move. Let's work together to make sure you’re one of them.

[created_at] => 2024-06-20T14:32:48Z [description] =>

As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240620/20240624-Housing-Market-Forecast-What-s-Ahead-for-the-2nd-Half-of-2024-original.png [id] => 55129 [kcm_ig_caption] => As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales. Home Prices Are Expected To Climb Moderately Home prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry: The reason for continued appreciation? The supply of homes for sale. While inventory is up compared to the last couple of years, it’s still low overall. And because there still aren’t enough homes to go around, that’ll keep upward pressure on prices. If you’re thinking of buying, the good news is you won’t have to deal with prices skyrocketing like they did during the pandemic. Just remember, prices aren’t expected to drop. They’ll continue climbing, just at a slower pace. Mortgage Rates Are Forecast To Come Down Slightly One of the best pieces of news for both buyers and sellers is that mortgage rates are expected to come down a bit, according to Fannie Mae, the Mortgage Bankers Association (MBA), and NAR. When you buy, even a small drop in mortgage rates can make a big difference in your monthly payments. Home Sales Are Projected To Hold Steady For 2024, the number of home sales will be about the same as last year and may even rise slightly. With more inventory available and mortgage rates expected to go down, a few more homes are expected to be sold this year compared to last year. This means more people will be able to move. Let's work together to make sure you’re one of them. [kcm_ig_hashtags] => realestatenews,realestateagent,keepingcurrentmatters [kcm_ig_quote] => Housing market forecast: what’s ahead for the 2nd half of 2024. [public_bottom_line] =>

If you have any questions or need help navigating the market, reach out to a local real estate agent.

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

As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.

18
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Affordability is still a challenge, so if you’re looking to buy, you’re going to want to make sure you’re taking advantage of any and all resources available.

The best way to find out what’s out there is to connect with a team of real estate professionals, including a trusted lender and a local agent. 

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There's no denying it's gotten more challenging to buy a home, especially with today's mortgage rates and home price appreciation. And that may be one of the big reasons you’re eager to look into grants and assistance programs to see if there’s anything you qualify for that can help. But unfortunately, many homebuyers feel like they don’t know where to start. 

A recent Bank of America Institute study asked prospective buyers where they lack confidence in the process and need more information. And this is what topped the list:

53% said they need help understanding homebuying grant programs.

So, here’s some information that can help you close that gap.

What Is Down Payment Assistance?

As the Mortgage Reports explains:

“Down payment assistance (DPA) programs offer loans and grants that can cover part or all of a home buyer’s down payment and closing costs. More than 2,000 of these programs are available nationwide. . . DPA programs vary by location, but many home buyers could be in line for thousands of dollars in down payment assistance if they qualify.”

And here’s some more good news. On top of all of these programs, you probably don’t need to save as much for your down payment as you think. Contrary to what you may have heard, typically you don’t have to put 20% down unless it’s specified by your loan type or lender. So, you likely don’t need to save as much upfront, and there are programs designed to make your down payment more achievable. Sounds like a win-win.

First-Time and Repeat Buyers Are Often Eligible

It’s also worth mentioning, that it’s not just first-time homebuyers that are eligible for many of these programs. That means whether you’re looking to buy your first house or your fifth, there could be an option for you. As Down Payment Resource notes:

You don’t have to be a first-time buyer. Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.”

Additional Down Payment Resources That Can Help

Here are a few of the down payment assistance programs that are helping many buyers achieve their dream of homeownership, even now:

  • Teacher Next Door is designed to help teachers, first responders, health providers, government employees, active-duty military personnel, and Veterans reach their down payment goals.
  • Fannie Mae provides down payment assistance to eligible first-time homebuyers living in majority-Latino communities.
  • Freddie Mac also has options designed specifically for homebuyers with modest credit scores and limited funds for a down payment.
  • The 3By30 program lays out actionable strategies to add 3 million new Black homeowners by 2030. These programs offer valuable resources for potential buyers, making it easier to secure down payments and realize their dream of homeownership.
  • For Native Americans, Down Payment Resource highlights 42 U.S. homebuyer assistance programs across 14 states that ease the path to homeownership by providing support with down payments and other associated costs.

If you want more information on any of these, the best place to start is by contacting a trusted real estate professional.

They’ll be able to share more details about what may be available, including any other programs designed to serve specific professions or communities. And even if you don’t qualify for these types of programs, they can help see if there are any other federal, state, and local options available you should look into. 

[created_at] => 2024-06-11T15:03:10Z [description] =>

There's no denying it's gotten more challenging to buy a home, especially with today's mortgage rates and home price appreciation.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240611/20240619-What-You-Need-To-Know-About-Today-s-Down-Payment-Programs-original.png [id] => 54455 [kcm_ig_caption] => There's no denying it's gotten more challenging to buy a home, especially with today's mortgage rates and home price appreciation. And that may be one of the big reasons you’re eager to look into grants and assistance programs to see if there’s anything you qualify for that can help. But unfortunately, many homebuyers feel like they don’t know where to start. A recent Bank of America Institute study asked prospective buyers where they lack confidence in the process and need more information. And this is what topped the list: 53% said they need help understanding homebuying grant programs. So, here’s some information that can help you close that gap. What Is Down Payment Assistance? Contrary to what you may have heard, typically you don’t have to put 20% down unless it’s specified by your loan type or lender. So, you likely don’t need to save as much upfront, and there are programs designed to make your down payment more achievable. Sounds like a win-win. First-Time and Repeat Buyers Are Often Eligible It’s also worth mentioning, that it’s not just first-time homebuyers that are eligible for many of these programs. That means whether you’re looking to buy your first house or your fifth, there could be an option for you. Affordability is still a challenge, so if you’re looking to buy, you’re going to want to make sure you’re taking advantage of any and all resources available. The best way to find out what’s out there is to connect with a team of real estate professionals, including a trusted lender and a local agent. [kcm_ig_hashtags] => firsttimehomebuyer,opportunity,keepingcurrentmatters [kcm_ig_quote] => What you need to know about today’s down payment programs. [public_bottom_line] =>

Affordability is still a challenge, so if you’re looking to buy, you’re going to want to make sure you’re taking advantage of any and all resources available.

The best way to find out what’s out there is to connect with a team of real estate professionals, including a trusted lender and a local agent. 

[published_at] => 2024-06-19T10:30:00Z [related] => Array ( ) [slug] => what-you-need-to-know-about-todays-down-payment-programs [status] => published [tags] => Array ( ) [title] => What You Need To Know About Today’s Down Payment Programs [updated_at] => 2024-06-19T10:30:13Z [url] => /2024/06/19/what-you-need-to-know-about-todays-down-payment-programs/ )

What You Need To Know About Today’s Down Payment Programs

There's no denying it's gotten more challenging to buy a home, especially with today's mortgage rates and home price appreciation.

19
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Remember, you can’t control what happens in the broader economy. But you can control the controllables.

Work with a trusted lender to go over the things you can do that’ll make a difference. By being strategic with these factors, you may be able to combat today’s higher rates and lock in the lowest one you can.

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Chances are you’re hearing a lot about mortgage rates right now. You may even see some headlines talking about last week’s Federal Reserve (the Fed) meeting and what it means for rates. But the Fed doesn’t determine mortgage rates, even if the headlines make it sound like they do.

The truth is, mortgage rates are impacted by a lot of factors: geo-political uncertainty, inflation and the economy, and more. And trying to pin down when all those factors will line up enough for rates to come down is tricky.

That’s why it’s generally not worth it to try to time the market. There’s too much at play that you can’t control. The best thing you can do is control the controllables.

And when it comes to rates, here’s what you can influence to make your moving plans a reality.

Your Credit Score

Credit scores can play a big role in your mortgage rate. As an article from CNET explains:

You can’t control the economic factors influencing interest rates. But you can get the best rate for your situation, and improving your credit score is the right place to start. Lenders look at your credit score to decide whether to approve you for a loan and at what interest rate. A higher credit score can help you secure a lower interest rate, maybe even better than the average.”

That’s why it’s even more important to maintain a good credit score right now. With rates where they are, you want to do what you can to get the best rate possible. If you want to focus on improving your score, your trusted loan officer can give you expert advice to help.

Your Loan Type

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

There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose.”

When working with your team of real estate professionals, make sure you find out what’s available for your situation and which types of loans you may qualify for.

Your Loan Term

Another factor to consider is the term of your loan. Just like with loan types, you have options. Freddie Mac says:

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

Depending on your situation, the length of your loan can also change your mortgage rate.

[created_at] => 2024-06-11T14:41:58Z [description] =>

Chances are you’re hearing a lot about mortgage rates right now.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240611/20240618-Worried-About-Mortgage-Rates-Control-the-Controllables-original.png [id] => 54452 [kcm_ig_caption] => Chances are you’re hearing a lot about mortgage rates right now. You may even see some headlines talking about last week’s Federal Reserve (the Fed) meeting and what it means for rates. But the Fed doesn’t determine mortgage rates, even if the headlines make it sound like they do. The truth is, mortgage rates are impacted by a lot of factors: geo-political uncertainty, inflation and the economy, and more. And trying to pin down when all those factors will line up enough for rates to come down is tricky. That’s why it’s generally not worth it to try to time the market. There’s too much at play that you can’t control. The best thing you can do is control the controllables. And when it comes to rates, here’s what you can influence to make your moving plans a reality. Your Credit Score Credit scores can play a big role in your mortgage rate. That’s why it’s even more important to maintain a good credit score right now. Your Loan Type There are many types of loans, each offering different terms for qualified buyers. When working with your team of real estate professionals, make sure you find out what’s available for your situation and which types of loans you may qualify for. Your Loan Term Another factor to consider is the term of your loan. Just like with loan types, you have options. Depending on your situation, the length of your loan can also change your mortgage rate. Remember, you can’t control what happens in the broader economy. But you can control the controllables. Work with a trusted lender to go over the things you can do that’ll make a difference. By being strategic with these factors, you may be able to combat today’s higher rates and lock in the lowest one you can. [kcm_ig_hashtags] => expertanswers,stayinformed,keepingcurrentmatters [kcm_ig_quote] => Worried about mortgage rates? Control the controllables. [public_bottom_line] =>

Remember, you can’t control what happens in the broader economy. But you can control the controllables.

Let’s connect to go over the things you can do that’ll make a difference. By being strategic with these factors, you may be able to combat today’s higher rates and lock in the lowest one you can.

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Worried About Mortgage Rates? Control the Controllables

Chances are you’re hearing a lot about mortgage rates right now.

20
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While it’s natural to feel a bit uncertain during an election year, history shows the housing market remains strong and resilient. For help navigating the market, election year or not, let’s connect.

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The 2024 Presidential election is just months away. As someone who’s thinking about potentially buying or selling a home, you’re probably curious about what effect, if any, elections have on the housing market.

It’s a great question because buying or selling a home is a major decision, and it’s natural to wonder how such a major event might impact your plans.

Historically, Presidential elections have only had a small, temporary impact on the housing market. Here’s the latest on exactly what’s happened to home sales, prices, and mortgage rates throughout those time periods.

Home Sales

During the month of November, in years when the Presidential election takes place, there’s typically a slight slowdown in home sales. As Ali Wolf, Chief Economist at Zonda, explains:

“Usually, home sales are unchanged compared to a non-election year with the exception being November. In an election year, November is slower than normal.

This is mostly because some people feel uncertain and hesitant about making big decisions during such a pivotal time. However, it’s important to know this slowdown is temporary. Historically, home sales bounce back in December and continue to rise the following year.

In fact, data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) shows after nine of the last 11 Presidential elections, home sales went up the next year (see graph below): No Caption Received


The graph shows annual home sales going back to 1978. Each year with a Presidential election is noted in blue. The year immediately after each election is green if existing home sales rose that year. The two orange bars represent the only years when home sales decreased after an election.

Home Prices

What about home prices? Do they drop during election years? Not typically. As residential appraiser and housing analyst Ryan Lundquist puts it:

“An election year doesn’t alter the price trend that is already happening in the market.”

Home prices are pretty resilient. They generally rise year-over-year, regardless of elections. The latest data from NAR shows after seven of the last eight Presidential elections, home prices increased the following year (see graph below): No Caption Received


Just like the previous graph, this shows election years in blue. The only year when prices declined after an election is in orange. That was during the housing market crash, which was far from a typical year. Today’s market is different than it was back then.

All the green bars represent when prices rose the following year. So, if you're worried about your home losing value because of an election, you can rest easy knowing prices rise after most Presidential elections.

Mortgage Rates

Mortgage rates are important because they affect how much your monthly payment will be when you buy a home. Looking at the last 11 Presidential election years, data from Freddie Mac shows mortgage rates decreased from July to November in eight of them (see chart below): No Caption Received


Most forecasts expect mortgage rates to ease slightly throughout the remainder of the year. If they’re right, this year will follow the trend of declining rates leading up to most previous elections. And if you’re looking to buy a home in the coming months, this could be good news, as lower rates could mean a lower monthly payment.

What This Means for You

So, what’s the big takeaway? While Presidential elections do have some impact on the housing market, the effects are usually small and temporary. As Lisa Sturtevant, Chief Economist at Bright MLS, says:

“Historically, the housing market doesn’t tend to look very different in presidential election years compared to other years.”

For most buyers and sellers, elections don’t have a major impact on their plans.

[created_at] => 2024-06-13T15:54:37Z [description] =>

The 2024 Presidential election is just months away.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240613/20240617-Do-Elections-Impact-the-Housing-Market-original.png [id] => 54668 [kcm_ig_caption] => The 2024 Presidential election is just months away. As someone who’s thinking about potentially buying or selling a home, you’re probably curious about what effect, if any, elections have on the housing market. Home Sales During the month of November, in years when the Presidential election takes place, there’s typically a slight slowdown in home sales. As Ali Wolf, Chief Economist at Zonda, explains: “Usually, home sales are unchanged compared to a non-election year with the exception being November. In an election year, November is slower than normal.” Home Prices What about home prices? Do they drop during election years? Not typically. As residential appraiser and housing analyst Ryan Lundquist puts it: “An election year doesn’t alter the price trend that is already happening in the market.” Mortgage Rates Mortgage rates are important because they affect how much your monthly payment will be when you buy a home. Looking at the last 11 Presidential election years, data from Freddie Mac shows mortgage rates decreased from July to November in eight of them. What This Means for You So, what’s the big takeaway? While Presidential elections do have some impact on the housing market, the effects are usually small and temporary. As Lisa Sturtevant, Chief Economist at Bright MLS, says: “Historically, the housing market doesn’t tend to look very different in presidential election years compared to other years.” For most buyers and sellers, elections don’t have a major impact on their plans. While it’s natural to feel a bit uncertain during an election year, history shows the housing market remains strong and resilient. For help navigating the market, election year or not, DM me. [kcm_ig_hashtags] => realestatenews,realestateagent,keepingcurrentmatters [kcm_ig_quote] => Do elections impact the housing market? [public_bottom_line] =>

While it’s natural to feel a bit uncertain during an election year, history shows the housing market remains strong and resilient. If you have questions, reach out to a local real estate agent. They’re here to help you navigate the market, election year or not.

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Do Elections Impact the Housing Market?

The 2024 Presidential election is just months away.

21
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While it’s true new home construction is a bigger segment of the market than the norm, that’s not a bad thing. Builders aren’t overbuilding, and they’re responding to market signals to avoid repeating the mistakes that were made in 2008.

 

If you want to buy now while new home options may be at their peak, let’s connect.

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You may have heard that there are more brand-new homes available right now than the norm. Today, about one in three homes on the market are newly built. And if you’re wondering what that means for the housing market and for your own move, here’s what you need to know.

Why This Isn’t Like 2008

People remember what happened to the housing market back in 2008. And one of the factors that contributed to that crash was that there were too many homes for sale. While only part of the oversupply back then came from builders, the lasting impact is that some people still feel uneasy when they hear new home construction has ramped up.

Even though the supply of new homes has grown this year, the data shows there’s no need to worry. Builders aren’t overbuilding, they’re just catching up. 

The graph below uses data from the Census to show the number of new houses built over the last 52 years. Following the crash in 2008, there was a long period of underbuilding (shown in red). And it wasn’t until recently that we finally met the long-term average for how many homes are built in a typical year. No Caption Received


This shows, that even with the increase in new builds we’ve seen lately, there won’t suddenly be an oversupply of homes for sale. There’s too much of a gap to make up after over a decade of underbuilding. And if you’re still worried builders are overdoing it, here’s something else that should be reassuring. 

New Home Construction May Be at Its Peak for the Year

The latest data from the Census on housing starts (homes where builders just broke ground) and permits (homes where builders can start development soon) shows builders are slowing down their pace right now. Why is that?

They’re responding to still high mortgage rates and how those are impacting buyer demand. Basically, they’re pulling back appropriately in response to what’s happening in the market. As an article from HousingWire explains

“Even with a massive housing shortage across the nation, homebuilders are completing their pipelines and not seeking as many permits to construct new single-family houses.” 

Builders remember what happened when they overbuilt in the crash, and they’re looking to avoid a repeat of that. So, they’re being mindful and pulling back a bit.

You May Have More Options Now Versus Later

If you’re considering a newly built home, here’s how this impacts you. With builders seeking fewer permits and not breaking ground on as many new homes, we may be at the peak of new home construction for the year. This doesn’t mean new home construction is screeching to a stop – just that the pace is slowing down now, and that’ll impact what comes to market later this year. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“Given the recent declines in housing starts, home completions will steadily show declines in about six months.”

So, if you’re ready and able to buy now, you may find you’ll have more newly built options to choose from now versus later on. This may be enough reason to kick off your search.

Just be sure to work with a local real estate agent you know and trust throughout the process. An agent will have valuable insight into builder reputations and other key factors specific to your market. And if there isn’t much new construction near you, they’ll be able to point you toward a nearby area where there is.

[created_at] => 2024-06-11T13:29:35Z [description] =>

You may have heard that there are more brand-new homes available right now than the norm.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240611/20240613-Homebuilders-Aren-t-Overbuilding-They-re-Catching-Up-original.png [id] => 54434 [kcm_ig_caption] => You may have heard that there are more brand-new homes available right now than the norm. Today, about one in three homes on the market are newly built. And if you’re wondering what that means for the housing market and for your own move, here’s what you need to know. Why This Isn’t Like 2008 People remember what happened to the housing market back in 2008. And one of the factors that contributed to that crash was that there were too many homes for sale. While only part of the oversupply back then came from builders, the lasting impact is that some people still feel uneasy when they hear new home construction has ramped up. Even though the supply of new homes has grown this year, the data shows there’s no need to worry. Builders aren’t overbuilding, they’re just catching up. New Home Construction May Be at Its Peak for the Year Builders remember what happened when they overbuilt in the crash, and they’re looking to avoid a repeat of that. So, they’re being mindful and pulling back a bit. You May Have More Options Now Versus Later So, if you’re ready and able to buy now, you may find you’ll have more newly built options to choose from now versus later on. This may be enough reason to kick off your search. Just be sure to work with a local real estate agent you know and trust throughout the process. While it’s true new home construction is a bigger segment of the market than the norm, that’s not a bad thing. Builders aren’t overbuilding, and they’re responding to market signals to avoid repeating the mistakes that were made in 2008. If you want to buy now while new home options may be at their peak, DM me. [kcm_ig_hashtags] => firsttimehomebuyer,opportunity,keepingcurrentmatters [kcm_ig_quote] => Homebuilders aren’t overbuilding, they’re catching up. [public_bottom_line] =>

While it’s true new home construction is a bigger segment of the market than the norm, that’s not a bad thing. Builders aren’t overbuilding, and they’re responding to market signals to avoid repeating the mistakes that were made in 2008.

 

If you want to buy now while new home options may be at their peak, reach out to a local real estate agent. 

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Homebuilders Aren’t Overbuilding, They’re Catching Up

You may have heard that there are more brand-new homes available right now than the norm.

22
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While the uptick in price reductions might seem troubling, it’s not a cause for concern. It reflects a market adjusting to new conditions. Home prices are continuing to grow, just at a more moderate pace. 

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If you’ve seen the news lately about home sellers slashing prices, it’s a great example of how headlines do more to terrify than clarify. Here’s what’s really happening with prices.

The bottom line is home prices are higher than they were a year ago at this time, and they’re expected to keep rising, just at a slower pace.

But a recent article from Redfin notes,

“Price Drops Hit Highest Level in 18 Months As High Rates Dampen Buyer Demand.”

And that might make you think prices are declining.

Now, while it’s true the latest report from Realtor.com also shows 16.6% of homes on the market had price reductions in May, which is up from 12.7% last May, that doesn’t mean overall home prices are falling.

The key is knowing the difference between the asking price and the sold price.

Understanding Asking Price vs. Sold Price

In essence, the asking price, also known as a listing price, is the amount a seller hopes to get for their home when they list it. In reality, sellers can’t just put any price tag on their house and expect it to sell for top dollar. Today’s buyers are savvy customers, and when they aren’t willing to pay a premium for a home because their budgets are strained by higher mortgage rates, sellers need to adjust. And that’s what’s happening right now.

Based on market factors and what offers that seller receives, that asking price can change. If a seller isn’t getting much foot traffic, you may see them revise the price and make an adjustment to reignite interest in the home – and sometimes that’s because they’ve overpriced it from the start. That’s where price reductions come in, and when you see “price drops” in a headline, it sounds like declining home prices.

Mike Simonsen, CEO and Founder of Altos Research, says:

“Not only is the share of homes with price cuts elevated compared to one year ago, but more price cuts are happening each week than last year.”

On the other hand, the final sold price is the amount a buyer actually pays when the transaction is complete.

Here’s the most important thing to note: Actual sold prices are still rising, and they’re expected to continue to do so at least over the next 5 years.

What Does This Mean for Home Prices?

So, while there's been an increase in price reductions recently, this doesn't mean overall home values are declining. Instead, it’s a sign that demand is moderating. And, as a result, sellers are adjusting their expectations to align with today's market reality.

Even with more price reductions, home values are still growing on an annual basis, as they do nearly every year in the housing market. According to the Federal Housing Finance Agency (FHFA), home prices went up 6.6% over the last year (see below):No Caption Received


This map shows how prices rose just about everywhere in the country, indicating the market is not in decline.

So, while seller price reductions are often a leading indicator that prices may moderate in the months ahead, which experts have been saying for a while is expected to happen, they aren’t necessarily reason for alarm. The same article from Redfin also states:

“. . .those metrics suggest sale-price growth could soften in the coming months as persistently high mortgage rates turn off homebuyers. For now, the median-home sale price is up 4.3% year over year to another record high. . .”

And with inventory as tight as it is today, price moderation is much more likely in upcoming months than price declines.

Why This Is Good News for Buyers and Sellers

For buyers, more realistic asking prices mean a better chance of securing a home at a fair price. It also means you can enter the market with more confidence, knowing prices are stabilizing rather than continuing to skyrocket.

For sellers, understanding the need to adjust your asking price can lead to faster sales and fewer price negotiations. Setting a realistic price from the start can attract more serious buyers and lead to smoother transactions.

[created_at] => 2024-06-10T16:55:06Z [description] =>

If you’ve seen the news lately about home sellers slashing prices, it’s a great example of how headlines do more to terrify than clarify.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240610/20240612-Home-Prices-Aren-t-Declining-But-Headlines-Might-Make-You-Think-They-Are-original.png [id] => 54367 [kcm_ig_caption] => If you’ve seen the news lately about home sellers slashing prices, it’s a great example of how headlines do more to terrify than clarify. Here’s what’s really happening with prices. The key is knowing the difference between the asking price and the sold price. Understanding Asking Price vs. Sold Price In essence, the asking price, also known as a listing price, is the amount a seller hopes to get for their home when they list it. In reality, sellers can’t just put any price tag on their house and expect it to sell for top dollar. Here’s the most important thing to note: Actual sold prices are still rising, and they’re expected to continue to do so at least over the next 5 years. What Does This Mean for Home Prices? So, while there's been an increase in price reductions recently, this doesn't mean overall home values are declining. Why This Is Good News for Buyers and Sellers For buyers, more realistic asking prices mean a better chance of securing a home at a fair price. It also means you can enter the market with more confidence, knowing prices are stabilizing rather than continuing to skyrocket. For sellers, understanding the need to adjust your asking price can lead to faster sales and fewer price negotiations. Setting a realistic price from the start can attract more serious buyers and lead to smoother transactions. While the uptick in price reductions might seem troubling, it’s not a cause for concern. It reflects a market adjusting to new conditions. Home prices are continuing to grow, just at a more moderate pace. [kcm_ig_hashtags] => realestate,homeownership,keepingcurrentmatters [kcm_ig_quote] => Home prices aren’t declining, but headlines might make you think they are. [public_bottom_line] =>

While the uptick in price reductions might seem troubling, it’s not a cause for concern. It reflects a market adjusting to new conditions. Home prices are continuing to grow, just at a more moderate pace.

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Home Prices Aren’t Declining, But Headlines Might Make You Think They Are

If you’ve seen the news lately about home sellers slashing prices, it’s a great example of how headlines do more to terrify than clarify.

23
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  • If you’re trying to decide if buying a home is worth it, consider the long-term benefits, like building equity as home values grow over time.
  • According to the FHFA, home values have increased by 315.7% since 1991.
  • Home equity is one reason owning your own place can really pay off in the long run. When you're ready, let's connect.
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No Caption Received

[created_at] => 2024-06-06T13:51:31Z [description] =>

If you’re trying to decide if buying a home is worth it, consider the long-term benefits, like building equity as home values grow over time.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240606/The-Wealthbuilding-Power-of-Homeownership--KCM-Share-original.png [id] => 54105 [kcm_ig_caption] => If you’re trying to decide if buying a home is worth it, consider the long-term benefits, like building equity as home values grow over time. According to the FHFA, home values have increased by 315.7% since 1991. Home equity is one reason owning your own place can really pay off in the long run. When you're ready, DM me. [kcm_ig_hashtags] => firsttimehomebuyer,opportunity,keepingcurrentmatters [kcm_ig_quote] => The wealth-building power of homeownership. [public_bottom_line] =>
  • If you’re trying to decide if buying a home is worth it, consider the long-term benefits, like building equity as home values grow over time.
  • According to the FHFA, home values have increased by 315.7% since 1991.
  • Home equity is one reason owning your own place can really pay off in the long run. When you're ready, talk with a local real estate professional.
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The Wealth-Building Power of Homeownership [INFOGRAPHIC]

If you’re trying to decide if buying a home is worth it, consider the long-term benefits, like building equity as home values grow over time.

24
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If you want to find out how much equity you have and talk more about how it can make your next move possible, let’s connect.

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Many homeowners looking to sell feel like they’re stuck between a rock and a hard place right now. Today’s mortgage rates are higher than the one they currently have on their home, and that’s making it harder to want to sell and make a move. Maybe you’re in the same boat.

But what if there was a way to offset these higher borrowing costs? There is. And the money you need probably already exists in your current home in the form of equity.

What Is Equity?

Think of equity as a simple math equation. Freddie Mac explains:

“. . . your home’s equity is the difference between how much your home is worth and how much you owe on your mortgage.”

Your equity grows as you pay down your loan over time and as home prices climb. And thanks to the rapid home price appreciation we saw in recent years, you probably have a whole lot more of it than you realize.

The latest from the Census and ATTOM shows more than two out of three homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity (shown in blue in the chart below):


That means the majority of homeowners have a game-changing amount of equity right now.

How Your Equity Can Help Fuel Your Move

After you sell your house, that equity can help you move without worrying as much about today’s mortgage rates. As Danielle Hale, Chief Economist for Realtor.com says:

“A consideration today's homeowners should review is what their home equity picture looks like. With the typical home listing price up 40% from just five years ago, many home sellers are sitting on a healthy equity cushion. This means they are likely to walk away from a home sale with proceeds that they can use to offset the amount of borrowing needed for their next home purchase.”

To give you some examples, here are a few ways you can use equity to buy your next home:

  • Be an all-cash buyer: If you’ve been living in your current home for a long time, you might have enough equity to buy your next home without having to take out a loan. If that’s the case, you won’t need to borrow any money or worry about mortgage rates. 
  • Make a larger down payment: Your equity could also be used toward your next down payment. It might even be enough to let you put a larger amount down, so you won’t have to borrow as much at today’s rates. 

The First Step: Determine How Much Equity You Have in Your Home

Want to find out how much equity you have? To do that, you’ll need two things:

  1. The current mortgage balance on your home
  2. The current value of your home

You can probably find the mortgage balance on your monthly mortgage statement. To understand the current market value of your house, you can pay hundreds of dollars for an appraisal, or you can contact a local real estate agent who will be able to present to you, at no charge, a professional equity assessment report (PEAR).

Once you’ve connected with a trusted local agent and run the numbers, you’re one step closer to making a move you may not have thought was realistic – all thanks to your equity.

[created_at] => 2024-05-31T17:29:00Z [description] =>

Many homeowners looking to sell feel like they’re stuck between a rock and a hard place right now.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240531/20240606-Your-Equity-Could-Make-a-Move-Possible-original.png [id] => 53718 [kcm_ig_caption] => Many homeowners looking to sell feel like they’re stuck between a rock and a hard place right now. Today’s mortgage rates are higher than the one they currently have on their home, and that’s making it harder to want to sell and make a move. What Is Equity? Think of equity as a simple math equation. Your equity grows as you pay down your loan over time and as home prices climb. And thanks to the rapid home price appreciation we saw in recent years, you probably have a whole lot more of it than you realize. The latest from the Census and ATTOM shows more than two out of three homeowners have either completely paid off their mortgages. That means the majority of homeowners have a game-changing amount of equity right now. How Your Equity Can Help Fuel Your Move • Be an all-cash buyer • Make a larger down payment The First Step: Determine How Much Equity You Have in Your Home Want to find out how much equity you have? To do that, you’ll need two things: 1. The current mortgage balance on your home 2. The current value of your home You can probably find the mortgage balance on your monthly mortgage statement. To understand the current market value of your house, you can pay hundreds of dollars for an appraisal, or you can contact a local real estate agent who will be able to present to you, at no charge, a professional equity assessment report (PEAR). Once you’ve connected with a trusted local agent and run the numbers, you’re one step closer to making a move you may not have thought was realistic – all thanks to your equity. If you want to find out how much equity you have and talk more about how it can make your next move possible, DM me. [kcm_ig_hashtags] => housingmarket,makememove,keepingcurrentmatters [kcm_ig_quote] => Your equity could make a move possible. [public_bottom_line] =>

If you want to find out how much equity you have and talk more about how it can make your next move possible, connect with a local real estate professional.

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Your Equity Could Make a Move Possible

Many homeowners looking to sell feel like they’re stuck between a rock and a hard place right now.

25
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If you’re looking to make a move this June, let’s chat so you know what to expect. We’ll come up with a plan that factors in current market conditions, but still works for you.

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June is a busy month in the housing market because a lot of people buy and sell this time of year. So, if you’ve got a move on your mind and you’re looking to make it happen this month, here’s a snapshot of what you need to know to make sure you’re ready.

If You’re Buying This June

A lot of homebuyers with children like to move after one school year ends and before the next one begins. That’s one reason why late spring into summer is a popular time for homes to change hands. And whether that’s a motivator for you or not, it’s important to realize more buyers are going to be looking right now – and that means you’ll want to be ready for a bit more competition. But there is a silver lining to a move this time of year. This is also when more sellers will list – so you should find you have more options. As an article from Bankrate says:

Late spring and early summer are the busiest and most competitive time of year for the real estate market. There’s usually more inventory listed for sale than other times of year . . . This is a double-edged sword for a buyer, as you will be met with more opportunities but [also] much more competition.”

During this busy season, it’s extra important to work with a trusted real estate agent. Your agent will help you stay on top of the latest listings, share expertise on how to make a strong offer in a competitive market, and give you insight into things like what the home is actually worth so you can make an informed decision when you buy. As Forbes says:

Approaching the market confidently, armed with good information and grounded expectations will take you far. Don't let the hustle of the market convince you to buy something that’s not in your budget, or not right for your lifestyle.”

If You’re Selling This June

Because there are more buyers this time of year, you’re in a great spot as a seller. Many of those buyers are highly motivated to make their move happen before the next school year kicks off – so they’ll likely put in strong offers to try to make that possible. That means, if your house shows well and is listed at market value, you could see your house sell faster or for a higher price. According to the National Association of Realtors (NAR):

“Warmer weather and the end of the school year encourage more people to buy and sell, respectively. Buyers are looking to move and settle before the new school year begins, contributing to increased competition and, consequently, higher prices.”

You want to be sure you’ve got a great agent on your side to help you with the contingencies on those offers and any negotiations that take place so you can pick the best offer. Make sure you go over closing dates with your agent. Buyers trying to time their move with the school year may need to delay a bit or move faster. This can depend on the school calendar where you live. As U.S. News Real Estate explains:

“ . . if your house goes under contract in early summer, the buyer may ask for a delay in closing or move-in until the school year finishes or their current home has sold. Alternatively, a buyer later in summer may be looking to close quickly and move in under a month. Remain flexible to keep the deal running smoothly, and your buyer may be willing to throw in concessions, like covering some of your closing costs or overlooking the old roof.”
[created_at] => 2024-05-29T14:45:36Z [description] =>

June is a busy month in the housing market because a lot of people buy and sell this time of year.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240529/20240604-What-To-Expect-if-You-Buy-or-Sell-a-Home-This-June.png [id] => 53485 [kcm_ig_caption] => June is a busy month in the housing market because a lot of people buy and sell this time of year. So, if you’ve got a move on your mind and you’re looking to make it happen this month, here’s a snapshot of what you need to know to make sure you’re ready. If You’re Buying This June A lot of homebuyers with children like to move after one school year ends and before the next one begins. That’s one reason why late spring into summer is a popular time for homes to change hands. And whether that’s a motivator for you or not, it’s important to realize more buyers are going to be looking right now – and that means you’ll want to be ready for a bit more competition. But there is a silver lining to a move this time of year. This is also when more sellers will list – so you should find you have more options. During this busy season, it’s extra important to work with a trusted real estate agent. If You’re Selling This June Because there are more buyers this time of year, you’re in a great spot as a seller. Many of those buyers are highly motivated to make their move happen before the next school year kicks off – so they’ll likely put in strong offers to try to make that possible. That means, if your house shows well and is listed at market value, you could see your house sell faster or for a higher price. You want to be sure you’ve got a great agent on your side to help you with the contingencies on those offers and any negotiations that take place so you can pick the best offer. If you’re looking to make a move this June, let’s chat so you know what to expect. We’ll come up with a plan that factors in current market conditions, but still works for you. [kcm_ig_hashtags] => realestateblog,realestatemarket,keepingcurrentmatters [kcm_ig_quote] => What to expect if you buy or sell a home this June. [public_bottom_line] =>

If you’re looking to make a move this June, chat with a real estate agent so you know what to expect and how to plan for current market conditions.

[published_at] => 2024-06-04T10:30:00Z [related] => Array ( ) [slug] => what-to-expect-if-you-buy-or-sell-a-home-this-june [status] => published [tags] => Array ( [0] => content-hub ) [title] => What To Expect if You Buy or Sell a Home This June [updated_at] => 2024-06-26T16:58:07Z [url] => /2024/06/04/what-to-expect-if-you-buy-or-sell-a-home-this-june/ )

What To Expect if You Buy or Sell a Home This June

June is a busy month in the housing market because a lot of people buy and sell this time of year.