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2335 search results for: thinking of selling now may be the time

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Buying a home is a big decision, and it’s essential to consider all your options. By looking into newly built homes, you might find a perfect fit for your needs and your budget.

Let’s explore the possibilities together. If you have any questions or want to see what’s available, feel free to reach out.

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If you’re in the market to buy a home, there’s some exciting news for you. Many people assume that newly built homes are more expensive than existing ones (houses that have already been lived in), but that’s not always the case. In fact, exploring newly built homes can sometimes lead to more cost-effective options, especially today. Hard to believe, right? But the data doesn’t lie.

Here are two key reasons working with your agent to look into new home construction could help you find a more budget-friendly option.

Reason 1: Lower Median Prices for Newly Built Homes

The median sales price for newly built homes is lower than the median sales price for existing homes today. This might seem surprising, but it’s true according to the latest data from the Census and the National Association of Realtors (NAR):No Caption Received

Why is that? Builders are focused on building what they can sell. And right now, there’s a very real need for smaller and more affordable homes – so that’s what they’ve been bringing to the market. At the same time, there are also more newly built homes already on the market than there have been over the past few years, so builders are motivated to make sure they’re selling what they’ve got available before adding more.

Reason 2: Attractive Incentives from Home Builders

Another big reason to consider a newly built home is the range of incentives that many home builders are offering. Again, since builders are aiming to sell their current inventory, some are providing special deals to sweeten the pot for homebuyers. HousingWire explains today’s trend:

“Overall, the usage of sales incentives was up to 61% in June, compared to 59% in May.”

One of the most appealing incentives right now is how builders are able to offer competitive mortgage rates. They may also provide other incentives, such as covering closing costs, or offering free upgrades.

Why This Matters to You

Considering a newly built home could open up opportunities you hadn’t thought of before. With competitive pricing and attractive incentives, you might just find that a brand-new home is the most appealing option for you.

[created_at] => 2024-07-22T18:40:00Z [description] =>

If you’re in the market to buy a home, there’s some exciting news for you.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240722/20240724-A-Newly-Built-Home-May-Actually-Be-More-Budget-Friendly-original.png [id] => 57464 [kcm_ig_caption] => If you’re in the market to buy a home, there’s some exciting news for you. Here are two key reasons working with your agent to look into new home construction could help you find a more budget-friendly option. Reason 1: Lower Median Prices for Newly Built Homes The median sales price for newly built homes is lower than the median sales price for existing homes today. This might seem surprising, but it’s true according to the latest data from the Census and the National Association of Realtors (NAR). Why is that? Builders are focused on building what they can sell. And right now, there’s a very real need for smaller and more affordable homes – so that’s what they’ve been bringing to the market. Reason 2: Attractive Incentives from Home Builders Another big reason to consider a newly built home is the range of incentives that many home builders are offering. Again, since builders are aiming to sell their current inventory, some are providing special deals to sweeten the pot for homebuyers. One of the most appealing incentives right now is how builders are able to offer competitive mortgage rates. They may also provide other incentives, such as covering closing costs, or offering free upgrades. Why This Matters to You Considering a newly built home could open up opportunities you hadn’t thought of before. Buying a home is a big decision, and it’s essential to consider all your options. By looking into newly built homes, you might find a perfect fit for your needs and your budget. Let’s explore the possibilities together. If you have any questions or want to see what’s available, feel free to reach out. [kcm_ig_hashtags] => opportunity,housingmarket,keepingcurrentmatters [kcm_ig_quote] => A newly built home may actually be more budget-friendly. [public_bottom_line] =>

Buying a home is a big decision, and it’s essential to consider all your options. By looking into newly built homes, you might find a perfect fit for your needs and your budget.

Let’s explore the possibilities together. If you have any questions or want to see what’s available, reach out to a local real estate agent.

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A Newly Built Home May Actually Be More Budget-Friendly

If you’re in the market to buy a home, there’s some exciting news for you.

2
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    [agents_bottom_line] => 

If you’re worried about a potential foreclosure crisis, know there’s nothing in the data to suggest that’ll happen. Buyers are more qualified now, and that’s one reason why they’re not falling seriously behind on their mortgage payments. 

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Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets. And those high costs on everything from gas to groceries are fueling unnecessary concerns that more people are going to have trouble making their mortgage payments. But, does that mean there’s a big wave of foreclosures coming?

Here's a look at why the data and the experts say that’s not going to happen.

There Aren’t Many Homeowners Who Are Seriously Behind on Their Mortgages

One of the main reasons there were so many foreclosures during the last housing crash was because relaxed lending standards made it easy for people to take out mortgages, even when they couldn’t show they’d be able to pay them back. At that time, lenders weren’t being as strict when looking at applicant credit scores, income levels, employment status, and debt-to-income ratio.

But since then, lending standards have gotten a whole lot tighter. Lenders became much more diligent when assessing applicants for home loans. And that means we’re seeing more qualified buyers who have less of a risk of defaulting on their loans.

That’s why data from Freddie Mac and Fannie Mae shows the number of homeowners who are seriously behind on their mortgage payments (known in the industry as delinquencies) has been declining for quite some time. Take a look at the graph below:  No Caption Received

What this means is that, not only are borrowers more qualified, but they’re also finding ways to navigate through their challenges, exploring their repayment options, or maybe even using the record amount of equity they have to sell and avoid foreclosure entirely.

The Answer Is: There’s No Sign of a Wave Coming

Before there can be a significant rise in foreclosures, the number of people who can’t make their mortgage payments would need to rise significantly. But, since so many buyers are making their payments today and homeowners have so much equity built up, a wave of foreclosures isn’t likely.

Take it from Bill McBride of Calculated Risk – an expert on the housing market who, after closely following the data and market leading up to the crash, was able to see the foreclosure crisis coming in 2008. McBride says:

“We will NOT see a surge in foreclosures that would significantly impact house prices (as happened following the housing bubble) for two key reasons: 1) mortgage lending has been solid, and 2) most homeowners have substantial equity in their homes.”
[created_at] => 2024-07-18T16:13:08Z [description] =>

Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240718/20240723-Why-a-Foreclosure-Wave-Isn-t-on-the-Horizon-original.png [id] => 57217 [kcm_ig_caption] => Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets. And those high costs on everything from gas to groceries are fueling unnecessary concerns that more people are going to have trouble making their mortgage payments. But, does that mean there’s a big wave of foreclosures coming? Here's a look at why the data and the experts say that’s not going to happen. There Aren’t Many Homeowners Who Are Seriously Behind on Their Mortgages One of the main reasons there were so many foreclosures during the last housing crash was because relaxed lending standards made it easy for people to take out mortgages, even when they couldn’t show they’d be able to pay them back. At that time, lenders weren’t being as strict when looking at applicant credit scores, income levels, employment status, and debt-to-income ratio. But since then, lending standards have gotten a whole lot tighter. Lenders became much more diligent when assessing applicants for home loans. And that means we’re seeing more qualified buyers who have less of a risk of defaulting on their loans. The Answer Is: There’s No Sign of a Wave Coming Before there can be a significant rise in foreclosures, the number of people who can’t make their mortgage payments would need to rise significantly. But, since so many buyers are making their payments today and homeowners have so much equity built up, a wave of foreclosures isn’t likely. If you’re worried about a potential foreclosure crisis, know there’s nothing in the data to suggest that’ll happen. Buyers are more qualified now, and that’s one reason why they’re not falling seriously behind on their mortgage payments. [kcm_ig_hashtags] => expertanswers,stayinformed,keepingcurrentmatters [kcm_ig_quote] => Why a foreclosure wave isn’t on the horizon. [public_bottom_line] =>

If you’re worried about a potential foreclosure crisis, know there’s nothing in the data to suggest that’ll happen. Buyers are more qualified now, and that’s one reason why they’re not falling seriously behind on their mortgage payments. 

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Why a Foreclosure Wave Isn’t on the Horizon

Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets.

3
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Dreaming of a place where your money goes further? Let’s connect so you have someone to help you find your next home. Together, we’ll make your dream of homeownership a reality.

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There’s an interesting trend happening in the housing market. People are increasingly moving to more affordable areas, and remote or hybrid work is helping them do it.

Consider Moving to a More Affordable Area

Today’s high mortgage rates combined with continually rising home prices mean it’s tough for a lot of people to afford a home right now. That’s why many interested buyers are moving to places where homes are less expensive, and the cost of living is lower. As Orphe Divounguy, Senior Economist at Zillow, explains:

“Housing affordability has always mattered . . . and you’re seeing it across the country. Housing affordability is reshaping migration trends.

If you’re hoping to buy a home soon, it might make sense to broaden your search area to include places where homes that fit your needs are more affordable. That’s what a lot of other people are doing right now to find a home within their budget. Extra Space Storage explains:

“55% of American adults are looking to relocate to a different state or city for more affordable homes and lower costs of living. . . Specifically, states with a strong economy, lower costs of living, and remote work options continue to be the ideal places to live in the U.S.”

Remote Work Opens Up More Home Options

If you work remotely or drive into the office only a few times each week, you have many more possibilities when looking for your next home. That’s because you can cast a broader net and include more suburban or rural areas nearby. As Market Place Homes says:

People start to reconsider where they want to live when commute times are slashed in half or eliminated altogether. If they have a longer commute but don’t have to do it daily, they may feel like they can tolerate living farther away from their job. Or, if someone works entirely remotely, they can move to a cheaper area and get a lot of house for their dollar.”

How a Real Estate Agent Can Help

A real estate agent can help you find the perfect home for your budget. They’re especially valuable if you’re moving to a new, unfamiliar area. Bankrate says:                                                                                         

“If you’re moving far away, you may not have a good idea about which neighborhoods or towns will be the best fit. An experienced local agent can help you find the lifestyle you’re looking for in a home you can afford.

So, if you're thinking about relocating to somewhere with more affordable homes, what are you waiting for? With the added flexibility of remote work, you might have more options than before.

[created_at] => 2024-07-18T13:10:54Z [description] =>

There’s an interesting trend happening in the housing market.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240718/20240722-How-Affordability-and-Remote-Work-Are-Changing-Where-People-Live-original.png [id] => 57181 [kcm_ig_caption] => There’s an interesting trend happening in the housing market. People are increasingly moving to more affordable areas, and remote or hybrid work is helping them do it. Consider Moving to a More Affordable Area Today’s high mortgage rates combined with continually rising home prices mean it’s tough for a lot of people to afford a home right now. That’s why many interested buyers are moving to places where homes are less expensive, and the cost of living is lower. If you’re hoping to buy a home soon, it might make sense to broaden your search area to include places where homes that fit your needs are more affordable. That’s what a lot of other people are doing right now to find a home within their budget. Remote Work Opens Up More Home Options If you work remotely or drive into the office only a few times each week, you have many more possibilities when looking for your next home. That’s because you can cast a broader net and include more suburban or rural areas nearby. How a Real Estate Agent Can Help A real estate agent can help you find the perfect home for your budget. They’re especially valuable if you’re moving to a new, unfamiliar area. So, if you're thinking about relocating to somewhere with more affordable homes, what are you waiting for? With the added flexibility of remote work, you might have more options than before. Dreaming of a place where your money goes further? DM me so you have someone to help you find your next home. Together, we’ll make your dream of homeownership a reality. [kcm_ig_hashtags] => houseshopping,housegoals,keepingcurrentmatters [kcm_ig_quote] => How affordability and remote work are changing where people live. [public_bottom_line] =>

Dreaming of a place where your money goes further? Connect with a real estate agent so you have someone to help you find your next home. Together, you’ll make your dream of homeownership a reality.

[published_at] => 2024-07-22T10:30:00Z [related] => Array ( ) [slug] => how-affordability-and-remote-work-are-changing-where-people-live [status] => published [tags] => Array ( [0] => content-hub ) [title] => How Affordability and Remote Work Are Changing Where People Live [updated_at] => 2024-07-22T10:30:11Z [url] => /2024/07/22/how-affordability-and-remote-work-are-changing-where-people-live/ )

How Affordability and Remote Work Are Changing Where People Live

There’s an interesting trend happening in the housing market.

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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?

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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.

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Unlocking Homebuyer Opportunities in 2024

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

6
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Selling a house right now requires more than just putting up a For Sale sign. You need to make sure it’s in good condition to attract buyers who are willing to pay today’s high prices.

The way to do that is by making smart improvements that will give you the best return on your investment. Let’s work together so you know what buyers are looking for and what your house needs before selling. 

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 If you’re thinking about selling your house, you should know there are buyers who are ready and able to pay today’s high prices. But they want a home that’s move-in ready. A recent press release from Redfin explains:

Buyers are still out there and they’re willing to pay today’s high prices, but only if the house is in really good shape. They don’t want to spend extra money on paint or new appliances.”

It makes sense when you think about it. They’re having to pay a lot of money for a house in today’s market. That means they may not be able to easily afford upgrades after they move in. So, if your home is outdated or needs some work, buyers might pass it by or offer a lower price than you were hoping for.

And there are a lot of homes that need upgrades right now. Millions are entering their prime remodel years, meaning they’re between 20 and 39 years old. Maybe yours is one of them. According to John Burns Research and Consulting (JBRC), the number of homes in their prime remodel years is high and growing (see graph below):No Caption Received

If your house falls into this category, it's important to consider making selective updates to help it appeal to buyers, so it sells faster. But how do you know where to spend your time and money?

Why You Need a Real Estate Agent

By working with a local real estate agent to be strategic about the improvements you make, you can be sure you’re making a smart investment. Put simply, not all upgrades are worth the cost. As Bankrate says:

Before you spend money on costly upgrades, be sure the changes you make will have a high return on investment. It doesn’t make sense to install new granite countertops, for example, if you only stand to break even on them, or even lose money.”

 And, as that same Bankrate article goes on to say, that’s where a local real estate agent comes in:

“. . . a good real estate agent will know what local buyers expect and can help you decide what needs doing and what doesn’t.”

Your agent will know what buyers in your area are looking for and what they're willing to pay for it. By working together, you can avoid spending money on upgrades that won't pay off. Instead, they’ll fill you in on which changes will make your house more appealing and valuable.

[created_at] => 2024-07-16T14:44:46Z [description] =>

If you’re thinking about selling your house, you should know there are buyers who are ready and able to pay today’s high prices.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240716/20240717-Why-Fixing-Up-Your-House-Can-Help-It-Sell-Faster-original.png [id] => 57000 [kcm_ig_caption] => If you’re thinking about selling your house, you should know there are buyers who are ready and able to pay today’s high prices. But they want a home that’s move-in ready. It makes sense when you think about it. They’re having to pay a lot of money for a house in today’s market. That means they may not be able to easily afford upgrades after they move in. So, if your home is outdated or needs some work, buyers might pass it by or offer a lower price than you were hoping for. If your house falls into this category, it's important to consider making selective updates to help it appeal to buyers, so it sells faster. But how do you know where to spend your time and money? Why You Need a Real Estate Agent By working with a local real estate agent to be strategic about the improvements you make, you can be sure you’re making a smart investment. Put simply, not all upgrades are worth the cost. Your agent will know what buyers in your area are looking for and what they're willing to pay for it. By working together, you can avoid spending money on upgrades that won't pay off. Instead, they’ll fill you in on which changes will make your house more appealing and valuable. Selling a house right now requires more than just putting up a For Sale sign. You need to make sure it’s in good condition to attract buyers who are willing to pay today’s high prices. The way to do that is by making smart improvements that will give you the best return on your investment. Let’s work together so you know what buyers are looking for and what your house needs before selling. [kcm_ig_hashtags] => sellyourhouse,moveuphome,keepingcurrentmatters [kcm_ig_quote] => Why fixing up your house can help it sell faster. [public_bottom_line] =>

Selling a house right now requires more than just putting up a For Sale sign. You need to make sure it’s in good condition to attract buyers who are willing to pay today’s high prices.

The way to do that is by making smart improvements that will give you the best return on your investment. Work with a local real estate agent so you know what buyers are looking for and what your house needs before selling.

[published_at] => 2024-07-17T10:30:00Z [related] => Array ( ) [slug] => why-fixing-up-your-house-can-help-it-sell-faster [status] => published [tags] => Array ( ) [title] => Why Fixing Up Your House Can Help It Sell Faster [updated_at] => 2024-07-17T10:30:06Z [url] => /2024/07/17/why-fixing-up-your-house-can-help-it-sell-faster/ )

Why Fixing Up Your House Can Help It Sell Faster

If you’re thinking about selling your house, you should know there are buyers who are ready and able to pay today’s high prices.

7
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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.

8
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It’s critical to have an expert on your side who’s well-versed in navigating today’s housing market dynamics. If you’re planning to buy or sell a home this year, let’s connect so you have a real estate professional to give you the best advice and guide you along the way.

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Navigating the housing market can be tricky, especially these days. That's why having an experienced guide when buying or selling a home is so important. The market isn't exactly straightforward right now, and working with a real estate expert can offer insights and advice that make all the difference.

While today’s market conditions might seem confusing or overwhelming, you don't have to handle them alone. With a trusted expert leading you through every step, you can navigate the process with the clarity and confidence you deserve.

Here are just a few of the ways a real estate expert is invaluable:

Contracts – Agents help with the disclosures and contracts necessary in today’s heavily regulated environment.

Experience – In today’s market, experience is crucial. Real estate professionals know the entire sales process, including how it’s changing right now.

Negotiations – Your real estate advisor acts as a buffer in negotiations with all parties, and advocates for your best interests throughout the entire transaction.

Industry ExpertiseKnowledge is power in today’s market, and your advisor will simply and effectively explain processes, market conditions, and key terms, translating what they mean for you along the way along the way­.

Pricing – A real estate professional understands current real estate values when setting the price of your home or helping you make an offer to purchase one. Pricing matters more than ever right now, so having expert advice will help ensure you’re set up for success.

A real estate agent is a crucial guide through this challenging market, but not all agents are created equal. A true expert can carefully walk you through the whole real estate process, look out for your unique needs, and advise you on the best ways to achieve success.

Finding an expert real estate advisor – not just any agent – should be your top priority if you want to buy or sell a home. As Bankrate says:

"Real estate is very localized, and you want someone who’s extremely knowledgeable about the market in your specific area. You should also look for someone with a successful track record of negotiating and closing deals, preferably for homes similar to the kind you want to buy."

What’s the Key To Choosing the Right Expert?

Like any relationship, it starts with trust. You’ll want to know you can depend on that person to always put you and your best interests first. That means hiring a true professional. As Business Insider explains:

“As long as you've properly vetted the agents you're considering and ensured they have the necessary expertise, it's ok to go with your gut when making your final decision on which real estate agent you want to work with. You're going to be working closely with this person, so it's important to choose an agent you're comfortable with."
[created_at] => 2024-07-10T19:40:18Z [description] =>

Navigating the housing market can be tricky, especially these days.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240710/20240715-Why-Working-with-a-Real-Estate-Professional-Is-Crucial-Right-Now-original.png [id] => 56591 [kcm_ig_caption] => Navigating the housing market can be tricky, especially these days. That's why having an experienced guide when buying or selling a home is so important. Here are just a few of the ways a real estate expert is invaluable: Contracts – Agents help with the disclosures and contracts necessary in today’s heavily regulated environment. Experience – In today’s market, experience is crucial. Real estate professionals know the entire sales process, including how it’s changing right now. Negotiations – Your real estate advisor acts as a buffer in negotiations with all parties, and advocates for your best interests throughout the entire transaction. Industry Expertise– Knowledge is power in today’s market, and your advisor will simply and effectively explain processes, market conditions, and key terms, translating what they mean for you along the way along the way¬. Pricing – A real estate professional understands current real estate values when setting the price of your home or helping you make an offer to purchase one. Pricing matters more than ever right now, so having expert advice will help ensure you’re set up for success. What’s the Key To Choosing the Right Expert? Like any relationship, it starts with trust. You’ll want to know you can depend on that person to always put you and your best interests first. That means hiring a true professional. It’s critical to have an expert on your side who’s well-versed in navigating today’s housing market dynamics. If you’re planning to buy or sell a home this year, DM me so you have a real estate professional to give you the best advice and guide you along the way. [kcm_ig_hashtags] => realestateagent,realestateexpert,keepingcurrentmatters [kcm_ig_quote] => Why working with a real estate professional is crucial right now. [public_bottom_line] =>

It’s critical to have an expert on your side who’s well-versed in navigating today’s housing market dynamics. If you’re planning to buy or sell a home this year, connect with a real estate professional who will give you the best advice and guide you along the way.

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Why Working with a Real Estate Professional Is Crucial Right Now

Navigating the housing market can be tricky, especially these days.

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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.

10
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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.

[published_at] => 2024-07-10T10:30:00Z [related] => Array ( ) [slug] => the-price-of-perfection-dont-wait-for-the-perfect-home [status] => published [tags] => Array ( ) [title] => The Price of Perfection: Don’t Wait for the Perfect Home [updated_at] => 2024-07-10T14:04:11Z [url] => /2024/07/10/the-price-of-perfection-dont-wait-for-the-perfect-home/ )

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.

11
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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.

12
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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.

13
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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.

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Homeownership: The Heart of the American Dream

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

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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.

15
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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.

16
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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.

17
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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.

18
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    [agents_bottom_line] => 

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

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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?

19
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    [agents_bottom_line] => 

If you want your house to sell fast, you need to work with a pro. Let’s connect so you’ve got someone who understands the current market trends and how to build a strategy around those factors, so your house is set up to sell quickly.

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You want your house to sell fast. And you may be wondering how long the whole process is going to take. One way to get your answer? Work with a local real estate agent.

They have the expertise to tell you how quickly homes are selling in your area and what’s impacting timelines for other sellers. That way you have realistic expectations and can work together to come up with a plan that’s based on today’s market.

Here’s a high-level overview of just one of the factors a great agent will walk you through – the supply of homes for sale and how that impacts your process.

The Growing Supply of Homes for Sale

Over the past few months, the number of homes for sale has increased. This is good news when you move because it means you’ll have more options as you search for your next home. But it also means buyers have more to choose from, so if your house doesn’t stand out – it may take a bit longer to sell.

Available inventory is made up of new listings (homes that were just put up for sale) and active listings (homes that were already on the market but haven’t sold yet). And if you look at data from Realtor.com you can see a good portion of the recent growth is from active listings that are sticking around (see the blue bars in the graph below):

How It’s Impacting Listings Today

Think of the homes on the market like loaves of bread for sale in a bakery. When a fresh batch of bread is put out, everyone wants the newest and hottest one. But if a loaf sits there too long, it starts to get stale, and fewer people want to buy it.

The same goes for homes. New listings are the freshest and most sought-after. But if a home isn’t priced correctly, doesn’t show well, or it doesn’t have an effective sales or marketing strategy behind it, it can sit on the market and become less appealing to buyers over time.

An Agent Will Help Your House Stand Out and Sell Quickly

Timing is important to you. You want to get this done, fast. By leaning on a pro, they’ll make sure your listing is fresh and doesn’t stick around long enough to go stale. As the National Association of Realtors (NAR) explains:

Home sellers without an agent are nearly twice as likely to say they didn’t accept an offer for at least three months; 53% of sellers who used an agent say they accepted an offer within a month of listing their home.”

Your agent will factor the recent inventory growth into their plan and create a customized selling strategy for your house. The supply of homes for sale can vary a lot by area. So they’ll do things like share their valuable insights into what’s happening with supply in your market, help you price your home correctly, and create a marketing plan that gets your home noticed.

Don’t let your listing get stale—reach out to a real estate agent today to make sure your listing is fresh and appeals to buyers from the start. It makes a big difference. 

[created_at] => 2024-06-11T19:41:41Z [description] =>

You want your house to sell fast. And you may be wondering how long the whole process is going to take. 

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240611/20240625-How-Long-Will-It-Take-To-Sell-My-House-original.png [id] => 54526 [kcm_ig_caption] => You want your house to sell fast. And you may be wondering how long the whole process is going to take. One way to get your answer? Work with a local real estate agent. They have the expertise to tell you how quickly homes are selling in your area and what’s impacting timelines for other sellers. The Growing Supply of Homes for Sale Over the past few months, the number of homes for sale has increased. This is good news when you move because it means you’ll have more options as you search for your next home. But it also means buyers have more to choose from, so if your house doesn’t stand out – it may take a bit longer to sell. How It’s Impacting Listings Today Think of the homes on the market like loaves of bread for sale in a bakery. When a fresh batch of bread is put out, everyone wants the newest and hottest one. But if a loaf sits there too long, it starts to get stale, and fewer people want to buy it. The same goes for homes. New listings are the freshest and most sought-after. But if a home isn’t priced correctly, doesn’t show well, or doesn’t have an effective sales or marketing strategy behind it, it can sit on the market and become less appealing to buyers over time. An Agent Will Help Your House Stand Out and Sell Quickly Timing is important to you. You want to get this done, fast. By leaning on a pro, they’ll make sure your listing is fresh and doesn’t stick around long enough to go stale. If you want your house to sell fast, you need to work with a pro. DM me so you’ve got someone who understands the current market trends and how to build a strategy around those factors, so your house is set up to sell quickly. [kcm_ig_hashtags] => sellyourhouse,moveuphome,keepingcurrentmatters [kcm_ig_quote] => How long will it take to sell my house? [public_bottom_line] =>

If you want your house to sell fast, you need to work with a pro. Connect with a local agent, so you’ve got someone who understands the current market trends and how to build a strategy around those factors, so your house is set up to sell quickly.

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How Long Will It Take To Sell My House?

You want your house to sell fast. And you may be wondering how long the whole process is going to take. 

20
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    [agents_bottom_line] => 

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.

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  • Considering selling your house without an agent? You should know there are some serious downsides to handling it on your own.
  • You’ll be missing out on marketing tools that draw in more buyers, pricing and market expertise, essential negotiation skills, in-depth knowledge of the fine print in contracts, and so much more.
  • Don’t take all of this responsibility on. Instead, let’s connect so you have someone with the knowledge and experience you’ll need on your side.
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No Caption Received

[created_at] => 2024-06-18T17:14:11Z [description] =>

Considering selling your house without an agent? You should know there are some serious downsides to handling it on your own.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240618/The-Downsides-of-Selling-Your-House-Without-An-Agent-KCM-Share-original.jpg [id] => 54969 [kcm_ig_caption] => Considering selling your house without an agent? You should know there are some serious downsides to handling it on your own. You’ll be missing out on marketing tools that draw in more buyers, pricing and market expertise, essential negotiation skills, in-depth knowledge of the fine print in contracts, and so much more. Don’t take all of this responsibility on. Instead, DM me so you have someone with the knowledge and experience you’ll need on your side. [kcm_ig_hashtags] => sellyourhouse,realestatetipsandadvice,keepingcurrentmatters [kcm_ig_quote] => The downsides of selling your house without an agent. [public_bottom_line] =>
  • Considering selling your house without an agent? You should know there are some serious downsides to handling it on your own.
  • You’ll be missing out on marketing tools that draw in more buyers, pricing and market expertise, essential negotiation skills, in-depth knowledge of the fine print in contracts, and so much more.
  • Don’t take all of this responsibility on. Instead, connect with an agent so you have someone with the knowledge and experience you’ll need on your side.
[published_at] => 2024-06-21T10:30:00Z [related] => Array ( ) [slug] => the-downsides-of-selling-your-house-without-an-agent [status] => published [tags] => Array ( ) [title] => The Downsides of Selling Your House Without an Agent [updated_at] => 2024-06-21T10:30:15Z [url] => /2024/06/21/the-downsides-of-selling-your-house-without-an-agent/ )

The Downsides of Selling Your House Without an Agent

Considering selling your house without an agent? You should know there are some serious downsides to handling it on your own.

22
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If the idea of owning your own vacation home appeals to you, let’s chat.

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Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season. If you’re excited about getting away and having some fun in the sun, it might make sense to consider if owning your own vacation home is right for you.

An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home (see below): No Caption Received

  • Vacation destination or a place to get away from the stresses of everyday life (81%) – Having a second home to use as a vacation spot can be a special place where you go to relax and take a break from your daily routines and stressors. It also means you won’t have to worry about finding somewhere to stay when you go there.
  • Better weather (49%) – Buying in a place where there may be nicer weather can be a great escape, especially if it’s cold or rainy where you usually live. It lets you enjoy sunny days and warm temperatures, even when it’s not so nice back home.
  • Rental income (41%) – You can rent it out to other people when you’re not using it, which can help you make some extra money.
  • Primary residence in the future (33%) – You can eventually move into the home full-time during retirement. That means you can enjoy vacations there now and have a getaway ready for your future.
  • Having a venue for gatherings with family and friends (25%) – It would be a special spot where you can have parties, regular family trips, and create fun memories.

Ways To Buy Your Vacation Home

And you don’t have to be wealthy to buy a vacation home. Bankrate shares two tips for how to make this dream more achievable for anyone who’s interested:

  • Buy with loved ones or friends: If you’re okay with sharing the vacation home, you can go in on the purchase price together and pool your resources to make it more affordable.
  • Put a savings plan in place: This will require patience and persistence but consider adding a vacation home savings plan to your budget and contributing to it monthly.

Finding Your Dream Spot with a Little Help from an Agent

If the idea of basking in the sun at your very own vacation home sounds appealing, you might want to start looking now. Summer's when everyone's trying to buy their slice of paradise, so it’s best to start early.

Your first move is to team up with a real estate agent. They know all the ins and outs of the area you want to be in, and which homes you should look at. Plus, they can give you the lowdown on everything you need to know about having a second home and how it can benefit you. The same article from Bankrate says:

Buying real estate in a new area — or even one you’ve vacationed in for many years — requires expert guidance. That makes it a good idea to work with an experienced local lender who specializes in loans for vacation homes and a local real estate professional. Local lenders and Realtors will understand the required rules and specifics for the area you are buying, and a local Realtor will know what properties are available.”
[created_at] => 2024-06-17T20:34:16Z [description] =>

Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season.

[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240617/20240620-Why-a-Vacation-Home-Is-the-Ultimate-Summer-Upgrade-original.png [id] => 54897 [kcm_ig_caption] => Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season. If you’re excited about getting away and having some fun in the sun, it might make sense to consider if owning your own vacation home is right for you. An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home (see below): • Vacation destination or a place to get away from the stresses of everyday life (81%) • Better weather (49%) • Rental income (41%) • Primary residence in the future (33%) • Having a venue for gatherings with family and friends (25%) Ways To Buy Your Vacation Home And you don’t have to be wealthy to buy a vacation home. Bankrate shares two tips for how to make this dream more achievable for anyone who’s interested: • Buy with loved ones or friends: If you’re okay with sharing the vacation home, you can go in on the purchase price together and pool your resources to make it more affordable. • Put a savings plan in place: This will require patience and persistence but consider adding a vacation home savings plan to your budget and contributing to it monthly. Finding Your Dream Spot with a Little Help from an Agent Your first move is to team up with a real estate agent. They know all the ins and outs of the area you want to be in, and which homes you should look at. Plus, they can give you the lowdown on everything you need to know about having a second home and how it can benefit you. If the idea of owning your own vacation home appeals to you, let’s chat. [kcm_ig_hashtags] => homegoals,houseshopping,keepingcurrentmatters [kcm_ig_quote] => Why a vacation home is the ultimate summer upgrade. [public_bottom_line] =>

If the idea of owning your own vacation home appeals to you, connect with a real estate agent.

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Why a Vacation Home Is the Ultimate Summer Upgrade

Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season.

23
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    [agents_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. 

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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.

24
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    [agents_bottom_line] => 

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.

25
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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.

[published_at] => 2024-06-17T10:30:00Z [related] => Array ( ) [slug] => do-elections-impact-the-housing-market [status] => published [tags] => Array ( [0] => content-hub ) [title] => Do Elections Impact the Housing Market? [updated_at] => 2024-06-26T16:59:07Z [url] => /2024/06/17/do-elections-impact-the-housing-market/ )

Do Elections Impact the Housing Market?

The 2024 Presidential election is just months away.