Buyer

Buyer, Homeowner

More Jobs and Better Pay Leads to More Buyer Demand

There’s been talk about a recession for quite a while now. But the economy has been remarkably resilient. Why? One reason is employment and wages have stayed strong. Let’s look at the latest information on each one and why both are good news if you’re thinking about selling your house.More Jobs Are Being CreatedInstead of facing the job losses typical of any recession, the economy has been growing and adding jobs. According to the Bureau of Labor Statistics (BLS), 187,000 jobs were created in July, which is up from the 185,000 created in June. That means more people are finding work. In fact, so many jobs are being added that the unemployment rate is far lower than the long-term average of 5.7% (see graph below):
Buyer, Homeowner, New Homeowner

Gen Z: The Next Generation Is Making Moves in the Housing Market

The youngest generation, Gen Z, is charging into the housing market with a determination to put down roots and achieve financial independence. Startlingly, the latest report from the National Association of Realtors (NAR) reveals that 30% of Gen Z buyers are skipping the traditional route of living with their parents and are instead diving straight into homeownership.
Buyer

What Home Buyers Should Know About HOAs

If you haven’t had dealings with an HOA before, we’ll walk you through exactly what it means, what it does, and what are the most crucial things you need to know before living in a community that has one.
Buyer

Here’s Why You Shouldn’t Max Out Your Budget When Buying A Home

When it comes to purchasing a home, it's easy to get caught up in the excitement of finding your dream property. However, it's important to consider the potential drawbacks of maxing out your budget for this significant investment. By buying a home that is within your means, you can maintain financial stability and preserve the ability to pursue other important financial goals.

Buyer More Jobs and Better Pay Leads to More Buyer Demand There’s been talk about a recession for quite a while now. But the economy has been remarkably resilient. Why? One reason is employment and wages have stayed strong. Let’s look at the latest information on each one and why both are good news if you’re thinking about selling your house.More Jobs Are Being CreatedInstead of facing the job losses typical of any recession, the economy has been growing and adding jobs. According to the Bureau of Labor Statistics (BLS), 187,000 jobs were created in July, which is up from the 185,000 created in June. That means more people are finding work. In fact, so many jobs are being added that the unemployment rate is far lower than the long-term average of 5.7% (see graph below):

Buyer Gen Z: The Next Generation Is Making Moves in the Housing Market The youngest generation, Gen Z, is charging into the housing market with a determination to put down roots and achieve financial independence. Startlingly, the latest report from the National Association of Realtors (NAR) reveals that 30% of Gen Z buyers are skipping the traditional route of living with their parents and are instead diving straight into homeownership.

Buyer What Home Buyers Should Know About HOAs If you haven’t had dealings with an HOA before, we’ll walk you through exactly what it means, what it does, and what are the most crucial things you need to know before living in a community that has one.

Buyer Here’s Why You Shouldn’t Max Out Your Budget When Buying A Home When it comes to purchasing a home, it's easy to get caught up in the excitement of finding your dream property. However, it's important to consider the potential drawbacks of maxing out your budget for this significant investment. By buying a home that is within your means, you can maintain financial stability and preserve the ability to pursue other important financial goals.

Buyer Reasons Your Home May Not Be Selling When it comes to selling your house, you want three things: to sell it for the most money you can, to do it in a certain amount of time, and to do all of that with the fewest hassles. And, while the current housing market is generally favorable to sellers due to today’s limited housing supply, there are still factors that can cause delays or even prevent a house from selling.If you're having trouble getting your house to sell in today's sellers’ market, here are a few things to think about.Limited Access – If You Can’t Show It, You Can’t Sell It.One of the biggest mistakes you can make as a seller is limiting the days and times when buyers can view your home. In any market, if you want to maximize the sale of your house, you can’t limit potential buyers’ ability to view it. Remember, minimal access equals minimal exposure.In some cases, some of the most motivated buyers may come from outside of your local area. Because they’re traveling, they might not have the luxury to adjust their schedules when faced with limited options to tour your house, so make it available as much as possible.Priced Too High – Price It To Sell, Not To Sit.Pricing is a critical factor that can significantly impact your home sale. While it's tempting to push the price higher to try to maximize your profit, overpricing can deter potential buyers and lead to your home sitting on the market longer.Jeff Tucker, Senior Economist at Zillow, notes:“. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.” Not to mention, buyers today have access to a number of tools and resources to view available homes in your area. If your house is priced unreasonably high compared to similar homes, it may drive potential buyers away. Listen to the feedback your agent is getting at open houses and showings. If the feedback is consistent, it may be time to re-evaluate and potentially lower the price. Not Freshened Up Before Listing – If It Looks Good, It’ll Make a Good Impression.When selling your house, the old saying “you never get a second chance to make a first impression” matters. Putting in the work on the exterior of your home is just as important as what you stage inside. Freshen up your landscaping to improve your home’s curb appeal so you can make an impact upfront. As an article from Investopedia says:“Curb-appeal projects make the property look good as soon as prospective buyers arrive. While these projects may not add a considerable amount of monetary value, they will help your home sell faster—and you can do a lot of the work yourself to save money and time.”But don’t let that stop at the front door. By removing personal items and reducing clutter inside, you give buyers more freedom to picture themselves in the home. Additionally, a new coat of paint or cleaning the floors can go a long way to freshening up a room.For all of these things, lean on your real estate agent for expert advice based on your unique situation and feedback you get from buyers throughout the process.Bottom LineIf your house isn’t getting the attention you feel it deserves and isn’t selling in the timeframe you wanted, it’s time to ask your trusted real estate agent for advice on what you may need to revisit or change in your approach. To get those expert insights, let’s connect.

Buyer Lending Standards Are Not Like They Were Leading Up to the Crash You might be worried we’re heading for a housing crash, but there are many reasons why this housing market isn’t like the one we saw in 2008. One of which is how lending standards are different today. Here’s a look at the data to help prove it. Every month, the Mortgage Bankers Association (MBA) releases the Mortgage Credit Availability Index (MCAI). According to their website:“The MCAI provides the only standardized quantitative index that is solely focused on mortgage credit. The MCAI is . . . a summary measure which indicates the availability of mortgage credit at a point in time.”Basically, the index determines how easy it is to get a mortgage. Take a look at the graph below of the MCAI since they started keeping track of this data in 2004. It shows how lending standards have changed over time. It works like this: When lending standards are less strict, it’s easier to get a mortgage, and the index (the green line in the graph) is higher.When lending standards are stricter, it’s harder to get a mortgage, and the line representing the index is lower.

Buyer Why Homeownership Wins in the Long Run Today’s higher mortgage rates, inflationary pressures, and concerns about a potential recession have some people questioning: should I still buy a home this year? While it’s true this year has unique challenges for homebuyers, it’s important to think about the long-term benefits of homeownership when making your decision.Consider this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how home values grow with time and how, by extension, that grows your own wealth. That may be why, in a recent Fannie Mae survey, 70% of respondents say they believe buying a home is a safe investment.Here’s a look at how just the home price appreciation piece can really add up over the years.Home Price Growth over TimeThe map below uses data from the Federal Housing Finance Agency (FHFA) to show just how noteworthy price gains have been over the last five years. And, since home prices vary by area, the map is broken out regionally to help convey larger market trends.

Buyer The True Cost of Selling Your House on Your Own Selling your house is a complex process that can be challenging to navigate on your own. Real estate agents have the expertise and resources to help you sell your home quickly and for the best possible price.Here are some of the ways a real estate agent can help you sell your home:Marketing and exposure: Agents have access to a wide range of marketing tools and platforms, including MLS listings, professional photography, and virtual tours. This can help you reach a wider audience of potential buyers.Managing liability and legal considerations: Selling a house comes with a lot of legal paperwork. Agents are familiar with the contracts, disclosures, and regulations necessary during a sale, which can help you avoid legal complications.Negotiations and contracts: Agents can help you negotiate the terms of a sale and protect your interests. They have experience in handling tough negotiations, counteroffers, and contingencies.Pricing and housing market knowledge: Agents have access to comprehensive market data and the expertise to analyze it accurately. This can help you price your home competitively and avoid overpricing or underpricing it.If you're considering selling your home, it's important to weigh the pros and cons of selling on your own versus working with an agent. While selling on your own can save you money on commission fees, it can also be time-consuming and stressful. An agent can help you navigate the selling process smoothly and get the best possible price for your home.Here are some additional benefits of working with a real estate agent:Peace of mind: Knowing that you have an experienced professional on your side can give you peace of mind during the selling process.Time savings: Agents can handle the day-to-day tasks of selling your home, freeing up your time to focus on other things.Expert advice: Agents have years of experience in the real estate market and can provide you with valuable advice and guidance.If you're ready to sell your home, I encourage you to contact a real estate agent today. They can help you make the process as smooth and stress-free as possible.

Buyer Oops! Home Prices Didn’t Crash After All During the fourth quarter of last year, many housing experts predicted home prices were going to crash this year. Here are a few of those forecasts:Jeremy Siegel, Russell E. Palmer Professor Emeritus of Finance at the Wharton School of Business:“I expect housing prices fall 10% to 15%, and the housing prices are accelerating on the downside.”Mark Zandi, Chief Economist at Moody’s Analytics:"Buckle in. Assuming rates remain near their current 6.5% and the economy skirts recession, then national house prices will fall almost 10% peak-to-trough. Most of those declines will happen sooner rather than later. And house prices will fall 20% if there is a typical recession.” Goldman Sachs: “Housing is already cooling in the U.S., according to July data that was reported last week. As interest rates climb steadily higher, Goldman Sachs Research’s G-10 home price model suggests home prices will decline by around 5% to 10% from the peak in the U.S. . . . Economists at Goldman Sachs Research say there are risks that housing markets could decline more than their model suggests.”The Bad News: It Rattled Consumer ConfidenceThese forecasts put doubt in the minds of many consumers about the strength of the residential real estate market. Evidence of this can be seen in the December Consumer Confidence Survey from Fannie Mae. It showed a larger percentage of Americans believed home prices would fall over the next 12 months than in any other December in the history of the survey (see graph below). That caused people to hesitate about their homebuying or selling plans as we entered the new year.

Buyer Real Estate 101: What Is The Difference Between Short Sales and Foreclosures? For homeowners who fall behind on their mortgage payments, mainly due to a sudden financial crisis, such as unemployment and other income loss, unexpected debts, interest rate hikes, or economic downturn, among others — the two main options available are either a short sale or foreclosure. Let’s take a closer look at what these things are, their differences, and which is the better option for any homeowner depending on their situation and timeline.

Buyer 3 Huge Reasons To Talk To A Mortgage Lender Before You Start House-Hunting Even if you’re still a few years away from buying a home, there’s a key step you can take that can be incredibly valuable: talking to a mortgage lender. Here are three great reasons you should be having a conversation with a lender even before you begin the house-hunting process.

Buyer 5 Common Mistakes First-Time Homeowners Make After Moving In The euphoria that comes with purchasing and moving into your first home is unlike no other. You will soon be able to personalize your bedroom, cook in your dream kitchen, or create your version of a backyard oasis. But oftentimes, the excitement can get the better of you.

Buyer 5 Crucial Things You Shouldn’t Lie About When Applying For A Mortgage When it comes to applying for a mortgage, remember that there’s no such thing as a little “white lie.” Saying fibs that you think are harmless, as well as exaggerating, playing down, or failing to disclose certain information, can all jeopardize your chances of getting approved for a loan. Unfortunately, though, about 1 in 131 […]

Buyer Thinking of Buying A New Construction Home? Here Are 7 Common Myths You Shouldn’t Believe House-hunting is no easy journey, especially once you find that there’s a limited inventory of previously-owned homes in the housing market. If you’re a first-time home buyer, you might find that a new construction house is one of your viable options to finally achieve your homeownership dream. According to the National Association of Home Builders, […]

Buyer When A House Becomes A Home You Love: The Emotional and Non-Financial Benefits of Homeownership [INFOGRAPHIC] When you started your home buying journey, you might have only considered the financial perks that homeownership could give, including a more stable monthly housing costs and building equity. But when you think about it, it’s love that drives you to provide a safe and comfortable environment for yourself and your loved ones. To have […]

Buyer What is the Multiple Listing Service? A Basic Guide For Buyers and Sellers Whether you’re embarking on your first house-hunting journey or it’s time to sell your beloved home, one thing is certain: you’re likely to encounter the term MLS, which stands for Multiple Listing Service. But exactly is it? Even though the real estate industry is highly competitive, the business is unique in such a way that […]

Buyer 6 New Year’s Resolutions To Help You Buy Your First Home With the new year comes new milestones to reach. And if this year you’d want to go beyond the usual promises to focus on your health and wellness, read more, and finally achieve a grand dream like buying your first house, remember that preparation is key. Here are six practical resolutions for you to consider […]

Buyer What You Should Know If You’re Buying A Home in A Flood-Prone Area You have been in the market for a while now searching for your forever home. You thought that none of the homes suit you right now. Until you see this listing: a charming four-bedroom abode with a huge backyard ideal for your family, near a bustling neighborhood, and well within your price range. It is […]

Buyer What Is a Single-Family Home? Here’s A Look Inside This More Popular Type of Dwelling When we were still kids, chances are we sketched our dream home as a square building with a rectangular door, a few windows, a triangle roof with a chimney, and a large yard with flowers and trees enclosed by a white fence. But when you enter the housing market as a prospective homeowner, you will […]

Buyer Is That Fixer Upper A Dream Home or A Money Pit? 5 Major Warning Signs to Help You Find Out So, you have finally found your dream house after what could be weeks or months of searching. It is an old house that needs a little work — okay, maybe a lot of work — but its character and charm are exactly what you are dreaming of in a home. Fixer-uppers are appealing, especially if […]

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