Some people believe there's a group of homeowners who may be reluctant to sell their houses because they don't want to lose the historically low mortgage rate they have on their current home. You may even have the same hesitation if you're thinking about selling your house.
Data shows 51% of homeowners have a mortgage rate under 4% as of April this year. And while it's true mortgage rates are higher than that right now, there are other non-financial factors to consider when it comes to making a move. In other words, your mortgage rate is important, but you may have other things going on in your life that make a move essential,...
While watching the stock market recently may have started to feel pretty challenging, checking the value of your home should come as welcome relief in this volatile time. If you're a homeowner, your net worth got a big boost over the past few years thanks to rising home prices. And that increase in your wealth came in the form of home equity. Here's how it works.
Equity is the current value of your home minus what you owe on the loan. Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home...
Will My House Still Sell in Today's Market?
If recent headlines about the housing market cooling and buyer demand moderating have you worried you've missed your chance to sell, here's what you need to know. Buyer demand hasn't disappeared, it's just eased from the peak intensity we saw over the past two years.
Buyer Demand Then and Now
During the pandemic, mortgage rates hit record lows, and that spurred a significant rise in buyer demand. This year, as rates increased due to factors like rising inflation, buyer demand pulled back or softened as a result. The latest data from ShowingTime confirms this trend...
If you've been thinking of buying a home, you may have been watching what's happened with mortgage rates over the past year. It's true they've risen dramatically, but where will they go from here, especially as the market continues to slow?
As you think about your homeownership goals and decide if now's the time to make your move, the best place to turn to for that information is the professionals. Here's a summary of the latest mortgage rate forecasts from housing market experts.
Experts Project Mortgage Rates Will Stabilize
While mortgage rates continue to fluctuate due to ongoing inflationary pressures and economic uncertainty,...
One of the biggest questions people are asking right now is: what's happening with home prices? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture.
Part of the challenge is that it can be hard to understand what experts are saying when the words they use sound similar. Let's break down the differences among those terms to help clarify what's actually happening today.
If you're thinking about selling your house, you may have heard about the housing market slowing down in recent months. While it's still a sellers' market, the peak frenzy the market saw over the past two years has cooled some. If you're asking yourself if you've missed your chance to sell your house and make a move, the good news is you haven't – motivated buyers are still out there. But you do need to price your house right for today's market. Here's why.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
Homes priced right are selling very quickly...
THE REAL ESTATE MARKET IS SHIFTING: DOES THIS BENEFIT BUYERS OR SELLERS?
In the short term, the answer is both! However, sellers who have been in the power seat for many years, will need to quickly adjust their expectations and settle on the new reality of a balance of power. As the market shifts and becomes less of a sellers market and moves towards a balanced market, buyers and sellers need to get up to speed and understand the new terms and rules.
A CASE FOR BUYERS
In my previous article: 3 SOLID REASONS TO BUY A HOME THIS SUMMER I highlighted the immediate opportunity for buyers during the shift....
According to a recent survey from the Wall Street Journal, the percentage of economists who believe we'll see a recession in the next 12 months is growing. When surveyed in July 2021, only 12% of economists consulted thought there'd be a recession by now. But this July, when polled, 49% believe we will see a recession in the coming 12 months.
And as more recession talk fills the air, one concern many people have is: should I delay my homeownership plans if there's a recession?
Here's a look at historical data to show what happened in real estate during previous recessions to help prove why you shouldn't be afraid of what...
If you tried to buy a home during the pandemic, you know the limited supply of homes for sale was a considerable challenge. It created intense bidding wars which drove home prices up as buyers competed with one another to be the winning offer.
But what was once your greatest challenge may now be your greatest opportunity. Today, data shows buyer demand is moderating in the wake of higher mortgage rates. Here are a few reasons why this shift in the housing market is good news for your homebuying plans.
The Challenge
There were many reasons for the limited number of homes on the market during the pandemic, including...
Realtors are not sales people! There, I said it. Contrary to public opinion, reputation and all the negative attention that gets dumped on us we don't "sell" property. We manage and build relationships, guide clients through complicated and emotional transactions and creative problem solve. Realtors wear many hats but have one focus - our clients. What is best for them, how we can help them, how we can make their real estate dreams come true and hopefully with joy and the least amount of stress.
Some clients don't make it easy
My most recent closed transaction was one of the most difficult transactions of my career and nothing about preparing the home, managing my client, marketing the home, securing a buyer and then collectively managing the entire process until we closed escrow felt salesy for even one second. Realtors don't "sell" properties, we solve problems. We guide our clients through...
