If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an unnecessarily negative picture. If we take a year-over-year view, home prices did drop some, but that’s because we’re comparing to a ‘unicorn’ year when prices peaked well beyond the norm.
To avoid an unfair comparison to that previous peak, we need to look at monthly data. And that tells a very different and much more positive story. While local home price trends still vary by market, here’s what the national data tells us.
Looking at this monthly view, we can see the past year in the housing market can be divided into two parts. In the first half of 2022, home prices were going up, and fast. However, starting in July, prices began to go down (shown in red in the graphs above). By around August or September, the trend started to stabilize. But, looking at the most recent data for early 2023, these graphs also show that prices are going up again.
The fact that all three reports show prices have been going up for three or more straight months is an encouraging sign for the housing market. The month-over-month data indicates a national shift is happening – home prices are rising again.
Craig J. Lazzara, Managing Director at S&P Dow Jones Indices, says this about home price trends:
"If I were trying to make a case that the decline in home prices that began in June 2022 had definitively ended in January 2023, April’s data would bolster my argument.”
Experts believe one of the reasons prices didn’t crash like some expected is because there aren’t enough available homes for the number of people who want to buy them. Even with today’s mortgage rates, there are more people looking to buy than there are homes available for sale.
Mark Fleming, Chief Economist at First American, explains how more demand than supply keeps upward pressure on prices:
“History has shown that higher rates may take the steam out of rising prices, but it doesn’t cause them to collapse entirely. This is especially true in today’s housing market, where the demand for homes continues to outpace supply, keeping the pressure on house prices.”
Doug Duncan, Senior VP and Chief Economist at Fannie Mae, states home price growth is exceeding expectations thanks to that high demand
“. . . housing prices continue to show stronger growth than what was previously expected . . . Housing’s performance is a testimony to the strength of demographic-related demand . . .”
• Buyers: If you’ve been holding off on buying because you were worried the value of your home would go down, knowing home prices have bounced back should bring you some relief. It also gives you the opportunity to own something that usually becomes more valuable as time goes on.
• Sellers: If you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, it might be a good idea to team up with a real estate agent to list your house. You don’t have to wait any longer because the latest data suggests things are turning in your favor.
If you delayed your moving plans because you were concerned about home prices dropping, the latest data reveals the worst is already over, and prices are appreciating nationally. Partner with me so you know what’s happening with home prices in your area.
Article Source: www.keepingcurrentmatters.com
Selling your home can be an exciting and nerve-wracking experience. To ensure a smooth and successful sale, it’s crucial to avoid some common pitfalls that sellers often stumble upon. In this blog post, we’ll uncover five of these mistakes and provide you with practical tips to sidestep them. So, let’s dive in and make sure you’re on the right track!
Picture this: you price your home too high, and it lingers on the market for ages, or you undervalue it, leaving money on the table. These are common pricing pitfalls that sellers fall into. The key to avoiding this mistake is research. Study comparable properties in your area, consult with a real estate agent, and objectively assess your home’s condition and features. A realistic pricing strategy will attract potential buyers and increase your chances of a swift and profitable sale.
Don’t underestimate the power of presentation! One of the biggest mistakes sellers make is neglecting home staging. Buyers want to envision themselves living in the space, and a cluttered or impersonal home won’t do the trick. To avoid this, declutter, depersonalize, and aim for a clean, inviting atmosphere. Consider rearranging furniture, adding fresh flowers, and painting neutral colors to create a warm and welcoming environment that appeals to a broad range of buyers.
Waiting for buyers to magically appear won’t cut it. Many sellers make the mistake of assuming that their home will sell itself. But effective marketing is essential to attract potential buyers. Take advantage of both online and offline channels. High-quality photographs, engaging descriptions, and virtual tours can make a significant difference in capturing buyers’ attention. Leverage social media platforms and collaborate with a real estate agent who understands the importance of marketing strategies tailored to your home’s unique features.
Open lines of communication are vital during the selling process. Sellers often make the mistake of being inaccessible or unresponsive to buyer inquiries, which can deter potential buyers. Aim to respond promptly to inquiries, schedule showings, and be accommodating whenever possible. Good communication builds trust and demonstrates your commitment to selling your home. Don’t let this mistake sabotage your chances of a successful sale—be attentive and proactive throughout the process.
Attempting to sell your home without a real estate agent can be a major misstep. Sellers sometimes overlook the value that real estate agents bring to the table. A knowledgeable and experienced agent can help you navigate the complexities of the market, offer strategic advice, negotiate on your behalf, and save you time and stress. While it may seem tempting to save on commissions, a skilled agent can often secure a higher sale price that more than compensates for their fees.
Selling your home doesn’t have to be a daunting experience filled with common mistakes. By avoiding pricing pitfalls, prioritizing home staging, investing in marketing efforts, maintaining good communication with buyers, and seeking professional help, you’ll be well on your way to a successful sale. Remember, a little foresight and planning can go a long way in ensuring a smooth and satisfying selling journey.
When it comes to buying a home, especially with today’s affordability challenges, you’ll want to be strategic. Mortgage rates impact how much it costs to borrow money for your home loan. And, to help offset the higher borrowing costs today, some homebuyers are taking a close look at their wish list and re-evaluating what features they really need in their next home to avoid overextending. As a recent NerdWallet article says:
“A pool, for example, may be nice to have, but it may not provide as much day-to-day value as a garage or a space for a home office . . .”
While that pool may be appealing, think twice on whether or not it’s really something you must have to be happy in your next home. Is getting that pool the main reason you’re moving? Probably not. It’s more likely a need for more space, a home office, or proximity to loved ones, friends, or work that’s motivating you to make a change.
So, if you’re looking to buy a home, take some time to consider what’s truly essential for you in your next house. Make a list of all the features you’ll want to see, and from there, work to break those features into categories. Here’s a great way to organize your list:
• Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle (examples: distance from work or loved ones, number of bedrooms/bathrooms, etc.).
• Nice-To-Haves – These are features you’d love to have but can live without. Nice-to-haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of these, it’s a contender (examples: a second home office, a garage, etc.).
• Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner (examples: a pool, multiple walk-in closets, etc.).
Once you’ve categorized it in a way that works for you, discuss your top priorities with your real estate agent. Remember to think carefully about what’s a non-negotiable for your lifestyle and what’s a nice-to-have that’s more of an added bonus. Be sure to discuss where each feature falls with your agent. They’ll be able to help you refine the list further, coach you through the best way to stick to it, and find a home in your area that meets your top needs.
Creating a comprehensive list of essential features for your next home may appear to be a simple task, but it holds significant importance in your current homebuying journey. By taking the time to identify and prioritize your needs, you can ensure that you find a home that perfectly suits your requirements. If you’re ready to embark on this exciting adventure and discover the ideal home for you, don’t hesitate to reach out and connect with me today. I’m here to assist you every step of the way.
Article Source: www.keepingcurrentmatters.com
Selling your house is no simple task. While some homeowners opt to sell their homes on their own, known as a FSBO (For Sale by Owner), they often encounter various challenges without the guidance of a real estate agent. If you’re currently considering selling your house on your own, here’s what you should know.
The most recent Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveyed homeowners who’d recently sold their own homes and asked what difficulties they faced. Those sellers say some of the greatest challenges were prepping their home for sale, pricing it right, and properly managing the required paperwork, just to name a few.
When it comes to selling your most valuable asset, consider the invaluable support that a real estate agent can provide. By partnering with an agent, you can navigate the complexities of the selling process with confidence. Here are just a few of the many ways an agent is essential to your home sale:
Effective marketing is a key piece of attracting qualified buyers to your property. Real estate agents have access to various marketing tools and platforms, including MLS listings, professional photography, virtual tours, and extensive professional networks. They can create a compelling listing that highlights your home’s best features and reaches a wider audience.
If you sell on your own, you may struggle to match the reach of agents, resulting in limited exposure and, ultimately, fewer potential buyers.
Today, more disclosures and regulations are mandatory when selling a house. And all that paperwork and all the legal aspects of selling a home can be a lot to manage. Selling a house without professional guidance exposes homeowners to potential liability risks and legal complications.
Real estate agents are well-versed in the contracts, disclosures, and regulations necessary during a sale. Their expertise helps minimize the risk of errors or omissions that could lead to legal disputes or delays.
Negotiating the terms of a home sale can be challenging, especially when emotions are involved. You may find it overwhelming to navigate these negotiations alone. Without an agent, you assume this responsibility on your own. This means you’ll have full accountability for working and negotiating with:
Rather than going toe-to-toe with all these parties alone, lean on an expert. Real estate agents act as intermediaries, skillfully negotiating on your behalf and ensuring that your best interests are protected. They have experience in handling tough negotiations, counteroffers, and contingencies. When you sell your house yourself, you’ll need to be prepared to manage these vendors on your own.
Determining the right asking price for your property is crucial. It requires in-depth knowledge of the local real estate market, including recent sales data, neighborhood trends, and the current demand for properties. Real estate agents have access to comprehensive market data and the expertise to analyze it accurately.
When you sell your house on your own without this comprehensive information, you risk overpricing or underpricing your home. This can result in an extended time on the market and also the risk of leaving money on the table – which decreases your future buying power. An agent is a key piece of the pricing puzzle.
While selling a home on your own might seem appealing at first, the challenges that come with it can quickly become overwhelming. With my expertise and industry knowledge, I’ll ensure a successful sale that maximizes your profit and minimizes your stress. Don’t risk getting overwhelmed—reach out to me today and let’s work together to achieve your real estate goals. Contact me now to get started!
Article Source: www.keepingcurrentmatters.com
Get ready for an epic 4th of July! We’ve compiled a can’t-miss list of events in Venice and North Port, Florida. From dazzling fireworks to lively parades, these celebrations will leave you speechless. Don’t miss out on the most unforgettable festivities in the Sunshine State. Get ready to make memories that will last a lifetime!
Join the North Port July 4th Firecracker 5K Run, 1 Mile Fun Walk, and Virtual 5K Run on July 4, 2023. Experience the thrill of a fun-filled event where everyone can participate. Awards will be given to the top three finishers in various age groups, from 10 years old and up. The 1-mile fun walk is a relaxed stroll around the track, and every participant will receive a special finisher’s award. Registration is available in advance or on the day of the event. Don’t miss this exciting opportunity to kick off your Independence Day with fitness and community spirit!
Experience a breathtaking fireworks display at the south Venice Jetty in the Venice Beach area. Find ideal viewing spots along Venice Beach, Caspersen Beach, or Nokomis Beach, or enjoy the spectacle from a boat on the Gulf of Mexico or the Intracoastal Waterway. The fireworks begin after sunset and last around 30 minutes. Remember, for safety reasons, the South Jetty and Jetty Jacks Refreshment Deck will be closed. Arrive early as thousands gather along the beaches and waterways. Boaters, please anchor by 8:15 p.m., as the Venice Inlet closes at 8:30 p.m. until after the grand finale. Weather delays are possible. Don’t miss this dazzling celebration of Independence Day in Venice!
Join the City of North Port’s annual Freedom Festival at CoolToday Park for a family-friendly event filled with fun activities, great vendors, delicious food, and a spectacular fireworks display at 9 p.m. Kids can enjoy the free Kids Fun Zone with various activities. Bring blankets or chairs to watch the show from the Event Lawn. No personal fireworks or animals allowed. Stream the fireworks on Facebook. The festival takes place from 5 p.m. to 9:30 p.m. at CoolToday Park, Venice, FL.
Be captivated by the enchanting Light Up Lemon Bay Fireworks Display, igniting the night sky over Lemon Bay on Manasota Key. This mesmerizing spectacle can be enjoyed from various spots along the Lemon Bay Intracoastal Waterway, stretching from the Tom Adams Bridge to Englewood Isles and along Manasota Key. Best of all, admission is free! Weather permitting, the fireworks will commence at 9:05 p.m., creating a breathtaking visual feast. Don’t miss this incredible opportunity to witness the magic of the Light Up Lemon Bay Fireworks Display!
Article Source: www.keepingcurrentmatters.com
If you’re planning to buy your first home, then you’re probably focused on saving for all the costs involved in such a big purchase. One of the expenses that may be at the top of your mind is your down payment. If you’re intimidated by how much you need to save for that, it may be because you believe you must put 20% down. That doesn’t necessarily have to be the case. As the National Association of Realtors (NAR) notes:
“One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership.”
And a recent Freddie Mac survey finds:
“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”
Here’s the good news. Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be closer to your homebuying dream than you realize.
According to NAR, the median down payment hasn’t been over 20% since 2005. In fact, the median down payment for all homebuyers today is only 14%. And it’s even lower for first-time homebuyers at just 6% (see graph below):
What does this mean for you? It means you may not need to save as much as you originally thought.
And it’s not just how much you need for your down payment that isn’t clear. There are also misconceptions about down payment assistance programs. For starters, many people believe there’s only assistance available for first-time homebuyers. While first-time buyers have many options to explore, repeat buyers have some, too.
According to Down Payment Resource, there are over 2,000 homebuyer assistance programs in the U.S., and the majority are intended to help with down payments. That same resource goes on to say:
“You don’t have to be a first-time buyer. Over 38% of all programs are for repeat homebuyers who have owned a home in the last 3 years.”
Plus, there are even loan types, like FHA loans with down payments as low as 3.5% as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants.
If you’re interested in learning more about down payment assistance programs, information is available through sites like Down Payment Resource. Then, partner with a trusted lender to learn what you qualify for on your homebuying journey.
It’s important to dispel the myth that a 20% down payment is always necessary when buying a home. While a larger down payment can have advantages, it is not the only path to homeownership. If you’re eager to purchase a home this year, don’t hesitate to reach out to me. Together, we can start a conversation about your specific homebuying goals and explore the various options available to make your dream a reality. Remember, with the right guidance and tailored financial solutions, you can take confident steps towards becoming a homeowner.
Article Source: www.keepingcurrentmatters.com
I can help you find a strong buyer strategy that fits your goals. If you consider buying a property in the next 1-2 years, you need to download our free buyer guide!
Get informed with our buyer guide to understanding the best buyer strategies to get started.
Selling a home can be an exciting but nerve-wracking process. One critical step in the selling journey is the home inspection. Homebuyers often hire professional inspectors to assess the condition of a property before finalizing the purchase. As a seller, understanding the home inspection process and how to navigate it can help you prepare your home and minimize any surprises. In this blog post, we’ll provide you with valuable insights and tips to help you navigate the home inspection process successfully.
First and foremost, it’s essential to understand the purpose of a home inspection. The inspection is designed to evaluate the overall condition of the property, identify any potential issues or safety concerns, and help buyers make informed decisions. By understanding this, you can approach the process with the right mindset.
When preparing your home for a smooth inspection, there are several essential steps to follow. By ensuring a clean, clutter-free environment and making sure utilities are turned on, you can help the inspector thoroughly examine your property. Here’s a checklist to help you prepare:
• Ensure clutter is removed to facilitate thorough inspection of all areas in the home. Make sure the basement, attic, crawlspace, furnace, water heater, and electrical panel are easily accessible to the inspector.
• Rearrange furniture to allow the inspector to examine the interior walls.
• Clear out closets to enable visibility of the walls.
• Confirm that utilities connected to the property are turned on for inspection purposes.
Consider conducting your own pre-inspection before putting your home on the market. This will give you an opportunity to identify any existing problems that might arise during the buyer’s inspection. By addressing these issues upfront, you can either fix them or disclose them, which can help build trust with potential buyers.
Compile all relevant documentation, such as maintenance records, warranties, permits, and receipts for recent repairs or upgrades. This information can showcase your home’s well-maintained history and provide buyers with added confidence. Having these documents readily available during the inspection can also save time and demonstrate your commitment to transparency.
While the home inspection process may uncover issues, it’s important to stay calm and keep things in perspective. Remember that not every issue is a deal-breaker, and most buyers expect some degree of wear and tear. Work with your real estate agent to assess the significance of the findings and determine the best course of action.
After the inspection, the buyer will receive a report detailing the findings. If there are any significant issues identified, you’ll need to decide how to address them. Depending on the situation, you may choose to negotiate repairs, offer a credit, or provide a detailed explanation of the issue. Your real estate agent can guide you through this process and help you make informed decisions.
Navigating the home inspection process as a seller can be a key factor in a successful sale. By understanding the purpose of the inspection, preparing your home, and staying proactive, you can minimize surprises and confidently address any issues that arise. Remember, working closely with your real estate agent throughout the process will ensure a smooth and successful transaction.
As millennials enter the housing market, they often face unique challenges compared to previous generations. However, with careful planning and informed decision-making, millennials can overcome these obstacles and embark on the rewarding journey of homeownership. In this blog post, we’ll discuss the challenges millennials might encounter, provide practical tips to overcome them, and highlight the long-term benefits of homeownership as a sound investment.
Saving for a Down Payment: Start early and create a budget that allows for consistent savings. Consider cutting back on unnecessary expenses and explore down payment assistance programs or grants that can help bridge the financial gap.
Managing Student Loan Debt: Prioritize paying off high-interest debts and explore loan forgiveness programs or income-driven repayment plans. By improving your debt-to-income ratio, you’ll enhance your chances of qualifying for a mortgage.
Assessing Affordability: Determine how much home you can afford by analyzing your income, expenses, and lifestyle. Consider using online calculators to estimate monthly mortgage payments and factor in additional costs like property taxes, insurance, and maintenance.
Exploring Alternative Housing Options: Don’t be afraid to think outside the box. Consider starter homes, fixer-uppers, or townhouses as potential affordable options. Being open to different types of properties can widen your choices.
Get Pre-Approved for a Mortgage: Prior to house hunting, obtain a pre-approval from a lender. This demonstrates your seriousness to sellers and gives you a competitive edge.
Working with a Knowledgeable Realtor: Collaborate with a real estate agent who specializes in working with millennial homebuyers. They can provide valuable insights, guide you through the process, and help you make informed decisions.
Utilizing Online Tools: Make the most of the real estate website and app available on our platform, which provides comprehensive property listings, up-to-date market trends, and user-friendly mortgage calculators. By leveraging these tools, you can conduct thorough research and efficiently narrow down your options. Our platform empowers you to explore a wide range of properties, stay informed about market dynamics, and make well-informed decisions throughout your home-buying journey.
Neighborhood Research: Dig deep into the neighborhoods you’re considering. Look for amenities, schools, safety ratings, and proximity to your workplace or desired locations. Online forums and social media groups can provide valuable insights from current residents.
Building Equity and Wealth: Homeownership offers the opportunity to build equity over time. Rather than paying rent, your mortgage payments contribute to long-term wealth creation.
Tax Benefits: Familiarize yourself with tax advantages associated with homeownership, such as deductions for mortgage interest and property taxes. Consult a tax professional for personalized advice.
While the housing market may present challenges for millennials, it’s important to approach homeownership with careful planning and determination. By overcoming financial hurdles, adapting to the competitive market, embracing technology, and considering the long-term benefits, millennials can achieve their dream of owning a home. Remember, homeownership is not just a place to live but a pathway to financial stability and a valuable investment for the future. With the right guidance and informed decisions, millennials can navigate the housing market with confidence and turn their dreams into reality.
I can help you find a strong buyer strategy that fits your goals. If you consider buying a property in the next 1-2 years, you need to download our free buyer guide!
Get informed with our buyer guide to understanding the best buyer strategies to get started.
If you’re trying to decide if now’s the time to sell your house, here’s what you should know. The limited number of homes available right now gives you a big advantage. That’s because there are more buyers out there than there are homes for sale. And, with so few homes on the market, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house.
Here’s what industry experts are saying about why selling now has its benefits:
“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”
“We have not seen the traditional uptick in new listings from existing homeowners, so undersupply of housing will continue to heighten market competition and put pressure on prices in most regions. Some markets are already heating up considerably, but price premiums that we saw last spring and summer are unlikely.”
“Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country . . .”
“. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.”
If you’re thinking about selling your house, connect with a real estate advisor who can share the expert insights you need to make the best possible move today.
Article Source: www.keepingcurrentmatters.com
You’re probably feeling the impact of high inflation every day as prices have gone up on groceries, gas, and more. If you’re a renter, you’re likely experiencing it a lot as your rent continues to rise. Between all of those elevated costs and uncertainty about a potential recession, you may be wondering if it still makes sense to buy a home today. The short answer is – it does. Here’s why.
Homeownership actually shields you from the rising costs inflation brings.
Freddie Mac explains how:
“Not only will buying today help you begin to build equity, a fixed-rate mortgage can stabilize your monthly housing costs for the long-term even while other life expenses continue to rise – as has been the case the past few years.”
Unlike rents, which tend to rise with time, a fixed-rate mortgage payment is predictable over the life of the mortgage (typically 15 to 30 years). And, when the cost of most everything else is rising, keeping your housing payment stable is especially important.
The alternative to homeownership is renting – and rents tend to move alongside inflation. That means as inflation goes up, your monthly rent payments tend to go up, too (see graph below):
A fixed-rate mortgage allows you to protect yourself from future rent hikes. With inflation still high, when your rental agreement comes up for renewal, your property manager may decide to increase your payments to offset the impact of inflation. Maybe that’s why, according to a recent survey, 73% of property managers plan to raise rents over the next two years.
Having your largest monthly expense remain stable in a time of economic uncertainty is a major perk of homeownership. If you continue to rent, you don’t have that same benefit and aren’t as protected from rising costs.
A stable housing payment is especially important in times of high inflation. Connect with me so you can learn more and start your journey to homeownership today.
Article Source: www.keepingcurrentmatters.com
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