The biggest challenge the housing market faces is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply: Two dynamics are keeping existing-home inventory historically low – rate-locked existing homeowners and the fear of not finding something to buy. Mark Fleming, Chief Economist at First American Let’s break down […]
What Is a 2/1 Mortgage Buydown Mortgage? A 2/1 mortgage buydown is a type of mortgage where the interest rate is temporarily lowered for the first two years of the loan. This results in lower monthly mortgage payments for the first two years, before adjusting to the original interest rate for the remaining life of […]
What’s Impacting the Price of Homes? If you’ve been following the housing market over the last couple of years, you’ve likely heard about growing affordability challenges. But according to experts, the key factors that determine housing affordability are projected to improve this year. Selma Hepp, Executive, Deputy Chief Economist at CoreLogic, shares: “. . . with slowly improving […]
*Updated 1-5-2023* The question many people ask is “When do new listings come on the market or what months do the most houses get listed?” We can’t always say for sure when that is, but we can look at past trends to get an idea of what the future might hold. History has a way […]
Wondering what housing experts are calling for in 2023 and how it impacts your plans? The links at the bottom of this page are the references for this video. Quotables from Industry Leaders While the slowing housing market has some expecting a crash in 2023, next year will likely be more humdrum, albeit still painful […]
Mortgage rates have been a hot topic in the housing market over the past 12 months. Compared to the beginning of 2022, rates have risen dramatically. Now they’re dropping, and that has to do with everything happening in the economy. Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains it well […]
For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This […]
Millions of American families will soon be gathered around the Thanksgiving table. With the economic landscape shifting below our feet, discussions between family members might be a bit different this year. Finding a home has become more challenging for young and old alike. Many individuals and families are realizing living together and the pooling of […]
Key Takeaways: There’s plenty of strategies to successfully buy in today’s market. Lean in on the expertise of your local real estate—we’ve seen it all! Our team is ready to help you achieve your goals, so contact us today. Whether you’re shopping for your first home or relocating to a new area, purchasing a home […]
Exploring Condos Could Add Options to Fit Your Budget The historically low inventory over the past few years led to challenges for many buyers trying to find a home that met their needs and their budget. If you’re in the same boat, you should know the recent shift in the housing market may have opened […]
Stock Market Values Compared to Home Equity Values 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. […]
Things Buyers Can Do in Today’s Housing Market It’s clear the 2022 housing market has been defined by rising mortgage rates. With rates on the rise, it’s also become more costly to purchase a home. According to the National Association of Realtors (NAR): “Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an […]
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 […]
Why Are the Experts Changing Their Minds? If you’re wondering if home prices are going to come down due to the cooldown in the housing market or a potential recession, here’s what you need to know. Not only are experts forecasting home prices will continue to appreciate nationwide this year, but most of them also actually increased their projections for […]
With all the headlines and buzz in the media, some consumers believe the market is in a housing bubble. As the housing market shifts, you may be wondering what’ll happen next. It’s only natural for concerns to creep in that it could be a repeat of what took place in 2008. The good news is, there’s concrete […]
A new tool from USAFacts.org shows you what people your age are spending on living expenses. It also shows how much inflation is bumping up the costs. People in different age groups spend money differently, so inflation rates vary by age, too. The interactive chart (demonstrated below) shows average spending for households at each age, […]
New Flood Risk Tool for Home Owner and Homebuyer Research Risk Factor (also known as “Flood Factor”) connects individuals to comprehensive flood risk information specific to each individual property, including the FEMA flood zone and a risk score between 1 (minimal risk) and 10 (extreme risk). Key Points About Flood Factor According to the National […]
The housing market is at a turning point, and if you’re thinking of buying or selling a home, that may leave you wondering: is it still a good time to buy a home? Should I make a move this year? To help answer those questions, let’s turn to the experts for projections on what the second half of the […]
According to a recent survey, more and more Americans are concerned about a possible recession. Those concerns were validated when the Federal Reserve met and confirmed they were strongly committed to bringing down inflation. And, in order to do so, they’d use their tools and influence to slow down the economy. All of this brings up […]
Homeownership Is a Great Hedge Against the Impact of Rising Inflation If you’re following along with the news today, you’ve heard about rising inflation. Today, inflation is at a 40-year high. According to the National Association of Home Builders (NAHB): “Consumer prices accelerated again in May as shelter, energy and food prices continued to surge at the fastest pace in […]
