Southwest Georgia Real Estate BlogRecently posted or modified blog postshttps://www.brealthomasville.com/blog/Copyright BRealThomasville.com2024-02-22T09:18:09-07:00tag:brealthomasville.com,2012-09-20:6238It’s Time To Prepare Your House for a Spring ListingIf you're thinking of <a href="https://www.simplifyingthemarket.com/en/2024/02/06/houses-are-still-selling-fast/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank" style="font-size: 17px;">selling</a> your house this spring, now is the perfect <a href="https://www.simplifyingthemarket.com/en/2024/02/01/dont-wait-until-spring-to-sell-your-house/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank" style="font-size: 17px;">time</a> to start getting it ready. With the market gearing up for its busiest time of year, it'll be important to make sure your house shines bright among the competition.
Here are some valuable tips you can use to get your house <a href="https://www.simplifyingthemarket.com/en/2024/01/22/3-must-dos-when-selling-your-house-in-2024/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">market-ready</a>.
Declutter and Organize
First impressions matter, and if your house is a mess, that can easily turn off potential buyers. Before listing, take the time to declutter and organize each room. Decluttering is about more than just tidying up – it's about creating a sense of space and openness that allows potential buyers to envision themselves living in your home. <a href="https://www.moving.com/tips/how-to-declutter-your-home-before-moving/" rel="noopener noreferrer" target="_blank">According</a> to Moving.com:
“Decluttering and organizing your space will go a long way in appealing to potential buyers. . . .decluttering will help the buyers see themselves living in your home. Less clutter inside a home also helps a place appear larger and cleaner, which should attract more buyers.”
Deep Clean Your Kitchen and Bathrooms
The kitchen and bathrooms are focal points for many buyers, and often influence their overall opinion of the house. Ensure these spaces dazzle by giving them a thorough deep cleaning. Pay attention to details like scrubbing grout lines, polishing fixtures, and decluttering countertops. A sparkling kitchen and bathroom can leave a lasting positive impression on potential buyers.
Maintain Your Yard
Your home’s exterior is the first thing potential buyers see, so it’s important to make a good impression from the moment they arrive. A well-maintained yard not only enhances curb appeal, but also shows buyers the home has been well taken care of.
Take the time to spruce up your yard by mowing the lawn, trimming bushes, and clearing away any debris or dead plants. Remember, the goal is to create a welcoming environment that entices buyers to step inside and imagine themselves living there. U.S. News <a href="https://realestate.usnews.com/real-estate/articles/easy-ways-to-add-curb-appeal-to-your-home-this-fall" rel="noopener noreferrer" target="_blank">says</a>:
“A beautifully landscaped front yard can elevate an ordinary house into a charming home and will help homes sell faster and for more money.”
Find a Listing Agent
A skilled <a href="https://www.simplifyingthemarket.com/en/2023/12/29/the-benefits-of-working-with-an-agent-when-you-sell-your-house-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">listing agent</a> is your partner in minimizing <a href="https://www.simplifyingthemarket.com/en/2024/01/02/things-to-consider-if-your-house-didnt-sell/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">stress</a> when selling your home. Lean on your agent for advice on decluttering, staging, and enhancing your home's appeal to potential buyers. Their insights into market trends and recommendations for reliable contractors and stagers are invaluable. As Realtor.com <a href="https://www.realtor.com/advice/sell/what-should-i-expect-from-my-realtor/" rel="noopener noreferrer" target="_blank">says</a>:
“A good listing agent will help you price your home . . . recommend a photographer and stager to make it look its best, and put your home on the multiple listing service.”
Bottom Line
By decluttering, deep cleaning, and tidying up your house, you can create a welcoming environment that resonates with buyers and increases your chances of a successful <a href="https://www.simplifyingthemarket.com/en/2023/12/18/why-now-is-still-a-great-time-to-sell-your-house/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">sale</a>. If you are in the Thomasville/Thomas County area, let’s connect on what you need to do to get your house ready to sell this spring.2024-02-22T08:13:04-07:002024-02-22T09:18:09-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:6022Are the Top 3 Housing Market Questions on Your Mind?Are the Top 3 Housing Market Questions on Your Mind?
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231128-Are-The-Top-3-Housing-Market-Questions-on-your-mind.png" width="600" /><br /><br />
When it comes to what’s happening in the <a href="https://www.simplifyingthemarket.com/en/2023/11/15/the-latest-2024-housing-market-forecast/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">housing market</a>, there’s a lot of confusion going around right now. You may hear one thing in conversation with your friends, see something totally different on the news, and read something on social media that contradicts both of those thoughts. And, if you’re thinking about <a href="https://www.simplifyingthemarket.com/en/2023/11/13/life-changing-events-that-move-the-housing-market/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">making a move</a>, that can leave you with a lot of lingering questions. That’s where a trusted local <a href="https://www.simplifyingthemarket.com/en/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">real estate agent</a> comes in.
Here are the top 3 questions people are asking about today’s housing market, and the data to help answer them.
1. What’s Next for Mortgage Rates?
<a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">Mortgage rates</a> are higher than they’ve been in recent years. And, if you’re looking to buy a home, that impacts how much you can <a href="https://www.simplifyingthemarket.com/en/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">afford</a>. That’s why so many <a href="https://www.simplifyingthemarket.com/en/2023/10/12/growing-your-net-worth-with-homeownership/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">buyers</a> want to know what’s ahead for mortgage rates. The answer to that question is: no one can say for certain, but here’s what we know based on historical trends.
There’s a long-standing relationship between mortgage rates and <a href="https://www.simplifyingthemarket.com/en/2023/08/03/how-inflation-affects-mortgage-rates/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">inflation</a>. Basically, when inflation is high, <a href="https://www.simplifyingthemarket.com/en/2023/09/06/mortgage-rates-past-present-and-possible-future/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">mortgage rates</a> tend to follow suit. Over the past year, inflation was up, so mortgage rates were as well. But inflation is easing now. And this is why the Federal Reserve has recently paused their federal funds rate hikes, which means many experts believe mortgage rates will begin to come down.
And in some ways, we’ve started to see hints of slightly lower <a href="https://www.freddiemac.com/pmms" rel="noopener noreferrer" target="_blank">mortgage rates</a> in recent weeks. But it’s certainly been volatile and will likely continue to be that way going into next year. Some ongoing variation is to be expected, but the anticipation is, that in 2024, we’ll see a downward trend. As Aziz Sunderji, Strategist at Home Economics, <a href="https://www.home-economics.us/p/mortgage-rates-are-set-to-fall" rel="noopener noreferrer" target="_blank">says</a>:
“The bottom line is that interest rates are likely to be lower-perhaps even lower than many optimists think - in the weeks and months to come.”
2. Where Are Home Prices Headed?
While there’s been a <a href="https://www.simplifyingthemarket.com/en/2023/11/02/dont-believe-everything-you-read-about-home-prices/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">lot of concern</a> prices would come crashing down this year, data shows that didn’t happen. In fact, home prices are rising in <a href="https://www.simplifyingthemarket.com/en/2023/11/14/home-prices-keep-climbing-in-most-markets/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">most of the nation</a>. Experts say that <a href="https://www.simplifyingthemarket.com/en/2023/10/23/why-home-prices-keep-going-up/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">trend will continue</a>, just at a slower pace that’s much more <a href="https://www.simplifyingthemarket.com/en/2023/11/22/home-prices-still-growing-just-at-a-more-normal-pace/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">normal</a> for the housing market – and that’s a good thing.
To help show just how <a href="https://www.simplifyingthemarket.com/en/2023/09/05/expert-home-price-forecasts-revised-up-for-2023/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">confident experts</a> are in this continued appreciation, take a look at the <a href="https://pulsenomics.com/surveys/#home-price-expectations" rel="noopener noreferrer" target="_blank">Home Price Expectation Survey</a> from Pulsenomics. It’s a survey of a national panel of over 100 economists, real estate experts, and investment and market strategists. As the graph below shows, the consensus is, that prices will keep climbing next year, and in the years to come.
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231128-Estimated-Home-Price-Performance.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231128-Estimated-Home-Price-Performance.png" /></a>
3. Is a Recession Around the Corner?
While recession talk has been a common thing over the past few years, there’s good news on that front.
The <a href="https://www.wsj.com/economy/economic-forecasting-survey-archive-11617814998" rel="noopener noreferrer" target="_blank">Wall Street Journal</a> (WSJ) polls experts on this topic regularly. And last year at this time, most of them thought a recession would have happened by now. But as experts look at all the leading indicators today, they’re changing their minds and saying a recession is getting less and less likely. The latest results show that more experts now think we’re not headed for another recession (see chart below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231128-Do-Experts-Think-a-Recession-is-Coming.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231128-Do-Experts-Think-a-Recession-is-Coming.png" /></a>
This is big news for the <a href="https://www.simplifyingthemarket.com/en/2023/10/31/foreclosures-and-bankruptcies-wont-crash-the-housing-market/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">housing market</a>. And while the 48% to 52% split may seem close to half and half, the key thing to focus on is that the majority of these experts think we’ve avoided a recession already.
Bottom Line
The big takeaway? The data shows there isn’t cause for concern – there are actually more signs of hope. If you are in the Thomasville/Thomas County area, let’s connect to talk more about the housing market questions on your mind as we head into the new year. 2023-12-14T06:37:03-07:002023-12-14T06:42:00-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:5919Reasons To Sell Your House Before the New Year
As the year winds down, you may have decided it's time to make a move and put your house on the market. But should you sell now or wait until January? While it may be tempting to hold off until after the holidays, here are three reasons to make your move before the new year.
Get One Step Ahead of Other Sellers
Typically, in the residential real estate market, homeowners are less likely to list their houses toward the end of the year. That’s because people get busy around the holidays and sometimes deprioritize selling their house until the start of the new year when their schedules and social calendars calm down. But that gives you an opportunity to get one step ahead.
Selling now, while other homeowners may hold off until after the holidays, can help you get a leg up on your competition. Start the process with a <a href="https://www.simplifyingthemarket.com/en/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">real estate agent</a> today so you can get your house on the market before your neighbors do.
Get Your House in Front of Eager Buyers
Even though the supply of <a href="https://www.simplifyingthemarket.com/en/2023/09/29/explaining-todays-low-housing-supply-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">homes for sale</a> did grow compared to last year, it’s still low. That means there aren’t enough homes on the market today. While some buyers may also delay their plans to move until January, others will still need to move for <a href="https://www.simplifyingthemarket.com/en/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">personal reasons</a> or because something in their life has changed.
Those buyers are still going to be active later this year and will be seriously motivated to make their move happen because they need to. Unfortunately, the challenge they'll face is a shortage of available inventory to meet their needs. A recent article from Investopedia <a href="https://www.investopedia.com/articles/personal-finance/102615/why-holidays-are-good-time-sell-your-house.asp" rel="noopener noreferrer" target="_blank">says</a>:
“. . . if your house is up for sale in the winter and someone is looking at it, chances are that person is serious and ready to buy. Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.”
Use Your Equity To Fuel Your Move
Keep in mind that homeowners today have record amounts of <a href="https://www.simplifyingthemarket.com/en/2023/09/01/homeowners-have-a-lot-of-equity-right-now-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">equity</a>. According to <a href="https://www.corelogic.com/press-releases/home-equity-increases-winter-spring-reducing-underwater-properties-q2/" rel="noopener noreferrer" target="_blank">CoreLogic</a>, the average amount of equity per mortgage holder has climbed to almost $290,000. That means the <a href="https://www.simplifyingthemarket.com/en/2023/09/19/your-home-equity-can-offset-affordability-challenges/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">equity</a> you have in your house right now could cover some, if not all, of a down payment on the home of your dreams.
And as you weigh the reasons to sell before year-end, it's important to remember the reasons that sparked your desire to move in the first place. Maybe it’s time for a new home in a location that suits you better, one that offers the perfect space for you and your loved ones, or maybe your needs have evolved over time. A local real estate agent can help you determine how much home equity you have and how you can use it to achieve your goal of making a move.
Bottom Line
Listing your home before the new year can offer unique benefits. Less competition, motivated buyers, and your equity gains can all play to your advantage. If you are in the Thomasville/Thomas County area, reach out and let's achieve your goals before winter sets in.2023-11-09T14:27:23-07:002023-11-09T14:29:39-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:5902Don’t Believe Everything You Read About Home PricesAccording to the latest data from <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/national-housing-survey/national-housing-survey-archive" rel="noopener noreferrer" target="_blank" style="font-size: 17px;">Fannie Mae</a>, 23% of Americans still think <a href="https://www.simplifyingthemarket.com/en/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank" style="font-size: 17px;">home prices</a> will go down over the next twelve months. But why do roughly 1 in 4 people feel that way?
It has a lot to do with all the negative talk about home prices over the past year. Since late 2022, the media has created a lot of fear about a <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">price crash</a> and those concerns are still lingering. You may be hearing people in your own life saying they’re worried about home prices or see on social media that some influencers are saying prices are going to come tumbling down.
If you’re someone who still thinks prices are going to fall, ask yourself this: Which is a more reliable place to get your information – clickbait headlines and social media or a trusted expert on the housing market?
The answer is simple. Listen to the professionals who specialize in residential real estate.
Here’s the latest data you can actually trust. Housing market experts acknowledge that nationally, prices did dip down slightly late last year, but that was short-lived. <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/fannie-mae-home-price-index" rel="noopener noreferrer" target="_blank">Data</a> shows prices have <a href="https://www.simplifyingthemarket.com/en/2023/10/03/home-prices-are-not-falling/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">already rebounded</a> this year after that slight decline in 2022 (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231030/20231102-Percent-Change-in-Home-Prices.png?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231030/20231102-Percent-Change-in-Home-Prices.png" /></a>
But it’s not just Fannie Mae that’s reporting this bounce back. Experts from across the industry are showing it in their data too. And that’s why so many forecasts now project <a href="https://www.simplifyingthemarket.com/en/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">home prices</a> will net <a href="https://www.simplifyingthemarket.com/en/2023/09/08/home-price-forecasts-revised-for-2023-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">positive</a> this year – not negative. The graph below helps prove this point with the latest forecasts from each organization:
<a href="https://www.simplifyingthemarket.com/en/content/images/20231030/20231102-2023-Year-End-Home-Price-Forecasts.png?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231030/20231102-2023-Year-End-Home-Price-Forecasts.png" /></a>
What’s worth noting is that, just a few short weeks ago, the Fannie Mae <a href="https://www.fanniemae.com/research-and-insights/forecast" rel="noopener noreferrer" target="_blank">forecast</a> was for 3.9% appreciation in 2023. In the forecast that just came out, that projection was updated from 3.9% to 6.7% for the year. This increase goes to show just how confident experts are that home prices will net positive this year.
So, if you believe home prices are falling, it may be time to get your insights from the experts instead – and they’re saying prices aren’t falling, they’re climbing.
Bottom Line
There’s been a lot of misleading information about home prices over the past year. And that’s still having an impact on how people are feeling about the housing market today. But it’s best not to believe everything you hear or read.
If you want information you can trust, turn to the real estate experts. Their data shows home prices are on the way back up and will net positive for the year. If you have questions about what’s happening in our local area, let’s connect. 2023-11-02T07:24:47-07:002023-11-02T10:04:25-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:5884The Perks of Selling Your House When Inventory Is LowWhen it comes to <a href="https://www.simplifyingthemarket.com/en/2023/09/19/your-home-equity-can-offset-affordability-challenges/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank" style="font-size: 17px;">selling your house</a>, you’re probably trying to juggle the current market conditions and your <a href="https://www.simplifyingthemarket.com/en/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank" style="font-size: 17px;">own needs</a> as you plan your move.
One thing that may be working in your favor is how few homes there are for sale right now. Here’s what you need to know about the current <a href="https://www.simplifyingthemarket.com/en/2023/08/25/todays-housing-market-has-only-half-the-usual-inventory-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">inventory</a> situation and what it means for you.
The Supply of Homes for Sale Is Far Below the Norm
When you’re selling something, it helps if what you’re selling is in demand, but is also in <a href="https://www.simplifyingthemarket.com/en/2023/09/14/why-is-housing-inventory-so-low/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">low supply</a>. Why? That makes it even more desirable since there’s not enough to go around. That’s exactly what’s happening in the housing market today. There are more buyers looking to buy than there are homes for sale.
To tell the story of just how low <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">inventory</a> is, here’s the latest information on active listings, or homes available for sale. The graph below uses <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">data</a> from Realtor.com to show how many active listings there were in September of this year compared to what’s more typical in the market.
<a href="https://www.simplifyingthemarket.com/en/content/images/20231023/20231024-The-Supply-of-Homes-for-sale-Is-Still-Low.png?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231023/20231024-The-Supply-of-Homes-for-sale-Is-Still-Low.png" /></a>
As you can see in the graph, if you look at the last normal years for the market (shown in the blue bars) versus the latest numbers for this year (shown in the red bar), it’s clear <a href="https://www.simplifyingthemarket.com/en/2023/09/29/explaining-todays-low-housing-supply-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">inventory</a> is still far lower than the norm.
What That Means for You
<a href="https://www.simplifyingthemarket.com/en/2023/08/30/buyer-traffic-is-still-stronger-than-the-norm/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">Buyers</a> have fewer choices now than they did in more typical years. And that’s why you could still see some great perks if you sell today. Because there aren’t enough homes to go around, homes that are priced right are still selling fast and the average <a href="https://www.simplifyingthemarket.com/en/2023/09/04/why-its-still-a-sellers-market-today/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">seller</a> is getting multiple offers from eager buyers. Based on the latest data from the <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" rel="noopener noreferrer" target="_blank">Confidence Index</a> from the National Association of Realtors (NAR):
69% of homes sold in less than a month.
2.6 offers: the average number of offers on recently sold homes.
An <a href="https://www.realtor.com/research/september-2023-data/" rel="noopener noreferrer" target="_blank">article</a> from Realtor.com also explains how the limited number of houses for sale benefits you if you’re selling:
“. . . homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019 . . . as still-limited supply spurs homebuyers to act quickly . . .”
Bottom Line
Because the supply of homes for sale is so low, buyers desperately want more options – and your house may be just what they’re looking for. If you are in the Thomasville/ Thomas County area Let’s connect to get your <a href="https://www.mykcm.com/2023/10/09/key-skills-you-need-your-listing-agent-to-have/" rel="noopener noreferrer" target="_blank">house listed</a> at the right price for today’s market. You could still see it sell quickly and potentially get multiple offers.2023-10-26T06:57:22-07:002023-10-26T07:02:22-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:5733Why You Need a True Expert in Today’s Housing MarketThe housing market continues to <a href="https://www.simplifyingthemarket.com/en/2023/08/03/how-inflation-affects-mortgage-rates/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank" style="font-size: 17px;">shift and change</a>, and in a fast-moving landscape like we’re in right now, it’s more important than ever to have a trusted real estate agent on your side. Whether you’re buying your first home or selling once again, it’s mission critical to work with an expert who can guide you through each unique step of the process.
The reality is, not all agents operate the same way. To truly make a powerful and confident decision as you buy or sell a home, you need a real estate expert who uses their knowledge of what’s really happening with home <a href="https://www.simplifyingthemarket.com/en/2023/08/11/home-prices-are-back-on-the-rise-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">prices</a>, housing <a href="https://www.simplifyingthemarket.com/en/2023/08/08/theres-only-half-the-inventory-of-a-normal-housing-market-today/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">supply</a>, industry <a href="https://www.simplifyingthemarket.com/en/2023/08/04/housing-market-forecast-for-the-rest-of-2023-infographic-1/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">projections</a>, and more to give you the best possible advice. Someone who can provide clarity and trust like that is essential to your success. Jay Thompson, Real Estate Industry Consultant, <a href="https://www.realestatenews.com/2022/11/18/agents-decoded-making-sense-of-the-headlines" rel="noopener noreferrer" target="_blank">explains</a>:
“Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points or predicting impending doom for the industry. Clickbait, the sensationalizing of headlines and content, has been an issue since the dawn of the internet, and housing news is not immune to it.”
Unfortunately, when information in the <a href="https://www.simplifyingthemarket.com/en/2023/07/25/dont-fall-for-the-next-shocking-headlines-about-home-prices/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">media</a> isn’t clear, it can generate a lot of fear and uncertainty for consumers. As Jason Lewris, Co-Founder and Chief Data Officer at Parcl, <a href="https://www.parcllabs.com/articles/q3-real-estate" rel="noopener noreferrer" target="_blank">says</a>:
“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”
But it doesn’t have to be that way. Buying a home is a big decision, and it should be one you feel confident making. You can lean on an expert to help you separate fact from fiction and get the answers you need.
The right agent can assist you in figuring out what’s going on at the national level and in your local area. They can debunk headlines using data you can trust. Experts have in-depth knowledge of the industry and can provide context, so you know how current <a href="https://www.simplifyingthemarket.com/en/2023/08/14/where-are-people-moving-today-and-why/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">trends</a> compare to the normal ebbs and flows in the housing market, historical data, and <a href="https://www.simplifyingthemarket.com/en/2023/07/28/key-housing-market-trends-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">more</a>.
Then, to make sure you have the full picture, an agent can tell you if your local area is following the national trend or if they’re seeing something different in your market. Together, you can use all that information to make the best possible decision.
After all, making a move is a potentially life-changing milestone. It should be something you feel <a href="https://www.simplifyingthemarket.com/en/2023/08/02/how-to-know-if-youre-ready-to-buy-a-home/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">ready</a> for and excited about. And that’s where a trusted expert comes in.
Bottom Line
If you are in the Thomasville/ Thomas County area and want sound <a href="https://www.mykcm.com/2023/07/26/tips-for-making-your-best-offer-on-a-home/" rel="noopener noreferrer" target="_blank">advice</a> and trusted information about our local housing market, let’s connect.2023-08-24T08:29:29-07:002023-08-24T08:31:34-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:5680Four Ways You Can Use Your Home Equity
If you’re a homeowner, odds are your <a href="https://www.simplifyingthemarket.com/en/2023/06/16/how-owning-a-home-grows-your-wealth-with-time-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">equity</a> has grown significantly over the last few years. <a href="https://www.simplifyingthemarket.com/en/2023/07/20/owning-your-home-helps-you-build-wealth/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">Equity</a> builds over time as home values grow and as you pay down your home loan. And, since home prices skyrocketed during the <a href="https://www.simplifyingthemarket.com/en/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a>, you’ve likely gained more than you think.
According to the latest <a href="https://www.corelogic.com/press-releases/corelogic-us-home-borrowers-see-first-annual-home-equity-losses-since-2012-in-q1-2023-but-overall-mortgage-performance-remains-strong/" rel="noopener noreferrer" target="_blank">Equity Insights Report</a> from CoreLogic, the average homeowner has more than $274,000 in equity right now. That much equity can help you achieve certain goals. In a recent article, Bankrate <a href="https://www.bankrate.com/home-equity/homeowner-equity-data-and-statistics/#negative-equity" rel="noopener noreferrer" target="_blank">elaborates:</a>
“While the pandemic created serious challenges, the silver lining for anyone who owned a home was the sizable equity gain. Understanding how home equity works, and how to leverage it, is important for any homeowner.”
Here are a few examples of how you can put your home equity to work for you.
1. Buy a Home That Fits Your Needs
If your current space no longer meets your needs, it might be time to think about moving to a bigger home. And if you've got too much space, <a href="https://www.simplifyingthemarket.com/en/2023/07/07/the-benefits-of-downsizing-for-homeowners-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">downsizing</a> to a smaller home could be just right. Either way, you can put your equity toward a down payment on a home that fits your changing lifestyle. A real estate agent can help you figure out how much equity you've got and how to use it when buying your next home.
2. Reinvest in Your Current Home
Renovations are a great option if you want to change your living space, but you aren’t yet ready to make a move. Home improvement projects give you the freedom to tailor your home to match your needs and personal style. But it's important to consider the long-term benefits certain upgrades can bring to your home’s value. Lean on a real estate professional for the best advice on which improvement projects to prioritize in order to get the greatest return on your investment when you sell later on.
3. Pursue Personal Ambitions
Home equity can also serve as a catalyst for realizing your life-long dreams. That could mean investing in a new business venture, retirement, or funding an education. While you shouldn’t use your equity for unnecessary spending, using it responsibly for something meaningful and impactful can really make a difference in your life.
4. Understand Your Options to Avoid Foreclosure
Today the number of <a href="https://www.simplifyingthemarket.com/en/2023/07/24/foreclosure-numbers-today-arent-like-2008/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">foreclosure filings</a> remains below the norm, so there’s no need to fear a wave of foreclosed homes flooding the market. But unfortunately, there are still some homeowners who experience the foreclosure process each year. If you’re facing financial difficulties, having a clear understanding of your options and how your equity can help is crucial. Equity can act as a financial cushion that can be used in times of unexpected challenges or unforeseen circumstances that may disrupt your ability to make mortgage payments on time.
In an article, Freddie Mac <a href="https://myhome.freddiemac.com/blog/homeownership/how-selling-equity-can-help-you-avoid-foreclosure" rel="noopener noreferrer" target="_blank">explains</a> it this way:
“If exiting your home is the best option for you, selling with equity may be a good option. When selling with equity, you are using the proceeds from selling your home at a higher price than the amount you owe on your mortgage to pay off your remaining mortgage debt.”
Bottom Line
Your equity can be a game changer in reinvesting in your needs, pursuing your goals, and even helping you avoid foreclosure during difficult times. If you’re in the Thomasville/Thomas County area and unsure how much equity you have in your home, let’s connect so you can start planning your next move.2023-08-10T11:07:33-07:002023-08-10T11:10:56-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:5536What Homebuyers Need To Know About Credit Scores
If you’re thinking about <a href="https://www.simplifyingthemarket.com/en/2023/06/06/real-estate-is-still-considered-the-best-long-term-investment-1/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">buying a home</a>, you should know your credit score’s a critical piece of the puzzle when it comes to qualifying for a home loan. Lenders review your credit to assess your ability to make payments on time, to pay back debts, and more. It’s also a factor that helps determine your <a href="https://www.simplifyingthemarket.com/en/2023/06/07/the-main-reason-mortgage-rates-are-so-high/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">mortgage rate</a>. An article from Bankrate <a href="https://www.bankrate.com/real-estate/what-credit-score-do-you-need-to-buy-a-house/" rel="noopener noreferrer" target="_blank">explains</a>:
“Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions: Typically, the higher your score, the lower the interest rates and better terms you’ll qualify for.”
This means your credit score may feel even more important to your homebuying plans right now since <a href="https://www.simplifyingthemarket.com/en/2023/05/19/the-impact-of-changing-mortgage-rates-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">mortgage rates</a> are a key factor in <a href="https://www.simplifyingthemarket.com/en/2023/05/31/keys-to-success-for-first-time-homebuyers/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">affordability</a>, especially today. According to the Federal Reserve Bank of New York, the median credit score in the U.S. for those taking out a mortgage is <a href="https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/HHDC_2023Q1" rel="noopener noreferrer" target="_blank">765</a>. But, that doesn’t mean your credit score has to be perfect. An article from Business Insider <a href="https://www.businessinsider.com/personal-finance/what-credit-score-is-needed-to-buy-a-house" rel="noopener noreferrer" target="_blank">explains</a> generally how your <a href="https://www.myfico.com/credit-education/credit-scores" rel="noopener noreferrer" target="_blank">FICO</a> score range can make an impact:
“. . . you don't need a perfect credit score to buy a house. . . . Aiming to get your credit score in the ‘Good’ range (670 to 739) would be a great start towards qualifying for a mortgage. But if you're wanting to qualify for the lowest rates, try to get your score within the ‘Very Good’ range (740 to 799).”
Working with a trusted lender’s the best way to get more information on how your credit score could factor into your home loan and the mortgage rate you’re able to get. As FICO <a href="https://www.myfico.com/credit-education/credit-scores" rel="noopener noreferrer" target="_blank">says</a>:
“While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable. There is no single "cutoff score" used by all lenders and there are many additional factors that lenders may use to determine your actual interest rates.”
If you’re looking for ways to improve your score, Experian <a href="https://www.experian.com/blogs/ask-experian/what-is-the-average-credit-score-in-the-u-s/" rel="noopener noreferrer" target="_blank">highlights</a> some things you may want to focus on:
Your Payment History: Late payments can have a negative impact by dropping your score. Focus on making payments on time and paying any existing late charges quickly.
Your Debt Amount (relative to your credit limits): When it comes to your available credit amount, the less you’re using, the better. Focus on keeping this number as low as possible.
Credit Applications: If you’re looking to buy, don’t apply for other credit. When you apply for new credit, it could result in a hard inquiry on your credit that drops your score.
When you’re ready to start the <a href="https://www.simplifyingthemarket.com/en/2023/06/02/reasons-to-own-your-home-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">homebuying</a> process, a lender will be able to assess which range your score falls in and tell you more about the specifics for each loan type.
Bottom Line
With affordability challenges today, prioritizing ways you can have a positive impact on your credit score could help you get a better mortgage rate. If you are in the Thomasville/ Thomas County area and want to learn more, let’s connect.2023-06-22T14:06:16-07:002023-06-22T14:12:20-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:5427Homeowners Have Incredible Equity To Leverage Right NowHomeowners Have Incredible Equity To Leverage Right Now
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230512/20230515-homeonwers-have-incredible-equity-to-leverage-right-now.jpg" width="600" /><br /><br />
Even though <a href="https://www.simplifyingthemarket.com/en/2023/04/05/why-arent-home-prices-crashing/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">home prices</a> have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) <a href="https://www.nar.realtor/blogs/economists-outlook/single-family-homeowners-typically-accumulated-225K-in-housing-wealth-over-10-years" rel="noopener noreferrer" target="_blank">explains</a> how your equity grows over time:
“Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.”
How Your Equity Can Help You Achieve Your Goals
The equity you build up over the years can be used to your advantage when you sell your current house and buy your <a href="https://www.simplifyingthemarket.com/en/2023/05/08/it-may-be-time-to-consider-a-newly-built-home/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">next home</a>. If you no longer have the space you need, it might be time to move into a larger home. Or it’s possible you have too much space and need something <a href="https://www.simplifyingthemarket.com/en/2023/05/04/how-homeowners-win-when-they-downsize/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">smaller</a>. No matter the situation, your equity can be a powerful tool you can use to help you make a move in <a href="https://www.simplifyingthemarket.com/en/2023/04/26/the-three-factors-affecting-home-affordability-today/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">today’s market</a>. That’s because it may be some (if not all) of what you need for your down payment on your next home.
And how much equity you have may surprise you. A recent survey from Realtor.com <a href="https://news.move.com/2023-04-17-Realtor-com-R-Survey-82-of-Those-Looking-to-Buy-and-Sell-a-Home-Feel-Locked-In-by-Low-Mortgage-Rate" rel="noopener noreferrer" target="_blank">finds</a> many homeowners today estimate they’ve built up a significant amount of equity:
<a href="https://files.keepingcurrentmatters.com/content/images/20230512/20230515-homeonwers-today-estimate-they-have-a-significant-amount-of-equity.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230512/20230515-homeonwers-today-estimate-they-have-a-significant-amount-of-equity.png" /></a>
The <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights-q4-2022/" rel="noopener noreferrer" target="_blank">latest data</a> from CoreLogic helps solidify why homeowners are feeling so good about the equity they’ve likely gained over time. As Selma Hepp, Chief Economist for CoreLogic, <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights-q4-2022/" rel="noopener noreferrer" target="_blank">says</a>:
“While equity gains contracted in late 2022 due to home price declines in some regions, U.S. homeowners on average still have about $270,000 in equity, nearly $90,000 more than they had at the onset of the pandemic.”
How a Skilled Real Estate Agent Can Help
If you’re looking to leverage your equity to boost your buying power in today’s market, having a trusted agent by your side makes a difference.
A real estate professional can help you better understand the value of your home, so you’ll get a clearer picture of how much equity you likely have. As a recent article from Bankrate <a href="https://www.bankrate.com/real-estate/sell-your-house-while-buying-another/" rel="noopener noreferrer" target="_blank">says</a>:
“Hiring a skilled real estate agent can give you a realistic estimate of home prices in your area and how to price your current home. Using that figure, you can calculate how much equity you have and what your net proceeds will look like, so you can apply that money toward the down payment and closing costs of your new home.”
Having a solid understanding of your equity is key when it comes to making decisions about buying or selling your home. A skilled agent can help you navigate the often-complicated process of <a href="https://www.simplifyingthemarket.com/en/2023/04/13/want-to-sell-your-house-this-spring-price-it-right/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">selling</a> your house and ensure the transaction goes smoothly.
Bottom Line
Today, many homeowners are sitting on a substantial amount of equity, and you may be one of them. If you are in the Thomasville/ Thomas County, let’s connect so we can estimate how much equity you have and plan how you can use it toward the purchase of your next home.2023-05-18T12:22:54-07:002023-05-18T12:32:23-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:5367Buyer Activity Is Up Despite Higher Mortgage RatesIf you’re a homeowner thinking about <a href="https://www.simplifyingthemarket.com/en/2023/04/19/falling-out-of-love-with-your-house-it-may-be-time-to-move/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank" style="font-size: 17px;">making a move</a>, you may wonder if it’s still a <a href="https://www.simplifyingthemarket.com/en/2023/04/25/what-are-the-experts-saying-about-the-spring-housing-market/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank" style="font-size: 17px;">good time</a> to sell your house. Here’s the good news. Even with higher mortgage rates, buyer traffic is actually <a href="https://www.simplifyingthemarket.com/en/2023/04/11/the-big-advantage-if-you-sell-this-spring/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank" style="font-size: 17px;">picking up speed</a>.
Data from the latest <a href="https://www.showingtime.com/blog/february-2023-showing-index-results-buyer-activity-continues-to-normalize/" rel="noopener noreferrer" target="_blank">ShowingTime Showing Index</a>, which is a measure of buyers actively touring homes, helps paint the picture of how much buyer demand has increased in recent months (see graph below):
<a href="https://files.keepingcurrentmatters.com/content-images-20230502-20230503-showing-traffic-up-again-in-february.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content-images-20230502-20230503-showing-traffic-up-again-in-february.png" /></a>
As the graph shows, the first two months of 2023 saw a noticeable increase in buyer traffic. That’s likely because the limited number of homes for sale kept shoppers looking for homes even during colder months.
To help tell the story of why the latest report is significant, let’s compare foot traffic this February with each February for the last six years (see graph below). It shows this was one of the best Februarys for buyer activity we’ve seen in recent memory.
<a href="https://files.keepingcurrentmatters.com/content-images-20230502-20230503-showing-traffic-is-still-higher-than-pre-pandemic-years.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content-images-20230502-20230503-showing-traffic-is-still-higher-than-pre-pandemic-years.png" /></a>
In the last six years, we saw the most February buyer traffic in 2021 and 2022 (shown in green above), but those years were highly unusual for the housing market. So, if we compare February 2023 with the more normal, pre-pandemic years, data shows this year still marks a clear rise in buyer activity.
The uptick in buyer traffic is even more noteworthy considering the increase in mortgage rates this February. The <a href="https://www.freddiemac.com/pmms/archive" rel="noopener noreferrer" target="_blank">Freddie Mac</a> 30-year fixed mortgage rate rose from 6.09% during the week of February 2nd to 6.50% in the week of February 23rd. But even with higher rates, more buyers were looking for a home.
Jeff Tucker, Senior Economist at Zillow, <a href="https://www.marketwatch.com/picks/after-seven-straight-months-of-home-price-declines-heres-what-6-economists-and-real-estate-pros-say-to-expect-from-the-housing-market-this-spring-df79d2c3" rel="noopener noreferrer" target="_blank">says</a> the increased buyer activity could continue:
“More buyers will keep coming out of the woodwork. We always see a seasonal uptick in home shoppers in March and April . . .”
If you’re looking to sell your house, seeing buyers still active in the market this year should be encouraging. It’s a sign buyers are out there and could be looking for a home just like yours. Working with a real estate professional to list your house now will help you get your home in front of eager buyers today.
Bottom Line
Rising foot traffic is a bright spot for this year’s housing market and indicates that buyers are looking to purchase this year, even with higher mortgage rates. If you’re ready to sell your house, let’s connect.2023-05-04T12:54:58-07:002023-05-04T13:07:54-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:5337The Three Factors Affecting Home Affordability Today
There’s been a lot of focus on higher mortgage rates and how they’re creating affordability challenges for today’s homebuyers. It’s true that <a href="https://www.freddiemac.com/pmms/archive" rel="noopener noreferrer" target="_blank">rates climbed</a> dramatically since the record-low we saw during the pandemic. But home affordability is based on more than just mortgage rates – it’s determined by a combination of mortgage rates, home prices, and wages.
Considering how each one of these factors is changing gives you the full picture of home affordability today. Here’s the latest.
1. Mortgage Rates
While mortgage rates are higher than they were a year ago, they’ve hovered primarily between 6% and 7% for nearly eight months now (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230425/20230426-mortgage-rates-hover-between-6-7.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230425/20230426-mortgage-rates-hover-between-6-7.png" /></a>
As the graph shows, mortgage rates have experienced some volatility during that time. And even a <a href="https://www.simplifyingthemarket.com/en/2023/04/03/how-changing-mortgage-rates-can-affect-you/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">small change</a> in mortgage rates impacts your purchasing power. That’s why it’s so important to lean on your team of real estate professionals for expert advice to stay up to date on what’s happening in the market. While it’s hard to project where mortgage rates will go from here, many experts <a href="https://themortgagereports.com/32667/mortgage-rates-forecast-fha-va-usda-conventional" rel="noopener noreferrer" target="_blank">agree</a> they’ll likely continue to remain around 6%-7% in the immediate future.
2. Home Prices
Over the past few years, <a href="https://www.simplifyingthemarket.com/en/2023/04/05/why-arent-home-prices-crashing/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">home prices</a> appreciated rapidly as the record-low mortgage rates we saw during the pandemic led to a surge in buyer demand. The heightened buyer demand happened while the supply of homes for sale was at record lows, and that imbalance put upward pressure on home prices. However, today’s higher mortgage rates have slowed down price appreciation.
And, the truth is, <a href="https://www.simplifyingthemarket.com/en/2023/04/17/think-twice-before-waiting-for-lower-home-prices/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" rel="noopener noreferrer" target="_blank">home price appreciation</a> varies by market. Some areas are seeing slight declines while others have prices that are climbing. As Selma Hepp, Chief Economist at CoreLogic, <a href="https://www.corelogic.com/intelligence/us-home-price-insights-april-2023/" rel="noopener noreferrer" target="_blank">explains</a>:
“The divergence in home price changes across the U.S. reflects a tale of two housing markets. Declines in the West are due to the tech industry slowdown and a severe lack of affordability after decades of undersupply. The consistent gains in the Southeast and South reflect strong job markets, in-migration patterns and relative affordability due to new home construction.”
To find out what’s happening with prices in your local market, reach out to a trusted real estate agent.
3. Wages
The most positive factor in affordability right now is rising income. The graph below uses <a href="https://www.bls.gov/" rel="noopener noreferrer" target="_blank">data</a> from the Bureau of Labor Statistics (BLS) to show how wages have grown over time:
<a href="https://files.keepingcurrentmatters.com/content/images/20230425/20230426-average-hourly-earnings-of-all-employees.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230425/20230426-average-hourly-earnings-of-all-employees.png" /></a>
Higher wages improve affordability because they reduce the percentage of your income it takes to pay your mortgage since you don’t have to put as much of your paycheck toward your monthly housing cost.
Home affordability comes down to a combination of rates, prices, and wages. If you have questions or want to learn more, reach out to a real estate professional who can explain what’s happening locally and how these factors work together.
Bottom Line
If you’re planning to <a href="https://www.brealthomasville.com/" rel="noopener noreferrer" target="_blank">buy</a> a home, knowing the key factors that impact affordability is important so you can make an informed decision. To stay up to date on the latest on each, let’s connect today.2023-04-27T13:01:15-07:002023-04-27T13:24:35-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:5262How Changing Mortgage Rates Can Affect YouThe 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.
The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:
<a href="https://files.keepingcurrentmatters.com/content/images/20230331/20230403-example-buyers-purchasing-power-MEM.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230331/20230403-example-buyers-purchasing-power-MEM.png" /></a>
Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down.
What This Means for You
You may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is tough. Lisa Sturtevant, Housing Economist at Bright MLS, <a href="https://www.linkedin.com/posts/lisa-sturtevant-48413051_mortgage-rates-activity-7042166632474898432-hpTf" rel="noopener noreferrer" target="_blank">explains</a>:
“It is typically a fool’s errand for a homebuyer to try to time rates in this market . . . But volatility in mortgage rates right now can have a real impact on buyers’ monthly payments.”
That’s why it’s critical to lean on your expert real estate advisors to explore your mortgage options, understand what impacts mortgage rates, and plan your homebuying budget around today’s volatility. They’ll also be able to offer advice tailored to your specific situation and goals, so you have what you need to make an informed decision.
Bottom Line
Your ability to buy a home could be impacted by changing mortgage rates. If you’re in the Thomasville/ Thomas county area and thinking about making a move, let’s connect so you have a strong plan in place.2023-04-06T12:07:02-07:002023-04-06T12:10:15-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:5216What’s Ahead for Home Prices in 2023What’s Ahead for Home Prices in 2023
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230316/20230320-whats-ahead-for-home-prices-in-2023-KCM.jpg" width="600" /><br /><br />
Over the past year, home prices have been a widely debated topic. Some have said we’ll see a massive drop in prices and that this could be a repeat of 2008 – <a href="https://www.brealthomasville.com/" rel="noopener noreferrer" target="_blank">which hasn’t happened</a>. Others have forecasted a real estate market that could see slight appreciation or depreciation depending on the area of the country. And as we get closer to the spring real estate market, experts are continuing to forecast what they believe will happen with home prices this year and beyond.
Selma Hepp, Chief Economist at CoreLogic, <a href="https://www.corelogic.com/intelligence/us-home-price-insights-march-2023/" rel="noopener noreferrer" target="_blank">says</a>:
“While 2023 kicked off on a more optimistic note for the U.S. housing market, recent mortgage rate volatility highlights how much uncertainty remains. Nevertheless, the continued shortage of for-sale homes is likely to keep price declines modest, which are projected to top out at 3% peak to trough.”
Additionally, every quarter, Pulsenomics <a href="https://pulsenomics.com/surveys/#home-price-expectations" rel="noopener noreferrer" target="_blank">surveys</a> a panel of over 100 economists, investment strategists, and housing market analysts regarding their five-year expectations for future home prices in the United States. Here’s what they said most recently:
<a href="https://files.keepingcurrentmatters.com/content/images/20230316/20230320-estimated-home-price-performance-MEM.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230316/20230320-estimated-home-price-performance-MEM.png" /></a>
So, given this information and what experts are saying about home prices, the question you might be asking is: should I buy a home this spring? Here are three reasons you should consider <a href="https://www.brealthomasville.com/" rel="noopener noreferrer" target="_blank">making a move</a>:
Buying a home helps you escape the cycle of rising rents. Over the past several decades, the median price of rent has <a href="https://www.census.gov/housing/hvs/files/currenthvspress.pdf" rel="noopener noreferrer" target="_blank">risen consistently</a>. The bottom line is, rent is <a href="https://www.brealthomasville.com/" rel="noopener noreferrer" target="_blank">going up</a>.
Homeownership is a hedge against inflation. A key advantage of homeownership is that it’s one of the best hedges against inflation. When you buy a home with a fixed-rate mortgage, you secure your housing payment, so it won’t go up like it would if you rent.
Homeownership is a powerful wealth-building tool. The average net worth of a homeowner is $255,000 compared to $6,300 for a <a href="https://www.brealthomasville.com/" rel="noopener noreferrer" target="_blank">renter</a>.
Experts are projecting slight price depreciation in the housing market this year, followed by steady appreciation. Given that, you may be wondering if you should move ahead with buying a home this spring. The decision to purchase a home is best made when you do it knowing all the facts and have an expert on your side.
Bottom Line
If you are in the Thomasville/Thomas County area, let’s connect so you can make the most informed decision about your next move! 2023-03-23T06:49:30-07:002023-03-23T07:31:59-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:5202What Buyer Activity Tells Us About the Housing MarketWhat Buyer Activity Tells Us About the Housing Market
Though the housing market is no longer experiencing the frenzy of a year ago, buyers are showing their interest in purchasing a home. According to <a href="https://realestate.usnews.com/real-estate/articles/when-will-the-housing-market-crash" rel="noopener noreferrer" target="_blank">U.S. News</a>:
“Housing markets have cooled slightly, but demand hasn’t disappeared, and in many places remains strong largely due to the shortage of homes on the market.”
That activity can be seen in the latest ShowingTime Showing Index, which is a measure of buyers actively touring available homes (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230315/20230313-largest-jump-in-showings-for-any-january-on-record-MEM-1.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230315/20230313-largest-jump-in-showings-for-any-january-on-record-MEM-1.png" /></a>
The 62% <a href="https://www.showingtime.com/blog/january-2023-showing-index-results/" rel="noopener noreferrer" target="_blank">jump</a> in showings from December to January is one of the largest on record. There were also more showings in January than in any other month since last May. As you can see in the graph, it’s normal for showings to increase early in the year, but the jump this January was larger than usual, and a lot of that has to do with mortgage rates. Michael Lane, VP of Sales and Industry at ShowingTime+, <a href="https://www.showingtime.com/blog/january-2023-showing-index-results/" rel="noopener noreferrer" target="_blank">explains</a>:
“It’s typical to see a seasonal increase in home showings in January as buyers get ready for the spring market, but a larger increase than any January before after last year’s rapid cooldown is significant. Mortgage rate activity this spring will play a big role in sales activity, but January’s home showings are a positive sign that buyers are getting back out there . . .”
It's important to note that mortgage rates hovered in the low 6% range in January, which played a role in the high number of showings. What does this mean? When mortgage rates eased, buyer interest climbed. The jump in home showings early this year makes one thing clear – while rates may be volatile right now, there are interested buyers out there, and when <a href="https://www.brealthomasville.com/" rel="noopener noreferrer" target="_blank">mortgage rates</a> are favorable, they’re ready to make their move.
Bottom Line
An increase in showing activity in January is a good sign that there are buyers who are eager to purchase a home. If you’re in the Thomasville/Thomas County area and are thinking of <a href="https://www.mykcm.com/2023/03/03/where-will-you-go-after-you-sell-your-house-infographic/" rel="noopener noreferrer" target="_blank">selling</a> your house, <a href="https://www.mykcm.com/2023/03/01/an-expert-makes-all-the-difference-when-you-sell-your-house/" rel="noopener noreferrer" target="_blank">talk</a> with your real estate agent.
2023-03-16T14:02:31-07:002023-03-16T14:07:10-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:5159An Expert Makes All the Difference When You Sell Your HouseAn Expert Makes All the Difference When You Sell Your House
If you’re thinking of selling your house, it’s important to work with someone who understands how the market is changing and what it means for you. Here are five reasons working with a <a href="https://www.simplifyingthemarket.com/2023/02/20/spring-into-action-boost-your-homes-curb-appeal-with-expert-guidance/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="professional" target="_blank" rel="noopener noreferrer">professional</a> can ensure you’ll get the most out of your sale.
1. They’re Experts on Market Trends
With today’s housing market defined by change, it’s critical to work with someone who knows the <a href="https://www.simplifyingthemarket.com/2023/02/21/the-two-big-issues-the-housing-markets-facing-right-now/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="latest information" target="_blank" rel="noopener noreferrer">latest information</a> and how it impacts your goals. An expert real estate advisor knows about national trends and your local area too. More importantly, they’ll give insight to what all of this means for you, so they’ll be able to help you make a decision based on trustworthy, data-bound information.
2. A Local Professional Knows How To Set the Right Price for Your Home
Home price appreciation has <a href="https://www.simplifyingthemarket.com/2023/01/20/whats-really-happening-with-home-prices-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="moderated" target="_blank" rel="noopener noreferrer">moderated</a> this year. If you sell your house on your own, you may be more likely to overshoot your asking price because you’re not as aware of where prices are today. <a href="https://www.simplifyingthemarket.com/2023/01/23/want-to-sell-your-house-price-it-right/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="Pricing your house" target="_blank" rel="noopener noreferrer">Pricing your house</a> too high can deter buyers or cause your house to sit on the market for longer.
Real estate professionals look at a variety of factors, like the condition of your home and any upgrades you’ve made, with an unbiased eye. They compare your house to recently sold homes in your area to find the best price for today’s market so your house sells quickly.
3. A Real Estate Advisor Helps Maximize Your Pool of Buyers
Since buyer demand has cooled this year, you’ll want to do what you can to help bring in more buyers. Real estate professionals have a wide range of tools at their disposal, such as social media followers, agency resources, and the Multiple Listing Service (MLS), to ensure your house gets in front of people looking to make a purchase. Investopedia <a href="https://www.investopedia.com/articles/personal-finance/071514/8-reasons-not-sell-your-home-without-agent.asp#toc-4-agents-access-large-networks" title="explains" target="_blank" rel="noopener noreferrer">explains</a> why it’s risky to sell on your own without the network an agent provides:
“You don’t have relationships with clients, other agents, or a real estate agency to bring the largest pool of potential buyers to your home.”
Without access to your agent’s tools and marketing expertise, your buyer pool – and your home’s selling potential – is limited.
4. A Real Estate Expert Will Read – and Understand – the Fine Print
Today, more disclosures and regulations are mandatory when selling a house. That means the number of legal documents you’ll need to juggle is growing. The National Association of Realtors (NAR) <a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-sellers/8-reasons-to-work-with-a-realtor" title="puts it" target="_blank" rel="noopener noreferrer">puts it</a> like this:
“There’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.”
5. A Local Professional Is a Skilled Negotiator
In today’s market, buyers are regaining some negotiation power. If you <a href="https://www.simplifyingthemarket.com/2023/02/17/the-spring-housing-market-could-be-a-sweet-spot-for-sellers-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="sell" target="_blank" rel="noopener noreferrer">sell</a> without an expert, you’ll be responsible for any back-and-forth. That means you’ll have to coordinate with:
The buyer, who wants the best deal possible
The buyer’s agent, who will use their expertise to advocate for the buyer
The inspection company, which works for the buyer and will almost always find concerns with the house
The appraiser, who assesses the property’s value to protect the lender
Instead of going toe-to-toe with these parties alone, lean on an expert. They’ll know what levers to pull, how to address everyone’s concerns, and when you may want to get a second opinion.
Bottom Line
Don’t go at it alone. If you live in the Thomasville/Thomas County area and you’re planning to <a href="https://www.simplifyingthemarket.com/2023/02/06/the-top-reasons-for-selling-your-house/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="sell your house" target="_blank" rel="noopener noreferrer">sell your house</a> this spring, let’s connect so you have an expert by your side to guide you in today’s market.
2023-03-02T13:20:38-07:002023-03-02T13:51:26-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:5134How To Make Your Dream of Homeownership a Reality
According to a recent Harris Poll survey, <a href="https://www.nerdwallet.com/article/mortgages/2023-home-buyer-report" title="8 in 10" target="_blank" rel="noopener noreferrer">8 in 10</a> Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and nonfinancial <a href="https://www.simplifyingthemarket.com/2022/12/22/what-makes-a-house-a-home/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="benefits" target="_blank" rel="noopener noreferrer">benefits</a>, so that interest is understandable.
However, it’s unlikely all 28 million Americans will accomplish that goal in the coming year. Experts <a href="https://www.simplifyingthemarket.com/2022/12/16/2023-housing-market-forecast-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="project" target="_blank" rel="noopener noreferrer">project</a> a total of around five million homes will be sold in 2023. Why is there such a big difference? It’s partly because there can be challenges to buying a home.
In the same survey, when asked, “Which of the following are preventing you from pursuing homeownership at this time?”:
34% answered, “I don’t have enough saved for a down payment”
30% answered, “My credit score”
If you’re aiming to buy a home, here’s what you need to know to accomplish that goal.
Save for Your Down Payment
Your <a href="https://www.simplifyingthemarket.com/2023/02/03/you-may-not-need-as-much-as-you-think-for-your-down-payment-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="down payment" target="_blank" rel="noopener noreferrer">down payment</a> is a big chunk of what you pay up front for your home. For most home purchases, buyers put down some amount of cash up front (a down payment) and then take out a loan (a mortgage) to pay for the rest.
It’s a longstanding myth that you need to pay 20% of the purchase price for your down payment. In reality, 20% down isn’t always required. In fact, according to the <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" title="National Association of Realtors" target="_blank" rel="noopener noreferrer">National Association of Realtors</a> (NAR), today’s median down payment is 14% for the average buyer and just 6% for a first-time buyer.
Regardless of how much money you can save for your <a href="https://www.simplifyingthemarket.com/2023/01/03/wondering-how-much-you-need-to-save-for-a-down-payment/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="down payment" target="_blank" rel="noopener noreferrer">down payment</a>, know there’s help available. A local lender can show you <a href="https://downpaymentresource.com/" title="options" target="_blank" rel="noopener noreferrer">options</a> to help you get closer to your down payment goal. Plus, there are even loan types, like <a href="https://www.hud.gov/buying/loans" title="FHA loans" target="_blank" rel="noopener noreferrer">FHA loans</a>, with down payments as low as 3.5% for some buyers, as well as options like <a href="https://www.simplifyingthemarket.com/2022/11/10/va-loans-can-help-veterans-achieve-their-dream-of-homeownership/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="VA loans" target="_blank" rel="noopener noreferrer">VA loans</a> and <a href="https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-guaranteed-loan-program" title="USDA loans" target="_blank" rel="noopener noreferrer">USDA loans</a> with no down payment requirements for qualified applicants.
Beyond assistance programs and different loan types, <a href="https://www.nerdwallet.com/article/mortgages/payment-buy-home" title="here" target="_blank" rel="noopener noreferrer">here</a> are a few other tips to help you as you save for your down payment:
Remember to factor in closing costs. In addition to your down payment, <a href="https://www.simplifyingthemarket.com/2023/02/13/what-you-should-know-about-closing-costs/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="closing costs" target="_blank" rel="noopener noreferrer">closing costs</a> are usually 2-5% of the home's purchase price.
Maintain your savings. Your down payment shouldn’t deplete all your savings. It’s important to still have some money set aside for homeownership expenses after you move in.
Explore your options and lean on your trusted advisor for expert guidance. Do your research, ask questions, and look into the resources available for buyers like you.
Improve Your Credit Score
Your credit score is a number that indicates how financially reliable you are to lenders. A higher credit score usually means you’ll be able to borrow more money at a better interest rate. If your credit score is preventing you from getting an affordable mortgage, there are steps you can take to improve it. Here are two:
Pay your bills on time. When you pay your bills on time, your credit score improves. When you’re late, it takes a hit. One way to make paying your bills on time easier? Set up automatic payments when and where you can.
Mix it up. From auto loans, to credit cards, to mortgages – there are several different types of credit. And having a mix of them improves your credit score.
Bottom Line
If you want to purchase a home this year, and are in the Thomasville/Thomas County area, let’s connect so we can <a href="https://www.simplifyingthemarket.com/2023/02/10/how-to-win-as-a-buyer-in-todays-housing-market-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="start preparing" target="_blank" rel="noopener noreferrer">start preparing</a>.
2023-02-23T09:45:00-07:002023-02-23T12:15:08-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:5023 Pre-Approval in 2023: What You Need To KnowPre-Approval in 2023: What You Need To Know
<img width="750" height="410" src="https://files.mykcm.com/2023/01/18114845/pre-approval-in-2023-what-you-need-to-know-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="Pre-Approval in 2023: What You Need To Know | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2023/01/18114845/pre-approval-in-2023-what-you-need-to-know-KCM.jpg 750w, https://files.mykcm.com/2023/01/18114845/pre-approval-in-2023-what-you-need-to-know-KCM-600x328.jpg 600w, https://files.mykcm.com/2023/01/18114845/pre-approval-in-2023-what-you-need-to-know-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
One of the first steps in your <a href="https://www.simplifyingthemarket.com/2023/01/06/tips-to-reach-your-homebuying-goals-in-2023-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="homebuying journey" target="_blank" rel="noopener noreferrer">homebuying journey</a> is getting pre-approved. To understand why it’s such an important step, you need to understand what <a href="https://www.simplifyingthemarket.com/2022/12/26/financial-fundamentals-for-first-time-homebuyers/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="pre-approval" target="_blank" rel="noopener noreferrer">pre-approval</a> is and what it does for you. Business Insider <a href="https://www.businessinsider.com/personal-finance/mortgage-preapproval" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“In a preapproval [sic], the lender tells you which types of loans you may be eligible to take out, how much you may be approved to borrow, and what your rate could be.”
Basically, pre-approval gives you critical information about the homebuying process that’ll help you understand your options and what you may be able to borrow.
How does it work? As part of the pre-approval process, a lender will look at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand how much money you can borrow. That can make it easier when you set out to search for homes because you’ll know your overall numbers. And with higher <a href="https://www.simplifyingthemarket.com/2023/01/17/think-twice-before-waiting-for-3-mortgage-rates/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> impacting affordability for many buyers today, a solid understanding of your numbers is even more important.
Pre-Approval Helps Show You’re a Serious Buyer
Another added benefit is pre-approval can help a seller feel more confident in your offer because it shows you’re serious about buying their house. A recent article from Forbes <a href="https://www.forbes.com/advisor/mortgages/what-it-takes-to-be-preapproved-for-a-mortgage-and-why-it-matters/" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“From the seller’s perspective, a preapproval [sic] letter from a reputable local lender often can make the difference between accepting and rejecting an offer.”
This goes to show, even though you may not face the intense bidding wars you saw if you tried to buy during the pandemic, pre-approval is still an important part of making a strong offer. In fact, Christy Bieber, Personal Finance Writer at The Motley Fool <a href="https://www.nasdaq.com/articles/this-is-the-most-important-reason-to-get-pre-approved-according-to-dave-ramsey.-but-is-he" title="explains" target="_blank" rel="noopener noreferrer">explains</a> it may be the most important part of making an offer:
“Pre-approval maximizes the chances you’ll be able to actually close the deal – and sellers want to see that.
The fact that a pre-approval gives you a better chance of getting your offer accepted is undoubtedly the most important reason to complete this step . . .”
Bottom Line
Getting pre-approved is an important first step towards buying a home. It lets you know what you can borrow and shows sellers you’re serious about purchasing their home. Connect with a local real estate professional and a trusted lender so you have the tools you need to purchase a home in today’s market. If you are here in the Thomasville/ Thomas County area, lets connect today!
2023-01-19T10:20:57-07:002023-01-19T13:01:10-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4996What Experts Are Saying About the 2023 Housing MarketWhat Experts Are Saying About the 2023 Housing Market
If you’re thinking about <a href="https://www.simplifyingthemarket.com/2023/01/02/what-are-your-goals-in-the-housing-market-this-year/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="buying or selling" target="_blank" rel="noopener noreferrer">buying or selling</a> a home soon, you probably want to know what you can expect from the <a href="https://www.simplifyingthemarket.com/2022/12/27/confused-about-whats-going-on-in-the-housing-market-lean-on-a-professional/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="housing market" target="_blank" rel="noopener noreferrer">housing market</a> this year. In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about <a href="https://www.simplifyingthemarket.com/2022/12/21/what-to-expect-from-the-housing-market-in-2023/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="2023" target="_blank" rel="noopener noreferrer">2023</a>?
An article from HousingWire <a href="https://www.housingwire.com/articles/the-red-hot-housing-market/" title="offers" target="_blank" rel="noopener noreferrer">offers</a> this perspective:
“The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. . . . now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.”
This year, experts agree we may see the return of greater stability and predictability in the housing market if inflation continues to ease and <a href="https://www.simplifyingthemarket.com/2022/12/16/2023-housing-market-forecast-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> stabilize. Here’s what they have to say.
The 2023 forecast from the National Association of Realtors (NAR) <a href="https://www.nar.realtor/magazine/real-estate-news/2023-real-estate-forecast-market-to-regain-normalcy" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market, . . . mortgage rates are expected to stabilize while home sales and prices moderate after recent highs, . . .”
Danielle Hale, Chief Economist at realtor.com, <a href="https://www.realtor.com/research/2023-national-housing-forecast/" title="adds" target="_blank" rel="noopener noreferrer">adds</a>:
“. . . buyers will not face the extreme competition that was commonplace over the past few years.”
Lawrence Yun, Chief Economist at NAR, <a href="https://www.nar.realtor/magazine/real-estate-news/2023-real-estate-forecast-market-to-regain-normalcy" title="explains" target="_blank" rel="noopener noreferrer">explains</a> home prices will vary by local area, but will net neutral nationwide as the market continues to adjust:
“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”
Mark Fleming, Chief Economist at First American, <a href="https://blog.firstam.com/economics/why-the-housing-market-may-begin-to-stabilize-in-2023" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“The housing market, once adjusted to the new normal of higher mortgage rates, will benefit from continued strong demographic-driven demand relative to an overall, long-run shortage of supply.”
Bottom Line
If you’re in the Thomasville/ Thomas County area and are looking to buy or sell a home this year, the best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect.
2023-01-12T12:20:37-07:002023-01-18T12:51:46-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4933What Makes a House a Home?<img width="750" height="410" src="https://files.mykcm.com/2022/11/23103116/what-makes-a-house-a-home-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="What Makes a House a Home? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/11/23103116/what-makes-a-house-a-home-KCM.jpg 750w, https://files.mykcm.com/2022/11/23103116/what-makes-a-house-a-home-KCM-600x328.jpg 600w, https://files.mykcm.com/2022/11/23103116/what-makes-a-house-a-home-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" style="font-size: 17px;" />
There’s no denying the long-term <a href="https://www.simplifyingthemarket.com/2022/11/04/homeownership-wins-over-time-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="financial benefits" target="_blank" rel="noopener noreferrer">financial benefits</a> of owning a home, but today’s housing market may have you wondering if now’s still the time to buy. While the financial aspects of <a href="https://www.simplifyingthemarket.com/2022/11/08/the-majority-of-americans-still-view-homeownership-as-the-american-dream/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="buying a home" target="_blank" rel="noopener noreferrer">buying a home</a> are important, the non-financial and emotional reasons are too.
Home means something different to all of us. Whether it’s sharing memories with loved ones at the kitchen table or settling in to read a book in a favorite chair, the emotional connections to our homes can be just as important as the financial ones. Here are some of the things that make a house a home.
1. You Can Be Proud of Your Accomplishment
Buying a home is a major life milestone. Whether you’re setting out to buy your first home or your fifth, congratulations will be in order when you’ve achieved your goal. The sense of accomplishment you’ll feel at the end of your journey will truly make your home feel like a special place.
2. You Have Your Own Designated Happy Place
Owning your own home offers not only safety and security, but also a comfortable place where you can relax and unwind after a long day. Sometimes that’s just what you need to feel recharged and content.
3. You Can Find the Space To Meet Your Needs
Whether you want more room for your changing lifestyle (like retirement, dedicated space for a hobby, or a personal gym) or you simply prefer to have a large backyard for entertaining, you can invest in a home that truly works for your evolving needs.
4. You Can Customize Your Surroundings
Looking to try one of those decorative wall treatments you saw online? Tired of paying an additional pet deposit for your apartment building? Or maybe you want to create an in-home yoga studio. You can do all these things in your own home.
Bottom Line
Whether you’re <a href="https://www.simplifyingthemarket.com/2022/10/31/taking-the-fear-out-of-saving-for-a-home/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="planning to purchase" target="_blank" rel="noopener noreferrer">planning to purchase</a> your first home or you’re ready to buy a different home to meet your needs, consider the emotional benefits that can turn a house into a happy home. If you live in the Thomasville/ Thomas County area and you’re ready to make a move, let’s connect.
2022-12-22T14:04:51-07:002022-12-22T14:12:53-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4894You May Have More Negotiation Power When You Buy a Home TodayDid the frequency and intensity of bidding wars over the past two years make you put your <a href="https://www.simplifyingthemarket.com/2022/12/07/key-advantages-of-buying-a-home-today/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="home search" target="_blank" rel="noopener noreferrer" style="font-size: 17px;">home search</a> on hold? If so, you should know the hyper competitive market has cooled this year as buyer demand has moderated and <a href="https://www.simplifyingthemarket.com/2022/11/23/what-buyers-need-to-know-about-the-inventory-of-homes-available-for-sale/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="housing supply" target="_blank" rel="noopener noreferrer" style="font-size: 17px;">housing supply</a> has grown. Those two factors combined mean you may see less competition from other buyers.
And with less competition comes more <a href="https://www.simplifyingthemarket.com/2022/11/01/3-trends-that-are-good-news-for-todays-homebuyers/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="opportunity" target="_blank" rel="noopener noreferrer">opportunity</a>. Here are two trends that may be the news you need to reenter the market.
1. The Return of Contingencies
Over the last two years, more buyers were willing to skip important steps in the <a href="https://www.simplifyingthemarket.com/2022/12/05/prioritizing-your-wants-and-needs-as-a-homebuyer-in-todays-market/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="homebuying" target="_blank" rel="noopener noreferrer">homebuying</a> process, like the appraisal or the inspection, in hopes of gaining an advantage in a bidding war. But now, things are different.
The latest <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-10-realtors-confidence-index-11-18-2022.pdf" title="data" target="_blank" rel="noopener noreferrer">data</a> from the National Association of Realtors (NAR) shows the percentage of buyers waiving their home inspection or appraisal is down. And a recent <a href="https://www.realtor.com/advice/buy/buyers-may-have-more-power-than-they-realize-right-now/" title="article" target="_blank" rel="noopener noreferrer">article</a> from realtor.com points out more sellers are accepting contingencies:
“A year ago, sellers were calling all the shots and buyers were launching legendary bidding wars, waiving contingencies, and paying for homes in cash. But now, the shoe is on the other foot, and 92% of home sellers are accepting some buyer-friendly terms (frequently related to home inspections, financing, or appraisals), . . .”
This doesn’t mean we’re in a buyers’ market now, but it does mean you have a bit more leverage when it comes time to negotiate with a seller. The days of feeling like you may need to waive contingencies or pay drastically over asking price to get your offer considered may be coming to a close.
2. Sellers Are More Willing To Help with Closing Costs
Before the pandemic, it was a common negotiation tactic for sellers to cover some of the buyer’s <a href="https://www.simplifyingthemarket.com/2022/10/31/taking-the-fear-out-of-saving-for-a-home/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="closing costs" target="_blank" rel="noopener noreferrer">closing costs</a> to sweeten the deal. This didn’t happen as much during the peak buyer frenzy over the past two years.
Today, data suggests this is making a comeback. A realtor.com <a href="https://news.move.com/2022-08-30-Realtor-com-R-Survey-Bargaining-Power-is-Back-92-of-Recent-Sellers-Accepted-Buyer-Friendly-Terms" title="survey" target="_blank" rel="noopener noreferrer">survey</a> shows 32% of sellers paid some or all of their buyer’s closing costs. This may be a negotiation tool you’ll see as you go to purchase a home. Just keep in mind, limits on closing cost credits are set by your lender and can vary by state and loan type. Work closely with your loan advisor to understand how much a seller can contribute to closing costs in your area.
Bottom Line
Despite the extremely competitive housing market of the past several years, today’s data suggests negotiations are starting to come back to the table. To find out how the market is shifting in Thomasville/Thomas County, let’s connect today.
2022-12-15T12:39:58-07:002022-12-15T12:43:19-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4869 Homeownership Is an Investment in Your Future
There are many people thinking about buying a home, but with everything affecting the <a href="https://www.simplifyingthemarket.com/2022/10/19/should-you-still-buy-a-home-with-the-latest-news-about-inflation/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="economy" target="_blank" rel="noopener noreferrer">economy</a>, some are wondering if it’s a smart decision to buy now or if it makes more sense to wait it out. As Bob Broeksmit, President and CEO of the Mortgage Bankers Association (MBA), <a href="https://edition.cnn.com/2022/11/10/homes/mortgage-rates-november-10/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“The desire for homeownership is strong. Many prospective buyers are waiting for the volatility in mortgage rates to subside, as well as for a clearer picture of the economic outlook.”
If you’re in that position, remember that it’s important to consider not just what’s happening today but also what <a href="https://www.simplifyingthemarket.com/2022/11/04/homeownership-wins-over-time-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="benefits" target="_blank" rel="noopener noreferrer">benefits</a> you may gain in the long run.
There’s a lot of information out there about how homeownership helps build a homeowner’s net worth over time. But even today, many people think first about things like 401(k)s before they think of owning a home as a wealth-building tool. It’s especially important if you’re a young prospective homebuyer to understand how homeownership is another key way to invest in your future. An article from Bloomberg <a href="https://www.bloomberg.com/opinion/articles/2022-11-11/it-s-ok-to-save-for-a-house-down-payment-at-the-expense-of-retirement?=true&sref=BRvilyBN" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“Millennials have higher average 401(k) balances than Generation X did when they were the same age, but they're not any better off financially. . . . A lot of that has to do with being less likely to own a home.”
To help you understand just how much owning a home can have a positive impact on your life over the years, take a look at what the data shows. The same Bloomberg <a href="https://www.bloomberg.com/opinion/articles/2022-11-11/it-s-ok-to-save-for-a-house-down-payment-at-the-expense-of-retirement?=true&sref=BRvilyBN" title="article" target="_blank" rel="noopener noreferrer">article</a> helps show the gap in wealth between renters and homeowners who are 65 years and older (see graph below). The difference is substantial, even when incomes are similar.
<a href="https://files.mykcm.com/2022/12/07165316/the-wealth-disparity-for-older-americans-MEM.jpg" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-106203" src="https://files.mykcm.com/2022/12/07165316/the-wealth-disparity-for-older-americans-MEM.jpg" alt="Homeownership Is an Investment in Your Future | MyKCM" width="600" height="450" /></a>
So, if you want to create wealth to help set you up for success later on, it may be time to prioritize homeownership. That’s because, whether you decide to rent or buy a home, you’ll have a monthly housing expense either way. The question is: are you going to invest in yourself and your future, or will you help someone else (your landlord) increase their wealth?
Bottom Line
Before putting your homeownership plans on hold, let’s connect to go over your options. That way, you’ll have expert advice on how to make the best decision right now and the best investment in your future. If you are in the Thomasville/ Thomas County area, give me a call!
2022-12-08T08:18:35-07:002022-12-08T08:48:55-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:48433 Ways You Can Use Your Home Equity
If you’re a homeowner, odds are your <a href="https://www.simplifyingthemarket.com/2022/09/20/watching-the-stock-market-check-the-value-of-your-home-for-good-news/'?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="equity" target="_blank" rel="noopener noreferrer">equity</a> has grown significantly over the last few years as home prices skyrocketed and you made your monthly mortgage payments. <a href="https://www.simplifyingthemarket.com/2022/11/04/homeownership-wins-over-time-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="Home&nbsp;equity" target="_blank" rel="noopener noreferrer">Home equity</a> builds over time and can help you achieve certain goals. According to the latest <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" title="Equity Insights Report" target="_blank" rel="noopener noreferrer">Equity Insights Report</a> from CoreLogic, the average borrower with a home loan has almost $300,000 in equity right now.
As you weigh your options, especially in the face of inflation and talk of a <a href="https://www.simplifyingthemarket.com/2022/10/25/what-happens-to-housing-when-theres-a-recession/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="recession" target="_blank" rel="noopener noreferrer">recession</a>, it’s important to understand your assets and how you can leverage them. A real estate professional is the best resource to help you understand how much home equity you have and advise you on some of the ways you can use it. Here are a few examples.
1. Buy a Home That Fits Your Needs
If you no longer have the space you need, it might be time to move into a larger home. Or it’s possible you have too much space and need something smaller. No matter the situation, consider using your equity to power a move into a home that fits your changing lifestyle.
If you want to upgrade your house, you can put your equity toward a <a href="https://www.simplifyingthemarket.com/2022/10/10/saving-for-a-down-payment-heres-what-you-should-know/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="down payment" target="_blank" rel="noopener noreferrer">down payment</a> on the home of your dreams. And if you’re planning to downsize, you may be surprised that your equity may cover some, if not all, of the cost of your next home. A real estate advisor can help you figure out how much equity you have and how you can use it toward the purchase of your next home.
2. Reinvest in Your Current House
According to a recent survey from <a href="https://hello.point.com/hubfs/PR/fall2022-homeowner-survey.pdf" title="Point" target="_blank" rel="noopener noreferrer">Point</a>, 39% of homeowners would invest in home improvement projects if they chose to access their equity. This is a great option if you want to change some things about your living space but you aren’t ready to make a move just yet.
Home improvement projects allow you to customize your home to suit your needs and sense of style. Just remember to think ahead with any updates you make, as some renovations add more value to your home and are more likely to appeal to future buyers than others. For example, a <a href="https://www.nar.realtor/sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf" title="report" target="_blank" rel="noopener noreferrer">report</a> from the National Association of Realtors (NAR) shows refinishing or replacing wood flooring has a high cost recovery. Lean on a local professional for the best advice on which projects to invest in to get the greatest return on your investment when you sell.
3. Pursue Your Personal Goals
In addition to making a move or updating your house, home equity can also help you achieve the life goals you’ve dreamed of. That could mean investing in a new business venture, retiring or downsizing, or funding an education. While you shouldn’t use your equity for unnecessary spending, leveraging it to start a business or putting it toward education costs can help you achieve other lifelong goals.
Bottom Line
Your equity can be a game changer. If you’re unsure how much equity you have in your home, let’s connect so you can start planning your next move.
2022-12-01T13:43:17-07:002022-12-01T13:46:06-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4768What’s Ahead for Mortgage Rates and Home Prices?
Now that the end of 2022 is within sight, you may be wondering what’s going to happen in the housing market next year and what that may mean if you’re thinking about <a href="https://www.simplifyingthemarket.com/2022/10/17/the-emotional-and-non-financial-benefits-of-homeownership/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="buying a home" target="_blank" rel="noopener noreferrer">buying a home</a>. Here’s a look at the latest expert insights on both mortgage rates and home prices so you can make your best move possible.
Mortgage Rates Will Continue To Respond to Inflation
There’s no doubt <a href="https://www.simplifyingthemarket.com/2022/10/04/the-cost-of-waiting-for-mortgage-rates-to-go-down/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> have skyrocketed this year as the market responded to high inflation. The <a href="https://www.freddiemac.com/pmms/archive" title="increases" target="_blank" rel="noopener noreferrer">increases</a> we’ve seen were fast and dramatic, and the average 30-year fixed mortgage rate even surpassed <a href="https://freddiemac.gcs-web.com/node/26166/pdf" title="7%" target="_blank" rel="noopener noreferrer">7%</a> at the end of last month. In fact, it’s the first time they’ve risen this high in over 20 years (see graph below):
<a href="https://files.mykcm.com/2022/11/08144740/mortgage-rates-rising-this-year-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-105632" src="https://files.mykcm.com/2022/11/08144740/mortgage-rates-rising-this-year-MEM.png" alt="What’s Ahead for Mortgage Rates and Home Prices? | MyKCM" width="600" height="450" /></a>
In their latest quarterly report, Freddie Mac <a href="https://www.freddiemac.com/research/forecast/20221021-quarterly-forecast-rapidly-rising-rates-declining-demand-driving-housing-market" title="explains" target="_blank" rel="noopener noreferrer">explains</a> just how fast the climb in rates has been:
“Just one year ago, rates were under 3%. This means that while mortgage rates are not as high as they were in the 80’s, they have more than doubled in the past year. Mortgage rates have never doubled in a year before.”
Because we’re in unprecedented territory, it’s hard to say with certainty where mortgage rates will go from here. Projecting the future of mortgage rates is far from an exact science, but experts do agree that, moving forward, mortgage rates will continue to respond to inflation. If inflation stays high, mortgage rates likely will too.
Home Price Changes Will Vary by Market
As <a href="https://www.simplifyingthemarket.com/2022/10/18/the-latest-on-supply-and-demand-in-housing/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="buyer demand" target="_blank" rel="noopener noreferrer">buyer demand</a> has eased this year in response to those higher mortgage rates, home prices have moderated in many markets too. In terms of the forecast for next year, expert projections are mixed. The general consensus is home price appreciation will vary by local market, with more significant changes happening in overheated areas. As Mark Fleming, Chief Economist at First American, <a href="https://blog.firstam.com/economics/pandemic-boom-markets-cooling-the-fastest" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“House price appreciation has slowed in all 50 markets we track, but the deceleration is generally more dramatic in areas that experienced the strongest peak appreciation rates.”
Basically, some areas may still see slight price growth while others may see slight price declines. It all depends on other factors at play in that local market, like the balance between supply and demand. This may be why experts are divided on their latest national forecasts (see graph below):
<a href="https://files.mykcm.com/2022/11/08144736/home-price-forecasts-for-2023-MEM.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-105631" src="https://files.mykcm.com/2022/11/08144736/home-price-forecasts-for-2023-MEM.png" alt="What’s Ahead for Mortgage Rates and Home Prices? | MyKCM" width="600" height="450" /></a>
Bottom Line
If you are local in the Thomasville/ Thomas County area and want to know what’s happening with home prices or mortgage rates, let’s connect so you have the latest on what experts are saying and what that means for our area.
2022-11-10T07:06:53-07:002022-11-10T07:09:46-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4752Sell Your House Before the Holidays
As you look ahead to the winter season, you’re likely making plans and thinking about what you want to achieve before the year ends. One of those key decision points could be whether or not you want to move this year. If the location or size of your current home no longer meets your needs, finding a house that better suits your lifestyle may be a top priority for you. But with today’s cooling housing market, is it really a good time to <a href="https://www.simplifyingthemarket.com/2022/10/21/3-questions-you-may-be-asking-about-selling-your-house-today-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="sell your house" target="_blank" rel="noopener noreferrer">sell your house</a>, or should you wait?
If you’re ready to make your decision, here are three reasons you may want to consider selling before the holidays.
1. Get One Step Ahead of Other Sellers
Typically, in the residential real estate market, homeowners are less likely to list their houses toward the end of the year. That’s because people get busy around the holidays and deprioritize selling their house until the start of the new year when their schedules and social calendars calm down.
Selling now, while other homeowners may hold off until after the holidays, can help your house stand out. Start the process with a real estate professional today so you can get your house on the market and get ahead of your competition.
2. Get in Front of Serious Buyers This Season
Even though <a href="https://www.simplifyingthemarket.com/2022/10/18/the-latest-on-supply-and-demand-in-housing/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="housing supply" target="_blank" rel="noopener noreferrer">housing supply</a> has increased this year as buyer demand has moderated, it’s still low overall. That means there aren’t enough homes on the market today, especially as the <a href="https://www.simplifyingthemarket.com/2022/10/27/millennials-are-still-a-driving-force-of-todays-buyer-demand/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="millennial generation" target="_blank" rel="noopener noreferrer">millennial generation</a> reaches their peak homebuying years. As Mark Fleming, Chief Economist at First American, <a href="https://www.thestreet.com/investing/housing-market-slump-forecast-continues-into-late-2023" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“While not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.”
Serious buyers will still be looking this winter and your house may be exactly what they’re searching for. If you work with an agent to list your house now, you’ll be able to get in front of the eager buyers who are hoping to make a move before the year ends.
3. Seize a Great Chance To Move Up
Don’t forget, today’s homeowners have record amounts of <a href="https://www.simplifyingthemarket.com/2022/09/26/the-true-strength-of-homeowners-today/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="equity" target="_blank" rel="noopener noreferrer">equity</a>. According to <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" title="CoreLogic" target="_blank" rel="noopener noreferrer">CoreLogic</a>, the average amount of equity per mortgage holder has climbed to almost $300,000. That’s an all-time high. That means the equity you have in your house right now could cover some, if not all, of a <a href="https://www.simplifyingthemarket.com/2022/10/10/saving-for-a-down-payment-heres-what-you-should-know/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="down payment" target="_blank" rel="noopener noreferrer">down payment</a> on the home of your dreams.
And as you weigh the reasons to sell before winter, don’t lose sight of why you’re thinking about moving in the first place. Maybe it’s time to buy a house that’s in a better location for you, has the space you and your loved ones have been craving, or simply gives you that sense of home. A trusted real estate advisor can help you determine how much home equity you have and how you can use it to achieve your goal of <a href="https://www.simplifyingthemarket.com/2022/10/17/the-emotional-and-non-financial-benefits-of-homeownership/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="making a move" target="_blank" rel="noopener noreferrer">making a move</a>.
Bottom Line
If you’re thinking about selling your house so you can find a home that better suits your needs, don’t delay your plans. Let’s connect so you can accomplish your goals before winter.
2022-11-03T07:48:07-07:002022-11-03T07:51:54-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4706 Should You Still Buy a Home with the Latest News About Inflation?
While the Federal Reserve is working hard to <a href="https://www.simplifyingthemarket.com/2022/09/27/how-an-expert-can-help-you-understand-inflation-mortgage-rates/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="bring down inflation" target="_blank" rel="noopener noreferrer">bring down inflation</a>, the latest data shows the <a href="https://www.bls.gov/news.release/cpi.nr0.htm" title="inflation rate" target="_blank" rel="noopener noreferrer">inflation rate</a> is still high, remaining around 8%. This news impacted the stock market and added fuel to the fire for conversations about a recession.
You’re likely feeling the impact in your day-to-day life as you watch the cost of goods and services climb. The <a href="https://www.simplifyingthemarket.com/2022/09/13/three-things-buyers-can-do-in-todays-housing-market/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="pinch" target="_blank" rel="noopener noreferrer">pinch</a> it’s creating on your wallet and the looming economic uncertainty may leave you wondering: “should I still <a href="https://www.simplifyingthemarket.com/2022/10/05/the-long-term-benefit-of-homeownership/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="buy a home" target="_blank" rel="noopener noreferrer">buy a home</a> right now?” If that question is top of mind for you, here’s what you need to know.
Homeownership Is Historically a Great Hedge Against Inflation
In an inflationary economy, prices rise across the board. Historically, homeownership is a great hedge against those rising costs because you can lock in what’s likely your largest monthly payment (your mortgage) for the duration of your loan. That helps stabilize some of your monthly expenses. James Royal, Senior Wealth Management Reporter at Bankrate, <a href="https://www.bankrate.com/investing/inflation-hedges-to-protect-against-rising-prices/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“A fixed-rate mortgage allows you to maintain the biggest portion of housing expenses at the same payment. Sure, property taxes will rise and other expenses may creep up, but your monthly housing payment remains the same.”
And with <a href="https://www.simplifyingthemarket.com/2022/09/30/why-buying-a-home-may-make-more-sense-than-renting-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="rents" target="_blank" rel="noopener noreferrer">rents</a> being as high as they are, the ability to stabilize your monthly payments and protect yourself from future rent hikes may be even more important. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/blogs/economists-outlook/instant-reaction-inflation-october-13-2022" title="explains" target="_blank" rel="noopener noreferrer">explains</a> what happened to rents in the latest inflation report:
“Inflation refuses to budge. In September, consumer prices rose by 8.2%. Rents rose by 7.2%, the highest pace in 40 years.”
When you rent, your monthly payment is determined by your lease, which typically renews on an annual basis. With inflation high, your landlord may be more likely to increase your payments to offset the impact of inflation. That may be part of the reason why a <a href="https://www.realtor.com/research/july-2022-rent/" title="survey" target="_blank" rel="noopener noreferrer">survey</a> from realtor.com shows 72% of landlords said they plan to raise the rent on one or more of their properties in the next year.
Becoming a homeowner, if you’re ready and able to do so, can provide lasting stability and a reliable shelter in times of economic uncertainty.
Bottom Line
The best hedge against inflation is a fixed housing cost. If you’re in the Thomasville/Thomas County are and are ready to learn more and start your journey to homeownership, let’s connect.
2022-10-20T12:25:46-07:002022-10-20T12:30:20-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4601 Three Things Buyers Can Do in Today’s Housing MarketThree Things Buyers Can Do in Today’s Housing Market
It’s clear the 2022 housing market has been defined by rising <a href="https://www.simplifyingthemarket.com/2022/09/07/expert-forecasts-on-mortgage-rates/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a>. With rates on the rise, it’s also become more costly to purchase a home. According to the <a href="https://www.nar.realtor/blogs/economists-outlook/housing-affordability-conditions-fade-as-mortgage-rates-push-monthly-payments-higher-in-june-2022" title="National Association of Realtors" target="_blank" rel="noopener noreferrer">National Association of Realtors</a> (NAR):
“Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an increase of 53.7%.”
If you’re thinking of <a href="https://www.simplifyingthemarket.com/2022/08/31/buyers-you-may-face-less-competition-as-bidding-wars-ease/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="buying a home" target="_blank" rel="noopener noreferrer">buying a home</a> or have been trying to recently, that’s a big increase in a monthly mortgage payment – and it may be causing you to press pause on your plans. This jump is making homes less affordable, especially compared to the last two years when mortgage rates were at historic lows.
The good news is you can navigate today’s housing market and this rising rate environment with a few <a href="https://www.simplifyingthemarket.com/2022/08/22/3-tips-for-buying-a-home-today/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="simple tips" target="_blank" rel="noopener noreferrer">simple tips</a>. Here are three things you may want to consider to help make your <a href="https://www.simplifyingthemarket.com/2022/08/25/why-you-may-want-to-start-your-home-search-today/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="homeownership" target="_blank" rel="noopener noreferrer">homeownership</a> goals a reality.
1. Expand Your Search Area and Criteria
If you’ve been looking for a home in the city center or a specific area that’s starting to feel out of your price range, you may want to try looking a little further out in a location that could be more affordable. Expanding your search location or re-prioritizing the items on your wish list can open up opportunities you haven’t considered, and that could help you afford more of what you need (and want) in a home. As CNET <a href="https://www.cnet.com/personal-finance/mortgages/6-tips-for-buyers-in-competitive-real-estate-markets/" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“Area growth is likely to keep pace with the market, which means that the outskirts of town might be hopping within five years. Consider stepping out of your ideal location by searching in the nearby cities. You may find better prices and more square footage.”
2. Explore Alternative Financing Options
Working with a trusted lender to learn about the different loan types and options is essential too. According to <a href="https://www.nerdwallet.com/article/mortgages/tips-for-first-time-home-buyers" title="Nerd Wallet" target="_blank" rel="noopener noreferrer">Nerd Wallet</a>:
“A variety of mortgages are available with varying down payment and eligibility requirements.”
Experts know how to point you in the right direction when it comes to exploring ways to find the best home loan for your situation. With rising mortgage rates making it more costly to finance a home today, there may be an ideal option out there your loan officer can introduce you to. This could make a home purchase more affordable and within your financial reach over the life of your loan.
3. Look for Grants, Gift Funds, and Down Payment Assistance
There are also many options available when it comes to securing the funding you need to purchase a home. One valuable resource to explore is <a href="https://downpaymentresource.com/" title="downpaymentresource.com" target="_blank" rel="noopener noreferrer">downpaymentresource.com</a>. Searching for specific down payment assistance options available in your local community could be a game changer when it comes to taking your first step toward homeownership. As <a href="https://www.nar.realtor/first-time-homebuyers/first-time-homebuyer-loans-grants" title="NAR" target="_blank" rel="noopener noreferrer">NAR</a> indicates:
“Many local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.”
Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, and veterans.
Ultimately, that means there are many federal, state, and local programs available for you to explore. The best way to do that is to connect with a local <a href="https://www.simplifyingthemarket.com/2022/08/29/a-trusted-real-estate-advisor-provides-expert-advice/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="real estate professional" target="_blank" rel="noopener noreferrer">real estate professional</a> and your lender to learn more about what’s available in your area.
Bottom Line
If you are in the Thomasville/ Thomas County and you’ve been searching for a home and have found yourself stepping out of the process because you’re worried about rising costs, let’s connect. Having a team of local advisors on your side may be just what you need to guide your search in a new and more affordable direction.
2022-09-15T08:04:00-07:002022-09-15T08:31:50-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4580Should I Sell My House This Year?
There’s no denying the housing market is <a href="https://www.simplifyingthemarket.com/2022/08/23/what-sellers-need-to-know-in-todays-housing-market/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="undergoing a shift" target="_blank" rel="noopener noreferrer">undergoing a shift</a> this season as buyer demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.
Opportunity #1: You Have More Options for Your Move
One of the biggest stories today is the growing supply of homes for sale. <a href="https://www.simplifyingthemarket.com/2022/08/25/why-you-may-want-to-start-your-home-search-today/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="Housing inventory" target="_blank" rel="noopener noreferrer">Housing inventory</a> has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.
If you’re selling your house to make a move, it means you’ll have <a href="https://www.simplifyingthemarket.com/2022/09/01/new-homes-may-have-the-incentives-youre-looking-for-today/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="more options" target="_blank" rel="noopener noreferrer">more options</a> for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find <a href="https://www.simplifyingthemarket.com/2022/07/18/wondering-where-youll-move-if-you-sell-your-house-today/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="somewhere to go" target="_blank" rel="noopener noreferrer">somewhere to go</a>, know your options have improved.
Opportunity #2: The Number of Homes on the Market Is Still Low
Just remember, while data shows the number of homes for sale has increased this year, housing supply is still firmly in sellers’ market territory. To be in a balanced market where there are enough homes available to meet the pace of buyer demand, there would need to be a six months’ supply of homes. According to the <a href="https://www.nar.realtor/newsroom/existing-home-sales-retreated-5-9-in-july" title="latest report" target="_blank" rel="noopener noreferrer">latest report</a> from the National Association of Realtors (NAR), in July, there was only a 3.3 months’ supply.
While you’ll have more options for your own home search, <a href="https://www.simplifyingthemarket.com/2022/08/24/why-todays-housing-inventory-proves-the-market-isnt-headed-for-a-crash/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="inventory" target="_blank" rel="noopener noreferrer">inventory</a> is still low, and that means your home will still be in demand if you <a href="https://www.simplifyingthemarket.com/2022/08/09/selling-your-house-your-asking-price-matters-more-now-than-ever/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="price it right" target="_blank" rel="noopener noreferrer">price it right</a>. That’s why the <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-07-realtors-confidence-index-08-18-2022.pdf" title="most recent data" target="_blank" rel="noopener noreferrer">most recent data</a> from NAR also shows the average home sold in July still saw multiple offers and sold in as little as 14 days.
Opportunity #3: Your Equity Has Grown by Record Amounts
The <a href="https://www.simplifyingthemarket.com/2022/07/25/whats-causing-ongoing-home-price-appreciation/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="home price appreciation" target="_blank" rel="noopener noreferrer">home price appreciation</a> the market saw over the past few years has likely given your <a href="https://www.simplifyingthemarket.com/2022/07/08/why-growing-home-equity-is-great-news-if-you-plan-to-move-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="equity" target="_blank" rel="noopener noreferrer">equity</a> (and your net worth) a considerable boost. Danielle Hale, Chief Economist at realtor.com, <a href="https://www.realtor.com/research/weekly-housing-trends-view-data-week-july-2-2022/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“Home owners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .”
If you’ve been holding off on selling because you’re worried about how <a href="https://www.simplifyingthemarket.com/2022/08/30/whats-actually-happening-with-home-prices-today/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="rising prices" target="_blank" rel="noopener noreferrer">rising prices</a> will impact your next home search, rest assured your <a href="https://www.simplifyingthemarket.com/2022/07/06/how-your-equity-can-grow-over-time/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="equity" target="_blank" rel="noopener noreferrer">equity</a> can help. It may be just what you need to cover a large portion (if not all) of the down payment on your next home.
Bottom Line
If you’re living in the Thomas County/ Thomasville area and are thinking about selling your house this season, let’s connect so you have the expert insights you need to make the best possible move today.
2022-09-08T11:59:00-07:002022-09-08T12:02:59-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4545Why You May Want To Start Your Home Search Today
If you’re thinking about <a href="https://www.simplifyingthemarket.com/2022/08/10/is-the-shifting-market-a-challenge-or-an-opportunity-for-homebuyers/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="buying a home" target="_blank" rel="noopener noreferrer">buying a home</a>, you likely have a lot of factors on your mind. You’re weighing your own needs against higher <a href="https://www.simplifyingthemarket.com/2022/08/05/housing-market-forecast-for-the-rest-of-2022-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a>, today’s home prices, and more to try to decide if you want to jump into the market. While some buyers may wait things out, there’s a reason serious buyers are making moves right now, and that’s the growing number of homes for sale.
So far this year, <a href="https://www.simplifyingthemarket.com/2022/07/26/a-window-of-opportunity-for-homebuyers/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="housing inventory" target="_blank" rel="noopener noreferrer">housing inventory</a> has been increasing and that’s making the prospect of finding your dream home less difficult. While there are always reasons you could delay making a big decision, there are also always reasons to consider moving forward. And having a <a href="https://www.simplifyingthemarket.com/2022/07/22/great-news-about-housing-inventory-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="growing number of options" target="_blank" rel="noopener noreferrer">growing number of options</a> for your home search may be exactly what you needed to feel more confident in making a move.
What’s Causing Housing Inventory To Grow?
As new data comes out, we're getting an updated picture of why housing supply is increasing so much this year. As Bill McBride, Author of Calculated Risk, <a href="https://calculatedrisk.substack.com/p/1st-look-at-local-housing-markets-fb2" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“We are seeing a significant change in inventory, but no pickup in new listings. Most of the increase in inventory so far has been due to softer demand - likely because of higher mortgage rates.”
Basically, the inventory growth is primarily from homes staying on the market a bit longer (known as active listings). And that’s happening because higher mortgage rates and <a href="https://www.simplifyingthemarket.com/2022/08/11/what-does-the-rest-of-the-year-hold-for-home-prices/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="home prices" target="_blank" rel="noopener noreferrer">home prices</a> have helped moderate the peak frenzy of buyer demand.
The graph below uses <a href="https://www.realtor.com/research/data/" title="data" target="_blank" rel="noopener noreferrer">data</a> from realtor.com to show how much active listings have risen over the past five months as a result (shown in green):
<a href="https://files.mykcm.com/2022/08/24123205/20220825-MEM-Eng-1.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-104287" src="https://files.mykcm.com/2022/08/24123205/20220825-MEM-Eng-1.png" alt="Why You May Want To Start Your Home Search Today | MyKCM" width="600" height="450" /></a>
Why This Growth Is Good News for You
Regardless of the source, the increase in available housing supply is good for buyers. More housing supply actively for sale means you have more options as your search for your next home. A <a href="https://www.realtor.com/research/july-2022-data/" title="recent article" target="_blank" rel="noopener noreferrer">recent article</a> from realtor.com explains just how significant the inventory growth has been and why it’s good news for your plans to buy:
“Nationally, the inventory of homes actively for sale on a typical day in July increased by 30.7% over the past year, the largest increase in inventory in the data history and higher than last month’s growth rate of 18.7% which was itself record-breaking. This amounted to 176,000 more homes actively for sale on a typical day in July compared to the previous year and more choice for buyers who are still looking for a new home.”
The growth this year is certainly good news for you, especially if you’ve had trouble finding a home that meets your needs. If you start your search today, those additional options should make it less difficult to find a home than it would have been over the past two years.
Bottom Line
If you’re living here in the Thomas County area and are ready to jump into the market and take advantage of the increasing supply of homes for sale, let’s connect today. The opportunity is knocking, will you answer?
2022-08-25T11:27:00-07:002022-08-25T11:29:44-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4475Experts Increase 2022 Home Price ProjectionsExperts Increase 2022 Home Price Projections
If you’re wondering if <a href="https://www.simplifyingthemarket.com/2022/07/21/think-home-prices-are-going-to-fall-think-again/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="home prices" target="_blank" rel="noopener noreferrer">home prices</a> are going to come down due to the cooldown in the <a href="https://www.simplifyingthemarket.com/2022/06/14/is-the-housing-market-correcting/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="housing market" target="_blank" rel="noopener noreferrer">housing market</a> or a <a href="https://www.simplifyingthemarket.com/2022/08/16/what-would-a-recession-mean-for-the-housing-market/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="potential recession" target="_blank" rel="noopener noreferrer">potential recession</a>, 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 home price appreciation from their original 2022 forecasts (shown in green in the chart below):
<a href="https://files.mykcm.com/2022/08/16162453/20220817-MEM-Eng-.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-104054" src="https://files.mykcm.com/2022/08/16162453/20220817-MEM-Eng-.png" alt="Experts Increase 2022 Home Price Projections | MyKCM" width="600" height="450" /></a>As the chart shows, most sources adjusted up, and now call for more appreciation in 2022 than they originally projected this January. But why are experts so confident the housing market will see ongoing appreciation? It’s because of <a href="https://www.simplifyingthemarket.com/2022/07/25/whats-causing-ongoing-home-price-appreciation/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="supply and demand" target="_blank" rel="noopener noreferrer">supply and demand</a> in most markets. As Bankrate <a href="https://www.bankrate.com/real-estate/june-2022-fed-housing-comments/" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and strong household formation by large numbers of millennials.”
Knowing that experts forecast home prices will continue to appreciate in most markets and that they’ve actually increased their original projections for this year should help you answer the question: will home prices fall? According to the latest forecasts, experts are confident prices will <a href="https://www.simplifyingthemarket.com/2022/08/11/what-does-the-rest-of-the-year-hold-for-home-prices/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="continue to appreciate" target="_blank" rel="noopener noreferrer">continue to appreciate</a> this year, although at a more moderate rate than they did in 2021.
Bottom Line
If you’re worried home prices are going to decline, rest assured many experts raised their forecasts to say they’ll continue to appreciate in most markets this year including the Thomasville/Thomas County area. If you have questions about what’s happening with home prices in our local area, let's connect.
2022-08-17T13:42:00-07:002022-08-17T13:49:29-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4431Selling Your House? Your Asking Price Matters More Now Than EverThere’s no doubt about the fact that the <a href="https://www.simplifyingthemarket.com/2022/07/28/a-real-estate-professional-helps-you-separate-fact-from-fiction/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="housing market" target="_blank" rel="noopener noreferrer" style="font-size: 17px;">housing market</a> is slowing from the frenzy we saw over the past two years. But what does that mean for you if you’re thinking of selling your house?
While <a href="https://www.simplifyingthemarket.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="home prices" target="_blank" rel="noopener noreferrer">home prices</a> are still appreciating in most markets and experts say that will continue, they’re climbing at a slower pace because rising mortgage rates are creating less <a href="https://www.simplifyingthemarket.com/2022/07/26/a-window-of-opportunity-for-homebuyers/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="buyer demand" target="_blank" rel="noopener noreferrer">buyer demand</a>. Because of this, there are <a href="https://www.simplifyingthemarket.com/2022/07/22/great-news-about-housing-inventory-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="more homes" target="_blank" rel="noopener noreferrer">more homes</a> on the market. And in a shift like this one, the way you price your home matters more than ever.
Why Today’s Housing Market Is Different
During the pandemic, sellers could price their homes higher because demand was so high, and supply was so low. This year, things are shifting, and that means your approach to pricing your house needs to shift too.
Because we’re seeing less buyer demand, sellers have to recognize this is a different market than it was during the pandemic. Here’s what’s at stake if you don’t.
Why Pricing Your House at Market Value Matters
The price you set for your house sends a message to potential buyers. If you price it too high, you run the risk of deterring buyers.
When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder what that means about the home or if in fact it’s still overpriced. Some sellers aren’t adjusting their expectations to today’s market, and realtor.com <a href="https://www.realtor.com/research/weekly-housing-trends-view-data-week-july-23-2022/" title="explains" target="_blank" rel="noopener noreferrer">explains</a> the impact that’s having:
“. . . the share of listings with a price cut was nearly double its year ago level even as it remains well below pre-pandemic levels.”
To avoid the headache of having to lower your price, you’ll want to price it right from the onset. A <a href="https://www.simplifyingthemarket.com/2022/05/23/work-with-a-real-estate-professional-if-you-want-the-best-advice/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="real estate advisor" target="_blank" rel="noopener noreferrer">real estate advisor</a> knows how to determine that perfect asking price. To find the right price, they balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more.
Not to mention, pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. This helps lead to stronger offers and a greater likelihood it’ll sell quickly.
Why You Still Have an Opportunity When You Sell Today
Rest assured, it’s still a <a href="https://www.simplifyingthemarket.com/2022/08/04/why-its-still-a-sellers-market/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="sellers’ market" target="_blank" rel="noopener noreferrer">sellers’ market</a>, and you’ll still get great benefits if you plan accordingly and work with an agent to set your price at the current market value. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/newsroom/existing-home-sales-slid-5-4-in-june" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
Mike Simonsen, the Founder and CEO of Altos Research, also <a href="https://www.housingwire.com/articles/mike-simonsen-inventory-is-climbing-is-the-supply-crisis-over/" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“We can see that demand is still there for the homes that are priced properly.”
Bottom Line
Homes priced right are selling quickly in today’s real estate market even here in the Thomasville/Thomas County. Let's connect to make sure you price your house based on current market conditions so you can maximize your sales potential and minimize your hassle in a shifting market.
2022-08-09T14:08:00-07:002022-08-09T14:20:44-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4374Think Home Prices Are Going To Fall? Think AgainOver the last two years, the rate of home prices appreciated at a dramatic pace. While that led to incredible <a href="https://www.simplifyingthemarket.com/2022/06/21/the-average-homeowner-gained-64k-in-equity-over-the-past-year/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="equity gains" target="_blank" rel="noopener noreferrer" style="font-size: 17px;">equity gains</a> for homeowners, it’s also caused some buyers to wonder if home prices will fall. It’s important to know the housing market <a href="https://www.simplifyingthemarket.com/2022/07/14/housing-experts-say-this-isnt-a-bubble/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="isn’t a bubble" target="_blank" rel="noopener noreferrer" style="font-size: 17px;">isn’t a bubble</a> about to burst, and home price growth is supported by strong market fundamentals.
To understand why price declines are unlikely, it’s important to explore what caused home prices to rise so much recently, and where experts say home prices are headed. Here’s what you need to know.
Home Prices Rose Significantly in Recent Years
The graph below uses the latest data from <a href="https://www.corelogic.com/press-releases/corelogic-data-national-home-price-gains-continue-to-exceed-20-in-may/" title="CoreLogic" target="_blank" rel="noopener noreferrer">CoreLogic</a> to illustrate the rise in home prices over the past year and a half. The gray bars represent the dramatic increase in the rate of home price appreciation in 2021. The blue bars show home prices are still rising in 2022, but not as quickly:
<a href="https://files.mykcm.com/2022/07/20110659/20220721-MEM-Eng.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-103489" src="https://files.mykcm.com/2022/07/20110659/20220721-MEM-Eng.png" alt="Think Home Prices Are Going To Fall? Think Again | MyKCM" width="600" height="450" /></a>
You might be asking: why did home prices climb so much last year? It’s because there were more buyers than there were homes for sale. That imbalance put upward pressure on home prices because demand was extremely high, and supply was record low.
Where Experts Say Prices Will Go from Here
While <a href="https://www.simplifyingthemarket.com/2022/06/28/a-key-opportunity-for-homebuyers/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="housing inventory" target="_blank" rel="noopener noreferrer">housing inventory</a> is increasing and buyer demand is softening today, there’s still a shortage of homes available for sale. That’s why the market is seeing ongoing price appreciation. Mark Fleming, Chief Economist at First American, <a href="https://twitter.com/YahooFinance/status/1545073046393802757" title="explains" target="_blank" rel="noopener noreferrer">explains</a> it like this:
“. . .we’re still well below normal levels of inventory and that’s why even with the pullback in demand, we still see house prices appreciating. While there is more inventory, it’s still not enough.”
As a result, experts are projecting a more moderate rate of <a href="https://www.simplifyingthemarket.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="home price appreciation" target="_blank" rel="noopener noreferrer">home price appreciation</a> this year, which means home prices will continue rising, but at a slower pace. That doesn’t mean prices are going to fall. As Selma Hepp, Deputy Chief Economist at CoreLogic, <a href="https://www.bankrate.com/real-estate/housing-market-predictions/" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“The current home price growth rate is unsustainable, and higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.”
In other words, even with higher mortgage rates, moderating buyer demand, and more <a href="https://www.simplifyingthemarket.com/2022/06/17/more-listings-are-coming-onto-the-market-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="homes for sale" target="_blank" rel="noopener noreferrer">homes for sale</a>, experts say home price appreciation will slow, but prices won't decline.
If you’re planning to buy a home, that means you shouldn’t wait for home prices to drop to make your purchase. Instead, buying today means you can get ahead of future price increases, and benefit from the rise in prices in the form of <a href="https://www.simplifyingthemarket.com/2022/07/08/why-growing-home-equity-is-great-news-if-you-plan-to-move-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="home equity" target="_blank" rel="noopener noreferrer">home equity</a>.
Bottom Line
Home prices skyrocketed in recent years because there was more demand than supply. As the market shifts, experts aren’t forecasting a drop in prices, just a slowdown in the rate of price growth, even here in Thomasville/ Thomas County! To understand what’s happening with home prices in our area, let’s connect today.
2022-07-21T13:36:00-07:002022-07-21T13:40:23-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4332What Does an Economic Slowdown Mean for the Housing Market?What Does an Economic Slowdown Mean for the Housing Market?
According to a recent <a href="https://www.cnbc.com/2022/05/23/americans-worried-about-the-economy-even-before-inflation-boom-fed-survey-shows.html" title="survey" target="_blank" rel="noopener noreferrer">survey</a>, 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 many fears and questions around how it might affect our lives, our jobs, and business overall. And one concern many Americans have is: how will this affect the housing market? We know how <a href="https://www.simplifyingthemarket.com/2022/05/19/the-one-thing-every-homeowner-needs-to-know-about-a-recession/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="economic slowdowns" target="_blank" rel="noopener noreferrer">economic slowdowns</a> have impacted home prices in the past, but how could this next slowdown affect real estate and the cost of financing a home?
<a href="https://mtg-specialists.com/2022/05/11/recession-interest-rates-and-real-estate/" title="According" target="_blank" rel="noopener noreferrer">According</a> to Mortgage Specialists:
“Throughout history, during a recessionary period, interest rates go up at the beginning of the recession. But in order to come out of a recession, interest rates are lowered to stimulate the economy moving forward.”
Here’s the data to back that up. If you look back at each recession going all the way to the early 1980s, here’s what happened to mortgage rates during those times (see chart below):
<a href="https://files.mykcm.com/2022/07/06154139/20220707-MEM-Eng-1.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-103295" src="https://files.mykcm.com/2022/07/06154139/20220707-MEM-Eng-1.png" alt="What Does an Economic Slowdown Mean for the Housing Market? | MyKCM" width="600" height="450" /></a>
As the chart shows, historically, each time the economy slowed down, mortgage rates decreased. Fortune.com helps <a href="https://fortune.com/2019/06/19/next-recession-assets-mortgage-rates/" title="explain" target="_blank" rel="noopener noreferrer">explain</a> the trend like this:
“Over the past five recessions, mortgage rates have fallen an average of 1.8 percentage points from the peak seen during the recession to the trough. And in many cases, they continued to fall after the fact as it takes some time to turn things around even when the recession is technically over.”
And while history doesn’t always repeat itself, we can learn from it. While an economic slowdown needs to happen to help taper inflation, it hasn’t always been a bad thing for the housing market. Typically, it has meant that the cost to finance a home has gone down, and that’s a good thing.
Bottom Line
Concerns of a recession are rising. As the economy slows down, history tells us this would likely mean lower mortgage rates for those looking to refinance or buy a home. While no one knows exactly what the future holds, you can make the right decision for you by working with a trusted real estate professional to get expert advice on what’s happening in the housing market and what that means for your homeownership goals.
2022-07-07T08:41:00-07:002022-07-07T08:48:18-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4233What Are the Best Options for Today’s First-Time Homebuyers?What Are the Best Options for Today’s First-Time Homebuyer? If you’re looking to buy your first home, you’re likely balancing several factors. Because both <a href="https://www.simplifyingthemarket.com/2022/05/17/why-rising-mortgage-rates-push-buyers-off-the-fence/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> and <a href="https://www.simplifyingthemarket.com/2022/04/07/the-future-of-home-price-appreciation-and-what-it-means-for-you/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="home prices" target="_blank" rel="noopener noreferrer">home prices</a> have risen this year, it costs more to buy a home than it did even just a few months ago.
But that doesn’t mean you have to put your plans on hold.
If you partner with a trusted real estate advisor and hone your strategy, you can navigate today’s market and find the home you’re looking for. Here are two tips to help you get started.
Work with a Professional To Prioritize Your Wish List
If you’re having trouble finding a home in your budget that checks all the boxes, it may be worth taking another look at your lists of what you want and what you really need. <a href="https://www.nerdwallet.com/article/mortgages/fthb-affordability-q42021" title="According" target="_blank" rel="noopener noreferrer">According</a> to the latest First-Time Homebuyer Metro Affordability Report from NerdWallet, your <a href="https://www.simplifyingthemarket.com/2022/04/04/balancing-your-wants-and-needs-as-a-homebuyer-today/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="wish list" target="_blank" rel="noopener noreferrer">wish list</a> can have as much impact on your search as your finances:
“Your budget isn’t all that you need to be concerned about; your wish list and desired location may carry just as much weight.”
It’s all about prioritization. If you’re serious about purchasing your first home soon, be flexible in what you're looking for to open up your pool of options. Partner with a local <a href="https://www.simplifyingthemarket.com/2022/05/23/work-with-a-real-estate-professional-if-you-want-the-best-advice/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="real estate professional" target="_blank" rel="noopener noreferrer">real estate professional</a> to better understand what’s available in today’s market and reprioritize your wish list. Remember, making a concession now doesn’t mean you’ll never have everything on your list. After you’ve moved in, you can always add certain features to make the home <a href="https://www.simplifyingthemarket.com/2022/05/18/how-homeownership-can-bring-you-joy/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="your own" target="_blank" rel="noopener noreferrer">your own</a>.
Increase Your Search Radius To Consider More Locations
Some areas may have more homes within your target price range than others, but it may require you to be flexible on your location. For example, if you’re a <a href="https://www.simplifyingthemarket.com/2022/04/06/remote-work-trends-mean-flexibility-for-first-time-homebuyers/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="remote worker" target="_blank" rel="noopener noreferrer">remote worker</a>, you may be able to expand your search radius. As Fannie Mae <a href="https://www.fanniemae.com/research-and-insights/perspectives/consumers-discuss-affordability-and-impact-remote-work-housing-preferences" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“. . . continued remote work flexibility is likely giving many the ability to live farther away in more affordable areas."
The decision to search in places with a lower cost of living could help you find a home that fits your budget and checks the most boxes off your wish list.
Bottom Line
If you’re in the Thomasville/ Thomas County are and are serious about purchasing your first home this year, revisiting your wish list and desired location can help. Let’s connect to explore all the options in our local market – and beyond – so you can achieve your homeownership dreams.
2022-06-09T09:18:00-07:002022-06-09T09:28:33-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4226Why Home Loans Today Aren’t What They Were in the PastWhy Home Loans Today Aren’t What TheyIn today’s housing market, many are beginning to wonder if we’re returning to the riskier lending habits and borrowing options that led to the <a href="https://www.simplifyingthemarket.com/2022/04/21/why-this-housing-market-is-not-a-bubble-ready-to-pop/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="housing crash" target="_blank" rel="noopener noreferrer" style="font-size: 17px;">housing crash</a> 15 years ago. Let’s ease those concerns.
Several times a year, the Mortgage Bankers Association (MBA) releases an index titled the <a href="https://www.mba.org/news-and-research/newsroom/news/2022/05/10/mortgage-credit-availability-decreased-in-april" title="Mortgage Credit Availability Index" target="_blank" rel="noopener noreferrer">Mortgage Credit Availability Index</a> (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. The higher the index, the more available mortgage credit becomes. Here’s a graph of the MCAI dating back to 2004, when the data first became available:
<a href="https://files.mykcm.com/2022/06/31151253/20220601-MEM-Eng-1-.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-102749" src="https://files.mykcm.com/2022/06/31151253/20220601-MEM-Eng-1-.png" alt="Why Home Loans Today Aren’t What They Were in the Past | MyKCM" width="600" height="450" /></a>As the graph shows, the index stood at about 400 in 2004. Mortgage credit became more available as the housing market heated up, and then the index passed 850 in 2006. When the real estate market crashed, so did the MCAI as mortgage money became almost impossible to secure. Thankfully, lending standards have eased somewhat since then, but the index is still low. In April, the index was at 121, which is about one-seventh of what it was in 2006.
Why Did the Index Get out of Control During the Housing Bubble?
The main reason was the availability of loans with extremely weak lending standards. To keep up with demand in 2006, many mortgage lenders offered loans that put little emphasis on the eligibility of the borrower. Lenders were approving loans without always going through a verification process to confirm if the borrower would likely be able to repay the loan.
An example of the relaxed lending standards leading up to the housing crash is the FICO® credit score associated with a loan. What’s a FICO® score? The website myFICO <a href="https://www.myfico.com/credit-education/credit-scores" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“A credit score tells lenders about your creditworthiness (how likely you are to pay back a loan based on your credit history). It is calculated using the information in your credit reports. FICO® Scores are the standard for credit scores—used by 90% of top lenders.”<br />
During the housing boom, many mortgages were written for borrowers with a FICO score under 620. While there are still some loan programs that allow for a 620 score, today’s lending standards are much tighter. Lending institutions overall are much more attentive about measuring risk when approving loans. According to the latest <a href="https://www.newyorkfed.org/microeconomics/hhdc" title="Household Debt and Credit Report" target="_blank" rel="noopener noreferrer">Household Debt and Credit Report</a> from the New York Federal Reserve, the median credit score on all mortgage loans originated in the first quarter of 2022 was 776.
The graph below shows the billions of dollars in mortgage money given annually to borrowers with a credit score under 620.
<a href="https://files.mykcm.com/2022/06/31151320/20220601-MEM-Eng-2-.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-102750" src="https://files.mykcm.com/2022/06/31151320/20220601-MEM-Eng-2-.png" alt="Why Home Loans Today Aren’t What They Were in the Past | MyKCM" width="600" height="450" /></a>In 2006, buyers with a score under 620 received $376 billion dollars in loans. In 2021, that number was only $80 billion, and it’s only $20 billion in the first quarter of 2022.
Bottom Line
In 2006, lending standards were much more relaxed with little evaluation done to measure a borrower’s potential to repay their loan. Today, standards are tighter, even here in the Thomas County/ Thomasville are and the risk is reduced for both lenders and borrowers. These are two very different housing markets, and today is nothing like the last time.
2022-06-02T13:05:00-07:002022-06-02T13:14:19-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4195 The One Thing Every Homeowner Needs To Know About a RecessionA recession does not equal a housing crisis. That’s the one thing that every homeowner today needs to know. Everywhere you look, experts are warning we could be heading toward a recession, and if true, an economic slowdown doesn’t mean homes will lose value.
The National Bureau of Economic Research (NBER) <a href="https://www.nber.org/news/business-cycle-dating-committee-announcement-june-8-2020" title="defines" target="_blank" rel="noopener noreferrer">defines</a> a recession this way:
“A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.”
To help show that home prices don’t fall every time there’s a recession, take a look at the historical data. There have been six recessions in this country over the past four decades. As the graph below shows, looking at the recessions going all the way back to the 1980s, home prices appreciated four times and depreciated only two times. So, historically, there’s proof that when the economy slows down, it doesn’t mean home values will fall or depreciate.
<a href="https://files.mykcm.com/2022/05/18115422/20220519-MEM-Eng-1.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-102503" src="https://files.mykcm.com/2022/05/18115422/20220519-MEM-Eng-1.png" alt="The One Thing Every Homeowner Needs To Know About a Recession | MyKCM" width="600" height="450" /></a>
The first occasion on the graph when home values depreciated was in the early 1990s when home prices dropped by less than 2%. It happened again during the housing crisis in 2008 when home values declined by almost 20%. Most people vividly remember the housing crisis in 2008 and think if we were to fall into a recession that we’d repeat what happened then. But this <a href="https://www.simplifyingthemarket.com/2022/04/21/why-this-housing-market-is-not-a-bubble-ready-to-pop/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="housing market isn’t a bubble" target="_blank" rel="noopener noreferrer">housing market isn’t a bubble</a> that’s about to burst. The fundamentals are very different today than they were in 2008. So, we shouldn’t assume we’re heading down the same path.
Bottom Line
Here in Thomas County we’re not in a recession, but if one is coming, it doesn’t mean homes will lose value. History proves a recession doesn’t equal a housing crisis.
2022-05-19T12:33:00-07:002022-05-19T12:37:56-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4173 Are There More Homes Coming to the Market?According to a <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-obstacles-to-home-buying-04-12-2022.pdf" title="recent survey" target="_blank" rel="noopener noreferrer" style="font-size: 17px;">recent survey</a> from the National Association of Realtors (NAR), one of the top challenges buyers face in today’s <a href="https://www.simplifyingthemarket.com/2022/04/22/myths-about-todays-housing-market-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="housing market" target="_blank" rel="noopener noreferrer" style="font-size: 17px;">housing market</a> is finding a home that meets their needs. That’s largely because the <a href="https://www.simplifyingthemarket.com/2022/04/01/its-still-a-sellers-market-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="inventory" target="_blank" rel="noopener noreferrer" style="font-size: 17px;">inventory</a> of homes for sale is so low today.
If you’re looking to <a href="https://www.simplifyingthemarket.com/2022/04/27/the-dream-of-homeownership-is-worth-the-effort/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="buy a home" target="_blank" rel="noopener noreferrer">buy a home</a>, you may have noticed this yourself. But there is good news. Recent data shows more sellers are listing their houses this season, which may give you more options for your <a href="https://www.simplifyingthemarket.com/2022/04/05/what-you-need-to-budget-for-when-buying-a-home/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="home search" target="_blank" rel="noopener noreferrer">home search</a>.
Early Signs Inventory May Be Growing
The <a href="https://www.realtor.com/research/data/" title="latest data" target="_blank" rel="noopener noreferrer">latest data</a> from realtor.com shows the number of listings coming onto the market, known in the industry as “new listings,” has increased since the start of the year (see graph below):
<a href="https://files.mykcm.com/2022/05/10163607/20220511-MEM-Eng-1.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-102200" src="https://files.mykcm.com/2022/05/10163607/20220511-MEM-Eng-1.png" alt="Are There More Homes Coming to the Market? | MyKCM" width="600" height="450" /></a>
This indicates more sellers are listing their homes for sale each month this year. And according to realtor.com, this growth is expected to continue. Their <a href="https://www.realtor.com/research/2022-spring-home-sellers/#anchor-9" title="research" target="_blank" rel="noopener noreferrer">research</a> finds the majority of potential sellers plan to list their homes over the next six months. Realtor.com says:
“. . . markets may see a noticeable bump in the number of homes for sale as we move through spring and into summer. A majority of homeowners planning to sell this year indicated that they aim to list in the next six months, with almost 10% having already placed their properties on the market.”
Homes Are Still Selling Quickly
But while new listings are increasing, it’s important to know they’re also selling quickly. The latest <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-03-realtors-confidence-index-04-20-2022.pdf" title="Realtors Confidence Index" target="_blank" rel="noopener noreferrer">Realtors Confidence Index</a> from NAR shows the median days on market for recently sold homes since the <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-02-realtors-confidence-index-03-18-2022.pdf" title="beginning of the year" target="_blank" rel="noopener noreferrer">beginning of the year</a> (see chart below). The time on market has decreased month-over-month. That means homes are selling even faster than they did the previous month.
<a href="https://files.mykcm.com/2022/05/10163610/20220511-MEM-Eng-2.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-102201" src="https://files.mykcm.com/2022/05/10163610/20220511-MEM-Eng-2.png" alt="Are There More Homes Coming to the Market? | MyKCM" width="600" height="450" /></a>
What That Means for You
While a low-inventory market is difficult to navigate as a <a href="https://www.simplifyingthemarket.com/2022/04/25/is-it-enough-to-offer-asking-price-in-todays-housing-market/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="buyer" target="_blank" rel="noopener noreferrer">buyer</a>, there is hope. The growing number of new listings and the expectation more sellers will list their homes in the coming months is great news if you’ve had a hard time finding a home that <a href="https://www.simplifyingthemarket.com/2022/04/04/balancing-your-wants-and-needs-as-a-homebuyer-today/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="fits your needs" target="_blank" rel="noopener noreferrer">fits your needs</a>. Just remember, those new listings are going fast. That means you’ll want to keep your foot on the gas and <a href="https://www.simplifyingthemarket.com/2022/04/19/why-pre-approval-is-an-important-step-for-todays-homebuyers/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="be ready" target="_blank" rel="noopener noreferrer">be ready</a> to act if you find a home you love this season.
Your agent can help you stay on top of the latest listings in your area so you can find the home that’s right for you and submit your <a href="https://www.simplifyingthemarket.com/2022/05/03/things-that-could-help-you-win-a-bidding-war-on-a-home/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="strongest offer" target="_blank" rel="noopener noreferrer">strongest offer</a> as quickly as possible.
Bottom Line
If you’ve been having a hard time finding your dream home, stick with your search. More options are coming to market and your ideal home could be one of them. Let’s connect so you can stay up to date on the latest listings in our market, so you can be ready to move fast when you find the one that’s right for you.
2022-05-12T10:55:00-07:002022-05-12T10:56:34-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4149 Three Tips for First-Time HomebuyersBuying your first home is a major decision and an exciting milestone. Even though it can feel daunting at times, it has the power to change your life for the better. If you're looking to purchase your first home, you may be wondering what's happening in the <a href="https://www.simplifyingthemarket.com/2022/04/22/myths-about-todays-housing-market-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="housing market" target="_blank" rel="noopener noreferrer" style="font-size: 17px;">housing market</a> today, how much you <a href="https://www.simplifyingthemarket.com/2022/04/05/what-you-need-to-budget-for-when-buying-a-home/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="need to save" target="_blank" rel="noopener noreferrer" style="font-size: 17px;">need to save</a>, and <a href="https://www.simplifyingthemarket.com/2021/11/19/your-journey-to-homeownership-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="where to start" target="_blank" rel="noopener noreferrer" style="font-size: 17px;">where to start</a>.
Here are three things that can help give you the information you need to confidently pursue your dream of <a href="https://www.simplifyingthemarket.com/2022/04/27/the-dream-of-homeownership-is-worth-the-effort/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="homeownership" target="_blank" rel="noopener noreferrer">homeownership</a>.
1. Consider All Options When the Number of Homes for Sale Is Low
Today, there are far <a href="https://www.simplifyingthemarket.com/2022/03/04/supply-and-demand-in-todays-market-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="more buyers" target="_blank" rel="noopener noreferrer">more buyers</a> in the market than there are homes available for sale. When that happens, it’s a good idea to do what you can to increase your pool of options. That could mean expanding your search to include additional housing types. For first-time buyers, considering <a href="https://www.simplifyingthemarket.com/2022/03/31/there-are-several-great-reasons-to-consider-buying-a-condo-today/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="condominiums" target="_blank" rel="noopener noreferrer">condominiums</a> (condos) and townhomes can be an excellent way to increase your choices. According to <a href="https://www.bankrate.com/real-estate/buying-a-townhouse/" title="Bankrate" target="_blank" rel="noopener noreferrer">Bankrate</a>:
“Townhomes often cost less than single-family homes of a similar size in the same location.”
In another article, Bankrate also <a href="https://www.bankrate.com/real-estate/buying-a-condo/" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“Buying a condo can be a great way to dive into homeownership without worrying about the upkeep that comes with single-family homes and townhouses.”
Condos and townhomes are both great entryways into homeownership. When you buy either one, you can start building <a href="https://www.simplifyingthemarket.com/2022/04/08/do-you-know-how-much-equity-you-have-in-your-home-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="equity" target="_blank" rel="noopener noreferrer">equity</a> which increases your <a href="https://www.simplifyingthemarket.com/2022/03/28/a-key-to-building-wealth-is-homeownership/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="net worth" target="_blank" rel="noopener noreferrer">net worth</a> and can fuel a future move.
2. Know Your Down Payment Could Be More Within Reach Than You Think
Saving for a down payment can feel like one of the biggest obstacles for homebuyers, but that doesn’t have to be the case. As the National Association of Realtors (NAR) <a href="https://www.nar.realtor/blogs/economists-outlook/tackling-home-financing-and-down-payment-misconceptions" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership.”
<a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" title="Data" target="_blank" rel="noopener noreferrer">Data</a> from NAR shows the median <a href="https://www.simplifyingthemarket.com/2022/01/03/how-much-do-you-need-for-your-down-payment/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="down payment" target="_blank" rel="noopener noreferrer">down payment</a> hasn’t been over 20% since 2005. The graph below breaks down the median down payment by age group for recent homebuyers according to the <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-home-buyers-and-sellers-generational-trends-03-23-2022.pdf" title="2022 Home Buyers and Sellers Generational Trends Report" target="_blank" rel="noopener noreferrer">2022 Home Buyers and Sellers Generational Trends Report</a> from NAR (see graph below):
<a href="https://files.mykcm.com/2022/05/04165425/20220505-MEM-Eng-2.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-102031" src="https://files.mykcm.com/2022/05/04165425/20220505-MEM-Eng-2.png" alt="Three Tips for First-Time Homebuyers | MyKCM" width="600" height="450" /></a>
Based on the data above, the median down payment for all homebuyers is only 13%. That’s well below the common misconception of 20%, and it’s even lower for younger buyers. This could mean you may not need to save as much for a down payment as you initially thought.
There are also down payment <a href="https://www.simplifyingthemarket.com/2022/03/02/down-payment-assistance-programs-can-help-you-achieve-homeownership/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="assistance programs" target="_blank" rel="noopener noreferrer">assistance programs</a> available for many buyers. Not to mention, some loan options require as little as 3.5% (or <a href="https://downpaymentresource.com/" title="even 0%" target="_blank" rel="noopener noreferrer">even 0%</a>) down for buyers who qualify. While there are advantages to putting <a href="https://www.simplifyingthemarket.com/2021/12/22/the-perks-of-putting-20-down-on-a-home/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="20% down" target="_blank" rel="noopener noreferrer">20% down</a>, especially in today’s competitive market, know that you have options. To get more information on how much you may need to save and the help that’s available, talk with a professional.
3. Work with a Trusted Real Estate Advisor Throughout the Process
Finally, no matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with a real estate professional.
If you’re just starting out, they can help you with the initial steps, like <a href="https://www.simplifyingthemarket.com/2022/04/22/myths-about-todays-housing-market-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="educating" target="_blank" rel="noopener noreferrer">educating</a> you on the process and connecting you with a trusted lender to get <a href="https://www.simplifyingthemarket.com/2022/04/19/why-pre-approval-is-an-important-step-for-todays-homebuyers/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="pre-approved" target="_blank" rel="noopener noreferrer">pre-approved</a>. Once you’re ready to begin your search, a real estate professional can help you understand your local market and search for available homes. And when it’s time to <a href="https://www.simplifyingthemarket.com/2022/04/25/is-it-enough-to-offer-asking-price-in-todays-housing-market/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="make an offer" target="_blank" rel="noopener noreferrer">make an offer</a>, they’ll be an expert advisor and negotiator to help your offer stand out above the rest.
Bottom Line
Knowledge is key to succeeding on your homebuying journey. Knowing market trends, what you need for a down payment, and what options you have as a buyer today can give you the confidence you need to buy a home. Let’s connect so you have an expert on your side who can help you navigate the homebuying process.
2022-05-05T07:30:00-07:002022-05-05T07:33:39-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4137 The Dream of Homeownership Is Worth the Effort
If you’re in the market to buy a home this season, stick with it. Homebuyers face challenges in any market, and today’s is no exception. But if you persevere, your decision to purchase a home will be worth the effort in the end. In fact, a <a href="https://www.bankrate.com/mortgages/homeownership-remains-centerpiece-of-american-dream/#homeownership" title="recent survey" target="_blank" rel="noopener noreferrer">recent survey</a> from Bankrate shows homeownership is so powerful that:
“Nearly three in four homeowners say they would still buy their current home if they had it to do [sic] all over again.”
That means the results – owning a home and the <a href="https://www.simplifyingthemarket.com/2022/03/22/the-many-benefits-of-homeownership/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="benefits" target="_blank" rel="noopener noreferrer">benefits</a> that come with it – outweigh the effort needed to achieve their goal. If you’re a homebuyer, let that provide you with the confidence to know the work you’re putting in today will pay off for years to come. Here are a few reasons to stick with your search and focus on the outcome.
Homeownership Contributes Significantly to Your Financial Well-Being
The <a href="https://magazine.realtor/sales-and-marketing/handouts-for-customers/for-buyers/7-reasons-to-own-a-home" title="National Association of Realtors" target="_blank" rel="noopener noreferrer">National Association of Realtors</a> (NAR) lists several motivations to consider if you’re thinking about <a href="https://www.simplifyingthemarket.com/2022/03/16/are-you-wondering-if-this-is-the-year-to-buy-a-home/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="buying a home" target="_blank" rel="noopener noreferrer">buying a home</a>. One of the top financial reasons is the <a href="https://www.simplifyingthemarket.com/2022/03/21/the-average-homeowner-gained-more-than-55k-in-equity-over-the-past-year/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="equity" target="_blank" rel="noopener noreferrer">equity</a> you build. As NAR says:
“Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity . . . Building equity in your home is a ready-made savings plan.”
Your equity is a powerful tool you can <a href="https://www.simplifyingthemarket.com/2021/11/22/4-ways-homeowners-can-use-their-equity/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="leverage" target="_blank" rel="noopener noreferrer">leverage</a> in a number of ways. And with recent home <a href="https://www.simplifyingthemarket.com/2022/04/07/the-future-of-home-price-appreciation-and-what-it-means-for-you/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="price appreciation" target="_blank" rel="noopener noreferrer">price appreciation</a>, homeowners are seeing record levels of equity today. That may be one reason why so many people view owning a home as a <a href="https://www.simplifyingthemarket.com/2022/02/21/real-estate-voted-the-best-investment-eight-years-in-a-row/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="great investment" target="_blank" rel="noopener noreferrer">great investment</a> and a top indicator of <a href="https://www.simplifyingthemarket.com/2022/03/28/a-key-to-building-wealth-is-homeownership/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="financial well-being" target="_blank" rel="noopener noreferrer">financial well-being</a>. As the survey from Bankrate mentioned above shows:
“. . . Americans place a higher value on homeownership than on any other indicator of economic stability, . . .”
Owning a home ranks above other major accomplishments like retirement, having a successful career, and getting a college degree. That indicates just how impactful the financial benefits of homeownership truly are.
The Emotional Benefits of Owning a Home Are Powerful
Of course, <a href="https://www.simplifyingthemarket.com/2022/02/14/are-you-ready-to-fall-in-love-with-homeownership/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="homeownership" target="_blank" rel="noopener noreferrer">homeownership</a> is more than an investment. In their list of top reasons to buy a home, NAR also highlights some of the powerful, <a href="https://www.simplifyingthemarket.com/2022/02/01/why-a-move-could-bring-you-more-happiness-this-year/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="non-financial" target="_blank" rel="noopener noreferrer">non-financial</a> aspects of homeownership. Among them is the opportunity to customize your home to reflect your personality and needs. As they say:
“The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.”
Another benefit homeowners enjoy is the stability it provides. Homeowners typically stay put longer than renters. According to NAR, when you remain in one place longer than a few years, you can grow closer to your community. And that can enhance your sense of pride and lead to better relationships.
What Does That Mean for You?
The benefits of homeownership are powerful, as Leslie Rouda Smith, President of NAR, <a href="https://www.nar.realtor/newsroom/nar-report-shows-share-of-millennial-home-buyers-continues-to-rise" title="says" target="_blank" rel="noopener noreferrer">says</a>:
"From building personal wealth and fostering communities, to strengthening social stability and driving the national economy, the value of homeownership is indisputable.”
Even if you face challenges in today’s market, the payoff when you succeed and purchase a home will be worth it.
Bottom Line
If you’re planning to buy a home this year, there are incredible benefits waiting for you at the end of your journey. Let’s connect to discuss everything homeownership has to offer.
2022-04-29T06:57:00-07:002022-04-29T06:59:26-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4113Why Pre-Approval Is an Important Step for Today’s Homebuyers
Being intentional and competitive are musts when <a href="https://www.simplifyingthemarket.com/2022/03/16/are-you-wondering-if-this-is-the-year-to-buy-a-home/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="buying a home" target="_blank" rel="noopener noreferrer">buying a home</a> this season. That’s why pre-approval is so important today. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Peter Warden, Editor of The Mortgage Reports, <a href="https://themortgagereports.com/88315/how-to-start-the-process-of-buying-a-house" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“The lender will check out your personal finances and issue you a letter confirming the amount you’re eligible to borrow. This not only gives you a firm budget for house hunting, but also lets sellers know you’re qualified to make an offer.”
Why does that matter so much today? There are many more buyers looking for homes today than there are homes available for sale, and that’s creating some serious <a href="https://www.simplifyingthemarket.com/2022/03/04/supply-and-demand-in-todays-market-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="competition" target="_blank" rel="noopener noreferrer">competition</a>. According to the National Association of Realtors (NAR), the average home is getting <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-02-realtors-confidence-index-03-18-2022.pdf" title="4.8 offers" target="_blank" rel="noopener noreferrer">4.8 offers</a> per sale. As a result, <a href="https://www.simplifyingthemarket.com/2022/03/10/how-to-navigate-a-market-where-multiple-offers-is-the-new-normal/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="bidding wars" target="_blank" rel="noopener noreferrer">bidding wars</a> are still common.
Your pre-approval gives you a leg up in these situations. That’s because you know exactly what you’re approved to borrow before you write your offer, and it lets the seller know you’re qualified to buy their home. This helps both you and the seller feel confident in what you’re bringing to the table. And that puts you in a better position to potentially win a bidding war.
As Warden puts it:
“There’s another important reason to get preapproved, too. And that’s because there are way more buyers than homes in today’s market — which means you need to be ultra-prepared if you want to win a bidding war. Most sellers are getting multiple offers right now. And most won’t even entertain an offer without a preapproval letter included.”
Every advantage you can gain as a buyer is crucial in a market that’s constantly changing. <a href="https://www.simplifyingthemarket.com/2022/03/30/whats-happening-with-mortgage-rates-and-where-will-they-go-from-here/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="Mortgage rates" target="_blank" rel="noopener noreferrer">Mortgage rates</a> are rising, <a href="https://www.simplifyingthemarket.com/2022/03/03/are-home-prices-continuing-to-rise/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="home prices" target="_blank" rel="noopener noreferrer">home prices</a> are going up, and lending institutions are regularly updating their standards. You’re going to need <a href="https://www.simplifyingthemarket.com/2022/03/01/an-expert-advisor-will-give-you-the-best-advice-in-todays-market/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="guidance" target="_blank" rel="noopener noreferrer">guidance</a> to navigate these waters, so it’s important to have a team of professionals, such as a loan officer and a trusted real estate advisor, on your side. They’ll help make sure you’re ready to put your best foot forward.
Bottom Line
Getting pre-approved for a mortgage helps you better understand what you can afford and signals to sellers you’re serious about purchasing their home. Let’s connect so you have the tools you need to succeed as a homebuyer in today’s market.
2022-04-25T07:07:00-07:002022-04-25T11:53:37-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4016THE NEXT GENERATION OF HOMEBUYERS IS HEREMany members of Generation Z (Gen Z) are aging into adulthood and deciding whether to <a href="https://www.simplifyingthemarket.com/2022/01/04/avoid-the-rental-trap-in-2022/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="rent">rent</a> or buy a home. If you find yourself in this group, it’s important to understand you’re never too young to start thinking about homeownership. The sooner you start planning, the sooner you can move on from renting.
As you set off on your journey and plan your next move, here are a few reasons to think about homebuying this year.
THE REASONS GEN Z WANT TO BECOME HOMEOWNERS
While the majority of Gen Z haven’t entered the housing market yet, a large portion plan to according to a realtor.com <a href="https://www.realtor.com/research/gen-z-values-homeownership/" title="report" target="_blank">report</a>. The report found that 72% of Gen Z would rather purchase a home than rent long-term. As George Ratiu, Manager of Economic Research for realtor.com, <a href="https://themreport.com/daily-dose/06-24-2021/report-shows-gen-z-values-homeownershipyears-301318972.html" title="says" target="_blank">says</a>:
“With nearly three-quarters of those surveyed preferring to buy versus renting long-term, the housing industry should be prepared for millions of Gen Z buyers to bring a new wave of demand along a similar stage-of-life timeline as the millennial generation before them.”
But why do so many members of Gen Z value homeownership? According to the latest <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-home-buyers-and-sellers-generational-trends-03-16-2021.pdf" title="Home Buyers and Sellers Generational Trends Report" target="_blank">Home Buyers and Sellers Generational Trends Report</a> from the National Association of Realtors (NAR), young homebuyers – more than any other age group – want to become homeowners because they want to have a place of their very own.
That may be because one of the biggest <a href="https://www.simplifyingthemarket.com/2021/12/23/when-a-house-becomes-a-home/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="benefits">benefits</a> of homeownership is having a place that you can truly make your own by customizing it to your style and personality. Whether that’s the décor, painting, or renovations, when you own your home, you don’t have to limit yourself to what your lease and landlord will allow.
Not to mention, owning a home provides much greater long-term stability and security than <a href="https://www.simplifyingthemarket.com/2022/01/04/avoid-the-rental-trap-in-2022/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="renting">renting</a>. When you own a home, there’s also protection from steadily rising rental costs because your monthly mortgage payment is locked in for the length of your loan (typically 15 to 30 years).
WORK WITH A REAL ESTATE PROFESSIONAL TO ACHIEVE YOUR GOALS
Whether you’re just getting started on your homebuying journey, you want to learn more about the process, or you’re fully committed to buying your first home this year, it’s especially important to connect with a trusted real estate advisor soon, as you won’t be the only first-time buyer in the market. According to a <a href="https://www.realtor.com/research/first-time-home-buyers-2021/" title="recent survey" target="_blank">recent survey</a> from realtor.com, a majority of first-time buyers surveyed are looking to purchase a home in 2022. As the survey notes:
“First-time home buyers retain their optimism despite a challenging housing market in the past year. Hoping to achieve their goal of homeownership and provide a comfortable space for their families, young buyers are setting out to learn what they can about the market and setting their list of priorities for their home purchase.”
That means you’ll likely face strong competition from other first-time buyers. One way to get a <a href="https://www.simplifyingthemarket.com/2022/01/12/two-ways-homebuyers-can-win-in-todays-market/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="leg-up">leg-up</a> on that competition is to work with a real estate <a href="https://www.simplifyingthemarket.com/2021/11/26/reasons-to-hire-a-real-estate-professional-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="professional">professional</a> to make sure you have the support you need to make an informed and confident decision.
Bottom Line
If you’re planning your next move, you’re not alone. Just know it’s never too early to consider the benefits of homeownership over renting. If you live in the Thomasville/ Thomas County area, let’s connect today so you can learn more and have a trusted professional on your side to help you explore your options.2022-01-25T12:43:00-07:002022-03-23T05:40:00-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4015Buyers Want To Know: Why Is Housing Supply Still So Low?One key question that’s top of mind for homebuyers this year is: why is it so hard to find a house to buy? The truth is, we’re in the ultimate sellers’ market, so real estate is <a href="https://www.simplifyingthemarket.com/2021/12/28/5-tips-for-making-your-best-offer-on-a-home/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="ultra-competitive">ultra-competitive</a> for buyers right now. The number of buyers searching for a home greatly outweighs how many homes are available for sale.
While low inventory in the housing market isn’t new, it’s a challenge that continues to grow over time. Here’s a look at two reasons why today’s housing supply is low and what that means for you.
1. NEW HOME CONSTRUCTION FELL BEHIND FOR SEVERAL YEARS
The graph below shows <a href="https://www.simplifyingthemarket.com/2021/12/08/struggling-to-find-a-home-to-buy-new-construction-may-be-an-option/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="new home construction">new home construction</a> for single-family homes over the past five decades, including the long-term average for housing units completed. Builders exceeded that average during the housing bubble (shown in red on the graph). The result was an oversupply of homes on the market, so home values declined. That was one of the factors that led to the housing crash back in 2008.
Since then, the level of new home construction has fallen off. For the last 13 straight years, builders haven’t been able to construct enough homes to meet the historical average (as illustrated in green on the graph). That underbuilding left us with a multi-year inventory deficit going into the pandemic.
2. THE PANDEMIC’S IMPACT ON THE HOUSING MARKET
Then, when the pandemic hit, it fueled a renewed <a href="https://www.simplifyingthemarket.com/2021/11/30/home-is-where-the-heart-is-more-than-ever-this-year/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="appreciation">appreciation</a> and focus on the meaning of home. Having a safe space to live, work, school, and exercise became even more important for Americans throughout the country. So, as mortgage rates dropped to at or below 3%, buyers eagerly entered the market looking to capitalize on those low rates to secure a home that would fulfill their changing needs. At the same time, sellers hesitated to put their houses on the market as concerns about the pandemic mounted.
The result? The number of homes available for sale dropped even further. A recent article from realtor.com <a href="https://www.realtor.com/news/trends/today-housing-market-compared-with-before-covid-19-pandemic/" title="explains" target="_blank">explains</a>:
“Last month, the number of home listings dropped 26.8% compared with the same time a year earlier. This meant there were about 177,000 fewer homes listed in what’s already typically a slower month due to the holidays and colder weather. . . .”
WHAT DOES ALL OF THIS MEAN FOR YOU?
For a buyer, low inventory can be a challenge. You want to find the home of your dreams, and you don’t want to settle. But what if there just aren’t that many homes to choose from?
There is some good news. Experts are projecting more homes will soon become available thanks to sellers re-entering the market. Danielle Hale, Chief Economist at realtor.com, shares this hope, but offers <a href="https://www.realtor.com/news/trends/today-housing-market-compared-with-before-covid-19-pandemic/" title="perspective" target="_blank">perspective</a>:
“We expect that we’ll start to see a turnaround and inventory will stabilize and start to go up a little bit in 2022. . . . But that means we’re looking at inventory levels of roughly half of what we saw before the pandemic. For buyers, the market is likely to continue to move fast. If you see a home you like, you want to jump on it right away.”
Basically, inventory is still low, even though more homes are coming. But you shouldn’t put your plans on hold because you’re waiting for those additional houses to hit the market. Instead, stick with your search and persevere through today’s low inventory. You can find your next home if you’re patient and focused.
Remember <a href="https://www.simplifyingthemarket.com/2022/01/07/how-to-hit-your-homebuying-goals-this-year-infographic/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="your goals">your goals</a> and why finding a home is so important. Those things should be the driving force behind your search. Share them with your agent and be clear about your priorities. Your trusted advisor is your greatest support as you navigate today’s low housing supply to find the home of your dreams.
Bottom Line
If you’re living in the Thomasville/ Thomas County area and planning to buy this year, the key to success will be patience given today’s low inventory. Let’s connect to discuss what’s happening in our area, what homes are available, and why it’s still worthwhile to prioritize your home search today.2022-01-20T12:43:00-07:002022-03-23T05:40:57-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4014REAL ESTATE PROFESSIONALS ARE EXPERTS AT KEEPING YOU SAFE WHEN YOU SELLIf you’re on the fence about whether or not you want to sell your house this year, there’s good news. For nearly two years, real estate professionals have worked tirelessly to ensure the safety of <a href="https://www.simplifyingthemarket.com/2021/12/20/homebuyers-be-ready-to-act-this-winter/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="buyers">buyers</a> and <a href="https://www.simplifyingthemarket.com/2021/12/13/if-you-think-the-housing-market-will-slow-this-winter-think-again/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="sellers">sellers</a> during the pandemic.
Today, they’re seasoned experts, not just in the art of buying and selling homes, but also in how to keep you safe throughout the process. <a href="https://www.simplifyingthemarket.com/2021/12/30/why-selling-your-house-with-a-real-estate-professional-is-essential/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="Real estate professionals">Real estate professionals</a> have learned new technologies plus safety and sanitation measures. As new variants emerge, those lessons continue to be key ways agents add value.
REAL ESTATE ADVISORS STAY CURRENT ON GUIDANCE FOR IN-PERSON SHOWINGS
Agents don’t leave your health up to chance. They follow guidance from the <a href="https://www.cdc.gov/coronavirus/2019-ncov/prevent-getting-sick/disinfecting-your-home.html" title="Centers for Disease Control" target="_blank">Centers for Disease Control</a> (CDC) and the <a href="https://www.nar.realtor/coronavirus/guide-for-realtors" title="National Association of Realtors" target="_blank">National Association of Realtors</a> (NAR) to ensure in-person showings are safe. NAR maintains industry-specific resources to ensure agents are informed on the latest recommendations and best practices.
Guidance from the CDC also equips real estate professionals with the know-how to employ sanitization and disinfectant measures during the health crisis, so they’re safe for you and your potential buyers.
DIGITAL TOOLS CAN ENHANCE YOUR HOME SALE
In addition, agents are also well versed in using technology and digital tools to sell your home efficiently. In their guidance for realtors, NAR <a href="https://www.nar.realtor/coronavirus/guide-for-realtors" title="says" target="_blank">says</a>:
“The COVID-19 pandemic is impacting members in unprecedented ways, and raises numerous unique and novel issues for the real estate industry.”
Real estate advisors have responded by reimagining the tech and tools they use. For instance, serving clients at a distance and limiting exposure to others is more important now than ever. That’s because restricting the number of people you need to interact with during the sales process is one of the best ways to keep everyone safe.
To accomplish this, agents now use a variety of <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-technology-survey-08-03-2021.pdf" title="methods" target="_blank">methods</a> to serve their clients, including:
Virtual Open Houses, Tours, and Listing Appointments
High-Quality Photos for Websites and Social Media
eSignature
Video Conferencing
Bottom Line
The health challenges we face today have fundamentally changed the way real estate professionals conduct business for the better. If you are in the Thomasville/ Thomas County area, let’s connect today so you have the latest tools on your side to feel safe and confident when you sell your house this year.2022-01-13T12:42:00-07:002022-03-23T05:41:31-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4013EXPERT INSIGHTS ON THE 2022 HOUSING MARKETAs we move into 2022, both <a href="https://www.simplifyingthemarket.com/2021/12/01/how-to-think-strategically-as-a-buyer-in-todays-market/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="buyers">buyers</a> and <a href="https://www.simplifyingthemarket.com/2021/11/29/why-now-is-a-great-time-to-sell-your-house/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="sellers">sellers</a> are wondering, what’s next? Will there be more homes available to buy? Will prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, we turn to the experts. Here’s a look at what they say we can expect in 2022.
<a href="https://blog.firstam.com/economics/the-reconomy-podcast-examining-rising-mortgage-rates-housing-supply-student-loan-debt-and-the-future-of-office-space" title="Odeta Kushi" target="_blank">ODETA KUSHI</a>, DEPUTY CHIEF ECONOMIST, FIRST AMERICAN:
“Consensus forecasts put rates at about 3.7% by the end of next year. So, that's still historically low, but certainly higher than they are today.”
<a href="https://nationalmortgageprofessional.com/news/2022-offers-mixed-bag-challenges-and-opportunities-home-buyers" title="Danielle Hale" target="_blank">DANIELLE HALE</a>, CHIEF ECONOMIST, REALTOR.COM:
“Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise. And with more than 45 million millennials within the prime first-time buying ages of 26-35 heading into 2022, we expect the market to remain competitive.”
<a href="https://www.nar.realtor/newsroom/nars-yun-says-housing-market-doing-well-may-normalize-in-2022" title="Lawrence Yun" target="_blank">LAWRENCE YUN</a>, CHIEF ECONOMIST, NATIONAL ASSOCIATION OF REALTORS (NAR):
“With more housing inventory to hit the market, the intense multiple offers will start to ease. Home prices will continue to rise but at a slower pace.”
<a href="https://www.realtor.com/research/freddie-mac-mortgage-rates-dec-2-2021/" title="George Ratiu" target="_blank">GEORGE RATIU</a>, MANAGER OF ECONOMIC RESEARCH, REALTOR.COM:
“We also expect a growing number of homeowners to bring properties to market, taking some pressure off high prices and offering buyers more options.”
<a href="https://blog.firstam.com/economics/why-housing-market-potential-keeps-rising" title="Mark Fleming" target="_blank">MARK FLEMING</a>, CHIEF ECONOMIST, FIRST AMERICAN:
“Strong demographic demand will continue to act as the wind in the housing market’s sails.”
WHAT DOES THIS MEAN FOR BUYERS?
Hope is on the horizon for 2022. You should see your options grow as more homes are listed and some of the peak intensity of buyer competition starts to ease. Just remember, <a href="https://www.simplifyingthemarket.com/2021/11/08/two-graphs-that-show-why-you-shouldnt-be-upset-about-3-mortgage-rates/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="rising rates">rising rates</a> and prices are a great motivator for you to find the home of your dreams sooner rather than later so you can buy while today’s <a href="https://www.simplifyingthemarket.com/2021/10/21/important-distinction-homes-are-less-affordable-not-unaffordable/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="affordability">affordability</a> is still in your favor.
WHAT DOES THIS MEAN FOR SELLERS?
Make no mistake – this <a href="https://www.simplifyingthemarket.com/2021/11/09/how-sellers-win-when-housing-inventory-is-low/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="sellers’ market">sellers’ market</a> will remain in 2022 as home prices are projected to continue climbing, just at a more moderate pace. Selling your house while buyer demand is so high will truly put you in the driver’s seat. But don’t wait too long. With more listings projected to become available, your ideal window of opportunity to stand out from the crowd won’t last forever. Work with an agent who knows your local market and current inventory conditions to ensure you have the support you need to make an educated and informed decision about selling in the coming year.
Bottom Line
If you’re in the Thomasville/ Thomas County area and thinking of buying or selling, 2022 may be your year. Let’s connect to discuss your goals and the unique opportunities you have in today’s housing market.2021-12-30T12:42:00-07:002022-03-23T05:42:00-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:3820Why You Should Consider Selling in the Winter<img src="https://assets.site-static.com/userfiles/3730/image/selling-in-the-winter-attracts-serious-buyers.jpg" alt="Selling In Winter Attracts Serious Buyers" title="Selling In Winter Attracts Serious Buyers" height="410" width="750" />
The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities.
Selling in the winter can give you a few advantages. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter the time of year. Keeping your house on the market in the winter might bring the right buyer to your door. Real estate agents also tend to be less busy during these months and commit more time to getting your home sold.
Studies have shown winter buyers are buying because they need to move right away either for a relocation or personal situation. They will want to close quickly and allow for a much smoother sale.
Bottom Line
If you need to sell your home right away, or have some time but want to see what is out there, consider listing in the winter. Most homeowners who are going to sell will list their home in the spring, making for a competitive market. The winter allows buyers who are in a hurry to move consider your home and sell for more money than you would have in the spring.2021-12-20T11:32:00-07:002022-03-23T05:42:26-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:3821Is Getting a Home Mortgage Still Too Difficult?<img src="https://assets.site-static.com/userfiles/3730/image/getting-a-home-mortgage.jpg" alt="Is Getting a Home Mortgage Still Too Difficult?" title="Is Getting a Home Mortgage Still Too Difficult?" height="410" width="750" />
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.
What Has Happened to the Number of Mortgages?
Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.
Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.
The Effect on the Economy
The housing market is recovering at a slower pace than it should since less potential homebuyers are being offered loans. While the market is still recovering with positive trends, fewer buyers can create a strain on other economic factors like home goods or construction jobs. Bottom Line
After the housing market boom and bust, mortgage lenders became stricter in their lending standards. It is not impossible to get a mortgage loan, but it can still be difficult for potential home buyers. Stay on top of your credit and make sure you and anyone else who is applying are in a good financial position so you can be approved for a loan. It is important to research different companies and their requirements to ensure success in getting a mortgage.2021-12-20T11:32:00-07:002021-12-20T11:33:38-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:3819Common Things to Look Out for Before Buying Your Dream Home<img src="https://assets.site-static.com/userfiles/3730/image/3-questions-to-ask-before-buying-your-dream-home.jpg" alt="Common Things to Look Out for Before Buying Your Dream Home" title="Common Things to Look Out for Before Buying Your Dream Home" height="410" width="750" />
It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually the reasons don’t have to do with money. Instead, home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.
These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.
2. What is the Trend with Home Values?
Our current economy and housing market is strong. That means home values and mortgage rates are increasing. If you are looking to purchase a home but want to stay within a budget, it may be in your best interest to move quickly. It is forecasted for these trends to continue in an upward motion, causing home values to continue to increase.
3. What About Current Mortgage Rates?
The ticket price is not the only thing you should be concerned with when purchasing a home. Mortgage rates are always changing and can have a huge impact on your monthly payments. Current trends show mortgage rates are rising. This is something to consider if you are debating the right time to purchase a home, since the rates may be even higher down the road.
Bottom Line
You and your family are the only ones who can determine the right time to purchase your dream home. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward. This budget may affect the amount of time you have to search for a home, since home prices and mortgage rates are increasing. 2021-12-20T11:32:00-07:002022-03-23T05:45:25-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:3818Will Increasing Mortgage Rates Impact Home Prices?<img src="https://assets.site-static.com/userfiles/3730/image/mortgage-rate-projections.jpg" alt="Will Increasing Mortgage Rates Impact Home Prices? " title="Will Increasing Mortgage Rates Impact Home Prices? " height="410" width="750" />
There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.
This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.
A recent study by the John Burns Real Estate Consulting found mortgage rates have very little impact on the cost of the home. The housing market and price increases are affected by things like job growth in the area and rising wages. Coincidentally, these same factors are causing the rise in the mortgage rates since people can afford to take out more.
Bottom Line
As the economy progresses and strengthens, mortgage rates and home prices will fluctuate. It is a misconception as rates increase, home prices will decrease. Advances in the economy have shown that rates and home prices are more likely to increase together.2021-12-20T11:32:00-07:002022-03-23T05:44:49-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4012WHY IT JUST BECAME MUCH EASIER TO BUY A HOMESince the pandemic began, Americans have reevaluated the meaning of the word home. That’s led some renters to realize the many benefits of homeownership, including the feelings of <a href="https://www.simplifyingthemarket.com/2021/11/30/home-is-where-the-heart-is-more-than-ever-this-year/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="security and stability">security and stability</a> and the financial benefits that come with rising <a href="https://www.simplifyingthemarket.com/2021/09/30/as-home-equity-rises-so-does-your-wealth/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="home equity">home equity</a>. At the same time, many current homeowners have decided their house no longer meets their needs, so they moved into homes with more space inside and out, including a home office for <a href="https://www.simplifyingthemarket.com/2021/09/21/remote-work-is-here-to-stay-can-your-home-deliver-the-space-you-need/?a=422353-72cda5d5aaf8bc4eab775391a832abe2" title="remote work">remote work</a>.
However, not every purchaser has been able to fulfill their desire for a new home. Here are two obstacles some homebuyers are facing:
The ability to save for a down payment
The ability to qualify for a mortgage at the current lending standards
This past week, both of those challenges have been mitigated to some degree for many purchasers. The FHFA (which handles mortgages by Freddie Mac, Fannie Mae, and the Federal Housing Administration) is raising its loan limit for prospective purchasers in 2022. The term used to describe the maximum loan amount they will entertain is the Conforming Loan Limit.
WHAT IS THE DIFFERENCE BETWEEN A CONFORMING LOAN AND A NON-CONFORMING LOAN?
Investopedia explains the difference in a <a href="https://www.investopedia.com/federal-agency-announces-2022-conforming-limits-for-conventional-loans-5211394" title="recent post" target="_blank">recent post</a>:
“Conforming loans are the only loans that meet the requirements to be acquired by Fannie Mae and Freddie Mac. Jumbo loans, which exceed the conforming limit, are the most common type of nonconforming loan.”
WHAT DIFFERENCE DOES IT MAKE TO ME AS A HOME BUYER?
A Forbes <a href="https://www.forbes.com/advisor/mortgages/conforming-vs-non-conforming-loan/" title="article" target="_blank">article</a> earlier this year explains the benefits of a conforming loan and why they exist:
“Since lenders can’t sell non-conforming loans to Fannie Mae or Freddie Mac to free up their cash, they’re a bit riskier for the lender. This is especially true for jumbo loans, which aren’t backed by any government guarantees. If you default on a jumbo loan, it’s a huge blow to the lender.
Thus, lenders generally charge higher interest rates to compensate, and they can have even more requirements. For example, lenders who give out jumbo loans often require that you make a down payment of at least 20% and show that you have at least six months’ worth of cash in reserve, if not more.”
WHAT HAPPENED LAST WEEK?
The FHFA has significantly increased its Conforming Loan Limits for 2022. Sandra L. Thompson, FHFA Acting Director, explains in the <a href="https://www.fhfa.gov/Media/PublicAffairs/Pages/Acting-Director-Thompson-Statement-on-Increased-Conforming-Loan-Limits-for-2022.aspx" title="press release" target="_blank">press release</a> that:
“Compared to previous years, the 2022 Conforming Loan Limits represent a significant increase due to the historic house price appreciation over the last year. While 95 percent of U.S. counties will be subject to the new baseline limit of $647,200, approximately 100 counties will have conforming loan limits approaching $1 million.”
This means that more homes now qualify for a conforming loan with lower down payment requirements and easier lending standards – the two challenges holding many buyers back over the last year.
The Federal Housing Administration (FHA) also increased its Conforming Loan Limits for 2022. That could also mean an easier path to homeownership for many prospective buyers. As the Forbes article explains:
“FHA loans can be very beneficial if you don’t have as much savings, or if your credit score could use some work.”
Bottom Line
Buying your first or your next home may have just gotten much easier (less stringent qualifying standards) and less expensive (possibly lower mortgage rate). If you live in the Thomasville/Thomas County area, Let’s connect to discuss how these changes may impact you.
RESOURCES:
To get more information on the new FHFA Conforming Loan Limits, click <a href="https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Conforming-Loan-Limits-for-2022.aspx" title="here" target="_blank">here</a>.
To get more information on the new FHA Conforming Loan Limits, click <a href="https://www.hud.gov/press/press_releases_media_advisories/HUD_No_21_197" title="here" target="_blank">here</a>.
2021-12-09T12:41:00-07:002022-03-23T05:46:09-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4011VA LOANS: HELPING VETERANS ACHIEVE THEIR HOMEOWNERSHIP DREAMSThe purpose of Veterans Affairs (VA) home loans is to provide a pathway to homeownership for those who have sacrificed so much by serving our nation. As the <a href="https://www.benefits.va.gov/REPORTS/abr/docs/2020_loan_guaranty.pdf" title="Veterans Administration" target="_blank">Veterans Administration</a> says of the program:
“The objective of the VA Home Loan Guaranty program is to help eligible Veterans, active-duty personnel, surviving spouses, and members of the Reserves and National Guard purchase, retain, and adapt homes in recognition of their service. . . .”
For over 75 years, VA home loans have provided millions of veterans and their families the opportunity to purchase their own homes.
2020 DATA ON VA HOME LOANS
1,246,817 home loans are guaranteed by the Veterans Administration
The average VA loan amount totals $301,044
178,171 of those using a VA Loan are first-time homebuyers
TOP BENEFITS OF THE <a href="https://www.va.gov/housing-assistance/home-loans/loan-types/purchase-loan/" title="VA Home Loan Program" target="_blank">VA HOME LOAN PROGRAM</a>
As we reflect on their sacrifice and honor our nation’s veterans, it’s important to ensure all veterans know the full extent of benefits <a href="https://www.benefits.va.gov/REPORTS/abr/docs/2020_loan_guaranty.pdf" title="VA home loans" target="_blank">VA home loans</a> offer. As Jeff London, Director of the VA Home Loan Program, <a href="https://www.realtor.com/advice/finance/millennial-buyers-love-va-loans/" title="says" target="_blank">says</a>:
“VA loans offer an extraordinary opportunity for veterans because of lower interest rates, lower monthly payments, no or low-down payments, and no private mortgage insurance.”
Those who qualify for a VA home loan are eligible for the following:
Borrowers can often purchase a home with no down payment. In 2020, 350,094 individuals using a VA Loan were able to purchase their homes without putting money down.
Many other loans with down payments under 20% require Private Mortgage Insurance (PMI). VA Loans do not require PMI, which means veterans can save on their monthly housing costs.
Finally, VA-Backed Loans often offer the most competitive terms and interest rates.
Bottom Line
One way we can honor and thank our veterans this year is to ensure they have the best information about the benefits of VA home loans. Homeownership is the American Dream. Our veterans sacrifice so much in service to our nation and deserve to achieve their homeownership goals. Thank you for your service.2021-11-11T12:41:00-07:002022-03-23T05:59:32-07:00Leslie Bennetttag:brealthomasville.com,2012-09-20:4010MATT BENNETT - LAND SPECIALIST IN THOMASVILLE GEORGIA
There's no better place to buy land than in Southwest GA, and Matt Bennett, owner of Bennett Real Estate Company in Thomasville GA knows land and everything that goes into buying a piece of property. It took years to figure out his niche, and over the years it became land, but it wasn't just because of real estate, it's because that's who he is. Matt's father, brother, and brother-in-law have all owned land, managed land, and farmed the land. This is a very special place south Georgia, not just Thomasville, but our region. Thomasville one of the more special places to live. One thing that kind of sets Thomasville apart is what people have done before us. In Thomasville we've been fortunate to have a lot of families own a good bit of privately held land. And it's all been for a purpose of hunting or fishing. Therefore you get generation and generation of of good stewardship of our land.
If you're buying one of these properties, you definitely want to get representation. If you are looking to buy or sell land in Georgia, give Matt Bennett a call at 229.221.56832021-10-27T11:40:00-07:002022-03-23T06:13:59-07:00Leslie Bennett