When closing out another year, it’s normal to wonder what’s ahead for the housing market. Though there will be future inventory issues, we expect interest rates to stay low and appreciation to continue. Here’s what three experts are saying we’ll likely see in 2020: Danielle Hale, Chief Economist at realtor.com “I think the biggest surprise from the forecast is how long the market is staying in this low inventory environment, especially as Millennials are in a major home-buying … [Read more...]
Why You Shouldn’t “For Sale By Owner”
Rising home prices coupled with the current inventory in today’s market may cause some homeowners to consider selling their homes on their own (known in the industry as a For Sale By Owner). However, a FSBO might be hard to execute well for the vast majority of sellers. Here are the top 5 reasons not to FSBO: 1. Online Strategy for Prospective Purchasers Studies have shown that 93% of buyers search online for a home. That’s a pretty staggering number! Most real estate agents have an Internet strategy to … [Read more...]
Working with a Local Real Estate Professional Makes All the Difference [INFOGRAPHIC]
Some Highlights: Choosing the right real estate professional is one of the most impactful decisions you can make in your home buying or selling process. A real estate professional can explain current market conditions and break down what they will mean to you and your family. If you’re considering buying or selling a home in 2020, make sure to work with someone who has the experience to answer all of your questions about pricing, contracts, and negotiations. … [Read more...]
Year-Over-Year Rental Prices on the Rise
Looking ahead, 2020 is projected to be a strong year for homeownership. According to the Freddie Mac Forecast, “We expect rates to remain low, falling to a yearly average of 3.8% in 2020.” If you’re currently renting, 2020 may be a great time to think about making a jump into homeownership while mortgage rates are low. As noted in the National Rent Report, “the national rent index increased by 1.4 percent year-over-year.” With average rents on the rise, this year-over-year … [Read more...]
When a House Becomes a Happy Home
We talk a lot about why it makes financial sense to buy a home, but more often than not we’re drawn to the emotional reasons for homeownership. No matter the size or shape of a living space, the feeling of a home means different things to different people. Whether it’s a certain scent or a favorite chair, the feel-good connections to our own homes are typically more important to us than the financial ones. Here are some of the reasons why 1. Owning your home offers stability to start and raise a … [Read more...]
2020 Forecast Shows Continued Home Price Appreciation
Questions continue to rise around where home prices will head in 2020. The latest forecast from CoreLogic shows continued appreciation at 5.4% over the next year:Additionally, ARCH Mortgage Insurance Company in their current Housing and Mortgage Market Review revealed their latest ARCH Risk Index, which estimates the probability of home prices being lower in two years. Based on the most recent results, 32 of the 50 U.S. states (plus D.C.) had a minimal probability of lowering by 2021. Bottom Line Experts forecast … [Read more...]
Where is the Housing Market Headed in 2020? [INFOGRAPHIC]
Some Highlights: Interest rates will be lower than they have been since before 1980 at 3.8% and are projected to remain steady throughout 2020! According to CoreLogic, home prices will appreciate at a rate of 5.4% over the course of the year. Experts predict that the number of homes sold next year will be equal to or outpace 2019. … [Read more...]
5,300 Reasons to Be Happy You’re a Homeowner
Studies have shown that, in many cases, the largest asset a family owns is the house they live in. Over the last twelve months, that asset has gained substantial value. CoreLogic just released their 2019 3rd Quarter Homeowner Equity Insights Report. The report revealed that: “U.S. homeowners with mortgages (roughly 64% of all properties) have seen their equity increase by a total of nearly $457 billion since the third quarter 2018, an increase of 5.1%, year over year.” The equity in a property is … [Read more...]
The Biggest Issue Facing Housing Next Year
This coming year the housing market will be defined by 3 things- inventory, interest rates, and appreciation. But the biggest issue the housing market will face in 2020 is an inventory shortage. There aren’t enough homes on the market for buyers, especially on the lower end of the market. This is a topic that has come up frequently within the past several months. Based on what is forecasted, we know that interest rates are projected to remain low and that appreciation is expected to continue as we … [Read more...]
3 Mistakes to Avoid When Selling a Home in 2020
It’s exciting to put a house on the market and to think about making new memories in new spaces, but we can have deep sentimental attachments to the homes we’re leaving behind, too. Growing emotions can help or hinder a sale, depending on how we manage them. When it comes to the bottom line, homeowners need to know what it takes to avoid costly mistakes. Being mindful of these things and prepared for the process can help you avoid some of the most common mishaps when selling your house. 1. Overpricing … [Read more...]
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