Equity continues to rise, helping American homeowners secure a much more stable financial future. According to the most recent data from CoreLogic, the average homeowner gained $9,800 in equity over the past year. In addition, experts project 2020 home prices to continue rising. With prices going up, equity gains will also keep accelerating. Black Knight just reported: “The annual percent change in the overall median existing single-family-home price has skyrocketed in the past several months, with recent … [Read more...]
Selling Your House Is the Right Move, Right Now [INFOGRAPHIC]
Some Highlights Demand from homebuyers has skyrocketed this year, which means today’s sellers are poised to win big. This ideal moment in time to sell your house won’t last forever, though. With more sellers coming to the market in the spring, waiting until next year means buyers will have more choices, so your home may not stand out from the crowd. Let’s connect today to discuss why now may be the right time to make a move on your terms. … [Read more...]
Home Values Projected to Keep Rising
As we enter the final months of 2020 and continue to work through the challenges this year has brought, some of us wonder what impact continued economic uncertainty could have on home prices. Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come. Due to the undersupply of homes on the market today, there’s upward pressure on prices. Consider simple economics: when there is high demand for an item and a low supply of it, consumers are willing to pay more … [Read more...]
Why Today’s Options Will Save Homeowners from Foreclosure
Many housing experts originally voiced concern that the mortgage forbearance program (which allows families impacted financially by COVID to delay mortgage payments to a later date) could lead to an increase in foreclosures when forbearances end. Some originally forecasted that up to 30% of homeowners would choose to enter forbearance. Less than 10% actually did, and that percentage has been dropping steadily. Black Knight recently reported that the national forbearance rate has decreased to 5.6%, with active … [Read more...]
Americans Are Gaining Confidence in the Economy
The September Jobs Report issued by the Bureau of Labor Statistics reported that the unemployment rate dropped to 7.9%. Though that percentage is well below what experts projected earlier this year, it still means millions of people are without work. There’s no way to minimize the tremendous impact this pandemic-induced recession continues to have on many Americans. However, the latest Home Purchase Sentiment Index from Fannie Mae shows how more and more Americans believe the worst is behind us, and their … [Read more...]
Real Estate Continues to Show Unprecedented Strength This Year
The 2020 housing market has surpassed all expectations and continues to drive the nation’s economic recovery. The question is, will this positive trend continue throughout the rest of the year, especially given the uncertainty around the current health crisis, the upcoming election, and more? Here’s a look at what several industry-leading experts have to say. Lawrence Yun, Chief Economist, National Association of Realtors “Home sales continue to amaze, and there are plenty of buyers in the … [Read more...]
How to Prepare for a Bidding War [INFOGRAPHIC]
Some Highlights With so few houses available on the market today, being ready for a bidding war is essential for prospective homebuyers. From pre-approval to making your best offer, here are three tips to make sure you can act quickly and confidently when you find the perfect home. Let’s connect today to be sure you have the guidance you need as the competition for homes heats up this season. … [Read more...]
Do You Need to Know More about Forbearance and Mortgage Relief Options?
Earlier this year when the nation pressed pause on the economy and unemployment rates jumped up significantly, many homeowners were immediately concerned about being able to pay their mortgages, and understandably so. To assist in this challenging time, two protection plans were put into place to help support those in need. First, there was a pause placed on initiating foreclosures for government-backed loans. This plan started on March 18, 2020, and it extends at least through December 31, 2020. Second, homeowners … [Read more...]
The #1 Reason Not to Wait to List Your House for Sale
Many industries have been devastated by the economic shutdown caused by the COVID-19 virus. Real estate is not one of them. Mark Fleming, Chief Economist for First American, just reported: “Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.” Buyer demand is still strong heading into … [Read more...]
Do You Have Enough Money Saved for a Down Payment?
One of the biggest misconceptions for first-time homebuyers is how much you’ll need to save for a down payment. Contrary to popular belief, you don’t always have to put 20% down to buy a house. Here’s how it breaks down. A recent survey by Point2Homes mentions that 74% of millennials (ages 25-40) say they’re interested in purchasing a home over the next 12 months. The study notes, “88% say they have significantly less savings than the average national down payment amount, which is … [Read more...]
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