If you’re a prospective buyer or seller, it’s important to understand the current real estate market conditions and how they affect you. The Counselors of Real Estate (CRE) just released its Top Ten Issues Affecting Real Estate report. Here are three hot topics from the list and how they impact today’s housing market. Technology Acceleration and Innovation The past year ushered in many changes to the real estate industry, especially when it comes to technology. The CRE report elaborates on this: “Lockdown-driven … [Read more...]
Pop Quiz: Can You Define These Key Terms in Today’s Housing Market? [INFOGRAPHIC]
Some Highlights The language of buying and selling a home may sound scary at first, but knowing how key terms relate to today’s market can help you. For example, current low mortgage rates and higher wages positively impact affordability for buyers, while home price appreciation continues to grow home equity, which sellers can use to fuel a move up. Terms like appraisal (what lenders rely on to validate a home’s value) and contingencies (which buyers can minimize to make their offer stand out) directly impact the … [Read more...]
Today’s Real Estate Market Explained Through 4 Key Trends
As we move into the second half of the year, one thing is clear: the current real estate market is one for the record books. The exact mix of conditions we have today creates opportunities for both buyers and sellers. Here’s a look at four key components that are shaping this unprecedented market. A Shortage of Homes for Sale Earlier this year, the number of homes available for sale fell to an all-time low. In recent months, however, inventory levels are starting to trend up. The latest Monthly Housing Market … [Read more...]
Remote Work Has Changed Our Home Needs. Is It Time for Your Home To Change, Too?
Over the past year, many homeowners realized what they need in a home is changing, especially with the rise in remote work. If you’re longing for a dedicated home office or a change in scenery, now may be the time to find the home that addresses your evolving needs. Working from Home Isn’t a Passing Fad Before the pandemic, only 21% of individuals worked from home. However, if you’ve recently discovered remote work is your new normal, you’re not alone. A survey of hiring managers conducted by Statista and Upwork … [Read more...]
3 Charts That Show This Isn’t a Housing Bubble
With home prices continuing to deliver double-digit increases, some are concerned we’re in a housing bubble like the one in 2006. However, a closer look at the market data indicates this is nothing like 2006 for three major reasons. 1. The housing market isn’t driven by risky mortgage loans. Back in 2006, nearly everyone could qualify for a loan. The Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers’ Association is an indicator of the availability of mortgage money. The higher the index, the … [Read more...]
What You Should Do Before Interest Rates Rise
In today’s real estate market, mortgage interest rates are near record lows. If you’ve been in your current home for several years and haven’t refinanced lately, there’s a good chance you have a mortgage with an interest rate higher than today’s average. Here are some options you should consider if you want to take advantage of today’s current low rates before they rise. Sell and Move Up (or Downsize) Many of today’s homeowners are rethinking what they need in a home and redefining what their dream home means. For … [Read more...]
Experts Agree: Options Are Improving for Buyers [INFOGRAPHIC]
Some Highlights Buyers hoping for more homes to choose from may be in luck as housing inventory begins to rise. Many experts agree – new sellers listing their homes is great news for buyers and the overall market. Although the supply increases are modest, more homes means more options for buyers. A rise in inventory may also help slow the price gains we’ve seen recently and could be a sign of good things to come. If you’re searching for a home, rising inventory is welcome news. Let’s connect today to discuss new … [Read more...]
Diving Deep into Today’s Biggest Buyer Concerns
Last week, Fannie Mae released their Home Purchase Sentiment Index (HPSI). Though the survey showed 77% of respondents believe it’s a “good time to sell,” it also confirms what many are sensing: an increasing number of Americans believe it’s a “bad time to buy” a home. The percentage of those surveyed saying it’s a “bad time to buy” hit 64%, up from 56% last month and 38% last July. The latest HPSI explains: “Consumers also continued to cite high home prices as the predominant reason for their ongoing and … [Read more...]
Housing Supply Is Rising. What Does That Mean for You?
An important factor in today’s market is the number of homes for sale. While inventory levels continue to sit near historic lows, there are indications we may have hit the lowest point we’ll see. Odeta Kushi, Deputy Chief Economist at First American, recently said of our supply challenges: “It looks like inventory may have hit a bottom (we’ve seen this in the higher frequency data as well). Unsold inventory in May was at 2.5 months supply, up from 2.4.” To put it into perspective, the graph below shows levels of … [Read more...]
Why This Isn’t Your Typical Summer Housing Market
In real estate, it’s normal to see ebbs and flows in the market. Typically, the summer months are slower-paced than the traditionally busy spring. But this isn’t a typical summer. As the economy rebounds and life is returning to normal, the real estate market is expected to have an unusually strong summer season. Here’s how this summer is stacking up against the norm and what it means for you. Inventory is increasing. According to the latest Existing Home Sales Report from the National Association of Realtors … [Read more...]
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