Home prices continue to rise as we move through the summer, and that’s good news for sellers who are looking to maximize their home’s potential. If you’re on the fence about whether to list your house now or later, the question you should really ask is: will this price appreciation last? Here’s what three leading industry experts have to say about what lies ahead: Lawrence Yun, Chief Economist, National Association of Realtors (NAR): “At a broad level, home prices are in no danger of a decline due to tight … [Read more...]
Home Sellers: There Is an Extra Way To Welcome Home Our Veterans
Some veterans are finding it difficult to obtain a home in today’s market. According to the National Association of Realtors (NAR): “Conventional conforming mortgages (mortgages that conform to guidelines set by Fannie Mae and Freddie Mac), accounted for 74% of mortgages obtained by homebuyers in May 2021, an increase from about 65% during 2018 through 2019…The share of VA-guaranteed loans has also decreased to 7% in May 2021 from about 10% in past years.” Recent data in the latest Origination Insight Report from … [Read more...]
A Look at Housing Supply and What It Means for Sellers
One of the hottest topics of conversation in today’s real estate market is the shortage of available homes. Simply put, there are many more potential buyers than there are homes for sale. As a seller, you’ve likely heard that low supply is good news for you. It means your house will get more attention, and likely, more offers. But as life begins to return to normal, you may be wondering if that’s something that will change. While it may be tempting to blame the pandemic for the current inventory shortage, the … [Read more...]
3 Hot Topics in the Housing Market Right Now
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...]
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...]
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