If you own a home, your net worth has probably gone up a lot over the past year. Home prices have been rising, which means you're building equity much faster than you might think. Here’s how it works.Equity is the current value of your home minus what you owe on the loan.Over the past year, there have still been more people wanting to buy than there are homes available for sale, and that’s pushed prices up. That rise in prices has translated directly into increasing equity for homeowners.How Much Equity Have You … [Read more...]
What To Do When Your House Didn’t Sell
If your listing expired and your house didn’t sell, it’s totally natural to feel a mix of frustration and disappointment. And as you’re working through that, you’re probably also wondering what went wrong and what you should do next.If you still need to move and want to get it back on the market, here are some things to consider as you look back.Was It Priced for Today’s Market?Setting the right price from the start is key. While it might be tempting to try shooting high with your price, that can slow down the … [Read more...]
How Long Will It Take To Sell My House?
You want your house to sell fast. And you may be wondering how long the whole process is going to take. One way to get your answer? Work with a local real estate agent.They have the expertise to tell you how quickly homes are selling in your area and what’s impacting timelines for other sellers. That way you have realistic expectations and can work together to come up with a plan that’s based on today’s market.Here’s a high-level overview of just one of the factors a great agent will walk you through – the supply … [Read more...]
Housing Market Forecast: What’s Ahead for the 2nd Half of 2024
As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.Home Prices Are Expected To Climb ModeratelyHome prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry:The reason for continued appreciation? The supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:“One thing that seems to … [Read more...]
The Downsides of Selling Your House Without an Agent
Some HighlightsConsidering selling your house without an agent? You should know there are some serious downsides to handling it on your own.You’ll be missing out on marketing tools that draw in more buyers, pricing and market expertise, essential negotiation skills, in-depth knowledge of the fine print in contracts, and so much more.Don’t take all of this responsibility on. Instead, connect with an agent so you have someone with the knowledge and experience you’ll need on your side. … [Read more...]
Do Elections Impact the Housing Market?
The 2024 Presidential election is just months away. As someone who’s thinking about potentially buying or selling a home, you’re probably curious about what effect, if any, elections have on the housing market.It’s a great question because buying or selling a home is a major decision, and it’s natural to wonder how such a major event might impact your plans.Historically, Presidential elections have only had a small, temporary impact on the housing market. Here’s the latest on exactly what’s happened to home sales, … [Read more...]
Home Prices Aren’t Declining, But Headlines Might Make You Think They Are
If you’ve seen the news lately about home sellers slashing prices, it’s a great example of how headlines do more to terrify than clarify. Here’s what’s really happening with prices.The bottom line is home prices are higher than they were a year ago at this time, and they’re expected to keep rising, just at a slower pace.But a recent article from Redfin notes,“Price Drops Hit Highest Level in 18 Months As High Rates Dampen Buyer Demand.” And that might make you think prices are declining.Now, while it’s true the … [Read more...]
Selling Smart: Why a Real Estate Agent Makes All the Difference
If you’re considering selling your house on your own as a “For Sale by Owner” (FSBO), you want to think about if it’s really worth the extra stress. Going this route means shouldering a lot of responsibilities by yourself – and, if you’re not an expert, that opens the door for mistakes to happen and can quickly become overwhelming.A report from the National Association of Realtors (NAR) shows two key areas where people who sold their own house struggled the most: pricing and paperwork.Here are just a few of the … [Read more...]
Your Equity Could Make a Move Possible
Many homeowners looking to sell feel like they’re stuck between a rock and a hard place right now. Today’s mortgage rates are higher than the one they currently have on their home, and that’s making it harder to want to sell and make a move. Maybe you’re in the same boat.But what if there was a way to offset these higher borrowing costs? There is. And the money you need probably already exists in your current home in the form of equity. What Is Equity?Think of equity as a simple math equation. Freddie Mac … [Read more...]
What To Expect if You Buy or Sell a Home This June
June is a busy month in the housing market because a lot of people buy and sell this time of year. So, if you’ve got a move on your mind and you’re looking to make it happen this month, here’s a snapshot of what you need to know to make sure you’re ready.If You’re Buying This JuneA lot of homebuyers with children like to move after one school year ends and before the next one begins. That’s one reason why late spring into summer is a popular time for homes to change hands. And whether that’s a motivator for you or … [Read more...]
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