You can’t read an article about residential real estate without the author mentioning the affordability challenges that today’s buyers face. There’s no doubt homes are less affordable today than they were over the last two years, but that doesn’t mean homes are now unaffordable. There are three measures used to establish home affordability: home prices, mortgage rates, and wages. Let’s look closely at each of these components. 1. Home Prices The most recent Home Price Insights report by CoreLogic shows home values … [Read more...]
Sellers
Resources for anyone selling or considering selling a house in St Tammany, Jefferson, or Orleans parishes.
Why It’s Critical To Price Your House Right
When you make a move, you want to sell your house for the highest price possible. That might be why many homeowners are eager to list in today’s sellers’ market. After all, with record-low inventory and high buyer demand, many homes are selling for more than asking price. Data from the National Association of Realtors (NAR) shows 46% of homes are selling above list price today. But even in a market like we have now, working with an agent to set the right asking price is critical, as pricing it too high or too low … [Read more...]
Are Home Prices Continuing To Rise?
Many analysts projected home price appreciation would slow dramatically in the fall of 2021 and then continue to soften throughout 2022. So far, that hasn’t happened. The major price indices are all revealing ongoing double-digit price appreciation. Here’s a look at their reports on year-over-year price appreciation for December: Federal Housing Finance Agency (FHFA): 17.6% S&P Case-Shiller: 18.8% CoreLogic: 18.5% To show that they’re not seeing signs of softening, here’s a graph that gives the progression of … [Read more...]
4 Simple Graphs Showing Why This Is Not a Housing Bubble
A recent survey revealed that many consumers believe there’s a housing bubble beginning to form. That feeling is understandable, as year-over-year home price appreciation is still in the double digits. However, this market is very different than it was during the housing crash 15 years ago. Here are four key reasons why today is nothing like the last time. 1. Houses Are Not Unaffordable Like They Were During the Housing Boom The affordability formula has three components: the price of the home, wages earned by the … [Read more...]
Owning Is More Affordable than Renting in the Majority of the Country
If you were thinking about buying a home this year, but already pressed pause on your plans due to rising home prices and increasing mortgage rates, there’s something you should consider. According to the latest report from ATTOM Data, owning a home is more affordable than renting in the majority of the country. The 2022 Rental Affordability Report says: “. . . Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 666, or 58 percent, of the 1,154 U.S. counties analyzed … [Read more...]
Sellers: Don’t Wait Until Spring To Make Your Move
As you plan out your goals for the year, moving up to your dream home may top the list. But, how do you know when to make your move? You want to time it just right so you can get the most out of the sale of your current house. You also want to know you’re making a good investment when you buy your new home. What you may not realize is, that opportunity to get the best of both worlds is already here. You don’t want to wait until spring to spring into action. The current market conditions make this winter an ideal … [Read more...]
What’s Going To Happen with Home Prices This Year?
After almost two years of double-digit increases, many experts thought home price appreciation would decelerate or happen at a slower pace in the last quarter of 2021. However, the latest Home Price Insights Report from CoreLogic indicates while prices may have plateaued, appreciation has definitely not slowed. The following graph shows year-over-year appreciation throughout 2021. December data has not yet been released. As the graph shows, appreciation has remained steady at around 18% over the last five … [Read more...]
Why Inflation Shouldn’t Stop You from Buying a Home in 2022
If you’re following along with the news today, you’re probably hearing a lot about record-breaking home prices, rising consumer costs, supply chain constraints, and more. And if you’re thinking about purchasing a home this year, all of these inflationary concerns are likely making you wonder if you should wait to buy. Investopedia explains that during a period of high inflation, prices rise across the board. And while home prices aren’t immune from this increase, here’s why inflation shouldn’t stop you from buying … [Read more...]
There Won’t Be a Wave of Foreclosures in the Housing Market
When mortgage forbearance plans were first announced and the pandemic surged through the country in early 2020, many homeowners were allowed to pause their mortgage payments. Some analysts were concerned that once the forbearance program ended, the housing market would experience a wave of foreclosures like what happened after the housing bubble 15 years ago. Here’s a look at why that isn’t the case. 1. There Are Fewer Homeowners in Trouble This Time After the last housing crash, over nine million households lost … [Read more...]
Why Waiting To Sell Your House Could Cost You a Small Fortune
Many homeowners who plan to sell in 2022 may think the wise thing to do is to wait for the spring buying market since historically about 40 percent of home sales occur between April and July. However, this year’s expected to be much different than the norm. Here are five reasons to list your house now rather than waiting until the spring. 1. Buyers Are Looking Right Now, and They’re Ready To Purchase The ShowingTime Showing Index reports data from more than six million property showings scheduled across the country … [Read more...]
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