Some Highlights Longer days and sunny weather mean summer is upon us, and what better conditions than right now to upgrade to the home of your dreams? If your needs have changed, it’s a great time to upgrade – there’s likely high demand for your current house, and today’s low mortgage rates can help you afford your dream home. If you’re ready to upgrade to a home that matches your changing needs, let’s connect today. … [Read more...]
Pricing Your Home
Want to sell your home quickly? Price it correctly, and it will sell faster and at a higher price!
Home Price Appreciation Is as Simple as Supply and Demand
Home price appreciation continues to accelerate. Today, prices are driven by the simple concept of supply and demand. Pricing of any item is determined by how many items are available compared to how many people want to buy that item. As a result, the strong year-over-year home price appreciation is simple to explain. The demand for housing is up while the supply of homes for sale hovers at historic lows. Let’s use three maps to show how this theory continues to affect the residential real estate market. Map #1 – … [Read more...]
In Today’s Market, Listing Prices Are Like an Auction’s Reserve Price
For generations, the process of buying and selling a home never really changed. A homeowner would try to estimate the market value of their house, then tack on a little extra to give themselves some negotiating room. That figure would become the listing price. Buyers would then try to determine how much less than the full price they could offer and still get the home. As a result, the listing price was generally the ceiling of the negotiation. The actual sales price would almost always be somewhat lower than what … [Read more...]
Why You May Want To Cash in on Your Second Home
When stay-at-home mandates were enforced last year, many households realized their homes didn’t really fulfill their new lifestyle needs. An office (in some cases two), a media room, space for children to learn, a gym, and a large yard are all examples of amenities that became highly desirable almost overnight. Zelman & Associates recently reported that sales of primary residences grew by 9% in 2020. That increase in demand was met by the lowest supply of homes for sale in history. High demand and low supply … [Read more...]
Dreaming of a Bigger Home? Why Not Buy It This Year?
Are you clamoring for extra rooms or a more functional floorplan in your house? Maybe it’s time to make a move. If you’ll be able to work remotely for the long-term or your overall needs have simply changed, it’s a great time to sell your house and move up. Why? With mortgage rates in their favor and higher-priced home sales powering more moves across the country, sellers in today’s market are finding the space they need (and have always dreamed of) by purchasing a home in the upper end of the housing market. With … [Read more...]
6 Reasons to Celebrate National Homeownership Month
Our homes are so much more than the houses we live in. For many, they’ve also become our workplaces, schools for our children, and safe harbors in which we’ve weathered the toughest moments of a global pandemic. Today, 65.6% of Americans call their homes their own, a rate that has risen to its highest point in 8 years. As National Homeownership Month kicks off this June, homeowners have every reason to celebrate. A survey by Gallup just ranked real estate as the best investment you can make for the eighth year in a … [Read more...]
How Misunderstandings about Affordability Could Cost You
There’s a lot of discussion about affordability as home prices continue to appreciate rapidly. Even though the most recent index on affordability from the National Association of Realtors (NAR) shows homes are more affordable today than the historical average, some still have concerns about whether or not it’s truly affordable to buy a home right now. When addressing this topic, there are various measures of affordability to consider. However, very few of the indexes compare the affordability of owning a home to … [Read more...]
Buying a Home Is Still Affordable
The last year has put emphasis on the importance of one’s home. As a result, some renters are making the jump into homeownership while some homeowners are re-evaluating their current house and considering a move to one that better fits their current lifestyle. Understanding how housing affordability works and the main market factors that impact it may help those who are ready to buy a home narrow down the optimal window of time in which to make a purchase. There are three main factors that go into determining how … [Read more...]
3 Things To Prioritize When Selling Your House
Today’s housing market is full of unprecedented opportunities. High buyer demand paired with record-low housing inventory is creating the ultimate sellers’ market, which means it’s a fantastic time to sell your house. However, that doesn’t mean sellers are guaranteed success no matter what. There are still some key things to know so you can avoid costly mistakes and win big when you make a move. 1. Price Your House Right When inventory is low, like it is in the current market, it’s common to think buyers will pay … [Read more...]
Should I Move or Refinance?
The level of equity homeowners have is at an all-time high. According to the U.S. Census, over 38% of owner-occupied homes are owned free and clear, meaning they don’t have a mortgage. Those with a mortgage are seeing their equity skyrocket too. Every time real estate values increase, homeowners get a dollar-for-dollar gain in their home equity. According to the first-quarter 2021 U.S. Home Equity Report from ATTOM Data Solutions: “17.8 million residential properties in the United States were considered … [Read more...]
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