Homes Are More Affordable Today, Not Less Affordable

There’s a current narrative that owning a home today is less affordable than it has been in the past. The reason some are making this claim is because house prices have substantially increased over the last several years. It’s not, however, just the price of a home that matters. Homes, in most cases, are purchased with a mortgage. The current mortgage rate is a major component of the affordability equation. Mortgage rates have fallen by over a full percentage point since December 2018. Another major piece of the affordability equation is a buyer’s income. The median family income has risen by approximately 3% over the last year. The National … [Read more...]

2020 Luxury Market Forecast

By the end of last year, many homeowners found themselves with more equity than they realized, and at the same time their wages were increasing. When those two factors unite, it can spark homeowners to think about making a move to a larger or more expensive home in the luxury space. That said, now is a perfect opportunity to take a look at the forecast for the 2020 luxury market. Three Things to Think About in the 2020 Luxury Housing Market 1. Prices The U.S. economy is strong today, with buying opportunities throughout the luxury end of the market. Thomas Veraguth, Strategist at UBS Global Wealth Management, says in Barrons.com, “There’s a … [Read more...]

There’s a Long Line of Buyers Waiting for Your House

If you’re following what’s happening in the housing market right now, you know that many people believe the winter months aren’t a good time to sell a home. As realtor.com Senior Economist George Ratiu recently noted, “Sellers tend to be more reluctant to list during the colder time of year when the market typically makes a seasonal slowdown.” However, a recent report by ShowingTime reveals how this year is different. Buyer activity is way up compared to the same time last year. The report explains, “The nation’s 12.6% growth in home showings compared to 2018 was the most significant jump in buyer traffic during the current four-month … [Read more...]

Big Demand for Small Homes

Movies, tv shows, and celebrities often have us dreaming of owning large homes, but the reality for most people is quite different. Since 2015, the square footage of newly built houses has been shrinking, according to Yahoo Finances. This is not projected to change as we continue into the beginning of the year. “We expect this downsizing trend to continue in 2020, driven by a confluence of economic and demographic trends.” Why are smaller homes trending now? As noted in the article, there are a few main reasons for this demand: “Many of today’s younger, millennial home buyers have expressed a preference for denser, more urban homes that … [Read more...]

Top Renovations for Maximum ROI [INFOGRAPHIC]

Some Highlights: If you’re planning on selling your house in 2020, these are the top renovations that will give you the highest Return on your Investment. Regardless of how long you’re planning on staying in your current home, it’s smart to be aware of which home renovations add the most value. The exterior of a house is the first thing buyers see when searching for a home. Upgrading your roof or siding will ensure your home leaves a great first impression! Powered by WPeMatico … [Read more...]

Why You Shouldn’t “For Sale By Owner”

Rising home prices coupled with the current inventory in today’s market may cause some homeowners to consider selling their homes on their own (known in the industry as a For Sale By Owner). However, a FSBO might be hard to execute well for the vast majority of sellers. Here are the top 5 reasons not to FSBO: 1. Online Strategy for Prospective Purchasers Studies have shown that 93% of buyers search online for a home. That’s a pretty staggering number! Most real estate agents have an Internet strategy to promote the sale of your home. Do you? 2. Results Come from the Internet According to NAR, here’s where buyers found the homes they actually … [Read more...]

Working with a Local Real Estate Professional Makes All the Difference [INFOGRAPHIC]

Some Highlights: Choosing the right real estate professional is one of the most impactful decisions you can make in your home buying or selling process. A real estate professional can explain current market conditions and break down what they will mean to you and your family. If you’re considering buying or selling a home in 2020, make sure to work with someone who has the experience to answer all of your questions about pricing, contracts, and negotiations. Powered by WPeMatico … [Read more...]

When a House Becomes a Happy Home

We talk a lot about why it makes financial sense to buy a home, but more often than not we’re drawn to the emotional reasons for homeownership. No matter the size or shape of a living space, the feeling of a home means different things to different people. Whether it’s a certain scent or a favorite chair, the feel-good connections to our own homes are typically more important to us than the financial ones. Here are some of the reasons why 1. Owning your home offers stability to start and raise a family From the best neighborhoods to the top school districts, even those without children at the time of purchase may have this in the back of … [Read more...]

5,300 Reasons to Be Happy You’re a Homeowner

Studies have shown that, in many cases, the largest asset a family owns is the house they live in. Over the last twelve months, that asset has gained substantial value. CoreLogic just released their 2019 3rd Quarter Homeowner Equity Insights Report. The report revealed that: “U.S. homeowners with mortgages (roughly 64% of all properties) have seen their equity increase by a total of nearly $457 billion since the third quarter 2018, an increase of 5.1%, year over year.” The equity in a property is determined by comparing the current value of the property against the outstanding mortgage debt. As prices rise, the equity in a home … [Read more...]

3 Mistakes to Avoid When Selling a Home in 2020

It’s exciting to put a house on the market and to think about making new memories in new spaces, but we can have deep sentimental attachments to the homes we’re leaving behind, too. Growing emotions can help or hinder a sale, depending on how we manage them. When it comes to the bottom line, homeowners need to know what it takes to avoid costly mistakes. Being mindful of these things and prepared for the process can help you avoid some of the most common mishaps when selling your house. 1. Overpricing Your Home When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask for when we price our … [Read more...]