buy a house salina ks: Navigating Your First Home Purchase in the Current Market - 10/19/23 08:00 PM
Embarking on the journey to homeownership can be exhilarating, yet the current real estate market can seem daunting to first-time buyers. From fluctuating prices to the intricacies of securing a mortgage, the pathway to purchasing your dream home is laden with steps that necessitate careful consideration and strategic planning.
In 2023, the real estate landscape continues to be influenced by factors such as economic trends, interest rates, and even remote work's rise. As a prospective homeowner, understanding these dynamics is paramount to making an informed purchase. Here's how you can navigate your first home purchase in today's market.
1. Financial Assessment and Budgeting: … (2 comments)

buy a house salina ks: Why Buying a Home Is a Sound Decision in Salina Ks - 09/11/23 02:04 AM

If you’re thinking about buying a home, you want to know the decision will be a good one. And for many, that means thinking about what home prices are projected to do in the coming years and how that could impact your investment.
This year, we aren’t seeing home prices fall dramatically. As the year goes on, however, some markets may go up in value while others may lose value. That’s why it’s helpful to keep the long-term view in mind. Experts project a return to a steadier rate of price appreciation in the years that follow.
Home Price Appreciation in the Years AheadOver 100 economists, investment strategists, and housing market … (2 comments)

buy a house salina ks: How To Know If You’re Ready to Buy a Home in Salina Kansas - 09/11/23 02:00 AM
If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind. You’re thinking about your finances, today’s mortgage rates and home prices, the limited supply of homes for sale, and more. And, you’re juggling how all of those things will impact the choice you’ll make.
While housing market conditions are definitely a factor in your decision, your own life and your finances may be even more important. As an article from NerdWallet says:
“Housing market trends give important context. But whether this is a good time to buy a house also depends on your financial situation, life goals and readiness to become … (2 comments)

buy a house salina ks: The Value of an Agent When Buying Your New Construction Home in Salina, KS - 09/11/23 01:55 AM

Buying a new construction home can be an exciting experience. From being the very first owner, to customizing your home’s features, there are a lot of benefits. But navigating the complexities of buying a home that’s under construction can also be a bit overwhelming. This is where a skilled real estate agent can make all the difference.
An article from The Mortgage Reports sums it up like this:
“Your Realtor or real estate agent will be key to helping you navigate this process. . . . they can guide you through construction and help anticipate and solve for any possible snags along the way.”Here’s how your agent is … (2 comments)

buy a house salina ks: Financial Fundamentals for First-Time Homebuyers in Salina,KS - 09/11/23 01:50 AM
Are you prepping to buy your first home? If so, one of the steps you should take early on is making sure you’re financially ready for your purchase. Here are just a few of the financial fundamentals you’ll need to focus on as you set out to buy a home.
Build Your CreditYour credit is one element that helps determine which home loan you’ll qualify for. It also impacts your mortgage interest rate. While there are many factors that go into your mortgage application, a higher credit score could lead to a lower monthly payment in the long run. So how do you make sure … (1 comments)

buy a house salina ks: Mortgage Rates: Past, Present, and Possible Future in Salina,Kansas - 09/10/23 05:35 AM

If you’re hoping to buy a home this year, you’re probably paying close attention to mortgage rates. Since mortgage rates impact what you can afford when you take out a home loan – and affordability is a challenge today – it’s a good time to look at the big picture of where mortgage rates have been historically compared to where they are now. Beyond that, it’s important to understand their relationship with inflation for insights into where mortgage rates might go in the near future.
Giving Context to the Sticker ShockFreddie Mac has been tracking the 30-year fixed mortgage rate since April of 1971. Every week, they release the results of their Primary … (3 comments)

buy a house salina ks: Why It’s Still a Seller’s Market Today In Salina Kansas - 09/05/23 06:25 AM

Even though activity in the housing market has slowed from the frenzy that was the ‘unicorn’ years, it’s still a seller’s market because the supply of homes for sale is so low. But what does that really mean for you? And why are conditions today so good if you want to sell your house?
The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Housing inventory is measured by the number of available homes on the market. It’s also measured by months’ supply, meaning the number of months it would take to sell all those available homes based on current … (5 comments)

buy a house salina ks: Buyer Traffic Is Still Stronger than the Norm In Salina,Kansas - 09/04/23 05:26 AM

Are you putting off selling your house because you’re worried no one’s buying because of where mortgage rates are? If so, know this: the latest data shows plenty of buyers are still out there, and they’re purchasing homes today. Here’s the data to prove it.
The ShowingTime Showing Index is a measure of buyers touring homes. The graph below uses the latest numbers available and compares them to the same month in the last normal years to show just how active today’s buyers still are:
As you can see, when June 2023 numbers are stacked alongside what’s typical for the housing market at this time of year, it's clear … (2 comments)

buy a house salina ks: Why You Don’t Need To Fear the Return of Adjustable-Rate Mortgages in Salina,Ks - 08/23/23 04:02 AM

If you remember the housing crash back in 2008, you may recall just how popular adjustable-rate mortgages (ARMs) were back then. And after years of being virtually nonexistent, more people are once again using ARMs when buying a home. Let’s break down why that’s happening and why this isn’t cause for concern.
Why ARMs Have Gained Popularity More RecentlyThis graph uses data from the Mortgage Bankers Association (MBA) to show how the percentage of adjustable-rate mortgages has increased over the past few years:
As the graph conveys, after hovering around 3% of all mortgages in 2021, many more homeowners turned to adjustable-rate mortgages again last year. There’s … (7 comments)

buy a house salina ks: People Want Less Expensive Homes – And Builders Are Responding in Salina,Ks - 08/22/23 04:19 PM

In today’s housing market, there are two main affordability challenges impacting buyers: mortgage rates that are higher than they’ve been the past couple of years, and rising home prices caused by low inventory. To overcome those challenges, many people are working with their agents to find less expensive homes. And with newly built homes making up a historically large percentage of the total available inventory today, that search often includes brand new homes.
People Are Spending Less on Newly Built HomesThe graph below uses the latest information from the Census to show, in June, more of the newly built home sales in this country were in lower price ranges than in 2022:Last … (6 comments)

buy a house salina ks: Don’t Expect a Flood of Foreclosures In Salina Kansas - 08/21/23 06:32 PM

The rising cost of just about everything from groceries to gas right now is leading to speculation that more people won’t be able to afford their mortgage payments. And that’s creating concern that a lot of foreclosures are on the horizon. While it’s true that foreclosure filings have gone up a bit compared to last year, experts say a flood of foreclosures isn’t coming.
Take it from Bill McBride of Calculated Risk. McBride is an expert on the housing market, and after closely following the data and market environment leading up to the crash, he was able to see the foreclosures coming in 2008. With … (3 comments)

buy a house salina ks: Eco-Friendly, Energy-Efficient Homes Attract Buyers In Salina,Ks - 07/29/23 05:01 AM

Are you planning to sell your house? If so, you may be surprised to hear just how much buyers value energy efficiency and eco-friendly features today. This is especially true as summer officially kicks off.
In fact, the 2023 Realtors and Sustainability Report from the National Association of Realtors (NAR) shows 48% of agents or brokers have noticed consumers are interested in sustainability.
 So, if you’re considering selling your house, why does this matter to you? It helps you know what you can do to make your house even more appealing to today’s buyers. According to Jessica Lautz, Deputy Chief Economist and VP of Research at NAR: 
"Buyers often seek homes that either … (7 comments)

buy a house salina ks: What Homebuyers Need To Know About Credit Scores In Salina,KS - 07/29/23 04:55 AM

If you’re thinking about buying a home, you should know your credit score’s a critical piece of the puzzle when it comes to qualifying for a home loan. Lenders review your credit to assess your ability to make payments on time, to pay back debts, and more. It’s also a factor that helps determine your mortgage rate. An article from Bankrate explains:
 “Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions: Typically, the higher your score, the lower the interest rates and better terms you’ll … (2 comments)

buy a house salina ks: Homebuyers Are Still More Active Than Usual in Salina,KS - 07/29/23 04:50 AM

Even though the housing market is no longer experiencing the frenzy that was so characteristic of the last couple of years, it doesn’t mean today’s market is at a standstill. In actuality, buyer traffic is still strong today.
The ShowingTime Showing Index is a measure of how much buyers are touring homes. The graph below uses that index to illustrate buyer activity trends over time to help put today into the proper perspective.
It shows there’s seasonality in real estate. If you look at the last normal years in the market (shown in gray), there was a consistent pattern as buyer activity peaked in the first half of … (2 comments)

buy a house salina ks: Homebuyers Are Getting Used to the New Normal - 07/20/23 02:32 AM

Before you decide to sell your house, it’s important to know what you can expect in the current housing market. One positive trend right now is homebuyers are adapting to today’s mortgage rates and getting used to them as the new normal.
To better understand what’s been happening with mortgage rates lately, the graph below shows the trend for the 30-year fixed mortgage rate from Freddie Mac since last October. As you can see, rates have been between 6% and 7% pretty consistently for the past nine months:
According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), mortgage rates play a significant role in buyer demand and, by … (6 comments)

buy a house salina ks: Why Homeownership Wins in the Long Run - 07/16/23 04:44 PM

Today’s higher mortgage rates, inflationary pressures, and concerns about a potential recession have some people questioning: should I still buy a home this year? While it’s true this year has unique challenges for homebuyers, it’s important to think about the long-term benefits of homeownership when making your decision.
Consider this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how home values grow with time and how, by extension, that grows your own wealth. That may be why, in a recent Fannie Mae survey, 70% … (3 comments)

buy a house salina ks: Momentum Is Building for New Home Construction - 07/13/23 05:34 AM

If you’re in the process of looking for a home today, you know the supply of homes for sale is low because you’re feeling the impact of having a limited pool of options. And, if your biggest hurdle right now is that you’re having trouble finding something you like, don’t forget that a newly built home is a great option.
As a recent article from the National Association of Realtors (NAR) says: 
“Home buyers continue to be met with limited housing options during what’s typically the real estate market’s busiest season. . . . The current supply of existing homes is about half the level it was in … (4 comments)

buy a house salina ks: Evaluating Your Wants and Needs as a Homebuyer Matters More Today - 07/11/23 03:12 AM

When it comes to buying a home, especially with today’s affordability challenges, you’ll want to be strategic. Mortgage rates impact how much it costs to borrow money for your home loan. And, to help offset the higher borrowing costs today, some homebuyers are taking a close look at their wish list and re-evaluating what features they really need in their next home to avoid overextending. As a recent NerdWallet article says:
“A pool, for example, may be nice to have, but it may not provide as much day-to-day value as a garage or a space for a home office . . .”While that pool may be appealing, think twice on whether or … (3 comments)

buy a house salina ks: Two Questions To Ask Yourself if You’re Considering Buying a Home - 07/11/23 03:04 AM

If you’re thinking of buying a home, chances are you’re paying attention to just about everything you hear about the housing market. And you’re getting your information from a variety of channels: the news, social media, your real estate agent, conversations with friends and loved ones, overhearing someone chatting at the local supermarket, the list goes on and on. Most likely, home prices and mortgage rates are coming up a lot. 
To help cut through the noise and give you the information you need most, take a look at what the data says. Here are the top two questions you need to ask … (1 comments)

buy a house salina ks: Decoding Real Estate Jargon: Key Terms Explained - 07/10/23 04:30 AM
The real estate world overwhelms individuals with its complex terms and jargon. Whether you're a first-time homebuyer, an investor, or simply interested in understanding the intricacies of the market, it's crucial to decode these terms to make informed decisions. In this blog, we will demystify some of the most commonly used real estate jargon, empowering you to navigate the realm of property confidently.
Appraisal
An appraisal refers to the process of estimating the value of a property. An appraiser evaluates location, condition, size, comparable sales, and market trends to determine an accurate value. People typically conduct appraisals during mortgage applications or when … (5 comments)