mosier real estate: Two Big Issues Facing the Housing Market in Early 2023
- 02/25/23 12:11 PM
Two Big Issues Facing the Housing Market in Early 2023 The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply: “Two dynamics are keeping existing-home inventory historically low – rate-locked existing homeowners and the fear of not finding something to buy.” Let’s break down these two big issues in today’s housing market. Rate-Locked Homeowners According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):
But today, the typical mortgage rate offered to buyers is over 6%. As (3 comments)
mosier real estate: Spring into Action: Boost Your Home’s Curb Appeal
- 02/22/23 12:00 AM
Spring into Action: Boost Your Home’s Curb Appeal To sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but inventory is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, homes that are updated and priced at market value are still selling fast. Today, homes with curb appeal that (4 comments)
mosier real estate: 2023 Spring Housing Market Could Be a Sweet Spot for Sellers
- 02/20/23 03:59 PM
2023 Spring Housing Market Could Be a Sweet Spot for Sellers Some Highlights The biggest challenge in the housing market is how few houses there are for sale compared to the number of people who want to buy. The number of homes for sale is up from last year but below pre-pandemic numbers, and that means we’re still in a sellers’ market. The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about selling, let’s connect today. (2 comments)
mosier real estate: What’s Going on with Home Prices?
- 02/20/23 11:29 AM
What’s Going on with Home Prices? The recent changes in home prices are top of mind for many as the housing market begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices. Local price trends still vary by market. Markets, where home prices increased dramatically, are seeing larger price fluctuations. The Columbia Gorge region is NOT seeing dramatic pricing variability. The local market is certainly being impacted though, depending on location and market segment. But looking at national data, Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the Federal (1 comments)
mosier real estate: Why It’s Easy To Fall in Love with Homeownership
- 02/20/23 01:20 AM
Why It’s Easy To Fall in Love with Homeownership No matter how the housing market changes, there are some things about owning a home that never change—like the personal benefits it can provide. When you own your home, you likely feel a sense of attachment because of the comfort it gives and also because it’s a space that’s truly yours. Over the last few years, we’ve fully embraced the meaning of our homes as we spent more time than ever in them. As a result, the emotional benefits our homes provide have become even more important to us. As the most recent State of the American Homeowner from Unison puts (2 comments)
mosier real estate: What You Should Know About Closing Costs
- 02/20/23 01:00 AM
Closing Cost Facts You Should Know Before you buy a home, it’s important to plan ahead. While most buyers consider how much they need to save for a down payment, many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when it’s time to close on your home, you need to understand what closing costs are and how much you should budget for. What Are Closing Costs? People are sometimes surprised by closing costs because they don’t know what they are. According to Bankrate: “Closing costs are the fees and expenses you must pay before becoming the (3 comments)