estate: Taking the Fear out of Saving for a Home
- 10/31/22 04:52 PM
If you’re planning to buy a home, knowing what to budget for and how to save may sound scary at first. But it doesn’t have to be. One way to take the fear out of budgeting is understanding some of the costs you might encounter. And to do that, turn to trusted real estate professionals. They can help you plan your finances and prepare your budget.
Here are just a few costs experts say you can expect.
1. Down Payment Saving for your down payment is likely top of mind as you set out to buy a home. But do you know how much … (7 comments)
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estate: Pre-Approval Is a Critical First Step on Your Homebuying Journey
- 10/24/22 09:32 AM
If you’re planning to buy a home this year, one of the first steps on your journey is getting pre-approved. Especially in today’s market when mortgage rates are higher than they were just a few months ago, getting a mortgage pre-approval can be a game changer. Here’s why.
What Is Pre-Approval? To better understand why pre-approval is key, it’s important to know what pre-approval is. The Mortgage Reports explains it like this:
“When you’re ready to take the leap into homeownership, your first step is mortgage preapproval. . . . A mortgage preapproval is when a lender determines you’re qualified for a home loan. Your preapproval letter shows the maximum loan amount … (3 comments)
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estate: Should You Still Buy a Home with the Latest News About Inflation?
- 10/19/22 07:52 AM
While the Federal Reserve is working hard to bring down inflation, the latest data shows the inflation rate is still high, remaining around 8%. This news impacted the stock market and added fuel to the fire for conversations about a recession.
You’re likely feeling the impact in your day-to-day life as you watch the cost of goods and services climb. The pinch it’s creating on your wallet and the looming economic uncertainty may leave you wondering: “should I still buy a home right now?” If that question is top of mind for you, here’s what you need to know.
Homeownership Is Historically a Great Hedge Against Inflation In an inflationary economy, … (3 comments)
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estate: The Long-Term Benefit of Homeownership
- 10/05/22 09:05 AM
Today’s cooling housing market, the rise in mortgage rates, and mounting economic concerns 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 factor the long-term benefits of homeownership into 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 you gain equity and wealth as home values grow with time.
The National Association of Realtors (NAR) explains:
“Home equity gains are built up … (2 comments)
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estate: If You’re Thinking of Selling Your House This Fall, Hire a Pro
- 09/30/22 08:43 AM
Today’s market is at a turning point, making it more essential than ever to work with a real estate professional. Not only will a trusted real estate advisor keep you updated and help you make the best decisions based on current market trends, but they’re also experts in managing the many aspects of selling your house.
Here are five key reasons why working with a real estate professional makes sense today.
1. A Professional Follows the Latest Market Trends With higher mortgage rates and moderating buyer demand, conditions are changing and staying on top of the latest market information is crucial when … (3 comments)
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estate: What Experts Say Will Happen with Home Prices Next Year
- 09/22/22 11:29 AM
Experts are starting to make their 2023 home price forecasts. As they do, most agree homes will continue to gain value, just at a slower pace. Over the past couple of years, home prices have risen at an unsustainable rate, leaving many to wonder how long it would last. If you’re asking yourself: what’s ahead for the price of my home, know that experts are now answering this question, and its welcome news for homeowners who may have been led by the media to believe their home would lose value.
Historically, home prices have appreciated at a rate near 4%. For 2023, the average of … (2 comments)
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estate: Three Things Buyers Can Do in Today’s Housing Market
- 09/13/22 01:26 PM
It’s clear the 2022 housing market has been defined by rising mortgage rates. With rates on the rise, it’s also become more costly to purchase a home. According to the National Association of Realtors (NAR):
“Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an increase of 53.7%.”
If you’re thinking of buying a home or have been trying to recently, that’s a big increase in a monthly mortgage payment – and it may be causing you to press pause on your plans. This jump is making homes less affordable, especially compared to the last two years when mortgage rates … (3 comments)
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estate: What Sellers Need To Know in Today’s Housing Market
- 08/23/22 08:23 AM
If you’re thinking about selling your house, you may have heard about the housing market slowing down in recent months. While it’s still a sellers’ market, the peak frenzy the market saw over the past two years has cooled some. If you’re asking yourself if you’ve missed your chance to sell your house and make a move, the good news is you haven’t – motivated buyers are still out there. But you do need to price your house right for today’s market. Here’s why.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“Homes priced right are selling very quickly, … (3 comments)
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estate: The U.S. Homeownership Rate Is Growing
- 08/15/22 05:01 AM
The desire to own a home is still strong today. In fact, according to the Census, the U.S. homeownership rate is on the rise. To illustrate the increase, the graph below shows the homeownership rate over the last year:
That data shows more than half of the U.S. population live in a home they own, and the percentage is growing with time.
If you’re thinking about buying a home this year, here are just a few reasons why so many people see the value of homeownership.
Why Are More People Becoming Homeowners? There are several benefits to owning your home. A significant one, especially … (5 comments)
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estate: Why the Forbearance Program Changed the Housing Market
- 08/08/22 05:44 AM
When the pandemic hit in 2020, many experts thought the housing market would crash. They feared job loss and economic uncertainty would lead to a wave of foreclosures similar to when the housing bubble burst over a decade ago. Thankfully, the forbearance program changed that. It provided much-needed relief for homeowners so a foreclosure crisis wouldn’t happen again. Here’s why forbearance worked.
Forbearance enabled nearly five million homeowners to get back on their feet in a time when having the security and protection of a home was more important than ever. Those in need were able to work with their banks and … (2 comments)
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estate: A Real Estate Professional Helps You Separate Fact from Fiction
- 07/29/22 01:49 PM
If you’re following the news, chances are you’ve seen or heard some headlines about the housing market that don’t give the full picture. The real estate market is shifting, and when that happens, it can be hard to separate fact from fiction. That’s where a trusted real estate professional comes in. They can help debunk the headlines so you can really understand today’s market and what it means for you.
Here are three common housing market myths you might be hearing, along with the expert analysis that provides better context.
Myth 1: Home Prices Are Going To Fall One piece … (5 comments)
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estate: Why Pre-Approval Is a Game Changer for Homebuyers
- 07/19/22 05:05 AM
If you’re planning to buy a home this year, you might have heard that pre-approval is a necessary step to take before starting out on your journey. But why is that? And is it still important in today’s shifting market?
The truth is, getting a pre-approval letter from your lender is critical, and when it comes to your home search, it can be a game changer in so many ways.
To better understand why, it’s important to know what pre-approval is. Freddie Mac defines the process like this:
“A pre-approval is an indication from your lender that they are willing to lend you a certain amount … (4 comments)
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estate: Should I Buy a Home Right Now?
- 07/13/22 09:12 AM
If you’ve been thinking about buying a home, you likely have one question on the top of your mind: should I buy right now, or should I wait? While no one can answer that question for you, here’s some information that could help you make your decision.
The Future of Home Price Appreciation Each quarter, Pulsenomics surveys a national panel of over 100 economists, real estate experts, and investment and market strategists to compile projections for the future of home price appreciation. The output is the Home Price Expectation Survey. In the latest release, it forecasts home prices will continue appreciating over the next five years (see graph below):
… (4 comments)
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estate: Two Reasons Why Today’s Housing Market Isn’t a Bubble
- 06/27/22 01:45 PM
You may be reading headlines and hearing talk about a potential housing bubble or a crash, but it’s important to understand that the data and expert opinions tell a different story. A recent survey from Pulsenomics asked over one hundred housing market experts and real estate economists if they believe the housing market is in a bubble. The results indicate most experts don’t think that’s the case (see graph below):
As the graph shows, a strong majority (60%) said the real estate market is not currently in a bubble. In the same survey, experts give the following reasons why this isn’t like 2008:
The recent … (5 comments)
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estate: Why the Dream of Homeownership Can Be Difficult for Some Americans
- 06/20/22 11:59 AM
Today we take time to honor and recognize the past and present experiences of Black Americans. When it comes to real estate specifically, equitable access to housing has come a long way, but the path to homeownership is still steeper for households of color.
The Gap in Homeownership Rate in America It’s a more challenging journey to achieve homeownership for some buyers, as shown by the measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Census data shows the lowest homeownership rate persists in the Black community (see graph below):
This graph clearly indicates there’s a gap that still … (4 comments)
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estate: Why the Growing Number of Homes for Sale Is Good for Your Move Up
- 06/07/22 12:41 PM
Are you thinking about selling your current home? If so, the biggest question on your mind may be: if I sell now, where will I go? If this resonates with you, there’s something you should know. The number of homes coming onto the market is increasing and that could make it easier for you to move up this summer.
According to the latest data from realtor.com, the number of homes being listed for sale, known as new listings, has increased consistently this year (see graph below):
While this news has clear benefits for buyers who are craving more options for their home search, what does that mean … (5 comments)
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estate: Why Summer Is a Great Time To Buy a Vacation Home
- 05/26/22 12:25 PM
You may be someone who looks forward to summer each year because it gives you an opportunity to rest, unwind, and enjoy more quality time with your loved ones. Now that summer is just around the corner, it’s worthwhile to start thinking about your plans and where you want to spend your vacations this year. Here are a few reasons a vacation home could be right for you.
Why You May Want To Consider a Vacation Home Today Over the past two years, a lot has changed. You may be one of many people who now work from home and have added … (3 comments)
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estate: Are There More Homes Coming to the Market?
- 05/11/22 12:47 PM
According to a recent survey from the National Association of Realtors (NAR), one of the top challenges buyers face in today’s housing market is finding a home that meets their needs. That’s largely because the inventory of homes for sale is so low today.
If you’re looking to buy a home, you may have noticed this yourself. But there is good news. Recent data shows more sellers are listing their houses this season, which may give you more options for your home search.
Early Signs Inventory May Be Growing The latest data from realtor.com shows the number of listings coming onto the market, known in the industry as “new listings,” has increased since the … (5 comments)
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estate: How Homeownership Can Help Shield You from Inflation
- 04/26/22 03:14 PM
If you’re following along with the news today, you’ve likely heard about rising inflation. You’re also likely feeling the impact in your day-to-day life as prices go up for gas, groceries, and more. These rising consumer costs can put a pinch on your wallet and make you re-evaluate any big purchases you have planned to ensure they’re still worthwhile.
If you’ve been thinking about purchasing a home this year, you’re probably wondering if you should continue down that path or if it makes more sense to wait. While the answer depends on your situation, here’s how homeownership can help you combat the rising costs … (5 comments)
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estate: The Future of Home Price Appreciation and What It Means for You
- 04/07/22 10:55 AM
Many consumers are wondering what will happen with home values over the next few years. Some are concerned that the recent run-up in home prices will lead to a situation similar to the housing crash 15 years ago.
However, experts say the market is totally different today. For example, Odeta Kushi, Deputy Chief Economist at First American, tweeted just last week on this issue:
“. . . We do need price appreciation to slow today (it’s not sustainable over the long run) but high price growth today is supported by fundamentals- short supply, lower rates & demographic demand. And we are in a much different & … (2 comments)
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