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Richmond, TX Real Estate News

By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
An important metric in todays residential real estate market is the number of homes available for sale. The shortage of available housing inventory is the major reason for the double-digit price appreciation we've seen in each of the last two years. Its the reason many would-be purchasers are frustrated with the bidding wars over the homes that are available. However, signs of relief are finally appearing.According to data from realtor.com, active listings have increased over the last four months. They define active listings as:The active listing count tracks the number of for sale properties on the market, excluding pending listings where a pending status is available. This is a snapshot measure of how many active listings can be expected on any given day of the specified month.What no...
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
Some Highlights When it comes to the current housing market, there are multiple misconceptions from what the current supply of available homes looks like to how much houses are selling for. It takes professionals who study expert opinions and data to truly understand the real estate market and separate fact from fiction. Trust the pros. If you want to understand why its still a good time to buy, lets connect today.  
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
Its economy 101 when supply is low and demand is high, prices naturally rise. That's what's happening in todays housing market. Home prices are appreciating at near-historic rates, and that's creating some challenges when it comes to home appraisals.In recent months, its become increasingly common for an appraisal to come in below the contract price on the house. Shawn Telford, Chief Appraiser for CoreLogic, explains it like this:Recently, we observed buyers paying prices above listing price and higher than the market data available to appraisers can support. This difference is known as the appraisal gap . . . .Why does an appraisal gap happen?Basically, with the heightened buyer demand, purchasers are often willing to pay over asking to secure the home of their dreams. If you've ever t...
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
Some Highlights Pricing your house right takes market experience and expertise. To find the best list price, your agent balances current market demand, values of homes in your neighborhood, where prices are headed, and your homes condition. If you're ready to sell, don't guess on the price. Lets connect today so we price your house to attract multiple offers and maximize your return on investment.   
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
Mortgage rates are hovering near record lows, and that's good news for todays homebuyers. The graph below shows mortgage rates dating back to 2016 and where today falls by comparison.Generally speaking, when rates are low, you can afford more home for your money. That's why experts across the industry agree todays low rates present buyers with an incredible opportunity. Here's what they have to say:Sam Khater, Chief Economist at Freddie Mac, points out the historic nature of todays rates:As the economy works to get back to its pre-pandemic self, and the fight against COVID-19 variants unfolds, owners and buyers continue to benefit from some of the lowest mortgage rates of all-time.Mark Fleming, Chief Economist at First American, talks about how rates impact a buyers bottom line:Mortgage...
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
Air filters serve a wide range of purposes in your home. They remove dust and dander from the air, eliminate other allergens, keep some odors under control, and even reduce the wear and tear that your HVAC system experiences throughout the year. Depending on the filters you use, you may even be able to remove some viruses and bacteria from the air to keep the people in your house healthier. With all of the benefits that good air filters provide, the only real downside is that you have to replace them every few months to keep your home’s filtration system filtering at its best.There are a few other options available when it comes to filter types, however. One air filter that’s increasingly popular with homeowners is the electrostatic filter, which not only provides excellent filtration b...
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
 Some Highlights When it comes to selling your house, you want it to look its best inside and out. Its important to focus on tasks that can make it inviting, show its cared for, and boost your curb appeal for prospective buyers. Lets connect to make sure your house shows well and catches a buyers eye.   
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
Your roof is one of the most important parts of your house, as problems with your roof can end up causing damage to a variety of other parts of your home. While most people are familiar with shingle roofs when it comes to home roofing options, there are actually a few different roof types available. One that is gaining a significant amount of popularity in recent years is metal roofing, due in part to its extreme durability and resistance to environmental factors that can damage traditional shingles.Once upon a time, metal roofing was largely made up of flat panels which seemed more at home on businesses or other non-residential structures. The material has come a long way since then, however. Modern metal roofing often mimics the look of shingles or tile roofs, adding a unique beauty t...
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
Whether or not you've been following the real estate industry lately, there's a good chance you've heard were in a serious sellers market. But what does that really mean? And why are conditions today so good for people who want to list their house?It starts with the number of houses available for sale. The latest Existing Home Sales Report from the National Association of Realtors(NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a normal or neutral market in which there are enough homes available for active buyers(see graph below):When the supply of houses for sale is as low as it is right now, its much harder for buyers to find homes to purchase. That creates incre...
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
 Some Highlights In todays sellers market, you're set up to win big when you list your house. That's because homes are selling fast, receiving 4.4 offers on average and often selling above the asking price. Then, when you buy your next home, you'll also win by addressing your changing needs and taking advantage of near historic-low mortgage rates. If you're ready to make a move, lets connect so you can capitalize on todays market and find your next dream home.  
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
According to recent data from realtor.com, median rental prices have reached their highest point ever recorded in many areas across the country. The report found rents rose by 8.1% from the same time last year. As it notes:Beyond simply recovering to pre-pandemic levels, rents across the country are surging. Typically, rents fluctuate less than 1% from month to month. In May and June, rents increased by 3.0% and 3.2% from each month to the next.If you're a renter concerned about rising prices, now may be the time to consider purchasing a home.Monthly Rents Are Higher Than Monthly Mortgage PaymentsWhen you weigh your options of whether to buy a home or continue renting, how much you'll pay each month is likely top of mind. According to the National Association of Realtors (NAR), monthly ...
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
Home prices continue to rise as we move through the summer, and that's good news for sellers who are looking to maximize their homes potential. If you're on the fence about whether to list your house now or later, the question you should really ask is: will this price appreciation last?Here's what three leading industry experts have to say about what lies ahead: Lawrence Yun, Chief Economist, National Association of Realtors (NAR):At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year. Selma Hepp, Deputy Chief Economist, CoreLogic:The imbalance between robust demand and dismal availability of for-sale homes has led to a continual bidding over asking prices, which reached ...
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
One of the hottest topics of conversation in todays real estate market is the shortage of available homes. Simply put, there are many more potential buyers than there are homes for sale. As a seller, you've likely heard that low supply is good news for you. It means your house will get more attention, and likely, more offers. But as life begins to return to normal, you may be wondering if that's something that will change.While it may be tempting to blame the pandemic for the current inventory shortage, the pandemic cant take all the credit. While it did make some sellers hold off on listing their houses over the past year, the truth is the low supply of homes was years in the making. Lets take a look at the root cause and what the future holds to uncover why now is still a great time t...
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
With forbearance plans about to come to an end, many are concerned the housing market will experience a wave of foreclosures like what happened after the housing bubble 15 years ago. Here are four reasons why that wont happen.1. There are fewer homeowners in trouble this timeAfter the last housing crash, about 9.3 million households lost their home to a foreclosure, short sale, or because they simply gave it back to the bank.As stay-at-home orders were issued early last year, the overwhelming fear was the pandemic would decimate the housing industry in a similar way. Many experts projected 30% of all mortgage holders would enter the forbearance program. Only 8.5% actually did, and that number is now down to 3.5%.As of last Friday, the total number of mortgages still in forbearance stood...
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
 Some Highlights If you're thinking of buying a home but wondering if waiting a few years will save you in the long run, think again. The longer the wait, the more you'll pay, especially when mortgage rates and home prices rise. Even the slightest change in the mortgage rate can have a big impact on your buying power no matter your price point. Don't assume waiting will save you money. Lets connect to set the ball into motion today while mortgage rates are hovering near historic lows.  
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
In todays real estate market, mortgage interest rates are near record lows. If you've been in your current home for several years and haven't refinanced lately, there's a good chance you have a mortgage with an interest rate higher than todays average. Here are some options you should consider if you want to take advantage of todays current low rates before they rise.Sell and Move Up (or Downsize)Many of todays homeowners are rethinking what they need in a home and redefining what their dream home means. For some, continued remote work is bringing about the need for additional space. For others, moving to a lower cost-of-living area or downsizing may be great options. If you're considering either of these, there may not be a better time to move. Here's why.The chart below shows average ...
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
In real estate, its normal to see ebbs and flows in the market. Typically, the summer months are slower-paced than the traditionally busy spring. But this isn't a typical summer. As the economy rebounds and life is returning to normal, the real estate market is expected to have an unusually strong summer season.Here's how this summer is stacking up against the norm and what it means for you.Inventory is increasing.According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), inventory levels have been rising since February of this year. Looking at the graph below, there's a clear upward trend, as shown in the green bars. Currently, there's roughly a 2.5 months supply of homes for sale. And while inventory is trending up as more houses are coming to ...
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
So-called “smart” devices are increasingly popular, adding new features and functionality to just about every room in your home. One room that you might not consider for a smart upgrade is the kitchen, but you should. There are a number of sensors and connected devices that can transform your kitchen into something special. One great option that’s often overlooked is the addition of a smart faucet to your sink.While smart faucets aren’t as well known (yet) as other smart home add-ons such as smart lighting and smart thermostats, they can have a significant impact on how you use your kitchen. Not only can you turn the faucets on and off in different ways, but you can also have your smart faucets automatically save you money on your water bill. If you’re wondering whether a smart faucet m...
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
For some homeowners, trees are a major component of their landscaping. Trees can bring a lot of beauty to your yard while also providing shade and habitats for birds and other animals. Unfortunately, unkempt trees can be kind of ugly and in some cases may even be dangerous. If you’ve got trees on your property that are looking a bit shaggy or that have simply seen better days, here are a few things to consider when trying to decide if they need a trim.Cosmetic Issues When you’re trying to decide whether to trim your trees, the first thing that you should do is look at the general appearance of the tree. You can obviously trim off lone branches that stick out at odd angles, but there’s more to cosmetic considerations than just that. You should also look at whether there are many crisscro...
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
There are a lot of tools in the world, and some of them have some very specialized uses. Sometimes these uses are pretty obvious; a hammer is used to hammer nails, and a wrench is used to tighten nuts. Even tools that you think you’re familiar with might surprise you, though; a hammer is a hammer, but do you know the difference between claw hammers and ball-peen hammers? What about all the different types of pliers that you might run across? Knowing exactly how specific tools are supposed to be used can help you to avoid errors and make finding the right tool for the job a lot easier.With that said, here are a few pretty common tools that you might not know enough about to use effectively. Learning a bit more about them will help to ensure that you always have the right tool for the job...
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By Shayne Stone, "Your Rock Solid Choice Realtor"
(Champion Real Estate Group)
 Some Highlights The amount of wealth Americans have stored in their homes has increased astronomically. On average, homeowners gained 33,400 in equity over the last 12 months, and the average equity on mortgaged homes is now 216,000. When its time to sell, your home equity can help accomplish your goals. Lets connect to discuss how you can take advantage of todays sellers market to get the most out of your home sale.   
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