by Denise Franklin | Apr 3, 2025 | For Buyers, Inventory
If you’ve put your moving plans on hold, now might be the perfect time to reconsider. Here’s why you should hit play on your plans and move forward.
1. The Real Estate Market is Shifting
The real estate market is always changing, and conditions could be in your favor now. Whether it’s higher home values or more favorable interest rates, it’s worth re-evaluating your situation to see if now is a good time to buy or sell.
2. Interest Rates Might Rise Again
Interest rates have been fluctuating, and while they may not stay low forever, now could be your chance to lock in a favorable rate. Waiting too long might mean higher borrowing costs down the line, making it smarter to move now.
3. Increased Buyer Demand in Spring
Spring is a busy time in real estate, and more buyers are looking for homes. Listing your property now could lead to increased demand, helping you sell quicker and at a better price.
4. Financial and Job Stability
If your financial situation has improved, now is a great time to start planning your move. Whether it’s a new job or financial security, being stable gives you the confidence to make a big decision.
5. Personal Life Changes
Life events like starting a family, getting married, or a career move can signal it’s time for a new home. If your current space no longer suits your needs, it could be the right time to make a change.
6. Housing Inventory is Increasing
As the market picks up, more homes will be available to buy, giving you more choices and the chance to find the perfect place.
Conclusion: Time to Take Action
If you’ve been waiting for the right moment, now could be it. With improving market conditions, increased demand, and a greater inventory of homes, this is a great time to hit play on your moving plans. Take a fresh look at your options and make your next move with confidence.
by Denise Franklin | Mar 3, 2025 | Featured, For Sellers, Inventory
Many homeowners hesitate to sell their homes due to unanswered questions and doubts. However, these concerns are often based on misconceptions rather than facts. If you’re unsure about whether it’s the right time to sell, talking to a real estate agent could clear up any uncertainties. You might find that your worries aren’t as big of a hurdle as you thought.
If you’re feeling uncertain about moving, it’s time to get the real answers. Here’s a look at some common questions homeowners have about selling their homes and the data that answers them.
- Is It a Good Time to Sell My Home?
One of the biggest concerns for homeowners is the fear of selling and then dealing with higher mortgage rates when buying a new home. While this concern is valid, it might not be as much of a barrier as you think.
The good news is that home values have likely increased significantly since you bought your home. According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), the average homeowner has gained $147,000 in housing wealth over the past five years. This means that selling your home could provide you with the financial resources to afford your next move, even if mortgage rates are higher than before.
- Will I Be Able to Find a Home I Like After Selling?
Many buyers have struggled to find a home in recent years due to low inventory and high demand. However, the market is now much more favorable for those looking to purchase a new home.
According to Realtor.com, housing inventory has increased by nearly 25% compared to the previous year. Although inventory is still below pre-pandemic levels, this increase is a positive sign for homebuyers. Experts predict that housing inventory will grow another 10-15% this year, giving you more options when searching for your next home. This means you’re more likely to find a property you love in today’s market.
- Are Buyers Still Active in the Market?
If you’re wondering whether buyers are still purchasing homes, you’ll be happy to know that the market is still active, despite higher mortgage rates and home prices.
According to the National Association of Realtors (NAR), approximately 4.24 million homes were sold last year, even though the market wasn’t as competitive as in previous years. To put this into perspective, that’s about 11,616 homes sold every day, or 484 homes sold every hour. In fact, homes are selling every minute of the day. This means that even as you read this article, buyers are actively looking for homes, including properties like yours.
Bottom Line: Now Might Be the Right Time to Sell Your Home
If you’re considering selling your home but feel uncertain, now is the time to connect with a real estate agent. They can help you navigate the current market and answer any questions you have about the process. With home values on the rise, an increase in inventory, and a market still full of buyers, the timing could be right to sell your home and make a move.
Don’t let uncertainty hold you back. Get the answers you deserve and take the next step in your homeownership journey today.
by Denise Franklin | Dec 24, 2024 | Inventory, Mortgage Rates
Image by Izhar Ahamed from Pixabay
Hey there! If you’ve been watching the housing market, you might have noticed some exciting changes as we move through November 2024. After a few years of a super hot seller’s market, things are starting to cool down, bringing a more balanced vibe for buyers and sellers. Let’s chat about what’s going on.
Mortgage Rates Are Dropping
One of the most significant changes this month is the drop in mortgage rates. Earlier this year, rates were pretty high, but now they’re coming down, which is excellent news for anyone looking to buy a home. The average 30-year fixed mortgage rate is around 6.5%, down from over 7% in the summer. Lower mortgage rates makes home loans more affordable and is likely to bring more buyers into the market.
Home Prices Are Stabilizing
Home prices have skyrocketed for a while, but now they’re starting to level off. Prices are still higher than before the pandemic, but the crazy double-digit increases are slowing down. In many markets, we’re seeing price growth of about 4-5% year-over-year. The reduction in price growth is a relief for buyers struggling with high prices.
Inventory Is Still Tight
Even though the market is cooling, there’s still a shortage of homes. The national housing shortage is a big issue, with a deficit of about 3.7 million units. Low inventory is especially tough in the rental market, where demand is high. Builders are trying to catch up, but they’re facing higher costs and labor shortages, so inventory is expected to stay tight for a while.
Regional Differences
The housing market isn’t the same everywhere. Some areas are doing better than others. For example, places like Phoenix and Tampa still see strong demand and price growth because of their great weather and growing economies. On the other hand, some coastal markets that boomed during the pandemic are slowing down as people head back to cities.
First-Time Homebuyers Are Stepping Up
First-time homebuyers are becoming more significant in the market. With mortgage rates dropping and prices stabilizing, more first-timers are finding it possible to buy a home. They still face challenges like high prices and limited inventory, but programs that offer down payment assistance and favorable loan terms are helping.
Economic Factors at Play
The overall economy is also affecting the housing market. The U.S. economy is doing well, with solid growth in the third quarter of 2024. However, the job market is cooling, and inflation is still higher than the Federal Reserve’s target. These factors are making buyers and sellers a bit cautious.
Looking Ahead
The housing market is expected to remain balanced as we look forward to the rest of 2024 and into 2025. Mortgage rates might stay volatile but should gradually decrease, making it easier for buyers. Home prices are likely to stabilize more, and hopefully, we’ll see some improvement in inventory levels as builders ramp up production. Whether buying or selling, staying informed about these trends can help you make the best decisions.
—
So, that’s the scoop on the housing market in November 2024! It’s a time of change, with some good news for buyers and a bit of a hiatus for sellers. If you have any questions or need more details, feel free to ask. Happy house hunting!
Sources
: Freddie Mac
: U.S. News
: Norada Real Estate
I hope this version feels more engaging! Let me know if there’s anything else you need.
by Denise Franklin | Dec 13, 2024 | Buying Tips, First-Time Buyers, For Buyers, Inventory
When it comes to buying a home, many buyers face the age-old dilemma of choosing between a newly built property and an older home. While older homes have their charm and character, newly built homes offer a range of benefits that can make them a more appealing option. If you’re in the market for a new place to call home, here are the top two reasons why you should consider looking at newly built homes.
1. Modern Amenities and Design Features
One of the most compelling reasons to consider a newly built home is the modern amenities and design features that come with it. In recent years, homebuilders have made significant strides in creating homes that cater to contemporary lifestyles. Here’s what you can expect from newly constructed homes:
- Open Floor Plans: Many new homes embrace open-concept designs that promote a sense of space and light. These layouts often combine the living, dining, and kitchen areas into a flowing, airy space, perfect for both entertaining guests and spending time with family.
- Energy Efficiency: New homes are built with the latest energy-efficient technologies, including insulation, windows, and appliances that reduce energy consumption. This means lower utility bills and a smaller carbon footprint. Many homes also incorporate renewable energy solutions like solar panels, which further enhance their efficiency.
- Smart Home Technology: More new homes are being built with integrated smart home systems. This might include automated lighting, security systems, thermostats, and even appliances. With these technologies, homeowners can enjoy greater control over their home’s systems and improve convenience and safety.
- Updated Features: Whether it’s the latest kitchen appliances, luxurious bathroom fixtures, or premium flooring materials, newly built homes tend to offer high-quality, contemporary finishes that make a house feel fresh and stylish. These features often require less upkeep and can enhance your daily living experience.
2. Lower Maintenance and Fewer Repairs
Another major advantage of buying a newly built home is the reduced need for repairs and maintenance. Older homes may have charm, but they also come with potential hidden costs, such as outdated plumbing, aging electrical systems, and worn-out roofing materials. Here’s how a new home can save you time and money:
- Brand New Systems: When you purchase a newly built home, everything is fresh and under warranty. This includes essential systems like plumbing, electrical wiring, heating, and cooling systems. You’re less likely to encounter unexpected issues that could lead to costly repairs in the near future.
- Modern Materials: Building materials in newer homes are more durable and efficient. Whether it’s the roofing, siding, or windows, these materials are designed to last longer and withstand wear and tear better than older alternatives.
- Home Warranties: Many newly built homes come with warranties from the builder that can cover major repairs for the first few years. This can give you peace of mind knowing that, should something go wrong, you won’t have to pay out of pocket for major repairs right after moving in.
- Lower Maintenance: New homes are designed to be low-maintenance, meaning that the finishes and fixtures are built to last longer without needing constant upkeep. Whether it’s modern, durable flooring or energy-efficient appliances, new homes generally require less time, effort, and money to maintain.
Conclusion
While older homes certainly offer unique characteristics and historical charm, newly built homes bring significant advantages in terms of design, efficiency, and long-term value. With modern amenities, energy-saving features, and minimal maintenance, buying a new home can provide you with a stress-free living experience that meets contemporary needs. If you’re in the market for a home that offers peace of mind, style, and functionality, looking at newly built homes should be at the top of your list.
by Denise Franklin | Nov 14, 2024 | For Buyers, Home Prices, Inventory
The real estate market is shifting, with two key trends emerging: more homes available and slower price growth. If you’re thinking about buying, here’s what these changes could mean for you:
1. More Choices, Less Competition
With more homes on the market, you have more options to choose from and less competition. The days of bidding wars may be behind you, giving you time to carefully evaluate properties without rushing into a decision.
2. Slower Price Growth Means Greater Affordability
While prices aren’t dropping drastically, slower price increases can make homes more affordable. This trend also means sellers may be more open to negotiations, potentially allowing you to secure a better deal.
3. Interest Rates Matter
Even with a slower market, rising interest rates can still impact your monthly mortgage payments. It’s important to factor in current rates when calculating what you can afford.
4. Long-Term Stability
The cooling of price growth may signal a more stable market, which is good news for buyers looking for a long-term investment. You’re less likely to see the wild swings in home values that characterized recent years.
5. Negotiation Power
With more homes and slower growth, you may find it easier to negotiate favorable terms, whether that’s a better price, fewer repairs, or other concessions from the seller.
What You Can Do:
- Get Pre-Approved: Having mortgage pre-approval shows sellers you’re serious and helps you stick to your budget.
- Explore New Areas: With more homes on the market, consider expanding your search to emerging neighborhoods.
- Think Long-Term: Buy a home that suits your future plans, not just your current needs.
In summary, the shift to more inventory and slower price growth presents a favorable environment for buyers. With patience, strategy, and preparation, you can find a home that meets both your budget and long-term goals.
by Denise Franklin | Aug 16, 2024 | Buyers, Inventory
There’s no denying the last couple of years have been tough for anyone trying to buy a home because there haven’t been enough houses to go around. But things are starting to look up.
There are more homes up for grabs this year. The graph below uses the latest data from Realtor.com to show in April 2024 there were more homes for sale than there were over the last few years (2021-2023):
As Realtor.com explains:
“There were 30.4% more homes actively for sale on a typical day in April compared with the same time in 2023, marking the sixth consecutive month of annual inventory growth.”
But does this growing inventory make house hunting easier? Yes and no.
Using the latest weekly data from Calculated Risk, the graph below shows, that even with the growth lately, there are still way fewer homes for sale than there were in the last normal year in the housing market:
What Does This Mean for You?
If you’ve been looking to buy but put your plans on hold because you just couldn’t find what you were searching for, you might see more options now than you did over the past few years – but don’t expect a huge selection.
To check out your growing options, it’s a good idea to work with a local real estate agent you trust. Real estate is all about location. And an agent can help you get the scoop on the homes available in the area you’re interested in. Bankrate explains:
“In today’s homebuying market, it’s more important than ever to find a real estate agent who really knows your local area — down to your specific neighborhood — and can help you successfully navigate its unique quirks.”
Bottom Line
Team up with a local real estate agent who can keep you in the loop on everything that might impact your move, like how many homes are up for sale right now.
