What You Can Expect from the Spring Housing MarketAs the spring housing market kicks off, you likely want to know what you can expect this season when it comes to buying or selling a house. While there are multiple factors causing some uncertainty, including the conflict overseas, rising inflation, and the first rate increase from the Federal Reserve in over three years the housing market seems to be relatively immune.Here's a look at what experts say you can expect this spring.1. Mortgage Rates Will ClimbFreddie Mac reports the 30-year fixed mortgage rate has increased by more than a full point in the past six months. And despite some mild fluctuation in recent weeks, experts believe rates will continue to edge up over the next 90 days. As Freddie Mac says:The Federal Reserve raising s... 03/29/2022

This Spring Presents Sellers with a Golden OpportunityIf you're thinking of selling your house this year, timing is crucial. After all, you'll want to balance getting the most out of the sale of your current home and making the best investment when you buy your next one.If that's the case, you should know you may be able to get the best of both worlds today. Here are four reasons why this spring may be your golden window of opportunity.1. The Number of Homes on the Market Is Still LowTodays limited supply of houses for sale is putting sellers in the drivers seat. There are far more buyers in the market today than there are homes available. That means purchasers are eagerly waiting for your house. Listing your house now makes it the center of attention. And if you work with a real estate... 03/26/2022

Don't Get Caught Off Guard by Closing CostsAs a homebuyer, its important to plan and budget for the expenses you'll encounter when you purchase a home. While most people understand the need to save for a down payment, a recent survey found 41% of homebuyers were surprised by their closing costs. Here's some information to help you get started so you're not caught off guard when its time to close on your home.What Are Closing Costs?One possible reason some people are surprised by closing costs may be because they don't know what they are or what they cover. According to U.S. News and World Report:Closing costs encompass a variety of expenses above your property’s purchase price. They include things like lender fees, title insurance, government processing fees, upfront tax payments and ho... 03/25/2022

Are You Wondering if This Is the Year To Buy a Home?Every year, many renters ask themselves the same question: Should I continue renting, or is it time to buy a home? If you're a renter, chances are you've asked yourself that question at least once, and its likely because you've faced an increase in your monthly housing costs over time. After all, according to Census data, rents have risen consistently for decades.To make an informed and powerful decision, the first step is understanding what's happening in todays housing market so you can determine which option is the better long-term financial decision for you.Rents Are Going Up Again This YearRents are skyrocketing right now. Data from realtor.com shows just how much rental prices are surging throughout the country. The graph below h... 03/24/2022

Dos and Don’ts of Home TrendsThere are a number of trends in home decoration that you’ve likely seen come and go over the years. Some of them look pretty nice and create something of a timeless look, while others… well, it’s pretty easy to understand why they’re only temporary trends. Like them or hate them, though, following home trends can sometimes have a positive impact on the value of your home if you’re looking to sell. That is, of course, if you strike while the iron is hot.But what if you’re not actually looking to sell at the moment and just like the way that a trend looks? Will going all-in on some big trend hurt your home’s value down the line if you do decide to sell later? This could be a legitimate concern depending on the trend. After all, even if you’re on the market and... 03/23/2022

Did Your Dream Home Just Come on the Market?For the first time in a long time, the number of newly listed homes is beginning to rise. In their latest monthly release, realtor.com reveals the number of existing homes entering the market has increased for two months in a row (this comes after six months of declines). Here's a graph showing the monthly new listings going back to January of last year. The green bars indicate the first gains since June.However, buying demand is still outpacing housing supply.Though the increase in homes coming to the market is great news for prospective homebuyers, the number of buyers is still outpacing the number of homes available for sale. As realtor.com explains in their latest report:During the final two weeks of the month, more new sellers entered the... 03/22/2022

Why Its Critical To Price Your House RightWhen you make a move, you want to sell your house for the highest price possible. That might be why many homeowners are eager to list in todays sellers market. After all, with record-low inventory and high buyer demand, many homes are selling for more than asking price. Data from the National Association of Realtors (NAR) shows 46% of homes are selling above list price today.But even in a market like we have now, working with an agent to set the right asking price is critical, as pricing it too high or too low could have a negative impact on your final sale. Here's why.Pricing Your House Right Is Crucial Even in a Sellers MarketThe price you set for your house sends a message to potential buyers. Price it too low and you might raise questions ab... 03/19/2022

Key Factors That Impact Affordability TodayYou can't read an article about residential real estate without the author mentioning the affordability challenges that today's buyers face. There's no doubt homes are less affordable today than they were over the last two years, but that doesn't mean homes are now unaffordable.There are three measures used to establish home affordability: home prices, mortgage rates, and wages. Lets look closely at each of these components.1. Home PricesThe most recent Home Price Insights report by CoreLogic shows home values have increased by 19.1% from last January to this January. That was one reason affordability declined over the past year.2. Mortgage RatesWhile the current global uncertainty makes it difficult to project mortgage rates, we do know curren... 03/17/2022

How To Navigate a Market Where Multiple Offers Is the New NormalIf you're thinking of buying a home today, you already know that the number of homes available for sale is low. But what does that really mean for you? As a buyer, low housing supply coupled with high buyer demand means you should be prepared to navigate a highly competitive market where homes sell fast and get multiple offers. Realtor.com has this to say:Homes also flew off the market at record pace as buyers put offers in the moment properties came up for sale.In a bidding war situation like this, doing everything you can to get ahead of the competition is a wise move. Thats because when you find a house and submit an offer, it'll likely be up against strong offers from other buyers. According to the latest Realtors Confi... 03/16/2022

Key Terms for Homebuyers Some Highlights Knowing key housing terms and how they relate to todays market is important. For example, when mortgage rates and home prices rise, it impacts how much home you can afford. Terms like appraisal (what lenders rely on to validate a homes value) and the inspection contingency (which gives buyers essential information on a homes condition) directly impact the transaction. Buying a home can be intimidating if you're not familiar with the terms used throughout the process. Lets connect so you have an expert guide and advice for any questions that may come up.      03/15/2022

Millennials: Do You Need a Home with More Space?If you're a millennial, homebuying might be top of mind for you. Your generation is the largest group of homebuyers in the market today and has been since 2014, according to the National Association of Realtors (NAR). And while other millennials are looking to buy for the first time, you may be one of the many who are now discovering you've outgrown your home.If that's the case, you're not alone. The past two years brought about significant changes for many people, and today, homeowners are reevaluating what they truly need in a home. As a recent report from the Wall Street Journal states:“They say the pandemic and the emergence of remote work accelerated millennial home-buying trends already under way. . . . Millennials who already owned ... 03/14/2022

Down Payment Assistance Programs Can Help You Achieve HomeownershipFor many homebuyers, the thought of saving for a down payment can feel daunting, especially in todays market. Thats why, when asked what they find most difficult in the homebuying process, some buyers say its one of the hardest steps on the path to homeownership. Data from the National Association of Realtors (NAR) shows:For first-time home buyers, 29 percent said saving for a downpayment [sic] was the most difficult step in the process.If you're finding that your down payment is your biggest hurdle, the good news is there are many down payment assistance programs available that can help you achieve your goals. The key is understanding where to look and learning what options are available. Here's some information that ca... 03/10/2022

Buyers: How to Put Your Best Foot ForwardHousing prices continue to climb, inventories continue to remain low, demand for housing is intense, and there’s absolutely no relief in sight. It’s a hard time to be a homebuyer right now! Despite that, you can still find a house that you’ll love; it may just take a little extra polish and shine as you head into your home buying adventure. Cash is still king, but you can be more competitive by putting your best foot forward with your offers.Here are our best tips for buyers trying to secure a home in this busy and tight market.Bring a Pre-Approval Letter From Your Lender It’s one thing to think you’ll be approved for a loan, and yet another to know it. In today’s competitive market, your seller doesn’t want to wonder; they want to be certain tha... 03/09/2022

Are Home Prices Continuing To Rise?Many analysts projected home price appreciation would slow dramatically in the fall of 2021 and then continue to soften throughout 2022. So far, that hasn't happened. The major price indices are all revealing ongoing double-digit price appreciation. Here's a look at their reports on year-over-year price appreciation for December: Federal Housing Finance Agency (FHFA): 17.6% S&P Case-Shiller: 18.8% CoreLogic: 18.5% To show that they're not seeing signs of softening, here's a graph that gives the progression of all three indices for each month of 2021.As the graph above reveals, last year, home price appreciation accelerated dramatically from January to July according to all three indices. Then, it began to decelerate in August when prices appreciated at... 03/08/2022

Supply and Demand in Todays Market Some Highlights Todays housing market is the direct result of low supply and high buyer demand. Here's what that means for you and your plans to buy or sell. For buyers, expect competition, be ready to move fast, and be prepared to submit your strongest offer. For sellers, know your house will be the center of attention and that it'll likely sell quickly and get multiple offers. If you're ready to move, lets connect to talk about our local area and how you can take advantage of todays unprecedented housing market.    03/07/2022

What’s the Best Use of My Remodeling Dollars?When it comes to remodeling, some changes that you make to your home are going to net you a big return on your investment. Sometimes this return comes in the form of an increase to the overall value of your property, while sometimes the return is more in the form of your enjoyment and the overall usefulness that your home has for you. Either way, there’s a definite positive side to your remodeling project that you’ll reap the rewards from for years to come. With some other projects, though… well, let’s just say that they seemed like a good idea at the time.If you’re considering remodeling your home, it’s important that you think about what you want to do before you start. This will help you avoid projects that just waste money or leave things... 03/06/2022

Get More From Your HVAC SystemYour HVAC system works hard throughout the year to make sure that your home stays comfortable. During the chilly months of winter, it pumps hot air through the home to keep things toasty and warm. Once summer rolls around, cool air circulates to keep things from getting too hot within the home. When it’s operating at its best, you likely barely notice that it’s doing anything at all; the climate of your home remains so consistent that all of your HVAC system’s hard work just seems to happen in the background. Could it be even better, though?There are usually things that you can do to improve the efficiency of your HVAC system even more, helping it to run better while also saving you some money on your heating and cooling costs. The specifics of how you acco... 03/04/2022

The Perks of Owning More Than One HomeMany things have changed over the past couple of years, and real estate is no exception. One impact is an increased desire to own more than one home. According to the recent Luxury Market Report from Luxury Home Marketing:As trends such as remote working and flexi-hours took hold in 2021, so too did the flexibility of relocating as well as the growth of second homeownership.This may be because the pandemic has altered how we think about our homes. Where we live has become, more than ever, our safe space and our getaway. And with the rise in remote work, more people are reconsidering where they want to live and buying second homes to give them greater flexibility. If you fall in that category, here are just a few of the perks you'll enjoy, and how ow... 03/03/2022

What Causes Ice Inside Windows?When temperatures drop in winter, it’s not uncommon to see ice and snow outside and maybe even a little bit of frost on the outside of your windows and storm doors. Occasionally, though, you might notice a bit of ice building up on the inside of your windows as well. It’s easy to overlook this as just a sign that the temperature has really dropped outside, but that can be a mistake.Ice appearing on the inside of your windows is usually a sign that there is something going wrong in or around your windows. At best this can drive up your heating costs during the winter, sometimes significantly. At worst, you might be looking at leaks or other damage that could lead to significant repairs down the road. So if you notice ice on the inside of your windows, it’s ... 03/02/2022

How Supply and Demand Can Impact Your Buying and Selling GoalsIn todays housing market, there are far more buyers looking for homes than sellers listing their houses. Based on the concept of supply and demand, this means home prices will naturally rise. Why is that? When there are more people trying to buy an item than there are making that item available for sale, that drives prices up. And that's exactly the case in todays housing market. So, knowing what's happening with the inventory of homes for sale and the demand for housing is crucial for todays buyers and sellers.Nationally, Demand Is High and Supply Is Very LowThe latest buyer and seller activity data from the National Association of Realtors (NAR) indicates buyer traffic heavily outweighs seller traffic today, as shown in the... 03/01/2022