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 … Continue reading...
Why a Condo May Be a Great Option for Your First Home
Having a hard time finding a first home that's right for you and your wallet? Well, here's a tip – think about condominiums, or condos for short.They're usually smaller than single-family homes, but that's exactly why they can be easier on your budget. According to the latest data from the National Association of Realtors (NAR), condos are typically less expensive than single-family homes (see graph below):So, if you're comfortable with a smaller space and want to buy your first home this year, adding condos to your search might be easier on your wallet.Besides giving you more options for your home search and maybe fitting your budget better, living in a condo has a bunch of other perks, too. According to Rocket Mortgage:“From community living to walkable urban areas, condos are great options for first-time home buyers and people looking to enjoy homeownership without extensive upkeep.”Let’s dive into a few of the draws of condos for first-time buyers from Bankrate:They require less … Continue reading...
Thinking of Selling? You Want an Agent with These Skills
Selling your house is a big decision. Your home is one of the biggest investments you’ve probably ever made, and it’s a place where you’ve created countless memories. That combo means there’s going to be a lot of emotions involved. You want someone who understands your perspective, knows what it feels like, and is an expert at helping homeowners just like you navigate the process of selling a home.That’s where a good listing agent, also known as a seller's agent, comes in. Here are just a few skills you’ll want your agent to have.The Ability To Turn Something Complex into Something SimpleSome agents are going to use big, fancy real estate terms to try and impress you. But you shouldn’t have to know all the industry jargon in order to understand what they’re saying. If anything, it's an agent’s job to keep it simple, so you don’t get overwhelmed or confused.A great agent is going to be someone who is very good at explaining what’s happening in the housing market in a way that’s easy to … Continue reading...
Home Prices Are Climbing in These Top Cities
Thinking about buying a home or selling your current one to find a better fit? If so, you might be wondering what's going on with home prices these days. Here's the scoop.The latest national data from Case-Shiller and the Federal Housing Finance Agency (FHFA) shows they’re going up (see graphs below):As you can see, home prices were rising for most of 2023. But over the course of December and January, they were virtually flat – which is pretty normal for that time of year.But here's what you need to know now. As of February, when the spring market kicked off, prices were on the rise again.Home Prices Are Going Up in Most of America's Top CitiesAfter seeing a jump in home prices nationally in February, you might be wondering if they’re going up in your area, too. While it depends on where you live, prices are rising in 18 of the top 20 cities Case-Shiller reports on in the monthly price index (see chart below):Most experts also think home prices will keep rising and end the year on a … Continue reading...
The Sun Is Shining on Sellers This Summer [INFOGRAPHIC]
Some HighlightsIf your needs have changed, now’s a great time to sell and get the features you want most.Many buyers are eager to move between the school years, so you may see a faster sale, multiple offers, a higher final sales price, and more.If you want to get your house ready for a summer listing, connect with a local real estate professional. … Continue reading...
The Top 2 Reasons To Consider a Newly Built Home
When you’re planning a move, it’s normal to wonder where you’ll end up and what your future home is going to look like. Maybe you’ve got a specific picture of that house in your mind. But unless you came into this process knowing you want to buy a newly built home, you may not have pictured new home construction.A trusted real estate agent can help walk you through these two reasons you may want to reconsider that.1. Adding Newly Built Homes Could Give You More OptionsThere are two types of homes on the market: new and existing. A newly built home refers to a house that was just built or is under construction. An existing home is one a previous homeowner has already lived in. Right now, the inventory of existing homes is tight. But there may be options for you on the new home side of things.Data from the Census and the National Association of Realtors (NAR) shows that newly built homes are a bigger part of today’s housing inventory than the norm (see graph below):From 1983 to 2019 (the … Continue reading...
How Buying or Selling a Home Benefits Your Community
If you're thinking of buying or selling a house, it's important to know it doesn't just impact you—it helps out the local economy and your community, too.Every year, the National Association of Realtors (NAR) puts out a report that breaks down the financial impact that comes from people buying and selling homes (see visual below):When a house is sold, it really boosts the local economy. That’s because of all the people needed to build, fix up, and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry adds jobs to a community:“. . . housing is a significant job creator. In fact, for every single-family home built, enough economic activity is generated to sustain three full-time jobs for a year . . .”It makes sense that housing creates a lot of jobs because so many different kinds of work are involved in the industry.Think about all the people involved with selling a house—city officials, contractors, lawyers, … Continue reading...
Tips for Younger Homebuyers: How To Make Your Dream a Reality
If you’re a member of a younger generation, like Gen Z, you may be asking the question: will I ever be able to buy a home? And chances are, you’re worried that’s not going to be in the cards with inflation, rising home prices, mortgage rates, and more seemingly stacked against you.While there’s no arguing this housing market is challenging for first-time homebuyers, it is still achievable, especially if you have professionals on your side.Here are some helpful tips you may get from a pro.1. Explore Your Options for a Down PaymentIf a down payment is your #1 hurdle, you may have options to give your savings a boost. There are over 2,000 down payment assistance programs designed to make homeownership more achievable. And, that’s not the only place you may be able to get a helping hand. While it may not be an option for everyone, 49% of Gen Z homebuyers got money from loved ones that they used toward a down payment, according to LendingTree.And chances are you won’t need to put 20% down … Continue reading...
What’s Motivating Your Move?
Thinking about selling your house? As you make your decision, consider what's pushing you to think about moving. A recent survey from Realtor.com looked into why people want to sell their homes this year. Here are the top two reasons (see graphic below):Let's take a closer look and see if they’re motivating you to make a change too.1. To Make a ProfitIf you’re thinking about selling your house, you probably have a lot of questions on your mind. Well, here's some good news – the latest data shows most sellers get a great return on their investment when they sell. ATTOM, a property data provider, explains:“. . . home sellers made a $121,000 profit on the typical sale in 2023, generating a 56.5 percent return on investment.”That’s significant. And here’s one contributing factor. During the pandemic, home prices skyrocketed. There was way more buyer demand than homes available for sale and that combination pushed prices up.Now, home prices are still rising, just not as fast. That ongoing … Continue reading...
Builders Are Building Smaller Homes [INFOGRAPHIC]
Some HighlightsHaving a hard time finding a home in your budget? Builders may have a solution that can help.Builders are shifting their attention to what buyers want most right now – smaller, more affordable homes.If you want to see what’s available locally and in other areas nearby, connect with an agent to explore your options together. … Continue reading...