Are you thinking about selling your house as a For Sale by Owner (FSBO)? If so, know there's a whole lot more time and expertise needed in that process than you might think. While the idea of doing it all by yourself might seem tempting, it's important to recognize the challenges you may face if you take it on all by yourself. As a recent article from Bankrate explains:“Choosing the right price, crafting a compelling listing, marketing to potential buyers, coordinating showings, preparing paperwork: All of these are tasks that, in the absence of a real estate agent, you will have to do yourself.”Here’s a bit more information on just a few of those things and how you may miss out if you don’t use an agent.You May Not Price it RightPricing your house right is key to a successful sale. Real estate agents have experience navigating this housing market and understand the art of pricing a home to sell today. Unfortunately, homeowners who sell on their own often lack this all-important … Continue reading...
What Are the Real Reasons You Want To Move Right Now?
If you're considering selling your house right now, it's likely because something in your life has changed. And while things like mortgage rates play a big role in your decision, you don’t want that to overshadow why you thought about making a move in the first place.It’s true mortgage rates are higher right now, and that has an impact on affordability. As a result, some homeowners are deciding they’ll wait to sell because they don’t want to move and have a higher mortgage rate on their next home.But your lifestyle and your changing needs matter, too. As a recent article from Realtor.com says:“No matter what interest rates and home prices do next, sometimes homeowners just have to move—due to a new job, new baby, divorce, death, or some other major life change.”Here are a few of the most common reasons people choose to sell today. You may find any one of these resonates with you and may be reason enough to move, even today.RelocationSome of the things that can motivate a move to a new … Continue reading...
How Buying a Multi-Generational Home Helps with Affordability Today
In today's world of rising housing costs, many buyers are looking for ways to still be able to buy a home. Some of them have found a solution in multi-generational living.Multi-generational living is when two or more adult generations live together under one roof. This includes siblings, parents, or even grandparents. Here’s an in-depth look at why more buyers are choosing this option today, so you can see if it may be right for you too.Reasons To Buy a Multi-Generational HomeAccording to a recent study by the National Association of Realtors (NAR), the top two reasons people are opting for multi-generational homes today have to do with affordability (see graph below):Cost Savings: About 28% of first-time buyers and 11% of repeat buyers are deciding on a multi-generational home to save on costs. By pooling their resources, households can share the financial responsibilities like mortgage payments, utilities, property taxes, and maintenance, to make homeownership more affordable. This … Continue reading...
Are Higher Mortgage Rates Here To Stay?
Mortgage rates have been back on the rise recently and that’s getting a lot of attention from the press. If you’ve been following the headlines, you may have even seen rates recently reached their highest level in over two decades (see graph below): That can feel like a little bit of a gut punch if you’re thinking about making a move. If you’re wondering whether or not you should delay your plans, here’s what you really need to know. How Higher Mortgage Rates Impact You There’s no denying mortgage rates are higher right now than they were in recent years. And, when rates are up, that affects overall home affordability. It works like this. The higher the rate, the more expensive it is to borrow money when you buy a home. That’s because, as rates trend up, your monthly mortgage payment for your future home loan also increases. Urban Institute explains how this is impacting buyers and sellers right now: “When mortgage rates go up, monthly housing payments on new purchases also … Continue reading...
The Difference Between Renting and Buying a Home [INFOGRAPHIC]
Some HighlightsWhen deciding between buying a home or renting, think about these three important factors.Buying a home means avoiding rising rents, owning a tangible and valuable asset, and growing your wealth over time.If you’re ready to enjoy the advantages of owning a home, connect with a local real estate expert to discuss your options. … Continue reading...
Growing Your Net Worth with Homeownership
Take a moment to imagine where you want to be in a few years. You might be thinking about your job, money, wanting more stability, or goals you want to reach soon. Is homeownership a part of that vision? If it is, you should know owning a home has a whole lot of financial benefits.One of the many reasons to buy a home is that it’s a great way to build wealth and gain financial stability. That’s because the value of most homes increases over time, which in turn grows your net worth. Here’s how home values are rising right now. According to Zillow:“The total value of the U.S. housing market – the sum of Zillow’s estimated value for every U.S. home – is now slightly less than $52 trillion, which is $1.1 trillion higher than the previous peak reached last June.”Basically, homeownership is a tremendous wealth-building tool. And with home values back on the rise across the nation, now might be a good time to consider if owning a home is something you want to reach for.Here’s a look at some … Continue reading...
The Latest Expert Forecasts for Home Prices in 2023
Are you thinking about making a move? If so, all the speculation that home prices would crash this year may have you feeling a bit on edge about your decision. Let the data and the experts reassure you. Prices aren’t in a downward spiral and will actually finish the year strong.Even though you may have heard talk that prices would drop 5, 10, or even 20% this year, that hasn’t happened. The big reason why is the supply of homes for sale is too low. There are just more buyers looking to buy than homes available, and that’s kept prices from falling.To prove this year wasn’t a bust for home prices, let’s look at the latest 2023 forecast from a number of experts.Most Experts Project Home Prices Will Net Positive this YearThe general consensus from industry experts is that home price appreciation will actually be positive for 2023. The graph below shows the latest 2023 year-end forecasts from six different organizations:As you can see, all but one project nationally prices will net positive … Continue reading...
Are Grandparents Moving To Be Closer to Their Grandkids?
During the pandemic, many people distanced themselves from their loved ones for health reasons. Grandparents were told to stay away from their grandkids, especially as schools started to open. That’s because it would have been risky to visit with their grandchildren who may have gotten sick from school.Now that the pandemic has passed, many grandparents want more than ever to be near their grandchildren again to make up for that lost time. But how are they getting that “Grandparent Wish?” The data tells us many are moving to make sure they’re getting more quality time.Grandparents Are Moving To Be Near Loved OnesRecent data from the National Association of Realtors (NAR) shows people between the ages of 55 and 74 are moving farther (more than 100 miles) than any other age group (see graph below):The average age of grandparents in the U.S. is 67 years. The logical leap is that at least some of the people who are moving the furthest are grandparents. But what’s causing them to move so … Continue reading...
Key Skills You Need Your Listing Agent To Have
Selling your house is a big decision. And that can make it feel both exciting and a little bit nerve-wracking. But the key to a successful sale is finding the perfect listing agent to work with you throughout the process. A listing agent, also known as a seller's agent, helps market and sell your house while advocating for you every step of the way. But, how do you know you've found the perfect match in an agent? Here are three key skills you’ll want your listing agent to have.They Price Your House Based on the Latest DataWhile it may be tempting to pick the agent who suggests the highest asking price for your house, that strategy may cost you. It’s easy to get caught up in the excitement when you see a bigger number, but overpricing your house can have consequences. It could mean it’ll sit on the market longer because the higher price is actually deterring buyers. Instead, you want to pick an agent who’s going to have an open conversation about how they think you should price your … Continue reading...
How Homeowner Net Worth Grows with Time [INFOGRAPHIC]
Some HighlightsIf you’re thinking about buying a home this year, be sure to consider the long-term financial advantages of homeownership, like home equity.On average, people who bought homes 32 years ago have seen their home’s value nearly triple over that time. If you’re wondering if buying a home is a good idea, remember rising home values could grow your net worth with time. When you’re ready to start your homebuying journey, talk with a local real estate professional. … Continue reading...