The Drop in Mortgage Rates Brings Good News for HomebuyersOver the past few weeks, the average 30-year fixed mortgage rate from Freddie Mac fell by half a percent. The drop happened over concerns about a potential recession. And since mortgage rates have risen dramatically this year, homebuyers across the country should see this decline as welcome news.Freddie Mac reports that the average 30-year rate was down to 5.30% from 5.81% two weeks prior (see graph below):But why is this recent dip such good news for homebuyers? As Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains:According to Freddie Mac, the 30-year fixed mortgage rate dropped sharply by 40 basis points to 5.3 percent. . . . As a result, home buying is about 5... 07/22/2022

Should I Buy a Home Right Now?If you've been thinking about buying a home, you likely have one question on the top of your mind: should I buy right now, or should I wait? While no one can answer that question for you, here's some information that could help you make your decision.The Future of Home Price AppreciationEach quarter, Pulsenomics surveys a national panel of over 100 economists, real estate experts, and investment and market strategists to compile projections for the future of home price appreciation. The output is the Home Price Expectation Survey. In the latest release, it forecasts home prices will continue appreciating over the next five years (see graph below):As the graph shows, the rate of appreciation will moderate over the next few years as the market shifts away fro... 07/19/2022

What’s a Smart Air Conditioner?As temperatures rise, it’s important to have ways to keep your home cool. There are a lot of different options to accomplish this, including both single-room solutions and solutions that help to cool down the entire house. While different people choose different methods to heat and cool their homes throughout the year, the majority of cooling solutions will include some sort of air conditioning.Smart thermostats are popular options for those who have central heat and air, as they give a greater amount of control over the temperature that the home stays at. What happens if you need cooling for one specific part of your home, though? If that’s the case, you might want to consider a smart air conditioner to help you meet your needs.What Is a Smart Air Conditi... 07/13/2022

Why Growing Home Equity Is Great News if You Plan To Move Some Highlights According to the latest data from CoreLogic, the average homeowner gained 64,000 in home equity over the past 12 months. That much equity can be a game-changer when you move. When you sell, it could be some (if not all) of what you need for a down payment on your next home. To find out how much equity you have in your home and how you can use it, lets connect today.      07/11/2022

Homeownership Could Be in Reach with Down Payment Assistance ProgramsA recent survey from Bankrate asks prospective buyers to identify the biggest obstacles in their homebuying journey. It found that 36% of those polled said saving for a down payment is one of their primary hurdles to buying a home.If you feel the same way, the good news is there are many down payment assistance programs available that can help you achieve your homeownership goals. The key is understanding where to look and learning what options are available. Here's some information that can help you.You Can Qualify Even if Youve Purchased a Home BeforeThere are several misconceptions about down payment assistance programs. For starters, many people believe there's only assistance available for first-time homebuyers. W... 07/06/2022

Why Achieving the Dream of Homeownership Can Be More Difficult for Some AmericansToday we take time to honor and recognize the past and present experiences of Black Americans. When it comes to real estate specifically, equitable access to housing has come a long way, but the path to homeownership is still steeper for households of color.The Gap in Homeownership Rate in AmericaIts a more challenging journey to achieve homeownership for some buyers, as shown by the measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Census data shows the lowest homeownership rate persists in the Black community (see graph below):This graph clearly indicates there's a gap that still exists in the percentage of people in each community who are able to achi... 07/02/2022

Is the Housing Market Correcting?If you’re following the news, all of the headlines about conditions in the current housing market may leave you with more questions than answers. Is the boom over? Is the market crashing or correcting? Heres what you need to know.The housing market is moderating compared to the last two years, but what everyone needs to remember is that the past two years were record-breaking in nearly every way. Record-low mortgage rates and millennials reaching peak homebuying years led to an influx of buyer demand. At the same time, there weren't enough homes available to purchase thanks to many years of underbuilding and sellers who held off on listing their homes due to the health crisis.This combination led to record-high demand and record-low supply, and that wasn... 06/23/2022

More Listings Are Coming onto the Market Some Highlights Worried you wont be able to find your next home after you sell? You should know data from realtor.com shows more listings are coming onto the market each month this year. Having additional options can make the search for your next home. But inventory is still low overall, which means your house should still stand out when you sell. If your biggest question is where you'll go if you sell, take this as encouraging news. Lets connect to start the process today.     06/18/2022

Why You Need an Expert To Determine the Right Price for Your HouseIf your lifestyle has changed recently and you're ready to make a move, taking advantage of todays sellers market might be just the answer for your summer plans. With homes continuing to get multiple offers, this could be your moment to get the contract you're looking for on your house if you're ready to sell.And here's the thing you need an expert on your side to ensure you make all the right moves when you do, especially when it comes to pricing your house. Even in this competitive market, you cant stick just any price tag on your home and get the deal you want. A key piece of the puzzle is setting the right asking price so you can help buyers notice your home (and get excited about it) from the very first time they vie... 06/16/2022

Should You Update Your House Before Selling? Ask a Real Estate ProfessionalSome Highlights If you're deciding whether you should make updates before you sell your house, lean on your trusted real estate advisor to be your guide. In todays sellers market, buyers have limited options and may be more willing to take on repairs themselves. If you're thinking about selling your house, lets connect so you have expert advice that's customized to your home and our local area.        05/17/2022

What You Need To Know About Selling in a Sellers MarketWhat Does This Mean for You When You Sell?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 increased competition among purchasers which can lead to more bidding wars. And if buyers know they may be entering a bidding war, they're going to do their best to submit a very attractive offer upfront. This could drive the final price of your house up.And because mortgage rates and home prices are climbing, serious buyers are motivated to make their purchase soon, before those two things rise further. That means, if you put your house on the market while supply is still low, it will likely get a lot of attention from competitive buyers.Bottom LineThe current ... 05/02/2022

Why This Housing Market Is Not a Bubble Ready To PopHomeownership has become a major element in achieving the American Dream. A recent report from the National Association of Realtors (NAR) finds that over 86% of buyers agree homeownership is still the American Dream.Prior to the 1950s, less than half of the country owned their own home. However, after World War II, many returning veterans used the benefits afforded by the GI Bill to purchase a home. Since then, the percentage of homeowners throughout the country has increased to the current rate of 65.5%. That strong desire for homeownership has kept home values appreciating ever since. The graph below tracks home price appreciation since the end of World War II:The graph shows the only time home values dropped significantly was during... 04/25/2022

 Some Highlights If you're a homeowner, your net worth has gotten a big boost. Thats because recent home price appreciation has increased your equity. Your equity grows as you pay down your loan and as your home increases in value. Over the past year, the average homeowners equity grew by 55,300. Ready to sell? Lets connect to talk about how you can use that equity to fuel your next move.   04/11/2022

Filing a Homeowner’s Insurance ClaimNobody wants to have to file a homeowner’s insurance claim. After all, filing a claim means that something has gone horribly wrong at home. Maybe it’s damage from a storm, or a frozen pipe that burst, or some other unexpected problem. Whatever the cause, the damage was severe enough that you need to make a claim on the policy that up until now you’d hoped would never actually have to be used.Exactly what’s involved with filing a homeowner’s insurance claim, though? While the filing process is similar to that with other forms of insurance, there are a few things about homeowner’s insurance that might seem confusing if you’ve never really dealt with it before. To make sure that everything goes smoothly, here’s some advice on what to expect when filing a... 03/27/2022

How Global Uncertainty Is Impacting Mortgage RatesIf you're thinking about buying or selling a home, you'll want to keep a pulse on what's happening with mortgage rates. Rates have been climbing in recent months, especially since January of this year. And just a few weeks ago, the 30-year fixed mortgage rate from Freddie Mac approached 4% for the first time since May of 2019. But that climb has dropped slightly over the past few weeks (see graph below):The recent decline in mortgage rates is primarily due to growing uncertainty around geopolitical tensions surrounding Russia and Ukraine. But experts say its to be expected.Here's a look at how industry leaders are explaining the impact global uncertainty has on mortgage rates:Odeta Kushi, Deputy Chief Economist at First American, says:Wh... 03/18/2022

 Some Highlights There's an influx of buyers looking for homes today, and that means your house is in high demand. Here are a few reasons why so many people are looking to buy a home. Buyers are motivated to beat rising mortgage rates, and many want to escape rising rents. There's also additional demand from millennials who are reaching peak homebuying age. If you're thinking about selling your house, todays demand is great news. Lets connect to begin the process of listing your house while buyers are ready to purchase.   02/18/2022

 Some Highlights Even in todays sellers market, there are still ways for buyers to win big. Build a team of trusted professionals and make strategic plays as you budget and pick your desired neighborhoods. Then, be ready for the competition by getting a pre-approval letter and leaning on your expert advisors to draft a winning offer. In a sellers market, you can still be the champion if you have the right team and strategy. Lets connect today to make your game-winning play.   02/11/2022

Do More With Your Corner CabinetsA good set of cabinets is all but essential in the kitchen. Not only do they keep your plates, bowls, and assorted other implements organized, but they can also provide easy access to dry goods and other items that you need to use frequently while cooking. The more cabinet space you have, the less clutter you’ll have in the kitchen itself, because you can store your various kitchen gadgets until they’re needed while still having them close at hand.Corner cabinets can be a bit of a problem, however. While these cabinets tend to provide the most interior space, a lot of this space isn’t easy to access because of the narrow opening that the corner cabinet provides. Fortunately, this isn’t an issue that you just have to accept. There are a few different ways... 02/06/2022

One key question that's top of mind for homebuyers this year is: why is it so hard to find a house to buy? The truth is, were in the ultimate sellers market, so real estate is ultra-competitive for buyers right now. The number of buyers searching for a home greatly outweighs how many homes are available for sale.While low inventory in the housing market isn't new, its a challenge that continues to grow over time. Here's a look at two reasons why todays housing supply is low and what that means for you.1. New Home Construction Fell Behind for Several YearsThe graph below shows new home construction for single-family homes over the past five decades, including the long-term average for housing units completed. Builders exceeded that average during the housing bubble (shown in red on the g... 01/21/2022

After almost two years of double-digit increases, many experts thought home price appreciation would decelerate or happen at a slower pace in the last quarter of 2021. However, the latest Home Price Insights Report from CoreLogic indicates while prices may have plateaued, appreciation has definitely not slowed. The following graph shows year-over-year appreciation throughout 2021. December data has not yet been released.As the graph shows, appreciation has remained steady at around 18% over the last five months.In addition, the latest S&P Case-Shiller Price Index and the FHFA Price Index show a slight deceleration from the same time last year it’s just not at the level that was expected. However, they also both indicate there's continued strong price growth throughout the country. FHFA ... 01/15/2022