Are You Asking Yourself These Questions About Selling Your House?
Are You Asking Yourself These Questions About Selling Your House? Some homeowners hesitate to sell because they’ve got unanswered questions that hold them back. But a lot of times their concerns are based on misconceptions, not facts. And if they’d just talk to an agent about it, they’d see these doubts aren’t necessarily a hurdle at all. If uncertainty is keeping you from making a move, it’s time to get the real answers. The ones you deserve. And to take the pressure off, you don’t have to ask the questions, because here’s the data that answers them. 1. Is It Even a Good Idea To Move Right Now? If you own a home already, you may be tempted to wait because you don’t want to sell and take on a higher mortgage rate on your next house. But your move may be a lot more feasible than you think, and that’s because of how much your house has likely grown in value. Think about it. Do you know anyone in your neighborhood who’s sold their house recently? If so, did you hear what it sold for? With how much home values have gone up in recent years, the number may surprise you. According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), the typical homeowner has gained $147,000 in housing wealth in the last five years alone. That’s significant – and when you sell, that can give you what you need to fund your next move. 2. Will I Be Able To Find a Home I Like? If this is on your mind, it’s probably because you remember just how hard it was to find a home over the past few years. But in today’s market, it isn’t as challenging. Data from Realtor.com shows how much inventory has increased – it's up nearly 25% compared to this time last year (see graph below): Even though inventory is still below more normal pre-pandemic levels, it’s improved a lot in the past year. And the best part is, experts say it’ll grow another 10 to 15% this year. That means you have more options for your move – and the best chance in years to find a home you love. 3. Are Buyers Still Buying? And last, if you’re worried no one’s buying with rates and prices where they are right now, here’s some perspective that can help. While there weren’t as many home sales last year as there’d be in a normal market, roughly 4.24 million homes still sold (not including new construction), according to the National Association of Realtors (NAR). And the expectation is that number will rise in 2025. But even if we only match how many homes sold last year, here’s what that looks like. 4.24 million homes ÷ 365 days in a year = 11,616 homes sell each day 11,616 homes ÷ 24 hours in a day = 484 homes sell per hour 484 homes ÷ 60 minutes = 8 homes sell every minute Think about that. Just in the time it took you to read this, 8 homes sold. Let this reassure you – the market isn’t at a standstill. Every day, thousands of people buy, and they're looking for homes like yours. Bottom Line When you’re ready to walk through what’s on your mind, I have the answers you need. And in the meantime, tell me: what’s holding you back from making your move?
Home Price Growth Is Moderating – Here’s Why That’s Good for You
Home Price Growth Is Moderating – Here’s Why That’s Good for You Over the past few years, home prices skyrocketed. That’s been frustrating for buyers, leaving many wondering if they’d ever get a shot at owning a home. But here’s some welcome news: that whirlwind pace of home price growth is slowing down. Home Prices Are Rising at a Healthy Pace At the national level, home prices are still going up, but at a much more moderate, normal pace. For example, in November, the year-over-year increase in home prices was just 3.8% nationally, according to Case-Shiller. That’s a far cry from the double-digit spikes that occurred in 2021 and 2022 (see graph below): This more normal home price growth might make buying a home feel more attainable for many buyers. You won’t face the same sticker shock or rapid price jumps that made it hard to plan your purchase just a few years ago. At the same time, steady growth means the home you buy today will likely appreciate in value over time. Prices Vary from Market to Market While the national story is one of moderate price growth, it’s important to remember that all real estate is local. Some markets are seeing stronger growth, while others are cooling off or even seeing slight declines. As Selma Hepp, Chief Economist at CoreLogic, notes: “Regionally, variations persist, as some affordable areas – including smaller metros in the Midwest — remain in high demand and continue to see upward home price pressures.” Meanwhile, other regions saw slight month-over-month declines in November, according to Federal Housing Finance Agency (FHFA) data (see graph below): What does this mean for you? It’s crucial to understand what’s happening in your local market. A national average can’t tell the whole story. That’s where working with a local real estate agent can really help. They have the tools and expertise to give you the full picture of what’s happening in your area and how to plan for that in your move. Bottom Line Home prices are growing at a more manageable pace, and working with a local real estate agent can help you navigate the ups and downs of your specific market. How have changing home prices impacted your plans to buy? Let’s talk about it.
Two Resources That Can Help You Buy a Home Right Now
Two Resources That Can Help You Buy a Home Right Now A recent report from Realtor.com says 20% of Americans don’t think homeownership is achievable. Maybe you feel the same way. With inflation driving up day-to-day expenses, saving enough to buy your first home is more of a challenge. But here’s the thing. With the right resources and help, you can still make it happen. There are options that can help make buying a home possible today — even if your savings are limited or your credit isn’t perfect. Let’s explore just two of the solutions that could help get you into your first home no matter the market. 1. FHA Loans If your down payment savings and your credit score aren’t where you want them to be, an FHA loan could be your pathway to buying a home. According to the U.S. Department of Housing and Urban Development (HUD) and Bankrate, the big perks of an FHA home loan are: Lower Down Payments: They typically require a smaller down payment than conventional loans, sometimes as low as 3.5% of the home’s purchase price. Lower Credit Score Requirements: They’re designed to help buyers with credit scores that might not qualify for conventional financing. This means, when conventional loans aren’t an option, you may still be able to get an FHA loan. The first step is to connect with a lender who can help you explore your options and determine if you qualify. 2. Homeownership Assistance Programs And if you need a more budget-friendly down payment, that’s not your only option. Did you know there are over 2,000 homeownership assistance programs available across the U.S. according to Down Payment Resource? And more than 75% of these programs are designed to help buyers with their down payment. Here’s a bit more information about why these could be such powerful tools for you: Financial Support: The average benefit for buyers who qualify for down payment assistance is $17,000. And that’s not a small number. Stackable Benefits: To make it even better, in some cases, you may be able to qualify for multiple programs at once, giving your down payment an even bigger boost. Rob Chrane, CEO of Down Payment Resource confirms a little-known fact: “Some of these programs can be layered. And so, in other words, you may not be limited to just one program.” If you want to learn more or see what you qualify for, be sure to lean on the pros. A trusted real estate agent and a lender can guide you through the process, explain the help that’s out there, and connect you with resources to make buying a home a reality. Bottom Line If you’re ready to stop wondering if buying a home is possible and start exploring solutions, let’s connect.
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