You may have heard some people say it’s better to rent than buy a home right now. But, even today, there are lots of good reasons to become a homeowner. One of them is that owning a home is typically viewed as a good long-term investment that helps your net worth grow over time. Homeownership Builds Wealth Regardless of Income Level You may be surprised to learn homeowners across various income levels have a much higher net worth than renters who make the same amount. Data from First American helps illustrate this point (see graph below): What ..read more

When it comes to selling your house, you want three things: to sell it for the most money you can, to do it in a certain amount of time, and to do all of that with the fewest hassles. And, while the current housing market is generally favorable to sellers due to today’s limited housing supply, there are still factors that can cause delays or even prevent a house from selling. If you're having trouble getting your house to sell in today's sellers’ market, here are a few things to think about. Limited Access – If You Can’t Show It, You Can’t Sell It. One of the biggest mistakes yo ..read more

One of the biggest challenges in the housing market right now is how few homes there are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still is, let’s take a look at the latest information on active listings, or homes for sale in a given month, as it compares to more normal levels. According to a recent report from Realtor.com:   “On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.” The graph below helps illustrate this point. It uses historical data to ..read more

If you’re thinking of buying a home, chances are you’re paying attention to just about everything you hear about the housing market. And you’re getting your information from a variety of channels: the news, social media, your real estate agent, conversations with friends and loved ones, overhearing someone chatting at the local supermarket, the list goes on and on. Most likely, home prices and mortgage rates are coming up a lot.  To help cut through the noise and give you the information you need most, take a look at what the data says. Here are the top two questions you need to ask ..read more

Downsizing is a popular choice for homeowners when they retire or when their needs change, but with inflation still high, it’s also a way to reduce costs. Downsizing could help cut down on your expenses and your equity can fuel your move. If you’re thinking about moving to a smaller home, let’s connect to go over your housing goals and look at your options on our local market ..read more

???? Worried about finding your next home in today's market? Don't fret, you're not alone! But here's some good news to ease your concerns. The housing market is seeing a surge in new home construction, adding more options to the inventory. ??? So, if you're planning to sell your house this summer, don't forget to consider the newly built homes. They can greatly expand the possibilities for your next move! ???? Near-Record Percentage of New Home Inventory Newly built homes today make up a near-record percentage of the total number of homes available for sale (see graph below): In fact, as the ..read more

Media coverage about what’s happening with home prices can be confusing. A large part of that is due to the type of data being used and what they’re choosing to draw attention to. For home prices, there are two different methods used to compare home prices over different time periods: year-over-year (Y-O-Y) and month-over-month (M-O-M). Here's an explanation of each.  This comparison measures the change in home prices from the same month or quarter in the previous year. For example, if you're comparing Y-O-Y home prices for April 2023, you would compare them to the home prices for Ap ..read more

There’s been some concern lately that the housing market is headed for a crash. And given some of the affordability challenges in the housing market, along with a lot of recession talk in the media, it’s easy enough to understand why that worry has come up. But the data clearly shows today’s market is very different than it was before the housing crash in 2008. Rest assured, this isn’t a repeat of what happened back then. Here’s why. It’s Harder To Get a Loan Now It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back then ..read more

There have been a lot of shifts in the housing market recently. Mortgage rates rose dramatically last year, impacting many people’s ability to buy a home. And after several years of rapid price appreciation, home prices finally peaked last summer. These changes led to a rise in headlines saying prices would end up crashing. Even though we’re no longer seeing the buyer frenzy that drove home values up during the pandemic, prices have been relatively flat at the national level. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), doesn’t expect that to ..read more

Wondering if you should sell your house this year? As you make your decision, think about what’s motivating you to consider moving. A recent survey from realtor.com asked why homeowners are thinking about selling their houses this year. Here are the top two reasons (see graphic below): Let’s break those reasons down and explore how they might resonate with you. 1. I Want To Take Advantage of the Current Market and Make a Profit When you decide to sell your house, how much you’ll make from the sale will likely be top of mind. So, here’s some good news: according to the lates ..read more