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How Sellers Win When Housing Inventory Is Low

In today’s housing market, the number of homes for sale is much lower than the strong buyer demand. As a result, homeowners ready to sell have a significant advantage. Here are three ways today’s low inventory will set you up for a win when you sell this season.

1. Higher Prices

With so many more buyers in the market than homes available for sale, homebuyers are frequently getting into bidding wars for the houses they want to purchase. According to the latest data from the National Association of Realtors (NAR), homes are receiving an average of 3.7 offers in today’s market. This buyer competition drives home prices up. As a seller, this certainly works to your advantage, potentially netting you more for your house when you close the deal.

2. Greater Return on Your Investment Continue reading…

Two Graphs That Show Why You Shouldn’t Be Upset About 3% Mortgage Rates

With the average 30-year fixed mortgage rate from Freddie Mac climbing above 3%, rising rates are one of the topics dominating the discussion in the housing market today. And since experts project rates will rise further in the coming months, that conversation isn’t going away any time soon.

But as a homebuyer, what do rates above 3% really mean?

Today’s Average Mortgage Rate Still Presents Buyers with a Great Opportunity

Buyers don’t want mortgage rates to rise, as any upward movement increases your monthly mortgage payment. But it’s important to put today’s average mortgage rate into perspective. The graph below shows today’s rate in comparison to average rates over the last five years: Continue reading…

Numbers Don’t Lie – It’s Still a Great Time To Sell [INFOGRAPHIC]

Some Highlights

Heading into the end of the year, you might wonder if it’s still a good time to sell your house. Here’s what the latest data from the National Association of Realtors (NAR) says.
Housing supply is lower than last year, and home prices are up nationwide. Meanwhile, the average home is selling fast and receiving several offers. Listing now puts your house in the spotlight, meaning it could sell quickly – and for more than you’d expect.
Feeling motivated? If you’re ready to sell and capitalize on today’s market, let’s connect.

Why a Wave of Foreclosures Is Not on the Way

With forbearance plans coming to an end, many are concerned the housing market will experience a wave of foreclosures similar to what happened after the housing bubble 15 years ago. Here are a few reasons why that won’t happen.

There are fewer homeowners in trouble this time

After the last housing crash, about 9.3 million households lost their homes to a foreclosure, short sale, or because they simply gave it back to the bank.

As stay-at-home orders were issued early last year, the fear was the pandemic would impact the housing industry in a similar way. Many projected up to 30% of all mortgage holders would enter the forbearance program. In reality, only 8.5% actually did, and that number is now down to 2.2%.

Experts Project Mortgage Rates Will Continue To Rise in 2022

Mortgage rates are one of several factors that impact how much you can afford if you’re buying a home. When rates are low, they help you get more house for your money. Within the last year, mortgage rates have hit the lowest point ever recorded, and they’ve hovered in the historic-low territory. But even over the past few weeks, rates have started to rise. This past week, the average 30-year fixed rate was 3.14%.

What does this mean if you’re thinking about making a move? Waiting until next year will cost you more in the long run. Here’s a look at what several experts project for mortgage rates going into 2022.

Freddie Mac:

“The average 30-year fixed-rate mortgage (FRM) is expected to be 3.0 percent in 2021 and 3.5 percent in 2022.”

Continue reading…

Sellers Have Incredible Leverage in Today’s Market

With mortgage rates climbing above 3% for the first time in months, serious buyers are more motivated than ever to find a home before the end of the year. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), puts it best, saying:

“Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.”

But the sense of urgency they feel is complicated by the lack of homes for sale in today’s market. According to the latest Existing Home Sales Report from NAR:

“From one year ago, the inventory of unsold homes decreased 13%. . . .” Continue reading…

Renters Missed Out on $51,500 This Past Year

Rents have increased significantly this year. The latest National Rent Report from Apartmentlist.com shows rents are rising at a rate much higher than the three years leading up to the pandemic:

“Since January of this year, the national median rent has increased by a staggering 16.4 percent. To put that in context, rent growth from January to September averaged just 3.4 percent in the pre-pandemic years from 2017-2019.”

Looking back, we can see rents rising isn’t new. The median rental price has increased consistently over the past 33 years (see graph below): Continue reading…

The Mortgage Process Doesn’t Have To Be Scary [INFOGRAPHIC]

Some Highlights

Applying for a mortgage is a big step towards homeownership, but it doesn’t need to be one you fear. Here are some tips to help you prepare.
Know your credit score and work to build strong credit. When you’re ready, lean on your agent to connect you with a lender so you can get pre-approved and begin your home search.
Any major life change can be scary, and buying a home is no different. Let’s connect so you have an advisor by your side to take the fear out of the equation.

Housing Challenge or Housing Opportunity? It Depends.

The biggest challenge in real estate today is the lack of available homes for sale. The low housing supply has caused homes throughout the country to appreciate at a much faster rate than what we’ve experienced historically.

There are many reasons for the limited number of homes on the market, but as you can see in the graph below, we’re well below where we’ve been for most of the past 10 years. Today, across the country, there is only a 2.4-month supply of homes available for sale. Continue reading…

Does Your House Have What Buyers Want?

The rise in remote work is changing what many Americans want in their homes. Many companies are choosing to delay reopening or go remote full-time, and today’s buyers are looking for homes with more space to support their work needs.

As a seller, if you no longer need the extra room you have in your home, rest assured there are buyers who do.

Remote Work Is Here To Stay

Remote work remains a reality for many Americans. A recent poll from Garter, Inc. shows many organizations have not yet returned their offices:

“. . . 66% of organizations are delaying reopening their offices due to new COVID-19 variants.”

And it’s not just companies that are choosing to remain remote for the time being – workers are seeking more flexibility. According to research from PricewaterhouseCoopers, nearly one-fifth of employees want to be fully remote in the future. The study also finds that many people are leaving jobs to seek out remote work opportunities:

“Among employees looking for new jobs, almost one in ten say it’s because they moved away from the office while working remotely and don’t want to go back on-site.”

More Remote Work Means a Greater Need for Home Offices

That’s leading today’s buyers to prioritize finding homes with more space so they can comfortably work from home. The 2021 Home Design Trends Survey from the American Institute of Architects finds that 69% of surveyed individuals still want at least one office at home. However, it also shows that more people are looking for multiple spaces in their home for remote work and virtual meetings (see graph below): Continue reading…

How Sellers Win When Housing Inventory Is Low

1. Higher Prices

2. Greater Return on Your Investment Continue reading…

Two Graphs That Show Why You Shouldn’t Be Upset About 3% Mortgage Rates

Today’s Average Mortgage Rate Still Presents Buyers with a Great Opportunity

Numbers Don’t Lie – It’s Still a Great Time To Sell [INFOGRAPHIC]

Some Highlights

Why a Wave of Foreclosures Is Not on the Way

There are fewer homeowners in trouble this time

Experts Project Mortgage Rates Will Continue To Rise in 2022

Freddie Mac:

Continue reading…

Sellers Have Incredible Leverage in Today’s Market

Renters Missed Out on $51,500 This Past Year

The Mortgage Process Doesn’t Have To Be Scary [INFOGRAPHIC]

Some Highlights

Housing Challenge or Housing Opportunity? It Depends.

Does Your House Have What Buyers Want?

Remote Work Is Here To Stay

More Remote Work Means a Greater Need for Home Offices

James Jestes, Your new favorite Realtor.

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