Have you been trying to buy a home, but higher mortgage rates and home prices limit your options? If so, here’s some good news – based on what Ali Wolf, Chief Economist at Zonda, has to say – smaller, more affordable homes are on the way: “Buyers should expect that over the next 12 to 24 months there will be a notable increase in the number of entry-level Continue Reading
Mortgage Rates Impact Affordability If you plan to buy a home this year, you’re probably paying close attention to mortgage rates. Since mortgage rates impact what you can afford when you take out a home loan – and affordability is a challenge today – it’s a good time to look at the big picture of where mortgage rates have been historically compared to where they are now. Beyond Continue Reading
Toward the end of last year, there were several headlines saying home prices would fall substantially in 2023. That led to a lot of fear and questions about whether there would be a repeat of the housing crash that happened back in 2008. But the headlines got it wrong. While there was a slight home price correction after the sky-high price appreciation during the ‘unicorn’ years, home Continue Reading
Key Takeaways Your equity grows as you pay down your home loan and prices increase. With home prices rising again, your equity is getting an extra boost. Almost half of homeowners are equity-rich because they have at least 50% equity. If you’ve been in your home for a while, you might have also gained a considerable amount of equity. Want to find out how Continue Reading
Have you ever wondered how inflation impacts the housing market? Believe it or not, they’re connected. Whenever there are changes to one, both are affected. Here’s a high-level overview of the connection between the two. The Relationship Between Housing Inflation and Overall Inflation Shelter inflation is the measure of price growth specific to housing. It comes from a survey Continue Reading
Are you putting off selling your home because you’re worried no one’s buying because of where mortgage rates are? If so, know this: the latest data shows plenty of buyers are still out there and purchasing homes today. Here’s the data to prove it. The ShowingTime Showing Index is a measure of buyers touring homes. The graph below uses the latest numbers available and Continue Reading
Even though you may feel reluctant to sell your house because you don’t want to take on a higher mortgage rate than the one you have now, there’s more to consider. While the financial side of things does matter, your personal needs may matter just as much. As an article from Bankrate says: “Deciding whether it’s the right time to sell your home is a very personal decision. There Continue Reading
Generation Z (Gen Z) is eager to put down their roots and achieve financial independence. As a result, they’re turning to homeownership. According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), 30% of Gen Z buyers transitioned from living under their parents' roofs to owning their homes. If you’re a member of this Continue Reading
Key Takeaway The housing Inventory is low. There is only about half the number of homes for sale compared to the last average years in the market. That means buyers don’t have enough options right now. So, if you work with an agent to list your house, it should be in the spotlight. Manhattan's overall housing inventory statistics: the supply is 6,088, under contract Continue Reading
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