Today’s higher mortgage rates, inflationary pressures, and concerns about a potential recession have people questioning: should I still buy a home this year? While it’s true this year has unique challenges for homebuyers, it’s important to consider the long-term benefits of homeownership when deciding. Consider this: if you know people who bought a home 5, 10, or even 30 years ago, you’ll Continue Reading
Selling your house is no simple task. While some homeowners opt to sell their homes on their own, known as an FSBO (For Sale by Owner), they often encounter various challenges without the guidance of a real estate agent. If you’re considering selling your house alone, here’s what you should know. The most recent Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) Continue Reading
The National Association of Realtors (NAR) will release its latest Existing Home Sales (EHS) report later this week. This monthly report provides information on the sales volume and price trend for previously owned homes. In the upcoming release, it’ll likely say home prices are down. This may feel confusing, especially if you’ve been following along and seeing the blogs saying that home prices Continue Reading
Key Takeaways Wealth creation occurs over time when you own a home. Your net worth grows significantly in the long-term as the value of your home appreciates. If you’re considering buying a home this year, consider the long-term benefits of homeownership. Over time, homeownership allows you to build equity and wealth. On average, nationwide home prices appreciated by 290.2% over the Continue Reading
If you're thinking about buying or selling a house, it's important to know that it doesn't just affect your life but also your community. The National Association of Realtors (NAR) releases a report every year to show how much economic activity is generated by home sales. The chart below illustrates that impact: As the graphic shows, when a house is sold, it can make a big difference in Continue Reading
You may see media coverage talking about a drop in homeowner equity. What’s important to understand is that there is a symbiotic connection between equity and home values. So, when home prices appreciate, you can expect equity to grow. And when home prices decline, equity does too. Equity can be defined as the amount of money the owner of an asset would be paid after selling it. Continue Reading
If you’re thinking about selling your house right now, chances are it’s because something in your life has changed. And, while things like mortgage rates are a vital part of your decision on what you’ll buy next, it’s essential not to lose sight of the reason you want to make a change in the first place. Its actual mortgage rates have climbed from the record lows we saw in recent years, Continue Reading
Media coverage about what’s happening with home prices can be confusing. Much of that is due to the type of data being used and what they choose to draw attention to. For home prices, two different methods are 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. Year-over-Year (Y-O-Y): This Continue Reading
Key Takeaway Comparing housing market metrics from one year to another can be challenging in a regular housing market – and the last few years have been anything but ordinary. In a way, they were ‘unicorn’ years. Expect unsettling housing market headlines this year, primarily due to unfair comparisons with the ‘unicorn’ years. Let’s connect so I can share the data that puts those Continue Reading
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