Many potential homebuyers are postponing purchases, hoping mortgage rates will drop significantly, but experts predict rates will remain stable in the low-to-mid 6% range through mid-2027 due to inflation and economic factors. Alternatives exist, such as exploring newly built homes, adjustable-rate mortgages, and mortgage rate buydowns to improve affordability.
Tag Archives: own a home
Here’s Where to Start if You’re Selling and Buying at the Same Time
Homeowners face a crucial decision when moving: sell their current home before purchasing a new one, or vice versa. Selling first typically offers advantages, such as avoiding dual mortgage payments and accessing equity to fund the next purchase. While there are trade-offs, careful planning can mitigate risks. Consult with a real estate expert for guidance.
14 Years Running: Why Real Estate Is Still America’s Favorite Investment
For 14 consecutive years, real estate has been deemed the best long-term investment by Americans, surpassing stocks, gold, and bonds. Recent data shows rising confidence in homeownership, with more people valuing it for stability and wealth-building. A home is not just an asset; it’s also a personal investment in lifestyle and community.
More Homes, Better Prices: A Buyer’s Summer
This summer, home buying conditions are improving with lower asking prices and an increase in available listings. The national median asking price dropped to $430,000, marking a shift towards more balanced market conditions. Buyers, particularly first-timers, now face less competition and more negotiating power, making it a favorable time to search for homes.
The 1 Factor That Explains Everything Happening with Home Prices Right Now
You’ve probably heard that home prices are cooling off. And that’s true – nationally. But zoom in on individual markets across the country, and the picture looks completely different depending on where you are. Some areas are still seeing solid price growth. Others have gone flat. A few have actually dipped slightly negative. So, what’sContinue reading “The 1 Factor That Explains Everything Happening with Home Prices Right Now”
Should You Pay for Your Buyer’s Closing Costs? What Sellers Need to Know
In today’s shifting real estate market, sellers are increasingly negotiating with buyers, including assisting with closing costs, which range from 2% to 5% of a home’s purchase price. With more sellers agreeing to concessions, understanding local market dynamics is crucial for making informed decisions to close deals effectively.
What Rising Inflation Means for Your Move
Inflation is rising, driven by global events like conflicts increasing energy prices. While core inflation is up less dramatically, it suggests that conditions may stabilize. This impacts mortgage rates, likely keeping them elevated. Despite challenges, strategies exist for potential buyers, highlighting the importance of tailored approaches over timing the market.
Newly Built Home Prices Hit a 5-Year Low
The median sale price of newly built homes has decreased to approximately $390,000, the lowest since 2021. Builders are offering various incentives to attract buyers, including closing cost assistance and upgrades. Unlike in 2008, this price drop reflects strategic inventory management, making it an advantageous time for homebuyers.
Stay or Sell? How to Make the Right Call as You Age
As people age, they often contemplate whether to stay in their homes or move. While 90% of seniors prefer to age in place, it’s essential to plan for necessary modifications. However, practical issues might necessitate a move. Understanding options early helps make confident decisions about living arrangements.
3 Things That Are Not Going to Happen in Today’s Housing Market
Current housing market uncertainties are driven by misconceptions concerning mortgage rates, home inventory, and prices. While many believe rates will drop dramatically, forecasts suggest stability in the low 6% range. Additionally, increased inventory offers buyers more options, and home prices are not crashing, contrary to some reports, as supply remains limited.
Real Estate | Your@HomeTeam 