As the new year begins, buyers are increasingly attracted to newly built homes, which accounted for 15% of sales last year—a 17-year high. Key motivations include avoiding renovations, customization options, community amenities, low inventory of existing homes, energy efficiency, and smart home features. Having an agent is recommended for the buying process.
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The Biggest Perks of Buying a Home This Winter!
Purchasing a home in winter can offer advantages like reduced competition and motivated sellers. Homes typically take longer to sell during this season, giving buyers more time to negotiate. Moreover, prices can be about 5% lower compared to summer, creating opportunities for savings and better deals.
What Will It Take for Prices To Come Down?
Home prices are unlikely to crash due to a significant mismatch between demand and supply in the housing market. Currently, there are more buyers than available homes, leading to sustained or rising prices. This issue stems from years of insufficient homebuilding post-2008 crisis. Local market conditions may vary, affecting price trends.
Sell Your House During the Winter Sweet Spot
Selling a house in winter can be advantageous due to reduced competition, as fewer homes are on the market. Serious buyers tend to look during this season, making them more likely to purchase. Listing now allows sellers to stand out before the influx of spring listings, maximizing their selling potential.
Should You Sell Your House or Rent It Out?
Many homeowners are increasingly considering renting their houses instead of selling them, with a rise from 47% in 2021 to 66% today. Factors to evaluate include the suitability of the property for renting, responsibilities of being a landlord, and associated costs. Ultimately, this choice hinges on personal financial and lifestyle goals.
What To Look For From Last Week’s Fed Meeting
The Federal Reserve’s recent rate cut aims to influence mortgage rates and ease borrowing costs amid fluctuating inflation, job growth, and unemployment. While mortgage rates may gradually decline into 2025, they depend on economic conditions and potential market volatility. Understanding these factors can guide homebuying decisions effectively.
What’s the Impact of Presidential Elections on the Housing Market?
The upcoming Presidential election has sparked speculation about its impact on the housing market. However, historical data shows that elections have only had a minor, temporary influence on home sales, prices, and mortgage rates. In most cases, the market has bounced back the year after the election, indicating minimal long-term effects.
Housing Market Forecast: What’s Ahead for the 2nd Half of 2024
In the latter half of 2024, experts anticipate moderate rises in home prices, a slight decrease in mortgage rates, and steady home sales. Limited housing inventory will continue to drive prices upward, but not at the rapid pace seen during the pandemic. Lower rates could entice more buyers, potentially leading to increased sales this year.
Do Elections Impact the Housing Market?
The 2024 Presidential election is near, raising questions about its impact on the housing market. Historically, elections lead to a slight temporary slowdown in home sales in November, while home prices generally rise regardless of elections. Mortgage rates tend to decrease leading up to elections. Overall, elections have a small, temporary impact on the housing market.
What’s Next for Home Prices and Mortgage Rates?
The important factors to consider when considering a move are home prices and mortgage rates. Experts anticipate home prices to continue rising for at least the next 5 years, signaling potential gain in home value. Meanwhile, mortgage rates are influenced by inflation and economic factors, with potential decreases later in the year.
Real Estate | Your@HomeTeam 