Saturday, September 3, 2022 / by Kenneth Brands
Let’s face it, it’s fun to have a home listing during a seller’s market. When inventory is tight, even less-than-perfect homes invite the frantic bidding wars seen over the past few years. But as the economy slows down and interest rates increase, sellers are wondering if the bidding wars are over, and what that means for them.
First of all, bidding wars have occurred in every kind of real estate market. Well-positioned homes have always garnered attention and offers. What’s different in a seller’s market is that buyers are so desperate to find a home, that multiple offers seem to be normal on every listing. As the pace slows down, sellers need to adjust their expectations and avoid costly mistakes.
Seller Mistakes to Avoid in a “Normal” Market
Bad Curb Appeal – Curb Appeal is once again important to making a good impression.
Delayed Response – Don’t wai. ...
Friday, August 19, 2022 / by Kenneth Brands
Just because your budget is feeling the pinch with rising food and energy costs doesn’t mean your style has to suffer. Ditch the big investment purchase ideas and try some simple updates that will change the look and feel of any room quickly and for a lot less than a new couch.
Five Affordable Updates To Do This Weekend
1. DIY Pastel Art – Freshen up your room with pastels without the big investment. Take a simple canvas from the craft store, prime it with white paint and add color. Simple and sleek.
2. Industrial Retro Lighting – New light fixtures are a simple way to update a room. A local big box retailer will offer cost-effective versions of the latest trends.
3. White Sofa – No need to buy a new sofa when a fresh slipcover will do; bright, clean, and easy to change when the cooler months come.
4. Boho Accents – Mix up your style with some boho accents, such as a Turkish rug runner or kilim ! ...
Thursday, July 14, 2022 / by Kenneth Brands
If you’ve been thinking about buying a home, you likely have one question on the top of your mind: should I buy right now, or should I wait? While no one can answer that question for you, here’s some information that could help you make your decision.
The Future of Home Price Appreciation
Each quarter, Pulsenomics surveys a national panel of over 100 economists, real estate experts, and investment and market strategists to compile projections for the future of home price appreciation. The output is the Home Price Expectation Survey. In the latest release, it forecasts home prices will continue appreciating over the next five years (see graph below):
As the graph shows, the rate of appreciation will moderate over the next few years as the market shifts away from the unsustainable pace it saw during the pandemic. After this year, experts project home price appreciation will contin ...
Tuesday, June 21, 2022 / by Kenneth Brands
If you own a home, your net worth likely just got a big boost thanks to rising home equity. Equity is the current value of your home minus what you owe on the loan. And today, based on recent home price appreciation, you’re building that equity far faster than you may expect – here’s how it works.
Because there’s an ongoing imbalance between the number of homes available for sale and the number of buyers looking to make a purchase, home prices are on the rise. That means your home is worth more in today’s market because it’s in high demand. As Patrick Dodd, President and CEO of CoreLogic, explains:
“Price growth is the key ingredient for the creation of home equity wealth. . . . This has led to the largest one-year gain in average home equity wealth for owners. . . .”
Basically, because your home value has likely climbed so much, your equity has increased too. According to the latest Homeowne ...
Thursday, June 16, 2022 / by Kenneth Brands
Experts in the real estate industry use a number of terms when they talk about what's happening with home prices. And some of those words sound a bit similar but mean very different things. To help clarify what's happening with home prices and where experts say they're going, here’s a look at a few terms you may hear:
Appreciation is when home prices increase.
Depreciation is when home prices decrease.
Deceleration is when home prices continue to appreciate, but at a slower pace.
Where Home Prices Have Been in Recent Years
For starters, you’ve probably heard home prices have skyrocketed over the past two years, but homes were actually appreciating long before that. You might be surprised to learn that home prices have climbed for 122 consecutive months (see graph below):
As the graph shows, houses have gained value consistently over the past 10 consecutive years. But since 2020, the increase h. ...