Wednesday, November 1, 2023 / by Kenneth Brands
When it comes to selling your house, you’re probably trying to juggle the current market conditions and your own needs as you plan your move.
One thing that may be working in your favor is how few homes there are for sale right now. Here’s what you need to know about the current inventory situation and what it means for you.
The Supply of Homes for Sale Is Far Below the Norm
When you’re selling something, it helps if what you’re selling is in demand, but is also in low supply. Why? That makes it even more desirable since there’s not enough to go around. That’s exactly what’s happening in the housing market today. There are more buyers looking to buy than there are homes for sale.
To tell the story of just how low inventory is, here’s the latest information on active listings, or homes available for sale. The graph below uses data from Realtor.com to show how many active. ...
Monday, September 4, 2023 / by Kenneth Brands
Even though you may feel reluctant to sell your house because you don’t want to take on a mortgage rate that’s higher than the one you have now, there’s more to consider. While the financial side of things does matter, your personal needs may actually 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 are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market.”
So, ask yourself this: why did I want to move in the first place?
Chances are your primary motivation wasn’t just financial in nature. Why you’re really thinking about selling likely has more to do with something changing in your life or a shift in what you need out of your house.
Reasons Homeowners Still Need To Sell Today
Let’s explore some of the most common reasons sellers . ...
Wednesday, August 30, 2023 / by Kenneth Brands
Generation Z (Gen Z) is eager to put down their own 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 straight from living under their parents' roofs to owning their own homes.
If you’re a member of this generation, and you’re interested in pursuing your own dream of homeownership, here’s some information you may find helpful on why and where your peers are buying.
The Reasons Gen Z Want To Become Homeowners
A recent survey by Rocket Mortgage identifies some of the top motivators driving Gen Z buyers to purchase a home:
“Of those surveyed, 34% said that starting or growing their family was their main motivation to buy a home. . . . Along with growing a family comes establishing a home base.&. ...
Friday, August 25, 2023 / by Kenneth Brands
While this isn’t the frenzied market we saw during the ‘unicorn’ years, homes that are priced right are still selling quickly and seeing multiple offers right now. That’s because the number of homes for sale is still so low. Data from the National Association of Realtors (NAR) shows 76% of homes sold within a month and the average saw 3.5 offers in June.
To set yourself up to see advantages like these, you need to rely on an agent. Only an agent has the expertise needed to find the right asking price for your house. Here’s what’s at stake if that price isn’t accurate for today’s market value.
The price you set for your house sends a message to potential buyers.
Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with it. Not to mention, if you undervalue your house, you could leave money on the table, which decreases yo. ...
Friday, August 18, 2023 / by Kenneth Brands
Many homeowners thinking about selling have two key things holding them back. That’s feeling locked in by today’s higher mortgage rates and worrying they won’t be able to find something to buy while supply is so low. Let’s dive into each challenge and give you some helpful advice on how to overcome these obstacles.
Challenge #1: The Reluctance to Take on a Higher Mortgage Rate
According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):
But today, the typical 30-year fixed mortgage rate offered to buyers is closer to 7%. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as the mortgage rate lock-in effect.
The Advice: Waiting May Not Pay Off
While experts project mortgage rates will gradually fall this year as infla. ...