In life, patience is a virtue – but in the world of homebuying, waiting too long in hopes of finding the perfect home actually isn't wise. That’s because the pursuit of perfection comes at a cost. And in this case, that cost may be delaying your dream of homeownership. As Bankrate explains:“One of the most common first-time homebuyer mistakes is looking for a home that checks each of your boxes. Looking for perfection can narrow your choices and lead you to pass over good, suitable options for starter homes in the hopes that something better will come along.” The Cost of Holding Out for PerfectionNothing in life is ever perfect – and that's true when you search for a home too. Unless you’re building a brand-new home from the ground up, chances are there are going to be some features or finishes you wouldn’t have picked yourself. It may be as simple as paint colors, a light fixture, or the tile in the bathrooms or kitchen. Or even that the backyard isn’t fenced in. It could also be that the home itself is great, but it’s not the ideal location you were hoping for.But here’s the trade-off you'd be making without even realizing it. In all that time you’d spend searching for the perfect place, you’d overlook a lot of homes that would’ve worked for you. U.S. News explains:“. . . you may miss opportunities if you enter the process with blinders on and aren’t open-minded . . . Countless potential buyers never buy because of this, and thus miss great investments or never move on to the next chapter of their lives.”It’s Time To Redefine PerfectionEspecially with affordability and inventory where they are today, buying a home that needs some updates, is a few neighborhoods away from your ideal location, or doesn’t have all your desired features can be a smart move. Here’s why.For starters, these homes are usually more affordable, which is important at a time when some buyers are struggling to find options in their budget.And they give you a chance to make the space your own or discover a whole new area of town. You may find out you actually love that neighborhood. Or, swapping out a feature here or there after move-in isn’t such a big deal. So, look past the green shag carpet and see the bones of the house. With a little vision and creativity, you can turn a good house into a fantastic home.How an Agent Helps You Explore Your OptionsIf you’re open to a home that needs a little elbow grease or is a bit further out, let your agent know. They’ll be happy to show you how this can really open up your pool of homes to pick from. They’ll also help coach you through this process by:1. Prioritizing Your Must-Haves: Your agent will want to revisit your wish list and separate your non-negotiables from your nice-to-haves. From there, they’ll focus on what’s really most important to you as they come up with a bigger list of options for you to choose from.2. Coaching You To See the Potential: As you tour these added options, your agent will help you look beyond cosmetic flaws and imagine what the home could be with a little work. Simple updates like a fresh coat of paint or new flooring can make a big difference.3. Connecting You with Local Pros: And an agent’s support goes one step further. If they know what you’re hoping to change after you move in, they can connect you with local pros who can get the job done. That way it’s less work for you, and you don’t have to worry about tracking down contractors.Bottom LineRemember, there is no perfect home. But with expert help and an open mind, an agent can find you the right home – even in today’s market. Connect with a local real estate agent to see what’s out there.

If you’re thinking about selling your house, here’s something you really need to know. Even though it’s still a seller’s market today, you can’t pick just any price for your listing.While home prices are still appreciating in most areas, they’re climbing at a slower pace because higher mortgage rates are putting a squeeze on buyer demand. At the same time, the supply of homes for sale is growing. That means buyers have more options and your house may not stand out as much, if it’s not priced right.Those two factors combined are why the asking price you set for your house is more important today than it has been in recent years. And some sellers are finding that out the hard way. That’s leading to more price reductions. Mike Simonsen, Founder and President of ALTOS Research, explains:“Looking at the price reductions data set . . . It all fits in the same pattern of increasing supply and homebuyer demand that is just exhausted by high mortgage rates. . . As home sellers are faced with less demand than they expected, more of them have to reduce their prices.”That’s because they haven’t adjusted their expectations to today’s market. Maybe they’re not working with an agent, so they don’t know what’s happening around them. Or they’re not using an agent who prioritizes being a local market expert. Either way, they aren’t basing their pricing decision on the latest data available – and that’s a miss.If you want to avoid making a pricing mistake that could turn away buyers and delay your sale, you need to work with an agent who really knows your local market. If you lean on the right agent, they’ll help you avoid making mistakes like:Setting a Price That’s Too High: Some sellers have unrealistic expectations about how much their house is worth. That’s because they base their price on their gut or their bottom line, not the data. An agent will help you base your price on facts, not opinion, so you have a better chance of hitting the mark.Not Considering What Houses Are Actually Selling for: Without an agent’s help, some sellers may use the wrong comparable sales (comps) in their area and misjudge the market value of their home. An agent has the expertise needed to find true comps. And they’ll use those to give you valuable insights into how to price your house in a way that’s competitive for you and your future buyer.Overestimating Home Improvements: Sellers who have invested a significant amount of money in home improvements may overestimate how much those upgrades affect their home's value. While certain improvements can increase a home's appeal, not all upgrades are going to get a great return on their investment. An agent factors in what you’ve done and what buyers in your area actually want as they set the price.Ignoring Feedback and Market Response: Some sellers may be resistant to lowering their asking price based on feedback they’re getting in open houses. An agent will remind the seller how important it is to be flexible and respond to market feedback in order to attract qualified buyers.In the end, accurate pricing depends on current market conditions – and only an agent has all the data and information necessary to find the right price for your house. The right agent will use that expertise to develop a pricing strategy that’s based on current market conditions and designed to get your house sold. That way you don’t miss the mark.Bottom LineThe right asking price is even more important today than it’s been over the last few years. To avoid making a costly mistake, connect with a local real estate agent. 

Even if you didn't own a home at the time, you probably remember the housing crisis in 2008. That crash impacted the lives of countless people, and many now live with the worry that something like that could happen again. But rest easy, because things are different than they were back then. As Business Insider says:“Though many Americans believe the housing market is at risk of crashing, the economists who study housing market conditions overwhelmingly do not expect a crash in 2024 or beyond.”Here’s why experts are so confident. For the market (and home prices) to crash, there would have to be too many houses for sale, but the data doesn't show that’s happening. Right now, there’s an undersupply, not an oversupply like the last time – and that’s true even with the inventory growth we’ve seen this year. You see, the housing supply comes from three main sources:Homeowners deciding to sell their houses (existing homes)New home construction (newly built homes)Distressed properties (foreclosures or short sales)And if we look at those three main sources of inventory, you’ll see it’s clear this isn’t like 2008.Homeowners Deciding To Sell Their HousesAlthough the supply of existing (previously owned) homes is up compared to this time last year, it’s still low overall. And while this varies by local market, nationally, the current months’ supply is well below the norm, and even further below what we saw during the crash. The graph below shows this more clearly. If you look at the latest data (shown in green), compared to 2008 (shown in red), we only have about a third of that available inventory today. So, what does this mean? There just aren't enough homes available to make values drop. To have a repeat of 2008, there’d need to be a lot more people selling their houses with very few buyers, and that's not the case right now.New Home ConstructionPeople are also talking a lot about what's going on with newly built houses these days, and that might make you wonder if homebuilders are overdoing it. Even though new homes make up a larger percentage of the total inventory than the norm, there’s no need for alarm. Here’s why. The graph below uses data from the Census to show the number of new houses built over the last 52 years. The orange on the graph shows the overbuilding that happened in the lead-up to the crash. And, if you look at the red in the graph, you’ll see that builders have been underbuilding pretty consistently since then: There’s just too much of a gap to make up. Builders aren’t overbuilding today, they’re catching up. A recent article from Bankrate says:“What’s more, builders remember the Great Recession all too well, and they’ve been cautious about their pace of construction. The result is an ongoing shortage of homes for sale.”Distressed Properties (Foreclosures and Short Sales)The last place inventory can come from is distressed properties, including short sales and foreclosures. During the housing crisis, there was a flood of foreclosures due to lending standards that allowed many people to get a home loan they couldn’t truly afford. Today, lending standards are much tighter, resulting in more qualified buyers and far fewer foreclosures. The graph below uses data from ATTOM to show how things have changed since the housing crash: This graph makes it clear that as lending standards got tighter and buyers became more qualified, the number of foreclosures started to go down. And in 2020 and 2021, the combination of a moratorium on foreclosures (shown in black) and the forbearance program helped prevent a repeat of the wave of foreclosures we saw when the market crashed.While you may see headlines that foreclosure volume is ticking up – remember, that’s only compared to recent years when very few foreclosures happened. We’re still below the normal level we’d see in a typical year. What This Means for YouInventory levels aren’t anywhere near where they’d need to be for prices to drop significantly and the housing market to crash. As Forbes explains:“As already-high home prices continue trending upward, you may be concerned that we’re in a bubble ready to pop. However, the likelihood of a housing market crash—a rapid drop in unsustainably high home prices due to waning demand—remains low for 2024.”Mark Fleming, Chief Economist at First American, points to the laws of supply and demand as a reason why we aren't headed for a crash:“There’s just generally not enough supply. There are more people than housing inventory. It’s Econ 101.”And Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says: “We will not have a repeat of the 2008–2012 housing market crash. There are no risky subprime mortgages that could implode, nor the combination of a massive oversupply and overproduction of homes.”Bottom LineThe market doesn’t have enough available homes for a repeat of the 2008 housing crisis – and there’s nothing that suggests that will change anytime soon. That’s why housing experts and inventory data tell us there isn’t a crash on the horizon.

Some HighlightsThere are a few key things you’ll want to avoid after applying for a mortgage to make sure you’re in the best position when you get to the closing table.Don’t change bank accounts, apply for new credit, make any large purchases or transfers, and don’t co-sign loans for anyone. Here’s a good rule of thumb. Always connect with your loan officer before making any financial decisions once you’ve started the mortgage process.

Everyone’s vision for the future is personal and unique. But for many, common goals include success, freedom, and prosperity — values closely tied to having your own home and the iconic feeling of achieving the American Dream.A recent survey by Bankrate reveals exactly that: homeownership is still a part of the American Dream. The results show, at 78%, that owning a home tops the list, surpassing other significant milestones such as retirement, having a successful career, and more (see below):So, why is buying a home important to so many today? One reason is the financial and physical security it provides. Many people see homeownership as a way to reduce stress because owning a home with a fixed-rate mortgage stabilizes what is likely their largest monthly expense.Another factor is the potential for building wealth. That’s because, over time, homeowners gain equity as they pay down their mortgage and as home prices appreciate, leading to longer-term financial stability.But what about the responsibilities that come with owning and maintaining a home? According to a survey by Entrata, only 23% of renters feel homeownership is too much work, indicating the majority are open to the commitments and obligations that come with being a homeowner.What Does This Mean for You?While buying a home today might seem daunting due to higher mortgage rates and rising home prices, the long-term benefits can make it worthwhile. If you’re considering homeownership, remember that it's more than just a financial investment — it's a step toward securing your future.Bottom LineOwning a home is a significant and powerful decision that represents a big part of the American Dream. If you’re ready to take this step, start by reaching out to a local real estate agent who can guide you through the process and help you make your homeownership goals a reality.

If you own a home, your net worth has probably gone up a lot over the past year. Home prices have been rising, which means you're building equity much faster than you might think. Here’s how it works.Equity is the current value of your home minus what you owe on the loan.Over the past year, there have still been more people wanting to buy than there are homes available for sale, and that’s pushed prices up. That rise in prices has translated directly into increasing equity for homeowners.How Much Equity Have You Earned over the Past 12 Months?According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner's equity has grown by $28,000 in the last year alone.That's the national average, so if you want to see what's happening in your state, check out the map below. It uses data from CoreLogic to show how much equity has grown in each state over the past year. You’ll notice every single state with sufficient data saw annual equity gains:What If You Bought Your House Before the Pandemic?If you bought your house before the pandemic, the equity news is even better. According to data from Realtor.com, home prices shot up by 37.5% from May 2019 to May 2024, meaning your home's value has likely increased significantly. Ralph McLaughlin, Senior Economist at Realtor.com, says:“Homeowners have seen extraordinary gains in home equity over the past five years.”To give context to how much equity can stack up over time, Selma Hepp, Chief Economist at CoreLogic, explains the total equity the typical homeowner has today:“With home prices continuing to reach new highs, owners are also seeing their equity approach the historic peaks of 2023, close to a total of $305,000 per owner.”How Your Rising Home Equity Can Help YouWith how prices skyrocketed a few years ago, and the ongoing price growth today, homeowners clearly have substantial equity built up – and that has some serious benefits.You could use it to start a business, fund an education, or even to help you afford your next home. When you sell, the equity you’ve built up comes back to you, and may be enough to cover a big part – or even all – of your next home’s down payment.Bottom LineIf you're planning to move, the equity you've gained can really help. Curious about how much you have and how you can use it to help pay for your next home? Connect with a local real estate agent.

With all the headlines circulating about home prices and mortgage rates, you may be asking yourself if it still makes sense to buy a home right now, or if it’s better to keep renting. Here’s some information that could help put your mind at ease by showing that investing in a home is still a powerful decision.According to the experts at Gallup, real estate has been crowned the top long-term investment for a whopping 12 years in a row. It has consistently beat out other investment types like gold, stocks, and bonds. Just take a look at the graph below – it speaks volumes:But why does real estate continue to reign supreme as a top-notch long-term investment? It’s because, even today, buying a home can be your golden ticket to building wealth over time.Unlike other investments that can feel a bit like riding a rollercoaster with all the ups and downs and ongoing risk factors, real estate follows a more predictable and positive pattern.History shows home values usually rise. And while prices may vary by market, that means as time goes by, your house is likely to appreciate in value. And that helps you grow your net worth in a big way. As an article from Realtor.com explains:“Homeownership has long been tied to building wealth—and for good reason. Instead of throwing rent money out the window each month, owning a home allows you to build home equity. And over time, equity can turn your mortgage debt into a sizeable asset.” So, if you’re on the fence about whether to rent or buy, remember that real estate was consistently voted the best long-term investment for a reason. And if you want to get in on that action, it may make sense to go ahead and buy (if you’re ready and able).Bottom LineWhen it comes to building wealth that stands the test of time, real estate is the name of the game. If you’re ready to start on your own journey toward homeownership, connect with a local real estate advisor today.

If your listing expired and your house didn’t sell, it’s totally natural to feel a mix of frustration and disappointment. And as you’re working through that, you’re probably also wondering what went wrong and what you should do next.If you still need to move and want to get it back on the market, here are some things to consider as you look back.Was It Priced for Today’s Market?Setting the right price from the start is key. While it might be tempting to try shooting high with your price, that can slow down the selling process big time. If your house was priced higher than others similar to it, it may have turned away buyers. And that’s likely why it sat on the market. As Rocket Mortgage explains:“Buyer interest in your home is highest when it first comes on the market. That’s why it’s so important to start with the right price on day one. . . If you overprice your house, buyers may just raise an eyebrow and move on to the next listing without even coming for a showing. . . It can be easy to think your home is worth more but try not to let sentimental value color your judgment. Your home’s true value is whatever a buyer is willing to pay for it.”Was It Easy for Buyers To Tour?One of the biggest mistakes you can make when selling your house is overly restricting the days and times when potential buyers can tour it. Even though it might feel stressful to drop everything and leave when buyers want to see your house, being flexible with your schedule is important. After all, minimal access means minimal exposure to buyers. ShowingTime advises:“. . . do your best to be as flexible as possible when granting access to your house for showings.”Was It Set Up To Make the Best Impression on Buyers?If buyers weren’t interested in your house, it’s worth taking another look at your home through their eyes. Are there outstanding repairs that may be distracting them? Even if it’s a small thing, some buyers may see it as a sign the maintenance on the home is falling behind.Just remember, you don’t always need to make big upgrades. Selective small repairs or touch-ups go a long way. Things like tidying up your landscaping, a fresh coat of paint inside, or removing personal items and clutter can work wonders in sprucing up the house for potential buyers. You could also consider staging the home.Were You Willing To Negotiate?If there were offers coming in, but you weren’t ready to negotiate, that may be another reason why it didn’t sell. While you want to get top dollar for your house, you also need to be realistic about what your house can net in today’s market. The market is still tipped in a seller’s favor, but the supply of homes for sale is growing and buyers are feeling the sting of higher mortgage rates. So being willing to play ball can make closing a deal a whole lot easier. A skilled agent can help. As Ramsey Solutions explains:“If you don’t have the money or time to fix home issues, consider offering some other form of incentive to buyers. . . An experienced real estate agent can help you arrange a deal where you and your buyer both come out on top.” Did You Listen To Your Agent?If you want an expert’s advice on why it didn’t sell, rely on a trusted real estate agent. Whether that’s the agent you used previously or a new one once the listing has officially expired, a great agent will sit down and take the time to talk it over with you. They’ll want to hear your honest opinion on what worked and what didn’t, and where you want to go from here.Then, they’ll offer their perspective. This includes tailored advice and effective strategies for re-listing your house to get it sold. As Better Homes & Gardens says, an agent should be your go-to resource in this situation:“If you’re frustrated with the timeline of your sale, chat with your real estate agent. Agents want what is best for you and the sale of your home, and having open communication about any frustrations will be key.”Bottom LineIt’s natural to feel disappointed when your listing has expired and your house didn’t sell. Connect with a reliable real estate agent to determine what happened, and what changes you should make to get your house back on the market.

Some HighlightsWondering what the second half of the year holds for the housing market? Here’s what expert forecasts say. Home prices are expected to climb moderately. Mortgage rates are forecast to come down slightly. And, home sales are projected to hold steady.If you have questions about what to expect for the rest of the year, connect with a local agent to have a conversation about what it means for you and your plans.

When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with. While you may have a general idea of what an inspection is, maybe you’re not sure why you need one or how it’s different from an appraisal. To keep it simple, here’s an explainer of each one and what they mean for you as a homebuyer.Home InspectionOnce you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the safety and overall condition of the home – which is important for such a big transaction. As a recent Realtor.com article explains:“A home inspection is something that protects your financial interest in what will likely be the largest purchase you make in your life—one in which you need as much information as possible.”If anything is questionable in the inspection process – like the age of the roof, the state of the HVAC system, or just about anything else – you have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction is final. And don’t worry – you don’t have to go through that process alone. Your real estate agent will be your advocate and negotiate with the seller for you.Home AppraisalWhile the inspection tells you about the current state of the house, an appraisal gives you its value. Bankrate explains:“When buying or selling a home, an appraisal verifies that the sale price of the home is in line with fair market value. This ensures the homebuyer doesn’t pay more than the home is worth, and the mortgage lender doesn’t lend more than it is worth.”Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal protects you from overpaying and the bank from lending you more than the home is worth.And if there’s ever any confusion or discrepancy between the appraisal and the agreed-upon price in your contract, your trusted real estate professional will help you navigate any additional negotiations to try to close the gap.Bottom LineThe inspection and the appraisal are different but equally important steps when buying a home – and you don’t need to manage them by yourself. Connect with an agent today so you have expert guidance from start to finish.

Should you buy a home now or should you wait? That’s a big question on many people’s minds today. And while what timing is right for you will depend on a lot of other personal factors, here’s something you may not have considered.If you’re able to buy at today’s rates and prices, it may be better to focus on time in the market, rather than timing the market. The Downside of Trying To Time the Market Trying to time the market isn’t a good strategy because things can change. Here’s an example. For the better part of this year, projections have said mortgage rates will come down. And while experts agree that’s still what’s ahead, shifts in various market and economic factors have pushed back the timing of when that’ll happen. Here’s how that’s impacted homebuyers who’ve been sitting on the sidelines. As U.S. News says:“Those who put off buying a home during the past few years as they were holding out for lower mortgage rates have been left out of the market . . . mortgage rates have stayed higher for longer than previously expected, keeping monthly housing payments elevated. In other words, affordability didn't improve for those who chose to wait.” This is why timing the market may not pay off if you’re ready and able to buy now.The Proof Is in the Pudding: How Homeowners Benefit from Rising Home Prices Delaying your plans also means missing out on the equity you’d gain if you went ahead with your purchase today. And the potential equity gains that are at stake may surprise you.Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over the next five years. In the latest release, experts are projecting home prices will continue to rise through at least 2028 (see the graph below): To give these numbers context, let’s take a look at a breakdown of what you stand to gain once you buy. The graph below uses a typical home’s value to show how a home could appreciate over the next few years using those HPES projections: In this example, let’s say you went ahead and bought a $400,000 home at the beginning of this year. Based on the expert forecasts from the HPES, you could gain more than $83,000 in household wealth over the next five years. That’s not a small number.This data helps paint the picture of why time in the market really matters.The Advice You Need To Hear If You’re Ready and Able To Buy NowRight now, you may be focused on what’s happening with mortgage rates and how those impact your monthly payment, but don’t forget to factor in home prices.Prices are expected to continue climbing, just at a more moderate pace. And while a moderate rise in prices may not be fun for you now, once you own a home, that growth will be a huge perk. That’s the time in the market piece.Sure, you could try timing the market, but the equity you’ll be missing out on in the meantime is something to seriously consider. If you’re ready and able to buy now, you have to decide: is it really worth waiting?Rather than focusing on timing the market. It’s better to have time in the market.As U.S. News Real Estate sums up:“There's never a one-size-fits-all answer to whether now is the right time to buy a home. . . . There's also no way to predict precisely what the market will do in the near future . . . Perfectly timing the market shouldn't be the goal. This decision should be determined by your personal needs, financial means and the time you have to find the right home.” Bottom LineIf you’re debating whether to buy now or wait, remember it’s time in the market, not timing the market. And if you want to get the ball rolling and set yourself up for those big equity gains, connect with an agent to make it happen. 

You want your house to sell fast. And you may be wondering how long the whole process is going to take. One way to get your answer? Work with a local real estate agent.They have the expertise to tell you how quickly homes are selling in your area and what’s impacting timelines for other sellers. That way you have realistic expectations and can work together to come up with a plan that’s based on today’s market.Here’s a high-level overview of just one of the factors a great agent will walk you through – the supply of homes for sale and how that impacts your process.The Growing Supply of Homes for SaleOver the past few months, the number of homes for sale has increased. This is good news when you move because it means you’ll have more options as you search for your next home. But it also means buyers have more to choose from, so if your house doesn’t stand out – it may take a bit longer to sell.Available inventory is made up of new listings (homes that were just put up for sale) and active listings (homes that were already on the market but haven’t sold yet). And if you look at data from Realtor.com you can see a good portion of the recent growth is from active listings that are sticking around (see the blue bars in the graph below):How It’s Impacting Listings TodayThink of the homes on the market like loaves of bread for sale in a bakery. When a fresh batch of bread is put out, everyone wants the newest and hottest one. But if a loaf sits there too long, it starts to get stale, and fewer people want to buy it.The same goes for homes. New listings are the freshest and most sought-after. But if a home isn’t priced correctly, doesn’t show well, or it doesn’t have an effective sales or marketing strategy behind it, it can sit on the market and become less appealing to buyers over time.An Agent Will Help Your House Stand Out and Sell QuicklyTiming is important to you. You want to get this done, fast. By leaning on a pro, they’ll make sure your listing is fresh and doesn’t stick around long enough to go stale. As the National Association of Realtors (NAR) explains:“Home sellers without an agent are nearly twice as likely to say they didn’t accept an offer for at least three months; 53% of sellers who used an agent say they accepted an offer within a month of listing their home.”Your agent will factor the recent inventory growth into their plan and create a customized selling strategy for your house. The supply of homes for sale can vary a lot by area. So they’ll do things like share their valuable insights into what’s happening with supply in your market, help you price your home correctly, and create a marketing plan that gets your home noticed.Don’t let your listing get stale—reach out to a real estate agent today to make sure your listing is fresh and appeals to buyers from the start. It makes a big difference. Bottom LineIf you want your house to sell fast, you need to work with a pro. Connect with a local agent, so you’ve got someone who understands the current market trends and how to build a strategy around those factors, so your house is set up to sell quickly.

As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.Home Prices Are Expected To Climb ModeratelyHome prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry:The reason for continued appreciation? The supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:“One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don't have housing inventory.”While inventory is up compared to the last couple of years, it’s still low overall. And because there still aren’t enough homes to go around, that’ll keep upward pressure on prices.If you’re thinking of buying, the good news is you won’t have to deal with prices skyrocketing like they did during the pandemic. Just remember, prices aren’t expected to drop. They’ll continue climbing, just at a slower pace.So, getting into the market sooner rather than later could still save you money in the long run. Plus, you can feel confident experts say your home will grow in value after you buy it.Mortgage Rates Are Forecast To Come Down SlightlyOne of the best pieces of news for both buyers and sellers is that mortgage rates are expected to come down a bit, according to Fannie Mae, the Mortgage Bankers Association (MBA), and NAR (see chart below):When you buy, even a small drop in mortgage rates can make a big difference in your monthly payments. For sellers, lower rates will bring more buyers back into the market, which can help you sell faster and potentially at a higher price. Plus, it may help you get off the fence, if you’ve been hesitant to sell due to today’s rates.Home Sales Are Projected To Hold SteadyFor 2024, the number of home sales will be about the same as last year and may even rise slightly. The graph below compares the 2024 home sales forecasts from Fannie Mae, MBA, and NAR to the 4.8 million homes that sold last year:The average of the three forecasts is about 5 million sales in 2024 – a small increase from 2023. Lawrence Yun, Chief Economist at NAR, explains why:“Job gains, steady mortgage rates and the release of inventory from pent-up home sellers will lead to more sales.”With more inventory available and mortgage rates expected to go down, a few more homes are expected to be sold this year compared to last year. This means more people will be able to move. Let's work together to make sure you’re one of them.Bottom LineIf you have any questions or need help navigating the market, reach out to a local real estate agent.

Some HighlightsConsidering selling your house without an agent? You should know there are some serious downsides to handling it on your own.You’ll be missing out on marketing tools that draw in more buyers, pricing and market expertise, essential negotiation skills, in-depth knowledge of the fine print in contracts, and so much more.Don’t take all of this responsibility on. Instead, connect with an agent so you have someone with the knowledge and experience you’ll need on your side.

Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season. If you’re excited about getting away and having some fun in the sun, it might make sense to consider if owning your own vacation home is right for you.An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home (see below): Vacation destination or a place to get away from the stresses of everyday life (81%) – Having a second home to use as a vacation spot can be a special place where you go to relax and take a break from your daily routines and stressors. It also means you won’t have to worry about finding somewhere to stay when you go there.Better weather (49%) – Buying in a place where there may be nicer weather can be a great escape, especially if it’s cold or rainy where you usually live. It lets you enjoy sunny days and warm temperatures, even when it’s not so nice back home.Rental income (41%) – You can rent it out to other people when you’re not using it, which can help you make some extra money.Primary residence in the future (33%) – You can eventually move into the home full-time during retirement. That means you can enjoy vacations there now and have a getaway ready for your future.Having a venue for gatherings with family and friends (25%) – It would be a special spot where you can have parties, regular family trips, and create fun memories. Ways To Buy Your Vacation HomeAnd you don’t have to be wealthy to buy a vacation home. Bankrate shares two tips for how to make this dream more achievable for anyone who’s interested:Buy with loved ones or friends: If you’re okay with sharing the vacation home, you can go in on the purchase price together and pool your resources to make it more affordable.Put a savings plan in place: This will require patience and persistence but consider adding a vacation home savings plan to your budget and contributing to it monthly.Finding Your Dream Spot with a Little Help from an AgentIf the idea of basking in the sun at your very own vacation home sounds appealing, you might want to start looking now. Summer's when everyone's trying to buy their slice of paradise, so it’s best to start early.Your first move is to team up with a real estate agent. They know all the ins and outs of the area you want to be in, and which homes you should look at. Plus, they can give you the lowdown on everything you need to know about having a second home and how it can benefit you. The same article from Bankrate says:“Buying real estate in a new area — or even one you’ve vacationed in for many years — requires expert guidance. That makes it a good idea to work with an experienced local lender who specializes in loans for vacation homes and a local real estate professional. Local lenders and Realtors will understand the required rules and specifics for the area you are buying, and a local Realtor will know what properties are available.”Bottom LineIf the idea of owning your own vacation home appeals to you, connect with a real estate agent.

There's no denying it's gotten more challenging to buy a home, especially with today's mortgage rates and home price appreciation. And that may be one of the big reasons you’re eager to look into grants and assistance programs to see if there’s anything you qualify for that can help. But unfortunately, many homebuyers feel like they don’t know where to start. A recent Bank of America Institute study asked prospective buyers where they lack confidence in the process and need more information. And this is what topped the list:53% said they need help understanding homebuying grant programs. So, here’s some information that can help you close that gap.What Is Down Payment Assistance?As the Mortgage Reports explains:“Down payment assistance (DPA) programs offer loans and grants that can cover part or all of a home buyer’s down payment and closing costs. More than 2,000 of these programs are available nationwide. . . DPA programs vary by location, but many home buyers could be in line for thousands of dollars in down payment assistance if they qualify.”And here’s some more good news. On top of all of these programs, you probably don’t need to save as much for your down payment as you think. Contrary to what you may have heard, typically you don’t have to put 20% down unless it’s specified by your loan type or lender. So, you likely don’t need to save as much upfront, and there are programs designed to make your down payment more achievable. Sounds like a win-win.First-Time and Repeat Buyers Are Often Eligible It’s also worth mentioning, that it’s not just first-time homebuyers that are eligible for many of these programs. That means whether you’re looking to buy your first house or your fifth, there could be an option for you. As Down Payment Resource notes:“You don’t have to be a first-time buyer. Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.”Additional Down Payment Resources That Can HelpHere are a few of the down payment assistance programs that are helping many buyers achieve their dream of homeownership, even now:Teacher Next Door is designed to help teachers, first responders, health providers, government employees, active-duty military personnel, and Veterans reach their down payment goals.Fannie Mae provides down payment assistance to eligible first-time homebuyers living in majority-Latino communities.Freddie Mac also has options designed specifically for homebuyers with modest credit scores and limited funds for a down payment.The 3By30 program lays out actionable strategies to add 3 million new Black homeowners by 2030. These programs offer valuable resources for potential buyers, making it easier to secure down payments and realize their dream of homeownership.For Native Americans, Down Payment Resource highlights 42 U.S. homebuyer assistance programs across 14 states that ease the path to homeownership by providing support with down payments and other associated costs.If you want more information on any of these, the best place to start is by contacting a trusted real estate professional.They’ll be able to share more details about what may be available, including any other programs designed to serve specific professions or communities. And even if you don’t qualify for these types of programs, they can help see if there are any other federal, state, and local options available you should look into. Bottom LineAffordability is still a challenge, so if you’re looking to buy, you’re going to want to make sure you’re taking advantage of any and all resources available.The best way to find out what’s out there is to connect with a team of real estate professionals, including a trusted lender and a local agent. 

Chances are you’re hearing a lot about mortgage rates right now. You may even see some headlines talking about last week’s Federal Reserve (the Fed) meeting and what it means for rates. But the Fed doesn’t determine mortgage rates, even if the headlines make it sound like they do.The truth is, mortgage rates are impacted by a lot of factors: geo-political uncertainty, inflation and the economy, and more. And trying to pin down when all those factors will line up enough for rates to come down is tricky.That’s why it’s generally not worth it to try to time the market. There’s too much at play that you can’t control. The best thing you can do is control the controllables. And when it comes to rates, here’s what you can influence to make your moving plans a reality.Your Credit ScoreCredit scores can play a big role in your mortgage rate. As an article from CNET explains:“You can’t control the economic factors influencing interest rates. But you can get the best rate for your situation, and improving your credit score is the right place to start. Lenders look at your credit score to decide whether to approve you for a loan and at what interest rate. A higher credit score can help you secure a lower interest rate, maybe even better than the average.”That’s why it’s even more important to maintain a good credit score right now. With rates where they are, you want to do what you can to get the best rate possible. If you want to focus on improving your score, your trusted loan officer can give you expert advice to help.Your Loan TypeThere are many types of loans, each offering different terms for qualified buyers. The Consumer Financial Protection Bureau (CFPB) says:“There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose.”When working with your team of real estate professionals, make sure you find out what’s available for your situation and which types of loans you may qualify for.Your Loan TermAnother factor to consider is the term of your loan. Just like with loan types, you have options. Freddie Mac says:“When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.”Depending on your situation, the length of your loan can also change your mortgage rate.Bottom LineRemember, you can’t control what happens in the broader economy. But you can control the controllables.Let’s connect to go over the things you can do that’ll make a difference. By being strategic with these factors, you may be able to combat today’s higher rates and lock in the lowest one you can.

The 2024 Presidential election is just months away. As someone who’s thinking about potentially buying or selling a home, you’re probably curious about what effect, if any, elections have on the housing market.It’s a great question because buying or selling a home is a major decision, and it’s natural to wonder how such a major event might impact your plans.Historically, Presidential elections have only had a small, temporary impact on the housing market. Here’s the latest on exactly what’s happened to home sales, prices, and mortgage rates throughout those time periods.Home SalesDuring the month of November, in years when the Presidential election takes place, there’s typically a slight slowdown in home sales. As Ali Wolf, Chief Economist at Zonda, explains:“Usually, home sales are unchanged compared to a non-election year with the exception being November. In an election year, November is slower than normal.”This is mostly because some people feel uncertain and hesitant about making big decisions during such a pivotal time. However, it’s important to know this slowdown is temporary. Historically, home sales bounce back in December and continue to rise the following year. In fact, data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) shows after nine of the last 11 Presidential elections, home sales went up the next year (see graph below): The graph shows annual home sales going back to 1978. Each year with a Presidential election is noted in blue. The year immediately after each election is green if existing home sales rose that year. The two orange bars represent the only years when home sales decreased after an election.Home PricesWhat about home prices? Do they drop during election years? Not typically. As residential appraiser and housing analyst Ryan Lundquist puts it:“An election year doesn’t alter the price trend that is already happening in the market.”Home prices are pretty resilient. They generally rise year-over-year, regardless of elections. The latest data from NAR shows after seven of the last eight Presidential elections, home prices increased the following year (see graph below): Just like the previous graph, this shows election years in blue. The only year when prices declined after an election is in orange. That was during the housing market crash, which was far from a typical year. Today’s market is different than it was back then.All the green bars represent when prices rose the following year. So, if you're worried about your home losing value because of an election, you can rest easy knowing prices rise after most Presidential elections.Mortgage RatesMortgage rates are important because they affect how much your monthly payment will be when you buy a home. Looking at the last 11 Presidential election years, data from Freddie Mac shows mortgage rates decreased from July to November in eight of them (see chart below): Most forecasts expect mortgage rates to ease slightly throughout the remainder of the year. If they’re right, this year will follow the trend of declining rates leading up to most previous elections. And if you’re looking to buy a home in the coming months, this could be good news, as lower rates could mean a lower monthly payment.What This Means for YouSo, what’s the big takeaway? While Presidential elections do have some impact on the housing market, the effects are usually small and temporary. As Lisa Sturtevant, Chief Economist at Bright MLS, says:“Historically, the housing market doesn’t tend to look very different in presidential election years compared to other years.”For most buyers and sellers, elections don’t have a major impact on their plans.Bottom LineWhile it’s natural to feel a bit uncertain during an election year, history shows the housing market remains strong and resilient. If you have questions, reach out to a local real estate agent. They’re here to help you navigate the market, election year or not.

Some HighlightsAccording to a recent poll from Gallup, real estate has been voted the best long-term investment for twelve straight years.That’s because a home is so much more just than a roof over your head. It’s also an asset that typically grows in value over time. If you’ve been debating if it makes more sense to rent or buy, connect with a real estate agent to talk about why homeownership can be a better bet in the long run. 

You may have heard that there are more brand-new homes available right now than the norm. Today, about one in three homes on the market are newly built. And if you’re wondering what that means for the housing market and for your own move, here’s what you need to know.Why This Isn’t Like 2008People remember what happened to the housing market back in 2008. And one of the factors that contributed to that crash was that there were too many homes for sale. While only part of the oversupply back then came from builders, the lasting impact is that some people still feel uneasy when they hear new home construction has ramped up.Even though the supply of new homes has grown this year, the data shows there’s no need to worry. Builders aren’t overbuilding, they’re just catching up. The graph below uses data from the Census to show the number of new houses built over the last 52 years. Following the crash in 2008, there was a long period of underbuilding (shown in red). And it wasn’t until recently that we finally met the long-term average for how many homes are built in a typical year. This shows, that even with the increase in new builds we’ve seen lately, there won’t suddenly be an oversupply of homes for sale. There’s too much of a gap to make up after over a decade of underbuilding. And if you’re still worried builders are overdoing it, here’s something else that should be reassuring. New Home Construction May Be at Its Peak for the YearThe latest data from the Census on housing starts (homes where builders just broke ground) and permits (homes where builders can start development soon) shows builders are slowing down their pace right now. Why is that?They’re responding to still high mortgage rates and how those are impacting buyer demand. Basically, they’re pulling back appropriately in response to what’s happening in the market. As an article from HousingWire explains: “Even with a massive housing shortage across the nation, homebuilders are completing their pipelines and not seeking as many permits to construct new single-family houses.” Builders remember what happened when they overbuilt in the crash, and they’re looking to avoid a repeat of that. So, they’re being mindful and pulling back a bit.You May Have More Options Now Versus LaterIf you’re considering a newly built home, here’s how this impacts you. With builders seeking fewer permits and not breaking ground on as many new homes, we may be at the peak of new home construction for the year. This doesn’t mean new home construction is screeching to a stop – just that the pace is slowing down now, and that’ll impact what comes to market later this year. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:“Given the recent declines in housing starts, home completions will steadily show declines in about six months.”So, if you’re ready and able to buy now, you may find you’ll have more newly built options to choose from now versus later on. This may be enough reason to kick off your search. Just be sure to work with a local real estate agent you know and trust throughout the process. An agent will have valuable insight into builder reputations and other key factors specific to your market. And if there isn’t much new construction near you, they’ll be able to point you toward a nearby area where there is.Bottom LineWhile it’s true new home construction is a bigger segment of the market than the norm, that’s not a bad thing. Builders aren’t overbuilding, and they’re responding to market signals to avoid repeating the mistakes that were made in 2008. If you want to buy now while new home options may be at their peak, reach out to a local real estate agent.