If you’re thinking of buying a home this year, you’re probably paying closer attention than normal to the housing market. And you’re getting your information from a variety of channels: the news, social media, your real estate agent, conversations with friends and loved ones, the list goes on and on. Most likely, home prices and mortgage rates are coming up a lot.Here are the top two questions you need to ask yourself as you make your decision, including the data that helps cut through the noise.1. Where Do I Think Home Prices Are Heading? One reliable place you can turn to for information on home price forecasts is the Home Price Expectations Survey from Fannie Mae – a survey of over one hundred economists, real estate experts, and investment and market strategists.According to the most recent release, the experts are projecting home prices will continue to rise at least through 2028 (see the graph below):So, why does this matter to you? While the percent of appreciation may not be as high as it was in recent years, what’s important to focus on is that this survey says we’ll see prices rise, not fall, for at least the next 5 years.And home prices rising, even at a more moderate pace, is good news not just for the market, but for you too. It means, by buying now, your home will likely grow in value, and you should gain home equity in the years ahead. But, if you wait, based on these forecasts, the home will only cost you more later on. 2. Where Do I Think Mortgage Rates Are Heading?Over the past year, mortgage rates spiked up in response to economic uncertainty, inflation, and more. But there’s an encouraging sign for the market and mortgage rates. Inflation is moderating, and here’s why this is such a big deal if you’re looking to buy a home.When inflation cools, mortgage rates generally fall in response. That’s exactly what we’ve seen in recent weeks. And, now that the Federal Reserve has signaled they’re pausing their Federal Funds Rate increases and may even cut rates in 2024, experts are even more confident we’ll see mortgage rates come down.Danielle Hale, Chief Economist at Realtor.com, explains:“. . . mortgage rates will continue to ease in 2024 as inflation improves and Fed rate cuts get closer. . . . a key factor in starting to provide affordability relief to homebuyers.”As an article from the National Association of Realtors (NAR) says:“Mortgage rates likely have peaked and are now falling from their recent high of nearly 8%. . . . This likely will improve housing affordability and entice more home buyers to return to the market . . .” No one can say with absolute certainty where mortgage rates will go from here. But the recent decline and the latest decision from the Federal Reserve to stop their rate increases, signals there’s hope on the horizon. While we may see some volatility here and there, affordability should improve as rates continue to ease.  Bottom LineIf you’re thinking about buying a home, you need to know what’s expected with home prices and mortgage rates. While no one can say for certain where they’ll go, making sure you have the latest information can help you make an informed decision. Connect with a trusted local real estate agent so you can stay up to date on what’s happening and why this is such good news for you.

If buying or selling a home is your goal for 2024, it’s important to understand today’s housing market, know your why, and work with industry experts to bring your homeownership vision for the new year into focus.Over the last year, the economy had a big impact on the housing market, and likely on your wallet too. That’s why it’s critical to have a clear picture of not just the market today, but also on what you want out of it when you buy or sell a home. Danielle Hale, Chief Economist at Realtor.com, explains:“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, so that you can stay in your home long enough that buying is a sound financial decision.”Here are a few things to think through as you define your goals for 2024.1. Know Your WhyYou’re dreaming about making a move for a reason – what is it? No matter what’s happening in the market, there are still many compelling reasons to buy a home today. Your needs may have changed in a way your current house can’t address, or you could be ready to step into homeownership for the first time. Use your why and your motivation as a guidepost in partnership with an expert advisor to make sure your move gives you a lasting sense of accomplishment.2. Figure Out What Your Next Home Needs To Look LikeYou know you want to move, but how would you describe your dream home? The number of homes for sale has grown recently, and that could mean more options to choose from when you buy. But overall housing supply is still lower than more normal years in the market, so you’ll have to work closely with a pro to find what you’re looking for. Just be sure to keep your budget in mind as you balance your wants and needs. The better you understand what’s essential and where you can be flexible, the easier it will be to find a home that’s right for you.3. Determine if You’re Ready To BuyGetting clear on your budget and available savings is essential before you get too far into the process. Partnering with a local agent and a lender early is the best way to make sure you’re in a good position to buy. This could include planning how much to save for a down payment, getting pre-approved for a home loan, and assessing your current home equity if you’re selling your existing house.A Professional Will Guide You Through Every Step of the ProcessBuying or selling a home takes expertise to navigate. If that feels a bit overwhelming, that’s normal. Don’t let uncertainty hold you back from your goals this year. A trusted expert will help you bridge that gap and give you the facts and advice you need about today’s housing market.Bottom LineWork with a local real estate agent and build a team of industry professionals to be sure you hit your homeownership goals in 2024.

If you’re planning to buy a home, knowing what to budget for and how to save may sound intimidating – but it doesn’t have to be. One way to ease those concerns is to make sure you understand some of the costs you may encounter up front. And to do that, always turn to trusted real estate professionals. They can help you set a plan and take a strategic look at your budget and your process before you even get started.Here are just a few things experts say you should be thinking about.1. Down PaymentSaving for your down payment is likely top of mind as you set out to buy a home. But do you know how much you’ll need? While every buyer’s situation is different, there’s a common misconception that putting 20% of the purchase price down is required. An article from the Mortgage Reports explains why that’s not always the case:“The idea that you have to put 20% down on a house is a myth. . . . The right amount depends on your current savings and your home buying goals.”To understand your options, partner with trusted real estate professionals to go over the various loan types, down payment assistance programs, and what each one requires. The more you know ahead of time, the easier the process will be.2. Closing CostsMake sure you also budget for closing costs, which are a collection of fees and payments made to the various parties involved in your transaction. Bankrate explains:“Closing costs are the fees you pay when finalizing a real estate transaction, whether you’re refinancing a mortgage or buying a new home. These costs can amount to 2 to 5 percent of the mortgage so it’s important to be financially prepared for this expense.”The best way to understand what you’ll need at the closing table is to work with a trusted lender. They can provide you with answers to the questions you might have.3. Earnest Money DepositIf you want to cover all your bases, you can also consider saving for an earnest money deposit (EMD). An EMD is money you pay as a show of good faith when you make an offer on a house. According to Realtor.com, it’s usually between 1% and 2% of the total home price.This deposit works like a credit. It’s not an added expense – it’s paying a portion of your costs upfront. You’re using some of the money you’ve already saved for your purchase to show the seller you’re committed and serious about buying their house. Realtor.com describes how it works as part of your sale:“It tells the real estate seller you’re in earnest as a buyer . . . Assuming that all goes well and the buyer’s good-faith offer is accepted by the seller, the earnest money funds go toward the down payment and closing costs. In effect, earnest money is just paying more of the down payment and closing costs upfront.”Keep in mind, an EMD isn’t required, and it doesn’t guarantee your offer will be accepted. It’s important to work with a real estate advisor to understand what’s best for your situation and any specific requirements in your local area. They’ll advise you on what moves you should make so you can make the best possible decisions throughout the buying process.Bottom LineWhen buying a home, being informed about what to save for is key. Partner with a local real estate advisor so you’ll have an expert on your side to answer any questions you have along the way.

As the new year approaches, the idea of buying a home might be on your mind. It’s an exciting goal to set, and it's never too early to start laying the groundwork. One crucial step to prepare for homeownership is building a solid credit score.Lenders review your credit to assess your ability to make payments on time, pay back debts, and more. It’s also a factor that helps determine your mortgage rate. An article from CNBC explains:“When it comes to mortgages, a higher credit score can save you thousands of dollars in the long run. This is because your credit score directly impacts your mortgage rate, which determines the amount of interest you’ll pay over the life of the loan.”This means your credit score may feel even more important to your homebuying plans right now since mortgage rates are a key factor in affordability, especially today.According to the Federal Reserve Bank of New York, the median credit score in the U.S. for those taking out a mortgage is 770. But that doesn’t mean your credit score has to be perfect. An article from Business Insider explains generally how your FICO score range can make an impact:“. . . you don’t need a perfect credit score to buy a house. . . . Aiming to get your credit score in the ‘Good’ range (670 to 739) would be a great start towards qualifying for a mortgage. But if you’re wanting to qualify for the lowest rates, try to get your score within the ‘Very Good’ range (740 to 799).” Working with a trusted lender is the best way to get more information on how your credit score could factor into your home loan and the mortgage rate. As FICO says:“While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable. There is no single “cutoff score” used by all lenders and there are many additional factors that lenders may use to determine your actual interest rates.”If you’re looking for ways to improve your score, Experian highlights some things you may want to focus on:Your Payment History: Late payments can have a negative impact by dropping your score. Focus on making payments on time and paying any existing late charges quickly.Your Debt Amount (relative to your credit limits): When it comes to your available credit amount, the less you’re using, the better. Focus on keeping this number as low as possible.Credit Applications: If you’re looking to buy something, don’t apply for additional credit. When you apply for new credit, it could result in a hard inquiry on your credit that drops your score.A lender will help you navigate the process from start to finish, from assessing which range your score falls in to telling you more about the specifics for each loan type.Bottom LineAs you set your sights on buying a home in the upcoming year, a focus on boosting your credit score could help you get a better mortgage rate when the time comes. If you want to learn more, connect with a trusted lender.

There’s no denying the long-term financial benefits of owning a home, but today’s housing market may have you wondering if now’s still the time to buy. While the financial aspects of homeownership are important, the non-financial and emotional reasons are too. Here’s why.The word home truly means something different to everyone. Whether it’s sharing memories with loved ones around the kitchen table or settling in to read a book in your favorite chair, the emotional connections we have to our homes can be just as important as the financial ones. Here are some of the things that turn a house into a happy home.1. You Can Be Proud of Your AccomplishmentBuying a home is a major life milestone. Whether you’re ready to buy your first home or your fifth, congratulations will be in order once you’ve achieved your goal. The sense of accomplishment you’ll feel at the end of your journey will truly make your home feel like your special place. Go ahead and smile – you’ve earned it.2. You Have Your Own Designated Happy PlaceOwning your home offers not only safety and security, but also a comfortable place where you can relax and unwind after a long day. Sometimes that’s just what you need to feel refreshed and recharged.3. You Can Find the Space To Meet Your NeedsWhether you want more room for your changing lifestyle (like a large backyard for entertaining or room for a home office) or you simply want to move closer to your loved ones, you can invest in a home that truly works for your evolving needs.4. You Can Customize Your SurroundingsLooking to try one of those decorative wall treatments you saw online? Tired of paying an additional pet deposit for your apartment building? Or maybe you want to create an in-house yoga studio. You can do these things and much more when you own your home.Bottom LineWhether you’re planning to buy your first home, or you’re ready to move into a different one to meet your changing needs, think about the emotional benefits that can turn a house into a happy home. When you’re ready to make a move, connect with a local real estate advisor.

When you read about the housing market, you’ll probably come across some information about inflation or recent decisions made by the Federal Reserve (the Fed). But how do those two things impact you and your homebuying plans? Here's what you need to know.The Federal Funds Rate Hikes Have StalledOne of the Fed’s primary goals is to lower inflation. In order to do that, they started raising the Federal Funds Rate to slow down the economy. Even though this doesn’t directly dictate what happens with mortgage rates, it does have an impact.Recently inflation has started to cool, a signal those increases worked and are bringing inflation back down. As a result, the Fed’s hikes have gotten smaller and less frequent. In fact, there haven’t been any increases since July (see graph below):And not only has the Fed decided not to raise the Federal Funds Rate the last three times the committee met, they’ve signaled there may actually be rate cuts coming in 2024. According to the New York Times (NYT):“Federal Reserve officials left interest rates unchanged in their final policy decision of 2023 and forecast that they will cut borrowing costs three times in the coming year, a sign that the central bank is shifting toward the next phase in its fight against rapid inflation.”This indicates the Fed thinks the economy and inflation are improving. Why does that matter to you and your plans to buy a home? It could end up leading to lower mortgage rates and improved affordability.Mortgage Rates Are Coming DownMortgage rates are influenced by a wide variety of factors, and inflation and the Fed’s actions (or as has been the case recently, inaction) play a big role. Now that the Fed has paused the increases, it looks more likely mortgage rates will continue their downward trend (see graph below): Although mortgage rates may remain volatile, their recent trend combined with expert forecasts indicate they could continue to go down in 2024. That would improve affordability for buyers and make it easier for sellers to move since they won’t feel as locked-in to their current, low mortgage rate.Bottom LineThe Fed’s decisions have an indirect impact on mortgage rates. By not raising the Federal Funds Rate, mortgage rates are likely to continue declining. Rely on a trustworthy real estate expert to give you expert advice about changes in the housing market and how they affect you.

Some HighlightsIf you want to buy a home, you may not need as much for your down payment as you think.There are various loan options for qualified buyers with down payments as low as 3.5% or even no down payment requirement. There are also thousands of programs available to help homebuyers with their down payments.With the right resources, your down payment may be more within reach than you realize. Talk to a local real estate expert to learn more about your options.

Are you searching for a home with character and the potential to become your dream residence? Look no further than 16 Highland St, South Hamilton, MA 01982. With its quaint Cape-style architecture, this property offers a unique opportunity to restore a piece of history in the sought-after town of Hamilton.Upon entering the home, you'll find yourself in a cozy 5-room layout. Originally designed as a 3-bedroom property, two bedrooms have been combined to create a larger space. While the home does require some work, it boasts a newer boiler and roof, ensuring a solid foundation for future renovations. The vinyl siding and hardwood floors add to the home's charm, while the full basement provides ample storage space.It's important to note that the property currently has a failed septic system, which will be the buyer's responsibility to rectify. However, with proper installation, this obstacle can be overcome, allowing the home to reach its true potential. Imagine the possibilities of creating a beautiful backyard oasis or expanding the living space with your own personal touch.Aside from the home's potential, its location is equally enticing. Situated in the desirable town of Hamilton, you'll be just a short distance away from the charming town center. Explore boutique shops, savor delicious meals at local restaurants, and take advantage of the highly regarded school system. Hamilton's convenient location also provides easy access to Boston and the North Shore's stunning beaches, granting you the perfect balance between small-town living and exciting city adventures.This property offers parking for 3+ cars, ensuring convenience for you and your guests. As an estate sale, any offer must be approved by the probate court, which may take some time. However, the wait will be well worth it once you step foot into this timeless home.Don't miss out on the chance to restore this charming 1948 Cape-style home to its former glory. With a little imagination and investment, this property can become a true showpiece. Schedule your showing today and embark on a journey to transform this property into your dream home in Hamilton, Massachusetts. The possibilities are endless, and your dream home awaits.

If you're thinking about moving, it's important to know what's happening in the housing market. Here's an update on the supply of homes currently for sale. Whether you're buying or selling, the number of homes in your area is something you should pay attention to.In the housing market, there are regular patterns that happen every year, called seasonality. Spring is the peak homebuying season and also when the most homes are typically listed for sale (homes coming onto the market are known in the industry as new listings). In the second half of each year, the number of new listings typically decreases as the pace of sales slows down.The graph below uses data from Realtor.com to provide a visual of this seasonality. It shows how this year (the black line) is breaking from the norm (see graph below):Looking at this graph, three things become clear:2017-2019 (the blue and gray lines) follow the same general pattern. These years were very typical in the housing market and their lines on the graph show normal, seasonal trends.Starting in 2020, the data broke from the normal trend. The big drop down in 2020 (the orange line) signals when the pandemic hit and many sellers paused their plans to move. 2021 (the green line) and 2022 (the red line) follow the normal trend a bit more, but still are abnormal in their own ways.This year (the black line) is truly unique. The steep drop off in new listings that usually occurs this time of year hasn’t happened. If 2023 followed the norm, the line representing this year would look more like the dotted black line. Instead, what’s happening is the number of new listings is stabilizing. And, there are even more new listings coming to the market this year compared to the same time last year.What Does This Mean for You?For buyers, new listings stabilizing is a positive sign. It means you have a more steady stream of options coming onto the market and more choices for your next home than you would have at the same time last year. This opens up possibilities and allows you to explore a variety of homes that suit your needs.For sellers, while new listings are breaking seasonal norms, inventory is still well below where it was before the pandemic. If you look again at the graph, you’ll see the black line for this year is still lower than normal, meaning inventory isn’t going up dramatically and prices aren’t heading for a crash. And with less competition from other sellers than you’d see in a more typical year, your house has a better chance to be in the spotlight and attract eager buyers.Bottom LineWhether you're on the hunt for your next home or thinking of selling, now might just be the perfect time to make your move. If you have questions or concerns about the availability of homes in your local area, connect with a real estate agent.

If you’re looking to buy a home, your down payment doesn’t have to be a big hurdle. According to the National Association of Realtors (NAR), 38% of first-time homebuyers find saving for a down payment the most challenging step. But the reality is, you probably don’t need to put down as much as you think:Data from NAR shows the median down payment hasn’t been over 20% since 2005. In fact, the median down payment for all homebuyers today is only 15%. And it’s even lower for first-time homebuyers at 8%. But just because that’s the median, it doesn’t mean you have to put that much down. Some qualified buyers put down even less.For example, there are loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants. But let’s focus in on another valuable resource that may be able to help with your down payment: down payment assistance programs.First-Time and Repeat Buyers Are Often EligibleAccording to Down Payment Resource, there are thousands of programs available for homebuyers – and 75% of these are down payment assistance programs.And it’s not just first-time homebuyers that are eligible. That means no matter where you are in your homebuying journey, there could be an option available 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.”The best place to start as you search for more information is with a trusted real estate professional. They’ll be able to share more information about what may be available, including additional programs for specific professions or communities. Additional Down Payment Resources That Can HelpHere are a few down payment assistance programs that are helping many of today’s buyers achieve the dream of homeownership: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 for them 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.Even if you don’t qualify for these types of programs, there are many other federal, state, and local options available to look into. And a real estate professional can help you find the ones that meet your needs as you explore what’s available. Bottom LineAchieving the dream of having a home may be more within reach than you think, especially when you know where to find the right support. To learn more, reach out to a real estate professional who can guide you through the available resources.

There’s no denying mortgage rates and home prices are higher now than they were last year and that’s impacting what you can afford. At the same time, there are still fewer homes available for sale than the norm. These are two of the biggest hurdles buyers are facing today. But there are ways to overcome these things and still make your dream of homeownership a reality.As you set out to make a purchase this season, you’ll want to be strategic. This includes taking a close look at your wish list and considering what features you really need in your next home versus which ones are nice-to-have. This will help you avoid overextending your budget or limiting your pool of options too much because you’re searching for that perfect home.Danielle Hale, Chief Economist at Realtor.com, explains:“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, . . . Another key point is to avoid stretching your budget, as tempting as it may be . . .”To help identify what you truly need, make a list of all the features you’ll want to see. From there, work to break those features into categories. Here’s a great way to organize your list:Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle (examples: distance from work or loved ones, number of bedrooms/bathrooms, etc.).Nice-To-Haves – These are features you’d love to have but can live without. Nice-to-haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of these, it’s a contender (examples: a second home office, a garage, etc.).Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner (examples: a pool, multiple walk-in closets, etc.).If you’re only willing to tour homes that have all of your dream features, you may be cutting down your options too much and making it harder on yourself (and your budget) than necessary.While you’d love to have granite countertops or a pool in the backyard, those are both things you could potentially add after you move. Instead, it may be best to focus on finding the things that you can’t change (like location or a certain number of rooms). Then, you can upgrade or add some of the other features or finishes you want later on.Sometimes the perfect home is the one you perfect after buying it.Once you’ve categorized your list in a way that works for you, discuss your top priorities with your real estate agent. They’ll be able to help you refine the list further, coach you through the best way to stick to it, and find a home in your area that meets your top needs.Bottom LineWith the current affordability challenges and limited housing supply, you’ll want to be strategic so you can find a home that meets your needs while staying within your budget. Connect with a real estate agent who can help make that possible.

Some HighlightsHere are the key milestones you’ll encounter on your path to homeownership. From building your team, to house hunting, all the way to moving into your new home – it’s an exciting adventure.Your journey starts here. Connect with a local real estate agent so you have expert guidance each step of the way.

If you’ve recently decided you’re ready to become a homeowner, chances are you’re trying to figure out what to do first. It can feel a bit overwhelming to know where to start, but the good news is you don’t have to navigate all of that alone.When it comes to buying a home, there are a lot of moving pieces. And that’s especially true in today’s housing market. The number of homes for sale is still low, and home prices and mortgage rates are still high. That combination can be tricky if you don’t have reliable expertise and a trusted advisor on your side. That’s why the best place to start is connecting with a local real estate agent.Agents Are the #1 Most Useful Source in the Buying ProcessThe latest annual report from the National Association of Realtors (NAR) finds recent homebuyers agree the #1 most useful source of information they had in the home buying process was a real estate agent. Let’s break down why.How an Agent Helps When You Buy a HomeWhen you think about a real estate agent, you may think of someone taking you on home showings and putting together the paperwork, but a great agent does so much more than that. It’s not just being the facilitator for your purchase, it’s being your guide through every step.The visual below shows some examples from that same NAR release of the many ways an agent adds value. It includes the percentage of homebuyers in that report who highlighted each of these benefits:Here’s a bit more context on how the survey results noted an agent continually helps buyers in these situations:Helped Buyer’s Understand the Process: Do you know the difference between an inspection and an appraisal, what each report tells you, and why they’re both important? Or that there are things you shouldn’t do after applying for a mortgage, like buying appliances or furniture? An agent knows all of these best practices and will share them with you along the way, so you don’t miss any key steps by the time you get to the closing table.Pointed Out Unnoticed Features or Faults with the Home: An agent also has a lot of experience evaluating homes. They’ve truly seen it all. They’ll be able to pinpoint some things you may not have noticed about the home that could help inform your decision or at least what repairs you ask for.Provided a Better List of Service Providers: In a real estate transaction, there are a lot of people involved. An agent has experience working with various professionals in your area, like home inspectors, and can help connect you with the pros you need for a successful experience.Negotiated Better Contract Terms and Price: Did something pop up in the home inspection or with the appraisal? An agent will help you re-negotiate as needed to get the best terms and price possible for you, so you feel confident with your big purchase.Improved Buyer’s Knowledge of the Search Area: Moving to a new town and you’re not familiar with the area, or you’re staying nearby, but don’t know which neighborhoods are most affordable? Either way, an agent knows the local area like the back of their hand and can help you find the perfect location for your needs.Expanded Buyer’s Search Area: And if you’re not finding anything you’re interested in within your initial search radius, an agent will know other neighborhoods nearby you should consider based on what you like, what amenities you want, and more.Bottom LineIf you’re looking to buy a home, don’t forget about the many ways an agent is essential to that process. Any hurdle that pops up, a negotiation that needs to take place, and more, your agent will know how to handle it while they make sure to minimize your stress along the way. Connect with a local real estate agent to tackle it together.

Does the rising cost of just about everything these days make your dream of owning your own home feel less within reach? According to Bankrate, many people are seeking additional income through side hustles, possibly to cope with those increasing expenses and save for a home. This trend is particularly popular with younger individuals who may be dealing with student loan debt (see graph below): Here are two strategies that can not only make homeownership more affordable in the short term, but turn it into a lucrative side hustle that can pay off down the road.Transforming the Challenge of a Fixer-Upper into an OpportunityOne thing you could do to help you break into homeownership is consider purchasing a fixer-upper. That’s a home that may be a bit less appealing and as a result has lingered on the market longer than normal. According to a recent article from U.S. News:“The current state of the housing market may have you expanding your options to try to find a home that you can afford. A fixer-upper that needs some updating and a little love can feel like a welcome alternative to move-in ready houses that go off the market before you can even take a tour.”By opting for a home that requires some work, you may see two big benefits. For starters, you may find it’s easier to find a home because you’re not looking for that perfect option. Plus, it may also help you enter the housing market at a lower price point. This strategy provides a more affordable way to become a homeowner while also offering the potential for future profits.Yes, the home may need a little elbow grease, but investing time and effort into gradually enhancing your house not only makes it a home but also increases its future market value. So, while you enjoy the satisfaction of turning a house into a home, you're also building equity that can be unlocked when it's time to sell.Renting Out a Portion of Your Home To Make It More AffordableAnother savvy strategy is to purchase a home with the upfront intention of renting out a portion of it. According to a recent press release from Zillow, renting out a part of their home is already very important for most young homebuyers (see graph below): This approach serves a strong purpose. As Manny Garcia, Senior Population Scientist at Zillow, says:“For those first-time buyers navigating the ‘side hustle culture,’ where a regular 9-to-5 might not quite cut it for homeownership dreams, rental income can step in to help . . .”Basically, it can help you afford your monthly mortgage payments. So if you’re open to it, renting out a portion of your home not only helps with affordability, but it also positions you as an investor and turns your home into a source of income.Bottom LineIn the face of today’s affordability challenges, both of these strategies offer more attainable paths to homeownership, especially for younger buyers. If you want to discuss these options and see how they might play out for you in your local market, connect with a trusted real estate agent.

Even with so much data showing home prices are actually rising in most of the country, there are still a lot of people who worry there will be another price crash in the immediate future. In fact, a recent survey from Fannie Mae shows that 23% of consumers think prices will fall over the next 12 months. That’s nearly one in four people who are dealing with that fear – maybe you’re one of them.To help ease that concern, here’s what the experts say will happen with home prices not just next year, but over the next five years.Experts Project Ongoing AppreciationWhile seeing a small handful of expert opinions may not be enough to change your mind, hopefully, a larger group of experts will reassure you. Here’s that larger group.The Home Price Expectation Survey (HPES) from Pulsenomics is a great resource to show what experts forecast for home prices over a five-year period. It includes projections from over 100 economists, investment strategists, and housing market analysts. And the results from the latest quarterly release show home prices are expected to go up every year through 2027 (see graph below): And while the projected increase in 2024 isn’t as large as 2023, remember home price appreciation is cumulative. In other words, if these experts are correct after your home’s value rises by 3.32% this year, it should go up by another 2.17% next year.If you’re worried home prices are going to fall, here’s the big takeaway. Even though prices vary by local area, experts project they’ll continue to rise across the country for years to come at a pace that’s more normal for the market.What Does This Mean for You?If you’re not convinced yet, maybe these numbers will get your attention. They show how a typical home’s value could change over the next few years using the expert projections from the HPES. Check out the graph below: In this example, let’s say you bought a $400,000 home at the beginning of this year. If you factor in the forecast from the HPES, you could potentially accumulate more than $71,000 in household wealth over the next five years.Bottom LineIf you’re someone who’s worried home prices are going to fall, rest assured a lot of experts say it’s just the opposite – nationally, home prices will continue to climb not just next year, but for years to come. If you have any questions or concerns about what’s next for home prices in your local area, connect with a real estate agent.

Everyone has their own idea of the American Dream, and it's different for each person. But, in a recent survey by Bankrate, people were asked about the achievements they believe represent the American Dream the most. The answers show that owning a home still claims the #1 spot for many Americans today (see graph below): In fact, according to the graph, owning a home is more important to people than retiring, having a successful career, or even getting a college degree. But is the dream of homeownership still alive for younger generations?A recent survey by 1000watt dives into how the two generations many people believed would be the renter generations (Gen Z and millennials) feel about homeownership. Specifically, it asks if they want to buy a home in the future. The resounding answer is yes (see graph below):While there are plenty of reasons why someone might prefer homeownership to renting, the same 1000watt survey shows, that for 63% of Gen Z and millennials, it’s that your place doesn’t feel like “home” unless you own it – maybe you feel the same way.That emotional draw is further emphasized when you look at the reasons why Gen Z and millennials want to become homeowners. For all the financial benefits homeownership provides, in most cases it’s about the lifestyle or emotional benefits (see graph below): What Does This Mean for You?If you’re a part of Gen Z or are a millennial and you’re ready, willing, and able to buy a home, you’ll want a great real estate agent by your side. Their experience and expertise in the local housing market will help you overcome today’s high mortgage rates, low inventory, and rising home prices to find your first home and turn your dream into a reality.Working with a local real estate agent to find your dream home is the key to unlocking the American Dream.Bottom LineBuying a home is a big, important decision that represents the heart of the American Dream. If you want to accomplish your goal, begin by talking to a local real estate expert to start the process today.

Countless people have set out on the exciting journey of homeownership. Ask around and you’ll find the vast majority are thankful they took the leap and bought a home. But why? It’s because of the many emotional and lifestyle benefits that come with being a homeowner.So, if you’re trying to decide if you want to rent or buy a home, here are just a few of the many benefits you could look forward to if you buy.It’s a Safe HavenOwning a home goes beyond just having a roof over your head. It provides a sense of security and safety. In fact, in a survey from Fannie Mae, respondents say “having a sense of privacy and security” is one of the top reasons homeownership is preferred to renting. And in a different Fannie Mae survey, “living in a place where you and your family feels safe” is another one of the top benefits of homeownership.Your home is a place where you can truly relax and unwind. Knowing that you have a sanctuary to return to at the end of the day is a great source of comfort.It’s a Canvas for Self-ExpressionFor many homeowners, their home is a reflection of who they are. The National Association of Realtors (NAR), says:“The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.”From the color of the front door to the art hanging on the walls, every detail contributes to a unique expression of personal style. Put simply, owning a home gives you the freedom to make changes and improvements that resonate with your personality.It Helps You Feel More Connected to the CommunityStability is another cornerstone of homeownership. The longer you stay put, the more emotionally connected you are to your community. For example, if your neighborhood does cook-outs, block parties, or other events, you’ll feel more engaged and probably build meaningful relationships with those around you. As NAR states:“Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community.”The sense of community where you can make life-long friends helps give you more stability and predictability than you’d have if you move each time a rental lease renews.Its Where Lifelong Memories Are MadeNot to mention, your home is where you’ll make many memories. It’s a backdrop for the stories of your life. Celebrating milestones, hosting gatherings, and building a treasure trove of special moments within the walls of your home is a heartwarming experience to be thankful for.Bottom LineAs you start thinking about buying a home, remember why so many people are glad they did. Homeownership isn’t just a financial decision. It’s about having a stable place where you can make lasting memories. If you're thinking of buying a home and want advice, talk with a trusted real estate agent.

If you’re looking to make a move, you want to be sure you have the latest information on the housing market. To help make that possible, here’s an update on the supply of homes for sale today. Whether you’re looking to buy or sell, the number of homes available in your local market matters to you. Take a look below.  What’s the Truth About Today’s Housing Inventory?While the story for the past few years has been how few homes are on the market, recent national data may leave you feeling a bit confused. That’s because Realtor.com shows inventory is actually growing a bit month-over-month in many parts of the country (see the blue states in the map below):As the map shows, nationally, housing supply increased just over 5% last month. Does That Mean the Days of Limited Inventory Are Over?That might make you wonder: are the days of tight housing supply behind us? The short answer is no. Context is important. While you may see headlines saying inventory is up, data also shows there are still significantly fewer homes for sale than there would usually be in a more normal market.The graph below compares the latest active listing counts (homes currently available for sale) with the most recent normal years in the housing market (2017-2019):As Lance Lambert, Founder, ResiClub Analytics, explains:“Housing market inventory is so far below pre-pandemic levels that October's big jump is still just a drop in the bucket.”What does that mean for you? Remember, real estate is hyper-local. Partnering with a trusted real estate agent will help you gain a better understanding of the inventory situation in your specific market.If you’re looking to buy, you may have slightly more options than you did in recent months, but you still need to brace for low inventory. A great agent will be able to share their expertise and key strategies that have helped other buyers navigate today’s ongoing low housing supply.And, if you’re trying to sell, rest assured you haven’t missed your window of opportunity to potentially get multiple offers or see your house sell quickly. While inventory has ticked up some nationally, overall, it’s still low and may be down even more in your area. Bottom LineIf you’re looking to buy or sell a home, connect with a local real estate agent so you can make sure you’re up to date on all the latest trends that could impact your move, including today’s housing supply. 

Have you been waiting for home prices to go down?   I understand your concerns about the market, and it's natural to want to make a wise investment. However, it's worth considering that the real estate market has been quite resilient historically, and timing its fluctuations accurately is challenging. While waiting for the market to crash might seem like a viable strategy, it's important to remember a few key points.   First, the market can be influenced by numerous factors, such as economic conditions, interest rates, and local housing demands. Trying to accurately predict when a market downturn will occur and what its magnitude will be is extremely difficult. Financial experts often recommend focusing on purchasing a property when it aligns with your personal needs, such as finding the right home and locking in a favorable mortgage rate.   Second, even during market downturns, not all properties are affected in the same way. Factors like location, property condition, and other specific attributes can impact the resilience of individual homes in the face of a changing market. So even if the market experiences a downward trend, there may still be properties available that offer good value.   Lastly, it's important to consider the benefits of homeownership and the potential equity growth that can occur over time. By waiting indefinitely, you might miss out on these advantages or the opportunity to enjoy a home that fits your specific needs and desires.   Ultimately, I encourage you to reflect upon your personal financial situation, long-term goals, and the specific factors surrounding the property you are interested in. It may be beneficial to consult with a trusted real estate professional or financial advisor who can provide guidance based on your unique circumstances. Together, we can make an informed decision that aligns with your best interests and goals.   Jim Armstrong Broker/Owner Armstrong Field Real Estate https://armstrongfield.com

In today's competitive real estate market, it's not uncommon for homebuyers to find themselves in a bidding war with multiple offers on a property. So, how can you increase your chances of getting your offer accepted when faced with stiff competition? Here are a few strategies to consider: 1. Determine your budget and be prepared: Before entering into a multiple-offer situation, it's crucial to know your financial limits. Get pre-approved for a mortgage so that you have a clear understanding of how much you can afford. This will not only help you set a realistic budget but will also show sellers that you are a serious and qualified buyer. 2. Work with an experienced real estate agent: Having a knowledgeable and experienced real estate agent by your side can significantly boost your chances of success in a multiple offer scenario. They will have a better understanding of the local market conditions and can provide insights on how to structure your offer to make it more attractive to sellers. 3. Make a strong initial offer: In a multiple-offer situation, you may not have the luxury of negotiating back and forth with the seller. To stand out from the competition, consider making a strong initial offer. This doesn't necessarily mean offering the highest price, but rather presenting a clean and compelling offer that is likely to appeal to the seller. 4. Be flexible with contingencies and timelines: Sellers often prefer offers that come with minimal contingencies and flexible closing timelines. While it's important to protect your interests, consider being flexible with certain contingencies, such as home inspection or appraisal contingencies. This can make your offer more attractive to sellers who want a smooth and quick transaction. 5. Include a personal touch: Sometimes, adding a personal touch can make a difference in a multiple-offer situation. Consider writing a heartfelt letter to the sellers, expressing your admiration for their home and explaining why you are the perfect buyer. This personal touch can create a connection and make your offer stand out among the rest. 6. Increase your earnest money deposit: An earnest money deposit is a sign of your seriousness and commitment as a buyer. By offering a larger earnest money deposit, you demonstrate to the seller that you are financially capable and devoted to the transaction. This can give you an edge over other buyers who offer a lower deposit. 7. Remain flexible and patient: It's important to remember that not every offer will be accepted, even if you follow all the right steps. In a multiple-offer situation, competition can be fierce, and there may be factors beyond your control. Stay positive, keep looking for other properties, and be prepared to act quickly when the right opportunity arises. In conclusion, getting your offer accepted in a multiple-offer situation requires careful preparation, strategic thinking, and sometimes a little luck. By being well-prepared, working with an experienced real estate agent, and presenting a strong and attractive offer, you can increase your chances of success in today's competitive market. Remember, although it may be disheartening to lose out on a property, staying persistent and patient will ultimately lead you to your dream home. Jim ArmstrongBroker/Certified Real Estate InstructorArmstrong Field Real Estate