Friday, October 1, 2021 / by Nicole Solari
Are you looking to buy a home? If so, we’ve got good news for you.
While there’s no denying the housing market is having a great year, many of the headlines are focused on the perks for sellers. But what about buyers today? As a buyer, you’re likely braving bidding wars and weighing low mortgage rates versus price appreciation as you search for your dream home. If you find yourself a bit discouraged, hear this: there are clear signs buyers may have more opportunities this fall.
According to realtor.com, the sweet spot for buyers is just around the corner. In a recent study, experts analyzed housing market trends by looking at data from the past several years. When applied to the current market, experts determined the ideal week to buy a home this year. The research says:
“Nationally, the best time to buy in 2021 is the week of October 3-9. This week historically has shown the best balance of market cond. ...
Monday, September 27, 2021 / by Nicole Solari
In today’s real estate market, buyers shouldn’t shop for a home with the expectation they’ll be able to negotiate a lower sales price. In a typical housing market, buyers try to determine how much less than the asking price they can offer and still get the home. From there, the buyer and seller typically negotiate and agree on a revised price somewhere in the middle.
Things Are Different Today
Today’s housing market is anything but normal. According to the National Association of Realtors (NAR), homes today are:
Receiving an average of 3.8 offers
Selling in just 17 days
Homes selling quickly and receiving multiple offers highlights how competitive the housing market is right now. This is due, in large part, to the low supply of homes for sale. Low supply and high demand mean homes often sell for more than the asking price. In some cases, they sell for a lot more. Selma Hepp, Deputy Chief Economist at CoreLogic,&n. ...
Monday, September 20, 2021 / by Nicole Solari
If you’ve been in your home for longer than five years, you’re not alone. According to recent data from First American, homeowners are staying put much longer than historical averages (see graph below):As the graph shows, before 2008, homeowners sold their houses after an average of just five years. Today, that number has more than doubled to over 10 years. The housing industry refers to this as your tenure.
To really explore tenure, it’s important to understand what drives people to make a move. An article from The Balance explores some of the primary reasons individuals choose to sell their houses. It says:
“People who move for home-related reasons might need a larger home or a house that better fits their needs, . . . Financial reasons for moving include wanting a nicer home, moving to a newer home to avoid making repairs on the old one, or cashing in on existing equity.”
If you’ve been. ...
Friday, September 3, 2021 / by Nicole Solari
An Entertainer’s Dream: Top Backyard Upgrades Your Summer Guests Will Eat Up
As warm weather returns, many of us are happy to say goodbye to cold grey skies and welcome the return of outdoor living. Patio restaurants, park days, and even just evening strolls make life a little more varied and bright. When it comes to entertaining and having people over to your home, a backyard oasis really makes the experience complete, whether you’re eating dinner on the patio or relaxing with delicious beverages by the fire. If you’re hankering for a home project, here are some backyard upgrades that will offer you great options for entertaining. If you’re also selling a house this summer, they can be attractive draws for potential buyers as well.
Flocking to the Firepit
On the HomeLight's Q1 2021 Survey of Real Estate Agents, the top feature for backyard entertaining is to add a firepit. Making a firepit special really comes with the seating options, since most fire pi; ...
Tuesday, September 22, 2020 / by Nicole Solari
Housing inventory is at an all-time low. There are 39% fewer homes for sale today than at this time last year, and buyer demand continues to set records. Zillow recently reported:
“Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database.”
Whenever there is a shortage in supply of an item that’s in high demand, the price of that item increases. That’s exactly what’s happening in the real estate market right now. CoreLogic’s latest Home Price Index reports that values have increased by 5.5% over the last year.
This is great news if you’re planning to sell your house; on the other hand, as either a first-time or repeat buyer, this may instead seem like troubling news. However, purchasers should realize that the price of a house is not as important as the cost. Let’s break it down.
There are . ...