Wednesday, September 21, 2022 / by Nicole Solari
Some people believe there’s a group of homeowners who may be reluctant to sell their houses because they don’t want to lose the historically low mortgage rate they have on their current home. You may even have the same hesitation if you’re thinking about selling your house.
Data shows 51% of homeowners have a mortgage rate under 4% as of April this year. And while it’s true mortgage rates are higher than that right now, there are other non-financial factors to consider when it comes to making a move. In other words, your mortgage rate is important, but you may have other things going on in your life that make a move essential, regardless of where rates are today. As Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors (NAR), explains:
“Home sellers have historically moved when something in their lives changed – a new baby, a marriage, a div ...
Tuesday, September 13, 2022 / by Nicole Solari
If you’re selling your home—particularly if it’s your first time doing so—it can sometimes seem like your real estate agent is speaking another language with all their industry jargon. But in order to really understand what’s happening with your home sale, it’s important to get a handle on what that jargon means.
So the question is, in today’s market, what are the real estate terms sellers need to know—and what, exactly, do they mean?
A recent article from realtor.com defined key real estate terms every home seller needs to know in today’s market, including:
DOM. DOM stands for days on the market. Knowing your home’s DOM is a must because it can impact your sale price. If your house has a high DOM—and has been sitting on the market for a long time—it could give buyer’s an advantage and inspire them to try to negotiate a lower price for the property.
Stale listing. Speaking of homes ...
Wednesday, August 17, 2022 / by Nicole Solari
The real estate market in the United States is far from ideal. Between the lack of supply for new construction and renovations, to the overall rising prices of homes, people have been responding to the market in a variety of different ways. One route that people have been taking, as noticed by real estate agents, is that people will purchase their “second” home first. What this means is that instead of buying a house in their area, which might be astronomically expensive, they’ll purchase a home in a more remote area and use that as their second home.
Ability to Purchase Real Estate Faster
Real estate, especially these days, is going to be a great investment. In most cases, the faster you purchase a home, the sooner it can begin to gain equity or value. If you choose to purchase a home away from the area in which you want to reside, specifically in a remote area, you will reap the benefits of owning a home much sooner. If you live in a popular city, where ...
Monday, August 1, 2022 / by Nicole Solari
The housing market is moving away from the frenzy of the past year and it’s opening doors for you if you’re thinking about buying a home.
Housing inventory is increasing, which means more options for your search. Plus, the intensity of bidding wars may ease as buyer demand moderates, leading to fewer homes selling above asking price.
If you’re ready to buy a home, now may be the moment you’ve been waiting for. Partner with a real estate professional to start the homebuying process today. ...
Tuesday, July 26, 2022 / by Nicole Solari
Mortgage rates are much higher today than they were at the beginning of the year, and that’s had a clear impact on the housing market. As a result, the market is seeing a shift back toward the range of pre-pandemic levels for buyer demand and home sales.
But the transition back toward pre-pandemic levels isn’t a bad thing. In fact, the years leading up to the pandemic were some of the best the housing market has seen. That’s why, as the market undergoes this shift, it’s important to compare today not to the abnormal pandemic years, but to the most recent normal years to show how the current housing market is still strong.
Higher Mortgage Rates Are Moderating the Housing Market
The ShowingTime Showing Index tracks the traffic of home showings according to agents and brokers. It’s also a good indication of buyer demand over time. Here’s a look at their data going back to 2017 (see graph below):