From our friends at the kcm blog
For some buyers, there’s a misconception that newly built homes aren’t made to last or fall short of the quality you can find in older homes. Unfortunately, this is turning some buyers away from what may be one of their best options in today’s housing market. As Builder Online says:
“As resale inventory remains limited and the price spread between new and resale homes narrows, new homes are increasingly an attractive value proposition for buyers, with incentives such as rate buydowns a way to help address ongoing affordability challenges.”
So, is there any merit to the myth? Let’s break down the best way to make sure you feel good...
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From our friends at the kcm blog
If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below):
But there’s also a good chance you, like many other people, have been holding off on that goal because of recent market challenges. It makes sense – when you’re planning an upgrade that could increase your monthly housing costs, affordability has a huge impact on when you make your move. But there’s good news: now’s actually a great time to make that move happen. Here’s why.
You Have a Lot of...
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From our friends at the kcm blog
If you’re toying with the idea of selling your house, you’re probably wondering how much it’ll cost. To be honest, the final number will depend on several factors like the offer you accept, if you help with your buyer’s closing costs, how many repairs you tackle, and more.
So, to give you a ballpark of what to expect, here’s some information on a few of the expenses you’ll want to be ready for (see graph below):
But here’s something that puts those costs into perspective. Most homeowners today have a substantial amount of equity built up in their homes, and that means they stand to...
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Sarah Lentz|nowbam.com
Buying a home in 2024 hasn’t been easy for the majority of those going through the process. The word “challenging” doesn’t even begin to describe it.
Buyers don’t just have mortgage rates and high home prices to contend with. Many first-time home buyers, in particular, run into unexpected costs and hurdles that made buying a home far more expensive—and more stressful—than they thought it would be.
This is where you come in. Buyers who know what to expect and how to deal with it have a much smoother path to homeownership.
Two new articles highlight buyer experiences when it comes to home shopping and the compromises they’ve made to buy a home.
Those highlights come from a Homes.com and Apartment Therapy survey of...
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From our friends at the kcm blog
Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a buyer or seller, it’s easy to assume that means prices are coming down. But here’s the catch: those numbers don’t tell the full story.
Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create.
Homes on the Market Right Now Are Smaller
The biggest reason for the dip in median price is the size of...
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From our friends at the kcm blog
Seeing your house sit on the market without any bites is the ultimate frustration. And unfortunately, some sellers are in that tricky spot today.
According to data from the National Association of Realtors (NAR), the average time a house spends on the market has increased over the past few years (see graph below):
A recent post from Realtor.com notes a similar trend:
“During the week ending Sept. 14, homes stayed on the market eight days longer compared to last year. With more choices available and mortgage rates expected to fall, buyers are taking their time, which means sellers will need to be patient and flexible.”
Some of that is because inventory has gone up, so buyers have more options....
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From our friends at the kcm blog
After months of sitting on the sidelines, many homebuyers who were priced out by high mortgage rates and affordability challenges finally have an opportunity to make their move. With rates trending down, today’s market is a sweet spot for buyers—and it’s one that may not last long.
So, if you’ve put your own move on the back burner, here’s why maybe you shouldn’t delay your plans any longer.
As you weigh your options and decide if you should buy now or wait, ask yourself this: What do you think everyone else is going to do?
The truth is, if mortgage rates continue to ease, as experts project, more...
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From our friends at the kcm blog
That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments (see chart below):As mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country.
This is a big deal if you’ve been renting for a while now. But if you don’t see your city on this list, don’t sweat it. Things are moving fast, and your area might be joining these...
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By Aarthi Swaminathan|Realtor.com
The numbers: Pending-home sales ticked up in August as a big drop in mortgage rates prompted some home buyers to act.
Contract signings in the U.S. rose 0.6% in August from the previous month, according to the monthly index released Thursday by the National Association of Realtors (NAR).
Pending home sales reflect transactions where the contract has been signed for an existing-home sale, but the sale has not yet closed. Economists view it as an indicator of the direction of existing-home sales in subsequent months.
But home-buying demand remains tepid, despite mortgage rates falling in August and improving housing affordability. The slight increase in contracts signed for homes in...
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From our friends at the kcm blog
When it’s time to buy or sell a home, one of the most important decisions you’ll make is who you’ll work with as your agent. That choice will have an impact on your entire experience and how smoothly it goes.
As you figure out who you’ll partner with, it’s important to know what to expect and what to look for. Unfortunately, there may be some myths holding you back from making the best decision possible. So, let’s take some time to address those, and make sure you have the information you need to find the right agent for you.
Myth #1: All Real Estate Agents Are the Same
You...
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