From our friends in KCM
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...
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From our friends in KCM
If you’re thinking about buying a home, pre-approval is a crucial part of the process you definitely don’t want to skip. So, before you start picturing yourself in your new living room or dining on your future all-season patio, be sure you’re working with a trusted lender to prioritize this essential step. Here’s why.
While home price growth is moderating and mortgage rates have been coming down in recent weeks, affordability is still tight. At the same time, there’s a limited number of homes for sale right now, and that means ongoing competition among hopeful buyers. But, if you’re strategic, there are ways to navigate these waters – and pre-approval is the...
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From our friends in KCM
If you were worried buyer demand disappeared when mortgage rates went up, the data shows there are plenty of interested buyers still out there. The housing market isn’t as frenzied as it was during the ‘unicorn’ years when buyer demand was through the roof, mortgage rates were historically low, and home values rose like we’ve never seen before. But that doesn’t mean the market is at a standstill.
Nationally, demand is still high compared to the last normal years in the housing market and plenty of buyers are making moves right now. Here’s the data to prove it.
Showing Traffic Is Up
The ShowingTime Showing Index is a measure of how frequently buyers are touring homes....
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By our friends in KCM
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 Stalled
One 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...
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From our friends in KCM
If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market in 2024. In 2023, higher mortgage rates, confusion over home price headlines, and a lack of homes for sale created some challenges for buyers and sellers looking to make a move. But what’s on the horizon for the new year?
The good news is, many experts are optimistic we’ve turned a corner and are headed in a positive direction.
Mortgage Rates Expected To Ease
Recently, mortgage rates have started to come back down. This has offered hope to buyers dealing with affordability challenges. Mark Fleming, Chief Economist at First American, explains how they may continue...
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By Jillian Pretzel | REALTOR.COM
Something about the word “tax” makes even the most ardent financial wizard’s eyes glaze over. We get it: It’s no fun to think about the money you have to hand over to Uncle Sam.
Yet, when it comes to real estate, understanding your tax basis is like knowing the rules of the game. Your tax basis is a fundamental factor that can significantly affect your finances when it comes time to sell your property.
However, tax basis is more important to some homeowners than others. Read on to find out everything you need to know.
What is a tax basis?
Tax basis, also known as cost basis,...
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By Margaret Heidenry | REALTOR.COM
Homebuyers have a lot to be joyful for right now as mortgage rates have dipped below 7%—the first time they’ve done so since August.
For the week ending Dec. 14, rates for a 30-year fixed-rate home loan averaged 6.95%, according to Freddie Mac.
And odds are, mortgage rates will continue their long-awaited downward trend, providing some much-needed relief on the affordability front to homebuyers.
“Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the target rate next year, we likely will see a gradual thawing of the housing market in the new year,” says Sam Khater, Freddie Mac’s chief economist.
In...
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By Melissa Dittman Tracey | Realtor Magazine
Home sellers reveal why they decided to bypass professional representation—and the mistakes they made without a trusted adviser.
Homeowners who decline to use a real estate agent to sell their property are twice as likely to say they weren’t satisfied with the selling experience, according to a new survey from Clever Real Estate(link is external) of 1,000 home sellers in 2022 and 2023. Survey respondents say they realize they likely made less money on their home sale and faced more stress by not having a professional representative.
Those who didn’t use a real estate agent said before their transaction that they think pros are overpaid...
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By Clare Trapasso: REALTOR.COM
Inflation is finally falling, according to a government report released on Tuesday, and mortgage rates might be close behind.
Over the past year and a half, the U.S. Federal Reserve has been hiking its short-term interest rates to combat inflation. This has helped to push up mortgage rates, which are separate from the Fed’s rates but have been moving in a similar direction.
The Fed’s aggressive moves now appear to have been working. Inflation fell to 3.2% year over year in October, down from a 3.7% year-over-year increase in September, according to the consumer price index released on Tuesday.
That could lead the Fed to hold rates steady and...
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By our friends in KCM
If you’ve been following the news recently, you might have seen articles about an increase in foreclosures and bankruptcies. That could be making you feel uneasy, especially if you’re thinking about buying or selling a house.
But the truth is, even though the numbers are going up, the data shows the housing market isn’t headed for a crisis.
Foreclosure Activity Rising, but Less Than Headlines Suggest
In recent years, the number of foreclosures has been very low. That’s because, in 2020 and 2021, the forbearance program and other relief options were put in place to help many homeowners stay in their homes during that tough time.
When the moratorium ended, there was an...
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