From our friends at the kcm blog
There’s an interesting trend happening in the housing market. People are increasingly moving to more affordable areas, and remote or hybrid work is helping them do it.
Consider Moving to a More Affordable Area
Today’s high mortgage rates combined with continually rising home prices mean it’s tough for a lot of people to afford a home right now. That’s why many interested buyers are moving to places where homes are less expensive, and the cost of living is lower. As Orphe Divounguy, Senior Economist at Zillow, explains:
“Housing affordability has always mattered . . . and you’re seeing it across the country. Housing affordability is reshaping migration trends.”
If you’re hoping to buy a home soon, it...
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From our friends at the kcm blog
There’s no arguing this past year has been difficult for homebuyers. And if you’re someone who has started the process of searching for a home, maybe you put your search on hold because the challenges in today’s market felt like too much to tackle. You’re not alone in that. A Bright MLS study found some of the top reasons buyers paused their search in late 2023 and early 2024 were:
They couldn’t find anything in their price range
They didn’t have any successful offers or had difficulty competing
They couldn’t find the right home
If any of these sound like why you stopped looking, here’s what you need...
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From our friends at the kcm blog
If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind. You’re thinking about your finances, today’s mortgage rates and home prices, the limited supply of homes for sale, and more. And, you’re juggling how all of those things will impact the choice you’ll make.
While housing market conditions are definitely a factor in your decision, your own personal situation and your finances matter too. As an article from NerdWallet says:
“Housing market trends give important context. But whether this is a good time to buy a house also depends on your financial situation, life goals and readiness to become a homeowner.”
Instead of trying to time the market, focus on what you...
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By Julie Gerstein | Realtor.com
Maryland home inspector Welmoed Sisson recently met homebuyers who were about to purchase a house at the very top end of what they could afford.
“They told me at the start of the inspection that they had pretty much no budget for repairs,’” Sisson says.
Although their finances were stretched thin, they were hoping it would be OK since, as Sisson recalls, “the real estate agent swore the house was move-in ready.”
Even though the house looked fine to the untrained eye, Sisson could instantly tell the property was riddled with problems that would cost a bundle to fix.
“Just in walking around the exterior, I spotted at least $50,000 worth...
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From our friends at the kcm blog
In life, patience is a virtue – but in the world of homebuying, waiting too long in hopes of finding the perfect home actually isn’t wise. That’s because the pursuit of perfection comes at a cost. And in this case, that cost may be delaying your dream of homeownership. As Bankrate explains:
“One of the most common first-time homebuyer mistakes is looking for a home that checks each of your boxes. Looking for perfection can narrow your choices and lead you to pass over good, suitable options for starter homes in the hopes that something better will come along.”
The Cost of Holding Out for Perfection
Nothing in life...
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From our friends at the kcm blog
If you own a home, your net worth has probably gone up a lot over the past year. Home prices have been rising, which means you’re building equity much faster than you might think. Here’s how it works.
Equity is the current value of your home minus what you owe on the loan.
Over the past year, there have still been more people wanting to buy than there are homes available for sale, and that’s pushed prices up. That rise in prices has translated directly into increasing equity for homeowners.
How Much Equity Have You Earned over the Past 12 Months?
According to the latest Homeowner Equity Insights from CoreLogic, the average...
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From our friends at the kcm blog
With all the headlines circulating about home prices and mortgage rates, you may be asking yourself if it still makes sense to buy a home right now, or if it’s better to keep renting. Here’s some information that could help put your mind at ease by showing that investing in a home is still a powerful decision.
According to the experts at Gallup, real estate has been crowned the top long-term investment for a whopping 12 years in a row. It has consistently beat out other investment types like gold, stocks, and bonds. Just take a look at the graph below – it speaks volumes:
But why does real estate...
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By Lauren Phillips | BETTER HOMES AND GARDENS
Does location still matter most? Should you remodel your home to suit your tastes, or for resale value? Are starter homes still a thing? We all have plenty of questions about the ever-changing world of real estate. In our Ask an Agent series, we’re partnering with experts at Better Homes & Gardens Real Estate to answer your biggest questions about finding, buying, and selling a home.
Take the first steps in any house shopping journey, and you’re bound to hear the phrase “location, location, location.” (In fact, if you hear it just once during your house hunt, count yourself lucky.) This oft-repeated saying emphasizes the...
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From our friends at the kcm blog
As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.
Home Prices Are Expected To Climb Moderately
Home prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry:
The reason for continued appreciation? The supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:
“One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don’t have housing inventory.”
While inventory is...
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By Margaret Heidenry|Realtor.com
Mortgage rates continued to fall this week, with the average rate for a 30-year fixed home loan sinking from 6.95% last week to 6.87% for the week ending June 20, according to Freddie Mac.
“Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market.”
Mortgage rates have hovered around the 7% mark, fluctuating slightly above and below this benchmark for nearly two months, creating a market largely stuck in...
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