first time buyer - The Jenn Pfeiffer Team

April 22, 2024

Is It Getting More Affordable To Buy a Home?

From our friends at the KCM blog Over the past year or so, a lot of people have been talking about how tough it is to buy a home. And while there’s no arguing affordability is still tight, there are signs it’s starting to get a bit better and may improve even more throughout the year. Elijah de la Campa, Senior Economist at Redfin, says: “We’re slowly climbing our way out of an affordability hole, but we have a long way to go. Rates have come down from their peak and are expected to fall again by the end of the year, which should make homebuying a little more affordable and incentivize buyers...

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April 3, 2024

Buying

What Does Contingent Mean in Real Estate?

By Kristine Gill | Better Homes & Gardens Learn more about common contingencies in real estate and how they can affect the buying processes. Buying and selling a home often requires a dictionary as you navigate a new litany of terms, each describing a crucial step in the process. In real estate, a contingent offer has a meaning all its own—one that can make or break a deal. “It is a common misconception that once you are under contract, you are going to close with that buyer and seller—no matter what,” says Abbey Wostal, a broker and owner at Better Homes and Gardens Real Estate Wostal Realty. “This is absolutely false if there...

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March 25, 2024

Buying, Selling

What Every Homebuyer Should Know About Closing Costs

From our friends in KCM Before making the decision to buy a home, it’s important to plan for all the costs you’ll be responsible for. While you’re busy saving for the down payment, don’t forget you’ll want to prep for closing costs too. Here’s some helpful information on what those costs are and how much you should budget for them. What Are Closing Costs? A recent article from Bankrate explains: “Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .” Simply put, your closing costs are...

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March 21, 2024

Buying, Selling

What Are Experts Saying About the Spring Housing Market?

From our friends in KCM If you’re planning to move soon, you might be wondering if there’ll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here’s what the professionals are saying about what’s in store for this season. Odeta Kushi, Deputy Chief Economist, First American: “. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.” Lisa Sturtevant, Chief Economist, Bright MLS: “There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.” Danielle Hale, Chief...

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March 13, 2024

Living, Selling

Your Home Is a Powerful Investment

From our friends at the KCM blog Going into 2023, there was a lot of talk about a possible recession that would cause the housing market to crash. Some in the media were even forecasting home prices would drop by as much as 10-20%—and that might have made you feel a bit unsure about buying a home. But here’s what actually happened: home prices went up more than usual. Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, explains: “Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.” To put last year’s growth into context, the graph below uses data from Freddie Mac on how home prices have changed...

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March 11, 2024

Buying, News

The Housing Market’s Unhappy New Year: Fewer Homes Go Under Contract as Mortgage Rates Rise

By Clare Trapasso | Realtor.com The housing market isn’t off to a good start this year. The number of homes under contract that haven’t closed yet dropped 4.9% from December to January, according to a recent report from the National Association of Realtors®. Year-over-year pending home sales were down 8.8% in January. The culprit? Rising mortgage rates that make it more expensive for folks to purchase homes. “Consumers are showing extra sensitivity to changes in mortgage rates in the current cycle, and that’s impacting home sales,” said NAR Chief Economist Lawrence Yun in a statement. Mortgage rates had dropped to a low of 6.61% in late December but ticked up slightly in January, according to Freddie Mac data. “Buyer demand...

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March 5, 2024

Buying

Buying Houses Before Finding Spouses

By Debra Kim| The New York Times Single men traditionally get a head start in homeownership and reap the benefits faster, but single women are thinking creatively to close the gap. Rachel Rodman always dreamed of owning her own home, but life kept getting in the way. She became a mother at 19, then went through a complicated divorce that left her financially depleted. For many years, she felt resigned to renting with her son, James, now 14. Ms. Rodman, 33, earns a steady income as an events producer for SXSW, the annual festival of creative arts and technology held in her hometown, Austin, Texas. Still, she never felt she had...

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February 27, 2024

Selling

Why Today’s Housing Supply Is a Sweet Spot for Sellers

From our friends in KCM Wondering if it still makes sense to sell your house right now? The short answer is, yes. And if you look at the current number of homes for sale, you’ll see two reasons why. An article from Calculated Risk shows there are 15.6% more homes for sale now compared to the same week last year. That tells us inventory has grown. But going back to 2019, the last normal year in the housing market, there are nearly 40% fewer homes available now: Here’s a breakdown of how this benefits you when you sell. 1. You Have More Options for Your Move Are you thinking about selling because your current house is too big,...

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February 21, 2024

Selling

It’s Time To Prepare Your House for a Spring Listing

From our friends in KCM If you’re thinking of selling your house this spring, now is the perfect time to start getting it ready. With the market gearing up for its busiest time of year, it’ll be important to make sure your house shines bright among the competition. Here are some valuable tips you can use to get your house market-ready. Declutter and Organize First impressions matter, and if your house is a mess, that can easily turn off potential buyers. Before listing, take the time to declutter and organize each room. Decluttering is about more than just tidying up – it’s about creating a sense of space and openness that allows potential buyers to envision...

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February 20, 2024

Living

Think Your Property Taxes Are High? See How Much Homeowners Pay in the Cheapest and Most Expensive States

By Clare Trapasso | Realtor.com Homebuyers looking to avoid high property taxes probably shouldn’t move to New Jersey. The Garden State continued to have the dubious honor of having the nation’s highest property taxes, according to a recent report from personal finance website WalletHub. New Jersey homeowners paid a median of $9,345 in 2022, according to the report. That’s compared with the typical homeowner who paid just $2,869 in property taxes a year, according to U.S. Census Bureau data cited in the report. “Americans who are considering moving and want to maximize the amount of money they take home should take into account property tax rates, in addition to other financial factors like the...

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first time buyer Tag

Is It Getting More Affordable To Buy a Home?

What Does Contingent Mean in Real Estate?

What Every Homebuyer Should Know About Closing Costs

What Are Experts Saying About the Spring Housing Market?

Your Home Is a Powerful Investment

The Housing Market’s Unhappy New Year: Fewer Homes Go Under Contract as Mortgage Rates Rise

Buying Houses Before Finding Spouses

Why Today’s Housing Supply Is a Sweet Spot for Sellers

It’s Time To Prepare Your House for a Spring Listing

Think Your Property Taxes Are High? See How Much Homeowners Pay in the Cheapest and Most Expensive States

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