From our friends at the kcm blog
In recent years, there’s been a significant shift in how wealth is distributed among generations. It’s called the Great Wealth Transfer.
Historically, the transfer of wealth from one generation to the next was a more gradual process, often limited to smaller amounts of inheritance or family savings. But today, the scale has increased in a big way. As a recent article from Bankrate says:
“The biggest wave of wealth in history is about to pass from Baby Boomers over the next 20 years, and it’s going to have major impacts on many facets of life. Called The Great Wealth Transfer, $84 trillion is poised to move from older Americans to...
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From our friends at the kcm blog
Over the past couple of years, a lot of people have had a hard time buying a home. And while affordability is still tight, there are signs it’s getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“Housing affordability is improving ever so modestly, but it is moving in the right direction.”
Here’s a look at the latest data on the three biggest factors affecting home affordability: mortgage rates, home prices, and wages.
1. Mortgage Rates
Mortgage rates have been volatile this year, bouncing around from the mid-6% to low 7% range. But there’s some...
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From our friends at the kcm blog
One of the biggest bright spots in today’s housing market is how much the supply of homes for sale has grown since the beginning of this year.
Recent data from Realtor.com shows that nationally, there are 36.6% more homes actively for sale now compared to the same time last year. That’s a significant improvement. It gives you far more options for your move than you would’ve had just a year ago. And with supply improving, you’re also regaining a bit of negotiation power. So, if you’re someone who thought about buying a home over the last few years but was discouraged by how limited inventory was, this should be welcome news.
As Lawrence...
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By Kristine Gill | Better Homes & Gardens
In your search for a home, you might have considered whether you want to live in a community with a homeowners association (HOA). Making that decision comes down to fully understanding what an HOA is, what it does, and what kinds of rules an HOA can make and enforce.
“HOAs serve an excellent purpose in helping all homeowners have a fair understanding of what they need to do to protect property values for the good of all members,” says Murray Davis, a realtor with Better Homes and Gardens Real Estate Kansas City Homes. “They will vary to some extent by HOA or subdivision, but...
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From our friends at the kcm blog
Are you a part of the Sandwich Generation? According to Realtor.com, that’s a name for the roughly one in six Americans who take care of their children and their parents or grandparents at the same time.
If that sounds familiar to you, juggling all the responsibilities involved certainly must have its challenges. But it turns out there’s one pretty significant benefit: it can actually make it a bit easier for you to buy a home.
How Can It Help You Buy a Home?
Realtor.com asked members of the Sandwich Generation if they agree or disagree that taking care of children and parents at the same time is helping them afford a...
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From our friends at the kcm blog
Today’s headlines and news stories about home prices are confusing and make it tough to know what’s really happening. Some say home prices are heading for a correction, but what do the facts say? Well, it helps to start by looking at what a correction means.
Here’s what Danielle Hale, Chief Economist at Realtor.com, says:
“In stock market terms, a correction is generally referred to as a 10 to 20% drop in prices . . . We don’t have the same established definitions in the housing market.”
In the context of today’s housing market, it doesn’t mean home prices are going to fall dramatically. It only means...
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By Realtor.com Creative Studio
As any homebuyer quickly learns, priorities matter when navigating the market. You may decide that you simply won’t go without 4 bedrooms, or that an attached garage is an absolute must. Perhaps you’re willing to give up that renovated kitchen to snag a place in the neighborhood of your dreams. The bottom line: every home search is as unique as the individuals taking part in it.
The importance of personalization extends beyond the homebuying journey itself: When it comes to finding the right insurance coverage for your new home, it’s wise to take the rest of your lifestyle into account too. Will it be hard to resist...
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From our friends at the kcm blog
As someone who’s thinking about buying or selling a home, you’re probably paying close attention to mortgage rates – and wondering what’s ahead.
One thing that can affect mortgage rates is the Federal Funds Rate, which influences how much it costs banks to borrow money from each other. While the Federal Reserve (the Fed) doesn’t directly control mortgage rates, they do control the Federal Funds Rate.
The relationship between the two is why people have been watching closely to see when the Fed might lower the Federal Funds Rate. Whenever they do, that’ll put downward pressure on mortgage rates. The Fed meets next week, and three of the most important...
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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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