From our Friends in the KCM Blog
Ever thought about living in the same house with your grandparents, parents, or other loved ones? You’re not alone. A lot of people are choosing to buy multi-generational homes where everyone can live together. Let’s check out why they think it’s a good idea to see if it might be a good fit for you, too.
Why People Are Choosing Multi-Generational Living
According to the National Association of Realtors (NAR), here are just a few key reasons buyers opted for multi-generational homes over the past year (see graph below):
Two of the top reasons had to do with aging parents. 27% of buyers chose multi-generational homes so they could take...
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By Clare Trapasso | realtor.com
When Palm Beach County Commissioner Gregg Weiss learned his windstorm insurance was doubling to $20,000 a year, his insurance agent had an unexpected solution: Pay off the mortgage on his West Palm Peach, FL, home and drop the insurance entirely.
So, two years ago, he did just that. He figured his century-old home had survived “numerous” hurricanes. The money he saved on the insurance was used instead for a new roof. He also installed impact windows in the three-bedroom home, which is located about a mile from the shore.
“It felt terrible. … [But] it just didn’t make sense anymore,” says Weiss, who is also a...
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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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From our friends in KCM
If you’re trying to sell your house, you may be looking at this spring season as the sweet spot – and you’re not wrong. We’re still in a seller’s market because there are so few homes for sale right now. And historically, this is the time of year when more buyers move, and competition ticks up. That makes this an exciting time to put up that for sale sign.
But while conditions are great for sellers like you, you’ll still want to be strategic when it comes time to set your asking price. That’s because pricing your house too high may actually cost you in the long run.
The Downside of Overpricing Your House
The asking...
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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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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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By Greg Robb | Realtor.com
The numbers: Construction of new U.S. homes rebounded 10.7% in February to an annual pace of 1.52 million units, the Commerce Department said Tuesday. That is the biggest gain in nine months. Despite the increase, starts are still below December’s level.
Economists on Wall Street were expecting a 7.4% rise in housing starts in February to 1.43 million. All numbers are seasonally adjusted.
The number of housing starts in January was revised slightly higher, to a drop of 12.3% to 1.37 million, from an initial reading of a 14.8% drop to 1.33 million. It is still the biggest drop since May 2022.
Building permits, a sign of future construction, rose...
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From our friends in KCM
Are you thinking about buying a home soon? If so, you should know today’s market is competitive in many areas because the number of homes for sale is still low – and that’s leading to multiple-offer scenarios. And moving into the peak homebuying season this spring, this is only expected to ramp up more.
Remember these four tips to make your best offer.
1. Partner with a Real Estate Agent
Rely on a real estate agent who can support your goals. As PODS notes:
“Making an offer on a home without an agent is certainly possible, but having a pro by your side gives you a massive advantage in figuring out what to offer...
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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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From our friends in KCM
If you’re taking a look at your expenses as you retire, saving money where you can has a lot of appeal. One long-standing, popular way to do that is by downsizing to a smaller home.
When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:
“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something...
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