From our friends at the kcm blog
With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down.
Election Years Bring a Temporary Slowdown
In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to data from BTIG, in election years there’s usually a slightly larger dip in home sales in the month leading up to Election Day (see graph below):
Why? Uncertainty. Many consumers hold off on making major decisions or purchases while they wait to see how the election will play out. It’s a pattern that’s shown up time...
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From our friends at the kcm blog
Even though there are more homes available for sale than there were at this time last year, there are still more buyers than there are houses to choose from. So, know that if you’ve got moving on your mind, your house can really stand out.
There are several key reasons why there aren’t enough homes to go around and understanding them will help you see why the market is working in your favor if you’re ready to make a move.
What’s Causing the Shortage?
1. Underproduction of Homes: For years, the industry hasn’t built enough homes to keep up with demand. As Zillow explains:
“In 2022, 1.4 million homes were built...
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From our friends at the kcm
With everything feeling more expensive these days, it’s natural to worry about how rising costs might impact the housing market. Many people are concerned that high prices and tighter budgets could cause more homeowners to fall behind on their mortgage payments, leading to a wave of foreclosures.
But before you start worrying about a housing market crash, here’s a look at what’s really happening. And the good news is: the latest foreclosure data shows there’s no wave on the horizon.
How Today’s Market Is Different from 2008
Let’s ease those fears by looking at the bigger picture. The graph below uses research from ATTOM, a property data provider, to show...
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From our friends at the kcm blog
As you’re getting ready to sell your house, one of the first questions you’re probably asking is, “how long is this going to take?” And that makes sense—you want to know what to expect.
While every market is different, understanding what’s happening nationally can give you a good baseline. But for an even more detailed look at real estate conditions in your area, connect with a local real estate agent. They know your local market best and can explain what’s happening near you and how it compares to national trends.
Here’s a look at some of the things a great agent will walk you through during that...
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From our friends at the kcm blog
If your goal is to sell your house in 2025, now’s the time to start prepping. Even though it might seem like there’s plenty of time between now and the new year, you should get a head start on any updates or repairs you want to make now. As Danielle Hale, Chief Economist at Realtor.com, says:
“ . . . now is the time to start thinking about what you need for your next home and then taking those steps to prepare to list . . . We have survey data that says 47 percent of sellers are taking longer than a month to get their home ready...
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From our friends at the kcm blog
Curious about where the housing market is headed in 2025? The good news is that experts are offering some promising forecasts, especially when it comes to two key factors that directly affect your decisions: mortgage rates and home prices.
Whether you’re thinking of buying or selling, here’s a look at what the experts are saying and how it might impact your move.
Mortgage Rates Are Forecast To Come Down
One of the biggest factors likely affecting your plans is mortgage rates, and the forecast looks positive. After rising dramatically in recent years, experts project rates will ease slightly throughout the course of 2025 (see graph below):
While that decline won’t be a straight line down, the...
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From our friends at the kcm blog
Homeowners typically slow down their moving plans as the summer months wrap up, and as a result, fewer homes are listed for sale in the fall. It’s a predictable, seasonal trend in real estate. But this year, mortgage rates came down at the same time the number of homes on the market usually starts to decline. So, what happened? More homeowners decided to sell, so more homes came to the market.
The most recent data from Realtor.com reveals that in September, the number of homes put up for sale increased by 11.6% compared to this time last year.
As the green circle in the graph below shows,...
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From our friends at the kcm blog
For some buyers, there’s a misconception that newly built homes aren’t made to last or fall short of the quality you can find in older homes. Unfortunately, this is turning some buyers away from what may be one of their best options in today’s housing market. As Builder Online says:
“As resale inventory remains limited and the price spread between new and resale homes narrows, new homes are increasingly an attractive value proposition for buyers, with incentives such as rate buydowns a way to help address ongoing affordability challenges.”
So, is there any merit to the myth? Let’s break down the best way to make sure you feel good...
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From our friends at the kcm blog
If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below):
But there’s also a good chance you, like many other people, have been holding off on that goal because of recent market challenges. It makes sense – when you’re planning an upgrade that could increase your monthly housing costs, affordability has a huge impact on when you make your move. But there’s good news: now’s actually a great time to make that move happen. Here’s why.
You Have a Lot of...
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From our friends at the kcm blog
If you’re toying with the idea of selling your house, you’re probably wondering how much it’ll cost. To be honest, the final number will depend on several factors like the offer you accept, if you help with your buyer’s closing costs, how many repairs you tackle, and more.
So, to give you a ballpark of what to expect, here’s some information on a few of the expenses you’ll want to be ready for (see graph below):
But here’s something that puts those costs into perspective. Most homeowners today have a substantial amount of equity built up in their homes, and that means they stand to...
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