From a 15-year low national average rate of 3.2% for a 30-year loan in 2020, the average mortgage rate has climbed to over 6.5% in January 2023. How has this impacted home buyers? And what can you do to adapt and adjust to the higher rates?
Historically, spring has been the best time to sell a home. It still is, but many experts say you don’t necessarily have to wait till the flowers are blooming to put your house on the market. Here’s why.
If rates continue to rise, both low supply and lower demand will take over, creating a relatively flat market. Buyers will remain cautious, but once the recession is upon us and interest rates once again lower, they will make a return to the market.
If you’ve ever thought buying a vacation home was beyond your reach, think again. There are ways to use the equity in your main home to purchase a second home as a vacation property.
Selling a home during the holiday season can have its challenges, but it also has one big perk: festive decorations. From twinkling lights on bushes to a colorful tree in the window, take advantage of all the festive joy this season has to offer by decorating for a holiday open house this December.
Multi-generational homes are becoming increasingly popular. According to Generations United, seven percent of Americans lived in multigenerational homes in 2011, but that percentage increased to 26 percent by 2021.
The average size home in America hovers right around 2,200 square feet, but you may need more or less depending on the size of your family, your budget, your lifestyle, and your household requirements. U.S. homes are reported to be among the biggest in the world, being 600 to 800 square feet larger than in other countries.
As a seller, you may have an ideal price in mind when listing your house. With the frenzy of the real estate market over the last couple of years still fresh in your mind, you may be expecting well-over-asking prices for your home with all sorts of waived contingencies.
The market is starting to turn, as evidenced by the latest uptick in mortgage rates, now hovering around six percent as of this writing. The pricing strategy you may have used last year or even at the beginning of this year is no longer going to work.
You have probably heard that mortgage rates are on the rise, which is slowing things down in the market and giving more and more buyers pause as they consider those higher rates.
You won’t believe what a difference a fresh coat of paint on your entry door will make. This is a great option if you can’t afford to paint the whole house but still want to make an impact. While you’re at it, add new house numbers.
If you have children and are looking for a new home, you will understandably be concerned about the quality of the new school district. In fact, this may be one of the driving forces in helping you decide which town or neighborhood to move to.
Buyers and sellers have likely noticed the uptick in mortgage rates as they search for and sell houses. Those rising rates will continue to affect home values and the real estate market as a whole.
Buyers have to get creative in this hot sellers’ market. With inventory so low yet prices still so high, what is a buyer to do if they want to submit the winning bid?
If you’re on the hunt for a new home but you think you can’t afford a mortgage right now and assume it would be better to rent, think again. Rental rates are just as high, and you don’t even own the home or get to build equity.
If you’ve made the decision to sell your house it’s time to put some work into the process so you get the most out of it. There’s a lot to do before listing your home, and it goes well beyond putting a “For Sale” sign on the lawn.
If you’re embarking on the home buying journey there are probably some “must-haves” in the homes you explore. If you work from home, either full time or on a flexible schedule, a home office should be near the top of that list.
Whether you’re planning to buy or sell a home soon, you will likely be involved in a home inspection. There are several common issues that come up during the typical inspection, from faulty wiring to roof issues. Let’s go over those issues here.
Before you even look at one house in your home buying journey, you should secure a pre-approval letter from a mortgage lender. Having this in hand will show sellers that you are serious about buying a home and that you can afford what they are offering.
If you are facing the need to sell your home soon, you may want to know what perks are in it for you. One of those perks is equity. In short, if you have equity in your home, you can sell it to clear your mortgage debt and tap into cash for a new house or any other purpose.
If you’re looking to sell your home, you may be aware that we’re in the middle of a “seller’s market” that is commanding high dollars for people just like you. You may have also heard that bidding wars are common now, where multiple buyers clamor over one property offering tens of thousands over the list price and waiving all contingencies.
The Schwartz Center for Economic Policy Analysis says that 2021 saw a big retirement boom. In fact, 1.7 million more older workers than expected retired due to the pandemic-related recession.
From limited inventory and rising prices to bidding wars and increasing home equity, there are many important real estate trends taking place right now. Let’s go over each in depth here. Your trusted real estate agent can also provide more insight into each trend so you can make better buying and selling decisions.
While there’s no doubt the market has been crazy hot the last couple of years, especially in the favor of sellers, this doesn’t mean now is not the time to make a wise investment in a vacation property.
If you talk with anyone 50 or older about buying a house, they’ll likely tell you that you need to put at least 20% down. That’s a traditional down payment amount needed to secure a mortgage. It may be conventional, but it’s not necessarily reality in this day and age.
Ah, the age-old question: to sell or fix up? If your home is no longer serving you, whether your family has grown since you first bought it, you can’t afford a new house in this market, or you’re looking to downsize, you may have thought about both options.
If you plan to put your home on the market soon, it’s in your best interest to make some home improvements first so you can command an even higher price in this hot market. Sellers should do all they can to make a great first impression on buyers as they drive up to the home.
A bidding war can arise when the real estate market is oversaturated with inventory, so much so that multiple buyers are clamoring over one property. Avoiding a bidding war under current market conditions will be tough.
With not enough homes up for sale to satisfy demand, sellers can almost be guaranteed these days to get many bids from multiple buyers. Not a bad problem to have, is it? But it can be tough knowing which offer to choose. Here are some tips on how to manage multiple offers from buyers.
When buying a home, it may seem overwhelming to consider affording the asking price, but when you factor in all the hidden costs of buying a house, the realization hits home that this is an expensive prospect! The most common hidden costs that buyers should be aware of include:
There are so many advantages to downsizing. If you’ve been in your existing home for many years or decades, it’s likely that it’s increased quite a bit in value and you will have a lot of equity built into it. You may even be pretty close to paying off your mortgage, if you haven’t already.
Sometimes, making some renovations before selling will put your home in a more attractive light and allow you to command a asking list price. You have two options in this situation:
• You can sell it as is, in its current condition, with no updates.
• You can perform some renovations or upgrades to pull in more money when selling.
Tyler Johnson from Prosperity Home Mortgage discusses PMI- Mortgage Insurance. Check it out!
Some people think Realtors make a lot of money for very little work. This simply isn’t true. Yes, real estate can be a lucrative career for those who work hard at it full time. But there’s a whole other side of this career that people don’t see.
For many years, the go-to advice for people looking to buy or rent was that buying was the better choice. You’re making an investment in your future, you’re building equity and you’re paying your own mortgage, not your landlord’s.
Preparing your home for sale? Well, part of that process is staging it so it can appeal to as many buyers as possible. It takes some design expertise, patience and of course attention to detail. But not everyone understands how staging works and how it’s done. Check out what the National Association of Realtors has to say about staging in 2021:
It may be clear if you’re a seller that hiring a real estate agent is a no-brainer. But when you’re on the hunt to buy a house, do you also need an agent? Before you sign on the dotted line, a dedicated buyer’s agent who knows what they’re doing will have already done a multitude of things for you, from sending you listings of properties in your price range to negotiating with sellers.
Millennials are starting to buy homes more and more. In fact, according to the National Association of Realtors, millennials comprise the largest share of home buyers today. They know what they want, and they have it on their radar.
Looking to buy a home? If you’re on the hunt for a new house, whether it’s your first time or fifth, there’s a new way of finding the abode of your dreams. And in many cases, you don’t even have to step foot inside the structure.
Highest offers with the fewest amount of contingencies: this describes the current sellers’ market in a nutshell. Sellers definitely have the upper hand right now, which is a good thing if you’re selling – not such a good thing if you’re buying.
A pre-qualification, which as we said is based on data the borrower submits to the lender, is not a guarantee. Lenders won’t usually look closer at a borrower’s ability to obtain a mortgage until the pre-approval stage, which is when they will consider financial history and credit checks. This is a relatively quick process, taking just a day or two.
Thinking about selling your home? Want to list it right away? Think again. There are a lot of things you should consider before putting your home on the market. You want your home to appear as attractive as possible to potential buyers so you can get the most out of your asking price as possible.
It’s been said that 90% of millionaires achieved their wealth by investing in real estate. Is this still true today? The answer, we have found, is yes. While it may not make you a millionaire, for most people, buying a home is a sound investment. Here are some of the reasons why.
According to a study appearing on Forbes, 75 percent of employers plan to increase the number of permanent remote employees. The work-from-home trend was increasing even before the pandemic hit last year. But of course COVID-19 protocols forced the hand of many employers and the number of work-from-homers skyrocketed.
The ideal method of influencing how fast your house will sell is by setting the right price in the first place. Your agent may advise you to price your home at or below market value, which is based on comparable homes in the neighborhood. If you price much higher than that, then your home could sit on the market for a while.
With such a competitive sellers’ market out there today, it can be frustrating if you’re looking to buy. There’s a very low inventory, which means the houses that do go on the market are snagged up almost immediately by eager buyers.
First off, a down payment is what you will pay upfront for your home, usually as a percentage of the total price. For example, a 10 percent down payment on a $400,000 home is $40,000. You are responsible for the down payment that is agreed upon, and the lender pays the remainder. Then, you make payments to the lender to eventually pay off that borrowed amount.
If you plan to sell your home in the new year, you’ll want to know what is at the top of the typical home buyer’s wish list for 2021. The market is extremely competitive right now. In many parts of the country, the inventory is very low but the demand is sky high.
Perhaps your kids have flown the coop and you don’t need quite such a large home. Maybe you’re at retirement age and would prefer moving into a retirement community where all the landscaping and other chores are taken care of. Or maybe you bit off more than you could chew last time and need to reign in your budget with a smaller property.
Are you on the hunt for a new home to call your own? As a buyer, you are in a tough spot right now, as there is too much demand for the amount of homes on the market. Competition is fierce, and you will have to make big compromises in terms of what you’re looking for in a house, as well as what you’re willing to pay.
When you’re selling your home, packing and moving is an inevitable part of the process – the least favorite part of any relocation. Not sure who to hire for help? Your real estate agent can refer you to reputable moving companies in the area. Meanwhile, start packing with these tips.
If you are a home buyer facing buying your first house, you may have a lot of questions about where homeowner’s insurance fits into the process. Here are some basics about this critical type of insurance.
Selling a home takes a lot more than just throwing up a sign on the lawn, listing it on the MLS and hosting an open house. Many homes need to be properly staged first so they can appeal to a wide range of buyers. Staging is the softer side of real estate. It’s an art form, really. A professional home stager has the design talent, knowledge of local trends, and resources to make sure all areas of your home are being presented in a way that showcases the greatest value and appeal.
If you are currently experiencing a short-term hardship and are having trouble meeting your monthly mortgage payments, forbearance can offer temporary payment relief in helping homeowners deal with job loss, disability, illness, divorce, a recent disaster, death of a wage earner or other unique circumstances, including COVID-19.
One would think a pandemic would bring the real estate industry to a grinding halt. But that does not appear to be the case. In fact, real estate in Houston is enjoying quite a boom right now. Existing home sales have rebounded quite strongly in June – up from pandemic-driven lows earlier in the year.
It can be tough determining how much you’ll pay for your mortgage when buying a home. But your agent and lender should be able to tell you the basics so you don’t feel overwhelmed, especially if this is your first time.
Not all home improvements deliver the same value to homeowners. Some offer a better ROI than others. If you’re looking to sell your Houston home soon but want to make some improvements first, here are some of the best to consider.
From dream kitchens and plenty of storage to extra rooms and dedicated laundry space, every home buyer has “the list” – things they really, really want to see in any new home they purchase. As a real estate company in business for many years, we have seen a lot of wish lists, and here are the most common among buyers. Sellers should pay attention!
The COVID-19 pandemic continues to impact many facets of business, including real estate. If you are selling your home and don’t feel comfortable holding in-person open houses or showings, you still have options.
While the home buying industry seems to be recovering quickly from the disruption caused by the coronavirus, it has changed the way people look for and buy homes. It’s time to get creative!
Shopping for a mortgage is an unavoidable part of buying a home. It can be confusing, though, especially if you’re doing this for the first time. That’s why you need a qualified real estate agent on your side to help you navigate. Here are some steps to take to find out which mortgage is right for you.
Enlisting the help of a qualified real estate agent is the first step in the process of getting your home ready to sell. There are many several steps involved in the process of prepping you home for sale. Here are some of the main ones:
Buying your first home can be both stressful and exciting, and it certainly comes with many major decisions. It’s easy to get carried away in the whirlwind of home shopping, which could allow you to make mistakes and leave you with buyer’s remorse. Here are some first-time homebuyer mistakes to avoid.
If you’re in the market for buying or selling a home, you may frequently hear three key terms about home value. They are all different, but how? Your Berkshire Hathaway Premier Properties real estate agent will be able to tell you the differences, but here’s a brief outline of what each one means.
Have you ever wondered why there are some homes in your area that sell in a weekend, while others seem to be on the market forever? From curb appeal and quality photos to proper pricing and staging, there are many things that spur the quick sale of a home. Here are some of them.
Buyer’s remorse: That sinking, slowly encroaching feeling you get after making a purchase that makes you question your sanity. What was I thinking? Did I really think that through? Can I take it all back? Buyer’s remorse is common at the store.
If you’re looking to sell your home, your first thought is probably: how much is my home really worth and what can I reasonably get for it? This isn’t always easy on first glance. It’s always best to hire a real estate professional to figure this out for you. They take into account local market conditions, sale prices from homes in your neighborhood, the age and condition of your home, its location, and much more.
If you’re considering buying your first home, you may be wondering about all the mortgage options available to you. There are many types, and not every one will be right for you. Your real estate professional and lender will be able to guide you in this decision based on your credit history, budget and more. From FHA to conventional to VA, here we will go over the various mortgage types.
If you've ever owned income property, you know that managing a rental can be financially rewarding but stressful at the same time, demanding a large commitment of time and effort. If you’re a handy person or live close to the property, you may consider taking the DIY approach when it comes to management.
It can be very exciting to move to a brand new home and community, especially when you’re upgrading from your current living situation. But while you may look forward to this change, your children may feel the opposite way. The idea of uprooting and relocating to a new school far from their friends can bring on anxiety in kids and teens.
When selling your home, an open house is usually a typical part of the process. This is your chance to show off your home in its best light to as many people as possible within a short time frame. An open house usually occurs the weekend after listing your property, to generate interest right out of the gate.
If you’re looking to buy a home in the near future, you may understandably feel overwhelmed by the process. But if you’re prepared and know what to expect, the process can be smooth and stress-free. Plus, it doesn’t hurt if you have experienced Realtors® on your side to talk you through everything!
Generally, most lenders require PMI when it comes to conventional loans with a down payment less than 20 percent. Like anything else, though, there are exceptions to the rule. You’ll have to do your homework if you want to forgo paying PMI.
Some banks out there offer low down-payment, PMI-free conventional loans. These providers will waive PMI for borrowers with less than 20 percent down, but you’ll pay a higher interest rate. Knowing when this option makes sense in the end is up to you – you’ll have to do the math on that.
If you plan to buy or sell a home soon, you may be considering using a Realtor. This is a smart idea. A Realtor is a licensed real estate sales person belonging to the National Association of REALTORS®, the largest trade group in the nation. It’s important to note that every agent is not a Realtor but most are. They adhere to a higher ethical standard than licensed agents, following a strict Code of Ethics.
If you’re in the market to buy a property, you need a Buyer’s agent that will work for you with your best interests in mind. Your Buyer’s Agent is an Agent who represents you throughout all phases of the buying process, saving you time and money along away.
Discovering the right home should be an exciting event. As a Berkshire Hathaway Home Services sales professional, my commitment is to make your home search as stress-free as possible.
Finding and buying the right home is a highly personalized process, and it all begins by identifying your needs.
Our marketing program for your home is built on three activities: Promote to Prospective Buyers, Market To Other Real Estate Professionals, Maintain Communication With You.
Let's review and prioritize the following topics to help us understand what's most important to you in the sale of your property.
It’s important to have a basic understanding of important real estate concepts before you begin the home buying process. Not only could this knowledge give you peace of mind, it can save you time, money and hassle. Get familiar with these key real estate terms you should know before hunting for a home.
Are you selling your home? It’s helpful to come up with a home seller checklist to help you keep track of the essential tasks that must be done before listing.