Real Estate Archives

Advantages of Buying a Multi-Generational Home

Advice, Buyer, Real Estate, Senior Housing / By Keith LaBrunda - RE/MAX Select

Have you ever considered living in a home with your extended family, including grandparents, parents, or other relatives? You’re not alone in this thought. An increasing number of buyers are choosing to purchase homes that accommodate multiple generations. Let’s delve into the key reasons behind this trend to determine if such a home could be a suitable choice for you as well. The Rising Preference for Multi-Generational Homes The National Association of Realtors (NAR) highlights affordability as one of the primary reasons driving the demand for multi-generational homes (refer to the accompanying graph): First-time homebuyers are particularly attracted to the […]

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Experts Predict Modest Growth in Home Prices in 2024

Advice, Buyer, Market Trends, Real Estate, Seller / By Keith LaBrunda - RE/MAX Select

Despite a national trend of rising home prices, there’s still a lingering concern among some that prices might decrease. A Fannie Mae survey reveals that 24% of respondents anticipate a decline in home prices over the next year. This statistic highlights that nearly one in four individuals are grappling with this uncertainty, possibly including you. To alleviate these worries, let’s delve into what specialists in the field are predicting for this year’s home prices. Predicted Modest Growth in Home Prices Refer to the accompanying graph for the latest predictions from eight distinct sources: The graph’s blue bar indicates a consensus

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Three Key Steps for Selling Your House in 2024

Advice, Real Estate, Seller / By Heather Montalbano - RE/MAX Select

Beginning the journey of selling your house in 2024 can be a blend of excitement for the future and nostalgia for the past. To navigate these emotions and make a confident decision, remember these three key strategies when you’re prepared to sell. Accurately Price Your Home The real estate market experienced changes in 2023, with rising mortgage rates and a return to normal in home price growth. The start of this year has brought good news for sellers with a trend towards lower mortgage rates bringing more potential buyers back into the market. As a seller, it’s crucial to understand

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The Downward Trend in Mortgage Rates is Good for Sellers

Advice, Buyer, Market Trends, Mortgage Rates, Real Estate, Seller / By Heather Montalbano - RE/MAX Select

For homeowners contemplating selling but hesitant due to previously high mortgage rates, the current downward trend in rates is a welcome development. Since peaking at 7.79% last October, mortgage rates have consistently stayed below 7% for over a month (refer to the accompanying graph): While rates may not return to the exceptionally low 3% of the past ‘unicorn’ years, they are anticipated to decrease further in the near future. Dean Baker, Senior Economist at the Center for Economic Research, notes: “It also appears that mortgage rates are now falling again. They will almost certainly not fall to pandemic lows, although

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Three Biggest Impacts on Home Affordability

Advice, Buyer, Market Trends, Mortgage Rates, Real Estate, Seller / By Keith LaBrunda - RE/MAX Select

In the last year, the topic of housing affordability has been a major point of discussion, with many noting its increasing difficulty. However, there has been some recent easing in this area. A key factor in this change is the reduction in mortgage rates since their peak in October. But, understanding home affordability goes beyond just looking at mortgage rates. To fully grasp the concept of home affordability, it’s essential to consider a trio of critical elements: mortgage rates, home prices, and wages. Here’s an in-depth look at the latest trends in each of these areas, shedding light on why

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Consider the Advantages of Buying a Newly Constructed Home

Advice, Buyer, Construction, Market Trends, Real Estate / By Keith LaBrunda - RE/MAX Select

Hesitant to sell your home due to concerns about finding a desirable new place? It might be the perfect moment to think about the advantages of purchasing a newly constructed home. Here’s why this could be a beneficial choice. Surge in New Home Inventory The presence of newly constructed homes in the current housing market is growing significantly. The latest report from the National Association of Home Builders (NAHB) reveals: “Newly built homes available for sale accounted for 31% of total homes available for sale in November, compared to an approximate 12% historical average.” This indicates that the share of

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Understanding the Impact of Lower Mortgage Rates on Home Buying Power

Advice, Buyer, Market Trends, Mortgage Rates, Real Estate / By Keith LaBrunda - RE/MAX Select

Knowing the influence of mortgage rates on your purchasing capacity and monthly payments is crucial when considering buying a home. Thankfully, 30-year fixed mortgage rates have significantly decreased since late October, now falling below 7% as reported by Freddie Mac (refer to the graph below): This downward trend in rates is a positive development for prospective home buyers. As Bankrate recently highlighted: “The rate cool-off somewhat eases the housing affordability squeeze.” Edward Seiler, AVP of Housing Economics and Executive Director of the Research Institute for Housing America at the Mortgage Bankers Association (MBA), also notes: “MBA expects that affordability conditions

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The Importance of Pre-Approval in the Homebuying Process

Advice, Buyer, Mortgage, Real Estate / By Keith LaBrunda - RE/MAX Select

Embarking on the journey of buying a home? Don’t overlook the vital step of getting pre-approved. Before you start envisioning life in your new home, ensure you’ve engaged with a reliable lender, like Mark Scocco with Crown Home Mortgage, to secure this key part of the homebuying process. Here’s why it’s so crucial. Despite a recent moderation in home prices and a decrease in mortgage rates, affordability remains a challenge. Additionally, the current limited housing inventory continues to fuel competition among buyers. However, with a strategic approach, including pre-approval, you can effectively navigate the market. The Role and Benefits of

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Important Questions to Ask Yourself When Thinking About Buying a Home

Advice, Buyer, Market Trends, Real Estate, Seller / By Keith LaBrunda - RE/MAX Select

As you contemplate purchasing a home this year, it’s likely you’re more attuned to the housing market’s fluctuations than usual. Your sources of information are diverse, ranging from news outlets and social media to discussions with real estate agents, friends, and family. Topics like home prices and mortgage rates are probably frequent in these conversations. Here are two critical questions to ponder in your decision-making process, supported by data to help navigate through the myriad of information. 1. What are My Predictions for Home Prices? A credible source for home price forecasts is the Home Price Expectations Survey by Fannie

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Factors to Consider When Your House Doesn’t Sell

Advice, Real Estate, Seller / By Heather Montalbano - RE/MAX Select

Having your listing expire without a sale can understandably lead to feelings of frustration and disappointment. It’s common to ponder what might have gone awry. To navigate your next steps, consider these three critical questions. Was Your House Sufficiently Accessible? A common error in selling a home is limiting the availability for potential buyers to visit. Flexibility in scheduling viewings is crucial, despite the potential inconvenience. Limited viewing opportunities mean fewer potential buyers. ShowingTime suggests: “. . . do your best to be as flexible as possible when granting access to your house for showings.” Remember, some eager buyers may

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