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Suburban Homes

Home Price Headlines Can Be Confusing

Amidst the buzz around falling home prices you might catch in the news, it’s crucial to look beyond the headlines. The reality is, the broader narrative doesn’t align with the snippets you’re hearing. A closer examination of the national figures for 2023 reveals an overall positive trajectory in home prices throughout the year. Despite some regional variations and occasional national dips, these instances were outliers rather than a prevailing trend. The real story of the past year is one of growth, not decline. Let’s delve deeper into the facts to clarify the situation. 2023: A Year of Stabilized Home Price […]

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Seniors with Real Estate Agent

Leveraging Your Home Equity is Key When Considering a Move

Considering selling your home but unsure due to the current market’s affordability challenges? While it’s true that affordability might be tighter this year, there’s a silver lining: your home equity. An article from Bankrate sheds light on this: “Home equity is the difference between your home’s value and the amount you still owe on your mortgage. It represents the paid-off portion of your home. You’ll start off with a certain level of equity when you make your down payment to buy the home, then continue to build equity as you pay down your mortgage. You’ll also build equity over time

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Beautiful Home in the Spring

Should You Wait Until Spring to Sell Your House?

For those contemplating a move in the coming year, the question often arises: when is the right time to act? Contrary to popular belief, there’s no need to wait for the spring homebuying rush. Here’s why selling now could be your best move. Benefit from Currently Lower Mortgage Rates Mortgage rates saw a peak of 7.79% last October but have since dropped to their lowest since last May as of January. This reduction in rates means that the cost of moving is more manageable now than it has been in recent months. The decline in mortgage rates is also drawing

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Mortgage Rates

Two Key Factors Influencing Mortgage Rates

As a potential homebuyer, monitoring mortgage rates is likely a priority for you. Recently, these rates have seen significant fluctuations – from historic lows to dramatic increases, and now a slight decrease. But what drives these changes? The factors influencing mortgage rates are diverse and complex. Let’s explore a couple of the most significant ones. Inflation and the Role of the Federal Reserve Although the Federal Reserve (commonly known as the Fed) does not set mortgage rates directly, its actions significantly influence them. The Fed adjusts the Federal Funds Rate in response to inflation, economic conditions, and employment rates, among

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Senior Couple Thinking of Downsizing

Could a “Silver Tsunami” Reshape the 2024 Housing Market?

The term “Silver Tsunami” has been buzzing online, sparking curiosity about its meaning and potential impact on the housing market. Let’s explore this concept and understand why it’s unlikely to cause a dramatic shift in the housing market. Understanding the “Silver Tsunami” An article from HousingWire describes the “Silver Tsunami” as: “. . . a colloquialism referring to aging Americans changing their housing arrangements to accommodate aging . . .” The idea is that as the baby boomer generation ages, a considerable number might downsize their homes. Given the size of this demographic, a collective move could lead to a

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Happily Looking at Home Prices

Experts Predict Modest Growth in Home Prices in 2024

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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Home Staging - Cozy Living Room

Three Key Steps for Selling Your House in 2024

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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Happy Couple New Home Buyers

The Downward Trend in Mortgage Rates is Good for Sellers

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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Real Estate Agent Meeting with Clients

Three Biggest Impacts on Home Affordability

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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Factors to Consider When Your House Doesn't Sell

Factors to Consider When Your House Doesn’t Sell

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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