The National Association of Realtors (NAR) will release its latest Existing Home Sales (EHS) report later this week. This monthly report provides information on the sales volume and price trend for previously owned homes. In the upcoming release, it’ll likely say home prices are down. This may feel a bit confusing, especially if you’ve been following along and seeing the blogs saying that home prices...
For Sellers
If you're thinking about buying or selling a house, it's important to know that it doesn't just affect your life, but also your community.The National Association of Realtors (NAR) releases a report every year to show how much economic activity is generated by home sales. The chart below illustrates that impact:As the visual shows, when a house is sold, it can make a big difference in the local economy....
You may see media coverage talking about a drop in homeowner equity. What’s important to understand is that equity is tied closely to home values. So, when home prices appreciate, you can expect equity to grow. And when home prices decline, equity does too. Here’s how this has played out recently. Home prices rose rapidly during the ‘unicorn’ years. That gave homeowners a considerable equity...
If you’re thinking about selling your house right now, chances are it’s because something in your life has changed. And, while things like mortgage rates are a key part of your decision on what you’ll buy next, it’s important to not lose sight of the reason you want to make a change in the first place.It’s true mortgage rates have climbed from the record lows we saw in recent years, and that has...
Some HighlightsComparing housing market metrics from one year to another can be challenging in a normal housing market – and the last few years have been anything but normal. In a way, they were ‘unicorn’ years.Expect unsettling housing market headlines this year, mostly due to unfair comparisons with the ‘unicorn’ years.Connect with a local real estate professional who can share the data that...
When you look at the numbers today, the one thing that stands out is the strength of this housing market. We can see this is one of the most foundationally strong housing markets of our lifetime – if not the strongest housing market of our lifetime. Here are two fundamentals that prove this point. 1. The Current Mortgage Rate on Existing MortgagesFirst, let’s look at the current rate on existing...
During the fourth quarter of last year, many housing experts predicted home prices were going to crash this year. Here are a few of those forecasts:Jeremy Siegel, Russell E. Palmer Professor Emeritus of Finance at the Wharton School of Business:“I expect housing prices fall 10% to 15%, and the housing prices are accelerating on the downside.”Mark Zandi, Chief Economist at Moody’s Analytics:"Buckle...
Comparing real estate metrics from one year to another can be challenging in a normal housing market. That’s due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared. Comparing this year’s numbers to the two ‘unicorn’ years we just experienced is almost worthless....
Some HighlightsIf you want to sell your house, consider doing it this summer. The days are longer, the weather is warmer, and it’s a great time for sellers.If your needs have changed, now’s the time to capitalize on the low inventory and multiple offers in today’s sellers’ market.Connect with a local real estate agent today if you’re ready to sell your house and move to a home that meets your...
If you’re trying to decide if now’s the time to sell your house, here’s what you should know. The limited number of homes available right now gives you a big advantage. That’s because there are more buyers out there than there are homes for sale. And, with so few homes on the market, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house.Here’s what...