Friday, October 25, 2024 / by Dick Keenan
Typically, home listings slow down as summer ends, which results in fewer homes hitting the market in the fall. But this year saw a surprising twist: mortgage rates dropped just as the seasonal slowdown usually begins, motivating more homeowners to sell.
According to recent Realtor.com data, the number of homes listed for sale in September jumped by 11.6% compared to the same time last year. Instead of the usual decline, more homes came onto the market.
Ralph McLaughlin, Senior Economist at Realtor.com, explains that this unseasonal increase is tied to mid-August’s drop in mortgage rates, which spurred more people to list their homes.
What This Means for Buyers
For buyers, this shift means more fresh options to choose from—homes that haven’t been sitting unsold. However, mortgage rates have been unpredictable lately and have nudged up recently, which may keep some homeowners from listing. In this market, mortgage rates are a significant factor in the decis. ...
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Friday, October 25, 2024 / by Dick Keenan
Wondering where the housing market is headed in 2025? Experts are predicting promising trends in two critical areas: mortgage rates and home prices. Whether you’re considering buying or selling, here’s what to expect and how it could influence your plans.
Mortgage Rates Likely to Ease
Mortgage rates have been a major factor impacting homebuying decisions, and the outlook for 2025 is encouraging. Experts expect rates to trend down gradually over the next year. While it won’t be a consistent drop, the overall direction should be positive. Rates will respond to economic data and inflation updates as they come in, so there may be some fluctuations along the way, but staying focused on the bigger picture can help.
As rates decrease, affordability improves, meaning monthly mortgage payments are likely to go down, giving buyers more flexibility. Lower rates could bring more buyers into the market, increasing demand. Charlie Dougherty, Senior Economist at Wells Fargo. ...
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Friday, October 25, 2024 / by Dick Keenan
If selling your home in 2025 is on your radar, now’s the time to begin preparing. While the new year may seem far off, starting early on any repairs or updates can make a big difference. As Danielle Hale, Chief Economist at Realtor.com, points out, it’s wise to plan ahead:
“Now is the time to start thinking about what you need for your next home and then taking those steps to prepare to list. Our data shows 47 percent of sellers are taking over a month to get their home ready, so starting early gives you more flexibility.”
Getting a jump start on your prep allows you to work at a comfortable pace and be ready to hit the market by year’s end. Partnering with an experienced agent early on is also key—they can guide you on which upgrades will add the most value based on your local market.
Why Starting Early Matters
When it comes to selling quickly and at the best price, first impressions matter. Take the time now to complete any repairs, declutter. ...
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Thursday, October 24, 2024 / by Dick Keenan
If you’ve been thinking about selling your house and upgrading to a larger or more luxurious one, you’re not alone. According to a recent survey by Inman, many buyers today are motivated by the desire for more space or an upgraded home.
However, like many people, you may have hesitated to take the plunge due to recent market challenges. It’s understandable—upgrading often means higher monthly payments, so affordability plays a big role in deciding when to make your move. The good news? Now might be the ideal time to turn your dream into reality. Here’s why.
You’ve Likely Built Up Substantial Equity
One of the biggest advantages you have right now is the equity you’ve accumulated in your current home. Over the years, home prices have continued to rise, even with some shifts in the market. According to Selma Hepp, Chief Economist at CoreLogic:
“Persistent home price growth has continued to fuel home equity gains for existing homeowner. ...
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Thursday, October 24, 2024 / by Dick Keenan
If your house has been on the market longer than you’d hoped, it’s natural to feel frustrated. You might even be considering pulling your listing and waiting to see what 2025 brings. But what you may not realize is that pausing now could end up costing you. Here’s why staying on course might be the better choice.
Other Sellers Are Pulling Back – Should You?
Recent data from Altos Research shows that more sellers are choosing to take their homes off the market. This trend isn't unusual for this time of year as inventory typically dips in the fall. Many sellers often delay their plans until the new year, which Mike Simonsen, Founder of Altos Research, explains:
“. . . we’re seeing a more normal seasonal pattern now with inventory beginning to decline. We’re also seeing more home sellers withdrawing their listings to try again next year. In fact, for every two sales, there is another listing withdrawn from the market.”
But is thi. ...
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