Thursday, March 6, 2025 / by Dick Keenan
While affordability is definitely a challenge right now, that doesn't mean you have to give up on your homeownership dreams. If you're willing to put in a little elbow grease (or hire someone who can), buying a house that needs some work could be the perfect solution. Here’s what you need to know to decide if this is the right choice for you.
What Is a Fixer-Upper?
A fixer-upper is a home that’s livable but requires some renovation. These homes may need cosmetic updates, like removing old wallpaper and installing new flooring, or more substantial repairs, like replacing a roof or updating plumbing.
Though fixer-uppers need a bit of TLC, here’s why they might be the right move, especially in today's market:
Lower Price Point: Because of the repairs needed, fixer-uppers are typically priced 29% lower than move-in-ready homes, according to a StorageCafe survey. If you're struggling to find something within your budget, this could be a great option.
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Thursday, March 6, 2025 / by Dick Keenan
If you're planning to sell your home, setting the right expectations and using effective strategies is essential. However, many sellers haven't adjusted to the current market conditions. They’re overlooking the fact that there are more homes available and that buyers are being more selective with their budgets. As a result, they’re making costly mistakes.
Here’s a quick rundown of the 3 most common mistakes sellers are making and how teaming up with an experienced agent can help you avoid them.
1. Overpricing the Home
One of the biggest challenges sellers face right now is pricing their home correctly. A survey by John Burns Real Estate Consulting (JBREC) and Keeping Current Matters (KCM) reveals that pricing issues are top of mind for many sellers.
Many homeowners make the mistake of overpricing their homes, thinking they can always lower the price later. But today’s buyers are more cautious due to high interest rates and budget constraints. An overpriced l. ...
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Thursday, March 6, 2025 / by Dick Keenan
The last few years have been tough for homebuyers, with high home prices and mortgage rates creating a lot of challenges. It’s easy to feel like finding something within your budget is impossible.
But here's the good news: the number of homes for sale has significantly increased, and this includes both previously owned homes and new construction. Let’s dive into these two factors that are making it a bit easier to find the right home.
1. A 22% Increase in Existing Homes for Sale
According to Realtor.com, the number of existing homes for sale has jumped by 22% in 2024. Experts predict that inventory will continue to rise, with an additional 11-15% growth by the end of the year. This means more homes to choose from, giving you a better shot at finding a home that meets your needs. As Ralph McLaughlin, Senior Economist at Realtor.com, points out:
“It’s a great time to get out into the market… you’re going to have more options, which is some! ...
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Friday, October 25, 2024 / by Dick Keenan
Many homeowners can make a larger down payment on their next home by using the equity they've built in their current property. With rising home prices over the last several years, homeowner equity has surged, helping drive the typical down payment higher than ever. According to recent data from Redfin, the average U.S. down payment has climbed to $67,500—almost 15% more than a year ago and the highest recorded (see graph below).
Why Equity Makes a Bigger Down Payment Possible
As property values have grown, so has the equity that homeowners, like you, can tap into. When you sell, you can apply this equity directly to your next home’s down payment, giving you a stronger financial foothold, especially if affordability is a concern.
Of course, a large down payment isn’t required—many loans allow for as little as 3% or even 0% down. But with equity in hand, many homeowners choose to increase their down payment because it offers key advantages.
Advantages . ...
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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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