Thursday, June 27, 2024 / by Dick Keenan
Should you buy a home now or wait? This is a common question, and while the right timing depends on personal factors, there’s an important aspect to consider: if you can afford to buy at today’s rates and prices, focusing on time in the market is often more beneficial than trying to time the market.
The Pitfalls of Timing the Market
Attempting to time the market can be risky because conditions change frequently. For example, many forecasts predicted mortgage rates would drop this year. While experts still believe this will happen, various economic factors have delayed the decrease. U.S. News explains:
“Those who put off buying a home during the past few years as they were holding out for lower mortgage rates have been left out of the market . . . mortgage rates have stayed higher for longer than previously expected, keeping monthly housing payments elevated. In other words, affordability didn't improve for those who chose to wait.”
This illustrates w. ...
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Friday, June 21, 2024 / by Dick Keenan
Many homeowners today feel trapped by the current high mortgage rates, making the idea of selling and moving less appealing. If you’re in this situation, it might seem like there’s no good solution. However, there’s a potential way to counteract these higher borrowing costs: leveraging the equity in your current home.
What Is Equity?
Equity is essentially the difference between your home's market value and what you owe on your mortgage. As you pay down your mortgage and as home values rise, your equity increases. Recent years have seen significant home price appreciation, so many homeowners have more equity than they might realize.
According to the latest data from the Census and ATTOM, over two-thirds of homeowners have either completely paid off their mortgages or have at least 50% equity in their homes.
How Your Equity Can Help You Move
Your home equity can be a powerful tool when selling your house, helping you navigate higher mortgage rates more ea. ...
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Monday, November 23, 2020 / by Traci Pimentel
Practically New Craftsman style home has all the trending features you're sure to appreciate. This single story abode resides on a Cul de Sac street in Ridgecrest at Bradley Village. Desirable open-concept floorplan has beautiful laminate wood floors throughout the main living area. Modern fans and light fixtures suspend from the vaulted ceilings. The cook of the house will delight over the ample cabinets and stream-lined features in the kitchen. Belly up to the large kitchen island for a casual spot to eat or dine in the recessed breakfast nook. The Living Room and Master Suite have sliding doors to access the meticulously manicured backyard, enhanced with an eco-friendly lawn for water conservation. The Master Bedroom ensuite has a large step-in shower, soaking tub, dual sinks and walk-in closet. This home checks all the boxes!
The Keenan Carter Group DRE# 00860187
Keller Williams Realty Central Coast DRE# 02005015
Each Office is Independently Owned and Operated. ...
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Wednesday, September 23, 2020 / by Traci Pimentel
Last week, the National Association of Home Builders (NAHB) reported their Housing Market Index (HMI) hit an all-time high in the 35-year history of the series with a score of 83. The index gauges builder perceptions of current single-family home sales and sale expectations for the next six months, as well as the traffic of prospective buyers of new homes.
As the following chart shows, confidence dropped dramatically when stay-in-place orders were originally mandated earlier this year. Since then, it has soared back.
Looking at the three-month moving averages for HMI scores, confidence increased in every region of the country:
The Northeast increased 11 points to 76
The Midwest jumped 9 points to 72
The South rose 8 points to 79
The West increased 7 points to 85
Confidence Is Validated by the Numbers
This confidence is definitely warranted. According to a recent NAHB report, single-family housing starts increased 4.1% to a 1.02 million annual ...
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real estate, keenan carter group, keller williams, central coast, home buyer, home purchase, buying, new home, house for sale, home owner, move up buyers, new construction, for sellers, for home buyers
Tuesday, September 22, 2020 / by Traci Pimentel
Housing inventory is at an all-time low. There are 39% fewer homes for sale today than at this time last year, and buyer demand continues to set records. Zillow recently reported:
“Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database.”
Whenever there is a shortage in supply of an item that’s in high demand, the price of that item increases. That’s exactly what’s happening in the real estate market right now. CoreLogic’s latest Home Price Index reports that values have increased by 5.5% over the last year.
This is great news if you’re planning to sell your house; on the other hand, as either a first-time or repeat buyer, this may instead seem like troubling news. However, purchasers should realize that the price of a house is not as important as the cost. Let’s break it down.
There are seve; ...
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