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 In fact, for every two sales, there is another listing withdrawn from the market.”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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Thursday, October 24, 2024 / by Dick Keenan
With ongoing discussions about the economy and the possibility of a recession, it’s understandable if you’re feeling anxious about the housing market. If you’ve been hearing concerns about a potential crash, rest assured—the market today is not set up for a repeat of 2008.
Here’s why you don’t need to worry about a crash in the housing market right now.
1. Strong Demand for Homes Outpaces Supply
One of the key reasons for the 2008 crash was an oversupply of homes. Today, we’re facing the opposite problem: there aren’t enough homes to meet the demand.
In a balanced market, there’s usually about a six-month supply of homes. That means if no new homes were listed, it would take six months to sell everything currently available. Back in 2008, supply shot up to 13 months—an oversupply that led to falling prices. But today’s market looks very different. Right now, we have just 4.2 months of supply, meaning demand i. ...
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Thursday, October 24, 2024 / by Dick Keenan
If you're considering selling your home, you're likely curious about what the costs will look like. The total expenses depend on several factors, such as the offer you accept, whether you assist with the buyer’s closing costs, and any repairs you decide to address.
To give you a general idea, here’s a breakdown of some common costs you’ll want to budget for:
Closing Costs and Agent Commissions
When you sell your home, you’ll need to cover closing costs, which include fees associated with finalizing the sale and transferring the home’s ownership to the buyer. These typically range from 2% to 4% of the sale price. According to U.S. News Real Estate:
“Closing costs are fees that are paid to finalize the transaction and transfer ownership of the home to the buyer . . . Sellers can expect to pay 2% to 4% of the sale price of the home in fees and taxes on top of the agent commission.”
These percentages can vary depending on you ...
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Thursday, October 24, 2024 / by Dick Keenan
If you're thinking about buying your first home but find the price of single-family homes daunting, it might be worth considering a condominium (condo) or townhome instead. These types of properties can offer a more affordable entry point into homeownership, allowing you to start building equity and enjoying the benefits of owning a home sooner.
Condos and townhomes are often more budget-friendly because they’re typically smaller than single-family homes. And with that smaller size, you can often expect a lower price. In fact, according to recent data from Realtor.com, condos generally come with a lower asking price than single-family homes.
Here’s some good news: home builders are increasingly focusing on condos and townhomes. The National Association of Home Builders (NAHB) reports:
“The share of townhomes being built is at an all-time high.”
This means there are plenty of options to consider if you include these types of homes in your search&mdash. ...
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