Thursday, October 24, 2024 / by Dick Keenan
Some homebuyers hesitate to consider newly built homes because of a misconception that they aren’t as durable or high-quality as older ones. This belief can lead buyers to overlook new construction, which might actually be a great option in today’s competitive market. According to Builder Online:
“As resale inventory remains limited and the price gap between new and existing homes narrows, new construction is becoming an appealing option for buyers, with incentives like rate buydowns helping address affordability issues.”
So, is there any truth to the myth? Let’s explore how to approach new construction with confidence so you don’t miss out on this opportunity.
Picking the Right Builder
The key to ensuring your new home is high-quality lies in selecting a reputable builder. Good builders follow strict building codes, use modern construction methods, and offer warranties that protect your investment. The Mortgage Reports emphasizes:
&ld. ...
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Thursday, October 3, 2024 / by Dick Keenan
Watching your home linger on the market with no interest can be extremely frustrating. Unfortunately, some sellers are facing that challenge today.
Recent data from the National Association of Realtors (NAR) shows that homes are staying on the market longer than in previous years. A report from Realtor.com supports this trend:
“During the week ending Sept. 14, homes stayed on the market eight days longer compared to last year. With more choices available and mortgage rates expected to fall, buyers are taking their time, which means sellers will need to be patient and flexible.”
This delay is partly due to an increase in available homes, giving buyers more options, and higher mortgage rates have also slowed down demand. While those factors are beyond your control, there’s one key area where you can make a difference: choosing the right agent.
With the right real estate agent and strategy, your home can still sell quickly, even in today’s slower market. Here. ...
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Thursday, October 3, 2024 / by Dick Keenan
Lately, the headlines have been buzzing about the median asking price of homes dropping compared to last year, which has caused some confusion. As a buyer or seller, you might assume this means home prices are falling—but that's not exactly true. The reality is that while the median price may be down, home values are still on the rise. Let's break it down to clear up the confusion and help you understand the current housing market.
Smaller Homes Are Shaping the Market
The drop in median price has more to do with the size of homes currently on the market than an actual decrease in home values. The median price represents the midpoint of all homes for sale at a given time. This figure is influenced by the mix of homes available.
To put it simply, if smaller, more affordable homes are dominating the market, the median price will reflect that. For example, if you have a row of three coins—a nickel, a dime, and another dime—the median is 10 cents. But if that mix . ...
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Wednesday, August 28, 2024 / by Dick Keenan
As we look ahead to 2025, it’s essential to understand what experts are predicting for the housing market. Whether you’re considering buying or selling a home next year, having a clear understanding of the projected trends can help you make well-informed decisions about your real estate plans.
Here’s a closer look at the latest forecasts for mortgage rates, home sales, and home prices in 2025.
Mortgage Rates Expected To Gradually Decline
Mortgage rates are a key factor in the housing market, influencing affordability for buyers and overall market activity. According to forecasts from Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR), and Wells Fargo, mortgage rates are anticipated to decrease slightly throughout 2025.
This expected decline in mortgage rates is largely attributed to the easing of inflation and a modest increase in unemployment rates—indicators of a strong but slowing economy. Many experts b. ...
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Wednesday, August 28, 2024 / by Dick Keenan
You’ve probably heard the saying: "Don’t believe everything you hear." This advice rings especially true when it comes to today’s housing market. With so much misinformation floating around, it’s more important than ever to rely on accurate, research-based information, especially if you’re thinking about buying or selling a home.
By partnering with a knowledgeable real estate agent, you can cut through the noise and get the facts. Here are some of the most common housing market myths—and the reality behind them.
1. “I’ll Get a Better Deal Once Prices Crash”
There’s a popular belief that home prices are on the verge of crashing, and if you wait, you’ll score a great deal. However, the data tells a different story. While home prices can vary by location, there’s no indication that a crash is on the horizon.
Back in 2008, a significant oversupply of homes led to a dramatic drop in prices. Today, however, w. ...
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