As mortgage rates started to rise this year, many homeowners began to wonder if the value of their homes would fall. Here’s the good news. Historically, when mortgage rates rise by a percentage point or more, home values continue to appreciate. The latest data on home prices seems to confirm that trend. According to data from CoreLogic, home price appreciation has been re-accelerating since November. The graph below shows this increase in home price appreciation in green: Thi
With a limited number of homes for sale today and so many buyers looking to make a purchase before mortgage rates rise further, bidding wars are common. According to the latest report from the National Association of Realtors (NAR), nationwide, homes are getting an average of 4.8 offers per sale. Here’s a look at how that breaks down state-by-state (see map below): The same report from NAR shows the average buyer made two offers before getting their third offer accepted. In t
Some Highlights If you’re thinking of selling your house but don’t know what you should buy, you have options. Existing homes offer a wide variety of home styles, an established neighborhood, and lived-in charm. Meanwhile, new home construction lets you create your perfect home, cash in on energy efficiency, and minimize repairs. Whether you’re looking for newly built or existing homes, both have their perks. If you’re ready to sell your house, let’s connect today to go over
As we move into the second half of the year, one thing is clear: the current real estate market is one for the record books. The exact mix of conditions we have today creates opportunities for both buyers and sellers. Here’s a look at four key components that are shaping this unprecedented market. A Shortage of Homes for Sale Earlier this year, the number of homes available for sale fell to an all-time low. In recent months, however, inventory levels are starting to trend up.
While the housing market forecast for the second half of the year remains positive, there may not be a better time to sell than right now. Here are four things to consider if you’re trying to decide if now’s the right time to make a move. 1. Your House Will Likely Sell Quickly According to the most recent Realtors Confidence Index released by the National Association of Realtors (NAR), homes continue to sell quickly. The report notes homes are selling in an average of just 17
Home prices have increased significantly over the last year, which in turn has grown the net worth of homeowners. Appreciation and home equity are directly linked – as the value of a home increases, so does a homeowner’s equity. And with these recent gains, homeowners are witnessing their financial stability and well-being grow to record levels. In more good news for homeowners, the most recent Home Price Expectations Survey – a survey of a national panel of over one hundred