Why Now’s Not the Time To Take Your House Off the Market

with:

Why Now’s Not the Time To Take Your House Off the Market.

Has your house been sitting on the market longer than expected? If so, you’re bound to be frustrated by now. Maybe you’re even thinking it’s time to pull the listing and wait to see what 2025 brings. But what you may not realize is, the decision to hold off could actually cost you. Here’s a look at why staying the course could be the smarter move.

Other Sellers Are Pulling Back. Should You Hold Off Too?

According to recent data from Altos Research, the number of withdrawals is increasing – that means more sellers are opting to pull their listings off the market right now. And this isn’t unusual for this time of the year.

In the housing market, there are seasonal ebbs and flows. Inventory levels typically start to drop off a bit headed into the fall season as some sellers delay their plans until the new year. As 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 In fact, for every two sales, there is another listing withdrawn from the market.”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 that a smart move? While it might seem like a good idea to pull your listing too, here’s why that approach may not pay off this year.

Today’s Buyers Are Serious and Ready To Act

The biggest reason to stick with your plan to sell now is that the buyers who are looking at this time of year are serious about making a purchase.

They’ve been sitting on the sidelines for a while waiting for affordability to improve. And now that mortgage rates are down from their recent peak, they’re ready to make their move. Mortgage applications are rising – and that’s a leading indicator that buyers are preparing to jump back in. And since they’ve already put their needs on the back burner for so long, they’re even more eager than buyers usually are at this time of year.

These aren’t window shoppers. They’re highly motivated buyers who want to move fast – and that’s the kind of buyer you want to work with. As Freddie Mac says:

“During the fall months, serious homebuyers are eager to settle in to a new home before the holiday season ramps up and the winter weather begins.”

By keeping your home on the market, you increase the chances of attracting people who are truly ready to make a purchase.

Bottom Line

While some sellers are choosing to take their homes off the market, this really isn’t the best move. With serious buyers eager to purchase, this is a great time to sell your house. Connect with your agent to make sure you’ve got a strategy in place to make it happen. 

Comments Off on Why Now’s Not the Time To Take Your House Off the Market

Now’s the Time To Upgrade to Your Dream Home

with:

Now’s the Time To Upgrade to Your Dream Home.

If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below):

No Caption ReceivedBut there’s also a good chance you, like many other people, have been holding off on that goal because of recent market challenges. It makes sense – when you’re planning an upgrade that could increase your monthly housing costs, affordability has a huge impact on when you make your move. But there’s good news: now’s actually a great time to make that move happen. Here’s why.

You Have a Lot of Equity To Leverage

One of the key benefits in today’s market is the amount of equity you’ve likely built up in your current house over the years. Even with recent shifts in the housing market, national home prices have steadily grown, adding to the equity homeowners have today. Selma Hepp, Chief Economist at CoreLogic, explains it well:

“Persistent home price growth has continued to fuel home equity gains for existing homeowners who now average about $315,000 in equity and almost $129,000 more than at the onset of the pandemic.”

What does that mean for you? If you’ve been in your home for a few years, you’re probably sitting on a significant amount of equity. You can put that toward the down payment on your next home, helping keep the amount you borrow within a comfortable range.

This can make upgrading more achievable than you might think. If you’re curious how much you’ve built up over the years, ask your real estate agent for a professional equity assessment.

Mortgage Rates Have Fallen, Boosting Your Purchasing Power

And there’s another big reason why now’s a great time to make your move: mortgage rates are trending down. Lower rates can help make your future monthly payments more manageable, and they also increase your purchasing power. As Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), points out:

“When mortgage rates fall, the interest portion of monthly payments decreases, which lowers the total payment. This makes it easier for more borrowers to . . . qualify for mortgages that may have been unaffordable at higher rates.”

That gives you more flexibility when shopping for homes and may allow you to afford a house at a price point that was previously out of reach. A trusted lender can work with you to figure out the best plan for your budget.

Bottom Line

If you’re ready to sell your current home and find the bigger, nicer home you’ve been dreaming of, don’t wait. Your equity, paired with lower mortgage rates, puts you in a great position to make that move today.

To make the best decisions and get the most out of your current market advantage, work with a trusted real estate professional who can guide you through every step of the homebuying process.

Comments Off on Now’s the Time To Upgrade to Your Dream Home

Home Values Rise Even as Median Prices Fall

with:

Home Values Rise Even as Median Prices Fall.

Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a buyer or seller, it’s easy to assume that means prices are coming down. But here’s the catch: those numbers don’t tell the full story.

Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create.

Homes on the Market Right Now Are Smaller

The biggest reason for the dip in median price is the size of homes being sold. The median price reflects the middle point of all the homes for sale at any given time. And that’ll be affected by the mix of homes on the market.

To show you how this works, here’s a simple explanation of a median (see visual below). Let’s say you have three coins in your pocket, and you decide to line them up according to their value from low to high. If you have one nickel and two dimes, the median (the middle one) is 10 cents. If you have two nickels and one dime, the median is now five cents.

No Caption ReceivedIn both cases, a nickel is still worth five cents and a dime is still worth 10 cents. The value of each coin didn’t change. The same is true for housing.

Right now, there’s a greater number of smaller, less expensive homes on the market, and that’s bringing the overall median price down. But that doesn’t mean home values are declining.

As Danielle Hale, Chief Economist at Realtor.com, explains:

“The share of inventory of smaller and more affordable homes has grown, which helps hold down the median price even as per-square-foot prices grow further.”

And here’s the data to prove it. 

Price Per Square Foot Is Still Rising

One of the best ways to measure home values is by looking at the price per square foot. That’s because it shows how much you’re paying for the space inside the home.

The median asking price doesn’t take into account the size of different homes, so it may not always reflect the true value. And the latest national price per square foot data shows home values are still increasing, even though the median asking price has dropped (see graph below).

No Caption ReceivedAs Ralph McLaughlin, Senior Economist at Realtor.com, explains:

“When a change in the mix of inventory toward smaller homes is accounted for, the typical home listed this year has increased in asking price compared with last year.”

This means that while smaller homes are affecting the median price, the average home’s value is still rising. According to the Federal Housing Finance Agency (FHFA):

“Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.”

So, while headlines may make it sound like prices are crashing, you don’t have to worry. With a closer look and more reliable data, you can see that prices are still climbing nationally.

But it’s important to remember that home prices can vary by region. While national trends provide a big-picture view, local markets may be experiencing different conditions. A trusted agent is the best resource to explain what’s happening in your area.

Bottom Line

The decrease in median price is not the same as a decrease in home values. The median asking price is down mostly due to the mix of smaller, less expensive homes on the market.

The important thing to focus on is the price per square foot, which is a better indicator of overall market value—and those prices are still going up. If you have questions about what home prices are doing in your area, reach out to a local real estate agent who can provide insights on your specific market.

Comments Off on Home Values Rise Even as Median Prices Fall

Secrets To Selling Your House Quickly

with:

Secrets To Selling Your House Quickly.

Seeing your house sit on the market without any bites is the ultimate frustration. And unfortunately, some sellers are in that tricky spot today.

According to data from the National Association of Realtors (NAR), the average time a house spends on the market has increased over the past few years (see graph below):

No Caption ReceivedA recent post from Realtor.com notes a similar 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.”

Some of that is because inventory has gone up, so buyers have more options. And higher mortgage rates have definitely slowed demand over the past two years, and that’s out of your control. But here’s the secret. There’s something you can control – it’s also where those other sellers missed the mark. They didn’t work with the right agent.

Make no mistake, with the right strategy and agent partner, your house can still sell quickly, even today.

If time matters to you, you need to partner with an agent who understands this shifting market. That agent will be your go-to resource on what buyers are looking for right now, and how to position your home to hit the mark.

Here are just a few tips a great real estate agent will walk you through. They may seem simple, but advice like this can make all the difference.

1. Competitive Pricing: One of the most critical factors in selling your home quickly is setting the right price. A local real estate agent will do a competitive market analysis by reviewing recent sales and current listings for your area. Then, they’ll use that data to make sure your home is priced accurately for today’s market. This strategic pricing approach is the best way to make sure you’re hitting the sweet spot on price. If you don’t lean on an agent for this, it can really slow your process down. As U.S. News says:

“. . . setting an unrealistically high price with the idea that you can come down later doesn’t work in real estate . . . A home that’s overpriced in the beginning tends to stay on the market longer, even after the price is cut, because buyers think there must be something wrong with it.”

2. The Home’s Condition: Homes that are well maintained, have great curb appeal, and are updated with modern finishes tend to sell faster. So, if speed is a priority, make sure your house makes a great first impression. An agent is a key resource on what buyers will be looking for, if staging is worthwhile, and what repairs you need to tackle before you list. Ramsey Solutions offers this advice:

“In the spirit of selling your home fast, take care of things now that will be a problem in the closing process. Talk to your agent about fixes you’ll need to make to pass the home inspection, like: plumbing problems, roof damage, electrical issues, HVAC glitches. . . These are issues you’ll be expected to take care of before any buyers close on your house—you might as well get ahead of the game to help your home sell faster.”

3. Incentives and Extras: If you want to stand out from those other homes on the market, offering incentives or concessions, like help with closing costs, a home warranty, or including additional items (like appliances or furniture) with the sale can sweeten the deal for buyers. A real estate agent can suggest the right incentives to offer based on current market conditions and buyer expectations, so you can close the sale even faster.

Bottom Line

Selling a home quickly in a shifting market requires a strategic approach and an in-depth understanding of what buyers want. That’s why partnering with a local real estate agent is so important. As Forbes says:

“When time is of the essence, you can’t afford to take a chance on an inexperienced housing professional. Instead, you’ll want to work with a real estate agent who knows your market and has helped sellers in your situation before.”

Connect with an agent to make sure you’re set up for success.

Comments Off on Secrets To Selling Your House Quickly

Don’t Fall for These Real Estate Agent Myths

with:

Don’t Fall for These Real Estate Agent Myths.

When it’s time to buy or sell a home, one of the most important decisions you’ll make is who you’ll work with as your agent. That choice will have an impact on your entire experience and how smoothly it goes.

As you figure out who you’ll partner with, it’s important to know what to expect and what to look for. Unfortunately, there may be some myths holding you back from making the best decision possible. So, let’s take some time to address those, and make sure you have the information you need to find the right agent for you.

Myth #1: All Real Estate Agents Are the Same

You might think all agents are the same – so it doesn’t matter who you work with. But, in reality, agents have varying levels of experience, specialties, and market knowledge, which can have a big impact on your results. For example: you’ll get much better service and advice from someone who is a true expert in their field. As Business Insider explains:

“If you were planning to get your hair done for a special event, you’d want to visit a stylist who specifically has experience doing that type of work — you wouldn’t make an appointment with someone who primarily does kids’ hair. The same concept applies to finding a real estate agent. If you have a smaller budget, you probably don’t want to work with an agent who exclusively sells multimillion-dollar properties.”

Take some time to talk with each agent you’re considering. Ask about their experience level and what they specialize in. This will help you find the one that’s the best fit for your search.

Myth #2: You Can Save Money by Not Using an Agent

As a seller, you may think you can save money by not working with a pro. However, the expertise, negotiation skills, and market knowledge an agent provides generally saves you money and helps you avoid making costly mistakes. Without that guidance, you could find yourself doing something like overpricing your house. And that’s a misstep that’ll cost you when it sits on the market for far too long. That’s why U.S. News Real Estate says:

“When it comes to buying or selling your home, hiring a professional to guide you through the process can save you money and headaches. It pays to have someone on your side who’s well-versed in the nuances of the market and can help ensure you get the best possible deal.”

Myth #3: Agents Will Push You To Spend More

You may also be worried an agent will push you to buy a more expensive house in order to increase their commission. But that’s not how that should go. A good agent will respect your budget and work hard to find a home that truly fits your financial situation and needs. With their market know-how, they’ll point you toward the best option for you, rather than try to pad their own pockets on your dime. As NerdWallet explains:

“Among other things, a good buyer’s agent will find homes for sale. A buyer’s agent will help you understand the type of home you can afford in the current market, find listed homes that match your needs and price range, and then help you narrow the options to the properties worth considering.”

Myth #4: Market Conditions Are the Same Everywhere, So Why Do I Need a Pro?

Maybe you believe housing market conditions are the same no matter where you are. But that couldn’t be further from the truth. Real estate markets are highly localized, and conditions can vary widely from one area to another. This is why you can’t pick just anyone you find online. You should choose an agent who’s an expert on your specific local market. As a recent article from Bankrate says:

“Real estate is very localized, and you want someone who’s extremely knowledgeable about the market in your specific area.”

You’ll know you’ve found the right person when they can explain the national trends and how your area stacks up too. That way you’re guaranteed to get the full picture when you ask: “how’s the market?”

Bottom Line

Don’t let myths keep you from the expert guidance you deserve. With market knowledge and top resources, a trusted local real estate agent isn’t just helpful, they’re invaluable.

In what could be one of the biggest financial decisions of your life, having the right pro by your side is a game changer. Connect with an agent to make sure you get the best outcome possible.

Comments Off on Don’t Fall for These Real Estate Agent Myths

Is Your House Priced Too High?

with:

Is Your House Priced Too High?.

Every seller wants to get their house sold quickly, for as much money as they can, with as few headaches as possible. And chances are, you’re no different.

But did you know one of the biggest things that could jeopardize your success is the asking price for your home? Pricing your house correctly is one of the most crucial steps in the selling process.

So, how do you know if you’re missing the mark? Here are four signs your high asking price might be turning potential buyers away—and why leaning on your real estate agent is the best way to course correct.

1. You’re Not Getting Many Showings or Offers

One of the most obvious signs your house may be overpriced is a lack of showings. If it’s been on the market for several weeks and only a few buyers have come to see it—or worse, you haven’t gotten any offers—it could be a clear indication the price isn’t matching up with what buyers expect. Because buyers who have been looking for a while can easily spot (and write off) a home that seems overpriced.

Your real estate agent will coach you through this, so lean on their experience for what you may want to try to bring more buyers in, including considering a price cut.

2. Buyers Have Consistent Negative Feedback after Showings

And if after the showings you do have, comments from the potential buyers aren’t great, you may need to course correct. Feedback from showings is an important part of understanding how buyers see your house. If they consistently say it’s overpriced compared to other homes they’ve seen, it’s time to reconsider your pricing strategy.

Your agent will gather and analyze this feedback for you, so you can look at how your house stacks up in the market. They can also suggest specific improvements or staging changes to better justify your asking price, or recommend one that aligns with today’s buyer expectations. As the National Association of Realtors (NAR) explains:

“Based on all the data gathered, agents may make adjustments to the initial price recommendation. This could involve adjusting for market conditions, property uniqueness, or other factors that may impact the property’s value.”

3. It’s Been on the Market for Too Long

And that lack of interest is ultimately going to lead to it sitting on the market without any serious bites. The longer it lingers, the more likely it is to raise red flags for buyers, who may wonder if something is wrong with it. Especially in today’s market with growing inventory, a long listing period means your house is stale – and that makes it even harder to sell.

Your real estate agent will be able to give you perspective on how quickly other homes in your area are selling and walk you through what’s working for other sellers. That way you can decide together if there’s something you want to do differently. As a Bankrate article says:

“Check with your agent about the average number of days homes spend on the market in your area. If your listing has been up significantly longer than average, that may be a sign to reduce the price.”

4. Your Neighbor’s House Sold Without an Issue

And here’s the last one to watch out for. If similar homes in your area are selling faster than yours, it’s a clear sign that something is off. This could be due to things like a lack of upgrades, outdated features, or a less desirable location. Or, it may be priced too high.

Your agent will keep you up to date on your competition and what changes, if any, you need to make your home more competitive. They’ll offer advice on small updates that could increase your home’s appeal or how to adjust your strategy to reflect the reality of the market today.

Bottom Line

Pricing a home correctly is both an art and a science. It requires a deep understanding of the market and buyer psychology. And when the price isn’t drawing in buyers, there’s no better resource than your agent on what you may want to do next. 

Comments Off on Is Your House Priced Too High?

Falling Mortgage Rates Are Bringing Buyers Back

with:

Falling Mortgage Rates Are Bringing Buyers Back.

If you’ve been hesitant to list your house because you’re worried no one’s buying, here’s your sign it may be time to talk with an agent.

After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming down due to a number of economic factors. And yesterday the Federal Reserve cut the Federal Funds Rate for the first time since they began raising that rate in March 2022. And while they don’t control mortgage rates, this sets the stage for mortgage rates to fall even further than they already have – especially since more cuts from the Fed are expected into next year. And lower mortgage rates are bringing more buyers back into the market. Lisa Sturtevant, Chief Economist at Bright MLS, says:

“A drop in the cost of borrowing will help fuel more homebuyer demand . . . Falling rates will also bring more sellers into the market.”

The best part? You can take advantage of that renewed buyer interest.

As Rates Fall, Buyer Activity Goes Up

The graph below illustrates the relationship between falling mortgage rates and rising buyer activity. The orange line represents the average 30-year fixed mortgage rate, while the blue line shows the Mortgage Bankers Association (MBA) Mortgage Application Index, which tracks the number of mortgage applications.

As you can see, as mortgage rates (orange) come down, the Mortgage Application Index (blue) rises, showing more people start to re-engage in the process (see graph below):

What This Means for You

According to the National Association of Realtors (NAR), home sales increased in July, which was a welcome shift after four straight months of declines. If you’re a homeowner thinking about selling, this uptick in buyer activity works in your favor.

More buyers means more competition, which can lead to higher offers and shorter time on the market for your house. And, according to Edward Seiler, AVP of Housing Economics at the Mortgage Bankers Association (MBA), this trend is expected to continue:

“MBA is expecting that slower home-price appreciation, coupled with lower rates, will ease affordability constraints and lead to increased activity in the housing market.”

All in all, the market is becoming more accessible to a wider range of buyers, which could result in even more people looking to purchase a house like yours.

With more buyers entering the market, now’s the time to start getting your house ready to sell.

Bottom Line

The recent decline in mortgage rates is already driving more buyers into the market, and experts project this trend will continue. Work with a local real estate agent to take advantage of this increased buyer demand and get your house ready to sell.

Comments Off on Falling Mortgage Rates Are Bringing Buyers Back

Mortgage Rates Drop to Lowest Level in over a Year and a Half

with:

Mortgage Rates Drop to Lowest Level in over a Year and a Half.

Mortgage rates have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment.

Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at Freddie Mac, says:

“Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.”

But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at the impact on your monthly payment.

The chart below shows what a monthly payment (principal and interest) would look like on a $400K home loan if you purchased a house back in April (this year’s mortgage rate high), versus what it could look like if you buy a home now (see below):

No Caption ReceivedGoing from 7.5% just a few months ago to the low 6s has a big impact on your bottom line. In just a few months’ time, the anticipated monthly payment on a $400K loan has come down by over $370. That’s hundreds of dollars less per month.

Bottom Line

With the recent drop in mortgage rates, the purchasing power you have right now is better than it’s been in almost two years. Talk to a local real estate agent about your options and how you can make the most of this moment you’ve been waiting for.

Comments Off on Mortgage Rates Drop to Lowest Level in over a Year and a Half

Checklist for Getting Your House Ready To Sell

with:

Checklist for Getting Your House Ready To Sell.

No Caption Received

Some Highlights

  • Getting your house ready to sell? Here’s a few tips on what you may want to do to prepare.
  • Focus on making it inviting, showing it’s cared for, and boosting your curb appeal.
  • If you want specific advice to help your house stand out in your local market, connect with a real estate professional.​
Comments Off on Checklist for Getting Your House Ready To Sell

The Real Story Behind What’s Happening with Home Prices

with:

The Real Story Behind What’s Happening with Home Prices.

If you’re wondering what’s going on with home prices lately, you’re definitely not the only one. With so much information out there, it can be hard to figure out your next move.

As a buyer, you might be worried about paying more than you should. And if you’re thinking of selling, you might be concerned about not getting the price you’re aiming for. 

So, here’s a quick breakdown to help clear things up and show you what’s really happening with prices—whether you’re thinking about buying or selling. 

Home Price Growth Is Slowing, but Prices Aren’t Falling Nationally

Throughout the country, home price appreciation is moderating. What that means is, prices are still going up, but they’re not rising as quickly as they were in recent years. The graph below uses data from Case-Shiller to make the shift from 2023 to 2024 clear:

No Caption ReceivedBut rest assured, this doesn’t mean home prices are falling. In fact, all the bars in this graph show price growth. So, while you might hear talk of prices cooling, what that really means is they’re not climbing as fast as they were when they skyrocketed just a few years ago.

What’s Next for Home Prices? It’s All About Supply and Demand 

You might be curious where prices will go from here. The answer depends on supply and demand, and it’s going to vary by local market.

Nationally, the number of homes for sale is going up, but there still aren’t enough of them to meet today’s buyer demand. That’s keeping upward pressure on prices – even though recent inventory growth has caused that home price appreciation to slow. Danielle Hale, Chief Economist at Realtor.com, said:

“. . . today’s low but quickly improving for-sale inventory has ushered in more market balance than would otherwise be expected . . . This should help home prices maintain a slower pace of growth.” 

And here’s one other thing you may not have considered that could play a role in where prices go from here. Since experts say mortgage rates should continue to decline, it’s likely more buyers will re-enter the market in the months ahead. If demand picks back up, that could make prices climb a bit further.

Why You Should Work with a Local Real Estate Agent 

While national trends give a big-picture view, real estate is always local – especially when it comes to prices. What’s happening in your neighborhood might be different from the national average based on what supply and demand look like in your market. That’s why it’s crucial to get local insights from a knowledgeable real estate agent.

 As your go-to source for everything related to home prices, a local agent can provide the most current data and trends specific to your area.

So, if you’re planning to sell, they can help you price your house accurately. And when you’re ready to buy, they can find the right home that fits your budget and your needs.

Bottom Line

Home prices are still rising, just not as quickly as before. Whether you’re thinking about buying, selling, or just curious about what your house is worth, connect with a local real estate agent today to get the personalized guidance you need.

Comments Off on The Real Story Behind What’s Happening with Home Prices
Style Selector
Select the layout
Choose the theme
Preset colors
No Preset
Select the pattern