Your Home Sold Guaranteed Realty BlogRecently posted or modified blog posts in the category - Real Estate Markethttps://www.homesoldflorida.com/blog/Copyright HomeSoldFlorida.com2024-03-28T00:41:48-07:00tag:homesoldflorida.com,2012-09-20:427703 Helpful Tips for First-Time Homebuyers [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/assets/image/20240320/3-Helpful-Tips-for-First-Time-Homebuyers-NM.jpg" />
Some Highlights
Trying to <a href="https://www.keepingcurrentmatters.com/2024/03/20/does-it-make-sense-to-buy-a-home-right-now/" rel="noopener noreferrer" target="_blank">buy</a> your <a href="https://www.keepingcurrentmatters.com/2024/03/11/finding-your-perfect-home-in-a-fixer-upper/" rel="noopener noreferrer" target="_blank">first home</a>? If you’re worried about <a href="https://www.keepingcurrentmatters.com/2024/02/26/the-truth-about-down-payments/" rel="noopener noreferrer" target="_blank">affordability</a> today or the limited number of homes for sale, these <a href="https://www.keepingcurrentmatters.com/2024/03/01/the-first-step-getting-pre-approved-for-a-mortgage-infographic/" rel="noopener noreferrer" target="_blank">tips</a> can help.
Look into <a href="https://downpaymentresource.com/" rel="noopener noreferrer" target="_blank">homebuyer programs</a>, expand your search area, and consider a <a href="https://money.com/buying-house-with-friends-pros-cons/" rel="noopener noreferrer" target="_blank">multi-generational home</a>.
Connect with a <a href="https://www.keepingcurrentmatters.com/2024/02/28/why-you-want-an-agents-advice-for-your-move/" rel="noopener noreferrer" target="_blank">local real estate</a> agent so you have an expert on your side to <a href="https://www.keepingcurrentmatters.com/2024/03/18/4-tips-to-make-your-strongest-offer-on-a-home/" rel="noopener noreferrer" target="_blank">help you</a> make your dream a reality.
2024-03-28T00:40:41-07:002024-03-28T00:41:48-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:42675The Latest Trends in Housing [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/assets/image/20240313/The-Latest-National-Trends-in-Housing-NM.jpg" />
Some Highlights
With the number of new listings <a href="https://www.realtor.com/research/february-2024-data/" rel="noopener noreferrer" target="_blank">going up</a> and average days on market going down, <a href="https://www.keepingcurrentmatters.com/2024/02/20/strategic-tips-for-buying-your-first-home/" rel="noopener noreferrer" target="_blank">buyers</a> may have <a href="https://www.keepingcurrentmatters.com/2024/02/16/achieve-your-dream-of-homeownership-with-condos-and-townhomes-infographic/" rel="noopener noreferrer" target="_blank">more options</a>, but will still want to <a href="https://www.keepingcurrentmatters.com/2024/03/01/the-first-step-getting-pre-approved-for-a-mortgage-infographic/" rel="noopener noreferrer" target="_blank">move fast</a>.
<a href="https://www.keepingcurrentmatters.com/2024/03/08/the-spring-market-is-a-sweet-spot-if-youre-looking-to-sell-infographic/" rel="noopener noreferrer" target="_blank">For sellers</a>, inventory is still low and houses are selling fast, meaning your house should <a href="https://www.bankrate.com/real-estate/housing-market-2024/#buyer-or-sellers-market" rel="noopener noreferrer" target="_blank">stand out</a> and may get <a href="https://www.keepingcurrentmatters.com/2024/02/27/why-todays-housing-supply-is-a-sweet-spot-for-sellers/" rel="noopener noreferrer" target="_blank">multiple offers</a> if you <a href="https://www.keepingcurrentmatters.com/2024/02/19/its-time-to-prepare-your-house-for-a-spring-listing/" rel="noopener noreferrer" target="_blank">price it right</a>.
If you want to know more about <a href="https://www.keepingcurrentmatters.com/2024/02/23/how-changing-mortgage-rates-impact-you-infographic/" rel="noopener noreferrer" target="_blank">what’s happening</a> in your area, connect with a local <a href="https://www.keepingcurrentmatters.com/2024/02/28/why-you-want-an-agents-advice-for-your-move/" rel="noopener noreferrer" target="_blank">real estate agent</a>.
2024-03-25T04:28:20-07:002024-03-25T04:38:35-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:42379The First Step: Getting Pre-Approved for a Mortgage [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/assets/image/20240229/The-First-Step-Getting-Pre-Approved-for-a-Mortgage-NM.jpg" />
Some Highlights
If you’re looking to <a href="https://www.keepingcurrentmatters.com/2024/02/20/strategic-tips-for-buying-your-first-home/" rel="noopener noreferrer" target="_blank">buy a home</a> in 2024, getting <a href="https://www.ftc.gov/sites/default/files/documents/one-stops/real-estate-competition/realestateglossary.pdf" rel="noopener noreferrer" target="_blank">pre-approved</a> is a key piece of the puzzle. <a href="https://www.keepingcurrentmatters.com/2024/02/07/why-pre-approval-is-even-more-important-this-year/" rel="noopener noreferrer" target="_blank">Mortgage pre-approval</a> means a lender checks your finances and decides how much you’re qualified to borrow.
As more buyers re-enter the market, it’ll help you make a <a href="https://www.bankrate.com/mortgages/pre-approval/#faq" rel="noopener noreferrer" target="_blank">strong offer</a> that stands out from the crowd.
Talk to a <a href="https://www.keepingcurrentmatters.com/2024/02/09/winning-plays-for-buying-a-home-in-todays-market-infographic/" rel="noopener noreferrer" target="_blank">trusted professional</a> to <a href="https://finance.yahoo.com/personal-finance/mortgage-pre-approval-182545770.html" rel="noopener noreferrer" target="_blank">learn more</a> and begin your <a href="https://www.keepingcurrentmatters.com/2024/02/16/achieve-your-dream-of-homeownership-with-condos-and-townhomes-infographic/" rel="noopener noreferrer" target="_blank">homebuying process</a> today.
2024-03-07T00:57:21-07:002024-03-07T01:00:29-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:42273How Changing Mortgage Rates Impact You [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/assets/image/20240222/How-Changing-Mortgage-Rates-Impact-You-NM.jpg" />
Some Highlights
If you’re looking to <a href="https://www.keepingcurrentmatters.com/2024/02/20/strategic-tips-for-buying-your-first-home/" rel="noopener noreferrer" target="_blank">buy a home</a>, it’s important to know how <a href="https://www.mortgagecalculator.net/" rel="noopener noreferrer" target="_blank">mortgage rates</a> impact what you can afford and how much you’ll <a href="https://www.keepingcurrentmatters.com/2024/01/26/why-its-more-affordable-to-buy-a-home-this-year-infographic/" rel="noopener noreferrer" target="_blank">pay each month</a>.
That’s because even a <a href="https://www.keepingcurrentmatters.com/2024/01/30/2-of-the-factors-that-impact-mortgage-rates/" rel="noopener noreferrer" target="_blank">small change</a> in <a href="https://www.keepingcurrentmatters.com/2024/02/12/whats-really-happening-with-mortgage-rates/" rel="noopener noreferrer" target="_blank">mortgage rates</a> can have a big impact on your <a href="https://www.keepingcurrentmatters.com/2024/02/07/why-pre-approval-is-even-more-important-this-year/" rel="noopener noreferrer" target="_blank">purchasing power</a>.
The best way to navigate changing mortgage rates and make an <a href="https://www.keepingcurrentmatters.com/2024/02/16/achieve-your-dream-of-homeownership-with-condos-and-townhomes-infographic/" rel="noopener noreferrer" target="_blank">informed buying decision</a> is to rely on the <a href="https://www.keepingcurrentmatters.com/2024/02/09/winning-plays-for-buying-a-home-in-todays-market-infographic/" rel="noopener noreferrer" target="_blank">expertise</a> of a local <a href="https://www.keepingcurrentmatters.com/2024/02/05/why-having-your-own-agent-matters-when-buying-a-new-construction-home/" rel="noopener noreferrer" target="_blank">real estate professional</a> and mortgage lender.
2024-02-29T23:46:06-07:002024-03-01T08:38:08-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:41935Winning Plays for Buying a Home in Today’s Market [INFOGRAPHIC]<a href="https://www.keepingcurrentmatters.com/2024/02/09/winning-plays-for-buying-a-home-in-todays-market-infographic/" rel="bookmark" title="Winning Plays for Buying a Home in Today’s Market [INFOGRAPHIC]">Winning Plays for Buying a Home in Today’s Market [INFOGRAPHIC]</a>
<img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/assets/image/20240208/Winning-Plays-for-Buying-a-Home-in-Todays-Market-NM.jpg" />
Some Highlights
In <a href="https://www.keepingcurrentmatters.com/2024/01/26/why-its-more-affordable-to-buy-a-home-this-year-infographic/" rel="noopener noreferrer" target="_blank">today's housing market</a>, you can still come out on top if you have the right team and plan.
To win when <a href="https://www.keepingcurrentmatters.com/2024/01/19/key-terms-every-homebuyer-should-learn-infographic/" rel="noopener noreferrer" target="_blank">buying a home</a>, you need to build your team, <a href="https://www.keepingcurrentmatters.com/2024/01/25/the-top-benefits-of-buying-a-multi-generational-home/" rel="noopener noreferrer" target="_blank">make strategic plays</a>, consider what’s in and <a href="https://www.keepingcurrentmatters.com/2024/01/10/avoid-these-common-mistakes-after-applying-for-a-mortgage/" rel="noopener noreferrer" target="_blank">out of bounds</a>, and stand out from the crowd.
Connect with a local <a href="https://www.keepingcurrentmatters.com/2024/02/05/why-having-your-own-agent-matters-when-buying-a-new-construction-home/" rel="noopener noreferrer" target="_blank">real estate agent</a> today to make your winning move.
2024-02-12T07:27:40-07:002024-02-15T06:47:32-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:41898There’s No Foreclosure Wave in Sight [INFOGRAPHIC]<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/assets/image/20240201/Theres-No-Foreclosure-Wave-in-Sight-NM.jpg" />
Some Highlights
Headlines saying <a href="https://www.keepingcurrentmatters.com/2024/01/31/foreclosure-activity-is-still-lower-than-the-norm/" rel="noopener noreferrer" target="_blank">foreclosures</a> are rising might make you feel uneasy. But the truth is, there’s no need to worry.
If you look at the <a href="https://www.attomdata.com/news/market-trends/foreclosures/attom-2023-year-end-u-s-foreclosure-market-report/" rel="noopener noreferrer" target="_blank">latest numbers</a>, they’re still below <a href="https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions/" rel="noopener noreferrer" target="_blank">pre-pandemic norms</a> and way below what happened during the crash.
If you're worried about a flood of foreclosures, the data shows a foreclosure crisis is not where the <a href="https://www.keepingcurrentmatters.com/2023/11/29/why-the-economy-wont-tank-the-housing-market/" rel="noopener noreferrer" target="_blank">market is today</a> and is not <a href="https://www.corelogic.com/intelligence/loan-performance-insights-january-2024/" rel="noopener noreferrer" target="_blank">where it’s headed</a>.
2024-02-08T19:48:55-07:002024-02-15T11:11:29-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:41745Why It’s More Affordable To Buy a Home This Year [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/assets/image/20240125/Why-Its-More-Affordable-To-Buy-A-Home-This-Year-NM.jpg" />
Some Highlights
<a href="https://www.keepingcurrentmatters.com/2024/01/18/3-key-factors-affecting-home-affordability/" rel="noopener noreferrer" target="_blank">Home affordability</a> depends on three factors: mortgage rates, home prices, and wages.
<a href="https://www.freddiemac.com/pmms/archive" rel="noopener noreferrer" target="_blank">Mortgage rates</a> are down from their recent peak, <a href="https://www.keepingcurrentmatters.com/2024/01/23/experts-project-home-prices-will-increase-in-2024/" rel="noopener noreferrer" target="_blank">home prices</a> are expected to rise at a slower pace, and <a href="https://fred.stlouisfed.org/series/CES0500000017" rel="noopener noreferrer" target="_blank">wages</a> are increasing faster than usual.
That’s good news if you want to <a href="https://www.keepingcurrentmatters.com/2024/01/19/key-terms-every-homebuyer-should-learn-infographic/" rel="noopener noreferrer" target="_blank">buy a home</a> because it means <a href="https://www.keepingcurrentmatters.com/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/" rel="noopener noreferrer" target="_blank">affordability</a> is getting better.
2024-01-31T01:21:30-07:002024-02-15T11:12:00-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:41562Key Terms Every Homebuyer Should Learn [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/assets/image/20240118/Key-Terms-Every-Homebuyer-Should-Learn-NM.jpg" />
Some Highlights
<a href="https://www.keepingcurrentmatters.com/2024/01/16/why-you-may-want-to-seriously-consider-a-newly-built-home/" rel="noopener noreferrer" target="_blank">Buying a home</a> is a <a href="https://www.keepingcurrentmatters.com/2024/01/05/achieving-your-homebuying-dreams-in-2024-infographic/" rel="noopener noreferrer" target="_blank">big deal</a> and can feel especially complicated if you don't know the <a href="https://www.ftc.gov/sites/default/files/documents/one-stops/real-estate-competition/realestateglossary.pdf" rel="noopener noreferrer" target="_blank">terms</a> used during the process.
If you want to become a <a href="https://www.keepingcurrentmatters.com/2024/01/03/thinking-about-buying-a-home-ask-yourself-these-questions/" rel="noopener noreferrer" target="_blank">homeowner</a> this year, it's a good idea to learn these <a href="https://blog.firstam.com/15-real-estate-terms-you-should-know" rel="noopener noreferrer" target="_blank">key housing terms</a> and understand how they relate to the <a href="https://www.keepingcurrentmatters.com/2023/12/20/why-mortgage-rates-could-continue-to-decline/" rel="noopener noreferrer" target="_blank">current housing market</a>. That will help you <a href="https://www.keepingcurrentmatters.com/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/" rel="noopener noreferrer" target="_blank">feel confident</a> when you <a href="https://www.keepingcurrentmatters.com/2024/01/11/the-dramatic-impact-of-homeownership-on-net-worth/" rel="noopener noreferrer" target="_blank">buy a home</a>.
<a href="https://www.keepingcurrentmatters.com/2024/01/01/3-keys-to-hitting-your-homeownership-goals-in-2024/" rel="noopener noreferrer" target="_blank">Connect</a> with a local real estate agent so you can get <a href="https://www.keepingcurrentmatters.com/2024/01/04/why-pre-approval-is-your-homebuying-game-changer/" rel="noopener noreferrer" target="_blank">expert help</a> with any <a href="https://www.keepingcurrentmatters.com/2024/01/10/avoid-these-common-mistakes-after-applying-for-a-mortgage/" rel="noopener noreferrer" target="_blank">questions</a> you have.
2024-01-21T21:28:32-07:002024-01-22T07:26:48-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:41291Achieving Your Homebuying Dreams in 2024 [INFOGRAPHIC]
<img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/assets/image/20240104/Achieving-Your-Homebuying-Dreams-in-2024-NM.png" />
Some Highlights
Planning to <a href="https://www.keepingcurrentmatters.com/2024/01/01/3-keys-to-hitting-your-homeownership-goals-in-2024/" rel="noopener noreferrer" target="_blank">buy a home</a> in <a href="https://www.keepingcurrentmatters.com/2023/12/19/expert-quotes-on-the-2024-housing-market-forecast/" rel="noopener noreferrer" target="_blank">2024</a>? Here’s what to focus on.
Improve your <a href="https://www.keepingcurrentmatters.com/2023/12/26/get-ready-to-buy-a-home-by-improving-your-credit-score/" rel="noopener noreferrer" target="_blank">credit score</a>, <a href="https://www.keepingcurrentmatters.com/2023/12/12/down-payment-assistance-programs-can-help-pave-the-way-to-homeownership/" rel="noopener noreferrer" target="_blank">plan</a> for your <a href="https://www.keepingcurrentmatters.com/2023/12/28/what-you-need-to-know-about-saving-for-a-home-in-2024/" rel="noopener noreferrer" target="_blank">down payment</a>, get pre-approved, and decide what’s <a href="https://www.keepingcurrentmatters.com/2023/12/11/the-perfect-home-could-be-the-one-you-perfect-after-buying/" rel="noopener noreferrer" target="_blank">most important</a> to you.
Partner with a trusted <a href="https://www.keepingcurrentmatters.com/2023/12/08/your-homebuying-adventure-infographic/" rel="noopener noreferrer" target="_blank">real estate agent</a> so you have expert advice on how to <a href="https://www.keepingcurrentmatters.com/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/" rel="noopener noreferrer" target="_blank">achieve</a> your homebuying goals this year.
2024-01-05T21:56:10-07:002024-01-12T11:35:36-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:41197The Benefits of Working With an Agent When You Sell Your House [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/assets/image/20231219/The-Benefits-of-Working-With-an-Agent-NM.jpg" />
Some Highlights
When it comes to <a href="https://www.keepingcurrentmatters.com/2023/12/18/why-now-is-still-a-great-time-to-sell-your-house/" rel="noopener noreferrer" target="_blank">selling your house</a>, the expertise of a trusted real estate agent can make a big difference.
They’ll explain <a href="https://www.keepingcurrentmatters.com/2023/12/13/the-surprising-trend-in-the-number-of-homes-coming-onto-the-market/" rel="noopener noreferrer" target="_blank">what’s happening</a> today, what that means for you, and how to <a href="https://www.keepingcurrentmatters.com/2023/12/14/if-your-house-hasnt-sold-yet-it-may-be-overpriced/" rel="noopener noreferrer" target="_blank">price</a> and market your house. They’re also skilled negotiators and well versed in the <a href="https://www.keepingcurrentmatters.com/2023/12/21/sell-smarter-why-working-with-a-real-estate-agent-may-beat-going-solo/?override=8vwUl3FwQmvWpiwh" rel="noopener noreferrer" target="_blank">contracts and disclosures</a> involved.
Partner with a trusted real estate professional so you have expert advice throughout the entire process.
2023-12-30T04:17:42-07:002024-01-02T08:39:48-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:41039Get Your House Ready To Sell This Winter [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/assets/image/20231219/Get-Your-House-Ready-To-Sell-This-Winter-NM.jpg" />
Some Highlights
As you get ready to <a href="https://www.keepingcurrentmatters.com/2023/12/21/sell-smarter-why-working-with-a-real-estate-agent-may-beat-going-solo/?override=8vwUl3FwQmvWpiwh" rel="noopener noreferrer" target="_blank">sell your house</a>, there are a few things you should add to your to-do list to make it<a href="https://www.keepingcurrentmatters.com/2023/12/18/why-now-is-still-a-great-time-to-sell-your-house/" rel="noopener noreferrer" target="_blank"> inviting</a> and boost curb appeal.
To name just a couple, it’s a good idea to declutter, take down personal photos and items, touch up any scuffs on the walls, and tidy up your landscaping.
Let’s connect so you have advice on what else you may want to do to get your house <a href="https://www.keepingcurrentmatters.com/2023/12/05/when-you-sell-your-house-where-do-you-plan-to-go/" rel="noopener noreferrer" target="_blank">ready to sell</a> this season.
2023-12-24T23:09:14-07:002023-12-26T15:08:59-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:40783Your Homebuying Adventure [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/assets/image/20231207/Your-Homebuying-Adventure-NM.jpg" />
Some Highlights
Here are the key milestones you’ll encounter on your path to <a href="https://www.keepingcurrentmatters.com/2023/11/30/is-owning-a-home-still-the-american-dream-for-younger-buyers/" rel="noopener noreferrer" target="_blank">homeownership</a>.
From <a href="https://www.keepingcurrentmatters.com/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/" rel="noopener noreferrer" target="_blank">building your team</a>, to house hunting, all the way to moving into your new home – it’s an <a href="https://www.keepingcurrentmatters.com/2023/11/24/why-homeowners-feel-thankful-for-their-homes-infographic/" rel="noopener noreferrer" target="_blank">exciting adventure</a>.
Your <a href="https://www.keepingcurrentmatters.com/2023/11/23/why-homeowners-are-thankful-they-own/" rel="noopener noreferrer" target="_blank">journey</a> starts here. Connect with a local real estate agent so you have <a href="https://www.keepingcurrentmatters.com/2023/11/08/thinking-about-using-your-401k-to-buy-a-home/" rel="noopener noreferrer" target="_blank">expert guidance</a> each step of the way.
2023-12-08T18:30:35-07:002023-12-13T08:14:14-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:40668Sell Your Home Before the New Year: Three Compelling Reasons [INFOGRAPHIC]<img src="https://assets.site-static.com/userfiles/3675/image/Blog_Images/sell_your_home_befor_ethe_new_year.jpg" width="1300" height="4086" />
Some Highlights
Here are a <a href="https://www.keepingcurrentmatters.com/2023/11/13/life-changing-events-that-move-the-housing-market/" rel="noopener noreferrer" target="_blank">few reasons</a> you may not want to hold off until the new year to <a href="https://www.keepingcurrentmatters.com/2023/11/20/is-your-house-the-top-thing-on-a-buyers-wish-list-this-holiday-season/" rel="noopener noreferrer" target="_blank">sell your house</a>.
Buyers looking right now are <a href="https://www.investopedia.com/articles/personal-finance/102615/why-holidays-are-good-time-sell-your-house.asp" rel="noopener noreferrer" target="_blank">highly motivated</a>, the <a href="https://www.keepingcurrentmatters.com/2023/11/21/are-there-actually-more-homes-for-sale-right-now/" rel="noopener noreferrer" target="_blank">supply of homes</a> for sale is <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">still low</a>, and you may find buyers are more flexible with showings this time of year.
Reach out to a real estate agent to determine if <a href="https://www.keepingcurrentmatters.com/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/" rel="noopener noreferrer" target="_blank">selling your house</a> now is the <a href="https://www.keepingcurrentmatters.com/2023/11/06/reasons-to-sell-your-house-before-the-new-year/" rel="noopener noreferrer" target="_blank">right move</a> for you.
2023-12-04T06:41:05-07:002023-12-06T07:15:49-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:40533Why Homeowners Feel Thankful for Their Homes [INFOGRAPHIC]<img src="https://assets.site-static.com/userfiles/3675/image/Blog_Images/thankful_homeowners.jpg" width="1300" height="4392" alt="Why homeowners are thankful" />
Some Highlights
Here are three reasons why homeowners feel thankful for their homes. First, it’s a <a href="https://www.fanniemae.com/research-and-insights/perspectives/consumers-homeownership-aspirations-remain-high-despite-higher-home-prices-and-interest-rates" rel="noopener noreferrer" target="_blank">safe place</a> that can give you a greater sense of comfort, safety, and security.
Second, it gives you <a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/7-reasons-to-own-a-home" rel="noopener noreferrer" target="_blank">freedom of expression</a>. From the color of the paint to the art on the walls, you can express your style and your personality.
Third, it provides a sense of community. Owning your home helps you build lasting friendships with neighbors and connects you to your community. If you're <a href="https://www.keepingcurrentmatters.com/2023/11/13/life-changing-events-that-move-the-housing-market/" rel="noopener noreferrer" target="_blank">thinking</a> of <a href="https://www.keepingcurrentmatters.com/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/" rel="noopener noreferrer" target="_blank">buying a home</a> and want to hear more about the potential benefits, talk with a local <a href="https://www.keepingcurrentmatters.com/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/" rel="noopener noreferrer" target="_blank">real estate agent</a>.
2023-11-24T19:15:38-07:002023-11-29T03:55:54-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:40517Is the Current Inventory of Homes for Sale Truly on the Rise?<img src="https://assets.site-static.com/userfiles/3675/image/bhnew2.jpg" width="1200" height="628" />
If you're considering a move, staying informed about the current state of the housing market is crucial. Here's an update on the current supply of homes for sale, providing valuable insights for both buyers and sellers in your local market.
Take a look below.
What’s the Truth About Today’s Housing Inventory?
While the narrative in recent years has centered around the scarcity of homes on the market, the latest national data from Realtor.com might introduce a touch of confusion. This is because the data indicates that inventory is experiencing slight month-over-month growth in numerous regions across the country. (see the blue states in the map below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231115/20231121-Change-In-Inventory.png" rel="noopener noreferrer" target="_blank" class="lightbox-added"><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231115/20231121-Change-In-Inventory.png" /></a>
As the map shows, nationally, housing supply increased just over 5% last month.
Does That Mean the Days of Limited Inventory Are Over?
This might prompt you to question: have we moved past the era of limited housing supply? In brief, no. It's crucial to consider the context. Despite headlines suggesting an increase in inventory, the data also indicates that there are still markedly fewer homes for sale compared to what would typically be seen in a more conventional market.
The graph below compares the latest active listing counts (homes currently available for sale) with the most recent normal years in the housing market (2017-2019):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231115/20231121-Active-Listing-Count.png" rel="noopener noreferrer" target="_blank" class="lightbox-added"><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231115/20231121-Active-Listing-Count.png" /></a>
As Lance Lambert, Founder, ResiClub Analytics, <a href="https://www.resiclubanalytics.com/p/housing-market-inventory-far-prepandemic-levels-octobers-big-jump-still-just-drop-bucket" rel="noopener noreferrer" target="_blank">explains</a>:
“Housing market inventory is so far below pre-pandemic levels that October’s big jump is still just a drop in the bucket.”
What does that mean for you? Remember, real estate is hyper-local. Partnering with a trusted real estate agent will help you gain a better understanding of the inventory situation in your specific market.
If you’re <a href="https://www.keepingcurrentmatters.com/2023/10/17/how-buying-a-multi-generational-home-helps-with-affordability-today/" rel="noopener noreferrer" target="_blank">looking to buy</a>, you may have slightly more options than you did in recent months, but you still need to brace for low inventory. A great agent will be able to share their expertise and key strategies that have helped other buyers navigate today’s ongoing low housing supply.
And, if you’re <a href="https://www.keepingcurrentmatters.com/2023/11/06/reasons-to-sell-your-house-before-the-new-year/" rel="noopener noreferrer" target="_blank">trying to sell</a>, rest assured you haven’t missed your window of opportunity to potentially get multiple offers or see your house sell quickly. While inventory has ticked up some nationally, overall, it’s still low and may be down even more in your area.
Bottom Line
If you're in the market to buy or sell a home, reach out to a local real estate agent to ensure you're well-informed about the current trends, including the state of today's housing supply.
2023-11-23T23:15:33-07:002023-12-14T10:49:48-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:404482024 Housing Market Forecast [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/assets/image/20231114/2024-Housing-Market-Forecast-NM.jpg" />
Some Highlights
Thinking of <a href="https://www.keepingcurrentmatters.com/2023/11/07/homeowner-net-worth-has-skyrocketed/" rel="noopener noreferrer" target="_blank">buying</a> or <a href="https://www.keepingcurrentmatters.com/2023/10/24/the-perks-of-selling-your-house-when-inventory-is-low/" rel="noopener noreferrer" target="_blank">selling a house</a> and wondering what the new year holds for the housing market? <a href="https://www.fanniemae.com/media/49326/display" rel="noopener noreferrer" target="_blank">Experts forecast</a> home <a href="https://www.keepingcurrentmatters.com/2023/11/02/dont-believe-everything-you-read-about-home-prices/" rel="noopener noreferrer" target="_blank">prices</a> to end this year up 2.8% and to rise another 1.5% in 2024. And climbing <a href="https://www.keepingcurrentmatters.com/2023/10/23/why-home-prices-keep-going-up/" rel="noopener noreferrer" target="_blank">prices</a> help make <a href="https://www.keepingcurrentmatters.com/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/" rel="noopener noreferrer" target="_blank">homeownership</a> a <a href="https://www.keepingcurrentmatters.com/2023/10/26/affordable-homeownership-strategies-for-gen-z/" rel="noopener noreferrer" target="_blank">good investment</a>.
Plus, home sales are <a href="https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/2023/mortgage-finance-forecast-oct-2023.pdf" rel="noopener noreferrer" target="_blank">projected to increase</a> in 2024. That’s good news because it means experts are forecasting more activity as people <a href="https://www.keepingcurrentmatters.com/2023/11/13/life-changing-events-that-move-the-housing-market/" rel="noopener noreferrer" target="_blank">continue to move</a>.
If you're planning to buy or sell, it’s helpful to know what <a href="https://cdn.nar.realtor/sites/default/files/documents/forecast-q4-2023-us-economic-outlook-10-26-2023.pdf" rel="noopener noreferrer" target="_blank">experts project</a> for the housing market. Connect with a local <a href="https://www.keepingcurrentmatters.com/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/" rel="noopener noreferrer" target="_blank">real estate agent</a> to talk about the latest forecasts and craft a plan together.
2023-11-18T09:33:29-07:002023-12-19T10:52:43-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:40331VA Loans Help Heroes Achieve Homeownership [INFOGRAPHIC]
<img src="https://files.keepingcurrentmatters.com/content/assets/image/20231107/VA-Loans-Help-Heroes-Achieve-Homeownership-NM.jpg" />
Some Highlights
<a href="https://www.va.gov/housing-assistance/home-loans/eligibility/" rel="noopener noreferrer" target="_blank">VA home loans</a> can help people who served our country become <a href="https://www.nerdwallet.com/article/mortgages/va-home-improvement-loan-options" rel="noopener noreferrer" target="_blank">homeowners</a>.
<a href="https://www.homesforheroes.com/blog/first-time-va-home-buyer-what-to-know/" rel="noopener noreferrer" target="_blank">These loans</a> can help qualified individuals <a href="https://www.keepingcurrentmatters.com/2023/10/25/invest-in-yourself-by-owning-a-home/" rel="noopener noreferrer" target="_blank">purchase</a> a VA-approved <a href="https://www.keepingcurrentmatters.com/2023/10/13/the-difference-between-renting-and-buying-a-home-infographic/" rel="noopener noreferrer" target="_blank">home or condo</a>, build a new <a href="https://www.keepingcurrentmatters.com/2023/10/12/growing-your-net-worth-with-homeownership/" rel="noopener noreferrer" target="_blank">home</a>, or enhance their current one.
<a href="https://www.keepingcurrentmatters.com/2023/11/07/homeowner-net-worth-has-skyrocketed/" rel="noopener noreferrer" target="_blank">Owning a home</a> is the American Dream, and one way to show our appreciation to <a href="https://www.military.com/money/va-loans/what-can-you-buy-with-a-va-loan.html" rel="noopener noreferrer" target="_blank">veterans</a> is by providing them with <a href="https://www.veteransunited.com/va-loans/va-home-loan-advantages/" rel="noopener noreferrer" target="_blank">important information</a> about the advantages of VA home loans.
2023-11-12T18:21:46-07:002023-12-19T10:53:16-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:40259The Benefits of Buying a Multi-Generational Home [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20231102/The-Benefits-of-Buying-a-Multi-Generational-Home-NM.jpg" />
Some Highlights
If you’re ready to <a href="https://www.keepingcurrentmatters.com/2023/10/26/affordable-homeownership-strategies-for-gen-z/" rel="noopener noreferrer" target="_blank">buy a home</a> but are having a hard time <a href="https://www.keepingcurrentmatters.com/2023/10/23/why-home-prices-keep-going-up/" rel="noopener noreferrer" target="_blank">affording</a> it on your own, or, if you have aging loved ones you need to care for, you might want to consider a <a href="https://www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying" rel="noopener noreferrer" target="_blank">multi-generational home</a>.
Living with siblings, parents, and even <a href="https://www.keepingcurrentmatters.com/2023/10/10/are-grandparents-moving-to-be-closer-to-their-grandkids/" rel="noopener noreferrer" target="_blank">grandparents</a> can help you <a href="https://www.keepingcurrentmatters.com/2023/10/17/how-buying-a-multi-generational-home-helps-with-affordability-today/" rel="noopener noreferrer" target="_blank">save money</a>, give or receive childcare, and spend quality time together.
Talk to a local real estate agent to find a home in our area that’s perfect for you and your loved one’s <a href="https://www.bizjournals.com/triangle/news/2023/04/01/why-choose-multigenerational-living-in-the-triangl.html" rel="noopener noreferrer" target="_blank">needs</a>.
2023-11-09T01:09:02-07:002024-01-03T14:40:10-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:40254Unmasking Scary Myths about Today’s Housing Market [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20231026/Unmasking-Scary-Myths-About-Todays-Housing-Market-NM.jpg" />
Some Highlights
Here’s what you really <a href="https://www.keepingcurrentmatters.com/2023/10/23/why-home-prices-keep-going-up/" rel="noopener noreferrer" target="_blank">need to know</a> about a few myths <a href="https://www.keepingcurrentmatters.com/2023/10/16/are-higher-mortgage-rates-here-to-stay/" rel="noopener noreferrer" target="_blank">causing fear</a> in today’s <a href="https://www.keepingcurrentmatters.com/2023/09/29/explaining-todays-low-housing-supply-infographic/" rel="noopener noreferrer" target="_blank">housing market</a>.
Despite common misconceptions, many people can <a href="https://www.apartmenttherapy.com/how-to-buy-a-house-with-student-loans-36755886" rel="noopener noreferrer" target="_blank">buy a home</a> even if they have student loans, <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/fannie-mae-home-price-index" rel="noopener noreferrer" target="_blank">home prices</a> are rising nationally (not falling), and you usually don’t have to have <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">20%</a> for a down payment.
If you have other fears or reservations about <a href="https://www.keepingcurrentmatters.com/2023/10/13/the-difference-between-renting-and-buying-a-home-infographic/" rel="noopener noreferrer" target="_blank">buying a home</a> today, get in touch with a real estate expert who can help <a href="https://www.keepingcurrentmatters.com/2023/10/20/home-price-growth-is-returning-to-normal-infographic/" rel="noopener noreferrer" target="_blank">clear those up</a>.
2023-11-09T00:48:20-07:002023-11-09T00:52:52-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:40249Home Price Growth Is Returning to Normal [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20231019/Home-Price-Growth-Is-Returning-To-Normal-NM.jpg" />
Some Highlights
If you're wondering what’s happening with <a href="https://www.keepingcurrentmatters.com/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/" rel="noopener noreferrer" target="_blank">home prices</a>, know they’re still <a href="https://www.keepingcurrentmatters.com/2023/10/03/home-prices-are-not-falling/" rel="noopener noreferrer" target="_blank">rising</a>, just at a slower pace – and that’s perfectly normal for this time of year.
Based on <a href="https://www.keepingcurrentmatters.com/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/" rel="noopener noreferrer" target="_blank">typical seasonality</a> in the market, <a href="https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-us-national-home-price-nsa-index/#overview" rel="noopener noreferrer" target="_blank">prices</a> go up most in the spring during the peak buying season, and then price growth slows down as the year goes on.
Home prices aren’t falling. They’re just rising slower and going <a href="https://www.corelogic.com/intelligence/us-home-price-insights-september-2023/" rel="noopener noreferrer" target="_blank">back to normal</a> seasonal trends. That’s a good thing. If you're curious about prices in your area, reach out to a real estate agent for answers.
2023-11-08T23:50:37-07:002023-11-08T23:55:24-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:40159The Difference Between Renting and Buying a Home [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20231012/The-Difference-Between-Renting-And-Buying-A-Home-NM.jpg" />
Some Highlights
When deciding between <a href="https://www.keepingcurrentmatters.com/2023/10/02/unpacking-the-long-term-benefits-of-homeownership/" rel="noopener noreferrer" target="_blank">buying a home</a> or renting, think about these three important factors.
Buying a home means <a href="http://www.census.gov/housing/hvs/files/currenthvspress.pdf" rel="noopener noreferrer" target="_blank">avoiding</a> rising rents, <a href="https://www.corelogic.com/press-releases/home-equity-increases-winter-spring-reducing-underwater-properties-q2/" rel="noopener noreferrer" target="_blank">owning</a> a tangible and valuable asset, and <a href="https://www.keepingcurrentmatters.com/2023/10/06/how-homeowner-net-worth-grows-with-time-infographic/" rel="noopener noreferrer" target="_blank">growing</a> your <a href="https://www.nar.realtor/magazine/real-estate-news/study-homeowner-wealth-is-40-times-higher-than-renters" rel="noopener noreferrer" target="_blank">wealth</a> over time.
If you’re ready to enjoy the <a href="https://www.keepingcurrentmatters.com/2023/10/04/understanding-the-benefits-of-owning-your-first-home/" rel="noopener noreferrer" target="_blank">advantages</a> of owning a home, connect with a local real estate expert to discuss your <a href="https://www.keepingcurrentmatters.com/2023/09/18/are-more-homes-coming-onto-the-market/" rel="noopener noreferrer" target="_blank">options</a>.
2023-11-02T20:02:28-07:002023-11-02T20:06:53-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:40155How Homeowner Net Worth Grows with Time [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20231005/How-Homeowner-Net-Worth-Grows-with-Time-NM.jpg" />
Some Highlights
If you’re thinking about buying a home this year, be sure to consider the <a href="https://www.keepingcurrentmatters.com/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/" rel="noopener noreferrer" target="_blank">long-term</a> financial <a href="https://www.keepingcurrentmatters.com/2023/10/02/unpacking-the-long-term-benefits-of-homeownership/" rel="noopener noreferrer" target="_blank">advantages</a> of homeownership, like home equity.
On average, people who bought homes 32 years ago have seen their home’s value nearly <a href="https://www.fhfa.gov/DataTools/Tools/Pages/House-Price-Index-(HPI).aspx" rel="noopener noreferrer" target="_blank">triple</a> over that time.
If you’re wondering if <a href="https://www.keepingcurrentmatters.com/2023/09/05/expert-home-price-forecasts-revised-up-for-2023/" rel="noopener noreferrer" target="_blank">buying</a> a home is a <a href="https://www.fanniemae.com/research-and-insights/perspectives/consumers-homeownership-aspirations-remain-high-despite-higher-home-prices-and-interest-rates" rel="noopener noreferrer" target="_blank">good idea</a>, remember rising home values could grow your net worth with time. When you’re ready to start your homebuying journey, talk with a local real estate professional.
2023-11-02T19:32:51-07:002023-11-02T19:36:09-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:40149Explaining Today’s Low Housing Supply [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230928/Explaining-Todays-Low-Housing-Supply-NM.jpg" />
Some Highlights
Wondering why the supply of <a href="https://www.keepingcurrentmatters.com/2023/09/14/why-is-housing-inventory-so-low/" rel="noopener noreferrer" target="_blank">homes for sale</a> is limited <a href="https://www.keepingcurrentmatters.com/2023/09/07/get-ready-for-smaller-more-affordable-homes/" rel="noopener noreferrer" target="_blank">today</a>? There are a few factors at play.
Lack of <a href="http://www.census.gov/construction/nrc/xls/co_cust.xls" rel="noopener noreferrer" target="_blank">building</a> over time, the <a href="https://www.keepingcurrentmatters.com/2023/09/06/mortgage-rates-past-present-and-possible-future/" rel="noopener noreferrer" target="_blank">mortgage rate</a> lock-in <a href="https://www.fhfa.gov/DataTools/Downloads/Pages/National-Mortgage-Database-Aggregate-Data.aspx" rel="noopener noreferrer" target="_blank">effect</a>, and people <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">staying</a> in their houses longer are three of the main reasons why supply is low.
But real estate agents know exactly <a href="https://www.keepingcurrentmatters.com/2023/09/20/remote-work-is-changing-how-some-buyers-search-for-their-dream-homes/" rel="noopener noreferrer" target="_blank">where to look</a> and what to do to make your dream a reality. Connect with an agent so you have an expert on your side to help you successfully navigate the market and find your next home.
2023-11-02T19:00:58-07:002023-11-02T19:09:23-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:40144How Remote Work Helps with Your House Hunt [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230920/How-Remote-Work-Helps-with-Your-House-Hunt-NM.jpg" />
Some Highlights
While <a href="https://www.keepingcurrentmatters.com/2023/09/20/remote-work-is-changing-how-some-buyers-search-for-their-dream-homes/" rel="noopener noreferrer" target="_blank">remote work</a> peaked during the pandemic, many people still <a href="https://www.bankrate.com/real-estate/remote-jobs-and-home-prices/" rel="noopener noreferrer" target="_blank">work</a> from home today.
If you’re one of <a href="https://www.zippia.com/advice/remote-work-statistics/" rel="noopener noreferrer" target="_blank">them</a>, it could have an unexpected benefit when you’re looking to buy a home.
If you can work from home, you might have more <a href="https://www.keepingcurrentmatters.com/2023/09/07/get-ready-for-smaller-more-affordable-homes/" rel="noopener noreferrer" target="_blank">choices</a> for where to live. <a href="https://www.keepingcurrentmatters.com/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/" rel="noopener noreferrer" target="_blank">Connect</a> with a real estate agent to talk about your options and what's most important to you.
2023-11-02T18:06:15-07:002023-11-02T18:16:16-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:39978The Many Non-Financial Benefits of Homeownership<a href="https://files.keepingcurrentmatters.com/content/images/20230914/20230921-The-Many-Non-Financial-benefits-of-Homeownership.png" title="Buying and owning your own home can have a big impact on your life." class="lightbox-added"><img src="https://files.keepingcurrentmatters.com/content/images/20230914/20230921-The-Many-Non-Financial-benefits-of-Homeownership.png" alt="The Many Non-Financial Benefits of Homeownership" /></a>
Buying and owning your own home can have a big impact on your life. While there are <a href="https://www.keepingcurrentmatters.com/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/" rel="noopener noreferrer" target="_blank">financial reasons</a> to become a homeowner, it’s essential to think about the non-financial benefits that make a home more than just a place to live.
Here are some of the top non-financial reasons to buy a home.
According to <a href="https://www.fanniemae.com/media/47726/display" rel="noopener noreferrer" target="_blank">Fannie Mae</a>, 94% of survey respondents say “Having Control Over What You Do with Your Living Space” is a top reason to own.
Your home is truly your own space. If you own a home, unless there are specific homeowner association requirements, you can decorate and change it the way you like. That means you can make small changes or even do big renovations to make your home perfect for you. Your home is uniquely yours and by buying, you give yourself the freedom to tailor it to your individual style. Investopedia <a href="https://www.investopedia.com/articles/mortgages-real-estate/08/home-ownership.asp" rel="noopener noreferrer" target="_blank">explains</a>:
“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world. You can customize your house, remodel, paint, and decorate without the need to get permission from a landlord.”
When you rent, you might not be able to make your place really feel like it’s yours. And if you do make any modifications, you might have to change them back before you leave. But if you own your home, you can make it just the way you want it. That level of customization can give you a sense of pride in where you live and make you feel more connected to it.
Fannie Mae also finds 90% say “Having a Good Place for Your Family To Raise Your Children” tops their list of why it’s better to buy a home.
Another important factor to think about is what stage of life you’re in. U.S. News <a href="https://realestate.usnews.com/real-estate/articles/should-you-rent-or-buy-a-home" rel="noopener noreferrer" target="_blank">breaks it down</a>:
“For those with young children, buying a home and putting down roots is a major driver. . . . You don’t want the upheaval of a massive rent increase or a non-renewed lease to impact your sense of stability.”
No matter which of life’s milestones you’re in, stability and predictability are important. That’s because the one constant in life is that things will change. And, as life changes around you, having a familiar home and not worrying about moving regularly helps you and those who matter most feel more secure and more comfortable.
Lastly, Fannie Mae says 82% list “Feeling Engaged in Your Community” as another key motivator to own.
Owning your home also helps you feel even more connected to your neighborhood. People who own homes usually live in them for an average of <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">nine years</a>, according to the National Association of Realtors (NAR). As that time passes, it’s natural to make friends and build strong ties in the community. As Gary Acosta, CEO and Co-Founder at the National Association of Hispanic Real Estate Professionals (NAHREP), <a href="https://www.housingwire.com/articles/opinion-why-we-all-have-a-stake-in-closing-the-homeownership-gap/" rel="noopener noreferrer" target="_blank">points</a> out:
“Homeowners also tend to be more active in their local communities . . .”
When you care deeply about the people you live near, you’ll do what you can to contribute to your local area.
Bottom Line
Owning your home can make your life better by giving you a sense of accomplishment, pride, stability, and connectedness. If you're thinking about becoming a homeowner and want to learn more, reach out to a local real estate agent today.
2023-10-26T23:17:42-07:002023-10-27T00:00:03-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:39973Plenty of Buyers Are Still Active Today [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230914/Plenty-of-Buyers-Are-Still-Active-Today-NM.jpg" />
Some Highlights
Holding off on selling your house because you believe there aren’t any buyers out there?
<a href="https://www.showingtime.com/blog/july-2023-showing-index-results/" rel="noopener noreferrer" target="_blank">Data</a> shows <a href="https://www.keepingcurrentmatters.com/2023/08/30/buyer-traffic-is-still-stronger-than-the-norm/" rel="noopener noreferrer" target="_blank">buyers</a> are still active, even with higher <a href="https://www.keepingcurrentmatters.com/2023/09/06/mortgage-rates-past-present-and-possible-future/" rel="noopener noreferrer" target="_blank">mortgage rates</a>. This goes to show, people still want to <a href="https://www.prnewswire.com/news-releases/realtorcom-july-housing-report-number-of-homes-for-sale-drops-below-year-ago-levels-301892480.html" rel="noopener noreferrer" target="_blank">buy homes</a>, and those who can are <a href="https://www.keepingcurrentmatters.com/2023/08/24/more-jobs-and-better-pay-leads-to-more-buyer-demand/" rel="noopener noreferrer" target="_blank">moving</a> now.
Don’t delay your <a href="https://www.keepingcurrentmatters.com/2023/08/29/why-you-may-still-want-to-sell-your-house-after-all/" rel="noopener noreferrer" target="_blank">plan</a> to <a href="https://www.keepingcurrentmatters.com/2023/09/04/why-its-still-a-sellers-market-today/" rel="noopener noreferrer" target="_blank">sell</a> for fear no one is buying. The opposite is true and buyer traffic is still strong today. Connect with a real estate agent to get your house in front of these buyers.
2023-10-26T21:09:30-07:002023-10-26T21:15:34-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:39843Home Price Forecasts Revised for 2023 [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230907/Home-Price-Forecasts-Revised-for-2023-NM.jpg" />
Some Highlights
Last year, some <a href="https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/2023/mortgage-finance-forecast-aug-2023.pdf" rel="noopener noreferrer" target="_blank">housing</a> experts <a href="https://www.fanniemae.com/media/48726/display" rel="noopener noreferrer" target="_blank">projected</a> a decline in home <a href="https://twitter.com/NewsLambert/status/1671900591113609216" rel="noopener noreferrer" target="_blank">prices</a> by the end of 2023. But that didn’t happen – inventory was just too <a href="https://www.keepingcurrentmatters.com/2023/08/25/todays-housing-market-has-only-half-the-usual-inventory-infographic/" rel="noopener noreferrer" target="_blank">low</a>.
While it’s normal for <a href="https://twitter.com/NewsLambert/status/1671556169712672768" rel="noopener noreferrer" target="_blank">experts</a> to re-forecast throughout the year, the <a href="https://www.zillow.com/research/housing-market-challenges-32923/" rel="noopener noreferrer" target="_blank">good news</a> for 2023 is that <a href="https://www.keepingcurrentmatters.com/2023/09/05/expert-home-price-forecasts-revised-up-for-2023/" rel="noopener noreferrer" target="_blank">prices</a> are no longer <a href="https://twitter.com/NewsLambert/status/1686959362563092480" rel="noopener noreferrer" target="_blank">projected</a> to decrease.
<a href="https://www.keepingcurrentmatters.com/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/" rel="noopener noreferrer" target="_blank">Connect</a> with your trusted real estate agent to find out what’s <a href="https://twitter.com/NewsLambert/status/1691799764466008217" rel="noopener noreferrer" target="_blank">happening</a> with home <a href="https://pulsenomics.com/surveys/#home-price-expectations" rel="noopener noreferrer" target="_blank">values</a> in your local area.
2023-10-19T00:34:33-07:002023-10-19T00:38:48-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:39838Mortgage Rates: Past, Present, and Possible Future<a href="https://files.keepingcurrentmatters.com/content/images/20231010/20230906-Mortgage-Rates-Past-Present-and-Possible-Future.png" title="If you’re hoping to buy a home this year, you’re probably paying close attention to mortgage rates." class="lightbox-added"><img src="https://files.keepingcurrentmatters.com/content/images/20231010/20230906-Mortgage-Rates-Past-Present-and-Possible-Future.png" alt="Mortgage Rates: Past, Present, and Possible Future" /></a>
If you’re hoping to <a href="https://www.keepingcurrentmatters.com/2023/08/17/people-want-less-expensive-homes-and-builders-are-responding/" rel="noopener noreferrer" target="_blank">buy a home</a> this year, you’re probably paying close attention to <a href="https://www.keepingcurrentmatters.com/2023/08/04/housing-market-forecast-for-the-rest-of-2023-infographic-1/" rel="noopener noreferrer" target="_blank">mortgage rates</a>. Since mortgage rates impact what you can afford when you take out a home loan – and affordability is a challenge today – it’s a good time to look at the big picture of where mortgage rates have been historically compared to where they are now. Beyond that, it’s important to understand their relationship with <a href="https://www.keepingcurrentmatters.com/2023/08/31/how-inflation-affects-the-housing-market/" rel="noopener noreferrer" target="_blank">inflation</a> for insights into where <a href="https://www.keepingcurrentmatters.com/2023/07/19/explaining-todays-mortgage-rates/" rel="noopener noreferrer" target="_blank">mortgage rates</a> might go in the near future.
Giving Context to the Sticker Shock
Freddie Mac has been tracking the 30-year fixed mortgage rate since April of 1971. Every week, they release the <a href="http://www.freddiemac.com/pmms/pmms_archives.html" rel="noopener noreferrer" target="_blank">results</a> of their Primary Mortgage Market Survey, which averages mortgage application data from lenders across the country (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/branded/images/20230905/20230906-Mortgage-Rates.png" rel="noopener noreferrer" target="_blank" class="lightbox-added"><img src="https://files.keepingcurrentmatters.com/content/branded/images/20230905/20230906-Mortgage-Rates.png" /></a>Looking at the right side of the graph, mortgage rates have increased significantly since the start of last year. But even with that rise, today’s rates are still below the 52-year average. While that historical perspective is good context, buyers have gotten used to mortgage rates between 3% and 5%, which is where they’ve been over the past 15 years.
That’s important because it explains why the recent jump in rates might have you feeling sticker shock even though they’re close to their long-term average. While many buyers have <a href="https://www.keepingcurrentmatters.com/2023/08/30/buyer-traffic-is-still-stronger-than-the-norm/" rel="noopener noreferrer" target="_blank">adjusted</a> to the elevated rates over the past year, a slightly lower rate would be a welcome sight. To determine if that’s a realistic possibility, it’s important to look at <a href="https://www.keepingcurrentmatters.com/2023/08/31/how-inflation-affects-the-housing-market/" rel="noopener noreferrer" target="_blank">inflation</a>.
Where Could Mortgage Rates Go in the Future?
The Federal Reserve has been working hard to lower inflation since early 2022. That’s significant because, historically, there’s been a <a href="https://www.keepingcurrentmatters.com/2023/08/03/how-inflation-affects-mortgage-rates/" rel="noopener noreferrer" target="_blank">connection</a> between inflation and mortgage rates (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/branded/images/20230905/20230906-Inflation-and-30-year-fixed-rate-mortgage.png" rel="noopener noreferrer" target="_blank" class="lightbox-added"><img src="https://files.keepingcurrentmatters.com/content/branded/images/20230905/20230906-Inflation-and-30-year-fixed-rate-mortgage.png" /></a>This graph shows a pretty reliable relationship between <a href="https://www.bls.gov/cpi/" rel="noopener noreferrer" target="_blank">inflation</a> and <a href="https://www.freddiemac.com/pmms" rel="noopener noreferrer" target="_blank">mortgage rates</a>. Looking at the left side of the graph, each time inflation moves significantly (shown in blue), mortgage rates follow suit shortly after (shown in green).
The circled portion of the graph points out the most recent spike in inflation, with mortgage rates following closely behind. As inflation has moderated a bit this year, mortgage rates haven’t yet made a similar move.
That means, if history is any guide, the market is <a href="https://www.keepingcurrentmatters.com/2023/08/04/housing-market-forecast-for-the-rest-of-2023-infographic-1/" rel="noopener noreferrer" target="_blank">waiting</a> for mortgage rates to follow inflation and head back down. It’s impossible to accurately predict where mortgage rates will go for sure, but moderating inflation means mortgage rates going down in the near future would fit a well-established trend.
Bottom Line
To understand where mortgage rates may be going, it’s helpful to look at where they’ve been in the past. There’s a clear connection between inflation and mortgage rates, and if that historical relationship holds true, the recent decline in inflation may mean good news for the future of mortgage rates and your homeownership goals.
2023-10-19T00:01:47-07:002023-10-19T00:06:29-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:39772Homeowners Have a Lot of Equity Right Now [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230831/Homeowners-Have-a-Lot-of-Equity-Right-Now-NM.jpg" />
Some Highlights
Your <a href="https://www.keepingcurrentmatters.com/2023/08/15/equity-is-a-game-changer-for-homeowners-looking-to-sell/" rel="noopener noreferrer" target="_blank">equity</a> grows as you pay down your home loan and as <a href="https://www.keepingcurrentmatters.com/2023/08/21/why-median-home-sales-price-is-confusing-right-now/" rel="noopener noreferrer" target="_blank">home prices</a> increase. With <a href="https://www.keepingcurrentmatters.com/2023/08/11/home-prices-are-back-on-the-rise-infographic/" rel="noopener noreferrer" target="_blank">home prices</a> rising again, your equity is getting an extra boost.
Almost half of homeowners are <a href="https://www.attomdata.com/news/market-trends/home-sales-prices/attom-q2-2023-u-s-home-equity-and-underwater-report/" rel="noopener noreferrer" target="_blank">equity rich</a> because they have at least 50% equity in their homes. If you’ve been in your home for a while, you might have gained a considerable amount of equity, too.
Want to find out how much <a href="https://www.keepingcurrentmatters.com/2023/08/07/four-ways-you-can-use-your-home-equity/" rel="noopener noreferrer" target="_blank">equity</a> you have? <a href="https://www.keepingcurrentmatters.com/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/" rel="noopener noreferrer" target="_blank">Connect</a> with a trusted real estate agent for a Professional Equity Assessment Report (PEAR).
2023-10-15T21:09:07-07:002023-10-15T21:11:41-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:39659Today’s Housing Market Has Only Half the Usual Inventory [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230824/Todays-Housing-Market-Has-Only-Half-the-Usual-Inventory-NM.jpg" />
Some Highlights
There are only about half the number of <a href="https://www.keepingcurrentmatters.com/2023/08/08/theres-only-half-the-inventory-of-a-normal-housing-market-today/" rel="noopener noreferrer" target="_blank">homes</a> for sale <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">compared</a> to the last normal years in the market.
That means buyers don’t have enough options right now. So, if you work with an agent to list your house, it should be in the <a href="https://www.keepingcurrentmatters.com/2023/07/27/homebuyers-are-still-more-active-than-usual/" rel="noopener noreferrer" target="_blank">spotlight</a>.
If you're thinking of <a href="https://www.keepingcurrentmatters.com/2023/08/07/four-ways-you-can-use-your-home-equity/" rel="noopener noreferrer" target="_blank">selling</a>, get in <a href="https://www.keepingcurrentmatters.com/2023/08/01/sellers-dont-let-these-two-things-hold-you-back/" rel="noopener noreferrer" target="_blank">touch</a> with a local real estate agent so your house can <a href="https://www.keepingcurrentmatters.com/2023/07/31/pricing-your-house-right-still-matters-today/" rel="noopener noreferrer" target="_blank">stand out</a> while there’s such a shortage of <a href="https://www.nar.realtor/newsroom/existing-home-sales-retreated-3-3-in-june-monthly-median-sales-price-reached-second-highest-amount" rel="noopener noreferrer" target="_blank">supply</a> and buyers are craving more options.
2023-10-09T21:41:25-07:002023-10-09T21:45:06-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:39654Don’t Expect a Wave of Foreclosures [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230816/Dont-Expect-A-Wave-Of-Foreclosures-NM.jpg" />
Some Highlights
With ongoing high <a href="https://www.keepingcurrentmatters.com/2023/08/03/how-inflation-affects-mortgage-rates/" rel="noopener noreferrer" target="_blank">inflation</a> pushing up everyday costs, some people are worried that'll create a flood of foreclosures. Here's why that's <a href="https://www.freddiemac.com/investors/financials/pdf/0523mvs.pdf" rel="noopener noreferrer" target="_blank">unlikely</a>.
Fewer <a href="https://www.freddiemac.com/investors/financials/pdf/0623mvs.pdf" rel="noopener noreferrer" target="_blank">people</a> are seriously <a href="https://www.fanniemae.com/media/48496/display" rel="noopener noreferrer" target="_blank">behind</a> on mortgage <a href="https://www.corelogic.com/intelligence/loan-performance-insights-july-2023/" rel="noopener noreferrer" target="_blank">payments</a> right now. If foreclosures were going to rise a lot, more people would need to be late on their payments.
Since most are paying on time, a wave isn’t <a href="https://calculatedrisk.substack.com/p/fannie-and-freddie-single-family" rel="noopener noreferrer" target="_blank">coming</a>. If you're concerned about a flood of foreclosures, the <a href="https://www.keepingcurrentmatters.com/2023/07/24/foreclosure-numbers-today-arent-like-2008/" rel="noopener noreferrer" target="_blank">data</a> shows that's not likely.
2023-10-09T21:21:08-07:002023-10-09T21:24:06-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:39648Home Prices Are Back on the Rise [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230810/Home-Prices-Are-Back-On-The-Rise-NM.jpg" />
Some Highlights
Looking at <a href="https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-us-national-home-price-nsa-index/#news-research" rel="noopener noreferrer" target="_blank">monthly</a> home <a href="https://www.freddiemac.com/research/indices/house-price-index" rel="noopener noreferrer" target="_blank">price</a> data from six expert sources shows the worst home price declines are behind us, and they’re <a href="https://www.keepingcurrentmatters.com/2023/07/17/home-prices-are-rebounding/" rel="noopener noreferrer" target="_blank">rising</a> again nationally.
If you’ve put your plans to move on pause because you were worried about home <a href="https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx" rel="noopener noreferrer" target="_blank">prices</a> crashing, this <a href="https://www.blackknightinc.com/data-reports/" rel="noopener noreferrer" target="_blank">rebound</a> is good news.
<a href="https://www.keepingcurrentmatters.com/2023/07/25/dont-fall-for-the-next-shocking-headlines-about-home-prices/" rel="noopener noreferrer" target="_blank">Connect</a> with a local real estate agent so you know what’s <a href="https://www.zillow.com/research/data/" rel="noopener noreferrer" target="_blank">happening</a> with <a href="https://www.corelogic.com/category/intelligence/reports/home-price-insights/" rel="noopener noreferrer" target="_blank">prices</a> in your area.
2023-10-09T20:22:25-07:002023-10-09T20:26:19-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:39641Housing Market Forecast for the Rest of 2023 [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230803/Housing-Market-Forecast-For-The-Rest-Of-2023-NM.jpg" />
Some Highlights
Want to know what experts say will happen in the rest of 2023? Home <a href="https://www.keepingcurrentmatters.com/2023/07/25/dont-fall-for-the-next-shocking-headlines-about-home-prices/" rel="noopener noreferrer" target="_blank">prices</a> are already <a href="https://www.realtor.com/research/2023-national-housing-forecast-midyear-update/" rel="noopener noreferrer" target="_blank">appreciating</a> again in many areas. The average of the expert forecasts shows positive <a href="https://www.keepingcurrentmatters.com/2023/07/17/home-prices-are-rebounding/" rel="noopener noreferrer" target="_blank">price</a> growth.
Where <a href="https://www.keepingcurrentmatters.com/2023/07/19/explaining-todays-mortgage-rates/" rel="noopener noreferrer" target="_blank">mortgage rates</a> go for the rest of the <a href="https://www.fanniemae.com/media/48386/display" rel="noopener noreferrer" target="_blank">year</a> will depend on inflation. Based on historical trends, <a href="https://www.keepingcurrentmatters.com/2023/07/18/homebuyers-are-getting-used-to-the-new-normal/" rel="noopener noreferrer" target="_blank">rates</a> are likely to ease as <a href="https://www.keepingcurrentmatters.com/2023/06/23/homeownership-helps-protect-you-from-inflation-infographic/" rel="noopener noreferrer" target="_blank">inflation</a> continues to cool.
Even though low <a href="https://www.keepingcurrentmatters.com/2023/07/14/low-housing-inventory-is-a-sweet-spot-for-sellers-infographic/" rel="noopener noreferrer" target="_blank">inventory</a> continues to be a challenge, experts project 5 million homes will still <a href="https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/mortgage-finance-forecast-jul-2023.pdf" rel="noopener noreferrer" target="_blank">sell</a> this year. That <a href="https://cdn.nar.realtor/sites/default/files/documents/forecast-q3-2023-us-economic-outlook-07-27-2023.pdf" rel="noopener noreferrer" target="_blank">pace</a> should pick up if <a href="https://www.keepingcurrentmatters.com/2023/07/05/two-questions-to-ask-yourself-if-youre-considering-buying-a-home/" rel="noopener noreferrer" target="_blank">rates</a> come down.
2023-10-09T19:28:46-07:002023-10-09T19:31:28-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:39440Key Housing Market Trends [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230727/Key-Housing-Market-Trends-NM.jpg" />
Some Highlights
If you’re considering buying or selling a <a href="https://www.keepingcurrentmatters.com/2023/07/03/evaluating-your-wants-and-needs-as-a-homebuyer-matters-more-today/" rel="noopener noreferrer" target="_blank">home</a>, you’ll want to know what’s <a href="https://www.realtor.com/research/june-2023-data/" rel="noopener noreferrer" target="_blank">happening</a> in the housing market.
Housing <a href="https://www.keepingcurrentmatters.com/2023/07/06/todays-housing-inventory-is-a-sweet-spot-for-sellers/" rel="noopener noreferrer" target="_blank">inventory</a> is still very low, <a href="https://www.spglobal.com/spdji/en/index-announcements/article/sp-corelogic-case-shiller-index-continued-gains-in-april/" rel="noopener noreferrer" target="_blank">prices</a> are <a href="https://www.nar.realtor/newsroom/existing-home-sales-retreated-3-3-in-june-monthly-median-sales-price-reached-second-highest-amount" rel="noopener noreferrer" target="_blank">climbing</a> back up, and homes are selling fast when priced right.
Connect with a real estate agent if you want more information about your local area and what the <a href="https://cdn.nar.realtor/sites/default/files/documents/2023-06-realtors-confidence-index-07-20-2023.pdf" rel="noopener noreferrer" target="_blank">trends</a> mean for your plans to <a href="https://www.keepingcurrentmatters.com/2023/07/05/two-questions-to-ask-yourself-if-youre-considering-buying-a-home/" rel="noopener noreferrer" target="_blank">buy</a> or sell.
2023-09-30T01:46:30-07:002023-09-30T01:49:08-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:39435Real Estate Continues To Be the Best Investment [INFOGRAPHIC]<br /><img src="https://files.keepingcurrentmatters.com/content/assets/image/20230720/Real-Estate-Continues-To-Be-the-Best-Investment-NM.jpg" />
Some Highlights
According to a recent Gallup <a href="https://news.gallup.com/poll/505592/real-estate-lead-best-investment-shrinks-gold-rises.aspx" rel="noopener noreferrer" target="_blank">poll</a>, real estate has been voted the best <a href="https://www.keepingcurrentmatters.com/2023/06/06/real-estate-is-still-considered-the-best-long-term-investment-1/" rel="noopener noreferrer" target="_blank">long-term investment</a> for 11 years in a row, beating gold, stocks, bonds, and more.
Owning real estate means more than just having a home—it’s an <a href="https://www.keepingcurrentmatters.com/2023/06/16/how-owning-a-home-grows-your-wealth-with-time-infographic/" rel="noopener noreferrer" target="_blank">investment</a> in your <a href="https://www.keepingcurrentmatters.com/2023/07/04/americans-still-view-homeownership-as-the-american-dream/" rel="noopener noreferrer" target="_blank">future</a>. That’s because it’s typically a stable and secure <a href="https://myhome.freddiemac.com/blog/homeownership/4-benefits-owning-home" rel="noopener noreferrer" target="_blank">asset</a> that tends to increase in <a href="https://www.keepingcurrentmatters.com/2023/06/27/why-homeownership-wins-in-the-long-run/" rel="noopener noreferrer" target="_blank">value</a> as time goes on.
Connect with a local real estate agent if you’re <a href="https://www.keepingcurrentmatters.com/2023/07/05/two-questions-to-ask-yourself-if-youre-considering-buying-a-home/" rel="noopener noreferrer" target="_blank">ready</a> to buy a home and invest in your future.
2023-09-30T01:25:26-07:002023-09-30T01:28:14-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:39323The Benefits of Downsizing for Homeowners [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230706/The-Benefits-of-Downsizing-for-Homeowners-NM.jpg" />
Some Highlights
Downsizing is a popular choice for homeowners when they retire or when their <a href="https://www.keepingcurrentmatters.com/2023/06/13/your-needs-matter-more-than-todays-mortgage-rates/" rel="noopener noreferrer" target="_blank">needs</a> change, but with inflation still high, it’s also a way to reduce costs.
Downsizing could help cut <a href="https://www.realtor.com/advice/move/how-to-downsize-your-home-with-zero-regrets/" rel="noopener noreferrer" target="_blank">down</a> on your <a href="https://www.keepingcurrentmatters.com/2023/06/21/eco-friendly-energy-efficient-homes-attract-buyers/" rel="noopener noreferrer" target="_blank">expenses</a> and your <a href="https://www.keepingcurrentmatters.com/2023/06/14/a-drop-in-equity-doesnt-mean-low-equity/" rel="noopener noreferrer" target="_blank">equity</a> can <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights-q1-2023/" rel="noopener noreferrer" target="_blank">fuel</a> your move.
If you’re thinking about <a href="https://www.keepingcurrentmatters.com/2023/06/26/the-true-cost-of-selling-your-house-on-your-own/" rel="noopener noreferrer" target="_blank">moving</a> to a smaller home, <a href="https://www.keepingcurrentmatters.com/2023/06/30/key-reasons-to-use-a-real-estate-agent-when-you-sell-infographic/" rel="noopener noreferrer" target="_blank">connect</a> with a real estate professional to go over your housing <a href="https://www.keepingcurrentmatters.com/2023/06/15/why-buying-or-selling-a-home-helps-the-economy-and-your-community/" rel="noopener noreferrer" target="_blank">goals</a> and <a href="https://www.keepingcurrentmatters.com/2023/06/29/where-will-you-go-if-you-sell-newly-built-homes-might-be-the-answer/" rel="noopener noreferrer" target="_blank">look</a> at your options in the local market.
2023-09-25T07:13:55-07:002023-09-25T07:16:53-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:38989Key Reasons To Use a Real Estate Agent When You Sell [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230629/Key-Reasons-To-Use-a-Real-Estate-Agent-When-You-Sell-NM.jpg" />
Some Highlights
An agent is a really important part of <a href="https://www.keepingcurrentmatters.com/2023/06/13/your-needs-matter-more-than-todays-mortgage-rates/" rel="noopener noreferrer" target="_blank">selling</a> your home because they bring a lot of skill and expertise to the sales process.
They’ll explain what’s happening today, what that means for you, and how to price and market your house. They’re also skilled negotiators and well versed in the contracts and disclosures involved.
Connect with a local real estate agent to ensure you have an expert helping you <a href="https://www.keepingcurrentmatters.com/2023/05/26/moving-now-can-give-your-house-its-day-in-the-sun-infographic/" rel="noopener noreferrer" target="_blank">sell</a> your house successfully.
2023-09-08T23:45:42-07:002023-09-25T06:54:08-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:37761Homeownership Helps Protect You from Inflation [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230622/Homeownership-Helps-Protect-You-From-Inflation-NM.jpg" />
Some Highlights
Wondering if it makes sense to <a href="https://www.keepingcurrentmatters.com/2023/06/16/how-owning-a-home-grows-your-wealth-with-time-infographic/" rel="noopener noreferrer" target="_blank">buy</a> a home today even when <a href="https://www.keepingcurrentmatters.com/2023/05/24/owning-a-home-helps-protect-against-inflation/" rel="noopener noreferrer" target="_blank">inflation</a> is high? When other costs go up due to inflation, buying a home helps you keep your monthly housing expense <a href="https://myhome.freddiemac.com/blog/homebuying/should-inflation-change-your-homebuying-plans" rel="noopener noreferrer" target="_blank">steady</a>.
Rents typically <a href="https://fred.stlouisfed.org/series/CUUR0000SEHA#0" rel="noopener noreferrer" target="_blank">increase</a> with <a href="https://www.usinflationcalculator.com/inflation/united-states-core-inflation-rates/" rel="noopener noreferrer" target="_blank">inflation</a>. Maybe that’s why, according to a recent survey, <a href="https://www.avail.co/blog/avail-rental-report-landlords-aim-to-keep-rentals-occupied-while-renters-grapple-with-financial-challenges" rel="noopener noreferrer" target="_blank">65.1%</a> of landlords say they plan to raise the rent of at least one of their properties within the next 12 months.
Especially when inflation is up, having a stable housing payment can be helpful. Connect with a local real estate agent so you can <a href="https://www.keepingcurrentmatters.com/2023/06/06/real-estate-is-still-considered-the-best-long-term-investment-1/" rel="noopener noreferrer" target="_blank">learn</a> more and start your journey to <a href="https://www.keepingcurrentmatters.com/2023/06/19/saving-for-a-down-payment-heres-what-you-need-to-know/" rel="noopener noreferrer" target="_blank">owning</a> a home today.
2023-07-10T20:29:51-07:002023-07-10T20:42:16-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:37756How Owning a Home Grows Your Wealth with Time [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230615/How-Owning-a-Home-Grows-Your-Wealth-with-Time-NM.jpg" />
Some Highlights
If you’re thinking of <a href="https://www.keepingcurrentmatters.com/2023/05/23/why-buying-a-vacation-home-beats-renting-one-this-summer/" rel="noopener noreferrer" target="_blank">buying</a> a home this year, be sure to <a href="https://www.keepingcurrentmatters.com/2023/06/06/real-estate-is-still-considered-the-best-long-term-investment-1/" rel="noopener noreferrer" target="_blank">factor</a> in the long-term <a href="https://www.keepingcurrentmatters.com/2023/06/01/the-true-value-of-homeownership/" rel="noopener noreferrer" target="_blank">benefits</a> of homeownership.
Over time, <a href="https://www.keepingcurrentmatters.com/2023/06/02/reasons-to-own-your-home-infographic/" rel="noopener noreferrer" target="_blank">homeownership</a> allows you to build equity. On average, nationwide <a href="https://www.keepingcurrentmatters.com/2023/06/05/oops-home-prices-didnt-crash-after-all/" rel="noopener noreferrer" target="_blank">home prices</a> appreciated by <a href="https://www.fhfa.gov/DataTools/Tools/Pages/House-Price-Index-(HPI).aspx" rel="noopener noreferrer" target="_blank">290.2%</a> over the last 32 years.
That means your net worth can <a href="https://www.keepingcurrentmatters.com/2023/05/15/homeowners-have-incredible-equity-to-leverage-right-now/" rel="noopener noreferrer" target="_blank">grow</a> significantly in the long term when you own a home. Reach out to a real estate <a href="https://www.keepingcurrentmatters.com/2023/05/22/why-buyers-need-an-expert-agent-by-their-side/" rel="noopener noreferrer" target="_blank">professional</a> so you can start your homebuying journey today.
2023-07-10T18:58:59-07:002023-07-10T19:01:56-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:36980Bloom where you are planted. ??Bloom where you are planted. 🌼
#bloom #lifestyle #liveyourbestlife #lifechanging<br />#thehowellrealtygroup #billyhowell #buyingahome #realestate #buyers #YourHomeSoldGuaranteedRealtySales #realestate #realestateagent #RealEstateInvestor #realestatelife #realestateinvesting #luxuryliving #RealEstateBroker #realestatemarketing #realestateagents #lifestylegoals #realestatesales #realestateforsale #realestateexperts #realestateinvestment #Realestatemiami #southfloridarealestate #realestateinvestors2023-06-12T01:49:28-07:002023-06-12T02:17:39-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:36972Why You Can’t Compare Now to the ‘Unicorn’ Years of the Housing Market [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230608/Why-You-Cant-Compare-Now-to-the-Unicorn-Years-of-the-Housing-Market-NM.jpg" />
Some Highlights
Comparing housing market <a href="https://www.showingtime.com/showingtime-showing-index/" rel="noopener noreferrer" target="_blank">metrics</a> from one year to another can be challenging in a normal housing market – and the last few years have been anything but normal. In a way, they were ‘<a href="https://www.thefreedictionary.com/unicorn" rel="noopener noreferrer" target="_blank">unicorn</a>’ years.
Expect unsettling housing market headlines this year, mostly due to <a href="https://www.attomdata.com/news/category/market-trends/foreclosures/" rel="noopener noreferrer" target="_blank">unfair comparisons</a> with the <a href="https://www.keepingcurrentmatters.com/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a>.
<a href="https://www.keepingcurrentmatters.com/2023/05/22/why-buyers-need-an-expert-agent-by-their-side/" rel="noopener noreferrer" target="_blank">Connect</a> with a local real estate professional who can share the <a href="https://www.freddiemac.com/research/indices/house-price-index" rel="noopener noreferrer" target="_blank">data</a> that puts those headlines in the proper <a href="https://www.keepingcurrentmatters.com/2023/06/05/oops-home-prices-didnt-crash-after-all/" rel="noopener noreferrer" target="_blank">perspective</a>.
2023-06-09T21:20:02-07:002023-06-09T21:29:21-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:36941The Main Reason Mortgage Rates Are So High<a href="https://files.keepingcurrentmatters.com/content/images/20230606/20230607-the-main-reason-mortgage-rates-are-so-high.jpg" title="Today’s mortgage rates are top-of-mind for many homebuyers right now." class="lightbox-added"><img src="https://files.keepingcurrentmatters.com/content/images/20230606/20230607-the-main-reason-mortgage-rates-are-so-high.jpg" alt="The Main Reason Mortgage Rates Are So High" /></a>
Today’s mortgage rates are top-of-mind for many <a href="https://www.keepingcurrentmatters.com/2023/06/01/the-true-value-of-homeownership/" rel="noopener noreferrer" target="_blank">homebuyers</a> right now. As a result, if you’re thinking about buying for the first time or selling your current house to move into a home that better fits your needs, you may be asking yourself these two questions:
Why Are Mortgage Rates So High?
When Will Rates Go Back Down?
Here’s context you need to help answer those questions.
1. Why Are Mortgage Rates So High?
The 30-year fixed-rate mortgage is largely influenced by the supply and demand for mortgage-backed securities (MBS). According to <a href="https://www.investopedia.com/terms/m/mbs.asp" rel="noopener noreferrer" target="_blank">Investopedia</a>:
“Mortgage-backed securities (MBS) are investment products similar to bonds. Each MBS consists of a bundle of home loans and other real estate debt bought from the banks that issued them . . . The investor who buys a mortgage-backed security is essentially lending money to home buyers.”
Demand for MBS helps determine the spread between the <a href="https://www.macrotrends.net/2016/10-year-treasury-bond-rate-yield-chart" rel="noopener noreferrer" target="_blank">10-Year Treasury Yield</a> and the 30-year fixed <a href="https://www.freddiemac.com/pmms/pmms_archives" rel="noopener noreferrer" target="_blank">mortgage rate</a>. Historically, the average spread between the two is 1.72 (see chart below):
<a href="https://files.keepingcurrentmatters.com/content/branded/images/20230606/20230607-for-50-years-the-30-year-mortgage-rate-has-moved-in-unison-with-the-10-year-treasury-yield.png" rel="noopener noreferrer" target="_blank" class="lightbox-added"><img src="https://files.keepingcurrentmatters.com/content/branded/images/20230606/20230607-for-50-years-the-30-year-mortgage-rate-has-moved-in-unison-with-the-10-year-treasury-yield.png" /></a>
Last Friday morning, the <a href="https://www.mortgagenewsdaily.com/" rel="noopener noreferrer" target="_blank">mortgage rate</a> was 6.85%. That means the spread was 3.2%, which is almost 1.5% over the norm. If the spread was at its historical average, mortgage rates would be 5.37% (3.65% 10-Year <a href="https://www.cnbc.com/quotes/US10Y" rel="noopener noreferrer" target="_blank">Treasury Yield</a> + 1.72 spread).
<a href="https://files.keepingcurrentmatters.com/content/branded/images/20230606/20230607-why-are-mortgage-rates-so-high.png" rel="noopener noreferrer" target="_blank" class="lightbox-added"><img src="https://files.keepingcurrentmatters.com/content/branded/images/20230606/20230607-why-are-mortgage-rates-so-high.png" /></a>
This large spread is very unusual. As George Ratiu, Chief Economist at Keeping Current Matters (KCM), <a href="https://twitter.com/GeorgeRatiu/status/1661766282465669124" rel="noopener noreferrer" target="_blank">explains</a>:
“The only times the spread approached or exceeded 300 basis points were during periods of high inflation or economic volatility, like those seen in the early 1980s or the Great Financial Crisis of 2008-09.”
The graph below uses <a href="https://fred.stlouisfed.org/" rel="noopener noreferrer" target="_blank">historical data</a> to help illustrate this point by showing the few times the spread has increased to 300 basis points or more:
<a href="https://files.keepingcurrentmatters.com/content/branded/images/20230606/20230607-spread-between-the-10-year-treasury-and-the-30-year-fixed-mortgage-rate.png" rel="noopener noreferrer" target="_blank" class="lightbox-added"><img src="https://files.keepingcurrentmatters.com/content/branded/images/20230606/20230607-spread-between-the-10-year-treasury-and-the-30-year-fixed-mortgage-rate.png" /></a>
The graph shows how the spread has come down after each peak. The good news is, that means there’s room for mortgage rates to improve today.
So, what’s causing the larger spread and making mortgage rates so high today?
The demand for MBS is heavily influenced by the risks associated with investing in them. Today, that risk is impacted by broader market conditions like <a href="https://www.keepingcurrentmatters.com/2023/05/24/owning-a-home-helps-protect-against-inflation/" rel="noopener noreferrer" target="_blank">inflation</a> and fear of a potential <a href="https://www.keepingcurrentmatters.com/2023/05/02/a-recession-doesnt-equal-a-housing-crisis-2/" rel="noopener noreferrer" target="_blank">recession</a>, the Fed’s interest rate hikes to try to bring down <a href="https://www.keepingcurrentmatters.com/2023/05/10/the-impact-of-inflation-on-mortgage-rates/" rel="noopener noreferrer" target="_blank">inflation</a>, headlines that create unnecessarily negative narratives about <a href="https://www.keepingcurrentmatters.com/2023/06/05/oops-home-prices-didnt-crash-after-all/" rel="noopener noreferrer" target="_blank">home prices</a>, and more.
Simply put: when there’s less risk, demand for MBS is high, so mortgage rates will be lower. On the other hand, if there’s more risk with MBS, demand for MBS will be low, and we’ll see higher mortgage rates as a result. Currently, demand for MBS is low, so mortgage rates are high.
2. When Will Rates Go Back Down?
Odeta Kushi, Deputy Chief Economist at First American, answers that question in a <a href="https://blog.firstam.com/economics/mind-the-gap-between-mortgage-rates-and-the-10-year-treasury-yield" rel="noopener noreferrer" target="_blank">recent blog</a>:
“It’s reasonable to assume that the spread and, therefore, mortgage rates will retreat in the second half of the year if the Fed takes its foot off the monetary tightening pedal and provides investors with more certainty. However, it’s unlikely that the spread will return to its historical average of 170 basis points, as some risks are here to stay.”
Bottom Line
The spread will shrink when the fear investors feel is eased. That’ll mean we should see mortgage rates moderate as the year goes on. However, when it comes to forecasting mortgage rates, no one can know for sure exactly what will happen.
2023-06-09T01:48:20-07:002023-06-09T01:51:53-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:36918Reasons To Own Your Home [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230601/Reasons-To-Own-Your-Home-NM.jpg" />
Some Highlights
June is National Homeownership Month, and it’s a perfect time to think about all the <a href="https://www.keepingcurrentmatters.com/2023/05/24/owning-a-home-helps-protect-against-inflation/" rel="noopener noreferrer" target="_blank">benefits</a> that come with owning your home.
Owning a <a href="https://www.keepingcurrentmatters.com/2023/05/08/it-may-be-time-to-consider-a-newly-built-home/" rel="noopener noreferrer" target="_blank">home</a> not only makes you feel proud and accomplished, but it’s also a big step toward having a secure and stable financial future.
Are you ready to <a href="https://www.keepingcurrentmatters.com/2023/05/23/why-buying-a-vacation-home-beats-renting-one-this-summer/" rel="noopener noreferrer" target="_blank">enjoy</a> all the amazing advantages that come with owning a home? Get in touch with a local real estate agent to <a href="https://www.keepingcurrentmatters.com/2023/05/22/why-buyers-need-an-expert-agent-by-their-side/" rel="noopener noreferrer" target="_blank">start</a> the process today.
2023-06-08T06:58:19-07:002023-06-09T01:33:21-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:36722Today’s Real Estate Market: The ‘Unicorns’ Have Galloped Off
<a href="https://files.keepingcurrentmatters.com/content/images/20230529/20230530-todays-real-estate-market-the-unicorns-have-galloped-off.jpg" title="Comparing real estate metrics from one year to another can be challenging in a normal housing market." class="lightbox-added"><img src="https://files.keepingcurrentmatters.com/content/images/20230529/20230530-todays-real-estate-market-the-unicorns-have-galloped-off.jpg" alt="Today’s Real Estate Market: The ‘Unicorns’ Have Galloped Off" /></a>
Comparing real estate metrics from one year to another can be challenging in a normal housing market. That’s due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared.
Comparing this year’s numbers to the two ‘unicorn’ years we just experienced is almost worthless. By ‘unicorn,’ this is the less common <a href="https://www.thefreedictionary.com/unicorn" rel="noopener noreferrer" target="_blank">definition</a> of the word:
“Something that is greatly desired but difficult or impossible to find.”
The pandemic profoundly changed real estate over the last few years. The demand for a home of our own skyrocketed, and people needed a home office and big backyard.
Waves of first-time and second-home buyers entered the market.
Already low mortgage rates were driven to historic lows.
The forbearance plan all but eliminated foreclosures.
Home values reached appreciation levels never seen before.
It was a market that forever had been “greatly desired but difficult or impossible to find.” A ‘unicorn’ year.
Now, things are getting back to normal. The ‘unicorns’ have galloped off.
Comparing today’s market to those years makes no sense. Here are three examples:
Buyer Demand
If you look at the headlines, you’d think there aren’t any buyers out there. We still sell over 10,000 houses a day in the United States. Of course, buyer demand is down from the two ‘unicorn’ years. But, according to <a href="https://www.showingtime.com/showingtime-showing-index/" rel="noopener noreferrer" target="_blank">ShowingTime</a>, if we compare it to normal years (2017-2019), we can see that buyer activity is still strong (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/branded/images/20230529/20230530-showing-traffic-above-pre-unicorn-years.png" rel="noopener noreferrer" target="_blank" class="lightbox-added"><img src="https://files.keepingcurrentmatters.com/content/branded/images/20230529/20230530-showing-traffic-above-pre-unicorn-years.png" /></a>
Home Prices
We can’t compare today’s home price increases to the last couple of years. According to <a href="https://www.freddiemac.com/research/indices/house-price-index" rel="noopener noreferrer" target="_blank">Freddie Mac</a>, 2020 and 2021 each had historic appreciation numbers. Here’s a graph also showing the more normal years (2017-2019):
<a href="https://files.keepingcurrentmatters.com/content/branded/images/20230529/20230530-percent-of-annual-home-appreciation-returning-to-more-normal-pre-unicorn-years.png" rel="noopener noreferrer" target="_blank" class="lightbox-added"><img src="https://files.keepingcurrentmatters.com/content/branded/images/20230529/20230530-percent-of-annual-home-appreciation-returning-to-more-normal-pre-unicorn-years.png" /></a>
We can see that we’re returning to more normal home value increases. There were several months of minimal depreciation in the second half of 2022. However, according to <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/fannie-mae-home-price-index" rel="noopener noreferrer" target="_blank">Fannie Mae</a>, the market has returned to more normal appreciation in the first quarter of this year.
Foreclosures
There have already been some startling headlines about the percentage increases in foreclosure filings. Of course, the percentages will be up. They are increases over historically low foreclosure rates. Here’s a graph with information from <a href="https://www.attomdata.com/news/category/market-trends/foreclosures/" rel="noopener noreferrer" target="_blank">ATTOM</a>, a property data provider:
<a href="https://files.keepingcurrentmatters.com/content/branded/images/20230529/20230530-1m-fewer-foreclosures-during-unicorn-years.png" rel="noopener noreferrer" target="_blank" class="lightbox-added"><img src="https://files.keepingcurrentmatters.com/content/branded/images/20230529/20230530-1m-fewer-foreclosures-during-unicorn-years.png" /></a>
There will be <a href="https://www.keepingcurrentmatters.com/2023/04/27/why-todays-foreclosure-numbers-are-nothing-like-2008/" rel="noopener noreferrer" target="_blank">an increase</a> over the numbers of the last three years now that the moratorium on foreclosures has ended. There are homeowners who lose their home to foreclosure every year, and it’s heartbreaking for those families. But, if we put the current numbers into perspective, we’ll realize that we’re actually going back to the normal filings from 2017-2019.
Bottom Line
There will be very unsettling headlines around the housing market this year. Most will come from inappropriate comparisons to the ‘unicorn’ years. A real estate professional is a great resource to help you keep everything in proper perspective.
2023-05-31T03:01:50-07:002023-05-31T03:08:11-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:36721Remember and Honor Those Who Gave All<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230522/MemorialDay-NM.jpg" />2023-05-31T02:53:34-07:002023-05-31T03:01:24-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:36687Moving Now Can Give Your House Its Day in the Sun [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230525/Moving-Now-Can-Give-Your-House-Its-Day-In-The-Sun-NM.jpg" />
Some Highlights
If you want to <a href="https://www.keepingcurrentmatters.com/2023/05/05/reasons-to-sell-your-house-today-infographic/" rel="noopener noreferrer" target="_blank">sell your house</a>, consider doing it this summer. The days are longer, the weather is warmer, and it’s a <a href="https://www.keepingcurrentmatters.com/2023/05/11/the-best-time-to-sell-your-house-is-when-others-arent-selling/" rel="noopener noreferrer" target="_blank">great time</a> for sellers.
If your needs have <a href="https://www.keepingcurrentmatters.com/2023/05/08/it-may-be-time-to-consider-a-newly-built-home/" rel="noopener noreferrer" target="_blank">changed</a>, now’s the time to <a href="https://www.keepingcurrentmatters.com/2023/05/15/homeowners-have-incredible-equity-to-leverage-right-now/" rel="noopener noreferrer" target="_blank">capitalize</a> on the <a href="https://www.bankrate.com/real-estate/housing-market-predictions/#predictions" rel="noopener noreferrer" target="_blank">low inventory</a> and <a href="https://themreport.com/news/data/03-21-2023/existing-home-sales" rel="noopener noreferrer" target="_blank">multiple offers</a> in today’s <a href="https://www.keepingcurrentmatters.com/2023/05/03/buyer-activity-is-up-despite-higher-mortgage-rates/" rel="noopener noreferrer" target="_blank">sellers’ market</a>.
Connect with a local real estate agent today if you’re ready to sell your house and move to a home that meets your <a href="https://www.keepingcurrentmatters.com/2023/05/04/how-homeowners-win-when-they-downsize/" rel="noopener noreferrer" target="_blank">changing needs</a>.
2023-05-28T20:18:59-07:002023-05-28T20:31:00-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:36603The Impact of Changing Mortgage Rates [INFOGRAPHIC]<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230518/The-Impact-of-Changing-Mortgage-Rates-NM.jpg" />
Some Highlights
If you’re looking to <a href="https://www.keepingcurrentmatters.com/2023/05/01/why-buying-a-home-makes-more-sense-than-renting-today/" rel="noopener noreferrer" target="_blank">buy</a> a home, you should know even a small change in mortgage rates has an <a href="https://tradingeconomics.com/united-states/average-mortgage-size" rel="noopener noreferrer" target="_blank">impact</a> on your <a href="https://www.keepingcurrentmatters.com/2023/04/03/how-changing-mortgage-rates-can-affect-you/" rel="noopener noreferrer" target="_blank">purchasing power</a>.
These charts show how <a href="https://www.keepingcurrentmatters.com/2023/05/10/the-impact-of-inflation-on-mortgage-rates/" rel="noopener noreferrer" target="_blank">rates</a> generally affect your <a href="https://www.mortgagecalculator.net/" rel="noopener noreferrer" target="_blank">monthly payment</a>.
The best way to <a href="https://www.keepingcurrentmatters.com/2023/04/28/ways-to-overcome-affordability-challenges-in-todays-housing-market-infographic/" rel="noopener noreferrer" target="_blank">navigate</a> changing <a href="https://www.keepingcurrentmatters.com/2023/04/26/the-three-factors-affecting-home-affordability-today/" rel="noopener noreferrer" target="_blank">mortgage rates</a> and make an informed buying decision is to rely on the expertise of a local real estate professional and mortgage lender.
2023-05-24T05:54:41-07:002023-05-24T06:54:53-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:36463The Worst Home Price Declines Are Behind Us [INFOGRAPHIC]
<img src="https://files.keepingcurrentmatters.com/content/assets/image/20230512/20230512-the-worst-home-price-declines-are-behind-us-kcm.png" />
Some Highlights
While <a href="https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-us-national-home-price-nsa-index/#news-research" rel="noopener noreferrer" target="_blank">home prices</a> vary by local area, they’ve already hit their <a href="https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx" rel="noopener noreferrer" target="_blank">low point</a> nationally, and now they’re starting to rise again.
Last July, prices started to decline, but around <a href="https://www.corelogic.com/intelligence/us-home-price-insights-may-2023/" rel="noopener noreferrer" target="_blank">February</a>, they began <a href="https://www.keepingcurrentmatters.com/2023/04/17/think-twice-before-waiting-for-lower-home-prices/" rel="noopener noreferrer" target="_blank">climbing</a> back up.
If you put your plans to move on hold waiting to see what would happen with <a href="https://www.keepingcurrentmatters.com/2023/04/26/the-three-factors-affecting-home-affordability-today/" rel="noopener noreferrer" target="_blank">home prices</a>, reach out to a local real estate expert to discuss if now’s the right time to jump back in.2023-05-17T15:29:24-07:002023-05-17T15:37:53-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:36460What You Need To Know About Home Price News<a href="https://files.keepingcurrentmatters.com/content/images/20230516/20230517-what-you-need-to-know-about-home-price-news.jpg" title="The National Association of Realtors (NAR) will release its latest Existing Home Sales Report tomorrow." class="lightbox-added"><img src="https://files.keepingcurrentmatters.com/content/images/20230516/20230517-what-you-need-to-know-about-home-price-news.jpg" alt="What You Need To Know About Home Price News" /></a>
The National Association of Realtors (NAR) will release its latest <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" rel="noopener noreferrer" target="_blank">Existing Home Sales Report</a> tomorrow. The information it contains on <a href="https://www.keepingcurrentmatters.com/2023/05/16/the-worst-home-price-declines-are-behind-us/" rel="noopener noreferrer" target="_blank">home prices</a> may cause some confusion and could even generate some troubling headlines. This all stems from the fact that NAR will report the median sales price, while other home price indices report <a href="https://www.investopedia.com/terms/r/repeatsales-method.asp" rel="noopener noreferrer" target="_blank">repeat sales prices</a>. The vast majority of the repeat sales indices show prices are <a href="https://www.keepingcurrentmatters.com/2023/05/12/the-worst-home-price-declines-are-behind-us-infographic/" rel="noopener noreferrer" target="_blank">starting to appreciate</a> again. But the median price reported on Thursday may tell a different story.
Here’s why using the median home price as a gauge of what’s happening with home values isn’t ideal right now. <a href="https://realestate.wichita.edu/question/hpi-vs-median-price/#:~:text=The%20median%20sale%20price%20measures,and%20half%20sold%20for%20less" rel="noopener noreferrer" target="_blank">According</a> to the Center for Real Estate Studies at Wichita State University:
“The median sale price measures the ‘middle’ price of homes that sold, meaning that half of the homes sold for a higher price and half sold for less. While this is a good measure of the typical sale price, it is not very useful for measuring home price appreciation because it is affected by the ‘composition’ of homes that have sold.
For example, if more lower-priced homes have sold recently, the median sale price would decline (because the “middle” home is now a lower-priced home), even if the value of each individual home is rising.”
People <a href="https://www.keepingcurrentmatters.com/2023/05/03/buyer-activity-is-up-despite-higher-mortgage-rates/" rel="noopener noreferrer" target="_blank">buy homes</a> based on their monthly mortgage payment, not the price of the house. When mortgage rates go up, they have to buy a less expensive home to keep the monthly expense <a href="https://www.keepingcurrentmatters.com/2023/04/28/ways-to-overcome-affordability-challenges-in-todays-housing-market-infographic/" rel="noopener noreferrer" target="_blank">affordable</a>. More ‘less-expensive’ houses are selling right now, and that’s causing the median price to decline. But that doesn’t mean any single house lost value.
Even NAR, an organization that reports on median prices, acknowledges there are limitations to what this type of data can show you. NAR <a href="https://www.nar.realtor/newsroom/existing-home-sales-slid-2-4-in-march" rel="noopener noreferrer" target="_blank">explains</a>:
“Changes in the composition of sales can distort median price data.”
For clarification, here’s a simple explanation of median value:
You have three coins in your pocket. Line them up in ascending value (lowest to highest).
If you have one nickel and two dimes, the median value of the coins (the middle one) in your pocket is ten cents.
If you have two nickels and one dime, the median value of the coins in your pocket is now five cents.
In both cases, a nickel is still worth five cents and a dime is still worth ten cents. The value of each coin didn’t change.
The same thing applies to today’s <a href="https://www.keepingcurrentmatters.com/2023/05/09/why-todays-housing-market-is-not-about-to-crash/" rel="noopener noreferrer" target="_blank">real estate market</a>.
Bottom Line
Actual home values are going up in most markets. The median value reported tomorrow might tell a different story. For a more in-depth understanding of home price movements, reach out to a local real estate professional.
2023-05-17T14:46:41-07:002023-05-17T15:08:31-07:00Billy Howelltag:homesoldflorida.com,2012-09-20:36322The Impact of Inflation on Mortgage Rates<a href="https://files.keepingcurrentmatters.com/content/images/20230509/20230510-the-impact-of-inflation-on-mortgage-rates.jpg" title="If you’re reading headlines about inflation or mortgage rates, you may see something about the recent decision from the Federal Reserve." class="lightbox-added"><img src="https://files.keepingcurrentmatters.com/content/images/20230509/20230510-the-impact-of-inflation-on-mortgage-rates.jpg" alt="The Impact of Inflation on Mortgage Rates" /></a>
If you’re reading headlines about inflation or <a href="https://www.keepingcurrentmatters.com/2023/04/26/the-three-factors-affecting-home-affordability-today/" rel="noopener noreferrer" target="_blank">mortgage rates</a>, you may see something about the recent decision from the Federal Reserve (the Fed). But what does it mean for you, the housing market, and your plans to <a href="https://www.keepingcurrentmatters.com/2023/05/01/why-buying-a-home-makes-more-sense-than-renting-today/" rel="noopener noreferrer" target="_blank">buy a home</a>? Here’s what you need to know.
Inflation and the Housing Market
While the Fed’s working hard to lower inflation, the latest <a href="https://www.bea.gov/data/personal-consumption-expenditures-price-index" rel="noopener noreferrer" target="_blank">data</a> shows that, while the number has improved some, the inflation rate is still higher than the target (2%). That played a role in the Fed’s decision to raise the Federal Funds Rate last week. As Bankrate <a href="https://www.bankrate.com/real-estate/how-fed-rate-hike-affects-housing/" rel="noopener noreferrer" target="_blank">explains</a>:
“Keeping its inflation-fighting streak alive, the Federal Reserve has raised interest rates for the 10th time in 10 meetings . . . The hikes aimed to cool an economy that was on fire after rebounding from the coronavirus recession of 2020.”
While the Fed’s actions don’t directly dictate what happens with mortgage rates, their decisions do have an impact and contributed to the intentional cooldown in the housing market last year.
How This Impacts You
During times of high inflation, your everyday expenses go up. That means you’ve likely felt the pinch at the gas pump and in the grocery store. By raising the Federal Funds Rate, the Fed is actively trying to lower inflation. If the Fed is successful, it could also ultimately lead to <a href="https://www.keepingcurrentmatters.com/2023/05/02/a-recession-doesnt-equal-a-housing-crisis-2/" rel="noopener noreferrer" target="_blank">lower mortgage rates</a> and better homebuying <a href="https://www.keepingcurrentmatters.com/2023/04/28/ways-to-overcome-affordability-challenges-in-todays-housing-market-infographic/" rel="noopener noreferrer" target="_blank">affordability</a> for you. That’s because when inflation is high, mortgage rates tend to be high. But, as inflation cools, experts say mortgage rates will likely fall.
Where Experts Think Mortgage Rates and Inflation Will Go from Here
Moving forward, both inflation and mortgage rates will continue to impact the housing market. And as Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://www.usatoday.com/story/money/2023/05/03/will-mortgage-rates-rise-with-fed-rate-hike/70174099007/" rel="noopener noreferrer" target="_blank">says</a>:
“Mortgage rates are likely to descend lower later in the year as the consumer price inflation calms down . . .”
Mike Fratantoni, Chief Economist at the Mortgage Bankers Association (MBA), <a href="https://www.bankrate.com/real-estate/how-fed-rate-hike-affects-housing/" rel="noopener noreferrer" target="_blank">explains</a>:
“We continue to expect that mortgage rates will drift down over the course of the year as the economy slows . . .”
While there’s no way to say with certainty where mortgage rates will go from here, the experts think mortgage rates will trend down this year if inflation comes down too. To stay informed on the latest insights, connect with a trusted real estate advisor. They keep their pulse on what’s happening today and help you understand what the experts are projecting and how it could impact your homeownership plans.
Bottom Line
Don’t let headlines about the latest decision from the Fed confuse you. Where mortgage rates go from here depends on what happens with inflation. If inflation cools, mortgage rates should tick down as a result. Lean on a trusted real estate professional so you have expert insights on housing market changes and what they mean for you.
2023-05-11T00:42:14-07:002023-05-11T01:17:56-07:00Billy Howell