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Do You Know How Much Equity You Have? To find out what your number is, let’s connect.
#affordability#losangeles#homeownership#exprealty#reguy2009#realestatetips#smartmoves#homepriceappreciation#homevalues#realestategoals#opportunity#sellyourhouse#househunting#homegoals#realestateagent#realestateexperts#instarealtor#houseshopping#housegoals#keepingcurrentmatters
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If you’ve been a homeowner for at least a couple of years, keep reading. Because that means you may be sitting on a solid amount of equity. And if so, there are a few different ways you can use it to fuel your next move. Wanna know what your equity might unlock for you? Let’s talk through it.
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Multi-generational homes are gaining popularity for a number of reasons. From cost savings to making it easier to care for aging parents, there are a lot of benefits to consider. Thinking of buying a multi-gen home? Let’s talk to see if it's a perfect fit for you and your needs.
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No matter what you’ve seen in the news, there is no wave of foreclosures on the horizon. Yes, we’ve seen numbers tick up slightly (hence those headlines), but that was expected when the moratorium ended. It’s not a cause for alarm. We’re still well below pre-pandemic levels and way lower than what we saw during the crash. If you have questions, I’m here to help.
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If you’re thinking about buying a home, chances are you’ve got mortgage rates on your mind. You’ve heard about how they impact how much you can afford in your monthly mortgage payment, and you want to make sure you’re factoring that in as you plan your move. The problem is, with all the headlines in the news about rates lately, it can be a bit overwhelming to sort through. The Latest on Mortgage Rates Rates have been volatile – that means they’re bouncing around a bit. And, you may be wondering, why? The answer is complicated because rates are affected by so many factors. Things like what’s happening in the broader economy and the job market, the current inflation rate, decisions made by the Federal Reserve, and a whole lot more have an impact. Lately, all of those factors have come into play, and it’s caused the volatility we’ve seen. Professionals Can Help Make Sense of it All While you could drill down into each of those things to really understand how they impact mortgage rates, that would be a lot of work. And when you’re already busy planning a move, taking on that much reading and research may feel a little overwhelming. Instead of spending your time on that, lean on the pros. They coach people through market conditions all the time. They’ll focus on giving you a quick summary of any broader trends up or down, what experts say lies ahead, and how all of that impacts you. You don’t need to be an expert on real estate or mortgage rates, you just need to have someone who is, by your side. Have questions about what’s going on in the housing market? DM me so we can take what’s happening right now and figure out what it really means for you.
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According to recent data from Fannie Mae, almost 1 in 4 people still think home prices are going to come down. If you’re one of the people worried about that, here’s what you need to know. A lot of that fear is probably coming from what you’re hearing in the media or reading online. But here’s the thing to remember. Negative news sells. That means, you may not be getting the full picture. You may only be getting the clickbait version. As Jay Thompson, a Real Estate Industry Consultant, explains: “Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points or predicting impending doom for the industry. Clickbait, the sensationalizing of headlines and content, has been an issue since the dawn of the internet, and housing news is not immune to it.” Home Prices Rose the Majority of the Past Year It’s perfectly normal in the housing market for home price growth to slow down in the winter. That’s because fewer people move during the holidays and at the start of the year, so there’s not as much upward pressure on home prices during that time. The overarching story is that prices went up last year, not down. If one of the expert organizations tracking home price trends says the very slight dips are nothing to worry about, why be concerned? Even Case-Shiller is drawing your attention to how those were virtually flat and how home prices actually grew over the year. Don’t let what you're hearing about home prices confuse you. The data shows that, as a whole, home prices rose over the past year. If you have questions about what’s happening with home prices in our area, DM me.
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If you’re looking to move, you know affordability is tight right now.
But there are some signs it’s starting to get a little bit better and may improve as the year goes on.
We’ve still got a long way to go. But if you want someone to keep you up to date on the latest, I can help.
#exprealty#reguy2009#losangeles#springhousingmarket#homebuyingseason#affordablehomes#inventorygrowth#newlistings#buyingahome#powerfuldecisions#confidentdecisions#househunting#buyersagent#housinginventory#stayinformed#staycurrent#affordability#newconstruction#keepingcurrentmatters
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2024 Housing Market Myth busting
There are a number of myths out there about the 2024 housing market. Need help separating fact from fiction? Let’s connect.
#losangeles#homeownership#affordability#sellyourhouse#exprealty#reguy2009#realestatetips#smartmoves#homepriceappreciation#homevalues#realestategoals#opportunity#househunting#homegoals#realestateagent#realestateexperts#instarealtor#houseshopping#housegoals#keepingcurrentmatters
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When it comes to the current housing market, there are some myths circling around right now. Some of the more common ones are that it’s better to wait for mortgage rates to fall or prices to crash. But there are others about the supply of homes for sale and down payments. Let’s connect so you have an expert to help separate fact from fiction in today’s housing market.
#exprealty#losangeles#neilsingerman#realestatetipsoftheday#realestatetipsandadvice#keepingcurrentmatters
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Over the past year or so, a lot of people have been talking about how tough it is to buy a home. And while there’s no arguing affordability is still tight, there are signs it’s starting to get a bit better and may improve even more throughout the year. 1. Mortgage Rates Despite the recent volatility, rates are still lower than they were last fall when they reached nearly 8%. On top of that, most experts still think they’ll come down some over the course of the year. Any drop in rates can make a difference for you. When rates go down, you can afford the home you really want more easily because your monthly payment would be lower. 2. Home Prices The second big factor to think about is home prices. Most experts project they'll keep going up this year, but at a more normal pace. That’s because there are more homes on the market this year, but still not enough for everyone who wants to buy one. These forecasts are actually good news for you because it means the prices aren't likely to shoot up sky high like they did during the pandemic. That doesn’t mean they’re going to fall – they'll just rise at a slower pace. 3. Wages One factor helping affordability right now is the fact that wages are rising. Here’s how this helps you. If your income has increased, it's easier to afford a home because you don't have to spend as big of a percentage of your paycheck on your monthly mortgage payment. If you stack these factors up, you’ll see mortgage rates are still projected to come down a bit later this year, home prices are going up at a more moderate pace, and wages are growing quicker than normal. Those trends are a good sign for your ability to afford a home.
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You may have seen reports in the news recently saying it’s more affordable to rent right now than it is to buy a home. How Equity Changes the Game If you rent, your monthly rental payments only go toward covering your housing costs and your landlord’s expenses. So other than saving a bit more per month and maybe getting your rental deposit back when you move, the money you spent on housing each month is gone – forever. When you buy, your monthly mortgage payment pays for your shelter, but it also acts as an investment. That investment grows in the form of equity as you make your mortgage payment each month and chip away at what you owe on your home loan. Your equity gets an extra boost as home values climb – which they typically do. Imagine you purchased a home for $400,000 at the start of this year. Chances are, since you bought, you plan to stay put for a while. Based on the HPES projections, if you live there for 5 years, you could end up gaining over $83,000 in household wealth as your home grows in value. While you may save a bit on your monthly payments if you rent right now, you’ll also miss out on gaining equity. So, what’s the big takeaway? Whether it makes more sense to rent or buy is going to vary based on your personal finances. It’s not a good idea to buy if the numbers truly don’t work for you. But, if you’re ready and able, adding equity as the final puzzle piece may be enough to help you realize buying is a better move in the long run. If you want to take advantage of long-term home price appreciation, let’s go over your options.
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If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you. In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold. But when rates start to come down, things change. It goes from limited or weak demand to good or strong demand. That’s because a big portion of the buyers who sat on the sidelines when rates were higher are going to jump back in and make their moves happen. As Lisa Sturtevant, Chief Economist for Bright MLS, explains: “The higher rates we’re seeing now [are likely] going to lead more prospective buyers to sit out the market and wait for rates to come down.” Why You Might Not Want To Wait If you’re asking yourself: what does this mean for my move? Here’s the golden nugget. According to experts, mortgage rates are still projected to come down this year, just a bit later than they originally thought.
But if you’re ready and able to sell now, it may be worth it to get ahead of that. You have the chance to move before the competition increases. If you’re thinking about whether you should wait for rates to come down before you move, don’t forget to factor in buyer demand. Once rates decline, competition will go up even more. If you want to get ahead of that and sell now, DM me.
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Have you been saving up to buy a home this year? If so, you know there are a number of expenses involved – from your down payment to closing costs. But did you also know your tax refund can help you pay for some of these expenses? While how much money you may get in a tax refund is going to vary, it can be encouraging to have a general idea of what’s possible. But if you do get a refund, here are a few examples of how you can use it when buying a home. According to Freddie Mac: • Saving for a down payment – One of the biggest barriers to homeownership is setting aside enough money for a down payment. You could reach your savings goal even faster by using your tax refund to help. • Paying for closing costs – Closing costs cover some of the payments you’ll make at closing. They’re generally between 2% and 5% of the total purchase price of the home. You could direct your tax refund toward these closing costs. • Lowering your mortgage rate – Your lender might give you the option to buy down your mortgage rate. If affordability is tight for you at today’s rates and home prices, this option may be worth exploring. If you qualify for this option, you could pay upfront to have a lower rate on your mortgage. The best way to get ready to buy a home is to work with a team of trusted real estate professionals who understand the process and what you’ll need to do to be ready to buy. Your tax refund can help you reach your savings goal for buying a home. Let’s talk about what you’re looking for, because your home may be more within reach than you think.
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An exciting trend is happening in housing.
New data shows the size of new homes is trending down.
That’s good news if you’ve been looking for a house that checks all your boxes and still fits your budget.
If you want to see what builders are doing in our area, let’s connect. You’ll want an agent to show you the latest and be your guide as you decide what’s right for you.
#exprealty#reguy2009#losangeles#springhousingmarket#homebuyingseason#affordablehomes#inventorygrowth#newlistings#buyingahome#powerfuldecisions#confidentdecisions#househunting#buyersagent#housinginventory#stayinformed#staycurrent#affordability#newconstruction#keepingcurrentmatters
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If you’re about to retire, or just did, downsizing can be a good way to try to cut down on some of your expenses. Smaller homes typically have lower energy and maintenance costs. Plus, you may have enough equity built up to fuel your move. If you're thinking about moving to a smaller home, let’s go over your goals and look at your options in our local market.
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There’s no arguing it, affordability is still tight. And if you’re trying to buy a home, that may mean you need to look at smaller houses to find one that’s still in your budget. But there is a silver lining: builders are focused on building these smaller homes right now and they’re offering incentives. And that can help give you more options that fit the bill. Newly Built Homes Are Trending Smaller During the pandemic, homebuyers wanted (and could afford) larger homes – and builders delivered. They focused on homes that were bigger, so people had more space for things like working from home, having a home gym, bonus rooms for virtual school, and more. But with the affordability challenges buyers are facing today, builders are increasingly shifting their attention to bringing smaller single-family homes to the market. So, why the shift to less square footage? It’s simple. Builders want to build what they know will sell. Basically, they focus on where the demand is strongest. And once mortgage rates started climbing and consumers felt the challenges of affordability creeping in, it became clear there was (and is) a very real need for smaller homes. What This Means for You If you’re having a hard time finding something in your budget, it may help to look at smaller homes. And, if you consider new builds specifically, you may find a few other fringe benefits that can help on the affordability front – like price reductions or mortgage rate buy-downs. Builders building smaller homes can give you more affordable options at a time when you may really need it. If you’re hoping to buy a home soon, DM me to look at what’s available in our area.
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When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. Maybe you did too because you didn’t want to sell and take on a higher mortgage rate for your next home. But is that still the right strategy for you? In today’s market, data shows more homeowners are getting used to where rates are and thinking it may be time to move. What Would Motivate You To Move? Now that you know why other people would move, take a minute to think about what would make a move worth it for you. Is it time to take a chance and go for your dream job, even though it’s not local? Are you looking for a neighborhood that has more to offer and a close-knit sense of community? Maybe you just need more space, you’re looking for your next great adventure, or you want a house that opens up rental opportunities to pad your income. And here’s something else to consider. Mortgage rates are still expected to go down over the course of the year. And once that happens, there’s going to be a big rush of buyers jumping back into the market. While you could delay your plans until rates drop, you’ll only have more competition with those buyers if you do. So, does that mean it’s worth it to move now, even with rates where they are? The answer is: that it depends. You'll want to consider today’s mortgage rates, where they’re expected to go from here, and what would prompt you to want to make a change as you decide on your next steps. An expert can help with that. Other homeowners are getting used to rates and deciding to move. DM me to go over what matters most to you and if it’s time for you to jump back into the market too.
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