Tuesday, July 26, 2022 / by Brittany Aspenson
Here’s what you need to know about our local housing market.
Dave Ramsey is a leading industry expert in real estate. If anyone knows what’s happening in our shifting market, it’s him, so I tuned into his latest market address. Today I’ll share his and my thoughts, as a Dave Ramsey Trusted ELP, with you so that you can make the best real estate decision possible.
At the end of the day, real estate is all about supply and demand. Even though inventory is increasing, we still have a housing shortage. For reference, we only have about a quarter of the supply we had back in 2007. Some people are beginning to worry that our market will crash like in 2007, but as long as supply remains this low, there is nothing to worry about.
It doesn’t look like our market will be flooded with inventory anytime soon, either. New construction rates are about half what they were in 2007, and foreclosures are negligible. There was a moratorium on foreclosur; ...
Thursday, July 21, 2022 / by Brittany Aspenson
Want to put your home on the market? Do these upgrades first.
“What improvements or changes do I have to make to my home before listing?” This is one of the questions that I often hear from would-be sellers. Here's the good news—a house does not need to be completely renovated to sell. In a quickly changing market, home improvements that take too much time could only cost you more. To help you sell fast and for top dollar, I'll share a few home upgrades that won't take a lot of time and money:
1. Flooring. Wood refinishing or changing old carpets can give great returns. I know companies that do it for a reasonable rate.
2. Get new lighting.
3. Give your home a fresh coat of paint.
4. Improve your curb appeal. Since it's the first thing buyers will see, your property's curb appeal can leave a long-lasting impression.
5. Do some general maintenance. This will make your home appear well cared for even if it's not updated.
6. Complete old projects. ...
Wednesday, July 6, 2022 / by Brittany Aspenson
Here’s what you need to know before buying new construction.
Are you considering buying new construction? It’s a great option with many benefits; however, it's easy to become overwhelmed and make mistakes. Here are a few things to keep in mind when buying new construction to make the process easy and hassle-free:
1. Do your due diligence when selecting a builder or neighborhood. Your builder can be the difference between a great experience and an awful one. Start your search by creating a list of the neighborhoods, areas, and cities you’re considering. In each location, make a list of the builders and new construction neighborhoods available. A few resources you can use are NewHomeSource, Parade of Homes, and the MLS. Once you create your list, narrow your criteria until you find the best builder and neighborhood for you.
2. Understand the building process. Every builder is different. The timeline can range from a few months to over a year, so know what y! ...
Wednesday, July 6, 2022 / by Brittany Aspenson
What opportunities are waiting for buyers in this market shift.
Now that the market is shifting, a lot of buyers are wondering if it's still the best time to purchase a home or not. I recently interviewed our preferred lender, Matt Grant of Fairway Mortgage, to give us an insight into what it's like to be a buyer right now. Here’s what he had to say:
How are rising interest rates affecting buyers?
"Two Fridays ago, we had an inflation report which was the highest in four years. As a result, interest rates increased by about 1% over just four days. To give you an example, on a $300,000 loan, the principal interest payment at 4% would be $1,435. At 5%, it's $1,620. That's a difference of $185 a month, so even a 1% increase in interest rates has a big impact.
"There might be less competition in the market moving forward."
What should buyers be aware of with the interest rates rising up?
"Rising interest rates could keep home prices down to a level where we might not se! ...
Friday, June 17, 2022 / by Brittany Aspenson
Here’s what buyers and sellers should know about our shifting market.
“Is our market starting to cool down?” A lot of clients have been asking me this recently, and I understand their concern. A slower market could mean fewer opportunities. Did homebuyers and sellers miss the boat on a great deal? Today I want to look at the latest statistics from our market and discuss what they mean for both buyers and sellers moving forward.
Over the last few months, our number of pending sales has decreased while inventory has increased. May was a pivotal month since it was the first time sales decreased and inventory rose during a season where the opposite usually happens.
Why are sales decreasing? One explanation could be our rising interest rates. As rates increase, buyers have less purchasing power. Some buyers have had to leave the market as buying a home becomes more expensive.
So sellers have missed the boat on a great deal, right? I don&rsq ...