If you bought your home a number of years ago, chances are you have a lot of opportunities between your home equity and today's low mortgage rates. Let's connect to make sure you don't miss out.
#TopGranbyRealtor #StephenSimard #RealBrokerLLC #GranbyRealEstate #GranbyConnecticut #FindyourGranbyhome #Newhomesforsale #SimardRealtyGroup #Granbyhomesforsale #JoinRealBrokerLLC #Simsburyhomes
0 Comments
Home prices continue to rise as we move through the summer, and that’s good news for sellers who are looking to maximize their home’s potential. If you’re on the fence about whether to list your house now or later, the question you should really ask is: will this price appreciation last?
Here’s what three leading industry experts have to say about what lies ahead: Lawrence Yun, Chief Economist, National Association of Realtors (NAR):“At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year.” Selma Hepp, Deputy Chief Economist, CoreLogic:“The imbalance between robust demand and dismal availability of for-sale homes has led to a continual bidding over asking prices, which reached record levels in recent months . . . . Nevertheless, with more new listings and new home construction, home price acceleration that has built momentum, and continues to reach new highs, will likely slow later this summer but remain in double digits.” George Ratiu, Chief Economist, realtor.com:“Many sellers are going to take advantage of higher prices. This summer is going to signal the move to the next chapter, and this will very much be the year they’re going to put their home on the market.” What It Means for You: The experts agree that the summer months give sellers a great opportunity to capitalize on today’s home prices. And while prices aren’t expected to depreciate, the rise in prices is forecast to moderate over the next few years. That means selling your house today could set you up for a bigger win. Bottom Line Listen to the experts. If you’re ready to make a move, work with a trusted real estate professional to sell your house sooner rather than later so you can take advantage of today’s home price appreciation before it moderates. SOURCE KCM #ForSellers #Pricing #MoveUpBuyers #SimardRealtyGroup #RealBrokerLLC If you’re concerned we’re in a housing bubble about to burst, don’t be. Today’s conditions are much different than those that led up to the 2008 housing market crash, which is why experts agree we’re not in a bubble. DM me today so we can talk through what makes now different from then.
#notabubble #asktheexperts #housingmarketnews #realestate #homeownership #homebuying #realestatemarket #realestateexperts #realestateagents #instarealestate #instarealtor #expertanswers #opportunity #housingmarket #keepingcurrentmatters According to recent data from realtor.com, median rental prices have reached their highest point ever recorded in many areas across the country. The report found rents rose by 8.1% from the same time last year. As it notes: “Beyond simply recovering to pre-pandemic levels, rents across the country are surging. Typically, rents fluctuate less than 1% from month to month. In May and June, rents increased by 3.0% and 3.2% from each month to the next.” If you’re a renter concerned about rising prices, now may be the time to consider purchasing a home. Monthly Rents Are Higher Than Monthly Mortgage Payments When you weigh your options of whether to buy a home or continue renting, how much you’ll pay each month is likely top of mind. According to the National Association of Realtors (NAR), monthly mortgage payments are rising, but they’re still significantly lower than the typical rental payment. NAR indicates the latest data on homes closed shows the median monthly mortgage payment is $1,204. By contrast, the median national rent is $1,575 according to the most current data provided by realtor.com. In other words, buyers who recently purchased a home locked in a monthly payment that is, on average, $371 lower than what renters pay today (see graph below): Rents Are Rising Sharply, and They Continue To Increase The difference in monthly housing costs when comparing renting and homebuying today is significant, but many would-be homebuyers wonder about the future of rental prices. If we look to historical Census data as a reference, the median asking rent has risen consistently since 1988 (see graph below): The rise in rent over time clearly shows one of the major advantages homeownership has over renting: stable housing costs. Renters face increasing costs every year. When you purchase your home, your mortgage rate is locked in for 30 years, meaning your monthly payment stays the same over time. That gives you welcome peace of mind and predictability for many years ahead.
Bottom Line With rents continuing to rise across the country, renters should consider if now is the right time to buy. There are multiple benefits to buying sooner rather than later. Talk with your trusted real estate advisor so you can make your most powerful decision. SOURCE KCM #RentVSBuy #Pricing #ForBuyers #SimardRealtyGroup #RealBrokerLLC If you’re wondering if we’re headed towards a foreclosure crisis, experts say we aren’t. Homeowners who entered forbearance can work out a plan with their lender to stay in their homes or use their equity to sell their house. DM me today so we can talk through what’s to come as the forbearance period ends.
#foreclosure #expertanalysis #askanexpert #realestate #homeownership #realestateagent #realestateexpert #realestateblog #realestatemarket #realestateexperts #realestateagents #instarealestate #instarealtor #realestatetipsandadvice #keepingcurrentmatters Sometimes it can feel like everyone has advice when it comes to buying a home. While your friends and loved ones may have your best interests in mind, they may also be missing crucial information about today’s housing market that you need to make your best decision. Before you decide whether you’re ready to buy a home, you should know how to answer these three questions. 1. What’s Going on with Home Prices? Home prices are one factor that directly impacts how much it will cost to buy a home and how much you stand to gain as a homeowner when prices appreciate. The graph below shows just how much experts are forecasting prices to rise this year: Continued price appreciation is great news for existing homeowners but can pose a significant challenge if you wait to buy. Using these forecasts, you can determine just how much waiting could cost you. If prices increase based on the average of all forecasts (12.46%), a median-priced home that cost $350,000 in January of 2021 will cost an additional $43,610 by the end of the year. What does this mean for you? Put simply, with home prices increasing, the longer you wait, the more it could cost you. 2. Are Today’s Low Mortgage Rates Going To Last? Another significant factor that should inform your decision is mortgage interest rates. Today’s average rates remain close to record-lows. Much like prices, though, experts forecast rates will rise over the coming months, as the chart below shows: Your monthly mortgage payment can be significantly impacted by even the slightest increase in mortgage rates, which makes the overall cost of the home greater over time when you wait. 3. Why Is Homeownership Important to You? The final question is a personal one. Before deciding, you’ll need to understand your motivation to buy a home and why homeownership is an important goal for you. The financial benefits of owning a home are often easier to account for than the many emotional ones. The 2021 National Homeownership Market Survey shows that six of the nine reasons Americans value homeownership are because of how it impacts them on a personal, aspirational level. The survey says homeownership provides:
Clearly, there’s a value to homeownership beyond the many great financial opportunities it provides. It gives homeowners a sense of pride, safety, security, and accomplishment – which impacts their lives and how they feel daily.
Bottom Line Homeownership is life-changing, and buying a home can positively impact you in so many ways. With any decision this big, it helps to have a trusted advisor by your side each step of the way. If you’re ready to begin your journey toward homeownership, connect with a local real estate professional today to discuss your options. SOURCE KCM #Pricing #ForBuyers #InterestRates #SimardRealtyGroup #RealBrokerLLC |
Archives
October 2022
Categories
All
|