Many people have questions about home prices right now. How much have prices risen over the past 12 months? What’s happening with home values right now? What’s projected for next year? Here’s a look at the answers to all three of these questions.Continue Reading
Home prices have increased significantly over the last year, which in turn has grown the net worth of homeowners. Appreciation and home equity are directly linked – as the value of a home increases, so does a homeowner’s equity. And with these recent gains, homeowners are witnessing their financial stability and well-being grow to record levels.
In more good news for homeowners, the most recent Home Price Expectations Survey – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists – forecasts home prices will continue appreciating over the next five years, adding to the record amount of equity homeowners have already gained over the past year. Continue Reading
As we move into the latter half of the year, questions about what’s to come are top of mind for buyers and sellers. Near record-low mortgage rates coupled with rising home price appreciation kicked off a robust housing market in the first half of 2021, but what does the forecast tell us about what’s on the horizon?Continue Reading
When you sell your home, you want it to sell for at least what you’re asking — preferably more. And if that’s the goal, now is a great time to sell.
A recent survey from Homes.com found that a whopping 82 percent of homes sold over the past six months accepted offers either at or above asking price — with 33 percent selling at the original asking price and an impressive 49 percent selling for more than what the seller’s asked for. Homes are also selling quickly. According to the survey, almost half of homes sold in less than a month, with two-thirds of all sellers accepting an offer after 10 or fewer showings.
So, what does this mean for you? In today’s market, the majority of homes are selling for a profit — and they’re selling fast. So, if you’ve been thinking about selling your home, now is a great time to make a move.
Home price appreciation continues to accelerate. Today, prices are driven by the simple concept of supply and demand. Pricing of any item is determined by how many items are available compared to how many people want to buy that item. As a result, the strong year-over-year home price appreciation is simple to explain. The demand for housing is up while the supply of homes for sale hovers at historic lows.
Let’s use three maps to show how this theory continues to affect the residential real estate market.Continue Reading
For generations, the process of buying and selling a home never really changed. A homeowner would try to estimate the market value of their house, then tack on a little extra to give themselves some negotiating room. That figure would become the listing price. Buyers would then try to determine how much less than the full price they could offer and still get the home.
As a result, the listing price was generally the ceiling of the negotiation. The actual sales price would almost always be somewhat lower than what was listed. It was unthinkable to pay more than what the seller was asking.
The record-low supply of homes for sale coupled with very strong buyer demand is leading to a rise in bidding wars on many homes. Because of this, homes today often sell for more than the list price. In some cases, they sell for a lot more.Continue Reading
If you’re thinking that waiting a year or two to purchase a home might mean you’ll save some money, think again. Mortgage interest rates are currently very low, but experts across the board are forecasting increases in both home prices and interest rates. Buying a home now means you’ll spend less in the long run.
Let’s connect to put your home buying plans in motion before home prices and mortgage rates climb even higher.
There’s no denying that 2020 was an extremely challenging year. But one area that flourished in 2020 was the real estate market — and more specifically, the market was great for sellers. Low inventory and high buyer demand drove up home prices around the country.
But just what kind of home value increases did homeowners see in 2020?
According to CoreLogic’s most recent Home Price Insights report, home prices increased 9.2 percent from December 2019 to December 2020 — the largest annual home price gain since early 2014. That means if your home was valued at $325,000 in December 2019, by December 2020, that same home was worth $354,900 — an increase of $29,900.
So, what does that mean for you? If you’re a homeowner, chances are, your home is worth a lot more today than it was just a year ago. So if you’ve been thinking of selling, now is a great time to make a move and sell your home for a healthy profit.
As shelter-in-place orders were implemented earlier this year, many questioned what the shutdown would mean to the real estate market. Specifically, there was concern about home values. After years of rising home prices, would 2020 be the year this appreciation trend would come to a screeching halt? Even worse, would home values begin to depreciate?
Original forecasts modeled this uncertainty, and they ranged anywhere from home values gaining 3% (Zelman & Associates) to home values depreciating by more than 6% (CoreLogic).Continue Reading
As a seller today, you may think pricing your home on the high end will result in a higher final sale price, but the opposite is actually true. To sell your home quickly and for the best possible price, you should eliminate buyer concerns by pricing your home competitively right from the start.
Let’s connect today to make sure you have the guidance you need to price your home right this Fall.
