Greater Boston Real Estate BlogRecently posted or modified blog postshttps://www.sellinboston.com/blog/Copyright SellInBoston.com2024-03-18T06:15:46-07:00tag:sellinboston.com,2012-09-20:6929Why Today’s Seller’s Market Is Good for Your Bottom LineWhy Today’s Seller’s Market Is Good for Your Bottom Line
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240311/20240314-Why-Today-s-Seller-s-Market-Is-Good-for-Your-Bottom-Line.png" width="600" /><br /><br />
Thinking about <a href="https://www.simplifyingthemarket.com/en/2024/03/06/why-access-is-so-important-when-selling-your-house/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">selling your house</a> and wondering if now’s a good time to do it? Here’s what you need to know. Even though the number of <a href="https://www.simplifyingthemarket.com/en/2024/02/27/why-todays-housing-supply-is-a-sweet-spot-for-sellers/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homes for sale</a> has been growing this year, there still aren’t enough homes on the market for all the buyers who want to buy.
So, what does that mean for you? To keep it simple, it means it’s still a seller’s market. Here’s how it works:
A neutral market is when supply and demand is balanced. Basically, there are enough homes to meet buyer demand based on the current sales pace, and home prices hold fairly steady.
A buyer’s market is when there are more homes for sale than there are buyers. When that happens, buyers have more negotiation power because sellers are willing to make compromises to close the deal. In a buyer’s market, sellers may have to do price cuts to re-ignite interest in their home, and prices may go down. But we haven’t seen this for years since there are so few homes available to buy.
In a seller’s market, it’s just the opposite. When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which can lead to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer upfront. This could drive the final sale price of your house up.
The graph below uses <a href="https://www.nar.realtor/newsroom/existing-home-sales-rose-3-1-in-january" rel="noopener noreferrer" target="_blank">data</a> from the National Association of Realtors to show just how deep into seller’s market territory we still are today:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240313/20240314-Months-Inventory-of-Homes-for-Sale.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240313/20240314-Months-Inventory-of-Homes-for-Sale.png" alt="a screenshot of a chart" /></a>
What Does This Mean for You?
The market is still working in your favor. If you lean on <a href="https://www.simplifyingthemarket.com/en/2024/02/28/why-you-want-an-agents-advice-for-your-move/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">an agent</a> for advice on how to get your house <a href="https://www.simplifyingthemarket.com/en/2024/02/19/its-time-to-prepare-your-house-for-a-spring-listing/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">list ready</a> and how to price it competitively, it should get a lot of attention from eager buyers. That means you’ll likely get multiple offers and see your house <a href="https://www.simplifyingthemarket.com/en/2024/02/06/houses-are-still-selling-fast/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">sell quickly</a> and for top dollar. As a recent article from Ramsey Solutions <a href="https://www.ramseysolutions.com/real-estate/housing-market-forecast" rel="noopener noreferrer" target="_blank">explains</a>:
“A seller’s market is when demand for homes is higher than the supply of homes. And that’s still the case right now. If you’re planning to sell your house, you can expect to sell it fairly quickly for close to your asking price—as long as your asking price is realistic for the current market.”
Bottom Line
Today’s housing market still favors sellers. If you’re ready to sell your house, let’s connect so you can start making your moves.2024-03-18T06:30:00-07:002024-03-18T06:15:46-07:00Seth Williamstag:sellinboston.com,2012-09-20:6883Why There Won’t Be a Recession That Tanks the Housing MarketWhy There Won’t Be a Recession That Tanks the Housing Market
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240304/20240305-Why-There-Won-t-Be-a-Recession-That-Tanks-the-Housing-Market.png" width="600" /><br /><br />
There’s been a lot of recession talk over the past couple of years. And that may leave you worried we’re headed for a repeat of what we saw back in 2008. Here’s a look at the latest expert projections to show you why that isn’t going to happen.
<a href="https://www.builderonline.com/data-analysis/how-the-election-and-unemployment-could-impact-the-2024-housing-market_c" rel="noopener noreferrer" target="_blank">According</a> to Jacob Channel, Senior Economist at LendingTree, the economy’s pretty strong:
“At least right now, the fundamentals of the economy, despite some hiccups, are doing pretty good. While things are far from perfect, the economy is probably doing better than people want to give it credit for.”
That might be why a <a href="https://www.wsj.com/economy/economic-forecasting-survey-archive-11617814998" rel="noopener noreferrer" target="_blank">recent survey</a> from the Wall Street Journal shows only 39% of economists think there’ll be a recession in the next year. That’s way down from 61% projecting a recession just one year ago (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240304/20240305-More-Economists-Now-See-a-Soft-Landing.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240304/20240305-More-Economists-Now-See-a-Soft-Landing.png" alt="a graph of the economic growth of the economy" /></a>
Most experts believe there won’t be a recession in the next 12 months. One reason why is the current unemployment rate. Let’s compare where we are now with historical data from <a href="https://www.macrotrends.net/countries/USA/united-states/unemployment-rate" rel="noopener noreferrer" target="_blank">Macrotrends</a>, the <a href="https://www.bls.gov/news.release/pdf/empsit.pdf" rel="noopener noreferrer" target="_blank">Bureau of Labor Statistics</a> (BLS), and <a href="https://tradingeconomics.com/united-states/unemployment-rate#:~:text=Unemployment%20Rate%20in%20the%20United,percent%20in%20May%20of%201953." rel="noopener noreferrer" target="_blank">Trading Economics</a>. When we do, it’s clear the unemployment rate today is still very low (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240304/20240305-Unemployment-Rate-Near-All-Time-Lows.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240304/20240305-Unemployment-Rate-Near-All-Time-Lows.png" alt="a graph of a graph showing the number of employment rate" /></a>
The orange bar shows the average unemployment rate since 1948 is about 5.7%. The red bar shows that right after the financial crisis in 2008, when the housing market crashed, the unemployment rate was up to 8.3%. Both of those numbers are much larger than the unemployment rate this January (shown in blue).
But will the unemployment rate go up? To answer that, look at the graph below. It uses data from that same Wall Street Journal <a href="https://www.wsj.com/economy/economic-forecasting-survey-archive-11617814998" rel="noopener noreferrer" target="_blank">survey</a> to show what the experts are projecting for unemployment over the next three years compared to the long-term average (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240304/20240305-Unemployement-Expected-to-stay-below-5-percent.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240304/20240305-Unemployement-Expected-to-stay-below-5-percent.png" alt="a graph of blue bars" /></a>
As you can see, economists don’t expect the unemployment rate to even come close to the long-term average over the next three years – much less the 8.3% we saw when the market last crashed.
Still, if these projections are correct, there will be people who lose their jobs next year. Anytime someone’s out of work, that’s a tough situation, not just for the individual, but also for their friends and loved ones. But the big question is: will enough people lose their jobs to create a flood of foreclosures that could crash the housing market?
Looking ahead, projections show the unemployment rate will likely stay below the 75-year average. That means you shouldn't expect a wave of foreclosures that would impact the housing market in a big way.
Bottom Line
Most experts now think we won't have a recession in the next year. They also don't expect a big jump in the unemployment rate. That means you don’t need to fear a flood of foreclosures that would cause the housing market to crash.2024-03-13T06:00:00-07:002024-03-07T13:14:19-07:00Seth Williamstag:sellinboston.com,2012-09-20:6882The Truth About Down PaymentsThe Truth About Down Payments
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240222/20240226-The-Truth-About-Down-Payments.png" width="600" /><br /><br />
If you’re planning to <a href="https://www.simplifyingthemarket.com/en/2024/01/19/key-terms-every-homebuyer-should-learn-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy</a> your first home, saving up for all the costs involved can feel daunting, especially when it comes to the <a href="https://www.simplifyingthemarket.com/en/2023/12/15/what-you-need-to-know-about-down-payments-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">down payment</a>. That might be because you’ve heard you need to save 20% of the home’s price to put down. Well, that isn’t necessarily the case.
Unless specified by your loan type or lender, it’s typically not required to put 20% down. That means you could be closer to your <a href="https://www.simplifyingthemarket.com/en/2024/01/05/achieving-your-homebuying-dreams-in-2024-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homebuying dream</a> than you realize.
As The Mortgage Reports <a href="https://themortgagereports.com/18520/20-percent-downpayment-risk-mortgage-interest-rate" rel="noopener noreferrer" target="_blank">says</a>:
“Although putting down 20% to avoid mortgage insurance is wise if affordable, it’s a myth that this is always necessary. In fact, most people opt for a much lower down payment.”
<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">According</a> to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, for all homebuyers today it’s only 15%. And it’s even lower for first-time homebuyers at just 8% (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240222/20240226-Today-s-Median-Down-Payment-Is-Less-Than-20-.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240222/20240226-Today-s-Median-Down-Payment-Is-Less-Than-20-.png" alt="a graph of a number of blue squares" /></a>
The big takeaway? You may not need to save as much as you originally thought.
Learn About Resources That Can Help You Toward Your Goal
<a href="https://downpaymentresource.com/" rel="noopener noreferrer" target="_blank">According</a> to Down Payment Resource, there are also over 2,000 homebuyer assistance programs in the U.S., and many of them are intended to help with down payments.
Plus, there are loan options that can help too. For example, <a href="https://www.hud.gov/buying/loans" rel="noopener noreferrer" target="_blank">FHA loans</a> offer down payments as low as <a href="https://www.benefits.gov/benefit/504" rel="noopener noreferrer" target="_blank">3.5%</a>, while <a href="https://www.va.gov/housing-assistance/home-loans/loan-types/" rel="noopener noreferrer" target="_blank">VA</a> and <a href="https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-guaranteed-loan-program" rel="noopener noreferrer" target="_blank">USDA loans</a> have no down payment requirements for qualified applicants.
With so many resources available to help with your down payment, the best way to find what you qualify for is by consulting with your loan officer or broker. They know about local grants and loan programs that may help you out.
Don’t let the misconception that you have to have 20% saved up hold you back. If you’re ready to become a homeowner, lean on the professionals to find resources that can help you make your dreams a reality. If you put your plans on hold until you’ve saved up 20%, it may actually cost you in the long run. <a href="https://www.usbank.com/home-loans/mortgage/first-time-home-buyers/down-payment.html" rel="noopener noreferrer" target="_blank">According</a> to U.S. Bank:
“. . . there are plenty of reasons why it might not be possible. For some, waiting to save up 20% for a down payment may “cost” too much time. While you’re saving for your down payment and paying rent, the price of your future home may go up.”
Home prices are expected to <a href="https://www.simplifyingthemarket.com/en/2024/01/12/home-prices-forecast-to-climb-over-the-next-5-years-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">keep appreciating</a> over the next 5 years – meaning your future home will likely go up in price the longer you wait. If you’re able to use these resources to buy now, that future price growth will help you build equity, rather than cost you more.
Bottom Line
Keep in mind that you don't always need a 20% down payment to buy a <a href="https://www.simplifyingthemarket.com/en/2024/02/14/why-so-many-people-fall-in-love-with-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home</a>. If you're looking to make a move this year, let’s connect to start the conversation about your homebuying goals.2024-03-11T06:00:00-07:002024-03-07T13:13:16-07:00Seth Williamstag:sellinboston.com,2012-09-20:6852Why We Aren't Headed for a Housing CrashWhy We Aren't Headed for a Housing Crash
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240228/20240229-Why-We-re-Not-Headed-for-a-Housing-Crash.png" width="600" /><br /><br />
If you’re holding out hope that the housing market is going to crash and bring <a href="https://www.simplifyingthemarket.com/en/2024/02/15/dont-let-the-latest-home-price-headlines-confuse-you/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> back down, here’s a look at what the data shows. And spoiler alert: that’s not in the cards. Instead, experts say <a href="https://www.simplifyingthemarket.com/en/2024/02/22/expert-home-price-forecasts-for-2024-revised-up/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> are going to keep going up.
Today’s market is very different than it was before the housing crash in 2008. Here’s why.
It’s Harder To Get a Loan Now – and That’s Actually a Good Thing
It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back then, banks had different lending standards, making it easy for just about anyone to qualify for a home loan or refinance an existing one.
Things are different today. Homebuyers face increasingly higher standards from mortgage companies. The graph below uses <a href="https://www.mba.org/news-and-research/newsroom/news/2024/02/09/mortgage-credit-availability-increased-in-january" rel="noopener noreferrer" target="_blank">data</a> from the Mortgage Bankers Association (MBA) to show this difference. The lower the number, the harder it is to get a mortgage. The higher the number, the easier it is:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240228/20240229-Lending-Regulations-Are-Steady.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240228/20240229-Lending-Regulations-Are-Steady.png" alt="a graph showing a line going up" /></a>
The peak in the graph shows that, back then, lending standards weren’t as strict as they are now. That means lending institutions took on much greater risk in both the person and the mortgage products offered around the crash. That led to mass defaults and a flood of <a href="https://www.simplifyingthemarket.com/en/2024/01/31/foreclosure-activity-is-still-lower-than-the-norm/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">foreclosures</a> coming onto the market.
There Are Far Fewer Homes for Sale Today, so Prices Won’t Crash
Because there were too many homes for sale during the housing crisis (many of which were short sales and <a href="https://www.simplifyingthemarket.com/en/2024/02/02/theres-no-foreclosure-wave-in-sight-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">foreclosures</a>), that caused home prices to fall dramatically. But today, there’s an inventory shortage – not a surplus.
The graph below uses data from the <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" rel="noopener noreferrer" target="_blank">National Association of Realtors</a> (NAR) and the <a href="https://fred.stlouisfed.org/series/HOSSUPUSM673N" rel="noopener noreferrer" target="_blank">Federal Reserve</a> to show how the months’ supply of homes available now (shown in blue) compares to the crash (shown in red):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240228/20240229-Housing-Supply-Is-Lower-Than-Before.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240228/20240229-Housing-Supply-Is-Lower-Than-Before.png" alt="a graph of a number of people" /></a>
Today, unsold inventory sits at just a <a href="https://cdn.nar.realtor/sites/default/files/documents/ehs-01-2024-overview-2024-02-22.pdf" rel="noopener noreferrer" target="_blank">3.0-months’</a> supply. That’s compared to the peak of 10.4 month’s supply back in 2008. That means there’s nowhere near enough inventory on the market for home prices to come crashing down like they did back then.
People Are Not Using Their Homes as ATMs Like They Did in the Early 2000s
Back in the lead up to the housing crash, many homeowners were borrowing against the equity in their homes to finance new cars, boats, and vacations. So, when prices started to fall, as inventory rose too high, many of those homeowners found themselves underwater.
But today, homeowners are a lot more cautious. Even though prices have skyrocketed in the past few years, homeowners aren’t tapping into their equity the way they did back then.
Black Knight <a href="https://www.blackknightinc.com/wp-content/uploads/2024/02/ICE_MM_FEB2024_Report.pdf" rel="noopener noreferrer" target="_blank">reports</a> that tappable equity (the amount of equity available for homeowners to access before hitting a maximum 80% loan-to-value ratio, or LTV) has actually reached an all-time high:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240228/20240229Tappable-Equity-at-an-All-Time-High.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240228/20240229Tappable-Equity-at-an-All-Time-High.png" alt="a graph of a growing graph" /></a>
That means, as a whole, homeowners have more equity available than ever before. And that’s great. Homeowners are in a much stronger position today than in the early 2000s. That same report from Black Knight goes on to <a href="https://www.blackknightinc.com/wp-content/uploads/2024/02/ICE_MM_FEB2024_Report.pdf" rel="noopener noreferrer" target="_blank">explain</a>:
“Only 1.1% of mortgage holders (582K) ended the year underwater, down from 1.5% (807K) at this time last year.”
And since homeowners are on more solid footing today, they’ll have options to avoid foreclosure. That limits the number of distressed properties coming onto the market. And without a flood of inventory, prices won’t come tumbling down.
Bottom Line
While you may be hoping for something that brings prices down, that’s not what the data tells us is going to happen. The most current research clearly shows that today’s market is nothing like it was last time.2024-03-06T07:00:00-07:002024-02-29T12:47:49-07:00Seth Williamstag:sellinboston.com,2012-09-20:6851Why Today’s Housing Supply Is a Sweet Spot for SellersWhy Today’s Housing Supply Is a Sweet Spot for Sellers
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240226/20240227-Why-Today-s-Housing-Supply-Is-a-Sweet-Spot-for-Sellers.png" width="600" /><br /><br />
Wondering if it still makes sense to <a href="https://www.simplifyingthemarket.com/en/2024/02/01/dont-wait-until-spring-to-sell-your-house/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">sell your house </a>right now? The short answer is, yes. And if you look at the current number of homes for sale, you’ll see two reasons why.
An article from <a href="https://www.calculatedriskblog.com/2024/02/housing-february-26th-weekly-update.html" rel="noopener noreferrer" target="_blank">Calculated Risk</a> shows there are 15.6% more homes for sale now compared to the same week last year. That tells us inventory has grown. But going back to 2019, the last normal year in the housing market, there are nearly 40% fewer homes available now:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240226/20240227-Inventory-is-rising-but-its-still-low.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240226/20240227-Inventory-is-rising-but-its-still-low.png" alt="a graph with red and blue squares" /></a>
Here’s a breakdown of how this benefits you when you sell.
1. You Have More Options for Your Move
Are you thinking about <a href="https://www.simplifyingthemarket.com/en/2024/01/22/3-must-dos-when-selling-your-house-in-2024/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">selling</a> because your current house is too big, too small, or because your needs have changed? If so, the year-over-year growth gives you more options for your home search. That means it may be less of a challenge to find what you’re looking for.
So, if you were holding off on selling because you were worried you weren’t going to <a href="https://www.simplifyingthemarket.com/en/2023/12/05/when-you-sell-your-house-where-do-you-plan-to-go/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">find a home</a> you like, this may be just the good news you needed. Partnering with a local real estate <a href="https://www.simplifyingthemarket.com/en/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">professional</a> can help you make sure you’re up to date on the <a href="https://www.simplifyingthemarket.com/en/2024/01/16/why-you-may-want-to-seriously-consider-a-newly-built-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homes available</a> in your area.
2. You Still Won’t Have Much Competition When You Sell
But to put that into perspective, even though there are more homes for sale <a href="https://www.simplifyingthemarket.com/en/2023/12/13/the-surprising-trend-in-the-number-of-homes-coming-onto-the-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">now</a>, there still aren’t as many as there’d be in a normal year. Remember, the <a href="https://www.calculatedriskblog.com/2024/02/housing-february-26th-weekly-update.html" rel="noopener noreferrer" target="_blank">data</a> from Calculated Risk shows we’re down nearly 40% compared to 2019. And that large a deficit won't be solved overnight. As a recent article from Realtor.com <a href="https://www.realtor.com/research/january-2024-data/" rel="noopener noreferrer" target="_blank">explains</a>:
“. . . the number of homes for sale and new listing activity continues to improve compared to last year. However the inventory of homes for sale still has a long journey back to pre-pandemic levels.”
For you, that means if you work with an agent to price your house right, it should still get a lot of attention from <a href="https://www.simplifyingthemarket.com/en/2023/12/18/why-now-is-still-a-great-time-to-sell-your-house/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">eager buyers</a> and could <a href="https://www.simplifyingthemarket.com/en/2024/02/06/houses-are-still-selling-fast/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">sell fast</a>.
Bottom Line
If you're a homeowner looking to sell, now's a good time. You'll have more options when buying your next home, and there's still not a ton of competition from other sellers. If you’re ready to move, let’s connect to get the ball rolling.2024-03-04T07:00:00-07:002024-02-29T12:46:54-07:00Seth Williamstag:sellinboston.com,2012-09-20:6829Expert Home Price Forecasts for 2024 Revised UpExpert Home Price Forecasts for 2024 Revised Up
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240220/Header-Image-20220524-Blog.png" width="600" /><br /><br />
Over the past few months, experts have revised their 2024 home price <a href="https://www.simplifyingthemarket.com/en/2024/01/23/experts-project-home-prices-will-increase-in-2024/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">forecasts</a> based on the latest data and market signals, and they’re even more confident prices will rise, not fall.
So, let’s see exactly how experts’ thinking has shifted – and what’s caused the change.
2024 Home Price Forecasts: Then and Now
The chart below <a href="https://www.goldmansachs.com/intelligence/pages/us-home-prices-forecast-to-climb-as-mortgage-rates-fall-in-2024.html" rel="noopener noreferrer" target="_blank">shows</a> what seven expert organizations <a href="https://www.mba.org/news-and-research/forecasts-and-commentary/mortgage-finance-forecast-archives" rel="noopener noreferrer" target="_blank">think</a> will happen to home <a href="https://www.zillow.com/research/2024-housing-predictions-33447" rel="noopener noreferrer" target="_blank">prices</a> in 2024. It compares their first 2024 home price <a href="https://www.fanniemae.com/media/50096/display" rel="noopener noreferrer" target="_blank">forecasts</a> (made at the end of 2023) with their newest <a href="https://www.freddiemac.com/research/forecast/20240122-us-economy-continues-expand" rel="noopener noreferrer" target="_blank">projections</a>:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240220/20240222-2024-Home-Price-Forecasts.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240220/20240222-2024-Home-Price-Forecasts.png" alt="a blue and white graph with text" /></a>
The middle column shows that, at first, these <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/home-price-expectations-survey-hpes" rel="noopener noreferrer" target="_blank">experts</a> thought home prices would only go up a little this year. But if you look at the column on the right, you'll see they've all updated their <a href="https://cdn.nar.realtor/sites/default/files/documents/forecast-q1-2024-us-economic-outlook-01-26-2024.pdf" rel="noopener noreferrer" target="_blank">forecasts</a> and now think prices will go up more than they originally thought. And some of the differences are major.
There are two big factors keeping such strong upward pressure on home prices. The first is how few homes are for sale right now. <a href="https://www.businessinsider.com/personal-finance/housing-market-predictions-2024" rel="noopener noreferrer" target="_blank">According</a> to Business Insider:
“Low home inventory is a chronic problem in the US. This has generally kept home prices up . . .”
A lack of housing inventory has been pushing <a href="https://www.simplifyingthemarket.com/en/2024/02/15/dont-let-the-latest-home-price-headlines-confuse-you/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">prices</a> up for a long time now – and that’s not expected to change dramatically this year. But what has changed a bit is <a href="https://www.simplifyingthemarket.com/en/2024/02/12/whats-really-happening-with-mortgage-rates/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a>.
Late last year when most housing market experts were calling for home prices to rise only a little bit in 2024, <a href="https://www.simplifyingthemarket.com/en/2024/01/30/2-of-the-factors-that-impact-mortgage-rates/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> were up and buyer demand was more moderate.
Now that rates have come down from their peak last October, and with <a href="https://www.simplifyingthemarket.com/en/2023/12/20/why-mortgage-rates-could-continue-to-decline/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">further declines</a> expected over the course of the year, buyer demand has picked up. That increase in demand, along with an ongoing lack of inventory, is what’s caused the experts to feel the upward pressure on prices will be stronger than they expected a couple months ago.
A Look Forward To Get Ahead of the Next Forecast Revisions
Real estate experts regularly revise their home price forecasts as the housing market shifts. It’s a normal part of their job that ensures their projections are always up-to-date and factor in the latest changes in the housing market.
That means they’ll continue to revise their projections as the housing market changes, just as they’ve always done. How those forecasts change next is anyone’s guess, but pay attention to <a href="https://www.simplifyingthemarket.com/en/2024/01/17/2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a>.
If they trend down as the year goes on, as they’re expected to do, that could lead to more buyer demand and even higher home price forecasts.
Basically, it’s all about supply and demand. With supply still so limited, anything that causes demand to go up will likely cause prices to go up, too.
Bottom Line
At first, experts believed <a href="https://www.simplifyingthemarket.com/en/2024/01/12/home-prices-forecast-to-climb-over-the-next-5-years-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> would only go up a little this year. But now, they've changed their minds and forecast prices will grow even more than they originally thought. Let’s connect so you know what to expect with prices in our area.2024-02-28T07:00:00-07:002024-02-23T13:30:06-07:00Seth Williamstag:sellinboston.com,2012-09-20:6828Some Experts Say Mortgage Rates May Fall Below 6% Later This YearSome Experts Say Mortgage Rates May Fall Below 6% Later This Year
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240220/20240221-Some-Experts-Say-Mortgage-Rates-May-Fall-Below-6-Later-This-Year.png" width="600" /><br /><br />
There’s a lot of confusion in the market about what’s happening with day-to-day movement in mortgage rates right now, but here’s what you really need to know: compared to the near 8% peak last fall, <a href="https://www.simplifyingthemarket.com/en/2024/01/26/why-its-more-affordable-to-buy-a-home-this-year-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> have trended down overall.
And if you’re looking to <a href="https://www.simplifyingthemarket.com/en/2024/01/24/are-more-homeowners-selling-as-mortgage-rates-come-down/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy</a> or <a href="https://www.simplifyingthemarket.com/en/2024/01/17/2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">sell a home</a>, this is a big deal. While they’re going to continue to bounce around a bit based on various economic drivers (like inflation and reactions to the consumer price index, or CPI), don’t let the <a href="https://www.simplifyingthemarket.com/en/2024/02/12/whats-really-happening-with-mortgage-rates/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">short-term volatility</a> distract you. The experts agree the overarching downward trend <a href="https://www.simplifyingthemarket.com/en/2023/12/20/why-mortgage-rates-could-continue-to-decline/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">should continue</a> this year.
While we won’t see the record-low rates homebuyers got during the pandemic, some experts think we should see rates dip below 6% later this year. As Dean Baker, Senior Economist, Center for Economic Research, <a href="https://cepr.net/contrary-to-what-the-washington-post-tells-you-homeownership-rates-for-young-people-are-above-the-pre-pandemic-level/" rel="noopener noreferrer" target="_blank">says</a>:
“They will almost certainly not fall to pandemic lows, although we may soon see rates under 6.0 percent, which would be low by pre-Great Recession standards.”
And Baker isn’t the only one saying this is a possibility. The latest Fannie Mae projections also indicate we may see a rate below 6% by the end of this year (see the green box in the chart below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240221/20240221-Mortgage-Rate-Projections.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240221/20240221-Mortgage-Rate-Projections.png" alt="a screenshot of a graph" /></a>
The chart shows mortgage rate projections for 2024 from Fannie Mae. It includes the one that came out in <a href="https://www.fanniemae.com/media/49866/display" rel="noopener noreferrer" target="_blank">December</a>, and compares it to the updated 2024 forecast they released just <a href="https://www.fanniemae.com/media/50096/display" rel="noopener noreferrer" target="_blank">one month</a> later. And if you look closely, you’ll notice the projections are on the way down.
It’s normal for experts to re-forecast as they watch current market trends and the broader economy, but what this shows is experts are feeling confident rates should continue to decline, if inflation cools.
What This Means for You
But remember, no one can say for sure what will happen (and by when) – and short-term volatility is to be expected. So, don’t let small fluctuations scare you. Focus on the bigger picture.
If you’ve found a home you love in today’s market – especially where finding a home that meets your budget and your needs can be a challenge – it’s probably not a good idea to try to time the market and wait until rates drop below 6%.
With rates already lower than they were last fall, you have an opportunity in front of you right now. That’s because even a small quarter point dip in rates gives your <a href="https://www.simplifyingthemarket.com/en/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">purchasing power</a> a boost.
Bottom Line
If you wanted to move last year but were holding off hoping rates would fall, now may be the time to act. Let’s connect to get the ball rolling.2024-02-26T07:00:00-07:002024-02-23T13:28:52-07:00Seth Williamstag:sellinboston.com,2012-09-20:6794Why So Many People Fall in Love with HomeownershipWhy So Many People Fall in Love with Homeownership
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240212/20240214-Why-So-Many-People-Fall-in-Love-with-Homeownership.png" width="600" /><br /><br />
Chances are at some point in your life you’ve heard the phrase, home is where the heart is. There’s a reason that’s said so often. Becoming a <a href="https://www.simplifyingthemarket.com/en/2024/01/19/key-terms-every-homebuyer-should-learn-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeowner</a> is emotional.
So, if you’re trying to decide if you want to keep on renting or if you’re <a href="https://www.simplifyingthemarket.com/en/2024/01/05/achieving-your-homebuying-dreams-in-2024-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">ready to buy</a> a home this year, here’s why it’s so easy to fall in love with <a href="https://www.simplifyingthemarket.com/en/2024/01/15/homeownership-is-still-at-the-heart-of-the-american-dream/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeownership</a>.
Customizing to Your Heart’s Desire
Your house should be a space that’s uniquely you. And, if you’re a renter, that can be hard to achieve. When you rent, the paint colors are usually the standard shade of white, you don’t have much control over the upgrades, and you’ve got to be careful how many holes you put in the walls. But when you’re a <a href="https://www.simplifyingthemarket.com/en/2023/12/28/what-you-need-to-know-about-saving-for-a-home-in-2024/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeowner</a>, you have a lot more freedom. As the National Association of Realtors (NAR) <a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/7-reasons-to-own-a-home" rel="noopener noreferrer" target="_blank">says</a>:
“The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.”
Whether you want to paint the walls a cheery bright color or go for a dark moody tone, you can match your interior to your vibe. Imagine how it would feel to come home at the end of the day and walk into a space that feels like you.
Greater Stability for the Ones You Love Most
One of the hardest things about renting is the uncertainty of what happens at the end of your lease. Does your payment go up so much that you have to move? What if your landlord decides to sell the property? It’s like you’re always waiting for the other shoe to drop. Jeff Ostrowski, a business journalist covering real estate and the economy, explains how homeownership can give you more peace of mind in a Money Geek <a href="https://www.moneygeek.com/mortgage/resources/rent-vs-buy-guide/" rel="noopener noreferrer" target="_blank">article</a>:
“Homeownership means you are the boss and have the biggest say in your lifestyle and family decisions. Suppose your kids are in public school and you don't want to risk having them change schools because your landlord doesn't renew your lease. Owning a home would remove much of the risk of having to move.”
A Feeling of Belonging
You may also find you feel much more at home in the community once you own a house. That’s because, when you <a href="https://www.simplifyingthemarket.com/en/2024/01/10/avoid-these-common-mistakes-after-applying-for-a-mortgage/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a>, you’re staking a claim and saying, I’m a part of this community. You’ll have neighbors, block parties, and more. And that’ll give you the feeling of being a part of something bigger. As the International Housing Association <a href="https://www.internationalhousingassociation.org/fileUpload_details.aspx?contentTypeID=3&contentID=266313&subContentID=721506&channelID=38488" rel="noopener noreferrer" target="_blank">explains</a>:
“. . . homeowning households are more socially involved in community affairs than their renting counterparts. This is due to both the fact that homeowners expect to remain in the community for a longer period of time and that homeowners have an ownership stake in the neighborhood.”
The Emotional High of Achieving Your Dream
Becoming a homeowner is a <a href="https://www.simplifyingthemarket.com/en/2023/12/08/your-homebuying-adventure-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">journey</a> – and it may have been a long road to get to the point where you’re ready to take the plunge. If you’re seriously considering leaving behind your rental and making this commitment, you should know the emotions that come with this <a href="https://www.simplifyingthemarket.com/en/2023/12/26/get-ready-to-buy-a-home-by-improving-your-credit-score/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">owning a home</a> are powerful. You’ll be able to walk up to your front door every day and have that sense of accomplishment welcome you home.
Bottom Line
A home is a place that reflects who you are, a safe space for the ones you love the most, and a reflection of all you’ve accomplished. Let’s connect if you’re ready to break up with your rental and buy a home.2024-02-21T07:00:00-07:002024-02-15T12:56:51-07:00Seth Williamstag:sellinboston.com,2012-09-20:6793Don’t Let the Latest Home Price Headlines Confuse YouDon’t Let the Latest Home Price Headlines Confuse You
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240213/20240215-Don-t-Let-the-Latest-Home-Price-Headlines-Confuse-You.png" width="600" /><br /><br />
Based on what you’re hearing in the news about <a href="https://www.simplifyingthemarket.com/en/2024/01/12/home-prices-forecast-to-climb-over-the-next-5-years-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a>, you may be worried they’re falling. But here’s the thing. The <a href="https://www.simplifyingthemarket.com/en/2024/02/02/theres-no-foreclosure-wave-in-sight-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">headlines</a> aren’t giving you the full picture.
If you look at the national data for 2023, <a href="https://www.simplifyingthemarket.com/en/2024/01/18/3-key-factors-affecting-home-affordability/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> actually showed positive growth for the year. While this varies by market, and while there were some months with slight declines nationally, those were the exception, not the rule.
The overarching story is that prices went up last year, not down. Let’s dive into the data to set the record straight.
2023 Was the Return to More Normal Home Price Growth
If anything, last year marked a return to more normal <a href="https://www.simplifyingthemarket.com/en/2023/07/05/two-questions-to-ask-yourself-if-youre-considering-buying-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home price appreciation</a>. To prove it, here’s what usually happens in residential real estate.
In the housing market, there are predictable ebbs and flows that take place each year. It’s called seasonality. It goes like this. Spring is the peak homebuying season when the market is most active. That activity is usually still strong in the summer, but begins to wane toward the end of the year. Home prices follow along with this seasonality because prices grow the most when there’s high demand.
The graph below uses data from <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">Case-Shiller</a> to show how this pattern played out in home prices from 1973 through 2022 (not <a href="https://www.census.gov/construction/nrs/faqs/faqs_seas.html#quest2" rel="noopener noreferrer" target="_blank">adjusted</a>, so you can see the seasonality):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240213/20240215-49-Year-Average-Monthly-Price-Movement.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240213/20240215-49-Year-Average-Monthly-Price-Movement.png" /></a>
As the data shows, for nearly 50 years, home prices match typical market seasonality. At the beginning of the year, home prices grow more moderately. That’s because the market is less active as fewer people move in January and February. Then, as the market transitions into the peak homebuying season in the spring, activity ramps up. That means home prices do too. Then, as fall and winter approach, activity eases again and prices grow, just at a slower rate.
Now, let’s layer the data that’s come out for 2023 so far (shown in green) on top of that long-term trend (still shown in blue). That way, it’s easy to see how 2023 compares.
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240213/20240215-2023-Price-Movement-vs-49-year-average.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240213/20240215-2023-Price-Movement-vs-49-year-average.png" /></a>
As the graph shows, moving through the year in 2023, the level of appreciation fell more in line with the long-term trend for what usually happens in the housing market. You can see that in how close the green bars come to matching the blue bars in the later part of the year.
But the headlines only really focused on the two bars outlined in red. Here’s the context you may not have gotten that can really put those two bars into perspective. The long-term trend shows it’s normal for <a href="https://www.simplifyingthemarket.com/en/2023/12/19/expert-quotes-on-the-2024-housing-market-forecast/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> to moderate in the fall and winter. That’s typical seasonality.
And since the 49-year average is so close to zero during those months (0.10%), that also means it’s not unusual for home prices to drop ever so slightly during those times. But those are just blips on the radar. If you look at the year as a whole, home prices still rose overall.
What You Really Need To Know
Headlines are going to call attention to the small month-to-month dips instead of the bigger year-long picture. And that can be a bit misleading because it’s only focused on one part of the whole story.
Instead, remember last year we saw the return of seasonality in the housing market – and that’s a good thing after home prices skyrocketed unsustainably during the <a href="https://www.simplifyingthemarket.com/en/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a> of the pandemic.
And just in case you’re still worried home prices will fall, don’t be. The expectation for this year is that prices will <a href="https://www.simplifyingthemarket.com/en/2024/01/23/experts-project-home-prices-will-increase-in-2024/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">continue to appreciate</a> as buyers re-enter the market due to <a href="https://www.simplifyingthemarket.com/en/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> trending down compared to last year. As buyer demand goes up and <a href="https://www.simplifyingthemarket.com/en/2024/01/24/are-more-homeowners-selling-as-mortgage-rates-come-down/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">more people move</a> at the same time the supply of homes for sale is still low, the upward pressure on prices will continue.
Bottom Line
Don’t let home price headlines confuse you. The data shows that, as a whole, home prices rose in 2023. If you have questions about what you’re hearing in the news or about what’s happening with home prices in our local area, let’s connect.2024-02-19T07:00:00-07:002024-02-15T12:55:53-07:00Seth Williamstag:sellinboston.com,2012-09-20:6799Ranked: The Top 5 East Boston Condos To See Today!<img src="https://assets.site-static.com/userfiles/1635/image/Ranked__The_Top_5_East_Boston_Condos_To_See_Today.png" width="750" height="375" alt="Ranked: The Top 5 East Boston Condos To See Today!" title="Ranked: The Top 5 East Boston Condos To See Today!" />
The East Boston real estate market has been booming in recent years, with condos becoming increasingly popular among adults looking to purchase property in this diverse neighborhood. Whether you're a first-time homebuyer, downsizing, or seeking an investment opportunity, East Boston offers a range of attractive options. But where do you start? That's easy — right here!
First, you should have a solid understanding of what makes a great condo, the features that condo buyers are looking for in East Boston, including location, design, affordability, and more. Then we'll move on to the top five condominium developments, showcasing their unique characteristics, amenities, and demographics. With this information you'll be equipped and eager to explore these exceptional condos and experience the charm of East Boston firsthand.
Table of Contents
<a href="https://www.sellinboston.com/#link-1"> What Makes a Great Condo?</a>
<a href="https://www.sellinboston.com/#link-2"> The Top 5 East Boston Condos</a>
<a href="https://www.sellinboston.com/#link-3"> The Mark at DeNormandie Wharf</a>
<a href="https://www.sellinboston.com/#link-4"> 101 Condor</a>
<a href="https://www.sellinboston.com/#link-5"> The Pacer</a>
<a href="https://www.sellinboston.com/#link-6"> 326 Meridian</a>
<a href="https://www.sellinboston.com/#link-7"> Slip 45</a>
<a href="https://www.sellinboston.com/#link-8"> Is East Boston a Good Neighborhood?</a>
<a href="https://www.sellinboston.com/#link-9"> Is an East Boston Condo a Good Investment?</a>
<a href="https://www.sellinboston.com/#link-10"> Conclusion</a>
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Luxury-Asset-1.png" width="30" height="27" alt="What Makes a Great Condo?" title="What Makes a Great Condo?" /> What Makes a Great Condo?
When it comes to purchasing a condo in <a href="https://www.sellinboston.com/boston-ma/east-boston/" target="_blank">East Boston</a>, several key factors contribute to its appeal. Buyers are often drawn to condos that are conveniently located near public transportation, providing easy access to downtown Boston and other parts of the city. Proximity to amenities and services, such as grocery stores, restaurants, parks, and schools, is also highly desirable.
But it's not just about a great location. The design and architecture of a condo are crucial. Unique features and aesthetics, along with modern amenities, check off the boxes. Open floor plans, high ceilings, large windows, and balconies or terraces are among the features that can greatly enhance the appeal of a condo. And, let's not forget affordability. Comparing the price ranges of condos in East Boston and evaluating their value for money is essential when making a purchasing decision no matter who you are!
Recently Listed in East Boston Condo
View Homes in East Boston Condo<br role="presentation" /> See detailed information & photos. <br role="presentation" /> <a href="https://sellinboston.com/property-search/results/?searchtype=2&searchid=896214&" class="si-btn si-btn--secondary">View Homes for Sale</a>
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Luxury-Asset-7.png" width="30" height="22" alt="The Top 5 East Boston Condos" title="The Top 5 East Boston Condos" /> The Top 5 East Boston Condos
Based on the aforementioned criteria, we have compiled a list of the top five condos that should be on your radar. These condos offer exceptional location, notable features, and amenities, as well as attractive demographics.
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="The Mark at DeNormandie Wharf" title="The Mark at DeNormandie Wharf" /> 1. The Mark at DeNormandie Wharf
The Mark at DeNormandie Wharf is a luxurious condo community that offers residents a multitude of advantages. Located on the waterfront, this community boasts stunning views of the surrounding landscape, providing a serene and picturesque living experience. The proximity to a nearby park offers residents the opportunity to engage in outdoor activities and enjoy the natural beauty of the area. Not only is it just steps away from the water, but it’s also within walking distance to a variety of shops and restaurants, providing residents with easy access to all their day-to-day needs.
One of the notable features of The Mark at DeNormandie Wharf is its modern and stylish architecture. The condos are designed with contemporary aesthetics and high-end finishes, creating a sophisticated and elegant living space for residents. The community also offers a range of amenities that cater to the needs and preferences of its residents. These include a fitness center, rooftop terrace with panoramic views, swimming pool, and recreational areas where residents can relax and socialize.
The Mark at DeNormandie Wharf attracts a diverse community of individuals who value luxury living and convenience. The community appeals to all ages desiring a vibrant and dynamic lifestyle. Retirees seeking a peaceful and comfortable environment also love living here.
<img src="https://assets.site-static.com/userfiles/1635/image/Fitness-Room.jpg" width="900" height="300" alt="East Boston Condo's Include Great Fitness Centers" title="East Boston Condo's Include Great Fitness Centers" />
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="101 Condor" title="101 Condor" /> 2. 101 Condor
Situated in the heart of the city, the 101 Condor community offers breathtaking waterfront views that can be enjoyed from the comfort of each unit. 101 Condor is conveniently located within walking distance to several parks, shops, and restaurants, making it an ideal choice for those who appreciate the convenience of having everything they need close by which includes the convenience of being just moments away from public transportation as well.
The modern and elegant architectural design is a standout feature of 101 Condor. The building is designed with attention to detail, incorporating sleek lines and contemporary finishes. Each unit is thoughtfully designed to maximize space and natural light, creating a bright and welcoming atmosphere.
Residents of 101 Condor have access to a range of amenities that are specific to this community. These include a state-of-the-art fitness center, a rooftop terrace, a swimming pool, a 24-hour concierge service, and dedicated parking area.
In terms of demographics, 101 Condor attracts a diverse range of residents. Individuals who appreciate both opulence and practicality are attracted to this neighborhood because of its excellent location and high-end facilities. Families and retirees who appreciate the tranquility of waterfront living are also part of the community.
<img src="https://assets.site-static.com/userfiles/1635/image/Condo-Swimming-Pool-1.jpg" width="900" height="300" alt="Enjoy Great Pools At East Boston Condos!" title="Enjoy Great Pools At East Boston Condos!" />
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="The Pacer" title="The Pacer" /> 3. The Pacer
The Pacer is a truly remarkable condo community. This community offers its residents the best of both worlds — the tranquility of a residential area and the convenience of being just minutes away from downtown Boston. With easy access to public transportation, residents can effortlessly navigate the city and explore all that Boston has to offer. The community boasts excellent walkability, with shops, restaurants, and parks just steps away from your front door. The Pacer is ideally positioned near the East Boston Greenway, a scenic park that offers walking and biking trails.
The Pacer condo community stands out not only for its great location but also for its impressive features and amenities. Residents can enjoy a state-of-the-art fitness center, a stunning rooftop lounge with breathtaking views of the city skyline, and a beautifully landscaped courtyard perfect for relaxation or socializing with neighbors. The condos themselves are thoughtfully designed with modern finishes and spacious layouts, providing a comfortable and stylish living space.
Young professionals who work in downtown Boston are drawn to the easy commute and urban lifestyle that this neighborhood offers. Those who appreciate art, love the neighborhood's artsy vibe. Families also find The Pacer appealing due to its proximity to schools, parks, and other family-friendly amenities.
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="326 Meridian" title="326 Meridian" /> 4. 326 Meridian
Located on Meridian Street, the luxurious 326 Meridian offers easy access to the waterfront, making it an ideal choice for those who enjoy waterfront living. In close proximity to amenities and public transportation, this location offers convenience and ease of access for its residents. Residents can enjoy the nearby parks, restaurants, and shops all within walking distance.
The community at 326 Meridian boasts a range of features and amenities that enhance the quality of life for its residents. The condos are designed with modern finishes and spacious layouts, providing comfort and style. Fabulous amenities such as a fitness center, rooftop terrace, private parking and additional storage space along with a beautiful outdoor space — Our Garden Park, add to the appeal of this boutique-style condo community. With customization options, buyers can even tailor their living spaces.
326 Meridian attracts a diverse range of residents. Commuting professionals appreciate the convenient commuting options. Young adults, families and retirees alike enjoy living in 326 Meridian.
<img src="https://assets.site-static.com/userfiles/1635/image/rooftop-terrace-condos.jpg" width="900" height="300" alt="Great Rooftop Terraces In East Boston!" title="Great Rooftop Terraces In East Boston!" />
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="Slip 45" title="Slip 45" /> 5. Slip 45
Situated on the waterfront, residents of Slip 45 enjoy stunning views of the harbor and easy access to various conveniences and highlights. The excellent location of this community ensures walkability to nearby amenities such as restaurants, shops, and parks. Public transportation options are readily available, with the <a href="https://www.mbta.com/stops/place-mvbcl" target="_blank">Maverick T Station</a> just a short distance away, providing residents with convenient access to downtown Boston and other parts of the city.
Slip 45 offers a range of features and amenities. The community boasts a state-of-the-art fitness center, a rooftop terrace, and a pet-friendly environment. Residents can also take advantage of the parking garage and bicycle storage facilities. The landscaped Harborwalk is certainly a highlight. Slip 45 offers a variety of floor plans to cater to different lifestyles and preferences. Onsite car-sharing and water taxi access is very much an added bonus should you decide to call Slip 45 home.
The demographics of Slip 45 vary, attracting a diverse range of residents. The community appeals to professionals working in downtown <a href="https://www.sellinboston.com/boston-ma/" target="_blank">Boston</a> who seek a convenient commute and an urban lifestyle. Young families and empty nesters also find the location and amazing amenities offered by Slip 45 a draw.
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="Is East Boston a Good Neighborhood?" title="Is East Boston a Good Neighborhood?" /> Is East Boston a Good Neighborhood?
East Boston has transformed into a highly sought-after neighborhood in recent years. With its prime location, stunning waterfront views, and diverse community, living in East Boston offers a unique blend of urban living and suburban charm. The neighborhood is well-connected to downtown Boston and other parts of the city through public transportation, making it an attractive option for commuters.
If we're talking about the draw to East Boston, it must be said that the rich cultural heritage, vibrant arts scene, and diverse dining options greatly add to its overall appeal. With continuous development and investment in the area, this neighborhood is poised to become even more desirable in the future.
<img src="https://assets.site-static.com/userfiles/1635/image/busy-restaurant1.jpg" width="900" height="300" alt="Diverse Dining Options In East Boston!" title="Diverse Dining Options In East Boston!" />
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="Is an East Boston Condo a Good Investment?" title="Is an East Boston Condo a Good Investment?" /> Is an East Boston Condo a Good Investment?
Investing in an East Boston condo can be a wise financial decision. The neighborhood's real estate market has experienced significant growth in recent years, with property values steadily increasing. The area’s proximity to downtown Boston, <a href="https://www.massport.com/logan-airport" target="_blank">Logan International Airport</a>, and major highways makes it an attractive location for professionals and investors alike. The ongoing development projects in the area, including new residential complexes, retail spaces, and public amenities, are expected to contribute to the appreciation of property values. Purchasing a condo in this area is indeed purchasing an East Boston investment property. It can provide both a fabulous living space and a promising long-term investment opportunity.
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-1.png" width="30" height="21" alt="Conclusion" title="Conclusion" /> Conclusion
The East Boston real estate market is a thriving and exciting landscape, particularly for those interested in purchasing condos. The neighborhood offers a wide range of options, each with its own unique features, amenities, and demographics. Whether you're looking for a luxurious waterfront property or a modern urban condo, East Boston has exactly what you're looking for — no matter what your needs or lifestyle require. By exploring these top five condo communities, you'll be well on your way to finding your dream home or investment property. The sooner you purchase, the sooner your investment starts to increase. Let's start your condo search today and discover the ultimate lifestyle or investment that awaits you in this flourishing neighborhood.
Seth has 15 + years in multi-unit retail management, and is bringing the renewed focus to the client that has been absent from the industry for decades. We integrate the latest and greatest technology, at the same time making your purchase or home sale as stress free as possible. Get in touch today by filling out a <a href="https://www.sellinboston.com/contact/" title="Contact Form" target="_blank" data-uw-rm-brl="false" aria-label="contact form - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.sellinboston.com/contact/$contactform">contact form</a> or giving us a call.
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2024-02-19T00:02:42-07:002024-03-01T07:47:01-07:00Seth Williamstag:sellinboston.com,2012-09-20:6761Houses Are Still Selling FastHouses Are Still Selling Fast
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240205/20240206-Houses-Are-Still-Selling-Fast.png" width="600" /><br /><br />
Have you been thinking about <a href="https://www.simplifyingthemarket.com/en/2024/02/01/dont-wait-until-spring-to-sell-your-house/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">selling your house</a>? If so, here’s some good news. While the housing market isn't as frenzied as it was during the <a href="https://www.simplifyingthemarket.com/en/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a> when houses were selling quicker than ever, they’re still selling faster than normal.
The graph below uses <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">data</a> from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240205/20240206-Homes-Spent-Less-Time-on-Market.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240205/20240206-Homes-Spent-Less-Time-on-Market.png" /></a>
When you look at the most recent data (shown in green), it's clear homes are selling faster than they usually would (shown in blue). In fact, the only years when houses sold even faster than they are right now were the abnormal ‘unicorn’ years (shown in pink). <a href="https://www.realtor.com/research/january-2024-data/" rel="noopener noreferrer" target="_blank">According</a> to Realtor.com:
“Homes spent 69 days on the market, which is three days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.”
What Does This Mean for You?
Homes are <a href="https://www.simplifyingthemarket.com/en/2024/01/22/3-must-dos-when-selling-your-house-in-2024/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">selling faster</a> than the norm for this time of year – and your house may sell quickly too. That’s because more people are looking to buy now that <a href="https://www.simplifyingthemarket.com/en/2024/01/17/2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> have come down, but there still aren’t <a href="https://www.simplifyingthemarket.com/en/2023/12/18/why-now-is-still-a-great-time-to-sell-your-house/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">enough homes</a> to go around. Mike Simonsen, Founder of Altos Research, <a href="https://www.housingwire.com/articles/the-strong-spring-real-estate-market-will-surprise-you-altos/" rel="noopener noreferrer" target="_blank">says</a>:
“. . . 2024 is starting stronger than last year. And demand is increasing each week.”
Bottom Line
If you’re wondering if it’s a good time to <a href="https://www.simplifyingthemarket.com/en/2024/01/17/2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">sell your home</a>, the most recent data suggests it is. The housing market appears to be stronger than it usually is at this time of year. To get the <a href="https://www.simplifyingthemarket.com/en/2024/01/29/will-a-silver-tsunami-change-the-2024-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">latest updates</a> on what’s happening in our local market, let’s connect.2024-02-14T07:00:00-07:002024-02-09T08:16:14-07:00Seth Williamstag:sellinboston.com,2012-09-20:6760Home Equity Can Be a Game Changer When You SellHome Equity Can Be a Game Changer When You Sell
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240207/20240208-Home-Equity-Can-be-a-Game-Changer-When-You-Sell.png" width="600" /><br /><br />
Are you on the fence about <a href="https://www.simplifyingthemarket.com/en/2024/01/09/ways-your-home-equity-can-help-you-reach-your-goals/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">selling your house</a>? While <a href="https://www.simplifyingthemarket.com/en/2024/01/26/why-its-more-affordable-to-buy-a-home-this-year-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">affordability</a> is improving this year, it’s still tight. And that may be on your mind. But understanding your home equity could be the key to making your decision easier. An article from Bankrate <a href="https://www.bankrate.com/home-equity/what-is-home-equity/" rel="noopener noreferrer" target="_blank">explains</a>:
“Home equity is the difference between your home's value and the amount you still owe on your mortgage. It represents the paid-off portion of your home.
You'll start off with a certain level of equity when you make your down payment to buy the home, then continue to build equity as you pay down your mortgage. You'll also build equity over time as your home's value increases.”
Think of equity as a simple math equation. It's the value of your home now minus what you owe on your mortgage. And guess what? Recently, your equity has probably grown more than you think.
In the past few years, <a href="https://www.simplifyingthemarket.com/en/2024/01/23/experts-project-home-prices-will-increase-in-2024/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> skyrocketed, which means your home's value – and your equity – likely shot up, too. So, you may have more equity than you realize.
How To Make the Most of Your Home Equity Right Now
If you're thinking about moving, the equity you have in your home could be a big help. <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights-q3-2023/" rel="noopener noreferrer" target="_blank">According</a> to CoreLogic:
“. . . the average U.S. homeowner with a mortgage still has more than $300,000 in equity . . .”
Clearly, homeowners have a lot of equity right now. And the latest data from the <a href="https://data.census.gov/cedsci/all?q=mortgage" rel="noopener noreferrer" target="_blank">Census</a> and <a href="https://www.attomdata.com/news/market-trends/home-sales-prices/attoms-q4-2023-home-equity-and-underwater-report/" rel="noopener noreferrer" target="_blank">ATTOM</a> shows over two-thirds of homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity (shown in blue in the chart below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240208/20240208-Americans-Sitting-on-Tremendous-Equity-1.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240208/20240208-Americans-Sitting-on-Tremendous-Equity-1.png" /></a>
That means roughly 70% have a tremendous amount of equity right now.
After you <a href="https://www.simplifyingthemarket.com/en/2024/02/06/houses-are-still-selling-fast/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">sell your house</a>, you can use your equity to <a href="https://www.simplifyingthemarket.com/en/2024/01/18/3-key-factors-affecting-home-affordability/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">help you buy</a> your next home. Here’s how:
Be an all-cash buyer: If you’ve been living in your current home for a long time, you might have enough equity to buy your next home without having to take out a loan. If that’s the case, you won’t need to borrow any money or worry about <a href="https://www.simplifyingthemarket.com/en/2024/01/30/2-of-the-factors-that-impact-mortgage-rates/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a>. Investopedia <a href="https://www.investopedia.com/articles/personal-finance/071114/should-you-pay-all-cash-your-next-home.asp" rel="noopener noreferrer" target="_blank">states</a>:
“You may want to pay cash for your home if you're shopping in a competitive housing market, or if you'd like to save money on mortgage interest. It could help you close a deal and beat out other buyers.”
Make a larger down payment: Your equity could also be used toward your next down payment. It might even be enough to let you put a larger amount down, so you won’t have to borrow as much money. The Mortgage Reports <a href="https://themortgagereports.com/18520/20-percent-downpayment-risk-mortgage-interest-rate" rel="noopener noreferrer" target="_blank">explains</a>:
“Borrowers who put down more money typically receive better interest rates from lenders. This is due to the fact that a larger down payment lowers the lender’s risk because the borrower has more equity in the home from the beginning.”
The Easy Way To Find Out How Much Equity You Have
To find out how much equity you have in your home, ask a real estate agent you trust for a Professional Equity Assessment Report (PEAR).
Bottom Line
<a href="https://www.simplifyingthemarket.com/en/2024/01/22/3-must-dos-when-selling-your-house-in-2024/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">Planning a move</a>? Your home equity can really help you out. Let’s connect to see how much equity you have and how it can help with your <a href="https://www.simplifyingthemarket.com/en/2024/01/16/why-you-may-want-to-seriously-consider-a-newly-built-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">next home</a>.2024-02-12T07:00:00-07:002024-02-09T08:15:19-07:00Seth Williamstag:sellinboston.com,2012-09-20:6725Will a Silver Tsunami Change the 2024 Housing Market?Will a Silver Tsunami Change the 2024 Housing Market?
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240125/20240129-Will-a-Silver-Tsunami-Change-the-2024-Housing-Market.png" width="600" /><br /><br />
Have you ever heard the <a href="https://www.simplifyingthemarket.com/en/2024/01/19/key-terms-every-homebuyer-should-learn-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">term</a> “Silver Tsunami” and wondered what it's all about? If so, that might be because there’s been lot of talk about it online recently. Let's dive into what it is and why it won't drastically impact the housing market.
What Does Silver Tsunami Mean?
A recent article from HousingWire <a href="https://www.housingwire.com/articles/silver-tsunami-could-have-a-bigger-impact-on-2024s-housing-market-analyst/" rel="noopener noreferrer" target="_blank">calls it</a>:
“. . . a colloquialism referring to aging Americans changing their housing arrangements to accommodate aging . . .”
The thought is that as baby boomers <a href="https://www.simplifyingthemarket.com/en/2023/12/27/retiring-soon-why-moving-might-be-the-perfect-next-step/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">grow older</a>, a significant number will start <a href="https://www.simplifyingthemarket.com/en/2024/01/17/2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">downsizing</a> their homes. Considering how large that generation is, if these moves happened in a big wave, it would affect the housing market by causing a significant uptick in the number of larger homes for sale. That influx of homes coming onto the market would impact the balance of supply and demand and more.
The concept makes sense in theory, but will it happen? And if so, when?
Why It Won’t Have a Huge Impact on the Housing Market in 2024
Experts say, so far, a silver tsunami hasn’t happened – and it probably won't anytime soon. According to that same <a href="https://www.housingwire.com/articles/silver-tsunami-could-have-a-bigger-impact-on-2024s-housing-market-analyst/" rel="noopener noreferrer" target="_blank">article</a> from HousingWire:
“. . . the silver tsunami’s transformative potential for the U.S. housing market has not yet materialized in any meaningful way, and few expect it to anytime soon.”
Here’s just one reason why. Many baby boomers don’t want to move. <a href="https://www.aarp.org/content/dam/aarp/research/surveys_statistics/liv-com/2021/2021-home-community-preferences-chartbook.doi.10.26419-2Fres.00479.001.pdf" rel="noopener noreferrer" target="_blank">Data</a> from the AARP shows over half of the surveyed adults ages 65 and up plan to stay put and age in place in their current home rather than move (see chart below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240125/20240129-60-percent-of-adults-aged-65-expect-to-stay-in-their-home-as-they-get-older.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240125/20240129-60-percent-of-adults-aged-65-expect-to-stay-in-their-home-as-they-get-older.png" /></a>
Clearly, not every baby boomer is planning to sell or move – and even those who do won’t do it all at once. Instead, it will be more gradual, happening slowly over time. As Mark Fleming, Chief Economist at First American, <a href="https://finance.yahoo.com/news/tides-changed-housing-market-experts-113000181.html" rel="noopener noreferrer" target="_blank">says</a>:
“Demographics are never a tsunami. The baby boomer generation is almost two decades of births. That means they're going to take about two decades to work their way through.”
Bottom Line
If you’re worried about a Silver Tsunami shaking up the housing market, don’t be. Any impact from baby boomers moving will be gradual over many years. Fleming <a href="https://finance.yahoo.com/news/tides-changed-housing-market-experts-113000181.html" rel="noopener noreferrer" target="_blank">sums</a> it up best:
“Demographic trends, they don't tsunami. They trickle.”2024-02-07T07:00:00-07:002024-02-02T12:19:03-07:00Seth Williamstag:sellinboston.com,2012-09-20:6724Foreclosure Activity Is Still Lower than the NormForeclosure Activity Is Still Lower than the Norm
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240130/20240131-Foreclosure-Activity-Is-Still-Lower-than-the-Norm.jpg" width="600" /><br /><br />
Have you seen headlines talking about the increase in foreclosures in today’s <a href="https://www.simplifyingthemarket.com/en/2023/12/19/expert-quotes-on-the-2024-housing-market-forecast/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing market</a>? If so, they may leave you feeling a bit uneasy about <a href="https://www.simplifyingthemarket.com/en/2024/01/12/home-prices-forecast-to-climb-over-the-next-5-years-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">what’s ahead</a>. But remember, these clickbait titles don’t always give you the full story.
The truth is, if you compare the current numbers with what usually happens in the market, you’ll see there’s no need to worry.
Putting the Headlines into Perspective
The increase the media is calling attention to is misleading. That’s because they’re only comparing the most recent numbers to a time where foreclosures were at historic lows. And that’s making it sound like a bigger deal than it is.
In 2020 and 2021, the moratorium and forbearance program helped millions of homeowners stay in their homes, allowing them to get back on their feet during a very challenging period.
When the moratorium came to an end, there was an expected rise in foreclosures. But just because foreclosures are up doesn’t mean the <a href="https://www.simplifyingthemarket.com/en/2023/11/29/why-the-economy-wont-tank-the-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing market</a> is in trouble.
Historical Data Shows There Isn’t a Wave of Foreclosures
Instead of comparing today’s numbers with the last few abnormal years, it’s better to compare to long-term trends – specifically to the housing crash – since that’s what people worry may happen again.
Take a look at the graph below. It uses foreclosure <a href="https://www.attomdata.com/news/market-trends/foreclosures/attom-2023-year-end-u-s-foreclosure-market-report/" rel="noopener noreferrer" target="_blank">data</a> from ATTOM, a property data provider, to show foreclosure activity has been consistently lower (shown in orange) since the crash in 2008 (shown in red):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240130/20240131-us-forclosure-activity-increases-from-2022-but-still-below-pre-pandemic-levels.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240130/20240131-us-forclosure-activity-increases-from-2022-but-still-below-pre-pandemic-levels.png" /></a>
So, while foreclosure filings are up in the latest report, it’s clear this is nothing like it was back then.
In fact, we’re not even back at the levels we’d see in more normal years, like 2019. As Rick Sharga, Founder and CEO of the CJ Patrick Company, <a href="https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions/" rel="noopener noreferrer" target="_blank">explains</a>:
“Foreclosure activity is still only at about 60% of pre-pandemic levels. . .”
That’s largely because buyers today are more qualified and less likely to default on their loans. Delinquency rates are still low and most homeowners have <a href="https://www.simplifyingthemarket.com/en/2024/01/09/ways-your-home-equity-can-help-you-reach-your-goals/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">enough equity</a> to keep them from going into foreclosure. As Molly Boesel, Principal Economist at CoreLogic, <a href="https://www.corelogic.com/intelligence/loan-performance-insights-january-2024/" rel="noopener noreferrer" target="_blank">says</a>:
“U.S. mortgage delinquency rates remained healthy in October, with the overall delinquency rate unchanged from a year earlier and the serious delinquency rate remaining at a historic low… borrowers in later stages of delinquencies are finding alternatives to defaulting on their home loans.”
The reality is, while increasing, the data shows a foreclosure crisis is not where the market is today, or where it’s headed.
Bottom Line
Even though the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst. If you have questions about what you’re hearing or reading about the housing market, let’s connect.2024-02-05T07:00:00-07:002024-02-02T12:17:36-07:00Seth Williamstag:sellinboston.com,2012-09-20:6688Are More Homeowners Selling as Mortgage Rates Come Down?Are More Homeowners Selling as Mortgage Rates Come Down?
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240117/20240124-Are-more-homeowners-selling-as-mortgage-rates-come-down.jpg" width="600" /><br /><br />
If you’re looking to <a href="https://www.simplifyingthemarket.com/en/2024/01/05/achieving-your-homebuying-dreams-in-2024-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a>, the recent downward trend in <a href="https://www.simplifyingthemarket.com/en/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale.
The Mortgage Rate Lock-In Effect
Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac <a href="https://www.freddiemac.com/research/forecast/20231220-us-economy-expanded-in-2023" rel="noopener noreferrer" target="_blank">explains</a>:
“The lack of housing supply was partly driven by the rate lock-in effect. . . . With higher rates, the incentive for existing homeowners to list their property and move to a new house has greatly diminished, leaving them rate locked.”
These homeowners decided to stay put and keep their current lower mortgage rate, rather than move and take on a higher one on their next home.
Early Signs Show Those Homeowners Are Ready To Move Again
According to the <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">latest data</a> from Realtor.com, there were more homeowners putting their houses up for sale, known in the industry as new listings, in December 2023 compared to December 2022 (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240117/20240124-Sellers-Are-Re-entering-the-market.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240117/20240124-Sellers-Are-Re-entering-the-market.png" /></a>
Here's why this is so significant. Typically, activity in the <a href="https://www.simplifyingthemarket.com/en/2024/01/03/thinking-about-buying-a-home-ask-yourself-these-questions/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing market</a> cools down in the later months of the year as some sellers choose to delay their moves until January rolls around.
This is the first time since 2020 that we’ve seen an uptick in new listings this time of year. This could be a signal that the rate lock-in effect is easing a bit in response to <a href="https://www.simplifyingthemarket.com/en/2023/12/20/why-mortgage-rates-could-continue-to-decline/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">lower rates</a>.
What This Means for You
While there isn’t going to suddenly be an influx of options for your <a href="https://www.simplifyingthemarket.com/en/2023/11/21/are-there-actually-more-homes-for-sale-right-now/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home search</a>, it does mean more sellers may be deciding to list. According to a <a href="https://www.jchs.harvard.edu/blog/homeowner-mobility-stalls-amid-rising-interest-rates" rel="noopener noreferrer" target="_blank">recent article</a> from the Joint Center for Housing Studies (JCHS):
“A reduction in interest rates could alleviate the lock-in effect and help lift homeowner mobility. Indeed, interest rates have recently declined, falling by a full percentage point from October to November 2023 . . . Further decreases would reduce the barrier to moving and give homeowners looking to sell a newfound sense of urgency . . .”
And that means you may see more homes come onto the market to give you more <a href="https://www.simplifyingthemarket.com/en/2023/12/11/the-perfect-home-could-be-the-one-you-perfect-after-buying/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">fresh options</a> to choose from.
Bottom Line
As mortgage rates come down, more sellers may re-enter the market – that gives you an opportunity to find the home you’re looking for. <a href="https://www.mykcm.com/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/" rel="noopener noreferrer" target="_blank">Let’s connect</a> so you’ve got a local expert on your side who’ll help you stay on top of the latest listings in our area.2024-01-31T07:00:00-07:002024-01-26T09:01:44-07:00Seth Williamstag:sellinboston.com,2012-09-20:6705Maximize Your East Boston Home Value Without Major Renovations<img src="https://assets.site-static.com/userfiles/1635/image/Maximize_Your_East_Boston_Home_Value_Without_Major_Renovations.png" width="750" height="375" alt="Maximize Your East Boston Home Value Without Major Renovations" title="Maximize Your East Boston Home Value Without Major Renovations" />
Homeowners are consistently seeking ways to enhance the value of their properties, especially in hot markets such as <a href="https://www.sellinboston.com/boston-ma/east-boston/" target="_blank">East Boston</a>. Maximizing home value not only secures a sound financial investment but also reflects the pride of ownership. While major renovations may seem like the go-to solution, many homeowners are exploring alternative avenues to increase property value without breaking the bank. From curb appeal enhancements to embracing smart technology, there is such a range of projects that can significantly impact the value of your East Boston home, proving that substantial value appreciation can be achieved without going through extensive (and costly!) renovations.
Table of Contents
<a href="https://www.sellinboston.com/#link-1"> The Importance of Maximizing Home Value When Selling</a>
<a href="https://www.sellinboston.com/#link-2"> How to Maximize Your East Boston Home Value</a>
<a href="https://www.sellinboston.com/#link-3"> Curb Appeal Enhancements</a>
<a href="https://www.sellinboston.com/#link-4"> Strategic Interior Updates</a>
<a href="https://www.sellinboston.com/#link-5"> Energy Efficiency Improvements</a>
<a href="https://www.sellinboston.com/#link-6"> Smart Technology Integration</a>
<a href="https://www.sellinboston.com/#link-7"> Home Staging Tips</a>
<a href="https://www.sellinboston.com/#link-8"> Leveraging Local Real Estate Trends</a>
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Luxury-Asset-1.png" width="30" height="27" alt="Getting to Know Point Shirley" title="Getting to Know Point Shirley" /> The Importance of Maximizing Home Value When Selling
Maximizing the value of your home when selling is not just a financial strategy; it's a key ingredient in ensuring a successful and rewarding selling experience. Your home is a significant investment, and optimizing its value allows you to reap the benefits of your hard work and commitment. A higher home value opens up opportunities for negotiating a better deal and ensures that you get a fair return on your investment—it sets your property apart in a competitive market, attracting potential buyers and increasing the likelihood of a swift and lucrative sale.
Beyond the financial aspects, a well-maintained and valuable home reflects pride of ownership, leaving a lasting positive impression on potential buyers. So, whether you're enhancing curb appeal, implementing energy-efficient upgrades, or staging your space to perfection, every effort to maximize your home's value is a step towards a successful and gratifying selling journey. It's not just about selling a house; it's about unlocking the full potential of your home and setting the stage for a prosperous new chapter.
Recently Listed in East Boston
View Homes in East Boston<br role="presentation" /> See detailed information & photos. <br role="presentation" /> <a href="https://sellinboston.com/property-search/results/?searchtype=2&searchid=93731&" class="si-btn si-btn--secondary">View Homes for Sale</a>
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-1.png" width="30" height="21" alt="Living in Point Shirley" title="Living in Point Shirley" /> How to Maximize Your East Boston Home Value
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="Curb Appeal Enhancements" /> Curb Appeal Enhancements
If you want to increase the value of your home, it’s best to work from the outside in. Boosting your home's curb appeal doesn't have to break the bank—in fact, a few simple enhancements can add significant value and make your home the talk of the neighborhood.
Remember, first impressions are everything! Start by giving your front door a fresh coat of paint in a bold, welcoming color. It's amazing what a vibrant entrance can do to uplift the overall look of your home. On the green front, consider low-cost landscaping tricks like planting colorful flowers, trimming overgrown bushes, and adding some potted plants. These small touches bring life and vibrancy to your outdoor space without draining your wallet.
Don't underestimate the power of a good scrub! Pressure wash your exterior, clean the windows, and tidy up the driveway and walkways—it's like giving your home a spa day. Finally, keep up with basic maintenance tasks like fixing chipped paint, replacing worn-out hardware, and ensuring that your mailbox is in tip-top shape. This is particularly important if you’re thinking of selling your home in East Boston, as it’ll keep everything looking like new!
<img src="https://assets.site-static.com/userfiles/1635/image/Maintaining-Curb-Appeal.jpg" width="900" height="300" alt="Maintaining Curb Appeal" title="Maintaining Curb Appeal" />
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="Strategic Interior Updates" /> Strategic Interior Updates
Many people think you need to do major home renovations in order to make the most when selling your home. But really, all you need is a few simple home renovations—even some basic DIY renos will do!
Start with a fresh coat of paint, choosing neutral tones that provide a versatile canvas for future decor changes—this is also a simple trick to help your home sell. Painting is a budget-friendly way to breathe new life into any room. When it comes to kitchen and bathroom upgrades, focus on small changes that make a big impact. Swap out outdated hardware, consider a stylish backsplash, or give cabinets a facelift with a coat of paint or new handles. These subtle changes can transform the heart of your home without overdoing it.
While you’re tackling the interiors, embrace the power of decluttering and organization—this is a much-overlooked, easy way to increase the value of your home. Tackle one room at a time, clearing out unnecessary items and finding smart storage solutions.
DIY renovations can be surprisingly easy and cost-effective, such as installing new light fixtures, updating faucets, or creating a feature wall with peel-and-stick wallpaper. With a thoughtful approach to color, strategic upgrades, and a sprinkle of creativity, you can maximize your home's value while making it a space you truly love.
<img src="https://assets.site-static.com/userfiles/1635/image/New-Handles.jpg" width="900" height="300" alt="Swap Out Outdated Hardware" title="Swap Out Outdated Hardware" />
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="Energy Efficiency Improvements" /> Energy Efficiency Improvements
A popular trend that many homeowners are jumping on board with when getting ready to sell is energy efficiency. Getting your home ready to sell is not just about aesthetics; it's also about meeting the growing demand for more eco-friendly living. Buyers today are increasingly drawn to homes that are not only stylish but also environmentally conscious.
Luckily, making your home more energy-efficient doesn't have to be a budget-buster. Here are a few changes you can make around the house to boost your energy efficiency:
Seal up any drafts around windows and doors to keep the cozy air in and the pesky drafts out.
Swap out old bulbs for energy-efficient LED lights, not only brightening your space but also slashing your energy bills.
Consider upgrading to a smart thermostat—it's like having your own personal climate concierge, ensuring your home is always at the perfect temperature.
Highlighting these energy-efficient improvements can make your home stand out in the market and appeal to cost-conscious buyers. Plus, it's not just a win for the planet; it's a win for your wallet too, as these upgrades can translate into long-term cost savings on energy bills.
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="Smart Technology Integration" /> Smart Technology Integration
Ah, smart technology—where convenience meets marketability! Another popular trend on the real estate scene is the demand for smart home features, and lucky for East Boston homeowners, there are budget-friendly options that pack a punch.
Start small with smart thermostats, which not only make your home energy-efficient but also add a touch of futuristic charm. Affordable smart doorbells and locks not only enhance security but also provide potential buyers with a taste of cutting-edge living. And who wouldn't love a home where the lights dim with a voice command? These simple yet savvy upgrades not only make daily life a breeze but also boost your home's overall appeal and market value.
The key to unlocking a modern, market-ready haven is a jump into the future with smart home technology—a surprisingly affordable option for East Boston homeowners!
<img src="https://assets.site-static.com/userfiles/1635/image/Smart-Home-Techologoy.jpg" width="900" height="300" alt="Smart Technology Integration" title="Smart Technology Integration" />
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="Home Staging Tips" /> Home Staging Tips
When the time comes to sell your East Boston home, the spotlight is on presentation, and home staging is your secret weapon for creating a captivating and welcoming atmosphere. Consider the benefits of professional staging—experts who can turn any space into a showcase, highlighting its best features.
For cost-conscious homeowners, fear not! You can still achieve a stunning effect with some DIY staging strategies. The first step is decluttering and depersonalizing your space, allowing potential buyers to envision their future home. Natural light is your best friend, so throw those curtains wide open and let the sunshine in, and don't underestimate the power of fresh flowers or strategically placed mirrors to add a touch of elegance. Arrange furniture to showcase the flow of each room, creating an open and inviting feel.
Whether you go pro or take the DIY route, the goal is the same: to create a welcoming and appealing space that steals the spotlight and leaves a lasting impression on potential buyers.
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="Leveraging Local Real Estate Trends" /> Leveraging Local Real Estate Trends
Ready to turn your home into a hot property in East Boston? It's all about riding the wave of local real estate trends to maximize that value! Understanding the heartbeat of the local market is key—what's in demand, what's capturing buyers' attention, and what's making homes fly off the shelves. Keep an eye on current buyer preferences; perhaps it's a love affair with modern kitchens, a fondness for cozy outdoor spaces, or a yearning for energy-efficient features. You can apply all of these to your own home with some simple DIY projects. Replace your kitchen hardware with something more modern, find some unique fabric to create cozy pillows for your outdoor patio, and we’ve already gone over those futuristic energy-efficient features.
Embrace these trends like a local celebrity sighting and tailor your home accordingly. And hey, don't go solo, local real estate professionals are like the navigators of this whirlwind adventure. Work with them, pick their brains, and let their insights guide you to success. Your home is not just a property; it's a piece of the vibrant East Boston puzzle, and by tapping into local trends, you're not just selling a house, you're selling a lifestyle that buyers can't resist. So, get ready to ride the East Boston real estate wave and watch the value of your home soar!
Transforming your East Boston home into a valuable gem doesn't always demand a sledgehammer or a hefty budget. From embracing energy-efficient upgrades and smart technologies to the magic of staging and staying attuned to local real estate trends, the possibilities are as vast as the Boston skyline. So, dear homeowners, it's time to roll up those sleeves and embark on this exciting journey. Whether you're implementing small changes or diving into the world of DIY home renovations and upgrades, every effort counts. The impact on your home's resale value is not just a financial gain; it's a reflection of the care and attention you've poured into making your space shine. So, take these strategies, infuse them with your unique flair, and watch as your East Boston home becomes the crown jewel of the neighborhood—a space that's not just a house but a beacon of value and charm!
Seth has 15 + years in multi-unit retail management, and is bringing the renewed focus to the client that has been absent from the industry for decades. We integrate the latest and greatest technology, at the same time making your purchase or home sale as stress free as possible. Get in touch today by filling out a <a href="https://www.sellinboston.com/contact/" title="Contact Form" target="_blank" data-uw-rm-brl="false" aria-label="contact form - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.sellinboston.com/contact/$contactform">contact form</a> or giving us a call.
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2024-01-31T06:16:13-07:002024-01-31T19:20:49-07:00Seth Williamstag:sellinboston.com,2012-09-20:6687The Top Benefits of Buying a Multi-Generational HomeThe Top Benefits of Buying a Multi-Generational Home
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240124/20240125-The-Benefits-of-Buying-a-Multi-Generational-Home.png" width="600" /><br /><br />
Has the idea of sharing a home with loved ones like your grandparents, parents, or other relatives crossed your mind? If so, you’re not alone. More buyers are choosing to go this route and buy a multi-generational home. Here’s a look at some of the top reasons why, to see if a home like this may be right for you too.
Why Buyers Are Opting for Multi-Generational Living
<a href="https://www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying" rel="noopener noreferrer" target="_blank">According</a> to the National Association of Realtors (NAR), two of the top reasons buyers are opting for multi-generational homes today have to do with <a href="https://www.simplifyingthemarket.com/en/2024/01/18/3-key-factors-affecting-home-affordability/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">affordability</a> (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240124/20230125-Reasons-To-Purchase-A-MultiGeneration-Home.PNG" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240124/20230125-Reasons-To-Purchase-A-MultiGeneration-Home.PNG" /></a>
First-time buyers are focused most on cost savings – with 28% saying this was a key reason for them. By pooling their resources with others, they can share financial responsibilities like mortgage payments, utilities, and more to make homeownership more affordable. This is especially helpful for those first-time homebuyers who may be finding it tough to afford a home on their own in today’s market.
Buyers are also turning to multi-generational homes so they can more easily afford their dream home. Both first-time (28%) and repeat buyers (18%) chose to live with others so they could buy a larger home. When everyone chips in and combines their incomes, that big <a href="https://www.simplifyingthemarket.com/en/2024/01/01/3-keys-to-hitting-your-homeownership-goals-in-2024/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">dream home</a> with more space could be more within reach.
But multi-generational living isn’t just about the financial side of things. According to the same study from NAR, 23% of repeat buyers chose to buy a multi-generational home to make it easier to care for an aging parent. Many older adults want to age in place and a multi-generational home can help make that possible. For those <a href="https://www.simplifyingthemarket.com/en/2023/12/27/retiring-soon-why-moving-might-be-the-perfect-next-step/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">older adults</a>, it gives them an opportunity to maintain their quality of life while being surrounded by their loved ones. As Axios <a href="https://www.axios.com/2023/11/05/multigenerational-living-families-data-statistics-map-states" rel="noopener noreferrer" target="_blank">explains</a>:
“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents' parents).”
Lean on an Expert
Finding the perfect multi-generational home isn’t as simple as shopping for a regular house. That’s because there are more people with even more opinions and needs to be considered. It's like solving a puzzle, and the pieces need to fit just right.
So if you're interested in the many benefits multi-generational living offers, partner with a local <a href="https://www.simplifyingthemarket.com/en/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">real estate agent</a> who has the expertise to help.
Bottom Line
Whether your motives are financial or focused on the people you’ll share your home with, buying a <a href="https://www.mykcm.com/2023/11/03/the-benefits-of-buying-a-multi-generational-home-infographic/" rel="noopener noreferrer" target="_blank">multi-generational home</a> may make sense for you. If you’re interested in learning more, let’s connect.2024-01-29T07:00:00-07:002024-01-26T09:01:03-07:00Seth Williamstag:sellinboston.com,2012-09-20:66663 Must-Do’s When Selling Your House in 20243 Must-Do’s When Selling Your House in 2024
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240118/20240122-3-Must-Do-s-When-Selling-Your-House-in-2024.png" width="600" /><br /><br />
If one of the goals on your list is <a href="https://www.simplifyingthemarket.com/en/2024/01/17/2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">selling your house</a> and <a href="https://www.simplifyingthemarket.com/en/2024/01/16/why-you-may-want-to-seriously-consider-a-newly-built-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">making a move</a> this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home.
A great way to balance those emotions and make sure you’re confident in your decision is to keep these three best practices in mind when you’re <a href="https://www.simplifyingthemarket.com/en/2024/01/09/ways-your-home-equity-can-help-you-reach-your-goals/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">ready to sell</a>.
1. Price Your Home Right
The <a href="https://www.simplifyingthemarket.com/en/2023/12/19/expert-quotes-on-the-2024-housing-market-forecast/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing market</a> shifted in 2023 as <a href="https://www.simplifyingthemarket.com/en/2023/12/20/why-mortgage-rates-could-continue-to-decline/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> rose and <a href="https://www.simplifyingthemarket.com/en/2024/01/12/home-prices-forecast-to-climb-over-the-next-5-years-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home price appreciation</a> started to <a href="https://www.simplifyingthemarket.com/en/2023/10/20/home-price-growth-is-returning-to-normal-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">normalize</a> once again. As a seller, you still need to recognize how important it is to price your house appropriately based on where the market is today. Hannah Jones, Economic Research Analyst for Realtor.com, <a href="https://www.realtor.com/news/trends/home-seller-alert-weve-found-the-very-best-week-to-list-your-home-in-2023/" rel="noopener noreferrer" target="_blank">explains</a>:
“Sellers need to become familiar with their local market and work closely with a local agent to make sure their listing is attractive to buyers. Buyers feeling the pressure of affordability are likely to be pickier, so a well-priced, well-maintained home is the ticket to drumming up big demand.”
If you price your house too high, you run the risk of deterring <a href="https://www.simplifyingthemarket.com/en/2023/12/18/why-now-is-still-a-great-time-to-sell-your-house/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buyers</a>. And if you go too low, you’re leaving money on the table. An experienced <a href="https://www.simplifyingthemarket.com/en/2023/12/21/sell-smarter-why-working-with-a-real-estate-agent-may-beat-going-solo/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">real estate agent</a> can help determine what your ideal asking price should be, so your house moves quickly and for top dollar.
2. Keep Your Emotions in Check
Today, homeowners are staying in their houses <a href="https://www.simplifyingthemarket.com/en/2023/12/27/retiring-soon-why-moving-might-be-the-perfect-next-step/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">longer</a> than they used to. According to the <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">National Association of Realtors</a> (NAR), since 1985, the average time a homeowner has owned their home has increased from 6 to 10 years (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240118/20240122-Todays-homeowners-are-staying-in-their-houses-for-an-average-of-10-years.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240118/20240122-Todays-homeowners-are-staying-in-their-houses-for-an-average-of-10-years.png" /></a>
This is much more than what used to be the norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you bought or the house where your loved ones grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.
For some homeowners, that makes it even tougher to separate the emotional value of the house from fair market price. That’s why you need a real estate professional to help you with the negotiations and the best pricing strategy along the way. Trust the professionals who have your best interests in mind.
3. Stage Your Home Properly
While you may love your decor and how you’ve customized your house over the years, not all buyers will feel the same way about your vibe. That’s why it’s so important to make sure you focus on your home’s first impression, so it appeals to as many buyers as possible.
Buyers want to be able to picture themselves in the home. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. As Jessica Lautz, Deputy Chief Economist and Vice President of Research at NAR, <a href="https://www.nar.realtor/newsroom/nearly-half-of-sellers-agents-said-staging-a-home-reduced-its-time-on-market-nar-report-finds" rel="noopener noreferrer" target="_blank">says</a>:
“Buyers want to easily envision themselves within a new home and home staging is a way to showcase the property in its best light.”
A real estate professional can help you with expertise on getting your house <a href="https://www.simplifyingthemarket.com/en/2023/12/22/get-your-house-ready-to-sell-this-winter-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">ready to sell</a>.
Bottom Line
If you’re considering selling your house, let’s connect so you have help navigating the process while prioritizing these must-do’s.2024-01-24T07:00:00-07:002024-01-22T06:56:54-07:00Seth Williamstag:sellinboston.com,2012-09-20:66653 Key Factors Affecting Home Affordability3 Key Factors Affecting Home Affordability
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240116/202401183-Key-Factors-Affecting-Home-Affordability.png" width="600" /><br /><br />
Over the past year, a lot of people have been talking about <a href="https://www.simplifyingthemarket.com/en/2023/12/28/what-you-need-to-know-about-saving-for-a-home-in-2024/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing affordability</a> and how tight it’s gotten. But just recently, there’s been a little bit of relief on that front. Mortgage rates have gone down since their most recent peak in October. But there’s more to being able to <a href="https://www.simplifyingthemarket.com/en/2023/12/26/get-ready-to-buy-a-home-by-improving-your-credit-score/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">afford a home</a> than just mortgage rates.
To really understand home affordability, you need to look at the combination of three important factors: mortgage rates, home prices, and wages. Let’s dive into the latest data on each one to see why affordability is improving.
1. Mortgage Rates
<a href="https://www.freddiemac.com/pmms/archive" rel="noopener noreferrer" target="_blank">Mortgage rates</a> have come down in recent months. And looking forward, most experts expect them to <a href="https://www.simplifyingthemarket.com/en/2023/12/20/why-mortgage-rates-could-continue-to-decline/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">decline further</a> over the course of the year. Jiayi Xu, an economist at Realtor.com, <a href="https://www.cnn.com/2024/01/11/economy/mortgage-rates-climb-for-the-second-week-in-a-row/index.html" rel="noopener noreferrer" target="_blank">explains</a>:
“While there could be some fluctuations in the path forward … the general expectation is that mortgage rates will continue to trend downward, as long as the economy continues to see progress on inflation.”
And even a small change in mortgage rates can have a big impact on your <a href="https://www.simplifyingthemarket.com/en/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">purchasing power</a>, making it easier for you to afford the home you want by reducing your monthly mortgage payment.
2. Home Prices
The second important factor is home prices. After going up at a relatively normal pace last year, they’re expected to continue rising moderately in 2024. That’s because even with inventory projected to grow slightly this year, there still aren’t enough homes for sale for all the people who want to buy them. <a href="https://brightmls.com/article/2024-national-housing-market-outlook" rel="noopener noreferrer" target="_blank">According</a> to Lisa Sturtevant, Chief Economist at Bright MLS:
“More inventory will be generally offset by more buyers in the market. As a result, it is expected that, overall, the median home price in the U.S. will grow modestly . . .”
That’s great news for you because it means prices aren’t likely to skyrocket like they did during the pandemic. But it also means it’ll probably cost you more to wait. So, if you’re ready, willing, and able to buy, and you can find the right home, purchasing before more buyers enter the market and prices rise further might be in your best interest.
3. Wages
Another positive factor in affordability right now is rising income. The graph below uses <a href="https://fred.stlouisfed.org/series/CES0500000017" rel="noopener noreferrer" target="_blank">data</a> from the Federal Reserve to show how wages have grown over time:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240116/20240118-Wages-Climbing-at-a-faster-pace.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240116/20240118-Wages-Climbing-at-a-faster-pace.png" /></a>
If you look at the blue dotted trendline, you can see the rate at which wages typically rise. But on the right side of the graph, wages are above the trend line today, meaning they’re going up at a higher rate than normal.
Higher wages improve affordability because they reduce the percentage of your income it takes to pay your mortgage. That’s because you don’t have to put as much of your paycheck toward your monthly housing cost.
What This Means for You
<a href="https://www.simplifyingthemarket.com/en/2024/01/01/3-keys-to-hitting-your-homeownership-goals-in-2024/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">Home affordability</a> depends on three things: mortgage rates, home prices, and wages. The good news is, they’re moving in a positive direction for <a href="https://www.simplifyingthemarket.com/en/2024/01/10/avoid-these-common-mistakes-after-applying-for-a-mortgage/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buyers</a> overall.
Bottom Line
If you're thinking about <a href="https://www.mykcm.com/2024/01/05/achieving-your-homebuying-dreams-in-2024-infographic/" rel="noopener noreferrer" target="_blank">buying a home</a>, it's important to know the main factors impacting affordability are improving. To get the latest updates on each, let's connect.2024-01-22T07:00:00-07:002024-01-22T06:55:20-07:00Seth Williamstag:sellinboston.com,2012-09-20:6638What Lower Mortgage Rates Mean for Your Purchasing PowerWhat Lower Mortgage Rates Mean for Your Purchasing Power
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240104/20240108-What-Lower-Mortgage-Rates-Mean-for-Your-Purchasing-Power.png" width="600" /><br /><br />
If you want to <a href="https://www.simplifyingthemarket.com/en/2023/11/23/why-homeowners-are-thankful-they-own/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a>, it's important to know how <a href="https://www.simplifyingthemarket.com/en/2023/12/20/why-mortgage-rates-could-continue-to-decline/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> impact what you can afford and how much you’ll pay each month. Fortunately, rates for 30-year fixed mortgages have come down significantly since the end of October and are currently under <a href="https://freddiemac.gcs-web.com/node/28216/pdf" rel="noopener noreferrer" target="_blank">7%</a>, according to Freddie Mac (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240104/20240108-Mortgage-Rates-Fall-Below-Seven-Percent.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240104/20240108-Mortgage-Rates-Fall-Below-Seven-Percent.png" /></a>
This recent trend is great news for <a href="https://www.simplifyingthemarket.com/en/2023/12/15/what-you-need-to-know-about-down-payments-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buyers</a>. As a recent article from Bankrate <a href="https://www.bankrate.com/mortgages/analysis/" rel="noopener noreferrer" target="_blank">says</a>:
“The rate cool-off somewhat eases the housing affordability squeeze.”
And <a href="https://www.mba.org/news-and-research/newsroom/news/2023/12/21/mortgage-application-payments-increased-2.0-percent-to-2-199-in-october" rel="noopener noreferrer" target="_blank">according</a> to Edward Seiler, AVP of Housing Economics and Executive Director of the Research Institute for Housing America at the Mortgage Bankers Association (MBA):
“MBA expects that affordability conditions will continue to improve as mortgage rates decline . . .”
Here’s a bit more context on how this could help with your plans to <a href="https://www.simplifyingthemarket.com/en/2023/12/12/down-payment-assistance-programs-can-help-pave-the-way-to-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a>.
How Mortgage Rates Affect Your Search for a Home
Understanding the connection between mortgage rates and your monthly home payment is crucial for your plans to <a href="https://www.simplifyingthemarket.com/en/2023/12/11/the-perfect-home-could-be-the-one-you-perfect-after-buying/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">become a homeowner</a>. The chart below illustrates how your ability to afford a home changes when mortgage rates shift. Imagine your budget allows for a monthly payment between $2,400 and $2,500. The green part in the chart shows payments in that range or lower (see chart below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240104/20240108-Buyers-Purchasing-Power.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240104/20240108-Buyers-Purchasing-Power.png" /></a>
As you can see, even small changes in rates can affect your budget and the loan amount you can afford.
Get Help from Reliable Experts To Understand Your Budget and Plan Ahead
When you're looking to <a href="https://www.simplifyingthemarket.com/en/2023/11/30/is-owning-a-home-still-the-american-dream-for-younger-buyers/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a>, it's important to get guidance from a local real estate agent and a trusted lender. They can help you explore different mortgage options, understand what makes mortgage rates go up or down, and how those changes impact you.
By looking at the numbers and the latest data together, then adjusting your strategy based on today's rates, you'll be better prepared and ready to buy a home.
Bottom Line
If you’re looking to <a href="https://www.mykcm.com/2023/11/24/why-homeowners-feel-thankful-for-their-homes-infographic/" rel="noopener noreferrer" target="_blank">buy a home</a>, you should know the recent downward trend in mortgage rates is good news for your move. <a href="https://www.mykcm.com/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/" rel="noopener noreferrer" target="_blank">Let’s connect</a> and plan your next steps.2024-01-17T07:00:00-07:002024-01-12T09:11:14-07:00Seth Williamstag:sellinboston.com,2012-09-20:6637The Dramatic Impact of Homeownership on Net WorthThe Dramatic Impact of Homeownership on Net Worth
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240110/20240111-The-Dramatic-Impact-of-Homeownership-on-Net-Worth.png" width="600" /><br /><br />
If you're trying to decide whether to rent or <a href="https://www.simplifyingthemarket.com/en/2024/01/03/thinking-about-buying-a-home-ask-yourself-these-questions/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a> this year, here's a powerful insight that could give you the clarity and confidence you need to make your decision.
Every three years, the Federal Reserve releases the <a href="https://www.federalreserve.gov/publications/files/scf23.pdf" rel="noopener noreferrer" target="_blank">Survey of Consumer Finances</a> (SCF), which compares net worth for homeowners and renters. The latest report shows the average homeowner’s net worth is almost 40X greater than a renter’s (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240110/20240111-Homeowner-Net-Worth-Almost-40x-greater.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240110/20240111-Homeowner-Net-Worth-Almost-40x-greater.png" /></a>
One reason a wealth gap exists between renters and <a href="https://www.simplifyingthemarket.com/en/2023/11/23/why-homeowners-are-thankful-they-own/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeowners</a> is because when you’re a homeowner, your <a href="https://www.simplifyingthemarket.com/en/2023/08/07/four-ways-you-can-use-your-home-equity/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">equity</a> grows as your home appreciates in value and you make your mortgage payment each month. When you own a home, your monthly mortgage payment acts like a form of forced savings, which eventually pays off when you decide to sell. As a renter, you’ll never see a financial return on the money you pay out in rent every month. Ksenia Potapov, Economist at First American, <a href="https://blog.firstam.com/economics/building-wealth-brick-by-brick" rel="noopener noreferrer" target="_blank">explains</a> it like this:
“Renters don’t capture the wealth generated by house price appreciation, nor do they benefit from the equity gains generated by monthly mortgage payments . . .”
The Largest Part of Most Homeowner Net Worth Is Their Equity
Home <a href="https://www.simplifyingthemarket.com/en/2023/08/15/equity-is-a-game-changer-for-homeowners-looking-to-sell/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">equity</a> does more to build the average household’s wealth than anything else. According to data from <a href="https://blog.firstam.com/economics/building-wealth-brick-by-brick" rel="noopener noreferrer" target="_blank">First American</a> and the <a href="https://www.federalreserve.gov/econres/scfindex.htm" rel="noopener noreferrer" target="_blank">Federal Reserve</a>, this holds true across different income levels (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240110/20240111-housing-piece-of-net-worth-is-crucial.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240110/20240111-housing-piece-of-net-worth-is-crucial.png" /></a>
The green segment in each bar represents how much of a homeowner's net worth comes from their home equity. Based on this data, it's clear no matter what your income level is, owning a home can really boost your wealth. Nicole Bachaud, Senior Economist at Zillow, <a href="https://www.newsweek.com/housing-crisis-could-death-knell-americas-middle-class-1848936" rel="noopener noreferrer" target="_blank">shares</a>:
“The biggest asset most people are ever going to own is a home. Homeownership is really that financial key that helps unlock stability and wealth preservation across generations.”
If you’re ready to start building your net worth, the current real estate market offers several opportunities you should consider. For example, with <a href="https://www.simplifyingthemarket.com/en/2023/12/20/why-mortgage-rates-could-continue-to-decline/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> trending lower lately, your <a href="https://www.simplifyingthemarket.com/en/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">purchasing power</a> may be higher now than it has been in months. And, with more <a href="https://www.simplifyingthemarket.com/en/2023/12/13/the-surprising-trend-in-the-number-of-homes-coming-onto-the-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">inventory</a> coming to the market, there are more options for you to consider. A local <a href="https://www.simplifyingthemarket.com/en/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">real estate agent</a> can walk you through the opportunities you have today and guide you through the process of finding your ideal home.
Bottom Line
If you're unsure about whether to rent or buy a home, keep in mind that owning a home can increase your overall wealth in the long run, no matter your income. To discover more about this and the many other <a href="https://www.mykcm.com/2023/12/25/these-non-financial-benefits-turn-a-house-into-a-happy-home/" rel="noopener noreferrer" target="_blank">benefits</a> of homeownership, let’s connect.2024-01-15T07:00:00-07:002024-01-12T09:12:08-07:00Seth Williamstag:sellinboston.com,2012-09-20:6589Things To Consider If Your House Didn’t SellThings To Consider If Your House Didn’t Sell
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231220/20240102-Things-To-Consider-If-Your-House-Didn-t-Sell.png" width="600" /><br /><br />
If your listing has expired and your house didn’t sell, it's completely normal to feel a mix of frustration and disappointment. Understandably, you're probably wondering what may have gone wrong. Here are three questions to think about as you figure out what to <a href="https://www.simplifyingthemarket.com/en/2023/12/05/when-you-sell-your-house-where-do-you-plan-to-go/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">do next</a>.
Did You Limit Access to Your House?
One of the biggest mistakes you can make when selling your house is restricting the days and times when potential buyers can tour it. Being flexible with your schedule is important, even though it might feel a bit stressful to drop everything and leave when buyers want to see it. After all, minimal access means minimal exposure to buyers. ShowingTime <a href="https://showingtimeplus.com/resources/blog/6-reasons-your-house-isnt-getting-showings-and-how-to-fix-it" rel="noopener noreferrer" target="_blank">advises</a>:
“. . . do your best to be as flexible as possible when granting access to your house for showings.”
Sometimes, the most <a href="https://www.simplifyingthemarket.com/en/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">determined buyers</a> might come from far away. Since they’re traveling to see your house, they may not be able to change their plans easily if you only offer limited times for showings. So, try to make your house available as much as you can to accommodate them. It's simple – if no one’s able to look at it, how will it sell?
Did You Make Your House Stand Out?
When you're selling your house, the old saying matters: you never get a second chance to make a first impression. Putting in the work to make the exterior of your home look nice is just as important as how you stage it inside. Freshen up your landscaping to boost your home’s curb appeal so you can make an impact upfront. As an article from U.S. News <a href="https://realestate.usnews.com/real-estate/articles/how-to-sell-your-home-while-living-in-it" rel="noopener noreferrer" target="_blank">says</a>:
“After all, if people drive by, but aren’t interested enough to walk through the front door, you’ll never sell your house.”
But don’t let that impact stop at the front door. By removing personal items and reducing clutter inside, you give buyers more freedom to picture themselves in the home. Plus, a fresh coat of paint or thorough floor cleaning can work wonders in sprucing up the house for potential buyers.
Did You Price Your House at Market Value?
Setting the right price is key. While it might be tempting to push the price higher to maximize your profit, <a href="https://www.simplifyingthemarket.com/en/2023/12/14/if-your-house-hasnt-sold-yet-it-may-be-overpriced/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">overpricing your house</a> can actually turn off potential buyers and slow down the selling process. Forbes <a href="https://www.forbes.com/sites/brendarichardson/2023/03/01/recent-home-sellers-are-feeling-remorse-over-pricing-timing-or-marketing-of-their-home-new-survey-finds/?sh=2be46552317d" rel="noopener noreferrer" target="_blank">notes</a>:
“Pricing a home too high could lead to a slower sale or force the seller to drop their price.”
If your house is priced higher than others like it, it may discourage buyers, resulting in increased time on the market. Pay attention to the feedback people give your agent during open houses and showings. If lots of people are saying the same thing, it might be a good idea to think about lowering the price.
For all these insights and more, rely on a trusted <a href="https://www.simplifyingthemarket.com/en/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">real estate agent</a>. A great agent will offer expert advice on relisting your house with effective strategies to get it sold.
Bottom Line
It’s natural to feel disappointed when your listing has expired and your house didn’t sell. Let’s connect to determine what happened, and what changes you should make to get <a href="https://www.mykcm.com/2023/11/20/is-your-house-the-top-thing-on-a-buyers-wish-list-this-holiday-season/" rel="noopener noreferrer" target="_blank">your house</a> back on the market.2024-01-10T07:00:00-07:002024-01-05T11:07:42-07:00Seth Williamstag:sellinboston.com,2012-09-20:65883 Keys To Hitting Your Homeownership Goals in 20243 Keys To Hitting Your Homeownership Goals in 2024
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231220/20240101-3-Keys-To-Hitting-Your-Homeownership-Goals-in-2024.png" width="600" /><br /><br />
If buying or selling a home is your goal for 2024, it’s important to understand today’s housing market, know your why, and work with industry <a href="https://www.simplifyingthemarket.com/en/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">experts</a> to bring your homeownership vision for the new year into focus.
Over the last year, the <a href="https://www.simplifyingthemarket.com/en/2023/11/29/why-the-economy-wont-tank-the-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">economy</a> had a big impact on the housing market, and likely on your wallet too. That’s why it’s critical to have a clear picture of not just the market today, but also on what you want out of it when you buy or sell a home. Danielle Hale, Chief Economist at Realtor.com, <a href="https://www.cnn.com/2022/11/10/homes/mortgage-rates-november-10" rel="noopener noreferrer" target="_blank">explains</a>:
“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, so that you can stay in your home long enough that buying is a sound financial decision.”
Here are a few things to think through as you define your goals for 2024.
1. Know Your Why
You’re dreaming about making a move for a reason – what is it? No matter what’s happening in the market, there are still many <a href="https://www.simplifyingthemarket.com/en/2023/11/23/why-homeowners-are-thankful-they-own/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">compelling reasons</a> to buy a home today. Your needs may have changed in a way your current house can’t address, or you could be ready to step into homeownership for the first time. Use your why and your motivation as a guidepost in partnership with an expert advisor to make sure your move gives you a lasting sense of accomplishment.
2. Figure Out What Your Next Home Needs To Look Like
You know you want to move, but how would you describe your dream home? The number of <a href="https://www.simplifyingthemarket.com/en/2023/12/13/the-surprising-trend-in-the-number-of-homes-coming-onto-the-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homes for sale</a> has grown recently, and that could mean more options to choose from when you buy. But overall housing supply is still <a href="https://www.simplifyingthemarket.com/en/2023/12/18/why-now-is-still-a-great-time-to-sell-your-house/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">lower</a> than more normal years in the market, so you’ll have to work closely with a pro to find what you’re looking for. Just be sure to keep your budget in mind as you balance your wants and needs. The better you understand what’s essential and where you can be flexible, the easier it will be to find a home that’s right for you.
3. Determine if You’re Ready To Buy
Getting clear on your budget and available <a href="https://www.simplifyingthemarket.com/en/2023/12/12/down-payment-assistance-programs-can-help-pave-the-way-to-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">savings</a> is essential before you get too far into the process. Partnering with a local agent and a lender early is the best way to make sure you’re in a good position to buy. This could include planning how much to save for a down payment, getting <a href="https://www.simplifyingthemarket.com/en/2023/12/08/your-homebuying-adventure-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">pre-approved</a> for a home loan, and assessing your current <a href="https://www.simplifyingthemarket.com/en/2023/11/22/home-prices-still-growing-just-at-a-more-normal-pace/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home equity</a> if you’re selling your existing house.
A Professional Will Guide You Through Every Step of the Process
Buying or selling a home takes expertise to navigate. If that feels a bit overwhelming, that’s normal. Don’t let uncertainty hold you back from your goals this year. A trusted expert will help you bridge that gap and give you the facts and advice you need about today’s housing market.
Bottom Line
Let’s connect to plan how to make your homeownership dreams a reality in 2024.2024-01-08T07:00:00-07:002024-01-05T11:06:22-07:00Seth Williamstag:sellinboston.com,2012-09-20:6572Thinking About Buying a Home? Ask Yourself These QuestionsThinking About Buying a Home? Ask Yourself These Questions
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240102/20240103-Thinking-About-Buying-a-Home-Ask-Yourself-These-Questions.png" width="600" /><br /><br />
If you’re thinking of <a href="https://www.simplifyingthemarket.com/en/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buying a home</a> this year, you’re probably paying closer attention than normal to the <a href="https://www.simplifyingthemarket.com/en/2023/12/19/expert-quotes-on-the-2024-housing-market-forecast/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing market</a>. And you’re getting your information from a variety of channels: the news, social media, your real estate agent, conversations with friends and loved ones, the list goes on and on. Most likely, <a href="https://www.simplifyingthemarket.com/en/2023/11/22/home-prices-still-growing-just-at-a-more-normal-pace/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> and mortgage rates are coming up a lot.
Here are the top two questions you need to ask yourself as you make your decision, including the data that helps cut through the noise.
1. Where Do I Think Home Prices Are Heading?
One reliable place you can turn to for information on home price forecasts is the <a href="https://www.fanniemae.com/newsroom/fannie-mae-news/q4-2023-home-price-expectations-survey" rel="noopener noreferrer" target="_blank">Home Price Expectations Survey</a> from Fannie Mae – a survey of over one hundred economists, real estate experts, and investment and market strategists.
According to the most recent release, the experts are projecting home prices will continue to rise at least through 2028 (see the graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240102/20240103-Estimated-Home-Price-Performance.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240102/20240103-Estimated-Home-Price-Performance.png" /></a>
So, why does this matter to you? While the percent of appreciation may not be as high as it was in recent years, what’s important to focus on is that this survey says we’ll see prices rise, not fall, for at least the next 5 years.
And home prices rising, even at a more moderate pace, is good news not just for the market, but for you too. It means, by buying now, your home will likely grow in value, and you should gain home equity in the years ahead. But, if you wait, based on these forecasts, the home will only cost you more later on.
2. Where Do I Think Mortgage Rates Are Heading?
Over the past year, mortgage rates spiked up in response to economic uncertainty, inflation, and more. But there’s an encouraging sign for the market and mortgage rates. Inflation is moderating, and here’s why this is such a big deal if you’re looking to <a href="https://www.simplifyingthemarket.com/en/2023/12/12/down-payment-assistance-programs-can-help-pave-the-way-to-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a>.
When inflation cools, <a href="https://www.simplifyingthemarket.com/en/2023/12/20/why-mortgage-rates-could-continue-to-decline/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> generally fall in response. That’s exactly what we’ve seen in recent weeks. And, now that the Federal Reserve has signaled they’re pausing their Federal Funds Rate increases and may even cut rates in 2024, experts are even more confident we’ll see mortgage rates come down.
Danielle Hale, Chief Economist at Realtor.com, <a href="https://www.realtor.com/research/federal-reserve-december-2023-meeting/" rel="noopener noreferrer" target="_blank">explains</a>:
“. . . mortgage rates will continue to ease in 2024 as inflation improves and Fed rate cuts get closer. . . . a key factor in starting to provide affordability relief to homebuyers.”
As an article from the National Association of Realtors (NAR) <a href="https://www.nar.realtor/magazine/real-estate-news/economists-turnaround-in-home-sales-likely-in-2024" rel="noopener noreferrer" target="_blank">says</a>:
“Mortgage rates likely have peaked and are now falling from their recent high of nearly 8%. . . . This likely will improve housing affordability and entice more home buyers to return to the market . . .”
No one can say with absolute certainty where mortgage rates will go from here. But the recent decline and the latest decision from the Federal Reserve to stop their rate increases, signals there’s hope on the horizon. While we may see some volatility here and there, <a href="https://www.simplifyingthemarket.com/en/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">affordability</a> should improve as rates continue to ease.
Bottom Line
If you’re thinking about <a href="https://www.mykcm.com/2023/12/08/your-homebuying-adventure-infographic/" rel="noopener noreferrer" target="_blank">buying a home</a>, you need to know what’s expected with home prices and mortgage rates. While no one can say for certain where they’ll go, making sure you have the latest information can help you make an informed decision. Let’s connect so you can stay up to date on what’s happening and why this is such good news for you.2024-01-04T07:00:00-07:002024-01-03T13:37:31-07:00Seth Williamstag:sellinboston.com,2012-09-20:6571https://www.mykcm.com/blog/retiring-soon-why-moving-might-be-the-perfect-next-stepRetiring Soon? Why Moving Might Be the Perfect Next Step
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If you’re thinking about retirement or have already retired this year, it’s a good time to consider if your current house is still a good fit for the next chapter in your life.
Fortunately, you may be in a better position to <a href="https://www.simplifyingthemarket.com/en/2023/12/05/when-you-sell-your-house-where-do-you-plan-to-go/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">make a move</a> than you realize. Here are a few things to think about as you decide whether or not to sell and make a move.
How Long You’ve Been in Your Home
From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is <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">rising</a> today, meaning many homeowners are living in their houses even longer (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231220/20231227-Homeowners-Are-Living-In-Their-Homes-Longer-In-Recent-Years.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231220/20231227-Homeowners-Are-Living-In-Their-Homes-Longer-In-Recent-Years.png" /></a>
When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those <a href="https://www.simplifyingthemarket.com/en/2023/11/13/life-changing-events-that-move-the-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">life changes</a> and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.
How Much Equity You’ve Gained
Additionally, if you’ve been in your house for more than a few years, you’ve likely built-up significant equity that can fuel your next move. That’s because the longer you’ve been in your house, the more likely it’s grown in value due to <a href="https://www.simplifyingthemarket.com/en/2023/12/04/experts-project-home-prices-will-rise-over-the-next-5-years/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home price appreciation</a>. Data from the Federal Housing Finance Agency (FHFA) <a href="https://www.fhfa.gov/DataTools/Tools/Pages/House-Price-Index-(HPI).aspx" rel="noopener noreferrer" target="_blank">illustrates</a> that point (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231220/20231227-How-Home-Prices-Have-Grown-over-Time.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231220/20231227-How-Home-Prices-Have-Grown-over-Time.png" /></a>
While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by nearly 60%. And the average homeowner who’s owned their home since 1991 saw it more than triple in value over that time.
Consider Your Retirement Goals
Whether you're looking to downsize, relocate to a dream destination, or simply be closer to loved ones, your home equity can be a key to realizing your homeownership goals. NAR <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">shares</a> that for recent home sellers, the primary reason to move was to be closer to loved ones.
Whatever your home goals are, a trusted <a href="https://www.simplifyingthemarket.com/en/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">real estate agent</a> can work with you to find the best option. They’ll help you <a href="https://www.simplifyingthemarket.com/en/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">sell</a> your current house and <a href="https://www.simplifyingthemarket.com/en/2023/12/08/your-homebuying-adventure-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">guide you</a> through buying the home that’s right for your lifestyle today.
Bottom Line
Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore the available homes in our area.2024-01-03T13:45:00-07:002024-01-03T13:37:48-07:00Seth Williamstag:sellinboston.com,2012-09-20:6529Sell Smarter: Why Working with a Real Estate Agent May Beat Going SoloSell Smarter: Why Working with a Real Estate Agent May Beat Going Solo
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231219/20231221-Sell-Smarter-Why-Working-with-a-Real-Estate-Agent-May-Beat-Going-Solo.png" width="600" /><br /><br />
If you're thinking about <a href="https://www.simplifyingthemarket.com/en/2023/12/05/when-you-sell-your-house-where-do-you-plan-to-go/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">selling your house</a> on your own, called “For Sale by Owner” or FSBO, there are some important things to consider. Going this route means taking on a lot of responsibilities by yourself – and that can be a bit of a headache.
A recent <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">report</a> from the National Association of Realtors (NAR) found two of the most difficult tasks for people who sell their house on their own are getting the price right and understanding and performing paperwork.
Here are just a few of the ways an agent helps with those difficult tasks.
Getting the Price Right
Setting the right price for your house is important when you're trying to <a href="https://www.simplifyingthemarket.com/en/2023/12/01/3-reasons-to-sell-your-house-before-the-new-year-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">sell</a> it. If you're selling your house on your own, two common issues can happen. For starters, you might ask for too much money (overpricing). Alternatively, you might not ask for enough (underpricing). Either can make it hard to sell your house. <a href="https://www.nerdwallet.com/article/mortgages/price-home-sell" rel="noopener noreferrer" target="_blank">According</a> to NerdWallet:
“When selling a home, first impressions matter. Your house’s market debut is your first chance to attract a buyer and it’s important to get the pricing right. If your home is overpriced, you run the risk of buyers not seeing the listing.
. . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.”
To avoid these problems, it's a good idea to team up with a real estate agent. Real estate agents know how to figure out the perfect price because they understand the local housing market. They can use their expertise to set a price that matches what buyers are <a href="https://www.simplifyingthemarket.com/en/2023/12/14/if-your-house-hasnt-sold-yet-it-may-be-overpriced/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">willing to pay</a>, giving your house the best chance to impress from the start.
Understanding and Performing Paperwork
<a href="https://www.simplifyingthemarket.com/en/2023/11/20/is-your-house-the-top-thing-on-a-buyers-wish-list-this-holiday-season/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">Selling a house</a> involves a bunch of paperwork and legal documentation that has to be just right. There are a lot of rules and regulations to follow, making it a bit tricky for homeowners to manage everything on their own. Without a pro by your side, you could end up facing liability risks and legal complications.
Real estate agents are experts in all the contracts and paperwork needed for <a href="https://www.simplifyingthemarket.com/en/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">selling a house</a>. They know the rules and can guide you through it all, reducing the chance of mistakes that might lead to legal problems or delays.
So, instead of dealing with the growing pile of documents on your own, team up with an agent who can be your advisor, helping you avoid any legal bumps in the road.
Bottom Line
Selling your house is a big deal, and it can be complicated. Having a real estate agent can make a huge difference with setting the right price and managing all the details, so you can sell confidently. Let’s connect to make the process smooth and take the stress off your plate.2023-12-27T07:00:00-07:002023-12-22T09:25:43-07:00Seth Williamstag:sellinboston.com,2012-09-20:6528Why Mortgage Rates Could Continue To DeclineWhy Mortgage Rates Could Continue To Decline
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231218/20231220-Why-Mortgage-Rates-Could-Continue-To-Decline.png" width="600" /><br /><br />
When you read about the <a href="https://www.simplifyingthemarket.com/en/2023/12/04/experts-project-home-prices-will-rise-over-the-next-5-years/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing market</a>, you’ll probably come across some information about inflation or recent decisions made by the Federal Reserve (the Fed). But how do those two things <a href="https://www.simplifyingthemarket.com/en/2023/11/29/why-the-economy-wont-tank-the-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">impact you</a> and your homebuying plans? Here's what you need to know.
The Federal Funds Rate Hikes Have Stalled
One of the Fed’s primary goals is to lower inflation. In order to do that, they started raising the Federal Funds Rate to slow down the economy. Even though this doesn’t directly dictate what happens with <a href="https://www.simplifyingthemarket.com/en/2023/11/28/are-the-top-3-housing-market-questions-on-your-mind/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a>, it does have an impact.
Recently inflation has started to cool, a signal those increases worked and are bringing inflation back down. As a result, <a href="https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm" rel="noopener noreferrer" target="_blank">the Fed’s hikes</a> have gotten smaller and less frequent. In fact, there haven’t been any increases since July (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231218/20231220-Federal-Reserve-Funds-Rate-Hikes.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231218/20231220-Federal-Reserve-Funds-Rate-Hikes.png" /></a>
And not only has the Fed decided not to raise the Federal Funds Rate the last three times the committee met, they’ve signaled there may actually be rate cuts coming in 2024. <a href="https://www.nytimes.com/live/2023/12/13/business/fed-meeting-interest-rates?smtyp=cur&smid=tw-nytimes" rel="noopener noreferrer" target="_blank">According</a> to the New York Times (NYT):
“Federal Reserve officials left interest rates unchanged in their final policy decision of 2023 and forecast that they will cut borrowing costs three times in the coming year, a sign that the central bank is shifting toward the next phase in its fight against rapid inflation.”
This indicates the Fed thinks the economy and inflation are improving. Why does that matter to you and your plans to buy a home? It could end up leading to lower mortgage rates and <a href="https://www.simplifyingthemarket.com/en/2023/12/12/down-payment-assistance-programs-can-help-pave-the-way-to-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">improved affordability</a>.
Mortgage Rates Are Coming Down
Mortgage rates are influenced by a wide variety of factors, and inflation and the Fed’s actions (or as has been the case recently, inaction) play a big role. Now that the Fed has paused the increases, it looks more likely <a href="https://freddiemac.gcs-web.com/node/28106/pdf" rel="noopener noreferrer" target="_blank">mortgage rates</a> will continue their downward trend (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231218/20231220-Mortgage-Rates-Drop-Below-Seven-Percent.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231218/20231220-Mortgage-Rates-Drop-Below-Seven-Percent.png" /></a>
Although mortgage rates may remain volatile, their recent trend combined with <a href="https://www.simplifyingthemarket.com/en/2023/11/17/2024-housing-market-forecast-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">expert forecasts</a> indicate they could continue to go down in 2024. That would improve affordability for buyers and make it easier for <a href="https://www.simplifyingthemarket.com/en/2023/12/05/when-you-sell-your-house-where-do-you-plan-to-go/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">sellers to move</a> since they won’t feel as locked-in to their current, low mortgage rate.
Bottom Line
The Fed’s decisions have an indirect impact on mortgage rates. By not raising the Federal Funds Rate, mortgage rates are likely to continue declining. <a href="https://www.mykcm.com/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/" rel="noopener noreferrer" target="_blank">Let’s connect</a> so you have expert advice about changes in the housing market and how they affect you.2023-12-25T07:00:00-07:002023-12-22T09:23:28-07:00Seth Williamstag:sellinboston.com,2012-09-20:6498Down Payment Assistance Programs Can Help Pave the Way to HomeownershipDown Payment Assistance Programs Can Help Pave the Way to Homeownership
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231207/20231212-Down-Payment-Assistance-Programs-Can-Help-Pave-the-Way-to-Homeownership.png" width="600" /><br /><br />
If you’re looking to buy a home, your down payment doesn’t have to be a big hurdle. <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">According</a> to the National Association of Realtors (NAR), 38% of first-time homebuyers find saving for a down payment the most challenging step. But the reality is, you probably don’t need to put down as much as you think:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231207/20231212-Todays-Median-Down-Payment-Is-Much-Lower.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231207/20231212-Todays-Median-Down-Payment-Is-Much-Lower.png" /></a>
Data from NAR <a href="https://cdn.nar.realtor/sites/default/files/documents/2023-profile-of-home-buyers-and-sellers-highlights-11-13-2023.pdf" rel="noopener noreferrer" target="_blank">shows</a> the median down payment hasn’t been over 20% since 2005. In fact, the median down payment for all homebuyers today is only 15%. And it’s even lower for first-time homebuyers at 8%. But just because that’s the median, it doesn’t mean you have to put that much down. Some qualified buyers put down even less.
For example, there are loan types, like <a href="https://www.hud.gov/buying/loans" rel="noopener noreferrer" target="_blank">FHA loans</a>, with down payments as low as 3.5%, as well as options like <a href="https://www.simplifyingthemarket.com/en/2022/11/10/va-loans-can-help-veterans-achieve-their-dream-of-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">VA loans</a> and <a href="https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-guaranteed-loan-program" rel="noopener noreferrer" target="_blank">USDA loans</a> with no down payment requirements for qualified applicants. But let’s focus in on another valuable resource that may be able to help with your down payment: down payment assistance programs.
First-Time and Repeat Buyers Are Often Eligible
According to <a href="https://downpaymentresource.com/" rel="noopener noreferrer" target="_blank">Down Payment Resource</a>, there are thousands of programs available for homebuyers – and 75% of these are down payment assistance programs.
And it’s not just first-time <a href="https://www.simplifyingthemarket.com/en/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homebuyers</a> that are eligible. That means no matter where you are in your homebuying journey, there could be an option available for you. As Down Payment Resource <a href="https://downpaymentresource.com/" rel="noopener noreferrer" target="_blank">notes</a>:
“You don’t have to be a first-time buyer. Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.”
The best place to start as you search for more information is with a trusted real estate professional. They’ll be able to share more information about what may be available, including additional programs for specific professions or communities.
Additional Down Payment Resources That Can Help
Here are a few down payment assistance programs that are helping many of today’s buyers achieve the dream of homeownership:
Teacher Next Door is designed to help teachers, first responders, health providers, government employees, active-duty military personnel, and veterans reach their down payment goals.
<a href="https://www.fanniemae.com/casa" rel="noopener noreferrer" target="_blank">Fannie Mae</a> provides down-payment assistance to eligible first-time homebuyers living in majority-Latino communities.
<a href="https://myhome.freddiemac.com/buying/down-payments-and-pmi" rel="noopener noreferrer" target="_blank">Freddie Mac</a> also has options designed specifically for homebuyers with modest credit scores and limited funds for a down payment.
The <a href="https://3by30.org/homeownership-101/get-help-buying-a-home/" rel="noopener noreferrer" target="_blank">3By30</a> program lays out actionable strategies to add 3 million new Black homeowners by 2030. These programs offer valuable resources for potential buyers, making it easier for them to secure down payments and realize their dream of homeownership.
For Native Americans, <a href="https://downpaymentresource.com/homebuyer-resource/highlighting-42-native-american-homebuyer-assistance-programs-in-honor-of-native-american-heritage-month/" rel="noopener noreferrer" target="_blank">Down Payment Resource</a> highlights 42 U.S. homebuyer assistance programs across 14 states that ease the path to homeownership by providing support with down payments and other associated costs.
Even if you don’t qualify for these types of programs, there are many other federal, state, and local options available to look into. And a real estate professional can help you find the ones that meet your needs as you explore what’s available.
Bottom Line
Achieving the dream of having a home may be more within reach than you think, especially when you know where to find the right support. To learn more about your options, let’s connect.2023-12-20T07:00:00-07:002023-12-15T11:28:01-07:00Seth Williamstag:sellinboston.com,2012-09-20:6501Your Ultimate Neighborhood Guide To Point Shirley, Winthrop MA<img src="https://assets.site-static.com/userfiles/1635/image/Your_Ultimate_Neighborhood_Guide_To_Point_Shirley_Winthrop_MA_1.png" width="750" height="375" alt="Your Ultimate Neighborhood Guide To Point Shirley, Winthrop MA" title="Your Ultimate Neighborhood Guide To Point Shirley, Winthrop MA" />
Facing the majestic Atlantic Ocean, <a href="https://www.sellinboston.com/boston-ma/winthrop-point-shirley/" target="_blank">Point Shirley</a> emerges as a charming enclave within Winthrop, characterized by its intimately arranged homes and meandering narrow roads. This unique neighborhood attracts a diverse demographic, capturing the hearts of families, young professionals, and retirees alike. Point Shirley offers more than just its snug residential appeal, it boasts a network of public trails and verdant hills that unveil breathtaking panoramas of the Boston Harbor.
In this ultimate neighborhood guide, we explore the essence of Point Shirley, Winthrop MA, uncovering the hidden gems that make it a sought-after destination for residents of all walks of life.
Table of Contents
<a href="https://www.sellinboston.com/#link-1"> Getting to Know Point Shirley</a>
<a href="https://www.sellinboston.com/#link-2"> Living in Point Shirley</a>
<a href="https://www.sellinboston.com/#link-3"> Point Shirley Real Estate</a>
<a href="https://www.sellinboston.com/#link-4"> Tips On Choosing The Right Realtor For You</a>
<a href="https://www.sellinboston.com/#link-5"> Point Shirley Education</a>
<a href="https://www.sellinboston.com/#link-6"> Things to Do Near Point Shirley</a>
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Luxury-Asset-1.png" width="30" height="27" alt="Getting to Know Point Shirley" title="Getting to Know Point Shirley" /> Getting to Know Point Shirley
Rooted in its historical past when it bore the name Pullen Poynte, Point Shirley has played an integral role in shaping the narrative of the north side of Boston Harbor. Nestled within the captivating ocean-side city of <a href="https://www.sellinboston.com/boston-ma/winthrop/" target="_blank">Winthrop</a>, this community seamlessly weaves together history and natural splendor. The most enjoyable months to explore Point Shirley's offerings span from August to December, providing an optimal climate for outdoor activities and leisurely exploration.
A distinctive aspect of Point Shirley is the renowned Coughlin Park, which stands out as a lovely retreat that affords breathtaking views of airplanes gracefully landing and taking off. This park's rugged shoreline also serves as an ideal setting for a variety of outdoor pursuits. To truly acquaint oneself with Point Shirley is to appreciate its historical significance, relish the sea breeze, and engage in the diverse recreational opportunities that define this enchanting community.
Recently Listed in Point Shirley
View Homes in Point Shirley<br role="presentation" /> See detailed information & photos. <br role="presentation" /> <a href="https://sellinboston.com/property-search/results/?searchtype=2&searchid=165483&" class="si-btn si-btn--secondary">View Homes for Sale</a>
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-1.png" width="30" height="21" alt="Living in Point Shirley" title="Living in Point Shirley" /> Living in Point Shirley
If you are in the market for a new home in the Boston area, Point Shirley is one neighborhood that should be on your radar. Deciding to move anywhere is a significant undertaking, but living in Point Shirley has its perks. Throughout this guide, you will get an insider's look into the community and all it has to offer. From the variety of housing options available to the vibrant social scene, Point Shirley is a neighborhood that promises something for everyone.
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-1.png" width="30" height="21" alt="Point Shirley Real Estate" title="Point Shirley Real Estate" /> Point Shirley Real Estate
Point Shirley's housing scene is characterized by an array of Colonial-style residences, embodying a balanced blend of classic allure and contemporary amenities. These homes, spanning two to three stories, exhibit charming wood or brick facades and often feature welcoming fireplaces. Inside, the layout is thoughtfully crafted, placing bedrooms on the second floor, while the first floor encompasses well-appointed kitchens and cozy family rooms, striking a blend between practicality and comfort.
As home seekers explore Point Shirley, they'll encounter a diverse selection of housing options, from condominiums and townhomes to single-family and multi-family dwellings, all navigated with the guidance of a knowledgeable local Winthrop real estate agent. By entrusting the expertise of a real estate agent, potential buyers can rest assured that they'll find their dream home in this coveted neighborhood.
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Luxury-Asset-7.png" width="30" height="22" alt="Tips On Choosing The Right Realtor For You" title="Tips On Choosing The Right Realtor For You" /> Tips On Choosing The Right Realtor For You
Local Expertise: Look for a realtor who has extensive knowledge of the Winthrop area. They should be familiar with the local market trends, neighborhoods, schools, and amenities.
Experience Matters: Consider realtors with a proven track record of successful transactions. An experienced realtor is likely to have a better understanding of the market dynamics and can navigate potential challenges more effectively.
References and Reviews: Seek references from friends, family, or colleagues who have recently bought or sold properties in the area. Additionally, online reviews and testimonials can provide insights into the realtor's reputation and client satisfaction.
Communication Skills: Effective communication is vital in any real estate transaction. Choose a responsive realtor, who communicates clearly, and keeps you informed throughout the process. This ensures a smoother and more transparent experience.
Marketing Strategies: If you are selling a property, inquire about the realtor's marketing strategies. A strong online presence, professional photography, and effective use of marketing channels can enhance the visibility of your property.
Licensing and Credentials: Ensure that the realtor is licensed and a member of relevant professional organizations. This demonstrates a commitment to ethical standards and ongoing education.
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/School-icon-3.png" width="30" height="22" alt="Point Shirley Education" title="Point Shirley Education" /> Point Shirley Education
Residents of the Point Shirley neighborhood benefit from the educational offerings provided by the Winthrop School District. The district is committed to delivering high-quality and rigorous instruction, ensuring that students receive a comprehensive and challenging curriculum. Emphasizing authenticity and student-centered learning, the educational approach goes beyond traditional methods, fostering an environment where students can actively engage with their studies.
A key focus of the educational initiatives is the creation of more opportunities for community partnerships. By actively seeking collaborations within the local community, the Winthrop School District aims to enhance educational opportunities for Point Shirley residents. This strategy not only enriches the academic experience but also fosters a sense of community engagement and support, contributing to a well-rounded and holistic educational environment in the neighborhood.
School-aged children living in the Point Shirley neighborhood have the opportunity to attend the following public schools:
A T Cummings School l 40 Hermon St, Winthrop, MA 02152, United States
Winthrop Middle School l 60 Payson St, Winthrop, MA 02152, United States
Winthrop High School l 400 Main St, Winthrop, MA 02152, United States
The Immaculate Conception School is a fantastic option for those seeking private education and is located less than 15 minutes from the Point Shirley neighborhood.
<img src="https://assets.site-static.com/userfiles/1635/image/Middle-School-Students-in-Class-1.jpg" width="900" height="300" alt="Winthrop School District In Port Shirley, WA Outstanding Education" title="Winthrop School District In Port Shirley, WA Outstanding Education" />
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="Things to Do Near Point Shirley" title="Things to Do Near Point Shirley" /> Things to Do Near Point Shirley
Whether you already live in Point Shirley or are considering a move, there is no shortage of things to do in and around the neighborhood. From scenic parks to local dining options, we've got you covered with some must-see attractions and activities in the area.
Parks & Recreation
Belle Isle Reservation
Discover Boston's last salt marsh at <a href="https://www.mass.gov/locations/belle-isle-marsh-reservation" target="_blank">Belle Isle Marsh Reservation</a>, showcasing historic wetlands and critical habitat for rare wildlife. Enjoy nature walks and birdwatching amidst easy hiking paths, a boardwalk, and an observation tower in this unique, protected haven. The reservation's landscaped park offers benches and picnic tables, creating a perfect escape for both locals and visitors.
Ingleside Park
During the summer, this wonderful community park near Winthrop Center becomes a hub of activity with its playground, baseball diamond, tennis courts, gazebo, picnic tables, roller-hockey facilities, and an outdoor skating rink. The season also brings an exciting family concert series, adding a musical touch to the vibrant atmosphere of the park.
Places To Eat
Living somewhere that has access to delicious food is a must! And Point Shirley has plenty of options for all kinds of cravings. Here are just a few local favorites to add to your dining bucket list:
<a href="https://www.nickswinthrop.com/" target="_blank">Nick’s Place Winthrop</a>
<a href="https://www.grubhub.com/restaurant/hi-tide-breakfast-480-shirley-st-winthrop/80336" target="_blank">Hi-Tide</a>
<a href="https://caferossettis.com/" target="_blank">Cafe Rossetti's</a>
<a href="https://dparmarestaurant.com/" target="_blank">D'Parma Restaurant</a>
<img src="https://assets.site-static.com/userfiles/1635/image/Restaurant-with-Friends.jpg" width="900" height="300" alt="Discover Great Dining In Point Shirley, MA" title="Discover Great Dining In Point Shirley, MA" />
Outdoor Activities
Winthrop Beach
<a href="https://www.sellinboston.com/boston-ma/winthrop-winthrop-beach/" target="_blank">Winthrop Beach</a>, the most extensive among several beaches in the town, offers a spacious expanse of sandy shoreline ideal for swimming, peaceful strolls, and observing beachgoers. Lifeguards are present from July through early September, ensuring a safe experience. Positioned along Winthrop Shore Drive, the beach provides ample free parking for visitors.
Yirrell Beach
Found along Shirley Street, Yirrell Beach is a cherished destination known for its inviting shallow area that extends about 100 yards. Renowned for excellent surfcasting opportunities, this beach provides free parking along the street and at the nearby Public Landing. Adding to its allure, Yirrell Beach annually hosts the spectacular Old Fashioned Family Day at the Beach every July.
Winthrop Golf Club
The Winthrop Golf Club, established in 1917, beckons with its semi-private nine-hole course. The clubhouse features two bars and a spacious dining room, providing members the option to reserve this elegant space for private events. Whether for golfing or hosting special occasions, Winthrop Golf Club promises a welcoming and enjoyable experience.
<img src="https://assets.site-static.com/userfiles/1635/image/Golf-Ball-Tee-and-Club.jpg" width="900" height="300" alt="Golf At Winthrop's Semi-Private Golf Course In Winthrop, MA" title="Golf At Winthrop's Semi-Private Golf Course In Winthrop, MA" />
Family-Friendly Entertainment
New England Aquarium
Situated within 10 miles of the Point Shirley neighborhood, the New England Aquarium stands as a notable nonprofit organization dedicated to marine conservation. The aquarium reveals a diverse range of marine species, featuring harbor and northern fur seals, California sea lions, African and southern rockhopper penguins, giant Pacific octopuses, and weedy seadragons. Visitors can explore the captivating underwater world further with thousands of saltwater and freshwater fishes, offering an educational and immersive experience in close proximity to Point Shirley.
Winthrop Public Library and Museum
The Winthrop Public Library and Museum offers a wide array of resources and programs for all ages. From book clubs and storytime for kids to technology classes and guest speakers, this community staple has become a hub for learning and cultural enrichment. The museum also showcases the town's history through exhibits and artifacts, giving residents a glimpse into Winthrop's past.
Deer Island
Deer Island, connected to Winthrop, provides family-friendly activities such as walking trails, interpretative signage, memorial benches, and a pathway with stunning views of Boston Harbor. As part of the Boston Harbor Islands National Park Area, it's open daily for walking, jogging, sightseeing, picnicking, and fishing. Families can enjoy the outdoors, and there's a small visitor parking area as you enter the island from Winthrop.
If you haven't contacted a local real estate agent to start your home search, now is the time! Hopefully, this guide has helped you gain a better understanding of life in Point Shirley. Whether you're looking to relocate or simply want to explore a new neighborhood, Point Shirley radiates charm, community, and opportunity.
Seth has 15 + years in multi-unit retail management, and is bringing the renewed focus to the client that has been absent from the industry for decades. We integrate the latest and greatest technology, at the same time making your purchase or home sale as stress free as possible. Get in touch today by filling out a <a href="https://www.sellinboston.com/contact/" title="Contact Form" target="_blank" data-uw-rm-brl="false" aria-label="contact form - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.sellinboston.com/contact/$contactform">contact form</a> or giving us a call.
<img class="cta-img-without-shadow-mobile" src="https://assets.site-static.com/userfiles/1635/image/rre-team.jpg" alt="The Ultimate Guide To Living In 76123, Fort Worth, Texas" width="270" height="230" style="margin: 0 0 30px 0 !important;" data-uw-rm-ima="gn" />
A local Point Shirley real estate agent is ready to help you find your dream home!
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2023-12-18T07:05:43-07:002023-12-28T10:47:18-07:00Seth Williamstag:sellinboston.com,2012-09-20:6499The Surprising Trend in the Number of Homes Coming onto the MarketThe Surprising Trend in the Number of Homes Coming onto the Market
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231212/20231213-The-Surprising-Trend-in-the-Number-of-Homes-Coming-onto-the-Market.png" width="600" /><br /><br />
If you're thinking about <a href="https://www.simplifyingthemarket.com/en/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">moving</a>, it's important to know what's happening in the <a href="https://www.simplifyingthemarket.com/en/2023/12/04/experts-project-home-prices-will-rise-over-the-next-5-years/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing market</a>. Here's an update on the supply of homes currently for sale. Whether you're <a href="https://www.simplifyingthemarket.com/en/2023/12/08/your-homebuying-adventure-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buying</a> or <a href="https://www.simplifyingthemarket.com/en/2023/12/05/when-you-sell-your-house-where-do-you-plan-to-go/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">selling</a>, the number of homes in your area is something you should pay attention to.
In the housing market, there are regular patterns that happen every year, called <a href="https://www.simplifyingthemarket.com/en/2023/11/22/home-prices-still-growing-just-at-a-more-normal-pace/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">seasonality</a>. Spring is the peak homebuying season and also when the most homes are typically listed for sale (homes coming onto the market are known in the industry as new listings). In the second half of each year, the number of new listings typically decreases as the pace of sales slows down.
The graph below uses <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">data</a> from Realtor.com to provide a visual of this seasonality. It shows how this year (the black line) is breaking from the norm (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231212/20231213-New-Listings-Stabilizing.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231212/20231213-New-Listings-Stabilizing.png" /></a>
Looking at this graph, three things become clear:
2017-2019 (the blue and gray lines) follow the same general pattern. These years were very typical in the housing market and their lines on the graph show normal, seasonal trends.
Starting in 2020, the data broke from the normal trend. The big drop down in 2020 (the orange line) signals when the pandemic hit and many sellers paused their plans to move. 2021 (the green line) and 2022 (the red line) follow the normal trend a bit more, but still are abnormal in their own ways.
This year (the black line) is truly unique. The steep drop off in new listings that usually occurs this time of year hasn’t happened. If 2023 followed the norm, the line representing this year would look more like the dotted black line. Instead, what’s happening is the number of new listings is stabilizing. And, there are even more <a href="https://www.simplifyingthemarket.com/en/2023/11/21/are-there-actually-more-homes-for-sale-right-now/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">new listings</a> coming to the market this year compared to the same time last year.
What Does This Mean for You?
For buyers, new listings stabilizing is a positive sign. It means you have a more steady stream of options coming onto the market and more choices for your next home than you would have at the same time last year. This opens up possibilities and allows you to explore a variety of homes that suit your needs.
For sellers, while new listings are breaking seasonal norms, inventory is still well below where it was before the pandemic. If you look again at the graph, you’ll see the black line for this year is still lower than normal, meaning inventory isn’t going up dramatically and prices aren’t heading for a crash. And with less competition from other sellers than you’d see in a more typical year, <a href="https://www.simplifyingthemarket.com/en/2023/11/20/is-your-house-the-top-thing-on-a-buyers-wish-list-this-holiday-season/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">your house</a> has a better chance to be in the spotlight and attract eager buyers.
Bottom Line
Whether you're on the hunt for your next home or thinking of selling, now might just be the perfect time to make <a href="https://www.mykcm.com/2023/11/13/life-changing-events-that-move-the-housing-market/" rel="noopener noreferrer" target="_blank">your move</a>. If you have questions or concerns about the availability of homes in our local area, let’s connect.2023-12-18T07:00:00-07:002023-12-15T13:12:59-07:00Seth Williamstag:sellinboston.com,2012-09-20:6460Why You Should Use a Real Estate Agent When You Buy a HomeWhy You Should Use a Real Estate Agent When You Buy a Home
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231128/20231207-Why-You-Need-To-Use-a-Real-Estate-Agent-When-You-Buy-a-Home.png" width="600" /><br /><br />
If you’ve recently decided you’re ready to become a <a href="https://www.simplifyingthemarket.com/en/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeowner</a>, chances are you’re trying to figure out what to do first. It can feel a bit overwhelming to know where to start, but the good news is you don’t have to navigate all of that alone.
When it comes to buying a home, there are a lot of moving pieces. And that’s especially true in today’s <a href="https://www.simplifyingthemarket.com/en/2023/11/15/the-latest-2024-housing-market-forecast/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing market</a>. The number of <a href="https://www.simplifyingthemarket.com/en/2023/11/21/are-there-actually-more-homes-for-sale-right-now/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homes for sale</a> is still low, and <a href="https://www.simplifyingthemarket.com/en/2023/11/14/home-prices-keep-climbing-in-most-markets/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> and <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> are still high. That combination can be tricky if you don’t have reliable expertise and a trusted advisor on your side. That’s why the best place to start is connecting with a local real estate agent.
Agents Are the #1 Most Useful Source in the Buying Process
The latest <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">annual report</a> from the National Association of Realtors (NAR) finds recent homebuyers agree the #1 most useful source of information they had in the home buying process was a real estate agent. Let’s break down why.
How an Agent Helps When You Buy a Home
When you think about a <a href="https://www.simplifyingthemarket.com/en/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">real estate agent</a>, you may think of someone taking you on home showings and putting together the paperwork, but a great agent does so much more than that. It’s not just being the facilitator for your purchase, it’s being your guide through every step.
The visual below shows some examples from that same <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">NAR release</a> of the many ways an agent adds value. It includes the percentage of homebuyers in that report who highlighted each of these benefits:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231128/20231207-Benefits-Provided-by-Real-Estate-Agent-During-Home-Purchase-Process.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231128/20231207-Benefits-Provided-by-Real-Estate-Agent-During-Home-Purchase-Process.png" /></a>
Here’s a bit more context on how the survey results noted an agent continually helps buyers in these situations:
Helped Buyer’s Understand the Process: Do you know the difference between an inspection and an appraisal, what each report tells you, and why they’re both important? Or that there are things you shouldn’t do after applying for a mortgage, like buying appliances or furniture? An agent knows all of these best practices and will share them with you along the way, so you don’t miss any key steps by the time you get to the closing table.
Pointed Out Unnoticed Features or Faults with the Home: An agent also has a lot of experience evaluating homes. They’ve truly seen it all. They’ll be able to pinpoint some things you may not have noticed about the home that could help inform your decision or at least what repairs you ask for.
Provided a Better List of Service Providers: In a real estate transaction, there are a lot of people involved. An agent has experience working with various professionals in your area, like home inspectors, and can help connect you with the pros you need for a successful experience.
Negotiated Better Contract Terms and Price: Did something pop up in the home inspection or with the appraisal? An agent will help you re-negotiate as needed to get the best terms and price possible for you, so you feel confident with your big purchase.
Improved Buyer’s Knowledge of the Search Area: Moving to a new town and you’re not familiar with the area, or you’re staying nearby, but don’t know which neighborhoods are most affordable? Either way, an agent knows the local area like the back of their hand and can help you find the perfect location for your needs.
Expanded Buyer’s Search Area: And if you’re not finding anything you’re interested in within your initial search radius, an agent will know other neighborhoods nearby you should consider based on what you like, what amenities you want, and more.
Bottom Line
If you’re looking to <a href="https://www.mykcm.com/2023/10/04/understanding-the-benefits-of-owning-your-first-home/" rel="noopener noreferrer" target="_blank">buy a home</a>, don’t forget about the many ways an agent is essential to that process. Any hurdle that pops up, a negotiation that needs to take place, and more, your agent will know how to handle it while they make sure to minimize your stress along the way. Let’s connect to tackle this together.2023-12-13T07:00:00-07:002023-12-08T06:50:42-07:00Seth Williamstag:sellinboston.com,2012-09-20:6459How To Turn Homeownership into a Side HustleHow To Turn Homeownership into a Side Hustle
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231204/20231206-How-to-Turn-Homeownership-into-a-Side-Hustle.png" width="600" /><br /><br />
Does the rising cost of just about everything these days make your dream of owning your own home feel less within reach? <a href="https://www.bankrate.com/personal-finance/side-hustle-survey/#millennial-gen-z" rel="noopener noreferrer" target="_blank">According</a> to Bankrate, many people are seeking additional income through side hustles, possibly to cope with those increasing expenses and save for a home. This trend is particularly popular with younger individuals who may be dealing with student loan debt (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231204/20231206-Nearly-two-in-five-US-adults-have-a-side-hustle.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231204/20231206-Nearly-two-in-five-US-adults-have-a-side-hustle.png" /></a>
Here are two strategies that can not only make <a href="https://www.simplifyingthemarket.com/en/2023/11/23/why-homeowners-are-thankful-they-own/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeownership</a> more affordable in the short term, but turn it into a lucrative side hustle that can pay off down the road.
Transforming the Challenge of a Fixer-Upper into an Opportunity
One thing you could do to help you break into homeownership is consider purchasing a fixer-upper. That’s a <a href="https://www.simplifyingthemarket.com/en/2023/11/21/are-there-actually-more-homes-for-sale-right-now/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home</a> that may be a bit less appealing and as a result has lingered on the market longer than normal. <a href="https://realestate.usnews.com/real-estate/articles/buying-a-fixer-upper-everything-you-need-to-know" rel="noopener noreferrer" target="_blank">According</a> to a recent article from U.S. News:
“The current state of the housing market may have you expanding your options to try to find a home that you can afford. A fixer-upper that needs some updating and a little love can feel like a welcome alternative to move-in ready houses that go off the market before you can even take a tour.”
By opting for a home that requires some work, you may see two big benefits. For starters, you may find it’s easier to find a home because you’re not looking for that perfect option. Plus, it may also help you enter the housing market at a lower <a href="https://www.simplifyingthemarket.com/en/2023/11/22/home-prices-still-growing-just-at-a-more-normal-pace/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">price point</a>. This strategy provides a more affordable way to <a href="https://www.simplifyingthemarket.com/en/2023/11/08/thinking-about-using-your-401k-to-buy-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">become a homeowner</a> while also offering the potential for future profits.
Yes, the home may need a little elbow grease, but investing time and effort into gradually enhancing your house not only makes it a home but also increases its future market value. So, while you enjoy the satisfaction of turning a house into a home, you're also <a href="https://www.simplifyingthemarket.com/en/2023/11/07/homeowner-net-worth-has-skyrocketed/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">building equity</a> that can be unlocked when it's time to sell.
Renting Out a Portion of Your Home To Make It More Affordable
Another savvy strategy is to <a href="https://www.simplifyingthemarket.com/en/2023/11/03/the-benefits-of-buying-a-multi-generational-home-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">purchase a home</a> with the upfront intention of renting out a portion of it. <a href="https://zillow.mediaroom.com/2023-11-16-Interest-in-house-hacking-explodes-among-Millennial-and-Gen-Z-home-buyers-seeking-extra-income" rel="noopener noreferrer" target="_blank">According</a> to a recent press release from Zillow, renting out a part of their home is already very important for most young homebuyers (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231204/20231206-Percent-of-buyers-who-find-it-very-or-extremely-important.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231204/20231206-Percent-of-buyers-who-find-it-very-or-extremely-important.png" /></a>
This approach serves a strong purpose. As Manny Garcia, Senior Population Scientist at Zillow, <a href="https://zillow.mediaroom.com/2023-11-16-Interest-in-house-hacking-explodes-among-Millennial-and-Gen-Z-home-buyers-seeking-extra-income" rel="noopener noreferrer" target="_blank">says</a>:
“For those first-time buyers navigating the ‘side hustle culture,’ where a regular 9-to-5 might not quite cut it for homeownership dreams, rental income can step in to help . . .”
Basically, it can help you afford your monthly mortgage payments. So if you’re open to it, renting out a portion of your home not only helps with <a href="https://www.simplifyingthemarket.com/en/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">affordability</a>, but it also positions you as an investor and turns <a href="https://www.simplifyingthemarket.com/en/2023/11/01/what-are-accessory-dwelling-units-and-how-can-they-benefit-you/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">your home</a> into a source of income.
Bottom Line
In the face of today’s <a href="https://www.mykcm.com/2023/11/14/home-prices-keep-climbing-in-most-markets/" rel="noopener noreferrer" target="_blank">affordability challenges</a>, both of these strategies offer more attainable paths to <a href="https://www.mykcm.com/2023/11/24/why-homeowners-feel-thankful-for-their-homes-infographic/" rel="noopener noreferrer" target="_blank">homeownership</a>, especially for younger buyers. If you want to discuss these options and see how they might play out for you in our local market, let’s connect.2023-12-11T07:00:00-07:002023-12-08T06:49:39-07:00Seth Williamstag:sellinboston.com,2012-09-20:6420Are the Top 3 Housing Market Questions on Your Mind?Are the Top 3 Housing Market Questions on Your Mind?
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231128-Are-The-Top-3-Housing-Market-Questions-on-your-mind.png" width="600" /><br /><br />
When it comes to what’s happening in the <a href="https://www.simplifyingthemarket.com/en/2023/11/15/the-latest-2024-housing-market-forecast/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing market</a>, there’s a lot of confusion going around right now. You may hear one thing in conversation with your friends, see something totally different on the news, and read something on social media that contradicts both of those thoughts. And, if you’re thinking about <a href="https://www.simplifyingthemarket.com/en/2023/11/13/life-changing-events-that-move-the-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">making a move</a>, that can leave you with a lot of lingering questions. That’s where a trusted local <a href="https://www.simplifyingthemarket.com/en/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">real estate agent</a> comes in.
Here are the top 3 questions people are asking about today’s housing market, and the data to help answer them.
1. What’s Next for Mortgage Rates?
<a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">Mortgage rates</a> are higher than they’ve been in recent years. And, if you’re looking to buy a home, that impacts how much you can <a href="https://www.simplifyingthemarket.com/en/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">afford</a>. That’s why so many <a href="https://www.simplifyingthemarket.com/en/2023/10/12/growing-your-net-worth-with-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buyers</a> want to know what’s ahead for mortgage rates. The answer to that question is: no one can say for certain, but here’s what we know based on historical trends.
There’s a long-standing relationship between mortgage rates and <a href="https://www.simplifyingthemarket.com/en/2023/08/03/how-inflation-affects-mortgage-rates/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">inflation</a>. Basically, when inflation is high, <a href="https://www.simplifyingthemarket.com/en/2023/09/06/mortgage-rates-past-present-and-possible-future/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> tend to follow suit. Over the past year, inflation was up, so mortgage rates were as well. But inflation is easing now. And this is why the Federal Reserve has recently paused their federal funds rate hikes, which means many experts believe mortgage rates will begin to come down.
And in some ways, we’ve started to see hints of slightly lower <a href="https://www.freddiemac.com/pmms" rel="noopener noreferrer" target="_blank">mortgage rates</a> in recent weeks. But it’s certainly been volatile and will likely continue to be that way going into next year. Some ongoing variation is to be expected, but the anticipation is, that in 2024, we’ll see a downward trend. As Aziz Sunderji, Strategist at Home Economics, <a href="https://www.home-economics.us/p/mortgage-rates-are-set-to-fall" rel="noopener noreferrer" target="_blank">says</a>:
“The bottom line is that interest rates are likely to be lower-perhaps even lower than many optimists think - in the weeks and months to come.”
2. Where Are Home Prices Headed?
While there’s been a <a href="https://www.simplifyingthemarket.com/en/2023/11/02/dont-believe-everything-you-read-about-home-prices/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">lot of concern</a> prices would come crashing down this year, data shows that didn’t happen. In fact, home prices are rising in <a href="https://www.simplifyingthemarket.com/en/2023/11/14/home-prices-keep-climbing-in-most-markets/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">most of the nation</a>. Experts say that <a href="https://www.simplifyingthemarket.com/en/2023/10/23/why-home-prices-keep-going-up/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">trend will continue</a>, just at a slower pace that’s much more <a href="https://www.simplifyingthemarket.com/en/2023/11/22/home-prices-still-growing-just-at-a-more-normal-pace/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">normal</a> for the housing market – and that’s a good thing.
To help show just how <a href="https://www.simplifyingthemarket.com/en/2023/09/05/expert-home-price-forecasts-revised-up-for-2023/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">confident experts</a> are in this continued appreciation, take a look at the <a href="https://pulsenomics.com/surveys/#home-price-expectations" rel="noopener noreferrer" target="_blank">Home Price Expectation Survey</a> from Pulsenomics. It’s a survey of a national panel of over 100 economists, real estate experts, and investment and market strategists. As the graph below shows, the consensus is, that prices will keep climbing next year, and in the years to come.
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231128-Estimated-Home-Price-Performance.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231128-Estimated-Home-Price-Performance.png" /></a>
3. Is a Recession Around the Corner?
While recession talk has been a common thing over the past few years, there’s good news on that front.
The <a href="https://www.wsj.com/economy/economic-forecasting-survey-archive-11617814998" rel="noopener noreferrer" target="_blank">Wall Street Journal</a> (WSJ) polls experts on this topic regularly. And last year at this time, most of them thought a recession would have happened by now. But as experts look at all the leading indicators today, they’re changing their minds and saying a recession is getting less and less likely. The latest results show that more experts now think we’re not headed for another recession (see chart below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231128-Do-Experts-Think-a-Recession-is-Coming.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231128-Do-Experts-Think-a-Recession-is-Coming.png" /></a>
This is big news for the <a href="https://www.simplifyingthemarket.com/en/2023/10/31/foreclosures-and-bankruptcies-wont-crash-the-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing market</a>. And while the 48% to 52% split may seem close to half and half, the key thing to focus on is that the majority of these experts think we’ve avoided a recession already.
Bottom Line
The big takeaway? The data shows there isn’t cause for concern – there are actually more signs of hope. Let’s connect to talk more about the housing market questions on your mind as we head into the new year. 2023-12-06T07:00:00-07:002023-12-01T08:16:19-07:00Seth Williamstag:sellinboston.com,2012-09-20:6419Is Owning a Home Still the American Dream for Younger Buyers?Is Owning a Home Still the American Dream for Younger Buyers?
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Is-Owning-a-Home-Still-the-American-Dream-for-Younger-buyers.png" width="600" /><br /><br />
Everyone has their own idea of the American Dream, and it's different for each person. But, in a recent <a href="https://www.bankrate.com/mortgages/homeownership-remains-centerpiece-of-american-dream/#faq" rel="noopener noreferrer" target="_blank">survey</a> by Bankrate, people were asked about the achievements they believe represent the American Dream the most. The answers show that owning a home still claims the #1 spot for many Americans today (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Homeownership-Remains-the-1-feature-of-the-american-dream.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Homeownership-Remains-the-1-feature-of-the-american-dream.png" /></a>
In fact, according to the graph, owning a home is more important to people than retiring, having a successful career, or even getting a college degree. But is the dream of homeownership still alive for younger generations?
A recent <a href="http://www.1000wattinside.com/" rel="noopener noreferrer" target="_blank">survey</a> by 1000watt dives into how the two generations many people believed would be the renter generations (Gen Z and millennials) feel about homeownership. Specifically, it asks if they want to buy a home in the future. The resounding answer is yes (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Gen-Z-and-millenials-do-you-want-to-buy-a-home-at-some-point-in-the-future.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Gen-Z-and-millenials-do-you-want-to-buy-a-home-at-some-point-in-the-future.png" /></a>
While there are plenty of reasons why someone might prefer <a href="https://www.simplifyingthemarket.com/en/2023/11/23/why-homeowners-are-thankful-they-own/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeownership</a> to renting, the same 1000watt survey shows, that for 63% of <a href="https://www.simplifyingthemarket.com/en/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">Gen Z</a> and millennials, it’s that your place doesn’t feel like “home” unless you own it – maybe you feel the same way.
That emotional draw is further emphasized when you look at the reasons why Gen Z and millennials want to become homeowners. For all the <a href="https://www.simplifyingthemarket.com/en/2023/11/07/homeowner-net-worth-has-skyrocketed/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">financial benefits</a> homeownership provides, in most cases it’s about the lifestyle or <a href="https://www.simplifyingthemarket.com/en/2023/11/24/why-homeowners-feel-thankful-for-their-homes-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">emotional benefits</a> (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Whats-the-primary-reason-you-want-to-own-a-home.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Whats-the-primary-reason-you-want-to-own-a-home.png" /></a>
What Does This Mean for You?
If you’re a part of Gen Z or are a millennial and you’re ready, willing, and able to <a href="https://www.simplifyingthemarket.com/en/2023/11/08/thinking-about-using-your-401k-to-buy-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a>, you’ll want a great real estate agent by your side. Their experience and expertise in the local housing market will help you overcome today’s high <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a>, <a href="https://www.simplifyingthemarket.com/en/2023/11/21/are-there-actually-more-homes-for-sale-right-now/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">low inventory</a>, and rising <a href="https://www.simplifyingthemarket.com/en/2023/11/22/home-prices-still-growing-just-at-a-more-normal-pace/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> to find your first home and turn your dream into a reality.
Working with a local real estate agent to find your dream home is the key to unlocking the American Dream.
Bottom Line
<a href="https://www.mykcm.com/2023/11/03/the-benefits-of-buying-a-multi-generational-home-infographic/" rel="noopener noreferrer" target="_blank">Buying a home</a> is a big, important decision that represents the heart of the American Dream. If you want to accomplish your goal, <a href="https://www.mykcm.com/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/" rel="noopener noreferrer" target="_blank">let’s connect</a> to start the process today.2023-12-04T07:00:00-07:002023-12-01T08:15:17-07:00Seth Williamstag:sellinboston.com,2012-09-20:6367The Latest 2024 Housing Market ForecastThe Latest 2024 Housing Market Forecast
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231114/20231115-The-Latest-2024-Housing-Market-Forecast.png" width="600" /><br /><br />
The new year is right around the corner, and you might be wondering if 2024 will be the right time to <a href="https://www.simplifyingthemarket.com/en/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy</a> or <a href="https://www.simplifyingthemarket.com/en/2023/10/24/the-perks-of-selling-your-house-when-inventory-is-low/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">sell a home</a>. If you want to make the most informed decision possible, it’s important to know what the experts have to say about what's ahead for the housing market. Spoiler alert: the projections may be better than you think. Here’s why.
Experts Forecast Ongoing Home Price Appreciation
Take a look at the latest home price forecasts from <a href="https://www.fanniemae.com/media/49326/display" rel="noopener noreferrer" target="_blank">Fannie Mae</a>, the <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">Mortgage Bankers Association</a> (MBA), and the <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">National Association of Realtors</a> (NAR):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231116/20231115-Home-Price-Forecasts-for-2023-and-2024.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231116/20231115-Home-Price-Forecasts-for-2023-and-2024.png" /></a>
As you can see in the orange bars on the left, on average, experts forecast <a href="https://www.simplifyingthemarket.com/en/2023/11/02/dont-believe-everything-you-read-about-home-prices/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">prices</a> will end this year up about 2.8% overall, and increase by another 1.5% by the end of 2024. That’s big news, considering so many people thought prices <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">would crash</a> this year. The truth is, prices didn’t come tumbling way down in <a href="https://www.simplifyingthemarket.com/en/2023/10/23/why-home-prices-keep-going-up/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">2023</a>, and that’s because there just weren’t enough homes for sale compared to the number of people who wanted or needed to buy them, and that inventory crunch is still very real. This is the general rule of supply and demand, and it continues to put upward pressure on prices as we move into the new year.
Looking forward, experts project <a href="https://www.simplifyingthemarket.com/en/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> will continue to rise next year, but not quite as much as they did this year. Even though the expected rise in 2024 isn't as big as in 2023, it's important to understand home price appreciation is cumulative. In simpler terms, this means if the experts are right, according to the national average, after your home's value goes up by 2.8% this year, it should go up by another 1.5% next year. That ongoing price growth is a big part of why <a href="https://www.simplifyingthemarket.com/en/2023/11/07/homeowner-net-worth-has-skyrocketed/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">owning a home</a> can be a smart decision in the long run.
Projections Show Sales Should Increase Slightly Next Year
While 2023 hasn’t seen a lot of home sales relative to more normal years in the housing market, experts are forecasting a bit more activity next year. Here’s what those same three organizations project for the rest of this year, and in 2024 (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231114/20231115-Total-Home-Sales-Forecasts-for-2023-and-2024.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231114/20231115-Total-Home-Sales-Forecasts-for-2023-and-2024.png" /></a>
While expectations are for just a slight uptick in total sales, improved activity next year is a good thing for the housing market, and for <a href="https://www.simplifyingthemarket.com/en/2023/10/25/invest-in-yourself-by-owning-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buyers</a> and sellers like you. As people continue to move, that opens up options for hopeful buyers who are looking for a home.
So, what do these forecasts show? The housing market is expected to be more active in 2024. That may be in part because there will always be people who <a href="https://www.simplifyingthemarket.com/en/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">need to move</a>. People will get new jobs, have children, get married or divorced – these and other major life changes lead people to move regardless of housing market conditions. That will remain true next year, and for years to come. And if mortgage rates come down, we’ll see even more activity in the housing market.
Bottom Line
If you’re thinking about buying or selling, it’s important to know what the experts are forecasting for the future of the housing market. When you’re in the know about what’s ahead, you can make the most informed decision possible. <a href="https://www.mykcm.com/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/" rel="noopener noreferrer" target="_blank">Let's chat</a> about the latest forecasts together, and craft a plan for your next move.2023-11-22T07:00:00-07:002023-11-16T13:34:58-07:00Seth Williamstag:sellinboston.com,2012-09-20:6382Revealed: The Truth About Waterfront Living In Winthrop, MA<img src="https://assets.site-static.com/userfiles/1635/image/Waterfront_Living_In_Winthrop_MA.png" width="750" height="375" alt="living in winthrop ma" title="living in winthrop ma" />
Are you contemplating <a href="https://www.sellinboston.com/blog/moving-to-winthrop-ma/" target="_blank">moving to Winthrop, MA</a> and wondering what it's like to live near the waterfront? Look no further! This article will provide you with all the information you need to know about the benefits of waterfront living in Winthrop, exploring the real estate market in the area, tips for finding waterfront properties, things to consider before moving, and activities and attractions in Winthrop.
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Luxury-Asset-1.png" width="60" height="54" alt="The Allure of Living in Winthrop, MA" title="The Allure of Living in Winthrop, MA" /> The Allure of Living in Winthrop, MA
Located just a few miles from <a href="https://www.sellinboston.com/boston-ma/" target="_blank">Boston</a>, Winthrop is a small town surrounded by water on three sides. While there may be plenty of waterfront locations to choose from, Winthrop stands out for several reasons. Firstly, the town's proximity to Boston makes it an ideal location for those looking to enjoy a quieter lifestyle while still having access to the amenities and opportunities of a major city. Secondly, Winthrop boasts stunning ocean views and a charming coastal atmosphere that is hard to find elsewhere.
Table of Contents
<a href="https://www.sellinboston.com/#link-1"> The Allure of Living in Winthrop, MA</a>
<a href="https://www.sellinboston.com/#link-2"> The Benefits of Waterfront Living</a>
<a href="https://www.sellinboston.com/#link-3"> Exploring the Real Estate Market in Winthrop, MA</a>
<a href="https://www.sellinboston.com/#link-4"> Tips for Finding Waterfront Properties in Winthrop, MA</a>
<a href="https://www.sellinboston.com/#link-5"> Things to Consider Before Moving to Winthrop, MA</a>
<a href="https://www.sellinboston.com/#link-6"> Activities and Attractions in Winthrop, MA</a>
<a href="https://www.sellinboston.com/#link-6"> Conclusion</a>
Winthrop is a diverse community that attracts a range of residents. Families are drawn to the town for its excellent schools and family-friendly neighborhoods, while professionals appreciate the easy commute to Boston. Retirees are also attracted to Winthrop for its peaceful surroundings and close-knit community.
As for the climate in Winthrop, residents can expect a typical New England experience with four distinct seasons. Summers are warm and sunny, perfect for enjoying the beaches and waterfront activities. Winters can be cold and include snowfall, creating a picturesque winter wonderland. Spring and fall bring mild temperatures and stunning foliage.
Aside from its natural beauty, Winthrop also has a unique downtown area with a variety of restaurants, shops, and entertainment options. The town hosts several events throughout the year, including the annual <a href="https://www.mainepublic.org/community-calendar/event/winthrop-arts-festival-29-07-2022-10-22-12" target="_blank">Winthrop Arts Festival</a> and the Fourth of July Celebration. Great location, wonderful community spirit and lots of things to do in Winthrop, MA are just a hint of the growing appeal for waterfront living in this area.
Recently Listed in North Potomac
View Homes in North Potomac <br role="presentation" /> See detailed information & photos. <br role="presentation" /> <a href="https://sellinboston.com/property-search/results/?searchtype=2&searchid=97697&" class="si-btn si-btn--secondary">View Homes for Sale</a>
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-1.png" width="55" height="38" alt="The Benefits of Waterfront Living" title="The Benefits of Waterfront Living" /> The Benefits of Waterfront Living
Living near the waterfront provides many benefits, including breathtaking views, fresh sea air, and the calming sound of the waves. It can also improve your physical and mental health by encouraging outdoor activities and reducing stress levels. Waterfront properties tend to have higher resale value and are more in demand — a smart financial investment.
In Winthrop, waterfront living also means easy access to a variety of water activities, from swimming and fishing to boating and kayaking. The town has several parks and beaches, which offer stunning views of the Boston skyline. With Boston just a short drive away, you can easily enjoy all the city has to offer while still having a peaceful retreat to come home to.
Another benefit of waterfront living in Winthrop is the sense of community that it fosters. Living by the water often creates a strong bond among residents who share a love for the ocean and all it has to offer. You'll find that there are numerous community events and activities centered around the waterfront, providing an opportunity to connect with your neighbors and form lasting friendships. Living by the water offers a unique and fulfilling lifestyle.
<img src="https://assets.site-static.com/userfiles/1635/image/Enjoying-Sunset-By-the-Water.gif" width="750" height="300" alt="Enjoying Sunset Waterfront - Winthrop, MA" title="Enjoying Sunset Waterfront - Winthrop, MA" />
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-1.png" width="55" height="38" alt="Exploring the Real Estate Market in Winthrop, MA" title="Exploring the Real Estate Market in Winthrop, MA" /> Exploring the Real Estate Market in Winthrop, MA
When it comes to <a href="https://www.sellinboston.com/property-search/results/?searchtype=2&searchid=97697&" title="Winthrop, MA Real Estate" target="_blank">Winthrop, MA real estate,</a> waterfront properties are highly sought after and tend to sell quickly. While prices vary depending on the property's location and condition, you can expect to pay a premium for waterfront living in Winthrop.
From stunning oceanfront estates to cozy beach cottages, there is something for every buyer looking to enjoy life by the water. Of course, if a condo, townhome or new build is more to your liking you'll find these options as well. Waterfront homes offer breathtaking views and easy access to the beach.
Overall, the real estate market in Winthrop, MA provides a unique opportunity for homebuyers looking for a charming seaside community with easy access to urban amenities. To find your dream waterfront property, it's important to work with a professional real estate agent who knows the area well. They can help you navigate the market, find properties that meet your needs, and negotiate the best deal for you.
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Luxury-Asset-7.png" width="53" height="39" alt="Tips for Finding Waterfront Properties in Winthrop, MA" title="Tips for Finding Waterfront Properties in Winthrop, MA" /> Tips for Finding Waterfront Properties in Winthrop, MA
When searching for waterfront properties in Winthrop, there are a few things to keep in mind. First, consider the property's location and proximity to the water. Properties that are closer to the water tend to have better views and more privacy, but may also be more expensive. Familiarize yourself with the area and current market. By understanding the local market trends and prices, you'll be better equipped to identify good deals and opportunities.
Consider the property's condition and any potential maintenance or renovation costs. Waterfront properties require regular upkeep to protect against saltwater damage and erosion, so it's necessary to factor these costs into your overall budget.
Think about what kind of lifestyle you're looking for — whether you want a secluded beachfront property or a home with easy access to amenities like restaurants and shops. Take into account factors like proximity to schools or public transportation if that's important to you. By considering your own needs and preferences, you'll narrow down your search.
Ensure that you collaborate with a reliable real estate agent who possesses expertise in dealing with waterfront properties. Their knowledge and experience will be invaluable in assisting you in the process of finding your dream waterfront property. They can provide you with insider information on upcoming listings, negotiate on your behalf, and ensure that you find the perfect waterfront property for you.
<img src="https://assets.site-static.com/userfiles/1635/image/Home-Buying-Tips.gif" width="750" height="300" alt="Tips for Finding Waterfront Properties in Winthrop, MA" title="Tips for Finding Waterfront Properties in Winthrop, MA" />
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="52" height="63" alt="Things to Consider Before Moving to Winthrop, MA" title="Things to Consider Before Moving to Winthrop, MA" /> Things to Consider Before Moving to Winthrop, MA
Before making the move to Winthrop, there are a few things to consider. First, the cost of living in Winthrop is higher than the national average, so be prepared for higher housing and other expenses. However, the town's natural beauty, tight-knit community, and easy access to Boston may make it worth the investment.
You should also consider the town's public transportation options, as Winthrop is not serviced by the MBTA subway system. Several bus routes do provide access to the surrounding area.
Last but not least, research the town's schools and education system if you have children. While Winthrop has several highly rated schools, it's important to find the right fit for your family.
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="52" height="63" alt="Activities and Attractions in Winthrop, MA" title="Activities and Attractions in Winthrop, MA" /> Activities and Attractions in Winthrop, MA
Aside from its organic beauty, Winthrop offers a wide range of activities and attractions for residents to enjoy throughout the year. Whether it's summer or winter, there are plenty of things to do in this quaint coastal town. In the summer months, residents can take advantage of the beautiful beaches and waterfront areas. Aside from the well-known Winthrop Beach which is a popular spot for swimming, sunbathing, and picnicking, there are smaller, quieter beaches that are favorites of those who live here. Such beaches include Donovan's Beach, Pico Beach, and Halford Beach. When it comes to water activities, there are plenty of options for boating and fishing.
For those who prefer land activities, Winthrop boasts several parks and recreational areas for locals to enjoy hiking, biking or a leisurely stroll.
In the winter, Winthrop offers a different set of activities for its residents. One of the main attractions during this season is ice skating at the <a href="https://www.town.winthrop.ma.us/lawrence-larsen-rink" target="_blank">Larsen Rink</a>. This indoor ice rink provides a fun and active way to spend time during the colder months. Larsen Rink also provides fantastic ice hockey programs for all ages.
If you prefer to be outdoors even in the winter, several parks have trails that can be enjoyed for winter walks, snowshoeing or cross-country skiing. With all the water surrounding Winthrop why not have a go at ice fishing?<br /><img src="https://assets.site-static.com/userfiles/1635/image/Snowshoeing.gif" width="750" height="300" alt="Outdoors Fun In The Winter Snowshoeing In Winthrop, MA" title="Outdoors Fun In The Winter Snowshoeing In Winthrop, MA" />
For those interested in history, the Winthrop Historical Society is a must-visit. This organization preserves and shares the town's rich history through exhibits and events. They offer walking tours that provide insight into Winthrop's past. Owned by the Winthrop Improvement and Historical Association is the <a href="https://winthropmemorials.org/civic/pages/deane-winthrop-house.html" title="Deane Winthrop House" target="_blank">Deane Winthrop House</a>. A guided tour of this history-soaked home is a must for all history buffs whether expert or novice.
Speaking of history, with Boston just a short distance away, residents can easily enjoy all it has to offer, from world-class museums and theaters to professional sports teams and shopping. Located just a few minutes from Winthrop, Boston is conveniently accessible both by car and public transportation.
Many residents and visitors alike enjoy exploring the local community as Winthrop has a dynamic downtown area filled with shops, restaurants, and cafes. Here, residents can indulge in delicious seafood at one of the many seafood restaurants or browse unique boutiques for one-of-a-kind finds. You’ll also want to take in all the annual events that bring the community together for fun and entertainment.
With no shortage of things to do in Winthrop, it's easy for residents to stay active and engaged. Whether you prefer exploring nature, immersing yourself in the local community, or taking a day trip to the big city, this charming coastal town provides plenty of options.
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-1.png" width="55" height="38" alt="Conclusion" title="Conclusion" /> Conclusion
Now that you have all the information you need about waterfront living in Winthrop, MA, it's time to make your move. By working with a professional real estate agent and considering the town's unique features and attractions, you can find your dream waterfront property and start enjoying all that this incredible waterfront town has to offer.
Seth has 15 + years in multi-unit retail management, and is bringing the renewed focus to the client that has been absent from the industry for decades. We integrate the latest and greatest technology, at the same time making your purchase or home sale as stress free as possible. Get in touch today by filling out a <a href="https://www.sellinboston.com/contact/" title="Contact Form" target="_blank" data-uw-rm-brl="false" aria-label="contact form - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.sellinboston.com/contact/$contactform">contact form</a> or giving us a call.
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A local Winthrop real estate agent is ready to help you find your dream home!
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2023-11-21T08:55:23-07:002023-12-20T15:10:59-07:00Seth Williamstag:sellinboston.com,2012-09-20:6366People Are Still Moving, Even with Today’s Affordability ChallengesPeople Are Still Moving, Even with Today’s Affordability Challenges
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231113/20231116-People-Are-Still-Moving-Even-With-Todays-Affordability-Challenges.png" width="600" /><br /><br />
If you're thinking about <a href="https://www.simplifyingthemarket.com/en/2023/10/25/invest-in-yourself-by-owning-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buying</a> or <a href="https://www.simplifyingthemarket.com/en/2023/11/06/reasons-to-sell-your-house-before-the-new-year/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">selling</a> a home, you might have heard that it’s tough right now because <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> are higher than they’ve been over the past few years, and <a href="https://www.simplifyingthemarket.com/en/2023/10/23/why-home-prices-keep-going-up/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> are rising. That much is true. Take a look at the graph below. It breaks down how the current affordability situation stacks up to recent years.
<a href="https://www.simplifyingthemarket.com/en/content/images/20231113/20231116-Affordability-Historically-Low.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231113/20231116-Affordability-Historically-Low.png" /></a>
The National Association of Realtors (NAR) <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/housing-affordability-index/methodology" rel="noopener noreferrer" target="_blank">explains</a> how to read the values on the graph:
“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home.”
The black dotted line represents that 100 value on the index. Essentially, the higher the bar, the more affordable homes are. As you can see, the orange bar for today shows higher mortgage rates and home prices have created a clear challenge. But, while affordability is definitely tighter right now, that doesn’t mean the housing market is at a standstill.
<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">According</a> to NAR, based on the pace of sales right now, just under 4 million homes will sell this year. With some simple math, let’s break down what that really means for you:
3.96 million homes divided by 365 days in a year = 10,849 houses sell each day
10,849 divided by 24 hours in a day = 452 houses sell per hour
452 divided by 60 minutes in an hour = about 8 houses sell each minute
So, on average, over 10,000 homes sell each day in this country. Whether you're a buyer or a seller, this goes to show there are still ways to make your move possible, even at a time when affordability is tight.
An Agent Can Help You Make Your Move a Reality
You may be wondering how other <a href="https://www.simplifyingthemarket.com/en/2023/10/25/invest-in-yourself-by-owning-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homebuyers</a> and <a href="https://www.simplifyingthemarket.com/en/2023/10/24/the-perks-of-selling-your-house-when-inventory-is-low/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">sellers</a> are making this happen now. One of the biggest game-changers in today’s market is working with a trusted local <a href="https://www.simplifyingthemarket.com/en/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">real estate agent</a>. Great agents are helping other people just like you navigate <a href="https://www.simplifyingthemarket.com/en/2023/10/20/home-price-growth-is-returning-to-normal-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">today’s market</a> and the current affordability situation, and their insight is invaluable right now.
True professionals will be able to offer advice tailored to your specific wants, needs, budget, and more. Not to mention, they’ll also be able to draw on their experience of what’s working for other buyers and sellers right now. This could mean <a href="https://www.simplifyingthemarket.com/en/2023/09/22/how-remote-work-helps-with-your-house-hunt-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">broadening your search</a>, if needed, to include other housing types like condos, townhouses, or neighborhoods a bit further out to help offset some of the <a href="https://www.simplifyingthemarket.com/en/2023/10/17/how-buying-a-multi-generational-home-helps-with-affordability-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">affordability challenges</a> today.
Bottom Line
You might think there aren’t many people buying or selling homes right now since affordability is tighter than it’s been in quite some time, but that’s not the case. It’s true that buying a home has become more expensive over the past couple of years, but people are still moving.
If you’re hoping to buy or sell a home today, know that other people are still making their goals a reality – and that’s happening in large part because of the help and advice of skilled local real estate agents. Want to talk to a trusted professional about your own move? Let’s connect. 2023-11-20T07:00:00-07:002023-11-16T13:33:55-07:00Seth Williamstag:sellinboston.com,2012-09-20:6331Homeowner Net Worth Has SkyrocketedHomeowner Net Worth Has Skyrocketed
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231031/20231107-Homeowner-Net-Worth-Has-Skyrocketed.png" width="600" /><br /><br />
If you’re weighing your options to decide whether it makes more sense to <a href="https://www.simplifyingthemarket.com/en/2023/10/13/the-difference-between-renting-and-buying-a-home-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">rent or buy</a> a home today, here’s one key data point that could help you feel more confident in making your decision. Every three years, the Federal Reserve Board releases the <a href="https://www.federalreserve.gov/econres/scfindex.htm" rel="noopener noreferrer" target="_blank">Survey of Consumer Finances</a> (SCF). That report covers the difference in net worth for both homeowners and renters. Spoiler alert: the gap between the two is significant.
The average homeowner’s net worth is almost 40X greater than a renter’s. And here’s the data to prove it (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231031/20231107-Homeowner-Net-Worth-Almost-40X-Greater.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231031/20231107-Homeowner-Net-Worth-Almost-40X-Greater.png" /></a>
The Big Reason Homeowner Net Worth Is So High
In the <a href="https://www.federalreserve.gov/econres/scf_2019.htm" rel="noopener noreferrer" target="_blank">previous version</a> of that report, the net worth of the average homeowner was roughly $255,000 and that of the average renter was $6,300. But in <a href="https://www.federalreserve.gov/publications/files/scf23.pdf" rel="noopener noreferrer" target="_blank">the release</a> that just came out this year, the gap widened as homeowner net worth climbed dramatically. As the Survey of Consumer Finances (SCF) report <a href="https://www.federalreserve.gov/publications/files/scf23.pdf" rel="noopener noreferrer" target="_blank">says</a>:
“. . . the 2019-2022 growth in median net worth was the largest three-year increase over the history of the modern SCF, more than double the next-largest one on record.”
One of the biggest reasons homeowner net worth skyrocketed is <a href="https://www.simplifyingthemarket.com/en/2023/09/19/your-home-equity-can-offset-affordability-challenges/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home equity</a>.
Over the last few years, known as the <a href="https://www.simplifyingthemarket.com/en/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a> for housing, home prices went through the roof. That’s because there weren’t enough homes for sale, and there was a big influx of buyers rushing to buy them and take advantage of the then record-low mortgage rates. That imbalance of <a href="https://www.simplifyingthemarket.com/en/2023/09/29/explaining-todays-low-housing-supply-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">supply</a> and demand pushed prices higher and higher. As a result, most homeowners who had a home during that time saw their equity grow a lot.
If you’re still in the middle of making your decision on whether to rent or buy, you may wonder if you missed the boat on the big net worth boost. But here’s what you need to realize. As a recent article in The Ascent <a href="https://www.fool.com/the-ascent/personal-finance/articles/americans-net-worth-rose-37-from-2019-to-2022-heres-how-to-boost-yours/" rel="noopener noreferrer" target="_blank">explains</a>:
“Whether your net worth increased in recent years or not, there are steps you can take to boost that number in the coming years. . . buying a home can be a great way to grow your net worth, since home values have a tendency to rise over time.”
Historically, <a href="https://www.simplifyingthemarket.com/en/2023/10/25/invest-in-yourself-by-owning-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> climb over time. Even now that <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> are closer to 7-8%, prices are <a href="https://www.simplifyingthemarket.com/en/2023/10/23/why-home-prices-keep-going-up/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">still rising</a> in many areas of the country because supply is still low compared to demand. That’s why <a href="https://www.simplifyingthemarket.com/en/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">expert forecasts</a> for the next few years call for <a href="https://www.simplifyingthemarket.com/en/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">ongoing appreciation</a> – just at a pace that’s more typical for the housing market.
While it likely won’t be the record ramp-up that happened over the last few years, people who buy now should continue to grow equity in the years ahead. That means, if you’re ready and able to buy a home today, you’ll be making an investment that’ll help build your net worth in the long run.
As Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/blogs/economists-outlook/instant-reaction-mortgage-rates-october-19-2023" rel="noopener noreferrer" target="_blank">says</a>:
“. . . when deciding to rent vs buy, one must calculate the total cost of homeownership (maintenance, utilities, commuting, etc.) and the total financial benefit. Based on new Fed data . . . the median net worth of homeowners was $396,200 vs renters at $10,400. There is no question about the wealth gains that homeownership provides.”
Bottom Line
If you’re on the fence about whether to rent or buy a home, remember that homeownership can give your net worth a big boost over time. If you want to learn more about this or the many other <a href="https://www.mykcm.com/2023/09/21/the-many-non-financial-benefits-of-homeownership/" rel="noopener noreferrer" target="_blank">benefits of owning</a> a home, let’s connect.2023-11-15T07:00:00-07:002023-11-09T07:16:33-07:00Seth Williamstag:sellinboston.com,2012-09-20:6330Thinking About Using Your 401(k) To Buy a Home?Thinking About Using Your 401(k) To Buy a Home?
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231107/20231108-Thinking-About-Using-Your-401k-to-buy-a-house.png" width="600" /><br /><br />
Are you dreaming of <a href="https://www.simplifyingthemarket.com/en/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buying</a> your <a href="https://www.simplifyingthemarket.com/en/2023/10/13/the-difference-between-renting-and-buying-a-home-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">own home</a> and wondering about how you’ll save for a down payment? You're not alone. Some people think about tapping into their 401(k) savings to make it happen. But before you decide to dip into your retirement to <a href="https://www.simplifyingthemarket.com/en/2023/10/25/invest-in-yourself-by-owning-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a>, be sure to consider all possible alternatives and talk with a financial expert. Here’s why.
The Numbers May Make It Tempting
The <a href="https://www.cnbc.com/2023/06/03/fidelity-how-much-americans-have-in-their-401ks-at-every-age.html" rel="noopener noreferrer" target="_blank">data</a> shows many Americans have saved a considerable amount for retirement (see chart below):
<a href="https://files.keepingcurrentmatters.com/content/images/20231107/20231108-Average-401-balance-by-age.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231107/20231108-Average-401-balance-by-age.png" /></a>
It can be really tempting when you have a lot of money saved up in your 401(k) and you see your dream <a href="https://www.simplifyingthemarket.com/en/2023/10/17/how-buying-a-multi-generational-home-helps-with-affordability-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home</a> on the horizon. But remember, dipping into your retirement savings for a home could cost you a penalty and affect your finances later on. That's why it's important to explore all your options when it comes to saving for a down payment and buying a home. As Experian <a href="https://www.experian.com/blogs/ask-experian/use-401k-to-buy-house/" rel="noopener noreferrer" target="_blank">says</a>:
“It’s possible to use funds from your 401(k) to buy a house, but whether you should depends on several factors, including taxes and penalties, how much you’ve already saved and your unique financial circumstances.”
Alternative Ways To Buy a Home
Using your 401(k) is one way to finance a <a href="https://www.simplifyingthemarket.com/en/2023/10/06/how-homeowner-net-worth-grows-with-time-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home</a>, but it's not the only option. Before you decide, consider a couple of other methods, courtesy of <a href="https://www.experian.com/blogs/ask-experian/use-401k-to-buy-house/" rel="noopener noreferrer" target="_blank">Experian</a>:
<a href="https://www.hud.gov/buying/loans" rel="noopener noreferrer" target="_blank">FHA Loan</a>: FHA loans allow qualified buyers to put down as little as 3.5% of the home's price, depending on their credit scores.
<a href="https://downpaymentresource.com/" rel="noopener noreferrer" target="_blank">Down Payment Assistance Programs</a>: There are many national and local programs that can help first-time and repeat homebuyers come up with the necessary down payment.
Above All Else, Have a Plan
No matter what route you take to purchase a home, be sure to talk with a financial expert before you do anything. Working with a team of experts to develop a concrete plan prior to starting your journey to <a href="https://www.simplifyingthemarket.com/en/2023/10/12/growing-your-net-worth-with-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeownership</a> is the key to success. Kelly Palmer, Founder of The Wealthy Parent, <a href="https://www.investmentnews.com/think-twice-before-borrowing-from-401k-for-a-home-down-payment-advisors-say-241461" rel="noopener noreferrer" target="_blank">says</a>:
“I have seen parents pausing contributions to their retirement plans in favor of affording a larger home often with the hope they can refinance in the future… As long as there is a tangible plan in place to get back to saving for their retirement goals, I encourage families to consider all their options.”
Bottom Line
If you’re still thinking about using your 401(k)-retirement savings for a home down payment, consider all your options and work with a financial professional before you make any decisions.2023-11-13T07:00:00-07:002023-11-09T07:15:10-07:00Seth Williamstag:sellinboston.com,2012-09-20:6308Don’t Believe Everything You Read About Home PricesDon’t Believe Everything You Read About Home Prices
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231030/20231102-Dont-Believe-Everything-You-Read-About-Home-Prices.png" width="600" /><br /><br />
According to the latest data from <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/national-housing-survey/national-housing-survey-archive" rel="noopener noreferrer" target="_blank">Fannie Mae</a>, 23% of Americans still think <a href="https://www.simplifyingthemarket.com/en/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> will go down over the next twelve months. But why do roughly 1 in 4 people feel that way?
It has a lot to do with all the negative talk about home prices over the past year. Since late 2022, the media has created a lot of fear about a <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">price crash</a> and those concerns are still lingering. You may be hearing people in your own life saying they’re worried about home prices or see on social media that some influencers are saying prices are going to come tumbling down.
If you’re someone who still thinks prices are going to fall, ask yourself this: Which is a more reliable place to get your information – clickbait headlines and social media or a trusted expert on the housing market?
The answer is simple. Listen to the professionals who specialize in residential real estate.
Here’s the latest data you can actually trust. Housing market experts acknowledge that nationally, prices did dip down slightly late last year, but that was short-lived. <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/fannie-mae-home-price-index" rel="noopener noreferrer" target="_blank">Data</a> shows prices have <a href="https://www.simplifyingthemarket.com/en/2023/10/03/home-prices-are-not-falling/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">already rebounded</a> this year after that slight decline in 2022 (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231030/20231102-Percent-Change-in-Home-Prices.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231030/20231102-Percent-Change-in-Home-Prices.png" /></a>
But it’s not just Fannie Mae that’s reporting this bounce back. Experts from across the industry are showing it in their data too. And that’s why so many forecasts now project <a href="https://www.simplifyingthemarket.com/en/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> will net <a href="https://www.simplifyingthemarket.com/en/2023/09/08/home-price-forecasts-revised-for-2023-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">positive</a> this year – not negative. The graph below helps prove this point with the latest forecasts from each organization:
<a href="https://www.simplifyingthemarket.com/en/content/images/20231030/20231102-2023-Year-End-Home-Price-Forecasts.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231030/20231102-2023-Year-End-Home-Price-Forecasts.png" /></a>
What’s worth noting is that, just a few short weeks ago, the Fannie Mae <a href="https://www.fanniemae.com/research-and-insights/forecast" rel="noopener noreferrer" target="_blank">forecast</a> was for 3.9% appreciation in 2023. In the forecast that just came out, that projection was updated from 3.9% to 6.7% for the year. This increase goes to show just how confident experts are that home prices will net positive this year.
So, if you believe home prices are falling, it may be time to get your insights from the experts instead – and they’re saying prices aren’t falling, they’re climbing.
Bottom Line
There’s been a lot of misleading information about home prices over the past year. And that’s still having an impact on how people are feeling about the housing market today. But it’s best not to believe everything you hear or read.
If you want information you can trust, turn to the real estate experts. Their data shows home prices are on the way back up and will net positive for the year. If you have questions about what’s happening in our local area, let’s connect. 2023-11-08T07:00:00-07:002023-11-03T06:20:43-07:00Seth Williamstag:sellinboston.com,2012-09-20:6307Foreclosures and Bankruptcies Won’t Crash the Housing MarketForeclosures and Bankruptcies Won’t Crash the Housing Market
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231030/20231031-Foreclosures-and-Bankruptcies-Won-t-Crash-the-Housing-Market.png" width="600" /><br /><br />
If you've been following the news recently, you might have seen articles about an increase in foreclosures and bankruptcies. That could be making you feel uneasy, especially if you're thinking about <a href="https://www.simplifyingthemarket.com/en/2023/10/17/how-buying-a-multi-generational-home-helps-with-affordability-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buying</a> or <a href="https://www.simplifyingthemarket.com/en/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">selling</a> a house.
But the truth is, even though the numbers are going up, the <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">data shows</a> the housing market isn’t headed for a crisis.
Foreclosure Activity Rising, but Less Than Headlines Suggest
In recent years, the number of foreclosures has been very low. That’s because, in 2020 and 2021, the forbearance program and other relief options were put in place to help many homeowners stay in their homes during that tough time.
When the moratorium ended, there was an expected rise in foreclosures. But just because they’re up, that doesn't mean the housing market is in trouble.
To help you see how much things have changed since the housing crash in 2008, check out the graph below using research from ATTOM, a property data provider. It looks at properties with a foreclosure filing going all the way back to 2005 to <a href="https://www.attomdata.com/news/market-trends/foreclosures/attom-q3-and-september-2023-u-s-foreclosure-market-report/" rel="noopener noreferrer" target="_blank">show</a> that there have been fewer foreclosures since the crash.
<a href="https://www.simplifyingthemarket.com/en/content/images/20231030/20231031-Foreclosure-Activity-Rose-In-Third-Quarter.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231030/20231031-Foreclosure-Activity-Rose-In-Third-Quarter.png" /></a>
As you can see, foreclosure filings are inching back up to pre-pandemic numbers, but they're still way lower than when the housing market crashed in 2008. And today, the tremendous amount of <a href="https://www.simplifyingthemarket.com/en/2023/10/12/growing-your-net-worth-with-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">equity</a> American homeowners have in their homes can help people sell and avoid foreclosure.
The Increase in Bankruptcies Isn’t Dramatic Either
As you can see <a href="https://www.uscourts.gov/news/2023/07/31/bankruptcy-filings-rise-10-percent" rel="noopener noreferrer" target="_blank">below</a>, the financial trouble many industries and small businesses felt during the pandemic didn’t cause a dramatic increase in bankruptcies. Still, the number of bankruptcies has gone up slightly since last year, nearly returning to 2021 levels. But that isn’t cause for alarm.
<a href="https://www.simplifyingthemarket.com/en/content/images/20231030/20231031-Bankruptcies-Below-Pre-Pandemic-Levels.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231030/20231031-Bankruptcies-Below-Pre-Pandemic-Levels.png" /></a>
The numbers for 2021 and 2022 were lower than more typical years. That’s in part because the government provided trillions of dollars in aid to individuals and businesses during the pandemic. So, let’s instead focus on the bar for this year and compare it to the bar on the far left (2019). It shows the number of bankruptcies today is still nowhere near where it was before the pandemic. Both of these two factors are reasons why the housing market isn't in danger of crashing.
Bottom Line
Right now, it's crucial to understand the data. Foreclosures and bankruptcies are rising, but these leading indicators aren’t signaling trouble that would cause another crash.2023-11-06T07:00:00-07:002023-11-03T06:18:43-07:00Seth Williamstag:sellinboston.com,2012-09-20:6280The Perks of Selling Your House When Inventory Is LowThe Perks of Selling Your House When Inventory Is Low
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231023/20231024-The-Perks-of-Selling-Your-House-When-Inventory-Is-Low.png" width="600" /><br /><br />
When it comes to <a href="https://www.simplifyingthemarket.com/en/2023/09/19/your-home-equity-can-offset-affordability-challenges/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">selling your house</a>, you’re probably trying to juggle the current market conditions and your <a href="https://www.simplifyingthemarket.com/en/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">own needs</a> as you plan your move.
One thing that may be working in your favor is how few homes there are for sale right now. Here’s what you need to know about the current <a href="https://www.simplifyingthemarket.com/en/2023/08/25/todays-housing-market-has-only-half-the-usual-inventory-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">inventory</a> situation and what it means for you.
The Supply of Homes for Sale Is Far Below the Norm
When you’re selling something, it helps if what you’re selling is in demand, but is also in <a href="https://www.simplifyingthemarket.com/en/2023/09/14/why-is-housing-inventory-so-low/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">low supply</a>. Why? That makes it even more desirable since there’s not enough to go around. That’s exactly what’s happening in the housing market today. There are more buyers looking to buy than there are homes for sale.
To tell the story of just how low <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">inventory</a> is, here’s the latest information on active listings, or homes available for sale. The graph below uses <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">data</a> from Realtor.com to show how many active listings there were in September of this year compared to what’s more typical in the market.
<a href="https://www.simplifyingthemarket.com/en/content/images/20231023/20231024-The-Supply-of-Homes-for-sale-Is-Still-Low.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231023/20231024-The-Supply-of-Homes-for-sale-Is-Still-Low.png" /></a>
As you can see in the graph, if you look at the last normal years for the market (shown in the blue bars) versus the latest numbers for this year (shown in the red bar), it’s clear <a href="https://www.simplifyingthemarket.com/en/2023/09/29/explaining-todays-low-housing-supply-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">inventory</a> is still far lower than the norm.
What That Means for You
<a href="https://www.simplifyingthemarket.com/en/2023/08/30/buyer-traffic-is-still-stronger-than-the-norm/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">Buyers</a> have fewer choices now than they did in more typical years. And that’s why you could still see some great perks if you sell today. Because there aren’t enough homes to go around, homes that are priced right are still selling fast and the average <a href="https://www.simplifyingthemarket.com/en/2023/09/04/why-its-still-a-sellers-market-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">seller</a> is getting multiple offers from eager buyers. Based on the latest data from the <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" rel="noopener noreferrer" target="_blank">Confidence Index</a> from the National Association of Realtors (NAR):
69% of homes sold in less than a month.
2.6 offers: the average number of offers on recently sold homes.
An <a href="https://www.realtor.com/research/september-2023-data/" rel="noopener noreferrer" target="_blank">article</a> from Realtor.com also explains how the limited number of houses for sale benefits you if you’re selling:
“. . . homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019 . . . as still-limited supply spurs homebuyers to act quickly . . .”
Bottom Line
Because the supply of homes for sale is so low, buyers desperately want more options – and your house may be just what they’re looking for. Let’s connect to get your <a href="https://www.mykcm.com/2023/10/09/key-skills-you-need-your-listing-agent-to-have/" rel="noopener noreferrer" target="_blank">house listed</a> at the right price for today’s market. You could still see it sell quickly and potentially get multiple offers.2023-11-01T06:00:00-07:002023-10-27T05:19:04-07:00Seth Williamstag:sellinboston.com,2012-09-20:6279Invest in Yourself by Owning a HomeInvest in Yourself by Owning a Home
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231023/20231025-Invest-in-yourself-by-owning-a-home.png" width="600" /><br /><br />
Are you wondering if it makes sense to <a href="https://www.simplifyingthemarket.com/en/2023/10/17/how-buying-a-multi-generational-home-helps-with-affordability-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a> right now? While today’s <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> might seem a bit intimidating, here are two compelling reasons why it still may be a good time to become a <a href="https://www.simplifyingthemarket.com/en/2023/09/21/the-many-non-financial-benefits-of-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeowner</a>.
Home Values Appreciate over Time
There’s been a lot of confusion around what’s happened with home prices over the past two years. While they did dip ever so slightly in late 2022, this year they’ve been <a href="https://www.simplifyingthemarket.com/en/2023/10/03/home-prices-are-not-falling/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">appreciating</a> at a more normal pace, which is <a href="https://www.simplifyingthemarket.com/en/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">good news</a> for the housing market. And while looking at price movement over just a year or two can make you worry prices are usually this unpredictable, history shows in the long run, <a href="https://www.simplifyingthemarket.com/en/2023/10/12/growing-your-net-worth-with-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home values rise</a> (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231023/20231025-Price-Appreciation-over-the-Last-60-Years.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231023/20231025-Price-Appreciation-over-the-Last-60-Years.png" /></a>
Using data from the Federal Reserve for the past <a href="https://fred.stlouisfed.org/series/ASPUS" rel="noopener noreferrer" target="_blank">60 years</a>, you can see the overall trend is home prices have climbed quite steadily. Sure, there was an exception around the housing <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">crash of 2008</a> that caused prices to break the usual trend for a time, but overall, home values have been consistently on the <a href="https://www.simplifyingthemarket.com/en/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">rise</a>.
Increasing home values is one great reason why buying may make more sense than renting. As prices rise, and as you pay down your mortgage, you build equity. Over time, that growing equity gives your <a href="https://www.simplifyingthemarket.com/en/2023/10/12/growing-your-net-worth-with-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">net worth</a> a boost.
Rent Keeps Going Up Through the Years
Another reason you may want to consider buying a home instead of <a href="https://www.simplifyingthemarket.com/en/2023/10/13/the-difference-between-renting-and-buying-a-home-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">renting</a> is the never-ending rent hike. If you've ever felt the pinch of rent increasing year after year, you're not alone. That’s because, rents have <a href="https://ipropertymanagement.com/research/average-rent-by-year" rel="noopener noreferrer" target="_blank">climbed steadily</a> over the past six decades (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231023/20231025-Increase-in-Rents-over-the-Last-60-Years.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231023/20231025-Increase-in-Rents-over-the-Last-60-Years.png" /></a>
By <a href="https://www.simplifyingthemarket.com/en/2023/10/02/unpacking-the-long-term-benefits-of-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buying a home</a>, you can lock in your monthly housing costs and bid farewell to those pesky rent hikes. That stability is a game-changer.
In the end, it all boils down to this: your housing payments are an investment, and you've got a choice to make. Do you want to invest in yourself or your landlord?
By becoming a <a href="https://www.simplifyingthemarket.com/en/2023/10/06/how-homeowner-net-worth-grows-with-time-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeowner</a>, you're investing in your own future. When you rent, that’s money you never get back.
When you factor in home values consistently rising, plus the opportunity to get relief from never-ending rent hikes, homeownership can be a path to financial security. As Dr. Jessica Lautz, Deputy Chief Economist and VP of Research at the National Association of Realtors (NAR), <a href="https://www.forbes.com/advisor/mortgages/real-estate/is-buying-a-home-worth-it/" rel="noopener noreferrer" target="_blank">states</a>:
“If a homebuyer is financially stable, able to manage monthly mortgage costs and can handle the associated household maintenance expenses, then it makes sense to purchase a home.”
Bottom Line
When it comes down to it, buying a home offers more benefits than renting, even when mortgage rates are high. If you want to avoid increasing rents and take advantage of long-term home price appreciation, let’s connect to go over <a href="https://www.mykcm.com/2023/09/22/how-remote-work-helps-with-your-house-hunt-infographic/" rel="noopener noreferrer" target="_blank">your options</a>.2023-10-30T06:00:00-07:002023-10-27T05:18:11-07:00Seth Williamstag:sellinboston.com,2012-09-20:6214What To Look Out For As A First-Time Home Buyer In Winthrop, MA<img src="https://assets.site-static.com/userfiles/1635/image/First_time_home_buyer_Winthrop_MA.png" width="750" height="375" alt="first time home buyer Winthrop MA" title="first time home buyer Winthrop MA" />
Becoming a first-time home buyer is an exciting and significant milestone in anyone's life. For those considering a new home purchase in the picturesque coastal town of <a href="https://www.sellinboston.com/boston-ma/winthrop/" target="_blank">Winthrop, Massachusetts</a>, the journey is marked by its unique challenges and opportunities. The charming streets, beautiful ocean views, and rich history of Winthrop make it an enticing location for prospective homeowners. However, just like any real estate market, there are crucial considerations specific to this area.
In this blog, we'll guide you through the essentials of what to look out for as a first-time home buyer in Winthrop, MA. From understanding the qualifications to accessing helpful programs and navigating the home-buying process, we'll equip you with the knowledge you need to embark on your journey with confidence. Whether you're a local resident or relocating to this charming town, this guide is tailored to assist you in making a well-informed decision as you take your first steps into the Winthrop housing market.
Table of Contents
<a href="https://www.sellinboston.com/#link-1"> Understanding The Local Market</a>
<a href="https://www.sellinboston.com/#link-2"> What Qualifies as a First-Time Home Buyer in Winthrop, Massachusetts?</a>
<a href="https://www.sellinboston.com/#link-3"> Are There Programs to Help First-Time Home Buyers in Massachusetts?</a>
<a href="https://www.sellinboston.com/#link-4"> How to Buy a House for the First Time in Winthrop, Massachusetts</a>
<a href="https://www.sellinboston.com/#link-5"> What Are Some Things First-Time Home Buyers Should Look Out For?</a>
<a href="https://www.sellinboston.com/#link-6"> Tips for First-Time Home Buyers in Winthrop, MA</a>
<img src="https://u.realgeeks.media/ambermelenudo/Luxury-Asset-3.png" alt="" data-uw-rm-ima="un" /> Understanding The Local Market
Real estate in Winthrop has seen a surge in demand, primarily due to its coveted coastal location and convenient proximity to <a href="https://www.sellinboston.com/boston-ma/" target="_blank">Boston</a>. While these factors do contribute to relatively higher housing costs, Winthrop remains accessible for those on a budget. The predominant housing option in Winthrop comprises single-family detached homes and an array of low to mid-rise condominium communities, providing diverse choices to cater to various lifestyles.
Many of these properties boast the additional allure of private decks and enchanting harbor views, enhancing the appeal of the community. While the typical home values generally range between $450,000 and $700,000, it's not unusual to encounter properties in the million-dollar range. As Winthrop's popularity continues to grow, housing prices are expected to appreciate, presenting an enticing prospect for future investments.
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://u.realgeeks.media/ambermelenudo/Luxury-Asset-1.png" alt="" data-uw-rm-ima="un" /> What Qualifies as a First-Time Home Buyer in Winthrop, Massachusetts?
In Winthrop, Massachusetts, a first-time home buyer typically qualifies as an individual or household who has not previously owned residential property within the town's boundaries or, more broadly, has not owned a home in recent years. The specific criteria may vary, so it's essential to consult with local authorities, real estate professionals, or financial institutions to determine the exact qualifications. Typically, being a first-time home buyer may make you eligible for certain benefits, such as down payment assistance programs or favorable mortgage terms, aimed at facilitating your entry into the real estate market. Although these programs may not fully cover the cost of your property, they can significantly reduce your financial burden and help make homeownership more accessible.
Recently Listed in Winthrop, MA
View Homes in Winthrop, MA<br role="presentation" /> See detailed information & photos. <br role="presentation" /> <a href="https://www.sellinboston.com/property-search/results/?searchid=97697&" class="si-btn si-btn--secondary">View Homes for Sale</a>
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Icon/Revealed-Asset-1.png" width="55" height="38" alt="Are There Programs to Help First-Time Home Buyers in Massachusetts?" title="Are There Programs to Help First-Time Home Buyers in Massachusetts?" /> Are There Programs to Help First-Time Home Buyers in Massachusetts?
In Massachusetts, first-time home buyers can take advantage of programs offered by two statewide nonprofits to make homeownership more accessible. Here's a concise summary of these programs:
MassHousing:
Offers information and home-buyer education courses.
Completion of these courses is often a prerequisite for first-time home buyer mortgages.
Provides a 30-year fixed-rate loan with MI Plus Mortgage Insurance for job loss protection.
Qualification requirements include meeting credit score minimums, collaborating with participating lenders, adhering to MassHousing income limits, and finishing a home buyer education course.
Massachusetts Housing Partnership (MHP):
Offers the One Mortgage program with a competitive fixed rate and a 3% down payment.
Allows the use of down payment assistance (DPA) funds for out-of-pocket costs.
Does not require private mortgage insurance even with less than a 20% down payment.
Provides "extra assistance" to reduce mortgage payments.
Eligibility criteria involve being a first-time homeowner with a minimum credit score of 640, having total assets below $75,000, and maintaining a household income within local income limits, along with successfully completing a home-buyer education course.
<img src="https://assets.site-static.com/userfiles/1635/image/Icon/Luxury-Asset-7.png" width="53" height="39" alt="How to Buy a House for the First Time in Winthrop, Massachusetts" title="How to Buy a House for the First Time in Winthrop, Massachusetts" /> How to Buy a House for the First Time in Winthrop, MA
Purchasing your first home can seem daunting, but with the right resources and support, it can be a smooth and exciting process. Here are some essential steps to help guide you through buying a house for the first time in Winthrop:
Determine Your Budget: Before you start looking at properties, it's crucial to know how much you can afford. Consider your income, expenses, and any possible sources of down payment assistance.
Get Pre-Approved for a Mortgage: A pre-approval from a reputable lender will give you an accurate idea of what mortgage options are available to you and how much you can borrow.
Find a Local Real Estate Agent: Working with an experienced local real estate agent can make all the difference in finding your dream home. They can help you navigate the market, negotiate on your behalf, and provide valuable insights.
Start Your House Hunt: With a budget and pre-approval in hand, you can now begin looking at properties. Make sure to prioritize your needs and wants and be open to compromise if needed.
Make an Offer: Once you find the perfect home, your real estate agent will help you make an offer. They will guide you through negotiations and ensure that all necessary paperwork is completed accurately.
Get a Home Inspection: A professional home inspection is crucial to uncover any potential issues with the property before finalizing the purchase.
Close the Deal: If everything checks out, it's time to close the deal by signing all the necessary paperwork and paying any closing costs.
Move In: Congratulations, you're now a homeowner! Time to move into your new home and make it truly yours.
<img src="https://assets.site-static.com/userfiles/1635/image/home-buyer-winthrop.jpg" width="750" height="300" alt="first time home buyer winthrop ma" title="first time home buyer winthrop ma" />
<img src="https://assets.site-static.com/userfiles/1635/image/Icon/Luxury-Asset-7.png" width="53" height="39" style="float: left; margin-right: 10px; margin-top: 5px;" alt="What Are Some Things First-Time Home Buyers Should Look Out For?" title="What Are Some Things First-Time Home Buyers Should Look Out For?" /> What Are Some Things First-Time Home Buyers Should Look Out For?
First-time home buyers often encounter various challenges and expenses as they navigate the path to homeownership. Here are some key things to look out for and strategies to mitigate them:
1. Potential Pitfalls and Challenges:
Credit and Financial Preparation: Ensure your credit is in good shape and save for a down payment to qualify for favorable mortgage terms.
Market Conditions: Be aware of market fluctuations and how they may affect your buying decision.
Home Inspection: Insist on a thorough home inspection to uncover potential issues.
Appraisal Value: A low appraisal can complicate financing, so be prepared to negotiate with the seller or pay the difference.
2. Common Expenses:
Closing Costs: These can be substantial and often include fees for loan origination, title searches, and more. Request a loan estimate and shop for the best rates and terms.
Lawyer Fees: Legal assistance is essential, but fees can vary. Research and select an attorney experienced in real estate law.
Inspections: Inspections are crucial, but they come with costs. Consider their importance, negotiate repairs, or request the seller to cover some expenses.
3. Strategies to Navigate and Minimize Costs:
Budgeting: Create a comprehensive budget that includes not just the purchase price but also closing costs, moving expenses, and post-purchase costs.
Down Payment Assistance: Explore local or state programs that offer down payment assistance for qualified buyers.
Negotiation: Don't hesitate to negotiate with the seller for contributions toward closing costs or repairs.
Compare Loan Offers: Obtain multiple loan quotes to secure the best mortgage terms.
Home Warranty: Consider investing in a home warranty to protect against unexpected repair costs in the first year.
By being aware of potential challenges, understanding common expenses, and employing smart strategies, first-time home buyers can make informed decisions and navigate the home buying process more smoothly while minimizing unexpected financial burdens.
<img src="https://assets.site-static.com/userfiles/1635/image/first-home-buyer-winthrop-ma.jpg" width="750" height="300" alt="first time home buyer winthrop ma" title="first time home buyer winthrop ma" />
<img src="https://assets.site-static.com/userfiles/1635/image/Icon/Luxury-Asset-7.png" width="53" height="39" alt="Tips for First-Time Home Buyers in Winthrop, MA" title="Tips for First-Time Home Buyers in Winthrop, MA" /> Tips for First-Time Home Buyers in Winthrop, MA
Research the Local Market: Get to know the neighborhoods and their average home prices, as well as trends in Winthrop's real estate market.
Attend Home Buyer Education Courses: Take advantage of available education programs, such as those offered by MassHousing or MHP, to learn about the home buying process and any potential assistance programs.
Consider Long-Term Expenses: Think beyond the initial costs and factor in ongoing expenses such as property taxes, homeowners insurance, and maintenance.
Don't Rush: Take your time to find the right property and don't feel pressured to make an offer before you're ready.
Get Professional Help: Working with experienced professionals like a real estate agent, lender, and home inspector can make the process smoother and more informed.
Be Prepared for Competition: In a competitive market like Winthrop, be prepared to act quickly and make strong offers to stand out from other buyers.
Don't Overextend Yourself: Stick to your budget and avoid getting emotionally attached to a property that may be outside of your means.
Plan for Future Life Changes: Consider your future plans, such as career advancements or starting a family, and how they may impact your housing needs in the long term.
Research Tax Incentives: Massachusetts offers various tax incentives for first-time home buyers, so research and take advantage of them.
While it can be stressful, buying your first home is an exciting milestone. Remember to enjoy the journey and celebrate your accomplishment once you've found the perfect home in Winthrop, MA. Overall, being prepared, doing thorough research, and seeking professional guidance can go a long way in making the home-buying process successful for first-time buyers in Winthrop. So take your time, stay informed, and don't be afraid to ask for help along the way.
Seth has 15 + years in multi-unit retail management, and is bringing the renewed focus to the client that has been absent from the industry for decades. We integrate the latest and greatest technology, at the same time making your purchase or home sale as stress free as possible. Get in touch today by filling out a <a href="https://www.sellinboston.com/contact/" title="Contact Form" target="_blank" data-uw-rm-brl="false" aria-label="contact form - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.sellinboston.com/contact/$contactform">contact form</a> or giving us a call.
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2023-10-26T05:30:00-07:002023-10-30T07:12:47-07:00Seth Williamstag:sellinboston.com,2012-09-20:6223Are Higher Mortgage Rates Here To Stay?Are Higher Mortgage Rates Here To Stay?
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231012/20231016-Are-Higher-Mortgage-Rates-Here-To-Stay.png" width="600" /><br /><br />
<a href="https://www.simplifyingthemarket.com/en/2023/09/06/mortgage-rates-past-present-and-possible-future/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">Mortgage rates</a> have been back on the rise recently and that’s getting a lot of attention from the press. If you’ve been following the headlines, you may have even seen rates recently reached their <a href="https://freddiemac.gcs-web.com/node/27781/pdf" rel="noopener noreferrer" target="_blank">highest level</a> in over two decades (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231012/20231016-Mortgage-Rates-Reach-Highest-Level-In-Almost-23-Years.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231012/20231016-Mortgage-Rates-Reach-Highest-Level-In-Almost-23-Years.png" /></a>
That can feel like a little bit of a gut punch if you’re thinking about <a href="https://www.simplifyingthemarket.com/en/2023/08/14/where-are-people-moving-today-and-why/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">making a move</a>. If you’re wondering whether or not you should delay your plans, here’s what you really need to know.
How Higher Mortgage Rates Impact You
There’s no denying mortgage rates are higher right now than they were in recent years. And, when rates are up, that affects overall <a href="https://www.simplifyingthemarket.com/en/2023/09/07/get-ready-for-smaller-more-affordable-homes/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home affordability</a>. It works like this. The higher the rate, the more expensive it is to borrow money when you <a href="https://www.simplifyingthemarket.com/en/2023/08/17/people-want-less-expensive-homes-and-builders-are-responding/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a>. That’s because, as rates trend up, your monthly <a href="https://www.simplifyingthemarket.com/en/2023/05/19/the-impact-of-changing-mortgage-rates-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage payment</a> for your future home loan also increases.
Urban Institute <a href="https://www.urban.org/urban-wire/rising-interest-rates-put-brakes-mortgage-market-borrowers-low-incomes" rel="noopener noreferrer" target="_blank">explains</a> how this is impacting buyers and sellers right now:
“When mortgage rates go up, monthly housing payments on new purchases also increase. For potential buyers, increased monthly payments can reduce the share of available affordable homes . . . Additionally, higher interest rates mean fewer homes on the market, as existing homeowners have an incentive to hold on to their home to keep their low interest rate.”
Basically, some people are deciding to put their plans on hold because of where mortgage rates are right now. But what you want to know is: is that a good <a href="https://www.simplifyingthemarket.com/en/2023/07/03/evaluating-your-wants-and-needs-as-a-homebuyer-matters-more-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">strategy</a>?
Where Will Mortgage Rates Go from Here?
If you’re eager for mortgage rates to drop, you’re not alone. A lot of people are waiting for that to happen. But here’s the thing. No one knows when it will. Even the experts can’t say with certainty what’s going to happen next.
<a href="https://www.simplifyingthemarket.com/en/2023/08/04/housing-market-forecast-for-the-rest-of-2023-infographic-1/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">Forecasts</a> project rates will fall in the months ahead, but what the latest <a href="https://www.freddiemac.com/pmms" rel="noopener noreferrer" target="_blank">data</a> says is that rates have been climbing lately. This disconnect shows just how tricky mortgage rates are to project.
The best advice for your move is this: don’t try to control what you can’t control. This includes trying to time the market or guess what the future holds for mortgage rates. As CBS News <a href="https://www.cbsnews.com/news/dont-wait-for-mortgage-rates-to-drop-do-this-instead/" rel="noopener noreferrer" target="_blank">states</a>:
“If you're in the market for a new home, experts typically recommend focusing your search on the right home purchase — not the interest rate environment.”
Instead, work on building a team of <a href="https://www.simplifyingthemarket.com/en/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">skilled professionals</a>, including a trusted lender and real estate agent, who can explain what’s happening in the market and what it means for you. If you need to move because you’re <a href="https://www.simplifyingthemarket.com/en/2023/06/13/your-needs-matter-more-than-todays-mortgage-rates/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">changing jobs</a>, want to be closer to family, or are in the middle of another big <a href="https://www.simplifyingthemarket.com/en/2023/08/29/why-you-may-still-want-to-sell-your-house-after-all/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">life change</a>, the right team can help you <a href="https://www.simplifyingthemarket.com/en/2023/09/19/your-home-equity-can-offset-affordability-challenges/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">achieve your goal</a>, even now.
Bottom Line
The best advice for your move is: don’t try to control what you can’t control – especially mortgage rates. Even the experts can’t say for certain where they’ll go from here. Instead, focus on building a team of trusted professionals who can keep you informed. When you’re ready to get the process started, let’s connect.2023-10-25T06:00:00-07:002023-10-20T08:16:12-07:00Seth Williamstag:sellinboston.com,2012-09-20:6222How Buying a Multi-Generational Home Helps with Affordability TodayHow Buying a Multi-Generational Home Helps with Affordability Today
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In today's world of <a href="https://www.simplifyingthemarket.com/en/2023/09/06/mortgage-rates-past-present-and-possible-future/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">rising housing costs</a>, many buyers are looking for ways to still be able to buy a home. Some of them have found a solution in multi-generational living.
Multi-generational living is when two or more adult generations live together under one roof. This includes siblings, parents, or even grandparents. Here’s an in-depth look at why more buyers are choosing this option today, so you can see if it may be right for you too.
Reasons To Buy a Multi-Generational Home
According to a <a href="https://www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying" rel="noopener noreferrer" target="_blank">recent study</a> by the National Association of Realtors (NAR), the top two reasons people are opting for multi-generational homes today have to do with affordability (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231013/20231017-Reasons-to-Purchase-a-MultiGen-Home.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231013/20231017-Reasons-to-Purchase-a-MultiGen-Home.png" /></a>
Cost Savings: About 28% of first-time buyers and 11% of repeat buyers are deciding on a multi-generational home to save on costs. By pooling their resources, households can share the financial responsibilities like mortgage payments, utilities, property taxes, and maintenance, to make <a href="https://www.simplifyingthemarket.com/en/2023/10/02/unpacking-the-long-term-benefits-of-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeownership</a> more affordable. This is especially helpful for <a href="https://www.simplifyingthemarket.com/en/2023/10/04/understanding-the-benefits-of-owning-your-first-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">first-time homebuyers</a> who may be finding it tough to afford a home on their own in today's market.
More Space: Another 28% of first-time buyers and 18% of repeat buyers are doing it because they want a larger home they couldn’t afford on their own. For some of the <a href="https://www.simplifyingthemarket.com/en/2023/09/11/planning-to-retire-your-equity-can-help-you-make-a-move/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">repeat buyers</a> who listed this as a main motivator, it could be because they find themselves taking care of <a href="https://www.simplifyingthemarket.com/en/2023/09/13/should-baby-boomers-buy-or-rent-after-selling-their-houses/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">older parents</a> while also welcoming back young adults who've returned to the nest. With everyone chipping in and combining their incomes, suddenly, that big <a href="https://www.simplifyingthemarket.com/en/2023/09/21/the-many-non-financial-benefits-of-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">dream home</a> with more space is within reach. As the Triangle Business Journal <a href="https://www.bizjournals.com/triangle/news/2023/04/01/why-choose-multigenerational-living-in-the-triangl.html" rel="noopener noreferrer" target="_blank">explains</a>:
“Choosing multi-gen living allows people to purchase a home much larger than they could afford on their own by leveraging the combined income, credit and a down payment of those that they will be occupying the home with.”
Lean on an Expert
If you’re interested in this too, partner with a local <a href="https://www.simplifyingthemarket.com/en/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">real estate agent</a>. Finding the perfect multi-generational home isn't as simple as shopping for a regular house. That’s because there are more people with even more opinions and needs that should be considered.
You've got to make sure everyone has their own space, find room for shared household time, and possibly even create adaptable areas for older relatives. It's a puzzle, and the pieces need to fit just right. Your real estate agent has the expertise and local knowledge to help you find that home where everyone can be comfortable without breaking the bank. As MoneyGeek.com <a href="https://www.moneygeek.com/mortgage/resources/multigenerational-family-finances/" rel="noopener noreferrer" target="_blank">puts</a> it:
"Having a good multigenerational property can improve the prospects of success when living with loved ones. A multigenerational home should fit the specific needs of most family members regardless of age or health. Speaking to a real-estate agent can help you gain clarity and locate a fit."
Bottom Line
Buying a multi-generational home can be a smart way to tackle some of today’s affordability challenges. When you team up to share expenses, you can make your dream of homeownership more attainable. If this sounds like an option for you and your loved ones, let’s connect to help you find a home that’s the perfect fit.2023-10-23T06:00:00-07:002023-10-20T08:14:59-07:00Seth Williamstag:sellinboston.com,2012-09-20:6193Growing Your Net Worth with HomeownershipGrowing Your Net Worth with Homeownership
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Take a moment to imagine where you want to be in a few years. You might be thinking about your job, money, wanting more stability, or goals you want to reach soon. Is <a href="https://www.simplifyingthemarket.com/en/2023/09/21/the-many-non-financial-benefits-of-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeownership</a> a part of that vision? If it is, you should know owning a home has a whole lot of financial benefits.
One of the many reasons to <a href="https://www.simplifyingthemarket.com/en/2023/10/06/how-homeowner-net-worth-grows-with-time-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a> is that it’s a great way to build wealth and gain financial stability. That’s because the value of most homes increases over time, which in turn grows your <a href="https://www.simplifyingthemarket.com/en/2023/10/02/unpacking-the-long-term-benefits-of-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">net worth</a>. Here’s how home values are rising right now. <a href="https://zillow.mediaroom.com/2023-09-26-U-S-housing-value-has-surged,-gaining-more-than-2-6-trillion-in-the-past-year" rel="noopener noreferrer" target="_blank">According</a> to Zillow:
“The total value of the U.S. housing market – the sum of Zillow’s estimated value for every U.S. home – is now slightly less than $52 trillion, which is $1.1 trillion higher than the previous peak reached last June.”
Basically, homeownership is a tremendous wealth-building tool. And with home values back <a href="https://www.simplifyingthemarket.com/en/2023/10/03/home-prices-are-not-falling/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">on the rise</a> across the nation, now might be a good time to consider if <a href="https://www.simplifyingthemarket.com/en/2023/10/04/understanding-the-benefits-of-owning-your-first-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">owning a home</a> is something you want to reach for.
Here’s a look at some data to see how much owning a home can really make a difference in your life.
Household Net Worth Is Rising
<a href="https://twitter.com/DianeSwonk/status/1706663509331718197" rel="noopener noreferrer" target="_blank">Data</a> shows that while those in the top 1% saw the most dramatic net worth increase, people from every single tax bracket have seen their wealth grow over the past few years (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231011/20231012-Household-Net-Worth-Up-Dramatically.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231011/20231012-Household-Net-Worth-Up-Dramatically.png" /></a>
For many of those people, the <a href="https://www.simplifyingthemarket.com/en/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">rising value</a> of their home plays a big part in that.
Owning a Home Helps You Achieve Financial Success
You can tell homeownership had a lot to do with that growth because there’s a significant net worth gap between homeowners and renters. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/magazine/real-estate-news/study-homeowner-wealth-is-40-times-higher-than-renters" rel="noopener noreferrer" target="_blank">says</a>:
“. . . homeownership is a catalyst for building wealth for people from all walks of life. A monthly mortgage payment is often considered a forced savings account that helps homeowners build a net worth about 40 times higher than that of a renter.”
The big reason why? Homeowner’s <a href="https://www.simplifyingthemarket.com/en/2023/09/08/home-price-forecasts-revised-for-2023-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">build equity</a>. Home equity is the value of your home minus the amount you owe on your mortgage. And for most homeowners, that’s the largest contributor to their net worth. Here’s the <a href="https://blog.firstam.com/economics/homeownership-remains-strongly-linked-to-wealth-building" rel="noopener noreferrer" target="_blank">data</a> from First American to prove it (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231011/20231012-Housing-Piece-of-Net-Worth-Is-Crucial-.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231011/20231012-Housing-Piece-of-Net-Worth-Is-Crucial-.png" /></a>
The blue portion of each bar represents housing as a portion of net worth – and it’s clearly a bigger contributor than other investments like stocks, gold, and cryptocurrencies. As you can see, across different income levels, homeownership does more to build the average household’s wealth than anything else.
Bottom Line
One of the biggest benefits of owning a home is that it can provide an avenue to grow your net worth. Let’s connect so you can <a href="https://www.mykcm.com/2023/09/25/beginning-with-pre-approval/" rel="noopener noreferrer" target="_blank">start</a> investing in homeownership.2023-10-18T06:00:00-07:002023-10-13T09:43:07-07:00Seth Williamstag:sellinboston.com,2012-09-20:6192The Latest Expert Forecasts for Home Prices in 2023The Latest Expert Forecasts for Home Prices in 2023
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Are you thinking about <a href="https://www.simplifyingthemarket.com/en/2023/08/14/where-are-people-moving-today-and-why/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">making a move</a>? If so, all the speculation that <a href="https://www.simplifyingthemarket.com/en/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> would crash this year may have you feeling a bit on edge about your decision. Let the data and the experts reassure you. Prices aren’t in a downward spiral and will actually finish the year strong.
Even though you may have heard talk that prices would drop 5, 10, or even 20% this year, that hasn’t happened. The big reason why is the <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">supply of homes</a> for sale is too low. There are just <a href="https://www.simplifyingthemarket.com/en/2023/09/15/plenty-of-buyers-are-still-active-today-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">more buyers</a> looking to buy than <a href="https://www.simplifyingthemarket.com/en/2023/09/14/why-is-housing-inventory-so-low/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homes available</a>, and that’s kept prices from falling.
To prove this year wasn’t a bust for <a href="https://www.simplifyingthemarket.com/en/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a>, let’s look at the latest 2023 forecast from a number of experts.
Most Experts Project Home Prices Will Net Positive this Year
The general consensus from industry experts is that home <a href="https://www.simplifyingthemarket.com/en/2023/09/05/expert-home-price-forecasts-revised-up-for-2023/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">price appreciation</a> will actually be positive for 2023. The graph below shows the latest 2023 year-end forecasts from six different organizations:
<a href="https://www.simplifyingthemarket.com/en/content/images/20231005/20231011-2023-Year-End-Home-Price-Forecasts.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231005/20231011-2023-Year-End-Home-Price-Forecasts.png" /></a>
As you can see, all but one project nationally prices will net positive this year. That’s significant because it shows the majority are optimistic about home price growth.
If you’re still worried about the one red bar that shows an overall price drop for the year, think about this. The <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">projection</a> from the National Association of Realtors (NAR) is for only a slight decline. It’s not the big crash all the headlines called for. Plus, if you average all six forecasts together, the expectation is that prices will net somewhere around 3.3% positive growth for the year.
If these 6 organizations aren’t enough to convince you that prices won’t come tumbling down, here’s something else to consider. One of the six forecasts represented in the graph is the <a href="https://pulsenomics.com/surveys/#home-price-expectations" rel="noopener noreferrer" target="_blank">Home Price Expectation Survey</a> (HPES) from Pulsenomics. It combines survey results from over 100 economists, investment strategists, and housing market analysts. The HPES found that the average from all 100 of those experts is 3.3% price growth for the year.
If you look back at the graph above, you’ll notice the blue average for the forecasts in this graph is also 3.3%. While individual forecasts may vary, both the HPES survey and the average of these forecasts provide the same projection. And 3.3% appreciation is a completely different story than prices falling.
Bottom Line
If you’re worried about home prices falling this year, let the experts reassure you. Based on the average of the latest forecasts, home prices will actually show positive growth this year. If you have questions about what’s happening with home prices in our local area, let’s connect.2023-10-16T06:00:00-07:002023-10-13T09:42:08-07:00Seth Williamstag:sellinboston.com,2012-09-20:6158Home Prices Are Not FallingHome Prices Are Not Falling
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230929/20231003-Home-Prices-Are-Not-Falling.png" width="600" /><br /><br />
During the fourth quarter of last year, some housing experts projected <a href="https://www.simplifyingthemarket.com/en/2023/09/08/home-price-forecasts-revised-for-2023-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> were going to crash in 2023. The media ran with those forecasts and put out headlines calling for doom and gloom in the housing market. All of this negative news coverage made a lot of people have doubts about the strength of the residential real estate market.
If it made you question if you should delay your own <a href="https://www.simplifyingthemarket.com/en/2023/09/22/how-remote-work-helps-with-your-house-hunt-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">plans to move</a>, here’s what you really need to know.
Home Prices Never Crashed
Disregard what you saw in the headlines. The actual <a href="https://www.zillow.com/research/data/" rel="noopener noreferrer" target="_blank">data</a> shows home prices were <a href="https://www.simplifyingthemarket.com/en/2023/09/05/expert-home-price-forecasts-revised-up-for-2023/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">remarkably resilient</a> and performed far better than the media would have you believe (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20230929/20231003-Percent-Change-In-Home-Values.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230929/20231003-Percent-Change-In-Home-Values.png" /></a>
This graph uses <a href="https://www.blackknightinc.com/data-reports/" rel="noopener noreferrer" target="_blank">reports</a> from three trusted <a href="https://www.freddiemac.com/research/indices/house-price-index" rel="noopener noreferrer" target="_blank">sources</a> to clearly illustrate prices have <a href="https://www.simplifyingthemarket.com/en/2023/08/11/home-prices-are-back-on-the-rise-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">already rebounded</a> after experiencing only slight declines nationally. That’s a far cry from the crash so many articles called for.
The declines that did happen (shown in red), weren’t drastic but were short-lived. As Nicole Friedman, a reporter at the Wall Street Journal (WSJ), <a href="https://www.wsj.com/economy/housing/the-fall-in-home-prices-may-already-be-over-3496d6bb" rel="noopener noreferrer" target="_blank">says</a>:
“Home prices aren’t falling anymore. . . The surprisingly quick recovery suggests that the residential real-estate downturn is turning out to be shorter and shallower than many housing economists expected . . .”
Even though some media coverage made a big deal about home prices pulling back, the slight correction that happened is already in the rearview mirror. Basically, this data shows you home prices aren’t falling anymore – they’re actually going back up.
What’s Next for Home Prices?
The consensus from experts is that <a href="https://www.simplifyingthemarket.com/en/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home price growth</a> will continue in the years ahead and is <a href="https://www.simplifyingthemarket.com/en/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">returning to normal</a> levels for the market. That means we’ll still see home prices appreciating, just at a slower pace than the last few years – and that’s a good thing.
Some news sources will see home price growth slowing and put out stories that make you think prices are falling again. The return of misleading headlines like those is already having an impact on how homebuyers are feeling again. You can see how this affects general opinion in the <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/national-housing-survey/national-housing-survey-archive" rel="noopener noreferrer" target="_blank">Consumer Confidence Survey</a> from Fannie Mae (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20230929/20231003---of-Americans-Who-Think-Home-Prices-Will-Go-Down-over-the-Next-12-Months.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230929/20231003---of-Americans-Who-Think-Home-Prices-Will-Go-Down-over-the-Next-12-Months.png" /></a>
While the percentage of Americans who think prices will fall has been slowly declining this year, the latest Consumer Confidence data indicates that’s ticked back up recently (shown in red). This change is surprising especially since the home price data shows prices are going up, not down. It tells you the impact the media still has on public opinion.
Don’t fall for the negative headlines and become part of this statistic. Remember, data from a number of sources shows home prices aren’t falling anymore.
Bottom Line
Even though the media may make things sound doom and gloom, the data shows home prices aren’t falling anymore. So, don’t let the headlines scare you or delay your plans. Let's connect so you have a trusted resource to cut through the noise and tell you what’s really happening in our area.2023-10-11T06:00:00-07:002023-10-06T05:52:51-07:00Seth Williamstag:sellinboston.com,2012-09-20:6157Are You a Homebuyer Worried About Climate Risks?Are You a Homebuyer Worried About Climate Risks?
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The increasing effects of natural disasters are leading to new obstacles in residential real estate. As a recent article from CoreLogic <a href="https://www.corelogic.com/intelligence/case-studies/climate-risk-modeling-future-for-real-estate-portfolios/" rel="noopener noreferrer" target="_blank">explains</a>:
“As the specter of climate change looms large, the world braces for unprecedented challenges. In the world of real estate, one of those challenges will be the effects of natural catastrophes on property portfolios, homeowners, and communities.”
That may be why, <a href="https://zillow.mediaroom.com/2023-09-05-More-than-80-of-home-shoppers-consider-climate-risks-when-looking-for-a-new-home" rel="noopener noreferrer" target="_blank">according</a> to Zillow, more and more Americans now consider how climate risks and natural disasters can impact their homeownership plans (see below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231003/20231005-4-out-of-5-prospective-homebuyers.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231003/20231005-4-out-of-5-prospective-homebuyers.png" /></a>
This study goes on to explain that climate risks affect where many people look for a home. That’s because homebuyers are interested in finding out if the house they want will be exposed to things like floods, extreme heat, and wildfires.
If you’re in the same situation and are thinking about what to do next, here’s some important information to consider as you start looking for a home.
Expert Advice for Homebuyers To Reduce Climate Risks
The <a href="https://www.simplifyingthemarket.com/en/2023/09/25/beginning-with-pre-approval/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">first thing</a> to do is understand how to go about buying a home while thinking about climate risks. With the right help and resources, you can simplify the process.
The Mortgage Reports provides these <a href="https://themortgagereports.com/99491/climate-change-global-warming-home-buying-impact" rel="noopener noreferrer" target="_blank">tips</a> for buying your next home:
Evaluate climate risks: Before buying a home, it's important to check if it's in a flood-prone area using the <a href="https://msc.fema.gov/portal/home" rel="noopener noreferrer" target="_blank">FEMA website</a>, review the seller's property disclosure for any past damage, and get an inspection for issues like cracks and mold to make sure it's a safe investment.
Consider future preventative maintenance costs: For areas that get tropical storms, you may need to purchase hurricane shutters and sandbags to protect the home. In wildfire-prone areas, you may want to clear plants five feet from the house, consider rooftop sprinklers, or possibly buy gutter guards to prevent fire hazards. Factor these future expenses in when touring homes that may need them.
Take steps to avoid losing your assets: Getting the right insurance for a home in a high-risk climate area is crucial. You should shop around and talk to multiple insurance agents to compare prices and options before deciding to bid on a home.
Above all else, your most <a href="https://www.simplifyingthemarket.com/en/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">valuable resource</a> during this process is a trusted real estate expert. They'll always focus on your goals while keeping your concerns top of mind. Even if they don't have all the answers about how your home can handle natural disasters, they can connect you with the right experts and information.
Bottom Line
If you want to <a href="https://www.mykcm.com/2023/09/21/the-many-non-financial-benefits-of-homeownership/" rel="noopener noreferrer" target="_blank">buy a home</a>, but you're also thinking about climate risks, you're not alone. Your home is a big investment, and if anything can impact that, you want to know. Let’s connect so you have someone you can trust to guide you as you find your next home.2023-10-09T06:00:00-07:002023-10-06T05:51:50-07:00Seth Williams