With more million-dollar homes on the market and prices going up, you have luxury options to choose from and a chance to build significant long-term wealth. Want to see the best homes in our area? Let’s get in touch today.

Luxury living is about more than just stunning views and cutting-edge smart home technology—it's about elevating your lifestyle. And if you're in the market for a million-dollar home, now is an excellent time to explore the thriving luxury market. Here's why.

The Number of Luxury Homes Is Growing

The top of the market, or luxury homes, can mean different things depending on where you live. But in general, these are homes that are in the top 5% price range in any area. According to a recent report from Redfin, the average value of those homes has risen to over one million dollars:

“The median sale price for U.S. luxury homes, defined as the top 5% of listings, rose 9% year-over-year to a record $1.18 million during the second quarter.”

That same report goes on to show the percentage of homes valued at a million dollars or more has risen to an all-time high (see graph below):

That means, if this is your desired price range, you have options to choose from, each with different features and styles.

Whether you're looking for the latest designs, like modern kitchens with high-end appliances, exclusive amenities, or enhanced privacy and security, the market that fits this lifestyle is growing.

Your Luxury Home Is an Investment

In addition, a luxury home could help you build significant long-term wealth. As the Redfin quote mentioned earlier says, luxury home prices are rising. That may be the reason there are a lot of people investing in luxury real estate right now. According to the August Luxury Market Report:

“By the end of July, the overall growth in the volume of sales in 2024 stood at 14.82% for single-family homes and 11.35% for attached homes compared to the same period in 2023.”

Luxury living is about more than just stunning views and cutting-edge smart home technology—it's about elevating your lifestyle.

With more million-dollar homes on the market and prices going up, you have luxury options to choose from and a chance to build significant long-term wealth. Want to see the best homes in your area? Get in touch with a local real estate agent today.

Your lifestyle needs may be enough to motivate you to make a change. If you want help weighing the pros and cons of selling your house, let’s have a conversation.

Are you on the fence about whether to sell your house now or hold off? It’s a common dilemma, but here’s a key point to consider: your lifestyle might be the biggest factor in your decision. While financial aspects are important, sometimes the personal motivations for moving are reason enough to make the leap sooner rather than later.

An annual report from the National Association of Realtors (NAR) offers insight into why homeowners like you chose to sell. All of the top reasons are related to life changes. As the graph below highlights:

As the visual shows, the biggest motivators were the desire to be closer to friends or family, outgrowing their current house, or experiencing a significant life change like getting married or having a baby. The need to downsize or relocate for work also made the list.

If you, like the homeowners in this report, find yourself needing features, space, or amenities your current home just can’t provide, it may be time to consider talking to a real estate agent about selling your house. Your needs matter. That agent will walk you through your options and what you can expect from today’s market, so you can make a confident decision based on what matters most to you and your loved ones.

Your agent will also be able to help you understand how much equity you have and how it can make moving to meet your changing needs that much easier. As Danielle Hale, Chief Economist at Realtor.com, explains:

“A consideration today's homeowners should review is what their home equity picture looks like. With the typical home listing price up 40% from just five years ago, many home sellers are sitting on a healthy equity cushion. This means they are likely to walk away from a home sale with proceeds that they can use to offset the amount of borrowing needed for their next home purchase.”

Are you on the fence about whether to sell your house now or hold off?

Your lifestyle needs may be enough to motivate you to make a change. If you want help weighing the pros and cons of selling your house, connect with a local real estate professional today.

Understanding 2025 housing market forecasts can help you plan your next move. Whether you're buying or selling, staying informed about these trends will ensure you make the best decision possible. Let’s connect to discuss how these forecasts could impact your plans.

Looking ahead to 2025, it's important to know what experts are projecting for the housing market. And whether you're thinking of buying or selling a home next year, having a clear picture of what they’re calling for can help you make the best possible decision for your homeownership plans.

Here’s an early look at the most recent projections on mortgage rates, home sales, and prices for 2025.

Mortgage Rates Are Projected To Come Down Slightly

Mortgage rates play a significant role in the housing market. The forecasts for 2025 from Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR), and Wells Fargo show an expected gradual decline in mortgage rates over the course of the next year (see chart below):

Mortgage rates are projected to come down because continued easing of inflation and a slight rise in unemployment rates are key signs of a strong but slowing economy. And many experts believe these signs will encourage the Federal Reserve to lower the Federal Funds Rate, which tends to lead to lower mortgage rates. As Morgan Stanley says:

“With the U.S. Federal Reserve widely expected to begin cutting its benchmark interest rate in 2024, mortgage rates could drop as well—at least slightly.”

Expect More Homes To Sell

The market will see an increase in both the supply of available homes on the market, as well as a rise in demand, as more buyers and sellers who have been sitting on the sidelines because of higher rates choose to make a move. That’s one big reason why experts are projecting an increase in home sales next year.

According to Fannie Mae, MBA, and NAR, total home sales are forecast to climb slightly, with an average of about 5.4 million homes expected to sell in 2025 (see graph below):

That would represent a modest uptick from the lower sales numbers in 2023 and 2024. For reference, about 4.8 million total homes were sold in 2023, and expectations are for around 4.5 million homes to sell this year.

While slightly lower mortgage rates are not expected to bring a flood of buyers and sellers back to the market, they certainly will get more people moving. That means more homes available for sale – and competition among buyers who want to purchase them.

Home Prices Will Go Up Moderately

More buyers ready to jump into the market will put continued upward pressure on prices. Take a look at the latest price forecasts from 10 of the most trusted sources in real estate (see graph below):

On average, experts forecast home prices will rise nationally by about 2.6% next year. But as you can see, there’s a range of opinions on how much prices will climb. Experts agree, however, that home prices will continue to increase moderately next year at a slower, more normal rate. But keep in mind, prices will always vary by local market.

Looking ahead to 2025, it's important to know what experts are projecting for the housing market.

Understanding 2025 housing market forecasts can help you plan your next move. Whether you're buying or selling, staying informed about these trends will ensure you make the best decision possible. Reach out to a trusted real estate agent to discuss how these forecasts could impact your plans.

If you have questions about what you’re hearing or reading, let’s connect. You deserve to have someone you can trust to get the facts.

Have you ever heard the phrase: don’t believe everything you hear? That’s especially true if you’re thinking about buying or selling a home in today’s housing market. There’s a lot of misinformation out there. And right now, making sure you have someone you can go to for trustworthy information is extra important.

If you partner with a real estate agent, they can clear up some common misconceptions and reassure you by backing them up with research-driven facts. Here are just a few misconceptions they can help disprove.

1. I’ll Get a Better Deal Once Prices Crash

If you’ve heard home prices are going to come crashing down, it’s time to look at what’s actually happening. While prices vary by local market, there’s a lot of data out there from numerous sources that shows a crash is not going to happen. Back in 2008, there was a dramatic oversupply of homes that led to prices crashing. Across the board, there’s an undersupply of homes for sale today. That makes this market a whole different scenario (see chart below):

So, if you think waiting will score you a deal, know that data shows there’s not a crash on the horizon, and waiting isn’t going to pay off the way you’d hoped.

2. I Won’t Be Able To Find Anything To Buy

If this nagging fear about finding the right home if you move is still holding you back, you probably haven’t talked with an expert real estate agent lately. Throughout the year, the supply of homes for sale has grown. Data from Realtor.com helps put this into context. While there are still fewer homes on the market than in a more normal year like 2019, inventory is still above where it was at this time last year (see graph below):

So, if you’re remembering all that media coverage about record-low supply during the pandemic, you can rest a bit easier. While the market isn’t back to normal just yet, inventory is moving in a healthier direction. And that means as your options improve, you can let go of this now outdated myth because finding a home to buy won’t feel quite so impossible anymore.

3. I Have To Wait Until I Have Enough for a 20% Down Payment

Many people still believe you need a 20% down payment to buy a home. To show just how widespread this myth is, Fannie Mae says:

“Approximately 90% of consumers overstate or don’t know the minimum required down payment for a typical mortgage.”

And if you look at the data from the National Association of Realtors (NAR), you can see the typical homeowner isn’t putting down as much as you might expect (see graph below):

First-time homebuyers are typically only putting down 6%. That’s far less than the 20% so many people think they need. And if you’re looking at that graph and you’re more focused on how the number for repeat buyers is closer to 20%, here’s what you need to realize. That’s only because they have so much equity built up in their current house that can be used to make a larger down payment for their next move.

This goes to show you don’t have to put 20% down, unless it’s specified by your loan type or lender. Many people put down a lot less. Not to mention, depending on the type of home loan you get, you may only need to put 3.5% or even 0% down. So, if you’re buying your first home, you likely don’t need nearly as much for your down payment as you may think.

An Agent’s Role in Fighting Misconceptions

If you put your move on pause because you heard one or more of these myths yourself, it’s time to talk to a trusted agent. An expert agent has more data and the facts, just like this, to reassure you and help break through any misconceptions that may be holding you back.

Have you ever heard the phrase: don’t believe everything you hear?

If you have questions about what you’re hearing or reading, connect with a real estate agent. You deserve to have someone you can trust to get the facts.

By following these tips, you can pick an agent who’ll provide the support and expertise you need to help make the process as smooth as possible. It’d be an honor to apply for that job. Let’s connect so we can have a conversation and see if we’d be a good fit for working together. 

Selecting the right real estate agent can make a world of difference when buying or selling a home. But how do you find the best one? Here are some tips to help you make that big decision as you determine your partner in the process.

Check Their Reputation

Start by gathering information about agents in your area. From there, try to narrow down the list. Ask the people you trust if they have someone they’d recommend. You’ll want to find an agent with a strong online presence, plenty of positive reviews, and someone whose great reputation truly precedes them. As Freddie Mac explains:

“. . . you may want to look for a real estate agent who specializes in the type of home you’re searching for. For example, if you are looking for an energy-efficient home, look for an agent who has experience with finding and negotiating offers for those homes. If you are looking for new construction, you’ll want to find an agent who has experience with new construction and isn’t affiliated with the builder . . .”

Look for Local Market Expertise

A great agent should have in-depth knowledge of what’s happening at the national and local level. That way they can clear up any misconceptions sparked by what you’re reading or hearing in the news. And they can tell you how your area compares to the national data. As an added perk, they’ll also be familiar with the neighborhoods you’re interested in and community amenities. As a recent article from Business Insider says:

“Spend some time talking with prospective agents about the local real estate market and how it could impact your purchase or sale. You want to get an understanding of how knowledgeable they are about local market conditions. Whether they're helping you sell or buy, their strategy for you should account for those conditions.”

Get a Feel for Their Communication Style and Availability

Effective communication is key in real estate transactions. Choose an agent who listens to your needs, answers your questions quickly, and keeps you informed throughout the process. If an agent is juggling too many clients, they might not be able to give you the attention you deserve. You want someone who will be readily available and responsive. So, what’s the best way to get a feel for their communication style and preferences? Bankrate offers this advice:

“Interviews also give you a chance to find out the agent’s preferred method of communication and their availability. For example, if you’re most comfortable texting and expect to visit homes after work hours during the week, you’ll want an agent who’s happy to do the same.”

Trust Your Gut

Last, rely on your instincts. If you feel like you do or don’t click with one of the agents you’re talking to, that matters. Choose an agent you feel at ease with and who inspires confidence. The right agent should be someone you trust to guide you through one of the most significant transactions of your life. As Business Insider says:

“As long as you've properly vetted the agents you're considering and ensured they have the necessary expertise, it's ok to go with your gut . . . Maybe you have a better rapport with one of the agents you're considering, or you just feel like they're easier to approach. You're going to be working closely with this person, so it's important to choose an agent you're comfortable with.”

Selecting the right real estate agent can make a world of difference when buying or selling a home.

By following these tips, you can pick an agent who’ll provide the support and expertise you need to help make the process as smooth as possible. Connect with local agents to see if they’d be a good fit for working together.

Your credit score is crucial when buying a home. Even if your score isn't perfect, there are still pathways to homeownership.

Working with a trusted lender is the best way to get more information on how your credit score could factor into your home loan.

When you're thinking about buying a home, your credit score is one of the biggest pieces of the puzzle. Think of it like your financial report card that lenders look at when trying to figure out if you qualify, and which home loan will work best for you. As the Mortgage Report says:

"Good credit scores communicate to lenders that you have a track record for properly managing your debts. For this reason, the higher your score, the better your chances of qualifying for a mortgage."

The trouble is most buyers overestimate the minimum credit score they need to buy a home. According to a report from Fannie Mae, only 32% of consumers have a good idea of what lenders require. That means nearly 2 out of every 3 people don’t.

So, here’s a general ballpark to give you a rough idea. Experian says:

“The minimum credit score needed to buy a house can range from 500 to 700, but will ultimately depend on the type of mortgage loan you're applying for and your lender. Most lenders require a minimum credit score of 620 to buy a house with a conventional mortgage.”

Basically, it varies. So, even if your credit isn't perfect, there are still options out there. FICO explains:

“While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable. There is no single “cutoff score” used by all lenders, and there are many additional factors that lenders may use . . .”

And if your credit score needs a little TLC, don’t worry—Experian says there are some easy steps you can take to give it a boost, including:

1. Pay Your Bills on Time

Lenders want to see that you can reliably pay your bills on time. This includes everything from credit cards to utilities and cell phone bills. Consistent, on-time payments show you’re a responsible borrower.

2. Pay Off Outstanding Debt

Paying down what you owe can help lower your overall debt and make you less of a risk to lenders. Plus, it improves your credit utilization ratio (how much credit you're using compared to your total limit). A lower ratio means you’re more reliable to lenders.

3. Don’t Apply for Too Much Credit

While it might be tempting to open more credit cards to build your score, it's best to hold off. Too many new credit applications can lead to hard inquiries on your report, which can temporarily lower your score.

When you're thinking about buying a home, your credit score is one of the biggest pieces of the puzzle.

Your credit score is crucial when buying a home. Even if your score isn't perfect, there are still pathways to homeownership. Let’s connect if you want to go over your options with an expert.

The supply of homes across the country is improving in a big way. As a buyer, that gives you more options for your home search, and ultimately, a better chance of finding what you like.

So, what are you looking for in a home? And what’s your budget? Let’s go over that together to find the options that may be right for you.

One of the biggest bright spots in today’s housing market is how much the supply of homes for sale has grown since the beginning of this year. 

Recent data from Realtor.com shows that nationally, there are 36.6% more homes actively for sale now compared to the same time last year. That’s a significant improvement. It gives you far more options for your move than you would’ve had just a year ago. And with supply improving, you’re also regaining a bit of negotiation power. So, if you’re someone who thought about buying a home over the last few years but was discouraged by how limited inventory was, this should be welcome news.

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

 “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”

But just so you have perspective, even though inventory has grown, that doesn’t mean we’ve suddenly flipped to an oversupply of homes on the market. There are nowhere near enough homes for sale to make prices crash. If you compare today’s inventory levels to more normal, pre-pandemic numbers (2017–2019), there are still roughly 29% fewer homes actively for sale now (see graph below):

So, while we’re up by almost 37% year-over-year, we’re still not back to how much inventory there’d be in a normal market. 

As Bill McBride, Housing Analyst for Calculated Risk, explains:

 “ . . . currently inventory is increasing year-over-year but is still well below pre-pandemic levels.”

But that’s okay. It’s to be expected. As a country, it’ll take a while to get back to the typical level of homes for sale. And the good news for buyers is, in some select markets, it’s closer to being a reality.

Here’s a rundown of what today’s inventory growth looks like by region (see graph below):

Real estate will always be hyper-local. If you want to find out what inventory numbers look like where you live, reach out to a local agent. They’ll be able to tell you what they’re seeing and how it stacks up to the national market. You may find you have even more opportunity to move where you are.

One of the biggest bright spots in today’s housing market is how much the supply of homes for sale has grown since the beginning of this year.

The supply of homes across the country is improving in a big way. As a buyer, that gives you more options for your home search, and ultimately, a better chance of finding what you like.

So, what are you looking for in a home? And what’s your budget? Reach out to a local agent to go over that together to find the options that may be right for you.

There are a lot of factors that go into deciding whether to buy an existing home or a newly built one after you sell, but it’s essential in today’s market to understand the opportunities you can find in both. Let’s connect so you have expert guidance as you explore the options in our area.

If you’re planning to sell your house and move, you probably know there’s been a shortage of options available. But here’s the good news: the supply of homes for sale has grown in a lot of markets this year – and that’s not just existing, or previously-owned, homes. It’s true for newly built homes too.

 So how do you decide which route to go? Do you buy an existing home or a brand-new one? The choice is yours – you just need to figure out what’s most important to you.

Perks of a Newly Built Home

Here are some benefits of buying a newly built home right now:

• Have brand new everything with never-been-used appliances and materials
• Use energy efficient options to save money and leave a smaller footprint
• Minimize the need for repairs and benefit from builder warranties
• Take advantage of builder concessions that can help with affordability

In today’s market, a lot of builders are focusing on selling their current inventory before they add more homes to their mix. And some of them are offering concessions and are more willing to negotiate to make a sale happen.

 That, coupled with the fact builders are primarily building smaller, more affordable homes, has led to one other potential perk. The median price for a newly built home in today’s market is actually lower than the median price of an existing home – which isn’t usually the case. Ralph McLaughlin, Senior Economist at Realtor.com, shares:

 “Homebuyers who are looking for that ‘new-home smell’ may be in a relatively friendlier market than times past when new homes were considerably more expensive than used ones.” 

If you’re interested in seeing what builders nearby have to offer, lean on your real estate agent. Their knowledge of local builders, new communities, and builder contracts will be important in this process.

Perks of an Existing Home

Now, let’s compare that to the benefits of buying an existing home. 

• Join an established neighborhood that you can get a feel for before moving in
• Choose from a wider variety of floorplans and styles
• Appreciate the lived-in charm that only an older home can provide
• Enjoy the privacy and curb appeal of mature trees and landscaping

In addition to these lifestyle benefits, there’s strategic value to buying an existing home, too. Remember, you can always make upgrades to an existing home down the road to give it some of the latest features available. This gives you the best of both worlds: you’ll get the charm, the neighborhood, and over time, you can still add those on-trend elements you may see in a brand-new home. And if you do, you’ll likely increase the home’s value too. An article from LendingTree explains:

“. . . they can personalize it and possibly increase its potential resale value with cosmetic upgrades . . . Plus, if a home comes with physical details or stories that add charm, in some cases, these elements are attractive enough to add to a home’s resale value . . .”

Want to see what’s available? Your real estate agent can show you what homes are for sale in your area, so you can see if there’s one that works for you and your needs.

If you’re planning to sell your house and move, you probably know there’s been a shortage of options available.

There are a lot of factors that go into deciding whether to buy an existing home or a newly built one after you sell, but it’s essential in today’s market to understand the opportunities you can find in both. Work with a local housing market professional so you have expert guidance as you explore the options in your area.

Buyers are regaining a bit of negotiation power in today’s market. Buyers, knowing what levers you can pull will help you feel confident and empowered going into your purchase. Sellers, having a heads up of what they may ask for gives you the chance to think through what you’ll be willing to offer.

Want to chat more about what to expect and the options you have? Let’s connect. 

If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market. And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate.

Whether you’re looking to buy or sell a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on.

What Can You Negotiate?

Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplinger and LendingTree:

• Sale Price: The most obvious is the price of the home. And that lever is being pulled more often today. Buyers don’t want to overpay when affordability is already so tight. And sellers who aren’t realistic about their asking price may have to consider adjusting their price.
• Home Repairs: Based on the inspection, a buyer is within their rights to ask the seller to make reasonable repairs. If the seller doesn’t want to do that, they could offer to reduce the home price or cover some closing costs, so the buyer has the money to take them on themselves.
• Fixtures: Buyers can also ask for appliances or furniture to convey when the house changes hands. Having the seller throw in the washer and dryer cuts down on expenses the buyer would have when moving in. As the seller, you could leave your existing ones behind to sweeten the deal for your buyer, and get yourself new ones for your next place.
• Closing Costs: Closing costs typically run about 2-5% of the home’s purchase price. Buyers can ask the seller to pay for some or all of these expenses to offset the cash the buyer has to bring to the table. 
• Home Warranties: Buyers can also ask the seller to pay for a home warranty. This is great for buyers worried about the maintenance costs that may pop up after taking possession of the home. And since this concession usually isn’t terribly expensive for the seller, it can be a good option for both parties.
• Closing Date: Buyers can ask for a faster or extended closing window based on their own timetable. The seller can also advocate for what they need based on their move to find the right compromise.

One thing is true whether you’re a buyer or a seller, and that’s how much your agent can help you throughout the process. Your agent is your go-to for any back-and-forth. They’ll handle the conversations and advocate for your best interests along the way. As Bankrate says:

“Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.”

They may also be able to uncover what the buyer or seller is looking for in their discussions with the other agent. And that insight can be really valuable at the negotiation table. 

If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market.

Buyers are regaining a bit of negotiation power in today’s market. Buyers, knowing what levers you can pull will help you feel confident and empowered going into your purchase. Sellers, having a heads up of what they may ask for gives you the chance to think through what you’ll be willing to offer.

Want to chat more about what to expect and the options you have? Connect with a local real estate agent.

Being a part of the Sandwich Generation comes with its challenges – but it also might come with one truly great perk. If you’re looking to buy a home, your caregiving situation can actually make it a bit easier for you to afford a home. To learn more, let’s connect.

Are you a part of the Sandwich Generation? According to Realtor.com, that’s a name for the roughly one in six Americans who take care of their children and their parents or grandparents at the same time.

If that sounds familiar to you, juggling all the responsibilities involved certainly must have its challenges. But it turns out there’s one pretty significant benefit: it can actually make it a bit easier for you to buy a home.

How Can It Help You Buy a Home?

Realtor.com asked members of the Sandwich Generation if they agree or disagree that taking care of children and parents at the same time is helping them afford a home. A third of respondents said their situation made it easier to buy (see graph below):

Here are a few ways their caretaking situation might be helping those 33% buy a home:

• Sharing Expenses: If you live in a multi-generational household, you can pool your resources and split the costs. Your parents might contribute to the mortgage or help with other bills. This can make a big difference, especially in today’s housing market. It may help you afford a larger home than you could on your own.
• Built-In Childcare: Having grandparents in the home could also save you money on childcare. They can help watch your kids while you’re at work, which means you can save on daycare costs too.

Beyond just the financial reasons, buying a multi-generational home has other advantages. The Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) highlights some of the most popular, including:

• Easier To Care for Aging Parents: It’s more convenient to take care of someone when you live with them. Also, your elderly parents may very well be happier and healthier, thanks to more social interaction and a feeling of connectedness.
• Spending More Time Together: Once you live together, you get to spend more time and create even more lasting memories with your loved ones.

The Mortgage Reports sums it up this way:

“Buying a house with your parents can be a great way to ease caregiving, support young children, or simply bring loved ones closer together. And considering the steep rise in home prices over the last few years, it can make homeownership a lot more affordable.”

How a Real Estate Agent Can Help

If you’re in the Sandwich Generation and thinking about buying a multi-generational home, working with a local real estate agent is essential. Finding a home that works for so many people can be tricky. An agent will use their expertise to help you find one that meets the needs of, and has enough space for, everyone who’s going to live there.

Are you a part of the Sandwich Generation?

Being a part of the Sandwich Generation comes with its challenges – but it also might come with one truly great perk. If you’re looking to buy a home, your caregiving situation can actually make it a bit easier for you to afford a home. To learn more, reach out to a local real estate agent.

If you want to avoid making mistakes like these, let’s connect to make sure you’re set up for success.

The housing market is going through a transition. Higher mortgage rates are causing more moderate buyer activity at the same time the supply of homes for sale is growing.

And if you aren’t working with an agent, you may not realize that. Here’s the downside. If you’re not informed, you can’t adjust your strategy or expectations to today’s market. And that can lead to a number of costly mistakes.

Here’s a look at some of the most common ones – and how an agent will help you avoid them when you sell. 

1. Overpricing Your House

Many sellers set their asking price too high and that’s why there’s an uptick in homes with price reductions today. An unrealistic price will deter potential buyers, cause an appraisal issue, or lead to your house sitting on the market longer. An article from the National Association of Realtors (NAR) explains:

“Some sellers are pricing their homes higher than ever just because they can, but this may drive away serious buyers and result in unapproved appraisals . . .”

To avoid falling into this trap, partner with a pro. An agent uses recent sales of similar homes, the condition of your house, local market trends, and so much more to find the price that’ll attract more buyers and open the door for multiple offers and a faster sale.

2. Skipping the Small Stuff

You may try to skip important repairs, thinking you can pass the task on to your buyer. But visible issues (even if they’re small) can turn off potential buyers and result in lower offers or demands for concessions. As Money Talks News says:

“Home shoppers like to turn on lights, flush toilets and run the water. If these basic things don’t work, they may assume you’ve skipped other maintenance. Homes that appear neglected aren’t likely to fetch top price.”

If you want to get your house ready to sell, the best place to turn to for advice is your agent. They’ll be able to do a walk-through with you and point out anything you’ll need to tackle before the photographer comes in.

3. Not Looking at Things Objectively

Buyers today are feeling the pinch of high home prices and mortgage rates. With affordability that tight, they may come in with an offer that’s lower than you’d want to see – especially if you didn’t stage, price, or market the house well.

It’s important you don’t take this personally. Getting overly emotional can put the sale at risk. As an article from Ramsey Solutions says:

“Remember, a buyer’s offer is not a reflection of their opinion of your home or your housekeeping abilities. . . The sale of your home is strictly a business transaction. If they start out with a low offer, don’t take it personally and get emotional. Instead, channel that energy toward negotiating. Work with your agent and make a counteroffer.”

4. Being Unwilling To Negotiate

The supply of homes for sale has grown. That means buyers have more options, and with that comes more negotiation power. As a seller, you may see more buyers getting an inspection, requesting repairs, or asking for help with closing costs today. You need to be prepared to have those conversations. As U.S. News Real Estate explains:

“If you've received an offer for your house that isn't quite what you'd hoped it would be, expect to negotiate . . . the only way to come to a successful deal is to make sure the buyer also feels like he or she benefits . . . consider offering to cover some of the buyer's closing costs or agree to a credit for a minor repair the inspector found.”

An agent will walk you through what levers you may want to pull based on your own goals, budget, and timeframe.

5. Not Using a Real Estate Agent

Notice anything? For each of these mistakes, partnering with an agent helps prevent them from happening in the first place. That makes trying to sell your house without an agent’s help the biggest mistake of all.

Real estate agents have experience and expertise in pricing, marketing, negotiating, and more. That knowledge streamlines the selling process and usually results in drumming up more interest and ultimately can get you a higher final price.

The housing market is going through a transition.

If you want to avoid making mistakes like these, you need to work with a real estate agent.

• Equity is the difference between what your house is worth and what you still owe on your mortgage.
• The typical homeowner gained $28,000 over the past year and has a grand total of $305,000 in equity. And there are a lot of great ways you can use that equity.
• Want to know how much equity you have? Let’s connect so you can get a Professional Equity Assessment Report (PEAR).

Equity is the difference between what your house is worth and what you still owe on your mortgage.

• Equity is the difference between what your house is worth and what you still owe on your mortgage.
• The typical homeowner gained $28,000 over the past year and has a grand total of $305,000 in equity. And there are a lot of great ways you can use that equity.
• To find out how much equity you have, connect with a real estate agent who can give you a Professional Equity Assessment Report (PEAR).

If you’re worried about a potential foreclosure crisis, know there’s nothing in the data to suggest that’ll happen. Buyers are more qualified now, and that’s one reason why they’re not falling seriously behind on their mortgage payments. 

Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets. And those high costs on everything from gas to groceries are fueling unnecessary concerns that more people are going to have trouble making their mortgage payments. But, does that mean there’s a big wave of foreclosures coming?

Here's a look at why the data and the experts say that’s not going to happen.

There Aren’t Many Homeowners Who Are Seriously Behind on Their Mortgages

One of the main reasons there were so many foreclosures during the last housing crash was because relaxed lending standards made it easy for people to take out mortgages, even when they couldn’t show they’d be able to pay them back. At that time, lenders weren’t being as strict when looking at applicant credit scores, income levels, employment status, and debt-to-income ratio.

But since then, lending standards have gotten a whole lot tighter. Lenders became much more diligent when assessing applicants for home loans. And that means we’re seeing more qualified buyers who have less of a risk of defaulting on their loans.

That’s why data from Freddie Mac and Fannie Mae shows the number of homeowners who are seriously behind on their mortgage payments (known in the industry as delinquencies) has been declining for quite some time. Take a look at the graph below:  

What this means is that, not only are borrowers more qualified, but they’re also finding ways to navigate through their challenges, exploring their repayment options, or maybe even using the record amount of equity they have to sell and avoid foreclosure entirely.

The Answer Is: There’s No Sign of a Wave Coming

Before there can be a significant rise in foreclosures, the number of people who can’t make their mortgage payments would need to rise significantly. But, since so many buyers are making their payments today and homeowners have so much equity built up, a wave of foreclosures isn’t likely.

Take it from Bill McBride of Calculated Risk – an expert on the housing market who, after closely following the data and market leading up to the crash, was able to see the foreclosure crisis coming in 2008. McBride says:

“We will NOT see a surge in foreclosures that would significantly impact house prices (as happened following the housing bubble) for two key reasons: 1) mortgage lending has been solid, and 2) most homeowners have substantial equity in their homes.”

Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets.

If you’re worried about a potential foreclosure crisis, know there’s nothing in the data to suggest that’ll happen. Buyers are more qualified now, and that’s one reason why they’re not falling seriously behind on their mortgage payments.