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Buying Multi-Generational Home

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National Association of Realtors (NAR) found that the share of multi-generational home buyers rose to 14% in 2022––close to an all-time high. Here’s a closer look at multi-generational living, along with tips for finding a home that’s suitable for a diverse group. 

Mid-Year Real Estate Market Update 2024

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Mid-Year Real Estate Market Update 2024 What Buyers and Sellers Need to Know Time for a mid-year real estate market update in 2024. Read on for our take on this year’s most important real estate news and get a sneak peek into what analysts predict is around the corner for 2024.  First A Review Last December, when the Federal Reserve projected a series of benchmark rate cuts in the coming year, some analysts speculated that mortgage rates—which had recently peaked near 8%—would fall closer to 6% by mid-2024.1,2,3 Unfortunately, persistent inflation has delayed the central bank’s timeline and kept the average 30-year mortgage rate hovering around 7% so far this year.2 While elevated mortgage rates have continued to dampen the pace of home sales and affordability, there have been some positive developments for frustrated homebuyers. Nationwide, the inventory shortage is starting to ease, and an uptick in starter homes coming on the market has helped to slow the median home price growth rate, presenting some relief to cash-strapped buyers.4 There are also signs that sellers are adjusting to the higher rate environment, as a growing number list their properties for sale.4 Still, economists say a persistent housing deficit—combined with tighter lending standards and historically high levels of home equity—will help keep the market stable.5 What does it mean for you?  Read to get the info you need as buyers and sellers. Mortgage Rate Cuts Will Take Longer Than Expected At its most recent meeting on May 1, the Federal Reserve announced that it would keep its overnight rate at a 23-year high in response to the latest, still-elevated inflation numbers.6 While mortgage rates aren’t directly tied to the federal funds rate, they do tend to move in tandem. So, while expected, the Fed’s announcement was further proof that a meaningful decline in mortgage rates—and a subsequent real estate market rebound—is farther off than many experts predicted. “The housing market has always been interest rate sensitive. When rates go up, we tend to see less activity,” explained Realtor.com chief economist Danielle Hale in a recent article. “The housing market is even more rate sensitive now because many people are locked into low mortgage rates and because first-time buyers are really stretched by high prices and borrowing costs.”7 Many experts now speculate that the first benchmark rate cut will come no sooner than September, so homebuyers hoping for a cheaper mortgage will have to remain patient. “We’re not likely to see mortgage rates decline significantly until after the Fed makes its first cut; and the longer it takes for that to happen, the less likely it is that we’ll see rates much below 6.5% by the end of the year,” predicted Rick Sharga, CEO at CJ Patrick Company, in a May interview.8 What does it mean for you?  Mortgage rates aren’t expected to fall significantly any time soon, but that doesn’t necessarily mean you should wait to buy a home. A drop in rates could lead to a spike in home prices if pent-up demand sends a flood of homebuyers back into the market. Reach out to schedule a free consultation so we can help you chart the best course for your home purchase or sale. BUYERS ARE GAINING OPTIONS AS SELLERS RETURN TO THE MARKET There is a silver lining for buyers who have struggled to find the right property: More Americans are sticking a for-sale in their yard.9  Given the record-low inventory levels of the past few years, this presents an opportunity for buyers to find a place they love—and potentially score a better deal. In 2023, inventory remained scarce as homeowners who felt beholden to their existing mortgage rates delayed their plans to sell. However, a recent survey by Realtor.com shows that a growing number of those owners are ready to jump in off the sidelines.10 While the majority of potential sellers still report feeling “locked in” by their current mortgage, the share has declined slightly (79% now versus 82% in 2023). Additionally, nearly one-third of those “locked-in” owners say they need to sell soon for personal reasons, and the vast majority (86%) report that they’ve already been thinking about selling for more than a year.10 Renewed optimism may also be playing a part. “Both our ‘good time to buy’ and ‘good time to sell’ measures continued their slow upward drift this month,” noted Fannie Mae Chief Economist Doug Duncan in an April statement.11 However, the current stock of available homes still falls short of pre-pandemic levels, according to economists at Realtor.com. “For the first four months of this year, the inventory of homes actively for sale was at its highest level since 2020. However, while inventory this April is much improved compared with the previous three years, it is still down 35.9% compared with typical 2017 to 2019 levels.”4 What does it mean for you?  If you’ve had trouble finding a home in the past, you may want to take another look. An increase in inventory, coupled with relatively low buyer competition, could make this an ideal time to make a move. Reach out if you’re ready to search for your next home. If you’re hoping to sell this year, you may also want to act now. If inventory levels grow, it will become more challenging for your home to stand out. We can craft a plan to maximize your profits, starting with a professional assessment of your home’s current market value. Contact us to schedule a free consultation. HOME PRICES ARE RISING AT A MORE MANAGEABLE PACE Homebuyers struggling with high borrowing costs have something else to celebrate. The national median home price has remained relatively stable over the past year, due to sellers bringing a greater share of smaller, more affordable homes to the market.4 In addition to offering cheaper homes, a recent survey found that home sellers are also adjusting their expectations when it comes to pricing. In many regions, just 12% anticipate a bidding war (down from 23% last year) and only 15% expect to sell above list

10 Pro Tips for a Smooth Home Move

Whatever your circumstances, the road to the closing table can be riddled with obstacles — from issues with showings and negotiations to inspection surprises. But many of these complications are avoidable.

Save Money on Florida Home Insurance

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This 7 strategy article presents expert advice and practical solutions to navigate Florida’s evolving insurance landscape, empowering homeowners to secure comprehensive coverage without breaking the bank.

My Home Didn’t Sell… Now What?

My Home Didn't Sell Now What

My Home Didn’t Sell… Now What? We’ve outlined the top five reasons a home doesn’t sell—and action steps you can take to overcome each of these issues.

10 Tips to Attract the Best Offers for Your Home

10 Tips to Attract Best Offers

Several articles have been released concerning home design trends in 2023. We have chosen ten of these designs that you could try, as a do-it-yourself project, to update your property this year.

How to Avoid Home Buyer’s Remorse

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Several articles have been released concerning home design trends in 2023. We have chosen ten of these designs that you could try, as a do-it-yourself project, to update your property this year.

First Time Home Buyers: How to Budget For a House

It’s not easy being a first time home buyer right now. At the end of last year, housing affordability hit an all-time low. Here are some workarounds to consider as you plot your first home purchase.

Selling Your Home: Sellers Checklist

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If you want to maximize your sale price, it’s still important to prepare your home before putting it on the market. We have included a check list for your convenience.

10 Home Design Trends to Try In 2023

Several articles have been released concerning home design trends in 2023. We have chosen ten of these designs that you could try, as a do-it-yourself project, to update your property this year.

10 Tips for First Time Home Buyers

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Making the leap from renter to first-time home buyer can be a daunting process. With so many steps and decisions to make, it can seem overwhelming at times. But it doesn’t have to be!

With the right guidance and preparation, you can make the leap from renter to first-time home buyer smoothly and successfully. In this article, we’ll offer our top 10 tips for first-time home buyers so you can make the transition without any hiccups.

Free Admission Days To Recreation In Florida

National Parks that typically charge an entrance fee will waive it on special days of each year, providing free admission to everyone on the following fives days listed below in 2023.

2023 Florida Housing Market Forecast What It Means For You

You don’t have to break the bank to celebrate the holidays in style—even in this season of inflation. Prices may be higher on everything, but there are still plenty of opportunities to stretch your budget and find extra savings. 

Home Sellers: Avoid These 7 Costly Mistakes

Whatever your circumstances, the road to the closing table can be riddled with obstacles — from issues with showings and negotiations to inspection surprises. But many of these complications are avoidable.

July 4th Independence Day Celebrations

The Fourth of July, also known as Independence Day or July 4th, has been a federal holiday in the United States since 1941. But the tradition of Independence Day celebrations goes back to the 18th century and the American Revolution.

Overcome Inflation With Real Estate Investments

The Top Home Design Trends for 2022 are represented in the above photo. Key words: warm, inviting, minimalist, back to nature, rounded, earth tones, variety of textures. These design trends will be covered in this article.

5 Factors Reveal Where The Real Estate Market Is Really Headed

It’s the old supply-and-demand predicament: Home sales in the U.S. continue at a torrid pace, but the availability of listings remains limited. Buoyed by historically low mortgage rates, buyers keep shopping for homes, reducing the available inventory and sparking a rise in home prices across the country.

Is the Real Estate Market Going to Crash?

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At the beginning of the pandemic, fears of an economic recession and an ensuing mortgage meltdown were top of mind for homeowners all across the country. For many buyers and sellers, the two seemed to go hand in hand, just as they did in the 2008 economic crisis. This time around, because of lessons learned in 2008, banks are better funded, homeowners are holding more accrued equity, and, crucially, much of the economic activity is focused on financial factors outside the housing market.

Do Rising Home Prices Impact Net Worth?

If you’re a homeowner, it’s important for you to understand how your home’s value contributes to your overall net worth. 

However, for some renters, rising home prices are making dreams of homeownership feel further out of reach. If you’re a renter, now is the time for you to figure out how home ownership fits into your short-term goals and your long-term financial future. An investment in real estate can help you grow your net worth.

10 Tips to Buy and Sell A Home at the Same Time

What will I do if I sell my home before I can buy the next house? Ten Tips are given in this article to help you when faced with this challenge of buying and selling a home at the same time..