For Buyers • March 14, 2024

Why Owning Your Home is a Winning Investment

by Tanya Norris

Navigating Market Highs and Lows

Amidst the stormy seas of economic uncertainty, there’s a steadfast beacon: the enduring value of homeownership. Despite whispers of a looming recession, 2023 proved to be a surprising success story, with home prices defying expectations and soaring to new heights.

Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, summed up this trend succinctly, highlighting 2023’s remarkable performance against decades of market data.

“Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.”

Through the peaks and valleys of market trends, one thing remains constant: the upward trajectory of home values. As noted by Forbes, the U.S. real estate market boasts a rich history of appreciation.

Looking back to 1980, a clear pattern emerges: apart from the housing market crash, home prices have consistently risen. Unlike the crisis of 2008, today’s market landscape presents a different picture. With limited available homes and homeowners enjoying substantial equity, fears of a foreclosure crisis are unwarranted.

Owning a home goes beyond mere shelter—it’s a savvy investment in your financial future. With each passing year, your property gains value, boosting your net worth.

So, if you find yourself on solid financial footing and ready to embrace the responsibilities of homeownership, now is the time to act.

Bottom Line: Home prices continue to rise, making homeownership a wise financial decision for those prepared to take the plunge. Let’s connect to explore the abundance of real estate opportunities available.

How Your Credit Score Shapes Your Homeownership Journey

by Tanya Norris

Guiding Your Path to Your Dream Home Destination

Considering the leap into homeownership? Let’s delve deeper into the world of credit scores. 🏡💳

Your credit score isn’t just a mere number; it serves as the gateway to securing favorable mortgage rates, ultimately paving the way to transform your homeownership aspirations into concrete reality. But before you take the plunge, here’s what you need to understand:

Your credit score, with a spectrum from 300 to 850, holds pivotal importance in your mortgage application journey. While a score of 740 or higher is deemed excellent, perfection isn’t an absolute prerequisite for realizing your homeownership dreams.

Here’s the essence: maintaining an impeccable credit score involves strategic maneuvers. Prioritize timely payments, keep a vigilant eye on your debt-to-credit ratio, and steer clear of unwarranted credit inquiries. Your future self will undoubtedly express gratitude for these prudent actions.

Remember, every lender operates on its distinct rhythm. Seeking guidance from a reputable mortgage advisor acts as your compass, guiding you through the intricate twists and turns of credit scores and mortgage rates.

Ready to turn the page to homeownership and embark on this exciting journey? Let’s connect. Your dream home awaits, and together, we can navigate the path to make it a reality!

Uncategorized • February 29, 2024

Why Falling Mortgage Rates Could Be Your Ticket to Homeownership

by Tanya Norris

As a realtor, navigating the ever-evolving landscape of mortgage rates can feel like a rollercoaster ride. The market responds to everything from inflation to the consumer price index (CPI), causing rates to bounce up and down. But amidst the chaos, there’s one thing that’s clear: mortgage rates are generally on the decline.

While we may not see the rock-bottom rates of the pandemic era, experts predict that we could soon witness rates dip below the 6% mark. That’s a significant drop from the near 8% peak last fall. According to Dean Baker, Senior Economist at the Center for Economic Research,

“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.”

This sentiment is echoed by the latest Fannie Mae projections, which suggest a sub-6% rate by the year’s end. The trend is clear: mortgage rates are headed south.

So what does this mean for you, the prospective homebuyer? It means opportunity. Even a slight decrease in rates can substantially boost your purchasing power. And with rates already lower than last year, the time to act may be now.

Don’t let short-term volatility deter you. Focus on the bigger picture and seize the moment. If you’ve been eyeing a property in today’s market, waiting for rates to drop further might not be the best strategy. The key is to strike while the iron is hot.

Conclusion

While we can’t predict the future, we can certainly make informed decisions based on current trends. If you’re ready to make a move, now may be the perfect time. Let’s connect and explore your options together.

For Sellers • February 23, 2024

Spring into Action: Essential Tips for Preparing Your Home for a Successful Sale

by Tanya Norris

Maximizing Your Home’s Appeal and Value in the Spring Market

Spring is around the corner, and if you’re considering listing your home, now is the time to get it ready to shine in the competitive spring market. Here are some pro tips to help you prepare your home for a successful sale:

1. Declutter and Organize

Start by decluttering and organizing each room. This not only creates a sense of space but also helps potential buyers envision themselves living in your home.

2. Deep Clean Your Kitchen and Bathrooms

Give your kitchen and bathrooms a thorough cleaning, focusing on details like grout lines and fixtures. A sparkling kitchen and bathroom can leave a lasting positive impression.

3. Maintain Your Yard

Enhance curb appeal by maintaining your yard. This includes mowing the lawn, trimming bushes, and clearing away debris. A well-kept exterior sets a positive tone for the rest of the home.

4. Find a Listing Agent

A skilled listing agent is invaluable in navigating the selling process. They can provide insights into market trends, recommend reliable contractors, and help you showcase your home’s best features.

By taking these steps, you’ll be well on your way to making a strong impression on potential buyers. Let’s connect to discuss how to make your home stand out this spring!

For Sellers • Housing Market Updates • September 5, 2023

Why Selling Your House Could Still Be the Right Move

by Tanya Norris

Rethinking the Value Proposition of Selling Your House Amid Changing Times

Feeling the pull to move but held back by mortgage rates? Let’s explore a decision that’s about more than money. Join me as we uncover what’s driving you to consider that “For Sale” sign.

Unveiling Your Urge for Change

Remember the moment that sparked your desire for change? Life’s journey might be nudging you towards a fresh chapter. Consider:

New Beginnings: Recently married? Need a more snug space or a roomier feel?
Turning a New Leaf: Going through a separation? Your personal haven awaits.
Expanding Family: Welcoming a new member? Space that grows with you.
Healing Spaces: Coping with loss? A change can work wonders.
Retirement Dreams: Ready for retirement? Your home should match.

Your Path to a New Home

Don’t let rates dictate your path. A Realtor.com survey reveals that 25% of sellers move for personal reasons, regardless of rates. Let’s explore:

Leveraging Equity: Use home equity for your next step.
Financial Flexibility: Equity could minimize financing or lead to an all-cash move.

Your Next Home Awaits

Life shifts, and so should your home. Let’s chart the journey of listing your current haven and unveiling your future. Your evolving needs deserve a home that aligns.

Reach out, and let’s turn your real estate aspirations into reality! 🌟📞

For Buyers • For Sellers • Housing Market Updates • August 28, 2023

Home Price Trends: Making Sense of Median Sales Prices

by Tanya Norris

Understanding How Home Prices Work

Ever been puzzled by those mixed messages about home prices? 🤔 Don’t worry, I’m here to help untangle the mystery!

Why Home Prices Seem Confusing 🔍

Let’s take a closer look at those home price reports! 📊 The upcoming release of the Existing Home Sales (EHS) report from the National Association of Realtors (NAR) might suggest that home prices are falling. But hold on, didn’t we just read about prices going up? 🤷‍♀️

Here’s the scoop: It all comes down to how we’re measuring. While NAR looks at the median home sales price, others use repeat sales prices. And guess what? They tell different stories!

Two Different Ways to Measure 📊

Let’s break it down in simpler terms. The median sale price is like finding the “middle” price among homes sold—it’s the point between the lowest and highest. Now, if more lower-priced homes have been selling lately, the median price might drop, even if individual home values are rising.

On the other hand, there’s the repeat-sales method. This way looks at how prices change for the same property over time, so we’re comparing apples to apples (or homes to homes).

Making Sense of the Median 💡

Meet Bill McBride, the brain behind Calculated Risk. He explains that the mix of homes being sold can affect the median price. Translation? If there are more affordable homes on the market, the median might dip. But remember, no single home is losing value here.

Think of Coins & Clarity 🪙

Imagine having different coins in your pocket, each with its own value. Line them up based on their worth—that’s the median! But guess what? The value of each coin doesn’t change. The same goes for homes—fluctuations in prices and mortgage rates impact which homes sell, leading to a changing median, without homes actually losing value.

The Bottom Line

As those headlines keep coming, remember: the changing median doesn’t mean home values are tumbling. 🕺💃 It’s about the mix of homes sold, influenced by what buyers can afford and economic conditions.

Excited to delve deeper into the world of home prices? Let’s connect to explore the fascinating realm of real estate trends!

For Sellers • Housing Market Updates • August 23, 2023

How Equity Transforms Your Sale

by Tanya Norris

Cracking the Code to Transformative Home Sales

Are you on the verge of selling your home? But wait, there’s a secret ingredient that could reshape your entire selling experience – and it’s been right under your roof all along.

Demystifying Equity

Picture this: equity is the difference between your home’s current value and your outstanding loan balance. Now, here’s the twist – it’s been quietly surging, like an undercurrent of potential, ready to propel you forward.

As the housing market danced with soaring prices, your equity soared too. But here’s the kicker: even as the market finds its rhythm, sellers still have the upper hand, keeping prices ascending. Rob Barber of ATTOM, a property data authority, sums it up: “Equity not only weathered the storm but came back stronger than ever.”

Equity’s Edge in Today’s Puzzle

In a landscape where affordability often feels like a puzzle, equity is your wildcard. Astonishingly, 68.7% of homeowners in the know have either waved goodbye to mortgages or hold a hefty 50% equity. Imagine being part of the 70% in-the-know club!

When the ‘For Sale’ sign appears, your equity isn’t just a figure – it’s your power move. It’s the financing you’ve been hunting for your next adventure. It’s your ticket to that down payment you’ve been pondering. It might even be your golden ticket to a mortgage-free journey, skipping the rate rollercoaster.

The Equity Audit

Curious about your home’s hidden fortune? A simple step: connect with a trusted real estate agent for a Professional Equity Assessment Report (PEAR).

Are you primed for a change? Let your equity be the game-changer. Unearth the untapped potential, fuel your next move, and let’s dive into possibilities you never saw coming.

For Sellers • Housing Market Updates • August 18, 2023

Capitalizing on Today’s Housing Inventory

by Tanya Norris

Unleashing Opportunities in a Low Housing Inventory Market

In the dynamic realm of real estate, a major challenge confronts both buyers and sellers alike: the scarcity of available homes. The demand for housing far exceeds the supply, creating a unique market landscape. Let’s delve into the latest insights on active listings and explore how this shortage compares to more typical conditions.

According to a recent Realtor.com report, average active inventory in June remained a staggering 50.6% below pre-pandemic levels from 2017 to 2019. This statistic emphasizes the ongoing deficit in housing inventory, even when compared to what was considered a “normal” market.

Visualize this trend through the graph below, which illustrates how current numbers continue to fall behind the expected inventory levels of a balanced market.

(Note: The graph excludes the abnormal years of 2020-2022 due to the pandemic, ensuring an accurate comparison.)

Comparing the orange bars for 2023 with the active listings during the last “normal” market years (2017-2019), it becomes evident that the count of available properties remains significantly below the expected average.

What does this mean for you as a potential seller?

This limited inventory offers an unparalleled opportunity to unleash your advantage. With fewer options for buyers, your property gains prominence. This scarcity fuels the market momentum and has a tangible impact on key statistical indicators, as revealed by the latest Confidence Index from the National Association of Realtors (NAR):

The percentage of homes sold within a month has slightly increased to an impressive 74%.
Median days on the market have significantly decreased to just 18 days, indicating swift sales for appropriately priced homes.
The average number of offers on recently sold homes has surged to an impressive 3.3 offers per property.

Bottom Line

In essence, when supply is low, the spotlight shines brightly on your property. Sellers are reaping the rewards of faster sales and increased competition. If you’ve been contemplating selling your house, now is the opportune moment to seize the advantage. Let’s connect and embark on this exciting journey to bring your selling aspirations to life.

For Buyers • August 15, 2023

Unleashing Your Homebuying Potential: The Remote Work Advantage

by Tanya Norris

Embrace the Freedom of Remote Work and Discover New Homebuying Opportunities

Remote work is the top choice for many professionals, offering convenience and flexibility. Surveys show a growing trend towards remote or hybrid work setups.

The rise of remote and hybrid work arrangements has far-reaching implications, especially when it comes to finding your dream home. The newfound flexibility opens up a world of possibilities beyond the confines of living near your workplace. You now have the freedom to explore more affordable areas, which may be located farther away from bustling city centers or your office. This expanded search can be a game-changer, especially in the face of challenging affordability and housing inventory issues.

Overcoming Affordability and Inventory Challenges

Remote work empowers you to find an affordable home that suits your needs without compromising on your budget. With mortgage rates on the rise, many homebuyers are facing hurdles in affording their dream homes. However, by capitalizing on remote work, you can venture into more budget-friendly communities, either in the suburbs or in other parts of the country. The possibilities are endless!

Expanding Your Home Search Radius

As the housing inventory remains limited, finding a home with all the desired features can be daunting. Yet, remote work offers a clever solution by allowing you to broaden your search radius. With more areas now within reach, you’ll have a wider pool of options to choose from, making it easier to find a home that truly meets your preferences.

Bottom Line

Embracing remote work not only grants you greater job flexibility but also opens doors to a wider array of homebuying opportunities. Don’t limit yourself to a specific location; instead, explore the boundless potential of remote work and discover the perfect home that complements your unique lifestyle and needs.

For Buyers • August 10, 2023

How to Know If You’re Ready To Buy A Home

by Tanya Norris

Exploring Key Factors Before Making the Big Move

If you find yourself daydreaming about a cozy place to call your own, the idea of buying a home might be playing on your mind. But before you take the plunge into the world of real estate, let’s consider some key factors together. While market conditions are significant, your personal circumstances play a crucial role too. Let’s explore some questions that can help you figure out if you’re truly ready to make that big move.

1. Stability and Employment

Firstly, take a moment to assess how stable you feel in your current job. After all, homeownership is a major commitment, and feeling secure in your income can put your mind at ease. So, wait until you have stable employment before diving into homeownership.

2. What Can You Afford

Next, let’s talk numbers. It’s essential to have a clear understanding of what you can afford. Speaking with a trusted lender can shed light on the pre-approval process, monthly payments, down payment requirements, and other costs. You might be pleasantly surprised to find that your dream home is within reach.

3. Long-Term Plans

Now, let’s take a step back and think about the bigger picture. Consider how long you plan to stay in the home. Buying and selling within a short time might not be the best financial move. So, think about your future and life goals as you make this decision.

Bottom Line

Remember, the journey to homeownership is smoother with a team of real estate professionals by your side. So, if you’re contemplating buying a home, start by finding a reliable local agent and lender.

In the end, these questions will give you clarity, but the best advice comes from trusted real estate professionals who can guide you on your path to home sweet home.