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Buyer Resources

A Year In- Our COVID Housing Market

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covid home sale

While a public health crisis gripped the country for the last year, the housing market for some stayed red hot. Most areas of the country remain in a solid seller’s market. Homeowners have seen their home values appreciate and equity grow. Housing inventory was already down at the beginning of the pandemic, and remains low. However, demand remains high. Not everyone was hurt bad enough by the downturn in the economy to hold off buying a home. With historically low interest rates throughout the year, there have been plenty of buyers ready to snap up just about anything that appears on the market. At the same time, people that want to move, especially those looking for affordable housing, are having a difficult time, because there are just not enough homes for sale.

Is Now a Good Time to Invest in Real Estate?

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Invest in Real Estate

Most investors know the basic premise for success: “Buy Low and Sell High.” Seems simple, but in practice it is not. In real estate, we really don’t know the best time to buy until years past the purchase, when we see if purchase prices have gone up or down.

Savvy investors look at certain market indicators to help increase their investment success. However, we are in an extremely unusual market. Even though prices are high, it actually may be a good time to buy. Here’s why.

Buying a Home While Selling

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buying a home while selling

It can be exiting to buy a new home. However, if you are trying to sell a home at the same time as buying it can be stressful, especially if money from your current home’s sale is needed to put toward your next home. However, with a little planning and working with a savvy real estate agent can ease the process for both of these transactions.

To keep your sanity intact, here are some tips to help you manage the process.

Should You Downsize Your Home?

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downsizing

Many people find themselves downsizing, motivated by debt, an empty nest or retirement. However, determining how much smaller to go can be tricky.

Finance guru Dave Ramsey says the average family in America has “plenty of room to downsize their home without cramping their style.” According to the United States Census Bureau, Ramsey elaborates that in the 1950s, middle-income Americans homes were around 1,000 square feet or less, as opposed to today’s typically 2,600 square feet plus – new single-family home.

Where Are Mortgage Rates Headed in 2021?

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Mortgage Rates

2020 was an odd year for the mortgage industry. Instead of a market crash due to the pandemic and economic turmoil, home prices and sales actually rose. At the beginning, low-interest rates, low unemployment, and rising rents drove the housing market up. As the pandemic wore on, people fleeing urban areas, or looking for more space to work from home, plus historically low interest rates kept demand for housing high. The important question is, where will interest rates go now?

Industry experts expect mortgage rates to rise in 2021. If you are not planning to buy or sell in the coming year, then hopefully you have refinanced, or will soon. We strongly encourage those thinking about selling to list now. There are still many people looking to buy, but the market will be changing. No one can predict with certainty how high mortgage interest rates will go or when, but four top experts weighing in with their thoughts and rationale, giving us a pretty good glimpse of where we are headed in 2021.

Housing Market Crash or Rise in 2021?

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housing future

Instead of just relying a crystal ball, there are some facts that help predict what will happen to home buying and selling in the coming year.

Throughout the pandemic, residential real estate markets across the country have remained steady, and most have even seen growth. While we feel for those that are truly suffering due to COVID-19 related losses, there are positive economic indicators for the future. The Federal Reserve Bank of New York’s Center for Microeconomic Data released a consumer survey of responses in September 2020 entitled Survey of Consumer Expectations showing less pessimistic views about personal financials in the year ahead due to improvements in the labor market and spending expectations.

Understanding a Buyers Comparative Market Analysis

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Buyers CMA

A comparative market analysis, commonly abbreviated as CMA, is a report we prepare to help determine the value of a home. The report analyzes three or more recently sold properties similar to the home in question, usually chosen based on their similarities in size, location, age and quality.

CMAs are a valuable tool that you, as a buyer can use to ensure you are making a competitive offer on a home. CMAs are also used by sellers to help determine an accurate listing price.

Buying or Selling Over Winter? This Year is Different

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winter real estate

If you think nobody buys or sells a home in the winter, this year may surprise you. If you check the numbers, you’d find that a good chunk of home purchases are done during the coldest months of the year. This year, because of low inventory and record low interest rates, homes are still getting bought and sold despite icy roads and snow-covered roofs.

In fact, if you are a numbers guy or gal, almost a million homes were sold in the U.S. last winter between December 2018 and February 2019. This year, industry experts expect winter home sales to be even greater. Sure, more homes are sold in the summer months. But, if you’re wondering if you should put off buying or selling a home until spring, why wait? You may be surprised to learn that there are actually advantages to buying or selling while Jack Frost is nipping at your nose.

What are the advantages? You’re about to find out!

How to Save, Budget and Manage Debt

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saving money

Financial issues are a great concern to many people right now. Whether you have concerns about losing a job or other source of income, or just want to plan for the future in uncertain times, these money management tips can help.

Should You Buy or Sell a Home During Covid-19?

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family looking at computer

We often receive questions about whether this is the right time to buy, considering COVID-19 has hung around longer than expected. It’s understandable—both buyers and sellers are worried about making a move right now. However, for those in a good position to buy or sell, the timing is very good. Here’s why.