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Showing posts from February, 2020

The Overlooked Financial Advantages of Homeownership

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The Overlooked Financial Advantages of Homeownership There are many clear financial benefits to owning a home: increasing equity, building net worth, growing appreciation, and more. If you’re a renter, it’s never too early to make a plan for how homeownership can propel you toward a stronger future. Here’s a dive into three often-overlooked financial benefits of homeownership and how preparing for them now can steer you in the direction of greater stability, savings, and predictability. 1. You Won’t Always Have a Monthly Housing Payment According to a recent  article  by the  National Association of Realtors  (NAR): “If you’ve been a lifelong renter, this may sound like a foreign concept, but believe it or not, one day you  won’t  have a monthly housing payment. Unlike renting, you will eventually pay off your mortgage and your monthly payments will be funding other (possibly more fun) things.” As a homeowner, someday you can eliminate the monthly payment you make on yo

Why Did A Similar House Sell But Mine Hasn't?

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Why Did A Similar House Sell But not Mine? So in a Facebook post last week I asked you all to send me a question or two that you have been burning to ask someone in the real estate industry. I had a ton of responses but one stood out from all the rest. Here it is... "Why did a home almost exactly like mine sell but my house has barely gotten any showings?" WOW! What a great question, so I'm going to deviate from my usual blog posts and try to answer this one. Just a note though, probably not every agent will agree with me on what I'm about to say but here is my honest and humble opinion on the subject.... So, really there are 4 factors that come into play when we talk about selling a house. These factors are the same regardless of what kind of market we are in. Those factors are Location , Condition , Price , and Exposure. Some of these we have control of and some we do not so let's dive in! #1. Location - We have zero control of the location of our

Opportunity in the Luxury Market This Year

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Opportunity in the Luxury Market This Year Homes priced in the top 25% of a price range for a particular area of the country are considered “premium homes.” At the start of last year, many of the more expensive homes listed for sale hadn’t seen as much interest, since much of the demand for housing over the past few years has come from first-time buyers looking for starter homes. It looks like buyer activity, however, is starting to show a shift in this segment. According to the  January Luxury Report  from the  Institute for Luxury Home Marketing  (ILHM): “In a snapshot of 2019, despite pessimism at the start of the year, the last quarter showcased a strengthening, with an upswing in the luxury market for sales in both the single family and condo markets.” Momentum is growing, and those looking to enter the  luxury market  are poised for success in 2020 as well. With more inventory available at the upper-end, historically low interest rates, and increasing average wages,

Great News for Renters Who Want to Buy a Home

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Great News for Renters Who Want to Buy a Home Rents in the United States have been skyrocketing since 2012. This has caused many renters to face a tremendous burden when juggling their housing expenses and the desire to save for a down payment at the same time. The recent stabilization of rental prices provides a great opportunity for renters to save more of their current income to put toward the purchase of a home. Just last week the  Joint Center of Housing Studies of Harvard University  released the  America's Rental Housing 2020 Report . The results explain the financial challenges renters are experiencing today, “Despite slowing demand and the continued strength of new construction, rental markets in the U.S. remain extremely tight. Vacancy rates are at decades-long lows, pushing up rents far faster than incomes. Both the number and share of cost-burdened renters are again on the rise, especially among middle-income households.” According to the most recent  Zillo

Strength of the Economy Is Surprising the Experts

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Strength of the Economy Is Surprising the Experts We’re currently in the longest economic recovery in U.S. history. That has caused some to ask experts to project when the next economic slowdown (recession) could occur. Two years ago, 67% of the economists surveyed by the  Wall Street Journal  (WSJ) for the  Economic Forecasting Survey  predicted we would have a recession no later than the end of this year (2020). The same study done just three months ago showed more than one third of the economists still saw an economic slowdown right around the corner. The news caused concern among consumers. This is evidenced by a recent  survey  done by  realtor.com  that shows 53% of home purchasers (first-time and repeat buyers) currently in the market believe a recession will occur by the end of this year. Wait! It seems the experts are changing their minds…. Now, in an  article  earlier this month, the  Wall Street Journal  (WSJ) revealed only 14.3% of those economists now believe we

Should I Sell My House This Year?

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Should I Sell My House This Year? If one of the questions you’re asking yourself today is,  “Should I sell my house this year?”  the current  Housing Opportunities and Market Experience  (HOME)  Survey  from the  National Association of Realtors®  (NAR) should boost your confidence as it relates to the current selling sentiment in the housing market. Even with all the information overload in the media circling around talk of a possible recession, the upcoming 2020 election, and more, Americans feel good about selling a house now. That’s some news to get excited about! As the graph below shows, as of Q4 2019, 75% of people surveyed indicate they believe now is a good time to sell a home: In the case of those with a yearly salary of $100,000 or more, the results jumped even higher, coming in at an 82% positive sentiment. When the study divided the outcomes by region, the results still consistently showed Americans feeling good about selling: Northeast: 71% positive Midwest: