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If you’re feeling a bit muddy on what’s happening with home prices, that’s no surprise. Some people are still saying prices are falling, even though data proves otherwise. Part of that misconception is because people are getting their information from unreliable sources. But it’s also coming from some media coverage misrepresenting what the data really shows. So, to keep things simple, here’s what you really need to know using real data you can trust.Normal Home Price Seasonality Explained&nbsp; In the housing market, there are predictable ebbs and flows that happen each year. It’s called seasonality. Spring is the peak homebuying season when the market is most active. That activity is typically still strong in the summer but begins to wane as the cooler months approach.Home prices follow along with seasonality because prices appreciate most when something is in high demand. That’s why there’s a reliable long-term home price trend. The graph below uses data from&nbsp;Case-Shillerto show the typical percent change for monthly home price movement from 1973 through 2022 (not adjusted, so you can see the seasonality): <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231205053533.png" alt="49 year monthly price adjustment movement. N" data-rotate="" data-proportion="true" data-size="612px,321px" data-align="none" data-file-name="Hudson Advantage - Graph.png" data-file-size="169698" data-origin="," style="width: 612px; height: 321px;"></figure></div>​ As the data shows, at the beginning of the year, home prices grow, but not as much as they do when entering the spring and summer markets. That’s because the market is less active in January and February since fewer people move in the cooler months. As the market transitions into the peak homebuying season in the spring, activity ramps up, and home prices go up a lot more in response. Then, as fall and winter approach, prices still grow, just at a slower pace as activity eases again. <h4>This Year, Seasonality Has Returned</h4>Now, let’s look at how this year compares to that long-term trend (see graph below): <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231205053816.png" alt="49 year average + 2023 price adjustment movement" data-rotate="" data-proportion="true" data-size="630px,331px" data-align="none" data-file-name="Hudson Advantage - Graph (1).png" data-file-size="166952" data-origin="," style="width: 630px; height: 331px;"></figure></div>​ ​There’s the latest data for this year from that same source. Just like before, the dark bars are the long-standing trend. The green bars represent what’s happened this year. As you can see, the green bars are beginning to fall in line with what’s normal for the market. That’s a good thing because it’s more sustainable price growth than we’ve seen in recent years.In a nutshell, nationally prices aren’t falling, it’s just that price growth is beginning to normalize. Moving forward, there’s a chance the media will misrepresent this slowing of home price growth as prices falling. So don’t believe everything you see in the headlines. The data included here gives you the context you need to really understand what’s happening.&nbsp;Remember, it’s normal to see home price growth slow down as the year goes on. And that definitely doesn’t mean home prices are falling. They’re just rising at a more moderate pace.Home price appreciation is returning to normal seasonality and that’s a good thing. understanding the nuances of home price fluctuations is crucial for making informed decisions in the real estate market.&nbsp;As we navigate the dynamic real estate landscape, it's advised not to solely rely on headlines but seek guidance from trusted professionals. If you have any questions or uncertainties about home prices, the team at Hudson Advantage Realty is here to help. Feel free to reach out, and we'll provide the expertise and insights needed to navigate the ever-changing real estate market confidently. ​

If you’re feeling a bit muddy on what’s happening with home prices, that’s no surprise. Some people are still saying prices are falling, even though data proves otherwise. Part of that misconception is because people are getting their information from unreliable sources. But it’s also coming from some media coverage misrepresenting what the data really shows.

Home Prices Still Growing – Just at a More Normal Pace

<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231116105330.jpg" alt="" data-rotate="" data-proportion="true" data-size="764px,401px" data-align="none" data-file-name="Home-fall.jpg" data-file-size="235428" data-origin="," style="width: 764px; height: 401px;"></figure></div> As the year winds down, you may have decided it's time to make a move and put your house on the market. But should you sell now or wait until January? While it may be tempting to hold off until after the holidays, here are three reasons to make your move before the new year. Get One Step Ahead of Other Sellers Typically, in the residential real estate market, homeowners are less likely to list their houses toward the end of the year. That’s because people get busy around the holidays and sometimes deprioritize selling their house until the start of the new year when their schedules and social calendars calm down. But that gives you an opportunity to get one step ahead.Selling now, while other homeowners may hold off until after the holidays, can help you get a leg up on your competition and get a higher price. Start the process with a real estate professional today so you can get your house on the market before your neighbors do. Get Your House in Front of Eager Buyers&nbsp; Even though the supply of homes for sale did grow compared to last year, it’s still low. That means there aren’t enough homes on the market today. While some buyers may also delay their plans to move until January, others are still motivated to make a move&nbsp; for personal reasons or because something in their life has changed.These buyers are still going to be active later this year and are seriously motivated to make their move happen. Unfortunately, the challenge they'll face is a shortage of available inventory to meet their needs. A recent article from Investopedia says: “. . . if your house is up for sale in the winter and someone is looking at it, chances are that person is serious and ready to buy. Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.” Use Your Equity To Fuel Your Move <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231116110612.jpg" alt="people selling home" data-rotate="" data-proportion="true" data-size="797px,417px" data-align="none" data-file-name="Home-fall (1).jpg" data-file-size="101930" data-origin="," style="width: 797px; height: 417px;"></figure></div>​ Keep in mind that homeowners today have record amounts of equity. According to <a href="https://www.corelogic.com/press-releases/home-equity-increases-winter-spring-reducing-underwater-properties-q2/">CoreLogic</a>, the average amount of equity per mortgage holder has climbed to almost $290,000. That means the equity you have in your house right now could cover some, if not all, of a down payment on the home of your dreams.And as you weigh the reasons to sell before year-end, it's important to remember the reasons that sparked your desire to move in the first place. Maybe it’s time for a new home in a location that suits you better, one that offers the perfect space for you and your loved ones, or maybe your needs have evolved over time.&nbsp; The Bottom Line With fewer homes competing for buyers' attention, you'll have more leverage to negotiate a favorable price. And because motivated buyers are eager to settle into their new homes before the holidays, your home will likely sell quickly. Plus, with equity steadily rising, you're poised to reap significant financial gains from your sale. Don't let this opportunity slip away. Contact us today at 704-659-5056 or visit HudsonAdvantageRealty.com. For all the right moves you need The Hudson Advantage!

Should you make a move before the end of the year?

<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231106021609.png" alt="" data-rotate="" data-proportion="true" data-size="538px,291px" data-align="none" data-file-name="Screenshot 2023-11-05 at 9.15.20 PM.png" data-file-size="588470" data-origin="," style="width: 538px; height: 291px;"></figure></div> If you've ever dreamed of buying your own place or selling your current house to upgrade, you're no stranger to the rollercoaster of emotions that changing home prices can stir up. It's a tale of financial goals, doubts, and a dash of anxiety that many have been through.But if you put off moving because you're worried home prices might drop, make no mistake, they're not going down. It's just the opposite. National data from several sources says they've been going up consistently this year (see graph below): <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231106021706.png" alt="" data-rotate="" data-proportion="true" data-size="545px,390px" data-align="none" data-file-name="Screenshot 2023-11-05 at 9.16.30 PM.png" data-file-size="230307" data-origin="," style="width: 545px; height: 390px;"></figure></div>​ Here’s what this graph shows. In the first half of 2022, home prices rose significantly (the green bars on the left side of the graphs above). Those increases were dramatic and unsustainable. So, in the second half of the year, prices went through a correction and started dipping a bit (shown in red). But those slight declines were shallow and short-lived. Still, the media really focused on those drops in their headlines – and that created a lot of fear and uncertainty among consumers. But here’s what hasn’t been covered fully. So far in 2023, prices are going up once more, but this time at a more normal pace (the green bars on the right side of the graphs above). After price gains that were too high, and then the corrections that followed in 2022, the fact is that all three reports show more normal or typical price appreciation this year. This is good news for the housing market. Orphe Divounguy, Senior Economist at Zillow, <a href="https://www.zillow.com/research/total-market-value-2023-33031/">explains</a> changing home prices over the past 12 months this way:&nbsp; “The U.S. housing market has surged over the past year after a temporary hiccup from July 2022-January 2023. . . . That downturn has proven to be short lived as housing has rebounded impressively so far in 2023. . .” Looking ahead, home price appreciation typically starts to ease up <a href="https://www.mykcm.com/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/">this time of year</a>. As that happens, there’s some risk the media will confuse slowing price growth (deceleration of appreciation) with home prices falling (depreciation). Don’t be fooled. Slower price growth is still growth. <h4>Why Are Home Prices Increasing Now?</h4>One reason why home prices are going back up is because there still <a href="https://www.mykcm.com/2023/09/29/explaining-todays-low-housing-supply-infographic/">aren't enough homes</a> for sale for all the people who want to buy them.&nbsp;Even though higher <a href="https://www.mykcm.com/2023/10/16/are-higher-mortgage-rates-here-to-stay/">mortgage rates</a> cause <a href="https://www.mykcm.com/2023/09/15/plenty-of-buyers-are-still-active-today-infographic/">buyer demand</a> to moderate, they also cause the <a href="https://www.mykcm.com/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/">supply of available homes</a> to go down. That’s because of the mortgage rate lock-in effect. When rates rise, some homeowners are reluctant to sell and lose their current low mortgage rate just to take on a higher one for their next home.So, with higher mortgage rates impacting both buyers and sellers, the supply and demand equation of the housing market has been affected. But since there are still more people who want to purchase homes than there are <a href="https://www.mykcm.com/2023/09/14/why-is-housing-inventory-so-low/">homes available to buy</a>, prices continue to rise. As Freddie Mac<a href="https://www.freddiemac.com/research/forecast/20230921-overall-economic-growth-has-been-resilient">states</a>:&nbsp; “While rising interest rates have reduced affordability—and therefore demand—they have also reduced supply through the mortgage rate lock-in effect. Overall, it appears the reduction in supply has outweighed the decrease in demand, thus house prices have started to increase . . .” <h4>Here’s How This Impacts You</h4><ul><li>Buyers: If you've been waiting to <a href="https://www.mykcm.com/2023/10/04/understanding-the-benefits-of-owning-your-first-home/">buy a home</a> because you were afraid its value might drop, knowing that home prices have gone back up should make you feel better. <a href="https://www.mykcm.com/2023/10/06/how-homeowner-net-worth-grows-with-time-infographic/">Buying a home</a> gives you a chance to own something that historically becomes <a href="https://www.mykcm.com/2023/10/02/unpacking-the-long-term-benefits-of-homeownership/">more valuable over time</a>.</li><li>Sellers: If you've been holding off on selling your house because you were worried about how changing home prices would impact its value, it could be a smart move to work with a <a href="https://www.mykcm.com/2023/10/09/key-skills-you-need-your-listing-agent-to-have/">real estate agent</a> and put your house <a href="https://www.mykcm.com/2023/09/15/plenty-of-buyers-are-still-active-today-infographic/">on the market</a>. You don't have to wait any longer because the most recent data indicates home prices have turned in your favor.&nbsp; </li></ul>Don't let the fear of declining home prices delay your decision to move. The latest data reveals a consistent increase in real estate prices nationwide. Seize the opportunity to invest in real estate today and watch your investment grow. Contact us now at 704-659-5056 or visit HudsonAdvantageRealty.com to get started. ​​<ul></ul> ​​​​​

Why home prices keep going up

Are you considering buying your first home? If so, it can be helpful to know what led other people to make that decision. According to a recent survey of first-time homebuyers by Pulte Group:“When asked why they purchased their first home recently, the answer was simple: because they wanted to. Either the desire to stop renting or recognition that homeownership is a smart financial investment was the main motivator for 72% of respondents.” While that survey looked specifically at first-time homebuyers buying newly built homes, the same sentiment is true for just about anyone buying their first home. Here’s a bit more information to help you think about those two benefits of homeownership to see if they’re a key factor for you too. <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231028020126.jpg" alt="" data-rotate="" data-proportion="true" data-size="606px,319px" data-align="none" data-file-name="New_Homeowners.jpg" data-file-size="122089" data-origin="," style="width: 606px; height: 319px;"></figure></div>​ When You Buy a Home, You Have More Stability than When You Rent&nbsp; You might want to stop renting because rents keep going up. If you’re a renter, that means there’s a chance your payment will increase each time you sign a new rental agreement or renew your current one. Here is how the median asking rent has increased since 1988 in the chart below. <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231028020101.png" alt="" data-rotate="" data-proportion="true" data-size="604px,318px" data-align="none" data-file-name="Copy of Median Asking Rent Since 1988 (5).png" data-file-size="1038869" data-origin="," style="width: 604px; height: 318px;"></figure></div>​ On the other hand, when you buy your home with a fixed-rate mortgage, your monthly housing payment is predictable over the length of that loan - possibly up to 30 years! This stability can give you a peace of mind that renting just can’t provide. Jeff Ostrowski, real estate journalist,&nbsp;breaks it down: “With a fixed-rate mortgage, your monthly principal and interest payment is set for as long as you keep the loan. Sign a rental lease, however, and you could see your rent rise the following year, the year after that and so on.” When You Buy a Home, You Grow Your Wealth as Home Values Climb Beyond that, owning a home can also be a great long-term investment. While renting may be the more affordable option right now, it doesn’t provide an avenue for you to grow your wealth over time.Basically, renting doesn’t allow you to build equity. In contrast, homeownership can help you grow your net worth as your home’s value appreciates. That’s a significant perk you can’t get if you keep renting.When you take both of these factors into account, it may make better financial sense to buy. Most experts project home prices will continue to appreciate over the next few years at a pace that’s more normal for the market. That means when you buy a home, not only are you investing in a place to live, but you’re also investing in your financial future.&nbsp; If you’re ready to purchase your first home, contact us today at 704-659-5056 or visit us online at HudsonAdvantageRealty.com

Understand The Benefits of Homeownership

Understanding the Benefits of Homeownership 

You might remember the housing crash in 2008, even if you didn't own a home at the time. If you’re worried there’s going to be a repeat of what happened back then, there's good news – the housing market now is different from 2008.One important reason is there aren't enough homes for sale. That means there’s an undersupply, not an oversupply like the last time. For the market to crash, there would have to be too many houses for sale, but the data doesn't show that happening.Housing supply comes from three main sources:<ul><li>Homeowners deciding to sell their houses</li><li>Newly built homes</li><li>Distressed properties (foreclosures or short sales)</li></ul>Here’s a closer look at today's housing inventory to understand why this isn’t like 2008.<h4>Homeowners Deciding To Sell Their Houses</h4>Although housing supply did grow compared to last year, it’s still low. The current months’ supply is below the norm. The graph below shows this more clearly. If you look at the latest data (shown in green), compared to 2008 (shown in red), there’s only about a third of that available inventory today. <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231013021949.jpg" alt="" data-rotate="" data-proportion="true" data-size="519px,272px" data-align="none" data-file-name="1.jpg" data-file-size="22015" data-origin="," style="width: 519px; height: 272px;"></figure></div>​ So, what does this mean? There just aren't enough homes available to make home values drop. To have a repeat of 2008, there’d need to be a lot more people selling their houses with very few buyers, and that's not happening right now.<h4>Newly Built Homes</h4>People are also talking a lot about what's going on with newly built houses these days, and that might make you wonder if homebuilders are overdoing it. The graph below shows the number of new houses built over the last 52 years: <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231013022018.jpg" alt="" data-rotate="" data-proportion="true" data-size="554px,291px" data-align="none" data-file-name="2.jpg" data-file-size="25232" data-origin="," style="width: 554px; height: 291px;"></figure></div> The 14 years of underbuilding (shown in red) is a big part of the reason why inventory is so low today. Basically, builders haven’t been building enough homes for years now and that’s created a significant deficit in supply.While the final blue bar on the graph shows that’s ramping up and is on pace to hit the long-term average again, it won’t suddenly create an oversupply. That’s because there’s too much of a gap to make up. Plus, builders are being intentional about not overbuilding homes like they did during the bubble.<h4>Distressed Properties (Foreclosures and Short Sales)</h4>The last place inventory can come from is distressed properties, including short sales and foreclosures. Back during the housing crisis, there was a flood of foreclosures due to lending standards that allowed many people to get a home loan they couldn’t truly afford.Today, lending standards are much tighter, resulting in more qualified buyers and far fewer foreclosures. The graph below uses data from the Federal Reserve to show how things have changed since the housing crash: <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231013022033.jpg" alt="" data-rotate="" data-proportion="true" data-size="559px,293px" data-align="none" data-file-name="3.jpg" data-file-size="21231" data-origin="," style="width: 559px; height: 293px;"></figure></div> This graph illustrates, as lending standards got tighter and buyers were more qualified, the number of foreclosures started to go down. And in 2020 and 2021, the combination of a moratorium on foreclosures and the forbearance program helped prevent a repeat of the wave of foreclosures we saw back around 2008.The forbearance program was a game changer, giving homeowners options for things like loan deferrals and modifications they didn’t have before. And data on the success of that program shows four out of every five homeowners coming out of forbearance are either paid in full or have worked out a repayment plan to avoid foreclosure. These are a few of the biggest reasons there won’t be a wave of foreclosures coming to the market.<h4>What This Means for You</h4>Inventory levels aren’t anywhere near where they’d need to be for prices to drop significantly and the housing market to crash. According to Bankrate, that isn’t going to change anytime soon, especially considering buyer demand is still strong:“This ongoing lack of inventory explains why many buyers still have little choice but to bid up prices. And it also indicates that the supply-and-demand equationsimply won’t allow a price crash in the near future.”The market doesn’t have enough available homes for a repeat of the 2008 housing crisis – and there’s nothing that suggests that will change anytime soon. That’s why housing inventory tells us there’s no crash on the horizon. For all the latest updates, keep checking back at Hudson Advantage Realty!&nbsp; ​

Why Today’s Housing Inventory Shows a Crash Isn’t on the Horizon

<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230922125703.png" alt="" data-rotate="" data-proportion="true" data-size="805px,268px" data-align="none" data-file-name="Market Insights Riding the Summer Wave (1).png" data-file-size="783729" data-origin="," style="width: 805px; height: 268px;"></figure></div><div style="margin-left: 0pt"><table><tbody><tr><td> Hey Friends,&nbsp;Fall is a special time of year. It’s a great time to take in the beauty of the changing seasons. The days are shorter, the air is cooler, and many feel the anticipation of the coming opportunities to visit friends and family. It’s also back to school time, so stay alert in school zones. From crisp hikes in the mountains to cozy days near a fire, there are so many ways to make the most of autumn days. Your favorite fall activity would be …? For sports fans, baseball has the World Series. Football and basketball and hockey seasons are starting up.&nbsp; What is your favorite sport? And of course, there are the beautiful fall colors to take in when house hunting.In addition to all the fun activities, this is also a great time to sell and buy a home. There tends to be fewer buyers, but they are more serious buyers. This means if you are looking to buy there is less competition. This creates an opportunity for buyers to get a great deal on their dream home. On the flip side, sellers are more motivated to list and sell during this time. The buyers are ready to move more quickly.&nbsp;Fall is definitely a special season. Whether you are looking to buy a home, explore the outdoors, or root for your favorite team, enjoy this beautiful time of the year. A time to enjoy the moments, build memories, and find a home that you can call your own.See you around the neighborhood!<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230929071025.png" alt="" data-rotate="" data-proportion="true" data-size="298px,93px" data-align="none" data-file-name="PDFsignature.png" data-file-size="57011" data-origin="," style="width: 298px; height: 93px;"></figure></div>​ </td></tr></tbody></table></div>

Steve tells whats going on in the housing market this fall.

From The Home Office October 

From The Home Office: October

If you're planning to buy a home, one thing to consider is what experts project home prices will do in the future and how that might affect your investment. While you may have seen negative news over the past year about home prices, they’re doing far better than expected and are rising across the country. And data shows, experts forecast home prices will keep appreciating. Experts Project Ongoing Appreciation Pulsenomics polled over 100 economists, investment strategists, and housing market analysts in the latest quarterly Home Price Expectation Survey (HPES). The results show what the panelists project will happen with home prices over the next five years. Here are those expert forecasts saying home prices will go up every year through 2027 (see graph below):<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230914023435.png" alt="" data-rotate="" data-proportion="true" data-size="712px,374px" data-align="none" data-file-name="2.png" data-file-size="541329" data-origin="," style="width: 712px; height: 374px;"></figure></div>​ If you’re someone who was worried home prices would fall because of stories you’ve read online, here's the big takeaway. Even though home prices vary by local market, experts project prices will continue to rise across the country for years to come. And these numbers indicate the return to more normal home price appreciation. And while the projected increase in 2024 isn’t as large as 2023, it’s important to recognize home price appreciation is cumulative. In other words, if these experts are correct, after your home’s value rises by 3.32% this year, it’ll appreciate by another 2.17% next year. This is a good example of why owning a home is a choice that wins big over time. <h4>What Does This Mean for You?</h4> Once you buy a home, price appreciation raises your home’s value, and that grows your household wealth. To see how a typical home's value could change in the next few years using the expert projections from the HPES, check out the graph below:<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230914023419.png" alt="" data-rotate="" data-proportion="true" data-size="695px,365px" data-align="none" data-file-name="3.png" data-file-size="573484" data-origin="," style="width: 695px; height: 365px;"></figure></div> In this example, let’s say you bought a $400,000 home at the beginning of this year. If you factor in the forecast from the HPES, you could potentially accumulate more than $71,000 in household wealth over the next five years.So, if you're thinking about whether buying a home is a good choice, remember how it can be a powerful way to grow your wealth in the long run.&nbsp; Bottom Line According to the experts, home prices are expected to grow over the next five years at a more normal pace. If you’re ready to become a homeowner, know that buying today can set you up for long-term success as home values (and your own net worth) grow.Contact us today at 704-659-5056 or use the chat box on our website! For all the right moves, you need the Hudson Advantage!&nbsp; ​

What Experts Project for Home Prices Over the Next 5 Years

Home improvement is not only about enhancing the aesthetics of your living space but also about increasing its functionality, comfort, and overall value, especially if you're considering selling your home.<div class="se-component se-image-container __se__float-"><figure style="width: 900px;"><img src="https://lh4.googleusercontent.com/8tD8z-xi0hje3k__nr8X5RCb58DP7qtPeVczYwZXI_UM_0MF9f7Xbms2zEDGGmR8Hqxnll7Kp7NvgaLnxVXluozkVvkMmaynfyThD-l2tdJ_xjEoVkUpaZDiO_h6A6E_w6mFuBuPXn_6bFFhR_zRUyI" alt="" data-proportion="true" data-size="900px,506px" data-align="" data-file-name="8tD8z-xi0hje3k__nr8X5RCb58DP7qtPeVczYwZXI_UM_0MF9f7Xbms2zEDGGmR8Hqxnll7Kp7NvgaLnxVXluozkVvkMmaynfyThD-l2tdJ_xjEoVkUpaZDiO_h6A6E_w6mFuBuPXn_6bFFhR_zRUyI" data-file-size="0" origin-size="900,506" data-origin="900px,506px" style="margin-left: 0px; margin-top: 0px; width: 900px; height: 506px;"></figure></div> As homeowners continue investing in their properties, specific trends that stand out as wise investments have emerged. Let's explore some home improvement trends worth your time and money.1) Energy Efficiency UpgradesIn today's world, where sustainability is a top priority, energy-efficient home improvements are worth every penny. Investing in energy-efficient windows, insulation, and smart thermostats can reduce energy bills and carbon footprint. Additionally, many governments offer tax incentives and rebates to make these eco-friendly upgrades more appealing.2) Smart Home TechnologyThe rise of smart home technology has revolutionized the way we live. These gadgets can make your life more convenient and secure, from smart thermostats and lighting systems to voice-activated assistants and security cameras. Investing in a smart home ecosystem adds value to your property and improves your daily living experience.3) Kitchen RenovationsThe kitchen is often referred to as the heart of the home and for a good reason. A well-designed and updated kitchen can significantly increase the resale value of your property. Consider investing in high-quality appliances, durable countertops, and ample storage space. Open shelving, islands with seating, and walk-in pantries are popular additions that can make your kitchen more functional and attractive.4) Outdoor Living SpacesThe pandemic has shifted our focus toward outdoor spaces, and homeowners are increasingly invest in creating outdoor sanctuaries. Whether it's a cozy patio, deck, or a full-fledged outdoor kitchen, these spaces provide an excellent return on investment. They extend your living area and offer a place to relax and entertain, making your home more enjoyable.5) Bathroom UpgradesBathrooms may be one of the smallest rooms in your home, but they significantly impact its overall value and appeal. Consider modernizing your bathrooms with features like walk-in showers, soaking tubs, and dual vanities. Adding more storage and installing energy-efficient fixtures can enhance your bathroom's functionality and aesthetic.When it comes to home improvement, not all trends are created equal. Focus on upgrades that enhance your home's functionality, energy efficiency, and overall appeal to maximize your investment. Whether you're considering a kitchen remodel, a smart home upgrade, or creating an outdoor oasis, these trends are not only fashionable but also financially sound investments that can enhance your quality of life and the value of your property. So, roll up your sleeves and get ready to transform your home into a more beautiful, efficient, and comfortable place to live.

Optiminal Home rennovations for maximizing ROI

<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230905025200.png" alt="" data-rotate="" data-proportion="true" data-size="523px,275px" data-align="none" data-file-name="House for sale.png" data-file-size="756129" data-origin="," style="width: 523px; height: 275px;"></figure></div>​ According to the National Association of Realtors, interest Rates just hit 7% for the first time in 20 years!&nbsp;What's in store for interest rates for the rest of the year? Here's what the experts are saying:&nbsp;As we all know, keeping tabs on mortgage rate projections is crucial for anyone considering buying a home, refinancing, or making any major real estate decisions.&nbsp; Q3 Projections: Finding Consensus at 6.6% We've gathered data from three sources:<ul><li>The Federal National Mortgage Association (Fannie Mae)</li><li>The Mortgage Bankers Association (MBA)</li><li>The National Association of Realtors (NAR)</li></ul>Each of these organizations has weighed in on where they believe rates are headed, and there seems to be a consensus emerging.<ul><li>Fannie Mae: They project a rate of 6.8% for Q3. While this may seem high, it's essential to consider multiple forecasts to get a clearer picture.</li><li>MBA: The Mortgage Bankers Association projects a slightly lower rate of 6.6% for the same period.</li><li>NAR: The National Association of Realtors is even more optimistic, predicting a rate of 6.5%.</li></ul> When we take the average of these projections, it comes out to be approximately 6.6%. This suggests that experts are cautiously optimistic about a relatively stable rate in Q3. Q4 Projections: Signs of Easing at 6.2% Now, let's shift our focus to the fourth quarter of 2023. The forecasts for this period show a slight decline in mortgage rates compared to Q3.<ul><li>Fannie Mae: Their projection for Q4 is 6.6%.</li><li>MBA: The Mortgage Bankers Association foresees a more significant drop, with a rate of 5.5%.</li><li>NAR: The National Association of Realtors projects a rate of 6.3%.</li></ul>When we average these three together, we get a rate of approximately 6.2% when we average these projections. This indicates that experts anticipate some easing in mortgage rates as we head into the year's final quarter. <div class="se-component se-image-container __se__float-left"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230905025427.png" alt="" data-rotate="" data-proportion="true" data-size="391px,391px" data-align="left" data-file-name="Untitled design (59).png" data-file-size="340395" data-origin="," style="width: 391px; height: 391px;"></figure></div>What's Driving These Projections? Now, let's address the big question: What's driving these mortgage rate projections for Q3 and Q4 of 2023? As the experts suggest, much of it hinges on inflation.Where mortgage rates go for the rest of the year will depend on inflation. Based on historical trends, rates will likely ease as inflation cools.The Federal Reserve has closely monitored inflation and is expected to adjust its monetary policy accordingly. If they continue to take measures to cool down inflation, it could translate into more favorable mortgage rates for borrowers. Conclusion: Stay Informed and Be Prepared In conclusion, staying informed about mortgage rate projections is essential, especially if you're planning any significant real estate transactions in the coming months. While Q3 may see rates hovering around 6.6%, there's a good chance of a slight dip in Q4, depending on what happens with inflation.Remember that these projections are not set in stone; various factors can influence your mortgage rate.For more housing market updates, check HudsonAdvantageRealty.com, where we'll keep you informed on the latest developments in the market. For all the right moves, you need the Hudson Advantage! ​

Housing predictions for the rest of the year

<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230822021748.jpg" alt="" data-rotate="" data-proportion="true" data-size="518px,272px" data-align="none" data-file-name="Copy of Copy of Copy of Copy of Median Asking Rent Since 1988 (1).jpg" data-file-size="25203" data-origin="," style="width: 518px; height: 272px;"></figure></div> Federal Reserve Rate Highest Since 2001According to a Press Release by Board of Governors of the Federal Reserve System, The Federal Reserve raised the target range for the benchmark interest rate by 0.25% on July 26 and left the door open for more rate hikes this year.Wednesday's rate increase brings the fed funds rate to the highest level since March 2001. This is the 11th increase since March 2022.&nbsp;The Fed still views inflation as "elevated" and noted that they remain "highly attentive" to inflation risks. <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230821123101.jpg" alt="" data-rotate="" data-proportion="true" data-size="532px,279px" data-align="none" data-file-name="Copy of Copy of Copy of Copy of Median Asking Rent Since 1988.jpg" data-file-size="21599" data-origin="," style="width: 532px; height: 279px;"></figure></div> According to Yahoo Finance, this is how this affects you:&nbsp;<ul><li>Interest rates on&nbsp;<a href="https://finance.yahoo.com/personal-finance/what-can-i-use-a-personal-loan-for-192012707.html">personal loans</a>&nbsp;have risen from 9.39% at the beginning of the Fed rate hikes in March of 2022 to 11.48% in May 2023.&nbsp;</li><li>When the Fed hikes began, lenders were pricing 30-year fixed-rate mortgages around 4%. After peaking at 7% last October, home loan interest rates eased slightly but have bubbled back up.</li><li>Credit card interest rates have moved from an average of 16.65% to over 22%.</li></ul>If you are looking to buy sell or invest in residential real estate, we can help.&nbsp;For all the right moves, you need The Hudson Advantage!

Federal Interest Rate Hike

<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230824075755.jpg" alt="" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="Downsizing home.jpg" data-file-size="19302" data-origin="," style=""></figure></div> Is it time to downsize?&nbsp;Are you tired of running a house with too much space? Too much yard to maintain? Do you feel overwhelmed by the amount of upkeep? Have the children all moved on to places of their own?&nbsp;Downsizing is a popular choice when retiring or when your needs change, and with inflation still high, it can be a way to reduce costs.&nbsp;Downsizing to a smaller home can significantly reduce monthly expenses, lower your energy bills, and free up some of your time.Here are some ways downsizing can be a positive:<ul><li>You can manage your space more efficiently when you downsize to a smaller home. You can streamline your belongings and discover how to use your area best. Even if you’re moving from a large house to a smaller one, it’s possible to make the most of the space you have.&nbsp;</li><li>Downsizing can also help you save money. Smaller homes are cheaper to insure, heat, cool, and maintain. With lower costs, you’ll have more monthly money that can be saved or spent on things you want.&nbsp;</li><li>If you’re considering downsizing, ask yourself if you need all that space. A smaller home doesn’t mean a compromise on quality of life. It can open up a world of possibilities. You can travel more, move more freely, and enjoy more time with family and friends.&nbsp;</li><li>When you downsize, you take a proactive step to improve your life. With fewer things to care for, you can focus on creating the life you want. It’s an opportunity to purge your space, detox, and declutter your life.&nbsp;</li></ul>Your home equity can fuel your move!&nbsp;According to CoreLogic, the average American has more than 302,000 dollars in equity in their home. Your equity can cover some or all of your transition expenses to your new home.&nbsp;Don’t look at downsizing as a sacrifice but as a positive opportunity to improve your life. Get creative with storage solutions and embrace the idea of owning less. You’ll be surprised at how liberating and freeing it can be.As we always say, Moving is about a lifestyle change. If you’re ready to make a lifestyle change to a more efficient space, contact us today at 704-569-5056 or contact us with the chatbox on our website.

Downsizing is a popular choice when retiring or when needs change.

<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230824081241.jpg" alt="" data-rotate="" data-proportion="true" data-size="535px,281px" data-align="none" data-file-name="Downsizing home (1).jpg" data-file-size="25681" data-origin="," style="width: 535px; height: 281px;"></figure></div>​ “Since 2011, the share of first-time home buyers has been under the historical norm of 40% as buyers face tight inventory, rising home prices, rising rents and high student debt loads.”That said, if you’re looking to purchase your first home, here are two things you can consider to help make your dreams a reality.Save Money with First-Time Homebuyer ProgramsBeing able to pay for the initial costs and fees associated with homeownership can feel like a major hurdle. Whether that’s getting a loan, being able to put together a down payment, or having money for closing costs – there are a variety of expenses that can make buying your first home feel challenging.Fortunately, there are a lot of public and private first-time homebuyer programs that can help you get a loan with little-to-no money upfront. CNET explains:“A first-time homebuyer program can help make homeownership more affordable and accessible by offering lower mortgage rates, down payment assistance, and tax incentives.”&nbsp;As Bankrate informs us, many of these programs are offered by state and local governments:“Many states and local governments have programs that offer down payment or closing cost assistance– either low-interest-rate loans, deferred loans or even forgivable loans (aka grants) – to people looking to buy their first house . . .”&nbsp;To take advantage of these programs, contact the housing authority in your state and browse sites like Down Payment Resource.The Supply of Homes for Sale Is Low, So Explore Every PossibilityIt’s a sellers’ market, meaning there aren’t enough homes to meet buyer demand. How can you be sure you’re doing everything possible to find a home that works for you? First, work with a trusted real estate professional to help you locate both on - and off-market properties you might miss. They will also help you craft a successful offer.You can increase your options by considering condominiums (condos) and townhomes. U.S. News reports these housing types are often less expensive than single-family homes:“Condos are usually less expensive than standalone houses. . . They are also less expensive to insure.”One reason why they may be more affordable is because they’re often smaller. But they still allow you to get your foot in the door and achieve your dream of owning and building equity. Beyond that, another major perk is they typically require less maintenance. As U.S. News further states in the same article:“The strongest reason for purchasing a condo is that the condo association usually covers all external maintenance, including landscaping, pool maintenance, external painting, paving, trash pickup, building insurance, and more. This fee may also cover internal maintenance, such as gas, electric, plumbing, HVAC, and other mechanical systems.”&nbsp;Townhomes and condos are great ways to get into homeownership. Owning your home allows you to build equity, increase your net worth, and can fuel a future move.The best way to ensure you’re set up for success, especially when starting out, is to work with a trusted real estate professional. They can educate you on the home-buying process, help you understand your local area to find options that are right for you, and coach you through making an offer in a competitive market.Bottom LineToday’s housing market provides some challenges for first-time homebuyers. But there are still ways to achieve your goals, like utilizing first-time homebuyer programs and considering all your housing options.&nbsp;For all the right moves, you need The Hudson Advantage! If you want to get into your first home, contact us today at 704-659-5056 or chat on our website!

Keys to Success for First-Time Homebuyers

Are HOME PRICES going UP or DOWN?&nbsp;The media often creates confusion regarding changes in home prices. To help you make more sense of what is happening, it is important to understand the two methods used to compare home prices over different periods: one is YEAR-OVER-YEAR (Y-O-Y) versus MONTH-OVER-MONTH (M-O-M). What is the difference? Does it matter to you? <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230705063035.jpg" alt="" data-rotate="" data-proportion="true" data-size="588px,309px" data-align="none" data-file-name="Untitled design (5).jpg" data-file-size="24047" data-origin="," style="width: 588px; height: 309px;"></figure></div> Let’s give you some context.Year-over-Year (Y-O-Y):This comparison measures the change in home prices from the same month or quarter in the previous year. For example, if you're comparing Y-O-Y home prices for June 2023, you would compare them to the home prices for June 2022.Y-O-Y comparisons focus on changes over a one-year period, providing a more comprehensive view of long-term trends. They are usually useful for evaluating annual growth rates and determining if the market is generally appreciating or depreciating.<h5>Month-over-Month (M-O-M):</h5><h5>This comparison measures the change in home prices from one month to the next. For instance, if you're comparing M-O-M home prices for June 2023, you would compare them to the home prices for May 2023.</h5><h5>M-O-M comparisons analyze changes within a single month, giving a more immediate snapshot of short-term movements and price fluctuations. They are used to track immediate shifts in demand and supply, seasonal trends, or the impact of specific events on the housing market.</h5>The key difference between Y-O-Y and M-O-M comparisons lies in the time being assessed. Both approaches have their own merits and serve different purposes depending on the specific analysis required.<h4>Why Is This Distinction So Important Right Now?</h4>We’re about to enter a few months when home prices could be lower than they were the same month last year. April, May, and June of 2022 were three of the best months for home prices in the history of the American housing market. Those same months this year might not measure up. That means, the Y-O-Y comparison will probably show values are depreciating. The numbers for April seem to suggest that’s what we’ll see in the months ahead (see graph below): Thus, you could say prices are going down. <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230705062326.png" alt="" data-rotate="" data-proportion="true" data-size="560px,420px" data-align="none" data-file-name="ch1.png" data-file-size="48548" data-origin="," style="width: 560px; height: 420px;"></figure></div> That’ll generate troubling headlines that say home values are falling. That’ll be accurate on a Y-O-Y basis. And those headlines will lead many consumers to believe that home values are currently cascading downward.However, on a closer look at M-O-M home prices, we can see prices have actually been APPRECIATING for the last several months. Those M-O-M numbers more accurately reflect what’s truly happening with home values: after several months of resetting from the soaring highs, it appears we’ve hit bottom and are bouncing back.Here’s an example of M-O-M home price movements for the last 16 months from the CoreLogic Home Price Insights report (see graph below) Would you say the trend is more UP or DOWN over the past 16 months? <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230705062341.png" alt="" data-rotate="" data-proportion="true" data-size="514px,386px" data-align="none" data-file-name="ch2.png" data-file-size="54769" data-origin="," style="width: 514px; height: 386px;"></figure></div> Why Does This Matter to You?So, if you’re hearing negative headlines about home prices, remember they may not be painting the full picture. For the next few months, we’ll be comparing prices to last year’s record peak, and that may make the Y-O-Y comparison feel more negative. But, if we look at the more immediate, M-O-M trends, we can see home prices are actually on the way back up.There’s an advantage to buying a home now. You’ll buy at a discount on last year’s price and before prices start to pick up even more momentum. It’s called “buying at the bottom,” and that’s a good thing.It is important to stay informed and keep an eye on the market in order to make the best decision for you and your family. For all the right moves, you need The Hudson Advantage! Contact us today at 704-659-5056 for more information or use the chat feature on our website.

Are home prices going up or down? Well, it depends. 

Summer is here! We hope you have great vacation plans for your family. Let us know what you are planning.&nbsp;&nbsp; <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230621054025.jpg" alt="" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="Copy of From the Home Office (1).jpg" data-file-size="19325" data-origin="," style=""></figure></div> Hudson Advantage Realty has the Carolinas covered for you. Only the Carolina Blue Sky covers NC &amp; SC better!&nbsp; As members of three Realtor Associations and three Multiple Listing Services (MLS), you have absolutely the most current and relevant data available anywhere for your home searches. This gives you access to information about homes in 69 counties! Where do you want to move?You have unparalleled access to the most accurate and timely information so you can make the best real estate decisions for your family. You never want to miss out on the perfect home when you are shopping. When you are selling your home, you will have maximum exposure and marketing to get you the most money, in the least amount of time, with the fewest hassles.&nbsp;Decades of firsthand experience and knowledge in the Carolinas are invaluable with your most important investment – the place you call home!&nbsp;If you are considering buying, selling, or investing in real estate, please call 704-659-5056 for a free, no obligation consultation. Or use the chat feature at <a href="http://www.hudsonadvantagerealty.com/">www.HudsonAdvantageRealty.com</a>Yes it’s true – For all the right moves, you need The Hudson Advantage!&nbsp;Enjoy the summer. See you around the neighborhood.

From the Home Office: Summer is Here!

Summertime has arrived, and if you’re a homeowner looking to sell your house, you’re looking for ways to boost your home’s curb appeal.&nbsp; Curb appeal is one of the most important things when it comes to selling a home. It’s the first impression that potential buyers get, and as they say, ‘you never get a second chance to make a first impression.<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230612044633.jpg" alt="" data-rotate="" data-proportion="true" data-size="477px,219px" data-align="none" data-file-name="Curb appeal.jpg" data-file-size="45019" data-origin="," origin-size="750,344" style="width: 477px; height: 219px;"></figure></div> Did you know 71% of potential buyers drive by a home after seeing it online?Fortunately, there are many ways to give your home a boost and create a much more appealing look, without spending a fortune. Here are some great ideas for giving your home a summer makeover that will help you to sell it faster and for more money.&nbsp; 1. Power wash the exterior of your home&nbsp;- Washing the exterior of your home, including the driveway and sidewalks, is one of the most cost-effective ways to instantly spruce up its look and attract potential buyers. Pressure washing can be a great way to get rid of dirt, cobwebs, and other buildup that have accumulated over the years, giving your home a much more attractive look.&nbsp;2. Upgrade your front door&nbsp;- Upgrading your front door is an easy and cost-effective way to give your home a new look. Choose a door that is stylish and in line with the appearance of your house. If you’re looking to increase the value of your home, consider going with a solid wood door rather than a hollow-core option.3. Add/upgrade lighting fixtures&nbsp;- Exterior lighting fixtures can really help to make your home stand out and bring attention to the exterior of your home. Install fixtures that are modern, stylish, and energy efficient. Even if these fixtures don’t increase the value of your home, potential buyers are sure to appreciate the improved look.4. Update your landscaping - Landscaping is one of the most important features for boosting curb appeal. Improving your landscaping can make a world of difference in the look of your home so make sure to keep it well-manicured. Trim bushes and trees.5. Plant Flowers&nbsp;- Along with providing a pop of color and inviting fragrance, flowers can transform an otherwise drab looking yard into a place of beauty and relaxation. Whether planted in beds, hanging baskets, or containers, flowers can instantly change the look of a home's exterior. Plus, with the right varieties, flowers can attract birds and butterflies, adding to the charm and appeal of a property.6. Touch up your paint&nbsp;- Painting your house is another cost-effective way to give your home a new look. Choose a neutral color palette as this will be more appealing to potential buyers. If you’re looking to make a bigger impact, you can consider adding an accent color. Boosting your curb appeal is a great way to make sure your home stands out this summer. With a few simple tips and tricks, you can have an eye-catching exterior that will make your neighbors jealous! Don't wait any longer - take action now. Also sign up for our newsletter for more great ideas on how to spruce up your home.

Tips for Boosting Your Home's Summer Curb Appeal

Many people have been talking about how higher mortgage rates are making it harder for people to buy homes these days. While it's true that rates have gone up quite a bit from the all-time lows we saw during the pandemic, there are actually other factors that affect how affordable homes are. In addition to mortgage rates, things like home prices and wages also play a big role in determining how much house you can afford. So while mortgage rates are important, they're not the only thing you need to consider when it comes to buying a home. <h4>Mortgage rates</h4>Although they are currently higher than they were last year, they've been staying pretty steady between 6% and 7% for almost eight months now. <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230517013517.png" alt="" data-rotate="" data-proportion="true" data-size="538px,283px" data-align="none" data-file-name="Untitled design (31).png" data-file-size="642040" data-origin="," origin-size="1200,630" style="width: 538px; height: 283px;"></figure></div>Take a look at the graph above - you'll see that mortgage rates have had some ups and downs over the past eight months. But here's the thing: even a tiny shift in mortgage rates can have a big impact on your ability to buy a home. That's why it's super important to have a team of real estate professionals you can rely on for expert advice and guidance. While no one can say for sure where mortgage rates will go from here, most experts agree that they'll probably continue to stay in the 6%-7% range for the foreseeable future.&nbsp; <h4>Home Prices</h4>In the last few years, we saw a rapid increase in home prices due to the incredibly low mortgage rates that were available during the pandemic. This caused a surge in buyer demand, while the supply of homes for sale remained low, resulting in an imbalance that pushed prices upwards. However, with the current higher mortgage rates, the pace of price appreciation has slowed down.It's worth noting that the rate of home price appreciation can vary depending on the market. While some areas may experience a slight decline, others may see prices continue to climb.&nbsp;According to Selma Hepp, the Chief Economist at CoreLogic, there's no one-size-fits-all answer to this trend.“The divergence in home price changes across the U.S. reflects a tale of two housing markets. Declines in the West are due to the tech industry slowdown and a severe lack of affordability after decades of undersupply. The consistent gains in the Southeast and South reflect strong job markets, in-migration patterns and relative affordability due to new home construction.”Here is how home prices in North Carolina have changed since 1960.<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230518080810.png" alt="" data-rotate="" data-proportion="true" data-size="567px,297px" data-align="none" data-file-name="Copy of Copy of Copy of Median Asking Rent Since 1988.jpg" data-file-size="13316" data-origin="," origin-size="600,315" style="width: 567px; height: 297px;"></figure></div> <h4>Wages </h4>One of the most encouraging factors for affordability is that incomes are actually increasing. Check out this graph below that uses information from the Bureau of Labor Statistics (BLS) to illustrate how wages have grown over time.<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230517014703.png" alt="" data-rotate="" data-proportion="true" data-size="601px,315px" data-align="none" data-file-name="Untitled design (32).png" data-file-size="621733" data-origin="," origin-size="1200,630" style="width: 601px; height: 315px;"></figure></div>Did you know that higher wages can actually help improve your ability to afford a home? This is because when you earn more, you don't have to put as much of your paycheck towards your monthly housing costs, which can make a big difference. Remember, home affordability is influenced by a combination of many factors, including interest rates, home prices, wages, and others.At Hudson Advantage Realty, we believe that an informed homebuyer is a happy homebuyer. That's why we're committed to providing you with the latest updates on interest rates, home prices, and wages so that you can make the best decision when it comes to buying a home.Our team of experienced real estate professionals is always here to help you navigate the home-buying process. We'd love to connect with you and answer any questions you may have. So don't hesitate to reach out to us today to learn more about how we can assist you in finding your dream home. With our help, you can achieve your homeownership goals and enjoy the many benefits of owning a home.

3 Factors Affecting Home Affordability 

Over the past year, home prices have been a widely debated topic. Some have said we’ll see a massive drop in prices and that this could be a repeat of 2008 . Others have forecast a real estate market that could see slight appreciation or depreciation depending on the area of the country. Remember though all real estate is LOCAL.&nbsp; Experts are continuing to forecast what they believe will happen with home prices this year and beyond.Selma Hepp, Chief Economist at&nbsp;CoreLogic, says <blockquote><div>“While 2023 kicked off on a more optimistic note for the U.S. housing market, recent mortgage rate volatility highlights how much uncertainty remains. Nevertheless, the continued shortage of for-sale homes is likely to keep price declines modest, which are projected to top out at 3% peak to trough.”</div><div> </div></blockquote>Additionally, every quarter,&nbsp;Pulsenomics&nbsp;surveys&nbsp;a panel of over 100 economists, investment strategists, and housing market analysts regarding their five-year expectations for future home prices in the United States.&nbsp;Here’s what they said most recently: <div class="se-component se-image-container __se__float-none" contenteditable="false"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230406023057.jpg" alt="" data-rotate="" data-proportion="true" data-size="329px,247px" data-align="none" data-file-name="homeprices.jpg" data-file-size="22067" data-origin="," origin-size="500,375"></figure></div> As you can see, experts are projecting slight price depreciation in the housing market this year, followed by steady appreciation. Have you heard the maxim, "Buy Low and Sell High."Given this information and what experts are saying about home prices, you might be asking:&nbsp;should I buy a home this spring?&nbsp;It certainly looks like this is the time to "buy low." Here are three more reasons you may consider&nbsp;making a move:<ol><li>Buying a home helps you escape the cycle of rising rents.&nbsp;Over the past several decades, the median price of rent has&nbsp;risen consistently. The bottom line is, rents are going up. When you buy a home with a fixed-rate mortgage, you lock in your housing payment for up to 30 years! It won’t go up like it would if you rent.</li><li>Homeownership is a hedge against inflation.&nbsp;A key advantage of homeownership is that it’s one of the best hedges against inflation. Your home value can rise with inflation building your net worth.&nbsp;</li><li>Homeownership is a powerful wealth-building tool.&nbsp;The average net worth of a homeowner is $255,000 compared to $6,300 for a&nbsp;renter.</li></ol>The decision to purchase a home is best made when you have all the facts. Hudson Advantage Realty is on your side. We will assist you every step of the way. If you're looking to buy a home this spring give us a call at 704-659-5056.

What's ahead for home prices

If you’re getting ready to buy your first home, you’re likely focused on saving up for everything that purchase involves. One cost that’s likely top of mind is your down payment. But don’t let a common misconception about how much you need to save make the process harder than it could be.<h4>Understand 20% Isn’t Always the Typical Down Payment</h4>Freddie Mac <a href="https://myhome.freddiemac.com/buying/down-payments-and-pmi">explains</a>:“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.” Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be closer to your homebuying dream than you realize. According to the <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers">National Association of Realtors</a> (NAR), the median down payment hasn’t been over 20% since 2005. In fact, the median down payment today is only 14%. And it’s even lower for first-time homebuyers at just 6% (see graph below):<div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px; width: 400px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230220092848.jpg" alt="" data-rotate="0" data-proportion="true" style="width: 400px; height: 400px;" data-size="400px,400px" data-align="none" data-index="4" data-file-name="330785473_655556043034863_6560531751279270309_n.jpg" data-file-size="134907" data-origin="400px,400px"></figure></div> Learn About Options That Can Help You Toward Your GoalIf saving for a down payment still feels like a challenge, know that there’s help available. A real estate professional and trusted lender can show you options that could help you get closer to your down payment goal. According to latest <a href="https://downpaymentresource.com/professional-resource/homebuyer-assistance-programs-proliferate-in-q3-as-median-u-s-down-payment-skyrockets/">Homeownership Program Index</a> from Down Payment Resource, there are over 2,000 homebuyer assistance programs in the U.S., and the majority are intended to help with down payments.Plus there are even loan types, like <a href="https://www.hud.gov/buying/loans">FHA loans</a>, with down payments as low as 3.5%, as well as options like <a href="https://www.mykcm.com/2022/11/10/va-loans-can-help-veterans-achieve-their-dream-of-homeownership/">VA loans</a> and USDA loans with no down payment requirements for qualified applicants.To understand your options, be sure to do your homework. If you’re interested in learning more about down payment assistance programs, information is available through sites like <a href="http://www.downpaymentresource.com/">Down Payment Resource</a>. Then, partner with a trusted lender to learn what you qualify for on your homebuying journey.<h3>Bottom Line</h3>Saving for a down payment can be daunting, but it doesn't have to be. With the right strategies in place, you can save enough money to make your dream of homeownership come true. For all the right news you need the Hudson Advantage. Contact us today at 704-659-5056 and let us help you get started on your journey to homeownership!

Wondering How Much You Need To Save for a Down Payment?

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