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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?

No matter how the housing market changes, there are some things about owning a home that never change—like the personal benefits it can provide. When you own your home, you likely feel a sense of attachment because of the comfort it gives and also because it’s a space that’s truly yours.Over the last few years, we’ve fully embraced the meaning of our homes as we spent more time than ever in them. As a result, the emotional benefits our homes provide have become even more important to us.As the most recent State of the American Homeowner from Unison puts it: “. . . one thing has stayed the same: the home continues to be of the utmost importance and a place of security and comfort." The same study from Unison notes:<ul><li>91% of homeowners say they feel secure, stable, or successful owning a home</li><li>64% of American homeowners say living through a pandemic has made their home more important to them than ever</li></ul>It’s no surprise this study also reveals that homeowners now love their homes even more as our attachments to them have grown: <div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="width:auto; height:auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230216084302.jpg" alt="" data-rotate="" data-proportion="true" data-size="408px,306px" data-align="none" data-file-name="more-homeowners-are-falling-in-love-MEM.jpg" data-file-size="72390" data-origin="," style="width:408px; height:306px;"></figure></div> The National Association of Realtors (NAR) also explains: “In addition to tangible financial benefits, homeownership brings substantial social benefits for [households], communities, and the country as a whole.” In other words, not only does owning a home build your net worth over time, but it also gives you and your loved ones a place to thrive. And by living near people with shared experiences, homeownership helps you connect with your community and contribute meaningfully.<h3>Bottom Line</h3>Whether you’re thinking of buying your first home, moving up to your dream home, or downsizing to something that better fits your changing lifestyle, let Hudson Advantage be the key to unlocking a home you can truly fall in love with. Contact us today at 704-659-5056!&nbsp;

Why it's easy to fall in love with homeownership 

When it comes to buying a home, it can be difficult to decide which type of home is the best fit for your needs. You may be wondering if you should buy an existing home or do a new construction. Both options have their own unique set of pros and cons, so let's take a look at each one and see which one might be right for you.<div class="se-component se-image-container __se__float-" contenteditable="false"><figure style="margin: 0px; width: 624px;"><img src="https://lh4.googleusercontent.com/gqeydzc6v0_5uuBMRpdsazVz8l_vGfQOjW-8AEcnuln8NIv8yhb8g8zH_L7fmk1qpjcFnykuuX8v8Qook8D7PD6ZcIawFgUavgXenJDgM7gO6UjRRwfgkfoMo81vGbEpHqW6ZaumCMkTE-8oOs3EByw" data-origin="624,352" alt="" data-proportion="true" data-size="624px,352px" data-align="" data-file-name="gqeydzc6v0_5uuBMRpdsazVz8l_vGfQOjW-8AEcnuln8NIv8yhb8g8zH_L7fmk1qpjcFnykuuX8v8Qook8D7PD6ZcIawFgUavgXenJDgM7gO6UjRRwfgkfoMo81vGbEpHqW6ZaumCMkTE-8oOs3EByw" data-file-size="0" style="width: 624px; height: 352px;" data-index="0"></figure></div>When it comes to buying a home, it can be difficult to decide which type of home is the best fit for your needs. You may be wondering if you should buy an existing home or one to be built. Both options have their own unique set of advantages. Let's look closer at each one and see which one might be best for you.The pros of buying an existing homeIf you decide to buy an existing home, you will have the luxury of moving into a space that is already established. You won't have to worry about dealing with the construction process and you'll have access to a wide variety of home styles and designs to choose from. It’s already built so you can be in your new home a lot faster. In addition, you are able to join an already established neighborhood with no construction noise. Established neighborhoods often have a lot of amenities to offer, such as well-maintained parks and recreational facilities, convenient access to shopping and dining, and established schools and other educational opportunities. Additionally, living in an already established neighborhood can provide a sense of safety, as neighbors are already familiar with one another and look out for each other. The pros of buying a new construction On the other hand, if you decide to do new construction, you'll have the benefit of designing the home to fit your exact needs and preferences. You'll also have the peace of mind that comes with knowing that everything is brand new and up to current building codes. Plus, you won't have to worry about dealing with any existing problems or repairs that may come along with an existing home. &nbsp;In fact, most new homes come with great warranties. New homes are designed to use energy more efficiently, which can help you save money on your energy bills and help the environment. New homes often come with modern insulation, air conditioning, and windows that are designed to keep your home cool in the summer and warm in the winter, which reduces the amount of energy needed to maintain a comfortable temperature. Which choice is best for you? Ultimately, the decision of whether to buy an existing home or new construction will depend on your unique needs and preferences. If you take the time to weigh the pros and cons of each option, you'll be able to choose the best option for your family. Whichever path you choose, you can rest assured that you'll be on the path to owning your dream home! Our team is pleased to help you evaluate and show you both options. If you're ready to make your dream home a reality, Hudson Advantage Realty is the perfect choice to represent you. With decades of experience in the real estate industry, we are able to provide you with the best advice and services to help you find your dream home. If you’re looking for new construction we are The Builder Experts! For all the rights moves you need the Hudson Advantage

Should you buy an existing home or a new construction? 

The 2022 housing market has been defined by two key things:&nbsp;inflation&nbsp;and&nbsp;rapidly rising mortgage rates. And in many ways, it’s put the market into a reset position.As the&nbsp;Federal Reserve&nbsp;made moves this year to try to lower inflation, mortgage rates more than doubled – something that’s never happened before in a calendar year. This had a cascading impact on buyer activity, the balance between supply and demand, and ultimately home prices. And as all those things changed, some buyers and sellers put their plans on hold and decided to wait until the market felt a bit more predictable.Here’s what housing market experts say we can expect in 2023. What’s ahead for mortgage rates in 2023?Moving forward, experts agree it’s still going to be all about inflation. If inflation is high, mortgage rates will be as well. But if inflation is lower, mortgage rates will likely respond. While there may be early signs inflation is easing as we round out 2022, we’re not out of the woods just yet. Inflation is still something to watch in 2023.Right now, experts are factoring all of this into their mortgage rate forecasts for next year. Experts are expecting rates to stabilize a bit more in 2023. As you can see, that looks like somewhere between 5.5% and 6.5%. (see chart below): <div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221227041707.jpg" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="426px,319px" data-align="none" data-file-name="blog_image_2.jpg" data-file-size="71426" data-origin="," style="width: 426px; height: 319px;" data-index="0" origin-size="960,720"></figure></div> However, we could see rates tick down if inflation continues to drop. As Greg McBride, Chief Financial Analyst at&nbsp;Bankrate, explains “. . . mortgage rates could pull back meaningfully next year&nbsp;if inflation pressures ease.”In the meantime, expect some volatility as rates will likely fluctuate in the weeks ahead..&nbsp;What will happen to home prices in 2023?Homes prices will always be defined by supply and demand. The more buyers and fewer homes there are on the market, the more home prices will rise. And that’s exactly what we saw during the pandemic.But this year, things changed. We’ve seen home prices moderate and housing supply grow as buyer demand pulled back due to higher mortgage rates. The level of moderation has varied by local area – with the biggest changes happening in overheated markets. But do experts think that will continue?The graph below shows the latest home price forecasts for 2023. As the different colored bars indicate, some experts are saying home prices will appreciate next year, and others are saying home prices will come down. But again, if we take the average of all the forecasts (shown in green), we can get a feel for what 2023 may hold. <div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221227041639.jpg" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="392px,294px" data-align="none" data-file-name="Blog_image_1.jpg" data-file-size="37676" data-origin="," style="width: 392px; height: 294px;" data-index="1" origin-size="960,720"></figure></div> <div>The truth is probably somewhere in the middle. That means nationally, we’ll likely see relatively flat or neutral appreciation in 2023. As Lawrence Yun, Chief Economist at the National Association of Raltors (NAR), says: </div><div> </div><div> </div>“After a big boom over the past two years, there will essentially be no change nationally&nbsp;. .&nbsp;. Half of the country may experience small price gains, while the other half may see slight price declines.” The 2023 housing market is going to be defined by mortgage rates, and rates will be determined by what happens with inflation. Keep checking back with the Hudson Advantage on the latest of what’s happening in real estate!

What to expect from the housing market in 2023

Hey Friends,We can't believe how fast 2022 is flying by! It's been a wonderful year for us. How about for your family? Have you ever dreamed of owning a piece of paradise on the beach? Or maybe an investment property that would give you a vacation retreat and income?&nbsp; Great news! Either way, we can make your beach house dreams come true! Our team can help. We have blanketed the Charlotte metro market. As we like to say, “Only the Carolina Blue Sky covers Charlotte better.” Now, Hudson Advantage Realty has expanded our reach to the Carolina coast - both North and South Carolina! This month, we want to know which beaches you love on the NORTH Carolina coast! There are so many great options to choose from, and we can't wait to hear about your favorite spot. <div class="se-component se-image-container __se__float-left" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221201082233.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" style="width: 315px; height: 237px;" data-size="315px,237px" data-align="left" data-index="2" data-file-name="Homeoffice_beach.png" data-file-size="338350" data-origin=","></figure></div>Starting in the North and coming down you have the Beaches along the Outer Banks such as Nags Head and Kitty Hawk.&nbsp;Then you have the Crystal Coast with Emerald Isle and Atlantic Beach. Near Wilmington are Carolina Beach, Wrightsville Beach, and Topsail Beach.&nbsp;Finally, the Southern border includes Sunset Beach, Ocean Isle Beach, Holden Beach and Oak Island Beach. Which beach is your favorite? And where are you excited to visit? Marilyn and I love Sunset Beach! But we're curious about what others think. Text us your name and your favorite beach. We'll post the results next month, anonymously of course. Text your selection to 704-608-6781.&nbsp; This has been an eventful year in the real estate market, but it's still a great time to buy or sell a home! We're here to help you sort through all the options and make the best decisions for your needs.Thanks to all our friends and clients for your continued support. We hope 2022 has been a good year for your family too.See you around the neighborhood. Or at the Beach!&nbsp;<div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221201043703.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="steve_signature.png" data-file-size="21204" data-origin="," style="" data-index="1" origin-size="300,106"></figure></div>

From the Home Office: December

<div> </div><div>Real Estate has beat other types of investments such as stocks, gold, and saving accounts. According to a new poll by Gallup, Real Estate has been voted the best investment for a 9th year in a row.&nbsp;</div><div> </div><div>Real Estate is a great investment for a number of reasons. Investing in Real Estate is a great way to build wealth over the long term. Owning a home is more than just a place to call home. It's an investment in your future.</div><div> </div><div>It's like we always say: “Don't wait to buy real estate; buy real estate and wait.”</div><div> </div><div>Ten Reasons to Invest in Real Estate</div><div> </div><div style="margin-left: 25px">1. Build Equity to Generate Wealth -Historically this is the number 1 way Americans increase their</div><div style="margin-left: 25px">net worth.</div><div style="margin-left: 25px"> </div><div style="margin-left: 25px">2. Relatively Easy to Finance &amp; Create Leverage – You can borrow up to 100% of the value of your</div><div style="margin-left: 25px">home and you keep 100% of the appreciation. Real estate investments are relatively easy to</div><div style="margin-left: 25px">finance compared to other assets.</div><div> </div><div style="margin-left: 25px">3. Protection from Inflation – real estate historically outpaces inflation so your actual wealth</div><div style="margin-left: 25px">increases, unlike cash which loses value to inflation.</div><div> </div><div style="margin-left: 25px">4. Low Risk – real estate only declined nationally once in my lifetime. The real estate market is</div><div style="margin-left: 25px">much less volatile than other markets.</div><div style="margin-left: 25px"> </div><div style="margin-left: 25px">5. Effective Means of Saving – you can build wealth for College Funds or Retirement or Lifestyle</div><div style="margin-left: 25px">improvements.</div><div style="margin-left: 25px"> </div><div style="margin-left: 25px">6. Tax Benefits of Real Estate Investing – your home mortgage interest is tax deductible. If you have</div><div style="margin-left: 25px">investment properties, you may have additional tax advantages.</div><div style="margin-left: 25px"> </div><div style="margin-left: 25px">7. Rental Properties Provide Steady Passive Income – investment properties can offer many of the</div><div style="margin-left: 25px">other advantages listed as well as providing you with on-going passive income.</div><div style="margin-left: 25px"> </div><div style="margin-left: 25px">8. Diversification – most financial planners recommend diversification.&nbsp; Real estate can be an</div><div style="margin-left: 25px">effective addition to your investment portfolio. By investing in Real Estate, you can spread out</div><div style="margin-left: 25px">your risk and potentially increase your overall returns.</div><div style="margin-left: 25px"> </div><div style="margin-left: 25px">9. It's your only investment that enhances your quality of life. You can live in it!</div><div style="margin-left: 25px"> </div><div>If you’re ready to buy a home and invest in your future, reach out to us today! 704-659-5056</div><div> </div><div>Disclaimer: We are not financial advisors, nor do we play one on TV.&nbsp; Consult your personal financial&nbsp;advisor before making any major investment decisions.</div><div> </div>

Real Estate is THE BEST Investment!

Today’s housing market is different than it was just a few months ago. And if you’re thinking about selling your house, that may leave you wondering what you need to do differently as a result. The answer is simple. Taking the time upfront to prep your house appropriately and create a solid plan can help bring in the greatest return on your investment. Here are a few simple tips to make sure you maximize the sale of your house this fall.<h4 style="text-align: start">1. Price It Right</h4>One of the first things buyers will notice is the price of your house. That’s because the price sends a message to home shoppers. Pricing your house too high to begin with could put you at a disadvantage by discouraging buyers from making an offer. On the flip side, pricing your house too low may make buyers worry there’s some underlying issue or something wrong with the home.&nbsp;Your goal in pricing your house is to gain the attention of prospective buyers and get them to make an offer. And with price growth and buyer demand moderating, as well as a greater supply of homes available for sale, pricing your home appropriately for where the market is today has become more important than ever before.But how do you know that perfect number? Pricing your house isn’t a guessing game. It takes skill and expertise. Hudson Advantage Realty has the skill and expertise to price your home correctly and get it sold fast! <h4 style="text-align: start">2. Keep It Clean</h4>It may sound simple but keeping your house clean is another key to making sure it gets the attention it deserves. As realtor.com says in the&nbsp;<a href="https://www.realtor.com/advice/sell/home-selling-checklist-things-to-do-before-selling/">Home Selling Checklist</a>:<blockquote>“When selling your home, it’s important to keep everything tidy for buyers, and you never know when a buyer is going to want to schedule a last-minute tour.”</blockquote>Before each buyer visits, assess your space and determine what needs your attention. Wash the dishes, make the beds, and put away any clutter. Doing these simple things can reduce potential distractions for buyers. You don't want to make a bad first impression with potential buyers. <h4 style="text-align: start">3. Help Buyers Feel at Home</h4>Finally, it’s important for buyers to see all the possible ways they can make your house their next home. An easy first step to create this blank canvas is removing personal items, like pictures, awards, and sentimental belongings. It’s also a good idea to remove any excess furniture to help the rooms feel bigger and make sure there’s ample space for touring buyers to stand and look at the layout.Spending the time on this step can pay off in the long run. As a&nbsp;<a href="https://www.nar.realtor/blogs/styled-staged-sold/why-home-staging-inspires-the-best-prices-in-any-housing-market">recent article</a>&nbsp;from the National Association of Realtors (NAR) explains:<blockquote>“Staging is the art of preparing a home to appeal to the greatest number of potential buyers in your market. The right arrangements can move you into a higher price-point and help buyers fall in love the moment they walk through the door.” </blockquote><h3 style="text-align: start">Bottom Line</h3>Selling a house requires prep work and expertise. If you’re looking to sell your house this season, contact us today at 704-659-5056 so you have advice on how to get it ready to list, how to help it stand out in today’s shifting market, and more.

How to prep your home for sale this fall!

Hey friends, Hard to believe it’s fall of 2022. Feels like we’re finally on the back end of the pandemic. Hooray! It’s been an exciting year at Hudson Advantage Realty and we have an exciting new announcement. In addition to covering the Charlotte metro, we are pleased to tell you that we are now also covering The Carolina coast. Paragraph. If you are looking to relocate near the ocean and the beach or if you just want an investment property or vacation home there, please let us know. Our team will be happy to assist you. We have sold three homes in one neighborhood in the Charlotte market that appreciated 50%&nbsp;above their value from just&nbsp;five years ago.&nbsp;Would you like to know what your home is worth now in this market? Would you like to know what home values are like in your neighborhood? Ask us for an exclusive market snapshot to give you this information. You may want to consider making a move using our exclusive home matchmaker service.&nbsp; From Concord to Mount Holly; from Lake Norman to Lake Wylie from Huntersville to Fort Mill; from Hickory to Indian Trail only the Carolina blue sky covers the Charlotte area better. What are your goals? How can we help you achieve them? Our team is ready to assist you. Call or text today 704-659-5056 Enjoy the beautiful fall weather. See you around the neighborhood.&nbsp; Steve

From The Home Office: October

Owning a Home is a major financial milestone and an achievement to take pride in. One major reason: the equity you build as a homeowner gives your net worth a big boost. And with high inflation right now, the link between owning your home and building your wealth is especially important.&nbsp;If you’re looking to increase your financial security, here’s why now could be a good time to start on your journey toward homeownership.&nbsp;Owning a Home Is a Key Ingredient for Financial SuccessA&nbsp;<a href="https://cdn.nar.realtor/sites/default/files/documents/2022-snapshot-of-race-and-home-buying-in-the-us-report-02-23-2022_0.pdf">report</a>&nbsp;from the National Association of Realtors (NAR) details several homeownership trends, including a significant gap in net worth between homeowners and renters. It finds: &nbsp;<blockquote>“. . . the net worth of a homeowner was about $300,000 while that of a renter’s was $8,000 in 2021.” &nbsp;</blockquote>To put that into perspective, the average homeowner’s net worth is roughly 40 times that of a renter’s. This difference shows owning a home is a key step in achieving financial success.Equity Gains Can Substantially Boost a Homeowner’s Net WorthThe net worth gap between owners and renters exists in large part because homeowners build equity. When you own a home, your equity grows as your home appreciates in value&nbsp;and you make your mortgage payments each month. As a renter,&nbsp;you don’t have that same opportunity. A recent article from CNET&nbsp;<a href="https://www.cnet.com/personal-finance/mortgages/should-you-buy-a-home-in-2022-heres-what-you-need-to-know/">explains</a>: &nbsp;<blockquote>“Homeownership is still considered one of the most reliable ways to build wealth. When you make monthly mortgage payments, you’re building equity in your home . . . When you rent, you aren’t investing in your financial future the same way you are when you’re paying off a mortgage.” &nbsp;</blockquote>But on top of that, your home equity grows even more as your home appreciations&nbsp;in value over time. That has a major impact on the wealth you build, as a recent article from Bankrate&nbsp;<a href="https://www.bankrate.com/home-equity/how-to-build-equity-in-your-home/">notes</a>: &nbsp;<blockquote>“Building home equity can help you increase your wealth over time, . . . A home is one of the only assets that have the potential to appreciate in value as you pay it down.” &nbsp;</blockquote>In other words, when you own your home, you have the advantage of your mortgage payment acting as a contribution to a forced savings account that grows in value&nbsp;as your home does. And when you sell, any equity&nbsp;you’ve built up comes back to you. As a renter, you’ll never see a return on the money you pay out in rent every month.Bottom LineOwning a home is an important part of building your net worth. If you’d like to discuss your options, contact us today to discuss your options 704-659-5056.

Owning A Home Builds Your Net Worth!

There’s no denying the housing market is undergoing a shift this season as buyer demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall. &nbsp;<h4 style="text-align: start">Opportunity #1: You Have More Options for Your Move</h4>One of the biggest stories today is the growing supply of homes for sale. Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.If you’re selling your house to make a move, it means you’ll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find somewhere to go, know your options have improved. &nbsp;<h4 style="text-align: start">Opportunity #2: The Number of Homes on the Market Is Still Low</h4>Just remember, while data shows the number of homes for sale has increased this year, housing supply is still firmly in sellers’ market territory. To be in a balanced market where there are enough homes available to meet the pace of buyer demand, there would need to be a six months’ supply of homes. According to the latest report from the National Association of Realtors (NAR), in July, there was only a 3.3 months’ supply.While you’ll have more options for your own home search, inventory is still low, and that means your home will still be in demand if you price it right. That’s why the&nbsp;<a href="https://cdn.nar.realtor/sites/default/files/documents/2022-07-realtors-confidence-index-08-18-2022.pdf" class="on">most recent data</a>&nbsp;from NAR also shows the average home sold in July still saw multiple offers and sold in as little as 14 days. &nbsp;<h4 style="text-align: start">Opportunity #3: Your Equity Has Grown by Record Amounts</h4>The home price appreciation the market saw over the past few years has likely given your equity (and your net worth) a considerable boost. Danielle Hale, Chief Economist at realtor.com, explains:<blockquote>“Home owners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .”&nbsp;</blockquote>If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity&nbsp;can help. It may be just what you need to cover a large portion (if not all) of the down payment on your next home.

Should you sell your home this year?

CHANGE!&nbsp;Wow, have we seen change in the past couple of years!&nbsp; A global pandemic, a 40-year high in inflation, and a terrific housing market among many others.&nbsp;<blockquote>Heraclitus, a Greek philosopher who lived about 500 BC, is quoted as saying&nbsp;“change is the only constant in life.” </blockquote>How are you feeling about change?&nbsp; The corollary to that quote of course is, ‘The fear of change is also a constant.’ Are you feeling anxious about all this change?&nbsp; If Heraclitus thought there were changes in his day, imagine if he could see what is happening today.&nbsp;<blockquote>Benjamin Franklin added to Heraclitus’ statement,&nbsp;“Change is the only constant in life. One’s ability to adapt to those changes will determine your success in life.” </blockquote>That’s why a professional real estate team to guide you through is essential.&nbsp; Our team goes through rigorous training and education to stay current with trends and the market to offer sound guidance as you make decisions that impact your family and the place you call home.&nbsp;Change isn’t going away, but we’re here to stay.&nbsp; We’re your resource for all things related to Residential Real Estate.&nbsp; Would you like to know what your home is worth now?&nbsp; Would you like information on what’s happening with interest rates?&nbsp; Would you like a FREE market snapshot of what’s happening in your neighborhood?&nbsp; How about market trends? We’re here to help. &nbsp; Check out the articles on home appreciation and inflation in this issue and what this means to you.&nbsp;<blockquote>One more quote about change by Benjamin Franklin: “When you are finished changing, you’re finished.”&nbsp; </blockquote>We will help you adapt to the changing market and make decisions to make change work for you. &nbsp; Enjoy the rest of the summer.&nbsp;We’ll see you around the neighborhood.&nbsp;

From The Home Office: August

It can be tempting, especially with how hot the housing market has been over the past two years, to consider&nbsp;selling your home&nbsp;on your own. But today’s market is at a&nbsp;turning point, making it more essential than ever to work with a real estate professional. Not only will a trusted real estate advisor keep you updated and help you make the best decisions based on current&nbsp;market trends, but they’re also experts in managing the many aspects of selling your house. Here are five key reasons why working with a real estate professional makes sense today. 1. A Professional Follows the Latest Market Trends With higher&nbsp;mortgage rates, rising&nbsp;home prices, and a growing number of&nbsp;homes for sale, today’s housing market is showing signs of a shift back toward more pre-pandemic levels. When conditions change, following the trends and staying on top of new information is crucial when you sell. That makes working with an expert real estate advisor critical today. At Hudson Advantage Realty, we have the most up to date information on the housing market. More importantly, we know what this data means for you, and as the market shifts, we’ll be able to help you navigate it and make your&nbsp;best decision. 2. A Professional Helps Maximize Your Pool of Buyers Your agent’s role in bringing in buyers is important.&nbsp;Investopedia&nbsp;<a href="https://www.investopedia.com/articles/personal-finance/071514/8-reasons-not-sell-your-home-without-agent.asp#toc-4-agents-access-large-networks" target="_blank" class="on">explains</a> why it’s risky to sell on your own without the network an agent provides: &nbsp;<blockquote>“You don’t have relationships with clients, other agents, or a real estate agency to bring the largest pool of potential buyers to your home.&nbsp;A smaller pool of potential buyers means less demand for your property, which can translate into waiting longer to sell your home and possibly not getting as much money as your house is worth.” </blockquote> &nbsp; 3. A Professional Understands the Fine Print Today, more disclosures and regulations are mandatory when selling a house. That means the number of legal documents you’ll need to juggle is growing. The&nbsp;National Association of Realtors&nbsp;(NAR) explains it best,&nbsp;<a href="https://magazine.realtor/sales-and-marketing/handouts-for-customers/for-sellers/8-reasons-to-work-with-a-realtor" target="_blank">saying</a>:<blockquote> "There’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.&nbsp;Selling a home typically requires a variety of forms, reports, disclosures, and other legal and financial documents. . ."&nbsp; </blockquote> A real estate professional knows exactly what needs to happen, what all the paperwork means, and how to work through it efficiently. They’ll help you review the documents and avoid any costly missteps that could occur if you try to handle them on your own. 4. A Professional Is a Trained Negotiator If you sell without a professional, you’ll also be solely responsible for all the negotiations. That means you’ll have to coordinate with:<ul><li>The buyer, who wants the best deal possible</li><li>The buyer’s agent, who will use their expertise to advocate for the buyer</li><li>The inspection company, which works for the buyer and will almost always find concerns with the house</li><li>The appraiser, who assesses the property’s value to protect the lender</li></ul>Instead of going toe-to-toe with all these parties alone, lean on an expert. They’ll know what levers to pull, how to address everyone’s concerns, and when you may want to get a second opinion. 5. A Professional Knows How to Set the Right Price for Your House If you sell your house on your own, you may over or undershoot your asking price. That could mean you’ll leave money on the table because you priced it too low or your house will sit on the market because you priced it too high.&nbsp;Pricing a house&nbsp;requires expertise. NAR&nbsp;<a href="https://magazine.realtor/sales-and-marketing/handouts-for-customers/for-sellers/8-reasons-to-work-with-a-realtor" target="_blank">explains</a>&nbsp;it like this: &nbsp;<blockquote> “A great real estate agent will look at your home with an unbiased eye, providing you with the information you need to enhance marketability and maximize price.” </blockquote> Real estate professionals know the ins and outs of how to price your house accurately and competitively. To do so, they compare your house to recently sold homes in your area and factor in the current condition of your home. These steps are key to making sure it’s set to move quickly while still getting you the highest possible final&nbsp;<a href="https://www.mykcm.com/2022/06/24/why-an-agent-is-essential-when-pricing-your-house-infographic">sale price</a>. Bottom Line Whether it’s following local and national trends and guiding you through a shifting market or pricing your house right, a real estate agent has essential insights you’ll want to rely on throughout the transaction. Don’t go at it alone. If you plan to sell, contact us at 704-659-5056 so you have an expert on your side. You will be glad you did.

Why you need a Real Estate Professional

If you’ve been thinking about&nbsp;<a href="https://www.mykcm.com/2022/06/28/a-key-opportunity-for-homebuyers/">buying a home</a>, you likely have one question on the top of your mind:&nbsp;should I buy right now, or should I wait?&nbsp;While no one can answer that question for you, here’s some information that could help you make your decision. The Future of Home Price Appreciation Each quarter,&nbsp;Pulsenomics&nbsp;<a href="https://pulsenomics.com/surveys/#home-price-expectations" target="_blank">surveys</a>&nbsp;a national panel of over 100 economists, real estate experts, and investment and market strategists to compile projections for the future of&nbsp;<a href="https://www.mykcm.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/">home price appreciation</a>. The output is the&nbsp;Home Price Expectation Survey.&nbsp;In the latest release, it forecasts home prices will continue appreciating over the next five years (see graph below): <div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221108073433.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="Picture2.png" data-file-size="43765" data-origin="," style="" data-index="0"></figure></div> As the graph shows, the rate of appreciation will moderate over the next few years as the&nbsp;<a href="https://www.mykcm.com/2022/06/14/is-the-housing-market-correcting/">market shifts</a>&nbsp;away from the unsustainable pace it saw during the pandemic. After this year, experts project home price appreciation will continue, but at levels that are more typical for the market.&nbsp;As Lawrence Yun, Chief Economist at the&nbsp;National Association of Realtors&nbsp;(NAR),&nbsp;<a href="https://www.marketplace.org/2022/05/18/signs-that-red-hot-housing-market-may-be-cooling-down/" target="_blank">says</a>:&nbsp; &nbsp;<blockquote>“People should not anticipate another double-digit price appreciation. Those days are over. . . .&nbsp;We may return to more normal price appreciation of 4%, 5% a year.”</blockquote>&nbsp; For you, that ongoing appreciation should give you peace of mind.&nbsp;<a href="https://www.mykcm.com/2022/07/01/real-estate-consistently-voted-best-investment-infographic/">Your investment</a>&nbsp;in homeownership is worthwhile because you’re buying an asset that’s projected to grow in value in the years ahead. What Does That Mean for You? To give you an idea of how this could impact your&nbsp;<a href="https://www.mykcm.com/2021/08/30/the-difference-in-net-worth-between-homeowners-and-renters-is-widening/">net worth</a>, here’s how a typical home could grow in value over the next few years using the expert price appreciation projections from the&nbsp;Pulsenomics&nbsp;survey mentioned above (see graph below):<div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221108073513.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="Picture1.png" data-file-size="58133" data-origin="," style="" data-index="1"></figure></div> As the graph conveys, even at a more typical pace of appreciation, you still stand to make significant&nbsp;<a href="https://www.mykcm.com/2022/06/21/the-average-homeowner-gained-64k-in-equity-over-the-past-year/" class="on">equity gains</a>&nbsp;as your home grows in value. That’s what’s at stake if you delay your plans. Bottom Line If you’re ready to become a homeowner, know that buying today can set you up for long-term success as your asset’s value (and your own net worth) is projected to grow with the ongoing home price appreciation.&nbsp;Contact us today at 704-659-5056&nbsp;to discuss your options.

Should I Buy a Home Right Now?

Americans’ opinion on the value of real estate as an investment is climbing. That’s according to an annual&nbsp;<a href="https://news.gallup.com/poll/392330/record-low-say-good-time-buy-house.aspx" target="_blank">survey</a>&nbsp;from&nbsp;Gallup. Not only is real estate viewed as the best investment for the ninth year in a row, but more Americans selected it than ever before. The graph below shows the results of the survey since&nbsp;Gallup&nbsp;began asking the question in 2011. As the trend lines indicate, real estate has been gaining ground as the clear favorite for almost a decade now:<div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221108073226.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-index="0" data-file-name="realestate_investment_graphic.png" data-file-size="57904" data-origin="," style=""></figure></div> If you’re thinking about purchasing a home, let this poll reassure you. Even when&nbsp;<a href="https://www.mykcm.com/2022/05/20/dont-let-rising-inflation-delay-your-homeownership-plans-infographic/">inflation</a>&nbsp;is high like today, Americans recognize owning a home is a powerful&nbsp;<a href="https://www.mykcm.com/2022/03/22/the-many-benefits-of-homeownership/">financial decision</a>.<h4 style="text-align: start">How an Investment in Real Estate Can Benefit You During High Inflation&nbsp;</h4>Because&nbsp;<a href="https://eyeonhousing.org/2022/06/inflation-hits-a-fresh-40-year-high-in-may/" target="_blank">inflation</a>&nbsp;reached its highest level in&nbsp;<a href="https://www.bankrate.com/investing/inflation-hedges-to-protect-against-rising-prices/" target="_blank">40 years</a>&nbsp;recently, it’s more important than ever to understand the financial benefits of homeownership. Rising inflation means prices are increasing across the board, and that includes goods, services, housing costs, and more. When you purchase your home, you lock in your monthly housing payments, effectively shielding yourself from increases on one of your biggest budgetary items each month.If you’re a renter, you don’t have that same benefit, and you aren’t protected from these increases, especially as&nbsp;<a href="https://www.mykcm.com/2022/02/25/the-difference-between-renting-and-owning-infographic/">rents rise</a>. As Danielle Hale, Chief Economist at&nbsp;realtor.com,&nbsp;<a href="https://www.realtor.com/research/weekly-housing-trends-view-data-week-apr-23-2022/" target="_blank">notes</a>:<blockquote>“Rising rents, which continue to climb at double-digit pace . . . and&nbsp;the prospect of locking in a monthly housing cost in a market with widespread inflation are motivating today’s first-time homebuyers.”</blockquote><h4 style="text-align: start">When Inflation Has Risen in the Past, Home Prices Have Too</h4>Your house is also an asset that typically increases in value over time, even during inflation. That‘s because as prices rise, the value of your home does too. Mark Cussen, Financial Writer for&nbsp;Investopedia, puts it like&nbsp;<a href="https://www.investopedia.com/articles/investing/060916/top-5-ways-hedge-against-inflation.asp" target="_blank">this</a>:<blockquote>“There are many advantages to investing in real estate. . . .&nbsp;It often acts as a good inflation hedge since there will always be a demand for homes, regardless of the economic climate, and because as inflation rises, so do property values. . . .”&nbsp;</blockquote>And since rising home values help increase your&nbsp;<a href="https://www.mykcm.com/2022/04/08/do-you-know-how-much-equity-you-have-in-your-home-infographic/">equity</a>, and by extension your&nbsp;<a href="https://www.mykcm.com/2022/03/28/a-key-to-building-wealth-is-homeownership/">net worth</a>, homeownership is historically a good hedge against inflation.<h3 style="text-align: start"> Bottom Line</h3>Buying a home is a powerful decision. It’s no wonder why so many people view it as the best long-term investment, even when inflation is high. When you buy, you help shield yourself from increases in your housing costs and you own an asset that typically gains value with time. If you want to better understand how buying a home could be a great investment for you, call us today at 704-659-5056 to discuss your options.&nbsp;

More Americans Choose Real Estate as the Best Investment

If you’re following along with the news today, you’ve heard about rising inflation. Today,&nbsp;inflation&nbsp;is at a&nbsp;<a href="https://www.cnbc.com/2022/06/10/consumer-price-index-may-2022.html">40-year high</a>.&nbsp;&nbsp;According to the&nbsp;<a href="https://eyeonhousing.org/2022/06/inflation-hits-a-fresh-40-year-high-in-may/">National Association of Home Builders</a>&nbsp;(NAHB):“Consumer prices accelerated again in May as shelter, energy and food prices continued to surge at the fastest pace in decades. This marked the third straight month for inflation above an&nbsp;8% rate and was the largest year-over-year gain since December 1981.”With inflation rising, you’re likely feeling it impact your day-to-day life as prices go up for gas, groceries, and more. These climbing consumer costs can put a pinch on your wallet and make you re-evaluate any big purchases you have planned to ensure they’re still worthwhile.If you’ve been thinking about purchasing a home this year, you’re probably wondering if you should continue down that path or if it makes more sense to wait. While the answer depends on your situation, here’s how homeownership can help you combat the rising costs that come with inflation.Homeownership Helps You Stabilize One of Your Biggest Monthly ExpensesInvestopedia&nbsp;<a href="https://www.investopedia.com/terms/i/inflation.asp">explains</a>&nbsp;that during a period of high inflation, prices rise across the board. That’s true for things like food, entertainment, and other goods and services, even housing. Both rental prices and&nbsp;<a href="https://www.mykcm.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/">home prices</a>&nbsp;are on the rise. So, as a buyer, how can you protect yourself from increasing costs? The answer lies in&nbsp;<a href="https://www.mykcm.com/2022/06/10/the-top-reasons-to-own-your-home-infographic/">homeownership</a>.Buying a home allows you to stabilize what’s typically your biggest monthly expense: your housing cost. When you have a fixed-rate mortgage on your home, you lock in your monthly payment for the duration of your loan, often 15 to 30 years. James Royal, Senior Wealth Management Reporter at&nbsp;Bankrate,&nbsp;<a href="https://www.bankrate.com/investing/inflation-hedges-to-protect-against-rising-prices/">says</a>:“A fixed-rate mortgage allows you to maintain the biggest portion of housing expenses at the same payment.&nbsp;Sure, property taxes will rise and other expenses may creep up, but your monthly housing payment remains the same. That’s certainly not the case if you’re renting.”&nbsp;So even if other prices increase, your housing payment will be a reliable amount that can help keep your budget in check. If you rent, you don’t have that same benefit, and you won’t be protected from rising housing costs.Investing in an Asset That Historically Outperforms Inflation&nbsp;While it’s true rising home prices and higher mortgage rates mean that buying a house today costs more than it did even a few months ago, you still have an opportunity to set yourself up for a long-term win. That’s because, in inflationary times, you want to be invested in an asset that outperforms inflation and typically holds or grows in value.The graph below shows how the average home price appreciation outperformed the average inflation rate in most decades going all the way back to the seventies – making homeownership a historically strong hedge against inflation: <div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221108072946.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-index="0" data-file-name="blog_graph_1.png" data-file-size="56150" data-origin="," style=""></figure></div> So, what does that mean for you? Today, experts&nbsp;<a href="https://www.mykcm.com/2022/05/31/what-does-the-rest-of-the-year-hold-for-the-housing-market/">forecast</a>&nbsp;home prices will only go up from here thanks to the ongoing imbalance of supply and demand. Once you buy a house, any home price appreciation that does occur will grow your&nbsp;<a href="https://www.mykcm.com/2022/06/21/the-average-homeowner-gained-64k-in-equity-over-the-past-year/">equity</a>&nbsp;and your&nbsp;<a href="https://www.mykcm.com/2022/03/28/a-key-to-building-wealth-is-homeownership/">net worth</a>. And since homes are typically assets that grow in value, you have peace of mind that history shows your investment is a strong one.That means, if you’re ready and able, it makes sense to buy today before prices rise further. Bottom LineIf you’ve been thinking about buying a home this year, it makes sense to act soon, even with inflation rising. That way you can stabilize your monthly housing cost and invest in an asset that historically outperforms inflation.&nbsp;If you’re ready to get started, let’s connect so you have expert advice on your specific situation when you’re ready to buy a home.&nbsp;

Homeownership is a Great Hedge Against Inflation

If you own a home, your net worth likely just got a big boost thanks to rising home equity.&nbsp; Equity is the current value of your home minus what you owe on the loan.&nbsp;And today, based on recent home&nbsp;price appreciation, you’re building that equity far faster than you may expect – here’s how it works. Because there’s an ongoing imbalance between the number of homes available for sale and the number of buyers looking to make a purchase, home prices are on the rise. That means your home is worth more in&nbsp;today’s market&nbsp;because it’s in high demand. As Patrick Dodd, President and CEO of&nbsp;CoreLogic, explains: &nbsp;<blockquote>“Price growth is the key ingredient for the creation of home equity wealth. . . . This has led to the largest one-year gain in average home equity wealth for owners. . . .” &nbsp;</blockquote> &nbsp; Basically, because your home value has likely climbed so much, your equity has increased too. According to the latest&nbsp;HomeownerEquity Insights&nbsp;from&nbsp;CoreLogic,&nbsp;the average homeowner’s equity has grown by $64,000 over the last 12 months. While that’s the nationwide number, if you want to know what’s happening in your area, look at the map below. It breaks down the average year-over-year equity growth for each state using the data from&nbsp;CoreLogic.<div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221108072724.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="equity_post___photo.png" data-file-size="163769" data-origin="," style="" data-index="0"></figure></div><h2 style="text-align: start"> </h2><h2 style="text-align: start">The Opportunity Your Rising Home Equity Provides</h2>In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home. When you sell your current house, the equity you built up comes back to you in the sale. In a market where homeowners are gaining so much equity, it may be just what you need to cover a large portion – if not all – of the down payment&nbsp;on your next home. So, if you’ve been holding off on selling&nbsp;or you’re worried about being priced out of your next home because of today’s ongoing home price appreciation, rest assured your equity can help fuel your next move.<h2 style="text-align: start"> Bottom Line</h2>If you’re planning to make a move, the equity you’ve gained can make a big impact. Call us today at 704-659-5056 so we can discuss your options.

The Average Homeowner Gained $64K in Equity over the Past Year

If you’re in the market to buy a home this season, stick with it. Homebuyers face challenges in any market, and today’s is no exception. But if you persevere, your decision to purchase a home will be worth the effort in the end. In fact, a&nbsp;<a href="https://www.bankrate.com/mortgages/homeownership-remains-centerpiece-of-american-dream/#homeownership" rel="noopener noreferrer" target="_blank">recent survey</a>&nbsp;from&nbsp;Bankrate&nbsp;shows homeownership is so powerful that:<blockquote>“Nearly three in four homeowners say they would still buy their current home if they had it to do [sic] all over again.”</blockquote>That means the results – owning a home and the&nbsp;benefits&nbsp;that come with it – outweigh the effort needed to achieve their goal. If you’re a homebuyer, let that provide you with the confidence to know the work you’re putting in today will pay off for years to come. Here are a few reasons to stick with your search and focus on the outcome. <h4 style="text-align: start">Homeownership Contributes Significantly to Your Financial Well-Being</h4>The&nbsp;<a href="https://magazine.realtor/sales-and-marketing/handouts-for-customers/for-buyers/7-reasons-to-own-a-home" rel="noopener noreferrer" target="_blank">National Association of Realtors</a>&nbsp;(NAR) lists several motivations to consider if you’re thinking about&nbsp;buying a home. One of the top financial reasons is the&nbsp;equity&nbsp;you build. As NAR says:<blockquote>“Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity . . .&nbsp;Building equity in your home is a ready-made savings plan.”</blockquote>Your equity is a powerful tool you can&nbsp;leverage&nbsp;in a number of ways. And with recent home&nbsp;price appreciation, homeowners are seeing record levels of equity today. That may be one reason why so many people view owning a home as a&nbsp;great investment&nbsp;and a top indicator of&nbsp;financial well-being. As the survey from&nbsp;Bankrate&nbsp;mentioned above shows:<blockquote>“. . .&nbsp;Americans place a higher value on homeownership than on any other indicator of economic stability, . . .”</blockquote>Owning a home ranks above other major accomplishments like retirement, having a successful career, and getting a college degree.&nbsp;That indicates just how impactful the financial benefits of homeownership truly are. <h4 style="text-align: start">The Emotional Benefits of Owning a Home Are Powerful</h4>Of course,&nbsp;homeownership&nbsp;is more than an investment. In their list of top reasons to buy a home, NAR also highlights some of the powerful,&nbsp;non-financial&nbsp;aspects of homeownership. Among them is the opportunity to customize your home to reflect your personality and needs. As they say:“The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.”Another benefit homeowners enjoy is the stability it provides. Homeowners typically stay put longer than renters. According to NAR, when you remain in one place longer than a few years, you can grow closer to your community. And that can enhance your sense of pride and lead to better relationships. <h4 style="text-align: start">What Does That Mean for You?</h4>The benefits of homeownership are powerful, as Leslie Rouda Smith, President of NAR,&nbsp;<a href="https://www.nar.realtor/newsroom/nar-report-shows-share-of-millennial-home-buyers-continues-to-rise" rel="noopener noreferrer" target="_blank">says</a>:“From building personal wealth and fostering communities, to strengthening social stability and driving the national economy,&nbsp;the value of homeownership is indisputable.”Even if you face challenges in today’s market, the payoff when you succeed and purchase a home will be worth it. <h3 style="text-align: start">Bottom Line</h3>If you’re planning to buy a home this year, there are incredible benefits waiting for you at t

The Dream of Homeownership Is Worth the Effort

Homeownership has become a major element in achieving the American Dream. A recent report from the&nbsp;National Association of Realtors&nbsp;(NAR) finds that over&nbsp;<a href="https://cdn.nar.realtor/sites/default/files/documents/2022-obstacles-to-home-buying-04-12-2022.pdf" rel="noopener noreferrer" target="_blank">86%</a>&nbsp;of buyers agree homeownership is still the American Dream. Prior to the 1950s, less than&nbsp;<a href="https://www2.census.gov/programs-surveys/decennial/tables/time-series/coh-owner/owner-tab.txt" rel="noopener noreferrer" target="_blank">half of the country</a>&nbsp;owned their own home. However, after World War II, many returning veterans used the benefits afforded by the&nbsp;<a href="https://benefits.va.gov/gibill/" rel="noopener noreferrer" target="_blank">GI Bill</a>&nbsp;to purchase a home. Since then, the percentage of homeowners throughout the country has increased to the current rate of&nbsp;<a href="https://fred.stlouisfed.org/series/RHORUSQ156N" rel="noopener noreferrer" target="_blank">65.5%</a>. That strong desire for homeownership has kept home values appreciating ever since. The graph below tracks&nbsp;<a href="http://www.econ.yale.edu/~shiller/data.htm" rel="noopener noreferrer" target="_blank">home price appreciation</a>&nbsp;since the end of World War II: <div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221108070453.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="kcm_infographic_1650981079.png" data-file-size="49139" data-origin="," style="" data-index="0" origin-size="1000,750"></figure></div> The graph shows the only time home values dropped significantly was during the housing boom and bust of 2006-2008. If you look at how prices spiked prior to 2006, it looks a bit like the current spike in prices over the past two years. That may lead some people to be concerned we’re about to see a similar fall in home values as we did when the bubble burst. To help alleviate those worries, let’s look at what happened last time and what’s happening today.<h4 style="text-align: start">What Caused the Housing Crash 15 Years Ago?</h4>Back in 2006, foreclosures flooded the market. That drove down home values dramatically. The two main reasons for the flood of foreclosures were:<ol><li>Many purchasers were not truly qualified for the mortgage they obtained, which led to more homes turning into foreclosures.</li><li>A number of homeowners cashed in the equity on their homes. When prices dropped, they found themselves in an underwater situation (where the home was worth less than the mortgage on the house). Many of these homeowners walked away from their homes, leading to more foreclosures. This lowered neighboring home values even more.</li></ol>This cycle continued for years.<h4 style="text-align: start">Why Today’s Real Estate Market Is Different</h4>Here are two reasons today’s market is nothing like the one we experienced 15 years ago.<h5 style="text-align: start">1. Today, Demand for Homeownership Is Real (Not Artificially Generated)</h5>Running up to 2006, banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance their current home. Today, purchasers and those refinancing a home face much higher standards from mortgage companies.Data from the&nbsp;Urban Institute&nbsp;shows&nbsp;<a href="https://www.urban.org/policy-centers/housing-finance-policy-center/projects/housing-credit-availability-index" rel="noopener noreferrer" target="_blank">the amount of risk</a>&nbsp;banks were willing to take on then as compared to now.<div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221108070521.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="kcm_infographic_1650981212.png" data-file-size="60417" data-origin="," style="" data-index="1" origin-size="1000,750"></figure></div> There’s always a risk when a bank loans money. However, leading up to the housing crash 15 years ago, lending institutions took on much greater risks in both the person and the mortgage product offered. That led to mass defaults, foreclosures, and falling prices.Today, the demand for homeownership is real. It’s generated by a re-evaluation of the importance of home due to a worldwide pandemic. Additionally, lending standards are much stricter in the current lending environment. Purchasers can afford the mortgage they’re taking on, so there’s little concern about possible defaults.And if you’re worried about the number of people still in&nbsp;forbearance, you should know there’s no risk of that causing an upheaval in the housing market today.&nbsp;There won’t be a flood of foreclosures.<h5 style="text-align: start">2. People Are Not Using Their Homes as ATMs Like They Did in the Early 2000s</h5>As mentioned above, when prices were rapidly escalating in the early 2000s, many thought it would never end. They started to borrow against the equity in their homes to finance new cars, boats, and vacations. When prices started to fall, many of these homeowners were underwater, leading some to abandon their homes. This increased the number of foreclosures.Homeowners didn’t forget the lessons of the crash as prices skyrocketed over the last few years.&nbsp;Black Knight&nbsp;reports that tappable equity (the amount of equity available for homeowners to access before hitting a maximum 80% loan-to-value ratio, or LTV) has&nbsp;<a href="https://www.blackknightinc.com/wp-content/uploads/2022/02/BKI_MM_Dec2021_Report.pdf" rel="noopener noreferrer" target="_blank">more than doubled</a>&nbsp;compared to 2006 ($4.6 trillion to $9.9 trillion).The latest&nbsp;<a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" rel="noopener noreferrer" target="_blank">Homeowner Equity Insights</a>&nbsp;report from&nbsp;CoreLogic&nbsp;reveals that the average homeowner gained $55,300 in home equity over the past year alone. Odeta Kushi, Deputy Chief Economist at&nbsp;First American,&nbsp;<a href="https://twitter.com/odetakushi/status/1508926031381553164" rel="noopener noreferrer" target="_blank">reports</a>:<blockquote>“Homeowners in Q4 2021 had an average of $307,000 in equity – a historic high.”</blockquote>ATTOM Data Services&nbsp;also reveals that&nbsp;<a href="https://www.attomdata.com/news/market-trends/home-sales-prices/attom-q4-2021-u-s-home-equity-and-underwater-report/" rel="noopener noreferrer" target="_blank">41.9%</a>&nbsp;of all mortgaged homes have at least 50% equity. These homeowners will not face an underwater situation even if prices dip slightly. Today, homeowners are much more cautious.<h3 style="text-align: start">Bottom Line</h3>The major reason for the housing crash 15 years ago was a tsunami of foreclosures. With much stricter mortgage standards and a historic level of homeowner equity, the fear of massive foreclosures impacting today’s market is not realistic.

Why This Housing Market Is Not a Bubble Ready To Pop

If you’re planning to&nbsp;buy a home&nbsp;this season, you’re probably thinking about what you’ll need to do to get your offer accepted. In previous years, it was common for buyers to try and determine how much less than the asking price they could offer to still get the home. The buyer and seller would then negotiate and typically agree on a revised price that was somewhere between the buyer’s bid and the home’s initial asking price. In today’s real estate market, buyers shouldn’t shop for a home with the same expectations.<h4 style="text-align: start">Things Are Different Today</h4>Today’s housing market is anything but normal. According to the&nbsp;<a href="https://cdn.nar.realtor/sites/default/files/documents/2022-03-realtors-confidence-index-04-20-2022.pdf" rel="noopener noreferrer" target="_blank">National Association of Realtors</a>&nbsp;(NAR), the average home that’s sold today:<ul><li>Receives 4.8 offers</li><li>Sells in just 17 days</li></ul>Homes selling quickly and receiving&nbsp;multiple offers&nbsp;show how competitive the&nbsp;housing market&nbsp;is for buyers right now. This is because there are more buyers on the market than homes for sale. When the&nbsp;number of homes&nbsp;available can’t keep up with demand, homes often sell for more than the asking price. <h4 style="text-align: start">How Does This Impact You When It’s Time To Submit an Offer?</h4>Market conditions should help guide your decisions throughout the process. Today, the asking price of a home is often the floor of the negotiation rather than the ceiling. Knowing this is important when it’s time to&nbsp;submit an offer, but you should also use that information as you’re searching for homes too. After all, you don’t want to fall in love with a home that ultimately sells for a price higher than what you’ve&nbsp;budgeted&nbsp;for.The&nbsp;Mortgage Reports&nbsp;has&nbsp;<a href="https://themortgagereports.com/70484/how-much-over-asking-price-should-you-offer-on-a-house" rel="noopener noreferrer" target="_blank">advice</a>&nbsp;if you’re looking to purchase a home in a competitive market. The article encourages you to be realistic with your&nbsp;housing search, saying:<blockquote>“The best thing to do is set your budget and expectations ahead of time so you know how much you can afford to offer&nbsp;— and when to walk away. This will make negotiations a lot easier.”</blockquote>Of course, when you’ve found your dream home, you’ll want to do everything you can to submit your best offer upfront and win a potential bidding war. Knowing the current market is key to crafting a winning offer. That’s where working with an expert&nbsp;real estate advisor&nbsp;becomes critical.A real estate professional will draw from their experience and expert-level knowledge of today’s housing market throughout the process. They’ll also balance conditions in your area to make sure your offer stands out above the rest. <h3 style="text-align: start">Bottom Line</h3>Understanding how to approach the asking price of a home and what’s happening in today’s real estate market are critical for buyers. Let’s connect so we can work together to create a winning plan for you.

Is It Enough To Offer Asking Price in Today’s Housing Market?

Life events can have a major impact on what you need from your home, and retirement is one of the biggest changes many of us face. This period of your life can mean doing more of the things you enjoy, like traveling, visiting with loved ones, or taking on new hobbies. But what does that mean for your home?If you’re looking for ways to focus more on the important things in your life, the answer could be downsizing. A&nbsp;<a href="https://www.thebalance.com/home-downsizing-1798313" rel="noopener noreferrer" target="_blank">recent article</a>&nbsp;from&nbsp;The Balance&nbsp;talks about why it could be a great option, saying:<blockquote>“There are many reasons to buy a smaller home—or to downsize from your present home—but sometimes,&nbsp;the idea that “less is more” is what propels homeowners to buy a smaller home.”</blockquote><h4 style="text-align: start">You Can Find the Right Home for Your Needs</h4>The&nbsp;<a href="https://cdn.nar.realtor/sites/default/files/documents/2022-home-buyers-and-sellers-generational-trends-03-23-2022.pdf" rel="noopener noreferrer" target="_blank">2022 Home Buyers and Sellers Generational Trends</a>&nbsp;from the&nbsp;National Association of Realtors&nbsp;(NAR) provide more information on why people of retirement age choose to move. It shows the need for a smaller home, the desire to be closer to loved ones, and retirement itself as three of the top reasons homebuyers over the age of 55 make a move.If you’re in this group, changing priorities may be top of mind for you today, and that could be driving your&nbsp;decision&nbsp;to downsize. After all, as your lifestyle changes, what you need in your home likely changes, too.Plus, as&nbsp;The Balance&nbsp;<a href="https://www.thebalance.com/home-downsizing-1798313" rel="noopener noreferrer" target="_blank">notes</a>, moving into a smaller home can open your schedule up even more. When you downsize, you can spend less time&nbsp;maintaining&nbsp;your home and more time with the people you love or exploring newfound hobbies. That’s a recipe that can lead to less stress and&nbsp;increased happiness.<h4 style="text-align: start">Your Equity Can Make a Big Impact When You Downsize</h4>Home equity&nbsp;plays a big role when you sell your existing house and move. It could be a great tool to use to help you downsize. According to the latest&nbsp;<a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" rel="noopener noreferrer" target="_blank">Homeowner Equity Insights</a>&nbsp;report from&nbsp;CoreLogic, the average homeowner gained about&nbsp;$55,300 in equity over the past 12 months. Dr. Frank Nothaft, Chief Economist at&nbsp;CoreLogic,&nbsp;<a href="https://www.corelogic.com/press-releases/number-of-u-s-homeowners-in-negative-equity-dropped-to-lowest-level-in-over-12-years-corelogic-reports/" rel="noopener noreferrer" target="_blank">explains</a>&nbsp;how important price appreciation and equity gains are for existing homeowners:<blockquote>“Home prices rose 18% during 2021 in the CoreLogic Home Price Index, the largest annual gain recorded in its 45-year history, generating a big increase in home equity wealth, . . .&nbsp;For low- and moderate-income homeowners, home equity has historically been a major source of wealth.”</blockquote>As home prices rise, your&nbsp;equity&nbsp;does, too. So, you may have more equity than you realize because of the record levels of&nbsp;home price appreciation&nbsp;over the past year. Those equity gains could allow you to make a&nbsp;larger down payment&nbsp;on your next home. And putting more money down can lead to a smaller monthly mortgage payment, which can give you greater financial freedom. It can also be a significant help in navigating today’s&nbsp;competitive&nbsp;housing market, since offering more money upfront could help your offer stand out.Whatever your home ownership goals are, a trusted&nbsp;real estate advisor&nbsp;can help you to find the best option for your situation. They’ll help you&nbsp;<a href="https://www.mykcm.com/2022/04/14/on-the-fence-of-whether-or-not-to-move-this-spring-consider-this/" class="on">sell</a>&nbsp;your current home and guide you as you buy your next one and enter this new phase of life.<h3 style="text-align: start">Bottom Line</h3>If you’ve recently retired or plan to soon, your needs are likely changing. That means now may be the perfect time to downsize. Let’s connect so we can work together to find a home that matches your situation.

Is It Time To Buy a Smaller Home?

When it comes to&nbsp;buying a home, it can feel a bit intimidating to know how much you need to save and where to find that information. But you should know, you’re not expected to have all the answers yourself. There are many trusted professionals who can help you understand your finances and what you’ll need to budget for throughout the process.To get you started, here are a few things experts say you should plan for along the way.<h4 style="text-align: start">1. Down Payment</h4>As you set your savings goal for your purchase, your&nbsp;down payment&nbsp;is likely already top of mind. And, like many other people, you may believe you need to set aside&nbsp;20%&nbsp;of the home’s purchase price for that down payment – but that’s not always the case. The&nbsp;National Association of Realtors&nbsp;(NAR)&nbsp;<a href="https://www.nar.realtor/blogs/economists-outlook/tackling-home-financing-and-down-payment-misconceptions" rel="noopener noreferrer" target="_blank">says</a>:<blockquote>“One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership.&nbsp;Having this knowledge is critical to know what to save . . .”</blockquote>The good news is, that you may be able to put as little as 3.5% (or even 0%) down in some situations. To understand your options, partner with a trusted professional who can go over the various loan types, down payment&nbsp;assistance programs, and what each one requires.<h4 style="text-align: start">2. Earnest Money Deposit</h4>Another item you may want to plan for is an earnest money deposit. While it isn’t required, it’s common in today’s&nbsp;highly competitive&nbsp;market because it can help your offer stand out in a bidding war.So, what is it? It’s money you pay as a show of good faith when you make an offer on a house. This deposit works like a credit. You’re using some of the money you already saved for your purchase to show the seller you’re committed and serious about their house. It’s not an added expense, it’s just paying some of that upfront.&nbsp;First American&nbsp;<a href="https://blog.firstam.com/15-real-estate-terms-you-should-know" rel="noopener noreferrer" target="_blank">explains</a>&nbsp;what it is and how it works:<blockquote>“The deposit made from the buyer to the seller when submitting an offer. This deposit is typically held in trust by a third party and is intended to show the seller you are serious about purchasing their home.&nbsp;Upon closing the money will generally be applied to your down payment or closing costs.”</blockquote>In other words, an earnest money deposit could be the very first check you’ll write toward your purchase. The amount varies by state and situation.&nbsp;Realtor.com&nbsp;<a href="https://www.realtor.com/advice/finance/understanding-the-earnest-money-deposit-2/" rel="noopener noreferrer" target="_blank">elaborates</a>:<blockquote>“The amount you’ll deposit as earnest money will depend&nbsp;on factors such as policies and limitations in your state, the current market, what your real estate agent recommends, and what the seller requires.&nbsp;On average, however, you can expect to hand over 1% to 2% of the total home purchase price.”</blockquote>Work with a real estate advisor to understand any requirements in your local area and what they’ve recommended for other buyers in your market. They’ll help you determine if it’s something that could be a useful option for you.<h4 style="text-align: start">3. Closing Costs</h4>The next thing to plan for is your&nbsp;closing costs. The&nbsp;Federal Trade Commission&nbsp;(FTC)&nbsp;<a href="https://www.ftc.gov/sites/default/files/documents/one-stops/real-estate-competition/realestateglossary.pdf" rel="noopener noreferrer" target="_blank">defines</a>&nbsp;closing costs as:<blockquote>“The upfront fees charged in connection with a mortgage loan transaction.&nbsp;…generally including, but not limited to a loan origination fee, title examination and insurance, survey, attorney’s fee, and prepaid items, such as escrow deposits for taxes and insurance.”</blockquote>Basically, your closing costs cover the fees for various people and services involved in your transaction. NAR has this to&nbsp;<a href="https://magazine.realtor/daily-news/2020/01/17/what-exactly-do-closing-costs-cover" rel="noopener noreferrer" target="_blank">say</a>&nbsp;about how much to budget for:<blockquote>“A home costs more than just the sale price.&nbsp;For example, closing costs—which make up about 2% to 5% of the home’s purchase price—are a major added expense…Lenders provide a Closing Disclosure at least three business days prior to closing on a mortgage.&nbsp;But buyers will need to budget for these added costs ahead of time&nbsp;to avoid sticker shock days before closing.”</blockquote>The key takeaway is savvy buyers plan ahead for these expenses so they can come into the process prepared.&nbsp;Freddie Mac&nbsp;<a href="https://myhome.freddiemac.com/buying/understanding-costs" rel="noopener noreferrer" target="_blank" class="on">sums it up</a>&nbsp;like this:<blockquote>“If you’re in the market to buy a home, your down payment is probably top of mind.&nbsp;And rightly so – it’s likely the biggest cost of homebuying.&nbsp;However, it is not the only cost&nbsp;and it’s critical you understand all your expenses before diving in.&nbsp;The&nbsp;more prepared you are for your down payment, closing and other costs, the smoother your homebuying journey will be.”</blockquote><h3 style="text-align: start">Bottom Line</h3>Knowing what to budget for in the home buying process is essential. To make sure you understand these and any other expenses that may come up, let’s connect so you have reliable expertise on what to expect when you buy a home.

What You Need To Budget for When Buying a Home

As the spring housing market kicks off, you likely want to know what you can expect this season when it comes to&nbsp;buying&nbsp;or&nbsp;selling&nbsp;a house. While there are multiple factors causing some uncertainty, including the conflict overseas, rising&nbsp;inflation, and the first-rate increase from the&nbsp;Federal Reserve&nbsp;in&nbsp;<a href="https://www.wsj.com/livecoverage/federal-reserve-meeting-inflation-march-2022" rel="noopener noreferrer" target="_blank">over three years</a>&nbsp;— the housing market seems to be relatively immune.Here’s a look at what experts say you can expect this spring.<h4 style="text-align: start">1. Mortgage Rates Will Climb</h4>Freddie Mac&nbsp;<a href="https://freddiemac.gcs-web.com/node/24936/pdf" rel="noopener noreferrer" target="_blank">reports</a>&nbsp;the 30-year fixed mortgage rate has increased by more than a full point in the past six months. And despite some mild&nbsp;fluctuation&nbsp;in recent weeks, experts believe rates will continue to edge up over the next 90 days. As&nbsp;Freddie Mac&nbsp;<a href="https://freddiemac.gcs-web.com/node/25001/pdf" rel="noopener noreferrer" target="_blank">says</a>:<blockquote>“The Federal Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the course of the year.”</blockquote>If you’re a first-time buyer or a seller thinking of moving to a home that better fits your needs, realize that waiting will likely mean you’ll pay a higher mortgage rate on your purchase. And that higher rate drives up your monthly payment and can really add up over the life of your loan.<h4 style="text-align: start">2. Housing Inventory Will Increase</h4>There may be some relief coming for buyers searching for a home to purchase.&nbsp;<a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">Realtor.com</a>&nbsp;recently reported that the number of&nbsp;newly listed homes&nbsp;has grown for each of the last two months. Also, the&nbsp;National Association of Realtors&nbsp;(NAR) just announced the&nbsp;<a href="https://www.nar.realtor/newsroom/existing-home-sales-fade-7-2-in-february" rel="noopener noreferrer" target="_blank">months’ supply</a>&nbsp;of inventory increased for the first time in&nbsp;<a href="https://cdn.nar.realtor/sites/default/files/documents/ehs-02-2022-overview-2022-03-18.pdf" rel="noopener noreferrer" target="_blank">eight months</a>. The inventory of existing homes usually grows every spring, and it seems, based on recent activity, the next 90 days could bring more listings to the market.If you’re a buyer who has been frustrated with the limited supply of homes available for sale, it looks like you could find some relief this spring. However, be prepared to act quickly if you find the right home.If you’re a seller, listing now instead of waiting for this additional competition to hit the market makes sense. Your leverage in any negotiation during the sale will be impacted as additional homes come to market.<h4 style="text-align: start">3. Home Prices Will Rise</h4>Prices are always determined by supply and demand. Though the number of homes entering the market is increasing,&nbsp;<a href="https://www.showingtime.com/blog/january-2022-showing-index-results" rel="noopener noreferrer" target="_blank">buyer demand</a>&nbsp;remains very strong. As&nbsp;realtor.com&nbsp;explains in their most recent&nbsp;<a href="https://news.move.com/2022-03-03-Realtor-com-R-February-Housing-Report-Home-Prices-Hit-All-Time-High-Ahead-of-Spring-Buying-Season" rel="noopener noreferrer" target="_blank">Housing Report</a>:<blockquote>“During the final two weeks of the month, more new sellers entered the market than during the same time last year. . . . However, with 5.8 million new homes missing from the market and millions of millennials at first-time buying ages, housing supply faces a long road to catching up with demand.”</blockquote>What does that mean for you? With the demand for housing still outpacing supply,&nbsp;home prices&nbsp;will continue to appreciate. Many experts believe the level of appreciation will decelerate from the high double-digit levels we’ve seen over the last two years. That means prices will continue to climb, just at a more moderate pace. Most experts are predicting home prices will not depreciate.<h4 style="text-align: start">Won’t Increasing Mortgage Rates Cause Home Prices To Fall?</h4>While some people may believe a 1% increase in mortgage rates will impact demand so dramatically that home prices will have to fall, experts say otherwise. Doug Duncan, Senior Vice President and Chief Economist at&nbsp;Fannie Mae,&nbsp;<a href="https://themreport.com/daily-dose/03-09-2022/expert-insights-inventory-levels-fed-rates-more" rel="noopener noreferrer" target="_blank">says</a>:<blockquote>“What I will caution against is making the inference that interest rates have a direct impact on house prices. That is not true.”</blockquote>Freddie Mac&nbsp;studied the impact that mortgage rates increasing by at least 1% has had on home prices in the past. Here are the results of&nbsp;<a href="http://www.freddiemac.com/research/insight/20180223_increasing_mortgage_rates.page" rel="noopener noreferrer" target="_blank">that study</a>: <div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221108065736.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-index="0" data-file-name="20220324_MEM_Eng_1a.png" data-file-size="101361" data-origin="," style=""></figure></div> As the chart shows, mortgage rates jumped by at least 1% six times in the last thirty years. In each case, home values increased.So again, if you’re a first-time buyer or a repeat buyer, waiting to buy likely means you’ll pay more for a home later in the year (as compared to its current value).<h3 style="text-align: start">Bottom Line</h3>There are three things that seem certain going into the spring housing market:<ol><li>Mortgage rates will continue to rise</li><li>The selection of homes available for sale will modestly improve</li><li>Home prices will continue to appreciate, just at a slightly slower pace</li></ol>If you’re thinking of buying, act now before mortgage rates and home prices increase further. If you’re thinking of selling, your best bet may be to sell soon so you can beat the increase in competition that’s about to come to market.

What You Can Expect from the Spring Housing Market

If you’re thinking of&nbsp;selling your house&nbsp;this year, timing is crucial. After all, you’ll want to balance getting the most out of the sale of your current home and making the&nbsp;best investment&nbsp;when you buy your next one. If that’s the case, you should know – you may be able to get the best of both worlds today.&nbsp;Here are four reasons why this spring may be your golden window of opportunity. <h4 style="text-align: start">1. The Number of Homes on the Market Is Still Low</h4>Today’s&nbsp;limited supply&nbsp;of houses for sale is putting sellers in the driver’s seat. There are far&nbsp;more buyers&nbsp;in the market today than there are&nbsp;homes available.&nbsp;That means purchasers are eagerly waiting for your house.Listing your house now makes it the center of attention. And if you work with a real estate professional to price your house correctly, you can expect it to sell quickly and likely get multiple&nbsp;strong offers&nbsp;this season. <h4 style="text-align: start">2. Your Equity Is Growing in Record Amounts</h4>According to the most recent&nbsp;<a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" rel="noopener noreferrer" target="_blank">Homeowner Equity Insight</a>&nbsp;report from&nbsp;CoreLogic, homeowners are sitting on record amounts of&nbsp;equity&nbsp;thanks to recent home price appreciation. The report finds that the average homeowner has gained $55,300 in equity over the past year.That much equity can open doors for you to make a move. If you’ve been holding off on selling because you’re worried about how rising prices will impact your next&nbsp;home search, rest assured your equity can help fuel your move. It may be just what you need to cover a large portion – if not all – of the&nbsp;down payment&nbsp;on your next home. <h4 style="text-align: start">3. Mortgage Rates Are Increasing</h4>While it is true mortgage rates have already been climbing this year, current mortgage rates are still below what they’ve been in&nbsp;<a href="https://www.freddiemac.com/pmms/archive" rel="noopener noreferrer" target="_blank">recent decades</a>. In the 2000s, the average mortgage rate was 6.27%. In the 1990s, the average rate was 8.12%.For context, the current average 30-year fixed mortgage rate, according to&nbsp;Freddie Mac,&nbsp;is 3.85%. And while recent&nbsp;global uncertainty&nbsp;caused rates to dip slightly in the near term, experts project rates will rise in the months ahead. Doug Duncan, Senior Vice President and Chief Economist at&nbsp;Fannie Mae,&nbsp;<a href="https://www.fanniemae.com/newsroom/fannie-mae-news/economic-growth-expected-slow-fed-wrangles-inflation" rel="noopener noreferrer" target="_blank">says</a>:<blockquote>“For homebuyers, we believe that borrowing costs will likely rise with the increase in mortgage rates….”</blockquote>When that happens, it’ll&nbsp;cost you more&nbsp;to purchase your next home. That’s why it’s important to act now if you’re ready to sell.&nbsp;Work with a trusted advisor to kickstart the process so you can take key steps to make your next purchase before rates climb further. <h4 style="text-align: start">4. Home Prices Are Climbing Too</h4>Home prices&nbsp;have been skyrocketing in recent years because of the imbalance of supply and demand. And as long as that imbalance continues, so will the rise in home values.What does that mean for you? If you’re selling so you can move into the home of your dreams or downsize into something that better suits your current needs, you have an opportunity to get ahead of the curve by leveraging your growing equity and purchasing your next home before prices climb higher.And, once you make your purchase, you can find&nbsp;peace of mind&nbsp;in knowing ongoing home price appreciation is growing the value of your new investment. <h3 style="text-align: start">Bottom Line</h3>If you want to win when you sell and when you buy, this spring could be your golden opportunity. Let’s connect so you have the insights you need to take advantage of today’s incredible sellers’ market.

This Spring Presents Sellers with a Golden Opportunity

Having an experienced guide coaching you through the process of buying or selling a home is important in a normal market –&nbsp;but today’s market is far from normal.&nbsp;As a result, an expert real estate advisor isn’t just good to have by your side, they’re essential. Today’s housing market is full of extremes. Experts project&nbsp;mortgage rates&nbsp;will continue to rise this year, and that’s driving&nbsp;significant demand&nbsp;for homes as buyers want to make their purchases before rates climb even higher. At the same time, an absence of sellers is leading to record-low&nbsp;housing inventory. This imbalance in supply and demand is creating bidding wars and driving&nbsp;home price appreciation&nbsp;as well as considerable gains in&nbsp;home equity.These market conditions can feel overwhelming, but you don’t have to go at it alone. Having a trusted expert to coach you through the process of buying or selling a home gives you clarity and confidence through each step. <h4 style="text-align: start">Here are just a few of the ways a real estate expert is invaluable:</h4>Contracts&nbsp;– Agents help with the disclosures and contracts necessary in today’s heavily regulated environment.Experience&nbsp;– In an unprecedented market, experience is crucial. Real estate professionals know the entire sales process, including how it’s changed over the past two years.Negotiations&nbsp;– Your real estate advisor acts as a buffer in negotiations with all parties throughout the entire transaction and advocates for your best interests.Education&nbsp;– Knowledge is power in today’s market, and your advisor will simply and effectively explain market conditions and translate what they mean for you.Pricing&nbsp;– Finally, a real estate professional understands today’s real estate values when setting the price of your home or helping you make an offer to purchase one.A real estate agent is a crucial guide through this unprecedented market, but not all agents are created equal. A true expert can carefully walk you through the whole real estate process, look out for your unique needs, and advise you on the best ways to achieve success. Finding an expert real estate advisor – not just any agent – should be your top priority when you’re ready to buy or sell a home. <h4 style="text-align: start">What’s the key to choosing the right expert?</h4>It starts with trust. You’ll want to know you can trust the advice they’re giving you, so you need to make sure you’re connected with a true professional. No one can provide perfect advice because it’s impossible to know exactly what’s going to happen at every turn – especially in today’s unique market. But a true professional can give you the best possible advice based on the information and situation at hand. They’ll help you make the necessary adjustments along the way, advocate for you throughout the process, and coach you on the essential knowledge you need to make confident decisions.&nbsp;That’s exactly what you want and deserve. <h3 style="text-align: start">Bottom Line</h3>It’s critical to have an expert on your side who’s well versed in navigating today’s rapidly changing market. If you’re planning to buy or sell a home this year, let’s connect so you have a real estate professional on your side to give you the best advice and guide you along the way.

An Expert Advisor Will Give You the Best Advice in Today’s Market

<h3 style="text-align: start">Get FREE Instant Access by completing the form on this page.</h3>When you decide to sell your home, setting your asking price is one of the most important decisions you will ever make. Depending on how a buyer is made aware of your home, price is often the first thing he or she sees, and many homes are discarded by prospective buyers as not being in the appropriate price range before they're even give a chance of a showing.Your asking price is often your home's "first impression", and if you want to realize the most money you can for your home, it's imperative that you make a good first impression. This is not as easy as it sounds, and pricing strategy should not be taken lightly. Pricing too high can be as costly to a homeseller as pricing too low. Taking a look at what homes in your neighbourhood have sold for is only a small part of the process, and on it's own is not nearly enough to help you make the best decision.A recent study, which compiles 10 years of industry research, has resulted in a new special report entitled "Pricing Your Home: How to Get the Price You Want (and Need)". This FREE report will help you understand pricing strategy from three different angles. When taken together, this information will help you price your home to not only sell, but sell for the price you want.Order this report NOW to learn how to price your home to your maximum financial advantage.

How to Get the Price You Want (and Need) When Pricing Your Home

In today’s&nbsp;housing market, there are far more buyers looking for homes than sellers listing their houses. Based on the concept of supply and demand, this means home prices will naturally rise. Why is that? When there are more people trying to buy an item than there are making that item available for sale, that drives prices up. And that’s exactly the case in today’s housing market. So, knowing what’s happening with the inventory of homes for sale and the demand for housing is crucial for today’s buyers and sellers.<h4 style="text-align: start">Nationally, Demand Is High and Supply Is Very Low</h4>The latest buyer and seller&nbsp;<a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" rel="noopener noreferrer" target="_blank">activity data</a>&nbsp;from the&nbsp;National Association of Realtors&nbsp;(NAR) indicates buyer traffic heavily outweighs seller traffic today, as shown in the maps below. There are far darker blues (strong buyer activity) on the left and much lighter blues (weak seller activity) on the right. In other words, this shows how the demand for homes is significantly greater than what’s available to purchase. <div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221108064840.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-index="0" data-file-name="11_2.png" data-file-size="159081" data-origin="," style=""></figure></div> <h4 style="text-align: start">What Does This Mean if You’re a Seller?</h4>Supply is struggling to keep pace with demand. In fact, the inventory of homes for sale recently hit an&nbsp;all-time low. That gives you an&nbsp;incredible advantage&nbsp;when you sell your house. With so few listings, it’s likely more potential buyers will view your house – especially if you work with an agent to price it right. That means there’s a high chance you’ll receive&nbsp;multiple offers&nbsp;or buyers will enter a bidding war for your house.&nbsp;And that dynamic can drive the sale price of your home up. <h4 style="text-align: start">What Does This Mean if You’re a Buyer?</h4>As a buyer with&nbsp;fewer options&nbsp;available, you’re likely to see more competition, so you need to be strategic to&nbsp;<a href="https://www.mykcm.com/2022/02/11/how-to-win-as-a-buyer-in-a-sellers-market-infographic/">win</a>. First, make sure you have a trusted professional on your side. Your real estate agent will help you understand your local market and work with you to&nbsp;act quickly&nbsp;when the time is right. Even when it’s challenging to find a home, you can still succeed as a buyer today if you have a trusted advisor on your side every step of the way. <h3 style="text-align: start">Bottom Line</h3>Whether you’re a home buyer, seller, or both, knowledge truly is power. Let’s connect today so you can better understand what’s happening in our local market and achieve your home buying and selling goals this year.

How Supply and Demand Can Impact Your Buying and Selling Goals

When you’re selling any item, you usually want to sell it for the greatest profit possible. That happens when there’s a strong demand and a limited supply for that item. In the real estate market, that time is right now. If you’re thinking of selling your house this year, here are two reasons why now’s the time to list.<h4 style="text-align: start">1. Demand Is Very Strong This Winter</h4>A&nbsp;<a href="http://www.inman.com/2022/02/02/forget-what-punxsutawney-phil-says-spring-already-here-for-buyers/" rel="noopener noreferrer" target="_blank">recent article</a>&nbsp;in&nbsp;Inman News&nbsp;explains:<blockquote>“Spring, the hottest time of year for homebuyers and sellers, has started early, according to economists. . . . ‘Home shopping season appears to already be in full swing!’”</blockquote>And they aren’t the only ones saying buyers are already out in full force. That claim is backed up with data released last week by&nbsp;ShowingTime. The&nbsp;<a href="https://www.showingtime.com/showingtime-showing-index/" rel="noopener noreferrer" target="_blank">ShowingTime Showing Index</a>&nbsp;tracks the average number of monthly buyer showings on active residential properties, which is a highly reliable leading indicator of current and future trends for buyer demand.&nbsp;The latest index reveals this December was the most active December in five years&nbsp;(see graph below): <div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221108064555.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-index="0" data-file-name="20220210_MEM_Eng_1.png" data-file-size="58518" data-origin="," style=""></figure></div> As the data indicates, buyers are very active this winter. Last December saw even more showings than December of 2020, which was already a stronger-than-usual winter. And remember – you want to sell something when there’s a strong demand for that item. That time is now.<h4 style="text-align: start">2. Housing Supply Is Extremely Low</h4>Each month,&nbsp;realtor.com&nbsp;releases&nbsp;<a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">data</a>&nbsp;on the number of active residential real estate listings (listings currently for sale).&nbsp;Their most recent report reveals the latest monthly number is the lowest we’ve seen in any January since 2017&nbsp;(see graph below):<div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221108064624.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-index="1" data-file-name="20220210_MEM_Eng_2.png" data-file-size="50784" data-origin="," style=""></figure></div> And don’t forget, the best time to sell an item is when there’s a limited supply of it available. This graph clearly shows how extremely low the housing supply is today.<h4 style="text-align: start">Even Though Supply Is at a Historic Low, Home Sales Are at a 15-Year High</h4>According to the latest&nbsp;<a href="https://www.nar.realtor/newsroom/annual-existing-home-sales-hit-highest-mark-since-2006" rel="noopener noreferrer" target="_blank">Existing Home Sales Report</a>&nbsp;from the&nbsp;National Association of Realtors&nbsp;(NAR), existing-home sales totaled 6.12 million in 2021 – the highest annual level since 2006. This means the market is hot and homeowners are in a great place to sell now while sales are so strong.NAR also reports available listings by calculating the current months’ supply of inventory. They&nbsp;<a href="http://www.nar.realtor/blogs/economists-outlook/inventory-and-months-supply" rel="noopener noreferrer" target="_blank">explain</a>:<blockquote>“Months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.”</blockquote>The current 1.8-months’ supply is the lowest ever reported. Here are the December numbers over the last five years&nbsp;(see graph below): <div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221108064706.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-index="2" data-file-name="20220210_MEM_Eng_3.png" data-file-size="52002" data-origin="," style=""></figure></div> The ratio of buyers to sellers favors homeowners right now to a greater degree than at any other time in history. Buyer demand is high, and supply is low. That gives sellers like you an incredible opportunity. <h3 style="text-align: start">Bottom Line</h3>If you agree the best time to sell anything is when demand is high and supply is low, let’s connect to begin discussing the process of listing your house today.

Want Top Dollar for Your House? Now’s the Time To List It

As we celebrate Black History Month, we honor and recognize the past and present experiences of Black Americans. A significant part of this experience is investing in a home of their own. While equitable access to housing has come a long way, the path to&nbsp;homeownership&nbsp;is still steeper for households of color. It’s an important experience to talk about, along with how working with the right real estate experts can make all the difference for diverse homebuyers.We know it’s a more challenging journey to achieve&nbsp;homeownership&nbsp;for some because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, the lowest&nbsp;<a href="https://www.census.gov/housing/hvs/files/currenthvspress.pdf" rel="noopener noreferrer" target="_blank">homeownership rate</a>&nbsp;persists in the Black community (see graph below): <div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221108064246.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-index="0" data-file-name="20220209_MEM_Eng_1.png" data-file-size="49174" data-origin="," style=""></figure></div> Homeownership is an essential piece for building household&nbsp;wealth&nbsp;that can be passed down to future generations. However, there are obstacles in the&nbsp;homebuying process&nbsp;that can negatively impact certain racial and ethnic groups, including the Black community. This can delay or prevent many from achieving homeownership, challenging their ability to grow their net worth. A&nbsp;<a href="https://live-future-of-building-wealth.pantheonsite.io/wp-content/uploads/2021/09/Sec5-Ch39-Perry-Ratcliffe.pdf" rel="noopener noreferrer" target="_blank">report</a>&nbsp;by Vanessa G. Perry of the&nbsp;George Washington University School of&nbsp;Business and Janneke Ratcliffe of the&nbsp;Urban Institute&nbsp;explains:<blockquote>“. . . households of color have much lower homeownership rates than white households and consequently hold, at the median, just one-eighth the wealth of white households.”</blockquote>On top of that, when Black households do become homeowners, research shows they pay more for those homes overall than the average household. Raheem Hanifa, a Research Analyst for the&nbsp;Joint Center for Housing Studies of Harvard University,&nbsp;<a href="https://www.jchs.harvard.edu/blog/high-income-black-homeowners-receive-higher-interest-rates-low-income-white-homeowners" rel="noopener noreferrer" target="_blank">tells us</a>:<blockquote>“Black homeowners not only have primary mortgages with higher&nbsp;interest rates&nbsp;than white homeowners with similar incomes, they also have higher interest rates than white homeowners with substantially lower incomes, . . . Black homeowners have experienced systemic barriers to homeownership and wealth-building opportunities that have limited their ability to access credit, which is a key component in receiving low mortgage interest rates.”</blockquote>For Black&nbsp;homebuyers, the inequity that remains in housing can be a point of pain and frustration. That’s why it’s so important for members of diverse groups to have the right team of&nbsp;experts&nbsp;on their sides throughout the homebuying process. These professionals aren’t only experienced advisors who understand the market and give the best advice. They’re also compassionate allies who will advocate for your best interests every step of the way.<h3 style="text-align: start">Bottom Line</h3>Opportunities in real estate improve every day, but there are still equity challenges that many face. Let’s connect to make sure you have an advocate on your side as you walk the path to homeownership.

The Path To Homeownership Can Be Steeper for Some Americans

Over the past two years, we’ve lived through one of the most stressful periods in recent history. Because of the health crisis, many of us have spent more time at home and that’s led us to re-evaluate both what we need in a house and how much we appreciate having a safe space. If you’ve found your current home isn’t filling all your needs, you may be wondering if it’s time to find a new one. There’s reason to believe a change of scenery could boost your happiness. Catherine Hartley, an Assistant Professor at&nbsp;New York University’s Department of Psychology&nbsp;and co-author of a study on how new experiences impact happiness,&nbsp;<a href="https://www.nyu.edu/about/news-publications/news/2020/may/new-and-diverse-experiences-linked-to-enhanced-happiness--new-st.html" rel="noopener noreferrer" target="_blank">says</a>:<blockquote>“Our results suggest that people feel happier when they have more variety in their daily routines—when they go to novel places and have a wider array of experiences.”</blockquote>A move could be exactly the new experience you’ve been looking for. If that’s something you’re considering to better your lifestyle, here are a few things to keep in mind. <h4 style="text-align: start">Approach Your Decision Thoughtfully and Explore Your Options</h4>Buying and selling a home is a major life change, and it’s not a decision you should enter lightly. But, if you’re questioning whether or not a move would bring you more happiness, it’s important to explore if it’s the right choice for you.To find out more and discuss your options, reach out to a local real estate professional. They’ll explain the process – including how to list your existing house and search for a new one – in clear and simple terms.You should also think about your lifestyle and what you’re hoping to get out of your move. What needs aren’t being met in your current home? What features would bring you more joy and make your life easier? For example, are you now working remotely and need a home office? Do you crave more fresh air and open outdoor space to unwind in? Knowing the answers to these questions can help you&nbsp;get started&nbsp;and position your real estate advisor to work with you so you can find just the right home.<h4 style="text-align: start">Consider a Location with Weather That Will Boost Your Mood</h4>Home features aren’t the only thing to consider. You should also weigh your options when it comes to location. Is the weather something that’s important to you? Does it have a tendency to impact your mood? If it does, you may want to factor it into your next move. The&nbsp;World Population Review&nbsp;<a href="https://worldpopulationreview.com/state-rankings/states-with-the-best-weather" rel="noopener noreferrer" target="_blank">shares</a>:<blockquote>“What states have the best weather? When evaluating each state for temperature, rain, and sun, some states stand out. . . . Climate and weather preferences are personal and subjective. . . . “</blockquote>Better weather can mean different things to different people. Some prefer the heat, others cooler temperatures and some want to experience all four seasons. Think about what makes you feel happiest and prioritize that in your home search. If you’re moving to a whole new location, your agent is a great resource with a strong network to support you along the way. <h3 style="text-align: start">Bottom Line</h3>Moving could provide you with a fresh beginning and the chance to find happiness in your new home. Let’s connect today to talk about your goals and options in the current market.

Why a Move Could Bring You More Happiness This Year

Many members of Generation Z (Gen Z) are aging into adulthood and deciding whether to&nbsp;rent&nbsp;or buy a home. If you find yourself in this group, it’s important to understand you’re never too young to start thinking about homeownership. The sooner you start planning, the sooner you can move on from renting.As you set off on your journey and plan your next move, here are a few reasons to think about homebuying this year.<h4 style="text-align: start">The Reasons Gen Z Want To Become Homeowners</h4>While the majority of Gen Z haven’t entered the housing market yet, a large portion plan to according to a&nbsp;realtor.com&nbsp;<a href="https://www.realtor.com/research/gen-z-values-homeownership/" rel="noopener noreferrer" target="_blank">report</a>. The report found that 72% of Gen Z would rather purchase a home than rent long-term. As George Ratiu, Manager of Economic Research for&nbsp;realtor.com,&nbsp;<a href="https://themreport.com/daily-dose/06-24-2021/report-shows-gen-z-values-homeownershipyears-301318972.html" rel="noopener noreferrer" target="_blank">says</a>:<blockquote>“With&nbsp;nearly three-quarters of those surveyed preferring to buy versus renting long-term, the housing industry should be prepared for millions of Gen Z buyers to bring a new wave of demand along a similar stage-of-life timeline as the millennial generation before them.”</blockquote>But why do so many members of Gen Z value homeownership? According to the latest&nbsp;<a href="https://cdn.nar.realtor/sites/default/files/documents/2021-home-buyers-and-sellers-generational-trends-03-16-2021.pdf" rel="noopener noreferrer" target="_blank">Home Buyers and Sellers Generational Trends Report</a>&nbsp;from the&nbsp;National Association of Realtors&nbsp;(NAR), young homebuyers – more than any other age group – want to become homeowners because they want to have a place of their very own.That may be because one of the biggest&nbsp;benefits&nbsp;of homeownership is having a place where you can truly make your own by customizing it to your style and personality. Whether that’s the décor, painting, or renovations,&nbsp;when you own your home, you don’t have to limit yourself to what your lease and landlord will allow.Not to mention, owning a home provides much greater long-term stability and security than&nbsp;renting. When you own a home, there’s also protection from steadily rising rental costs because your monthly mortgage payment is locked in for the length of your loan (typically 15 to 30 years).<h4 style="text-align: start">Work with a Real Estate Professional To Achieve Your Goals</h4>Whether you’re just getting started on your homebuying journey, you want to learn more about the process, or you’re fully committed to buying your first home this year, it’s especially important to connect with a trusted real estate advisor soon, as you won’t be the only first-time buyer in the market. According to a&nbsp;<a href="https://www.realtor.com/research/first-time-home-buyers-2021/" rel="noopener noreferrer" target="_blank" class="on">recent survey</a>&nbsp;from&nbsp;realtor.com,&nbsp;a majority of first-time buyers surveyed are looking to purchase a home in 2022.&nbsp;As the survey notes:<blockquote>“First-time home buyers retain their optimism despite a challenging housing market in the past year. Hoping to achieve their goal of homeownership and provide a comfortable space for their families, young buyers are setting&nbsp;out to learn what they can about the market and setting their list of priorities for their home purchase.”</blockquote>That means you’ll likely face strong competition from other first-time buyers. One way to get a&nbsp;leg-up&nbsp;on that competition is to work with a real estate&nbsp;professional&nbsp;to make sure you have the support you need to make an informed and confident decision.<h3 style="text-align: start">Bottom Line</h3>If you’re planning your next move, you’re not alone. Just know it’s never too early to consider the benefits of homeownership over renting. To learn more, let’s connect today so you have a trusted professional on your side to help you explore your options.

The Next Generation of Homebuyers Is Here

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May 2021 Best Buys | Hudson Advantage Realty

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data-file-size="2984729" data-origin="," style="" data-index="12"></figure></div><div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221107115648.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="14.png" data-file-size="2958015" data-origin="," style="" data-index="13"></figure></div><div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221107115659.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="15.png" data-file-size="3027406" data-origin="," style="" data-index="14"></figure></div><div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221107115706.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="16.png" data-file-size="1938862" data-origin="," style="" data-index="15"></figure></div><div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="margin: 0px;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20221107115716.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="17.png" data-file-size="1355135" data-origin="," style="" data-index="16"></figure></div> <h3>Sign up for more Bestbuys <a href="https://hudsonadvantagerealty.com/best-buys" alt="HERE" 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May 2021 Best Buys

Published 11/08/2022 | Written by Steve Hudson

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