- This year’s housing market is shaping up to be the most competitive on record, but the pandemic isn’t the only thing influencing the national real estate boom.
- There are actually quite a few factors contributing to today’s hot market, including unfettered buyer demand, historically low supply, and steady interest rates.
- Have questions about buying a home in 2021? Get in touch with us for even more personalized advice.
3 Factors That Make 2021’s Real Estate Market More Competitive Than Ever
If you’re planning a move, you might be wondering how the real estate market will change this year—and the predictions are pretty eye-opening. Existing home sales are expected to increase by 9%, home prices could rise by a whopping 8%, and mortgage rates should stay well below 4% for the foreseeable future. Continue reading
- For years, Zillow has been one of the most popular real estate sites for buyers, sellers, and daydreamers—but it might not be the most reliable option for serious house hunters.
- If you want to shop the hottest deals and see homes before they hit the market, it’s better to work with a local agent.
- Need help finding the perfect home? Reach out to us today to get a head start on your search!
Why Zillow Isn’t the Best Option for Serious Homebuyers
We’ve all probably spent more time than we care to admit scrolling through listings on Zillow. While this popular real estate website might be good for daydreaming, it’s not always the best resource for buyers who are searching seriously for a home. In fact, according to a report by the Washington Post, some of Zillow’s “listings” aren’t actually on the market at all, and they could potentially contain inaccurate information.
Looking to stay ahead of the competition in today’s fast-paced market? Here’s why you should work with a local agent instead…and maybe even avoid Zillow altogether.
Zillow’s information is often inaccurate
- As mortgage rates continue hovering near historic lows, many potential buyers are eager to make a move—but it can be hard to know which type of loan is best.
- There are dozens of different mortgage options available today, and some even have low down payment or credit score requirements. This can help a variety of buyers finally achieve their real estate goals.
- Need help finding a lender or choosing the right mortgage for your needs? We’d be more than happy to offer a few recommendations.
Home Financing 101: The Most Common Types of Mortgages
Let’s face it—understanding mortgages can be the most complicated part of buying a home. Even experienced buyers sometimes have trouble deciding between lenders or shopping around for the best interest rate. And because there are so many options, it can be difficult to track down the mortgage that best meets your needs.
There are a variety of factors you should consider before committing to a loan, such as your income, debt, financial history, and how long you plan on staying in your new home. But if you play your cards right, you could end up scoring a great deal. Here are some of the most popular types of mortgages, as well as their pros and cons. Continue reading
Black Friday and Cyber Monday are behind us, yet finding the perfect holiday gifts for friends and family is certainly still top of mind for many right now. This year, there’s another type of buyer that’s very active this holiday season – the home buyer.
Each month, ShowingTime releases their Showing Index which tracks the average number of appointments received on active U.S. house listings. The most recent index notes:
“The Showing Index reported a 60.9 percent jump in nationwide showing traffic year over year in October, the sixth consecutive month to see an increase over last year.”
Here’s the breakdown of the latest activity by region of the country compared to this time last year:
- The Northeast increased by 65.5%
- The West increased by 64.7%
- The Midwest increased by 55.7%
- The South increased by 54.7%
Why is the traffic so active?
The health crisis definitely put home buying plans on pause for many earlier this year. Buyers, however, are in the market and making moves well past the typical busy home buying seasons of spring and summer.
One of the main reasons buyer traffic has continued to soar in the second half of 2020 is how dramatically mortgage rates have fallen. According to Freddie Mac, the average mortgage rate last December was 3.72%. Today, the rate is a full percentage point lower.
There are first-time, move-up, and move-down buyers actively looking for the home of their dreams this winter. If you’re thinking of selling your house in 2021, you don’t need to wait until the spring to do it. Your potential buyer is very likely searching for a home in your neighborhood right now. Give us a call today at 734-761-3060 to talk about your home buying or selling options!
It’s a common real estate predicament: selling the home you currently live in while trying to buy a new one. So… what’s the most efficient way to go about it?
All in all, it depends on your situation. Are you willing to buy a second home without having sold your first one? Or are you relying on the payoff from your current home for the down payment on your new one? Are you relocating? Upgrading? Downsizing? Your reasons for selling will most likely dictate how you’ll go about the process.
So, here are four things to keep in mind when you’re buying and selling a home at the same time.
It’s All About Timing
What works best for you? If you’re selling your home because you’re relocating to a new area, it might make more sense to sell your current home first before buying a new home in a new market.
However, if you have enough money saved up for a down payment, it may be easier to buy your new home first, then sell your old home once you’ve moved to the new one. Continue reading
This year has been difficult for just about everyone, but if you were (or still are) thinking about buying a home in 2020, you might be feeling more than a little overwhelmed. An ongoing pandemic, the subsequent recession, and general uncertainty have forced many house-hunters to put their real estate dreams on hold. However, despite all these potential obstacles, homeownership is still a very attainable goal.
Don’t Let These Myths Keep You From Buying a Home!
Buying a home is a huge decision, and it’s one you shouldn’t make without careful planning. Unfortunately, there’s a lot of misinformation out there regarding the home-buying process and the real estate market as a whole, especially as the nation continues to navigate an unpredictable year.
Still unsure about making a move during 2020? Here are four of the most common myths that deter today’s buyers—and why you shouldn’t believe them. Continue reading
To say that 2020 has been a bit of a whirlwind would be an understatement. And as we get closer to the end of the year, many buyers and sellers are wondering if it makes financial sense to enter the market. Although the warmer months are typically considered the best time to move, buyer demand continues to surge into fall, while the available supply of homes just keeps dwindling. This has caused home prices to skyrocket to one of their highest points ever.
Need some advice before breaking into today’s competitive housing market? We have a few details to consider before making any big decisions.
Buying or Selling Soon? Here’s How Rising Home Prices Will Affect Your Move
Real estate has always been about supply and demand. For example, during the housing market crash of 2008, home prices plummeted partially because of low buyer interest. Today, though, we’re seeing the opposite—prices are increasing due to waning supply and rock-bottom mortgage interest rates.
Picture this: you’ve found a seemingly perfect home in just the right neighborhood. It has every single one of your must-haves, plenty of space, and even all of the features you want. But on the tour, your agent spots a few big problems, like a crack in the foundation or signs of water damage. Should you walk away from what seems like your dream house?
Unless you’re looking to tackle a fixer-upper, you may want to proceed with caution if you run into any of these red flags during a showing.
Watch Out for These 6 Red Flags During a Showing
As you tour homes, it’s important to remember that a seller may not always disclose (or know) the whole truth about their house. If you ever have any questions about a home’s condition, make sure to ask your agent. They’ll often be able to spot problems that you may not see yourself, and they can also help you decide whether or not a certain issue is a dealbreaker.
If you have dogs, cats, or other pets in your home, you probably consider them to be part of your family. And if you’re thinking about making a move soon, that means you’ll want to take their needs into consideration, too. Here’s our ultimate guide to finding the perfect place you and your furry friend will love!
The 4 Factors to Consider When Buying a Home with Pets
According to a recent survey by CNBC, 79% of pet owners who recently purchased a home said they would have passed up a seemingly perfect property if it didn’t fit their pets’ needs. So it’s no surprise that pet-friendly features—like large, fenced-in yards and proximity to parks—are now in high demand with today’s buyers. Continue reading
You’ve probably heard that spring and summer are the best seasons for home buying. After all, there’s more inventory on the market, and the warm weather is ideal for showings. However, the ongoing global health crisis has shattered the idea of the “peak home buying season” and left many potential buyers wondering if now is still the right time to make a move.
The Merits (and Downsides) of Buying a Home During Each Season
Most real estate markets fluctuate from month to month, as do prices and inventory. Before you decide when to buy, it’s important to weigh the pros and cons of each season and ask a local agent about trends in your area. Here are a few benefits of buying during every season…as well as a few drawbacks. Continue reading