KWhomegirls Real Estate

Will the Housing Market Maintain Its Momentum? Last week’s Existing Home Sales Report from the National Association of Realtors (NAR) shows sales have dropped by 3.7% compared to the month before. This is the second consecutive month that sales have slumped. Some see this as evidence that the red-hot real estate market may be cooling. However, there could also be a simple explanation as to why existing home sales have slowed there aren’t enough homes to buy. There are curre...ntly 410,000 fewer single-family homes available for sale than there were at this time last year. Lawrence Yun, Chief Economist at NAR, explains in the report, "The sales for March would have been measurably higher, had there been more inventory. Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising." Yun’s insight was supported the next day when the Census Bureau released its Monthly New Residential Sales Report. It shows that newly constructed...

Planning to Move? You Can Still Secure a Low Mortgage Rate on Your Next Home This year, mortgage rates have started to slowly climb above recent record-breaking lows. Many homeowners planning to move may feel like they’ve missed the chance to score a great rate on their next mortgage. In reality, there’s still time to secure a rate far below the historic norm. After creeping up, average mortgage rates have dropped more recently. With rates taking a slight dip over the past tw...o weeks at the same time the inventory of houses for sale is so low, homeowners today are sitting in the optimal seat to sell. What’s the advantage to selling your house now? Securing a low mortgage rate on your next home. Experts are encouraging homeowners to act now before interest rates climb. Danielle Hale, Chief Economist at realtor.com, explains, mortgage rates slid for a second week ... but we don’t expect rates to stay at this level for too long. Hale continues...

How Much Time Do You Need To Save for a Down Payment? One of the biggest hurdles homebuyers face is saving for a down payment. As you’re budgeting and planning for your home purchase, you’ll want to understand how much you’ll need to put down and how long it will take you to get there. The process may actually move faster than you think. Using data from the U.S. Department of Housing and Urban Development (HUD) and Apartment List, we can estimate how long it might take someon...e earning the median income and paying the median rent to save up for a down payment on a median-priced home. Since saving for a down payment can be a great time to practice budgeting for housing costs, this estimate also uses the concept that a household should not pay more than 28% of their total income on monthly housing expenses. According to the data, the national average for the time it would take to save for a 10% down payment is right around two and a half years (2.53...

This Isn’t a Bubble. It’s Simply Lack of Supply. [INFOGRAPHIC] In a recent article, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), discussed the state of today’s housing market. When addressing whether or not today’s high buyer competition and rising home prices are evidence of a housing bubble, Yun said that this is not a bubble. It is simply lack of supply. Today’s housing market is healthy, and rising prices are driven by real buyer demand. DM me to learn the best ways to navigate such an energetic market.

Don’t Be Fooled by Remarkable Real Estate Headlines Don’t be impressed by the headlines reporting year-over-year housing numbers for the next several months (data covering March, April, May, and June). The data will most likely show eye-popping one-year increases. While the year-over-year jumps will certainly be striking, consumers should take these numbers with a grain of salt, as the situation highlights a short-term quirk in the reporting of this data. Essentially, the inc...reases will reflect a combination of two things: sharply lower housing numbers during last year’s virus-related market collapse and the subsequent strong rebound. This will result in what will appear to be unbelievable growth. Consider single-family home sales as an example. Last spring’s buying market was anything but typical. Instead of sales increasing, they fell sharply as a result of stay-at-home orders that virtually shut the real estate industry down. This spring’s...

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Home Is Where the Heart Is [INFOGRAPHIC] There’s no doubt about it: homeowners love their homes, and that feeling has become even more important over the past year. The vast majority of homeowners say they’re emotionally attached to their home and that it has kept them safe during the COVID-19 pandemic. Owning a home provides a sense of safety, security, and accomplishment. DM me to move your homeownership goals forward today.

Why This Is a Great Year to Sell Your Vacation Home As vaccines are administered and travel resumes, many of us are beginning to plan for those long-awaited vacations we missed out on over the past year. Some households are focusing their efforts on buying a vacation home rather than staying in a hotel, too. The National Association of Home Builders (NAHB) reports, Second homes (i.e., homes sold to buyers who are not going to occupy the home year-round, but use it as a vacat...ion home, investment property, etc.) account for 15 percent of new single-family home sales. It’s not surprising that there’s an increase in demand for vacation homes. The majority of Americans are realizing they prefer to be around small groups, as shown in a recent survey from The Harris Poll. Social distancing taught consumers new things about how they like to socialize; (75%) said, ‘during COVID social distancing I realized I preferred smaller social gatherings at home...

The Reason Mortgage Rates Are Projected to Increase and What It Means for You We’re currently experiencing historically low mortgage rates. Over the last fifty years, the average on a Freddie Mac 30-year fixed-rate mortgage has been 7.76%. Today, that rate is 2.81%. Flocks of homebuyers have been taking advantage of these remarkably low rates over the last twelve months. However, there’s no guarantee rates will remain this low much longer. Whenever we try to forecast mortgage... rates, we should consider the advice of Mark Fleming, Chief Economist at First American: You know, the fallacy of economic forecasting is don't ever try and forecast interest rates... See more

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Today, almost three million households are actively in a forbearance plan. Though 29.4% of those in forbearance have continued to stay current on their payments, many have not. The question now is: how many of them will be able to catch up after their forbearance program ends? There’s speculation that a forthcoming wave of foreclosures could be the result, and that could lead to another crash in home values like we saw a decade ago. However, today’s situation is different tha...n the 2006-2008 housing crisis as many homeowners have tremendous amounts of equity in their homes. What are the experts saying? According to Michael Sklarz, President at Collateral Analytics, We may very well see a meaningful increase in the number of homes listed for sale as these borrowers choose to sell at what is arguably an intermediate top in the market and downsize to more affordable homes rather than face foreclosure. According to Odeta Kushi, Deputy Chief Economist at First American, With enough equity, a homeowner has the option of selling their home, or tapping into their equity through a refinance, to help weather the economic shock. And according to Don Layton, Senior Industry Fellow at the Joint Center for Housing Studies of Harvard University, So, what should lenders and servicers expect: a large number of foreclosures or only a modest increase? I believe the latter. Won’t the additional homes on the market impact prices? Distressed properties (foreclosures and short sales) sell at a significant discount. If homeowners sell instead of going into foreclosure, the impact on the housing market will be much less severe. We must also realize there is currently an unprecedented lack of inventory on the market. Just last week, realtor.com explained, Nationally, the number of homes for sale was down 39.6%, amounting to 449,000 fewer homes for sale than last December. It’s important to remember that there weren’t enough homes for sale even then, and inventory has only continued to decline. #kwhomegirls #wehelpbuyersandsellers #realestate #homeownership #homebuying #realestategoals #realestatetips #realestatelife #realestatenews #realestateadvice

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