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Owning a Home Is Still More Affordable Than Renting One If spending more time at home over the past year is making you really think hard about buying a home instead of renting one, you’re not alone. You may be wondering, however, if the dollars and cents add up in your favor as home prices continue to rise. According to the experts, in many cases, it’s still more affordable to buy a home than rent one. Here’s why. ATTOM Data Solutions recently released the 2021 Rental Afforda...bility Report, which states: Owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572, or 63 percent of the 915 U.S. counties analyzed for the report. That has happened even though median home prices have increased more than average rents over the past year in 83 percent of those counties and have risen more than wages in almost two-thirds of the nation. How is this possible? The answer: historically low mortgage interest rates. Todd Teta, Chief Product Officer with ATTOM Data Solutions, explains: Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is still more affordable, as amazingly low mortgage rates that dropped below 3 percent are helping to keep the cost of rising home prices in check. In 2020, mortgage rates reached all-time lows 16 times, and so far, they’re continuing to hover in low territory this year. These low rates are a big factor in driving affordability. Teta also notes: It’s startling to see that kind of trend. But it shows how both the cost of renting has been relatively high compared to the cost of ownership and how declining interest rates are having a notable impact on the housing market and home ownership. The coming year is totally uncertain, amid so many questions connected to the Coronavirus pandemic and the broader economy. But right now, owning a home still appears to be a financially-sound choice for those who can afford it. Bottom Line If you’re considering buying a home this year, let’s connect today to discuss the options that match your budget while affordability is in your favor.

Why Not to Wait Until Spring to Make a Move The housing market recovery coming into the new year has been nothing short of remarkable. Many experts agree the turnaround from the nation’s economic pause is playing out extremely well for real estate, and the current market conditions are truly making this winter an ideal time to make a move. Here’s a dive into some of the biggest wins for homebuyers this season. 1. Mortgage Rates Are Historically Low... In 2020, mortgage rates hit all-time lows 16 times. Continued low rates have set buyers up for significant long-term gains. In fact, realtor.com notes: Given this means homes could cost potentially tens of thousands less over the lifetime of the loan. Essentially, it’s less expensive to borrow money for a home loan today than it has been in years past. Although mortgage rates are expected to remain relatively low in 2021, even the slightest increase can make a big difference in your payments over the lifetime of a home loan. So, this is a huge opportunity to capitalize on right now before mortgage rates start to rise. 2. Equity Is Growing According to John Burns Consulting, 58.7% of homes in the U.S. have at least 60% equity, and 42.1% of all homes in this country are mortgage-free, meaning they’re owned free and clear. In addition, CoreLogic notes the average equity homeowners gained since last year is $17,000. That’s a tremendous amount of forced savings for homeowners, and an opportunity to use this increasing equity to make a move into a home that fits your changing needs this season. 3. Home Prices Are Appreciating According to leading experts, home prices are forecasted to continue appreciating. Today, many experts are projecting more moderate home price growth than last year, but still moving in an upward direction through 2021. Knowing home values are increasing while mortgage rates are so low should help you feel confident that buying a home before prices rise even higher is a strong long-term investment. 4. There Are Not Enough Homes for Sale With today’s low inventory of homes on the market, which is contributing to this home price appreciation, sellers are in the driver’s seat. The competition is high among buyers, so homes are selling quickly. Making a move while so many buyers are looking for homes to purchase may mean your house rises to the top of the buyer pool. Selling your house before more listings come to the market in the traditionally busy spring market might be your best chance to shine. Bottom Line If you’re considering making a move, this may be your moment, especially with today’s low mortgage rates and limited inventory. Let’s connect to get you set up for home buying success in the new year.

4 Reasons Why the Election Won’t Dampen the Housing Market Tomorrow, Americans will decide our President for the next four years. That decision will have a major impact on many aspects of life in this country, but the residential real estate market will not be one of them. Analysts will try to measure the impact feasible changes in regulations might have on housing, the effect of a possible first-time buyer program, and any number of other situations based on who wins. The ho...Continue reading

Should I Renovate My House Before I Sell It? In today’s hyper-competitive market, buyers are often willing to overlook cosmetic or minor repair needs if it means snagging a home in their price range. With so few houses available for sale today, you may be able to skip the bigger renovations before you sell and cash in on the current demand for your house. If you’re ready to move, let’s connect to determine your best next steps in this sellers’ market.

Selling Your House Is the Right Move, Right Now Some Highlights Demand from homebuyers has skyrocketed this year, which means today’s sellers are poised to win big. This ideal moment in time to sell your house won’t last forever, though.... With more sellers coming to the market in the spring, waiting until next year means buyers will have more choices, so your home may not stand out from the crowd. Let’s connect today to discuss why now may be the right time to make a move on your terms.

Real Estate Continues to Show Unprecedented Strength This Year The 2020 housing market has surpassed all expectations and continues to drive the nation’s economic recovery. The question is, will this positive trend continue throughout the rest of the year, especially given the uncertainty around the current health crisis, the upcoming election, and more? Here’s a look at what several industry-leading experts have to say.... Lawrence Yun, Chief Economist, National Association of Realtors Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the marketFurther gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery. Frank Martell, President and CEO, CoreLogic Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressuresAlthough the exact contours of the economic recovery remain uncertain, we expect current equity gains, fueled by strong demand for available homes, will continue to support homeowners in the near term. Zillow Zillow’s predictions for seasonally adjusted home prices and pending sales are more optimistic than previous forecasts because sales and prices have stayed strong through the summer months amid increasingly short inventory and high demand. The pandemic also pushed the buying season further back in the year, adding to recent sales. Future sources of uncertainty including lapsed fiscal relief, the long-term fate of policies supporting the rental and mortgage market, and virus-specific factors, were incorporated into this outlook. Bottom Line Many economists are in unison, indicating the housing market will continue to fuel the economy through the end of the year, maintaining this unprecedented strength.

Is it Time to Move into a Single-Story Home? Once the kids have left the nest, you may be wondering what to do with all of the extra space in your home. Chances are, you don’t need four bedrooms anymore, and it may be a great time to sell your house and downsize, maybe even into a single-story home. You’ve likely gained significant equity if you’ve lived in your home for a while, so making a move while demand for your current house is high could be your best step forward towa...rd the retirement goals you set out to achieve several years ago. The dilemma, though, is where to go next. A big concern for many homeowners who are ready to sell is finding a home to move into, given today’s lack of houses available for sale. There is, however, some good news: the number of single-family 1-story homes being built today is on the rise, improving your odds of finding the right home for your changing needs. What are the benefits of buying a one-story home? Still not sure about buying a single-story home? An article from Home Talk covers several advantages of switching from two floors to one: 1. Energy Efficient It is easier to heat and cool a single-story house [than] it would be to regulate the temperatures of a multi-story house. Most single-story homes only need one heating or cooling unit, and they typically stay cooler than a two-story home, both of which can lead to significant savings. 2. Easier to Maintain Doing a general cleaning in a single story requires less effort and you will be able to see all areas that need cleaning and the areas are easily accessible. Cleaning and maintenance of a single-story home can take less time and effort, and better upkeep helps improve the overall value of the home. 3. Accessible for Everyone A single-story house can be accessed by anyone, whether they are young children or the senior citizens. If you’re looking for a house that provides a safe and easily accessible environment at any age, a single-story home may be optimal. 4. Great Resell Potential When buying a single-story house, you should consider the resale value should you think of reselling it in case of a circumstance that can happen. Look at the growth rate of that area. Due to the high demand of these types of houses it is [easy] to resell them and depending on the growth rate of an area, it increases in value significantly. Single-story homes have a lot of benefits and are often in higher demand. This bodes well for future resale opportunities. Bottom Line There are many benefits to downsizing into a one-story home. Doing so while demand for your current house is high might make it easier than ever to make a move. Let’s connect if you’re ready to purchase the single-story home you need while homes are so affordable today, and be sure to check out: www.hillmeadowsmh.com (6 Single Story homes currently under construction and ready for move in January/February 2021)

Have You Ever Seen a Housing Market Like This? The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here’s a look at four key areas that are fundamentally defining the market this year....Continue reading

The Cost of Renting Vs. Buying a Home The percentage of income needed to afford a median-priced home today is declining, while that for renting is on the rise. This is making buying a home an increasingly attractive option for many people, especially with low mortgage rates driving purchasing power.... Let’s connect if you’d like expert guidance on exploring your home buying options while affordability is high.

Finding the right home to purchase today is one of the biggest challenges for potential buyers. With so few homes for sale and construction of newly built homes ramping up, you may be wondering if you should consider new construction in your search process. It’s a great question to ask, and one to look at from the pros and cons of what it means to buy a new home versus an existing one. Here are a few things to consider when making the best decision for your family. New Constr...Continue reading

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