Greater San Diego Real Estate BlogRecently posted or modified blog postshttps://www.paulrealtyteam.com/blog/Copyright PaulRealtyTeam.com2022-09-29T08:15:16-07:00tag:paulrealtyteam.com,2012-09-20:22198If You’re Thinking of Selling Your House This Fall, Hire a Pro
If You’re Thinking of Selling Your House This Fall, Hire a Pro
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Today’s market is at a <a href="https://www.mykcm.com/2022/09/14/is-the-real-estate-market-slowing-down-or-is-this-a-housing-bubble/" title="turning point">turning point</a>, 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 market trends, but they’re also experts in managing the many aspects of <a href="https://www.mykcm.com/2022/09/21/top-reasons-homeowners-are-selling-their-houses-right-now/" title="selling your house">selling your house</a>.
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 mortgage rates and moderating buyer demand, conditions are changing and staying on top of the latest market information is crucial when you sell.
Working with an expert <a href="https://www.mykcm.com/2022/08/29/a-trusted-real-estate-advisor-provides-expert-advice/" title="real estate advisor">real estate advisor</a> helps ensure you can stay updated on what’s happening. They know your local area and follow national trends too. More importantly, they’ll know what this data means for you, and as the market shifts, they’ll be able to help you navigate it and make your best decision.
2. A Professional Helps Maximize Your Pool of Buyers
Your agent’s role in <a href="https://www.mykcm.com/2022/09/12/getting-your-house-ready-to-sell-work-with-an-agent-for-expert-advice/" title="bringing in buyers">bringing in buyers</a> is important. Real estate professionals have a large variety of tools at their disposal, such as social media followers, agency resources, and the Multiple Listing Service (MLS) to ensure your house is viewed by the most buyers. Investopedia <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" title="explains" target="_blank" rel="noopener noreferrer">explains</a> why it’s risky to sell on your own without the network an agent provides:
“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. 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.”
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 National Association of Realtors (NAR) explains it best, <a href="https://magazine.realtor/sales-and-marketing/handouts-for-customers/for-sellers/8-reasons-to-work-with-a-realtor" title="saying" target="_blank" rel="noopener noreferrer">saying</a>:
“Selling a home typically requires a variety of forms, reports, disclosures, and other legal and financial documents. . . . Also, there’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.”
A real estate professional knows exactly what needs to happen, what all the fine print 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:
The buyer, who wants the best deal possible
The buyer’s agent, who will use their expertise to advocate for the buyer
The inspection company, which works for the buyer and will almost always find concerns with the house
The appraiser, who assesses the property’s value to protect the lender
In today’s changing market, buyers are regaining some <a href="https://www.mykcm.com/2022/09/15/buyers-are-regaining-some-of-their-negotiation-power-in-todays-housing-market/" title="negotiation power">negotiation power</a> as bidding wars ease. Instead of going toe-to-toe with all the above 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 be more likely to overshoot your <a href="https://www.mykcm.com/2022/08/09/selling-your-house-your-asking-price-matters-more-now-than-ever/" title="asking price">asking price</a>. That could mean your house will sit on the market because you priced it too high for where the market is now. Today, pricing a house requires even more expertise to ensure you get it right. NAR <a href="https://magazine.realtor/sales-and-marketing/handouts-for-customers/for-sellers/8-reasons-to-work-with-a-realtor" title="explains" target="_blank" rel="noopener noreferrer">explains</a> it like this:
“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.”
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 sale price.
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 your house, let’s connect.
2022-09-29T08:13:00-07:002022-09-29T08:15:16-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:22179Why You Should Consider Condos as Part of Your Home Search
<article id="post-104918" class="post-104918 post type-post status-publish format-standard has-post-thumbnail hentry category-first-time-home-buyers category-buyers">
Why You Should Consider Condos as Part of Your Home Search
<img width="750" height="410" src="https://files.mykcm.com/2022/09/27124715/20220928-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Why You Should Consider Condos as Part of Your Home Search | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/27124715/20220928-KCM-Share.jpg 750w, https://files.mykcm.com/2022/09/27124715/20220928-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/09/27124715/20220928-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
The historically low inventory over the past few years led to challenges for many buyers trying to find a home that met their needs and their budget. If you’re in the same boat, you should know the recent shift in the housing market may have opened up doors for you to restart your search.
The inventory of homes for sale <a href="https://www.mykcm.com/2022/08/25/why-you-may-want-to-start-your-home-search-today/" title="has increased">has increased</a> this year, and that’s giving buyers much needed options. As Danielle Hale, Chief Economist at realtor.com, <a href="https://www.realtor.com/research/weekly-housing-trends-view-data-week-sep-10-2022/" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“. . . today’s shoppers have more than 5 homes to consider for every 4 they had at this time a year ago.”
But perspective is important. Overall, housing supply is still low. If you need even more choices, <a href="https://www.mykcm.com/2022/09/13/three-things-buyers-can-do-in-todays-housing-market/" title="expanding your search">expanding your search</a> by adding additional housing types, like condominiums, could help.
Exploring Condos Could Add Options That Fit Your Budget
One thing to consider is condos generally differ from single-family homes in average space and floorplans. But that size difference is one reason why condos can be a more affordable option. According to a <a href="https://www.realtor.com/research/2022-condo-affordability/" title="recent report" target="_blank" rel="noopener noreferrer">recent report</a> from realtor.com, condo buyers paid roughly 7% less for their home than buyers of other housing types last year. With rising mortgage rates and home prices, the relative affordability of a condo could be worth considering.
Remember, your first home doesn’t have to be your forever home. The important thing is to get your foot in the door as a homeowner. Buying a condo now can springboard you into a bigger home later on. An <a href="https://www.urban.org/urban-wire/housing-market-needs-more-condos-why-are-so-few-being-built" title="article" target="_blank" rel="noopener noreferrer">article</a> from the Urban Institute explains:
“Because condos and co-ops are generally more affordable, they tend to help first-time homebuyers step onto the first rung of the homeownership ladder. These buyers often use the equity on their condo to then purchase a larger single-family home.”
In other words, owning a condo will help you start <a href="https://www.mykcm.com/2022/09/06/how-owning-a-home-builds-your-net-worth/" title="building wealth">building wealth</a> in the form of home equity. In time, the <a href="https://www.mykcm.com/2022/09/20/watching-the-stock-market-check-the-value-of-your-home-for-good-news/" title="equity">equity</a> you build can fuel a future purchase should you decide you want to buy a home with more space or different amenities.
Condo Living Provides Several Great Perks
Boosting the number of options in your budget during your home search is just one reason to consider condos, but there are several other benefits to condo living.
First, they tend to require minimal upkeep and lower maintenance – and that can give you more time to spend doing the things you enjoy. A recent article from Bankrate highlights this, <a href="https://www.bankrate.com/real-estate/buy-house-condo-townhouse-apartment/" title="saying" target="_blank" rel="noopener noreferrer">saying</a>:
“Condos can be a good option for anyone who wants to keep home maintenance to a minimum . . . if the roof is leaking or the carpet in the lobby needs to be replaced, that’s not your responsibility — the condo association handles those duties.”
Plus, since many condos are located in or near city centers, they offer the added benefit of being in close proximity to work and leisure. Again, realtor.com <a href="https://www.realtor.com/research/2022-condo-affordability/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“Buying a condo, which is generally less expensive than a single-family home, enables a household to afford to own in the middle of it all, and often means a newer-built home with less maintenance responsibility.”
Ultimately, owning and living in a condo can be a lifestyle choice. And if that appeals to you, they could give you the added options you need to buy your first home.
Bottom Line
Adding condominiums to your housing search could be a great move. If you’re ready to search condos in our area, let’s connect today.
</article>
2022-09-28T08:19:00-07:002022-09-28T08:21:02-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:22164How an Expert Can Help You Understand Inflation & Mortgage Rates
How an Expert Can Help You Understand Inflation & Mortgage Rates
<img width="750" height="410" src="https://files.mykcm.com/2022/09/26123312/202209207-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="How an Expert Can Help You Understand Inflation & Mortgage Rates | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/26123312/202209207-KCM-Share.jpg 750w, https://files.mykcm.com/2022/09/26123312/202209207-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/09/26123312/202209207-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
If you’re following today’s housing market, you know two of the top issues consumers face are inflation and mortgage rates. Let’s take a look at each one.
Inflation and the Housing Market
This year, <a href="https://www.mykcm.com/2022/05/20/dont-let-rising-inflation-delay-your-homeownership-plans-infographic/" title="inflation">inflation</a> reached a high not seen in <a href="https://www.cnbc.com/2022/06/10/consumer-price-index-may-2022.html" title="forty years" target="_blank" rel="noopener noreferrer">forty years</a>. For the average consumer, you probably felt the pinch at the gas pump and in the grocery store. It may have even impacted your ability to save money to buy a home.
While the Federal Reserve is working hard to lower inflation, the <a href="https://www.nar.realtor/blogs/economists-outlook/instant-reaction-consumer-price-index-september-13-2022" title="August data" target="_blank" rel="noopener noreferrer">August data</a> shows the inflation rate was still higher than expected. This news impacted the stock market and fueled conversations about a recession. It also played a role in the Federal Reserve’s decision to raise the Federal Funds Rate last week. As Bankrate <a href="https://www.bankrate.com/real-estate/how-fed-rate-hike-affects-housing/" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“. . . the Fed has raised rates again, announcing yet another three-quarter-point hike on September 21 . . . The hikes are designed to cool an economy that has been on fire. . .”
While their actions don’t directly dictate what happens with mortgage rates, their decisions have contributed to the intentional cooldown in the housing market. A recent article from Fortune <a href="https://fortune.com/2022/08/15/falling-home-prices-to-hit-these-housing-markets-in-2023-and-2024/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“As the Federal Reserve moved into inflation-fighting mode, financial markets quickly put upward pressure on mortgage rates. Those elevated mortgage rates . . . coupled with sky-high home prices, threw cold water onto the housing boom.”
The Impact on Rising Mortgage Rates
Over the past few months, mortgage rates have fluctuated in light of growing economic pressures. Most recently, the average 30-year fixed <a href="http://www.freddiemac.com/pmms/pmms_archives.html" title="mortgage rate" target="_blank" rel="noopener noreferrer">mortgage rate</a> according to Freddie Mac ticked above 6% for the first time in well over a decade (see graph below):
<a href="https://files.mykcm.com/2022/09/26123309/20220927-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104905" src="https://files.mykcm.com/2022/09/26123309/20220927-MEM-Eng-1.png" alt="How an Expert Can Help You Understand Inflation & Mortgage Rates | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/09/26123309/20220927-MEM-Eng-1.png 960w, https://files.mykcm.com/2022/09/26123309/20220927-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/09/26123309/20220927-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/09/26123309/20220927-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
The mortgage rate increases this year are the big reason <a href="https://www.mykcm.com/2022/09/19/will-my-house-still-sell-in-todays-market/" title="buyer demand">buyer demand</a> has pulled back in recent months. Basically, as rates (and home prices) rose, so did the cost of buying a home. That pushed on <a href="https://www.mykcm.com/2022/09/13/three-things-buyers-can-do-in-todays-housing-market/" title="affordability">affordability</a> and priced some buyers out of the market, so home sales slowed and the <a href="https://www.mykcm.com/2022/08/25/why-you-may-want-to-start-your-home-search-today/" title="inventory">inventory</a> of homes for sale grew as a result.
Where Experts Say Rates and Inflation Will Go from Here
Moving forward, both of these factors will continue to impact the housing market. A <a href="https://www.cnet.com/personal-finance/mortgages/mortgage-rates-on-sep-26-2022-rates-tick-up/" title="recent article" target="_blank" rel="noopener noreferrer">recent article</a> from CNET puts the relationship between inflation and mortgage rates in simple terms:
“As a general rule, when inflation is low, mortgage rates tend to be lower. When inflation is high, rates tend to be higher.”
Sam Khater, Chief Economist at Freddie Mac, has this to <a href="https://freddiemac.gcs-web.com/node/25711/pdf" title="say" target="_blank" rel="noopener noreferrer">say</a> about where rates may go from here:
“Mortgage rates remained volatile due to the tug of war between inflationary pressures and a clear slowdown in economic growth. The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, . . .”
While there’s no way to say with certainty where mortgage rates will go from here, there is something you can do to stay informed, and that’s connect with a trusted real estate advisor. They keep their pulse on what’s happening today and help you understand what the experts are projecting. They can provide you with the <a href="https://www.mykcm.com/2022/08/29/a-trusted-real-estate-advisor-provides-expert-advice/" title="best advice">best advice</a> possible.
Bottom Line
Rising inflation and higher mortgage rates have had a clear impact on housing. For expert insights on the latest trends in the housing market and what they mean for you, let’s connect.
2022-09-27T08:08:00-07:002022-09-27T08:10:32-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:22141The True Strength of Homeowners Today
<article id="post-104853" class="post-104853 post type-post status-publish format-standard has-post-thumbnail hentry category-buyers category-sellers category-housing-market-updates">
The True Strength of Homeowners Today
<img width="750" height="410" src="https://files.mykcm.com/2022/09/22164603/20220926-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="The True Strength of Homeowners Today | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/22164603/20220926-KCM-Share.jpg 750w, https://files.mykcm.com/2022/09/22164603/20220926-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/09/22164603/20220926-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
The real estate market is on just about everyone’s mind these days. That’s because the unsustainable market of the past two years is behind us, and the difference is being felt. The question now is, just how financially strong are homeowners throughout the country? Mortgage debt grew beyond <a href="https://www.newyorkfed.org/newsevents/news/research/2022/20220802" title="10 trillion dollars" target="_blank" rel="noopener noreferrer">10 trillion dollars</a> over the past year, and many called that a troubling sign when it happened for the first time in history.
Recently Odeta Kushi, Deputy Chief Economist at First American, answered that question when she <a href="https://twitter.com/odetakushi/status/1569338892830265344" title="said" target="_blank" rel="noopener noreferrer">said</a>:
“U.S. households own $41 trillion in owner-occupied real estate, just over $12 trillion in debt, and the remaining ~$29 trillion in equity. The national “LTV” in Q2 2022 was 29.5%, the lowest since 1983.”
She continued on to <a href="https://twitter.com/odetakushi/status/1569338906604359685" title="say" target="_blank" rel="noopener noreferrer">say</a>:
“Homeowners had an average of $320,000 in inflation-adjusted equity in their homes in Q2 2022, an all-time high.”
What Is LTV?
The term LTV refers to loan to value ratio. For more context, here’s how the Mortgage Reports <a href="https://themortgagereports.com/13598/loan-to-value-for-mortgages-explained-in-plain-english" title="defines" target="_blank" rel="noopener noreferrer">defines</a> it:
“Your ‘loan to value ratio’ (LTV) compares the size of your mortgage loan to the value of the home. For example: If your home is worth $200,000, and you have a mortgage for $180,000, your LTV ratio is 90% — because the loan makes up 90% of the total price.
You can also think about LTV in terms of your down payment. If you put 20% down, that means you’re borrowing 80% of the home’s value. So your LTV ratio is 80%.”
Why Is This Important?
This is yet <a href="https://www.mykcm.com/2022/09/14/is-the-real-estate-market-slowing-down-or-is-this-a-housing-bubble/" title="another reason">another reason</a> we won’t see the housing market crash. <a href="https://www.mykcm.com/2022/09/20/watching-the-stock-market-check-the-value-of-your-home-for-good-news/" title="Home equity">Home equity</a> allows homeowners to be in control. For example, if someone did need to sell their home, they likely have the equity they need to be able to <a href="https://www.mykcm.com/2022/09/08/should-i-sell-my-house-this-year/" title="sell it">sell it</a> and still put money in their pocket. This was not the case back in 2008, when many owed more on their homes than they were worth.
Bottom Line
Homeowners today have more financial strength than they have had since 1983. This is a combination of how homeowners have handled equity since the crash and rising home prices of the last two years. And this is yet another reason homeownership in any market makes sense.
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2022-09-26T23:43:00-07:002022-09-26T08:44:07-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:22111 Fall Home Selling Checklist [INFOGRAPHIC]
<article id="post-104837" class="post-104837 post type-post status-publish format-standard has-post-thumbnail hentry category-sellers category-infographics category-move-up-buyers-buyers">
Fall Home Selling Checklist [INFOGRAPHIC]
<img width="1046" height="1686" src="https://files.mykcm.com/2022/09/20145029/20220923-MEM-1046x1686.png" class="attachment-entry size-entry wp-post-image" alt="Fall Home Selling Checklist [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/20145029/20220923-MEM-1046x1686.png 1046w, https://files.mykcm.com/2022/09/20145029/20220923-MEM-372x600.png 372w, https://files.mykcm.com/2022/09/20145029/20220923-MEM-635x1024.png 635w, https://files.mykcm.com/2022/09/20145029/20220923-MEM-768x1238.png 768w, https://files.mykcm.com/2022/09/20145029/20220923-MEM-953x1536.png 953w, https://files.mykcm.com/2022/09/20145029/20220923-MEM-1271x2048.png 1271w, https://files.mykcm.com/2022/09/20145029/20220923-MEM-100x161.png 100w, https://files.mykcm.com/2022/09/20145029/20220923-MEM.png 1300w" sizes="(max-width: 1046px) 100vw, 1046px" />
Some Highlights
When it comes to <a href="https://www.mykcm.com/2022/09/19/will-my-house-still-sell-in-todays-market/" title="selling your house">selling your house</a>, you want it to look its best inside and out so it catches the attention of buyers. A real estate professional can help you decide what to do to make that happen.
Focus on tasks that can make it inviting, show it’s cared for, and boost your <a href="https://www.mykcm.com/2022/09/12/getting-your-house-ready-to-sell-work-with-an-agent-for-expert-advice/" title="curb appeal">curb appeal</a>.
Let’s connect so you have advice on what you may want to do to get your house ready to <a href="https://www.mykcm.com/2022/09/08/should-i-sell-my-house-this-year/" title="sell this season">sell this season</a>.
</article>
2022-09-23T23:15:00-07:002022-09-23T08:16:06-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:22081What Experts Say Will Happen with Home Prices Next Year
<article id="post-104842" class="post-104842 post type-post status-publish format-standard has-post-thumbnail hentry category-buyers category-sellers category-housing-market-updates category-pricing">
What Experts Say Will Happen with Home Prices Next Year
<img width="750" height="410" src="https://files.mykcm.com/2022/09/21134211/20220919-KCM-Share-1.jpg" class="attachment-entry size-entry wp-post-image" alt="What Experts Say Will Happen with Home Prices Next Year | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/21134211/20220919-KCM-Share-1.jpg 750w, https://files.mykcm.com/2022/09/21134211/20220919-KCM-Share-1-600x328.jpg 600w, https://files.mykcm.com/2022/09/21134211/20220919-KCM-Share-1-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
Experts are starting to make their 2023 home price forecasts. As they do, most agree homes will continue to gain value, just at a slower pace. Over the past couple of years, <a href="https://www.mykcm.com/2022/08/30/whats-actually-happening-with-home-prices-today/" title="home prices">home prices</a> have risen at an unsustainable rate, leaving many to wonder how long it would last. If you’re asking yourself: what’s ahead for the price of my home, know that experts are now answering this question, and its welcome news for homeowners who may have been led by the media to believe their home would lose value.
Historically, home prices have appreciated at a rate near <a href="https://www.forbes.com/sites/qai/2022/08/30/housing-prices-are-dropping---yes-a-house-is-still-a-good-investment/?sh=54fdefd17372" title="4%" target="_blank" rel="noopener noreferrer">4%</a>. For 2023, the average of six major forecasters noted below is 2.5%. While one, <a href="https://www.zelmanassociates.com/" title="Zelman &amp; Associates" target="_blank" rel="noopener noreferrer">Zelman & Associates</a>, is calling for depreciation, the other five are calling for appreciation. The graph below outlines each expert forecast to show where they project home prices are going in the coming year.
<a href="https://files.mykcm.com/2022/09/21134209/20220922-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104843" src="https://files.mykcm.com/2022/09/21134209/20220922-MEM-Eng-1.png" alt="What Experts Say Will Happen with Home Prices Next Year | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/09/21134209/20220922-MEM-Eng-1.png 960w, https://files.mykcm.com/2022/09/21134209/20220922-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/09/21134209/20220922-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/09/21134209/20220922-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
To understand why experts are calling for appreciation next year, look to the economics of supply and demand. Dave Ramsey, Financial Expert, <a href="https://www.youtube.com/watch?v=NDDwGqTVAdU" title="says" target="_blank" rel="noopener noreferrer">says</a> this:
“The root issue of what drives house prices almost always is supply and demand . . .”
Two things are driving home prices upward. First, the <a href="https://www.mykcm.com/2022/07/25/whats-causing-ongoing-home-price-appreciation/" title="undersupply">undersupply</a> of homes on the market is an issue we continue to face in this country. We still don’t have <a href="https://www.mykcm.com/2022/09/08/should-i-sell-my-house-this-year/" title="enough homes">enough homes</a> on the market for the <a href="https://www.mykcm.com/2022/09/19/will-my-house-still-sell-in-todays-market/" title="number of people">number of people</a> that want to buy them. To further that point, we’re still in a <a href="https://www.mykcm.com/2022/09/02/heres-why-its-still-a-sellers-market-infographic/" title="sellers’ market">sellers’ market</a> nationally, and in that scenario, home prices tend to appreciate.
Second, millennials are moving through their peak homebuying years. Since they’re the largest demographic behind the baby boomers, demand isn’t going away any time soon.
Bottom Line
Experts are calling for home prices to appreciate next year, although at a slower pace than the previous three years. The reason for this is simple. The dynamics of supply and demand are playing out in real estate and will continue for many years to come.
</article>
2022-09-22T23:12:00-07:002022-09-22T08:13:26-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:22038Top Reasons Homeowners Are Selling Their Houses Right Now
<article id="post-104829" class="post-104829 post type-post status-publish format-standard has-post-thumbnail hentry category-sellers category-interest-rates category-move-up-buyers-buyers">
Top Reasons Homeowners Are Selling Their Houses Right Now
<img width="750" height="410" src="https://files.mykcm.com/2022/09/20103544/20220921-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Top Reasons Homeowners Are Selling Their Houses Right Now | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/20103544/20220921-KCM-Share.jpg 750w, https://files.mykcm.com/2022/09/20103544/20220921-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/09/20103544/20220921-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
Some people believe there’s a group of homeowners who may be reluctant to <a href="https://www.mykcm.com/2022/09/12/getting-your-house-ready-to-sell-work-with-an-agent-for-expert-advice/" title="sell their houses">sell their houses</a> because they don’t want to lose the historically low mortgage rate they have on their current home. You may even have the same hesitation if you’re <a href="https://www.mykcm.com/2022/09/08/should-i-sell-my-house-this-year/" title="thinking about selling">thinking about selling</a> your house.
<a href="https://nationalmortgageprofessional.com/news/mortgage-rates-rise-half-homeowners-say-so-what" title="Data" target="_blank" rel="noopener noreferrer">Data</a> shows 51% of homeowners have a mortgage rate under 4% as of April this year. And while it’s true mortgage rates are higher than that right now, there are other non-financial factors to consider when it comes to making a move. In other words, your mortgage rate is important, but you may have other things going on in your life that make a move essential, regardless of where rates are today. As Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/newsroom/home-buyers-motivated-by-desire-to-be-closer-to-family-and-friends-sellers-collected-full-asking-price" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“Home sellers have historically moved when something in their lives changed – a new baby, a marriage, a divorce or a new job. . . .”
So, if you’re thinking about selling your house, it may help to explore the other reasons homeowners are choosing to make a move today. The <a href="https://www.realtor.com/research/2022-summer-sellers-survey/" title="2022 Summer Sellers Survey" target="_blank" rel="noopener noreferrer">2022 Summer Sellers Survey</a> by realtor.com asked recent home sellers why they decided to sell. The visual below breaks down how those homeowners responded:
<a href="https://files.mykcm.com/2022/09/20103542/20220921-MEM-Eng.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104830" src="https://files.mykcm.com/2022/09/20103542/20220921-MEM-Eng.png" alt="Top Reasons Homeowners Are Selling Their Houses Right Now | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/09/20103542/20220921-MEM-Eng.png 960w, https://files.mykcm.com/2022/09/20103542/20220921-MEM-Eng-600x450.png 600w, https://files.mykcm.com/2022/09/20103542/20220921-MEM-Eng-768x576.png 768w, https://files.mykcm.com/2022/09/20103542/20220921-MEM-Eng-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
As the visual shows, an appetite for different features or the fact that their current home could no longer meet their needs topped the list for recent sellers. Additionally, remote work and whether or not they need a home office or are tied to a specific physical office location also factored in, as did the desire to live close to their loved ones.
The realtor.com <a href="https://www.realtor.com/research/2022-summer-sellers-survey/" title="survey" target="_blank" rel="noopener noreferrer">survey</a> summarizes the findings like this:
“The primary reason homeowners decided to sell in the last year was the realization that, after so much time spent at home, they wanted different features and amenities, such as walkability, outdoor space, pool, etc. . . . ”
If you, like the homeowners they surveyed, find yourself wanting features, space, or amenities your current home just can’t provide, it may be time to consider listing your house for sale.
Even with today’s mortgage rates, your lifestyle needs may be enough to motivate you to make a change. The best way to find out what’s right for you is to partner with a trusted <a href="https://www.mykcm.com/2022/09/09/why-its-so-important-to-hire-a-pro-infographic/" title="real estate professional">real estate professional</a> who can provide expert guidance and advice throughout the process. They can help walk you through your options, so you can make a confident decision based on what matters most to you and your loved ones.
Bottom Line
While the financial reasons for moving are important, there’s often far more to consider. Non-financial reasons can also be a significant motivating factor. If you need help weighing the pros and cons of selling your house, let’s connect today.
</article>
2022-09-21T22:31:00-07:002022-09-21T07:31:33-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:22036Watching the Stock Market? Check the Value of Your Home for Good News.
<article id="post-104778" class="post-104778 post type-post status-publish format-standard has-post-thumbnail hentry category-buyers category-sellers category-housing-market-updates">
Watching the Stock Market? Check the Value of Your Home for Good News.
<img width="750" height="410" src="https://files.mykcm.com/2022/09/19101325/20229020-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Watching the Stock Market? Check the Value of Your Home for Good News. | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/19101325/20229020-KCM-Share.jpg 750w, https://files.mykcm.com/2022/09/19101325/20229020-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/09/19101325/20229020-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
While watching the stock market recently may have started to feel pretty challenging, checking the value of your home should come as welcome relief in this volatile time. If you’re a homeowner, your <a href="https://www.mykcm.com/2022/09/06/how-owning-a-home-builds-your-net-worth/" title="net worth">net worth</a> got a big boost over the past few years thanks to rising home prices. And that increase in your wealth came in the form of home equity. Here’s how it works.
Equity is the current value of your home minus what you owe on the loan. Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home prices appreciated substantially. And while <a href="https://www.mykcm.com/2022/08/25/why-you-may-want-to-start-your-home-search-today/" title="rising inventory">rising inventory</a> and <a href="https://www.mykcm.com/2022/09/07/expert-forecasts-on-mortgage-rates/" title="mortgage rates">mortgage rates</a> have cooled the market some in recent months, home prices nationally remain strong.
That’s why, according to the latest <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights-2022/" title="Homeowner Equity Insights" target="_blank" rel="noopener noreferrer">Homeowner Equity Insights</a> from CoreLogic, the average homeowner equity has grown by $60,000 over the last 12 months. While that’s the national number, if you want to know what happened, on average, over the past year in your area, look at the map below from CoreLogic:
<a href="https://files.mykcm.com/2022/09/19101326/20220920-MEM-Eng.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104780" src="https://files.mykcm.com/2022/09/19101326/20220920-MEM-Eng.png" alt="Watching the Stock Market? Check the Value of Your Home for Good News. | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/09/19101326/20220920-MEM-Eng.png 960w, https://files.mykcm.com/2022/09/19101326/20220920-MEM-Eng-600x450.png 600w, https://files.mykcm.com/2022/09/19101326/20220920-MEM-Eng-768x576.png 768w, https://files.mykcm.com/2022/09/19101326/20220920-MEM-Eng-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Why This Is So Important Right Now
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), helps <a href="https://www.nar.realtor/blogs/economists-outlook/instant-reaction-consumer-price-index-september-13-2022" title="explain" target="_blank" rel="noopener noreferrer">explain</a> why this matters so much today:
“. . . the decline in the stock market has dented overall net wealth. It has fallen by $6 trillion from the first to the second quarter. Only housing wealth has held on, with homeowners’ real estate wealth (home value minus mortgage balance) rising by $1.2 trillion.”
While equity helps increase your overall net worth, it 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, and it may be just what you need to cover a large portion – if not all – of the down payment on your next home.
Bottom Line
There’s volatility in today’s stock market, but home equity is still incredibly strong. To find out just how much equity you have in your current home, let’s connect.
</article>
2022-09-21T08:34:00-07:002022-09-20T17:34:53-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21999 Will My House Still Sell in Today’s Market?
<article id="post-104765" class="post-104765 post type-post status-publish format-standard has-post-thumbnail hentry category-sellers category-housing-market-updates category-selling-myths">
Will My House Still Sell in Today’s Market?
<img width="750" height="410" src="https://files.mykcm.com/2022/09/15114636/20220919-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Will My House Still Sell in Today’s Market? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/15114636/20220919-KCM-Share.jpg 750w, https://files.mykcm.com/2022/09/15114636/20220919-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/09/15114636/20220919-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
If recent headlines about the housing market cooling and buyer demand moderating have you worried you’ve missed your <a href="https://www.mykcm.com/2022/09/08/should-i-sell-my-house-this-year/" title="chance to sell">chance to sell</a>, here’s what you need to know. Buyer demand hasn’t disappeared, it’s just eased from the peak intensity we saw over the past two years.
Buyer Demand Then and Now
During the pandemic, <a href="https://www.mykcm.com/2022/09/07/expert-forecasts-on-mortgage-rates/" title="mortgage rates">mortgage rates</a> hit record lows, and that spurred a significant rise in buyer demand. This year, as rates increased due to factors like rising <a href="https://www.mykcm.com/2022/07/20/should-you-buy-a-home-with-inflation-this-high/" title="inflation">inflation</a>, buyer demand pulled back or softened as a result. The <a href="https://www.showingtime.com/blog/july-2022-showing-index-results" title="latest data" target="_blank" rel="noopener noreferrer">latest data</a> from ShowingTime confirms this trend (see graph below):
<a href="https://files.mykcm.com/2022/09/15114634/20220919-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104766" src="https://files.mykcm.com/2022/09/15114634/20220919-MEM-Eng-1.png" alt="Will My House Still Sell in Today’s Market? | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/09/15114634/20220919-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/09/15114634/20220919-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/09/15114634/20220919-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/09/15114634/20220919-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
The orange bars in the graph above represent the last few months of data and the clear cooldown in the volume of home showings the market has seen since mortgage rates started to rise. But context is important. To get the full picture of where today’s demand stands, let’s look at the July data for the past six years (see graph below):
<a href="https://files.mykcm.com/2022/09/15114637/20220919-MEM-Eng-2.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104768" src="https://files.mykcm.com/2022/09/15114637/20220919-MEM-Eng-2.png" alt="Will My House Still Sell in Today’s Market? | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/09/15114637/20220919-MEM-Eng-2.png 1000w, https://files.mykcm.com/2022/09/15114637/20220919-MEM-Eng-2-600x450.png 600w, https://files.mykcm.com/2022/09/15114637/20220919-MEM-Eng-2-768x576.png 768w, https://files.mykcm.com/2022/09/15114637/20220919-MEM-Eng-2-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
This second visual makes it clear that, while moderating compared to the frenzy in 2020 and 2021, showing activity is still beating pre-pandemic levels – and those pre-pandemic years were great years for the housing market. That goes to show there’s still demand if you <a href="https://www.mykcm.com/2022/09/12/getting-your-house-ready-to-sell-work-with-an-agent-for-expert-advice/" title="sell your house">sell your house</a> today.
What That Means for You When You Sell
The key to selling in a changing market is understanding where the housing market is now. It’s not the same market we had last year or even earlier this year, but that doesn’t mean the opportunity to sell has passed.
While things have cooled a bit, it’s still a <a href="https://www.mykcm.com/2022/09/02/heres-why-its-still-a-sellers-market-infographic/" title="sellers’ market">sellers’ market</a>. If you work with a trusted local expert to price your house at the <a href="https://www.mykcm.com/2022/08/09/selling-your-house-your-asking-price-matters-more-now-than-ever/" title="current market value">current market value</a>, the demand is still there, and it should sell quickly. According to a <a href="https://www.realtor.com/research/2022-summer-sellers-survey/" title="recent survey" target="_blank" rel="noopener noreferrer">recent survey</a> from realtor.com, 92% of homeowners who sold in August reported being satisfied with the outcome of their sale.
Bottom Line
Buyer demand hasn’t disappeared, it’s just moderated this year. If you’re ready to sell your house today, let’s connect so you have expert insights on how the market has shifted and how to plan accordingly for your sale.
</article>
2022-09-19T23:30:00-07:002022-09-19T08:30:58-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21984 A Crucial First Step: Mortgage Pre-Approval [INFOGRAPHIC]
A Crucial First Step: Mortgage Pre-Approval [INFOGRAPHIC]
<img width="1046" height="1558" src="https://files.mykcm.com/2022/09/15085222/20220916-MEM-1046x1558.png" class="attachment-entry size-entry wp-post-image" alt="A Crucial First Step: Mortgage Pre-Approval [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/15085222/20220916-MEM-1046x1558.png 1046w, https://files.mykcm.com/2022/09/15085222/20220916-MEM-403x600.png 403w, https://files.mykcm.com/2022/09/15085222/20220916-MEM-687x1024.png 687w, https://files.mykcm.com/2022/09/15085222/20220916-MEM-768x1144.png 768w, https://files.mykcm.com/2022/09/15085222/20220916-MEM-1031x1536.png 1031w, https://files.mykcm.com/2022/09/15085222/20220916-MEM-100x149.png 100w, https://files.mykcm.com/2022/09/15085222/20220916-MEM.png 1301w" sizes="(max-width: 1046px) 100vw, 1046px" />
Some Highlights
Mortgage <a href="https://www.ftc.gov/sites/default/files/documents/one-stops/real-estate-competition/realestateglossary.pdf" title="pre-approval" target="_blank" rel="noopener noreferrer">pre-approval</a> means a lender has reviewed your finances and, based on <a href="https://www.investopedia.com/financial-edge/0411/5-things-you-need-to-be-pre-approved-for-a-mortgage.aspx" title="factors" target="_blank" rel="noopener noreferrer">factors</a> like your income, debt, and credit history, determined how much you’re <a href="https://www.bankrate.com/mortgages/pre-approval/" title="qualified to borrow" target="_blank" rel="noopener noreferrer">qualified to borrow</a>.
Being <a href="https://www.mykcm.com/2022/07/19/why-pre-approval-is-a-game-changer-for-homebuyers/" title="pre-approved">pre-approved</a> for a loan can give you clarity while planning your <a href="https://www.mykcm.com/2022/04/05/what-you-need-to-budget-for-when-buying-a-home/" title="homebuying budget">homebuying budget</a>, confidence in your ability to secure a loan, and helps sellers know your offer is serious.
Connect with a trusted professional to learn more and start your homebuying process today.
2022-09-17T07:06:00-07:002022-09-16T16:07:17-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21941 Buyers Are Regaining Some of Their Negotiation Power in Today’s Housing Market
Buyers Are Regaining Some of Their Negotiation Power in Today’s Housing Market
<img width="750" height="410" src="https://files.mykcm.com/2022/09/13143439/20220915-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Buyers Are Regaining Some of Their Negotiation Power in Today’s Housing Market | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/13143439/20220915-KCM-Share.jpg 750w, https://files.mykcm.com/2022/09/13143439/20220915-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/09/13143439/20220915-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
If you’re thinking about buying a home today, there’s welcome news. Even though it’s still a <a href="https://www.mykcm.com/2022/08/04/why-its-still-a-sellers-market/" title="sellers’ market">sellers’ market</a>, it’s a more moderate sellers’ market than last year. And the days of feeling like you may need to waive contingencies or pay drastically over asking price to get your offer considered may be coming to a close.
Today, you should have less competition and more negotiating power as a buyer. That’s because the intensity of buyer demand and <a href="https://www.mykcm.com/2022/08/31/buyers-you-may-face-less-competition-as-bidding-wars-ease/" title="bidding wars">bidding wars</a> is easing this year. So, if bidding wars were the biggest factor that had you sitting on the sidelines, here are two trends that may be just what you need to re-enter the market.
1. The Return of Contingencies
Over the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or inspection, to try to win a bidding war. But now, fewer people are waiving the <a href="https://www.mykcm.com/2022/08/19/why-a-home-inspection-is-important-infographic/" title="inspection">inspection</a> and appraisal.
The <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-07-realtors-confidence-index-08-18-2022.pdf" title="latest data" target="_blank" rel="noopener noreferrer">latest data</a> from the National Association of Realtors (NAR) shows the percentage of buyers waiving their home inspection and appraisal is declining. And a <a href="https://www.realtor.com/research/2022-summer-sellers-survey/" title="recent survey" target="_blank" rel="noopener noreferrer">recent survey</a> from realtor.com confirms more sellers are accepting offers that include these conditions today. According to their August study:
95% of sellers reported buyers requested a home inspection
67% of sellers negotiated with buyers on repairs as a result of the inspection findings
This goes to show buyers are more able to include these conditions in their offers today and negotiate as needed based on the outcome of the inspection.
2. Sellers Are More Willing To Help with Closing Costs
Generally, closing costs range between <a href="https://www.mykcm.com/2022/03/15/dont-get-caught-off-guard-by-closing-costs/" title="2% and 5%">2% and 5%</a> of the purchase price for the home. Before the pandemic, it was a common negotiation tactic for sellers to cover some of the buyer’s closing costs to sweeten the deal. This didn’t happen as much during the peak buyer frenzy over the past two years.
Today, as the market shifts and demand slows, data from realtor.com suggests this is making a comeback. A <a href="https://news.move.com/2022-08-30-Realtor-com-R-Survey-Bargaining-Power-is-Back-92-of-Recent-Sellers-Accepted-Buyer-Friendly-Terms" title="recent article" target="_blank" rel="noopener noreferrer">recent article</a> shows 32% of sellers paid some or all of their buyer’s closing costs. This may be a negotiation tool you’ll see as you go to purchase a home. Just keep in mind, limits on closing cost credits are set by your lender and can vary by state and loan type. Work closely with your loan advisor to understand how much a seller can contribute to closing costs in your area.
Bottom Line
Regardless of the extremely competitive housing market of the past several years, today’s data suggests negotiations are starting to come back on the table. This is good news if you’re planning to enter the housing market. To find out how the market is shifting in our area, let’s connect.
2022-09-15T23:24:00-07:002022-09-15T08:24:58-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21926Is the Real Estate Market Slowing Down, or Is This a Housing Bubble?
Is the Real Estate Market Slowing Down, or Is This a Housing Bubble?
<img width="750" height="410" src="https://files.mykcm.com/2022/09/13112611/20220914-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Is the Real Estate Market Slowing Down, or Is This a Housing Bubble? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/13112611/20220914-KCM-Share.jpg 750w, https://files.mykcm.com/2022/09/13112611/20220914-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/09/13112611/20220914-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
The talk of a <a href="https://www.mykcm.com/2022/08/02/3-graphs-to-show-this-isnt-a-housing-bubble/" title="housing bubble">housing bubble</a> in the coming year seems to be at a fever pitch as rising mortgage rates continue to slow down an overheated real estate market. Over the past two years, home prices have appreciated at an unsustainable pace causing many to ask: are things just slowing down, or is a crash coming?
To answer this question, there are two things we want to understand. The first is the reality of the shift in today’s housing market. And the second is what experts are saying about home prices in the coming year.
The Reality of the Shift in Today’s Housing Market
The reality is we’re seeing an inflection point in housing supply and demand. According to <a href="https://news.move.com/2022-09-01-Realtor-com-R-August-Housing-Report-Days-on-Market-Grows-for-the-First-Time-in-Over-Two-Years" title="realtor.com" target="_blank" rel="noopener noreferrer">realtor.com</a>, active listings have increased more than 26% over last year, while showings from the latest ShowingTime <a href="https://www.showingtime.com/blog/july-2022-showing-index-results/" title="Showing Index" target="_blank" rel="noopener noreferrer">Showing Index</a> have decreased almost 17% from last year (see graph below). This is an inflection point for housing because, over the past two years, we’ve seen a massive amount of demand (showings) and not enough homes available for sale for the number of people that wanted to buy. That caused the market frenzy.
Today, supply and demand look very different, and the market is slowing down from the pace we’ve seen. This offers proof of the sudden slowdown so many people are feeling.
<a href="https://files.mykcm.com/2022/09/13113948/20220914-MEM-Eng-1-.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104659" src="https://files.mykcm.com/2022/09/13113948/20220914-MEM-Eng-1-.png" alt="Is the Real Estate Market Slowing Down, or Is This a Housing Bubble? | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/09/13113948/20220914-MEM-Eng-1-.png 960w, https://files.mykcm.com/2022/09/13113948/20220914-MEM-Eng-1--600x450.png 600w, https://files.mykcm.com/2022/09/13113948/20220914-MEM-Eng-1--768x576.png 768w, https://files.mykcm.com/2022/09/13113948/20220914-MEM-Eng-1--100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
What Experts Are Saying About Home Prices in the Coming Year
Right now, most experts are forecasting home price appreciation in 2023, but at a much slower pace than the last two years. The average of the six forecasters below is for national <a href="https://www.mykcm.com/2022/08/30/whats-actually-happening-with-home-prices-today/" title="home prices">home prices</a> to appreciate by 2.5% in the coming year. Only one of the six is calling for home price depreciation.
<a href="https://files.mykcm.com/2022/09/13112608/20220914-MEM-Eng-2.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104656" src="https://files.mykcm.com/2022/09/13112608/20220914-MEM-Eng-2.png" alt="Is the Real Estate Market Slowing Down, or Is This a Housing Bubble? | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/09/13112608/20220914-MEM-Eng-2.png 960w, https://files.mykcm.com/2022/09/13112608/20220914-MEM-Eng-2-600x450.png 600w, https://files.mykcm.com/2022/09/13112608/20220914-MEM-Eng-2-768x576.png 768w, https://files.mykcm.com/2022/09/13112608/20220914-MEM-Eng-2-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
When we look at the shift taking place along with what experts are saying, we can conclude the national real estate market is slowing down but is <a href="https://www.mykcm.com/2022/08/24/why-todays-housing-inventory-proves-the-market-isnt-headed-for-a-crash/" title="not a bubble">not a bubble</a> getting ready to burst. This isn’t to say that a few overheated markets won’t experience home price depreciation, but there isn’t a case to be made for a national housing bubble.
Bottom Line
The real estate market is slowing down, and that’s causing many to fear we’re in a housing bubble. What we’ve experienced in the housing market over the past two years were historic levels of demand and constrained supply. That led to homes going up in value at a record pace. While some overheated markets may experience price depreciation in the short term, according to experts, the national real estate market will appreciate in the coming year.
2022-09-14T23:14:00-07:002022-09-14T08:14:59-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21906 Three Things Buyers Can Do in Today’s Housing Market
Three Things Buyers Can Do in Today’s Housing Market
<img width="750" height="410" src="https://files.mykcm.com/2022/09/12105825/20220913-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Three Things Buyers Can Do in Today’s Housing Market | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/12105825/20220913-KCM-Share.jpg 750w, https://files.mykcm.com/2022/09/12105825/20220913-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/09/12105825/20220913-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
It’s clear the 2022 housing market has been defined by rising <a href="https://www.mykcm.com/2022/09/07/expert-forecasts-on-mortgage-rates/" title="mortgage rates">mortgage rates</a>. With rates on the rise, it’s also become more costly to purchase a home. According to the <a href="https://www.nar.realtor/blogs/economists-outlook/housing-affordability-conditions-fade-as-mortgage-rates-push-monthly-payments-higher-in-june-2022" title="National Association of Realtors" target="_blank" rel="noopener noreferrer">National Association of Realtors</a> (NAR):
“Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an increase of 53.7%.”
If you’re thinking of <a href="https://www.mykcm.com/2022/08/31/buyers-you-may-face-less-competition-as-bidding-wars-ease/" title="buying a home">buying a home</a> or have been trying to recently, that’s a big increase in a monthly mortgage payment – and it may be causing you to press pause on your plans. This jump is making homes less affordable, especially compared to the last two years when mortgage rates were at historic lows.
The good news is you can navigate today’s housing market and this rising rate environment with a few <a href="https://www.mykcm.com/2022/08/22/3-tips-for-buying-a-home-today/" title="simple tips">simple tips</a>. Here are three things you may want to consider to help make your <a href="https://www.mykcm.com/2022/08/25/why-you-may-want-to-start-your-home-search-today/" title="homeownership">homeownership</a> goals a reality.
1. Expand Your Search Area and Criteria
If you’ve been looking for a home in the city center or a specific area that’s starting to feel out of your price range, you may want to try looking a little further out in a location that could be more affordable. Expanding your search location or re-prioritizing the items on your wish list can open up opportunities you haven’t considered, and that could help you afford more of what you need (and want) in a home. As CNET <a href="https://www.cnet.com/personal-finance/mortgages/6-tips-for-buyers-in-competitive-real-estate-markets/" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“Area growth is likely to keep pace with the market, which means that the outskirts of town might be hopping within five years. Consider stepping out of your ideal location by searching in the nearby cities. You may find better prices and more square footage.”
2. Explore Alternative Financing Options
Working with a trusted lender to learn about the different loan types and options is essential too. According to <a href="https://www.nerdwallet.com/article/mortgages/tips-for-first-time-home-buyers" title="Nerd Wallet" target="_blank" rel="noopener noreferrer">Nerd Wallet</a>:
“A variety of mortgages are available with varying down payment and eligibility requirements.”
Experts know how to point you in the right direction when it comes to exploring ways to find the best home loan for your situation. With rising mortgage rates making it more costly to finance a home today, there may be an ideal option out there your loan officer can introduce you to. This could make a home purchase more affordable and within your financial reach over the life of your loan.
3. Look for Grants, Gift Funds, and Down Payment Assistance
There are also many options available when it comes to securing the funding you need to purchase a home. One valuable resource to explore is <a href="https://downpaymentresource.com/" title="downpaymentresource.com" target="_blank" rel="noopener noreferrer">downpaymentresource.com</a>. Searching for specific down payment assistance options available in your local community could be a game changer when it comes to taking your first step toward homeownership. As <a href="https://www.nar.realtor/first-time-homebuyers/first-time-homebuyer-loans-grants" title="NAR" target="_blank" rel="noopener noreferrer">NAR</a> indicates:
“Many local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.”
Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, and veterans.
Ultimately, that means there are many federal, state, and local programs available for you to explore. The best way to do that is to connect with a local <a href="https://www.mykcm.com/2022/08/29/a-trusted-real-estate-advisor-provides-expert-advice/" title="real estate professional">real estate professional</a> and your lender to learn more about what’s available in your area.
Bottom Line
If you’ve been searching for a home and have found yourself stepping out of the process because you’re worried about rising costs, let’s connect. Having a team of local advisors on your side may be just what you need to guide your search in a new and more affordable direction.
2022-09-13T23:26:00-07:002022-09-13T08:27:10-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21890 Getting Your House Ready To Sell? Work with an Agent for Expert Advice
Getting Your House Ready To Sell? Work with an Agent for Expert Advice
<img width="750" height="410" src="https://files.mykcm.com/2022/09/09102806/20220912-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Getting Your House Ready To Sell? Work with an Agent for Expert Advice | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/09102806/20220912-KCM-Share.jpg 750w, https://files.mykcm.com/2022/09/09102806/20220912-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/09/09102806/20220912-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
In a market that’s <a href="https://www.mykcm.com/2022/08/23/what-sellers-need-to-know-in-todays-housing-market/" title="shifting">shifting</a> as fast as it is today, many homeowners wonder what, if anything, needs to be renovated before they <a href="https://www.mykcm.com/2022/08/09/selling-your-house-your-asking-price-matters-more-now-than-ever/" title="sell their house">sell their house</a>. That’s where a trusted real estate professional comes in. They can help you think through today’s market conditions and how they impact what you should – and shouldn’t – do before selling your house.
Here are some considerations a professional will guide you through.
What You Need To Know About Your Local Market
Since the supply of <a href="https://www.mykcm.com/2022/08/25/why-you-may-want-to-start-your-home-search-today/" title="homes for sale">homes for sale</a> has increased so much this year, today’s buyers have more options than they had last year. That may mean you’re not able to ignore some of those repairs or cosmetic updates you could have skipped in previous months. As a recent article from realtor.com <a href="https://www.realtor.com/advice/sell/how-home-sellers-can-prepare-for-a-recession-and-still-sell-their-home/" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“To stand out in the market, sellers should make their home attractive to buyers, which usually means some selective updates.”
The key word here is selective. Since it’s still a <a href="https://www.mykcm.com/2022/08/04/why-its-still-a-sellers-market/" title="sellers’ market">sellers’ market</a>, focusing on a few key areas may be enough to make your house stand out from other options. And since inventory is still low overall, it’s also possible buyers may be willing to handle the renovations themselves once they move in. It all depends on buyer demand and the available inventory in your local area. For advice on what’s happening in your market and what to do to make your house show well, lean on a professional.
Not All Renovation Projects Are Equal
In addition to making sure your house makes a good first impression, you’ll also want to consider the return on your investment (ROI) for any renovations. According to the <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf" title="2022 Remodeling Impact Report" target="_blank" rel="noopener noreferrer">2022 Remodeling Impact Report</a> from the National Association of Realtors (NAR), here are the projects that could net you the best return when you sell your house (see visual below):
<a href="https://files.mykcm.com/2022/09/09102804/20220912-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104599" src="https://files.mykcm.com/2022/09/09102804/20220912-MEM-Eng-1.png" alt="Getting Your House Ready To Sell? Work with an Agent for Expert Advice | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/09/09102804/20220912-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/09/09102804/20220912-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/09/09102804/20220912-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/09/09102804/20220912-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Again, your real estate advisor is your best resource. When your agent comes to your house for a walk-thru and consultation, they’ll use their expertise to offer any insight into what you may need to repair, replace, or refinish. They also know what other sellers are doing before listing their homes and how buyers are reacting to those upgrades to help steer you in the right direction. As Dr. Jessica Lautz, Vice President of Demographics and Behavioral Insights for NAR, <a href="https://www.nar.realtor/blogs/economists-outlook/research-spotlight-2022-remodeling-impact-report" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“This year, the winner was hardwood flooring. Hardwood floor refinishing and putting in new wood flooring had the most significant value, . . .”
How To Draw Buyer Attention to the Upgrades You’ve Made
For any projects you’ve already completed or for those you plan to do before listing, make sure your <a href="https://www.mykcm.com/2022/08/29/a-trusted-real-estate-advisor-provides-expert-advice/" title="real estate professional">real estate professional</a> knows. They’re not just an advisor to help you decide where to focus your efforts, they’re also skilled at highlighting any upgrades in your listing. That way, potential buyers know about the features that may help sell them on the house.
No matter what, contact a local real estate professional for expert advice on what work needs to be done and how to make it as appealing as possible to future buyers. Every home is different, so a conversation with your agent is mission-critical to make sure you make the right moves when selling this season.
Bottom Line
In today’s shifting market, it’s important to spend your time and money wisely when you’re getting ready to move. Let’s connect to find out where to focus your efforts before you sell.
2022-09-13T00:41:00-07:002022-09-12T09:42:04-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21860Why It’s So Important To Hire a Pro [INFOGRAPHIC]
Why It’s So Important To Hire a Pro [INFOGRAPHIC]
<img width="1046" height="1814" src="https://files.mykcm.com/2022/09/08160740/20220909-MEM-1046x1814.png" class="attachment-entry size-entry wp-post-image" alt="Why It’s So Important To Hire a Pro [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/08160740/20220909-MEM-1046x1814.png 1046w, https://files.mykcm.com/2022/09/08160740/20220909-MEM-346x600.png 346w, https://files.mykcm.com/2022/09/08160740/20220909-MEM-590x1024.png 590w, https://files.mykcm.com/2022/09/08160740/20220909-MEM-768x1332.png 768w, https://files.mykcm.com/2022/09/08160740/20220909-MEM-885x1536.png 885w, https://files.mykcm.com/2022/09/08160740/20220909-MEM-1181x2048.png 1181w, https://files.mykcm.com/2022/09/08160740/20220909-MEM-100x173.png 100w, https://files.mykcm.com/2022/09/08160740/20220909-MEM.png 1300w" sizes="(max-width: 1046px) 100vw, 1046px" />
Some Highlights
If you’re thinking of <a href="https://www.mykcm.com/2022/09/06/how-owning-a-home-builds-your-net-worth/" title="buying">buying</a> or <a href="https://www.mykcm.com/2022/09/02/heres-why-its-still-a-sellers-market-infographic/" title="selling">selling</a> a home, you’ll want a trusted <a href="https://www.mykcm.com/2022/08/29/a-trusted-real-estate-advisor-provides-expert-advice/" title="real estate professional">real estate professional</a> on your side for their industry experience and expert insights.
The right advisor utilizes the latest technology and can help you navigate today’s <a href="https://www.mykcm.com/2022/08/30/whats-actually-happening-with-home-prices-today/" title="home pricing">home pricing</a> and market values, the contracts and fine print, and the negotiations you’ll face.
Let’s connect so you have expert advice each step of the way.
2022-09-09T23:16:00-07:002022-09-09T08:16:33-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21840Should I Sell My House This Year?
Should I Sell My House This Year?
<img width="750" height="410" src="https://files.mykcm.com/2022/09/07170123/20220908-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Should I Sell My House This Year? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/07170123/20220908-KCM-Share.jpg 750w, https://files.mykcm.com/2022/09/07170123/20220908-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/09/07170123/20220908-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
There’s no denying the housing market is <a href="https://www.mykcm.com/2022/08/23/what-sellers-need-to-know-in-todays-housing-market/" title="undergoing a shift">undergoing a shift</a> 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.
Opportunity #1: You Have More Options for Your Move
One of the biggest stories today is the growing supply of homes for sale. <a href="https://www.mykcm.com/2022/08/25/why-you-may-want-to-start-your-home-search-today/" title="Housing inventory">Housing inventory</a> 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 <a href="https://www.mykcm.com/2022/09/01/new-homes-may-have-the-incentives-youre-looking-for-today/" title="more options">more options</a> 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 <a href="https://www.mykcm.com/2022/07/18/wondering-where-youll-move-if-you-sell-your-house-today/" title="somewhere to go">somewhere to go</a>, know your options have improved.
Opportunity #2: The Number of Homes on the Market Is Still Low
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 <a href="https://www.nar.realtor/newsroom/existing-home-sales-retreated-5-9-in-july" title="latest report" target="_blank" rel="noopener noreferrer">latest report</a> 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, <a href="https://www.mykcm.com/2022/08/24/why-todays-housing-inventory-proves-the-market-isnt-headed-for-a-crash/" title="inventory">inventory</a> is still low, and that means your home will still be in demand if you <a href="https://www.mykcm.com/2022/08/09/selling-your-house-your-asking-price-matters-more-now-than-ever/" title="price it right">price it right</a>. That’s why the <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-07-realtors-confidence-index-08-18-2022.pdf" title="most recent data" target="_blank" rel="noopener noreferrer">most recent data</a> from NAR also shows the average home sold in July still saw multiple offers and sold in as little as 14 days.
Opportunity #3: Your Equity Has Grown by Record Amounts
The <a href="https://www.mykcm.com/2022/07/25/whats-causing-ongoing-home-price-appreciation/" title="home price appreciation">home price appreciation</a> the market saw over the past few years has likely given your <a href="https://www.mykcm.com/2022/07/08/why-growing-home-equity-is-great-news-if-you-plan-to-move-infographic/" title="equity">equity</a> (and your net worth) a considerable boost. Danielle Hale, Chief Economist at realtor.com, <a href="https://www.realtor.com/research/weekly-housing-trends-view-data-week-july-2-2022/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“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 . . .”
If you’ve been holding off on selling because you’re worried about how <a href="https://www.mykcm.com/2022/08/30/whats-actually-happening-with-home-prices-today/" title="rising prices">rising prices</a> will impact your next home search, rest assured your <a href="https://www.mykcm.com/2022/07/06/how-your-equity-can-grow-over-time/" title="equity">equity</a> 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.
Bottom Line
If you’re thinking about selling your house this season, let’s connect so you have the expert insights you need to make the best possible move today.
2022-09-08T23:40:00-07:002022-09-08T08:40:59-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21821Expert Forecasts on Mortgage Rates
<article id="post-104583" class="post-104583 post type-post status-publish format-standard has-post-thumbnail hentry category-housing-market-updates category-interest-rates">
Expert Forecasts on Mortgage Rates
<img width="750" height="410" src="https://files.mykcm.com/2022/09/06131123/20220907-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Expert Forecasts on Mortgage Rates | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/06131123/20220907-KCM-Share.jpg 750w, https://files.mykcm.com/2022/09/06131123/20220907-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/09/06131123/20220907-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
If you’ve been thinking of <a href="https://www.mykcm.com/2022/08/22/3-tips-for-buying-a-home-today/" title="buying a home">buying a home</a>, you may have been watching what’s happened with mortgage rates over the past year. It’s true they’ve risen dramatically, but where will they go from here, especially as the market continues to slow?
As you think about your homeownership goals and decide if now’s the time to make your move, the best place to turn to for that information is the <a href="https://www.mykcm.com/2022/08/29/a-trusted-real-estate-advisor-provides-expert-advice/" title="professionals">professionals</a>. Here’s a summary of the latest mortgage rate forecasts from housing market experts.
Experts Project Mortgage Rates Will Stabilize
While <a href="https://www.freddiemac.com/pmms/archive" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> continue to fluctuate due to ongoing inflationary pressures and <a href="https://www.mykcm.com/2022/08/16/what-would-a-recession-mean-for-the-housing-market/" title="economic uncertainty">economic uncertainty</a>, experts project they’ll start to stabilize in the months ahead. According to the latest projections, mortgage rates are expected to hover in the low to mid 5% range initially, and then potentially dip into the high 4% range by later next year (see chart below):
<a href="https://files.mykcm.com/2022/09/06131124/20220907-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104585" src="https://files.mykcm.com/2022/09/06131124/20220907-MEM-Eng-1.png" alt="Expert Forecasts on Mortgage Rates | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/09/06131124/20220907-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/09/06131124/20220907-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/09/06131124/20220907-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/09/06131124/20220907-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
That could bring you some welcome relief. So far this year, mortgage rates have climbed over 2% due to the Federal Reserve’s response to <a href="https://www.mykcm.com/2022/05/20/dont-let-rising-inflation-delay-your-homeownership-plans-infographic/" title="inflation">inflation</a>, and that’s made it more expensive to buy a home. And wondering if the rise in rates will continue is keeping some prospective buyers on the sidelines.
But now that experts say mortgage rates should stabilize, this gives you a bit more certainty about what they think the future holds, and that may help you feel more confident about your decision to buy a home.
Bottom Line
Whether you’re looking to buy your first home, move up to a larger home, or even downsize, you need to know what’s happening in the housing market so you can make the most informed decision possible. Let’s connect to discuss your goals and determine the best plan for your move.
</article>
2022-09-07T23:24:00-07:002022-09-07T08:25:18-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21804 How Owning a Home Builds Your Net Worth
How Owning a Home Builds Your Net Worth
<img width="750" height="410" src="https://files.mykcm.com/2022/09/01094139/20220906-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="How Owning a Home Builds Your Net Worth | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/01094139/20220906-KCM-Share.jpg 750w, https://files.mykcm.com/2022/09/01094139/20220906-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/09/01094139/20220906-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
<a href="https://www.mykcm.com/2022/08/15/the-u-s-homeownership-rate-is-growing/" title="Owning a home">Owning a home</a> is a major financial milestone and an achievement to take pride in. One major reason: the <a href="https://www.mykcm.com/2022/07/06/how-your-equity-can-grow-over-time/" title="equity">equity</a> you build as a homeowner gives your net worth a big boost. And with high <a href="https://www.mykcm.com/2022/07/20/should-you-buy-a-home-with-inflation-this-high/" title="inflation">inflation</a> right now, the link between owning your home and building your wealth is especially important.
If you’re looking to increase your financial security, here’s why now could be a good time to start on your journey toward <a href="https://www.mykcm.com/2022/08/25/why-you-may-want-to-start-your-home-search-today/" title="homeownership">homeownership</a>.
Owning a Home Is a Key Ingredient for Financial Success
A <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" title="report" target="_blank" rel="noopener noreferrer">report</a> from the National Association of Realtors (NAR) details several homeownership trends, including a significant gap in net worth between homeowners and renters. It finds:
“. . . the net worth of a homeowner was about $300,000 while that of a renter’s was $8,000 in 2021.”
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 Worth
The 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 <a href="https://www.mykcm.com/2022/08/30/whats-actually-happening-with-home-prices-today/" title="appreciates in value">appreciates in value</a> and you make your mortgage payments each month. As a <a href="https://www.mykcm.com/2022/08/03/buying-a-home-may-make-more-financial-sense-than-renting-one/" title="renter">renter</a>, you don’t have that same opportunity. A recent article from CNET <a href="https://www.cnet.com/personal-finance/mortgages/should-you-buy-a-home-in-2022-heres-what-you-need-to-know/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“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.”
But on top of that, your home equity grows even more as your home <a href="https://www.mykcm.com/2022/08/11/what-does-the-rest-of-the-year-hold-for-home-prices/" title="appreciates">appreciates</a> in value over time. That has a major impact on the wealth you build, as a recent article from Bankrate <a href="https://www.bankrate.com/home-equity/how-to-build-equity-in-your-home/" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“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.”
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 <a href="https://www.mykcm.com/2022/07/25/whats-causing-ongoing-home-price-appreciation/" title="grows in value">grows in value</a> as your home does. And when you sell, any <a href="https://www.mykcm.com/2022/07/08/why-growing-home-equity-is-great-news-if-you-plan-to-move-infographic/" title="equity">equity</a> 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 Line
Owning a home is an important part of building your net worth. If you’re ready to start on your journey to homeownership, let’s connect today.
2022-09-06T23:14:00-07:002022-09-06T08:15:11-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21772 Honoring the American Workforce
Honoring the American Workforce
<img width="1046" height="1046" src="https://files.mykcm.com/2022/09/01152043/20220905-MEM-1046x1046.png" class="attachment-entry size-entry wp-post-image" alt="Honoring the American Workforce | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/01152043/20220905-MEM-1046x1046.png 1046w, https://files.mykcm.com/2022/09/01152043/20220905-MEM-600x600.png 600w, https://files.mykcm.com/2022/09/01152043/20220905-MEM-1024x1024.png 1024w, https://files.mykcm.com/2022/09/01152043/20220905-MEM-150x150.png 150w, https://files.mykcm.com/2022/09/01152043/20220905-MEM-768x768.png 768w, https://files.mykcm.com/2022/09/01152043/20220905-MEM-100x100.png 100w, https://files.mykcm.com/2022/09/01152043/20220905-MEM-45x45.png 45w, https://files.mykcm.com/2022/09/01152043/20220905-MEM.png 1080w" sizes="(max-width: 1046px) 100vw, 1046px" />
Wishing you a happy and safe Labor Day.
2022-09-05T23:31:00-07:002022-09-05T08:31:53-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21748Here’s Why It’s Still a Sellers’ Market [INFOGRAPHIC]
Here’s Why It’s Still a Sellers’ Market [INFOGRAPHIC]
<img width="1046" height="1874" src="https://files.mykcm.com/2022/09/01081742/20220902-MEM-1046x1874.png" class="attachment-entry size-entry wp-post-image" alt="Here's Why It's Still a Sellers' Market [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/09/01081742/20220902-MEM-1046x1874.png 1046w, https://files.mykcm.com/2022/09/01081742/20220902-MEM-335x600.png 335w, https://files.mykcm.com/2022/09/01081742/20220902-MEM-572x1024.png 572w, https://files.mykcm.com/2022/09/01081742/20220902-MEM-768x1376.png 768w, https://files.mykcm.com/2022/09/01081742/20220902-MEM-857x1536.png 857w, https://files.mykcm.com/2022/09/01081742/20220902-MEM-1143x2048.png 1143w, https://files.mykcm.com/2022/09/01081742/20220902-MEM-100x179.png 100w, https://files.mykcm.com/2022/09/01081742/20220902-MEM.png 1300w" sizes="(max-width: 1046px) 100vw, 1046px" />
Some Highlights
While buyer demand has moderated and <a href="https://www.nar.realtor/newsroom/existing-home-sales-retreated-5-9-in-july" title="housing supply" target="_blank" rel="noopener noreferrer">housing supply</a> has grown in recent months, it’s still a <a href="https://www.mykcm.com/2022/08/04/why-its-still-a-sellers-market/" title="sellers’ market">sellers’ market</a> because inventory is low.
The <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-07-realtors-confidence-index-08-18-2022.pdf" title="latest data" target="_blank" rel="noopener noreferrer">latest data</a> shows sellers continue to benefit from serious buyers and competitive offers. In July, the average home received 2.8 offers and 39% sold over the asking price.
You haven’t missed your <a href="https://www.mykcm.com/2022/08/23/what-sellers-need-to-know-in-todays-housing-market/" title="opportunity">opportunity</a> to sell. Let’s connect to start the process today.
2022-09-02T23:31:00-07:002022-09-02T08:31:56-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21713New Homes May Have the Incentives You’re Looking for Today
<article id="post-104410" class="post-104410 post type-post status-publish format-standard has-post-thumbnail hentry category-first-time-home-buyers category-buyers category-housing-market-updates category-move-up-buyers-buyers category-new-construction">
New Homes May Have the Incentives You’re Looking for Today
<img width="750" height="410" src="https://files.mykcm.com/2022/08/31112028/20220901-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="New Homes May Have the Incentives You’re Looking for Today | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/31112028/20220901-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/31112028/20220901-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/31112028/20220901-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
According to the U.S. Census Bureau, this year, builders are on pace to complete more than a million <a href="https://www.census.gov/construction/nrc/pdf/newresconst.pdf" title="new homes" target="_blank" rel="noopener noreferrer">new homes</a> in this country. If you’ve had trouble finding a home to buy over the past year, it may be time to work with your trusted agent to consider a new build and the incentives that come with it. Here’s why.
The Supply of Newly Built Homes Is Rising
When looking for a home, you can choose between existing homes (those that are already built and previously owned) and newly constructed ones. While the inventory of <a href="https://www.mykcm.com/2022/08/25/why-you-may-want-to-start-your-home-search-today/" title="existing homes">existing homes</a> is on the rise today, it’s still in tight supply, meaning it can be challenging to find just the right one.
The inventory of newly built homes, however, is also rising. And with more options available than there have been in years, a new home may be just the answer you’re looking for. The graph below shows just how much the supply of <a href="https://www.census.gov/construction/nrs/pdf/newressales.pdf" title="newly built homes" target="_blank" rel="noopener noreferrer">newly built homes</a> has grown this year.
<a href="https://files.mykcm.com/2022/08/31112029/20220901-MEM-Eng.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104412" src="https://files.mykcm.com/2022/08/31112029/20220901-MEM-Eng.png" alt="New Homes May Have the Incentives You’re Looking for Today | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/31112029/20220901-MEM-Eng.png 960w, https://files.mykcm.com/2022/08/31112029/20220901-MEM-Eng-600x450.png 600w, https://files.mykcm.com/2022/08/31112029/20220901-MEM-Eng-768x576.png 768w, https://files.mykcm.com/2022/08/31112029/20220901-MEM-Eng-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
And here’s the thing – builders are also keeping a close eye on current market trends. With mortgage rates rising this year and, as a result, buyer demand softening, builders are slowing their pace of new construction. That’s because they learned their lesson in the <a href="https://www.mykcm.com/2022/08/24/why-todays-housing-inventory-proves-the-market-isnt-headed-for-a-crash/" title="housing crash">housing crash</a> of 2008 and want to avoid over-building and having too much inventory in their pipeline.
Basically, while there are more newly built homes on the market today than there have been in years, many builders want to sell their current inventory before adding much more – and that’s where you can really benefit. Today, builders may be more willing to work with buyers. According to a recent <a href="https://twitter.com/johnburnsjbrec/status/1560235793846865920" title="survey" target="_blank" rel="noopener noreferrer">survey</a>, 83% of builders have reduced their prices over the last three months.
What That Means for You<br />
The current supply of newly built homes for sale coupled with the fact that data shows the majority of builders are doing price reductions are both great news for you. It means you may have more options and possibly some much-needed relief if you consider newly built homes in your search.
Bottom Line
If you’re ready to buy, it may be time to look for a newly built home. To learn what’s available in our area and what incentives these builders are offering, let’s connect today.
</article>
2022-09-01T23:40:00-07:002022-09-01T08:41:32-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21697Buyers: You May Face Less Competition as Bidding Wars Ease
Buyers: You May Face Less Competition as Bidding Wars Ease
<img width="750" height="410" src="https://files.mykcm.com/2022/08/30093818/20220831-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Buyers: You May Face Less Competition as Bidding Wars Ease | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/30093818/20220831-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/30093818/20220831-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/30093818/20220831-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
One of the top stories in recent real estate headlines was the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic – and it drove <a href="https://www.mykcm.com/2022/08/11/what-does-the-rest-of-the-year-hold-for-home-prices/" title="home prices">home prices</a> up. If you tried to buy a house over the past two years, you probably experienced this firsthand and may have been outbid on several homes along the way.
But here’s the news you’ve been waiting for: data shows clear signs bidding wars are easing this year.
According to the National Association of Realtors (NAR), the average <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-07-realtors-confidence-index-08-18-2022.pdf" title="number of offers" target="_blank" rel="noopener noreferrer">number of offers</a> on recently sold homes has declined considerably over the past few months (see graph below):
<a href="https://files.mykcm.com/2022/08/30093816/20220831-MEM-Eng.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104405" src="https://files.mykcm.com/2022/08/30093816/20220831-MEM-Eng.png" alt="Buyers: You May Face Less Competition as Bidding Wars Ease | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/30093816/20220831-MEM-Eng.png 960w, https://files.mykcm.com/2022/08/30093816/20220831-MEM-Eng-600x450.png 600w, https://files.mykcm.com/2022/08/30093816/20220831-MEM-Eng-768x576.png 768w, https://files.mykcm.com/2022/08/30093816/20220831-MEM-Eng-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
The graph shows homes were seeing a high of around five offers earlier this year. But the latest data shows that average was down to just shy of three offers per recently sold home. This shift is happening largely because rising mortgage rates moderated buyer demand and slowed home sales, resulting in a growing <a href="https://www.mykcm.com/2022/08/25/why-you-may-want-to-start-your-home-search-today/" title="supply">supply</a> of homes on the market. Essentially, more choices for buyers.
What This Means for You
If you put your home search on pause because you were outbid last year or because you didn’t want to deal with the peak intensity of bidding wars, you can breathe a welcome sigh of relief. While it’s still a <a href="https://www.mykcm.com/2022/08/04/why-its-still-a-sellers-market/" title="sellers’ market">sellers’ market</a>, an uptick in inventory gives you a window of opportunity to jump back in. You may still be competing with some buyers, but it likely won’t be anything like it was just a few short months ago.
Bottom Line
If you put your plans on pause because of intense bidding wars in recent years, it may be time to kick off your home search. Today, bidding wars are easing and that may mean less competition for you as a buyer. If you’re serious about buying a home or making a move, let’s connect to get started today.
2022-08-31T23:47:00-07:002022-08-31T08:48:32-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21670What’s Actually Happening with Home Prices Today?
What’s Actually Happening with Home Prices Today?
<img width="750" height="410" src="https://files.mykcm.com/2022/08/29125429/20220830-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="What’s Actually Happening with Home Prices Today? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/29125429/20220830-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/29125429/20220830-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/29125429/20220830-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
One of the biggest questions people are asking right now is: what’s happening with home prices? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture.
Part of the challenge is that it can be hard to understand what experts are saying when the words they use sound similar. Let’s break down the differences among those terms to help clarify what’s actually happening today.
Appreciation is when home prices increase.
Depreciation is when home prices decrease.
Deceleration is when home prices continue to appreciate, but at a slower or more moderate pace.
Experts agree that, nationally, what we’re seeing today is deceleration. That means home prices are appreciating, just not at the record-breaking pace they have over the past year. In 2021, <a href="https://www.corelogic.com/intelligence/corelogic-hpi-posted-record-year-over-year-growth-in-2021/" title="data" target="_blank" rel="noopener noreferrer">data</a> from CoreLogic tells us home prices appreciated by an average of 15% nationwide. And earlier this year, that appreciation was upward of 20%. This year, <a href="https://www.mykcm.com/2022/08/11/what-does-the-rest-of-the-year-hold-for-home-prices/" title="experts forecast">experts forecast</a> home prices will appreciate at a decelerated pace of around 10 to 11%, on average.
The graph below uses the <a href="https://www.corelogic.com/intelligence/u-s-home-price-insights/" title="latest data" target="_blank" rel="noopener noreferrer">latest data</a> from CoreLogic to help tell the story of how home prices are decelerating, but not depreciating so far this year.
<a href="https://files.mykcm.com/2022/08/29125430/20220830-MEM-Eng.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104401" src="https://files.mykcm.com/2022/08/29125430/20220830-MEM-Eng.png" alt="What’s Actually Happening with Home Prices Today? | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/29125430/20220830-MEM-Eng.png 960w, https://files.mykcm.com/2022/08/29125430/20220830-MEM-Eng-600x450.png 600w, https://files.mykcm.com/2022/08/29125430/20220830-MEM-Eng-768x576.png 768w, https://files.mykcm.com/2022/08/29125430/20220830-MEM-Eng-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
As the green bars show, home prices appreciated between 19-20% year-over-year from January to March. But over the last few months, the pace of that appreciation has decelerated to 18%. This means price growth is still climbing compared to last year but at a slower rate.
As the Monthly Mortgage Monitor from Black Knight <a href="https://www.blackknightinc.com/black-knights-june-2022-mortgage-monitor/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“Annual home price growth dropped by nearly two percentage points . . . – the greatest single-month slowdown on record since at least the early 1970s. . . While June’s slowdown was record-breaking, home price growth would need to decelerate at this pace for six more months to drive annual appreciation back to 5%, a rate more in line with long-run averages.”
Basically, this means, while moderating, home prices are still far above the norm, and we’d have to see a lot more deceleration to even fall in line with more typical rates of home price growth. That’s still not home price depreciation.
The big takeaway is home prices haven’t fallen or depreciated nationwide, they’re just decelerating or moderating. While some unique and overheated markets may see declines, nationally, home prices are forecast to appreciate. And when we look at the country as a whole, none of the experts <a href="https://www.mykcm.com/2022/08/05/housing-market-forecast-for-the-rest-of-2022-infographic/" title="project">project</a> home prices will net depreciate or fall. They’re all projecting ongoing appreciation.
Bottom Line
If you have questions about what’s happening with home prices in our local area, let’s connect.
2022-08-30T23:40:00-07:002022-08-30T08:43:56-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21651A Trusted Real Estate Advisor Provides Expert Advice
<article id="post-104337" class="post-104337 post type-post status-publish format-standard has-post-thumbnail hentry category-buyers category-sellers">
A Trusted Real Estate Advisor Provides Expert Advice
<img width="750" height="410" src="https://files.mykcm.com/2022/08/25123513/20220829-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="A Trusted Real Estate Advisor Provides Expert Advice | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/25123513/20220829-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/25123513/20220829-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/25123513/20220829-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
If you’re a <a href="https://www.mykcm.com/2022/08/23/what-sellers-need-to-know-in-todays-housing-market/" title="homeowner">homeowner</a> or are planning to become one soon, you’re probably looking for clear information about <a href="https://www.mykcm.com/2022/08/11/what-does-the-rest-of-the-year-hold-for-home-prices/" title="today’s housing market">today’s housing market</a>. And if you’ve turned to the news or even just read headlines recently, you might feel like you’re left with more questions than answers. The best way to make sure you get what you need is to work with an expert.
Why You Want To Lean on a Trusted Professional
With any big milestone in life, it’s wise to seek advice from people who are experts in their field. While you likely want that advice to be perfect, perfect simply isn’t possible. But professionals have the knowledge and experience to be able to provide you with the best advice for your situation.
For example, let’s say you need an attorney, so you seek out an expert in the type of law required for your case. They won’t immediately tell you how the case is going to end or how the judge or jury will rule. But what a good attorney can do is discuss the most effective strategies based on their experience and help you put a plan together. They’ll even use their knowledge to work with you to adjust as new information becomes available.
Similarly, the job of a trusted real estate professional is to give you the best advice they can. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. That’s because it’s impossible to know exactly what’s going to happen throughout your transaction. But an expert real estate advisor knows <a href="https://www.mykcm.com/2022/08/24/why-todays-housing-inventory-proves-the-market-isnt-headed-for-a-crash/" title="market trends">market trends</a> and the ins and outs of the <a href="https://www.mykcm.com/2022/08/22/3-tips-for-buying-a-home-today/" title="homebuying">homebuying</a> and <a href="https://www.mykcm.com/2022/08/09/selling-your-house-your-asking-price-matters-more-now-than-ever/" title="selling processes">selling processes</a>.
They’ll use that knowledge to explain both the national headlines and what’s happening in your local area. That way, you have the best of both worlds and can feel confident in your decision to buy or sell. Freddie Mac <a href="https://myhome.freddiemac.com/buying/finding-your-team" title="explains" target="_blank" rel="noopener noreferrer">explains</a> why having an expert on your side is so essential:
“The success of your homebuying journey largely depends on the company you keep. . . . Be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”
With their expertise, a real estate advisor can anticipate what could happen next and work with you to put together a solid plan. Then, they’ll guide you through the process, helping you make decisions along the way. That’s the very definition of getting the best – not perfect – advice. And that’s the power of working with a real estate advisor.
Bottom Line
To get expert advice when you buy or sell a home this year, let’s connect today.
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2022-08-29T23:28:00-07:002022-08-29T08:29:00-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21585Why Today’s Housing Inventory Proves the Market Isn’t Headed for a Crash
Why Today’s Housing Inventory Proves the Market Isn’t Headed for a Crash
<img width="750" height="410" src="https://files.mykcm.com/2022/08/23094255/20220824-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="" loading="lazy" srcset="https://files.mykcm.com/2022/08/23094255/20220824-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/23094255/20220824-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/23094255/20220824-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
Whether or not you owned a home in 2008, you likely remember the housing crash that took place back then. And news about an <a href="https://www.mykcm.com/2022/07/07/what-does-an-economic-slowdown-mean-for-the-housing-market/" title="economic slowdown">economic slowdown</a> happening today may bring all those concerns back to the surface. While those feelings are understandable, data can help reassure you the situation today is nothing like it was in 2008.
One of the key reasons why the market <a href="https://www.mykcm.com/2022/08/12/why-experts-say-the-housing-market-wont-crash-infographic/" title="won’t crash">won’t crash</a> this time is the current undersupply of inventory. Housing supply comes from three key places:
Current homeowners putting their homes up for sale
Newly built homes coming onto the market
Distressed properties (short sales or foreclosures)
For the market to crash, you’d have to make a case for an oversupply of inventory headed to the market, and the numbers just don’t support that. So, here’s a deeper look at where inventory is coming from today to help prove why the housing market isn’t headed for a crash.
Current Homeowners Putting Their Homes Up for Sale
Even though <a href="https://www.mykcm.com/2022/08/10/is-the-shifting-market-a-challenge-or-an-opportunity-for-homebuyers/" title="housing supply">housing supply</a> is increasing this year, there’s still a limited number of existing homes available. The graph below helps illustrate this point. Based on the latest weekly <a href="https://www.calculatedriskblog.com/2022/08/housing-inventory-august-29th-update.html" title="data" target="_blank" rel="noopener noreferrer">data</a>, inventory is up 27.8% compared to the same week last year (shown in blue). But compared to the same week in 2019 (shown in the larger red bar), it’s still down by 42.6%.
<a href="https://files.mykcm.com/2022/08/23094252/20220824-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104280" src="https://files.mykcm.com/2022/08/23094252/20220824-MEM-Eng-1.png" alt="Why Today’s Housing Inventory Proves the Market Isn’t Headed for a Crash | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/23094252/20220824-MEM-Eng-1.png 960w, https://files.mykcm.com/2022/08/23094252/20220824-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/08/23094252/20220824-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/08/23094252/20220824-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
So, what does this mean? Inventory is still historically low. There simply aren’t enough homes on the market to cause prices to crash. There would need to be a flood of people getting ready to sell their houses in order to tip the scales toward a buyers’ market. And that level of activity simply isn’t there.
Newly Built Homes Coming onto the Market
There’s also a lot of talk about what’s happening with newly built homes today, and that may make you wonder if we’re overbuilding. But home builders are actually slowing down their production right now. Ali Wolf, Chief Economist at Zonda, <a href="https://www.entrepreneur.com/article/433166" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“It has become a very competitive market for builders where they are trying to offload any standing inventory.”
To avoid repeating the overbuilding that happened leading up to the <a href="https://www.mykcm.com/2022/08/02/3-graphs-to-show-this-isnt-a-housing-bubble/" title="housing crisis">housing crisis</a>, builders are reacting to higher mortgage rates and softening buyer demand by slowing down their work. It’s a sign they’re being intentional about not overbuilding homes like they did during the bubble.
And according to the latest data from the U.S. Census, at today’s current pace, we’re headed to build a seasonally adjusted annual rate of about <a href="https://www.census.gov/construction/nrc/pdf/newresconst.pdf" title="1.4 million homes" target="_blank" rel="noopener noreferrer">1.4 million homes</a> this year. While this will add more inventory to the market, it’s not on pace to create an oversupply because builders today are more cautious than the last time when they built more homes than the market could absorb.
Distressed Properties (Short Sales or Foreclosures)
The last place inventory can come from is distressed properties, including short sales and foreclosures. Back in the housing crisis, there was a flood of foreclosures due to lending standards that allowed many people to secure a home loan they couldn’t truly afford. Today, <a href="https://www.mykcm.com/2022/06/01/why-home-loans-today-arent-what-they-were-in-the-past/" title="lending standards">lending standards</a> are much tighter, resulting in more qualified buyers and far fewer foreclosures. The graph below uses <a href="https://www.attomdata.com/news/market-trends/foreclosures/attom-year-end-2021-u-s-foreclosure-market-report/" title="data" target="_blank" rel="noopener noreferrer">data</a> from ATTOM Data Solutions on properties with foreclosure filings to help paint the picture of how things have changed since the crash:
<a href="https://files.mykcm.com/2022/08/23094254/20220824-MEM-Eng-2.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104281" src="https://files.mykcm.com/2022/08/23094254/20220824-MEM-Eng-2.png" alt="Why Today’s Housing Inventory Proves the Market Isn’t Headed for a Crash | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/23094254/20220824-MEM-Eng-2.png 960w, https://files.mykcm.com/2022/08/23094254/20220824-MEM-Eng-2-600x450.png 600w, https://files.mykcm.com/2022/08/23094254/20220824-MEM-Eng-2-768x576.png 768w, https://files.mykcm.com/2022/08/23094254/20220824-MEM-Eng-2-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
This graph shows how in the time around the housing crash there were over one million foreclosure filings per year. As lending standards tightened since then, the activity started to decline. And in 2020 and 2021, the <a href="https://www.mykcm.com/2022/08/08/why-the-forbearance-program-changed-the-housing-market/" title="forbearance program">forbearance program</a> was a further aid to help prevent a repeat of the wave of foreclosures we saw back around 2008.
That program was a game changer, giving homeowners options for things like loan deferrals and modifications they didn’t have before. And <a href="https://www.mba.org/news-and-research/newsroom/news/2022/08/15/share-of-mortgage-loans-in-forbearance-decreases-to-0.74-in-july" title="data" target="_blank" rel="noopener noreferrer">data</a> on the success of that program shows four out of every five homeowners coming out of forbearance are either paid in full or have worked out a repayment plan to avoid foreclosure. These are a few of the biggest reasons there won’t be a wave of foreclosures coming to the market.
Bottom Line
Although housing supply is growing this year, the market certainly isn’t anywhere near the inventory levels that would cause prices to drop significantly. That’s why inventory tells us the housing market won’t crash.
2022-08-24T23:15:00-07:002022-08-24T08:16:43-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21569What Sellers Need To Know in Today’s Housing Market
What Sellers Need To Know in Today’s Housing Market
<img width="750" height="410" src="https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="What Sellers Need To Know in Today’s Housing Market | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
If you’re thinking about <a href="https://www.mykcm.com/2022/07/18/wondering-where-youll-move-if-you-sell-your-house-today/" title="selling your house">selling your house</a>, you may have heard about the housing market slowing down in recent months. While it’s still a sellers’ market, the peak frenzy the market saw over the past two years has cooled some. If you’re asking yourself if you’ve missed your chance to sell your house and make a move, the good news is you haven’t – motivated buyers are still out there. But you do need to price your house right for today’s market. Here’s why.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/newsroom/existing-home-sales-slid-5-4-in-june" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
It’s true buyer demand has slowed over the past few months as higher mortgage rates made it more expensive to buy a home. The result is fewer <a href="https://www.mykcm.com/2022/08/10/is-the-shifting-market-a-challenge-or-an-opportunity-for-homebuyers/" title="bidding wars">bidding wars</a> and less competition among buyers (see visual below):
<a href="https://files.mykcm.com/2022/08/22152839/20220823-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104252" src="https://files.mykcm.com/2022/08/22152839/20220823-MEM-Eng-1.png" alt="What Sellers Need To Know in Today’s Housing Market | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/22152839/20220823-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/08/22152839/20220823-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/08/22152839/20220823-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/08/22152839/20220823-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
But don’t forget – that’s compared to the severely overheated market we saw over the past two years. According to the latest <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-07-realtors-confidence-index-08-18-2022.pdf" title="Confidence Index" target="_blank" rel="noopener noreferrer">Confidence Index</a> from NAR:
“. . . 39% of homes sold above list price, down from 51% a month ago and 50% a year ago.”
While this is a slower pace than even one month ago, serious buyers are still actively in the market, and they’re buying homes that are priced right. In fact, the Confidence Index also notes the average home is selling in just 14 days.
If you’re aiming to sell your house, be sure you’re working with your agent to price it for today’s housing market. As buyer demand softens, it’s important to understand this isn’t the same market as last year. It’s not even the same market as just a few months ago. But it is still a <a href="https://www.mykcm.com/2022/08/04/why-its-still-a-sellers-market/" title="sellers’ market">sellers’ market</a>.
If you’re ready to sell your house, seek the advice of a <a href="https://www.mykcm.com/2022/07/28/a-real-estate-professional-helps-you-separate-fact-from-fiction/" title="real estate professional">real estate professional</a>. In some cases, you’ll need to adjust your expectations accordingly to meet the market where it is today. Selma Hepp, Interim Lead, Deputy Chief Economist at CoreLogic, <a href="https://www.corelogic.com/intelligence/u-s-home-price-insights-august-2022/" title="explains" target="_blank" rel="noopener noreferrer">explains</a> what’s happening and what it means when you sell:
“Signs of a broader slowdown in the housing market are evident, . . . This is in line with our previous expectations and given the notable cooling of buyer demand due to higher mortgage rates. . . . Nevertheless, buyers still remain interested, which is keeping the market competitive — particularly for attractive homes that are properly priced.”
Bottom Line
While the housing market has cooled from its overheated frenzy, it’s still a sellers’ market. Let’s connect so you understand what’s happening with buyer demand and home prices in our local area as you get ready to enter the market.
2022-08-23T23:22:00-07:002022-08-23T08:22:34-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21543 3 Tips for Buying a Home Today
3 Tips for Buying a Home Today
<img width="750" height="410" src="https://files.mykcm.com/2022/08/18154016/20220822-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="3 Tips for Buying a Home Today | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/18154016/20220822-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/18154016/20220822-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/18154016/20220822-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
If you put off your home search at any point over the past two years, you may want to consider picking it back up based on today’s housing market conditions. Recent data shows the <a href="https://www.mykcm.com/2022/07/29/three-reasons-to-buy-a-home-in-todays-shifting-market-infographic/" title="supply of homes">supply of homes</a> for sale is increasing, giving buyers like you additional options.
But it’s important to keep in mind that while <a href="https://www.mykcm.com/2022/07/22/great-news-about-housing-inventory-infographic/" title="inventory is improving">inventory is improving</a>, it’s still a <a href="https://www.mykcm.com/2022/08/04/why-its-still-a-sellers-market/" title="sellers’ market">sellers’ market</a>. And that means you need to be prepared as you set out on your home search. Here are three tips for buying the home of your dreams today.
1. Understand How Mortgage Rates Impact Your Homebuying Power
Mortgage rates have <a href="https://www.freddiemac.com/pmms/archive" title="increased" target="_blank" rel="noopener noreferrer">increased</a> significantly this year, and over the past few weeks, they’ve been fluctuating quite a bit. It’s important to stay up to date on what’s happening with rates and understand how they can impact your purchasing power when you’re thinking of buying a home. The chart below can help.
Let’s say your budget allows for a monthly mortgage payment in the $2,100-$2,200 range. The green in the chart indicates a payment within or below that range, while the red is a payment that exceeds it.
<a href="https://files.mykcm.com/2022/08/18154018/20220822-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104074" src="https://files.mykcm.com/2022/08/18154018/20220822-MEM-Eng-1.png" alt="3 Tips for Buying a Home Today | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/18154018/20220822-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/08/18154018/20220822-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/08/18154018/20220822-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/08/18154018/20220822-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
As the chart shows, even a small change in mortgage rates can have a big impact on your monthly payments. If rates rise, you could exceed your budget unless you pursue a lower home loan amount. If rates fall, your purchasing power may increase, which could give you additional options for your search.
2. Be Open to Exploring Different Options During Your Search
The <a href="https://www.mykcm.com/2022/07/27/want-to-buy-a-home-now-may-be-the-time/" title="supply of homes">supply of homes</a> for sale is improving, which gives you more homes to choose from. But historically, supply is still low. That means as you search for homes, if you still don’t find something that meets your needs, it may be worth expanding your search.
A <a href="https://www.washingtonpost.com/business/2022/07/28/navigating-crazy-housing-market/" title="recent article" target="_blank" rel="noopener noreferrer">recent article</a> from the Washington Post highlights a few things buyers can consider today. It encourages opening yourself up to more areas. For example, if there’s a location you’ve previously ruled out (like a particular town, for example) it may be worth taking another look.
And if you’re able to, opening your search up to include other housing types, like newly built homes, condominiums, or townhomes can further increase your pool of options. Even as the inventory of <a href="https://www.mykcm.com/2022/08/10/is-the-shifting-market-a-challenge-or-an-opportunity-for-homebuyers/" title="homes for sale">homes for sale</a> improves today, finding ways to cast a wider net during your search could help you find a hidden gem.
3. Work with a Local Real Estate Professional for Expert Guidance
Ultimately, you need to be prepared when you set out to buy a home. Jeff Ostrowski, Senior Mortgage Reporter for Bankrate, <a href="https://www.bankrate.com/real-estate/how-to-buy-a-house/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“Taking the leap to homeownership can provide a feeling of pride while boosting your long-term financial outlook, if you go in well-prepared and with your eyes open.”
No matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with a <a href="https://www.mykcm.com/2022/07/28/a-real-estate-professional-helps-you-separate-fact-from-fiction/" title="real estate professional">real estate professional</a>. If you’re just starting your search, a real estate professional can help you understand your local market and search for available homes. And when it’s time to make an offer, they’ll be an expert advisor and negotiator to help yours stand out above the rest.
Bottom Line
Strategically planning your home search by understanding today’s mortgage rates, casting a wide net, and building a team of experts can be the keys to finding the home of your dreams. To make sure you have expert advice each step of the way, let’s connect.
2022-08-22T23:12:00-07:002022-08-22T08:13:20-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21522 Why a Home Inspection Is Important [INFOGRAPHIC]
Why a Home Inspection Is Important [INFOGRAPHIC]
<img width="1046" height="1957" src="https://files.mykcm.com/2022/08/18110253/20220819-MEM-1046x1957.png" class="attachment-entry size-entry wp-post-image" alt="Why a Home Inspection Is Important [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/18110253/20220819-MEM-1046x1957.png 1046w, https://files.mykcm.com/2022/08/18110253/20220819-MEM-321x600.png 321w, https://files.mykcm.com/2022/08/18110253/20220819-MEM-547x1024.png 547w, https://files.mykcm.com/2022/08/18110253/20220819-MEM-768x1437.png 768w, https://files.mykcm.com/2022/08/18110253/20220819-MEM-821x1536.png 821w, https://files.mykcm.com/2022/08/18110253/20220819-MEM-1095x2048.png 1095w, https://files.mykcm.com/2022/08/18110253/20220819-MEM-100x187.png 100w, https://files.mykcm.com/2022/08/18110253/20220819-MEM.png 1300w" sizes="(max-width: 1046px) 100vw, 1046px" />
Some Highlights
If you’re buying a home, here’s what you should know about your <a href="https://www.homeinspector.org/Buyers-And-Owners/Homebuyers-Guide/FAQs-about-Home-Inspection" title="home inspection" target="_blank" rel="noopener noreferrer">home inspection</a> and why it’s so important.
A <a href="https://www.nar.realtor/home-inspections" title="home inspection" target="_blank" rel="noopener noreferrer">home inspection</a> is a crucial step in the homebuying process. It assesses the <a href="https://www.realtor.com/advice/buy/how-much-does-a-home-inspection-cost/" title="condition" target="_blank" rel="noopener noreferrer">condition</a> of the home you plan to purchase so you can avoid <a href="https://magazine.realtor/daily-news/2022/07/28/real-estate-forecast-market-to-ease-despite-high-home-prices" title="costly surprises" target="_blank" rel="noopener noreferrer">costly surprises</a> down the road.
Let’s connect so you have an <a href="https://www.mykcm.com/2022/07/28/a-real-estate-professional-helps-you-separate-fact-from-fiction/" title="expert">expert</a> on your side to guide you through the process.
2022-08-19T23:40:00-07:002022-08-19T08:40:48-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21488Planning To Retire? Your Equity Can Help You Reach Your Goal.
<article id="post-104059" class="post-104059 post type-post status-publish format-standard has-post-thumbnail hentry category-baby-boomers category-demographics category-sellers category-senior-market">
Planning To Retire? Your Equity Can Help You Reach Your Goal.
<img width="750" height="410" src="https://files.mykcm.com/2022/08/17092556/20220818-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Planning To Retire? Your Equity Can Help You Reach Your Goal | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/17092556/20220818-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/17092556/20220818-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/17092556/20220818-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
Whether you’ve just retired or you’re thinking about retirement, you may be considering your options and trying to picture a whole new stage of your life. And you’re not alone. <a href="https://ritaus.org/2022-retirement-stats-you-should-know/" title="Research" target="_blank" rel="noopener noreferrer">Research</a> from the Retirement Industry Trust Association (RITA) shows 10,000 Baby Boomers reach the typical retirement age (65) every day, and only 47% of the people in that generation have already retired.
If this sounds like you, one thing worth considering is whether or not your current home will suit your new lifestyle. If your home doesn’t have the features or benefits you’re looking for, the good news is, you may be in a better position to move than you realize.
That’s because, if you already own a home, you’ve likely built-up significant <a href="https://www.mykcm.com/2022/07/06/how-your-equity-can-grow-over-time/" title="equity">equity</a>, and that can help you fuel your next move. <a href="https://www.nar.realtor/blogs/economists-outlook/metro-wealth-reports-as-of-2022-q1" title="According" target="_blank" rel="noopener noreferrer">According</a> to the National Association of Realtors (NAR):
“A homeowner who purchased a typical home five years ago would have gained $125,300 from just price appreciation alone.”
In fact, over the last twelve months, CoreLogic <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" title="reports" target="_blank" rel="noopener noreferrer">reports</a> the average homeowner in the United States gained roughly $64,000 in equity due to <a href="https://www.mykcm.com/2022/07/25/whats-causing-ongoing-home-price-appreciation/" title="home price appreciation">home price appreciation</a>.
You can use your equity to help you achieve your <a href="https://www.mykcm.com/2022/08/01/why-are-people-moving-today/" title="homeownership goals">homeownership goals</a>. Whether you want to downsize, move closer to loved ones, or buy a home in a dream destination, your <a href="https://www.mykcm.com/2022/07/08/why-growing-home-equity-is-great-news-if-you-plan-to-move-infographic/" title="equity">equity</a> can help get you there. It may be some (if not all) of what you’d need as your down payment on a home that better fits your changing needs.
To find out how much equity to have in your home, reach out to a trusted <a href="https://www.mykcm.com/2022/05/23/work-with-a-real-estate-professional-if-you-want-the-best-advice/" title="real estate professional">real estate professional</a> today.
Bottom Line
Retirement is a big step and so is buying or selling a home. As you move into this new phase of life, let’s connect so you have an expert to guide you through the process as you sell your current home and give you expert advice as you buy one that’ll better suit your needs.
</article>
2022-08-18T23:24:00-07:002022-08-18T08:25:39-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21463 Experts Increase 2022 Home Price Projections
Experts Increase 2022 Home Price Projections
<img width="750" height="410" src="https://files.mykcm.com/2022/08/16093014/20220817-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Experts Increase 2022 Home Price Projections | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/16093014/20220817-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/16093014/20220817-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/16093014/20220817-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
If you’re wondering if <a href="https://www.mykcm.com/2022/07/21/think-home-prices-are-going-to-fall-think-again/" title="home prices">home prices</a> are going to come down due to the cooldown in the <a href="https://www.mykcm.com/2022/06/14/is-the-housing-market-correcting/" title="housing market">housing market</a> or a <a href="https://www.mykcm.com/2022/08/16/what-would-a-recession-mean-for-the-housing-market/" title="potential recession">potential recession</a>, here’s what you need to know. Not only are experts forecasting home prices will continue to appreciate nationwide this year, but most of them also actually increased their projections for home price appreciation from their original 2022 forecasts (shown in green in the chart below):
<a href="https://files.mykcm.com/2022/08/16162453/20220817-MEM-Eng-.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104054" src="https://files.mykcm.com/2022/08/16162453/20220817-MEM-Eng-.png" alt="Experts Increase 2022 Home Price Projections | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/16162453/20220817-MEM-Eng-.png 960w, https://files.mykcm.com/2022/08/16162453/20220817-MEM-Eng--600x450.png 600w, https://files.mykcm.com/2022/08/16162453/20220817-MEM-Eng--768x576.png 768w, https://files.mykcm.com/2022/08/16162453/20220817-MEM-Eng--100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>As the chart shows, most sources adjusted up, and now call for more appreciation in 2022 than they originally projected this January. But why are experts so confident the housing market will see ongoing appreciation? It’s because of <a href="https://www.mykcm.com/2022/07/25/whats-causing-ongoing-home-price-appreciation/" title="supply and demand">supply and demand</a> in most markets. As Bankrate <a href="https://www.bankrate.com/real-estate/june-2022-fed-housing-comments/" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and strong household formation by large numbers of millennials.”
Knowing that experts forecast home prices will continue to appreciate in most markets and that they’ve actually increased their original projections for this year should help you answer the question: will home prices fall? According to the latest forecasts, experts are confident prices will <a href="https://www.mykcm.com/2022/08/11/what-does-the-rest-of-the-year-hold-for-home-prices/" title="continue to appreciate">continue to appreciate</a> this year, although at a more moderate rate than they did in 2021.
Bottom Line
If you’re worried home prices are going to decline, rest assured many experts raised their forecasts to say they’ll continue to appreciate in most markets this year. If you have questions about what’s happening with home prices in our local area, let’s connect.
2022-08-18T00:13:00-07:002022-08-17T09:14:46-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21432What Would a Recession Mean for the Housing Market?
<article id="post-104030" class="post-104030 post type-post status-publish format-standard has-post-thumbnail hentry category-buyers category-sellers category-housing-market-updates category-interest-rates category-pricing">
What Would a Recession Mean for the Housing Market?
<img width="750" height="410" src="https://files.mykcm.com/2022/08/15125226/20220816-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="What Would a Recession Mean for the Housing Market? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/15125226/20220816-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/15125226/20220816-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/15125226/20220816-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
According to a <a href="https://www.wsj.com/articles/economic-forecasting-survey-archive-11617814998" title="recent survey" target="_blank" rel="noopener noreferrer">recent survey</a> from the Wall Street Journal, the percentage of economists who believe we’ll see a recession in the next 12 months is growing. When surveyed in July 2021, only 12% of economists consulted thought there’d be a recession by now. But this July, when polled, 49% believe we will see a recession in the coming 12 months.
And as more recession talk fills the air, one concern many people have is: should I delay my homeownership plans if there’s a recession?
Here’s a look at historical data to show what happened in real estate during previous recessions to help prove why you shouldn’t be afraid of what a recession would mean for the housing market today.
A Recession Doesn’t Mean Falling Home Prices
To show that home prices don’t fall every time there’s a <a href="https://www.corelogic.com/blog/2019/03/housing-recessions-and-recoveries.aspx" title="recession" target="_blank" rel="noopener noreferrer">recession</a>, it helps to turn to <a href="https://www.thebalance.com/the-history-of-recessions-in-the-united-states-3306011" title="historical data" target="_blank" rel="noopener noreferrer">historical data</a>. As the graph below illustrates, looking at the recessions going all the way back to 1980, <a href="https://www.mykcm.com/2022/08/11/what-does-the-rest-of-the-year-hold-for-home-prices/" title="home prices">home prices</a> appreciated in four of the last six recessions. So, historically, when the economy slows down, it doesn’t mean home values will fall.
<a href="https://files.mykcm.com/2022/08/15125227/20220816-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104033" src="https://files.mykcm.com/2022/08/15125227/20220816-MEM-Eng-1.png" alt="What Would a Recession Mean for the Housing Market? | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/15125227/20220816-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/08/15125227/20220816-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/08/15125227/20220816-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/08/15125227/20220816-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Most people remember the housing crisis in 2008 (the larger of the two red bars in the graph above) and think another recession would repeat what happened then. But this housing market <a href="https://www.mykcm.com/2022/08/02/3-graphs-to-show-this-isnt-a-housing-bubble/" title="isn’t about to crash">isn’t about to crash</a>. The <a href="https://www.mykcm.com/2022/07/14/housing-experts-say-this-isnt-a-bubble/" title="fundamentals">fundamentals</a> are very different today than they were in 2008. So, don’t assume we’re heading down the same path.
A Recession Means Falling Mortgage Rates
<a href="https://mtg-specialists.com/2022/05/11/recession-interest-rates-and-real-estate/" title="Research" target="_blank" rel="noopener noreferrer">Research</a> also helps paint the picture of how a recession could impact the cost of financing a home. As the chart below shows, historically, each time the economy slowed down, <a href="https://www.freddiemac.com/pmms/archive" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> decreased.
<a href="https://files.mykcm.com/2022/08/15125229/20220816-MEM-Eng-2.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104034" src="https://files.mykcm.com/2022/08/15125229/20220816-MEM-Eng-2.png" alt="What Would a Recession Mean for the Housing Market? | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/15125229/20220816-MEM-Eng-2.png 1000w, https://files.mykcm.com/2022/08/15125229/20220816-MEM-Eng-2-600x450.png 600w, https://files.mykcm.com/2022/08/15125229/20220816-MEM-Eng-2-768x576.png 768w, https://files.mykcm.com/2022/08/15125229/20220816-MEM-Eng-2-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Fortune <a href="https://fortune.com/2019/06/19/next-recession-assets-mortgage-rates/" title="explains" target="_blank" rel="noopener noreferrer">explains</a> that mortgage rates typically fall during an economic slowdown:
“Over the past five recessions, mortgage rates have fallen an average of 1.8 percentage points from the peak seen during the recession to the trough. And in many cases, they continued to fall after the fact as it takes some time to turn things around even when the recession is technically over.”
And while history doesn’t always repeat itself, we can learn from and find comfort in the historical data.
Bottom Line
There’s no doubt everyone remembers what happened in the housing market in 2008. But you don’t need to fear the word recession if you’re planning to buy or sell a home. According to historical data, in most recessions, home price gains have stayed strong, and mortgage rates have declined.
If you’re thinking about buying or selling a home, let’s connect so you have expert advice on what’s happening in the housing market and what that means for your homeownership goals.
</article>
2022-08-16T23:23:00-07:002022-08-16T08:25:06-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21420 The U.S. Homeownership Rate Is Growing
<article id="post-104007" class="post-104007 post type-post status-publish format-standard has-post-thumbnail hentry category-first-time-home-buyers category-buyers category-housing-market-updates category-rent-vs-buy">
The U.S. Homeownership Rate Is Growing
<img width="750" height="410" src="https://files.mykcm.com/2022/08/12153342/20220815-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="The U.S. Homeownership Rate Is Growing | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/12153342/20220815-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/12153342/20220815-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/12153342/20220815-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
The desire to own a home is <a href="https://www.mykcm.com/2022/07/05/is-homeownership-still-the-american-dream/" title="still strong">still strong</a> today. In fact, according to the <a href="https://www.census.gov/housing/hvs/files/currenthvspress.pdf" title="Census" target="_blank" rel="noopener noreferrer">Census</a>, the U.S. homeownership rate is on the rise. To illustrate the increase, the graph below shows the homeownership rate over the last year:
<a href="https://files.mykcm.com/2022/08/12153343/20220815-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104009" src="https://files.mykcm.com/2022/08/12153343/20220815-MEM-Eng-1.png" alt="The U.S. Homeownership Rate Is Growing | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/12153343/20220815-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/08/12153343/20220815-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/08/12153343/20220815-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/08/12153343/20220815-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
That data shows more than half of the U.S. population live in a home they own, and the percentage is growing with time.
If you’re thinking about <a href="https://www.mykcm.com/2022/07/27/want-to-buy-a-home-now-may-be-the-time/" title="buying a home">buying a home</a> this year, here are just a few reasons why so many people see the value of homeownership.
Why Are More People Becoming Homeowners?
There are several benefits to owning your home. A significant one, especially when <a href="https://www.mykcm.com/2022/07/20/should-you-buy-a-home-with-inflation-this-high/" title="inflation">inflation</a> is high like it is today, is that homeownership can help protect you from rising costs. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://sponsorcontent.cnn.com/interactive/nar/benefits-of-home-ownership/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“In the 1970s, when inflation was running around 10%, home prices were rising at approximately the same rate. Renters actually have a harder time in inflationary periods, because rents tend to rise along with inflation, whereas mortgage payments stay the same for homeowners with fixed-rate mortgages.”
When you <a href="https://www.mykcm.com/2022/08/03/buying-a-home-may-make-more-financial-sense-than-renting-one/" title="buy a home">buy a home</a> with a fixed-rate mortgage, you can lock in what’s likely your biggest monthly expense – your housing payment – for the duration of that loan, often 15-30 years.
That gives you a predictable monthly housing expense that can benefit you in the short term, but you’ll also <a href="https://www.mykcm.com/2022/07/06/how-your-equity-can-grow-over-time/" title="gain equity">gain equity</a> over time as your home appreciates in value and you make your monthly mortgage payment.
And with that growing equity, your <a href="https://www.mykcm.com/2022/07/13/should-i-buy-a-home-right-now/" title="net worth">net worth</a> will increase as well. In fact, the <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" title="latest data" target="_blank" rel="noopener noreferrer">latest data</a> from NAR shows the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.
<a href="https://files.mykcm.com/2022/08/12153345/20220815-MEM-Eng-2.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104010" src="https://files.mykcm.com/2022/08/12153345/20220815-MEM-Eng-2.png" alt="The U.S. Homeownership Rate Is Growing | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/12153345/20220815-MEM-Eng-2.png 1000w, https://files.mykcm.com/2022/08/12153345/20220815-MEM-Eng-2-600x450.png 600w, https://files.mykcm.com/2022/08/12153345/20220815-MEM-Eng-2-768x576.png 768w, https://files.mykcm.com/2022/08/12153345/20220815-MEM-Eng-2-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Bottom Line
The U.S. homeownership rate is growing. If you’re ready to purchase the home of your dreams, let’s connect so you can begin the homebuying process today.
</article>
2022-08-16T01:50:00-07:002022-08-15T10:50:20-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21389 Why Experts Say the Housing Market Won’t Crash [INFOGRAPHIC]
Why Experts Say the Housing Market Won’t Crash [INFOGRAPHIC]
<img width="1046" height="1911" src="https://files.mykcm.com/2022/08/10115546/20220811-MEM-1046x1911.png" class="attachment-entry size-entry wp-post-image" alt="Why Experts Say the Housing Market Won’t Crash [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/10115546/20220811-MEM-1046x1911.png 1046w, https://files.mykcm.com/2022/08/10115546/20220811-MEM-328x600.png 328w, https://files.mykcm.com/2022/08/10115546/20220811-MEM-561x1024.png 561w, https://files.mykcm.com/2022/08/10115546/20220811-MEM-768x1403.png 768w, https://files.mykcm.com/2022/08/10115546/20220811-MEM-841x1536.png 841w, https://files.mykcm.com/2022/08/10115546/20220811-MEM-1121x2048.png 1121w, https://files.mykcm.com/2022/08/10115546/20220811-MEM-100x183.png 100w, https://files.mykcm.com/2022/08/10115546/20220811-MEM.png 1300w" sizes="(max-width: 1046px) 100vw, 1046px" />
Some Highlights
Many people remember the housing crash in 2008, but experts say today’s market is <a href="https://www.mykcm.com/2022/08/02/3-graphs-to-show-this-isnt-a-housing-bubble/" title="fundamentally different">fundamentally different</a> in many ways.
First, there isn’t an <a href="https://www.realtor.com/news/trends/housing-market-showing-signs-of-correction-what-buyers-sellers-need-to-know/" title="oversupply" target="_blank" rel="noopener noreferrer">oversupply</a> of homes for sale today. Plus, <a href="https://www.forbes.com/advisor/mortgages/real-estate/will-housing-market-crash/" title="lending standards" target="_blank" rel="noopener noreferrer">lending standards</a> are much tighter, and homeowners have <a href="https://www.attomdata.com/news/market-trends/home-sales-prices/attom-q1-2022-u-s-home-equity-and-underwater-report/" title="record levels of equity" target="_blank" rel="noopener noreferrer">record levels of equity</a>. That means signs say there won’t be a wave of <a href="https://www.mykcm.com/2022/08/08/why-the-forbearance-program-changed-the-housing-market/" title="foreclosures">foreclosures</a> like the last time.
If you have questions about the housing market, let’s connect.
2022-08-12T23:34:00-07:002022-08-12T08:35:28-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21346 What Does the Rest of the Year Hold for Home Prices?
What Does the Rest of the Year Hold for Home Prices?
<img width="750" height="410" src="https://files.mykcm.com/2022/08/10093713/20220811-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="What Does the Rest of the Year Hold for Home Prices? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/10093713/20220811-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/10093713/20220811-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/10093713/20220811-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
Whether you’re a potential <a href="https://www.mykcm.com/2022/07/29/three-reasons-to-buy-a-home-in-todays-shifting-market-infographic/" title="homebuyer">homebuyer</a>, <a href="https://www.mykcm.com/2022/07/18/wondering-where-youll-move-if-you-sell-your-house-today/" title="seller">seller</a>, or both, you probably want to know: will home prices fall this year? Let’s break down what’s happening with home prices, where experts say they’re headed, and why this matters for your <a href="https://www.mykcm.com/2022/07/05/is-homeownership-still-the-american-dream/" title="homeownership">homeownership</a> goals.
Last Year’s Rapid Home Price Growth Wasn’t the Norm
In 2021, home prices appreciated quickly. One reason why is that record-low mortgage rates motivated more buyers to enter the market. As a result, there were more people looking to make a purchase than there were homes available for sale. That led to competitive bidding wars which drove prices up. CoreLogic helps <a href="https://www.corelogic.com/intelligence/corelogic-hpi-posted-record-year-over-year-growth-in-2021/" title="explain" target="_blank" rel="noopener noreferrer">explain</a> how unusual last year’s appreciation was:
“Price appreciation averaged 15% for the full year of 2021, up from the 2020 full year average of 6%.”
In other words, the pace of appreciation in 2021 far surpassed the 6% the market saw in 2020. And even that appreciation was greater than the pre-pandemic norm which was typically around 3.8%. This goes to show, 2021 was an anomaly in the housing market spurred by more buyers than homes for sale.
Home Price Appreciation Moderates Today
This year, home price appreciation is slowing (or decelerating) from the feverish pace the market saw over the past two years. According to the latest forecasts, experts say on average, nationwide, prices will still appreciate by roughly 10% in 2022 (see graph below):
<a href="https://files.mykcm.com/2022/08/10093715/20220811-MEM-Eng.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-103941" src="https://files.mykcm.com/2022/08/10093715/20220811-MEM-Eng.png" alt="What Does the Rest of the Year Hold for Home Prices? | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/10093715/20220811-MEM-Eng.png 960w, https://files.mykcm.com/2022/08/10093715/20220811-MEM-Eng-600x450.png 600w, https://files.mykcm.com/2022/08/10093715/20220811-MEM-Eng-768x576.png 768w, https://files.mykcm.com/2022/08/10093715/20220811-MEM-Eng-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Why do all of these experts agree prices will continue to rise? It’s simple. Even though <a href="https://www.mykcm.com/2022/07/27/want-to-buy-a-home-now-may-be-the-time/" title="housing supply">housing supply</a> is growing today, it’s still low overall thanks to several factors, including a long period of <a href="https://www.mykcm.com/2022/07/25/whats-causing-ongoing-home-price-appreciation/" title="underbuilding homes">underbuilding homes</a>. And experts say that’s going to help keep upward pressure on <a href="https://www.mykcm.com/2022/07/21/think-home-prices-are-going-to-fall-think-again/" title="home prices">home prices</a> this year. Additionally, since mortgage rates are higher this year than they were last year, buyer demand has slowed.
As the market undergoes this change, it’s true price appreciation this year won’t match the feverish pace in 2021. But the rapid appreciation the market saw last year wasn’t sustainable anyway.
What Does That Mean for You?
Today, the market is beginning to move back toward pre-pandemic levels. But even the forecast for 10% home price growth in 2022 is well beyond the 3.8% that’s more typical for a normal market.
So, despite what you may have heard, experts say home prices won’t fall in most markets. They’ll just appreciate more moderately.
If you’re worried the house you’re trying to sell or the home you want to buy will decrease in value, you should know experts aren’t calling for depreciation in most markets, just <a href="https://www.mykcm.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/" title="deceleration">deceleration</a>. That means your home should still grow in value, just not as fast as it did last year.
Bottom Line
If you’re thinking of making a move, you shouldn’t wait for prices to fall. Experts say nationally, prices will continue to appreciate this year, just at a more moderate pace. When you’re ready to begin the process of buying or selling, let’s connect so you have a local market expert on your side each step of the way.
2022-08-11T23:32:00-07:002022-08-11T08:34:30-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21319 Is the Shifting Market a Challenge or an Opportunity for Homebuyers?
<article id="post-103909" class="post-103909 post type-post status-publish format-standard has-post-thumbnail hentry category-first-time-home-buyers category-buyers category-housing-market-updates category-move-up-buyers-buyers">
Is the Shifting Market a Challenge or an Opportunity for Homebuyers?
<img width="750" height="410" src="https://files.mykcm.com/2022/08/09072856/20220810-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Is the Shifting Market a Challenge or an Opportunity for Homebuyers? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/09072856/20220810-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/09072856/20220810-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/09072856/20220810-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
If you tried to <a href="https://www.mykcm.com/2022/07/13/should-i-buy-a-home-right-now/" title="buy a home">buy a home</a> during the pandemic, you know the limited supply of homes for sale was a considerable challenge. It created intense bidding wars which drove <a href="https://www.mykcm.com/2022/07/21/think-home-prices-are-going-to-fall-think-again/" title="home prices">home prices</a> up as buyers competed with one another to be the winning offer.
But what was once your greatest challenge may now be your greatest opportunity. Today, data shows <a href="https://www.mykcm.com/2022/07/26/a-window-of-opportunity-for-homebuyers/" title="buyer demand">buyer demand</a> is moderating in the wake of higher mortgage rates. Here are a few reasons why this shift in the <a href="https://www.mykcm.com/2022/07/29/three-reasons-to-buy-a-home-in-todays-shifting-market-infographic/" title="housing market">housing market</a> is good news for your <a href="https://www.mykcm.com/2022/07/15/should-i-rent-or-should-i-buy-infographic/" title="homebuying plans">homebuying plans</a>.
The Challenge
There were many reasons for the limited number of homes on the market during the pandemic, including a <a href="https://www.mykcm.com/2022/07/25/whats-causing-ongoing-home-price-appreciation/" title="history of underbuilding">history of underbuilding</a> new homes since the market <a href="https://www.mykcm.com/2022/07/14/housing-experts-say-this-isnt-a-bubble/" title="crash in 2008">crash in 2008</a>. As the graph below shows, housing supply is well below what the market has seen for most of the past 10 years (see graph below):
<a href="https://files.mykcm.com/2022/08/09143118/20220810-MEM-Eng-1-.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-103930" src="https://files.mykcm.com/2022/08/09143118/20220810-MEM-Eng-1-.png" alt="Is the Shifting Market a Challenge or an Opportunity for Homebuyers? | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/09143118/20220810-MEM-Eng-1-.png 960w, https://files.mykcm.com/2022/08/09143118/20220810-MEM-Eng-1--600x450.png 600w, https://files.mykcm.com/2022/08/09143118/20220810-MEM-Eng-1--768x576.png 768w, https://files.mykcm.com/2022/08/09143118/20220810-MEM-Eng-1--100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
The Opportunity
But that graph also shows a trend back up in the right direction this year. That’s because moderating demand is slowing the <a href="https://www.mykcm.com/2022/07/26/a-window-of-opportunity-for-homebuyers/" title="pace of home sales">pace of home sales</a> and that’s one of the reasons housing supply is finally able to grow. For you, that means you’ll have <a href="https://www.mykcm.com/2022/07/22/great-news-about-housing-inventory-infographic/" title="more options">more options</a> to choose from, so it shouldn’t be as difficult to find your next home as it has been recently.
And having more options may also lead to less intense bidding wars. <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-05-realtors-confidence-index-06-21-2022.pdf" title="Data" target="_blank" rel="noopener noreferrer">Data</a> from the <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-06-realtors-confidence-index-report-07-20-2022.pdf" title="Realtors Confidence Index" target="_blank" rel="noopener noreferrer">Realtors Confidence Index</a> from the National Association of Realtors (NAR) shows this trend has already begun. In their recent reports, bidding wars are easing month-over-month (see graph below):
<a href="https://files.mykcm.com/2022/08/09143214/20220810-MEM-Eng-2-.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-103933" src="https://files.mykcm.com/2022/08/09143214/20220810-MEM-Eng-2-.png" alt="Is the Shifting Market a Challenge or an Opportunity for Homebuyers? | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/09143214/20220810-MEM-Eng-2-.png 960w, https://files.mykcm.com/2022/08/09143214/20220810-MEM-Eng-2--600x450.png 600w, https://files.mykcm.com/2022/08/09143214/20220810-MEM-Eng-2--768x576.png 768w, https://files.mykcm.com/2022/08/09143214/20220810-MEM-Eng-2--100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
If you’ve been outbid before or you’ve struggled to find a home that meets your needs, breathe a welcome sigh of relief. The big takeaway here is you have more options and less competition today.
Just remember, while easing, data shows multiple-offer scenarios are still happening – they’re just not as intense as they were over the past year. You should still lean on <a href="https://www.mykcm.com/2022/07/28/a-real-estate-professional-helps-you-separate-fact-from-fiction/" title="an agent">an agent</a> to guide you through the process and help you make your strongest offer up front.
Bottom Line
If you’re still looking to make a move, it may be time to pick your home search back up today. Let’s connect to kick off the homebuying process.
</article>
2022-08-10T22:53:00-07:002022-08-10T07:53:46-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21293Selling Your House? Your Asking Price Matters More Now Than Ever
<article id="post-103905" class="post-103905 post type-post status-publish format-standard has-post-thumbnail hentry category-sellers category-pricing category-selling-myths">
Selling Your House? Your Asking Price Matters More Now Than Ever
<img width="750" height="410" src="https://files.mykcm.com/2022/08/08165259/20220809-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Selling Your House? Your Asking Price Matters More Now Than Ever | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/08165259/20220809-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/08165259/20220809-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/08165259/20220809-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
There’s no doubt about the fact that the <a href="https://www.mykcm.com/2022/07/28/a-real-estate-professional-helps-you-separate-fact-from-fiction/" title="housing market">housing market</a> is slowing from the frenzy we saw over the past two years. But what does that mean for you if you’re thinking of selling your house?
While <a href="https://www.mykcm.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/" title="home prices">home prices</a> are still appreciating in most markets and experts say that will continue, they’re climbing at a slower pace because rising mortgage rates are creating less <a href="https://www.mykcm.com/2022/07/26/a-window-of-opportunity-for-homebuyers/" title="buyer demand">buyer demand</a>. Because of this, there are <a href="https://www.mykcm.com/2022/07/22/great-news-about-housing-inventory-infographic/" title="more homes">more homes</a> on the market. And in a shift like this one, the way you price your home matters more than ever.
Why Today’s Housing Market Is Different
During the pandemic, sellers could price their homes higher because demand was so high, and supply was so low. This year, things are shifting, and that means your approach to pricing your house needs to shift too.
Because we’re seeing less buyer demand, sellers have to recognize this is a different market than it was during the pandemic. Here’s what’s at stake if you don’t.
Why Pricing Your House at Market Value Matters
The price you set for your house sends a message to potential buyers. If you price it too high, you run the risk of deterring buyers.
When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder what that means about the home or if in fact it’s still overpriced. Some sellers aren’t adjusting their expectations to today’s market, and realtor.com <a href="https://www.realtor.com/research/weekly-housing-trends-view-data-week-july-23-2022/" title="explains" target="_blank" rel="noopener noreferrer">explains</a> the impact that’s having:
“. . . the share of listings with a price cut was nearly double its year ago level even as it remains well below pre-pandemic levels.”
To avoid the headache of having to lower your price, you’ll want to price it right from the onset. A <a href="https://www.mykcm.com/2022/05/23/work-with-a-real-estate-professional-if-you-want-the-best-advice/" title="real estate advisor">real estate advisor</a> knows how to determine that perfect asking price. To find the right price, they balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more.
Not to mention, pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. This helps lead to stronger offers and a greater likelihood it’ll sell quickly.
Why You Still Have an Opportunity When You Sell Today
Rest assured, it’s still a <a href="https://www.mykcm.com/2022/08/04/why-its-still-a-sellers-market/" title="sellers’ market">sellers’ market</a>, and you’ll still get great benefits if you plan accordingly and work with an agent to set your price at the current market value. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/newsroom/existing-home-sales-slid-5-4-in-june" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
Mike Simonsen, the Founder and CEO of Altos Research, also <a href="https://www.housingwire.com/articles/mike-simonsen-inventory-is-climbing-is-the-supply-crisis-over/" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“We can see that demand is still there for the homes that are priced properly.”
Bottom Line
Home priced right are selling quickly in today’s real estate market. Let’s connect to make sure you price your house based on current market conditions so you can maximize your sales potential and minimize your hassle in a shifting market.
</article>
<a href="https://www.mykcm.com/2022/08/08/why-the-forbearance-program-changed-the-housing-market/" rel="prev" title="« Why the Forbearance Program Changed the Housing Market">« Why the Forbearance Program Changed the Housing Market</a>
2022-08-09T23:21:00-07:002022-08-09T08:22:31-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21266 Why the Forbearance Program Changed the Housing Market
<article id="post-103804" class="post-103804 post type-post status-publish format-standard has-post-thumbnail hentry category-foreclosures category-housing-market-updates">
Why the Forbearance Program Changed the Housing Market
<img width="750" height="410" src="https://files.mykcm.com/2022/08/05150740/20220808-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Why the Forbearance Program Changed the Housing Market | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/05150740/20220808-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/05150740/20220808-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/05150740/20220808-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
When the pandemic hit in 2020, many experts thought the housing market would crash. They feared job loss and economic uncertainty would lead to a wave of <a href="https://www.wsj.com/articles/many-who-lost-homes-to-foreclosure-in-last-decade-wont-return-nar-1429548640" title="foreclosures" target="_blank" rel="noopener noreferrer">foreclosures</a> similar to when the housing bubble burst over a decade ago. Thankfully, the forbearance program changed that. It provided much-needed relief for homeowners so a foreclosure crisis wouldn’t happen again. Here’s why forbearance worked.
Forbearance enabled nearly five million homeowners to get back on their feet in a time when having the security and protection of a home was more important than ever. Those in need were able to work with their banks and lenders to stay in their homes rather than go into foreclosure. Marina Walsh, Vice President of Industry Analysis at the Mortgage Bankers Association (MBA), <a href="https://www.mba.org/news-and-research/newsroom/news/2022/06/21/share-of-mortgage-loans-in-forbearance-decreases-to-085-in-may" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“Most borrowers exiting forbearance are moving into either a loan modification, payment deferral, or a combination of the two workout options.”
As the graph below shows, with modification, deferral, and workout options in place, four out of every five homeowners in forbearance are either paid in full or are exiting with a plan. They’re able to stay in their homes.
<a href="https://files.mykcm.com/2022/08/05150742/20220808-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-103806" src="https://files.mykcm.com/2022/08/05150742/20220808-MEM-Eng-1.png" alt="Why the Forbearance Program Changed the Housing Market | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/05150742/20220808-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/08/05150742/20220808-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/08/05150742/20220808-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/08/05150742/20220808-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
What does this mean for the housing market?
Since so many people can stay in their homes and work out alternative options, there won’t be a wave of foreclosures coming to the market. And while rising slightly since the foreclosure moratorium was lifted this year, <a href="https://www.mykcm.com/2022/05/12/what-you-actually-need-to-know-about-the-number-of-foreclosures-in-todays-housing-market/" title="foreclosures">foreclosures</a> today are still nowhere near the levels seen in the housing crisis.
Forbearance wasn’t the only game changer, either. Lending <a href="https://www.mykcm.com/2022/06/01/why-home-loans-today-arent-what-they-were-in-the-past/" title="standards">standards</a> have improved significantly since the housing bubble burst, and that’s one more thing keeping foreclosure filings low. Today’s borrowers are much more qualified to pay their home loans.
And while the majority of homeowners are exiting the forbearance program with a plan, for those who still need to make a change due to financial hardship or other challenges, today’s record-level of <a href="https://www.mykcm.com/2022/07/08/why-growing-home-equity-is-great-news-if-you-plan-to-move-infographic/" title="equity">equity</a> is giving them the opportunity to sell their houses and avoid foreclosure altogether. Homeowners have options they just didn’t have in the housing crisis when so many people owed more on their mortgages than their homes were worth. Thanks to their equity and the current <a href="https://www.mykcm.com/2022/08/02/3-graphs-to-show-this-isnt-a-housing-bubble/" title="undersupply">undersupply</a> of homes on the market, homeowners can sell their houses, make a move, and not have to go through the foreclosure process that led to the housing market crash in 2008.
Thomas LaSalvia, Chief Economist with Moody’s Analytics, <a href="https://www.newsweek.com/housing-market-crash-could-see-values-homes-plummet-these-11-states-1720651" title="states" target="_blank" rel="noopener noreferrer">states</a>:
“There’s some excess savings out there, over 2 trillion worth. . . . There are people that have ownership of those homes right now, that even in a downturn, they’d still likely be able to pay that mortgage and won’t have to hand over keys. And there won’t be a lot of those distressed sales that happened in the 2008 crisis.”
Bottom Line
The forbearance program was a game changer for homeowners in need. It’s one of the big reasons why we won’t see a wave of foreclosures coming to the market.
</article>
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2022-08-08T23:35:00-07:002022-08-08T08:35:43-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21243 Housing Market Forecast for the Rest of 2022 [INFOGRAPHIC]
Housing Market Forecast for the Rest of 2022 [INFOGRAPHIC]
<img width="1046" height="1935" src="https://files.mykcm.com/2022/08/04103940/20220805-MEM-1046x1935.png" class="attachment-entry size-entry wp-post-image" alt="Housing Market Forecast for the Rest of 2022 [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/04103940/20220805-MEM-1046x1935.png 1046w, https://files.mykcm.com/2022/08/04103940/20220805-MEM-324x600.png 324w, https://files.mykcm.com/2022/08/04103940/20220805-MEM-554x1024.png 554w, https://files.mykcm.com/2022/08/04103940/20220805-MEM-768x1421.png 768w, https://files.mykcm.com/2022/08/04103940/20220805-MEM-830x1536.png 830w, https://files.mykcm.com/2022/08/04103940/20220805-MEM-1107x2048.png 1107w, https://files.mykcm.com/2022/08/04103940/20220805-MEM-100x185.png 100w, https://files.mykcm.com/2022/08/04103940/20220805-MEM.png 1300w" sizes="(max-width: 1046px) 100vw, 1046px" />
Some Highlights
The housing market is <a href="https://www.mykcm.com/2022/07/29/three-reasons-to-buy-a-home-in-todays-shifting-market-infographic/" title="shifting">shifting</a> away from the intensity of the past two years. Here’s what <a href="https://www.fanniemae.com/media/44131/display" title="experts project" target="_blank" rel="noopener noreferrer">experts project</a> for the remainder of 2022.
<a href="https://www.corelogic.com/intelligence/find-stories/corelogic-hpi-posted-record-year-over-year-growth-in-2021/" title="Home prices" target="_blank" rel="noopener noreferrer">Home prices</a> are forecast to <a href="https://pulsenomics.com/surveys/#home-price-expectations" title="rise" target="_blank" rel="noopener noreferrer">rise</a> more moderately than last year. <a href="https://www.nar.realtor/newsroom/existing-home-sales-slid-5-4-in-june" title="Mortgage rates" target="_blank" rel="noopener noreferrer">Mortgage rates</a> will respond to inflation, and <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" title="home sales" target="_blank" rel="noopener noreferrer">home sales</a> will be <a href="https://www.freddiemac.com/research/forecast/20220720-quarterly-forecast-market-slowdown-will-continue-high-rates-and-prices-exacerbate" title="more in line" target="_blank" rel="noopener noreferrer">more in line</a> with pre-pandemic years.
Let’s connect so you can make your best move this year.
2022-08-05T23:44:00-07:002022-08-05T08:45:01-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21213Why It’s Still a Sellers’ MarketWhy It’s Still a Sellers’ Market<br /><br />
As there’s more and more talk about the <a href="https://www.simplifyingthemarket.com/2022/08/02/3-graphs-to-show-this-isnt-a-housing-bubble/?a=532588-66bb9be00c3e527723522466606e9bb5">real estate market</a> cooling off from the peak frenzy it saw during the pandemic, you may be questioning what that means for your plans to <a href="https://www.simplifyingthemarket.com/2022/07/18/wondering-where-youll-move-if-you-sell-your-house-today/?a=532588-66bb9be00c3e527723522466606e9bb5">sell your house</a>. If you’re thinking of making a move, you should know the market is still anything but normal.
Even though the supply of <a href="https://www.simplifyingthemarket.com/2022/06/17/more-listings-are-coming-onto-the-market-infographic/?a=532588-66bb9be00c3e527723522466606e9bb5">homes for sale</a> has been growing this year, there’s still a shortage of homes on the market. And that means conditions continue to favor sellers today. That’s because the level of <a href="https://www.simplifyingthemarket.com/2022/07/22/great-news-about-housing-inventory-infographic/?a=532588-66bb9be00c3e527723522466606e9bb5">inventory</a> of homes for sale can help determine if buyers or sellers are in the driver’s seat. Think of it like this:
A buyers’ market is when there are more homes for sale than buyers looking to buy. When that happens, buyers have the negotiation power because sellers are more willing to compromise so they can sell their house.
In a sellers’ market, it’s just the opposite. There are too few homes available for the number of buyers in the market and that gives the seller all the leverage. In that situation, buyers will do what they can to compete for the limited number of homes for sale.
A neutral market is when supply is balanced and there are enough homes to meet buyer demand at the current sales pace.
And for the past two years, we’ve been in a red-hot sellers’ market because inventory has been near record lows. The blue section of this graph <a href="https://www.nar.realtor/topics/existing-home-sales" target="_blank">highlights</a> just how far below a neutral market inventory still is today.
<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/03124230/20220804-MEM-Eng.png?a=532588-66bb9be00c3e527723522466606e9bb5"><img loading="lazy" class="aligncenter wp-image-46941" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/03124230/20220804-MEM-Eng.png" alt="Why It’s Still a Sellers’ Market | Simplifying The Market" width="650" height="488" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/03124230/20220804-MEM-Eng.png 960w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/03124230/20220804-MEM-Eng-400x300.png 400w" sizes="(max-width: 650px) 100vw, 650px" /></a>
What Does This Mean for You?
Ed Pinto, Director of the American Enterprise Institute’s Housing Center, gives a perfect summary of what’s happening in today’s market, <a href="https://fortune.com/2022/06/26/housing-market-outlook-prices-appreciation/" target="_blank">saying</a>:
“Overall, the best summary is that we’ll move from a gangbuster sellers’ market to a modest sellers’ market.”
Conditions are still in your favor even though the market is cooling. If you work with an agent to price your house at market value, you’ll find success when you <a href="https://www.simplifyingthemarket.com/2022/06/30/if-youre-selling-your-house-this-summer-hiring-a-pro-is-critical/?a=532588-66bb9be00c3e527723522466606e9bb5">sell your house</a> today. While buyer demand is softening due to higher mortgage rates, homes that are <a href="https://www.simplifyingthemarket.com/2022/06/06/why-you-need-an-expert-to-determine-the-right-price-for-your-house/?a=532588-66bb9be00c3e527723522466606e9bb5">priced right</a> are still selling fast. That means your window of opportunity to list your house hasn’t closed.
Bottom Line
Today’s housing market still favors sellers. If you’re ready to sell your house, let’s connect so you can start making your moves.
2022-08-04T23:47:00-07:002022-08-04T08:48:52-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:211663 Graphs To Show This Isn’t a Housing Bubble
<article id="post-103688" class="post-103688 post type-post status-publish format-standard has-post-thumbnail hentry category-buyers category-sellers category-foreclosures category-housing-market-updates">
3 Graphs To Show This Isn’t a Housing Bubble
<img width="750" height="410" src="https://files.mykcm.com/2022/08/01154952/20220802-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="3 Graphs To Show This Isn’t a Housing Bubble | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/01154952/20220802-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/01154952/20220802-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/01154952/20220802-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
With all the headlines and buzz in the media, some consumers believe the market is in a <a href="https://www.mykcm.com/2022/07/14/housing-experts-say-this-isnt-a-bubble/" title="housing bubble">housing bubble</a>. As the housing <a href="https://www.mykcm.com/2022/06/14/is-the-housing-market-correcting/" title="market shifts">market shifts</a>, you may be wondering what’ll happen next. It’s only natural for concerns to creep in that it could be a repeat of what took place in 2008. The good news is, there’s concrete data to show why this is nothing like the last time.
There’s a Shortage of Homes on the Market Today, Not a Surplus
The supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued price appreciation.
For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to tumble. Today, <a href="https://www.mykcm.com/2022/07/22/great-news-about-housing-inventory-infographic/" title="supply is growing">supply is growing</a>, but there’s still a shortage of inventory available.
The graph below uses <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" title="data" target="_blank" rel="noopener noreferrer">data</a> from the National Association of Realtors (NAR) to show how this time compares to the crash. Today, unsold inventory sits at just a <a href="https://www.nar.realtor/newsroom/existing-home-sales-slid-5-4-in-june" title="3.0-months’ supply" target="_blank" rel="noopener noreferrer">3.0-months’ supply</a> at the current sales pace.
<a href="https://files.mykcm.com/2022/08/01154956/20220802-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-103690" src="https://files.mykcm.com/2022/08/01154956/20220802-MEM-Eng-1.png" alt="3 Graphs To Show This Isn’t a Housing Bubble | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/01154956/20220802-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/08/01154956/20220802-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/08/01154956/20220802-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/08/01154956/20220802-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
One of the reasons inventory is still low is because of <a href="https://www.mykcm.com/2022/07/25/whats-causing-ongoing-home-price-appreciation/" title="sustained underbuilding">sustained underbuilding</a>. When you couple that with ongoing buyer demand as millennials age into their peak homebuying years, it continues to put upward pressure on <a href="https://www.mykcm.com/2022/07/21/think-home-prices-are-going-to-fall-think-again/" title="home prices">home prices</a>. That limited supply compared to buyer demand is why <a href="https://www.mykcm.com/2022/07/12/expert-housing-market-forecasts-for-the-second-half-of-the-year/" title="experts forecast">experts forecast</a> home prices won’t fall this time.
Mortgage Standards Were Much More Relaxed During the Crash
During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. The graph below showcases <a href="https://www.mba.org/news-and-research/newsroom/news/2022/06/09/mortgage-credit-availability-decreased-in-may" title="data" target="_blank" rel="noopener noreferrer">data</a> on the Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers Association (MBA). The higher the number, the easier it is to get a mortgage.
<a href="https://files.mykcm.com/2022/08/01165310/20220802-MEM-Eng-02.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-103703" src="https://files.mykcm.com/2022/08/01165310/20220802-MEM-Eng-02.png" alt="3 Graphs To Show This Isn’t a Housing Bubble | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/01165310/20220802-MEM-Eng-02.png 1000w, https://files.mykcm.com/2022/08/01165310/20220802-MEM-Eng-02-600x450.png 600w, https://files.mykcm.com/2022/08/01165310/20220802-MEM-Eng-02-768x576.png 768w, https://files.mykcm.com/2022/08/01165310/20220802-MEM-Eng-02-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
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. Back then, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices.
Today, things are different, and purchasers face much higher standards from mortgage companies. Mark Fleming, Chief Economist at First American, <a href="https://blog.firstam.com/economics/how-the-fundamentals-influencing-housing-market-potential-have-changed" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“Credit standards tightened in recent months due to increasing economic uncertainty and monetary policy tightening.”
Stricter standards, like there are today, help prevent a risk of a rash of foreclosures like there was last time.
The Foreclosure Volume Is Nothing Like It Was During the Crash
The most obvious difference is the number of homeowners that were facing foreclosure after the housing bubble burst. Foreclosure activity has been on the way down since the crash because buyers today are more qualified and less likely to default on their loans. The graph below uses <a href="https://www.attomdata.com/news/market-trends/foreclosures/attom-year-end-2021-u-s-foreclosure-market-report/" title="data" target="_blank" rel="noopener noreferrer">data</a> from ATTOM Data Solutions to help tell the story:
<a href="https://files.mykcm.com/2022/08/01155002/20220802-MEM-Eng-3.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-103692" src="https://files.mykcm.com/2022/08/01155002/20220802-MEM-Eng-3.png" alt="3 Graphs To Show This Isn’t a Housing Bubble | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/08/01155002/20220802-MEM-Eng-3.png 1000w, https://files.mykcm.com/2022/08/01155002/20220802-MEM-Eng-3-600x450.png 600w, https://files.mykcm.com/2022/08/01155002/20220802-MEM-Eng-3-768x576.png 768w, https://files.mykcm.com/2022/08/01155002/20220802-MEM-Eng-3-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
In addition, homeowners today are <a href="https://www.mykcm.com/2022/06/21/the-average-homeowner-gained-64k-in-equity-over-the-past-year/" title="equity rich">equity rich</a>, not tapped out. In the run-up to the housing bubble, some homeowners were using their homes as personal ATMs. Many immediately withdrew their equity once it built up. When home values began to fall, some homeowners found themselves in a negative equity situation where the amount they owed on their mortgage was greater than the value of their home. Some of those households decided to walk away from their homes, and that led to a wave of distressed property listings (foreclosures and short sales), which sold at considerable discounts that lowered the value of other homes in the area.
Today, prices have risen nicely over the last few years, and that’s given homeowners an <a href="https://www.mykcm.com/2022/07/06/how-your-equity-can-grow-over-time/" title="equity">equity</a> boost. According to <a href="https://www.blackknightinc.com/black-knights-april-2022-mortgage-monitor/" title="Black Knight" target="_blank" rel="noopener noreferrer">Black Knight</a>:
“In total, mortgage holders gained $2.8 trillion in tappable equity over the past 12 months – a 34% increase that equates to more than $207,000 in equity available per borrower. . . .”
With the average home equity now standing at $207,000, homeowners are in a completely different position this time.
Bottom Line
If you’re worried we’re making the same mistakes that led to the housing crash, the graphs above should help alleviate your concerns. Concrete data and expert insights clearly show why this is nothing like the last time.
</article>
2022-08-02T22:43:00-07:002022-08-02T07:43:35-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21120 Why Are People Moving Today?
<article id="post-103630" class="post-103630 post type-post status-publish format-standard has-post-thumbnail hentry category-first-time-home-buyers category-buyers category-move-up-buyers-buyers">
Why Are People Moving Today?
<img width="750" height="410" src="https://files.mykcm.com/2022/07/28164920/20220801-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Why Are People Moving Today? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/07/28164920/20220801-KCM-Share.jpg 750w, https://files.mykcm.com/2022/07/28164920/20220801-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/07/28164920/20220801-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
Buying a home is a major life <a href="https://www.mykcm.com/2022/07/13/should-i-buy-a-home-right-now/" title="decision">decision</a>. That’s true whether you’re purchasing for the first time or selling your house to fuel a move. And if you’re planning to buy a home, you might be hearing about today’s <a href="https://www.mykcm.com/2022/07/07/what-does-an-economic-slowdown-mean-for-the-housing-market/" title="shifting market">shifting market</a> and wondering what it means for you.
While <a href="https://www.mykcm.com/2022/07/12/expert-housing-market-forecasts-for-the-second-half-of-the-year/" title="mortgage rates">mortgage rates</a> are higher than they were at the start of the year and <a href="https://www.mykcm.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/" title="home prices">home prices</a> are rising, you shouldn’t put your plans on hold based solely on market factors. Instead, it’s necessary to consider why you want to move and how important those reasons are to you. Here are two of the biggest personal motivators driving people to buy homes today.
A Need for More Space
Moving.com looked at <a href="https://www.moving.com/tips/where-are-people-moving-to-top-trends-2022/" title="migration patterns" target="_blank" rel="noopener noreferrer">migration patterns</a> to determine why people moved to specific areas. One trend that emerged was the need for additional space, both indoors and outdoors.
Outgrowing your home isn’t new. If you’re craving a large yard, more entertaining room, or just need more storage areas or bedrooms overall, having the physical space you need for your desired lifestyle may be reason enough to make a change.
A Desire To Be Closer to Loved Ones
Moving and storage company United Van Lines <a href="https://www.unitedvanlines.com/newsroom/movers-study-2021" title="surveys" target="_blank" rel="noopener noreferrer">surveys</a> customers each year to get a better sense of why people move. The latest survey finds nearly 32% of people moved to be closer to loved ones.
Another moving and storage company, Pods, also <a href="https://www.pods.com/blog/2022/04/moving-trends/" title="highlights" target="_blank" rel="noopener noreferrer">highlights</a> this as a top motivator for why people move. They note that an increase in flexible work options has helped many homeowners make a move closer to the people they care about most:
“. . . a shifting of priorities has also affected why people are moving. Many companies have moved to permanent remote working policies, giving employees the option to move freely around the country, and people are taking advantage of the perk.”
If you can move to another location because of remote work, retirement, or for any other reason, you could leverage that flexibility to be closer to the most important people in your life. Being nearby for caregiving and being able to attend get-togethers and life milestones could be exactly what you’re looking for.
What Does That Mean for You?
If you’re thinking about moving, one of these reasons might be a top motivator for you. And while what’s happening with mortgage rates and <a href="https://www.mykcm.com/2022/07/25/whats-causing-ongoing-home-price-appreciation/" title="home prices">home prices</a> in the <a href="https://www.mykcm.com/2022/07/14/housing-experts-say-this-isnt-a-bubble/" title="housing market">housing market</a> today will likely play a role in your decision, it’s equally important to make sure your home meets your needs. Like Charlie Bilello, Founder and CEO of Compound Capital Advisors, <a href="https://compoundadvisors.com/2020/homes-castles-and-price-expectations" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“Your home is your castle and should confer benefits beyond just the numbers.”
Bottom Line
There are many reasons why people decide to move. No matter what the reason may be, if your needs have changed, let’s connect to discuss your options in today’s housing market.
</article>
2022-08-02T00:01:00-07:002022-08-01T09:01:39-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21082Three Reasons To Buy a Home in Today’s Shifting Market [INFOGRAPHIC]
Three Reasons To Buy a Home in Today’s Shifting Market [INFOGRAPHIC]
<img width="1046" height="1709" src="https://files.mykcm.com/2022/07/28132341/20220729-MEM-1046x1709.png" class="attachment-entry size-entry wp-post-image" alt="Three Reasons To Buy a Home in Today’s Shifting Market [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/07/28132341/20220729-MEM-1046x1709.png 1046w, https://files.mykcm.com/2022/07/28132341/20220729-MEM-367x600.png 367w, https://files.mykcm.com/2022/07/28132341/20220729-MEM-627x1024.png 627w, https://files.mykcm.com/2022/07/28132341/20220729-MEM-768x1255.png 768w, https://files.mykcm.com/2022/07/28132341/20220729-MEM-940x1536.png 940w, https://files.mykcm.com/2022/07/28132341/20220729-MEM-1253x2048.png 1253w, https://files.mykcm.com/2022/07/28132341/20220729-MEM-100x163.png 100w, https://files.mykcm.com/2022/07/28132341/20220729-MEM.png 1300w" sizes="(max-width: 1046px) 100vw, 1046px" />
Some Highlights
The housing market is moving away from the frenzy of the past year and it’s opening doors for you if you’re thinking about <a href="https://www.mykcm.com/2022/07/27/want-to-buy-a-home-now-may-be-the-time/" title="buying a home">buying a home</a>.
<a href="https://www.globenewswire.com/news-release/2022/05/19/2447085/0/en/Existing-Home-Sales-Retract-2-4-in-April.html" title="Housing inventory" target="_blank" rel="noopener noreferrer">Housing inventory</a> is <a href="https://www.nar.realtor/newsroom/existing-home-sales-slid-5-4-in-june" title="increasing" target="_blank" rel="noopener noreferrer">increasing</a>, which means <a href="https://www.mykcm.com/2022/07/22/great-news-about-housing-inventory-infographic/" title="more options">more options</a> for your search. Plus, the intensity of <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-06-realtors-confidence-index-report-07-20-2022.pdf" title="bidding wars" target="_blank" rel="noopener noreferrer">bidding wars</a> may ease as buyer demand moderates, leading to fewer homes selling above <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-05-realtors-confidence-index-06-21-2022.pdf" title="asking price" target="_blank" rel="noopener noreferrer">asking price</a>.
If you’re ready to buy a home, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today.
2022-07-29T23:10:00-07:002022-07-29T08:10:57-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21064 A Real Estate Professional Helps You Separate Fact from Fiction
A Real Estate Professional Helps You Separate Fact from Fiction
<img width="750" height="410" src="https://files.mykcm.com/2022/07/27092756/20220728-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="A Real Estate Professional Helps You Separate Fact from Fiction | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/07/27092756/20220728-KCM-Share.jpg 750w, https://files.mykcm.com/2022/07/27092756/20220728-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/07/27092756/20220728-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
If you’re following the news, chances are you’ve seen or heard some headlines about the housing market that don’t give the full picture. The real estate market is shifting, and when that happens, it can be hard to separate fact from fiction. That’s where a trusted real estate professional comes in. They can help debunk the headlines so you can really understand today’s market and what it means for you.
Here are three common housing market myths you might be hearing, along with the expert analysis that provides better context.
Myth 1: Home Prices Are Going To Fall
One piece of fiction many buyers may have seen or heard is that <a href="https://www.mykcm.com/2022/07/25/whats-causing-ongoing-home-price-appreciation/" title="home prices">home prices</a> are going to crash. That’s because headlines often use similar, but different, <a href="https://www.mykcm.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/" title="terms">terms</a> to describe what’s happening with prices. A few you might be seeing right now include:
Appreciation, or an increase in home prices.
Depreciation, or a decrease in home prices.
And deceleration, which is an increase in home prices, but at a slower pace.
The fact is, <a href="https://www.mykcm.com/2022/07/12/expert-housing-market-forecasts-for-the-second-half-of-the-year/" title="experts">experts</a> aren’t calling for a decrease in prices. Instead, they forecast <a href="https://www.mykcm.com/2022/07/21/think-home-prices-are-going-to-fall-think-again/" title="appreciation will continue">appreciation will continue</a>, just at a decelerated pace. That means home prices will continue rising and won’t fall. Selma Hepp, Deputy Chief Economist at CoreLogic, <a href="https://www.bankrate.com/real-estate/housing-market-predictions/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“. . . higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.”
Myth 2: The Housing Market Is in a Correction
Another common myth is that the housing market is in a correction. Again, that’s not the case. Here’s why. According to <a href="https://www.forbes.com/advisor/investing/what-is-market-correction/" title="Forbes" target="_blank" rel="noopener noreferrer">Forbes</a>:
“A correction is a sustained decline in the value of a market index or the price of an individual asset. A correction is generally agreed to be a 10% to 20% drop in value from a recent peak.”
As mentioned above, home prices are still appreciating, and experts project that will continue, just at a slower pace. That means the housing market <a href="https://www.mykcm.com/2022/06/14/is-the-housing-market-correcting/" title="isn’t in a correction">isn’t in a correction</a> because prices aren’t falling. It’s just moderating compared to the last two years, which were record-breaking in nearly every way.
Myth 3: The Housing Market Is Going To Crash
Some headlines are generating worry that the housing market is a bubble ready to burst. But experts say today is <a href="https://www.mykcm.com/2022/07/14/housing-experts-say-this-isnt-a-bubble/" title="nothing like 2008">nothing like 2008</a>. One of the reasons why is because lending standards are very different today. Logan Mohtashami, Lead Analyst for HousingWire, <a href="https://www.housingwire.com/articles/will-mortgage-lending-get-tighter-in-the-next-recession/" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“As recession talk becomes more prevalent, some people are concerned that mortgage credit lending will get much tighter. This typically happens in a recession, however, the notion that credit lending in America will collapse as it did from 2005 to 2008 couldn’t be more incorrect, as we haven’t had a credit boom in the period between 2008-2022.”
During the last <a href="https://www.mykcm.com/2022/06/27/two-reasons-why-todays-housing-market-isnt-a-bubble/" title="housing bubble">housing bubble</a>, it was much easier to get a mortgage than it is today. Since then, <a href="https://www.mykcm.com/2022/06/01/why-home-loans-today-arent-what-they-were-in-the-past/" title="lending standards">lending standards</a> have tightened significantly, and purchasers who acquired a mortgage over the last decade are much more qualified than they were in the years leading up to the crash.
Bottom Line
No matter what you’re hearing about the housing market, let’s connect. That way, you’ll have a knowledgeable authority on your side that knows the ins and outs of the market, including current trends, historical context, and so much more.
2022-07-29T00:13:00-07:002022-07-28T09:13:57-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21035Want To Buy a Home? Now May Be the Time.
<article id="post-103609" class="post-103609 post type-post status-publish format-standard has-post-thumbnail hentry category-first-time-home-buyers category-buyers category-move-up-buyers-buyers">
Want To Buy a Home? Now May Be the Time.
<img width="750" height="410" src="https://files.mykcm.com/2022/07/26140447/20220727-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Want To Buy a Home? Now May Be the Time. | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/07/26140447/20220727-KCM-Share.jpg 750w, https://files.mykcm.com/2022/07/26140447/20220727-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/07/26140447/20220727-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
There are <a href="https://www.mykcm.com/2022/07/22/great-news-about-housing-inventory-infographic/" title="more homes for sale">more homes for sale</a> today than at any time last year. So, if you tried to <a href="https://www.mykcm.com/2022/07/13/should-i-buy-a-home-right-now/" title="buy a home">buy a home</a> last year and were outbid or out priced, now may be your opportunity. The number of homes for sale in the U.S. has been growing over the past four months as rising <a href="https://www.mykcm.com/2022/07/26/a-window-of-opportunity-for-homebuyers/" title="mortgage rates">mortgage rates</a> help slow the frenzy the <a href="https://www.mykcm.com/2022/07/14/housing-experts-say-this-isnt-a-bubble/" title="housing market">housing market</a> saw during the pandemic.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://www.bloomberg.com/news/articles/2022-07-08/should-i-buy-a-house-with-rates-lower-experts-say-prices-may-fall-more" title="explains" target="_blank" rel="noopener noreferrer">explains</a> why the shifting market creates a window of opportunity for you:
“This is an opportunity for people with a secure job to jump into the market, when other people are a little hesitant because of a possible recession. . . They’ll have fewer buyers to compete with.”
Two Reasons There Are More Homes for Sale
The first reason the market is seeing more homes available for sale is the number of sales happening each month has decreased. This slowdown has been caused by rising mortgage rates and rising <a href="https://www.mykcm.com/2022/07/25/whats-causing-ongoing-home-price-appreciation/" title="home prices">home prices</a>, leading many to postpone or put off buying. The graph below uses data from realtor.com to show how <a href="https://www.realtor.com/research/data/" title="active real estate listings" target="_blank" rel="noopener noreferrer">active real estate listings</a> have risen over the past four months as a result.
<a href="https://files.mykcm.com/2022/07/26140440/20220727-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-103610" src="https://files.mykcm.com/2022/07/26140440/20220727-MEM-Eng-1.png" alt="Want To Buy a Home? Now May Be the Time. | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/07/26140440/20220727-MEM-Eng-1.png 960w, https://files.mykcm.com/2022/07/26140440/20220727-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/07/26140440/20220727-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/07/26140440/20220727-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
The second reason the market is seeing <a href="https://www.mykcm.com/2022/06/28/a-key-opportunity-for-homebuyers/" title="more homes available">more homes available</a> for sale is because the number of people selling their homes is also rising. The graph below outlines <a href="https://www.realtor.com/research/data/" title="new monthly listings" target="_blank" rel="noopener noreferrer">new monthly listings</a> coming onto the market compared to last year. As the graph shows, for the past three months, more people have put their homes on the market than the previous year.
<a href="https://files.mykcm.com/2022/07/26140443/20220727-MEM-Eng-2.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-103611" src="https://files.mykcm.com/2022/07/26140443/20220727-MEM-Eng-2.png" alt="Want To Buy a Home? Now May Be the Time. | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/07/26140443/20220727-MEM-Eng-2.png 960w, https://files.mykcm.com/2022/07/26140443/20220727-MEM-Eng-2-600x450.png 600w, https://files.mykcm.com/2022/07/26140443/20220727-MEM-Eng-2-768x576.png 768w, https://files.mykcm.com/2022/07/26140443/20220727-MEM-Eng-2-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Bottom Line
The number of homes for sale across the country is growing, and that means more options for those thinking about buying a home. This is the opportunity many have been waiting for who were outbid or out priced last year.
</article>
2022-07-27T23:10:00-07:002022-07-27T08:11:37-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:21014 A Window of Opportunity for Homebuyers
<article id="post-103564" class="post-103564 post type-post status-publish format-standard has-post-thumbnail hentry category-first-time-home-buyers category-buyers category-housing-market-updates category-move-up-buyers-buyers">
A Window of Opportunity for Homebuyers
<img width="750" height="410" src="https://files.mykcm.com/2022/07/22141933/20220726-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="A Window of Opportunity for Homebuyers | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/07/22141933/20220726-KCM-Share.jpg 750w, https://files.mykcm.com/2022/07/22141933/20220726-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/07/22141933/20220726-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
Mortgage rates are much higher today than they were at the beginning of the year, and that’s had a clear impact on the <a href="https://www.mykcm.com/2022/07/12/expert-housing-market-forecasts-for-the-second-half-of-the-year/" title="housing market">housing market</a>. As a result, the market is seeing a shift back toward the range of pre-pandemic levels for buyer demand and home sales.
But the transition back toward pre-pandemic levels isn’t a bad thing. In fact, the years leading up to the pandemic were some of the best the housing market has seen. That’s why, as the market undergoes this shift, it’s important to compare today not to the abnormal pandemic years, but to the most recent normal years to show how the current <a href="https://www.mykcm.com/2022/07/14/housing-experts-say-this-isnt-a-bubble/" title="housing market">housing market</a> is still strong.
Higher Mortgage Rates Are Moderating the Housing Market
The <a href="https://www.showingtime.com/showingtime-showing-index/" title="ShowingTime Showing Index" target="_blank" rel="noopener noreferrer">ShowingTime Showing Index</a> tracks the traffic of home showings according to agents and brokers. It’s also a good indication of buyer demand over time. Here’s a look at their <a href="https://www.showingtime.com/blog/may-2022-showing-index-results/" title="data" target="_blank" rel="noopener noreferrer">data</a> going back to 2017 (see graph below):
<a href="https://files.mykcm.com/2022/07/22141930/20220726-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-103565" src="https://files.mykcm.com/2022/07/22141930/20220726-MEM-Eng-1.png" alt="A Window of Opportunity for Homebuyers | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/07/22141930/20220726-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/07/22141930/20220726-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/07/22141930/20220726-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/07/22141930/20220726-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Here’s a breakdown of the story this data tells:
The 2017 through early 2020 numbers (shown in gray) give a good baseline of pre-pandemic demand. The steady up and down trends seen in each of these years show typical seasonality in the market.
The blue on the graph represents the pandemic years. The height of those blue bars indicates home showings skyrocketed during the pandemic.
The most recent data (shown in green), indicates buyer demand is moderating back toward more pre-pandemic levels.
This shows that buyer demand is coming down from levels seen over the past two years, and the frenzy in real estate is easing because of higher mortgage rates. For you, that means buying your next home should be <a href="https://www.mykcm.com/2022/06/28/a-key-opportunity-for-homebuyers/" title="less challenging">less challenging</a> than it would’ve been during the pandemic because there is more inventory available.
Higher Mortgage Rates Slow the Once Frenzied Pace of Home Sales
As mortgage rates started to rise this year, other shifts began to occur too. One additional example is the slowing pace of home sales. Using <a href="https://www.nar.realtor/newsroom/existing-home-sales-slid-5-4-in-june" title="data" target="_blank" rel="noopener noreferrer">data</a> from the National Association of Realtors (NAR), here’s a look at <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" title="existing home sales" target="_blank" rel="noopener noreferrer">existing home sales</a> going all the way back to 2017. Much like the previous graph, a similar trend emerges (see graph below):
<a href="https://files.mykcm.com/2022/07/22141936/20220726-MEM-Eng-2.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-103567" src="https://files.mykcm.com/2022/07/22141936/20220726-MEM-Eng-2.png" alt="A Window of Opportunity for Homebuyers | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/07/22141936/20220726-MEM-Eng-2.png 1000w, https://files.mykcm.com/2022/07/22141936/20220726-MEM-Eng-2-600x450.png 600w, https://files.mykcm.com/2022/07/22141936/20220726-MEM-Eng-2-768x576.png 768w, https://files.mykcm.com/2022/07/22141936/20220726-MEM-Eng-2-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Again, the data paints a picture of the shift:
The pre-pandemic years (shown in gray) establish a baseline of the number of existing home sales in more typical years.
The pandemic years (shown in blue) exceeded the level of sales seen in previous years. That’s largely because low mortgage rates during that time spurred buyer demand and home sales to new heights.
This year (shown in green), the market is feeling the impact of higher mortgage rates and that’s moderating buyer demand (and by extension home sales). That’s why the expectation for home sales this year is closer to what the market saw in 2018-2019.
Why Is All of This Good News for You?
Both of those factors have opened up a window of opportunity for homeowners <a href="https://www.mykcm.com/2022/07/18/wondering-where-youll-move-if-you-sell-your-house-today/" title="looking to move">looking to move</a> and for <a href="https://www.mykcm.com/2022/07/13/should-i-buy-a-home-right-now/" title="buyers">buyers</a> looking to purchase a home. As demand moderates and the pace of home sales slows, housing inventory is able to grow – and that gives you <a href="https://www.mykcm.com/2022/06/17/more-listings-are-coming-onto-the-market-infographic/" title="more options">more options</a> for your home search.
So don’t let the headlines about the market cooling or moderating scare you. The housing market is still strong; it’s just easing off from the unsustainable frenzy it saw during the height of the pandemic – and that’s a good thing. It opens up new opportunities for you to find a home that meets your needs.
Bottom Line
The housing market is undergoing a shift because of higher mortgage rates, but the market is still strong. If you’ve been looking to buy a home over the last couple of years and it felt impossible to do, now may be your opportunity. Buying a home right now isn’t easy, but there is more opportunity for those who are looking.
</article>
2022-07-27T00:11:00-07:002022-07-26T09:11:53-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:20991What’s Causing Ongoing Home Price Appreciation?
<article id="post-103541" class="post-103541 post type-post status-publish format-standard has-post-thumbnail hentry category-buyers category-sellers category-housing-market-updates category-pricing">
What’s Causing Ongoing Home Price Appreciation?
<img width="750" height="410" src="https://files.mykcm.com/2022/07/21163342/20220725-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="What’s Causing Ongoing Home Price Appreciation? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/07/21163342/20220725-KCM-Share.jpg 750w, https://files.mykcm.com/2022/07/21163342/20220725-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/07/21163342/20220725-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
If you’re thinking about <a href="https://www.mykcm.com/2022/07/13/should-i-buy-a-home-right-now/" title="making a move">making a move</a>, you probably want to know what’s going to happen to <a href="https://www.mykcm.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/" title="home prices">home prices</a> for the rest of the year. While experts say <a href="https://www.mykcm.com/2022/07/21/think-home-prices-are-going-to-fall-think-again/" title="price growth">price growth</a> will moderate due to the shifting market, ongoing appreciation is expected. That means home prices won’t fall. Here’s a look at two key reasons experts forecast continued price growth: supply and demand.
While Growing, Housing Supply Is Still Low
Even though <a href="https://www.mykcm.com/2022/06/28/a-key-opportunity-for-homebuyers/" title="inventory is increasing">inventory is increasing</a> this year as the <a href="https://www.mykcm.com/2022/06/14/is-the-housing-market-correcting/" title="market moderates">market moderates</a>, supply is still low. The graph below helps tell the story of why there still aren’t enough homes on the market today. It uses <a href="http://www.census.gov/construction/nrc/xls/co_cust.xls" title="data" target="_blank" rel="noopener noreferrer">data</a> from the Census to show the number of single-family homes that were built in this country going all the way back to the 1970s.
<a href="https://files.mykcm.com/2022/07/21163345/20220725-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-103555" src="https://files.mykcm.com/2022/07/21163345/20220725-MEM-Eng-1.png" alt="What’s Causing Ongoing Home Price Appreciation? | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/07/21163345/20220725-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/07/21163345/20220725-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/07/21163345/20220725-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/07/21163345/20220725-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
The blue bars represent the years leading up to the housing crisis in 2008. As the graph shows, right before the crash, homebuilding increased significantly. That’s because buyer demand was so high due to loose <a href="https://www.mykcm.com/2022/06/01/why-home-loans-today-arent-what-they-were-in-the-past/" title="lending">lending</a> standards that enabled more people to qualify for a home loan.
The resulting oversupply of homes for sale led to prices dropping during the crash and some builders leaving the industry or closing their businesses – and that led to a long period of underbuilding of new homes. And even as more new homes are constructed this year and in the years ahead, this isn’t something that can be resolved overnight. It’ll take time to build enough homes to meet the deficit of underbuilding that took place over the past 14 years.
Millennials Will Create Sustained Buyer Demand Moving Forward
The frenzy the market saw during the pandemic is because there was more demand than homes for sale. That drove home prices up as buyers competed with one another for available homes. And while buyer demand has moderated today in response to higher mortgage rates, <a href="https://data.census.gov/cedsci/table?q=United%20States&t=Populations%20and%20People&g=0100000US&tid=ACSST5Y2020.S0101" title="data" target="_blank" rel="noopener noreferrer">data</a> tells us demand will continue to be driven by the large generation of millennials aging into their peak homebuying years (see graph below):
<a href="https://files.mykcm.com/2022/07/21163348/20220725-MEM-Eng-2.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-103556" src="https://files.mykcm.com/2022/07/21163348/20220725-MEM-Eng-2.png" alt="What’s Causing Ongoing Home Price Appreciation? | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/07/21163348/20220725-MEM-Eng-2.png 1000w, https://files.mykcm.com/2022/07/21163348/20220725-MEM-Eng-2-600x450.png 600w, https://files.mykcm.com/2022/07/21163348/20220725-MEM-Eng-2-768x576.png 768w, https://files.mykcm.com/2022/07/21163348/20220725-MEM-Eng-2-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
Odeta Kushi, Deputy Chief Economist at First American, <a href="https://blog.firstam.com/economics/millennials-continued-to-drive-homeownership-demand-in-2021" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“. . . millennials continue to transition to their prime home-buying age and will remain the driving force in potential homeownership demand in the years ahead.”
That combination of millennial demand and low housing supply continues to put upward pressure on home prices. As Bankrate <a href="https://www.bankrate.com/real-estate/june-2022-fed-housing-comments/" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and strong household formation by large numbers of millennials.”
What This Means for Home Prices
If you’re worried home values will fall, rest assured that experts forecast ongoing home price appreciation thanks to the lingering imbalance of supply and demand. That means home prices won’t decline.
Bottom Line
Based on today’s factors driving supply and demand, experts project home price appreciation will continue. It’ll just happen at a more moderate pace as the housing market continues its shift back toward pre-pandemic levels.
</article>
2022-07-25T23:40:00-07:002022-07-25T08:40:17-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:20961Great News About Housing Inventory [INFOGRAPHIC]
<article id="post-103534" class="post-103534 post type-post status-publish format-standard has-post-thumbnail hentry category-first-time-home-buyers category-buyers category-housing-market-updates category-infographics category-move-up-buyers-buyers">
Great News About Housing Inventory [INFOGRAPHIC]
<img width="1046" height="2035" src="https://files.mykcm.com/2022/07/21111905/20220722-MEM-1046x2035.jpg" class="attachment-entry size-entry wp-post-image" alt="Great News About Housing Inventory [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/07/21111905/20220722-MEM-1046x2035.jpg 1046w, https://files.mykcm.com/2022/07/21111905/20220722-MEM-308x600.jpg 308w, https://files.mykcm.com/2022/07/21111905/20220722-MEM-526x1024.jpg 526w, https://files.mykcm.com/2022/07/21111905/20220722-MEM-768x1494.jpg 768w, https://files.mykcm.com/2022/07/21111905/20220722-MEM-790x1536.jpg 790w, https://files.mykcm.com/2022/07/21111905/20220722-MEM-1053x2048.jpg 1053w, https://files.mykcm.com/2022/07/21111905/20220722-MEM-100x195.jpg 100w, https://files.mykcm.com/2022/07/21111905/20220722-MEM.jpg 1300w" sizes="(max-width: 1046px) 100vw, 1046px" />
Some Highlights
Experts say the number of homes for sale is <a href="https://www.mykcm.com/2022/06/28/a-key-opportunity-for-homebuyers/" title="growing">growing</a> this year, and that can have a big impact on your move.
If you’re planning to buy, <a href="https://news.move.com/2022-06-13-Realtor-com-R-2022-Forecast-Update-Real-Estate-Gets-a-Refresh-from-the-Frenzy" title="additional options" target="_blank" rel="noopener noreferrer">additional options</a> in today’s market may be just what you’ve been waiting for. More <a href="https://www.mykcm.com/2022/06/17/more-listings-are-coming-onto-the-market-infographic/" title="inventory">inventory</a> means <a href="https://www.nar.realtor/blogs/economists-outlook/measuring-affordability-and-availability-of-homes-as-mortgage-rates-continue-to-rise" title="added opportunities" target="_blank" rel="noopener noreferrer">added opportunities</a> to find the home of your dreams.
Let’s connect so you have the latest information on available homes in our area.
</article>
2022-07-23T00:21:00-07:002022-07-22T09:21:43-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:20918 Think Home Prices Are Going To Fall? Think Again
Think Home Prices Are Going To Fall? Think Again
<img width="750" height="410" src="https://files.mykcm.com/2022/07/20110656/20220721-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Think Home Prices Are Going To Fall? Think Again | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/07/20110656/20220721-KCM-Share.jpg 750w, https://files.mykcm.com/2022/07/20110656/20220721-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/07/20110656/20220721-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
Over the last two years, the rate of home prices appreciated at a dramatic pace. While that led to incredible <a href="https://www.mykcm.com/2022/06/21/the-average-homeowner-gained-64k-in-equity-over-the-past-year/" title="equity gains">equity gains</a> for homeowners, it’s also caused some buyers to wonder if home prices will fall. It’s important to know the housing market <a href="https://www.mykcm.com/2022/07/14/housing-experts-say-this-isnt-a-bubble/" title="isn’t a bubble">isn’t a bubble</a> about to burst, and home price growth is supported by strong market fundamentals.
To understand why price declines are unlikely, it’s important to explore what caused home prices to rise so much recently, and where experts say home prices are headed. Here’s what you need to know.
Home Prices Rose Significantly in Recent Years
The graph below uses the latest data from <a href="https://www.corelogic.com/press-releases/corelogic-data-national-home-price-gains-continue-to-exceed-20-in-may/" title="CoreLogic" target="_blank" rel="noopener noreferrer">CoreLogic</a> to illustrate the rise in home prices over the past year and a half. The gray bars represent the dramatic increase in the rate of home price appreciation in 2021. The blue bars show home prices are still rising in 2022, but not as quickly:
<a href="https://files.mykcm.com/2022/07/20110659/20220721-MEM-Eng.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-103489" src="https://files.mykcm.com/2022/07/20110659/20220721-MEM-Eng.png" alt="Think Home Prices Are Going To Fall? Think Again | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/07/20110659/20220721-MEM-Eng.png 960w, https://files.mykcm.com/2022/07/20110659/20220721-MEM-Eng-600x450.png 600w, https://files.mykcm.com/2022/07/20110659/20220721-MEM-Eng-768x576.png 768w, https://files.mykcm.com/2022/07/20110659/20220721-MEM-Eng-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
You might be asking: why did home prices climb so much last year? It’s because there were more buyers than there were homes for sale. That imbalance put upward pressure on home prices because demand was extremely high, and supply was record low.
Where Experts Say Prices Will Go from Here
While <a href="https://www.mykcm.com/2022/06/28/a-key-opportunity-for-homebuyers/" title="housing inventory">housing inventory</a> is increasing and buyer demand is softening today, there’s still a shortage of homes available for sale. That’s why the market is seeing ongoing price appreciation. Mark Fleming, Chief Economist at First American, <a href="https://twitter.com/YahooFinance/status/1545073046393802757" title="explains" target="_blank" rel="noopener noreferrer">explains</a> it like this:
“. . .we’re still well below normal levels of inventory and that’s why even with the pullback in demand, we still see house prices appreciating. While there is more inventory, it’s still not enough.”
As a result, experts are projecting a more moderate rate of <a href="https://www.mykcm.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/" title="home price appreciation">home price appreciation</a> this year, which means home prices will continue rising, but at a slower pace. That doesn’t mean prices are going to fall. As Selma Hepp, Deputy Chief Economist at CoreLogic, <a href="https://www.bankrate.com/real-estate/housing-market-predictions/" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“The current home price growth rate is unsustainable, and higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.”
In other words, even with higher mortgage rates, moderating buyer demand, and more <a href="https://www.mykcm.com/2022/06/17/more-listings-are-coming-onto-the-market-infographic/" title="homes for sale">homes for sale</a>, experts say home price appreciation will slow, but prices won’t decline.
If you’re planning to buy a home, that means you shouldn’t wait for home prices to drop to make your purchase. Instead, buying today means you can get ahead of future price increases, and benefit from the rise in prices in the form of <a href="https://www.mykcm.com/2022/07/08/why-growing-home-equity-is-great-news-if-you-plan-to-move-infographic/" title="home equity">home equity</a>.
Bottom Line
Home prices skyrocketed in recent years because there was more demand than supply. As the market shifts, experts aren’t forecasting a drop in prices, just a slowdown in the rate of price growth. To understand what’s happening with home prices in our area, let’s connect today.
2022-07-21T23:57:00-07:002022-07-21T08:58:44-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:20885Should You Buy a Home with Inflation This High?
<article id="post-103479" class="post-103479 post type-post status-publish format-standard has-post-thumbnail hentry category-buying-myths category-buyers category-pricing">
Should You Buy a Home with Inflation This High?
<img width="750" height="410" src="https://files.mykcm.com/2022/07/19122944/20220720-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Should You Buy a Home with Inflation This High? | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/07/19122944/20220720-KCM-Share.jpg 750w, https://files.mykcm.com/2022/07/19122944/20220720-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/07/19122944/20220720-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
While the Federal Reserve is working hard to bring down inflation, the <a href="https://www.nytimes.com/live/2022/07/12/business/cpi-report-inflation" title="latest data" target="_blank" rel="noopener noreferrer">latest data</a> shows the inflation rate is still going up. You no doubt are feeling the pinch on your wallet at the gas pump or the grocery store, but that news may also leave you wondering: should I still buy a home right now?
Greg McBride, Chief Financial Analyst at Bankrate, <a href="https://www.bankrate.com/mortgages/inflation-housing-market/" title="explains" target="_blank" rel="noopener noreferrer">explains</a> how inflation is affecting the housing market:
“Inflation will have a strong influence on where mortgage rates go in the months ahead. . . . Whenever inflation finally starts to ease, so will mortgage rates — but even then, home prices are still subject to demand and very tight supply.”
No one knows how long it’ll take to bring down <a href="https://www.mykcm.com/2022/05/20/dont-let-rising-inflation-delay-your-homeownership-plans-infographic/" title="inflation">inflation</a>, and that means the future trajectory of mortgage rates is also unclear. While that uncertainty isn’t comfortable, here’s why both inflation and mortgage rates are important for you and your homeownership plans.
When you buy a home, the mortgage rate and the price of the home matter. Higher mortgage rates impact how much you’ll pay for your monthly mortgage payment – and that directly affects how much you can comfortably afford. And while there’s no denying it’s more expensive to buy and finance a home this year than it was last year, it doesn’t mean you should pause your search. Here’s why.
Homeownership Is Historically a Great Hedge Against Inflation
In an inflationary economy, prices rise across the board. Historically, homeownership is a <a href="https://www.mykcm.com/2022/06/23/homeownership-is-a-great-hedge-against-the-impact-of-rising-inflation/" title="great hedge">great hedge</a> against those rising costs because you can lock in what’s likely your largest monthly payment (your mortgage) for the duration of your loan. That helps stabilize some of your monthly expenses. Not to mention, as <a href="https://www.mykcm.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/" title="home prices">home prices</a> continue to appreciate, your home’s value will too. That’s why Mark Cussen, Financial Writer at Investopedia, <a href="https://www.investopedia.com/articles/investing/060916/top-5-ways-hedge-against-inflation.asp" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“Real estate is one of the time-honored inflation hedges. It’s a tangible asset, and those tend to hold their value when inflation reigns, unlike paper assets. More specifically, as prices rise, so do property values.”
Also, no one is calling for homes to lose value. As Selma Hepp, Deputy Chief Economist at CoreLogic, <a href="https://www.bankrate.com/real-estate/housing-market-predictions/" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“The current home price growth rate is unsustainable, and higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.”
In a nutshell, your home search doesn’t have to go on hold because of rising inflation or higher mortgage rates. There’s more to consider when it comes to why you want to buy a home. In addition to shielding yourself from the impact of inflation and growing <a href="https://www.mykcm.com/2022/07/06/how-your-equity-can-grow-over-time/" title="your wealth">your wealth</a> through ongoing price appreciation, there are other reasons to buy a home right now like addressing your changing needs and so much more.
Bottom Line
Homeownership is one of the best decisions you can make in an inflationary economy. You get the benefit of the added security of owning your home in a time when experts are forecasting prices to continue to rise.
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2022-07-21T00:43:00-07:002022-07-20T09:43:35-07:00Christopher Paultag:paulrealtyteam.com,2012-09-20:20870 Why Pre-Approval Is a Game Changer for Homebuyers
<article id="post-103449" class="post-103449 post type-post status-publish format-standard has-post-thumbnail hentry category-first-time-home-buyers category-buyers category-move-up-buyers-buyers">
Why Pre-Approval Is a Game Changer for Homebuyers
<img width="750" height="410" src="https://files.mykcm.com/2022/07/15113451/20220719-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Why Pre-Approval Is a Game Changer for Homebuyers | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/07/15113451/20220719-KCM-Share.jpg 750w, https://files.mykcm.com/2022/07/15113451/20220719-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/07/15113451/20220719-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" />
If you’re planning to <a href="https://www.mykcm.com/2022/06/28/a-key-opportunity-for-homebuyers/" title="buy a home">buy a home</a> this year, you might have heard that pre-approval is a necessary step to take before starting out on your journey. But why is that? And is it still important in <a href="https://www.mykcm.com/2022/07/12/expert-housing-market-forecasts-for-the-second-half-of-the-year/" title="today’s shifting market">today’s shifting market</a>?
The truth is, getting a pre-approval letter from your lender is critical, and when it comes to your home search, it can be a game changer in so many ways.
To better understand why, it’s important to know what pre-approval is. Freddie Mac <a href="https://myhome.freddiemac.com/blog/homeownership/how-do-i-get-pre-approved-mortgage" title="defines" target="_blank" rel="noopener noreferrer">defines</a> the process like this:
“A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. The lender you work with will provide you with a pre-approval letter, which is an official document that states the maximum amount they are willing to lend you, . . .”
Put simply, pre-approval from a lender helps you understand your true price range and how much money you can borrow for <a href="https://www.mykcm.com/2022/06/22/things-to-avoid-after-applying-for-a-home-loan/" title="your loan">your loan</a>. That can make it easier when you set out to search for homes. And since you’ll know what you’re approved for, it’ll also help once it’s time to submit an offer on the home of your <a href="https://www.mykcm.com/2022/07/05/is-homeownership-still-the-american-dream/" title="dreams">dreams</a>.
Another added benefit is that pre-approval lets the seller know you’re qualified to buy their house. Paul Centopani, Editor for the Mortgage Reports, <a href="https://themortgagereports.com/92875/first-time-buyer-expert-financial-tips-podcast" title="explains" target="_blank" rel="noopener noreferrer">explains</a>:
“. . . most sellers won’t even consider an offer unless the buyer is pre-approved at the right price point. Sellers and their agents want to know you’re ready and able to finance your offer amount. So you’ll want to have your preapproval teed up as soon as you’re serious about bidding on a home you like.”
Every advantage you can gain as a buyer is crucial in a market that’s <a href="https://www.mykcm.com/2022/06/14/is-the-housing-market-correcting/" title="constantly changing">constantly changing</a>. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals, such as a real estate advisor and trusted lender, on your side. They’ll help make sure you’re ready to put your best foot forward.
Bottom Line
Getting pre-approved for a mortgage helps you better understand what you can borrow and shows sellers you’re serious about purchasing their home. Let’s connect so you have the tools you need to succeed as a homebuyer in today’s shifting market.
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2022-07-19T23:36:00-07:002022-07-19T08:36:55-07:00Christopher Paul