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Hi, I’m Shannon Banks! I’ve been a proud resident of Paulding County for over 20 years, where I’ve raised my four amazing kids, aged 32, 30, 21, and 14, alongside my husband of 14 years. Now, with our one precious grandson and four lovable dogs, life is always busy and full of love.
After years of dedicating myself to my family, I finally fulfilled my lifelong dream of becoming a Realtor in 2023. I waited until my babies were grown to pursue this passion, and I haven’t looked back since. Real estate has always been in my heart, and it’s my mission to help others achieve their dreams—whether they’re buying or selling their home.
To me, my clients aren’t just clients; they’re family and friends. I’m here to walk beside them every step of the way, offering loyalty, transparency, and dedication. I believe in building lasting relationships, and I’m committed to making sure every buyer and seller feels seen, heard, and supported.
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Shannon was so hands on from the get go to the finish line, we had very specific wants and needs for our first home and she did such a great job helping us find a house with a garage in a great school district! She is a night owl so any little question we had day or night was always answered quickly and she made us feel like family!
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Affordable & Romantic Weekends Away: Ellijay, GA
Affordable & Romantic Weekends Away: Ellijay, GA Fall is in the air, and what better way to enjoy the cooler temps and colorful scenery than sneaking away for an affordable and romantic weekend in Ellijay, Georgia? Nestled in the North Georgia mountains, Ellijay is the perfect spot for couples who want to get away from it all without spending a fortune. From cozy cabins to scenic views and some of the best apple orchards in the state, Ellijay has everything you need for a magical fall escape. Stunning Fall Colors for Days First things first—let’s talk about the fall colors. There’s nothing quite like the leaves changing in North Georgia, and Ellijay is right in the heart of it. Imagine waking up to a blanket of vibrant reds, oranges, and yellows surrounding you. A quick morning coffee on the porch of your cabin with those views? Yes, please! For the more adventurous couples, hit up the nearby hiking trails like Amicalola Falls State Park or Rich Mountain Wilderness. Whether you’re hiking, driving, or just sitting back with a warm drink, the scenery here is unreal in the fall. Apple Picking Adventures Ellijay isn’t called the apple capital of Georgia for nothing! Fall means apple-picking season is in full swing, and it’s the perfect way to spend a fun day with your partner. Head to B.J. Reece Orchards or R&A Orchards, grab a basket, and pick your own apples while you enjoy the crisp fall air. Afterward, treat yourselves to some hot apple cider, apple pies, or even some fresh apple donuts. It’s affordable, sweet, and oh-so romantic! Affordable & Cozy Cabin Stays Now, when it comes to accommodations, Ellijay is packed with cozy cabins that are super affordable. Whether you want something rustic or a modern cabin with all the bells and whistles, there’s something for every budget. Picture this: a crackling fireplace, a hot tub on the deck, and mountain views all around. You and your partner can snuggle up, forget the world, and just enjoy each other’s company. It’s the kind of relaxation that doesn’t cost a fortune but feels priceless. Wine Tasting with a View If you and your partner love wine, you’re in for a treat. Ellijay is home to some charming local vineyards like Chateau Meichtry and Cartecay Vineyards, where you can sip wine while taking in the gorgeous fall scenery. The tastings are super affordable, and you can enjoy some local flavors while sitting by a firepit or overlooking the vineyard. It’s laid-back, romantic, and won’t break the bank—just the way we like it! Romantic Dining at Sunset After a day of exploring, you’ll need a cozy spot for a romantic dinner. Head to The Roof Ellijay, a rooftop restaurant with a view of the mountains and the cutest downtown ever. There’s something special about dining outside as the sun sets over the fall landscape. The best part? It’s totally budget-friendly, so you can enjoy a delicious meal without feeling guilty about spending too much. Festivals and Small-Town Charm And don’t forget to explore downtown Ellijay while you’re there. The fall season brings all kinds of fun events, including the famous Apple Festival, full of local vendors, crafts, and live entertainment. Even when there’s not a festival, the small-town charm of Ellijay is enough to make you feel like you’ve stepped into a Hallmark movie. Browse the little shops, grab a coffee at a local café, and just enjoy the slower pace of life. Bottom Line Ellijay is the perfect affordable romantic getaway where you can connect with your partner, soak in the fall beauty, and make memories that will last a lifetime. Whether you're picking apples, sipping wine, or just enjoying a quiet moment by the fireplace, this charming little town has everything you need for a weekend you won’t forget. So, grab your cozy sweaters, pack a bag, and head to Ellijay for the perfect fall weekend!
Home Values Rise Even as Median Prices Fall
What’s Really Happening with Home Prices? Here’s What You Need to Know in West Georgia Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a buyer or seller in West Georgia, it’s easy to assume that means prices are coming down. But here’s the catch: those numbers don’t tell the full story. Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create. Homes on the Market Right Now Are Smaller The biggest reason for the dip in median price is the size of homes being sold. The median price reflects the middle point of all the homes for sale at any given time, and that’ll be affected by the mix of homes on the market. To show you how this works, here’s a simple explanation of a median (see visual below). Let’s say you have three coins in your pocket, and you decide to line them up according to their value from low to high. If you have one nickel and two dimes, the median (the middle one) is 10 cents. If you have two nickels and one dime, the median is now five cents. In both cases, a nickel is still worth five cents and a dime is still worth 10 cents. The value of each coin didn’t change. The same is true for housing. Right now, in West Georgia, we’re seeing a greater number of smaller, more affordable homes on the market in places like Dallas, Acworth, and Kennesaw, and that’s bringing the overall median price down. But that doesn’t mean home values are declining. As Danielle Hale, Chief Economist at Realtor.com, explains: “The share of inventory of smaller and more affordable homes has grown, which helps hold down the median price even as per-square-foot prices grow further.” And here’s the data to prove it. Price Per Square Foot Is Still Rising One of the best ways to measure home values is by looking at the price per square foot. That’s because it shows how much you're paying for the space inside the home. The median asking price doesn’t take into account the size of different homes, so it may not always reflect the true value. The latest national price-per-square-foot data shows home values are still increasing, even though the median asking price has dropped. Locally, in West Georgia, we’ve seen similar trends, with price per square foot continuing to rise in areas like Paulding, Cobb, and Bartow counties. This means that while smaller homes are affecting the median price, the average home’s value is still rising. According to the Federal Housing Finance Agency (FHFA): “Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.” So, while headlines may make it sound like prices are crashing, you don’t have to worry. With a closer look and more reliable data, you can see that prices are still climbing nationally and here in West Georgia. But Remember, Real Estate Is Local It’s important to remember that home prices can vary by region. While national trends provide a big-picture view, local markets like West Georgia may be experiencing different conditions. A trusted agent is the best resource to explain what’s happening in your area. Bottom Line The decrease in median price is not the same as a decrease in home values. The median asking price is down mostly due to the mix of smaller, less expensive homes on the market. The important thing to focus on is the price per square foot, which is a better indicator of overall market value—and those prices are still going up here in West Georgia. If you have questions about what home prices are doing in our area, feel free to reach out!
Secrets To Selling Your House Quickly
Let's Sell Your Home Fast in West Georgia! Seeing your house sit on the market without any interest is frustrating, and some sellers in West Georgia are finding themselves in this tricky spot today. According to data from the National Association of Realtors (NAR), the average time a house spends on the market has increased nationwide over the past few years. Locally, in areas like Paulding, Cobb, and Douglas counties, the trend is similar, with homes staying on the market a bit longer compared to a couple of years ago.A recent post from Realtor.com echoes this: “During the week ending Sept. 14, homes stayed on the market eight days longer compared to last year. With more choices available and mortgage rates expected to fall, buyers are taking their time, which means sellers will need to be patient and flexible.” This delay is partly due to increased inventory, giving buyers more options. Higher mortgage rates have also slowed demand, especially over the past two years, and that’s something out of your control. But here’s the kicker—there is something you can control, and it’s where many sellers fall short: they don’t work with the right agent.Make no mistake, with the right strategy and agent partner, your house can still sell quickly, even in today’s West Georgia market.If time is of the essence, you need an agent who understands how the market is shifting, especially here in places like Paulding, Cobb, and surrounding counties. That agent will be your go-to resource on what West Georgia buyers are looking for and how to position your home to meet their needs.Here are just a few tips a great real estate agent will guide you through. They may seem simple, but trust me, this advice can make all the difference. 1. Competitive Pricing One of the most critical factors in selling your home quickly is setting the right price. A local West Georgia agent will perform a competitive market analysis by reviewing recent sales and current listings in your area. Then, they’ll use that data to ensure your home is priced accurately for today’s market. This strategic pricing approach is the best way to hit the sweet spot on price. If you don’t rely on an agent for this, it can really slow down your process. As U.S. News says: “. . . setting an unrealistically high price with the idea that you can come down later doesn’t work in real estate . . . A home that’s overpriced in the beginning tends to stay on the market longer, even after the price is cut, because buyers think there must be something wrong with it.” 2. The Home’s Condition Homes in West Georgia that are well maintained, have great curb appeal, and feature modern finishes tend to sell faster. So, if a quick sale is your priority, make sure your house makes a great first impression. An agent is key in knowing what buyers in this area are looking for, whether staging is worthwhile, and what repairs need to be tackled before you list. Ramsey Solutions offers this advice: “In the spirit of selling your home fast, take care of things now that will be a problem in the closing process. Talk to your agent about fixes you’ll need to make to pass the home inspection, like: plumbing problems, roof damage, electrical issues, HVAC glitches. . . These are issues you’ll be expected to take care of before any buyers close on your house—you might as well get ahead of the game to help your home sell faster.” 3. Incentives and Extras In today’s West Georgia market, offering incentives or concessions can help your home stand out. Things like help with closing costs, a home warranty, or including appliances or furniture with the sale can sweeten the deal for buyers. A real estate agent can recommend the right incentives based on current market conditions in our area, helping you close the deal even faster. Bottom Line Selling your home quickly in a shifting market requires a solid strategy and a deep understanding of what buyers want, especially here in West Georgia. That’s why working with a local agent is so important. As Forbes says: “When time is of the essence, you can’t afford to take a chance on an inexperienced housing professional. Instead, you’ll want to work with a real estate agent who knows your market and has helped sellers in your situation before.” Let’s connect to make sure you’re set up for success in today’s West Georgia real estate market.
How to Downsize in West Georgia
A Step-by-Step Guide for Empty Nesters in West Georgia Downsizing in West Georgia can feel like a big task, especially for empty nesters who are ready to make the shift to a smaller home. But with a little planning and some organization, you’ll find that the process can be smoother than you think, leading to a lifestyle that fits your current needs and frees up time for the things you love most. While it might feel overwhelming at first, downsizing can bring a lot of benefits—not only does it reduce home maintenance, but it also gives you the chance to focus on personal interests and passions without the weight of a big home to manage. The key is taking practical steps and making emotional adjustments to create a home that feels like a perfect fit for this new chapter of life. Sorting through belongings and figuring out what to keep and what to let go can feel like a walk down memory lane, but it’s also a chance to set yourself up for a fresh start. And finding the right community here in West Georgia can make all the difference in how you enjoy this next phase of your journey. Key Takeaways: Efficient planning makes downsizing a breeze. Decluttering helps create a home that truly reflects your current needs. Embracing the emotional side of this change enhances the overall experience. Understanding the Concept of Downsizing Downsizing simply means moving into a smaller home, and it’s something that offers plenty of perks for empty nesters. It’s all about simplifying, cutting costs, and adapting to your changing lifestyle. Let’s face it, life is too short to be spending time and energy on maintaining a house that’s bigger than you need! Benefits of Downsizing for Empty Nesters There’s a lot to love about downsizing! First off, it can give your budget a little breathing room. Smaller homes typically come with lower mortgage payments, taxes, and utility bills, which means you can use that extra cash to pad your retirement fund or enjoy life a little more—whether that means traveling or picking up a new hobby. Secondly, with a smaller home, you’ll spend a lot less time worrying about upkeep. For many empty nesters, this is the biggest appeal—fewer chores and more time for fun! A smaller space also means you're likely closer to local amenities, making it easier to stay active and social in your community. Finally, downsizing forces you to declutter and streamline your stuff, which can feel surprisingly refreshing. Creating a more organized, peaceful living space can make day-to-day life that much more enjoyable. Start by Evaluating Your Needs The first thing to consider is how much space you really need. Maybe you’ve got rooms you never enter, or you’re tired of maintaining a large yard. Think about your lifestyle now—what do you use daily? Do you still need a guest room, or are you dreaming of a smaller home with a home office or hobby space? Downsizing means making your life simpler, so focus on what truly matters to you. Declutter and Organize Downsizing naturally means you’ll need to reduce the amount of “stuff” you’ve accumulated over the years. While it might be tough to part with certain items, this can actually be a freeing experience. Start small by going through closets, attics, or basements and identifying things you no longer use. Consider donating or selling items that don’t have sentimental value or won’t be useful in your new space. Plan for the Right-Sized Home Once you’ve decluttered, it's time to think about what kind of home is the right fit. Do you want a smaller house, a condo, or maybe a townhome? West Georgia offers a variety of options, from cozy cottages to low-maintenance properties. When choosing, think about the future: do you want a single-story home to avoid stairs, or a smaller lot to minimize yard work? Maybe even look into 55+ communities for an active and social lifestyle with fewer maintenance worries. Financial Benefits of Downsizing Downsizing can offer some serious financial perks. By moving into a smaller home, you can save on mortgage payments, property taxes, utilities, and maintenance costs. These savings can help boost your retirement fund or give you extra cash for travel, hobbies, or even helping out the grandkids. Be sure to factor in potential costs like moving expenses and any needed updates to your new home. Working with a local Realtor who understands the West Georgia market will help you find a home that maximizes these benefits. When to Make the Move Deciding when to downsize is just as important as figuring out how to do it. For many, the transition happens when the last child leaves home, but it could be triggered by retirement, a desire to travel more, or simply wanting less space to care for. Take a good look at your current lifestyle and long-term goals. If managing your home is taking more time and energy than you’d like, it may be the right time to make the move. Maximizing Your Current Home's Value Before you downsize, you'll likely need to sell your current home. To get the best return, it's important to prepare it for sale. Start by making any necessary repairs and updates, like fresh paint or replacing outdated fixtures. Curb appeal is key, so ensure the exterior looks inviting. A clean, well-staged home will attract more buyers and help you sell at a top price. A trusted real estate agent can guide you on the specific updates that offer the most value in the West Georgia market. Embrace the Downsized Lifestyle Once you’ve successfully downsized, you’ll likely find yourself with more time, energy, and money to focus on the things you love. Without a large home to maintain, you can spend more time exploring hobbies, traveling, or simply enjoying your day-to-day life. Many who downsize find it to be a refreshing and liberating experience, and West Georgia offers plenty of opportunities to enjoy your new, simplified lifestyle. Ready to Downsize in West Georgia? If you’re considering downsizing and don’t know where to start, reach out to me. As a local Realtor familiar with the West Georgia market, I can help you find the perfect home that fits your new lifestyle and assist you in selling your current home for the best price.
Why Outdoor Enthusiasts Love Living in West Georgia
Why Outdoor Enthusiasts Love Living in West Georgia West Georgia is a dream destination for those who love the great outdoors. Whether you’re a thrill-seeker, an avid hiker, or someone who enjoys peaceful afternoons by the water, West Georgia’s natural beauty and wide range of outdoor activities make it a perfect fit for nature lovers. With its scenic landscapes, mild weather, and strong community focus, it’s no surprise that outdoor enthusiasts are drawn to this area. Let’s dive into what makes West Georgia such a special place to live for those who enjoy staying active in the fresh air. Endless Trails and Parks for Outdoor Fun If you love hiking, biking, or simply spending time in nature, West Georgia won’t disappoint. A local favorite is the Silver Comet Trail, which runs over 60 miles through Paulding and Cobb counties, offering a beautiful route for walking, biking, and even rollerblading. For hikers, Sweetwater Creek State Park in Douglas County offers trails that wind through forests and alongside the creek, leading to the ruins of a Civil War-era textile mill. The region’s parks and trails provide varied experiences, from leisurely nature walks to more challenging hikes. Boating and Fishing Galore With its abundance of lakes and rivers, West Georgia is perfect for those who love being on the water. Lake Allatoona in Bartow County is a hotspot for boating, fishing, and camping. It’s a peaceful retreat where you can enjoy a quiet day fishing or take the family out for water sports. The Chattahoochee River also offers prime spots for kayaking and fishing. Whether you’re an experienced angler or a weekend warrior, water-based activities in West Georgia are endless. Top-Tier Golf and Country Clubs Golfers will love the selection of courses and clubs in West Georgia. The Bentwater Golf Club in Paulding County and Mirror Lake Golf Club in Carroll County provide stunning views, challenging Key Takeaways Parks and Trails: Endless opportunities for hiking, biking, and nature walks, with highlights like the Silver Comet Trail and Sweetwater Creek State Park. Water Activities: Ideal for boating and fishing, with hotspots like Lake Allatoona and the Chattahoochee River. Golfing: Top-tier courses and country clubs, perfect for golfers and those who enjoy club amenities. Nature Preserves: Nearby preserves like Pine Mountain and Chattahoochee River National Recreation Area offer scenic escapes for wildlife lovers. Mild Climate: West Georgia’s climate allows for year-round outdoor activities, with warm summers and mild winters. Community: A welcoming, outdoor-friendly community with events, markets, and festivals celebrating the region’s natural beauty.
Should You Rent Out or Sell Your House?
Figuring out what to do with your house when you're ready to move can be a big decision. Should you sell it and use the money for your next adventure, or keep it as a rental to build long-term wealth? It's a question many homeowners face, and the answer isn't always straightforward. Whether you're curious about the potential income from renting or worried about the responsibilities of being a landlord, there’s a lot to consider. Let’s walk through some key questions to ask to help you make the best decision for your situation. Is Your House a Good Fit for Renting? Even if you're interested in becoming a landlord, your current house might not be ideal for renting. Maybe you're moving far away, so keeping up with the ongoing maintenance would be a hassle, the neighborhood isn't great for rentals, or the house needs significant repairs before you could rent it out. If any of this sounds like it might apply, selling might be your best option. Are You Ready for the Realities of Being a Landlord? Managing a rental property isn't just about collecting rent checks. It's a time-consuming and sometimes challenging job. For example, you may get calls from tenants at all hours of the day with maintenance requests. Or you may find a tenant causes damage you have to repair before the next lease starts. You may even have to deal with people falling behind on payments or breaking their lease early. Investopedia highlights: "It isn’t difficult to find horror stories of landlords troubled with more headaches than profits. Before deciding to rent, consider talking to other landlords and doing a detailed cost analysis. You might find that selling your home is a better financial decision and less stressful.” Do You Have a Good Understanding of What It’ll Cost? If you're thinking about renting out your home primarily to generate extra income, remember that there are additional costs you’ll want to plan for. As an article from Bankrate explains: Mortgage and Property Taxes: You still need to pay these expenses, even if the rent doesn't cover all of it. Insurance: Landlord insurance costs about 25% more than regular home insurance, and it's necessary to cover damages and injuries. Maintenance and Repairs: Plan to spend at least 1% of the home's value annually, more if the home is older. Finding a Tenant: This involves advertising costs and potentially paying for background checks. Vacancies: If the property sits empty between tenants, you'll lose rental income. Management and HOA Fees: A property manager can ease the burden, but typically charges about 10% of the rent. HOA fees are an additional cost too, if applicable. Bottom Line To sum it all up, selling or renting out your home is a personal decision that depends on your circumstances. Whatever you decide, taking the time to evaluate your options will help you make the best choice for your future. Make sure to weigh the pros and cons carefully and consult with professionals so you feel supported and informed as you make your decision. That’s what we’re here for.
Is Affordability Starting To Improve?
Over the past couple of years, a lot of people have had a hard time buying a home. And while affordability is still tight, there are signs it's getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says: “Housing affordability is improving ever so modestly, but it is moving in the right direction.” Here’s a look at the latest data on the three biggest factors affecting home affordability: mortgage rates, home prices, and wages. 1. Mortgage Rates Mortgage rates have been volatile this year, bouncing around from the mid-6% to low 7% range. But there's some good news. Data from Freddie Mac shows rates have been trending down overall since May (see graph below): Mortgage rates have improved lately in part because of recent economic, employment, and inflation data. Moving forward, some rate volatility is to be expected. But if future economic data continues to show signs of cooling, experts say mortgage rates could keep going down. Even a small drop can help you out. When rates decline, it's easier to afford the home you want because your monthly payment will be lower. Just don’t expect them to go back down to 3%. 2. Home Prices The second big thing to think about is home prices. Nationally, they’re still going up this year, but not as fast as they did a couple of years ago. The graph below uses home price data from Case-Shiller to illustrate that point: If you're thinking about buying a home, slower price growth is good news. Home prices went up a lot during the pandemic, making it hard for many people to buy. Now, with prices rising more slowly, buying a home may feel less out of reach. As Odeta Kushi, Deputy Chief Economist at First American, says: “While housing affordability is low for potential first-time home buyers, slowing price appreciation and lower mortgage rates could help – so the dream of homeownership isn’t boarded up just yet.” 3. Wages Another factor helping with affordability is rising wages. The graph below uses data from the Bureau of Labor Statistics (BLS) to show how wages have increased over time: Look at the blue dotted line. It shows how wages usually go up in a typical year. On the right side of the graph, you'll see wages are rising even faster than normal right now – that's the green line. This helps you because if your income increases, it's easier to afford a home. That’s because you won't have to spend as much of your paycheck on your monthly mortgage payment. Bottom Line When you put all these factors together, you see mortgage rates are trending down, home prices are rising more slowly, and wages are going up faster than usual. Though affordability is still a challenge, these trends are early signs things might be starting to improve.
How To Choose a Great Local Real Estate Agent
Selecting the right real estate agent can make a world of difference when buying or selling a home. But how do you find the best one? Here are some tips to help you make that big decision as you determine your partner in the process. Check Their Reputation Start by gathering information about agents in your area. From there, try to narrow down the list. Ask the people you trust if they have someone they’d recommend. You’ll want to find an agent with a strong online presence, plenty of positive reviews, and someone whose great reputation truly precedes them. As Freddie Mac explains: “. . . you may want to look for a real estate agent who specializes in the type of home you’re searching for. For example, if you are looking for an energy-efficient home, look for an agent who has experience with finding and negotiating offers for those homes. If you are looking for new construction, you’ll want to find an agent who has experience with new construction and isn’t affiliated with the builder . . .” Look for Local Market Expertise A great agent should have in-depth knowledge of what’s happening at the national and local level. That way they can clear up any misconceptions sparked by what you’re reading or hearing in the news. And they can tell you how your area compares to the national data. As an added perk, they’ll also be familiar with the neighborhoods you’re interested in and community amenities. As a recent article from Business Insider says: “Spend some time talking with prospective agents about the local real estate market and how it could impact your purchase or sale. You want to get an understanding of how knowledgeable they are about local market conditions. Whether they're helping you sell or buy, their strategy for you should account for those conditions.” Get a Feel for Their Communication Style and Availability Effective communication is key in real estate transactions. Choose an agent who listens to your needs, answers your questions quickly, and keeps you informed throughout the process. If an agent is juggling too many clients, they might not be able to give you the attention you deserve. You want someone who will be readily available and responsive. So, what’s the best way to get a feel for their communication style and preferences? Bankrate offers this advice: “Interviews also give you a chance to find out the agent’s preferred method of communication and their availability. For example, if you’re most comfortable texting and expect to visit homes after work hours during the week, you’ll want an agent who’s happy to do the same.” Trust Your Gut Last, rely on your instincts. If you feel like you do or don’t click with one of the agents you’re talking to, that matters. Choose an agent you feel at ease with and who inspires confidence. The right agent should be someone you trust to guide you through one of the most significant transactions of your life. As Business Insider says: “As long as you've properly vetted the agents you're considering and ensured they have the necessary expertise, it's ok to go with your gut . . . Maybe you have a better rapport with one of the agents you're considering, or you just feel like they're easier to approach. You're going to be working closely with this person, so it's important to choose an agent you're comfortable with.” Bottom Line By following these tips, you can pick an agent who’ll provide the support and expertise you need to help make the process as smooth as possible. It’d be an honor to apply for that job. Let’s connect so we can have a conversation and see if we’d be a good fit for working together.
A Newly Built Home May Actually Be More Budget-Friendly
If you’re in the market to buy a home, there’s some exciting news for you. Many people assume that newly built homes are more expensive than existing ones (houses that have already been lived in), but that’s not always the case. In fact, exploring newly built homes can sometimes lead to more cost-effective options, especially today. Hard to believe, right? But the data doesn’t lie. Here are two key reasons working with your agent to look into new home construction could help you find a more budget-friendly option. Reason 1: Lower Median Prices for Newly Built Homes The median sales price for newly built homes is lower than the median sales price for existing homes today. This might seem surprising, but it’s true according to the latest data from the Census and the National Association of Realtors (NAR): Why is that? Builders are focused on building what they can sell. And right now, there’s a very real need for smaller and more affordable homes – so that’s what they’ve been bringing to the market. At the same time, there are also more newly built homes already on the market than there have been over the past few years, so builders are motivated to make sure they’re selling what they’ve got available before adding more. Reason 2: Attractive Incentives from Home Builders Another big reason to consider a newly built home is the range of incentives that many home builders are offering. Again, since builders are aiming to sell their current inventory, some are providing special deals to sweeten the pot for homebuyers. HousingWire explains today’s trend: “Overall, the usage of sales incentives was up to 61% in June, compared to 59% in May.” One of the most appealing incentives right now is how builders are able to offer competitive mortgage rates. They may also provide other incentives, such as covering closing costs, or offering free upgrades. Why This Matters to You Considering a newly built home could open up opportunities you hadn’t thought of before. With competitive pricing and attractive incentives, you might just find that a brand-new home is the most appealing option for you. Bottom Line Buying a home is a big decision, and it’s essential to consider all your options. By looking into newly built homes, you might find a perfect fit for your needs and your budget. Let’s explore the possibilities together. If you have any questions or want to see what’s available, feel free to reach out.
Home Inspections For Sellers: How To Prepare
Some Highlights If you’re thinking about selling your house, it’s important to know what the home inspection is and what inspectors look for. As supply grows and buyers regain negotiation power, you may find you want to do some select repairs with a good return on investment before listing to get ahead of things a buyer may ask you to fix. To decide what's worth tackling, you need expert advice. Let's chat so you know what to prioritize.
Helpful Negotiation Tactics for Today’s Housing Market
If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market. And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate. Whether you’re looking to buy or sell a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on. What Can You Negotiate? Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplinger and LendingTree: Sale Price: The most obvious is the price of the home. And that lever is being pulled more often today. Buyers don’t want to overpay when affordability is already so tight. And sellers who aren’t realistic about their asking price may have to consider adjusting their price. Home Repairs: Based on the inspection, a buyer is within their rights to ask the seller to make reasonable repairs. If the seller doesn’t want to do that, they could offer to reduce the home price or cover some closing costs, so the buyer has the money to take them on themselves. Fixtures: Buyers can also ask for appliances or furniture to convey when the house changes hands. Having the seller throw in the washer and dryer cuts down on expenses the buyer would have when moving in. As the seller, you could leave your existing ones behind to sweeten the deal for your buyer, and get yourself new ones for your next place. Closing Costs: Closing costs typically run about 2-5% of the home’s purchase price. Buyers can ask the seller to pay for some or all of these expenses to offset the cash the buyer has to bring to the table. Home Warranties: Buyers can also ask the seller to pay for a home warranty. This is great for buyers worried about the maintenance costs that may pop up after taking possession of the home. And since this concession usually isn’t terribly expensive for the seller, it can be a good option for both parties. Closing Date: Buyers can ask for a faster or extended closing window based on their own timetable. The seller can also advocate for what they need based on their move to find the right compromise. One thing is true whether you’re a buyer or a seller, and that’s how much your agent can help you throughout the process. Your agent is your go-to for any back-and-forth. They’ll handle the conversations and advocate for your best interests along the way. As Bankrate says: “Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.” They may also be able to uncover what the buyer or seller is looking for in their discussions with the other agent. And that insight can be really valuable at the negotiation table. Bottom Line Buyers are regaining a bit of negotiation power in today’s market. Buyers, knowing what levers you can pull will help you feel confident and empowered going into your purchase. Sellers, having a heads up of what they may ask for gives you the chance to think through what you’ll be willing to offer. Want to chat more about what to expect and the options you have? Let’s connect.
The Number One Mistake Sellers Are Making: Overpricing Their House
In today's housing market, many sellers are making a critical mistake: overpricing their houses. This common error can lead to a home sitting on the market for a long time without any offers. And when that happens, the homeowner may have to drop their asking price to try to re-ignite buyer interest. Data from Realtor.com shows the number of homeowners realizing this mistake and doing a price reduction is climbing (see graph below): If you’re thinking about making a move yourself, here’s what you need to know. The best way to avoid making a costly mistake is to work with a trusted real estate agent to find the right price. Here’s a look at what’s at stake if you don’t. Not Paying Attention To Current Market Conditions Understanding current market conditions is key to accurate pricing. You don’t want to set your asking price based on what happened during the pandemic. The market has moderated a lot since then, so it’s far better to align your price with today’s reality. Real estate agents stay updated on market trends and how they impact the pricing strategy for your house. Pricing It Based on What You Want To Make (Not What It’s Worth) Another misstep is pricing it based on what you want to make on the sale, and not necessarily current market value. You may see other homes in your neighborhood selling for top dollar and assume yours can do the same. But you may not be considering differences in size, condition, and features. For example, maybe that other house is waterfront or has a finished basement. To sum it up, Bankrate explains: “How do you find that sweet spot of pricing for profit but not overpricing? The expertise of your agent can be truly valuable here. A knowledgeable agent will understand fair market value in your area, how much your house is worth and how much you might reasonably expect to get for it in the current market.” An agent will do a comparative market analysis (CMA) to make sure your house is compared with truly similar properties to get an accurate look at how it should be priced. Pricing High to Leave Room for Negotiation Another common, yet misguided strategy is to price your house high on purpose, so you have more room to negotiate down during the sale. But this can backfire. A price that seems too high often deters potential buyers from even considering the home. So rather than leaving room for negotiation, what you’ll actually be doing is turning buyers away. U.S. News Real Estate explains: “You want to sell your house for top dollar, but be realistic about the value of the property and how buyers will see it. If you've overpriced your home, chances are you'll eventually need to lower the number, but the peak period of activity that a new listing experiences is already gone.” An agent can help you set a fair price that attracts buyers and encourages more competitive offers. Bottom Line Overpricing your home can have serious consequences. A knowledgeable real estate agent brings an objective perspective, in-depth market knowledge, and a strategic approach to pricing. Let’s connect so you can avoid making a pricing mistake that’ll cost you.
3 Reasons To Move in Today’s Shifting Market
Some Highlights The housing market is in a transition. And that gives you 3 key opportunities going into the fall. There are more homes actively for sale. Builders are motivated to sell, so a newly built home may be more achievable than you think. And mortgage rates have come down from their recent peak. If you’re ready and able to buy, you may find the housing market this fall a bit easier to navigate. Let’s connect to get started.
Are There More Homes for Sale Where You Live?
One of the biggest bright spots in today’s housing market is how much the supply of homes for sale has grown since the beginning of this year. Recent data from Realtor.com shows that nationally, there are 36.6% more homes actively for sale now compared to the same time last year. That’s a significant improvement. It gives you far more options for your move than you would’ve had just a year ago. And with supply improving, you’re also regaining a bit of negotiation power. So, if you’re someone who thought about buying a home over the last few years but was discouraged by how limited inventory was, this should be welcome news. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says: “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.” But just so you have perspective, even though inventory has grown, that doesn’t mean we’ve suddenly flipped to an oversupply of homes on the market. There are nowhere near enough homes for sale to make prices crash. If you compare today’s inventory levels to more normal, pre-pandemic numbers (2017–2019), there are still roughly 29% fewer homes actively for sale now (see graph below): So, while we’re up by almost 37% year-over-year, we’re still not back to how much inventory there’d be in a normal market. As Bill McBride, Housing Analyst for Calculated Risk, explains: “ . . . currently inventory is increasing year-over-year but is still well below pre-pandemic levels.” But that’s okay. It’s to be expected. As a country, it’ll take a while to get back to the typical level of homes for sale. And the good news for buyers is, in some select markets, it’s closer to being a reality. Here’s a rundown of what today’s inventory growth looks like by region (see graph below): Real estate will always be hyper-local. If you want to find out what inventory numbers look like where you live, reach out to a local agent. They’ll be able to tell you what they’re seeing and how it stacks up to the national market. You may find you have even more opportunity to move where you are. Bottom Line The supply of homes across the country is improving in a big way. As a buyer, that gives you more options for your home search, and ultimately, a better chance of finding what you like. So, what are you looking for in a home? And what’s your budget? Let’s go over that together to find the options that may be right for you.
Are Home Prices Going To Come Down?
Today’s headlines and news stories about home prices are confusing and make it tough to know what’s really happening. Some say home prices are heading for a correction, but what do the facts say? Well, it helps to start by looking at what a correction means. Here’s what Danielle Hale, Chief Economist at Realtor.com, says: “In stock market terms, a correction is generally referred to as a 10 to 20% drop in prices . . . We don't have the same established definitions in the housing market.” In the context of today’s housing market, it doesn’t mean home prices are going to fall dramatically. It only means prices, which have been increasing rapidly over the last couple years, are normalizing a bit. In other words, they’re now growing at a slower pace. Prices vary a lot by local market, but rest assured, a big drop off isn’t what’s happening at a national level. The Real Estate Market Is Normalizing From 2020 to 2022, home prices skyrocketed. That rapid increase was due to high demand, low interest rates, and a shortage of homes for sale. But, that kind of aggressive growth couldn’t continue forever. Today, price growth has started to slow down, which is a sign the market is beginning to normalize. The most recent data from Case-Shiller shows that after being basically flat for a couple of months last year, prices are going up at a national level – just not as quickly as before (see graph below): The big takeaway? So far this year, there’s been a much healthier pace of price growth compared to the pandemic. Of course, that’s what’s happening now, but you may be wondering what’s next for prices. Marco Santarelli, the Founder of Norada Real Estate Investments, says: “Expert forecasts lean towards a moderation in home price growth over the next five years. This translates to a slower and more sustainable pace of appreciation compared to the breakneck speed witnessed in recent years, rather than a freefall in prices.” It’s all about supply and demand. Increasing inventory plus limited buyer demand, due to relatively high mortgage rates, will continue to ease some of the upward pressure on prices. What This Means for You If you’re thinking about buying a home, slowing price growth is welcome news. Skyrocketing home prices during the pandemic left many would-be homebuyers feeling priced-out. While it’s still a good thing to know the value of the home you buy will likely continue to go up once you own it, slowing price gains are making things feel more manageable. Odeta Kushi, Deputy Chief Economist at First American, says: “While housing affordability is low for potential first-time home buyers, slowing price appreciation and lower mortgage rates could help — so the dream of homeownership isn't boarded up just yet.” Bottom Line At the national level, home prices are not going down. And most experts forecast they’ll continue growing moderately moving forward. But prices vary a lot by local market. That’s where a trusted real estate agent comes into play. If you have questions about what’s happening with prices in our area, reach out.
Today’s Biggest Housing Market Myths
Have you ever heard the phrase: don’t believe everything you hear? That’s especially true if you’re thinking about buying or selling a home in today’s housing market. There’s a lot of misinformation out there. And right now, making sure you have someone you can go to for trustworthy information is extra important. If you partner with a real estate agent, they can clear up some common misconceptions and reassure you by backing them up with research-driven facts. Here are just a few misconceptions they can help disprove. 1. I’ll Get a Better Deal Once Prices Crash If you’ve heard home prices are going to come crashing down, it’s time to look at what’s actually happening. While prices vary by local market, there’s a lot of data out there from numerous sources that shows a crash is not going to happen. Back in 2008, there was a dramatic oversupply of homes that led to prices crashing. Across the board, there’s an undersupply of homes for sale today. That makes this market a whole different scenario (see chart below): So, if you think waiting will score you a deal, know that data shows there’s not a crash on the horizon, and waiting isn’t going to pay off the way you’d hoped. 2. I Won’t Be Able To Find Anything To Buy If this nagging fear about finding the right home if you move is still holding you back, you probably haven’t talked with an expert real estate agent lately. Throughout the year, the supply of homes for sale has grown. Data from Realtor.com helps put this into context. While there are still fewer homes on the market than in a more normal year like 2019, inventory is still above where it was at this time last year (see graph below): So, if you’re remembering all that media coverage about record-low supply during the pandemic, you can rest a bit easier. While the market isn’t back to normal just yet, inventory is moving in a healthier direction. And that means as your options improve, you can let go of this now outdated myth because finding a home to buy won’t feel quite so impossible anymore. 3. I Have To Wait Until I Have Enough for a 20% Down Payment Many people still believe you need a 20% down payment to buy a home. To show just how widespread this myth is, Fannie Mae says: “Approximately 90% of consumers overstate or don’t know the minimum required down payment for a typical mortgage.” And if you look at the data from the National Association of Realtors (NAR), you can see the typical homeowner isn’t putting down as much as you might expect (see graph below): First-time homebuyers are typically only putting down 6%. That’s far less than the 20% so many people think they need. And if you’re looking at that graph and you’re more focused on how the number for repeat buyers is closer to 20%, here’s what you need to realize. That’s only because they have so much equity built up in their current house that can be used to make a larger down payment for their next move. This goes to show you don’t have to put 20% down, unless it’s specified by your loan type or lender. Many people put down a lot less. Not to mention, depending on the type of home loan you get, you may only need to put 3.5% or even 0% down. So, if you’re buying your first home, you likely don’t need nearly as much for your down payment as you may think. An Agent’s Role in Fighting Misconceptions If you put your move on pause because you heard one or more of these myths yourself, it’s time to talk to a trusted agent. An expert agent has more data and the facts, just like this, to reassure you and help break through any misconceptions that may be holding you back. Bottom Line If you have questions about what you’re hearing or reading, let’s connect. You deserve to have someone you can trust to get the facts.
How Growing Inventory Benefits Today's Buyers
Some Highlights While the number of homes for sale varies by local area, nationally we’re up over 36% year-over-year, but still down almost 29% compared to what’s normal. Here’s what that means when you buy: more options for your search, more negotiation power for you, it’s more likely sellers will make select repairs, and more moderate price growth. If you want to talk more about what rising inventory means for you, let’s connect.
What To Know About Closing Costs
Now that you’ve decided to buy a home and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process. And while your down payment is probably the number one expense on your mind, don't forget about closing costs. Here’s what you need to know. What Are Closing Costs? Simply put, your closing costs are the additional fees and payments you have to make at closing. And while they’ll vary based on the price of the home and how it’s being financed, every buyer has these, so they shouldn’t be a surprise. It’s just that some people forget to budget for them. According to Freddie Mac, this part of the homebuying process typically includes: Application fees Credit report fees Loan origination fees Appraisal fees Home inspection fees Title insurance Homeowners insurance Survey fees Attorney fees Some of these are one-time expenses that are baked into your closing costs. Others, like homeowners’ insurance, are initial installment payments for ongoing responsibilities you’ll have once you take possession of the home. How Much Are Closing Costs? The same Freddie Mac article goes on to say: “Closing costs vary greatly depending on your location and the price of your home. Typically, you should be prepared to pay between 2% and 5% of the home purchase price in closing fees.” With that in mind, here’s how you can get an idea of what you’ll need to budget. Let’s say you find a home you want to purchase at today’s median price of $422,600. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $8,452 and $21,130. But keep in mind, if you’re in the market for a home above or below this price range, your numbers will be higher or lower. Tips To Reduce Your Closing Costs If you’re wondering if there’s any way to inch that down a little bit, NerdWallet lists a few things that could help: Negotiate with the Seller: Some sellers are willing to cover part or all of these expenses — especially since homes are staying on the market a bit longer now. Sellers may be more motivated to compromise, and you’ll find you have a bit more negotiation power. So don’t hesitate to ask them for concessions like paying for the home inspection or giving you a credit toward closing costs. Shop Around for Home Insurance: Since rising home insurance is a challenge in many areas of the country right now, take the time to get a clear picture of all your options. Each insurance company offers their own policies and coverage, so get multiple quotes and see how they compare. Choosing a policy that provides reliable coverage at a competitive rate can make a difference. Look into Closing Cost Assistance: Just like there are programs out there to help with your down payment, options exist to get support with closing costs too. While they’ll vary by area, there are programs for various income levels, certain professions, and specific towns or neighborhoods too. If you want to learn more, Experian says: “Your real estate professional should be able to steer you toward applicable programs, and the U.S. Department of Housing and Urban Development (HUD) maintains a helpful resource for finding homebuying assistance programs in every state.” Bottom Line Planning for the fees and payments you'll need to cover when you're closing on your home is important – and it doesn’t have to be a big surprise. With the right experts on your side, you can make sure you’re prepared. Let’s connect so you have someone you can go to for more tips and advice.
Why Pre-Approval Should Be at the Top of Your Homebuying To-Do List
Since the supply of homes for sale is growing and mortgage rates are coming down, you may be thinking it’s finally your moment to jump into the market. To make sure you’re ready, you need to get pre-approved for a mortgage. That’s when a lender looks at your finances, including things like your W-2, tax returns, credit score, and bank statements, to figure out what they’re willing to loan you. After that process, you’ll get a pre-approval letter to show what you can borrow. Here are two reasons why this is essential in today’s market. Pre-Approval Helps You Know Your Numbers While home affordability is finally starting to show signs of improving, it’s still tight. So, it’s a good idea to talk to a lender about your loan options and how today’s changing mortgage rates will impact your monthly payment. The pre-approval process is the perfect time for that. In addition to determining the maximum amount you can borrow, pre-approval also helps you understand this piece of the puzzle. As Investopedia says: “Consulting with a lender and obtaining a pre-approval letter allows you to discuss loan options and budgeting with the lender; this step can clarify your total house-hunting budget and the monthly mortgage payment you can afford.” You should use this information to tailor your home search to what you’re actually comfortable with budget-wise. Since mortgage rates have inched down some lately, you may find you’re able to afford a bit more than you’d expect for your monthly payment, but you still want to avoid overextending. As CNET explains: “In many cases, a lender may preapprove you for more than you need to spend on a home. And while it can be tempting to look at houses outside your budget, it won’t help you in the long run. Before you start touring homes, figure out how much you can realistically afford and stick to your budget.” Pre-Approval Makes Your Offer More Appealing And once you do find a home you want in your budget, pre-approval has another big perk. It not only makes your offer stronger, it also shows sellers you’ve already undergone a credit and financial check. When a seller sees you as a serious buyer, they may be more attracted to your offer because it seems more likely to go through. As Greg McBride, Chief Financial Analyst at Bankrate, says: “Preapproval carries more weight because it means lenders have actually done more than a cursory review of your credit and your finances, but have instead reviewed your pay stubs, tax returns and bank statements. A preapproval means you’ve cleared the hurdles necessary to be approved for a mortgage up to a certain dollar amount.” As mortgage rates trend down, more buyers are going to be ready to jump back into the market. And while demand is still limited right now, there’s the potential for competition to pick back up, especially in hot markets. So, why not stack the deck in your favor and make sure you’re putting yourself in the best position possible when you find a home you love? Bottom Line If you’re planning on buying a home, don’t forget to get pre-approved early in the process. It can help you get a more in-depth understanding of what you can borrow and shows sellers you mean business.
Mortgage Rates Drop to Lowest Level in over a Year and a Half
Mortgage rates have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment. Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at Freddie Mac, says: “Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.” But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at the impact on your monthly payment. The chart below shows what a monthly payment (principal and interest) would look like on a $400K home loan if you purchased a house back in April (this year’s mortgage rate high), versus what it could look like if you buy a home now (see below): Going from 7.5% just a few months ago to the low 6s has a big impact on your bottom line. In just a few months’ time, the anticipated monthly payment on a $400K loan has come down by over $370. That’s hundreds of dollars less per month. Bottom Line With the recent drop in mortgage rates, the purchasing power you have right now is better than it’s been in almost two years. Let’s talk about your options and how you can make the most of this moment you’ve been waiting for.
The Real Story Behind What’s Happening with Home Prices
If you’re wondering what’s going on with home prices lately, you’re definitely not the only one. With so much information out there, it can be hard to figure out your next move. As a buyer, you might be worried about paying more than you should. And if you're thinking of selling, you might be concerned about not getting the price you're aiming for. So, here's a quick breakdown to help clear things up and show you what’s really happening with prices—whether you're thinking about buying or selling. Home Price Growth Is Slowing, but Prices Aren’t Falling Nationally Throughout the country, home price appreciation is moderating. What that means is, prices are still going up, but they're not rising as quickly as they were in recent years. The graph below uses data from Case-Shiller to make the shift from 2023 to 2024 clear: But rest assured, this doesn't mean home prices are falling. In fact, all the bars in this graph show price growth. So, while you might hear talk of prices cooling, what that really means is they're not climbing as fast as they were when they skyrocketed just a few years ago. What’s Next for Home Prices? It’s All About Supply and Demand You might be curious where prices will go from here. The answer depends on supply and demand, and it’s going to vary by local market. Nationally, the number of homes for sale is going up, but there still aren’t enough of them to meet today’s buyer demand. That’s keeping upward pressure on prices – even though recent inventory growth has caused that home price appreciation to slow. Danielle Hale, Chief Economist at Realtor.com, said: “. . . today’s low but quickly improving for-sale inventory has ushered in more market balance than would otherwise be expected . . . This should help home prices maintain a slower pace of growth.” And here’s one other thing you may not have considered that could play a role in where prices go from here. Since experts say mortgage rates should continue to decline, it’s likely more buyers will re-enter the market in the months ahead. If demand picks back up, that could make prices climb a bit further. Why You Should Work with a Local Real Estate Agent While national trends give a big-picture view, real estate is always local – especially when it comes to prices. What's happening in your neighborhood might be different from the national average based on what supply and demand look like in your market. That’s why it's crucial to get local insights from a knowledgeable real estate agent. As your go-to source for everything related to home prices, a local agent can provide the most current data and trends specific to your area. So, if you’re planning to sell, they can help you price your house accurately. And when you’re ready to buy, they can find the right home that fits your budget and your needs. Bottom Line Home prices are still rising, just not as quickly as before. Whether you’re thinking about buying, selling, or just curious about what your house is worth, let’s connect so you have the personalized guidance you need.
Are We Heading into a Balanced Market?
If you’ve been keeping an eye on the housing market over the past couple of years, you know sellers have had the upper hand. But is that going to shift now that inventory is growing? Here’s a breakdown of what you need to know. What Is a Balanced Market? A balanced market is generally defined as a market with about a five-to-seven-month supply of homes available for sale. In this type of market, neither buyers nor sellers have a clear advantage. Prices tend to stabilize, and there’s a healthier number of homes to choose from. And after many years when sellers had all the leverage, a more balanced market would be a welcome sight for people looking to move. The question is – is that really where the market is headed? After starting the year with a three-month supply of homes nationally, inventory has increased to four months. That may not sound like a lot, but it means the market is getting closer to balanced – even though it’s not quite there yet. It’s important to note this increase in inventory is not leading to an oversupply that would cause a crash. Even with the growth lately, there’s still nowhere near enough supply for that to happen. The graph below uses data from the National Association of Realtors (NAR) to give you an idea of where inventory has been in the past, and where it’s at today: For now, this is still seller’s market territory – it’s just not as frenzied of a seller’s market as it’s been over the past few years. As Mark Fleming, Chief Economist at First American, says: “The faster housing supply increases, the more affordability improves and the strength of a seller’s market wanes.” What This Means for You and Your Move Here's how this shift impacts you and the market conditions you'll face when you move. Lawrence Yun, Chief Economist at NAR, explains: “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.” The graphs below use the latest data from NAR and Realtor.com to help show examples of these changes: Homes Are Sitting on the Market Longer: Since more homes are on the market, they’re not selling quite as fast. For buyers, this means you may have more time to find the right home. For sellers, it’s important to price your house right if you want it to sell. If you don’t, buyers might choose better-priced options. Sellers Are Receiving Fewer Offers: As a seller, you might need to be more flexible and willing to compromise on price or terms to close the deal. For buyers, you could start to face less intense competition since you have more options to choose from. Fewer Buyers Are Waiving Inspections: As a buyer, you have more negotiation power now. And that’s why fewer buyers are waiving inspections. For sellers, this means you need to be ready to negotiate and address repair requests to keep the sale moving forward. How a Real Estate Agent Can Help But this is just the national picture. The type of market you’re in is going to vary a lot based on how much inventory is available. So, lean on a local real estate agent for insight into how your area stacks up. Whether you’re buying or selling, understanding how the market is changing gives you a big advantage. Your agent has the latest data and local insights, so you know exactly what’s happening and how to navigate it. Bottom Line The real estate market is always changing, and it’s important to stay informed. Whether you’re buying or selling, understanding this shift toward a balanced market can help. If you have any questions or need expert advice, don’t hesitate to reach out.
Why Buying Now May Be Worth It in the Long Run
Should you buy a home now or should you wait? That’s a question a lot of people have these days. And while what’s right for you is going to depend on a lot of different factors, here’s something you’ll want to consider as you make your decision. As soon as you buy, you’ll start gaining equity. And you’d be surprised how quickly that can add up – even with more moderate home price appreciation. Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over the next five years. In the latest release, experts project prices will continue to rise nationally through at least 2028 (see the graph below): While home prices are going to vary from one local area to the next, this shows they’re expected to keep going up nationally. The size of the increase varies from year-to-year, but the important takeaway is that prices are forecast to rise every single year – just at a moderate pace. And while rising home prices may not sound great right now, once you own a home, that growth will be a big bonus for you. Here’s a look at what you stand to gain equity-wise once you buy. The graph below uses a typical home’s value and those HPES projections to show how much equity is at stake: If you bought a $450,000 home at the beginning of this year, based on that starting value and the expert forecasts from the HPES, you could gain more than $90,000 in household wealth over the next five years. That’s significant. So, if you’re ready and able to buy, and growing your wealth is important to you, you’ve got an opportunity in front of you. And now that mortgage rates have fallen, it may be time to consider making a move. To talk more about your options and what makes sense, lean on a pro. They’ll be able to tell you what home prices are doing in your area and what that means for your move (and your future equity). The Mortgage Reports says: “Given the intricacies of the current market, it’s more important than ever to stay informed and up to date about housing market conditions. Whether you’re looking to buy or sell in the remaining months of 2024, having a professional guide you through the process can make all the difference.” Bottom Line The decision to buy now or wait is a very personal one, but it’s valuable to have an expert’s perspective. They won't push you, but they will explain things you may not have considered, like the equity that’s at stake. If you want help weighing your options and thinking through how the current market factors in, let’s connect.
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