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housing market - The Jenn Pfeiffer Team
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housing market Tag

The Number of Homes for Sale Is Increasing

From our friends at the KCM blog There’s no denying the last couple of years have been tough for anyone trying to buy a home because there haven’t been enough houses to go around. But things are starting to look up. There are more homes up for grabs this year. The graph below uses the latest data from Realtor.com to show in April 2024 there were more homes for sale than there were over the last few years (2021-2023): As Realtor.com explains: “There were 30.4% more homes actively for sale on a typical day in April compared with the same time in 2023, marking the sixth consecutive month of annual inventory growth.” But does this growing inventory make house hunting...

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Steps To Buy a House: How Long Do They Take?

By Jamie Wiebe | REALTOR.COM Homes aren’t impulse purchases. It takes time to sift through listings and make your way from one home showing to the next; then, of course, there are those agonizing hours you wait to find out if your offer on a house was accepted, whether you can secure financing, and any number of other holdups. Just so you’re prepared to play the waiting game, here are the steps to buy a house and how long they typically take, so you aren’t sitting there holding your breath and wondering if something’s up. How long does it take to find a real estate agent? Answer: A couple of days to a few weeks Your real estate agent should be...

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Tips for Younger Homebuyers: How To Make Your Dream a Reality

FROM OUR FRIENDS IN THE KCM BLOG If you’re a member of a younger generation, like Gen Z, you may be asking the question: will I ever be able to buy a home? And chances are, you’re worried that’s not going to be in the cards with inflation, rising home prices, mortgage rates, and more seemingly stacked against you. While there’s no arguing this housing market is challenging for first-time homebuyers, it is still achievable, especially if you have professionals on your side. Here are some helpful tips you may get from a pro. 1. Explore Your Options for a Down Payment If a down payment is your #1 hurdle, you may have options to give your savings...

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What’s Motivating Your Move?

From our friends in the Kcm blog Thinking about selling your house? As you make your decision, consider what’s pushing you to think about moving. A recent survey from Realtor.com looked into why people want to sell their homes this year. Here are the top two reasons (see graphic below): Let’s take a closer look and see if they’re motivating you to make a change too. 1. To Make a Profit If you’re thinking about selling your house, you probably have a lot of questions on your mind. Well, here’s some good news – the latest data shows most sellers get a great return on their investment when they sell. ATTOM, a property data provider, explains: “. . . home...

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The Top U.S. Cities Immune to the Housing Market Malaise—Where Price Growth Is Surging

By Margaret Heidenry | realtor.com The housing market has been stagnant for several years now, with high home prices and unpredictable mortgage rates sidelining buyers and sellers alike. But some U.S. metros seem to be defying the real estate market malaise. In these places, not only are homes selling at a quicker pace than the rest of the country, but prices are up as well. Indeed, in its latest data analysis, which ranks the nation’s 20 hottest markets, Realtor.com® found that home prices are flat everywhere, seeing only a 2% rise in March—except for the hottest markets, which rose by 5.3% annually. “Prices increased slightly nationwide in March, but the month’s hottest markets saw more substantial price...

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Now’s a Great Time To Sell Your House

From our friends in the kcm blog Thinking about selling your house? If you are, you might be weighing factors like today’s mortgage rates and your own changing needs to figure out your next move. Here’s something else to consider. According to the latest Home Purchase Sentiment Index (HPSI) from Fannie Mae, the percent of respondents who say it’s a good time to sell is on the rise (see graph below): Why Are Sellers Feeling so Optimistic? One reason why is because right now is traditionally the best time of year to sell a house. A recent article from Bankrate says: “Late spring and early summer are generally considered the best times to sell a house. . . . While today’s rates are relatively high, low...

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Is a Multi-Generational Home Right for You?

From our Friends in the KCM Blog Ever thought about living in the same house with your grandparents, parents, or other loved ones? You’re not alone. A lot of people are choosing to buy multi-generational homes where everyone can live together. Let’s check out why they think it’s a good idea to see if it might be a good fit for you, too. Why People Are Choosing Multi-Generational Living According to the National Association of Realtors (NAR), here are just a few key reasons buyers opted for multi-generational homes over the past year (see graph below): Two of the top reasons had to do with aging parents. 27% of buyers chose multi-generational homes so they could take...

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Soaring Insurance Costs Could Force House Prices To Fall—and Some Homeowners To Forgo Coverage

By Clare Trapasso | realtor.com When Palm Beach County Commissioner Gregg Weiss learned his windstorm insurance was doubling to $20,000 a year, his insurance agent had an unexpected solution: Pay off the mortgage on his West Palm Peach, FL, home and drop the insurance entirely. So, two years ago, he did just that. He figured his century-old home had survived “numerous” hurricanes. The money he saved on the insurance was used instead for a new roof. He also installed impact windows in the three-bedroom home, which is located about a mile from the shore. “It felt terrible. … [But] it just didn’t make sense anymore,” says Weiss, who is also a...

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Is It Getting More Affordable To Buy a Home?

From our friends at the KCM blog Over the past year or so, a lot of people have been talking about how tough it is to buy a home. And while there’s no arguing affordability is still tight, there are signs it’s starting to get a bit better and may improve even more throughout the year. Elijah de la Campa, Senior Economist at Redfin, says: “We’re slowly climbing our way out of an affordability hole, but we have a long way to go. Rates have come down from their peak and are expected to fall again by the end of the year, which should make homebuying a little more affordable and incentivize buyers...

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What Does Contingent Mean in Real Estate?

By Kristine Gill | Better Homes & Gardens Learn more about common contingencies in real estate and how they can affect the buying processes. Buying and selling a home often requires a dictionary as you navigate a new litany of terms, each describing a crucial step in the process. In real estate, a contingent offer has a meaning all its own—one that can make or break a deal. “It is a common misconception that once you are under contract, you are going to close with that buyer and seller—no matter what,” says Abbey Wostal, a broker and owner at Better Homes and Gardens Real Estate Wostal Realty. “This is absolutely false if there...

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