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new house Tag

Is the Housing Market Bouncing Back—or Bouncing Back and Forth?

By Margaret Heidenry | REALTOR.COM Is the housing market bouncing back in 2024—or just bouncing back and forth? There have been some signs of housing inventory recovering, with the number of homes actively for sale growing by 7.9% year over year in January, according to a recent Realtor.com® report. That’s “notably higher compared to last year,” according to Realtor.com Chief Economist Danielle Hale. Mortgage rates have also subsided from their 23-year high of 7.79% in October to 6.69% in the week ending Jan. 26 for a 30-year fixed-rate loan, according to Freddie Mac. But despite this double dose of promising news, Hale doesn’t expect that America’s housing affordability crisis will improve all that quickly. Rather, she predicts it...

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Experts Project Home Prices Will Increase in 2024

From our friends in KCM Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent survey from Fannie Mae found that 24% of people think home prices will actually decline over the next 12 months. That means almost one out of every four people are dealing with that fear, and you might be, too. To help ease that concern, here’s what experts forecast will happen with prices this year. Experts Project a Modest Increase Check out the latest home price forecasts from eight different sources (see graph below): The blue bar on the left means, on average, experts think home prices will go up over 2% by the end of this...

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Are More Homeowners Selling as Mortgage Rates Come Down?

By our friends in KCM If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale. The Mortgage Rate Lock-In Effect Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac explains: “The lack of housing supply was partly driven by the rate lock-in effect. . . . With higher rates, the...

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What to Look for in a Multigenerational Home

By Kristine Gill | Better Homes & Gardens More and more people are living in multigenerational homes. Here are some features to look for in a home for everyone, according to experts. More and more, Americans are finding themselves living in multigenerational households. Some do it for financial reasons, while others are looking to care for aging relatives more easily. As more and more people seek to bring multiple generations of the family together under one roof, you might find yourself on the market for a home that can accommodate this type of living arrangement. “The demand for multigenerational homes has exploded over the past few years, especially since the...

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Are Your Homebuying Tactics Out of Date? The New Rules for Buying a Home in 2024

By Jillian Pretzel | REALTOR.COM For most of 2023, homebuyers faced a daunting real estate market marked by dizzyingly high mortgage rates. Combined with steep home prices and a severe shortage of homes for sale, it’s no wonder many struggled or gave up their home search entirely. But with this new year comes new hope: Could homebuyers get a break? If you’re gearing up to buy a house soon, it’s time to forget the horror stories of last year and reset your expectations. Below are the old rules that no longer apply to the current real estate market—plus the new ones that will take their place this year. 1. Old rule:...

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Avoid These Common Mistakes After Applying for a Mortgage

From our friends in KCM If you’re getting ready to buy a home, it’s exciting to jump a few steps ahead and think about moving in and making it your own. But before you get too far down the emotional path, there are some key things to keep in mind after you apply for your mortgage and before you close. Here’s a list of things to remember when you apply for your home loan. Don’t Deposit Large Sums of Cash Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any cash into your accounts, discuss the proper way to document your transactions with your loan officer. Don’t Make Any Large Purchases It’s not just...

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Ways Your Home Equity Can Help You Reach Your Goals

From our friends in KCM  If you’ve owned your house for at least a couple of years, there’s something you’re going to want to know more about – and that’s home equity. If you’re not familiar with that term, Freddie Mac defines it like this: “. . . your home’s equity is the difference between how much your home is worth and how much you owe on your mortgage.” That means your equity grows as you pay down your home loan over time and as home values climb. While it’s true home prices dipped slightly last year, they rebounded and have been climbing in many areas since then. Here’s why that price growth is good news for you. In the latest Equity...

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The Housing Market Just ‘Burst’—in the Very Best Way Imaginable

By Margaret Heidenry | REALTOR.COM All that jingling that accompanied the holiday season may have come from not only sleigh bells, but also homebuyers merrily brandishing the keys to their newly purchased house. Home shoppers across the country enjoyed 33,251 more real estate listings in December compared with this same month last year, according to the latest housing trends report from Realtor.com®. This is the second consecutive monthly bump in homes for sale, following a 17-month dry spell of dwindling inventory. While overall inventory was up 4.9% annually in December, the even better news is that many were fresh to market. ll that jingling that accompanied the holiday season may have come from not...

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3 Keys To Hitting Your Homeownership Goals in 2024

From our friends in KCM If buying or selling a home is your goal for 2024, it’s important to understand today’s housing market, know your why, and work with industry experts to bring your homeownership vision for the new year into focus. Over the last year, the economy had a big impact on the housing market, and likely on your wallet too. That’s why it’s critical to have a clear picture of not just the market today, but also on what you want out of it when you buy or sell a home. Danielle Hale, Chief Economist at Realtor.com, explains: “The key to making a good decision in this challenging housing market is to be laser focused...

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Why Now Is Still a Great Time To Sell Your House

From our friends in KCM If you were worried buyer demand disappeared when mortgage rates went up, the data shows there are plenty of interested buyers still out there. The housing market isn’t as frenzied as it was during the ‘unicorn’ years when buyer demand was through the roof, mortgage rates were historically low, and home values rose like we’ve never seen before. But that doesn’t mean the market is at a standstill. Nationally, demand is still high compared to the last normal years in the housing market and plenty of buyers are making moves right now. Here’s the data to prove it. Showing Traffic Is Up The ShowingTime Showing Index is a measure of how frequently buyers are touring homes....

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