MOVE'n To Make A Difference

  3 Best Practices for Selling Your House This Year A new year brings with it the opportunity for  new experiences . If that resonates with you because you’re considering making a move, you’re likely juggling a mix of excitement over your next home and a sense of attachment to your current one. A great way to ease some of those emotions and ensure you’re feeling confident in your decision is to keep these three best practices in mind. 1. Price Your Home Right The housing market shifted in 2022 as  mortgage rates  rose, buyer demand eased, and the number of  homes for sale  grew. As a seller, you’ll want to recognize things are different now and  price your house  appropriately based on where the market is today. Greg McBride, Chief Financial Analyst at  Bankrate ,  explains : “Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower,  but appropriately pric...

  Planning To Sell Your House? It’s Critical To Hire a Pro. With higher mortgage rates and moderating buyer demand, conditions in the housing market are different  today . And if you’re thinking of  selling your house , it’s important to understand how the market has changed and what that means for you. The best way to make sure you’re in the know is to work with a trusted housing market expert. Here are five reasons working with a professional can ensure you’ll get the most out of your sale. 1. A Real Estate Advisor Is an Expert on Market Trends Leslie Rouda Smith, 2022 President of the  National Association of Realtors  (NAR),  explains : "During challenging and changing market conditions, one thing that's calming and constant is the assurance that comes from a Realtor® being in your corner through every step of the home transaction.  Consumers can rely on Realtors®' unmatched work ethic, trusted guidance and objectivity to help manage the complexiti...

  Wondering How Much You Need To Save for a Down Payment? If you’re getting ready to buy your first home, you’re likely focused on saving up for everything that purchase involves. One cost that’s likely top of mind is your down payment. But don't let a common misconception about how much you need to save make the process harder than it could be. Understand 20% Isn’t Always the Typical Down Payment Freddie Mac  explains : “. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home.  This myth remains one of the largest perceived barriers to achieving homeownership. ” Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be closer to your homebuying dream than you realize. According to the  National Association of Realtors  (NAR), the median down payment hasn’t been over 20% since 2005. In fact, the median down payment today is only 14%.  And it’s even lo...

  What To Expect From the Housing Market in 2023 The 2022 housing market has been defined by two key things: inflation and rapidly rising  mortgage rates . And in many ways, it's put the market into a reset position. As the  Federal Reserve  (the Fed) made moves this year to try to lower inflation, mortgage rates more than  doubled  – something that’s never happened before in a calendar year. This had a cascading impact on buyer activity, the balance between  supply and demand , and ultimately home prices. And as all those things changed, some buyers and sellers put their plans on hold and decided to wait until the market felt a bit more predictable. But what does that mean for next year? What everyone really wants is more stability in the market in 2023. For that to happen we’ll need to see the Fed bring inflation down even more and keep it there. Here’s what housing market experts say we can expect next year. What’s Ahead for Mortgage Rates in 2023? ...

  2023 Housing Market Forecast [INFOGRAPHIC] Some Highlights From home sales to  prices , the 2023 housing market will be defined by mortgage rates. And where rates go depends on what happens with  inflation . If you’re thinking of buying or selling a home this year, let’s connect so you understand where the housing market is headed in 2023. Sources: realtor.com Home Price Expectations Survey  (HPES) National Association of Realtors  (NAR) Mortgage Bankers Association  (MBA) Fannie Mae Freddie Mac Zelman & Associates Greg McBride, Chief Financial Analyst,  Bankrate

  Mortgage Rates Are Dropping. What Does That Mean for You? Mortgage rates have been a hot topic in the housing market over the past 12 months. Compared to the beginning of 2022, rates have  risen dramatically . Now they’re dropping, and that has to do with everything happening in the economy. Nadia Evangelou, Senior Economist and Director of Forecasting at the  National Association of Realtors  (NAR), explains it well by  saying : “ Mortgage rates dropped even further this week as two main factors affecting today's mortgage market became more favorable. Inflation continued to ease while the Federal Reserve switched to a smaller interest rate hike . As a result, according to Freddie Mac, the 30-year fixed mortgage rate fell to 6.31% from 6.33% the previous week.” So, what does that mean for your homeownership plans? As mortgage rates fluctuate, they impact your purchasing power by influencing the cost of buying a home. Even a small dip can help boost your purcha...

Planning to Retire? It Could Be Time To Make a Move. If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be  selling your house  and finding a home that more closely  fits your needs . Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about when making that decision. Consider How Long You’ve Been in Your Home From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the  National Association of Realtors  (NAR), that number is  rising today , meaning many homeowners are living in their houses even longer  (see graph below) : When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those life changes and milestones happen, your needs may change. And if ...

  Applying For a Mortgage? Here’s What You Should Avoid Once You Do. While it’s exciting to start thinking about  moving in  and  decorating  after you’ve  applied for your mortgage , there are some key things to keep in mind before you close. Here’s a list of things you may not realize you need to avoid after applying 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 amount of 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 home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. People with new debt have higher debt-to-income ratios (how much debt you have compared to your monthly income). Since higher ratios make for riskier loans, borrowers may no longer qualify for their mortgage. Resist the te...

  Avoid the Rental Trap in 2023 If you’re a renter, you likely face an important decision every year: renew your current lease, start a new one, or buy a home. This year is no different. But before you dive too deeply into your options, it helps to understand the true costs of renting moving forward. In the past year, both current renters and new renters have seen their rent go up based on information from  realtor.com : “ Three out of four renters (74.2%) who have moved in the past 12 months  reported seeing their rent increase. The strain from recent rent hikes isn’t exclusive to renters who have recently moved.  Nearly two-thirds of renters (63.2%) who have lived in their current rental between 12 and 24 months , and likely renewed their lease, have also reported increases in their rent.” And if you look back at historical data, that shouldn’t come as surprise. That’s because, according to the  Census , rents have been rising fairly consistently since 1988 ( ...

  The Truth About Negative Home Equity Headlines Home equity has been a hot topic in  real estate news  lately. And if you’ve been following along, you may have heard there’s a growing number of homeowners with negative  equity .  But don’t let those headlines scare you. In truth, the headlines don’t give you all the information you really need to understand what’s happening and at what scale. Let’s break down one of the big equity stories you may be seeing in the news, and what’s actually taking place. That way, you’ll have the context you need to understand the big picture. Headlines Focus on Short-Term Equity Numbers and Fail To Convey the Long-Term View One piece of news circulating focuses on the percentage of homes purchased in 2022 that are currently underwater. The term underwater refers to a scenario where the homeowner owes more on the loan than the house is worth. This was a huge issue when the housing market crashed in 2008, but it's much less signif...