Make Your House the Top Thing on Every Buyer’s Wish List This Season

With the holidays right around the corner, homeowners planning to move have a decision to make: sell now or wait? Some may even consider taking their house off the market until next spring. But is that the best choice? Because at this time of year, your home can really stand out. Here’s the thing: there are plenty of buyers out there who want to be in a new home by the holidays, and your house might be just what they’re looking for. As an article from Redfin says:  “. . . there is typically less inventory in the housing market this time of year, allowing your home to easily stand out among the available inventory. And though there are technically fewer buyers overall, the homebuyers that are looking are far more serious about finding a home within a specific timeframe. . . selling your home during the holidays might be your best present this year.” Here are four key reasons you may not want to wait to sell your house. 1. Serious Buyers Are Looking Right Now  The holiday season doesn’t put a pause on the desire to own a home. Sure, some buyers might delay their search until next year, but others have a reason they need to move now. These buyers are highly motivated and ready to make a serious offer. As Investopedia says: “Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.” 2. You Have an Inventory Edge While there are more homes coming to the market right now, overall, the number of houses available to buy is still low.  So, what does that mean for you? If you work with a trusted agent to price your house right, it could still sell pretty quickly. That’s because today’s buyers are on the hunt for quality options – and your home may be exactly what they’re searching for. 3. You Have Control Over Your Showings  Selling during the holidays doesn’t mean constantly disrupting your schedule. You have the flexibility to set up showings at times that work best for you. This is especially helpful during a busy season, and many buyers are likely to be more flexible with their schedules since they often have extra time off around the holidays. Now, it’s always better to offer more flexible access to your house. But the reality is, you don’t have to stop the process entirely – especially when you have a great agent to help you navigate each step along the way. 4. Holiday Décor Can Make Your House Shine For many buyers, a tastefully decorated home can create a warm, inviting atmosphere. It’s easy for them to imagine holiday gatherings and cozy nights in a space that feels just right. Keep your choices simple to let your home’s charm shine through. An article on holiday home-selling advises: “If you’re selling around a holiday and have decorations up, make sure they accent—not overpower—a room. Less is more.” Bottom Line There are plenty of good reasons to put (or keep) your house on the market during the holidays. Give us a call and see if this is your moving season.

Should You Sell Your House or Rent It Out?

When you’re ready to move, figuring out what to do with your house is a big decision. And today, more homeowners are considering renting their home instead of selling it. Recent data from Zillow shows about two-thirds (66%) of sellers thought about renting their home before listing, with nearly a third (28%) taking that possibility seriously. Compared to 2021, when fewer than half (47%) of homeowners considered renting before selling, it’s clear this trend is on the rise. So, should you sell your house and use the money toward your next home or keep it as a rental to build long-term wealth? Let’s walk through some important questions to help you determine the right path for your financial and lifestyle goals.    Is Your House a Good Fit for Renting? Before you decide what to do, it’s important to think about if it would make a good rental in the first place. For instance, if you’re moving far away, managing ongoing maintenance could become a major hassle. Other factors to consider are if your neighborhood is ideal for rentals and if your house needs significant repairs before it’s ready for tenants. If any of these situations sound familiar, selling might be a more practical choice. Are You Ready for the Realities of Being a Landlord? Managing a rental property involves more than collecting monthly rent. It’s a commitment that can be time-consuming and challenging. For example, you may get maintenance calls at all hours of the day or discover damage that needs to be repaired before a new tenant moves in. There’s also the risk of tenants missing payments or breaking their lease, which can add unexpected stress and financial strain. As Redfin notes: “Landlords have to fix things like broken pipes, defunct HVAC systems, and structural damage, among other essential repairs. If you don’t have a few thousand dollars on hand to take care of these repairs, you could end up in a bind.” Do You Understand the Costs? If you’re considering renting primarily for passive income, remember, there are additional costs you should anticipate. 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 typically 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 house 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 and have to cover the cost of the mortgage until you find a new tenant. 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. Make sure to weigh the pros and cons carefully and consult with professionals so you feel supported and informed as you make your decision. 

What’s Behind Today’s Mortgage Rate Volatility?

If you’ve been keeping an eye on mortgage rates lately, you might feel like you’re on a roller coaster ride. One day rates are up; the next they dip down a bit. So, what’s driving this constant change? Let’s dive into just a few of the major reasons why we’re seeing so much volatility, and what it means for you. The Market’s Reaction to the Election A significant factor causing fluctuations in mortgage rates is the general reaction to the political landscape. Election seasons often bring uncertainty to financial markets, and this one is no different. Markets tend to respond not only to who won, but also to the economic policies they are expected to implement. And when it comes to what’s been happening with mortgage rates over the past couple of weeks, as the National Association of Home Builders (NAHB) says: “. . . the primary reason interest rates have been on the rise pertains to the uncertainty surrounding the presidential election. Although the election is now complete, there continue to be growing concerns over budget deficits.” In the short term, this anticipation has caused a slight uptick in mortgage rates as the markets adjust and react. Additionally, factors like international tensions, supply chain disruptions, and trade policies can drive investor sentiment, causing them to seek safer assets like bonds, which can indirectly impact mortgage rates. Essentially, the more global or domestic uncertainty, the greater the chance that mortgage rates may shift. The Economy and the Federal Reserve Inflation and unemployment are two other big drivers of mortgage rates. The Federal Reserve (the Fed) has been working to bring inflation under control, and has been closely monitoring the economy as they do. And as long as inflation continues to moderate and the job market shows signs of maximum employment, the Fed will continue its plans to cut the Federal Funds Rate. Although the Fed doesn’t set mortgage rates, their decisions do have an impact, and typically a cut leads to a mortgage rates response. And in their November 6-7th meeting, the Fed had the data they needed to make another cut to the Federal Funds Rate. And while that decision was expected and much of the mortgage rate movement happened prior to that meeting, there was a slight dip in rates. What To Expect in the Coming Months As we look ahead, mortgage rates will respond to changes in the Fed’s policies and other economic indicators. The markets will likely remain in a wait-and-see mode, reacting to each new development. And, with the transition of a new administration comes an element of unpredictability. A recent article from The Mortgage Reports explains: “Today’s economic indicators come with mixed pressures on mortgage rates and we’re likely to be in for a good amount of volatility as markets adjust and respond to the election . . .” The best way to navigate this landscape is to have a team of real estate experts by your side. Professionals will help you understand what’s happening and can provide you with the guidance you need to make informed housing market decisions along the way. Bottom Line The takeaway? Today’s mortgage rate volatility is going to continue to be driven by economic factors and political changes. Now is the time to lean on experienced professionals. Along with our team including our trusted lender, we can help you navigate through it. And with the right guidance, you can make informed decisions.

Don’t Miss Out on the Growing Number of Down Payment Assistance Programs

With rising home prices and volatile mortgage rates, it’s important you know about every resource that could help make buying a home possible. And one thing you’ll want to be aware of is just how much the number of down payment assistance (DPA) programs has grown lately. Take a look at the graph below to see how many new programs have been added in the last year, according to data from Down Payment Resource: More Programs, More Opportunities for You So, what does this increase mean for you? With more programs available, there’s a higher likelihood that one of them could help you reach your homeownership goals. And these programs aren’t small-scale help either – the benefits can go a long way toward covering a chunk of your costs. As Rob Chrane, Founder and CEO of Down Payment Resource, shares: “We are pleased to see a growing number of these programs, and think they are becoming a targeted way to help first-time and first-generation homebuyers struggling to save for a down payment get into a home they can afford. Our data shows the average DPA benefit is roughly $17,000. That can be a nice jump-start for saving for a down payment and other costs of homeownership.” Imagine being able to qualify for $17,000 toward your down payment—that’s a big boost, especially if you’re looking to buy your first home. With that level of help, buying a home may be more within reach than you think. But it’s worth calling out that the growth in DPA options isn’t just focused on first-time and first-generation buyers. Many of the new programs are also aimed at supporting affordable housing initiatives, which include manufactured and multi-family homes. This means that more people, and a wider variety of home types, can qualify for down payment assistance, making it easier for you to find an option that fits your needs. Talk to a Real Estate Expert About What’s Available for You With so many DPA programs out there, you need to make sure you’re finding the right one for you. That’s why it’s key to lean on your real estate and lending professionals for guidance. The Mortgage Reports says: “The best way to find down payment assistance programs for which you qualify is to speak with your loan officer or broker. They should know about local grants and loan programs that can help you out.” Your loan officer or real estate agent will know what’s available in your area and can point you toward programs that align with your goals. Bottom Line With more down payment assistance programs than ever before, now’s a great time to explore how these options can help on your homebuying journey. Connect with a team of expert advisors to see which DPA programs could be a fit for you.