Buying a home is a team sport, and that’s especially true when buyers are facing the kinds of affordability challenges they are now. Volatile interest rates and tough competition for a limited supply of homes are posing unique issues for home shoppers. If you've been writing offer after offer — even competitive offers over the asking price — and still not getting anywhere, then it could be time to change tactics.
Read MoreIf you're thinking about buying or selling a home, you might have heard that it’s tough right now because mortgage rates are higher than they’ve been over the past few years, and home prices are rising. That much is true. Take a look at the graph below. It breaks down how the current affordability situation stacks up to recent years.
Read MoreWhile foreclosures and bankruptcies can have an impact on the housing market, they are unlikely to cause a complete crash on their own. It's important to understand that housing market crashes are typically the result of a combination of factors, such as a significant oversupply of homes, an economic recession, or a financial crisis.
Read MoreBuying a multi-generational home can be a smart strategy to enhance affordability in today's housing market. Here are a few ways purchasing a multi-generational home can help with affordability:
Read MoreWhen entering the homebuying process, it's important to evaluate and prioritize your wants and needs. This will help you focus your search, save time, and make informed decisions. Here are some key factors to consider:
Read MoreIf you took a peek at a new homeowner’s search history, you’d likely find key terms like, “Home renovations on a budget,” “How much does it cost on average to do A, B, C,” or “Cheap hacks to fix blah, blah, blah…” New homeowner or not, it’s safe to say that anyone who’s has taken a trip to their local Lowes or Home Depot as of late, has had to pick their jaw up off the floor when faced with the monumental price increases of everything from lumber to plumbing and even the snack size can of Pringles you have to have while standing in line for the self-checkout. “I can store nails or something in the can afterward,” you tell yourself. Yeah, sure...
Read MoreThe 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.
Read MoreOwning a home means having a place that’s solely your own and provides the space, features, and location you and your loved ones need. But what happens when your needs change? If this hits home for you, it may be time to make a move.
Read MoreWe’ve all been hearing a lot about a recession. For months now.
Read MoreThe graph shows homes were seeing a high of around five offers earlier this year. But the latest data shows that average was down to just shy of three offers per recently sold home. This shift is happening largely because rising mortgage rates moderated buyer demand and slowed home sales, resulting in a growing supply of homes on the market. Essentially, more choices for buyers.
Read MoreIf you’re thinking about buying a home, you likely have a lot of factors on your mind. You’re weighing your own needs against higher mortgage rates, today’s home prices, and more to try to decide if you want to jump into the market. While some buyers may wait things out, there’s a reason serious buyers are making moves right now, and that’s the growing number of homes for sale.
Read MoreWith all the headlines and buzz in the media, some consumers believe the market is in a housing bubble. As the housing market shifts, you may be wondering what’ll happen next. It’s only natural for concerns to creep in that it could be a repeat of what took place in 2008. The good news is, there’s concrete data to show why this is nothing like the last time.
Read MoreAs there’s more and more talk about the real estate market cooling off from the peak frenzy it saw during the pandemic, you may be questioning what that means for your plans to sell your house. If you’re thinking of making a move, you should know the market is still anything but normal.
Read MoreIf rising home prices leave you wondering if it makes more sense to rent or buy a home in today’s housing market, consider this. It’s not just home prices that have risen in recent years – rental prices have skyrocketed as well.
Read MoreYou had such big dreams for the two of you. You were ready to make the big commitment. You thought you'd grow old together there. But then your offer on the house didn't go through. You lost out. You won’t be buying that perfect-for-you place. You won’t be cooking in the all-white modern farmhouse-style kitchen or planting roses in the lushly sodded and fenced yard. You’re no better off than when you started, in the same digs you wanted to leave last year. When you lose out on a house you wanted, the heartbreak is real. It’s the real estate version of being ghosted right when you started scouting honeymoon spots. Here is how to deal with heartache—and all of its many symptoms—when the house that was supposed to be “it” turns out to be just another listing.
Read MoreWhen buying a home, bigger is not always better. Don’t get us wrong, we're right there with you drooling over enormous homes with a dedicated room for E-VER-Y-THING (home office, exercise room, craft space, homework nook, PLUS ridiculously large bedrooms).
Read MoreRaise your hand if you've seen a house hit the market, but by the time you open your phone to schedule a showing - it's pending ✋
Curious how to handle a low inventory market? Here’s a quick rundown of what not to do as a seller or buyer.
Your home mortgage is an important investment in your future, and a mortgage refinance can be a smart move to help you manage your investments when used under the right circumstances. Here are some things to consider about refinancing your mortgage.
Simply put, when you refinance your mortgage, you are taking out a new loan to pay off your original mortgage, so the first question to ask yourself may be is there a better product available to you than what you started with?
Read MoreThe final walk-through on your new home is an exciting event. It means you have successfully maneuvered through negotiations, inspections, and financing approval, and are on the verge of signing your closing papers. Most buyers attend the final walk-through with thoughts of furniture placement and paint colors in their heads. But the walk-through is about more than just making sure your favorite chair will fit by the fireplace. Be sure to do your due diligence to make sure there are no issues that should be resolved before you reach the closing table. The purpose of the final walk-through is to ascertain that the home is being conveyed to you in the same condition it was when you agreed to purchase it.
Read MoreDeciding if it is time for your family to upsize or downsize is not always a clear choice. There are factors to consider that might push you to take the leap or stay put for a while longer. Whether you are thinking about upsizing so your family can spread out or purging possessions so you can downsize, here are some questions to ponder.
Read MoreLeesa Michael | Custom Home Realty | Leesa@CustomHomeRealty.com | (401) 301-9110
