Tuesday, August 16, 2022 / by Jim Cherne
The housing market is shifting away from the intensity of the past two years. Here’s what experts project for the remainder of 2022.
Home prices are forecast to rise more moderately than last year. Mortgage rates will respond to inflation, and home sales will be more in line with pre-pandemic years.
Let’s connect so you can make your best move this year. ...
Monday, August 8, 2022 / by Jim Cherne
As 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.
Even though the supply of homes for sale has been growing this year, there’s still a shortage of homes on the market. And that means conditions continue to favor sellers today. That’s because the level of inventory of homes for sale can help determine if buyers or sellers are in the driver’s seat. Think of it like this:
A buyers’ market is when there are more homes for sale than buyers looking to buy. When that happens, buyers have the negotiation power because sellers are more willing to compromise so they can sell their house.
In a sellers’ market, it’s just the opposite. There are to ...
Friday, August 5, 2022 / by Jim Cherne
Buying a Home May Make More Financial Sense Than Renting One
If 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. As a recent article from realtor.com says:
“The median rent across the 50 largest US metropolitan areas reached $1,876 in June, a new record level for Realtor.com data for the 16th consecutive month.”
That means rising prices will likely impact your housing plans either way. But there are a few key differences that could make buying a home a more worthwhile option for you.
If You Need More Space, Buying a Home May Be More Affordable
What you may not realize is that, according to the latest data from realtor.com and the National Association of Realtors (NAR), it may actually be mor ...
Tuesday, August 2, 2022 / by Jim Cherne
Buying a home is a major life decision. That’s true whether you’re purchasing for the first time or selling your house to fuel a move. And if you’re planning to buy a home, you might be hearing about today’s shifting market and wondering what it means for you.
While mortgage rates are higher than they were at the start of the year and home prices are rising, you shouldn’t put your plans on hold based solely on market factors. Instead, it’s necessary to consider why you want to move and how important those reasons are to you. Here are two of the biggest personal motivators driving people to buy homes today.
A Need for More Space
Moving.com looked at migration patterns to determine why people moved to specific areas. One trend that emerged was the need for additional space, both indoors and outdoors.
Outgrowing your home isn’t new. If you’re craving a large yard, more entertaining ...
Thursday, July 28, 2022 / by Jim Cherne
The Feds pulled out their big stick again and increased the federal funds rate by .75% for the second time in less than two months. This hasn’t happened since 1994! With runaway inflation, the government is using the few tools it has to control our economy, and increasing the federal fund rate is one of them. Unfortunately, increasing the fund rate affects inflation indirectly by reducing borrowing power. It doesn’t decrease the cost of gas or a bag of groceries. We will feel the hurt before the help.
Mortgage rates have gone up from under 3% last year to over 6% earlier this year finally settling down to around 5% now. Although 30 yr. fixed mortgages usually follow the 10 yr. treasury bond rate, we will probably see another roller coaster ride in rates from the latest increase in the Federal Fund Rate.
Here are some stats:
The Federal Fund Rate is now 2.25% to 2.50% - This is what is considered a neutral rate – neither t. ...