The Real Estate Market: What You Need to Know to Make Informed Decision

Some Highlights: * The housing market is forecasted to finish the year with growing strength. * Historically low mortgage rates are creating great potential for homebuyers, and home sales are on the rise. * If you’re thinking of buying or selling a home this year, let’s connect to maximize your opportunity today. https://www.simplifyingthemarket.com/en/2020/07/31/where-is-the-housing-market-headed-for-the-rest-of-2020-infographic/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

As remote work continues on for many businesses and Americans weigh the risks of being in densely populated areas, will more people start to move out of bigger cities? Spending extra time at home and dreaming of more indoor and outdoor space is certainly sparking some interest among homebuyers. Early data shows an initial trend […] https://www.simplifyingthemarket.com/en/2020/07/30/will-we-see-a-surge-of-homebuyers-moving-to-the-suburbs/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

So far, it’s been quite a ride this year, and our nation has truly seen its fair share of hurdles. From COVID-19 to record unemployment and then the resulting recession, just to name a few, the second quarter of 2020 has had more than a few challenges. Amidst the many roadblocks, however, the U.S. homeownership […] https://www.simplifyingthemarket.com/en/2020/07/29/homeownership-rate-continues-to-rise-in-2020/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

Whether you like to or not, buying and selling a home involves negotiation at all stages of the process.   It is not like the retail world where once you decide to purchase, you pay the price.   It is easily the most expensive purchase or sale that most people experience and emotions get involved that could affect the negotiations adversely. The word "home" by itself conjures up emotions and selling a home you've lived in for a while could even complicate things more.   A real estate professional can separate their emotions from the process to be able to help the one they are representing. The price of the home, the type of financing and concessions, closing costs, personal property, closing dates and possession are just a few of the many things that can be negotiated in a contract.   Since the seller wants to get the most for their house and the buyer wants to pay the least, their objectives are diametrically opposed. Even after the contract is signed, removing the

In June, the number of first-time homebuyers accounted for 35% of the existing homes sold, a trend that’s been building steadily throughout the year. According to the National Association of Realtors (NAR): “The share of first-time buyers increased in March through June—right into the heart of the pandemic period and the surge in unemployment—and is […] https://www.simplifyingthemarket.com/en/2020/07/28/guidance-and-support-are-key-when-buying-your-first-home/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

The residential real estate market is remaining resilient as the country still struggles to beat the COVID-19 pandemic. Three separate reports recently revealed how the housing market is still showing growth. Here’s a look at each one. 1. Ivy Zelman’s Real Estate Broker Survey The survey explains that purchaser demand remains strong: “This month’s overall […] https://www.simplifyingthemarket.com/en/2020/07/27/three-of-the-latest-reports-show-housing-market-is-strong/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

Some Highlights * A recent study shared by NAR notes that both buyers and sellers think an agent is more helpful than ever during the current health crisis. * Expertise and professionalism are highly valued and can save buyers and sellers time and effort along the way. * If you’re thinking of buying or selling a home this year, let’s connect to be sure you have a trusted professional on your side. https://www.simplifyingthemarket.com/en/2020/07/24/a-real-estate-pro-is-more-helpful-now-than-ever-infographic/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

With a worldwide health crisis that drove a pause in the economy this year, the housing market was greatly impacted. Many have been eagerly awaiting some bright signs of a recovery. Based on the latest Existing Home Sales Report from the National Association of Realtors (NAR), June hit a much-anticipated record-setting rebound to ignite that […] https://www.simplifyingthemarket.com/en/2020/07/23/home-sales-hit-a-record-setting-rebound/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

The health crisis we face as a country has led businesses all over the nation to reduce or discontinue their services altogether. This pause in the economy has greatly impacted the workforce and as a result, many people have been laid off or furloughed. Naturally, that would lead many to believe we might see a […] https://www.simplifyingthemarket.com/en/2020/07/22/two-reasons-we-wont-see-a-rush-of-foreclosures-this-fall/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

The National Association of REALTORS® just released the Market Recovery Survey of a random sampling to close to 100,000 members conducted June 24-26, 2020.   The following statements are the members' opinion on various aspects of the recovery to the Covid-19 pandemic as it relates to real estate. In response to the safety of buyers, sellers and agents, REALTORS® are expecting within the next year to have increased demand for the following technologies used to market properties: 67% - Zoom or other video technology to communicate with clients 66% - virtual tours 63% - live virtual tours conducted by agent using video 60% - virtual open houses Nine out of ten respondents indicated that some of the buyers have returned to the market or never left the market.   Agents currently working with buyers report that slightly more than half of buyer's timeline has remained the same with about the same level of urgency.   27% believe the buyers have more urg

For months now the vast majority of Americans have been asking the same question: When will the economy turn around? Many experts have been saying the housing market will lead the way to a recovery, and today we’re seeing signs of that coming to light. With record-low mortgage rates driving high demand from potential buyers, […] https://www.simplifyingthemarket.com/en/2020/07/21/a-remarkable-recovery-for-the-housing-market/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

Inventory is arguably the biggest challenge for buyers in today’s housing market. There are simply more buyers actively looking for homes to purchase than there are sellers selling them, so the scale is tipped in favor of the sellers. According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), total […] https://www.simplifyingthemarket.com/en/2020/07/20/thinking-of-selling-your-house-now-may-be-the-right-time/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

Some Highlights * Mortgage rates hit another all-time low, falling below 3% this week. * If you’re ready to buy a home, now is a great time to truly get more for your money at this historic moment. * Let’s connect today to determine your best next steps toward homeownership. https://www.simplifyingthemarket.com/en/2020/07/17/mortgage-rates-fall-below-3-infographic/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

There’s great opportunity for today’s homeowners to sell their houses and make a move, yet due to the impact of the ongoing health crisis, some sellers are taking their time coming back to the market. According to Javier Vivas, Director of Economic Research at realtor.com: “Sellers continue returning to the market at a cautious pace […] https://www.simplifyingthemarket.com/en/2020/07/16/does-your-home-have-what-buyers-are-looking-for/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below): What does this mean for buyers? This is […] https://www.simplifyingthemarket.com/en/2020/07/15/mortgage-rates-hit-record-lows-for-three-consecutive-weeks/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

The seller can put a price on the home but the value is ultimately, determined by the buyer. Individually, a buyer could pay over market value because they love the location, or the elevation of the home or the proximity to something that is important to them.   The shortage of available homes resulting in increased competition among buyers could drive the value higher. Most experts agree initially pricing it properly will generally result in the highest sales price.  If a home starts out too high, it could actually sell for a lower price after it has been on the market for a while.   It gives the impression that there must be something "wrong" with the house because it didn't sell immediately.    So, how does a seller determine what price to put on the home?   It has nothing to do with what the seller needs to get out of it.   Nor does the price the seller paid for it make any difference now.   Even if the seller made considerable improvements, they may not affect th

Last week, a very well-respected real estate analytics firm surprised many with their home price projection for the next twelve months. CoreLogic, in their latest Home Price Index said: “The economic downturn that started in March 2020 is predicted to cause a 6.6% drop in the HPI by May 2021, which would be the first […] https://www.simplifyingthemarket.com/en/2020/07/14/what-are-experts-saying-about-home-prices/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

With businesses reopening throughout the country and some experts indicating early signs of a much-anticipated economic recovery, more homebuyers are actively entering the housing market this summer. Today, housing is truly driving the U.S. economy forward. With so many buyers looking for homes to purchase and so few houses for sale right now, there’s a […] https://www.simplifyingthemarket.com/en/2020/07/13/buyers-are-you-ready-for-a-bidding-war/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

Some Highlights * Real estate has outranked stocks, savings accounts, and gold as the best long-term investment among Americans for the past 7 years. * The belief in the stability of housing as a long-term investment remains strong, despite the many challenges our economy faces today. * Of the four listed, real estate is also the only investment you can also live in. That’s a big win! https://www.simplifyingthemarket.com/en/2020/07/10/americans-rank-real-estate-best-investment-for-7-years-running-infographic/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

In today’s fast-paced world where answers are just a Google search away, there are some who may question the benefits of hiring a real estate professional when selling a house. The reality is, the addition of more information can lead to more confusion. A real estate agent can be your essential guide, but truth be […] https://www.simplifyingthemarket.com/en/2020/07/09/not-all-agents-are-created-equal/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are “seriously worried.” That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home […] https://www.simplifyingthemarket.com/en/2020/07/08/best-time-to-sell-when-competition-is-at-an-all-time-low/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

You've done your homework, contacted a mortgage company and believe you are pre-approved.   That part of the process is finished and you can concentrate of finding a home and moving...or can you? Pre-qualified and pre-approved are two different things but some people, including some in the business, use the terms interchangeably.   Pre-qualified is an opinion of likelihood that a borrower will be approved based on preliminary information about their income and credit.   Whereas, in a pre-approval, the borrower's credit report is updated and pulled, income and assets verified and involves pre-underwriting. Even when you have a highly qualified loan officer, the real decision maker is the underwriter who can commit the lender.   Generally speaking, a person who has been pre-approved receives a written letter stating the terms and conditions of the commitment. A second opinion from a different lender can be a comforting thing for a borrower.   It will either confirm that the

Everyone is ready to buy a home at a different time in their lives, and a health crisis or not, today is no exception. Understanding how affordability works and the main market factors that impact it may help those who are ready to buy a home narrow down their optimal window of time to make […] https://www.simplifyingthemarket.com/en/2020/07/07/taking-advantage-of-homebuying-affordability-in-todays-market/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

The Bureau of Labor Statistics (BLS) released their latest Employment Situation Summary last Thursday, and it again beat analysts’ expectations in a big way. The consensus was for 3,074,000 jobs to be added in June. The report revealed that 4,800,000 jobs were added. The unemployment rate fell to 11.1% from 13.3% last month. Again, excellent […] https://www.simplifyingthemarket.com/en/2020/07/06/latest-unemployment-report-great-newsfor-the-most-part/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

https://www.simplifyingthemarket.com/en/2020/07/03/america-is-another-name-for-opportunity-infographic/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

The pandemic has caused consumers to re-examine the components that make up the “perfect home.” Many families are no longer comfortable with the locations and layouts of their existing homes. The allure of city life (more congested) seems to be giving way to either suburban or rural life (less congested). The fascination with an open […] https://www.simplifyingthemarket.com/en/2020/07/02/is-the-health-crisis-driving-buyers-out-of-urban-areas/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger

Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important? According to NAR, the Pending Home Sales Index (PHS) is: “A […] https://www.simplifyingthemarket.com/en/2020/07/01/a-historic-rebound-for-the-housing-market/?a=492508-5792a6ba3fc4f971e5ea39a74a0ea948&utm_source=dlvr.it&utm_medium=blogger