Today’s mortgage rates and home prices may have you second-guessing whether it’s still a good idea to buy a home right now. While market factors are definitely important, there’s also a bigger picture to consider: the long-term benefits of homeownership.
Think of it this way. If you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. That’s because over time, home values usually grow – and that means a homeowner’s net worthdoes too. Here’s a look at how that can really add up over the years.
Home Price Growth over Time
The map below uses data from the Federal Housing Finance Agency (FHFA) to show how much prices have grown over the last five years. Since home prices vary by area, the map is broken out regionally to really showcase larger market trends:
You can see that nationally, home prices increased by over 57% in just five years.
Some regions are slightly above or below that average, but overall, home prices saw a big uptick in a short time. And if you zoom out even more, the benefit of homeownership — and the drastic gains homeowners made over the years — become even more clear (see map below):
The second map shows that, over a roughly 30-year span, home prices appreciated by an average of more than 320% nationally.
So the typical homeowner who bought a house about 30 years ago saw their home triple in value during that time. And that’s a major reason so many homeowners who bought their homes years ago are still happy with their decision today.
Bottom Line
There’s no denying today’s market is complex. But if you’re ready and able to buy right now, get in touch with an agent to talk through how you can still make your move happen. That way you can take advantage of the long-term advantages that come with homeownership, like your ability to build wealth as your home value rises.
This post was first published on Keeping Current Matters.
Have a great day, Gregory Weis
913-579-4106 Cell
913-631-2900 Office gweis@cbregan.com
Oh, by the way®… if you know of someone who would appreciate the level of service I provide, please call me with their name and contact information. I’ll be happy to follow up and take great care of them.
Have a great day, Gregory Weis
913-579-4106 Cell
913-631-2900 Office gweis@cbregan.com
Oh, by the way®… if you know of someone who would appreciate the level of service I provide, please call me with their name and contact information. I’ll be happy to follow up and take great care of them.
Market Highlights Kansas City Metro Area October 24′ vs October 23′
Home sales are ↗️ 7.0% to 3,119 closed sales.
Home prices are ↗️ 3.5% to $356,254 average sales price.
Home inventory ↗️ 7.0% to 7,418 total homes available.
Home monthly supplies are ↗️ 8.7% to 2.5 months supply.
Average days on the market are ↗️ 5.4% at 39 days on the market.
Percent of original list price ↘️ 0.6% to 97.2% of price received.
Pending sales are ↗️ 17.5% to 3,179 for the month.
If you have more questions about this information, feel free to reach out for more information.
Have a great day, Gregory Weis
913-579-4106 Cell
913-631-2900 Office gweis@cbregan.com
Oh, by the way®… if you know of someone who would appreciate the level of service I provide, please call me with their name and contact information. I’ll be happy to follow up and take great care of them.
Market Highlights Kansas City Metro Area Q3 24′ vs Q3 23′
Pending Sales ⏫ 3.2%
Closed Sales ⏫ 0.3%
Available Homes for Sale ⏫ 6.8%
Average Sales Prices ⏫ 4.7%
Percent of Original List Price Received🔻to 98.0%
Month’s Supply of Inventory ⏫ to 2.5 months
If you have more questions about this information, feel free to reach out for more information.
Have a great day, Gregory Weis
913-579-4106 Cell
913-631-2900 Office gweis@cbregan.com
Oh, by the way®… if you know of someone who would appreciate the level of service I provide, please call me with their name and contact information. I’ll be happy to follow up and take great care of them
Market Highlights Kansas City Metro Area September 24′ vs September 23′
Home sales are ↘️ 4.9% to 2,843 closed sales.
Home prices are ↗️ 7.7% to $365,051 average sales price.
Home inventory ↗️ 6.8% to 7,321 total homes available.
Home monthly supplies are ↗️ 8.7% to 2.5 months supply.
Average days on the market are ↗️ 5.9% at 36 days on the market.
Percent of original list price ↘️ 1.2% to 97.3% of price received.
Pending sales are ↗️ 7.3% to 3,055 for the month.
If you have more questions about this information, feel free to reach out for more information.
Have a great day, Gregory Weis
913-579-4106 Cell
913-631-2900 Office gweis@cbregan.com
Oh, by the way®… if you know of someone who would appreciate the level of service I provide, please call me with their name and contact information. I’ll be happy to follow up and take great care of them.
Seeing your house sit on the market without any bites is the ultimate frustration. And unfortunately, some sellers are in that tricky spot today.
According to data from the National Association of Realtors (NAR), the average time a house spends on the market has increased over the past few years (see graph below):
A recent post from Realtor.com notes a similar trend:
“During the week ending Sept. 14, homes stayed on the market eight days longer compared to last year. With more choices available and mortgage rates expected to fall, buyers are taking their time, which means sellers will need to be patient and flexible.”
Some of that is because inventory has gone up, so buyers have more options. And higher mortgage rates have definitely slowed demand over the past two years, and that’s out of your control. But here’s the secret. There’s something you can control – it’s also where those other sellers missed the mark. They didn’t work with the right agent.
Make no mistake, with the right strategy and agent partner, your house can still sell quickly, even today.
If time matters to you, you need to partner with an agent who understands this shifting market. That agent will be your go-to resource on what buyers are looking for right now, and how to position your home to hit the mark.
Here are just a few tips a great real estate agent will walk you through. They may seem simple, but advice like this can make all the difference.
1. Competitive Pricing: One of the most critical factors in selling your home quickly is setting the right price. A local real estate agent will do a competitive market analysis by reviewing recent sales and current listings for your area. Then, they’ll use that data to make sure your home is priced accurately for today’s market. This strategic pricing approach is the best way to make sure you’re hitting the sweet spot on price. If you don’t lean on an agent for this, it can really slow your process down. As U.S. News says:
“. . . setting an unrealistically high price with the idea that you can come down later doesn’t work in real estate . . . A home that’s overpriced in the beginning tends to stay on the market longer, even after the price is cut, because buyers think there must be something wrong with it.”
2. The Home’s Condition: Homes that are well maintained, have great curb appeal, and are updated with modern finishes tend to sell faster. So, if speed is a priority, make sure your house makes a great first impression. An agent is a key resource on what buyers will be looking for, if staging is worthwhile, and what repairs you need to tackle before you list.Ramsey Solutions offers this advice:
“In the spirit of selling your home fast, take care of things now that will be a problem in the closing process. Talk to your agent about fixes you’ll need to make to pass the home inspection, like: plumbing problems, roof damage, electrical issues, HVAC glitches. . . These are issues you’ll be expected to take care of before any buyers close on your house—you might as well get ahead of the game to help your home sell faster.”
3. Incentives and Extras: If you want to stand out from those other homes on the market, offering incentives or concessions, like help with closing costs, a home warranty, or including additional items (like appliances or furniture) with the sale can sweeten the deal for buyers. A real estate agent can suggest the right incentives to offer based on current market conditions and buyer expectations, so you can close the sale even faster.
Bottom Line
Selling a home quickly in a shifting market requires a strategic approach and an in-depth understanding of what buyers want. That’s why partnering with a local real estate agent is so important. As Forbes says:
“When time is of the essence, you can’t afford to take a chance on an inexperienced housing professional. Instead, you’ll want to work with a real estate agent who knows your market and has helped sellers in your situation before.”
Connect with an agent to make sure you’re set up for success.
This post was first published on Keeping Current Matters.
If you’re wondering if you should buy now or wait, here’s what you need to know.
If you wait for rates to drop more, you’ll have to deal with more competition and higher prices as additional buyers jump back in. But if you buy now, you’d get ahead of that and have the chance to start building equity.
Should you buy now or wait? Connect with a real estate agent and talk through it together, so you can make your best decision.
This post was first published on Keeping Current Matters.
Mortgage rates have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment.
Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at Freddie Mac, says:
“Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.”
But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at the impact on your monthly payment.
The chart below shows what a monthly payment (principal and interest) would look like on a $400K home loan if you purchased a house back in April (this year’s mortgage rate high), versus what it could look like if you buy a home now (see below):
Going from 7.5% just a few months ago to the low 6s has a big impact on your bottom line. In just a few months’ time, the anticipated monthly payment on a $400K loan has come down by over $370. That’s hundreds of dollars less per month.
Bottom Line
With the recent drop in mortgage rates, the purchasing power you have right now is better than it’s been in almost two years. Talk to a local real estate agent about your options and how you can make the most of this moment you’ve been waiting for.
This post was first published on Keeping Current Matters.