October 2024

Home Prices Aren’t Declining, But Headlines Might Make You Think They Are In relevance, the asking expense, likewise recognized as a listing cost, is the amount a seller wishes to obtain for their home when they detail it. While vendor rate reductions are commonly a leading indication that costs may regulate in the months beforehand, […]

Learn how to prepare your Florida home for Hurricane Milton. Discover tips
for securing your home, preparing for storm surges, and evacuation plans
from The Listing Team at RESF. Stay safe and protect your property with
expert advice.

Leading exceptional high top quality craftsmanship is non-negotiable when it attaches to your home. When it associates to your home, top high quality craftsmanship is workmanship. When it attaches to your home, leading high top high quality handiwork is non-negotiable.

It May Be Overpriced if Your House Hasn’t Sold It’s called for to acknowledge that a bigger-than-expected expense safeguards versus consumers and might make them reduce your home as a chance before additionally seeing it. When once again if you plan to get your home given, you’ll need to do something to develop cost of

Becoming an investor brings complicated processes and strategies. Here’s
what you need to know about capital gain taxes and tips to help with the
process.

Ignoring your crawl space can lead to significant issues in your home. Many
homeowners overlook this area, but recognizing the signs that your crawl
space needs maintenance can save you time, money, and stress. Find out how
to spot these signs and why it’s necessary to address them promptly.

Two Reasons Why the Housing Market Won’t CrashYou may have heard chatter recently about the economy and talk about a possible recession. It’s no surprise that kind of noise gets some people worried about a housing market crash. Maybe you’re one of them. But here’s the good news – there’s no need to panic. The housing market is not set up for a crash right now.Real estate journalist Michele Lerner says:“A housing market crash happens when home values plummet due to a lack of demand for homes or an oversupply.”With that definition in mind, here are two reasons why this just isn’t on the horizon.1. Demand for Homes Is Higher than SupplyOne of the biggest reasons the housing market crashed back in 2008 was an oversupply of homes. Today, though, it’s a very different story.It’s a general rule of thumb that a market where supply and demand are balanced has a six-month supply of homes. A higher number means supply outpaces demand, and a lower number means demand outpaces supply. The graph below uses data from NAR to put today’s situation into context:

The graph compares housing supply during three different periods of time. The red bar shows there were 13 months of supply before the 2008 crisis, which was far too much. The gray bar shows a balanced market with six months of supply, for context. And the blue bar shows there are only 4.2 months of supply today.Put simply, there are more people who want to buy homes than there are homes available to buy right now. So, demand is greater than supply. When that happens, home prices stay steady or rise – the opposite of a housing market crash.It’s important to note that inventory levels differ from market to market. Some areas may be more balanced, while a few could have a slight oversupply, which can impact prices locally. However, most markets continue to experience a shortage of homes.Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:“We simply don’t have enough inventory. Will some markets see a price decline? Yes. [But] with the supply not being there, the repeat of a 30 percent price decline is highly, highly unlikely.”2. Unemployment Is Still LowWhen people are unemployed, they’re more likely to have trouble making their mortgage payments and may be forced to sell or face foreclosure. That was a big problem during the 2008 financial crisis. Today, the employment situation is much more stable (see graph below):

Again, this graph shows three different periods of time, but this one is the unemployment rate. The red bar represents the 2008 financial crisis when unemployment was very high at 8.3%. The gray bar shows the 75-year average of 5.7%. And the blue bar shows the unemployment rate today, and it’s much lower at just 4.1%.Right now, people are working, earning an income, and making their mortgage payments. That’s one reason why the wave of foreclosures that happened in 2008 isn’t going to happen again this time. Plus, since so many people are employed right now, many are actually in a position to buy a home, and this demand keeps upward pressure on prices.Today’s Housing Market Is Stronger than in 2008While it’s understandable to be concerned when you hear talk of a recession and economic uncertainty, but know this: the housing market is in a much better place than it was in 2008. According to Rick Sharga, Founder and CEO at CJ Patrick Company:“Literally everything is different about today’s housing market dynamics than the conditions that led to the housing crisis.”Demand for homes still outpaces supply, and unemployment remains low. And these are two key factors that will help prevent the housing market from crashing any time soon.Bottom LineThe housing market is doing a lot better than it was in 2008, but it’s important to remember that real estate is very local.So, it’s always a good idea to stay informed about our specific market. If you have any questions or want to discuss how these factors are playing out in our area, feel free to reach out.

What’s Really Happening with Mortgage Rates? The most hassle-free remarks is: that what you pay attention to or look into will absolutely differ based upon the minute structure they’re checking out. You can think home mortgage prices hop on the methods back up if you’re just taking a look at the beginning of this month

Financial Savings Strategies Every First-Time Homebuyer Needs To Know If you have to transfer money by hand, you might forget to do it. Ask your firm if you can have your paycheck transferred right into several accounts– if so, advise it to send out a certain section of your wage straight right into your savings

The Biggest Pros and Cons of Buying A House Near A Highway, Airport, and Other Landmarks Pro guideline: If you’ve decreased crazy with a structure or company building that’s on or near an energised highway and you favor to stay in variety to stores and comforts, the finest indicate do is to head to at