Tuesday, April 5, 2022 / by Michael Evans
Housing prices are still surging, but according to a recent article from CNBC, bursting the bubble doesn’t seem likely, at least not in the short term.
Authors Michael K. Farr and Keith B. Davis, cite S&P CoreLogic 20-City Home Price Index that was up 19.1% in January of 2022, compared with January of last year. That was on top of an already astounding 11%-plus growth rate reported for January 2021.
Most homeowners know it’s not normal for housing prices to rise more than 32% in a span of two years. That’s causing some economists, and home buyers to wonder about a possible bubble.
In the chart below, you can see the acceleration in prices that has occurred over the past year and a half.
That’s enough to make anyone a little nervous, especially now that mortgage rates have risen to nearly 5% from a low of around 2.7%.
But Farr and Davis say there is one big difference between today’s bull market in housing and the one that ended so; ...
Monday, January 31, 2022 / by Michael Evans
I'm sitting here in my office, watching through the window as the sunshine melts the remaining snow from my car and it dawns on me...tomorrow is February. In just a couple days, Punxsutawney Phil will let us know if we're going to have an early spring, or 6 more weeks of winter. I'm personally hoping that he sees his shadow, but that's just me. Either way, as we march toward spring, the housing market will be heating up. Whether you're a buyer looking to for the perfect home, or a seller longing for a warmer climate, waiting until daffodils bloom, might negatively affect your buying power, and the seller's bottomline.
Take a look at the graphic above. It is straight from The Federal Home Loan Mortgage Corporation, commonly know as Freddie Mac. It shows interest rates through the years and how they affect your mortgage payment. For the sake of this conversation, it only takes into account principal and interest. Figure another $300/month for taxes. Another $100/month for insurae ...
Thursday, December 16, 2021 / by Michael Evans
The past couple days, I shared some tips for sellers. Today, I'll share one for buyers.
It can be super exciting when the time comes to begin looking for the perfect house, particularly if this is your first time. Running right out and visiting a bunch of properties though isn’t really the best place to start. The process should begin by getting a mortgage preapproval before your hunt begins.
A preapproval letter is a document from a lender that tells you exactly how much loan money you can get. It’s based on your financial information, such as your credit score, taxes, and bank statements. It is not a guarantee that the mortgage will get approved. There are other factors at play here including the property you’re looking at, but that’s a topic for another day.
Getting a preapproval is going to help you, and your agent find properties within your budget. It also gives the sellers peace of mind knowing that you, the buyer, can afford ; ...
Wednesday, December 15, 2021 / by Michael Evans
Here’s another quick tip for people looking to sell their house in 2022, and it kind of goes along with yesterday’s tip on storage.
Turn your home into a house. One of the most important things to do when selling your house is to de-personalize it. The more personal stuff in your house, the less potential buyers can imagine themselves living there. The general rule is to remove of a third of your stuff. Get a head start on packing family photos, memorabilia collections and personal keepsakes for your next home. I’ve even had a few clients who added a framed mirror, so it seemed like a photo of the potential buyer was hanging in the house.
I provide a free staging guide to each of my clients that’ll help you with this process. The new year is right around the corner, email me and we can get a jump on the competition!
I’ll have a tip for buyers tomorrow. ...
Tuesday, December 14, 2021 / by Michael Evans
The new year is right around the corner! If you're considering selling real estate in 2022 here's a trick to make your home more desirable to potential buyers.
Half-empty closets: Storage is something that every buyer is looking for and can never have enough of.
Quick tip #1, Take half the stuff out of your closets then neatly organize what’s left in there. Buyers are going to snoop, so be sure to keep all your closets and cabinets clean and tidy.
If you are planning to sell, contact us today at 570-413-3944. I'd love to talk to you more about what I do to sell houses with the least hassle and for the highest possible price.
I'll post another home selling tip tomorrow.