Expect the Unexpected: Anticipating Volatility in Today’s Housing Market
You’ve probably noticed one thing if you’re thinking about making a move: the housing market feels a bit unpredictable right now. The truth is, from home prices to mortgage rates, we’re seeing more volatility – and it’s important to understand why. At a high-level, let’s break down what’s happening and the best way to navigate it. What’s Driving Today’s Market Volatility? Factors like economic data, unemployment numbers, decisions coming out of the Federal Reserve (The Fed), and even the presidential election, are creating uncertainty right now – and uncertainty leads to market volatility. You can see that when you look at what’s happening with mortgage rates. New economic reports and other geopolitical events have an impact and can cause sudden shifts up or down, even though experts still forecast rates will come down overall. We’ve seen that effect play out recently, like when employment and inflation data get released each month. And as the markets react, these types of updates will continue to have an impact on rates moving forward. As Greg McBride, CFA, Chief Financial Analyst at Bankrate, says: “After steadily declining throughout the summer months, I expect more ups and downs to mortgage rates . . . Job market data will be closely watched as well as any clues from the Fed about the extent of upcoming interest rate cuts.” This is exactly why the projected decline in mortgage rates isn’t going to be a straight line down over the next year. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, explains: “Rates have shown considerable volatility lately, and may continue to do so . . . Overall, we still expect a downward long-term mortgage rate trend.” Plus, home prices and the number of homes on the market vary dramatically depending on where you’re looking to buy or sell, which makes it even harder to get a clear picture. In some areas, home prices are rising and inventory is tight, while in others, there are more homes available and it’s leading to more moderate pricing shifts. As all of this unfolds, understanding what’s happening will help you make the right decisions, whether that’s buying or selling. And there’s one easy way to get that information: from a professional. The Importance of Partnering with a Pro While the road ahead may have some bumps and unexpected turns, you don’t have to go it alone. A great agent will keep you up to date on the latest market developments, guide you through any shifts, and help you make smart decisions based on your goals. For example, as mortgage rates change, professionals (like your agent and a trusted lender) will explain how the shifts impact what you can reasonably plan for in your monthly payment. This will help you see how even a small change in rates can impact your bottom line – that way you don’t lose sight of the big picture even as shifts happen here and there. And since conditions can vary significantly from one neighborhood to another, your agent will also help you understand the specifics of your market—whether it’s how to navigate competition with other buyers, the number of homes available, or what’s happening with local home prices. Their insights and expertise will help you adapt to any movement in the market. Bottom Line The housing market may be experiencing some shifts, but don’t let it stop you from making your move. With the support of an experienced real estate agent and a trusted lender, you’ll be ready to navigate the changes and make the most of the opportunities that come your way. Let’s turn any uncertainty into your advantage, helping you move forward with confidence. The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Seniors, Ready to Downsize and Thrive!
As we age, our needs and priorities change, often leading to the realization that our current living situation no longer fits our lifestyle. For many seniors aged 55 and older, downsizing can be a liberating and exciting step towards a more manageable and fulfilling life. Whether you’re looking to buy a smaller home or sell your current property, working with an expert like Carrie Thompson can make all the difference. Here’s why downsizing in Genesee County could be the best decision you ever make. ### Buyers: Finding Your Perfect Fit For seniors looking to buy a new home, downsizing doesn’t mean compromising on quality or comfort. In fact, it’s quite the opposite. Smaller homes often come with modern amenities, energy-efficient designs, and lower maintenance requirements, making them perfect for those who want to spend less time on upkeep and more time enjoying life. Carrie Thompson specializes in helping seniors find homes that meet their unique needs. With her extensive knowledge of Genesee County’s real estate market, Carrie can guide you through neighborhoods that offer vibrant communities, convenient access to healthcare facilities, recreational activities, and social opportunities tailored for the 55+ demographic. Remember, who you work with matters immensely when making such a significant life transition. ### Sellers: Maximizing Your Investment If you’re considering selling your current home as part of your downsizing journey, it’s crucial to have an expert like Carrie Thompson by your side. Selling a home involves more than just listing it; it requires strategic marketing, pricing it right, and negotiating effectively to get the best possible return on your investment. Carrie’s expertise in the Genesee County market ensures that your home will be showcased to its full potential. She understands what buyers are looking for and can provide valuable advice on how to stage your home to attract serious offers quickly. Additionally, her network of professionals—including photographers, stagers, and contractors—can help prepare your home for sale without any added stress on your part. ### Lifestyle: Embrace Your New Chapter Downsizing is not just about moving into a smaller space; it’s about embracing a new chapter in your life that offers more freedom and opportunities for enjoyment. Imagine living in a community where you can easily socialize with neighbors who share similar interests or having access to amenities like fitness centers, walking trails, and cultural events right at your doorstep. Genesee County offers numerous 55+ communities designed with seniors in mind. These communities provide a range of housing options from single-family homes to condos and townhouses. Many also offer community centers where residents can participate in organized activities such as yoga classes, book clubs, gardening groups, and more. By working with Carrie Thompson, you’ll gain access to these exclusive listings and receive personalized recommendations based on your lifestyle preferences. Carrie’s commitment to understanding her clients’ needs ensures that she will find the perfect community where you can thrive. ### Why Who You Work With Matters Choosing the right real estate agent is crucial when downsizing. An experienced agent like Carrie Thompson brings invaluable knowledge of the local market and understands the specific needs of seniors looking to downsize. Her dedication to providing exceptional service means she will be there every step of the way—from initial consultation through closing—ensuring a smooth transition into your new home. In conclusion, downsizing can open up a world of possibilities for seniors ready to embrace a simpler yet richer lifestyle. Whether buying or selling in Genesee County, partnering with an expert like Carrie Thompson will ensure that you make informed decisions tailored to your unique needs. So why wait? Take the first step towards thriving in this exciting new chapter of your life today!
Now’s the Time To Upgrade to Your Dream Home
If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below): But there’s also a good chance you, like many other people, have been holding off on that goal because of recent market challenges. It makes sense – when you’re planning an upgrade that could increase your monthly housing costs, affordability has a huge impact on when you make your move. But there’s good news: now’s actually a great time to make that move happen. Here’s why. You Have a Lot of Equity To Leverage One of the key benefits in today’s market is the amount of equity you’ve likely built up in your current house over the years. Even with recent shifts in the housing market, national home prices have steadily grown, adding to the equity homeowners have today. Selma Hepp, Chief Economist at CoreLogic, explains it well: “Persistent home price growth has continued to fuel home equity gains for existing homeowners who now average about $315,000 in equity and almost $129,000 more than at the onset of the pandemic.” What does that mean for you? If you’ve been in your home for a few years, you’re probably sitting on a significant amount of equity. You can put that toward the down payment on your next home, helping keep the amount you borrow within a comfortable range. This can make upgrading more achievable than you might think. If you’re curious how much you’ve built up over the years, ask your real estate agent for a professional equity assessment. Mortgage Rates Have Fallen, Boosting Your Purchasing Power And there’s another big reason why now’s a great time to make your move: mortgage rates are trending down. Lower rates can help make your future monthly payments more manageable, and they also increase your purchasing power. As Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), points out: “When mortgage rates fall, the interest portion of monthly payments decreases, which lowers the total payment. This makes it easier for more borrowers to . . . qualify for mortgages that may have been unaffordable at higher rates.” That gives you more flexibility when shopping for homes and may allow you to afford a house at a price point that was previously out of reach. A trusted lender can work with you to figure out the best plan for your budget. Bottom Line If you’re ready to sell your current home and find the bigger, nicer home you’ve been dreaming of, don’t wait. Your equity, paired with lower mortgage rates, puts you in a great position to make that move today. To make the best decisions and get the most out of your current market advantage, let’s connect so you have an expert guide through every step of the homebuying process. The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
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