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.
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.
Hey Genesee County!
Hey Genesee County! Are you considering buying a home in our beautiful region? Whether you're a first-time buyer or looking to upgrade, navigating the real estate market can be both exciting and daunting. With so many factors to consider, from securing the right mortgage to finding your dream property, it's crucial to have a knowledgeable and reliable guide by your side. That's where working with Carrie Thompson comes into play. **Why Who You Work With Matters** In real estate, the agent you choose can make all the difference in your buying experience. Carrie Thompson isn't just any real estate agent; she's a seasoned professional who understands the nuances of the Genesee County market. Her deep local knowledge, coupled with her commitment to client satisfaction, ensures that you’re not just buying a house—you’re investing in a home and a community. Carrie takes the time to understand your unique needs and preferences, guiding you through every step of the process. From identifying potential properties to negotiating offers and handling paperwork, her expertise provides peace of mind. In a market where competition can be fierce and timing is everything, having Carrie on your side means you’re always one step ahead. **The Mortgage Maze** Securing a mortgage is often one of the most stressful parts of buying a home. With so many options available, from fixed-rate to adjustable-rate mortgages, it’s easy to feel overwhelmed. However, when you work with Carrie Thompson, you're not just getting an expert real estate agent—you’re also gaining access to her amazing network of top-tier lenders. Carrie has built strong relationships with some of the best lenders in Genesee County. These connections are invaluable when it comes to securing favorable terms for your mortgage. Whether you need advice on which type of loan suits your financial situation or help expediting the approval process, Carrie’s network ensures that you have access to competitive rates and personalized service. **Stay Informed with Real Estate News** The real estate market is constantly evolving, influenced by economic trends, policy changes, and local developments. Staying informed about these changes is crucial for making smart investment decisions. When you work with Carrie Thompson, you’re not only benefiting from her expertise but also gaining insights into the latest real estate news that could impact your purchase. For example, recent shifts in interest rates can affect your mortgage options and overall affordability. Local developments such as new schools or commercial projects can also influence property values in specific neighborhoods. Carrie keeps her clients updated on these critical factors, ensuring that they make well-informed decisions. **Conclusion** Buying a home is one of the most significant investments you'll ever make. It’s essential to have an experienced professional like Carrie Thompson guiding you through the process. From leveraging her strong relationships with top lenders to keeping you informed about market trends and real estate news, Carrie provides comprehensive support that goes beyond simply finding a house. In Genesee County's competitive market, who you work with truly matters. Make sure you're partnering with someone who has your best interests at heart and possesses the expertise needed to navigate this complex landscape successfully. Reach out to Carrie Thompson today and take the first step toward finding your dream home in Genesee County!
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