On The Market: Is It Time To Sell Your Home?


New Homes On The Market

An important factor shaping today’s market is the number of homes for sale. And, if you’re considering whether or not to list your house on the market, that’s one of the biggest advantages you have right now. When housing inventory is this low, your house will stand out, especially if it’s priced right.

But there are some early signs that more listings are coming. According to the latest data on Phoenix’s ARMLS website, new listings (homeowners who just put their house up for sale) are trending up. Here’s a look at why this is noteworthy and what it may mean for you.

More Homes Are Coming onto the Market than Usual

It’s well known that the busiest time in the housing market each year is the spring buying season. That’s why there’s a predictable increase in the volume of new

ARMLS data

ly listed homes throughout the first half of the year. Sellers are anticipating this and ramping up for the months when buyers are most active. But, as the school year kicks off and as the holidays approach, the market cools. It’s what’s expected.

But here’s what’s surprising. Based on the latest data from Realtor.com, there’s an increase in the number of sellers listing their houses later this year than usual. A peak this late in the year isn’t typical. You can see both the normal seasonal trend and the unusual August in the graph below:As Realtor.com explains:

“While inventory continues to be in short supply, August witnessed an unusual uptick in newly listed homes compared to July, hopefully signaling a return in seller activity heading toward the fall season . . .”

While this is only one month of data, it’s unusual enough to note. It’s still too early to say for sure if this trend will continue, but it’s something you’ll want to stay ahead of if it does.

What This Means for You If You Are Thinking Of Putting Your Home On The Market

If you’ve been putting off selling your house, now may be the sweet spot to make your move. That’s because, if this trend continues, you’ll have more competition the longer you wait. And if your neighbor puts their house up for sale too, it means you may have to share buyers’ attention with that other homeowner. If you sell now, you can beat your neighbors to the punch.

But, even with more homes coming onto the market, the market is still well below normal supply levels Nationally. And, that inventory deficit isn’t going to be reversed overnight. The graph below helps put this into context, so you can see the opportunity you still have now: 

Bottom Line

Even though inventory is still low, you don’t want to wait for more competition to pop up in your neighborhood. You still have an incredible opportunity if you sell your house today. Let’s connect to explore the benefits of selling now before more homes come to the market.

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Why You May Still Want To Sell Your House After All

Why You May Still Want To Sell Your House After All

Even though you may feel reluctant to sell your house because you don’t want to take on a mortgage rate that’s higher than the one you have now.  While the financial side of things does matter, your personal needs may actually matter just as much. As an article from Bankrate says:

“Deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market.”

So, ask yourself this: why did I want to move in the first place?

In fact, chances are your primary motivation wasn’t just financial in nature. Why you’re really thinking about selling likely has more to do with something changing in your life or a shift in what you need out of your house.  Why Do You Want To Sell Your House?

Reasons Homeowners Still Need To Sell Today

So, let’s explore some of the most common reasons sellers are moving today. A recent article from Builder Online helps shed light on this. In this research, they identified the following categories:

  • Marriage – If you just got married, you may find you need more space than you currently have, or the two of you want to find a new place you picked out together.
  • Divorce – If you’re getting separated or are divorcing your partner, chances are it’ll be difficult to live under the same roof. You may need to sell the place you have, so you can own your own place.
  • Births – If your household is growing, you may need more square footage, including more bedrooms. If you’re running out of room for everyone, you may not be able to wait to move.
  • Deaths – If you’ve recently lost a loved one, it can be hard to spend time in that home. You may need to move for financial reasons or because you no longer need all the space.

  • The Benefits Of Downsizing For Homeowners
    Downsizing Could Save You Money
  • Retirement – If you’re in the process of retiring, or you just did,you may be looking to downsize to cut costs, relocate to be closer to loved ones, or move to a dream location. In this new phase of life, your current home may not be able to deliver what you need so you may want to sell.

So You May Find You Want To Sell In This Seller’s Market

In fact, you may find you share one of these top motivators. If any of these resonate with you, it may be time to sell so you can find a house better suited to your changing needs. A survey from Realtor.com finds other sellers are in the same boat. It says, 1 in 4 sellers are choosing to move for personal reasons, even with current mortgage rates:

“. . . more than half of seller-buyers (56%) who are planning to

 sell in the next 12 months said they are waiting for rates to come down, while 25% need to sell soon for personal reasons.”

If you need to sell now because something in your own life has

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changed, don’t let rates hold you back from what you want. You have options to help make that move possible. You can use the equity you already have in your current home toward your next purchase. And with how much equity homeowners have right now, you may be able to finance less than you’d expect, or pay all cash to avoid borrowing at all.

Bottom Line

Finally, when you’re ready to prioritize your changing needs, you need an expert on your side to help you list your house and find a home that delivers on everything you’re looking for.  Let’s connect, get your questions answered, and move on with being you. 

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Housing Market Forecast for the Rest of 2023

 
Some Highlights

 

  • Want to know what experts are saying about the housing market forecast for the rest  of 2023? Home prices are already appreciating again in many areas. The average of the expert forecasts shows positive price growth.
  • Where mortgage rates go for the rest of the year will depend on inflation. Based on historical trends, rates are likely to ease as inflation continues to cool which should affect the housing market forecast.
  • Even though low inventory continues to be a challenge, experts project 5 million homes will still sell this year. That pace should pick up if rates come down

If you are thinking about selling your home, let’s chat about the current housing market forecast in your area. Most cities in the Phoenix area are in a Seller’s Market, outliers like Casa Grande, are a buyers market. Fill out the form below for more information.

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Are Mortgage Rates Making You A Little “Fraidy-Cat”?

Sellers: Don’t Let These Two Things Hold You Back


Many homeowners thinking about selling have two key things holding them back. That’s feeling locked in by today’s higher mortgage rates and worrying they won’t be able to find something to buy while supply is so low. Let’s dive into each challenge and give you some helpful advice on how to overcome these obstacles. Don’t be a Fraidy-Cat.

Challenge #1: The Reluctance to Take on a Higher Mortgage Rate

According to the Federal Housing Finance Agency (FHFA), the average mortgage rate for current homeowners with mortgages is less than 4% (see graph below):

But today, the typical 30-year fixed mortgage rate offered to buyers is closer to 7%. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as the mortgage rate lock-in effect.

The Advice: Waiting May Not Pay Off For Mortgage Rates 

While experts project mortgage rates will gradually fall this year as inflation cools, that doesn’t necessarily mean you should wait to sell. Mortgage rates are notoriously hard to predict. And, right now home prices are back on the rise. If you move now, you’ll at least beat rising home prices when you buy your next home. And, if experts are right and rates fall, you can always refinance later if that happens.

Challenge #2: The Fear of Not Finding Something to Buy

When so many homeowners are reluctant to take on a higher rate, fewer homes are going to come onto the market. That’s going to keep inventory low. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“Inventory will remain tight in the coming months and even for the next couple of years. Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years.”

Even though you know this limited housing supply helps your house stand out to eager buyers, it may also make you feel hesitant to sell because you don’t want to struggle to find something to purchase.

The Advice: Broaden Your Search 

If fear you won’t be able to find your next home is the primary thing holding you back, remember to consider all your options. Looking at all housing types including condos, townhouses, and even newly built homes can help give you more to choose from. Plus, if you’re able to work fully remote or hybrid, you may be able to consider areas you hadn’t previously searched. If you can look further from your place of work, you may have more affordable options for mortgage rates.

Bottom Line On Mortgage Rates

Instead of focusing on the challenges, focus on what you can control. Let’s connect so you’re working with a professional who has the experience to navigate these waters and find the perfect home for you.

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Zero Down Payment Mortgage Options…Say What?

Have you heard about the NEW loan product that gifts you the entire down payment for a new home? That’s right, zero down payment mortgage options.

As a REALTOR, I know a lot of great lenders. Today, I would like to introduce you to Brianna Brennon from Geneva Financial. Brianna has helped many people and families who all had one thing in common. They didn’t think they had a shot at being a homeowner!

Zero Down Payment Mortgage Options

Brianna has unique loan products that are exclusive to her team and Geneva Financial. Most notably are the suite of different Down Payment Assistance Products. All of these products only require a 600 credit score! Zero down payment mortgage options for mortgage loans are loans that allow borrowers to purchase a home without making an initial down payment.

These options are designed to help individuals who may not have saved enough for a down payment but are otherwise eligible for a mortgage.

Take my advice, spending 5 minutes filling out this home loan application on your cell phone could easily have you holding keys to your new home within 30-45 days!

Here is the link to get you started: Https://www.genevafi.com/brianna-brennon  When you talk to her, let her know that you received her info from me! Fill out the form below, to connect with me, and let’s go house shopping!

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Implied Chosen Consent

Fate and destiny imply that things just happen. I believe that God gives us choices…our choices determine how our lives are lived and what happens as each of the choices are played out. Fate? No. Destiny? No. Implied chosen consent? Yes.

Do you believe in fate/destiny?

Homeownership A Reality

Everyone Has A Dream Of Owning Their Own Home  

Making homeownership a reality in 2023 will rely strongly on your credit score, savings, and working with a great mortgage lender and real estate agent.

According to a recent Harris Poll survey, 8 in 10 Americans who are renters say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and nonfinancial benefits, so that interest is understandable. So, how do you make your dream of homeownership a reality?

However, it’s unlikely all 28 million Americans will make homeownership a reality in the coming year. Experts project a total of around five million homes will be sold in 2023. Why is there such a big difference? It’s partly because there can be challenges to buying a home.

In the same survey, when asked, “Which of the following are preventing you from pursuing homeownership at this time?”:

34% answered, “I don’t have enough saved for a down payment”

  • 30% answered, “My credit score”

If you’re aiming to buy a home, here’s what you need to know to accomplish that goal.

Save For Your Down Payment To Make Homeownership A Realty 

Your down payment is a big chunk of what you pay up front for your home. To make homeownersip a reality, buyers put down a certain amount of cash up front (a down payment) and then take out a loan (a mortgage) to pay for the rest.

It’s a longstanding myth that you need to pay 20% of the purchase price for your down payment. In reality, 20% down isn’t always required. In fact, according to the National Association of Realtors (NAR), today’s median down payment is 14% for the average buyer and just 6% for a first-time buyer.

Regardless of how much money you can save for your down payment, know there’s help available. A local lender can show you options to help you get closer to your down payment goal. Plus, there are even loan types, like FHA loans, with down payments as low as 3.5% for some buyers, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants.

Beyond assistance programs and different loan types, here are a few other tips to help you as you save for your down payment:

  • Remember to factor in closing costs. In addition to your down payment, closing costs are usually 2-5% of the home’s purchase price.
  • Maintain your savings. Your down payment shouldn’t deplete all your savings. It’s important to still have some money set aside for homeownership expenses after you move in.
  • Explore your options and lean on your trusted advisor for expert guidance. Do your research, ask questions, and look into the resources available for buyers like you.

Improve Your Credit Score In Order To Make Homeownership A Reality 

Your credit score is a number that indicates how financially reliable you are to lenders. A higher credit score usually means you’ll be able to borrow more money at a better interest rate. If your credit score is preventing you from getting an affordable mortgage, there are steps you can take to improve it. Here are two:

  • Pay your bills on time. When you pay your bills on time, your credit score improves. When you’re late, it takes a hit. One way to make paying your bills on time easier? Set up automatic payments when and where you can.
  • Mix it up. From auto loans, to credit cards, to mortgages – there are several different types of credit. And having a mix of them improves your credit score.

Bottom Line For Making Homeownership A Reality 

If you want to purchase a home this year, let’s connect so we can get you started!

 

Continue reading “Homeownership A Reality”

What Is It About Scottsdale, AZ?

I overheard (some might call it eavesdropping but “eh” I’m a REALTOR it’s my business to keep my ears open and my mouth shut…at times) a couple asking a waitress, “What is it about Scottsdale, Az that makes people go crazy?” Mind you it took E.V.E.R.Y ounce of my will power to not jump into their conversation and explain Scottsdale to them.

Every year vacationers from around the world head to Scottsdale to experience the night life, the luxury feels the city has to offer, the nostalgic beginnings of Old Scottsdale, the 5-Star restaurants that set the city aglow at night, the artistic culture, the nightclubs for the young (and the young at heart), the resorts, and the scenic VIEWS. That’s what it is about Scottsdale, Az.

But few know the humble beginnings of what we know as Scottsdale. In 1888, retired Army Chaplain Winfred Scott and his wife purchased around 640 acres of land for $3.50. The REALTOR in me is reaching for my calculator to scrunch numbers but I just can’t…

And during its early beginnings this parcel of land underwent several name changes. Originally it had been named by the Pima Indians ‘Vaṣai S-vaṣonĭ’, which means “rotting hay”. So, it must have seemed fitting to Winfred to rename his parcel “Orangedale” after the vast amount of orange trees he had planted (and respectfully, it sounds more pleasant and smells much better). Her final name change came in 1894 when the city was renamed after her founder.

So, she has certainly come a long way, from the 2000 residents that lived within her boundaries in 1894, to the formidable and elegant city of more than 255,000 residents in 2022.

So, I ask you, what is it about Scottsdale, Az?

And, why aren’t you calling, texting, or on a plane right now to meet me so I can show you your dream home?

~Tina

Are you Prepared To Purchase A Home?

Do You Think You Are Prepared To Purchase A Home In Today’s Crazy Relaxing Market?

According to Keeping Current Matters:

Rising interest rates have begun to slow an overheated housing market as monthly mortgage payments have risen dramatically since the beginning of the year. This is leaving some people who want to purchase a home priced out of the market and others wondering if now is the time to buy one. Many are asking themselves if they are prepared to purchase a home right now.  For the future homeowners out there this rise in borrowing cost shows no signs of letting up soon.

Economic uncertainty and the volatility of the financial markets are causing mortgage rates to rise. George Ratiu, Senior Economist and Manager of Economic Research at realtor.com, says this:

“While even two months ago rates above 7% may have seemed unthinkable, at the current pace, we can expect rates to surpass that level in the next three months.”

So, is now the right time to buy a home? Are you prepared to purchase a home? Anyone thinking about buying a home today should ask themselves two questions:

1. Where Do I Think Home Prices Are Heading?

There are two places to turn to answer this question. First is the consensus of what experts are saying. If you look at what experts are projecting for home prices in 2023, they’re forecasting home price appreciation around 2%. While it’s true some are calling for depreciation, most are calling for appreciation in home values over the next year.

The second spot to turn to for information is the Home Price Expectation Survey from Pulsenomics – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists. According to the latest release, the experts surveyed are also calling for home price appreciation for the next several years (see graph below):

Two Questions Every Homebuyer Should Ask Themselves Right Now | Keeping Current Matters

2. Where Do I Think Interest Rates Are Heading?

Like mentioned above, Ratiu sees mortgage rates rising over the next several months. Another expert agrees. Mark Fleming, Chief Economist at First American, says:

“While mortgage rates are expected to continue to drift higher over the coming months, much of the rapid increase in rates is likely behind us.” 

The instability in the world and higher inflation are driving this volatile market, resulting in higher borrowing rates for those looking to buy homes.

Bottom Line

If you’re thinking about buying a home, asking yourself about home prices and mortgage rates will help you make a powerful and confident decision. Experts see both prices and rates rising in the future. The alternative is to rent, but rents are also increasing. That may mean buying a home makes more sense than renting.

 

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