Selling your house? Or just looking to increase the value and appeal of your home for when you do? Here’s something you should know – homebuyers are increasingly looking for homes with environmentally friendly features.
According to recent data from the National Association of Realtors (NAR), when buyers think about eco-friendly features, they’re looking for (see visual below):
The common theme? Environmentally friendly features are popular with buyers because they help them save money and make homes more comfortable to live in. But making some of these updates before you sell your house doesn’t just benefit buyers – it’s worthwhile for you too.
If your appliances or systems are aging, upgrading them now means you can enjoy the savings and comfort while you’re still living in the home.
The U.S. Department of Energy has introduced Home Energy Rebates, which can provide households with up to $14,000 in savings on energy-efficient upgrades. This includes insulation, duct sealing, heat pumps, and more. These rebates make it more affordable than ever to improve your home’s efficiency.
Then, when you decide to sell, you’ll reap the rewards again. Energy-efficient homes stand out in a competitive market and appeal to the growing group of environmentally conscious buyers.
Studies also show that homes with energy-efficient upgrades, like those with high-efficiency HVAC systems or modern insulation, are more desirable for buyers- and they generally net a higher price. Research from Freddie Mac found that homes with high energy-efficiency ratings sold for 2.7% more on average than homes without these upgrades.
Not sure which upgrades to prioritize? That’s where a local real estate agent comes in. They can help you identify the eco-friendly features that buyers in your area value most. Whether it’s adding Energy Star appliances or improving insulation, they’ll guide you in making the best choices for your house and your budget.
Making environmentally friendly upgrades can pay off in more ways than one. You can enjoy saving on energy bills and improved comfort now. Additionally, you’ll have the satisfaction of knowing you’re contributing to a more sustainable future while adding value to your home. Ready to learn more about how you can make your house stand out? Let’s connect.
Waiting for perfect market conditions often means missing out. Because what you may not realize is, if you’re ready and able to buy, this time of year could actually give you an edge. Here’s why. As the weather cools down, the housing market can too – and that works in your favor.
Homes tend to take a little longer to sell during this time of year. Data from the National Association of Realtors (NAR) shows the average time a house sits on the market jumps up during the winter months (see the green bars in the graph below):
This is partly because fewer buyers are active at this time of year – and that decrease in buyer competition means the houses that are on the market aren’t going to be snatched up as quickly. So, if you decide to buy a home in the next couple of months, you’ll likely have more time to consider your options and negotiate a deal without feeling as pressured.
And since homes generally take longer to sell during the winter, sellers are often more motivated to close a deal. That can work in your favor, too. According to NAR:
“Less competition can lead to better deals. While homes are not selling as fast as during the summer, sellers may be more willing to negotiate.”
Whether it’s compromising on price, covering closing costs or repairs, or including extras like appliances, you have more room to ask for what you need.
With less competition from other buyers and sellers who are more willing to negotiate, you may see slightly lower prices too. In fact, according to NAR, homes are typically about 5% less expensive now compared to when prices normally peak in the summer.
That might not seem like a huge difference, but on a $400,000 home, it could mean savings of $20,000 on the purchase price.
You can see this expected seasonal shift in home prices taking place this year. Take a look at the graph below showing the median sales price of existing homes (homes that were previously owned) over the past 12 months. You’ll notice in the green bars that prices were lower in the winter months last year, and it seems like that’s going to happen again this year. That gives you the chance to make your budget go further:
Buying a home during the winter means less competition, motivated sellers, and potentially lower prices, too. Let’s work together to find the right one at the right price for you.
When you sell your house, ideally, you want it to go something like this: your house sells for top dollar, you get it sold quickly, and it all goes down without a hitch.
But what many people don’t realize is that even in today’s market where there are more buyers than homes for sale, there are still things that can cause delays or even keep a house from selling. According to Zillow, in 2024, as many as 1 in 3 sellers took their home off the market before it ultimately sold.
And while the reasons those houses didn’t sell are going to vary, there are some general themes that come through. If you’re having trouble getting your house sold, here are the top three hurdles that could be getting in the way, and how an expert agent can help you solve these issues.
It’s no surprise that price plays a major role when you sell. And in today’s market, overpricing a home in a high-mortgage rate environment is the biggest thing keeping homes on the market longer than the norm. As. U.S. News Real Estate says:
“Talk to any real estate expert, and the first thing they’ll tell you is that a house is selling slowly because the price is too high.”
While it’s tempting to push the price higher to get more for your home, overpricing can really turn away potential buyers. It can also make your house sit on the market for far too long. And the longer it sits, the more skeptical buyers will be that there’s something wrong, even if there isn’t.
Not to mention, buyers today have so many tools and resources to view homes in your area and compare prices. So, if your house is priced too high, you’ll risk driving away potential offers.
To find out if this is happening with your listing, talk to your agent about what they’re hearing at open houses and showings. If the feedback is consistent, it may be time to re-evaluate your asking price.
You only get one chance to make a great first impression on a buyer. That’s why sprucing up your house can be the difference between it selling or sitting.
First, take into account your home’s curb appeal. There may be easy ways you can clean up the landscaping to make it tidy, inviting, and really make an impact. As an article from Realtor.com notes:
” . . . for better or worse, buyers do tend to judge a book by its cover. You want to make sure potential buyers’ first impression of your home is a good one—and inspires them to stop by the open house or schedule a tour—so they can see more.”
But don’t stop at the front door. Small touches like removing personal items, reducing clutter, and cleaning the floors give buyers more freedom to picture themselves in the home. And inexpensive upgrades like a fresh coat of paint or updated listing photos to match the current season can go a long way with that wow factor.
When in doubt, lean on your real estate agent for expert advice and whether you need a new game plan to close the deal.
Another big mistake you can make as a seller is limiting the days and times that buyers can view your house. Because at the end of the day, if buyers can’t take a look around, your chances of selling decline — drastically.
And here’s something else to consider. No matter what type of market you’re dealing with, buyers from outside the area are often highly motivated, but they don’t have as much flexibility or time as those who are local. So, give your house the best visibility by making it available as much as possible.
You deserve to check selling your house off your list of goals this year. So, if your house isn’t getting enough attention or your listing is getting stale, don’t be afraid to ask your trusted real estate agent how you can revamp your approach.
One of the biggest questions on everyone’s minds right now is: when will mortgage rates come down? After several years of rising rates and a lot of bouncing around in 2024, we’re all eager for some relief.
While no one can project where rates will go with complete accuracy or the exact timing, experts offer some insight into what we might see going into next year. Here’s what the latest forecasts show.
After a lot of volatility and uncertainty, the most updated forecasts suggest rates will start to stabilize over the next year, and should ease a bit compared to where they are right now (see graph below):
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“While mortgage rates remain elevated, they are expected to stabilize.”
It’s important to note that the timing and the pace of what happens with mortgage rates is one of the most challenging forecasts to make in the housing market. That’s because these forecasts hinge on a few key factors all lining up. So don’t be fooled, because while rates are expected to come down slightly, they’re going to be a moving target. And the ups and downs of ongoing economic drivers will likely stick around. Here’s a look at just a few of the things that’ll influence where they go from here:
Remember, these forecasts are based on the best information available right now. As new economic data comes out, experts will revise their projections accordingly. So, don’t try to time the market based on these forecasts alone.
Instead, the best thing you can do is focus on what you can control right now. Work on improving your credit score, put away any extra cash for your down payment, and automate your savings. All of these things will help you reach your homeownership goals even faster.
And be sure to connect with a trusted agent and a lender, so you always have the latest updates – and an expert opinion on what that means for your move.
If you’re planning to move and want to stay informed about where mortgage rates are heading, let’s connect.
If you’ve been keeping an eye on mortgage rates lately, you might feel like you’re on a roller coaster ride. One day rates are up; the next they dip down a bit. So, what’s driving this constant change? Let’s dive into just a few of the major reasons why we’re seeing so much volatility, and what it means for you.
A significant factor causing fluctuations in mortgage rates is the general reaction to the political landscape. Election seasons often bring uncertainty to financial markets, and this one is no different. Markets tend to respond not only to who won, but also to the economic policies they are expected to implement. And when it comes to what’s been happening with mortgage rates over the past couple of weeks, as the National Association of Home Builders (NAHB) says:
“. . . the primary reason interest rates have been on the rise pertains to the uncertainty surrounding the presidential election. Although the election is now complete, there continue to be growing concerns over budget deficits.”
In the short term, this anticipation has caused a slight uptick in mortgage rates as the markets adjust and react. Additionally, factors like international tensions, supply chain disruptions, and trade policies can drive investor sentiment, causing them to seek safer assets like bonds, which can indirectly impact mortgage rates. Essentially, the more global or domestic uncertainty, the greater the chance that mortgage rates may shift.
Inflation and unemployment are two other big drivers of mortgage rates. The Federal Reserve (the Fed) has been working to bring inflation under control, and has been closely monitoring the economy as they do. And as long as inflation continues to moderate and the job market shows signs of maximum employment, the Fed will continue its plans to cut the Federal Funds Rate.
Although the Fed doesn’t set mortgage rates, their decisions do have an impact, and typically a cut leads to a mortgage rates response. And in their November 6-7th meeting, the Fed had the data they needed to make another cut to the Federal Funds Rate. And while that decision was expected and much of the mortgage rate movement happened prior to that meeting, there was a slight dip in rates.
As we look ahead, mortgage rates will respond to changes in the Fed’s policies and other economic indicators. The markets will likely remain in a wait-and-see mode, reacting to each new development. And, with the transition of a new administration comes an element of unpredictability. A recent article from The Mortgage Reports explains:
“Today’s economic indicators come with mixed pressures on mortgage rates and we’re likely to be in for a good amount of volatility as markets adjust and respond to the election . . .”
The best way to navigate this landscape is to have a team of real estate experts by your side. Professionals will help you understand what’s happening and can provide you with the guidance you need to make informed housing market decisions along the way.
The takeaway? Today’s mortgage rate volatility is going to continue to be driven by economic factors and political changes.
Now is the time to lean on experienced professionals. A trusted real estate agent and mortgage lender can help you navigate through it. And with the right guidance, you can make informed decisions.
More Homes, Slower Price Growth – What It Means for You as a Buyer
There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. Let’s look at two reasons why.
You Have More Options To Choose From
An article from Realtor.com helps explain just how much the number of homes for sale has gone up this year:
“There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.”
And while the number of homes on the market still isn’t quite back to where it was in the years leading up to the pandemic, this is definitely an improvement (see graph below):
With more homes available for sale now, you have more options to choose from. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, explains:
“Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .”
That means you have a better chance of finding a house that meets your needs. It also means the buying process doesn’t have to feel quite as rushed, because more options on the market means you’ll likely face less competition from other buyers.
Home Price Growth Is Slowing
When there aren’t many homes for sale, buyers have to compete more fiercely for the ones that are available. That’s what happened a few years ago, and it’s what drove prices up so quickly.
But now, the increasing number of homes on the market is causing home price growth to slow down (see graph below):
In certain markets, the number of available homes has not only bounced back to normal, but has even surpassed pre-pandemic levels. In those areas, home price growth has slowed or stalled completely. As Lance Lambert, Co-Founder of ResiClub, explains:
“Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.”
Slower or stalled price growth could give you a better chance of finding something within your budget. As Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), says:
“For the third consecutive month U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability.”
But remember, inventory levels and home prices are going to vary by market.
So, having a real estate agent who knows the local area can be a big advantage. They can help you understand the trends in your community, which can make a real difference in finding a home that fits your needs and budget.
Bottom Line
More housing options – and the slower home price growth they bring – can help you find and buy a home that works for your lifestyle and budget. So don’t hesitate to reach out if you want to talk about the growing number of choices you have right now.
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