4 Signs Your Home Is Overpriced
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Real Estate
Mortgage Rate Forecast for October 2024: Expert Predictions
As we look to the future, October 2024 the forecast for mortgage interest rates indicates a possible drop. By the end of October, many experts predict that mortgage rates could be around 5.95% to 6.25% for the 30-Year Fixed Rate Mortgage (FRM). This forecast is driven by several economic factors, including changes in Federal Reserve policy and inflation rates that could influence homeowners’ decisions in the coming months. Mortgage Interest Rate Forecast for October 2024 Key points Current trends: Mortgage rates have come down recently, with the latest average at 6.09% for FRM of 30 years. Projected rates: At the end of October 30-year fixed mortgage rates could range between 5.95% and 6.25%. Economic factors: Developments related to economic growth, Federal Reserve policies, and inflation will have a significant impact on mortgage rates. Impact on the Home buyer: Lower rates could encourage more first-time homebuyers to enter the market. Understanding the current mortgage rate environment The mortgage market always seems to have an air of unpredictability to it. Currently, homeowners and potential buyers are keeping a close eye on economic indicators and announcements from the Federal Reserve. The latest available data from the Federal Reserve Primary Mortgage Market Survey® indicates that the average 30-year fixed mortgage rate as of September 19, 2024, is 6.09%, below the highs reached at the beginning of the year. According to Freddie Mac, as of 09/19/2024, there was a change in 1 week of -0.11% and a One-year variation of -1.1% reflecting improved borrowing conditions for homeowners. Mortgage interest rates are expected to continue their downward trend through October 2024, with several experts predicting rates will be in the 5.75% to 6.5% range by the end of the year. Below is a detailed breakdown of current expectations. Source: Freddie Mac Factors that influence mortgage rates Understanding why rates fluctuate is critical for anyone involved in the real estate industry. Here are some of the most important factors influencing mortgage rates for October 2024: Economic growth The performance of the economy plays a key role in determining the Federal Reserve’s interest rate decisions. As the economy grows, inflation tends to rise. Although inflation has shown signs of stabilizing, any unexpected increase could prompt the Federal Reserve to adjust its policies. Federal Reserve Measures There has been speculation recently about possible rate cuts by the Federal Reserve by the end of the year. If these cuts occur, they could lead to a decline in mortgage rates. The CME Group anticipates an almost 50% chance that the federal funds rate could fall to between 4% and 4.25%. Ultimately, these measures could reduce borrowing costs for families looking to purchase homes. Inflation and consumer spending Inflation remains a thorn in the side of economic stability. Although recent data suggest a moderate outlook, any sudden increase could lead the Fed to reassess its approach. If consumer spending slows after a subsequent increase in mortgage interest rates, housing demand could also fall, leading to further tightening. Housing supply and demand In many regions, the balance between housing supply and demand remains tense. With fewer new constructions and a shrinking stock of existing homes, demand continues to push prices and rates higher. So, if rates fall, demand is stimulated, giving potential homeowners a clearer path to property purchase. Impact on homebuyers in October 2024 For potential homebuyers, lower mortgage rates can mean substantial savings and increased affordability from 6.09% to a projected 5.95% may seem like a minor thing, but over the course of a 30-year mortgage this difference can translate into thousands of dollars. Additionally, if first-time buyers act quickly and take advantage of projected lower interest rates, they can secure homes before the market becomes saturated again. With more people likely to enter the housing market, it is essential for buyers to be prepared and informed about how these changes could affect their purchasing power. Regional variations It’s important to note that mortgage rates can vary significantly across regions. Some markets may experience more fluctuations based on local economic conditions and real estate dynamics. Therefore, potential buyers should pay attention to the specific conditions in their market in addition to national trends. Market sentiments and predictions Analyzing the market can be overwhelming for many people. Recent predictions, such as those of the Business information and CBS News show a collective belief that rates will trend lower through 2024 and potentially into 2025, with some outlooks indicating rates will possibly fall below 6% in the coming months. Experts’ predictions: The Mortgage Bankers Association predicts an average mortgage rate of 6.5% by the end of 2024. Fannie Mae anticipates a slightly lower average of 6.4% for the same period. Other analysts suggest rates could stabilize between 5.75% and 6.0%, depending on economic conditions and future Fed actions. These forecasts reflect a consensus among analysts on the direction of the economy and consumer interest rates, promising several more months of favorable credit conditions for potential home buyers. My opinion on the forecast I believe the next few months will reveal crucial information about home financing. The combination of a slower economic growth rate and the planned actions by the Federal Reserve indicate a positive trend for those seeking a mortgage. It is an exciting period for first-time homebuyers, and I encourage those who have been on the fence to consider entering the market. Several markets are experiencing a slowdown as homeowners postpone selling, waiting for more favorable conditions. This balance contributes to price stability in many areas, making now a good time for first-time buyers to get a loan before prices possibly rise again. In short, the Mortgage interest rate forecast for October 2024 is that the housing market is evolving, and expectations of lower rates provide hope for many potential buyers. By understanding the dynamics that influence these rates (such as economic conditions, Federal Reserve initiatives, and regional market variations), individuals can make well-informed decisions about their future in the housing market. Frequently Asked Questions 1. What is the current average mortgage interest rate? As of September 19, 2024, the
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Lower mortgage rates increase your purchasing power
Lower mortgage rates increase your purchasing power Mortgage rates are coming down, and that's great news for your bottom line. As rates go down, so does your next home payment. Even a small change in mortgage rates can have a big impact on your purchasing power. If you put off your search when mortgage rates were higher, think about how much you could save now that rates are coming down. Come on connect To explore your options today. You can also call or text me at 908-304-4660. Don't forget to check out our latest news. market reports! I'm Joe Peters, a real estate agent with over twenty years of experience at Coldwell Banker Residential Brokerage. I work with people who want to buy or sell a home (or both) in Hunterdon or Somerset County, NJ. Clients rely on me for detailed market and neighborhood information and to make real estate transactions seamless. My access to big data through Coldwell Banker, plus current technology and marketing knowledge, gives clients a unique advantage.
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Why am I being asked to sign a written buyer agency agreement?
If you're a homebuyer working with a real estate agent, it means you're working with a professional who has an ethical obligation to act in your best interest. Beginning August 17, 2024, you'll be required to sign a written buyer representation agreement after you've chosen the professional you want to work with. Here's what you need to know about these agreements. What is a “Buyer’s Written Representation Agreement”? What does it do? Written buyer agency agreements are an agreement between you and your real estate professional that outlines the services your real estate professional will provide to you and what you will be paid for their services. Why am I being asked to sign an agreement? Written representation agreements between buyers and agents became a nationwide requirement for many real estate professionals as part of the National Association of Realtors' proposal to resolve disputes over broker commissions. The requirement went into effect on August 17, 2024. NOTE: In North Carolina, real estate agents are required to have written buyer representation agreements before an offer is drafted. What is changing in North Carolina is that written buyer representation agreements must now be drafted before the buyer views a property, in person or virtually. Are these agreements new? In some places, yes. Many states (like North Carolina) have required them for years, while others don't. As a result, it's entirely possible that you or others you know haven't used them in the recent past. Regardless, they're now a nationwide requirement for many real estate professionals. Are these agreements negotiable? Yes! You should feel empowered to negotiate any aspect of the agreement with your real estate professional, such as the services you want to receive, the length of the agreement, and compensation. Compensation between you and your real estate professional is negotiable and is not set by law. In the written agreement, compensation should be clearly defined (for example, a flat fee, a percentage, or an hourly rate). The rate should not be a range. Only sign an agreement that reflects what you and your real estate professional have agreed upon. How do I benefit from these agreements? These agreements clearly state what services you (as a home buyer) expect your real estate professional to provide and how much you will be paid. These agreements clarify things and reduce any potential confusion at the beginning of your relationship with your real estate professional. When do I need to sign an agreement? You will be required to sign a written buyer representation agreement with your real estate professional before you visit a home with them, either in person or virtually. If you simply visit an open house on your own or ask a real estate professional about their services, you do not need to sign a written buyer's agreement. Does this mean I have to pay my real estate professional out of pocket? Not necessarily. While you are responsible for paying your real estate professional as stipulated in your contract, you can still request, negotiate, and receive compensation for your real estate professional from the seller or their agent. Do the agreements dictate a specific type of relationship I need to have with my real estate professional? No. You are permitted to enter into any type of business relationship with your real estate professional as permitted by the law of the state in which you are purchasing a home. Can I change or exit an agreement? Yes. You and your real estate professional can mutually agree to change your agreement. Agreements may have specific conditions under which they can be terminated, so read the wording of the agreement and speak to your real estate professional if you wish to change or terminate your agreement. To learn how Real Estate Experts works with buyers, read our new Buyer's Guide.
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Checklist for preparing your home for sale
Checklist for preparing your home for sale Checklist for preparing your home for sale Are you preparing your home to sell? Here are some tips on what you can do to prepare. Focus on making it attractive, showing that it is cared for, and improving curb appeal. If you would like specific tips to help your home stand out in our local market, let us help. connect . Don't forget to check out our latest news. market reports! I'm Joe Peters, a real estate agent with over twenty years of experience with Coldwell Banker Residential Brokerage. I work with people looking to buy or sell a home (or both) in Hunterdon or Somerset County, NJ. Clients rely on me for detailed market and neighborhood information and to make real estate transactions seamless. My access to big data through Coldwell Banker, plus current technology and marketing knowledge, gives clients a unique advantage.
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Metal Matters | Think Realty
Metallic finishes impact the overall design of any home and ultimately unify the design. Every home has metal in it. From metal in door handles, cabinet hardware, light fixtures, plumbing finishes and more, metal seems to be everywhere. Choosing the right metal finish involves answering many questions: Do all metal finishes work with all home styles? Which metals are trendy and which are timeless? Which metals look better with darker interiors than with lighter interiors? And finally, the big question: can I mix or should I match metals in the house? Think of metal as the jewelry of the home. Just as the metal finish on a pair of earrings, a necklace, a bracelet, or a watch makes a statement about a person's outfit, metal finishes affect the overall design of any home. Choosing the metal finish may seem like one of the smallest decisions you'll need to make for your project, but ultimately, it's what ties the entire design together! Metals and house styles What metal works with what style of house? The style of the home you design will determine whether you choose a metal that is a fad or a more timeless one. Many home designs are traditional, so choosing a traditional metal will be more in keeping with the home and reduce the risk of the design looking dated. Remember, fads are fleeting, so if this is your home or a property you will keep for some time, then choosing a more timeless style will save you from having to remodel sooner than you would like. Let's take a look at some of the most common options. Matte black Matte black is a popular new option on the market today. Matte black is taking off in interior design along with the use of black windows in a home. Matte black works well in eclectic style homes and modern homes and can even make a difference in the design of a modern farmhouse. Satin and oil bronze finishes. They have a deep, rich color and are most often seen in Mediterranean, Tuscan, and rustic style homes. These finishes provide a more traditional look and feel. Copper It's sure to leave a bold impression! It's a fantastic metal to use in Tuscan, rustic, ranch, steampunk, and farmhouse style homes. The shine and warmth of copper gives these homes a more earthy feel. Polished Nickel It's more of a basic metal. It's a finish that anyone can feel confident working with because it works well in a long list of different style homes. Polished nickel is darker than chrome and can vary in color just by changing the lighting in a room. Chrome It is very durable and easy to maintain. It is usually the least expensive of all metals used in homes. Chrome is an ideal metal to use in beach houses, river houses, and lake houses, as it blends well with homes designed around water. The clean, shiny feel of chrome also blends well with the decor of these home styles. Brushed Nickel It's durable, to say the least. It doesn't leave fingerprints or water spots and works well in a long list of homes, condos, and apartments because of its durability. Polished brass and gold. Metals are back with a vengeance. But you either love them or hate them; honestly, there seems to be no middle ground. They work very well in traditional, vintage, and eclectic designs. Polished brass and gold are durable and are great for pairing with other finishes and accessories. Although some people think this style is “old-fashioned,” it's not the finish that makes the style dated, but the shape and design of the object. Flag Considering the colors used in the overall design of the home plays a big role in choosing metals. Brushed nickel, for example, tends to have a more grayish color, making it a great choice for use in homes with blue undertones. Chrome, on the other hand, has a more silvery feel to it. It's a great choice for homes with white painted cabinets and walls. The boldness of black and darker colors creates drama, creating the perfect backdrop for warmer metals like gold and polished brass. Mix and match? Although there is no rule stating that all metals must be combined, there are some guidelines to follow if you choose this option. Keep in mind that the overall design of the house should convey balance. The design needs rhythm and flow that create a feeling of “comfort.” As mentioned above, the finishes on plumbing fixtures, door hardware, cabinet hardware, and light fixtures act as the “jewelry” of the home’s interior. In fashion, you want to match your jewelry to the style of your outfit – delicate pieces to enhance formal wear, and statement jewelry to liven up casual wear. As is the same with home interiors, some people consider mixing and matching metals a big mistake. But the way the mixing and matching is achieved can change most naysayers and greatly affect most designs. If done right, it projects a sense of “cutting edge design.” Remember that in most investment properties, the goal of the design should be to make the home look new or modern. Large bathrooms and open spaces that are connected, even kitchens and dining rooms, are ideal places to mix and match metals. Here's how to get started: Choose a “feature metal,” or the metal that will dominate the final look. Use the dominant finish on the object that is the focal point of the room (e.g., the kitchen island with the sink and faucet). Use the same focal point finish on the sink faucet as on the cabinet hardware because both are “high touch” items. Choose a complementary metallic finish for the lighting. Please note that the metal finishes you select should all have the same shine. Also pay attention to the undertones of the metals. Keep warm undertones with warm colors and cool undertones with cool colors. By following these
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Goldman Sachs expects home prices to rise more than 4% in 2024 and 2025
Imagine the hustle and bustle of a busy city where people are always on the move, especially when it comes to buying homes. Goldman Sachs expects home prices to rise more than 4% in 2024 and 2025, a projection that many are watching closely as the housing market continues to show signs of life. With factors such as interest rate changes and the fluctuating job market at play, this forecast raises many questions about what it means for home buyers, homeowners, and those looking to invest in property. Goldman Sachs expects house prices to rise more than 4% in 2024 and 2025 Key findings: Housing prices In the United States, it is expected that they will increase 4.5% in 2024 and 4.4% in 2025. Lower interest rates due to Federal Reserve Stocks are driving this rise. The housing supply remains restricted, contributing to continued price appreciation. Recent Mortgage Rates Fall They have not yet resulted in a significant increase in applications. Different United States regions are experiencing varying levels of price growth, with the Midwest and Northeast showing the strongest increases. US Housing Market Outlook 🏠Housing prices It is expected to increase 4.5% in 2024 4.4% in 2025 📉 Interest rates Lower rates due to Federal Reserve behavior 📦 Housing offer Still limited Contributing to price appreciation đź“ť Mortgage Applications There is no significant increase Despite the recent rate drop 🗺️ Regional variations Midwest and Northeast demonstrating the strongest increases The housing market has always been influenced by a wide variety of factors, and recent analysis by Goldman Sachs sheds light on what could happen next. Goldman Sachs Analysts have raised the price of their housing appreciation forecasts based on several vital factors due to the economy expected to remain strong and interest rates are projected to decline. But what does this mean for the average person? Let’s dig deeper into this important topic. Current trends in housing prices The market has experienced significant fluctuations as a result of economic conditions and global events. At the beginning of the pandemic, many feared a drop in property values. Contrary to expectations, the opposite occurred, as many people opted to purchase their own homes during lockdowns, as demand for housing increased. This caused an unprecedented rise in prices, which peaked at around 20% Annually. Recently, annual house price growth has stabilized around 5.5% indicating that demand is far from being met, especially with a demographic increase of potential buyers looking for homes in the 30 to 39 year age range, who are starting a family. Interestingly, the cost of mortgages has experienced a substantial decline, going from a peak above 7.8% in October 2023 to less than 6.5%. Recently, this decline in mortgage rates paves the way for more affordable home buying opportunities, allowing more potential homeowners the opportunity to enter the market despite historical affordability challenges. Factors driving rising housing prices A key factor driving the rise in home prices as forecast by Goldman Sachs is the expected interest rate cuts by the Federal Reserve. As the labor market shows signs of easing, economists predict that the Federal Reserve will implement multiple rate cuts in the near future. Lower rates mean lower borrowing costs, which in turn make homes more affordable for buyers even as prices continue to rise. Interestingly, the phrase “bad news is probably good news” reflects current market sentiment. Analysts suggest that concerns about economic downturns may lead to interest rate cuts that ultimately benefit home buyers. While concerns about employment continue to circulate, home prices appear to be resilient, with low permanent layoff rates supporting a stable labor market. The affordability conundrum While housing prices are rising, the question of affordability It remains a hot topic. Current affordability levels are said to be the worst since the early 1980s. Anxiety over rising prices has led many to wonder whether potential buyers will be priced out of the market entirely. In the past, affordability issues were often resolved by sudden drops in home prices. However, Goldman Sachs believes the current scenario may lead to a more gradual return to normalized levels of affordability. With mortgage rates expected to decline further and real disposable incomes projected to grow modestly, there may still be hope for buyers looking to enter the market. Regional variations in housing prices The projected growth in home values ​​is not uniform across the United States. According to Goldman Sachs, some regions are experiencing much healthier appreciation rates than others, such as the Midwest. Often recognized as the most affordable area in the country, it is experiencing notable price increases, particularly in cities such as Cleveland and Chicago. The Northeast with centers such as New York and Boston has also shown strong growth in housing prices. On the contrary, in California, markets such as San Diego are thriving, despite historical concerns about affordability challenges. Meanwhile, in the Southeast especially Florida, has shown a decline in affordability that challenges its former status as a budget destination. The future of housing prices and the economy Looking ahead, Goldman Sachs has expressed optimism about the housing market, expecting it to remain buoyant with 4.5% growth in 2024 and 4.4% in 2025. There are a couple of factors contributing to this positive outlook. First of all, expected interest rate cuts and lower borrowing costs seem likely to spur buyer activity when it comes to mortgages. Analysts predict that lower borrowing costs will help buyers who have been on the fence for some time. Secondly, while affordability issues persist, income growth rates are expected to remain positive, providing more purchasing power to buyers. The challenge is to see whether these factors will create a balance, stabilizing the market without causing a drastic fall in housing prices. Consumer sentiment and market expectations Despite notable changes in mortgage rates, the market has yet to see a surge in mortgage applications. This stagnation could be due to a combination of seasonal predictability and buyer reluctance to enter a fluctuating market. As families begin
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Where are the investors? | Think Realty
Changes are afoot in the real estate market in 2024 as investors flock to emerging hot spots and retreat from traditional strongholds. The housing market has always been local, and 2024 housing market trends are proving that with substantial market variation in retail inventory, home price appreciation, and even the onset of foreclosures. These retail trends, in turn, are driving interest from local community developers who buy on Auction.com. “Chattanooga has just been flooded with investors from California and elsewhere … there are no properties that can be bought and paid for there,” said Steve Johnson, an Auction.com buyer who lives in Chattanooga but decided to start buying properties across the border in Georgia when Chattanooga became out of reach due to prices. “These smaller, less urban counties and cities are gold mines for finding properties that are overlooked by big investors and resellers. But there are a huge number of people looking for a home.” Sue McCormick, an Atlanta-based buyer for Auction.com, told a similar story. “I wanted to start investing, but Atlanta is a little expensive,” said McCormick, who decided to start investing in Dayton, Ohio, where he grew up. “I started investing in my hometown because it was easier to get into.” Tendering activity as a barometer of the retail market The buying and bidding activity of investors like McCormick and Johnson acts as a reliable barometer of the strength of the local retail market. Specifically, the proportion of buyers in each market who purchase outside their home market provides insight into which markets are most attractive (and least attractive) to buyers willing and able to invest outside their home market. These geographically flexible buyers are more likely to target markets based on the underlying strength and opportunity in those markets rather than the convenience and comfort that comes with shopping in their own backyard. Doing good by doing good Still, many of these geographically flexible buyers are emotionally connected to the market or markets in which they choose to invest. “My real passion is going back to the neighborhoods I grew up in and helping improve those areas and making money,” said McCormick, who continues to hold down a regular “day” job even as he invests. Johnson grew up in Georgia and traveled there frequently for work before retiring several years ago. Helping people buy a home they can afford — something his family was never able to do when he was growing up — is a value close to his heart. “That’s my market because you’re helping people who don’t have options, and secondly, you don’t have a lot of competition,” he said. “Those stories (of helping people) are just as important as making a profit.” I'm not rich enough to afford to lose money, but if you do the right thing, you'll have everything you need. Technology-enabled investor mobility Technology has allowed even smaller-volume investors like McCormick and Johnson to invest outside their own homes. All bank-owned REO auctions offered on platforms like Auction.com are online, and investors can buy remotely at foreclosure auctions in an increasing number of markets. The growing opportunity to bid remotely at foreclosure auctions is due to two key developments in recent years. First, changes in state laws have allowed online bidding in some states. Ohio, where McCormick invests, is one example. Second, Auction.com has continued to expand Remote Bid, a technology launched in 2020 that is now available in more than 1,000 counties across the country. “The difference between remote auction and online auction is that you don’t have to drive or sit in the courthouse,” Johnson said. “With remote auction, I can buy from anywhere.” States that attract more mobile investors During the first half of 2024, the states that attracted the largest share of out-of-state buyers on Auction.com were South Carolina (75%), Kentucky (73%), West Virginia (73%), Maryland (56%), and Pennsylvania (48%). However, the absolute share of out-of-state buyers does not reflect the full reality, as some states are inherently more conducive to out-of-state buyers when there are major metropolitan areas straddling state lines. The best measure is the change in the share of out-of-state buyers so far in 2024 compared to 2023 (see Figure 1). The states with the largest percentage increase in out-of-state buyers were South Carolina (up 114%), North Carolina (up 69%), Nevada (up 61%), Kentucky (up 51%) and New Mexico (up 40%). Other states in the top 10 for the largest increase in out-of-state buyer participation include Mississippi (up 35%), Tennessee (up 34%), Alabama (up 30%), Montana (up 20%) and Illinois (up 20%). Georgia, where Johnson invests, was No. 11 on the list with an 18% increase. States with a decreasing share of mobile investors At the other end of the spectrum are states with a declining share of out-of-state buyers, an indication that geographically flexible buyers more focused on market strength and opportunity are moving away from those states (see Figure 2). The states with the largest percentage decrease in out-of-state buyers so far in 2024 compared to 2023 were Washington (down 62%), New Jersey (down 51%), Michigan (down 48%), California (down 46%) and Idaho (down 40%).Other states in the top 10 with the largest declines in the share of out-of-state buyers were Virginia (down 40%), Indiana (down 35%), Arizona (down 35%), Ohio (down 31%) and Iowa (down 27%). The states with the lowest share of out-of-state buyers so far in 2024 (typically markets that have not been attractive to geographically flexible buyers for several years) were California (2% of out-of-state buyers so far in 2024), Washington (3%), New York (8%), New Jersey (10%), and Idaho (10%). Top 25 County Trends County-level data provides an even more precise view of which local markets are most and least attractive to geographically flexible real estate investors. At the county level, it is beneficial to look at the share of buyers who live outside the county, not out of state. Those buyers still typically represent geographically flexible investors, given that the average U.S.
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When is the best time to sell a house?
If you’re thinking about selling your home, you may be wondering when the best time to list it is. Timing can be critical when selling a home, as it can affect the sale price and the length of time the property spends on the market. In this article, we’ll explore the factors that influence the best time to list your home. When is the best time to sell a house? Selling a home is a big decision and timing is crucial. The best time to sell a home varies based on several factors. According to last year’s report from ATTOM Data Solutions, the peak months to sell a home were May, June and July. These months offer the highest seller premium, with thousands of dollars more compared to the slower months of October and December. The seller premium is the amount that exceeds the market value of the home. The data showed that May is the best month to sell, with homes selling for a median sales price of $208,273 and a median AVM of $185,000, resulting in a seller premium of 12.6 percent. June and July are the second and third best months to sell, respectively, with seller premiums of 10.7 percent and 10 percent. April and March follow closely behind, with seller premiums of 9.2 percent and 8.9 percent, respectively. On the other hand, October and December are the two worst months to sell, with seller premiums of 5.2 percent and 6.3 percent, respectively. January and November follow closely behind with seller premiums of 6.2 percent and 6.1 percent, respectively. It’s worth noting that the seller premium for each month is still positive, meaning sellers can still earn more than the market value of their homes during these months. However, premiums are significantly lower during the worst months to sell, so it is important for sellers to take this into account when deciding when to list their homes. Furthermore, the table reveals that the summer months of May, June, July and August see the highest number of purchase transactions, with almost 17 million transactions during this period. This underlines the fact that summer is the best time to sell a home, as there is a higher demand for housing during this period. It is also interesting to note that the seller premium for each month is relatively constant across regions, although there is some variation. For example, in the South and West, where temperatures are moderate, there is less discrepancy between peak and off-peak seasons. In contrast, in the Midwest and Northeast, there is more disparity between summer and winter. Spring and summer are the best seasons to sell a house Spring and summer are typically the best seasons to sell a home. During this time, the weather is good, especially for those who live in colder climates. Families also want to purchase their next home before school starts. Daylight saving time can also help spur buying activity. Longer days provide more exposure to properties for sale, leading to more offers. Fall and winter are the worst seasons to sell a home. Seller premiums drop in September, and in winter, home buying takes a backseat. During this time, buyers are busy with the start of the busy holiday season and the weather is not conducive to house hunting. If you’re thinking about selling your home, it’s critical to consider the buyer’s situation. Home buyers with a deadline, such as those who want to purchase a home before the school year starts, are most active in the spring and summer. If you want to sell your home during this time, you should list it before school starts. To successfully sell your home, you need to be in an optimal financial situation. You should check your credit and debt-to-income ratio to ensure that you are in a strong position to get a mortgage pre-approval. This will ensure that your efforts are not delayed. It is also crucial to compare different loans before you start looking for a home. This will give you a good idea of ​​the loans you may qualify for. In conclusion, the best time to sell a house is in late spring and early summer, in May, June, and July. During this period, the weather is suitable, and buyers are most active. However, you should take into account your region, your buyer’s situation, and your financial situation before deciding when is the best time is to sell your house. The best time to sell a house Last year, Realtor.com® crunched the numbers and identified the week of April 16-22 as the best week to list your home. During this week, home prices are expected to be $8,400 higher than a typical week and a whopping $48,000 higher than prices in early 2023. Real estate listings are also expected to receive 16.4% more views than a typical week. Additionally, homes are projected to come off the market 18% faster than an average week, making it an ideal time for sellers who want a quick sale at a higher price. Realtor.com economics team came to this conclusion after examining market performance from 2018 to 2023. They took into account competition from other sellers, the length of time a home was on the market, views per property, list prices, and the likelihood of price reductions. Even though the current housing market is tepid at best, buyers remain desperate for new listings. New listings have fallen for 35 consecutive weeks, with a 26% drop in the week ending March 4. Overall inventory also remains 50% below pre-pandemic norms. Sellers who are willing to counter this pent-up demand will likely be rewarded, as savvy buyers know not to hesitate if a good home comes on the market. However, if every seller knows the best week to list a home, an indecisive homeowner might worry that there is a glut of homes on the market, further complicating the competition. Fortunately, the market is about to enter its prime for homebuyers with families,
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Emerging trends in luxury housing by the end of 2024
Last updated on September 5, 2024 According to HOUZZ, these 6 trends are rapidly growing in popularity in the luxury home market. Organic modern spaces A neutral space, adorned with white or cream walls and natural elements, can best be described as “organic modern.” This simple decorating approach is captivating homeowners as the desire to create a serene living space increases in 2024. Dark and gloomy interiors Bold color combinations have been a major trend in 2024, and design experts don't see that trend going away anytime soon. Darker colors used to be reserved for smaller rooms like offices or studios, but now homeowners are opting to use these moody hues in main spaces. In a clear shift from the white walls that have dominated spaces for the past few years, it seems moody colors are here to stay. Wellness at home The home gym trend is only set to grow in 2024 as homeowners look to add an ever-growing list of wellness amenities to their homes. The latest in popularity are cold-water baths, indoor saunas, and home spas. Closely related to wellness, homeowners are also looking for more ways to let the sun shine into their homes by adding larger windows and skylights. Reading rooms More and more homeowners are interested in reading rooms. These cozy living areas can also be used as secondary living rooms or offices with space to store book collections. Leisure spaces It is becoming more common to create spaces for homeowners to relax and entertain at home. Spaces to relax and immerse themselves in music are increasing in demand, with homeowners looking for music rooms and rooms with space for grand pianos. As for recreational spaces within the home, bocce courts are popular, as are bowling alleys and game rooms. Japanese influence Japanese design embraces minimalism in interiors, natural elements, and harmonious living spaces. This popular decorating style has recently seen a resurgence in demand, with more and more homeowners seeking Japanese-style living rooms, dining rooms, and kitchens. Continue reading: 5 painting trends you should try Allen Tate is North Carolina’s largest real estate firm, with more than 70 offices and 1,800 real estate agents in the Charlotte, Triad, Triangle, High Country, Upstate SC, Highlands/Cashiers and Asheville/Mountain regions. Allen Tate is a partner in Howard Hanna Real Estate, the largest privately held real estate brokerage in the U.S., with 500 real estate, mortgage, insurance, title and escrow offices and 15,000 sales associates and staff in 13 states. For more information, visit www.allentate.com and www.howardhanna.com. Visited 95 times, 94 visit(s) today
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