Does the rising cost of just about everything these days make your dream of owning your own home feel less within reach? According to Bankrate, many people are seeking additional income through side hustles, possibly to cope with those increasing expenses and save for a home. This trend is particularly popular with younger individuals who may be dealing with student loan debt (see graph below): Here are two strategies that can not only make homeownership more affordable in the short term, but turn it into a lucrative side hustle that can pay off down the road.Transforming the Challenge of a Fixer-Upper into an OpportunityOne thing you could do to help you break into homeownership is consider purchasing a fixer-upper. That’s a home that may be a bit less appealing and as a result has lingered on the market longer than normal. According to a recent article from U.S. News:“The current state of the housing market may have you expanding your options to try to find a home that you can … Continue reading...
When You Sell Your House, Where Do You Plan To Go?
If you’re thinking about selling your house, you may have heard the supply of homes for sale is still low, and that means your house should stand out to buyers who are craving more options. But you may also be wondering, once you sell, how does the current supply impact your own move? And, will you be able to find a home you want to buy with inventory this low?One thing that can help you find your next home is exploring all your options, including both homes that have been lived in before as well as newly built ones. Let’s look at the benefits of each one.The Pros of Newly Built HomesFirst, let’s look at the advantages of purchasing a newly constructed home. With a brand-new home, you’ll be able to:Create your perfect home. If you build a home from the ground up, you’ll have the option to select the custom features you want, including appliances, finishes, landscaping, layout, and more.Cash-in on energy efficiency. When building a home, you can choose energy-efficient options to help … Continue reading...
Experts Project Home Prices Will Rise over the Next 5 Years
Even with so much data showing home prices are actually rising in most of the country, there are still a lot of people who worry there will be another price crash in the immediate future. In fact, a recent survey from Fannie Mae shows that 23% of consumers think prices will fall over the next 12 months. That’s nearly one in four people who are dealing with that fear – maybe you’re one of them.To help ease that concern, here’s what the experts say will happen with home prices not just next year, but over the next five years.Experts Project Ongoing AppreciationWhile seeing a small handful of expert opinions may not be enough to change your mind, hopefully, a larger group of experts will reassure you. Here’s that larger group.The Home Price Expectation Survey (HPES) from Pulsenomics is a great resource to show what experts forecast for home prices over a five-year period. It includes projections from over 100 economists, investment strategists, and housing market analysts. And the results … Continue reading...
3 Reasons To Sell Your House Before the New Year [INFOGRAPHIC]
Some HighlightsHere are a few reasons you may not want to hold off until the new year to sell your house. Buyers looking right now are highly motivated, the supply of homes for sale is still low, and you may find buyers are more flexible with showings this time of year.Reach out to a real estate agent to determine if selling your house now is the right move for you. … Continue reading...
Is Owning a Home Still the American Dream for Younger Buyers?
Everyone has their own idea of the American Dream, and it's different for each person. But, in a recent survey by Bankrate, people were asked about the achievements they believe represent the American Dream the most. The answers show that owning a home still claims the #1 spot for many Americans today (see graph below): In fact, according to the graph, owning a home is more important to people than retiring, having a successful career, or even getting a college degree. But is the dream of homeownership still alive for younger generations?A recent survey by 1000watt dives into how the two generations many people believed would be the renter generations (Gen Z and millennials) feel about homeownership. Specifically, it asks if they want to buy a home in the future. The resounding answer is yes (see graph below):While there are plenty of reasons why someone might prefer homeownership to renting, the same 1000watt survey shows, that for 63% of Gen Z and millennials, it’s that your place … Continue reading...
Why the Economy Won’t Tank the Housing Market
If you’re worried about a coming recession, you’re not alone. Over the past couple of years, there’s been a lot of recession talk. And many people worry, if we do have one, it would cause the unemployment rate to skyrocket. Some even fear that a spike in unemployment would lead to a rash of foreclosures similar to what happened 15 years ago.However, the latest Economic Forecasting Survey from the Wall Street Journal (WSJ) reveals that, for the first time in over a year, less than half (48%) of economists believe a recession will actually occur within the next year:“Economists are turning optimistic on the U.S. economy . . . economists lowered the probability of a recession within the next year, from 54% on average in July to a more optimistic 48%. That is the first time they have put the probability below 50% since the middle of last year.”If over half of the experts no longer expect a recession within the next year, you might naturally think those same experts also don’t expect the … Continue reading...
Are the Top 3 Housing Market Questions on Your Mind?
When it comes to what’s happening in the housing market, there’s a lot of confusion going around right now. You may hear one thing in conversation with your friends, see something totally different on the news, and read something on social media that contradicts both of those thoughts. And, if you’re thinking about making a move, that can leave you with a lot of lingering questions. That’s where a trusted local real estate agent comes in.Here are the top 3 questions people are asking about today’s housing market, and the data to help answer them.1. What’s Next for Mortgage Rates?Mortgage rates are higher than they’ve been in recent years. And, if you’re looking to buy a home, that impacts how much you can afford. That’s why so many buyers want to know what’s ahead for mortgage rates. The answer to that question is: no one can say for certain, but here’s what we know based on historical trends.There’s a long-standing relationship between mortgage rates and inflation. Basically, when … Continue reading...
Is Wall Street Buying Up All the Homes in America?
If you’re thinking about buying a home, you may find yourself interested in the latest real estate headlines so you can have a pulse on all of the things that could impact your decision. If that’s the case, you’ve probably heard mention of investors, and wondered how they’re impacting the housing market right now. That could leave you asking yourself questions like:How many homes do investors own?Are institutional investors, like large Wall Street Firms, really buying up so many homes that the average person can’t find one?To answer those questions, here’s the real story of what’s happening based on the data. Let’s start with establishing how many single-family homes (SFHs) there are and what portion of those are rentals owned by investors. According to SFR Investor, which studies the single-family rental market in the United States, there are eighty-two million single-family homes in this country. But how many of them are actually rentals?According to data shared in a recent post, … Continue reading...
Why Homeowners Feel Thankful for Their Homes [INFOGRAPHIC]
Some HighlightsHere are three reasons why homeowners feel thankful for their homes. First, it’s a safe place that can give you a greater sense of comfort, safety, and security.Second, it gives you freedom of expression. From the color of the paint to the art on the walls, you can express your style and your personality.Third, it provides a sense of community. Owning your home helps you build lasting friendships with neighbors and connects you to your community. If you're thinking of buying a home and want to hear more about the potential benefits, talk with a local real estate agent. … Continue reading...
Why Homeowners Are Thankful They Own
Countless people have set out on the exciting journey of homeownership. Ask around and you’ll find the vast majority are thankful they took the leap and bought a home. But why? It’s because of the many emotional and lifestyle benefits that come with being a homeowner.So, if you’re trying to decide if you want to rent or buy a home, here are just a few of the many benefits you could look forward to if you buy.It’s a Safe HavenOwning a home goes beyond just having a roof over your head. It provides a sense of security and safety. In fact, in a survey from Fannie Mae, respondents say “having a sense of privacy and security” is one of the top reasons homeownership is preferred to renting. And in a different Fannie Mae survey, “living in a place where you and your family feels safe” is another one of the top benefits of homeownership.Your home is a place where you can truly relax and unwind. Knowing that you have a sanctuary to return to at the end of the day is a great source of … Continue reading...