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Don't Give Up!

You haven't given up on the housing market and the chance to make your big move, have you? After hearing about recent reports, you may change your mind. Let's take a look at what the experts are saying about the market right now.

I'm sure that if you're like everyone else, interest rates have been on your mind, but the unease you may be feeling may be coming to an end.

Sam Khater, Freddie Mac's chief economist says, and I quote, although rates continue to fluctuate, recent data suggests that the housing market is stabilizing as it transitions from the surge of activity during 2020 and 2021, to a more balanced market, and he further states, declines in the purchase demand continue to diminish while the supply remains tight across most markets. The consequence is that house prices will continue to rise but at a slower pace for the rest of the summer.

So Laurence Young, from the National Association of Realtors gives his insight on what he believes will be happening soon in regards to interest rates, saying that falling inflation in July may suggest mortgage rates are topping out.

So if you are looking out to buy, don't miss out on the opportunities that are right in front of you. Reach out to me to get started on the process today. Are you ready to move? Let's go.

Is the Market Crashing?

Is the market crashing? Well, here is how I look at it. After two years of an unprecedented real estate market, we are finally going back to normal. The market is normalizing, not crashing.

So what does the shift in the market mean? Will we continue to see spikes and swift changes in the coming months? Again, I love to refer to what the experts are saying.

With the number of homes currently selling slowing down, we are seeing the market start to look more like it did before 2020. Looking at this graph from the National Association of Realtors, projections are showing home sales return to normal. Now the last two years have been unprecedented in the terms of sale of homes.

So going back down to numbers like 2019 is not a bad thing. We had a good market at that time. But there is still more work to be done to get to that point. Danielle Hale, Chief Economist with realtor.com says, and I quote, active inventory continues to grow, rising 21% above one year ago. In other words, we're starting to add more options, but the market needs even more before home shoppers have a selection that's roughly equivalent to the pre 2020 housing market.

So interest rate hikes have made it harder for buyers to qualify, but it's not much different than what they were experiencing over the past year where they had to offer significantly over asking price even to be in the running to get their offer accepted. There are options, and we can help you analyze these things that you may not be thinking about when making a decision about buying.

How Quickly Can You Sell My Home?

How quickly can you sell my home? Homes have been flying off the shelves lately, and we all know it. This has been such a seller's market, it can be easy to fall for the idea that your home will sell in a day, but don't fall for it.

According to Investopedia, a seller's market occurs when there is an absorption rate that of which the rate at which homes are sold in a specific market in a specific time equals more than 20%. And we have definitely been in a seller's market recently.

However, the market is starting to shift, and there are more homes which are experiencing price adjustments, or in other terms, lowering of the price. And the remaining homes on the market are staying on the market longer than a few days.

So in order for your home to sell quickly, you need to think about advertising, and not just putting your home on the MLS and Zillow. No, I'm talking about digital marketing. When a home is properly marketed, it can take time to get that information thoroughly distributed. This includes marketing on popular social media sites as well as traditional marketing. And the more people who see your home, the bigger the pool of potential buyers is, and the more likely you are to see competing offers.

So reach out any time if you've just got some questions. I'd be more than happy to help. Ready to Move? Let's Go.

Are You Pre-Approved?

You want to make sure you not only get a home when you're ready to purchase one, but once you get a home, you also want to make sure you're able to close on that escrow. So before you start, you want to get pre-approved.

A pre-approval is a verification of your ability to borrow money to purchase a home. A lender will look at your credit score to see what programs you make qualify for, what interest rates are available to you, and will also need some documentation if you're a W2 employee.

First, they're going to need your last month of pay stubs.

Second, your last two months of bank statements.

Third, your last two years of tax returns, and of course your social security number.

However, if you're self-employed, your lender will also need a couple of other documents from you, your last two years of business tax returns and your last three months of profit and loss statements.

After receiving these, your lender may be able to issue a pre-approval. This should state the maximum amount you can borrow and the financing program you are qualified for. Be sure to have this information ready and you will make the process that much easier.

So give me a call and I'll be sure to connect you with some local lenders. Ready to move? Let's go.

10 Commandments for Buying a Home

There are 10 commandments when buying a home. Getting your offer accepted is not the end of the home buying process. If you're not careful, that dream home can quickly become a missed opportunity.

Over the years, we have seen many buyers make these mistakes after they've gone into contract. But once that contract is in place, you want to avoid these 10 things.

Don't change jobs, become self-employed, or quit your job.
. Don't buy a new car, van, or truck, you may end up living in it.
Don't use any charge cards or let your accounts fall behind.
Don't spend any money you have set aside for closing.
Don't admit any debts or liabilities from your loan application.
Don't buy any furniture, even if the payment is deferred until closing.
Don't allow any additional inquiries on your credit, except for insurance purposes.
Don't make any large deposits or take out any large deposits without first checking with your lender or your agent.
Don't change bank accounts. And number
Don't co-sign for a loan for anyone, not for a car, not for a house, not for anything no matter what. And be sure to tell your lender if you have already co-signed for anyone because that debt goes against you and needs to be accounted for when getting approved for your loan.

Follow these 10 commandments of buying and you will make the process that much easier. Give me a call and I'll be sure to give you all this information that you will need to stay safe and assure that you can close your home on time once it's been accepted. Are you ready to move? Let's go.

June 2022 National Market Update

With such a major sellers market, interest rates on the rise, and prices skyrocketing - will we see another 2008? There are 2 things that set today's market apart from 2008.

I am here to break down the market differences in the markets so you can make an informed decision about your housing needs. Let’s first look at risk, product risk and borrower risk. Loose lending standards were a huge contributor to the 2008 market, the type of loans that caused those issues then are no longer in existence.

This has also led to our second factor to look at, foreclosure. Foreclosure in the U.S. is at an all time low. We can attribute much of this to those stricter lending standards. With more qualified buyers this should lead to a lower chance of having to foreclose on the home. But what about rising home costs?

More expensive homes and higher interest rates must make it hard to find really qualified buyers? According to the Federal Reserve, this actually is not the case.

While it has risen recently, the ratio of mortgage to disposable income shows that we have seen much, much worse, adn we are in a good place! Very different from 2007. Buying a home right now is absolutely an option and we are here to help with all of your buying or selling needs.

If you have any other questions about the market, reach out to my team and we can help you decide what’s best for your family in this market.

Will inventory go up soon, is the big question in today's real estate market. Will we experience another housing bubble like we did in 2008? And we know it feels like the wild, wild west out there when trying to buy a home.

Ivy Zelman from the Z report says, "This month, our broker contacts report a continuation of robust demand and intense competition from buyers to win houses with bidding wars, all cash offers, waived contingencies, and rent-free lease backs, increasingly common in many markets." So much is happening across the country in real estate right now, but the biggest story certainly is the lack of available inventory. We're seeing a lot of bidding wars.

The reason for this is that we do not have the sellers we need for today's market. And this is causing a buyer fatigue for those that keep getting outbid and usually buy those all-cash offers. Additionally, soaring prices of lumber has slowed construction down across the nation, as well. Mean you can't turn on the TV without hearing about the rising cost of lumber in today's market.

Robert Dietz of the National Association of Home Builders says, "The decline in single-family permits indicates that builders are slowing construction activity as costs rise.' While new housing starts were strong at the beginning of the year due to the home builder constructing homes that were sold pre-construction, higher costs and limited availability of building supplies have now paused some of those projects. And this is hurting the supply out there while the demand still remains high.

Now, we don't want this to discourage you from going out and buying a home this summer. Home ownership is very important. It gives you the ability to build equity, as well as many nonfinancial benefits as well. Gallup's poll show that 41% of Americans still believe that real estate is the best long-term investment for the past 11 years. So if you're thinking about buying, do it now. We're always here to help and keep you informed out here at Selling Topeka. So give us a call, and we can help you navigate today's real estate market. And as always, make it a great home buying and selling day.

FSBO Watch This Before Selling Your Home

Are you still on the fence about selling your home. Here's another reason why you should consider selling your home . As a seller you have a lot of leverage in today's market. You've got more leverage than probably ever. And I've heard a few sellers say that they're worried about becoming homeless. So we've got some solutions for that as well.

Have you ever heard the saying? He who has more leverage wins while there's never been a better time where sellers have had more leverage than they do right now. Sellers have the upper hand in a big way, when it comes to obtaining a higher price for your home, you have the freedom to choose. And counter the best terms that suit your needs, and to make the selling of your home process more enjoyable and less stressful.

Bottom line is if you've been on the fence there has never been a better time. You hold all the cards, so to speak. So if you'd like more information on how to dominate the internet, utilizing a comprehensive digital marketing strategy to make sure that your home is maximized and exposed to the masses. So we can help ensure that you will receive the most amount of money from your home as you possibly can.

Ican't wait to hear from you and keep on a lookout for more videos or go to our YouTube channel Selling Topeka to see other reasons why selling this spring is an amazing time.

Are you thinking of selling your home on your own since the market is so hot and homes are in such high demand? Well, seller beware, please don't make that mistake. That will be like giving yourself a brain surgery because you took a nursing class at the local community college.

In fact according to NAR, the National Association of Realtors, typically a FSBO or For Sale By Owner, sells for less than the selling price of other homes. FSBO homes sold at a median of $217,000 in 2020, and still far lower than the median selling prices of all homes combined at $242,000. Even worse, if the FSBO knew the buyer, the price was even lower at $176,000.

So the homes that were sold with the assistance of an agent sold for a medium price at 295,000. So that's a significant difference in profit. This is Stacey Bond with Selling Topeka and brokered by eXp Realty. And over the years, I've seen markets like these that are strong, and so sellers think that hiring a discount broker, or by selling the homes on their own, that they can save a lot of money. However, unless you've got experience of this, this can be a very costly when selling, 'cause there are so many details to consider without the experience and knowledge, and you don't even know what you don't know.

And obviously that's not your fault, you're not an expert in the selling process. However, a good agent can guide you and get you the amount of money that you desire, in the best terms possible so that you are able to have a seamless, painless process. We also know that right now, you may be thinking about rolling around the idea of selling, but you you don't want to be inconvenienced too much.

Well, we'd be happy to jump on a video Zoom call with you and talk to you about what makes sense for you, in order to make you feel more comfortable where you are, and that we can give you more accurate analysis of the value of what you could potentially expect to walk away with in the sale of your home. So feel free to reach out to us as always, and make it a great home buying and selling day.

5 Things to Think About When Selling Your Home

Thinking about selling, but you're uncertain if now is the right time? You're wondering if the market may go up or may go down. Well, in this video series, we're going to be going over the five reasons why you should sell your home this spring.

Oh, and before I get into the reasons why you should sell, I know many sellers are worried about selling and being homeless but there are plenty of things that we can discuss to make sure that doesn't happen. And we can talk about all of that when we meet.

The current imbalance between high buyer demand and low supply of available homes on the market are giving sellers the upper hand. The fact is there just aren't enough homes for sale. Inventory is low and lack of supply increases demand, which means that the price you can sell your home will also increase. Purchaser demand is so high that the market is running out of homes to sell.

And here's a quote from realtor.com. Nationally, the inventory of homes for sale in February decreased by 48.6% over the past year, a higher rate of decline compared to the 42.6% drop in January. And this amounted to 496,000 fewer homes for sale nationally compared to February of last year. Currently, the average days on market nationally is 21.

Also, the National Association of Realtors also shows that home sales are skyrocketing but the number of homes for sale are plummeting.

Make sure you keep a lookout for more videos or go to my YouTube channel, Selling Topeka, where you'll find the other four reasons why you should sell this spring. So feel free to reach out to me anytime. Make it a great home-buying and selling day.

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