The Hollinden Team Louisville KY Real Estate BlogRecently posted or modified blog postshttps://www.louisvillehomesfast.com/blog/Copyright LouisvilleHomesFAST.com2024-01-30T10:50:57-07:00tag:louisvillehomesfast.com,2012-09-20:22243What are mortgage rates about to do?2 of the Factors That Impact Mortgage Rates
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240129/20240130-2-of-the-factors-that-impact-mortgage-rates.png" width="600" /><br /><br />
If you’re looking to <a href="https://www.simplifyingthemarket.com/en/2024/01/18/3-key-factors-affecting-home-affordability/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buy a home</a>, you’ve probably been paying close attention to <a href="https://www.simplifyingthemarket.com/en/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">mortgage rates</a>. Over the last couple of years, they hit record lows, rose dramatically, and are now dropping back down a bit. Ever wonder why?
The answer is complicated because there’s a lot that can influence mortgage rates. Here are just a few of the most impactful factors at play.
Inflation and the Federal Reserve
The Federal Reserve (Fed) doesn’t directly determine mortgage rates. But the Fed does move the Federal Funds Rate up or down in response to what’s happening with inflation, the economy, employment rates, and more. As that happens, mortgage rates tend to respond. Business Insider <a href="https://www.businessinsider.com/personal-finance/how-does-fed-impact-mortgage-rates" rel="noopener noreferrer" target="_blank">explains</a>:
“The Federal Reserve slows inflation by raising the federal funds rate, which can indirectly impact mortgages. High inflation and investor expectations of more Fed rate hikes can push mortgage rates up. If investors believe the Fed may cut rates and inflation is decelerating, mortgage rates will typically trend down.”
Over the last couple of years, the Fed raised the Federal Fund Rate to try to fight inflation and, as that happened, mortgage rates jumped up, too. Fortunately, the expert outlook for inflation and mortgage rates is that both should become more favorable over the course of the year. As Danielle Hale, Chief Economist at Realtor.com, <a href="https://www.forbes.com/advisor/mortgages/mortgage-interest-rates-forecast/" rel="noopener noreferrer" target="_blank">says</a>:
“[M]ortgage rates will continue to ease in 2024 as inflation improves . . .”
There’s even talk the Fed may actually cut the Fed Funds Rate this year because inflation is cooling, even though it’s not yet back to their ideal target.
The 10-Year Treasury Yield
Additionally, mortgage companies look at the 10-Year Treasury Yield to decide how much interest to charge on home loans. If the <a href="https://www.simplifyingthemarket.com/en/2023/07/19/explaining-todays-mortgage-rates/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">yield goes up</a>, mortgage rates usually go up, too. The opposite is also true. <a href="https://www.investopedia.com/mortgage/mortgage-rates/factors-affect-mortgage-rates/" rel="noopener noreferrer" target="_blank">According</a> to Investopedia:
“One frequently used government bond benchmark to which mortgage lenders often peg their interest rates is the 10-year Treasury bond yield.”
Historically, the spread between the 10-Year Treasury Yield and the 30-year fixed mortgage rate has been fairly consistent, but that’s not the case recently. That means, there’s room for mortgage rates to come down. So, keeping an eye on which way the treasury yield is trending can give experts an idea of where mortgage rates may head next.
Bottom Line
With the Fed meeting later this week, experts in the industry will be keeping a close watch to see what they decide and what impact it’ll have on the economy. To navigate any mortgage rate changes and their impact on your <a href="https://www.mykcm.com/2024/01/05/achieving-your-homebuying-dreams-in-2024-infographic/" rel="noopener noreferrer" target="_blank">moving plans</a>, it’s best to have a team of professionals on your side.2024-01-30T10:50:08-07:002024-01-30T10:50:57-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:22074Understanding Home Prices and Mortgage Rates in 2024If becoming a homeowner is on your agenda for this year, you're likely closely monitoring the real estate landscape. Information is flowing in from various sources – news outlets, social media, your real estate advisor, and conversations with friends and family. Among the key topics dominating discussions are home prices and mortgage rates.
Key Considerations for Homebuyers:
1. Projecting Home Prices:
When pondering the future of home prices, a valuable resource is Fannie Mae's Home Price Expectations Survey. This comprehensive survey, comprising economists, real estate experts, and market strategists, indicates a projected continuous rise in home prices at least until 2028, as outlined in the latest release <a target="_new" href="https://www.fanniemae.com/newsroom/fannie-mae-news/q4-2023-home-price-expectations-survey">Fannie Mae - Home Price Expectations Survey</a>.
The importance lies not just in the percentage of appreciation, which might not match recent years, but in the consistent upward trend forecasted for the next five years. Opting to buy now could mean your home's value growing over time, enhancing your home equity. Waiting, according to these forecasts, might result in a higher cost later on.
2. Navigating Mortgage Rate Trends:
Over the past year, mortgage rates experienced spikes due to economic uncertainties and inflation. However, a positive sign emerges as inflation moderates. History shows that when inflation cools, mortgage rates tend to decrease. Recent weeks have witnessed this phenomenon, and with the Federal Reserve signaling a pause in rate increases and potential cuts in 2024, experts express confidence in a downward trajectory <a target="_new">Realtor.com - Mortgage Rate Trends</a>.
Danielle Hale, Chief Economist at Realtor.com, anticipates continued easing of mortgage rates in 2024, providing affordability relief for homebuyers. The National Association of Realtors predicts a decline from recent highs, improving housing affordability and enticing more homebuyers back into the market <a target="_new">NAR - Mortgage Rates</a>.
Conclusion:
For those contemplating homeownership, understanding the trajectory of home prices and mortgage rates is crucial. While future predictions are never absolute, staying informed with the latest data can guide you in making well-informed decisions. Let's stay connected so you can stay updated on developments and capitalize on the favorable news in the real estate market.2024-01-03T07:23:42-07:002024-01-03T07:25:46-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21976Achieving the dream of having a home may be more within reach than you think!Down Payment Assistance Programs Can Help Pave the Way to Homeownership
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If you’re looking to buy a home, your down payment doesn’t have to be a big hurdle. <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">According</a> to the National Association of Realtors (NAR), 38% of first-time homebuyers find saving for a down payment the most challenging step. But the reality is, you probably don’t need to put down as much as you think:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231207/20231212-Todays-Median-Down-Payment-Is-Much-Lower.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231207/20231212-Todays-Median-Down-Payment-Is-Much-Lower.png" /></a>
Data from NAR <a href="https://cdn.nar.realtor/sites/default/files/documents/2023-profile-of-home-buyers-and-sellers-highlights-11-13-2023.pdf" rel="noopener noreferrer" target="_blank">shows</a> the median down payment hasn’t been over 20% since 2005. In fact, the median down payment for all homebuyers today is only 15%. And it’s even lower for first-time homebuyers at 8%. But just because that’s the median, it doesn’t mean you have to put that much down. Some qualified buyers put down even less.
For example, there are loan types, like <a href="https://www.hud.gov/buying/loans" rel="noopener noreferrer" target="_blank">FHA loans</a>, with down payments as low as 3.5%, as well as options like <a href="https://www.simplifyingthemarket.com/en/2022/11/10/va-loans-can-help-veterans-achieve-their-dream-of-homeownership/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">VA loans</a> and <a href="https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-guaranteed-loan-program" rel="noopener noreferrer" target="_blank">USDA loans</a> with no down payment requirements for qualified applicants. But let’s focus in on another valuable resource that may be able to help with your down payment: down payment assistance programs.
First-Time and Repeat Buyers Are Often Eligible
According to <a href="https://downpaymentresource.com/" rel="noopener noreferrer" target="_blank">Down Payment Resource</a>, there are thousands of programs available for homebuyers – and 75% of these are down payment assistance programs.
And it’s not just first-time <a href="https://www.simplifyingthemarket.com/en/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">homebuyers</a> that are eligible. That means no matter where you are in your homebuying journey, there could be an option available for you. As Down Payment Resource <a href="https://downpaymentresource.com/" rel="noopener noreferrer" target="_blank">notes</a>:
“You don’t have to be a first-time buyer. Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.”
The best place to start as you search for more information is with a trusted real estate professional. They’ll be able to share more information about what may be available, including additional programs for specific professions or communities.
Additional Down Payment Resources That Can Help
Here are a few down payment assistance programs that are helping many of today’s buyers achieve the dream of homeownership:
<a href="https://www.teachernextdoor.us/FAQs#What%20is%20Teacher%20Next%20Door?" rel="noopener noreferrer" target="_blank">Teacher Next Door</a> is designed to help teachers, first responders, health providers, government employees, active-duty military personnel, and veterans reach their down payment goals.
<a href="https://www.fanniemae.com/casa" rel="noopener noreferrer" target="_blank">Fannie Mae</a> provides down-payment assistance to eligible first-time homebuyers living in majority-Latino communities.
<a href="https://myhome.freddiemac.com/buying/down-payments-and-pmi" rel="noopener noreferrer" target="_blank">Freddie Mac</a> also has options designed specifically for homebuyers with modest credit scores and limited funds for a down payment.
The <a href="https://3by30.org/homeownership-101/get-help-buying-a-home/" rel="noopener noreferrer" target="_blank">3By30</a> program lays out actionable strategies to add 3 million new Black homeowners by 2030. These programs offer valuable resources for potential buyers, making it easier for them to secure down payments and realize their dream of homeownership.
For Native Americans, <a href="https://downpaymentresource.com/homebuyer-resource/highlighting-42-native-american-homebuyer-assistance-programs-in-honor-of-native-american-heritage-month/" rel="noopener noreferrer" target="_blank">Down Payment Resource</a> highlights 42 U.S. homebuyer assistance programs across 14 states that ease the path to homeownership by providing support with down payments and other associated costs.
Even if you don’t qualify for these types of programs, there are many other federal, state, and local options available to look into. And a real estate professional can help you find the ones that meet your needs as you explore what’s available.
Bottom Line
Achieving the dream of having a home may be more within reach than you think, especially when you know where to find the right support. To learn more about your options, let’s connect.2023-12-12T08:13:52-07:002023-12-12T08:14:41-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21953Don't go it alone!Why You Need To Use a Real Estate Agent When You Buy a Home
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If you’ve recently decided you’re ready to become a <a href="https://www.simplifyingthemarket.com/en/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">homeowner</a>, chances are you’re trying to figure out what to do first. It can feel a bit overwhelming to know where to start, but the good news is you don’t have to navigate all of that alone.
When it comes to buying a home, there are a lot of moving pieces. And that’s especially true in today’s <a href="https://www.simplifyingthemarket.com/en/2023/11/15/the-latest-2024-housing-market-forecast/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">housing market</a>. The number of <a href="https://www.simplifyingthemarket.com/en/2023/11/21/are-there-actually-more-homes-for-sale-right-now/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">homes for sale</a> is still low, and <a href="https://www.simplifyingthemarket.com/en/2023/11/14/home-prices-keep-climbing-in-most-markets/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a> and <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">mortgage rates</a> are still high. That combination can be tricky if you don’t have reliable expertise and a trusted advisor on your side. That’s why the best place to start is connecting with a local real estate agent.
Agents Are the #1 Most Useful Source in the Buying Process
The latest <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">annual report</a> from the National Association of Realtors (NAR) finds recent homebuyers agree the #1 most useful source of information they had in the home buying process was a real estate agent. Let’s break down why.
How an Agent Helps When You Buy a Home
When you think about a <a href="https://www.simplifyingthemarket.com/en/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">real estate agent</a>, you may think of someone taking you on home showings and putting together the paperwork, but a great agent does so much more than that. It’s not just being the facilitator for your purchase, it’s being your guide through every step.
The visual below shows some examples from that same <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">NAR release</a> of the many ways an agent adds value. It includes the percentage of homebuyers in that report who highlighted each of these benefits:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231128/20231207-Benefits-Provided-by-Real-Estate-Agent-During-Home-Purchase-Process.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231128/20231207-Benefits-Provided-by-Real-Estate-Agent-During-Home-Purchase-Process.png" /></a>
Here’s a bit more context on how the survey results noted an agent continually helps buyers in these situations:
Helped Buyer’s Understand the Process: Do you know the difference between an inspection and an appraisal, what each report tells you, and why they’re both important? Or that there are things you shouldn’t do after applying for a mortgage, like buying appliances or furniture? An agent knows all of these best practices and will share them with you along the way, so you don’t miss any key steps by the time you get to the closing table.
Pointed Out Unnoticed Features or Faults with the Home: An agent also has a lot of experience evaluating homes. They’ve truly seen it all. They’ll be able to pinpoint some things you may not have noticed about the home that could help inform your decision or at least what repairs you ask for.
Provided a Better List of Service Providers: In a real estate transaction, there are a lot of people involved. An agent has experience working with various professionals in your area, like home inspectors, and can help connect you with the pros you need for a successful experience.
Negotiated Better Contract Terms and Price: Did something pop up in the home inspection or with the appraisal? An agent will help you re-negotiate as needed to get the best terms and price possible for you, so you feel confident with your big purchase.
Improved Buyer’s Knowledge of the Search Area: Moving to a new town and you’re not familiar with the area, or you’re staying nearby, but don’t know which neighborhoods are most affordable? Either way, an agent knows the local area like the back of their hand and can help you find the perfect location for your needs.
Expanded Buyer’s Search Area: And if you’re not finding anything you’re interested in within your initial search radius, an agent will know other neighborhoods nearby you should consider based on what you like, what amenities you want, and more.
Bottom Line
If you’re looking to <a href="https://www.mykcm.com/2023/10/04/understanding-the-benefits-of-owning-your-first-home/" rel="noopener noreferrer" target="_blank">buy a home</a>, don’t forget about the many ways an agent is essential to that process. Any hurdle that pops up, a negotiation that needs to take place, and more, your agent will know how to handle it while they make sure to minimize your stress along the way. Let’s connect to tackle this together.2023-12-07T07:53:41-07:002023-12-07T07:54:29-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21887Who owns all the single family rentals?Is Wall Street Buying Up All the Homes in America?
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231116/20231127-Is-Wall-Street-Buying-Up-All-the-Homes-in-America.png" width="600" /><br /><br />
If you’re thinking about <a href="https://www.simplifyingthemarket.com/en/2023/11/13/life-changing-events-that-move-the-housing-market/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buying a home</a>, you may find yourself interested in the latest <a href="https://www.simplifyingthemarket.com/en/2023/11/02/dont-believe-everything-you-read-about-home-prices/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">real estate</a> 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 <a href="https://www.simplifyingthemarket.com/en/2023/10/31/foreclosures-and-bankruptcies-wont-crash-the-housing-market/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">housing market</a> 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 <a href="https://twitter.com/SFR_Investor" rel="noopener noreferrer" target="_blank">SFR Investor</a>, 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 <a href="https://twitter.com/SFR_Investor/status/1717345861141955063" rel="noopener noreferrer" target="_blank">data</a> shared in a recent post, sixty-eight million (82.93%) of those homes are owner-occupied – meaning the person who owns the home lives in it. If you subtract that sixty-eight million from the total number of single-family homes (82 million), that leaves just about fourteen million homes left that are single-family rentals (SFRs).
Do institutional investors own all of those remaining fourteen million homes? Not even close. Let’s take it one step further. There are four categories of investors:
The mom & pop investor who owns between 1-9 SFRs
The regional investor who owns between 10-99 SFRs
Smaller national investor who owns between 100-999 SFRs
The institutional investor who owns over 1,000 SFRs
These categories show that not all investors are large institutional investors. To help convey that even more clearly, here are the percentages of rental homes owned by each type of investor (see chart below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231116/20231127-Who-Owns-All-the-Single-Family-Rentals.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231116/20231127-Who-Owns-All-the-Single-Family-Rentals.png" /></a>
As you can see in the chart, despite what the news and social media would have you believe, the green shows the vast majority are not owned by large institutional investors. Instead, most are owned by small mom & pop investors, like your friends and neighbors.
What’s actually happening is, that there are people out there, just like you, who believe in homeownership, and they view buying a home (or a second home) as an investment. Maybe they saw an opportunity to buy a second home over the last few years to use it as a rental and generate additional income. Or maybe they just decided to keep their first house rather than sell it when they moved up.
So, don’t believe everything you read or hear about institutional investors. They aren’t buying up all the homes and making it impossible for the average person to buy. That’s just not what the numbers show. Institutional investors are actually the smallest piece of the pie chart.
Bottom Line
While it’s true that institutional investors are a player in the single-family rental marketplace, they’re not buying up all of the houses on the market. If you have other questions about things you’re hearing about the housing market, let’s connect so you have an expert to give you the context you need.2023-11-27T09:52:54-07:002023-11-27T09:53:36-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21869Inventory update:Are There Actually More Homes for Sale Right Now?
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231115/20231121-Are-There-Actually-More-Homes-For-Sale-Right-Now.png" width="600" /><br /><br />
If you’re looking to <a href="https://www.simplifyingthemarket.com/en/2023/11/13/life-changing-events-that-move-the-housing-market/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">make a move</a>, you want to be sure you have the latest information on the housing market. To help make that possible, here’s an update on the supply of homes for sale today. Whether you’re <a href="https://www.simplifyingthemarket.com/en/2023/10/13/the-difference-between-renting-and-buying-a-home-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">looking to buy</a> or sell, the number of homes available in your local market matters to you. Take a look below.
What’s the Truth About Today’s Housing Inventory?
While the story for the past few years has been how few homes are on the market, recent national data may leave you feeling a bit confused. That’s because Realtor.com <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">shows</a> inventory is actually growing a bit month-over-month in many parts of the country (see the blue states in the map below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231115/20231121-Change-In-Inventory.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231115/20231121-Change-In-Inventory.png" /></a>
As the map shows, nationally, housing supply increased just over 5% last month.
Does That Mean the Days of Limited Inventory Are Over?
That might make you wonder: are the days of tight housing supply behind us? The short answer is no. Context is important. While you may see headlines saying inventory is up, <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">data</a> also shows there are still significantly fewer homes for sale than there would usually be in a more normal market.
The graph below compares the latest active listing counts (homes currently available for sale) with the most recent normal years in the housing market (2017-2019):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231115/20231121-Active-Listing-Count.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231115/20231121-Active-Listing-Count.png" /></a>
As Lance Lambert, Founder, ResiClub Analytics, <a href="https://www.resiclubanalytics.com/p/housing-market-inventory-far-prepandemic-levels-octobers-big-jump-still-just-drop-bucket" rel="noopener noreferrer" target="_blank">explains</a>:
“Housing market inventory is so far below pre-pandemic levels that October's big jump is still just a drop in the bucket.”
What does that mean for you? Remember, real estate is hyper-local. Partnering with a trusted real estate agent will help you gain a better understanding of the inventory situation in your specific market.
If you’re <a href="https://www.simplifyingthemarket.com/en/2023/10/17/how-buying-a-multi-generational-home-helps-with-affordability-today/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">looking to buy</a>, you may have slightly more options than you did in recent months, but you still need to brace for low inventory. A great agent will be able to share their expertise and key strategies that have helped other buyers navigate today’s ongoing low housing supply.
And, if you’re <a href="https://www.simplifyingthemarket.com/en/2023/11/06/reasons-to-sell-your-house-before-the-new-year/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">trying to sell</a>, rest assured you haven’t missed your window of opportunity to potentially get multiple offers or see your house sell quickly. While inventory has ticked up some nationally, overall, it’s still low and may be down even more in your area.
Bottom Line
If you’re looking to buy or sell a home, let’s connect so you can make sure you’re up to date on all the latest trends that could impact your move, including today’s housing supply. 2023-11-21T10:10:35-07:002023-11-21T10:11:13-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21850Are people still moving?People Are Still Moving, Even with Today’s Affordability Challenges
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231113/20231116-People-Are-Still-Moving-Even-With-Todays-Affordability-Challenges.png" width="600" /><br /><br />
If you're thinking about <a href="https://www.simplifyingthemarket.com/en/2023/10/25/invest-in-yourself-by-owning-a-home/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buying</a> or <a href="https://www.simplifyingthemarket.com/en/2023/11/06/reasons-to-sell-your-house-before-the-new-year/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">selling</a> a home, you might have heard that it’s tough right now because <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">mortgage rates</a> are higher than they’ve been over the past few years, and <a href="https://www.simplifyingthemarket.com/en/2023/10/23/why-home-prices-keep-going-up/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a> are rising. That much is true. Take a look at the graph below. It breaks down how the current affordability situation stacks up to recent years.
<a href="https://www.simplifyingthemarket.com/en/content/images/20231113/20231116-Affordability-Historically-Low.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231113/20231116-Affordability-Historically-Low.png" /></a>
The National Association of Realtors (NAR) <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/housing-affordability-index/methodology" rel="noopener noreferrer" target="_blank">explains</a> how to read the values on the graph:
“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home.”
The black dotted line represents that 100 value on the index. Essentially, the higher the bar, the more affordable homes are. As you can see, the orange bar for today shows higher mortgage rates and home prices have created a clear challenge. But, while affordability is definitely tighter right now, that doesn’t mean the housing market is at a standstill.
<a href="https://www.nar.realtor/newsroom/existing-home-sales-retreated-3-3-in-june-monthly-median-sales-price-reached-second-highest-amount" rel="noopener noreferrer" target="_blank">According</a> to NAR, based on the pace of sales right now, just under 4 million homes will sell this year. With some simple math, let’s break down what that really means for you:
3.96 million homes divided by 365 days in a year = 10,849 houses sell each day
10,849 divided by 24 hours in a day = 452 houses sell per hour
452 divided by 60 minutes in an hour = about 8 houses sell each minute
So, on average, over 10,000 homes sell each day in this country. Whether you're a buyer or a seller, this goes to show there are still ways to make your move possible, even at a time when affordability is tight.
An Agent Can Help You Make Your Move a Reality
You may be wondering how other <a href="https://www.simplifyingthemarket.com/en/2023/10/25/invest-in-yourself-by-owning-a-home/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">homebuyers</a> and <a href="https://www.simplifyingthemarket.com/en/2023/10/24/the-perks-of-selling-your-house-when-inventory-is-low/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">sellers</a> are making this happen now. One of the biggest game-changers in today’s market is working with a trusted local <a href="https://www.simplifyingthemarket.com/en/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">real estate agent</a>. Great agents are helping other people just like you navigate <a href="https://www.simplifyingthemarket.com/en/2023/10/20/home-price-growth-is-returning-to-normal-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">today’s market</a> and the current affordability situation, and their insight is invaluable right now.
True professionals will be able to offer advice tailored to your specific wants, needs, budget, and more. Not to mention, they’ll also be able to draw on their experience of what’s working for other buyers and sellers right now. This could mean <a href="https://www.simplifyingthemarket.com/en/2023/09/22/how-remote-work-helps-with-your-house-hunt-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">broadening your search</a>, if needed, to include other housing types like condos, townhouses, or neighborhoods a bit further out to help offset some of the <a href="https://www.simplifyingthemarket.com/en/2023/10/17/how-buying-a-multi-generational-home-helps-with-affordability-today/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">affordability challenges</a> today.
Bottom Line
You might think there aren’t many people buying or selling homes right now since affordability is tighter than it’s been in quite some time, but that’s not the case. It’s true that buying a home has become more expensive over the past couple of years, but people are still moving.
If you’re hoping to buy or sell a home today, know that other people are still making their goals a reality – and that’s happening in large part because of the help and advice of skilled local real estate agents. Want to talk to a trusted professional about your own move? Let’s connect. 2023-11-16T10:40:18-07:002023-11-16T10:40:51-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:218422024 Housing forecast.....The Latest 2024 Housing Market Forecast
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The new year is right around the corner, and you might be wondering if 2024 will be the right time to <a href="https://www.simplifyingthemarket.com/en/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buy</a> or <a href="https://www.simplifyingthemarket.com/en/2023/10/24/the-perks-of-selling-your-house-when-inventory-is-low/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">sell a home</a>. If you want to make the most informed decision possible, it’s important to know what the experts have to say about what's ahead for the housing market. Spoiler alert: the projections may be better than you think. Here’s why.
Experts Forecast Ongoing Home Price Appreciation
Take a look at the latest home price forecasts from <a href="https://www.fanniemae.com/media/49326/display" rel="noopener noreferrer" target="_blank">Fannie Mae</a>, the <a href="https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/2023/mortgage-finance-forecast-oct-2023.pdf" rel="noopener noreferrer" target="_blank">Mortgage Bankers Association</a> (MBA), and the <a href="https://cdn.nar.realtor/sites/default/files/documents/forecast-q4-2023-us-economic-outlook-10-26-2023.pdf" rel="noopener noreferrer" target="_blank">National Association of Realtors</a> (NAR):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231114/20231115-Home-Price-Forecasts-for-2023-and-2024.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231114/20231115-Home-Price-Forecasts-for-2023-and-2024.png" /></a>
As you can see in the orange bars on the left, on average, experts forecast <a href="https://www.simplifyingthemarket.com/en/2023/11/02/dont-believe-everything-you-read-about-home-prices/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">prices</a> will end this year up about 2.8% overall, and increase by another 1.5% by the end of 2024. That’s big news, considering so many people thought prices <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">would crash</a> this year. The truth is, prices didn’t come tumbling way down in <a href="https://www.simplifyingthemarket.com/en/2023/10/23/why-home-prices-keep-going-up/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">2023</a>, and that’s because there just weren’t enough homes for sale compared to the number of people who wanted or needed to buy them, and that inventory crunch is still very real. This is the general rule of supply and demand, and it continues to put upward pressure on prices as we move into the new year.
Looking forward, experts project <a href="https://www.simplifyingthemarket.com/en/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a> will continue to rise next year, but not quite as much as they did this year. Even though the expected rise in 2024 isn't as big as in 2023, it's important to understand home price appreciation is cumulative. In simpler terms, this means if the experts are right, according to the national average, after your home's value goes up by 2.8% this year, it should go up by another 1.5% next year. That ongoing price growth is a big part of why <a href="https://www.simplifyingthemarket.com/en/2023/11/07/homeowner-net-worth-has-skyrocketed/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">owning a home</a> can be a smart decision in the long run.
Projections Show Sales Should Increase Slightly Next Year
While 2023 hasn’t seen a lot of home sales relative to more normal years in the housing market, experts are forecasting a bit more activity next year. Here’s what those same three organizations project for the rest of this year, and in 2024 (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231114/20231115-Total-Home-Sales-Forecasts-for-2023-and-2024.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231114/20231115-Total-Home-Sales-Forecasts-for-2023-and-2024.png" /></a>
While expectations are for just a slight uptick in total sales, improved activity next year is a good thing for the housing market, and for <a href="https://www.simplifyingthemarket.com/en/2023/10/25/invest-in-yourself-by-owning-a-home/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buyers</a> and sellers like you. As people continue to move, that opens up options for hopeful buyers who are looking for a home.
So, what do these forecasts show? The housing market is expected to be more active in 2024. That may be in part because there will always be people who <a href="https://www.simplifyingthemarket.com/en/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">need to move</a>. People will get new jobs, have children, get married or divorced – these and other major life changes lead people to move regardless of housing market conditions. That will remain true next year, and for years to come. And if mortgage rates come down, we’ll see even more activity in the housing market.
Bottom Line
If you’re thinking about buying or selling, it’s important to know what the experts are forecasting for the future of the housing market. When you’re in the know about what’s ahead, you can make the most informed decision possible. <a href="https://www.mykcm.com/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/" rel="noopener noreferrer" target="_blank">Let's chat</a> about the latest forecasts together, and craft a plan for your next move.2023-11-15T08:42:17-07:002023-11-15T08:43:10-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21834Life-Changing Events That Move the Housing MarketLife-Changing Events That Move the Housing Market
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Life is a journey filled with unexpected twists and turns, like the excitement of welcoming a new addition, retiring and starting a new adventure, or the bittersweet feeling of an empty nest. If something like this is changing in your own life, you may be considering <a href="https://www.simplifyingthemarket.com/en/2023/11/03/the-benefits-of-buying-a-multi-generational-home-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buying</a> or <a href="https://www.simplifyingthemarket.com/en/2023/11/06/reasons-to-sell-your-house-before-the-new-year/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">selling</a> a house. That’s because through all these life-altering events, there is one common thread—the <a href="https://www.simplifyingthemarket.com/en/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">need to move</a>.
Reasons People Still Need To Move Today
<a href="https://www.realtormagdigital.com/realtor/library/item/fall_2023/4139952/" rel="noopener noreferrer" target="_blank">According</a> to the National Association of Realtors (NAR) there have been a lot of this type of milestone or life change over the last two years (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231108/20231113-Life-Changing-Events-That-Took-Place-Over-the-Last-2-Years.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231108/20231113-Life-Changing-Events-That-Took-Place-Over-the-Last-2-Years.png" /></a>
And, these big life changes are going to continue to impact people moving forward, even with the current affordability challenges brought on by higher <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">mortgage rates</a> and rising <a href="https://www.simplifyingthemarket.com/en/2023/10/23/why-home-prices-keep-going-up/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a>.
As Claire Trapasso, Executive News Editor at Realtor.com, <a href="https://www.prnewswire.com/news-releases/realtorcom-october-housing-report-home-prices-stable-amid-inventory-drought-and-rising-rates-301975362.html" rel="noopener noreferrer" target="_blank">says</a>:
"Because high mortgage rates, elevated home prices, and stubbornly low inventory make today's housing market particularly challenging, many of today's buyers are motivated by life changes, such as growing families, supporting elderly parents or grown children, or accommodating professional needs. . .”
Lean On a Real Estate Professional for Help
Whether you're beginning <a href="https://www.simplifyingthemarket.com/en/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">your search</a> for a home or preparing to sell your current house, you don't have to go it alone. With their expertise, a <a href="https://www.simplifyingthemarket.com/en/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">real estate agent</a> is an invaluable partner who can help you smoothly transition through these big moments in your life. Here are just a few examples.
When Buying a Home
If you’re welcoming a new addition and want more space, the need for a <a href="https://www.simplifyingthemarket.com/en/2023/10/25/invest-in-yourself-by-owning-a-home/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">new home</a> may be a top priority. While higher <a href="https://www.simplifyingthemarket.com/en/2023/11/02/dont-believe-everything-you-read-about-home-prices/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a> and mortgage rates are creating challenges for buyers, you may have to find a way to meet your changing needs, even with today’s mortgage rates.
A skilled real estate agent can help. Their expertise and knowledge of the local housing market can save you a considerable amount of time and stress. An agent will take the time to understand your specific needs, budget, and preferences, allowing them to narrow down your search and present you with suitable options.
When Selling a House
If you’re retiring or going through a separation or divorce, your main focus may be to make the most out of your investment when <a href="https://www.simplifyingthemarket.com/en/2023/10/24/the-perks-of-selling-your-house-when-inventory-is-low/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">selling your house</a>, so you can find one that works better for you moving forward.
This is another place where a real estate agent's expertise truly shines. They can accurately assess your home's market value, suggest improvements to enhance its appeal, and craft a strategic marketing plan. Their negotiation skills are a big asset when it comes to making sure you get a fair price for your house, allowing you to move on to the next chapter of your life with confidence and peace of mind.
No matter your situation, lean on a trusted professional for help as you buy or sell a home.
Bottom Line
If recent life-changing events have you wanting or needing to move, let’s connect.2023-11-13T14:08:11-07:002023-11-13T14:09:22-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21802401(k) as Down Payment? - Yikes!Thinking About Using Your 401(k) To Buy a Home?
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Are you dreaming of <a href="https://www.simplifyingthemarket.com/en/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buying</a> your <a href="https://www.simplifyingthemarket.com/en/2023/10/13/the-difference-between-renting-and-buying-a-home-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">own home</a> and wondering about how you’ll save for a down payment? You're not alone. Some people think about tapping into their 401(k) savings to make it happen. But before you decide to dip into your retirement to <a href="https://www.simplifyingthemarket.com/en/2023/10/25/invest-in-yourself-by-owning-a-home/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buy a home</a>, be sure to consider all possible alternatives and talk with a financial expert. Here’s why.
The Numbers May Make It Tempting
The <a href="https://www.cnbc.com/2023/06/03/fidelity-how-much-americans-have-in-their-401ks-at-every-age.html" rel="noopener noreferrer" target="_blank">data</a> shows many Americans have saved a considerable amount for retirement (see chart below):
<a href="https://files.keepingcurrentmatters.com/content/images/20231107/20231108-Average-401-balance-by-age.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231107/20231108-Average-401-balance-by-age.png" /></a>
It can be really tempting when you have a lot of money saved up in your 401(k) and you see your dream <a href="https://www.simplifyingthemarket.com/en/2023/10/17/how-buying-a-multi-generational-home-helps-with-affordability-today/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home</a> on the horizon. But remember, dipping into your retirement savings for a home could cost you a penalty and affect your finances later on. That's why it's important to explore all your options when it comes to saving for a down payment and buying a home. As Experian <a href="https://www.experian.com/blogs/ask-experian/use-401k-to-buy-house/" rel="noopener noreferrer" target="_blank">says</a>:
“It’s possible to use funds from your 401(k) to buy a house, but whether you should depends on several factors, including taxes and penalties, how much you’ve already saved and your unique financial circumstances.”
Alternative Ways To Buy a Home
Using your 401(k) is one way to finance a <a href="https://www.simplifyingthemarket.com/en/2023/10/06/how-homeowner-net-worth-grows-with-time-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home</a>, but it's not the only option. Before you decide, consider a couple of other methods, courtesy of <a href="https://www.experian.com/blogs/ask-experian/use-401k-to-buy-house/" rel="noopener noreferrer" target="_blank">Experian</a>:
<a href="https://www.hud.gov/buying/loans" rel="noopener noreferrer" target="_blank">FHA Loan</a>: FHA loans allow qualified buyers to put down as little as 3.5% of the home's price, depending on their credit scores.
<a href="https://downpaymentresource.com/" rel="noopener noreferrer" target="_blank">Down Payment Assistance Programs</a>: There are many national and local programs that can help first-time and repeat homebuyers come up with the necessary down payment.
Above All Else, Have a Plan
No matter what route you take to purchase a home, be sure to talk with a financial expert before you do anything. Working with a team of experts to develop a concrete plan prior to starting your journey to <a href="https://www.simplifyingthemarket.com/en/2023/10/12/growing-your-net-worth-with-homeownership/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">homeownership</a> is the key to success. Kelly Palmer, Founder of The Wealthy Parent, <a href="https://www.investmentnews.com/think-twice-before-borrowing-from-401k-for-a-home-down-payment-advisors-say-241461" rel="noopener noreferrer" target="_blank">says</a>:
“I have seen parents pausing contributions to their retirement plans in favor of affording a larger home often with the hope they can refinance in the future… As long as there is a tangible plan in place to get back to saving for their retirement goals, I encourage families to consider all their options.”
Bottom Line
If you’re still thinking about using your 401(k)-retirement savings for a home down payment, consider all your options and work with a financial professional before you make any decisions.2023-11-08T08:16:14-07:002023-11-08T08:17:06-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21797Homeownership can give your net worth a big boost over time.Homeowner Net Worth Has Skyrocketed
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231031/20231107-Homeowner-Net-Worth-Has-Skyrocketed.png" width="600" /><br /><br />
If you’re weighing your options to decide whether it makes more sense to <a href="https://www.simplifyingthemarket.com/en/2023/10/13/the-difference-between-renting-and-buying-a-home-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">rent or buy</a> a home today, here’s one key data point that could help you feel more confident in making your decision. Every three years, the Federal Reserve Board releases the <a href="https://www.federalreserve.gov/econres/scfindex.htm" rel="noopener noreferrer" target="_blank">Survey of Consumer Finances</a> (SCF). That report covers the difference in net worth for both homeowners and renters. Spoiler alert: the gap between the two is significant.
The average homeowner’s net worth is almost 40X greater than a renter’s. And here’s the data to prove it (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231031/20231107-Homeowner-Net-Worth-Almost-40X-Greater.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231031/20231107-Homeowner-Net-Worth-Almost-40X-Greater.png" /></a>
The Big Reason Homeowner Net Worth Is So High
In the <a href="https://www.federalreserve.gov/econres/scf_2019.htm" rel="noopener noreferrer" target="_blank">previous version</a> of that report, the net worth of the average homeowner was roughly $255,000 and that of the average renter was $6,300. But in <a href="https://www.federalreserve.gov/publications/files/scf23.pdf" rel="noopener noreferrer" target="_blank">the release</a> that just came out this year, the gap widened as homeowner net worth climbed dramatically. As the Survey of Consumer Finances (SCF) report <a href="https://www.federalreserve.gov/publications/files/scf23.pdf" rel="noopener noreferrer" target="_blank">says</a>:
“. . . the 2019-2022 growth in median net worth was the largest three-year increase over the history of the modern SCF, more than double the next-largest one on record.”
One of the biggest reasons homeowner net worth skyrocketed is <a href="https://www.simplifyingthemarket.com/en/2023/09/19/your-home-equity-can-offset-affordability-challenges/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home equity</a>.
Over the last few years, known as the <a href="https://www.simplifyingthemarket.com/en/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a> for housing, home prices went through the roof. That’s because there weren’t enough homes for sale, and there was a big influx of buyers rushing to buy them and take advantage of the then record-low mortgage rates. That imbalance of <a href="https://www.simplifyingthemarket.com/en/2023/09/29/explaining-todays-low-housing-supply-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">supply</a> and demand pushed prices higher and higher. As a result, most homeowners who had a home during that time saw their equity grow a lot.
If you’re still in the middle of making your decision on whether to rent or buy, you may wonder if you missed the boat on the big net worth boost. But here’s what you need to realize. As a recent article in The Ascent <a href="https://www.fool.com/the-ascent/personal-finance/articles/americans-net-worth-rose-37-from-2019-to-2022-heres-how-to-boost-yours/" rel="noopener noreferrer" target="_blank">explains</a>:
“Whether your net worth increased in recent years or not, there are steps you can take to boost that number in the coming years. . . buying a home can be a great way to grow your net worth, since home values have a tendency to rise over time.”
Historically, <a href="https://www.simplifyingthemarket.com/en/2023/10/25/invest-in-yourself-by-owning-a-home/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a> climb over time. Even now that <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">mortgage rates</a> are closer to 7-8%, prices are <a href="https://www.simplifyingthemarket.com/en/2023/10/23/why-home-prices-keep-going-up/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">still rising</a> in many areas of the country because supply is still low compared to demand. That’s why <a href="https://www.simplifyingthemarket.com/en/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">expert forecasts</a> for the next few years call for <a href="https://www.simplifyingthemarket.com/en/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">ongoing appreciation</a> – just at a pace that’s more typical for the housing market.
While it likely won’t be the record ramp-up that happened over the last few years, people who buy now should continue to grow equity in the years ahead. That means, if you’re ready and able to buy a home today, you’ll be making an investment that’ll help build your net worth in the long run.
As Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/blogs/economists-outlook/instant-reaction-mortgage-rates-october-19-2023" rel="noopener noreferrer" target="_blank">says</a>:
“. . . when deciding to rent vs buy, one must calculate the total cost of homeownership (maintenance, utilities, commuting, etc.) and the total financial benefit. Based on new Fed data . . . the median net worth of homeowners was $396,200 vs renters at $10,400. There is no question about the wealth gains that homeownership provides.”
Bottom Line
If you’re on the fence about whether to rent or buy a home, remember that homeownership can give your net worth a big boost over time. If you want to learn more about this or the many other <a href="https://www.mykcm.com/2023/09/21/the-many-non-financial-benefits-of-homeownership/" rel="noopener noreferrer" target="_blank">benefits of owning</a> a home, let’s connect.2023-11-07T07:57:16-07:002023-11-07T08:01:26-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21790Call your favorite Hollinden Team member if you need reliable information about the housing market and expert advice about your own move.A Real Estate Agent Helps Take the Fear Out of the Market
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231025/20231030-A-Real-Estate-Agent-Helps-Take-the-Fear-Out-of-the-Market.png" width="600" /><br /><br />
Do negative headlines and talk on social media have you feeling worried about the <a href="https://www.simplifyingthemarket.com/en/2023/10/20/home-price-growth-is-returning-to-normal-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">housing market</a>? Maybe you’ve even seen or heard something lately that scares you and makes you wonder if you should still <a href="https://www.simplifyingthemarket.com/en/2023/10/17/how-buying-a-multi-generational-home-helps-with-affordability-today/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buy</a> or <a href="https://www.simplifyingthemarket.com/en/2023/10/09/key-skills-you-need-your-listing-agent-to-have/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">sell</a> a home right now.
Regrettably, when news in the media isn't easy to understand, it can make people feel scared and unsure. Similarly, negative talk on social media spreads fast and creates fear. As Jason Lewris, Co-Founder and Chief Data Officer at Parcl, <a href="https://www.parcllabs.com/articles/q3-real-estate" rel="noopener noreferrer" target="_blank">says</a>:
“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”
But it doesn’t have to be that way. Buying a home is a big decision, and it should be one you <a href="https://www.simplifyingthemarket.com/en/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">feel confident</a> making. You should lean on a trusted real estate agent to help you separate <a href="https://www.simplifyingthemarket.com/en/2023/10/27/unmasking-scary-myths-about-todays-housing-market-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">fact from fiction</a> and get the <a href="https://www.simplifyingthemarket.com/en/2023/10/03/home-prices-are-not-falling/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">answers</a> you need.
That agent will use their knowledge of what’s really happening with <a href="https://www.simplifyingthemarket.com/en/2023/10/20/home-price-growth-is-returning-to-normal-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a>, <a href="https://www.simplifyingthemarket.com/en/2023/10/24/the-perks-of-selling-your-house-when-inventory-is-low/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">housing supply</a>, <a href="https://www.simplifyingthemarket.com/en/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">expert forecasts</a>, <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">and more</a> to give you the best possible advice. The National Association of Realtors (NAR) <a href="https://www.nar.realtor/magazine/real-estate-news/sales-marketing/bring-on-the-positive-vibes" rel="noopener noreferrer" target="_blank">explains</a>:
“. . . agents combat uncertainty and fear with a combination of historical perspective, training and facts.”
The right agent will help you figure out what’s going on at the national level and in your local area.
They’ll debunk headlines <a href="https://www.simplifyingthemarket.com/en/2023/09/29/explaining-todays-low-housing-supply-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">using data</a> you can trust. Plus, they have in-depth knowledge of the industry and can <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">provide context</a>, so you know how current trends compare to the normal ebbs and flows in the housing market, <a href="https://www.simplifyingthemarket.com/en/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">historical data</a>, and more.
Then, to make sure you have the full picture, an agent can tell you if your local area is following the national trend or if they’re seeing something different in your market. Together, you can use all that information to make the best possible decision.
After all, making a move is a potentially life-changing milestone. It should be something you feel <a href="https://www.simplifyingthemarket.com/en/2023/09/25/beginning-with-pre-approval/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">ready for</a> and excited about. And that’s where a trusted expert comes in.
Bottom Line
If you need reliable information about the housing market and expert advice about your own move, let’s connect.2023-11-06T08:38:12-07:002023-11-06T08:41:07-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21773Misleading Home Price Information!Don’t Believe Everything You Read About Home Prices
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231030/20231102-Dont-Believe-Everything-You-Read-About-Home-Prices.png" width="600" /><br /><br />
According to the latest data from <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/national-housing-survey/national-housing-survey-archive" rel="noopener noreferrer" target="_blank">Fannie Mae</a>, 23% of Americans still think <a href="https://www.simplifyingthemarket.com/en/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a> will go down over the next twelve months. But why do roughly 1 in 4 people feel that way?
It has a lot to do with all the negative talk about home prices over the past year. Since late 2022, the media has created a lot of fear about a <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">price crash</a> and those concerns are still lingering. You may be hearing people in your own life saying they’re worried about home prices or see on social media that some influencers are saying prices are going to come tumbling down.
If you’re someone who still thinks prices are going to fall, ask yourself this: Which is a more reliable place to get your information – clickbait headlines and social media or a trusted expert on the housing market?
The answer is simple. Listen to the professionals who specialize in residential real estate.
Here’s the latest data you can actually trust. Housing market experts acknowledge that nationally, prices did dip down slightly late last year, but that was short-lived. <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/fannie-mae-home-price-index" rel="noopener noreferrer" target="_blank">Data</a> shows prices have <a href="https://www.simplifyingthemarket.com/en/2023/10/03/home-prices-are-not-falling/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">already rebounded</a> this year after that slight decline in 2022 (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231030/20231102-Percent-Change-in-Home-Prices.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231030/20231102-Percent-Change-in-Home-Prices.png" /></a>
But it’s not just Fannie Mae that’s reporting this bounce back. Experts from across the industry are showing it in their data too. And that’s why so many forecasts now project <a href="https://www.simplifyingthemarket.com/en/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a> will net <a href="https://www.simplifyingthemarket.com/en/2023/09/08/home-price-forecasts-revised-for-2023-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">positive</a> this year – not negative. The graph below helps prove this point with the latest forecasts from each organization:
<a href="https://www.simplifyingthemarket.com/en/content/images/20231030/20231102-2023-Year-End-Home-Price-Forecasts.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231030/20231102-2023-Year-End-Home-Price-Forecasts.png" /></a>
What’s worth noting is that, just a few short weeks ago, the Fannie Mae <a href="https://www.fanniemae.com/research-and-insights/forecast" rel="noopener noreferrer" target="_blank">forecast</a> was for 3.9% appreciation in 2023. In the forecast that just came out, that projection was updated from 3.9% to 6.7% for the year. This increase goes to show just how confident experts are that home prices will net positive this year.
So, if you believe home prices are falling, it may be time to get your insights from the experts instead – and they’re saying prices aren’t falling, they’re climbing.
Bottom Line
There’s been a lot of misleading information about home prices over the past year. And that’s still having an impact on how people are feeling about the housing market today. But it’s best not to believe everything you hear or read.
If you want information you can trust, turn to the real estate experts. Their data shows home prices are on the way back up and will net positive for the year. If you have questions about what’s happening in our local area, let’s connect. 2023-11-02T06:22:18-07:002023-11-02T12:58:13-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21768Accessory Dwelling Unit (ADU) defined:What Are Accessory Dwelling Units and How Can They Benefit You?
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231030/20231101-What-Are-Accessory-Dwelling-Units-and-How-Can-They-Benefit-You.png" width="600" /><br /><br />
Maybe you’re <a href="https://www.simplifyingthemarket.com/en/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">in the market</a> for a home and are having a <a href="https://www.simplifyingthemarket.com/en/2023/09/29/explaining-todays-low-housing-supply-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">hard time</a> finding the right one that fits <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">your budget</a>. Or perhaps you’re already a homeowner in need of extra income or a place for loved ones. Whether as a potential homebuyer or a homeowner with changing needs, accessory dwelling units, or ADUs for short, may be able to help you reach your goals.
What Is an ADU?
As AARP <a href="https://www.aarp.org/content/dam/aarp/livable-communities/housing/2023/slideshow-abcs-of-adus/Presentation-The%20ABCs%20of%20ADUs-2023-0706.pdf" rel="noopener noreferrer" target="_blank">says</a>:
“An ADU is a small residence that shares a single-family lot with a larger, primary dwelling.”
“An ADU is an independent, self-contained living space with a kitchen or kitchenette, bathroom and sleeping area.”
“An ADU can be located within, attached to, or detached from the main residence. It can be created out of an existing structure (such as a garage) or built anew.”
If you're thinking about whether an ADU makes sense for you as a buyer or a homeowner, here's some useful information and benefits that ADUs can provide. Keep in mind, that regulations for ADUs vary based on where you live, so lean on a local real estate professional for more information.
The Benefits of ADUs
<a href="https://sf.freddiemac.com/docs/pdf/fact-sheet/adu-fact-sheet.pdf" rel="noopener noreferrer" target="_blank">Freddie Mac</a> and the <a href="https://www.aarp.org/content/dam/aarp/livable-communities/housing/2023/slideshow-abcs-of-adus/Presentation-The%20ABCs%20of%20ADUs-2023-0706.pdf" rel="noopener noreferrer" target="_blank">AARP</a> identify some of the best features of ADUs for both buyers and homeowners:
Living Close by, But Still Separate: ADUs allow loved ones to <a href="https://www.simplifyingthemarket.com/en/2023/10/10/are-grandparents-moving-to-be-closer-to-their-grandkids/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">live together</a> while having separate spaces. That means you can enjoy each other’s company and help each other out with things like childcare, but also have privacy when needed. If this appeals to you, you may want to consider buying a home with an ADU or adding an ADU onto your house. <a href="https://sf.freddiemac.com/docs/pdf/fact-sheet/adu-fact-sheet.pdf" rel="noopener noreferrer" target="_blank">According</a> to Freddie Mac:
“Having an accessory dwelling unit on an existing property has become a popular way for homeowners to offer independent living space to family members.”
Aging in Place: Similarly, ADUs allow older people to be close to loved ones who can help them if they need it as they age. It gives them the best of both worlds – independence and support from loved ones. For example, if your parents are getting older and you want them nearby, you may want to buy a home with an ADU or build one onto your existing house.
Affordable To Build: Since ADUs are often on the smaller side, they’re typically less expensive to build than larger, standalone homes. Building one can also increase your property’s value.
Generating Additional Income: If you own a home with an ADU or if you build an ADU on your land, it can help generate rental income you could use toward your own mortgage payments. It’s worth noting that because an ADU exists on a single-family lot as a secondary dwelling, it typically cannot be sold separately from the primary residence. But that’s changing in some states. Work with a professional to understand your options.
These are a few of the reasons why many people who <a href="https://www.simplifyingthemarket.com/en/2023/10/04/understanding-the-benefits-of-owning-your-first-home/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">benefit</a> from ADUs think they’re a <a href="https://www.simplifyingthemarket.com/en/2023/10/02/unpacking-the-long-term-benefits-of-homeownership/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">good idea</a>. As Scott Wild, SVP of Consulting at John Burns Research, <a href="https://www.wsj.com/economy/housing/tiny-homes-are-the-hot-new-homeowners-accessory-71cc05a9" rel="noopener noreferrer" target="_blank">says</a>:
“It’s gone from a small niche in the market to really a much more impactful part of new housing.”
Bottom Line
ADUs have some great advantages for buyers and homeowners alike. If you're interested, reach out to a real estate professional who can help you understand local codes and regulations for this type of housing and what’s available in your market.2023-11-01T07:40:20-07:002023-11-01T07:41:08-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21758Need reliable information about the housing market?A Real Estate Agent Helps Take the Fear Out of the Market
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231025/20231030-A-Real-Estate-Agent-Helps-Take-the-Fear-Out-of-the-Market.png" width="600" /><br /><br />
Do negative headlines and talk on social media have you feeling worried about the <a href="https://www.simplifyingthemarket.com/en/2023/10/20/home-price-growth-is-returning-to-normal-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">housing market</a>? Maybe you’ve even seen or heard something lately that scares you and makes you wonder if you should still <a href="https://www.simplifyingthemarket.com/en/2023/10/17/how-buying-a-multi-generational-home-helps-with-affordability-today/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buy</a> or <a href="https://www.simplifyingthemarket.com/en/2023/10/09/key-skills-you-need-your-listing-agent-to-have/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">sell</a> a home right now.
Regrettably, when news in the media isn't easy to understand, it can make people feel scared and unsure. Similarly, negative talk on social media spreads fast and creates fear. As Jason Lewris, Co-Founder and Chief Data Officer at Parcl, <a href="https://www.parcllabs.com/articles/q3-real-estate" rel="noopener noreferrer" target="_blank">says</a>:
“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”
But it doesn’t have to be that way. Buying a home is a big decision, and it should be one you <a href="https://www.simplifyingthemarket.com/en/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">feel confident</a> making. You should lean on a trusted real estate agent to help you separate <a href="https://www.simplifyingthemarket.com/en/2023/10/27/unmasking-scary-myths-about-todays-housing-market-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">fact from fiction</a> and get the <a href="https://www.simplifyingthemarket.com/en/2023/10/03/home-prices-are-not-falling/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">answers</a> you need.
That agent will use their knowledge of what’s really happening with <a href="https://www.simplifyingthemarket.com/en/2023/10/20/home-price-growth-is-returning-to-normal-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a>, <a href="https://www.simplifyingthemarket.com/en/2023/10/24/the-perks-of-selling-your-house-when-inventory-is-low/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">housing supply</a>, <a href="https://www.simplifyingthemarket.com/en/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">expert forecasts</a>, <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">and more</a> to give you the best possible advice. The National Association of Realtors (NAR) <a href="https://www.nar.realtor/magazine/real-estate-news/sales-marketing/bring-on-the-positive-vibes" rel="noopener noreferrer" target="_blank">explains</a>:
“. . . agents combat uncertainty and fear with a combination of historical perspective, training and facts.”
The right agent will help you figure out what’s going on at the national level and in your local area.
They’ll debunk headlines <a href="https://www.simplifyingthemarket.com/en/2023/09/29/explaining-todays-low-housing-supply-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">using data</a> you can trust. Plus, they have in-depth knowledge of the industry and can <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">provide context</a>, so you know how current trends compare to the normal ebbs and flows in the housing market, <a href="https://www.simplifyingthemarket.com/en/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">historical data</a>, and more.
Then, to make sure you have the full picture, an agent can tell you if your local area is following the national trend or if they’re seeing something different in your market. Together, you can use all that information to make the best possible decision.
After all, making a move is a potentially life-changing milestone. It should be something you feel <a href="https://www.simplifyingthemarket.com/en/2023/09/25/beginning-with-pre-approval/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">ready for</a> and excited about. And that’s where a trusted expert comes in.
Bottom Line
If you need reliable information about the housing market and expert advice about your own move, let’s connect.2023-10-30T06:52:01-07:002023-10-30T06:56:51-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21750Spooked about buying a home?Unmasking Scary Myths about Today’s Housing Market [INFOGRAPHIC]
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231026/20231026-Unmasking-Scary-Myths-About-Todays-Housing-Market-KCM-Share.png" width="600" /><br /><br />
<a href="https://files.keepingcurrentmatters.com/content/images/20231026/Unmasking-Scary-Myths-About-Todays-Housing-Market-MEM.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231026/Unmasking-Scary-Myths-About-Todays-Housing-Market-MEM.png" /></a>
Some Highlights
Here’s what you really <a href="https://www.mykcm.com/2023/10/23/why-home-prices-keep-going-up/" rel="noopener noreferrer" target="_blank">need to know</a> about a few myths <a href="https://www.mykcm.com/2023/10/16/are-higher-mortgage-rates-here-to-stay/" rel="noopener noreferrer" target="_blank">causing fear</a> in today’s <a href="https://www.mykcm.com/2023/09/29/explaining-todays-low-housing-supply-infographic/" rel="noopener noreferrer" target="_blank">housing market</a>.
Despite common misconceptions, many people can <a href="https://www.apartmenttherapy.com/how-to-buy-a-house-with-student-loans-36755886" rel="noopener noreferrer" target="_blank">buy a home</a> even if they have student loans, <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/fannie-mae-home-price-index" rel="noopener noreferrer" target="_blank">home prices</a> are rising nationally (not falling), and you usually don’t have to have <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">20%</a> for a down payment.
If you have other fears or reservations about <a href="https://www.mykcm.com/2023/10/13/the-difference-between-renting-and-buying-a-home-infographic/" rel="noopener noreferrer" target="_blank">buying a home</a> today, let’s connect so you have an expert to help <a href="https://www.mykcm.com/2023/10/20/home-price-growth-is-returning-to-normal-infographic/" rel="noopener noreferrer" target="_blank">clear those up</a>.
2023-10-27T10:08:43-07:002023-10-27T10:12:00-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21739Gen Z Buyers: Have you looked into down payment assistance options?Affordable Homeownership Strategies for Gen Z
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The idea of owning a home has always been a big part of the American Dream. It's a symbol of stability, independence, and having a place to truly call your own. But for Gen Z, the "Zoomers" born between 1997 and 2012, making that dream a reality can feel like quite the challenge today with higher <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">mortgage rates</a> and rising <a href="https://www.simplifyingthemarket.com/en/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a>.
But achieving that goal of owning your first home can still be attainable, even today, with some strategic planning and resourcefulness.
Explore Financing and Down Payment Assistance Options
With prices rising all around you, it can be hard to save up for a home. If you've been struggling to stash away enough cash for that down payment, it’s worth it to look into the various <a href="https://www.simplifyingthemarket.com/en/2023/06/19/saving-for-a-down-payment-heres-what-you-need-to-know/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">down payment</a> assistance programs available. These programs can really help you save big on the upfront costs of buying a home.
There are a lot more options out there than you may realize. According to <a href="https://downpaymentresource.com/" rel="noopener noreferrer" target="_blank">Down Payment Resource</a>, there are over 2,000 programs designed to help hopeful homebuyers with down payments and closing costs.
If you qualify for one of these programs, you may not need to save up as much money for your down payment. A Hollinden Team real estate agent can help you explore these programs in our area, making it much easier to turn your homeownership dream into a reality.
Consider Living with Relatives To Save
If you still need a bit more time to save, even with the down payment assistance programs out there, there are ways you can make that happen. Many savvy Zoomers have made a strategic choice to live with relatives so they can get to their savings goals even faster.
According to the <a href="https://www.nar.realtor/newsroom/baby-boomers-overtake-millennials-as-largest-generation-of-home-buyers" rel="noopener noreferrer" target="_blank">National Association of Realtors</a> (NAR), around 30% of Gen Z homebuyers transition directly from their relative’s home to a home of their own.
By sharing living costs, such as mortgage payments, utility bills, and even grocery expenses, you can substantially reduce your monthly expenses. This frees up more of your income to tackle any outstanding debt, boost your credit score, and reach your down payment target in less time. And, all of this can bring <a href="https://www.simplifyingthemarket.com/en/2023/10/04/understanding-the-benefits-of-owning-your-first-home/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">homeownership</a> one step closer to becoming a reality. Clare Trapasso, Executive News Editor at Realtor.com, <a href="https://mediaroom.realtor.com/2023-10-10-Hopeful-Homebuyers-Turn-Relatives-Into-Roommates-to-Save-Money-and-Share-Childcare" rel="noopener noreferrer" target="_blank">explains</a>:
“Faced with ongoing housing affordability issues . . . we're seeing parents and children becoming roommates again in later years as the 'kids' save up to purchase their own place . . ."
The Road to Homeownership
When you're on the path to becoming a homeowner, it's a good idea to get some help along the way. And one of your best resources on this journey as a young homebuyer is your trusted Hollinden Team <a href="https://www.simplifyingthemarket.com/en/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">real estate agent</a>. We'll steer you through the process of buying a home and help you find one you can afford.
Bottom Line
For Gen Z, the path to homeownership may not be straightforward, but it's still within reach. With the right strategies, you can turn your dream of owning a home into a reality.2023-10-26T06:28:47-07:002023-10-26T06:31:19-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21731Buying a home offers more benefits than renting, even when mortgage rates are high!Invest in Yourself by Owning a Home
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Are you wondering if it makes sense to <a href="https://www.simplifyingthemarket.com/en/2023/10/17/how-buying-a-multi-generational-home-helps-with-affordability-today/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buy a home</a> right now? While today’s <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">mortgage rates</a> might seem a bit intimidating, here are two compelling reasons why it still may be a good time to become a <a href="https://www.simplifyingthemarket.com/en/2023/09/21/the-many-non-financial-benefits-of-homeownership/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">homeowner</a>.
Home Values Appreciate over Time
There’s been a lot of confusion around what’s happened with home prices over the past two years. While they did dip ever so slightly in late 2022, this year they’ve been <a href="https://www.simplifyingthemarket.com/en/2023/10/03/home-prices-are-not-falling/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">appreciating</a> at a more normal pace, which is <a href="https://www.simplifyingthemarket.com/en/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">good news</a> for the housing market. And while looking at price movement over just a year or two can make you worry prices are usually this unpredictable, history shows in the long run, <a href="https://www.simplifyingthemarket.com/en/2023/10/12/growing-your-net-worth-with-homeownership/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home values rise</a> (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231023/20231025-Price-Appreciation-over-the-Last-60-Years.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231023/20231025-Price-Appreciation-over-the-Last-60-Years.png" /></a>
Using data from the Federal Reserve for the past <a href="https://fred.stlouisfed.org/series/ASPUS" rel="noopener noreferrer" target="_blank">60 years</a>, you can see the overall trend is home prices have climbed quite steadily. Sure, there was an exception around the housing <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">crash of 2008</a> that caused prices to break the usual trend for a time, but overall, home values have been consistently on the <a href="https://www.simplifyingthemarket.com/en/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">rise</a>.
Increasing home values is one great reason why buying may make more sense than renting. As prices rise, and as you pay down your mortgage, you build equity. Over time, that growing equity gives your <a href="https://www.simplifyingthemarket.com/en/2023/10/12/growing-your-net-worth-with-homeownership/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">net worth</a> a boost.
Rent Keeps Going Up Through the Years
Another reason you may want to consider buying a home instead of <a href="https://www.simplifyingthemarket.com/en/2023/10/13/the-difference-between-renting-and-buying-a-home-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">renting</a> is the never-ending rent hike. If you've ever felt the pinch of rent increasing year after year, you're not alone. That’s because, rents have <a href="https://ipropertymanagement.com/research/average-rent-by-year" rel="noopener noreferrer" target="_blank">climbed steadily</a> over the past six decades (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231023/20231025-Increase-in-Rents-over-the-Last-60-Years.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231023/20231025-Increase-in-Rents-over-the-Last-60-Years.png" /></a>
By <a href="https://www.simplifyingthemarket.com/en/2023/10/02/unpacking-the-long-term-benefits-of-homeownership/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buying a home</a>, you can lock in your monthly housing costs and bid farewell to those pesky rent hikes. That stability is a game-changer.
In the end, it all boils down to this: your housing payments are an investment, and you've got a choice to make. Do you want to invest in yourself or your landlord?
By becoming a <a href="https://www.simplifyingthemarket.com/en/2023/10/06/how-homeowner-net-worth-grows-with-time-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">homeowner</a>, you're investing in your own future. When you rent, that’s money you never get back.
When you factor in home values consistently rising, plus the opportunity to get relief from never-ending rent hikes, homeownership can be a path to financial security. As Dr. Jessica Lautz, Deputy Chief Economist and VP of Research at the National Association of Realtors (NAR), <a href="https://www.forbes.com/advisor/mortgages/real-estate/is-buying-a-home-worth-it/" rel="noopener noreferrer" target="_blank">states</a>:
“If a homebuyer is financially stable, able to manage monthly mortgage costs and can handle the associated household maintenance expenses, then it makes sense to purchase a home.”
Bottom Line
When it comes down to it, buying a home offers more benefits than renting, even when mortgage rates are high. If you want to avoid increasing rents and take advantage of long-term home price appreciation, let’s connect to go over <a href="https://www.mykcm.com/2023/09/22/how-remote-work-helps-with-your-house-hunt-infographic/" rel="noopener noreferrer" target="_blank">your options</a>.2023-10-25T06:39:47-07:002023-10-25T06:40:32-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21728Supply of homes for sale is LOW!The Perks of Selling Your House When Inventory Is Low
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When it comes to <a href="https://www.simplifyingthemarket.com/en/2023/09/19/your-home-equity-can-offset-affordability-challenges/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">selling your house</a>, you’re probably trying to juggle the current market conditions and your <a href="https://www.simplifyingthemarket.com/en/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">own needs</a> as you plan your move.
One thing that may be working in your favor is how few homes there are for sale right now. Here’s what you need to know about the current <a href="https://www.simplifyingthemarket.com/en/2023/08/25/todays-housing-market-has-only-half-the-usual-inventory-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">inventory</a> situation and what it means for you.
The Supply of Homes for Sale Is Far Below the Norm
When you’re selling something, it helps if what you’re selling is in demand, but is also in <a href="https://www.simplifyingthemarket.com/en/2023/09/14/why-is-housing-inventory-so-low/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">low supply</a>. Why? That makes it even more desirable since there’s not enough to go around. That’s exactly what’s happening in the housing market today. There are more buyers looking to buy than there are homes for sale.
To tell the story of just how low <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">inventory</a> is, here’s the latest information on active listings, or homes available for sale. The graph below uses <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">data</a> from Realtor.com to show how many active listings there were in September of this year compared to what’s more typical in the market.
<a href="https://www.simplifyingthemarket.com/en/content/images/20231023/20231024-The-Supply-of-Homes-for-sale-Is-Still-Low.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231023/20231024-The-Supply-of-Homes-for-sale-Is-Still-Low.png" /></a>
As you can see in the graph, if you look at the last normal years for the market (shown in the blue bars) versus the latest numbers for this year (shown in the red bar), it’s clear <a href="https://www.simplifyingthemarket.com/en/2023/09/29/explaining-todays-low-housing-supply-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">inventory</a> is still far lower than the norm.
What That Means for You
<a href="https://www.simplifyingthemarket.com/en/2023/08/30/buyer-traffic-is-still-stronger-than-the-norm/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">Buyers</a> have fewer choices now than they did in more typical years. And that’s why you could still see some great perks if you sell today. Because there aren’t enough homes to go around, homes that are priced right are still selling fast and the average <a href="https://www.simplifyingthemarket.com/en/2023/09/04/why-its-still-a-sellers-market-today/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">seller</a> is getting multiple offers from eager buyers. Based on the latest data from the <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" rel="noopener noreferrer" target="_blank">Confidence Index</a> from the National Association of Realtors (NAR):
69% of homes sold in less than a month.
2.6 offers: the average number of offers on recently sold homes.
An <a href="https://www.realtor.com/research/september-2023-data/" rel="noopener noreferrer" target="_blank">article</a> from Realtor.com also explains how the limited number of houses for sale benefits you if you’re selling:
“. . . homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019 . . . as still-limited supply spurs homebuyers to act quickly . . .”
Bottom Line
Because the supply of homes for sale is so low, buyers desperately want more options – and your house may be just what they’re looking for. Let’s connect to get your <a href="https://www.mykcm.com/2023/10/09/key-skills-you-need-your-listing-agent-to-have/" rel="noopener noreferrer" target="_blank">house listed</a> at the right price for today’s market. You could still see it sell quickly and potentially get multiple offers.2023-10-24T10:52:24-07:002023-10-24T10:53:17-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21718The TRUTH about how home prices are changing in our local area.Why Home Prices Keep Going Up
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If you've ever dreamed of buying your own place, or selling your current house to upgrade, you're no stranger to the rollercoaster of emotions changing <a href="https://www.simplifyingthemarket.com/en/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a> can stir up. It's a tale of financial goals, doubts, and a dash of anxiety that many have been through.
But if you put off moving because you’re worried home prices might drop, make no mistake, they’re not going down. In fact, it's just the opposite. National <a href="https://www.blackknightinc.com/data-reports/" rel="noopener noreferrer" target="_blank">data</a> from several <a href="https://www.zillow.com/research/data/" rel="noopener noreferrer" target="_blank">sources</a> says they’ve been <a href="https://www.freddiemac.com/research/indices/house-price-index" rel="noopener noreferrer" target="_blank">going up</a> consistently this year (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231018/20231023-Percent-Change-In-Home-Values.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231018/20231023-Percent-Change-In-Home-Values.png" /></a>
Here’s what this graph shows. In the first half of 2022, home prices rose significantly (the green bars on the left side of the graphs above). Those increases were dramatic and unsustainable.
So, in the second half of the year, prices went through a correction and started dipping a bit (shown in red). But those slight declines were shallow and short-lived. Still, the media really focused on those drops in their headlines – and that created a lot of fear and uncertainty among consumers.
But here’s what hasn’t been covered fully. So far in 2023, prices are going up once more, but this time at a more normal pace (the green bars on the right side of the graphs above). And after price gains that were too high and then the corrections that followed in 2022, the fact that all three reports show more normal or typical price appreciation this year is good news for the housing market.
Orphe Divounguy, Senior Economist at Zillow, <a href="https://www.zillow.com/research/total-market-value-2023-33031/" rel="noopener noreferrer" target="_blank">explains</a> changing home prices over the past 12 months this way:
“The U.S. housing market has surged over the past year after a temporary hiccup from July 2022-January 2023. . . . That downturn has proven to be short lived as housing has rebounded impressively so far in 2023. . .”
Looking ahead, home price appreciation typically starts to ease up <a href="https://www.simplifyingthemarket.com/en/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">this time of year</a>. As that happens, there’s some risk the media will confuse slowing price growth (deceleration of appreciation) with home prices falling (depreciation). Don’t be fooled. Slower price growth is still growth.
Why Are Home Prices Increasing Now?
One reason why home prices are going back up is because there still <a href="https://www.simplifyingthemarket.com/en/2023/09/29/explaining-todays-low-housing-supply-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">aren't enough homes</a> for sale for all the people who want to buy them.
Even though higher <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">mortgage rates</a> cause <a href="https://www.simplifyingthemarket.com/en/2023/09/15/plenty-of-buyers-are-still-active-today-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buyer demand</a> to moderate, they also cause the <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">supply of available homes</a> to go down. That’s because of the mortgage rate lock-in effect. When rates rise, some homeowners are reluctant to sell and lose their current low mortgage rate just to take on a higher one for their next home.
So, with higher mortgage rates impacting both buyers and sellers, the supply and demand equation of the housing market has been affected. But since there are still more people who want to purchase homes than there are <a href="https://www.simplifyingthemarket.com/en/2023/09/14/why-is-housing-inventory-so-low/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">homes available to buy</a>, prices continue to rise. As Freddie Mac <a href="https://www.freddiemac.com/research/forecast/20230921-overall-economic-growth-has-been-resilient" rel="noopener noreferrer" target="_blank">states</a>:
“While rising interest rates have reduced affordability—and therefore demand—they have also reduced supply through the mortgage rate lock-in effect. Overall, it appears the reduction in supply has outweighed the decrease in demand, thus house prices have started to increase . . .”
Here’s How This Impacts You
Buyers: If you've been waiting to <a href="https://www.simplifyingthemarket.com/en/2023/10/04/understanding-the-benefits-of-owning-your-first-home/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buy a home</a> because you were afraid its value might drop, knowing that home prices have gone back up should make you feel better. <a href="https://www.simplifyingthemarket.com/en/2023/10/06/how-homeowner-net-worth-grows-with-time-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">Buying a home</a> gives you a chance to own something that usually becomes <a href="https://www.simplifyingthemarket.com/en/2023/10/02/unpacking-the-long-term-benefits-of-homeownership/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">more valuable over time</a>.
Sellers: If you've been holding off on selling your house because you were worried about how changing home prices would impact its value, it could be a smart move to work with a <a href="https://www.simplifyingthemarket.com/en/2023/10/09/key-skills-you-need-your-listing-agent-to-have/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">real estate agent</a> and put your house <a href="https://www.simplifyingthemarket.com/en/2023/09/15/plenty-of-buyers-are-still-active-today-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">on the market</a>. You don't have to wait any longer because the most recent data indicates home prices have turned in your favor.
Bottom Line
If you put off moving because you were worried that home prices might go down, data shows they’re <a href="https://www.mykcm.com/2023/10/03/home-prices-are-not-falling/" rel="noopener noreferrer" target="_blank">increasing</a> across the country. Let’s connect so you can understand how home prices are changing in our local area.2023-10-23T07:06:42-07:002023-10-23T07:21:32-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21711Home prices aren’t falling. They’re just rising slower and going back to normal seasonal trends.Home Price Growth Is Returning to Normal
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231019/Home-Price-Growth-Is-Returning-To-Normal-KCM-Share.png" width="600" /><br /><br />
<a href="https://www.simplifyingthemarket.com/en/content/images/20231019/Home-Price-Growth-Is-Returning-To-Normal-MEM.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231019/Home-Price-Growth-Is-Returning-To-Normal-MEM.png" /></a>
Some Highlights
If you're wondering what’s happening with <a href="https://www.mykcm.com/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/" rel="noopener noreferrer" target="_blank">home prices</a>, know they’re still <a href="https://www.mykcm.com/2023/10/03/home-prices-are-not-falling/" rel="noopener noreferrer" target="_blank">rising</a>, just at a slower pace – and that’s perfectly normal for this time of year.
Based on <a href="https://www.mykcm.com/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/" rel="noopener noreferrer" target="_blank">typical seasonality</a> in the market, <a href="https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-us-national-home-price-nsa-index/#overview" rel="noopener noreferrer" target="_blank">prices</a> go up most in the spring during the peak buying season, and then price growth slows down as the year goes on.
Home prices aren’t falling. They’re just rising slower and going <a href="https://www.corelogic.com/intelligence/us-home-price-insights-september-2023/" rel="noopener noreferrer" target="_blank">back to normal</a> seasonal trends. That’s a good thing. If you're curious about prices in our area, let’s connect.
2023-10-20T06:27:31-07:002023-10-20T06:28:30-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21702Home prices are expected to go up when all the buyers sitting on the sidelines right not get off the fence. This could also create over bidding and multiple offers all over again, which will likely significantly raise prices. You should consider buying now! You can always look into refinancing if rates come back down.What Are the Real Reasons You Want To Move Right Now?
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231017/20231018-What-are-the-real-reasons-you-want-to-move-right-now.png" width="600" /><br /><br />
If you're considering <a href="https://www.simplifyingthemarket.com/en/2023/09/15/plenty-of-buyers-are-still-active-today-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">selling your house</a> right now, it's likely because something in your life has changed. And while things like mortgage rates play a big role in your decision, you don’t want that to overshadow why you thought about <a href="https://www.simplifyingthemarket.com/en/2023/08/14/where-are-people-moving-today-and-why/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">making a move</a> in the first place.
It’s true <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">mortgage rates</a> are higher right now, and that has an impact on affordability. As a result, some homeowners are deciding they’ll wait to sell because they don’t want to move and have a higher mortgage rate on their next home.
But your lifestyle and your changing needs matter, too. As a recent article from Realtor.com <a href="https://www.realtor.com/advice/sell/should-i-sell-my-house-now-reasons-to-list-times-to-wait/" rel="noopener noreferrer" target="_blank">says</a>:
“No matter what interest rates and home prices do next, sometimes homeowners just have to move—due to a new job, new baby, divorce, death, or some other major life change.”
Here are a few of the most common reasons people choose to sell today. You may find any one of these resonates with you and may be reason enough to move, even today.
Relocation
Some of the things that can motivate a move to a new area include <a href="https://www.simplifyingthemarket.com/en/2023/09/22/how-remote-work-helps-with-your-house-hunt-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">changing jobs</a>, a desire to be closer to friends and <a href="https://www.simplifyingthemarket.com/en/2023/10/10/are-grandparents-moving-to-be-closer-to-their-grandkids/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">loved ones</a>, wanting to live in your ideal location, or just looking for a change in scenery.
For example, if you just landed your <a href="https://www.simplifyingthemarket.com/en/2023/09/20/remote-work-is-changing-how-some-buyers-search-for-their-dream-homes/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">dream job</a> in another state, you may be thinking about selling your current home and moving for work.
Upgrading
Many homeowners decide to sell to move into a larger home. This is especially common when there’s a need for more room to entertain, a home office or gym, or additional bedrooms to accommodate a growing number of loved ones.
For example, if you’re living in a condo and your household is growing, it may be time to find a home that better fits those needs.
Downsizing
Homeowners may also decide to sell because someone’s moved out of the home recently and there’s now more space than needed. It could also be that they’ve recently <a href="https://www.simplifyingthemarket.com/en/2023/09/11/planning-to-retire-your-equity-can-help-you-make-a-move/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">retired</a> or are ready for a change.
For example, you’ve just kicked off your retirement and you want to move somewhere warmer with less house to maintain. A different home may be better suited for your new lifestyle.
Change in Relationship Status
Divorce, separation, or marriage are other common reasons individuals sell.
For example, if you’ve recently separated, it may be difficult to still live under one roof. Selling and getting a place of your own may be a better option.
Health Concerns
If a homeowner faces mobility challenges or health issues that require specific living arrangements or modifications, they might sell their house to find one that works better for them.
For example, you may be looking to sell your house and use the proceeds to help pay for a unit in an assisted-living facility.
With higher mortgage rates and <a href="https://www.simplifyingthemarket.com/en/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">rising prices</a>, there are some <a href="https://www.simplifyingthemarket.com/en/2023/09/19/your-home-equity-can-offset-affordability-challenges/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">affordability challenges</a> right now – but your needs and your lifestyle matter too. As a recent article from Bankrate <a href="https://www.bankrate.com/real-estate/should-i-sell-my-house-now-or-wait/#sell-now" rel="noopener noreferrer" target="_blank">says</a>:
“Deciding whether it’s the right time to sell your home is a very personal choice. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market. . . . Your future plans and goals should be a significant part of the equation . . .”
Bottom Line
If you want to sell your house and find a new one that better fits your needs, <a href="https://www.mykcm.com/2023/10/09/key-skills-you-need-your-listing-agent-to-have/" rel="noopener noreferrer" target="_blank">let’s connect</a>. That way, you’ll have someone to guide you through the process and help you find a home that works for you.2023-10-18T06:36:57-07:002023-10-18T06:38:28-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21699Is Multi-Generational living a good option for you?How Buying a Multi-Generational Home Helps with Affordability Today
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231013/20231017-How-Buying-a-Multi-Generational-Home-Helps-with-Affordability-Today.png" width="600" /><br /><br />
In today's world of <a href="https://www.simplifyingthemarket.com/en/2023/09/06/mortgage-rates-past-present-and-possible-future/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">rising housing costs</a>, many buyers are looking for ways to still be able to buy a home. Some of them have found a solution in multi-generational living.
Multi-generational living is when two or more adult generations live together under one roof. This includes siblings, parents, or even grandparents. Here’s an in-depth look at why more buyers are choosing this option today, so you can see if it may be right for you too.
Reasons To Buy a Multi-Generational Home
According to a <a href="https://www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying" rel="noopener noreferrer" target="_blank">recent study</a> by the National Association of Realtors (NAR), the top two reasons people are opting for multi-generational homes today have to do with affordability (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231013/20231017-Reasons-to-Purchase-a-MultiGen-Home.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231013/20231017-Reasons-to-Purchase-a-MultiGen-Home.png" /></a>
Cost Savings: About 28% of first-time buyers and 11% of repeat buyers are deciding on a multi-generational home to save on costs. By pooling their resources, households can share the financial responsibilities like mortgage payments, utilities, property taxes, and maintenance, to make <a href="https://www.simplifyingthemarket.com/en/2023/10/02/unpacking-the-long-term-benefits-of-homeownership/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">homeownership</a> more affordable. This is especially helpful for <a href="https://www.simplifyingthemarket.com/en/2023/10/04/understanding-the-benefits-of-owning-your-first-home/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">first-time homebuyers</a> who may be finding it tough to afford a home on their own in today's market.
More Space: Another 28% of first-time buyers and 18% of repeat buyers are doing it because they want a larger home they couldn’t afford on their own. For some of the <a href="https://www.simplifyingthemarket.com/en/2023/09/11/planning-to-retire-your-equity-can-help-you-make-a-move/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">repeat buyers</a> who listed this as a main motivator, it could be because they find themselves taking care of <a href="https://www.simplifyingthemarket.com/en/2023/09/13/should-baby-boomers-buy-or-rent-after-selling-their-houses/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">older parents</a> while also welcoming back young adults who've returned to the nest. With everyone chipping in and combining their incomes, suddenly, that big <a href="https://www.simplifyingthemarket.com/en/2023/09/21/the-many-non-financial-benefits-of-homeownership/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">dream home</a> with more space is within reach. As the Triangle Business Journal <a href="https://www.bizjournals.com/triangle/news/2023/04/01/why-choose-multigenerational-living-in-the-triangl.html" rel="noopener noreferrer" target="_blank">explains</a>:
“Choosing multi-gen living allows people to purchase a home much larger than they could afford on their own by leveraging the combined income, credit and a down payment of those that they will be occupying the home with.”
Lean on an Expert
If you’re interested in this too, partner with a local <a href="https://www.simplifyingthemarket.com/en/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">real estate agent</a>. Finding the perfect multi-generational home isn't as simple as shopping for a regular house. That’s because there are more people with even more opinions and needs that should be considered.
You've got to make sure everyone has their own space, find room for shared household time, and possibly even create adaptable areas for older relatives. It's a puzzle, and the pieces need to fit just right. Your real estate agent has the expertise and local knowledge to help you find that home where everyone can be comfortable without breaking the bank. As MoneyGeek.com <a href="https://www.moneygeek.com/mortgage/resources/multigenerational-family-finances/" rel="noopener noreferrer" target="_blank">puts</a> it:
"Having a good multigenerational property can improve the prospects of success when living with loved ones. A multigenerational home should fit the specific needs of most family members regardless of age or health. Speaking to a real-estate agent can help you gain clarity and locate a fit."
Bottom Line
Buying a multi-generational home can be a smart way to tackle some of today’s affordability challenges. When you team up to share expenses, you can make your dream of homeownership more attainable. If this sounds like an option for you and your loved ones, let’s connect to help you find a home that’s the perfect fit.2023-10-17T10:00:00-07:002023-10-17T07:05:29-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21698Sellers want to be near Loved OnesAre Grandparents Moving To Be Closer to Their Grandkids?
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231005/20231010-Are-Grandparents-Moving-To-Be-Closer-to-Their-Grandkids.png" width="600" /><br /><br />
During the pandemic, many people distanced themselves from their loved ones for health reasons. <a href="https://www.simplifyingthemarket.com/en/2023/09/13/should-baby-boomers-buy-or-rent-after-selling-their-houses/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">Grandparents</a> were told to stay away from their grandkids, especially as schools started to open. That’s because it would have been risky to visit with their grandchildren who may have gotten sick from school.
Now that the pandemic has passed, many grandparents want more than ever to be near their grandchildren again to make up for that lost time. But how are they getting that “Grandparent Wish?” The data tells us many are <a href="https://www.simplifyingthemarket.com/en/2023/09/11/planning-to-retire-your-equity-can-help-you-make-a-move/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">moving</a> to make sure they’re getting more quality time.
Grandparents Are Moving To Be Near Loved Ones
Recent <a href="https://store.realtor/2022-nar-profile-of-home-buyers-and-sellers-download/" rel="noopener noreferrer" target="_blank">data</a> from the National Association of Realtors (NAR) shows people between the ages of 55 and 74 are moving farther (more than 100 miles) than any other age group (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231005/20231010-Grandparents-are-moving-farther-away.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231005/20231010-Grandparents-are-moving-farther-away.png" /></a>
The average age of grandparents in the U.S. is <a href="https://www.bgsu.edu/ncfmr/resources/data/family-profiles/westrick-payne-grandparents-characteristics-age-fp-23-02.html#%3A%7E%3Atext%3DGrandparenthood%20is%20more%20common%20among%2Cthose%20in%20midlife%20(33%25)" rel="noopener noreferrer" target="_blank">67 years</a>. The logical leap is that at least some of the people who are moving the furthest are grandparents. But what’s causing them to move so far?
The same report from NAR shows the top <a href="https://store.realtor/2022-nar-profile-of-home-buyers-and-sellers-download/" rel="noopener noreferrer" target="_blank">reason</a> people move is to be closer to loved ones (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231005/20231010-Sellers-Want-to-be-near-loved-ones.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231005/20231010-Sellers-Want-to-be-near-loved-ones.png" /></a>
Based on this data, it’s fair to say many grandparents are getting their wish of more quality time with their grandchildren by moving to be closer to them. And after experiencing isolation and loneliness during the COVID pandemic, that’s an especially good thing.
If you’re a grandparent, you know how important your grandchildren are. And you may be willing to sell and move just to be closer by. As Vance Cariaga, a journalist at Go Bank Rates, <a href="https://www.gobankingrates.com/retirement/planning/boomers-moving-further-from-home-close-to-grandbabies-is-it-good-financial-move/" rel="noopener noreferrer" target="_blank">explains</a>:
“Never underestimate the power of grandchildren – especially when it comes to lifestyle and financial decisions. Recent data shows that many baby boomers are relocating further away from home than they used to so they can be closer to their grandbabies.”
Bottom Line
The data shows grandparents are moving further to be near their grandchildren. If you have grandchildren of your own, maybe you can relate. When you decide it’s time to be closer to your loved ones, let's <a href="https://www.mykcm.com/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/" rel="noopener noreferrer" target="_blank">connect</a>.2023-10-17T06:52:50-07:002023-10-17T06:53:56-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21697Where Will Mortgage Rates Go from Here?Are Higher Mortgage Rates Here To Stay?
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231012/20231016-Are-Higher-Mortgage-Rates-Here-To-Stay.png" width="600" /><br /><br />
<a href="https://www.simplifyingthemarket.com/en/2023/09/06/mortgage-rates-past-present-and-possible-future/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">Mortgage rates</a> have been back on the rise recently and that’s getting a lot of attention from the press. If you’ve been following the headlines, you may have even seen rates recently reached their <a href="https://freddiemac.gcs-web.com/node/27781/pdf" rel="noopener noreferrer" target="_blank">highest level</a> in over two decades (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231012/20231016-Mortgage-Rates-Reach-Highest-Level-In-Almost-23-Years.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231012/20231016-Mortgage-Rates-Reach-Highest-Level-In-Almost-23-Years.png" /></a>
That can feel like a little bit of a gut punch if you’re thinking about <a href="https://www.simplifyingthemarket.com/en/2023/08/14/where-are-people-moving-today-and-why/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">making a move</a>. If you’re wondering whether or not you should delay your plans, here’s what you really need to know.
How Higher Mortgage Rates Impact You
There’s no denying mortgage rates are higher right now than they were in recent years. And, when rates are up, that affects overall <a href="https://www.simplifyingthemarket.com/en/2023/09/07/get-ready-for-smaller-more-affordable-homes/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home affordability</a>. It works like this. The higher the rate, the more expensive it is to borrow money when you <a href="https://www.simplifyingthemarket.com/en/2023/08/17/people-want-less-expensive-homes-and-builders-are-responding/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buy a home</a>. That’s because, as rates trend up, your monthly <a href="https://www.simplifyingthemarket.com/en/2023/05/19/the-impact-of-changing-mortgage-rates-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">mortgage payment</a> for your future home loan also increases.
Urban Institute <a href="https://www.urban.org/urban-wire/rising-interest-rates-put-brakes-mortgage-market-borrowers-low-incomes" rel="noopener noreferrer" target="_blank">explains</a> how this is impacting buyers and sellers right now:
“When mortgage rates go up, monthly housing payments on new purchases also increase. For potential buyers, increased monthly payments can reduce the share of available affordable homes . . . Additionally, higher interest rates mean fewer homes on the market, as existing homeowners have an incentive to hold on to their home to keep their low interest rate.”
Basically, some people are deciding to put their plans on hold because of where mortgage rates are right now. But what you want to know is: is that a good <a href="https://www.simplifyingthemarket.com/en/2023/07/03/evaluating-your-wants-and-needs-as-a-homebuyer-matters-more-today/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">strategy</a>?
Where Will Mortgage Rates Go from Here?
If you’re eager for mortgage rates to drop, you’re not alone. A lot of people are waiting for that to happen. But here’s the thing. No one knows when it will. Even the experts can’t say with certainty what’s going to happen next.
<a href="https://www.simplifyingthemarket.com/en/2023/08/04/housing-market-forecast-for-the-rest-of-2023-infographic-1/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">Forecasts</a> project rates will fall in the months ahead, but what the latest <a href="https://www.freddiemac.com/pmms" rel="noopener noreferrer" target="_blank">data</a> says is that rates have been climbing lately. This disconnect shows just how tricky mortgage rates are to project.
The best advice for your move is this: don’t try to control what you can’t control. This includes trying to time the market or guess what the future holds for mortgage rates. As CBS News <a href="https://www.cbsnews.com/news/dont-wait-for-mortgage-rates-to-drop-do-this-instead/" rel="noopener noreferrer" target="_blank">states</a>:
“If you're in the market for a new home, experts typically recommend focusing your search on the right home purchase — not the interest rate environment.”
Instead, work on building a team of <a href="https://www.simplifyingthemarket.com/en/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">skilled professionals</a>, including a trusted lender and real estate agent, who can explain what’s happening in the market and what it means for you. If you need to move because you’re <a href="https://www.simplifyingthemarket.com/en/2023/06/13/your-needs-matter-more-than-todays-mortgage-rates/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">changing jobs</a>, want to be closer to family, or are in the middle of another big <a href="https://www.simplifyingthemarket.com/en/2023/08/29/why-you-may-still-want-to-sell-your-house-after-all/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">life change</a>, the right team can help you <a href="https://www.simplifyingthemarket.com/en/2023/09/19/your-home-equity-can-offset-affordability-challenges/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">achieve your goal</a>, even now.
Bottom Line
The best advice for your move is: don’t try to control what you can’t control – especially mortgage rates. Even the experts can’t say for certain where they’ll go from here. Instead, focus on building a team of trusted professionals who can keep you informed. When you’re ready to get the process started, let’s connect.2023-10-17T06:50:08-07:002023-10-17T06:52:44-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21648Home prices are not falling anymore.Home Prices Are Not Falling
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230929/20231003-Home-Prices-Are-Not-Falling.png" width="600" /><br /><br />
During the fourth quarter of last year, some housing experts projected <a href="https://www.simplifyingthemarket.com/en/2023/09/08/home-price-forecasts-revised-for-2023-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a> were going to crash in 2023. The media ran with those forecasts and put out headlines calling for doom and gloom in the housing market. All of this negative news coverage made a lot of people have doubts about the strength of the residential real estate market.
If it made you question if you should delay your own <a href="https://www.simplifyingthemarket.com/en/2023/09/22/how-remote-work-helps-with-your-house-hunt-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">plans to move</a>, here’s what you really need to know.
Home Prices Never Crashed
Disregard what you saw in the headlines. The actual <a href="https://www.zillow.com/research/data/" rel="noopener noreferrer" target="_blank">data</a> shows home prices were <a href="https://www.simplifyingthemarket.com/en/2023/09/05/expert-home-price-forecasts-revised-up-for-2023/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">remarkably resilient</a> and performed far better than the media would have you believe (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20230929/20231003-Percent-Change-In-Home-Values.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230929/20231003-Percent-Change-In-Home-Values.png" /></a>
This graph uses <a href="https://www.blackknightinc.com/data-reports/" rel="noopener noreferrer" target="_blank">reports</a> from three trusted <a href="https://www.freddiemac.com/research/indices/house-price-index" rel="noopener noreferrer" target="_blank">sources</a> to clearly illustrate prices have <a href="https://www.simplifyingthemarket.com/en/2023/08/11/home-prices-are-back-on-the-rise-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">already rebounded</a> after experiencing only slight declines nationally. That’s a far cry from the crash so many articles called for.
The declines that did happen (shown in red), weren’t drastic but were short-lived. As Nicole Friedman, a reporter at the Wall Street Journal (WSJ), <a href="https://www.wsj.com/economy/housing/the-fall-in-home-prices-may-already-be-over-3496d6bb" rel="noopener noreferrer" target="_blank">says</a>:
“Home prices aren’t falling anymore. . . The surprisingly quick recovery suggests that the residential real-estate downturn is turning out to be shorter and shallower than many housing economists expected . . .”
Even though some media coverage made a big deal about home prices pulling back, the slight correction that happened is already in the rearview mirror. Basically, this data shows you home prices aren’t falling anymore – they’re actually going back up.
What’s Next for Home Prices?
The consensus from experts is that <a href="https://www.simplifyingthemarket.com/en/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home price growth</a> will continue in the years ahead and is <a href="https://www.simplifyingthemarket.com/en/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">returning to normal</a> levels for the market. That means we’ll still see home prices appreciating, just at a slower pace than the last few years – and that’s a good thing.
Some news sources will see home price growth slowing and put out stories that make you think prices are falling again. The return of misleading headlines like those is already having an impact on how homebuyers are feeling again. You can see how this affects general opinion in the <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/national-housing-survey/national-housing-survey-archive" rel="noopener noreferrer" target="_blank">Consumer Confidence Survey</a> from Fannie Mae (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20230929/20231003---of-Americans-Who-Think-Home-Prices-Will-Go-Down-over-the-Next-12-Months.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230929/20231003---of-Americans-Who-Think-Home-Prices-Will-Go-Down-over-the-Next-12-Months.png" /></a>
While the percentage of Americans who think prices will fall has been slowly declining this year, the latest Consumer Confidence data indicates that’s ticked back up recently (shown in red). This change is surprising especially since the home price data shows prices are going up, not down. It tells you the impact the media still has on public opinion.
Don’t fall for the negative headlines and become part of this statistic. Remember, data from a number of sources shows home prices aren’t falling anymore.
Bottom Line
Even though the media may make things sound doom and gloom, the data shows home prices aren’t falling anymore. So, don’t let the headlines scare you or delay your plans. Let's connect so you have a trusted resource to cut through the noise and tell you what’s really happening in our area.2023-10-09T06:57:52-07:002023-10-09T06:58:48-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21647Hiring the right Seller's AgentKey Skills You Need Your Listing Agent To Have
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231005/20231009-Key-skills-you-need-your-listing-agent-to-have.png" width="600" /><br /><br />
<a href="https://www.simplifyingthemarket.com/en/2023/08/29/why-you-may-still-want-to-sell-your-house-after-all/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">Selling</a> your house is a big decision. And that can make it feel both exciting and a little bit nerve-wracking. But the key to a successful sale is finding the perfect listing agent to work with you throughout the process. A listing agent, also known as a <a href="https://www.simplifyingthemarket.com/en/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">seller's agent</a>, helps market and sell your house while advocating for you every step of the way.
But, how do you know you've found the perfect match in an agent? Here are three key skills you’ll want your listing agent to have.
They Price Your House Based on the Latest Data
While it may be tempting to pick the agent who suggests the highest asking price for your house, that strategy may <a href="https://www.simplifyingthemarket.com/en/2023/09/28/why-your-house-didnt-sell/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">cost you</a>. It’s easy to get caught up in the excitement when you see a bigger number, but overpricing your house can have consequences. It could mean it’ll sit on the market longer because the higher price is actually deterring buyers.
Instead, you want to pick an agent who’s going to have an open conversation about how they think you should price your house and why. A great agent will base their pricing strategy on solid data. They won't throw out a number just to win your listing. Instead, they'll show you the facts, explain their pricing strategy, and make sure you're on the same page. As NerdWallet <a href="https://www.nerdwallet.com/article/mortgages/are-all-real-estate-agents-the-same-which-realtor-is-right-for-you" rel="noopener noreferrer" target="_blank">explains</a>:
“An agent who recommends the highest price isn't always the best choice. Choose an agent who backs up the recommendation with market knowledge.”
They’re a Great Negotiator
The home-selling process can be emotional, especially if you’ve been in your house for a long time. You’re connected to it and have a lot of memories there. This can make the negotiation process harder. That’s where a trusted professional comes in.
A skilled listing agent will be calm under pressure and will be your point-person in all of those conversations. Their experience in handling the back-and-forth gives you with the peace of mind that you've got someone on your side who’s got your best interests in mind throughout this journey.
They’re a Skilled Problem Solver
At the heart of it all, a listing agent's main priority is to get your house sold. A great agent never loses sight of that goal and will help you prioritize your needs above all else. If they identify any necessary steps you need to take, they’ll be open with you about it. Their commitment to your success means they'll work with you to address any potential roadblocks and find creative solutions to anything that pops up along the way.
BankRate <a href="https://www.bankrate.com/real-estate/finding-best-real-estate-agent/#go-with-your-gut" rel="noopener noreferrer" target="_blank">explains</a> it like this:
“Just as important as the knowledge and experience agents bring is their ability to guide you smoothly through the process. Above all, go with an agent you trust and will feel comfortable with. . .”
Bottom Line
Whether you're a first-time seller or you’ve been through selling a house before, a great listing agent is the key to success. Let’s connect so you have a skilled local expert by your side to guide you through every step of the process.2023-10-09T06:32:12-07:002023-10-09T06:34:13-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21621Is Owning a Home still a good investment?Unpacking the Long-Term Benefits of Homeownership
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230928/20231002-Unpacking-the-long-term-benefits-of-homeownership.png" width="600" /><br /><br />
If you’re thinking about buying a home soon, higher <a href="https://www.simplifyingthemarket.com/en/2023/09/06/mortgage-rates-past-present-and-possible-future/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">mortgage rates</a>, rising <a href="https://www.simplifyingthemarket.com/en/2023/09/08/home-price-forecasts-revised-for-2023-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a>, and ongoing affordability concerns may make you wonder if it still makes sense to buy a home right now. While those market factors are important, there's more to consider. You should think about the long-term benefits of <a href="https://www.simplifyingthemarket.com/en/2023/09/21/the-many-non-financial-benefits-of-homeownership/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">homeownership</a> too.
Think about this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how home values grow with time and how, by extension, that grows your <a href="https://www.simplifyingthemarket.com/en/2023/09/01/homeowners-have-a-lot-of-equity-right-now-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">own wealth</a>. That may be why, in a recent Fannie Mae <a href="https://www.fanniemae.com/research-and-insights/perspectives/consumers-homeownership-aspirations-remain-high-despite-higher-home-prices-and-interest-rates" rel="noopener noreferrer" target="_blank">survey</a>, 76% of respondents say they believe buying a home is a safe investment.
Here’s a look at how just the home price appreciation piece can really add up over the years.
Home Price Growth over Time
The map below uses <a href="https://www.fhfa.gov/DataTools/Tools/Pages/House-Price-Index-(HPI).aspx" rel="noopener noreferrer" target="_blank">data</a> from the Federal Housing Finance Agency (FHFA) to show just how noteworthy price gains have been over the last five years. And, since <a href="https://www.simplifyingthemarket.com/en/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a> vary by area, the map is broken out regionally to help convey larger market trends:
<a href="https://files.keepingcurrentmatters.com/content/images/20230928/20231002-Percent-Change-in-Home-Prices-over-5-years.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230928/20231002-Percent-Change-in-Home-Prices-over-5-years.png" /></a>
If you look at the percent change in home prices, you can see home prices grew on average by just over 57% nationwide over a five-year period.
Some regions are slightly above or below that average, but overall, <a href="https://www.simplifyingthemarket.com/en/2023/08/11/home-prices-are-back-on-the-rise-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a> gained solid ground in a short time. And if you expand that time frame even more, the benefit of homeownership and the drastic gains homeowners made over the years become even clearer (see map below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230928/20231002-Percent-Change-in-Home-Prices-since-91.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230928/20231002-Percent-Change-in-Home-Prices-since-91.png" /></a>
The second map shows, nationwide, home prices appreciated by an average of over 297% over a roughly 30-year span.
This nationwide average tells you the typical homeowner who bought a house 30 years ago saw their home almost triple in value over that time. That’s a key factor in why so many homeowners who bought their homes years ago are still happy with their decision.
And while you may have heard talk throughout the year that <a href="https://www.simplifyingthemarket.com/en/2023/09/08/home-price-forecasts-revised-for-2023-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a> would crash, it hasn’t happened. In fact, experts <a href="https://www.simplifyingthemarket.com/en/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">project</a> home prices will continue to rise for years to come.
Bottom Line
If you’re wondering if it still makes sense to buy a home today, it's important to focus on the long-term advantages that come with homeownership. When you’re ready to start your homebuying journey, let’s chat.2023-10-03T06:24:03-07:002023-10-03T06:25:11-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21607Today's Low Housing Supply ExplainedExplaining Today’s Low Housing Supply [INFOGRAPHIC]
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230928/Explaining-Todays-Low-Housing-Supply-KCM-Share.png" width="600" /><br /><br />
<a href="https://www.simplifyingthemarket.com/en/content/images/20230928/Explaining-Todays-Low-Housing-Supply-MEM.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230928/Explaining-Todays-Low-Housing-Supply-MEM.png" /></a>
Some Highlights
Wondering why the supply of <a href="https://www.mykcm.com/2023/09/14/why-is-housing-inventory-so-low/" rel="noopener noreferrer" target="_blank">homes for sale</a> is limited <a href="https://www.mykcm.com/2023/09/07/get-ready-for-smaller-more-affordable-homes/" rel="noopener noreferrer" target="_blank">today</a>? There are a few factors at play.
Lack of <a href="http://www.census.gov/construction/nrc/xls/co_cust.xls" rel="noopener noreferrer" target="_blank">building</a> over time, the <a href="https://www.mykcm.com/2023/09/06/mortgage-rates-past-present-and-possible-future/" rel="noopener noreferrer" target="_blank">mortgage rate</a> lock-in <a href="https://www.fhfa.gov/DataTools/Downloads/Pages/National-Mortgage-Database-Aggregate-Data.aspx" rel="noopener noreferrer" target="_blank">effect</a>, and people <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">staying</a> in their houses longer are three of the main reasons why supply is low.
But real estate agents know exactly <a href="https://www.mykcm.com/2023/09/20/remote-work-is-changing-how-some-buyers-search-for-their-dream-homes/" rel="noopener noreferrer" target="_blank">where to look</a> and what to do to make your dream a reality. Let’s connect so you have an expert on your side to help you successfully navigate the market and find your next home.
2023-09-29T06:48:31-07:002023-09-29T06:49:30-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21605Why Your House Didn’t SellWhy Your House Didn’t Sell
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230927/20230928-Why-your-house-didn-t-sell.png" width="600" /><br /><br />
If your listing expired and your house didn’t <a href="https://www.simplifyingthemarket.com/en/2023/09/04/why-its-still-a-sellers-market-today/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">sell</a>, you’re likely feeling a little frustrated. Not to mention, you're also probably wondering what went wrong. Here are three questions to think about as you figure out what to do next.
Did You Limit Access to Your House?
One of the biggest mistakes you can make when <a href="https://www.simplifyingthemarket.com/en/2023/08/29/why-you-may-still-want-to-sell-your-house-after-all/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">selling your house</a> is restricting the days and times when <a href="https://www.simplifyingthemarket.com/en/2023/08/30/buyer-traffic-is-still-stronger-than-the-norm/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">potential buyers</a> can tour it. Being flexible with your schedule is important when you're selling your house, even though it might feel a bit stressful to drop everything and leave when buyers want to see it. After all, minimal access means minimal exposure to buyers. ShowingTime <a href="https://www.showingtime.com/blog/6-reasons-your-house-isnt-getting-showings-and-how-to-fix-it/" rel="noopener noreferrer" target="_blank">advises</a>:
“. . . do your best to be as flexible as possible when granting access to your house for showings.”
Sometimes, the most determined <a href="https://www.simplifyingthemarket.com/en/2023/09/20/remote-work-is-changing-how-some-buyers-search-for-their-dream-homes/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">buyers</a> might come from far away. Since they're traveling to see your house, they may not be able to change their plans easily if you only offer limited times for showings. So, try to make your house available as much as you can to accommodate them. It’s simple. If no one’s able to look at it, how’s it going to sell?
Did You Make Your House Stand Out?
When <a href="https://www.simplifyingthemarket.com/en/2023/08/15/equity-is-a-game-changer-for-homeowners-looking-to-sell/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">selling your house</a>, the old saying matters: you never get a second chance to make a first impression. Putting in the work to make the exterior of your home look nice is just as important as how you stage it inside. Freshen up your landscaping to improve your home’s curb appeal so you can make an impact upfront. As an article from U.S. News <a href="https://realestate.usnews.com/real-estate/articles/how-to-sell-your-home-while-living-in-it" rel="noopener noreferrer" target="_blank">says</a>:
“After all, if people drive by, but aren’t interested enough to walk through the front door, you’ll never sell your house.”
But don’t let that impact stop at the front door. By removing personal items and reducing clutter inside, you give buyers more freedom to picture themselves in the home. Additionally, a new coat of paint or cleaning the floors can go a long way to freshening up a room.
Did You Price Your House Compellingly?
Setting the <a href="https://www.simplifyingthemarket.com/en/2023/07/31/pricing-your-house-right-still-matters-today/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">right price</a> is extremely important when you're selling your house. Even though it might feel tempting to push the price higher to maximize your profit, overpricing can scare away buyers and make it hard to sell quickly. Business Insider <a href="https://www.businessinsider.com/mistakes-people-make-trying-to-sell-home-real-estate-agents-tips-2019-5" rel="noopener noreferrer" target="_blank">notes</a>:
“. . . the biggest mistake sellers make is overpricing their home.”
If your house is priced higher than others like it, it could make buyers lose interest. Pay attention to the feedback people give your agent during open houses and showings. If lots of people are saying the same thing, it might be a good idea to think about lowering the price.
For all these insights and more, rely on a trusted real estate agent. A great agent will offer expert advice on relisting your house with effective strategies to get it <a href="https://www.simplifyingthemarket.com/en/2023/08/24/more-jobs-and-better-pay-leads-to-more-buyer-demand/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">sold</a>.
Bottom Line
It’s natural to feel disappointed when your listing has expired and your house didn’t <a href="https://www.mykcm.com/2023/08/29/why-you-may-still-want-to-sell-your-house-after-all/" rel="noopener noreferrer" target="_blank">sell</a>. Let’s connect to figure out what happened and what to reconsider or change if you want to get your house back on the market.2023-09-28T06:25:02-07:002023-09-28T06:28:39-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21595No housing crash on the horizon!Why Today’s Housing Inventory Shows a Crash Isn’t on the Horizon
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230926/20230927-Why-Today-s-Housing-Inventory-Shows-a-Crash-Isn-t-on-the-Horizon-KCM.png" width="600" /><br /><br />
You might remember the housing crash in 2008, even if you didn't <a href="https://www.simplifyingthemarket.com/en/2023/09/21/the-many-non-financial-benefits-of-homeownership/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">own a home</a> at the time. If you’re worried there’s going to be a repeat of what happened back then, there's good news – the housing market now is different from 2008.
One important reason is there aren't enough <a href="https://www.simplifyingthemarket.com/en/2023/09/18/are-more-homes-coming-onto-the-market/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">homes for sale</a>. That means there’s an undersupply, not an oversupply like the last time. For the market to crash, there would have to be too many houses for sale, but the data doesn't show that happening.
Housing supply comes from three main sources:
Homeowners deciding to sell their houses
Newly built homes
Distressed properties (foreclosures or short sales)
Here’s a closer look at today's <a href="https://www.simplifyingthemarket.com/en/2023/09/14/why-is-housing-inventory-so-low/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">housing inventory</a> to understand why this isn’t like 2008.
Homeowners Deciding To Sell Their Houses
Although housing supply did grow compared to last year, it’s still low. The current months’ supply is below the norm. The graph below shows this more clearly. If you look at the latest <a href="https://www.nar.realtor/topics/existing-home-sales" rel="noopener noreferrer" target="_blank">data</a> (shown in green), compared to 2008 (shown in red), there’s only about a third of that available <a href="https://www.nar.realtor/newsroom/existing-home-sales-slipped-2-2-in-july" rel="noopener noreferrer" target="_blank">inventory</a> today.<a href="https://www.simplifyingthemarket.com/en/content/images/20230926/20230927-Average-Annual-Inventory-Of-Homes-for-sale.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230926/20230927-Average-Annual-Inventory-Of-Homes-for-sale.png" /></a>
So, what does this mean? There just aren't enough homes available to make home values drop. To have a repeat of 2008, there’d need to be a lot more people selling their houses with very few buyers, and that's not happening right now.
Newly Built Homes
People are also talking a lot about what's going on with <a href="https://www.simplifyingthemarket.com/en/2023/09/07/get-ready-for-smaller-more-affordable-homes/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">newly built</a> houses these days, and that might make you wonder if homebuilders are overdoing it. The graph below <a href="http://www.census.gov/construction/nrc/xls/co_cust.xls" rel="noopener noreferrer" target="_blank">shows</a> the number of new houses built over the last 52 years:<a href="https://www.simplifyingthemarket.com/en/content/images/20230926/20230927-Single-Family-Housing-Units-Completed.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230926/20230927-Single-Family-Housing-Units-Completed.png" /></a>
The 14 years of underbuilding (shown in red) is a big part of the reason why inventory is so low today. Basically, builders haven’t been building enough homes for years now and that’s created a significant deficit in supply.
While the final blue bar on the graph shows that’s ramping up and is on pace to hit the long-term average again, it won’t suddenly create an oversupply. That’s because there’s too much of a gap to make up. Plus, builders are being intentional about not overbuilding homes like they did during the bubble.
Distressed Properties (Foreclosures and Short Sales)
The last place <a href="https://www.simplifyingthemarket.com/en/2023/08/25/todays-housing-market-has-only-half-the-usual-inventory-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">inventory</a> can come from is distressed properties, including short sales and foreclosures. Back during the housing crisis, there was a flood of foreclosures due to lending standards that allowed many people to get a home loan they couldn’t truly afford.
Today, lending standards are much tighter, resulting in more qualified buyers and far fewer foreclosures. The graph below uses <a href="https://www.newyorkfed.org/microeconomics/hhdc.html" rel="noopener noreferrer" target="_blank">data</a> from the Federal Reserve to show how things have changed since the housing crash:<a href="https://www.simplifyingthemarket.com/en/content/images/20230926/20230927-The-Number-of-foreclosure-filings-is-near-all-time-lows.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230926/20230927-The-Number-of-foreclosure-filings-is-near-all-time-lows.png" /></a>
This graph illustrates, as lending standards got tighter and buyers were more qualified, the number of foreclosures started to go down. And in 2020 and 2021, the combination of a moratorium on foreclosures and the <a href="https://www.simplifyingthemarket.com/en/2022/08/08/why-the-forbearance-program-changed-the-housing-market/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">forbearance program</a> helped prevent a repeat of the wave of foreclosures we saw back around 2008.
The forbearance program was a game changer, giving homeowners options for things like loan deferrals and modifications they didn’t have before. And <a href="https://www.mba.org/news-and-research/newsroom/news/2022/08/15/share-of-mortgage-loans-in-forbearance-decreases-to-0.74-in-july" rel="noopener noreferrer" target="_blank">data</a> on the success of that program shows four out of every five homeowners coming out of forbearance are either paid in full or have worked out a repayment plan to avoid foreclosure. These are a few of the biggest reasons there won’t be a wave of foreclosures coming to the market.
What This Means for You
Inventory levels aren’t anywhere near where they’d need to be for prices to drop significantly and the housing market to crash. <a href="https://www.bankrate.com/real-estate/is-the-housing-market-about-to-crash/#fall" rel="noopener noreferrer" target="_blank">According</a> to Bankrate, that isn’t going to change anytime soon, especially considering buyer demand is still strong:
“This ongoing lack of inventory explains why many buyers still have little choice but to bid up prices. And it also indicates that the supply-and-demand equation simply won’t allow a price crash in the near future.”
Bottom Line
The market doesn’t have enough available <a href="https://www.mykcm.com/2023/09/04/why-its-still-a-sellers-market-today/" rel="noopener noreferrer" target="_blank">homes</a> for a repeat of the 2008 housing crisis – and there’s nothing that suggests that will change anytime soon. That’s why housing inventory tells us there’s no crash on the horizon.2023-09-27T08:17:49-07:002023-09-27T08:19:29-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21591Return of Normal Seasonal PricingThe Return of Normal Seasonality for Home Price Appreciation
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230921/20230926-The-Return-of-Normal-Seasonality-for-Home-Price-Appreciation.png" width="600" /><br /><br />
If you’re thinking of <a href="https://www.simplifyingthemarket.com/en/2023/08/14/where-are-people-moving-today-and-why/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">making a move</a>, one of the biggest questions you have right now is probably: what’s happening with <a href="https://www.simplifyingthemarket.com/en/2023/09/05/expert-home-price-forecasts-revised-up-for-2023/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a>? Despite what you may be hearing in the news, nationally, home prices aren’t falling. It’s just that <a href="https://www.simplifyingthemarket.com/en/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">price growth</a> is beginning to normalize. Here’s the context you need to really understand that trend.
In the <a href="https://www.simplifyingthemarket.com/en/2023/08/04/housing-market-forecast-for-the-rest-of-2023-infographic-1/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">housing market</a>, there are predictable ebbs and flows that happen each year. It’s called seasonality. Spring is the peak homebuying season when the market is most active. That activity is typically still strong in the summer but begins to wane as the cooler months approach. Home prices follow along with seasonality because prices appreciate most when something is in <a href="https://www.simplifyingthemarket.com/en/2023/09/15/plenty-of-buyers-are-still-active-today-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">high demand</a>.
That’s why there’s a reliable long-term home price trend. The graph below uses data from <a href="https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-us-national-home-price-nsa-index/#overview" rel="noopener noreferrer" target="_blank">Case-Shiller</a> to show typical monthly home price movement from 1973 through 2022 (not <a href="https://www.census.gov/construction/nrs/faqs/faqs_seas.html#quest2" rel="noopener noreferrer" target="_blank">adjusted</a>, so you can see the seasonality):
<a href="https://www.simplifyingthemarket.com/en/content/images/20230921/20230926-49-Year-Average-Monthly-Price-Movement.png?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230921/20230926-49-Year-Average-Monthly-Price-Movement.png" /></a>
As the data shows, at the beginning of the year, home prices grow, but not as much as they do in the spring and summer markets. That’s because the market is less active in January and February since fewer people move in the cooler months. As the market transitions into the peak homebuying season in the spring, activity ramps up, and home prices go up a lot more in response. Then, as fall and winter approach, activity eases again. Price growth slows, but still typically appreciates.
After several unusual <a href="https://www.simplifyingthemarket.com/en/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a>, today’s higher <a href="https://www.simplifyingthemarket.com/en/2023/09/06/mortgage-rates-past-present-and-possible-future/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">mortgage rates</a> helped usher in the first signs of the return of seasonality. As Selma Hepp, Chief Economist at CoreLogic, <a href="https://www.corelogic.com/intelligence/us-home-price-insights-september-2023/" rel="noopener noreferrer" target="_blank">explains</a>:
“High mortgage rates have slowed additional price surges, with monthly increases returning to regular seasonal averages. In other words, home prices are still growing but are in line with historic seasonal expectations.”
Why This Is So Important to Understand
In the coming months, you’re going to see the media talk more about home prices. In their coverage, you’ll likely see industry terms like these:
Appreciation: when prices increase.
Deceleration of appreciation: when prices continue to appreciate, but at a slower or more moderate pace.
Depreciation: when prices decrease.
Don’t let the terminology confuse you or let any misleading headlines cause any unnecessary fear. The rapid pace of home price growth the market saw in recent years was unsustainable. It had to slow down at some point and that’s what we’re starting to see – deceleration of appreciation, not depreciation.
Remember, it’s normal to see home price growth slow down as the year goes on. And that definitely doesn’t mean home prices are falling. They’re just rising at a more moderate pace.
Bottom Line
While the headlines are generating fear and confusion on what’s happening with home prices, the truth is simple. Home price appreciation is returning to normal seasonality. If you have questions about what’s happening with prices in our local area, let’s connect.2023-09-26T13:57:05-07:002023-09-26T14:06:26-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:21579Begin your Home Search with a Pre-Approval FirstBeginning with Pre-Approval
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230921/20230925-The-Benefit-Of-Beginning-With-Pre-Approval.png" width="600" /><br /><br />
If you’re looking to buy a home this fall, there are a few things you need to know. Affordability is tight with today’s <a href="https://www.simplifyingthemarket.com/en/2023/06/07/the-main-reason-mortgage-rates-are-so-high/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">mortgage rates</a> and rising <a href="https://www.simplifyingthemarket.com/en/2023/09/08/home-price-forecasts-revised-for-2023-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a>. At the same time, there’s a <a href="https://www.simplifyingthemarket.com/en/2023/09/14/why-is-housing-inventory-so-low/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">limited number of homes</a> on the market right now and that’s creating some competition among buyers. But, if you’re strategic, there are ways to navigate these waters. The first thing you’ll want to do is get pre-approved for a mortgage. That way you’ll know your numbers and can set yourself up for success from the start of your home search.
What Pre-Approval Does for You
To understand why it’s such an important step, you need to know what pre-approval is. As part of the homebuying process, a lender looks at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you know how much money you can borrow. Freddie Mac <a href="https://myhome.freddiemac.com/blog/homebuying/how-do-i-get-pre-approved-mortgage" rel="noopener noreferrer" target="_blank">explains</a> it like this:
“A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. . . . Keep in mind that the loan amount in the pre-approval letter is the lender’s maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying.”
Basically, pre-approval gives you critical information about the homebuying process that’ll help you understand how much you may be able to borrow. Why does this help you, especially today? With higher <a href="https://www.simplifyingthemarket.com/en/2023/09/06/mortgage-rates-past-present-and-possible-future/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">mortgage rates</a> and <a href="https://www.simplifyingthemarket.com/en/2023/08/11/home-prices-are-back-on-the-rise-infographic/?a=955450-869ff0a4036950430d398a3c92fb7469" rel="noopener noreferrer" target="_blank">home prices</a> impacting affordability for many buyers right now, a solid understanding of your numbers is even more important so you can truly wrap your head around your options.
Pre-Approval Helps Show Sellers You’re a Serious Buyer
Let’s face it, there are more buyers looking to buy than there are homes available for sale and that imbalance is creating some competition among homebuyers. That means you could see yourself in a multiple-offer scenario when you make an offer on a home. But getting pre-approved for a mortgage can help you stand out from other hopeful buyers.
As an article from Wall Street Journal (WSJ) <a href="https://www.wsj.com/buyside/personal-finance/mortgage-pre-approval-25dd076c" rel="noopener noreferrer" target="_blank">says</a>:
“If you plan to use a mortgage for your home purchase, preapproval should be among the first steps in your search process. Not only can getting preapproved help you zero in on the right price range, but it can give you a leg up on other buyers, too.”
Pre-approval shows the seller you’re a serious buyer that’s already undergone a credit and financial check, making it more likely that the sale will move forward without unexpected delays or financial issues.
Bottom Line
Getting pre-approved is an important first step when you’re buying a home. The more prepared you are, the better chance you have of getting the home you want. Connect with a trusted lender so you have the tools you need to purchase a home in today’s market.2023-09-25T09:54:22-07:002023-09-25T09:57:27-07:00Tim Hollindentag:louisvillehomesfast.com,2012-09-20:18249February 2021: Oldham County KY Real Estate Market SummaryFebruary 2021: OLDHAM COUNTY MARKET SUMMARY
<img src="https://assets.site-static.com/userfiles/241/image/house%20for%20blog.jpg" width="400" height="320" alt="February 2021: Oldham County Market Summary" title="February 2021: Oldham County Market Summary" style="vertical-align: middle; margin: 10px auto; display: block;" />
We're back for another monthly Oldham County real estate market summary. We have seen some changes since January 2021. Absorption rates continue to dip (number of available homes during a given period of time divided by the number of homes sold) and so do the number of homes on the market. We saw an increase in average list price in Southern Oldham County from January 2021 to February 2021 as well. Overall, we are still seeing record low inventory and are in a seller's market.
Let’s take a look at the February 2021 findings:
SOUTHERN OLDHAM COUNTY
February 2021
February 2020
Absorption Rate
0.73
2.17
Average List Price
$621,570
$410,237
Median List Price
$579,500
$379,450
Average Sale Price
$332,720
$341,738
Median Sale Price
$268,490
$295,500
New Listings
16
43
Sold Listings
29
35
NORTHERN OLDHAM COUNTY
February 2021
February 2020
Absorption Rate
1.02
2.9
Average List Price
$858,304
$674,969
Median List Price
$449,000
$446,948
Average Sale Price
$356,960
$337,060
Median Sale Price
$289,750
$270,000
New Listings
37
53
Sold Listings
28
30
If you have any questions about the <a href="http://www.louisvillehomesfast.com/louisville-ky-real-estate/oldham-county-homes-for-sale/" title="Oldham County Homes for Sale ">Oldham County real estate</a> market, feel free to <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/" title="Contact the Hollinden Team">contact the Hollinden Team</a>. Thinking about selling your home? Find out how much it's worth with our <a href="https://timhollinden.exprealty.com/sell.php?town=area:Oldham%20County%20S-171&ppc=Website&addht=sellerSqueezepage,sellers" title="Home Worth">free and instant market report</a>.
Source: Greater Louisville FlexMLS 2021-03-31T11:17:00-07:002021-03-31T14:10:52-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:18093January 2021: Oldham County KY Real Estate Market Summaryjanuary 2021: OLDHAM COUNTY MARKET SUMMARY
<img src="https://assets.site-static.com/userfiles/241/image/winter_house.png" width="500" height="419" alt="January 2021 Oldham County Real Estate Statistics" title="January 2021 Oldham County Real Estate Statistics" style="vertical-align: middle; margin: 10px;" />
January brought us frigid temperatures and record low housing inventory. Looking back at our <a href="http://www.louisvillehomesfast.com/blog/oldham-county-real-estate-statistics/" title="January 2017 Oldham County KY Real Estate Statistics">January 2017 Oldham County Real Estate Statistics blog</a>, it shows how low housing inventory is now. Inventory is typically low most the time in winter but this year is lower than average.
In January 2017, the absorption rate (number of available homes during a given period of time divided by the number of homes sold) for Northern Oldham County was 3.81 and 1.65 for Southern Oldham County. In January 2021, the Southern Oldham County absorption rate was 0.81. Wow! On the other hand, the absorption rate is actually lower in Northern Oldham County now (1.04) than it was in 2017.
Comparing January 2020 to January 2021, you'll see below that the average list prices are up. The number of new listings in Southern Oldham County are down compared to 2020. In Northern Oldham County, new listings are up just a tad from last year.
Let’s dive into our January 2021 findings:
SOUTHERN OLDHAM COUNTY
January 2021
January 2020
Absorption Rate
0.81
2.48
Average List Price
$590,551
$419,471
Median List Price
$537,250
$361,975
Average Sale Price
$320,488
$338,303
Median Sale Price
$295,000
$310,000
New Listings
43
42
Sold Listings
35
19
NORTHERN OLDHAM COUNTY
January 2021
January 2020
Absorption Rate
1.04
2.91
Average List Price
$987,176
$650,052
Median List Price
$594,475
$449,950
Average Sale Price
$446,741
$411,174
Median Sale Price
$392,000
$345,000
New Listings
28
59
Sold Listings
23
23
If you have any questions about the <a href="http://www.louisvillehomesfast.com/louisville-ky-real-estate/oldham-county-homes-for-sale/" title="Oldham County Homes for Sale ">Oldham County real estate</a> market, feel free to <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/" title="Contact the Hollinden Team">contact the Hollinden Team</a>. Thinking about selling your home? Find out how much it's worth with our <a href="https://timhollinden.exprealty.com/sell.php?town=area:Oldham%20County%20S-171&ppc=Website&addht=sellerSqueezepage,sellers" title="Home Worth">free and instant market report</a>.
Source: Greater Louisville FlexMLS 2021-02-25T11:08:00-07:002021-02-25T14:00:46-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:18002299 Samples Rd, Waddy, KY 40076299 samples way, waddy, Ky 40076
<img src="https://assets.site-static.com/userfiles/241/image/IMG_0068.jpg" width="500" height="375" alt="299 Samples Rd, Waddy, KY 40076" title="299 Samples Rd, Waddy, KY 40076" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Welcome to <a href="http://www.louisvillehomesfast.com/property-search/detail/3/1578560/299-samples-rd-waddy-ky-40076/" title="299 Samples Rd, Waddy, KY 40076">299 Samples Road</a>! This beautiful 15-acre property is ready for new owners to love it just as the previous ones did. When you drive down the long private driveway, you'll see a house to the left and the outbuilding and garage to the right. The large outbuilding has a one bed one bath apartment. The large garage is currently being used as a workshop.
<img src="https://assets.site-static.com/userfiles/241/image/IMG_0033.jpg" width="500" height="375" alt="299 Samples Rd, Waddy, KY 40076" title="299 Samples Rd, Waddy, KY 40076" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
When you enter the two bedroom and two full bathroom home from the large wrap around porch you will find an open floor plan with beautiful vinyl plank floors through the whole main level. The kitchen and living room area are open to one another, making a great flow for entertaining. The kitchen also includes on-trend countertops, cabinetry, and lighting.
<img src="https://assets.site-static.com/userfiles/241/image/IMG_0036.jpg" width="500" height="375" alt="299 Samples Rd, Waddy, KY 40076" title="299 Samples Rd, Waddy, KY 40076" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
The primary bedroom is off to one side of the house that is large with a walk-in and reach-in closet and a large primary bath. The primary bathroom includes a modern dual sink vanity and ample cabinets for storage.
<img src="https://assets.site-static.com/userfiles/241/image/IMG_0044.jpg" width="500" height="375" alt="299 Samples Rd, Waddy, KY 40076" title="299 Samples Rd, Waddy, KY 40076" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
On the opposite side of the home is another large secondary bedroom with a large closet. As well you will find a hall bath with a standup shower and at the rear of the home, there is a large laundry room. The laundry room includes a sink and cabinets for storage.
<img src="https://assets.site-static.com/userfiles/241/image/IMG_0057_1.jpg" width="500" height="375" alt="299 Samples Rd, Waddy, KY 40076" title="299 Samples Rd, Waddy, KY 40076" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Walk down the steps to the lower level that features a nicely finished office space with the rest of the square footage ready to be finished to your desire. There is also another roughed in a full bath and multiple storage rooms.
<img src="https://assets.site-static.com/userfiles/241/image/IMG_0071.jpg" width="500" height="375" alt="299 Samples Rd, Waddy, KY 40076" title="299 Samples Rd, Waddy, KY 40076" style="vertical-align: middle; margin: 10px auto; border: 5px solid black; display: block;" />
The views this property offers are absolutely stunning with rolling hills and mature trees. Sit on the back deck with your morning coffee and enjoy the nature that surrounds you. Call today for your private tour before this slice of paradise off the beaten path passes you by!
<img src="https://assets.site-static.com/userfiles/241/image/8.JPG" width="500" height="282" alt="299 Samples Rd, Waddy, KY 40076" title="299 Samples Rd, Waddy, KY 40076" style="vertical-align: middle; margin: 10px auto; border: 5px solid black; display: block;" />
For more information on this <a href="http://www.louisvillehomesfast.com/property-search/detail/3/1578560/299-samples-rd-waddy-ky-40076/" title="299 Samples Rd, Waddy, KY 40076">Waddy KY home for sale </a>or to set up your private showing, call <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/" title="The Hollinden Team" uw-rm-brl="false" uw-rm-idl="">the Hollinden Team</a> at 502-429-3866.2021-02-05T08:45:00-07:002021-02-05T12:30:36-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:17936December 2020: Oldham County Market Summary December 2020: OLDHAM COUNTY MARKET SUMMARY
<img src="https://assets.site-static.com/userfiles/241/image/Untitled_design.jpg" width="500" height="400" alt="December 2020: Oldham County Market Summary" title="December 2020: Oldham County Market Summary" style="margin: 10px auto; border: 5px solid black; display: block;" /><br /><br />Happy New Year! The December 2020 Oldham County market summary is in!
Compared to our November report, housing inventory remained low. The average cumulative days on market continued to drop from November 2020. Overall, there has been a 20.5% decrease in the number of active listings in Northern Oldham County in 2020 compared to 2019. Southern Oldham County saw an 8% decrease in total active listings from 2019 to 2020.
The absorption rate (number of available homes during a given period of time divided by the number of homes sold) continued to dip compared to November 2020. This shows us we are still in a seller's market. As we move into the spring, we should see an increase in listings as the spring and summer is when most homeowners sell their home.
Let’s take a look at our findings for December 2020:
SOUTHERN OLDHAM COUNTY
December 2020
December 2019
Absorption Rate
1.02
2.57
Average List Price
$459,461
$436,808
Median List Price
$367,000
$379,950
Average Sale Price
$399,948
$334,284
Median Sale Price
$337,500
$309,000
Average CDOM
27
63
Medium CDOM
10
26
NORTHERN OLDHAM COUNTY
December 2020
December 2019
Absorption Rate
1.31
3.11
Average List Price
$1,034,744
$714,602
Median List Price
$594,475
$496,500
Average Sale Price
$382,522
$349,899
Median Sale Price
$387,000
$292,000
Average CDOM
46
111
Median CDOM
8
49
If you have any questions about the <a href="http://www.louisvillehomesfast.com/louisville-ky-real-estate/oldham-county-homes-for-sale/" title="Oldham County Homes for Sale ">Oldham County real estate</a> market, feel free to <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/" title="Contact the Hollinden Team">contact the Hollinden Team</a>. Thinking about selling your home? Find out how much it's worth with our <a href="https://timhollinden.exprealty.com/sell.php?town=area:Oldham%20County%20S-171&ppc=Website&addht=sellerSqueezepage,sellers" title="Home Worth">free and instant market report</a>.
Source: Greater Louisville FlexMLS 2021-01-21T13:23:00-07:002021-01-22T12:03:02-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:179309509 National Turnpike, Fairdale, KY 401189509 national turnpike, fairdale, ky 40118
<img src="https://assets.site-static.com/userfiles/241/image/national_turnpike_1.jpg" width="500" height="375" alt="9509 National Turnpike, Fairdale, KY 40118" title="9509 National Turnpike, Fairdale, KY 40118" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Welcome to 8509 National Turnpike! This charming 976 sq ft, 2 bedroom and 1 bathroom home in Fairdale is priced to sell. When you arrive at the home, you'll notice the cozy screened in porch. This would be the perfect place to have your morning coffee or relax with a book. The lot is flat which is perfect for playing outside or entertaining. There is also a carport and fenced yard.
<img src="https://assets.site-static.com/userfiles/241/image/national_turnpike_2.jpg" width="500" height="375" alt="9509 National Turnpike, Fairdale, KY 40118" title="9509 National Turnpike, Fairdale, KY 40118" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
The first floor of the home includes the living room, kitchen, laundry, and full bathroom. The kitchen and living room are open to one another, creating a great flow for entertaining. On the second floor, you'll find two bedrooms.
<img src="https://assets.site-static.com/userfiles/241/image/national_turnpike_3.jpg" width="500" height="375" alt="9509 National Turnpike, Fairdale, KY 40118" title="9509 National Turnpike, Fairdale, KY 40118" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
For more information and additonal photos of this <a href="http://www.louisvillehomesfast.com/property-search/detail/3/1577062/9509-national-turnpike-fairdale-ky-40118/" title="9509 National Turnpike, Fairdale, KY 40118">home for sale</a>, call <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/" title="The Hollinden Team">the Hollinden Team</a> at 502-429-3866. We would love to give you a private showing!
Want to stay in the know about real estate deals in Louisville? Sign up <a href="https://timhollinden.exprealty.com/ask/ea243086f2e02a430d6c1e796cf806f3" title="Louisville Real Estate Deals" aria-label="Sign up here" data-uw-remediation="link">here</a>.
2021-01-20T09:13:00-07:002021-01-20T13:38:53-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:17740November 2020: Oldham County KY Real Estate Market SummaryNovember 2020: Oldham County market summary
<img src="https://assets.site-static.com/userfiles/241/image/Untitled_design.png" width="528" height="400" alt="Oldham County KY Market Summary" title="Oldham County KY Market Summary" style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" />
Despite the ongoing pandemic, the real estate market is still reporting record-breaking growth. Mortgage rates remain low and the demand for housing inventory is high. We are currently still in a seller's market, making it a great time to sell your home, even in the colder months.
Let's take a look at some of the key market statistics comparing November 2019 to November 2020 for Northern and Southern Oldham County. The absorption rate (number of available homes during a given period of time divided by the number of homes sold) has dropped. Because buyers are moving much faster than last year to beat out the competition, you will see a major drop in cumulative days on market (CDOM). With high demand and record low inventory, we also saw an uptick in median list and median and average sale prices in Northern Oldham County and Southern Oldham County. Also, the average sale price in Northern Oldham County increased by $229,420! <br /><br />Check out the full rundown of Oldham County real estate market statistics below.
southern OLDHAM COUNTY
November 2020
November 2019
Absorption Rate
1.09
2.75
Average List Price
$471,528
$477,011
Median List Price
$422,450
$390,000
Average Sale Price
$354,736
$319,134
Median Sale Price
$311,000
$288,900
Average CDOM
39
73
Medium CDOM
15
55
northern Oldham County
November 2020
November 2019
Absorption Rate
1.54
3.52
Average List Price
$968,262
$738,842
Median List Price
$589,000
$495,000
Average Sale Price
$401,154
$428,642
Median Sale Price
$367,000
$361,750
Average CDOM
45
114
Median CDOM
7
45
Looking to find your next home in Oldham County? Check out our list of all <a href="http://www.louisvillehomesfast.com/louisville-ky-real-estate/oldham-county-homes-for-sale/" title="Oldham County Homes for Sale">homes for sale in Oldham County</a>. Thinking about selling your home? Find out how much it's worth with our <a href="https://timhollinden.exprealty.com/sell.php?town=area:Oldham%20County%20S-171&ppc=Website&addht=sellerSqueezepage,sellers" title="Home Worth">free and instant market report</a>.
Source: Greater Louisville FlexMLS <br class="Apple-interchange-newline" /><br />2020-12-04T13:32:00-07:002020-12-15T13:15:42-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:176613319 Dell Rd, Jeffersontown, KY 402993319 dell rd, jeffersontown, ky 40299
<img src="https://assets.site-static.com/userfiles/241/image/dell_rd.jpg" width="500" height="333" alt="3319 Dell Rd Jeffersontown, KY 40299" title="3319 Dell Rd Jeffersontown, KY 40299" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Welcome to 3319 Dell Rd! This charming cape cod is move-in ready and includes 4 bedrooms and a full bathroom. Conveniently located in the Jefferson Height neighborhood in <a href="http://www.louisvillehomesfast.com/louisville-ky-real-estate/jeffersontown-ky-homes-for-sale/">Jeffersontown</a>, this home is located close by plenty of restaurants and bars (Jtown Beach, Recbar, Feast BBQ, Barcelona Bistro Bar, Royals Hot Chicken, and more) and less than two miles from a Walmart and Kroger. Tully Elementary School is also only two blocks away.
<img src="https://assets.site-static.com/userfiles/241/image/dell_rd_2.jpg" width="500" height="333" alt="3319 Dell Rd Jeffersontown, KY 40299" title="3319 Dell Rd Jeffersontown, KY 40299" style="vertical-align: middle; margin: 10px auto; border: 5px solid black; display: block;" />
Enter the home and the living room is to the left and the staircase to the right. This home features gorgeous hardwood floors throughout the home. The living features can lighting and netural paint colors. The beautiful fireplace in the living room is an amazing centerpiece to your holidays...who doesn't want Santa to fill their stockings hung up by the fire?! The kitchen features stainless steel appliances.
<img src="https://assets.site-static.com/userfiles/241/image/dell_rd_3.jpg" width="500" height="333" alt="3319 Dell Rd Jeffersontown, KY 40299" title="3319 Dell Rd Jeffersontown, KY 40299" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
The dining room is a perfect place to entertain since it goes directly out to the deck. To finish out the main floor, there are 2 bedrooms & the full bath.
<img src="https://assets.site-static.com/userfiles/241/image/dell_4.jpg" width="500" height="333" alt="3319 Dell Rd Jeffersontown, KY 40299" title="3319 Dell Rd Jeffersontown, KY 40299" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Upstairs has two good-sized bedrooms with some fun storage. The house has been freshly painted. There is a screened-in porch (Wait till you see the barn wood shiplap!). The appliances all remain, including the washer & dryer. The basement isn't finished but is plumbed for an additional bath and there's a spot for a possible fireplace.
<img src="https://assets.site-static.com/userfiles/241/image/dell_5.jpg" width="500" height="333" alt="3319 Dell Rd Jeffersontown, KY 40299" title="3319 Dell Rd Jeffersontown, KY 40299" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
For more information and additonal photos of this <a href="http://www.louisvillehomesfast.com/property-search/detail/3/1571172/3319-dell-rd-jeffersontown-ky-40299/">home for sale</a>, call <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/" title="The Hollinden Team">the Hollinden Team</a> at 502-429-3866.
Want to stay in the know about real estate deals in Louisville? Sign up <a href="https://timhollinden.exprealty.com/ask/ea243086f2e02a430d6c1e796cf806f3" title="Louisville Real Estate Deals" aria-label="Sign up here" data-uw-remediation="link">here</a>. 2020-11-10T12:50:00-07:002020-11-10T13:49:54-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:176341320 Winter Ave, Louisville, KY 402041320 Winter ave, louisville, ky 40204
<img src="https://assets.site-static.com/userfiles/241/image/winter_1.jpg" width="500" height="375" alt="1320 Winter Ave Louisville, KY 40204" title="1320 Winter Ave Louisville, KY 40204" style="vertical-align: middle; margin: 10px auto; border: 5px solid black; display: block;" />
Welcome to <a href="http://www.louisvillehomesfast.com/property-search/detail/3/1570618/1320-winter-ave-louisville-ky-40204/">1320 Winter Ave</a> in <a href="http://www.louisvillehomesfast.com/louisville-ky-real-estate/highlands-homes-for-sale/">the Highlands</a>! This area has a lot to offer including several bars, local-owned boutiques and specialty stores, great parks, and plenty of restaurants. This beautiful 4 bedroom and 2 full bathroom home in the Highlands is completely remodeled and ready to move-in!
Walk up to the home and you're greeted by a glass front door. Once you've entered the home, you'll notice the beautiful hardwood floors, updated light fixtures, and netural paint colors.
<img src="https://assets.site-static.com/userfiles/241/image/winter_2.jpg" width="500" height="375" alt="1320 Winter Ave Louisville, KY 40204" title="1320 Winter Ave Louisville, KY 40204" style="margin: 10px auto; border: 5px solid black; display: block;" />
<img src="https://assets.site-static.com/userfiles/241/image/winter_3.jpg" width="500" height="375" alt="1320 Winter Ave Louisville, KY 40204" title="1320 Winter Ave Louisville, KY 40204" style="margin: 10px auto; border-width: 5px; border-style: solid; border-color: black; display: block;" />
The first floor features the living room with a fireplace, remodeled kitchen (granite and tile backsplash), formal dining room, two bedrooms, and a full bathroom.
<img src="https://assets.site-static.com/userfiles/241/image/winter_4.jpg" width="500" height="375" alt="1320 Winter Ave Louisville, KY 40204" title="1320 Winter Ave Louisville, KY 40204" style="margin: 10px auto; border: 5px solid black; display: block;" />
<img src="https://assets.site-static.com/userfiles/241/image/winter_5.jpg" width="500" height="375" alt="1320 Winter Ave Louisville, KY 40204" title="1320 Winter Ave Louisville, KY 40204" style="margin: 10px auto; border: 5px solid black; display: block;" />
The second floor offers two additional bedrooms, a full bathroom, and the laundry room. Some of the upgrades include new exterior vinyl, doors, roof, Thermopane windows & concrete sidewalk in the rear parking, hardwood floors, fresh paint, updated fixtures, spray foam insulation, deck, and all new plumbing and electrical throughout the house.
<img src="https://assets.site-static.com/userfiles/241/image/winter_6.jpg" width="533" height="300" alt="1320 Winter Ave Louisville, KY 40204" title="1320 Winter Ave Louisville, KY 40204" style="margin: 10px auto; border: 5px solid black; display: block;" />
For more information on this <a href="http://www.louisvillehomesfast.com/property-search/detail/3/1570618/1320-winter-ave-louisville-ky-40204/">home for sale</a>, call <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/" title="The Hollinden Team">the Hollinden Team</a> at 502-429-3866. Want to stay in the know about real estate deals in Louisville? Sign up <a href="https://timhollinden.exprealty.com/ask/ea243086f2e02a430d6c1e796cf806f3" title="Louisville Real Estate Deals">here</a>. 2020-11-04T12:11:00-07:002020-11-04T13:55:44-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:1738412504 Lilly Ln, Louisville, KY 4022312504 Lilly ln, louisville, ky 40223
<img src="https://assets.site-static.com/userfiles/241/image/Lilly%20Ln%201.jpg" width="500" height="375" alt="12504 Lilly Ln" title="12504 Lilly Ln" style="margin: 10px; border: 5px solid black;" />
Welcome to <a href="http://www.louisvillehomesfast.com/property-search/detail/3/1566109/12504-lilly-ln-louisville-ky-40223/" title="12504 Lilly Ln">12503 Lilly Ln</a>! This gorgeous 2719 square foot home has been completely remodeled with a new addition added. This home is being offered for it's appraised value of $305,000.
<img src="https://assets.site-static.com/userfiles/241/image/lilly_2.jpg" width="500" height="375" alt="12504 Lilly Ln" title="12504 Lilly Ln" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Walk in and you're greeted by a stunning eat-in kitchen that includes an abundance of cabinets with soft close doors, granite countertops, and new stainless steel appliances. There is plenty of space for a large kitchen table. This home features netural paint colors, giving you flexibility when choosing color pallettes and decor.
<img src="https://assets.site-static.com/userfiles/241/image/lilly_3.jpg" width="500" height="375" alt="12504 Lilly Ln" title="12504 Lilly Ln" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Continue through the first floor, you'll find the family room with wood burning fireplace and a ceiling fan. Also on the first floor, there is an additional room that can be used for an office or additional dining, 2 bedrooms and 1.5 bathrooms and a large bonus room.
<img src="https://assets.site-static.com/userfiles/241/image/lilly_4.jpg" width="500" height="375" alt="12504 Lilly Ln" title="12504 Lilly Ln" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Moving to the second floor, you'll find the large master bedroom with a walk-in closet and full bathroom.
<img src="https://assets.site-static.com/userfiles/241/image/lilly_5.jpg" width="500" height="375" alt="12504 Lilly Ln" title="12504 Lilly Ln" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
The backyard is spacious and features a nice size deck, perfect for entertaining.
For more information on this <a href="http://www.louisvillehomesfast.com/louisville-ky-real-estate/zip-code-40223/">home for sale</a>, call <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/" title="The Hollinden Team">the Hollinden Team</a> at 502-429-3866. Want to stay in the know about real estate deals in Louisville? Sign up <a href="https://timhollinden.exprealty.com/ask/ea243086f2e02a430d6c1e796cf806f3" title="Louisville Real Estate Deals">here</a>. 2020-08-27T11:01:00-07:002020-09-08T12:29:01-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:17190 9802 Spring Pointe Ct, Louisville, KY 402299802 Spring pointe ct louisville, ky 40229
<img src="https://assets.site-static.com/userfiles/241/image/Spring_Pointe_1.jpg" width="500" height="375" alt="9802 Spring Pointe Ct" title="9802 Spring Pointe Ct" style="vertical-align: middle; margin-top: 10px; margin-bottom: 10px; border: 5px solid black;" />
Welcome to 9802 Spring Pointe Ct! This home's price was recently reduced and the sellers are very motivated! This adorable 3 bedroom and 2.5 bathroom <a href="http://www.louisvillehomesfast.com/property-search/detail/3/1561790/9802-spring-pointe-ct-louisville-ky-40229/" title="9802 Spring Pointe Ct Louisville, KY 40229">Spring Falls </a>in the <a href="http://www.louisvillehomesfast.com/louisville-ky-real-estate/zip-code-40229/" title="Homes for Sale in 40229">40229 zip code</a> home has plenty of curb appeal! Walk in the front door and you'll enter into the foyer. The staircase to the second floor is straight ahead and there is a dining room and living room on either side.
<img src="https://assets.site-static.com/userfiles/241/image/spring_pointe_2.jpg" width="500" height="375" alt="9802 Spring Pointe Ct" title="9802 Spring Pointe Ct" style="vertical-align: middle; margin-top: 10px; margin-bottom: 10px; border: 5px solid black;" />
The kitchen offers ample cabinet space and plenty of countertop room for cooking and entertaining. A closet will be added to first floor office to become an official third bedroom. Hardwood floors in entry, office, first floor bathroom and kitchen.The second floor includes two bedrooms with ceiling fans and a full bathroom. In the basement, there is an unofficial bedroom with a half bath attached.
<img src="https://assets.site-static.com/userfiles/241/image/spring_pointe_3.jpg" width="500" height="375" alt="9802 Spring Pointe Ct" title="9802 Spring Pointe Ct" style="vertical-align: middle; margin-top: 10px; margin-bottom: 10px; border: 5px solid black;" />
The back of the home is perfect for entertaining! There is a large sunroom and a nice deck with a spacious backyard. There's a large shed in the back for storage and well as a 2 car detached garage. The home also features replacement windows, newer HVAC, and newer water heater and convenient location.
You'll want to see this home in person! Want to set up a private showing? Call <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/" title="The Hollinden Team">the Hollinden Team</a> today at 502-429-3866.
Stay in the know about homes for sale in Louisville. Sign up <a href="https://timhollinden.exprealty.com/ask/ea243086f2e02a430d6c1e796cf806f3" title="Louisville Real Estate Deals">here</a>. 2020-07-16T10:28:00-07:002020-08-26T07:08:49-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:171653700 W Highway 22 Crestwood, KY 40014<a href="http://www.louisvillehomesfast.com/blog/1600-persimmon-ridge-dr-louisville-ky-40245/" title="1600 Persimmon Ridge Dr Louisville, KY 40245"></a>3700 W Highway 22 Crestwood, ky 40014
<img src="https://assets.site-static.com/userfiles/241/image/3700%20W%20Highway%2022%201.jpg" width="500" height="333" alt="3700 W Highway 22" title="3700 W Highway 22" style="margin-top: 10px; margin-bottom: 10px; border: 5px solid black; vertical-align: middle;" />
Welcome to this stunning historic home - Eden Hall Farm in <a href="http://www.louisvillehomesfast.com/louisville-ky-real-estate/crestwood-ky-homes-for-sale/" title="Crestwood Homes for Sale">Crestwood</a>! Built in 1845, this immaculately maintained 175 year old Greek Revival Estate is a rare find in <a href="http://www.louisvillehomesfast.com/louisville-ky-real-estate/oldham-county-homes-for-sale/" title="Oldham County Homes for Sale ">Oldham County</a>. When you drive down the long driveway you'll appreciate the perfectly manicured landscaping and stately entry once you arrive at the home. Walk inside the home and you're greeted by a luxurious staircase with a study/library on one side and a formal living room on the other.
<img src="https://assets.site-static.com/userfiles/241/image/3700%20W%20Highway%2022%202.jpg" width="500" height="333" alt="3700 W Highway 22" title="3700 W Highway 22" style="vertical-align: middle; margin-top: 10px; margin-bottom: 10px; border: 5px solid black;" />
The oversized great room is attached to the kitchen which offers ample space for entertaining and plenty of room for a large kitchen table. The first floor also includes the dining area, living room, full bathroom, and laundry.
<img src="https://assets.site-static.com/userfiles/241/image/3700%20W%20Highway%2022%203.jpg" width="500" height="333" alt="3700 W Highway 22" title="3700 W Highway 22" style="vertical-align: middle; margin-top: 10px; margin-bottom: 10px; border: 5px solid black;" />
Moving to the second floor, you'll find the master bedroom, master bathroom, as well as two additional bedrooms and a full bathroom. The upstairs bedrooms are large and include a fireplace. The master bathroom is large as well and includes double vanity, bathtub, ceiling fan, and stand up shower.
<img src="https://assets.site-static.com/userfiles/241/image/3700%20W%20Highway%2022.jpg" width="500" height="333" alt="3700 W Highway 22" title="3700 W Highway 22" style="margin-top: 10px; margin-bottom: 10px; border: 5px solid black; vertical-align: middle;" />
On the property, you'll also find a large guest house with attached garage, a building set up as a machine shop with 3 phase power, a wood shop in the barn with a massive storage room off the backside of the barn, and a stocked pond. The guest house includes a bedroom, full bathroom, living room, great room, kitchen, and laundry.
This home is truly one-of-a-kind and a must-see. Check out the <a href="https://fusion.realtourvision.com/idx/504781" title="video">virtual tour</a>, <a href="https://www.youtube.com/watch?v=Xsxg0Q_9QjM&feature=youtu.be" title="video">video</a>, and <a href="http://www.louisvillehomesfast.com/property-search/detail/3/1561739/3700-w-highway-22-crestwood-ky-40014/" title="Pictures">additional pictures</a> of this stunning home. For more information on this Crestwood historic home for sale, call <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/" title="The Hollinden Team">the Hollinden Team</a> at 502-429-3866.2020-07-09T11:56:00-07:002020-07-09T13:42:16-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:169671600 Persimmon Ridge Dr Louisville, KY 402451600 Persimmon Ridge Dr Louisville, KY 40245
<img src="https://assets.site-static.com/userfiles/241/image/Persimmon%201.jpg" width="500" height="333" alt="1600 Persimmon Ridge Dr" title="1600 Persimmon Ridge Dr" style="margin-top: 10px; margin-bottom: 10px; border: 5px solid black;" />
Welcome to <a href="http://www.louisvillehomesfast.com/property-search/detail/3/1558395/1600-persimmon-ridge-dr-louisville-ky-40245/" title="1600 Persimmon Ridge Dr">1600 Persimmon Ridge Drive</a>! This one owner, custom-built home has so many features to offer and it sits on over two and a half acres with beautiful landscaping! When you walk into the beautiful entry from the massive front porch, you are greeted with a wide-open view of the formal living, formal dining, and great room. With hardwood floors and 10' ceilings these areas are great for entertaining.
<img src="https://assets.site-static.com/userfiles/241/image/persimmon_2.jpg" width="500" height="333" alt="1600 Persimmon Ridge Dr" title="1600 Persimmon Ridge Dr" style="vertical-align: middle; margin-top: 10px; margin-bottom: 10px; border: 5px solid black;" />
The great room also features a floor to ceiling stone fireplace and custom built-ins as well as an attached half bath. Next to the great room is a large eat-in kitchen with built-in appliances and custom cabinetry. Behind the kitchen is a back stairway that leads to the second floor and further down is a large laundry room and access to the oversized 3 car garage.
<img src="https://assets.site-static.com/userfiles/241/image/persimmon_3.jpg" width="500" height="333" alt="1600 Persimmon Ridge Dr" title="1600 Persimmon Ridge Dr" style="vertical-align: middle; margin-top: 10px; margin-bottom: 10px; border: 5px solid black;" />
On the opposite side of the home, you will find a large master suite with attached sitting room. The master bathroom features dual sinks, a separate jetted tub, walk-in shower, and 2 large walk-in closets! When you go up either the formal stairway or the informal stairway to the second level, you find a very well laid out 4 bedroom design to accommodate guests or family. There are also 2 full baths on this level attached to the bedrooms. In addition to the bedrooms, there are also multiple storage closets and a very large bonus room being used as a music room currently.
<img src="https://assets.site-static.com/userfiles/241/image/persimmon_4.jpg" width="500" height="333" alt="1600 Persimmon Ridge Dr" title="1600 Persimmon Ridge Dr" style="vertical-align: middle; margin-top: 10px; margin-bottom: 10px; border: 5px solid black;" />
In the basement level of the home, you will find a large family room with a kitchenette and bar area. There is also another bedroom with an en-suite bathroom and an office as well as another half bath. The basement also has a very large workout room and crafting area. There are also multiple storage closets and the basement walks out to a big covered and screened-in porch.
<img src="https://assets.site-static.com/userfiles/241/image/persimmon_5.jpg" width="500" height="333" alt="1600 Persimmon Ridge Dr" title="1600 Persimmon Ridge Dr" style="vertical-align: middle; margin: 10px auto; border: 5px solid black; display: block;" />
Additional features of the home include built-in speakers throughout the whole home, video surveillance inside and outside, the entire yard has irrigation, whole home water softener, filtration system, natural gas fireplaces as well as a gas grill hookup on the back deck. The home has many upgraded trim features including lots of windows seats and the home was constructed out of 2x6 stud walls for better support as well as better insulation value. Call today to get your private tour setup and visit this beautiful property.
Check out the virtual tour of this property <a href="https://fusion.realtourvision.com/idx/946266" title="1600 Persimmon Ridge Dr">here</a>. For more information on this Persimmon Ridge home for sale, call <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/" title="The Hollinden Team">the Hollinden Team</a> at 502-429-3866.
Want to stay in the know about homes for sale in Louisville? Sign up <a href="https://timhollinden.exprealty.com/ask/ea243086f2e02a430d6c1e796cf806f3" title="Louisville Real Estate Deals">here</a>. 2020-06-04T12:06:00-07:002020-06-04T12:50:20-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:162871610 Eskridge Ln, Louisville, KY 402161610 Eskridge Ln Louisville, KY 40216<br /><br /><img src="https://assets.site-static.com/userfiles/241/image/Eskridge_1.jpg" width="509" height="339" alt="1610 Eskridge Ln" title="1610 Eskridge Ln" style="vertical-align: middle; margin-top: 10px; margin-bottom: 10px; border: 5px solid black;" />
Welcome to <a href="http://www.louisvillehomesfast.com/property-search/detail/3/1551762/1610-eskridge-ln-louisville-ky-40216/" title="1610 Eskridge Ln">1610 Eskridge Ln</a>! This adorable home off of Manslick Rd. in the Cloverleaf neighborhood is renovated and ready for new owners!
<img src="https://assets.site-static.com/userfiles/241/image/Eskridge%20Front.jpg" width="500" height="375" alt="1610 Eskridge Ln Louisville, KY 40216" title="1610 Eskridge Ln Louisville, KY 40216" style="vertical-align: middle; margin: 10px auto; border: 5px solid black; display: block;" />
Walk in and you're greeted by a large great room, perfect for creating a nice sitting area for entertaining or lounging. The paint in the great room and throughout the home is a neutral gray color. The floors are also new throughout the home and versatile to almost any color pallette, making it eays to move in and add your own personal touch without some of the extra work.
<img src="https://assets.site-static.com/userfiles/241/image/Eskridge%20Kitchen.jpg" width="500" height="375" alt="1610 Eskridge Ln Louisville, KY 40216" title="1610 Eskridge Ln Louisville, KY 40216" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Moving into the kitchen, the space offers gray cabinets, new stainless steel appliances, and updated countertops. There's plenty of cabinet space for all your dishes and cookware, as well as counterspace for cooking. <br /><br /><img src="https://assets.site-static.com/userfiles/241/image/Eskridge%20Bathroom.jpg" width="500" height="375" alt="1610 Eskridge Ln Louisville, KY 40216" title="1610 Eskridge Ln Louisville, KY 40216" style="vertical-align: middle; margin: 10px auto; border: 5px solid black; display: block;" /><br /><br />Leaving the kitchen and moving to the bedrooms and bathroom, you'll notice that all the doors are new. The first bathroom includes an updated vanity as well as modern gray and black tile in the shower. The second bathroom offers the same modern gray vanity as well as a tub. The bedrooms are spacious for plenty of furniture. To complete this newly renovated home, the AC unit and hot water heater have also recently been replaced.
Lastly, you can find a nice detached two car garage in the backyard so you don't have to worry about scraping snow off in the winter!
For more information on this Cloverleaf home for sale, call <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/" title="The Hollinden Team">the Hollinden Team</a> at 502-429-3866. Want to stay in the know about real estate deals in Louisville? Sign up <a href="https://timhollinden.exprealty.com/ask/ea243086f2e02a430d6c1e796cf806f3" title="Louisville Real Estate Deals">here</a>. 2020-02-06T11:19:00-07:002020-06-04T12:37:13-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:115648112 Saint Andrews Village Dr Louisville, KY 402418112 Saint Andrews Village Dr Louisville, KY 40241
<img src="https://assets.site-static.com/userfiles/241/image/St_Andrews_11.jpg" width="400" height="267" alt="8112 St Andrews Village Cir, Louisville, KY 40241" title="8112 St Andrews Village Cir, Louisville, KY 40241" style="vertical-align: middle; margin: 10px auto; border: 5px solid black; display: block;" />
Welcome to <a href="http://www.louisvillehomesfast.com/property-search/detail/3/1551631/8112-saint-andrews-village-dr-louisville-ky-40241/" title="8112 St Andrews Village Dr, Louisville, KY 40241">8112 St. Andrews Village Drive</a> in St. Andrew Village <a href="http://www.louisvillehomesfast.com/louisville-ky-real-estate/patio-homes-ky/" title="Patio Homes in Louisville KY">patio homes in Louisville KY</a>. This condo has numerous updates, including new paint and flooring throughout with hardwood floors in the main living areas, beautiful textured carpet in the bedrooms, and Carrara marble tile in the wet areas. All of the interior doors and fixtures have been updated, including some unique and stylish lighting.
<img src="https://assets.site-static.com/userfiles/241/image/St_Andrews_22.jpg" width="400" height="267" alt="8112 St Andrews Village Cir, Louisville, KY 40241" title="8112 St Andrews Village Cir, Louisville, KY 40241" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Enter this three bedroom and two full bathroom patio home, and a well-lit foyer immediately greets you. From the entrance, you are led into the spacious living room area. The living room features vaulted ceilings, a well-appointed gas burning fireplace, motorized curtains, and a trendy drum pendant light fixture. The living room is spacious enough to arrange furniture in a way that will create a nice conversational area. Two French doors are in the living room to provide access to the four seasons room for more entertainment space and includes a HUGE fan.
While in the living room, you will notice the neutral gray paint color throughout the home. This color allows new owners to play around with just about any color palette they choose. Two accent walls are painted a yellow tone that beautifully complements the neutral gray tone. This color palette was carefully chosen to reflect modern-day color schemes.
<img src="https://assets.site-static.com/userfiles/241/image/St_Andrews_33.jpg" width="400" height="267" alt="8112 St Andrews Village Cir, Louisville, KY 40241" title="8112 St Andrews Village Cir, Louisville, KY 40241" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Directly in front of the living room is the eating area. The eating area, living room, and kitchen are open to one another, creating a nice flow when entertaining. The eating area features stylish lighting and vaulted ceilings. The eating area flows into the fully updated kitchen.
The 10-10 kitchen features beautiful GE Cafe' Series Stainless Steel appliances, Italian made Verona double oven with gas range, and a convenient pot filler. The beautiful backsplash stretches to the ceiling! There is also a custom buffet with glass cabinets above. Lighting will never be an issue in this kitchen as there are two pendant light fixtures, as well as can lighting lining the kitchen. The colors in the kitchen are a neutral gray palette, allowing the owners to personalize with just about any color scheme they please. The large 2 car attached garage is off the kitchen and laundry area and includes a pull-down stair for attic storage.
<img src="https://assets.site-static.com/userfiles/241/image/St_Andrews_44.jpg" width="400" height="267" alt="8112 Saint Andrews Village Dr, Louisville, KY 40241" title="8112 Saint Andrews Village Dr, Louisville, KY 40241" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Exit the kitchen and walk down the hallway, and you will find the bedrooms. The first bedroom features neutral paint color, vaulted ceilings, and an updated light fixture. Through French doors, you can access the full bathroom that includes double vanities, plenty of cabinetry, and access to the walk-in closet. The second bedroom also has neutral paint color, updated light fixture, and vaulted ceilings.
<img src="https://assets.site-static.com/userfiles/241/image/St_Andrews_55.jpg" width="400" height="267" alt="8112 Saint Andrews Village Dr, Louisville, KY 40241" title="8112 Saint Andrews Village Dr, Louisville, KY 40241" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Like the two bedrooms, the master bedroom offers vaulted ceilings, neutral paint color, and a chic light fixture. The master bathroom is quite impressive with floor to ceiling tile, modern mirror and light fixtures, and a gorgeous walk-in shower.
In addition, the condo is located by Standard Golf Club. This condo is conveniently located off Brownsboro Road (Hwy 22). For grocery shopping, there is a Kroger down the street.
For more information on St. Andrews Villages patio homes for sale, call <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/" title="The Hollinden Team">the Hollinden Team</a> at 502-429-3866. Want to stay in the know about real estate deals in Louisville? Sign up <a href="https://timhollinden.exprealty.com/ask/ea243086f2e02a430d6c1e796cf806f3" title="Louisville Real Estate Deals">here</a>. 2020-02-06T08:42:00-07:002020-02-06T08:41:49-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:157365814 Montfort Ln, Crestwood, KY 400145814 Montfort Ln, Crestwood, KY 40014
<img src="https://assets.site-static.com/userfiles/241/image/montfort_1.jpg" width="500" height="375" alt="5814 Montfort Ln, Crestwood, KY 40014" title="5814 Montfort Ln, Crestwood, KY 40014" style="margin: 10px; border: 5px solid black; vertical-align: middle;" />
Welcome to <a href="http://www.louisvillehomesfast.com/property-search/detail/3/1542158/5814-montfort-ln-crestwood-ky-40014/" title="5814 Montfort Ln Crestwood, KY 40014">5814 Montfort Ln</a> in beautiful <a href="http://www.louisvillehomesfast.com/louisville-ky-real-estate/crestwood-ky-homes-for-sale/" title="Crestwood KY">Crestwood</a>! This meticulously maintained <a href="http://www.louisvillehomesfast.com/louisville-ky-real-estate/croftboro-farms-homes-for-sale/" title="Croftboro Farms Crestwood KY">Croftboro Farms</a> ranch is a one owner home that's looking for new owners to love it the way they did. Croftboro Farms is an established neighborhood located off Highway 22.
Pull up to this brick walkout ranch, and you'll notice the gorgeous corner lot with rolling hills and mature trees surrounding it. If privacy is what you're looking for, this home is for you. This home is perfectly situated on a quiet dead-end street on a total of 1.29 acres.
<img src="https://assets.site-static.com/userfiles/241/image/montfort_2.jpg" width="500" height="375" alt="5814 Montfort Ln, Crestwood, KY 40014" title="5814 Montfort Ln, Crestwood, KY 40014" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Walkthrough the front door and a spacious great room greets you with vaulted ceilings and floor to ceiling stone fireplace. You can access the formal dining room from the great room. The formal dining room is also attached to the eat-in kitchen, creating a nice flow for entertaining. The kitchen features ample cabinetry and a bar sitting area.
<img src="https://assets.site-static.com/userfiles/241/image/montfort_3.jpg" width="500" height="375" alt="5814 Montfort Ln, Crestwood, KY 40014" title="5814 Montfort Ln, Crestwood, KY 40014" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Also on the first floor, there are two more bedrooms, a hall bath, and the master suite with its own attached master bath and large walk-in closet.
<img src="https://assets.site-static.com/userfiles/241/image/montfort_4.jpg" width="500" height="375" alt="5814 Montfort Ln, Crestwood, KY 40014" title="5814 Montfort Ln, Crestwood, KY 40014" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
On the lower level, you'll find a beautifully updated walkout basement. The family room features updated flooring and a cozy fireplace. The basement also includes an office area, 4th bedroom, and bathroom. Walk out the double glass doors and you'll find an outdoor sitting area and spectacular views of the backyard.
Other features of this home include an oversized 2.5 car garage, newer roof, newer HVAC, updated electric panel, some new windows, beautiful landscaping and is turnkey ready for the new owners!
Ready to go see this stunning Crestwood home in person? Give <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/">the Hollinden Team</a> a call at (502) 429-3866 or <a href="http://www.louisvillehomesfast.com/contact/contact-us/">contact us here</a>. 2019-12-26T12:06:00-07:002019-12-26T12:29:43-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:15688Should You Sell Your Home in the Winter?<img src="https://assets.site-static.com/userfiles/241/image/Canva_-_null.jpg" width="500" height="334" alt="Reasons to Sell Your Home in the Winter" title="Reasons to Sell Your Home in the Winter" style="font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 12px; vertical-align: middle; margin: 10px auto; border-width: 5px; border-style: solid; border-color: black; display: block;" />
Should You Sell Your Home in the Winter?
We’ve heard it time and time again. “Should I wait until spring to list my home?” The answer is you could, but why wait? Although every season has its benefits when it comes to <a href="http://www.louisvillehomesfast.com/selling-a-home-in-louisville-ky/sellers-homepage/" title="Selling Your Home in Louisville">selling your home</a>, the winter benefits are unique. We’ll cover some of the top reasons to list your home in winter so you can decide if it’s worth listing your home when temperatures drop.
Less Competition
We all know that springtime is filled with competition from other home sellers. Although there’s sometimes fewer buyers in the winter, the lack of inventory will help give you a competitive advantage. According to Dave Ramsey, nearly 93% of all buyers start their <a href="https://www.daveramsey.com/blog/selling-your-home-in-winter" title="Buying or Selling Your Home in the Winter">home search on the Internet</a>. Unlike the warmer months, online real estate databases won’t be flooded with listings so that you’re likely to receive more exposure.
Job Relocations
Companies often relocate employees during the first quarter of the new year. What does this mean for home sellers? You’ll have a guaranteed group of people looking to find a home quickly. The bonus to that is that companies often offer their relocating employees a credit for moving expenses, sometimes making for a better offer. Plus, <a href="http://www.louisvillehomesfast.com/buying-a-home-in-louisville-ky/guide-to-relocation-in-louisville-kentucky/">relocating buyers</a> typically have a short time frame to find somewhere to live, bringing in more serious buyers to purchase your home.
Potential for a Higher Sales Price
Inventory will be much lower in the winter, giving buyers fewer options for their next home. With fewer homes to choose from and less competition, buyers may be likely to make a full asking price offer.
More Serious Buyers
Keep in mind that you might get more showings in the warmer months, but that doesn’t necessarily mean the buyer is serious. Often, spring/summer will bring some potential buyers that are casual looking but not totally ready to make the move. Who wants to brave through frigid temperatures and snow to look at homes? Buyers in the winter tend to be a little more serious and on a tight deadline.
Sell Your Home This Winter With the Hollinden Team
Are you interested in selling your home this winter? Give <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/">the Hollinden Team</a> a call at (502) 429-3866 or <a href="http://www.louisvillehomesfast.com/contact/contact-us/">contact us here</a>. 2019-12-10T09:49:00-07:002019-12-10T11:53:33-07:00Emily Eldertag:louisvillehomesfast.com,2012-09-20:15682505 Sturbridge Pl Louisville, KY 40245505 Sturbridge Pl Louisville, KY 40245
<img src="https://assets.site-static.com/userfiles/241/image/Sturbridge_1.JPG" width="500" height="355" alt="505 Sturbridge Place" title="505 Sturbridge Place" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
Welcome to <a href="http://www.louisvillehomesfast.com/property-search/detail/3/1541274/505-sturbridge-pl-louisville-ky-40245/">505 Sturbridge Place</a>! This Locust Creek beauty is priced below June 2019 appraised value. The owners lived in this lovely home just a few months before being relocated out of state for a dream job. They are looking for new owners to love this home just as much as they did!<br /><br /><img src="https://assets.site-static.com/userfiles/241/image/Sturbridge_4.JPG" width="500" height="333" alt="505 Sturbridge Place" title="505 Sturbridge Place" style="margin: 10px; border: 5px solid black; vertical-align: middle;" />
Once you arrive, you'll notice the curb appeal. Built in 2016, this home has been beautifully maintained. The front of the home offers a covered porch, perfect for a patio chair or two and a cold beverage in the warmer months! Walk through the double front doors, and an open floor plan greets you. To the left is the formal dining room, and straight ahead is the great room with coffered ceilings and multiple windows to let in plenty of natural light.
<img src="https://assets.site-static.com/userfiles/241/image/Sturbridge_2.JPG" width="500" height="333" alt="505 Sturbridge Place" title="505 Sturbridge Place" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
The great room flows gracefully into the kitchen, making the perfect layout for entertaining. The kitchen offers a neutral palette, so you can add pops of color and decor that perfectly fits your style. Open to the custom kitchen is an attached hearth room, a perfect extension for your gatherings. The hearth room offers a stunning fireplace for those chilly nights and built-in shelves and cabinets. From the hearth room, you can access the private screened-in porch with ceiling fan. There is a mudroom area off of the side entrance with built-in cubbies, as well as a half bath/powder room, and laundry room on the first level.
<img src="https://assets.site-static.com/userfiles/241/image/Sturbridge_3.JPG" width="500" height="333" alt="505 Sturbridge Place" title="505 Sturbridge Place" style="vertical-align: middle; margin: 10px; border: 5px solid black;" />
The owner's suite completes the first level. The owner's suite includes cathedral ceilings and an extended area, perfect for a couch and/or chairs to lounge in. The ensuite owner's bathroom features dual vanities, whirlpool tub, separate shower and a ceiling fan. The walk-in closet is has plenty of built-in shelving for all your storage needs.
Moving to the second floor, you will enter a loft area that is excellent second tv/gaming or homework space. There are three nice sized bedrooms. The first bedroom is bi-level with its own private bath and walk-in closet. The second and third bathroom has a jack and jill bath with gorgeous cabinets and plenty of space.
Other features of this like-new home include a three-car garage, wrought iron fence, irrigation system, and 2.5-inch wood faux blinds (including the unfinished walkout basement).<br /><br />Ready to go see this beauty in person? Give <a href="http://www.louisvillehomesfast.com/about-us/about-the-hollinden-team/">the Hollinden Team</a> a call at (502) 429-3866 or <a href="http://www.louisvillehomesfast.com/contact/contact-us/">contact us here</a>. 2019-12-06T13:49:00-07:002019-12-06T14:27:24-07:00Emily Elder