Looking ahead to 2025, it's important to know what experts are projecting for the housing market. And whether you're thinking of buying or selling a home next year, having a clear picture of what they’re calling for can help you make the best possible decision for your homeownership plans.Here’s an early look at the most recent projections on mortgage rates, home sales, and prices for 2025.Mortgage Rates Are Projected To Come Down SlightlyMortgage rates play a significant role in the housing market. The forecasts for 2025 from Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR), and Wells Fargo show an expected gradual decline in mortgage rates over the course of the next year (see chart below):Mortgage rates are projected to come down because continued easing of inflation and a slight rise in unemployment rates are key signs of a strong but slowing economy. And many experts believe these signs will encourage the Federal Reserve to lower the Federal Funds Rate, which tends to lead to lower mortgage rates. As Morgan Stanley says:“With the U.S. Federal Reserve widely expected to begin cutting its benchmark interest rate in 2024, mortgage rates could drop as well—at least slightly.”Expect More Homes To SellThe market will see an increase in both the supply of available homes on the market, as well as a rise in demand, as more buyers and sellers who have been sitting on the sidelines because of higher rates choose to make a move. That’s one big reason why experts are projecting an increase in home sales next year.According to Fannie Mae, MBA, and NAR, total home sales are forecast to climb slightly, with an average of about 5.4 million homes expected to sell in 2025 (see graph below):That would represent a modest uptick from the lower sales numbers in 2023 and 2024. For reference, about 4.8 million total homes were sold in 2023, and expectations are for around 4.5 million homes to sell this year.While slightly lower mortgage rates are not expected to bring a flood of buyers and sellers back to the market, they certainly will get more people moving. That means more homes available for sale – and competition among buyers who want to purchase them.Home Prices Will Go Up ModeratelyMore buyers ready to jump into the market will put continued upward pressure on prices. Take a look at the latest price forecasts from 10 of the most trusted sources in real estate (see graph below):On average, experts forecast home prices will rise nationally by about 2.6% next year. But as you can see, there’s a range of opinions on how much prices will climb. Experts agree, however, that home prices will continue to increase moderately next year at a slower, more normal rate. But keep in mind, prices will always vary by local market.Bottom LineUnderstanding 2025 housing market forecasts can help you plan your next move. Whether you're buying or selling, staying informed about these trends will ensure you make the best decision possible. Reach out to a trusted real estate agent to discuss how these forecasts could impact your plans.

When it comes to real estate and the real estate market, the news media often paints an incomplete picture. While this information can provide a broad overview of trends and patterns, it doesn't always accurately reflect what's happening in specific local markets. National statistics can sometimes paint a picture that doesn't align with the experiences of buyers, sellers, and investors in various regions. For instance, a national report might indicate a cooling housing market with slowing price growth and increasing inventory. However, this doesn't necessarily mean that your local market is experiencing the same trends. In many cities and towns across the country, real estate conditions can differ significantly due to factors such as local economic conditions, population growth, and housing supply constraints. Take, for example, a booming tech hub like Austin, Texas. Even if national data suggests a slowdown, Austin might still be seeing rapid price increases and high demand due to its strong job market and influx of new residents. Conversely, a city facing economic challenges may experience a much cooler market than what national averages suggest. It's also important to note that real estate is inherently hyper-local. Neighborhoods within the same city can have vastly different market dynamics. A downtown area with new developments might be thriving while suburban areas could be experiencing slower growth or even declines in property values. For those involved in real estate transactions or investments, relying solely on national media reports can lead to misguided decisions. Instead, it's crucial to consult local experts who understand the nuances of your specific market. Real estate agents, local appraisers, and regional economic reports provide invaluable insights that can help you make informed decisions tailored to your unique situation. In summary, while national media provides useful general information about the real estate market, it's essential to dig deeper into local data for an accurate understanding of your specific area's conditions. Always remember: real estate is local, and what happens nationally might not be happening in your neighborhood.

In today's housing market, many sellers are making a critical mistake: overpricing their houses. This common error can lead to a home sitting on the market for a long time without any offers. And when that happens, the homeowner may have to drop their asking price to try to re-ignite buyer interest.Data from Realtor.com shows the number of homeowners realizing this mistake and doing a price reduction is climbing (see graph below):If you’re thinking about making a move yourself, here’s what you need to know. The best way to avoid making a costly mistake is to work with a trusted real estate agent to find the right price. Here’s a look at what’s at stake if you don’t.Not Paying Attention To Current Market ConditionsUnderstanding current market conditions is key to accurate pricing. You don’t want to set your asking price based on what happened during the pandemic. The market has moderated a lot since then, so it’s far better to align your price with today’s reality.Real estate agents stay updated on market trends and how they impact the pricing strategy for your house.Pricing It Based on What You Want To Make (Not What It’s Worth)Another misstep is pricing it based on what you want to make on the sale, and not necessarily current market value. You may see other homes in your neighborhood selling for top dollar and assume yours can do the same. But you may not be considering differences in size, condition, and features. For example, maybe that other house is waterfront or has a finished basement. To sum it up, Bankrate explains:“How do you find that sweet spot of pricing for profit but not overpricing? The expertise of your agent can be truly valuable here. A knowledgeable agent will understand fair market value in your area, how much your house is worth and how much you might reasonably expect to get for it in the current market.”An agent will do a comparative market analysis (CMA) to make sure your house is compared with truly similar properties to get an accurate look at how it should be priced.Pricing High to Leave Room for NegotiationAnother common, yet misguided strategy is to price your house high on purpose, so you have more room to negotiate down during the sale. But this can backfire. A price that seems too high often deters potential buyers from even considering the home. So rather than leaving room for negotiation, what you’ll actually be doing is turning buyers away. U.S. News Real Estate explains:“You want to sell your house for top dollar, but be realistic about the value of the property and how buyers will see it. If you've overpriced your home, chances are you'll eventually need to lower the number, but the peak period of activity that a new listing experiences is already gone.”An agent can help you set a fair price that attracts buyers and encourages more competitive offers.Bottom LineOverpricing your home can have serious consequences. A knowledgeable real estate agent brings an objective perspective, in-depth market knowledge, and a strategic approach to pricing.Connect with a local real estate professional to avoid making a pricing mistake that’ll cost you.

Over the past couple of years, a lot of people have had a hard time buying a home. And while affordability is still tight, there are signs it's getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:“Housing affordability is improving ever so modestly, but it is moving in the right direction.”Here’s a look at the latest data on the three biggest factors affecting home affordability: mortgage rates, home prices, and wages. 1. Mortgage RatesMortgage rates have been volatile this year, bouncing around from the mid-6% to low 7% range. But there's some good news. Data from Freddie Mac shows rates have been trending down overall since May (see graph below):Mortgage rates have improved lately in part because of recent economic, employment, and inflation data. Moving forward, some rate volatility is to be expected. But if future economic data continues to show signs of cooling, experts say mortgage rates could keep going down. Even a small drop can help you out. When rates decline, it's easier to afford the home you want because your monthly payment will be lower. Just don’t expect them to go back down to 3%.2. Home PricesThe second big thing to think about is home prices. Nationally, they’re still going up this year, but not as fast as they did a couple of years ago. The graph below uses home price data from Case-Shiller to illustrate that point:If you're thinking about buying a home, slower price growth is good news. Home prices went up a lot during the pandemic, making it hard for many people to buy. Now, with prices rising more slowly, buying a home may feel less out of reach. As Odeta Kushi, Deputy Chief Economist at First American, says: “While housing affordability is low for potential first-time home buyers, slowing price appreciation and lower mortgage rates could help – so the dream of homeownership isn’t boarded up just yet.”3. WagesAnother factor helping with affordability is rising wages. The graph below uses data from the Bureau of Labor Statistics (BLS) to show how wages have increased over time:Look at the blue dotted line. It shows how wages usually go up in a typical year. On the right side of the graph, you'll see wages are rising even faster than normal right now – that's the green line.This helps you because if your income increases, it's easier to afford a home. That’s because you won't have to spend as much of your paycheck on your monthly mortgage payment.Bottom LineWhen you put all these factors together, you see mortgage rates are trending down, home prices are rising more slowly, and wages are going up faster than usual. Though affordability is still a challenge, these trends are early signs things might be starting to improve.

Helpful Negotiation Tactics for Today’s Housing Market If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market. And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate. Whether you’re looking to buy or sell a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on. What Can You Negotiate? Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplinger and LendingTree: Sale Price: The most obvious is the price of the home. And that lever is being pulled more often today. Buyers don’t want to overpay when affordability is already so tight. And sellers who aren’t realistic about their asking price may have to consider adjusting their price. Home Repairs: Based on the inspection, a buyer is within their rights to ask the seller to make reasonable repairs. If the seller doesn’t want to do that, they could offer to reduce the home price or cover some closing costs, so the buyer has the money to take them on themselves. Fixtures: Buyers can also ask for appliances or furniture to convey when the house changes hands. Having the seller throw in the washer and dryer cuts down on expenses the buyer would have when moving in. As the seller, you could leave your existing ones behind to sweeten the deal for your buyer, and get yourself new ones for your next place. Closing Costs: Closing costs typically run about 2-5% of the home’s purchase price. Buyers can ask the seller to pay for some or all of these expenses to offset the cash the buyer has to bring to the table.  Home Warranties: Buyers can also ask the seller to pay for a home warranty. This is great for buyers worried about the maintenance costs that may pop up after taking possession of the home. And since this concession usually isn’t terribly expensive for the seller, it can be a good option for both parties. Closing Date: Buyers can ask for a faster or extended closing window based on their own timetable. The seller can also advocate for what they need based on their move to find the right compromise. One thing is true whether you’re a buyer or a seller, and that’s how much your agent can help you throughout the process. Your agent is your go-to for any back-and-forth. They’ll handle the conversations and advocate for your best interests along the way. As Bankrate says: “Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.” They may also be able to uncover what the buyer or seller is looking for in their discussions with the other agent. And that insight can be really valuable at the negotiation table.  Bottom Line Buyers are regaining a bit of negotiation power in today’s market. Buyers, knowing what levers you can pull will help you feel confident and empowered going into your purchase. Sellers, having a heads up of what they may ask for gives you the chance to think through what you’ll be willing to offer. Want to chat more about what to expect and the options you have? Let’s connect. 

How the Economy Impacts Mortgage Rates As someone who’s thinking about buying or selling a home, you’re probably paying close attention to mortgage rates – and wondering what's ahead. One thing that can affect mortgage rates is the Federal Funds Rate, which influences how much it costs banks to borrow money from each other. While the Federal Reserve (the Fed) doesn’t directly control mortgage rates, they do control the Federal Funds Rate. The relationship between the two is why people have been watching closely to see when the Fed might lower the Federal Funds Rate. Whenever they do, that’ll put downward pressure on mortgage rates. The Fed meets next week, and three of the most important metrics they’ll look at as they make their decision are: The Rate of Inflation How Many Jobs the Economy Is Adding The Unemployment Rate Here’s the latest data on all three. 1. The Rate of Inflation You’ve probably heard a lot about inflation over the past year or two – and you’ve likely felt it whenever you’ve gone to buy just about anything. That’s because high inflation means prices have been going up quickly. The Fed has stated its goal is to get the rate of inflation back down to 2%. Right now, it’s still higher than that, but moving in the right direction (see graph below): 2. How Many Jobs the Economy Is Adding The Fed is also watching how many new jobs are created each month. They want to see job growth slow down consistently before taking any action on the Federal Funds Rate. If fewer jobs are created, it means the economy is still strong but cooling a bit – which is their goal. That appears to be exactly what’s happening now. Inman says: “. . . the Bureau of Labor Statistics reported that employers added fewer jobs in April and May than previously thought and that hiring by private companies was sluggish in June.” So, while employers are still adding jobs, they’re not adding as many as before. That’s an indicator the economy is slowing down after being overheated for quite some time. This is an encouraging trend for the Fed to see. 3. The Unemployment Rate The unemployment rate is the percentage of people who want to work but can’t find jobs. So, a low rate means a lot of Americans are employed. That’s a good thing for many people. But it can also lead to higher inflation because more people working means more spending – which drives up prices. Right now, the unemployment rate is low, but it’s been rising slowly over the past few months (see graph below): It may seem harsh, but a consistently rising unemployment rate is something the Fed needs to see before deciding to cut the Federal Funds Rate. That’s because a higher unemployment rate would mean reduced spending, and that would help get inflation back under control. What Does This Mean Moving Forward? While mortgage rates are going to continue to be volatile in the days and months ahead, these are signs the economy is headed in the direction the Fed wants to see. But even with that, it’s unlikely they'll cut the Federal Funds Rate when they meet next week. Jerome Powell, Chair of the Federal Reserve, recently said: “We want to be more confident that inflation is moving sustainably down toward 2% before we start the process of reducing or loosening policy.” Basically, we’re seeing the first signs now, but they need more data and more time to feel confident that this is a consistent trend. Assuming that direction continues, according to the CME FedWatch Tool, experts say there’s a projected 96.1% chance the Fed will lower the Federal Funds Rate at their September meeting. Remember, the Fed doesn’t directly set mortgage rates. It’s just that whenever they decide to cut the Federal Funds Rate, mortgage rates should respond. Of course, the timing of when the Fed takes action could change because of new economic reports, world events, and other factors. That’s why it's usually not a good idea to try to time the market. Bottom Line Recent economic data may signal that hope is on the horizon for mortgage rates. Let’s connect so you have an expert to keep you up to date on the latest trends and what they mean for you.

Tips for Younger Homebuyers: How To Make Your Dream a Reality If you’re a member of a younger generation, like Gen Z, you may be asking the question: will I ever be able to buy a home? And chances are, you’re worried that’s not going to be in the cards with inflation, rising home prices, mortgage rates, and more seemingly stacked against you. While there’s no arguing this housing market is challenging for first-time homebuyers, it is still achievable, especially if you have professionals on your side. Here are some helpful tips you may get from a pro. 1. Explore Your Options for a Down Payment If a down payment is your #1 hurdle, you may have options to give your savings a boost. There are over 2,000 down payment assistance programs designed to make homeownership more achievable. And, that’s not the only place you may be able to get a helping hand. While it may not be an option for everyone, 49% of Gen Z homebuyers got money from loved ones that they used toward a down payment, according to LendingTree. And chances are you won’t need to put 20% down (unless specified by your loan type or lender). So be sure to work with a trusted mortgage professional to explore your options, find out how much you’ll really need, and learn about any guidelines on getting a gift from loved ones. 2. Live with Loved Ones To Boost Your Savings Another thing a number of Gen Z buyers are doing is ditching their rental and moving back in with friends or family. This can help cut down your housing costs so you can build your savings a whole lot faster. As Bankrate explains: “. . . many have opted to stop renting and live with family in order to boost their savings. Thirty percent of Gen Z homebuyers move directly from their family member’s home to a home of their own, according to NAR.” 3. Cast a Broad Net for Your Search When you’ve saved up enough, here’s how a pro will help you approach your search. Since the supply of homes for sale is still low and affordability is tight, they’ll give you strategies and avenues you may not have considered to open up your pool of options. For example, it’s usually more affordable if you consider a rural or suburban area versus an urban one. So, while the city may be livelier and more energetic, the cost of living may be reason enough to look at something further out. And if you consider smaller homes and condos or townhouses, you’ll give yourself even more ways to break into the market. As Colby Stout, Research Analyst at Bright MLS, explains: “Being flexible on the types of home (e.g., a condo or townhome versus a single-family home) and exploring more affordable neighborhoods is important for first-time buyers.” 4. Take a Close Look at Your Wants and Needs And lastly, an agent can help you really think about your must-have’s and nice-to-have’s. Remember, your first home doesn’t have to be your forever home. You just need to get your foot in the door to start building equity. If you want to buy, you may find making some compromises is worth it. As Chase says: “An open-minded approach to house-hunting may be one way for Gen Z homebuyers to maintain some edge. This could mean buying in areas that are less expensive. Differentiating needs vs. wants may help in this area as well.” An agent will help you prioritize your list of home features and find houses that can deliver on the top ones. And they’ll be able to explain how equity can benefit you in the long run and make it possible to move into that dream home down the line. Bottom Line Real estate professionals have expertise on what’s working for other buyers like you. Lean on them for tips and advice along the way. As Directors Mortgage says, with that support you can make it happen:   “The path to homeownership may not be a straightforward one for Gen Z, but it’s undoubtedly within reach. By adopting the right strategies, like exploring down payment assistance programs and sharing living costs with relatives, you can bring your dream of owning a home closer to reality.”   Let’s connect to get you set up for long-term success.

Does It Make Sense To Buy a Home Right Now? Thinking about buying a home? If so, you're probably wondering: should I buy now or wait? Nobody can make that decision for you, but here's some information that can help you decide. What’s Next for Home Prices? Each quarter, Fannie Mae and Pulsenomics publish the results of the Home Price Expectations Survey (HPES). It asks more than 100 experts—economists, real estate professionals, and investment and market strategists—what they think will happen with home prices. In the latest survey, those experts say home prices are going to keep going up for the next five years (see graph below):     Here’s what all the green on this chart should tell you. They’re not expecting any price declines. Instead, they’re saying we’ll see a 3-4% rise each year. And even though home prices aren’t expected to climb by as much in 2025 as they are 2024, keep in mind these increases can really add up over time. It works like this. If these experts are right and your home's value goes up by 3.78% this year, it's set to grow another 3.36% next year. And another 3.87% the year after that. What Does This Mean for You? Knowing that prices are forecasted to keep going up should make you feel good about buying a home. That’s because it means your home is an asset that’s projected to grow in value in the years ahead. If you’re not convinced yet, maybe these numbers will get your attention. They show how a typical home’s value could change over the next few years using expert projections from the HPES. Check out the graph below:     In this example, imagine you bought a home for $400,000 at the start of this year. Based on these projections, you could end up gaining over $83,000 in household wealth over the next five years as your home grows in value. Of course, you could also wait – but if you do, buying a home is just going to end up costing you more.  Bottom Line If you're thinking it's time to get your own place, and you’re ready and able to do so, buying now might make sense. Your home is expected to keep getting more valuable as prices go up. Let’s team up to start looking for your next home today.

As we step into 2024, the world of interior design continues to evolve, offering a fresh palette of colors that redefine the way we perceive and experience our living spaces. Whether you're looking to refresh a room or embark on a full home makeover, staying on-trend with popular paint colors can make a significant difference. Below are the colors the pros are high on for 2024.   HGTV pallet of familiar, softened yet versatile colors. Click here to see their entire collection.        Better Homes and Gardens is trending "earth tones like terra-cotta and moody forestcore-inspired picks that include a rich deep green. We're also seeing an influx of coastal-inspired blues, from light pastels to bold teals." Click here to see their line of colors.     Martha Stewart shares all of the major paint brands Color of the Year. From soft black to calming blues. You can see all of them here.       If you are wanting to bring a fresh look to one or all of your rooms this year, hopefully this will bring you some inspiration. If you have a hard time deciding, lean on an interior designer who will come to your home and give you ideas. Popular color choices can also be regional. Lean into the pro at your local paint store. They will tell you what colors are being sold the most. If you are painting your home to get it ready to go on the market, stay neutral. You will need to appeal to the masses. If you need the referral of a good painter, let me know.  

  Hidden Gems: Exploring Up-and-Coming Neighborhoods in Nashville Nashville, often hailed for its vibrant music scene and cultural richness, is a city that continuously evolves. Beyond the well-known neighborhoods, there are hidden gems waiting to be discovered by those seeking unique and burgeoning communities. In this blog post, we'll take you on a journey through some of Nashville's up-and-coming neighborhoods, providing valuable insights into property values, amenities, and what makes each area a desirable place to call home. 1. Rosebank: A Quaint Haven with Artistic Vibes Nestled in the eastern part of Nashville, Rosebank is gaining popularity for its artistic community and small-town charm. The neighborhood is dotted with locally-owned shops, art galleries, and cozy cafes, creating a close-knit and creative atmosphere. Property values here are relatively affordable compared to some of the more established neighborhoods, making it an attractive option for first-time homebuyers or those looking for a change of scenery. 2. Nations: Where History Meets Modern Living Once an industrial area, The Nations has transformed into a trendy and sought-after neighborhood. It boasts a mix of historic charm and modern amenities, with converted warehouses and new developments adding to its eclectic character. The neighborhood is known for its diverse culinary scene, local breweries, and a vibrant sense of community. As property values rise, The Nations is becoming a hotspot for those who appreciate a blend of history and contemporary living. 3. Buena Vista: Diversity and Community Spirit Buena Vista, located just north of downtown Nashville, is a neighborhood on the rise. With its diverse population and community-centric atmosphere, Buena Vista offers a mix of historic homes and new construction. The neighborhood is home to parks, community events, and local businesses that contribute to its unique identity. Homebuyers looking for a welcoming and culturally rich environment will find Buena Vista an appealing choice. 4. Donelson: Suburban Tranquility with City Access For those seeking a suburban feel without sacrificing city conveniences, Donelson is a hidden gem worth exploring. Situated to the east of downtown, Donelson provides a peaceful setting with tree-lined streets and access to the Cumberland River. With a range of housing options, from cozy single-family homes to condominiums, Donelson appeals to a diverse demographic. The neighborhood's proximity to the airport and downtown adds to its appeal, making it a convenient choice for residents. Conclusion: Expand Your Horizons in Nashville As the Nashville real estate landscape continues to evolve, exploring these hidden gems can open up new possibilities for homebuyers. From artistic communities to revitalized historic areas, these up-and-coming neighborhoods offer unique characteristics that contribute to Nashville's diverse tapestry. By broadening your search and considering these lesser-known areas, you might just find the perfect place to call home in Music City. Happy house hunting!

As we step into the promising landscape of 2024, prospective homebuyers and real estate enthusiasts eagerly anticipate the trends that will shape the housing market in the coming months. Recent insights from BAM media, a reputable source for real estate and economic data, paint a picture of stability in the housing sector. According to their reports, economists are not foreseeing significant changes in housing prices, predicting mortgage rates to decrease slightly while hovering around the 6% mark. An intriguing twist to the narrative is the anticipated increase in the number of home sales. In this blog post, we'll delve into the data provided by BAM and explore what these trends mean for both buyers and sellers in the 2024 housing market. Stable Housing Prices: One of the key takeaways from BAM Socials' data is the expectation of stability in housing prices throughout 2024. After a period of fluctuations and uncertainties, the market appears to be entering a more balanced phase. This steadiness can be seen as a positive sign for both buyers and sellers. Buyers can plan their investments with more confidence, knowing that they are less likely to encounter sudden spikes in prices. On the other hand, sellers can expect a reasonable return on their properties without the pressure of aggressive market fluctuations.  Mortgage Rates: A Mild Decline: The data from BAM suggests a modest decrease in mortgage rates, with experts predicting rates to stay in the vicinity of 6%. While this might not signal a drastic shift, even a slight dip in mortgage rates can have a significant impact on affordability for potential homebuyers. Lower rates mean lower monthly payments, making homeownership more accessible to a broader range of individuals. This favorable environment could stimulate increased demand in the housing market, setting the stage for a more dynamic year ahead. Increasing Home Sales: Perhaps one of the most exciting revelations in the BAM data is the projection of a rise in the number of home sales. This surge in activity could be attributed to various factors, including the stable pricing environment and slightly reduced mortgage rates. As confidence in the market grows, more buyers may be inclined to make their move, leading to a more active and competitive real estate landscape. Implications for Buyers and Sellers: For potential homebuyers, the 2024 housing market presents a window of opportunity. With stable prices and slightly lower mortgage rates, this could be an ideal time to enter the market. However, it's crucial for buyers to act swiftly, as increasing home sales may lead to heightened competition for desirable properties. Sellers, on the other hand, can leverage the stability in pricing to list their homes with confidence. While the market may not be experiencing a rapid surge in prices, the consistency allows for strategic planning and informed decision-making. Conclusion: The 2024 housing market, as outlined by BAM data, paints a picture of stability, moderate declines in mortgage rates, and a surge in home sales. For those navigating the real estate landscape, these trends offer a favorable environment for both buying and selling. As always, it's crucial for individuals to stay informed, work with reputable real estate professionals, and make decisions that align with their long-term goals. The year ahead holds promise for the housing market, and with careful consideration, both buyers and sellers can make the most of the opportunities presented.

When is your time? Deciding when it is the right time to move can be a daunting task. Whether you are a buyer or a seller, there are several factors to consider before making the big decision. In this blog, we will discuss how to determine the right time for you and whether it is best to buy or sell when rates are falling. For buyers, the decision to move often stems from various reasons such as outgrowing their current home, relocating for work, or simply wanting a change of scenery. Determining when it is the right time depends on personal circumstances and preferences. Some buyers might be driven by the availability of properties that fit their needs, while others might be motivated by favorable market conditions, such as low-interest rates or reduced housing prices. On the other hand, sellers may consider moving if they have a desire to upgrade or downsize, or if they are looking to capitalize on the current market conditions. Sellers often gauge the right time based on factors like the state of the local real estate market, the demand for properties like theirs, and their financial goals. It is essential to consider these elements before deciding to list your property. One critical aspect that influences the decision-making process for both buyers and sellers is the market update. Staying informed about the current state of the real estate market is crucial for making an educated decision. By keeping an eye on trends, you can determine whether the market favors buyers or sellers. For instance, if the market is experiencing low inventory levels and high demand, it may be a seller's market, leading to higher prices and potentially quicker sales. Conversely, in a buyer's market with ample inventory and less demand, buyers can have more negotiating power and potentially find better deals. Now, let's address the question: should you buy or sell when rates are falling? Falling interest rates typically make borrowing more affordable, which can be advantageous for buyers. Lower rates translate into lower monthly mortgage payments and potentially allow for a larger loan amount. For sellers, however, falling rates might not necessarily have a significant impact on their decision to sell. Other factors such as market conditions, personal circumstances, and financial goals play a more prominent role. In conclusion, deciding when it is the right time to move depends on individual circumstances and preferences. Buyers should consider factors like availability and market conditions, while sellers should assess the state of the local real estate market and their financial goals. Lastly, falling interest rates can be beneficial for buyers, but sellers should focus more on other elements when making their decision. Ultimately, consulting with a knowledgeable real estate agent can provide invaluable guidance in navigating these complex decisions.

Buyer Traffic Is Still Stronger than the Norm Are you putting off selling your house because you’re worried no one’s buying because of where mortgage rates are? If so, know this: the latest data shows plenty of buyers are still out there, and they’re purchasing homes today. Here’s the data to prove it. The ShowingTime Showing Index is a measure of buyers touring homes. The graph below uses the latest numbers available and compares them to the same month in the last normal years to show just how active today’s buyers still are: As you can see, when June 2023 numbers are stacked alongside what’s typical for the housing market at this time of year, it's clear buyers are still active. And, they’re actually a lot more active than the norm. If you’re wondering how this could possibly be true, it’s because buyers are getting used to higher mortgage rates and accepting them as the new reality. As Danielle Hale, Chief Economist, Realtor.com, explains: “Interest rate hikes continue to further cut into buyers' purchasing power, although they appear to have adapted to the higher mortgage rate environment . . .” It’s simple. Buyers will always need to buy, and those who can afford to move at today’s rates are going to do so. The Key Takeaway for You While it’s true things have slowed down from the frenzy of the last couple of years, it doesn’t mean today’s market is at a standstill. The reality is: buyer traffic is still strong today. Even with today’s mortgage rates, plenty of buyers are still making their moves. So why delay your own move when there’s clearly a market for your house? Bottom Line Don’t put off your plans because you’re worried no one will buy your home. The opposite is true, and more buyers are more active than the norm. Let’s connect to get your house ready to sell, so it makes the best first impression possible on those eager buyers.