In a year that was financially devastating for many Americans, some good news for most homeowners is the dramatic gain in home equity over the last twelve months. Last week, CoreLogic released its 2020 3rd Quarter Homeowner Equity Insights report, which reveals four major findings: U.S. homeowners with mortgages have seen their equity increase by a total of $1 trillion since the third quarter of 2019. The average homeowner gained approximately $17,000 in equity over the past year. This is a 10.8% increase in equity over last year. The average household with a mortgage now has $194,000 in home equity. This has given many homeowners the ability to redesign their…

This year will be remembered for many reasons, and optimism is one thing that’s been in short supply since the spring. We’re experiencing a global pandemic, social unrest, an economic downturn, and natural disasters, just to name a few. The challenges brought on by the health crisis have also forced many homeowners to reevaluate their space and what they need in a home going into 2021. So, experts are forecasting that next year is one in which we can be optimistic about real estate for three key reasons. 1. The Economy Is Expected to Continue Improving Tim Duy from the University of Oregon puts it this way: “There is nothing…

Black Friday and Cyber Monday are behind us, yet finding the perfect holiday gifts for friends and family is certainly still top of mind for many right now. This year, there’s another type of buyer that’s very active this holiday season – the homebuyer. Each month, ShowingTime releases their Showing Index which tracks the average number of appointments received on active U.S. house listings. The most recent index notes: “The Showing Index reported a 60.9 percent jump in nationwide showing traffic year over year in October, the sixth consecutive month to see an increase over last year.” Here’s the breakdown of the latest activity by region of the country compared to this time last year: The…

If you’re currently feeling the stress of affording your mortgage payment, or if you know someone who is, there’s still time to get help. For homeowners experiencing financial hardship this year, the CARES Act provides mortgage payment deferral options, creating much-needed relief in these challenging times. It’s important, however, to understand how forbearance works. It’s not automatic. You need to take action now and apply for the program before these options expire. A study by the Urban Institute determined: “Approximately 400,000 homeowners who became delinquent after the pandemic began have forgone forbearance and become delinquent. These borrowers may not know they are eligible for forbearance.” Thankfully, there’s still time to…

Some Highlights Buying a home in today’s sellers’ market doesn’t have to feel like an uphill battle. Here are four ways to make sure you’re positioned for success when making a home purchase, even when the scale tips toward sellers. Let’s connect to make sure you’re armed for victory in the housing market this season.

If you’re one of the many homeowners thinking about taking your house off the market for the holidays, hang on. You definitely don’t want to miss the great selling opportunity you have right now. Here’s why this month is the optimal time to make sure your house is available for holiday buyers. The latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houses for sale has dropped to an astonishing all-time low. It now sits at a 2.5-month supply at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market, in which there are enough homes available for active buyers (See…

Talk of a housing bubble is beginning to crop up as home prices have appreciated at a rapid pace this year. This is understandable since the appreciation of residential real estate is well above historic annual averages. According to the Federal Housing Finance Agency (FHFA), annual appreciation since 1991 has averaged 3.8%. Here are the latest 2020 appreciation numbers from three reliable sources: FHFA: 7.8% CoreLogic: 7.3% Case-Shiller: 7% It’s easy to jump to the conclusion that house appreciation is out of control in today’s market. However, we need to put these numbers into context first. Inflation and the Comeback from the Housing Crash Following the housing crash, home values…

Last Friday, the Bureau of Labor Statistics released the November Jobs Report. It revealed that, though headed in the right direction, the nation’s job recovery has slowed. The consensus reaction is best exemplified by a quote from Glassdoor Senior Economist, Daniel Zhao: “We saw positive job gains, but I think the sentiment is largely negative because we know that we’re heading into a dark winter.” There’s no doubt that millions of households have been – and continue to be -devastated by the economic downturn caused by the pandemic. We should, however, put the current situation into perspective. Where we currently stand is much better than where most experts thought we…

This year, the opportunity to work remotely has increased the demand for vacation homes. Gay Cororaton, Senior Economist and Director of Housing and Commercial Research at the National Association of Realtors (NAR), notes: “Working from home is a positive factor in demand for vacation homes.” Buyers are taking advantage of the fact that working from home might be someplace other than their primary residence – at the beach, in the mountains, or somewhere in between. NAR explains: “Sales in vacation-home counties increased 48% on average year over year in the third quarter; overall, 81% of vacation-home counties saw a year-over-year sales increase.” Is it Time to Sell Your Vacation Home?…

Some Highlights If you’re thinking of buying a home and not sure where to start, you’re not alone. Here’s a map with 10 simple steps to follow in the homebuying process. Let’s connect today to discuss the specific steps along the way in our local area.