Charlie Ward Realty - Richard Chitman

Valuable information on the Real Estate Market.

Experts Project Home Prices Will Increase in 2024

Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent survey from Fannie Mae found that 24% of people think home prices will actually decline over the next 12 months. That means almost one out of every four people are dealing with that fear, and you might be, too.

To help ease that concern, here's what experts forecast will happen with prices this year.

Experts Project a Modest Increase

Prices aren’t likely to depreciate in 2024 because inventory is still tight and lower mortgage rates are leading to strong buyer demand. Those two factors will keep pushing prices up as the year goes on. As Selma Hepp, Chief Economist at CoreLogic, explains: “With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put...

Experts Project Home Prices Will Increase in 2024 Even though home prices are going up nationally, some people are still worried they might come down.

Valuable information on the Real Estate Market.

Are More Homeowners Selling as Mortgage Rates Come Down?

If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale.

The Mortgage Rate Lock-In Effect

Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up.

Early Signs Show Those Homeowners Are Ready To Move Again

According to the latest data from Realtor.com, there were more homeowners putting their houses up for sale, known in the industry as new listings, in December 2023 compared to December 2022.

Here's why this is so significant. Typically, activity in the housing market cools down in...

Are More Homeowners Selling as Mortgage Rates Come Down? If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability.

Valuable information on the Real Estate Market.

Have you been holding off on selling your house because you felt mortgage rates were too high? If so, their recent dip is good news. Lower rates not only help you feel less locked-in to your current rate, but they also bring more buyers to the market. If you're ready to make the most of today's more favorable conditions and talk through the next steps, DM me.

Valuable information on the Real Estate Market.

If you’re worried home prices will drop, here’s some good news. More than 100 experts project they’ll keep going up through 2028. That means if you buy now, your home's value – and your equity – could get a nice boost. Let’s connect to talk about what’s happening with home prices in our area.

Valuable information on the Real Estate Market.

3 Must-Do’s When Selling Your House in 2024

If one of the goals on your list is selling your house and making a move this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home. Keep these three best practices in mind when you’re ready to sell.

1. Price Your Home Right

If you price your house too high, you run the risk of deterring buyers. And if you go too low, you’re leaving money on the table. An experienced real estate agent can help determine what your ideal asking price should be, so your house moves quickly and for top dollar.

2. Keep Your Emotions in Check

Today, homeowners are staying in their houses longer than they used to. According to the National Association of Realtors (NAR), since 1985, the average time a homeowner has owned their home has increased from 6 to 10 years.

This is...

3 Must-Do’s When Selling Your House in 2024 If one of the goals on your list is selling your house and making a move this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home.

Valuable information on the Real Estate Market.

There are plenty of reasons why you may want or need to move. For many, it's a new job opportunity or the desire to be closer to loved ones. If you're considering selling your house and could use some friendly advice on weighing the pros and cons, let's chat. I'm here to help you explore your options.

Valuable information on the Real Estate Market.

Great news for 2024 - inventory is expected to increase, offering more options for your next home. Imagine the possibilities. Ready to explore what's available in our area? Let's connect and find the perfect match for you.

Valuable information on the Real Estate Market.

Thinking of buying a home this year? Time to be strategic. With the current affordability challenges and limited housing supply, finding a home that suits your needs and fits your budget requires some thoughtful planning. Let's chat about your priorities and ensure your housing decision aligns with your long-term goals.

Valuable information on the Real Estate Market.

Key Terms Every Homebuyer Should Learn [INFOGRAPHIC]

Buying a home is a big deal and can feel especially complicated if you don't know the terms used during the process. If you want to become a homeowner this year, it's a good idea to learn these key housing terms and understand how they relate to the current housing market. That will help you feel confident when you buy a home. Let’s connect so you can get expert help with any questions you have.

Key Terms Every Homebuyer Should Learn [INFOGRAPHIC] Buying a home is a big deal and can feel especially complicated if you don't know the terms used during the process.

Valuable information on the Real Estate Market.

3 Key Factors Affecting Home Affordability

To really understand home affordability, you need to look at the combination of three important factors: mortgage rates, home prices, and wages.

1. Mortgage Rates

Mortgage rates have come down in recent months. And looking forward, most experts expect them to decline further over the course of the year. Even a small change in mortgage rates can have a big impact on your purchasing power, making it easier for you to afford the home you want by reducing your monthly mortgage payment.

2. Home Prices

The second important factor is home prices. After going up at a relatively normal pace last year, they’re expected to continue rising moderately in 2024.
That’s great news for you because it means prices aren’t likely to skyrocket like they did during the pandemic. But it also means it’ll probably cost you more to wait. So, if you’re...

3 Key Factors Affecting Home Affordability Over the past year, a lot of people have been talking about housing affordability and how tight it’s gotten.

Valuable information on the Real Estate Market.

Thinking about buying a home? Understanding how mortgage rates affect your monthly payments is key. They’ve been trending down in recent weeks, so buying a home has gotten a bit more affordable, opening the doors for people to achieve their homeownership dreams. Are you ready to make 2024 the year you buy a home? DM me today.

Valuable information on the Real Estate Market.

2 Reasons Why Today’s Mortgage Rate Trend Is Good for Sellers

If you’ve been holding off on selling your house to make a move because you felt mortgage rates were too high, their recent downward trend is exciting news for you. Mortgage rates have descended since last October when they hit 7.79%. In fact, they’ve been below 7% for over a month now.

And while they’re not going back to the 3% we saw during the ‘unicorn’ years, they are expected to continue to go down from where they are now in the near future.

You May Not Feel as Locked-In to Your Current Mortgage Rate

With mortgage rates already significantly lower than they were just a few months ago, you may feel less locked-in to the current mortgage rate you have on your house. With rates dropping, the difference between your current mortgage rate and the new rate you’d be taking on isn’t as big as it was. That...

2 Reasons Why Today’s Mortgage Rate Trend Is Good for Sellers If you’ve been holding off on selling your house to make a move because you felt mortgage rates were too high, their recent downward trend is exciting news for you.

Valuable information on the Real Estate Market.

Why You May Want To Seriously Consider a Newly Built Home

Are you putting off your plans to sell because you’re worried you won’t be able to find a home you like when you move? If so, it may be time to consider a newly built home and the benefits that come with one. Here’s why.

Near-Record Percentage of New Home Inventory

The percentage of the total homes available to buy that are newly built is well over two times higher than the norm. And even more new homes are on the way.

Recent data from the Census shows there’s been an uptick in both housing starts (where builders break ground on more new homes) and housing completions (homes where construction just wrapped).

And while some people may worry builders are building too many homes, that isn’t a concern – if anything, the recent increase is really good news.

How This Helps You

Since the supply of existing homes for...

Why You May Want To Seriously Consider a Newly Built Home Are you putting off your plans to sell because you’re worried you won’t be able to find a home you like when you move?

Valuable information on the Real Estate Market.

Wondering where you’ll go when you sell your house? With so few homes available today, it’s crucial to explore all your options. That includes both existing homes as well as newly built ones. If you're curious about the choices in our area, let's chat. I'm here to help you navigate what's available and find what suits you best.

Valuable information on the Real Estate Market.

Homeownership Is Still at the Heart of the American Dream

Buying a home is a powerful decision, and it remains at the heart of the American Dream. Let’s explore just a few of the reasons why so many Americans continue to value homeownership.

The Financial Benefits of Owning a Home

One possible reason homeownership is viewed so highly is because owning a home is a significant wealth-building tool. Over time, owning a home not only helps boost your own net worth, but it also sets future generations up for success as you pass that wealth down.

It can also provide meaningful financial stability compared to renting. When you buy with a fixed-rate mortgage, you can lock in your monthly housing payments for the length of your home loan.

The Non-Financial Benefits of Homeownership

But, owning a home offers more than just financial benefits—it benefits you socially...

Homeownership Is Still at the Heart of the American Dream Buying a home is a powerful decision, and it remains at the heart of the American Dream.

After Church vibe..

Valuable information on the Real Estate Market.

Great news for those waiting for mortgage rates to decline before making a move. While they’re not going back down to pandemic lows, there's been a recent, noticeable dip - and many experts believe they’ll decline even further. If you have questions about how changing mortgage rates affect your moving plans, DM me today.

Valuable information on the Real Estate Market.

Homeownership isn't just about finding a house—it's a journey towards building wealth. Your monthly payments and home value appreciation lead to growing equity over time. It's one of the great ways homeownership can boost your net worth. Ready to get started on your wealth-building journey? Let's chat.

Valuable information on the Real Estate Market.

Thinking of making 2024 the year you become a homeowner? Focus on boosting your credit score, planning for that down payment, getting pre-approved, and deciding what’s important to you. Let's connect so you can get expert advice on turning those homeownership dreams into reality this year.

Valuable information on the Real Estate Market.

Home Prices Forecast To Climb over the Next 5 Years [INFOGRAPHIC]

If you’re worried about what’s next for home prices, know the HPES shows experts are projecting they’ll continue to rise at least through 2028. Based on that forecast, if you bought a $400,000 house this year, experts say it could gain over $72,000 in equity over the next five years. If you're worried about falling home prices, don't be. Many experts forecast they'll keep rising for years to come. If you have questions, let’s connect.

Home Prices Forecast To Climb over the Next 5 Years [INFOGRAPHIC] If you’re worried about what’s next for home prices, know the HPES shows experts are projecting they’ll continue to rise at least through 2028.

Valuable information on the Real Estate Market.

The Dramatic Impact of Homeownership on Net Worth

If you're trying to decide whether to rent or buy a home this year, here's a powerful insight that could give you the clarity and confidence you need to make your decision.

Every three years, the Federal Reserve releases the Survey of Consumer Finances (SCF), which compares net worth for homeowners and renters. The latest report shows the average homeowner’s net worth is almost 40X greater than a renter’s.

One reason a wealth gap exists between renters and homeowners is because when you’re a homeowner, your equity grows as your home appreciates in value and you make your mortgage payment each month.

The Largest Part of Most Homeowner Net Worth Is Their Equity

Home equity does more to build the average household’s wealth than anything else. According to data from First American and the Federal Reserve, this holds true...

The Dramatic Impact of Homeownership on Net Worth If you're trying to decide whether to rent or buy a home this year, here's a powerful insight that could give you the clarity and confidence you need to make your decision.

Valuable information on the Real Estate Market.

Ways Your Home Equity Can Help You Reach Your Goals

If you’ve owned your house for at least a couple of years, there’s something you’re going to want to know more about – and that’s home equity. If you’re not familiar with that term, Freddie Mac defines it like this: “. . . your home’s equity is the difference between how much your home is worth and how much you owe on your mortgage.”

That means your equity grows as you pay down your home loan over time and as home values climb. Here are a few examples of how you can put your home equity to work for you.

1. Buy a Home That Fits Your Needs

If your current space no longer meets your needs, you can put your equity toward a down payment on something that fits your changing lifestyle.

2. Reinvest in Your Current Home

A real estate agent is a great resource on which projects to prioritize to get the greatest return on your...

Ways Your Home Equity Can Help You Reach Your Goals If you’ve owned your house for at least a couple of years, there’s something you’re going to want to know more about – and that’s home equity.

Valuable information on the Real Estate Market.

Avoid These Common Mistakes After Applying for a Mortgage

If you’re getting ready to buy a home, there are some key things to keep in mind after you apply for your mortgage and before you close. Here’s a list of things to remember when you apply for your home loan.

Don’t Deposit Large Sums of Cash

Lenders need to source your money, and cash isn’t easily traceable. Discuss the proper way to document your transactions with your loan officer.

Don’t Make Any Large Purchases

It’s not just home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. Resist the temptation to make any large purchases, even for furniture or appliances.

Don’t Cosign Loans for Anyone

When you cosign for a loan, you’re making yourself accountable for that loan’s success and repayment.

Don’t Switch Bank Accounts

Lenders need to...

Avoid These Common Mistakes After Applying for a Mortgage If you’re getting ready to buy a home, it’s exciting to jump a few steps ahead and think about moving in and making it your own.

Valuable information on the Real Estate Market.

What Lower Mortgage Rates Mean for Your Purchasing Power

If you want to buy a home, it's important to know how mortgage rates impact what you can afford and how much you’ll pay each month. Fortunately, rates for 30-year fixed mortgages have come down significantly since the end of October and are currently under 7%, according to Freddie Mac.

This recent trend is great news for buyers. As a recent article from Bankrate says: “The rate cool-off somewhat eases the housing affordability squeeze.”

And according to Edward Seiler, AVP of Housing Economics and Executive Director of the Research Institute for Housing America at the Mortgage Bankers Association (MBA): “MBA expects that affordability conditions will continue to improve as mortgage rates decline . . .”

Here’s a bit more context on how this could help with your plans to buy a home.

How Mortgage Rates Affect Your...

What Lower Mortgage Rates Mean for Your Purchasing Power If you want to buy a home, it's important to know how mortgage rates impact what you can afford and how much you’ll pay each month.

Valuable information on the Real Estate Market.

Life is full of changes – be it a new job, changes at home, or downsizing for more budget-friendly living. The fact that these types of changes are always happening means there will be plenty of people moving in 2024, regardless of market conditions. That means there’ll be buyers who are interested in your house. If you’re ready to sell, let's connect.

Valuable information on the Real Estate Market.

There’s so much a trusted real estate agent can help you with when you sell a house. We’re specialists at navigating today’s market and each step of the selling process. Don’t go at it alone. DM me today so we can sell your house this year.

Valuable information on the Real Estate Market.

Trying to decide if it makes more sense to rent or buy a home right now? Here’s something that might help. The average homeowner’s net worth is far greater than a renter’s across all income levels. That’s because owning your home can give your net worth a big boost over time. DM me when you’re ready to start your journey to homeownership.

Valuable information on the Real Estate Market.

Let's clear things up – home prices aren't falling. They're still rising, just at a more typical, seasonal pace. That growth is being driven by strong buyer demand thanks to a thriving job market. For insight into what’s happening with home prices in our local area, let's connect.