Jeff Stith, Realtor, Exp Realty

Wondering if the election is going to have an impact on the housing market? Lots of people have expressed concerns to me and are hesitant to jump in the market. Here’s your answer. Usually it only has a small and temporary effect.

* Sales usually slowdown briefly, but rebound fast.

* Prices tend to stay on their current trajectory for your market.

* Mortgage rates often trend down in the months leading up to the election.

https://jeffreystith.exprealty.com/blog/236700/Now%27s+A+Fantastic+Time+To+Sell+Your+House

Just a moment...

If you’re thinking about buying a home, chances are you’ve got mortgage rates on your mind. You’ve heard about how they impact how much you can afford in your monthly mortgage payment, and you want to make sure you’re factoring that in as you plan your move.

The problem is, with all the headlines in the news about rates lately, it can be a bit overwhelming to sort through. Here’s a quick rundown of what you really need to know.

The Latest on Mortgage Rates:

Rates have been volatile – that means they’re bouncing around a bit. And, you may be wondering, why? The answer is complicated because rates are affected by so many factors. Things like what’s happening in the broader economy and the job market, the current inflation rate, decisions made by the Federal Reserve, and a whole lot more have an impact. Lately, all of those factors have come into play, and it’s caused the volatility we’ve seen. As Odeta Kushi, Deputy Chief Economist at First American, explains:

“Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.”

Professionals Can Help Make Sense of it All:

While you could drill down into each of those things to really understand how they impact mortgage rates, that would be a lot of work. And when you’re already busy planning a move, taking on that much reading and research may feel a little overwhelming. Instead of spending your time on that, lean on the pros.

They coach people through market conditions all the time. They’ll focus on giving you a quick summary of any broader trends up or down, what experts say lies ahead, and how all of that impacts you.

Take this chart as an example. It gives you an idea of how mortgage rates impact your monthly payment when you buy a home. Imagine being able to make a payment between $2,500 and $2,600 work for your budget (principal and interest only). The green part in the chart shows payments in that range or lower based on varying mortgage rates (see chart):

As you can see, even a small shift in rates can impact the loan amount you can afford if you want to stay within that target budget.

It’s tools and visuals like these that take everything that’s happening and show what it actually means for you. And only a pro has the knowledge and expertise needed to guide you through them.

You don’t need to be an expert on real estate or mortgage rates, you just need to have someone who is, by your side.

Bottom Line:

Have questions about what’s going on in the housing market? Connect with me to take what’s happening right now and figure out what it really means for you.

It’s a real thing. I had no idea.

If you're planning to sell your house and move this year, if you aren't already, you'll soon be feeling both excitement and apprehension. If you've lived in your house for a long time, there are probably going to be emotions setting in when you recall the memories you've made there.
A great way to balance those emotions and make sure you’re confident in your decision is to keep these three best practices in mind when you’re ready to sell.
1. Price Your Home Right
The housing market shifted in 2023 as mortgage rates rose and home price appreciation started to normalize once again. As a seller, you still need to recognize how important it is to price your house appropriately based on where the market is today. Become familiar with your local market and work closely with me to make sure your listing is attractive to buyers. Buyers feeling the pressure of affordability are likely to be pickier, so a well-priced, well-maintained home is the way to gain a lot of attention. 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. I 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, since 1985, the average time a homeowner has owned their home has increased from 6 years in 1985 to 10 years in 2023.
This is much more than what used to be the norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your house. If it’s the first home you bought or the house where your loved ones grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.
For some homeowners, that makes it even tougher to separate the emotional value of the house from fair market price. That’s why you need me to help you with the negotiations and the best pricing strategy along the way.
3. Stage Your Home Properly
While you may love your decor and how you’ve customized your house over the years, not all buyers will feel the same way about your preferences. That’s why it’s so important to make sure you focus on your home’s first impression, so it appeals to as many buyers as possible. Buyers want to be able to picture themselves in the home. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. Buyers want to easily envision themselves within a new home and home staging is a way to showcase the property in its best light. That means putting away your family photos and, if your tastes are way different that most people's tastes, taking down and replacing some of your decorations with something more universally popular. I can help you with expertise on getting your house ready to sell by walking through with you and giving tips on how to best present your house to buyers.
If you’re considering selling your house, reach out to me for help in navigating the process while prioritizing these must-do pointers.

Real Estate Fun Fact: A lucky winner received an exact replica of the Simpsons' house.

In 1997 Pepsi and Fox launched a competition for a lucky fan to win an exact replica of The Simpsons family home, 742 Evergreen Terrace.

The house was built by Kaufman and Broad homebuilders and in total cost around $120,000 to build, not including the land itself.

In preparation, the builders had to study over a hundred episodes of The Simpsons to figure out which rooms were located where and specifically how they were decorated. With a keen eye for detail, the home was built to incredible standards, including Bart’s infamous treehouse in the garden, as well as four bedrooms, two bathrooms, and the signature bay windows and driveway.

Easter eggs could also be found inside relating to specific episodes in the series. Duff beer cans and peanut and jelly sandwiches can be found under Bart’s bed, Homer’s hard hat can be found hanging on the banister, and even cat food for Snowball II in the kitchen.

Unfortunately, the winner of the raffle, Barbara Howard could not accept the home as she lived hundreds of miles away in Kentucky. Instead, she opted for the cash prize of $75,000.

Ultimately, the house was never lived in. The themed interior was stripped inside and out and was given a neutral sand-color finish as its neighboring properties, leaving no trace of the once brightly colored décor.

The remodeled, more conventional version of the home was sold to new owners in 2001 and The Simpsons house consigned to history forever.

Real Estate Fun Fact: Canada and Denmark are disputing some vacant property.

Canada and Denmark have a pretty long-running dispute over a piece of vacant land that is technically in water controlled by Denmark. Still, Canada also has a legitimate claim to it.

The two countries maintain a pretty good sense of humor about the whole thing. Denmark naval officers will occasionally visit the island and leave a Danish flag with a bottle of Danish brandy. Some months later, a Canadian naval vessel will stop by, leave a bottle of Canadian Club whiskey, and replace the Danish flag with a Canadian flag.

Real Estate Fun Fact: It’s Illegal to Keep an Alligator in Your Tub in Arkansas

Legislators seem to really want to restrict what homeowners can do with their bathrooms. Of course, every state has strange, inexplicable laws still on the books, but did you know it’s illegal to have a donkey in your bathtub in Brooklyn or to keep a gator in your tub in Arkansas? And forget about keeping your horse in a bathtub in South Carolina.

You’d be surprised to learn you can’t bathe after 10 p.m. in Piqua, Ohio, and you must be fully clothed to take a bath in Portland, Oregon.

At least in most places, you can have a bathtub in your house. It’s technically still illegal in Virginia.

Real Estate Fun Fact: There's a secret apartment atop Paris's Eiffel Tower.

As a part of his commission for the design and construction of the most famous Parisian landmark, Gustov Eiffel built and maintained ownership of a secret, 1,000-square-foot apartment near the top of the Eiffel Tower.

French aristocrats, international VIPs, and even royalty frequently offered Eiffel more than $1,000 (equivalent to over $25,000 today) for a chance to spend just one night in the most exclusive apartment in France.

While he never rented the space to anyone, he did occasionally entertain “thinkers and artists who inspired the world”—including Thomas Edison and Nikola Tesla (on separate evenings, of course—it’s a pretty small pad).

When you buy a home, there are several key milestones you’ll encounter on your journey. The process includes building your team, understanding your finances, going house hunting, making an offer, and more. Your path to homeownership starts here. DM, call or text me so you have a guide by your side each step of the way.

It will be spring before we know it! Does your backyard lack the designated entertaining space you want? Is your kitchen starting to feel a little cramped? Do you have a need for additional rooms? Whatever the reason, it may be time to make a move to a home that has what you need. DM, call or text me to learn more about what’s available in our local market right now.

Real Estate Fun Fact: You can stay in a lighthouse in the middle of the ocean.

Frying Pan Shoals have claimed hundreds of ships and thousands of lives off the southeastern coast of North Carolina. A light tower was finally built in 1966, but was decommissioned by 2004 as technology made it obsolete.

A fellow named Richard Neal purchased the tower from a government auction for $85,000 and turned it into Frying Pan Shoals Tower, a bed and breakfast. Arrive by helicopter and spend your time deep-sea fishing off the wraparound walkways.

As the government continues to decommission lighthouses and towers, there are a number of lighthouses one can buy, so keep an eye on those government auctions.

If you’re planning to sell, you want to make sure your house is attractive to the most buyers. But do you know where to focus your time and your money? A local real estate professional knows which updates are mission-critical, and which you can leave for the new homeowners. You would be surprised at what you will struggle to recoup your money on! For expert advice on getting your house list-ready, DM, call or text me today.

If you’re a homeowner considering selling but aren’t sure if now is the right time, there’s good news. The latest survey of sellers by realtor.com found that 92% said they were pleased with the outcome of their home sale. If you’re thinking about selling your house, DM, call or text me to start the conversation today.

While the inventory of homes for sale has increased compared to 2021 and the first half of 2022, it remains low. If you're still not finding a home that checks all your boxes, I recommend expanding your search radius and looking at nearby locations to increase your pool of options. For more advice during your homebuying journey, DM, call or text me today. Let's get you in a new home!

The supply of homes for sale has been historically low over the past two years. But the small growth we’ve seen the last 4-5 months means you may have a few more options to choose from compared to this time last year. This graphic illustrates the increase, regardless of how small - it's a positive! DM, call or text me today if you’re ready to resume your housing search and explore the homes for sale in our area.

Are you planning to buy a home? If so, you’re probably working on saving for your down payment. You should know there are options out there that can help. To understand what’s available so you can start finding tools and resources for your purchase, DM, call or text me.

While the supply of homes for sale has increased in the past 3-4 months, inventory is still very low. For buyers, that means you have more options but still need to be decisive. For sellers, you may have more competition, but you can still stand out if you work with an agent to price your house right. Either way, DM, call or text me so you have an expert on your side.

While market conditions will likely play a role in your decision to sell your house, there are other personal reasons that can motivate you to move. Whether you’re looking for more space or to downsize, DM, call or text me, and let’s discuss your changing needs and options in our local market.

Real Estate Fun Fact: Teddy Roosevelt officially named the White House

Generations of Presidents called The White House home, but they didn’t officially call it The White House. Instead, they called it the Executive Residence, Executive Mansion, or the People’s House.

None of these have the same Presidential ring as The White House, so it was Theodore Roosevelt who decided to make The White House official. It is repainted every four to six years to keep it that symbolic white, which requires a staggering 570 gallons of paint!

Is your landlord one of the 72%? Likely so. Owning a home may be a better bet than renting one. That’s because landlords are more likely to increase your rent when inflation is high like today. If you buy a home, you can lock in and stabilize your monthly payment for 15-30 years. If you’re ready to move on from renting, DM, call or text me today.

In a shifting housing market, it’s even more important to approach your home sale strategically. That means working with a real estate professional who can help you price your house right, provide expert guidance throughout the process, and offer tips on how to make buyers feel at home. DM, call or text me so you can have an expert on your side.

If you’re thinking of selling your house, you haven’t missed your window. That’s because you’ve likely gained a significant amount of equity if you’ve owned your home for more than a few years. To learn about how your equity can help you when you move this winter, DM, call or text me.

Wondering what's going to happen with home prices over the next few years? According to a survey of over 100 housing market experts, home prices will moderate from the peak we saw during the pandemic. But the consensus among experts is they won't fall nationally. DM, call or text me if you have questions about home prices in our area.

Wondering what to expect if you buy a home this winter? Experts say you can expect less competition from other buyers as the housing market cools slightly. That likely means fewer bidding wars, which is great news if you’ve been outbid in the past. DM, call or text me if you’re ready to explore options in our area this winter ... because the number of buyers will increase by early spring!

Your credit score plays a big role in your mortgage rate. That’s why, if you’re planning to buy a home, it’s important to maintain good credit habits and work to improve your score. If you have questions about any steps in the mortgage process, connect with a trusted lender in our area.

Real Estate Fun Fact: McDonald's is a company built on real estate, not burgers.

You know that McDonald’s makes money on fries and Big Macs. But you may not know that fast food isn’t its only source of income. McDonald’s Corporation makes a substantial amount of money in real estate. In fact, in most business circles, it’s considered more a real estate company than a fast food business. The company retains ownership of the land each location sits on and charges its franchise owners rent along with the standard royalties and franchise fees each month. It’s a business model developed by Ray Kroc, the franchise founder, that has helped keep them at the top of the food chain for decades.

And while we’re talking about McDonald’s, the next time you take a trip to Disney or Universal Studios in Orlando, take a quick detour to check out the World’s Largest Entertainment McDonald’s, located on International Drive. This 19,000-square-foot Epic McD offers more than the standard fare, including pizza, pasta, and more, along with a 22-foot-tall PlayPlace. Definitely worth a stop.

In a market where buyers have more homes to choose from than they did at this time last year, you want yours to stand out. That’s why it’s critical to do everything you can to make sure it shines. It may sound simple, but tidying up before showings can boost your home’s appeal. For expert advice, DM, call or text me, and let’s partner on your home sale.

Rents have risen quickly due to high inflation. One benefit of homeownership is that it allows you to lock in what’s typically your largest monthly expense: your housing payment. That makes owning a home a great hedge against inflation. Ready to begin your home search? DM, call or text me.

Your home is lot of things – it’s a roof over your head, a place to call your own, and it’s considered a strong investment since home values typically appreciate over time. That’s why so many of us still associate homeownership with the American dream. DM, call or text me so you have an expert guide to help you accomplish your dream of .