Saviano Realty-KW Advisors

NAR shows 48% of agents or brokers have noticed consumers are interested in sustainability. If you want to upgrade your house in a way that maximizes its green appeal, you need to work with a local agent to understand what buyers in your area are looking for. The same NAR report identifies the following green home features as most important to buyers at a national level:

>>Windows, doors, and siding
>>Proximity to frequently visited places
>>A comfortable living space
>>A home’s utility bills and operating costs
While you can’t change the location of your house, you can take action to make sure it’s as comfortable as possible while also setting up the next owners for lower operating costs. ENERGY STAR shares some suggested upgrades as ones that may be worth considering:

>>Heating and cooling
>>Water heater
>>Smart thermostat
>>Attic insulation
>>Energy-efficient windows

It's worth noting that...

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Eco-Friendly, Energy-Efficient Homes Attract Buyers Are you planning to sell your house?

NAR will release their latest EHS report later this week. This monthly report provides information on the sales volume and price trend for previously owned homes. In the upcoming release, it’ll likely say home prices are down. This may feel a bit confusing, especially if you’ve been following along and seeing the blogs saying that home prices have bottomed out and turned a corner.

So, why will this likely say home prices are falling when so many other price reports say they’re going back up? It all depends on the methodology of each report. NAR reports on the median sales price, while some other sources use repeat sales prices. Here’s how those approaches differ.

WSU explains median prices like this: “The median sale price measures the ‘middle’ price of homes that sold, meaning that half of the homes sold for a higher price and half sold for less . . . For example, if more lower-priced homes h...

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Why the Median Home Price Is Meaningless in Today’s Market The National Association of Realtors (NAR) will release its latest Existing Home Sales (EHS) report later this week.

If you're planning to buy your first home, then you're probably focused on saving for all the costs involved in such a big purchase. One of the expenses that may be at the top of your mind is your down payment. If you’re intimidated by how much you need to save for that, it may be because you believe you must put 20% down. That doesn’t necessarily have to be the case. As NAR notes, “One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership.”

And a recent Freddie Mac survey finds, “. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”

Here’s the good news. Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be close...

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Saving for a Down Payment? Here’s What You Need To Know. If you're planning to buy your first home, then you're probably focused on saving for all the costs involved in such a big purchase.

If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership. Over time, homeownership allows you to build equity. On average, nationwide home prices appreciated by 290.2% over the last 32 years. That means your net worth can grow significantly in the long-term when you own a home. DM me so you can start your homebuying journey today.

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How Owning a Home Grows Your Wealth with Time [INFOGRAPHIC] If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership.

If you're thinking about buying or selling a house, it's important to know that it doesn't just affect your life, but also your community. NAR releases a report every year to show how much economic activity is generated by home sales.

When a house is sold, it can make a big difference in the local economy. The impact comes largely from the workers required to build, update, and buy and sell homes.

Housing being a major job creator makes sense when you consider there are many different industries involved in the process. A recent article from Fortune notes housing activity could have a more robust impact than you think due to the many ways it’s tied to the economy.

When you buy or sell a home, you work with a team of professionals, including contractors, specialists, lawyers, and city officials. Each person plays a role in making the transaction happen.

So, when you make a move in the housin...

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Why Buying or Selling a Home Helps the Economy and Your Community If you're thinking about buying or selling a house, it's important to know that it doesn't just affect your life, but also your community.

Home prices rose rapidly during the ‘unicorn’ years. That gave homeowners a considerable equity boost. But those ‘unicorn’ years couldn’t last forever. The market had to moderate at some point, and that’s what we saw last fall and winter.

As home prices dropped slightly in the back half of 2022, equity was impacted. Based on the most recent report from CoreLogic, there was a 0.7% dip in homeowner equity over the last year. However, the headlines reporting on that change aren’t painting the whole picture. The reality is, while home price depreciation during the second half of last year caused equity to drop, the data shows homeowners still have near record amounts of equity.

Consider the total amount of tappable equity in this country going all the way back to 2005. Tappable equity is the amount of equity available for homeowners to access before hitting a maximum 80% loan-to-value ratio (LTV)...

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A Drop in Equity Doesn’t Mean Low Equity You may see media coverage talking about a drop in homeowner equity.

If you’re thinking about selling your house right now, chances are it’s because something in your life has changed. And, while things like mortgage rates are a key part of your decision on what you’ll buy next, it’s important to not lose sight of the reason you want to make a change in the first place.

It’s true mortgage rates have climbed from the record lows we saw in recent years, and that has an impact on affordability. With rates where they are right now, 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. As Danielle Hale, Chief Economist at Realtor.com, explains, “. . . homeowners who locked in a 30-year fixed rate in the 2-3% range don't necessarily want to give that up in exchange for a rate in the 6-7% range.”

But your lifestyle and your changing needs should matter more. Here are a few of the most com...

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www.simplifyingthemarket.com

Media coverage about what’s happening with home prices can be confusing. A large part of that is due to the type of data being used and what they’re choosing to draw attention to. For home prices, there are two different methods used to compare home prices over different time periods: year-over-year (Y-O-Y) and month-over-month (M-O-M).

Why Is This Distinction So Important Right Now?

We’re about to enter a few months when home prices could possibly be lower than they were the same month last year. April, May, and June of 2022 were three of the best months for home prices in the history of the American housing market. Those same months this year might not measure up. That means, the Y-O-Y comparison will probably show values are depreciating. The numbers for April seem to suggest that’s what we’ll see in the months ahead. That’ll generate troubling headlines that say home values are falling. Th...

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Are Home Prices Going Up or Down? That Depends… Media coverage about what’s happening with home prices can be confusing.

Comparing housing market metrics from one year to another can be challenging in a normal housing market – and the last few years have been anything but normal. In a way, they were ‘unicorn’ years. Expect unsettling housing market headlines this year, mostly due to unfair comparisons with the ‘unicorn’ years. DM me so I can share the data that puts those headlines in the proper perspective.

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Why You Can’t Compare Now to the ‘Unicorn’ Years of the Housing Market [INFOGRAPHIC] Comparing housing market metrics from one year to another can be challenging in a normal housing market – and the last few years have been anything but normal. In a way, they were 'unicorn' years.

When you look at the numbers today, the one thing that stands out is the strength of this housing market. We can see this is one of the most foundationally strong housing markets of our lifetime – if not the strongest housing market of our lifetime. Here are two fundamentals that prove this point.

>>The Current Mortgage Rate on Existing Mortgages

First, let’s look at the current rate on existing mortgages. According to the FHFA, as of the fourth quarter of last year, over 80% of existing mortgages have a rate below 5%. That’s significant. And, to take that one step further, over 50% of mortgages have a rate below 4%. Here's why this gives the housing market such a solid foundation today. Having so many homeowners with such low mortgage rates helps us avoid a crisis with a flood of foreclosures coming to market like there was back in 2008.

>>The Amount of Homeowner Equity

Second, Americans ar...

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This Real Estate Market Is the Strongest of Our Lifetime When you look at the numbers today, the one thing that stands out is the strength of this housing market.

Today’s mortgage rates are top-of-mind for many homebuyers right now. As a result, if you’re thinking about buying for the first time or selling your current house to move into a home that better fits your needs, you may be asking yourself these two questions:

>>Why Are Mortgage Rates So High?

The 30-year fixed-rate mortgage is largely influenced by the supply and demand for mortgage-backed securities (MBS). Demand for MBS helps determine the spread between the 10-Year Treasury Yield and the 30-year fixed mortgage rate. Historically, the average spread between the two is 1.72.

Last Friday morning, the mortgage rate was 6.85%. That means the spread was 3.2%, which is almost 1.5% over the norm. If the spread was at its historical average, mortgage rates would be 5.37%.

This large spread is very unusual. The good news is, that means there’s room for mortgage rates to improve today. So, what’s c...

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The Main Reason Mortgage Rates Are So High Today’s mortgage rates are top-of-mind for many homebuyers right now.

With all the headlines circulating about home prices and rising mortgage rates, you may wonder if it still makes sense to invest in homeownership right now. A recent poll from Gallup shows the answer is yes. In fact, real estate was voted the best long-term investment for the 11th consecutive year, consistently beating other investment types like gold, stocks, and bonds.

If you’re thinking about purchasing a home, let this poll reassure you. Even with everything happening today, Americans recognize owning a home is a powerful financial decision.

Why Do Americans Still Feel So Positive About the Value of Investing in a Home?

Purchasing real estate has typically been a solid long-term strategy for building wealth in America. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), notes, “. . . homeownership is a catalyst for building wealth for people from all walks of l...

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Real Estate Is Still Considered the Best Long-Term Investment With all the headlines circulating about home prices and rising mortgage rates, you may wonder if it still makes sense to invest in homeownership right now.

During the fourth quarter of last year, many housing experts predicted home prices were going to crash this year.

>>The Bad News: It Rattled Consumer Confidence

These forecasts put doubt in the minds of many consumers about the strength of the residential real estate market. Evidence of this can be from Fannie Mae. It showed a larger percentage of Americans believed home prices would fall over the next 12 months than in any other December in the history of the survey. That caused people to hesitate about their homebuying or selling plans as we entered the new year.

>>The Good News: Home Prices Never Crashed

However, home prices didn’t come crashing down and seem to be already rebounding from the minimal depreciation experienced over the last several months.

In a report just released, Goldman Sachs explains, “The global housing market seems to be stabilizing faster than expected despite mo...

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Oops! Home Prices Didn’t Crash After All During the fourth quarter of last year, many housing experts predicted home prices were going to crash this year.

June is National Homeownership Month, and it’s a perfect time to think about all the benefits that come with owning your home. Owning a home not only makes you feel proud and accomplished, but it’s also a big step toward having a secure and stable financial future. Are you ready to enjoy all the amazing advantages that come with owning a home? Let’s get in touch to start the process today.

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Reasons To Own Your Home [INFOGRAPHIC] June is National Homeownership Month, and it’s a perfect time to think about all the benefits that come with owning your home.

Buying and owning your home can make a big difference in your life by bringing you joy and a sense of belonging. And with June being National Homeownership Month, it’s the perfect time to think about all the benefits homeownership provides.

Here are three ways owning your home can give you a sense of accomplishment, happiness, and pride.

>>You May Feel Happier and More Fulfilled

Owning a home is associated with better mental health and well-being. According to the experts, owning a home can improve your psychological wellness by making you feel happier and more accomplished.

>>You Can Engage in Your Neighborhood and Grow Your Sense of Community

Your home connects you to your community. Homeowners tend to stay in their homes longer than renters, and that can help you feel more connected to your community because you have more time to build meaningful relationships. After all, it makes sense...

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The True Value of Homeownership Buying and owning your home can make a big difference in your life by bringing you joy and a sense of belonging.

Buying your first home is an exciting decision and a major milestone that has the power to change your life for the better. As a first-time homebuyer, it’s a vision you can bring to life, but you’ll have to overcome some factors that have made it more challenging in recent years. That said, if you’re looking to purchase your first home, here are two things you can consider to help make your dreams a reality.

>>Save Money with First-Time Homebuyer Programs

Being able to pay for the initial costs and fees associated with homeownership can feel like a major hurdle. Fortunately, there are a lot of public and private first-time homebuyer programs that can help you get a loan with little-to-no money upfront. And many of these programs are offered by state and local governments. To take advantage of these programs, contact the housing authority in your state and browse sites like Down Payment Resourc...

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Keys to Success for First-Time Homebuyers Buying your first home is an exciting decision and a major milestone that has the power to change your life for the better.

Comparing real estate metrics from one year to another can be challenging in a normal housing market. That’s due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared.

Comparing this year’s numbers to the two ‘unicorn’ years we just experienced is almost worthless. By ‘unicorn,’ this is the less common definition of the word: “Something that is greatly desired but difficult or impossible to find.”

The pandemic profoundly changed real estate over the last few years. The demand for a home of our own skyrocketed, and people needed a home office and big backyard.

>>Waves of first-time and second-home buyers entered the market.
>>Already low mortgage rates were driven to historic lows.
>>The forbearance plan all but eliminated foreclosures.
>>Home values reac...

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Today’s Real Estate Market: The ‘Unicorns’ Have Galloped Off Comparing real estate metrics from one year to another can be challenging in a normal housing market.

We remember and honor those who gave all.

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Remember and Honor Those Who Gave All

If you want to sell your house, consider doing it this summer. The days are longer, the weather is warmer, and it’s a great time for sellers. If your needs have changed, now’s the time to capitalize on the low inventory and multiple offers in today’s sellers’ market. Let’s connect today if you’re ready to sell your house and move to a home that meets your changing needs.

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Moving Now Can Give Your House Its Day in the Sun [INFOGRAPHIC] If you want to sell your house, consider doing it this summer.

If you’re trying to decide if now’s the time to sell your house, here’s what you should know. The limited number of homes available right now gives you a big advantage. That’s because there are more buyers out there than there are homes for sale. And, with so few homes on the market, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house.

Here’s what industry experts are saying about why selling now has its benefits:

Lawrence Yun, Chief Economist at NAR: “Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”

Selma Hepp, Chief Economist at CoreLogic: “We have not seen the traditional uptick in new listings from existing homeowners, so undersupply of housing will continue to heighten market competition and put pressure on prices in most regions. Some markets are already heating up con...

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The Benefits of Selling Now, According to Experts If you’re trying to decide if now’s the time to sell your house, here’s what you should know.

You’re probably feeling the impact of high inflation every day as prices have gone up on groceries, gas, and more. If you’re a renter, you’re likely experiencing it a lot as your rent continues to rise. Between all of those elevated costs and uncertainty about a potential recession, you may be wondering if it still makes sense to buy a home today. The short answer is – it does. Here’s why.

Homeownership actually shields you from the rising costs inflation brings.

Freddie Mac explains how: “Not only will buying today help you begin to build equity, a fixed-rate mortgage can stabilize your monthly housing costs for the long-term even while other life expenses continue to rise – as has been the case the past few years.”
Unlike rents, which tend to rise with time, a fixed-rate mortgage payment is predictable over the life of the mortgage (typically 15 to 30 years). And, when the cost of most ever...

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Owning a Home Helps Protect Against Inflation You’re probably feeling the impact of high inflation every day as prices have gone up on groceries, gas, and more.

For many of us, visiting the same vacation spot every year is a summer tradition that’s fun, relaxing, and restful. If that sounds like you, now’s the time to think about your plans and determine if buying a vacation home this year makes more sense than renting one again. According to Forbes, “. . . if the idea of vacationing at the same place every year makes you feel instantaneously relaxed, buying a vacation home might be a wise move.”

To help you decide if making a move like this is right for you, let’s explore why you may want to consider purchasing a vacation home today.

Benefits of Owning Your Vacation Home

>>You don’t have to worry about finding a place to stay.
>>It’s an investment.
>>Vacation homes may provide tax benefits.
>>It could potentially turn into a retirement location.

How a Pro Can Help You Find Your Perfect Match

As you’re preparing for summer vacation, remember,...

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Why Buying a Vacation Home Beats Renting One This Summer For many of us, visiting the same vacation spot every year is a summer tradition that’s fun, relaxing, and restful.

The process of buying a home can feel a bit intimidating, even under normal circumstances. Here are just a few of the ways a real estate expert makes a big difference:

>>Experience
>>Education
>>Negotiations
>>Contracts
>>Pricing

All of these reasons combined may be why 86% of recent buyers used an agent according to the latest from NAR. NAR also has this to say about why an agent is so essential today: “A great real estate agent will guide you through the home search with an unbiased eye, helping you meet your buying objectives while staying within your budget. Agents are also a great source when you have questions about local amenities, utilities, zoning rules, contractors, and more.”

What’s the Key To Choosing the Right Expert?

It starts with trust. You’ll want to know you can trust the advice they’re giving you, so you need to make sure you’re connected with a true professional. No on...

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Why Buyers Need an Expert Agent by Their Side The process of buying a home can feel a bit intimidating, even under normal circumstances.

If you’re looking to buy a home, you should know even a small change in mortgage rates has an impact on your purchasing power. These charts show how rates generally affect your monthly payment. The best way to navigate changing mortgage rates and make an informed buying decision is to rely on the expertise of a local real estate professional and mortgage lender.

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The Impact of Changing Mortgage Rates [INFOGRAPHIC] If you’re looking to buy a home, you should know even a small change in mortgage rates has an impact on your purchasing power.

The spring housing market has been surprisingly active this year. Even with affordability challenges and a limited number of homes for sale, buyer demand is strong, and getting stronger.

One way we know there are interested buyers right now is because showing traffic from ShowingTime is up. And though there’s less traffic than the buyer frenzy of the past couple years, we’re not far off that pace. There are a lot of interested buyers checking out available homes right now.

But why are buyers so active at a time when mortgage rates are higher than they were just last year?

>>The Job Market Is Growing at a Stronger-Than-Expected Pace
It might surprise you just how strong today’s job market is. What might be even more surprising is the fact that it appears to be getting stronger. 88,000 more jobs were created in April than in March. In fact, the April numbers beat expert projections. That’s a so...

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Powerful Job Market Fuels Homebuyer Demand The spring housing market has been surprisingly active this year.

NAR will release its latest Existing Home Sales Report tomorrow. The information it contains on home prices may cause some confusion and could even generate some troubling headlines. This all stems from the fact that NAR will report the median sales price, while other home price indices report repeat sales prices. The vast majority of the repeat sales indices show prices are starting to appreciate again. But the median price reported on Thursday may tell a different story.

Here’s why using the median home price as a gauge of what’s happening with home values isn’t ideal right now. According to the Center for Real Studies at Wichita State University, “The median sale price measures the ‘middle’ price of homes that sold, meaning that half of the homes sold for a higher price and half sold for less. While this is a good measure of the typical sale price, it is not very useful for measuring home...

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What You Need To Know About Home Price News The National Association of Realtors (NAR) will release its latest Existing Home Sales Report tomorrow.

If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an unnecessarily negative picture. Contrary to those headlines, home prices aren’t in a freefall. The latest data tells a very different and much more positive story. Local home price trends still vary by market, but here’s what the national data tells us.

If we take a year-over-year view, home prices stayed positive – they just appreciated more slowly than they did at the peak of the pandemic. To get a more detailed picture of some of the trends in the market, we need to look at monthly data.

In the first half of 2022, home prices were climbing, and they peaked in June. Then, in July, they started to decline. And by roughly August or September, the trend began to stabilize. As we look at the most r...

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The Worst Home Price Declines Are Behind Us If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come.

Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time. “Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.”

The equity you build up over the years can be used to your advantage when you sell your current house and buy your next home. If you no longer have the space you need, it might be time to move into a larger home. Or it’s possible you have too much space and need something smaller. No matter the situation, your equity can be a powerful tool you can use to help you make a move in today’s market. That’s because it may be some (if not...

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Homeowners Have Incredible Equity To Leverage Right Now Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity.

While home prices vary by local area, they’ve already hit their low point nationally, and now they’re starting to rise again. Last July, prices started to decline, but around February, they began climbing back up. If you put your plans to move on hold waiting to see what would happen with home prices, DM me to discuss if now’s the right time to jump back in.

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The Worst Home Price Declines Are Behind Us [INFOGRAPHIC] While home prices vary by local area, they’ve already hit their low point nationally, and now they’re starting to rise again.