Gary Lo Real Estate

This year is especially important because it represents my sons year. What will his personality be like?

"People born during a Tiger Year are thought to be natural leaders who are both brave and thrill-seeking, often craving attention."

"They are courageous and energetic, love a challenge or competition and are prepared to take risks,"

Last year, home prices soared nationwide by a record 19.9%! 😲 As we embark on a new year, you may be wondering… what’s in store for the U.S. housing market in 2022? Here’s what industry experts are predicting:

🏠 Mortgage rates will increase
⚖️ The market will become more balanced
💰 Home prices will continue to increase, but at a slower pace
📈 Rents will continue to rise

If you’re considering buying or selling a home in 2022, check out our latest blog post to learn more about where the real estate market is headed this year.

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What’s Happening with Home Prices?

Many people have questions about home prices right now. How much have prices risen over the past 12 months? What’s happening with home values right now? What’s projected for next year? Here’s a look at the answers to all three of these questions.

>>How much have home values appreciated over the last 12 months?
According to the latest Home Price Index from CoreLogic, home values have increased by 18.1% compared to this time last year. Additionally, prices have gone up at an accelerated pace for each of the last eight months. The last year has shown tremendous home price appreciation, which is resulting in a major gain in wealth for homeowners through rising equity.

>>What’s happening with home prices right now?
Indices also show that while appreciation is in the high double digits right now, that price acceleration is beginning to level off. Year-over-year appreciation...

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What’s Happening with Home Prices? Many people have questions about home prices right now. How much have prices risen over the past 12 months? What’s happening with home values right now? What’s projected for next year? Here’s a look at the answers to all three of these questions.

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Two Graphs That Show Why You Shouldn’t Be Upset About 3% Mortgage Rates

With the average 30-year fixed mortgage rate from Freddie Mac climbing above 3%, rising rates are one of the topics dominating the discussion in the housing market today. And since experts project rates will rise further in the coming months, that conversation isn’t going away any time soon.

But as a homebuyer, what do rates above 3% really mean?

Buyers don’t want mortgage rates to rise, as any upward movement increases your monthly mortgage payment. But it’s important to put today’s average mortgage rate into perspective. Even though today’s rate is above 3%, it’s still incredibly competitive.

But today’s rate isn’t just low when compared to the most recent years. When we look back even further, we can see that today’s rate is truly outstanding by comparison.

Being upset that you missed out on sub-3% mortgage rates is...

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Two Graphs That Show Why You Shouldn’t Be Upset About 3% Mortgage Rates With the average 30-year fixed mortgage rate from Freddie Mac climbing above 3%, rising rates are one of the topics dominating the discussion in the housing market today. And since experts project rates will rise further in the coming months, that conversation isn’t going away any time soon.

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Experts Project Mortgage Rates Will Continue To Rise in 2022

Mortgage rates are one of several factors that impact how much you can afford if you’re buying a home. When rates are low, they help you get more house for your money. Within the last year, mortgage rates have hit the lowest point ever recorded, and they’ve hovered in historic-low territory. But even over past few weeks, rates have started to rise. This past week, the average 30-year fixed rate was 3.14%.

What does this mean if you’re thinking about making a move? Waiting until next year will cost you more in the long run. Here’s a look at what several experts project for mortgage rates going into 2022.

>>Freddie Mac: “The average 30-year fixed-rate mortgage (FRM) is expected to be 3.0 percent in?2021 and 3.5 percent in 2022.”

>>Doug Duncan, Senior VP & Chief Economist, Fannie Mae: “Right now, we forecast mortgage rates to average 3.3...

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Experts Project Mortgage Rates Will Continue To Rise in 2022 Mortgage rates are one of several factors that impact how much you can afford if you’re buying a home. When rates are low, they help you get more house for your money. Within the last year, mortgage rates have hit the lowest point ever recorded, and they’ve hovered in the historic-low territory....

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Renters Missed Out on $51,500 This Past Year

Rents have increased significantly this year. The latest National Rent Report from Apartmentlist.com shows rents are rising at a rate much higher than the three years leading up to the pandemic. “Since January of this year, the national median rent has increased by a staggering 16.4 percent.”

Looking back, we can see rents rising isn’t new. The median rental price has increased consistently over the past 33 years. If you’re thinking of renting for another year, consider that rents will likely be even higher next year. But that alone doesn’t paint the picture of the true cost of renting.

A homeowner’s monthly mortgage payment pays for their shelter, but it also acts as an investment. That investment grows in the form of equity as a homeowner makes their mortgage payment each month to pay down what they owe on their home loan. Their equity gets an additional...

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Renters Missed Out on $51,500 This Past Year Rents have increased significantly this year. The latest National Rent Report from Apartmentlist.com shows rents are rising at a rate much higher than the three years leading up to the pandemic:

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Housing Challenge or Housing Opportunity? It Depends.

The biggest challenge in real estate today is the lack of available homes for sale. The low housing supply has caused homes throughout the country to appreciate at a much faster rate than what we’ve experienced historically.

There are many reasons for the limited number of homes on the market, but we’re well below where we’ve been for most of the past 10 years. Today, across the country, there is only a 2.4-month supply of homes available for sale.

The Opportunity

This lack of homes for sale is creating a challenge for many buyers who are growing frustrated in their search. On the other hand, this is a huge opportunity for sellers as low supply is driving up home values. According to CoreLogic, the average home has appreciated by more than $50,000 over the past year. And for many homeowners, that’s opening new doors as they re-think their needs and use...

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Housing Challenge or Housing Opportunity? It Depends. The biggest challenge in real estate today is the lack of available homes for sale. The low housing supply has caused homes throughout the country to appreciate at a much faster rate than what we’ve experienced historically.

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Knowledge Is Power When It Comes to Appraisals and Inspections

Buying a home is one of the most important transactions in your lifetime, and it’s critical to keep your best interests in mind. Here’s a breakdown of what to expect from the appraisal and the inspection.

Put simply: when you apply for a mortgage, an unbiased appraisal – typically required by your lender – is the best way to verify the value of the home. That appraisal ensures the lender doesn’t loan you more than what the home is worth.

A buyer’s contract price may end up higher than the value of the home – this is known as an appraisal gap. In today’s market, it’s common for the seller to ask the buyer to make up the difference when an appraisal gap occurs. That means, as a buyer, you may need to be prepared to bring extra money to the table if you really want the home.

Like the appraisal, the inspection is important because it...

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Knowledge Is Power When It Comes to Appraisals and Inspections Buyers in today’s market often have questions about the importance of getting a home appraisal and an inspection. That’s because high buyer demand and low housing supply are driving intense competition and leading some buyers to consider waiving those contingencies to stand out in the crowded ma...

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Looking To Move? It Could Be Time To Build Your Dream Home.

While today’s supply of homes for sale is still low, the number of newly built homes is increasing. If you’re ready to sell but have held off because you weren’t sure you’d be able to find a home to move into, newly built homes and those under construction can provide the options you’ve been waiting for.

The latest Census data shows the inventory of new homes is increasing this year. With more new homes coming to the market, this means you’ll have more options to choose from if you’re ready to buy. Of course, if you do consider a newly built home, you’ll want to keep timing in mind.

According to Robert Dietz, Chief Economist and Senior VP for Economics and Housing Policy for the National Association of Home Builders (NAHB), “28% of new home inventory consists of homes that have not started construction, compared to 21% a year...

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Looking To Move? It Could Be Time To Build Your Dream Home. While today’s supply of homes for sale is still low, the number of newly built homes is increasing. If you’re ready to sell but have held off because you weren’t sure you’d be able to find a home to move into, newly built homes and those under construction can provide the options you’ve be...

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Sellers: Your House Could Be an Oasis for Buyers Seeking More Options

Sellers have a great opportunity this season as buyer demand still heavily outweighs the current supply of homes for sale. According to the National Association of Realtors (NAR), today’s housing inventory sits at only a 2.6-month supply. To put that into perspective, a neutral market typically features a 6-month supply. That places today’s market firmly in the sellers’ market category. That same NAR data also shows today’s inventory of single-family homes is trailing behind the level we saw last year.

Because of the ongoing supply challenges, buyers can feel like they’re wandering across a vast, empty desert when searching for their next home. That means your house could provide an oasis for buyers thirsty for options – and it could increase the chances of buyers entering a bidding war for your home.

The latest Realtors Confidence...

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Sellers: Your House Could Be an Oasis for Buyers Seeking More Options Sellers have a great opportunity this season as buyer demand still heavily outweighs the current supply of homes for sale. According to the National Association of Realtors (NAR), today’s housing inventory sits at only a 2.6-month supply. To put that into perspective, a neutral market typically fe...

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The Big Question: Should You Renovate or Move?

If you’re a homeowner who wants more from their current house, you have two options: renovate your current house or buy a home that already has the spaces you desire. The decision you make could be determined by factors like:

>>A possible desire to relocate
>>The difference in the cost of a renovation versus a purchase
>>Finding an existing home or designing a new home that has exactly what you want (versus trying to restructure the layout of your current house)

In either case, you’ll need access to capital: the funds for the renovation or the down payment your next home would require. The great news is that the money you need probably already exists in your current home in the form of equity.

The record-setting increases in home prices over the last two years dramatically improved homeowners’ equity. As a homeowner, the money you need to purchase the perfect...

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The Big Question: Should You Renovate or Move? The last 18 months changed what many buyers are looking for in a home. Recently, the American Institute of Architects released their AIA Home Design Trends Survey results for Q3 2021. The survey reveals the following:

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Experts Agree: Homeownership Provides a Path to Long-Term Wealth

A recent survey from LendingTree.com found there are multiple reasons why Americans would choose to purchase a home instead of renting. 41% of respondents say they’d rather own a home than rent because of the unique way homeownership builds wealth over time. And experts agree – the home you own is an important tool for building your net worth.

According to the National Association of Realtors (NAR), “Homeowners who purchased a typical single-family existing-home 30 years ago at the median sales price of $103,333 with a 10% down payment loan and who sold the property at the median sales price of $357,700 in 2021 Q2 accumulated housing wealth of $349,258, . . .”

Mark Fleming, Chief Economist at First American, points out that a home is truly a one-of-a-kind asset. “The major financial advantage of homeownership is the accumulation of equity...

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Experts Agree: Homeownership Provides a Path to Long-Term Wealth A recent survey from LendingTree.com found there are multiple reasons why Americans would choose to purchase a home instead of renting. Some of the most popular non-financial reasons given include:

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What Do Supply and Demand Tell Us About Today’s Housing Market?

The law of supply and demand explains what’s happening with prices in the current real estate market. Put simply, when demand for an item is high, prices rise. When the supply of the item increases, prices fall. Of course, when demand is very high and supply is very low, prices can rise significantly.

Why Are Prices Rising?
According to CoreLogic, home prices have risen 18% since this time last year. But what’s driving the increase? When we take NAR’s buyer activity data and compare it to the seller traffic during the same timeframe, we can see buyer demand continues to outpace seller activity by a wide margin. In other words, the demand for homes is significantly greater than the current supply that’s available to buy.

Where Are Prices Headed?
Many experts forecast prices will continue to increase, but they’ll likely appreciate at a...

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What Do Supply and Demand Tell Us About Today’s Housing Market? There’s a well-known economic theory – the law of supply and demand – that explains what’s happening with prices in the current real estate market. Put simply, when demand for an item is high, prices rise. When the supply of the item increases, prices fall. Of course, when demand is very hig...

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Reasons Renters Buy [INFOGRAPHIC]

When deciding whether you should rent or buy, make sure you’re considering these factors. Buying a home means consistent monthly payments. Homeownership also helps to build your wealth. And owning a home gives you greater flexibility than renting. If you’re ready to take advantage of the perks of homeownership, DM me to explore your options.

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Reasons Renters Buy Some Highlights When deciding whether you should rent or buy, make sure you’re considering these factors. Buying a home means consistent monthly payments. Homeownership also helps to build your wealth. And owning a home gives you greater flexibility than renting. If you’re ready to take advantag...

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Don’t Tackle Selling Your Home on Your Own - an Agent Can Help

Before you decide to sell your house on your own, here are five reasons why working with an agent is your best bet to maximize the sale of your home.

>>First impressions are everything – and an agent knows how to make a great one.
Prepping a house for sale requires a significant amount of time and effort, even though it may seem simple at first glance. An expert real estate advisor relies on their experience to answer your questions so you don’t invest in the wrong things.

>>Agents have tools to maximize the number of views your home gets.
Put plainly, the more buyers that view your house, the better your return will be. Agents have multiple tools at their disposal – from social media to agency resources – to ensure your home is viewed by more prospective buyers.

>>An agent won’t miss anything in the fine print.
Because there’s so much...

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Don’t Tackle Selling Your Home on Your Own - an Agent Can Help If you’re looking to maximize your sale and minimize your effort, you need to work with a real estate professional. In a sellers’ market like today’s, it can be tempting to list your house on your own – known as For Sale By Owner (FSBO). But the truth is, a real estate professional can save ...

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It’s Still a Sellers’ Market [INFOGRAPHIC]

Due to low supply and high demand, today is one of the strongest sellers’ markets we’ve seen. Sellers can benefit from more offers to pick from, higher home values, and a faster sales process. That might be why 73% of people believe it’s a good time to sell. Sellers, don’t miss out on this unique opportunity. Work with an agent to take advantage of this hot sellers’ market.

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It’s Still a Sellers’ Market Some Highlights Due to low supply and high demand, today is one of the strongest sellers’ markets we’ve seen. Sellers can benefit from more offers to pick from, higher home values, and a faster sales process. That might be why 73% of people believe it’s a good time to sell. Sellers, don’t mi...

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Is a 20% Down Payment Really Necessary To Purchase a Home?

There’s a common misconception that, as a homebuyer, you need to come up with 20% of the total sale price for your down payment. In fact, a recent survey by Lending Tree asks what is keeping consumers from purchasing a home. For over half of those surveyed, the ability to afford a down payment is the biggest hurdle.

If saving that much money sounds overwhelming, you might be ready to give up on the dream of homeownership before you even begin – but you don’t have to. According to the Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. It may sound surprising, but today’s average down payment is only 12%. That number is even lower for first-time homebuyers, whose average down payment is only 7%.

If you’re a prospective homebuyer, it’s important to know you...

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Is a 20% Down Payment Really Necessary To Purchase a Home? There’s a common misconception that, as a homebuyer, you need to come up with 20% of the total sale price for your down payment. In fact, a recent survey by Lending Tree asks what is keeping consumers from purchasing a home. For over half of those surveyed, the ability to afford a down payment is ...

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Is It Time To Move on to a New Home?

Before 2008, homeowners sold their houses after an average of just five years. Today, that number has more than doubled to over 10 years. The housing industry refers to this as your tenure.

If you’ve been in your home for longer than the norm, chances are you’re putting off addressing one, if not several, of the reasons other individuals choose to move. If this sounds like you, here are a few things to consider:

>>If your needs have changed, it may be time to re-evaluate your home.
As the past year has shown, our needs can change rapidly. That means the longer you’ve been in your home, the more likely it is your needs have evolved. The Balance notes several personal factors that could lead to your home no longer meeting your needs, including relationship and job changes.

>>It’s often financially beneficial to sell your house and move.
One of the biggest benefits of...

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Is It Time To Move on to a New Home? If you’ve been in your home for longer than five years, you’re not alone. According to recent data from First American, homeowners are staying put much longer than historical averages (see graph below):

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5 Tips for Making Your Best Offer

In today’s sellers’ market, standing out as a buyer is critical. Here are five things to keep in mind when it’s time to make an offer.

1. Know Your Budget

Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. It also enables you to act quickly when you’ve found your perfect home.

2. Be Prepared To Move Fast

When homes are selling fast, staying on top of the market and moving quickly are key. After you’ve worked with your agent to find the home that suits your needs, they’ll help you put together and submit your best offer as soon as possible.

3. A Real Estate Professional Can Lead You to Victory

Agents are experts in the local real estate market. They have insight into what's worked for other buyers in your area and what sellers...

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5 Tips for Making Your Best Offer In today’s sellers’ market, standing out as a buyer is critical. Multi-offer scenarios and bidding wars are the norm due to the low supply of houses for sale and high buyer demand. If you’re buying this fall, you’ll want every advantage, especially when you’ve found the home of your dreams...

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Why It’s Still Safe To Sell Your Home

As Bob Goldberg, CEO of the National Association of Realtors (NAR), puts it, “The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate.”

New and Existing Technology Are Impacting the Process

In the 2021 Realtor Technology Survey, NAR asks real estate professionals their opinions on the most valuable pieces of technology for their business over the past 12 months. Tools that allow agents to serve clients at a distance and limit exposure to others, including eSignature, lockboxes, and video conferencing, became increasingly important during the last year. Those same tools are just as essential today. Restricting the number of people a seller must interact with during the process is the best way to keep all parties involved in a sale safe.

Trusted Advisors Stay Up to Date on Guidelines for In-Person Showings

As things...

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Why It’s Still Safe To Sell Your Home If you’re on the fence about whether or not you want to sell your house this year, there’s good news. Real estate professionals are highly experienced in how to sell houses safely during the pandemic. Over the last year, agents have adopted new technologies and safety measures designed to keep y...