Tuesday, September 19, 2023 / by Va Marketing
For prospective homebuyers, understanding future home price projections is crucial when considering a property as an investment. Recent data and expert surveys provide valuable insights into what the housing market might look like in the coming years.
**1. ** Consistent Appreciation:
Experts, including economists and market analysts, are largely in agreement that home prices will continue to appreciate in the foreseeable future. Projections from the Home Price Expectation Survey (HPES) reveal a consistent upward trajectory in home prices year after year through 2027. This suggests a healthy and steady appreciation of home values, providing a favorable outlook for real estate investments.
**2. ** Accumulative Appreciation:
Home price appreciation is cumulative and compounds over time. Even if the projected increase for a specific year is not exceptionally high, it adds to the overall growth. For instance, a modest increase this year will contribute to a higher appreciation r. ...
Friday, September 15, 2023 / by Va Marketing
For baby boomers contemplating a move, particularly those who have spent a long time in their current residence, the decision to buy or rent their next home is crucial. This decision should be influenced by both their current circumstances and future plans. Here, we'll delve into two key factors to consider when making this decision.
**1. ** Rental Cost Trends:
Historical data illustrates a consistent upward trend in rental costs over the years. Renters often face the reality of increasing rental expenses each time they renew their lease. This constant rise in rental payments might not align with your financial goals or expectations, especially during retirement. On the other hand, buying a home with a fixed-rate mortgage offers stability in monthly housing payments. With a fixed-rate mortgage, your monthly payments remain steady and predictable throughout the loan's duration, even if other living costs increase. This stability can significantly benefit you in the long term.
Tuesday, September 5, 2023 / by Va Marketing
Even though you may feel reluctant to sell your house because you don’t want to take on a mortgage rate that’s higher than the one you have now, there’s more to consider. While the financial side of things does matter, your personal needs may actually matter just as much. As an article from Bankrate says:
“Deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market.”
So, ask yourself this: why did I want to move in the first place?
Chances are your primary motivation wasn’t just financial in nature. Why you’re really thinking about selling likely has more to do with something changing in your life or a shift in what you need out of your house.
Reasons Homeowners Still Need To Sell Today
Let’s explore some of the most common reasons sellers are moving t. ...
Tuesday, August 29, 2023 / by Va Marketing
The talk of an impending recession has been circulating for some time now, yet the economy has displayed impressive resilience. One of the contributing factors is the consistent strength in employment and wages. Let's delve into the most recent data for both aspects and understand why these trends are positive news if you're contemplating selling your home.
More Job Opportunities Are Emerging:
In contrast to the job losses commonly associated with recessions, the economy has continued to expand and generate employment opportunities. According to the Bureau of Labor Statistics (BLS), July witnessed the creation of 187,000 jobs, following the addition of 185,000 jobs in June. This upward trajectory indicates a growing workforce. Notably, the unemployment rate remains notably lower than the long-term average of 5.7%, as indicated in the graph below:
A lower unemployment rate signifies that a substantial portion of individuals seeking employment are successfully find. ...
Friday, August 25, 2023 / by Va Marketing
The National Association of Realtors (NAR) is scheduled to release its latest Existing Home Sales (EHS) report, which provides insights into sales volumes and price trends for previously owned homes. While many reports suggest that home prices are rebounding, the NAR's report might indicate a decrease in home prices. This discrepancy might appear confusing, especially if you've been following discussions claiming that home prices have hit rock bottom and are now on the rise.
The variation in these reports can be attributed to their methodologies. NAR focuses on the median home sales price, while other sources use the repeat sales price approach. Here's a breakdown of how these methods differ:
Median Sales Price:
The median sale price is the "middle" price of homes that were sold. If more lower-priced homes have been sold recently, the median sale price would decline, even if the individual home values are increasing.
Repeat Sales Approach:
Repeat sales methods calculate price ch. ...