Saturday, November 30, 2024 / by Emman Cristobal
More Homes, Slower Price Growth – What It Means for You as a Buyer
There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. Let’s look at two reasons why.
You Have More Options To Choose From
An article from Realtor.com helps explain just how much the number of homes for sale has gone up this year:
“There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.”
And while the number of homes on the market still isn’t quite back to where it was in the years leading up to the pandemic, this is definitely an improvement (see graph below):
With more homes available for sale now, you have more options to choose from. As Hannah Jones, Senior Economic Research Ana ...
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Friday, November 29, 2024 / by Emman Cristobal
Should You Sell Your House or Rent It Out?
When you’re ready to move, figuring out what to do with your house is a big decision. And today, more homeowners are considering renting their home instead of selling it.
Recent data from Zillow shows about two-thirds (66%) of sellers thought about renting their home before listing, with nearly a third (28%) taking that possibility seriously. Compared to 2021, when fewer than half (47%) of homeowners considered renting before selling, it’s clear this trend is on the rise.
So, should you sell your house and use the money toward your next home or keep it as a rental to build long-term wealth? Let’s walk through some important questions to help you determine the right path for your financial and lifestyle goals.
Is Your House a Good Fit for Renting?
Before you decide what to do, it's important to think about if it would make a good rental in the first place. For instance ...
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Monday, November 25, 2024 / by Emman Cristobal
Renting vs. Buying: The Net Worth Gap You Need To See
Trying to decide between renting or buying a home? One key factor that could help you choose is just how much homeownership can grow your net worth.
Every three years, the Federal Reserve Board shares a report called the Survey of Consumer Finances (SCF). It shows how much wealth homeowners and renters have – and the difference is significant.
On average, a homeowner’s net worth is nearly 40 times higher than a renter’s. Check out the graph below to see the difference for yourself:
Why Homeowner Wealth Is So High
In the previous version of that report, the average homeowner’s net worth was about $255,000, while the average renter’s was just $6,300. That’s still a big gap. But in the most recent update, the spread got even bigger as homeowner wealth grew even more (see graph below):
As the SCF report says:
“. . . the 2019-2022 growth in median n ...
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Saturday, November 23, 2024 / by Emman Cristobal
What To Look For From This Week’s Fed Meeting
You may be hearing a lot of talk about the Federal Reserve (the Fed) and how their actions will impact the housing market right now. Here’s why.
The Fed meets again this week to decide the next step with the Federal Funds Rate. That's how much it costs banks to borrow from each other. Now, that’s not the same thing as setting mortgage rates, but mortgage rates can be influenced through this process. And if you’re thinking about buying or selling a home, you may be wondering about the downstream impact and when mortgage rates will come down.
Here’s a quick rundown of what you need to know to help you anticipate what’ll happen next. The Fed’s decisions are guided by these three key economic indicators:
The Direction of Inflation
How Many Jobs the Economy Is Adding
The Unemployment Rate
Let’s take a look at each one.
1. The Direction of Inflation
You&r ...
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Friday, November 22, 2024 / by Emman Cristobal
Expect the Unexpected: Anticipating Volatility in Today’s Housing Market
You’ve probably noticed one thing if you’re thinking about making a move: the housing market feels a bit unpredictable right now. The truth is, from home prices to mortgage rates, we’re seeing more volatility – and it’s important to understand why.
At a high-level, let’s break down what’s happening and the best way to navigate it.
What’s Driving Today’s Market Volatility?
Factors like economic data, unemployment numbers, decisions coming out of the Federal Reserve (The Fed), and even the presidential election, are creating uncertainty right now – and uncertainty leads to market volatility.
You can see that when you look at what’s happening with mortgage rates. New economic reports and other geopolitical events have an impact and can cause sudden shifts up or down, even though experts still forecast rates will&nbs ...
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