Even though you may feel reluctant to sell your house because you don't want to take on a higher mortgage rate than the one you have now, there's more to consider. While the financial side of things does matter, your personal needs may matter just as much. As an article from Bankrate says:
"Deciding whether it's the right time to sell your home is a 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?
Your primary motivation wasn't just financial. Why you're thinking about selling has more to do with something changing in your life or a shift in what you need out of your
If you’re following mortgage rates because you know they impact your borrowing costs, you may be wondering what the future holds for them. Unfortunately, there’s no easy way to answer that question because mortgage rates are notoriously hard to forecast.
But, there’s one thing that’s historically a good indicator of what’ll happen with rates, and that’s the relationship between the 30-Year Mortgage Rate and the 10-Year Treasury Yield. Here’s a graph showing those two metrics since Freddie Mac started keeping mortgage rate records in 1972:
As the graph shows, historically, the average spread between the two over the last 50 years was 1.72 percentage points (also commonly referred to as 172 basis points). If you look
The National Association of Realtors (NAR) Is set to release its most recent existing home sales (EHS) report tomorrow. This monthly release provides information on the volume of sales and price trends for homes that have previously been owned. In the upcoming release, it’lllikely say home prices are down. This may seem a bit confusing, especially if you’ve been following along and reading the blogs saying home prices have hit bottom and have since rebounded.
So, why would this 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 one. NAR reports on the median home sales price, while some other sources use repeat sales prices. Here’s how those approaches differ.
Want to know what experts say will happen in the rest of 2023? Home prices are already appreciating again in many areas. The average of the expert forecasts shows positive price growth.
Where mortgage rates go for the rest of the year will depend on inflation. Based on historical trends, rates are likely to ease as inflation continues to cool.
Even though low inventory continues to be a challenge, experts project 5 million homes will still sell this year. That pace should pick up if rates come down.
If you're a homeowner ready to move, consider using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is an alternative to a hotel, an investment that's gained popularity in recent years.
While a short-term rental can be tempting, you may find the reality of being responsible for one difficult to take on. Here are some challenges you could face if you rent out your house instead of selling it.
A Short-Term Rental Comes with Responsibilities
Successfully managing your house as a short-term rental takes time and effort. You'll have to juggle tasks like dealing with reservations, organizing check-ins, and tackling cleaning, landscape, and maintenance duties. Any one of those can feel
One of the biggest challenges in the housing market right now is how few homes there are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still is, let’s look at the latest information on active listings or homes for sale in a given month as it compares to more normal levels.
According to a recent report from Realtor.com:
“On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.”
The graph below helps illustrate this point. It uses historical data to provide a more concrete look at how much the numbers are still lagging behind the level of inventory typical of a more normal market (see graph below):
Here is a list of tasks for inside and outside the home.
Outdoor Home Maintenance-
1. Power Wash Your Driveway and Sidewalks
A great place to start with summer home maintenance is to thoroughly inspect and clean your sidewalks, deck, patio, and driveway. The key to cleaning these areas is to use a pressure washer. Before you start power washing, checking these areas for cracks and weeds is a good idea. Once you have given everything a full inspection, wash away all the dirt, mold, and grime.
If you don't own one, you can check with your local home improvement store about renting a pressure washer.
2. Clean Out Gutters and Downspouts
It is best to do a soft washing for screens, outdoor wood furniture, and cedar, wood, or vinyl siding.
Media coverage about what’s happening with home prices can be confusing. The confusion comes from the type of data used and what they choose to draw attention to. For home prices, two methods to compare home prices over different periods: year-over-year (Y-O-Y) and month-over-month (M-O-M) are the data. Here’s an explanation of each.
Year-over-Year (Y-O-Y):
This comparison measures the change in home prices from the same month or quarter in the previous year. For example, if you’re comparing Y-O-Y home prices for April 2023, you would compare them to the home prices for April 2022.
Y-O-Y comparisons focus on changes over one year, providing a more comprehensive view of long-term trends. They are usually useful for evaluating annual growth
During the fourthquarter of last year, many housing experts predicted home prices would crash this year. Here are a few of those forecasts:
Jeremy Siegel, Russell E. Palmer Professor Emeritus of Finance at the Wharton School of Business:
"I expect housing prices to fall 10% to 15%, and the prices are accelerating on the downside."
Mark Zandi, Chief Economist at Moody's Analytics:
"Buckle in. Assuming rates remain near 6.5% and the economy skirts recession, national house prices will fall almost 10% peak-to-trough. Most of those declines will happen sooner rather than later. And house prices will fall 20% if there is a typical recession."
Goldman Sachs:
"Housing is already cooling in the U.S., according to July data last week. As
