Your Source for Charlotte and Winston Salem Real Estate
Professional, Courteous and Patient
704 451 7051
![Myths About Today’s Housing Market [INFOGRAPHIC] | MyKCM](https://files.mykcm.com/2022/04/21104919/20220422-MEM-1046x1690.png)
If you’re thinking about buying or selling a home, you’ll want to keep a pulse on what’s happening with mortgage rates. Rates have been climbing in recent months, especially since January of this year. And just a few weeks ago, the 30-year fixed mortgage rate from Freddie Mac approached 4% for the first time since May of 2019. But that climb has dropped slightly over the past few weeks (see graph below):
The recent decline in mortgage rates is primarily due to growing uncertainty around geopolitical tensions surrounding Russia and Ukraine. But experts say it’s to be expected.
Odeta Kushi, Deputy Chief Economist at First American, says:
“While mortgage rates trended upward in 2022, one unintended side effect of global uncertainty is that it often results in downward pressure on mortgage rates.”
In another interview, Kushi adds:
“Geopolitical events play an important role in impacting the long end of the yield curve and mortgage rates. For example, in the weeks following the ‘Brexit’ vote in 2016, the U.S. Treasury bond yield declined and led to a corresponding decline in mortgage rates.”
Kushi’s insights are a reminder that, historically, economic uncertainty can impact the 10-year treasury yield – which has a long-standing relationship with mortgage rates and is often considered a leading indicator of where rates are headed. Basically, events overseas can have an impact on mortgage rates here, and that’s what we’re seeing today.
While no one has a crystal ball to predict exactly what will happen with rates in the future, experts agree this slight decline is temporary. Sam Khater, Chief Economist at Freddie Mac, echoes Kushi’s sentiment, but adds that the decline in rates won’t last:
“Geopolitical tensions caused U.S. Treasury yields to recede this week . . . leading to a drop in mortgage rates. While inflationary pressures remain, the cascading impacts of the war in Ukraine have created market uncertainty. Consequently, rates are expected to stay low in the short-term but will likely increase in the coming months.”
Rates will likely fluctuate in the short-term based on what’s happening globally. But before long, experts project rates will renew their climb. If you’re in the market to buy a home, doing so before rates start to rise again may be your most affordable option.
Mortgage rates are an important piece of the puzzle because they help determine how much you’ll owe on your monthly mortgage payment in your next home. Let’s connect so you have up-to-date information on rates and trusted advice on how to time your next move.
In today’s housing market, there are far more buyers looking for homes than sellers listing their houses. Based on the concept of supply and demand, this means home prices will naturally rise. Why is that? When there are more people trying to buy an item than there are making that item available for sale, that drives prices up. And that’s exactly the case in today’s housing market. So, knowing what’s happening with the inventory of homes for sale and the demand for housing is crucial for today’s buyers and sellers.
The latest buyer and seller activity data from the National Association of Realtors (NAR) indicates buyer traffic heavily outweighs seller traffic today, as shown in the maps below. There are far darker blues (strong buyer activity) on the left and much lighter blues (weak seller activity) on the right. In other words, this shows how the demand for homes is significantly greater than what’s available to purchase.
Supply is struggling to keep pace with demand. In fact, the inventory of homes for sale recently hit an all-time low. That gives you an incredible advantage when you sell your house. With so few listings, it’s likely more potential buyers will view your house – especially if you work with an agent to price it right. That means there’s a high chance you’ll receive multiple offers or buyers will enter a bidding war for your house. And that dynamic can drive the sale price of your home up.
As a buyer with fewer options available, you’re likely to see more competition, so you need to be strategic to win. First, make sure you have a trusted professional on your side. Your real estate agent will help you understand your local market and work with you to act quickly when the time is right. Even when it’s challenging to find a home, you can still succeed as a buyer today if you have a trusted advisor on your side every step of the way.
Whether you’re a homebuyer, seller, or both, knowledge truly is power. Let’s connect today so you can better understand what’s happening in our local market and achieve your homebuying and selling goals this year.
In today’s sellers’ market, many homeowners are weighing their options and trying to decide if they should sell their house. If you’re in that group, you may be balancing things like the ongoing health crisis, rising mortgage rates, and your own changing needs to determine your best time to make a move.
However, recent data shows that time may already be here. According to the latest Home Purchase Sentiment Index (HPSI) by Fannie Mae, 76% of consumers believe now is a good time to sell.
Looking back over the past few years, its clear consumers are incredibly optimistic today. The graph below shows the percent of survey respondents who say it’s a good time to sell a house, and their positive outlook is on the rise. The big dip near the middle of the chart indicates how consumer sentiment about selling dropped at the beginning of the pandemic as uncertainty about the health crisis and its impact grew. The good news is, the trend today shows a continued, drastic improvement, and people are feeling more and more confident with time about selling a home.
In fact, survey respondents think it’s an even better time to sell a house today than they did in the lead-up to the health crisis. The latest survey results indicate we’re at one of the strongest peaks in seller sentiment since March of 2019, hitting highs when 77% of people thought it was a good time to sell only twice before in June and October of 2021.
From record-high equity gains to record-low housing supply and significant buyer demand, homeowners have more motivation than ever to sell. There are more buyers in today’s market than there are homes for sale, and that’s driving home prices up, making it a great time to sell your house.
According to the National Association of Realtors (NAR), the current supply of homes for sale today is at a 1.8-month supply, which is an all-time low. When the supply of homes for sale is low, sellers will likely see more offers, which is exactly what’s happening right now. As NAR notes:
“The average home for sale is receiving 3.8 offers today, up from 3.3 offers just one year ago.”
With the inventory of houses for sale so low today pushing home prices in an upward direction, it’s no wonder consumers think it’s a good time to sell. If you’re ready to take advantage of today’s favorable sellers’ market, let’s connect today.
Even in today’s ultimate sellers’ market, it’s key to have an expert guide when you sell your house. Let’s connect to optimize your home sale this summer.
Watch Now
Once you’ve found the perfect home, it’s easy to think its all downhill from there. While its true enough that securing the home of your dreams is a fantastic feeling, there’s one last obstacle that stands in your way: the dreaded moving day. As scary as it sounds, moving day is not an impossible feat. In fact, by taking a bit of our advice, moving day can be a piece of cake.
The problem with most movers is that they wait too long to get started. Once you have solidified your new home choice, you may want to relax, but you actually have a whole new list of things to do. For starters, you can start packing away any seasonal clothing you won’t be using. Spring and summer are often considered the moving seasons, so in these cases its best to pack away your heavy coats and other winter clothing. If you happen to be moving in the fall or winter, you can apply the opposite logic and start packing any summer wear that you have. You could also begin the processes of canceling and/or transferring services. This includes things such as newspaper subscriptions, internet service, bank accounts, etc. Just because you can’t break out the cardboard boxes doesn’t mean you can’t do these menial tasks early on! As far as your utilities go, you’ll want to talk to your service provider to make sure that your services will be turned on the day before you move in. After all, no one likes moving in to a new home without running water and electricity.
You’ll also need to decide whether you will hire a moving company or enlist the help of your friends. Both have their pros and cons. Wit ha professional service, you have the assurance that it will be fast, efficient, and hopefully a guarantee that if anything is broken it will be covered. If you decide to enlist your friends, it may not be as efficient and you run the risk of damaging special items, but you will also save some money.
About two weeks before the big move, you should start packing everything- not just your seasonal belongings. Be sure to pack smartly, using a color coded system or some other markings so that whoever helps you move will know which room to set the boxes in. On the day before, create emergency boxes. What we mean is, for each member of the family, have access to clothes, toiletries, etc. You should also plan out what you will be eating in your new home as your unpack, even if its primarily take-out for the first few days.
By following these preparation tips, moving day can be just as manageable as any other day of the year. Start early and plan thoroughly and everything will be fine.
Article by Tom Miller
New Home Source
More tips to help you with managing and preparing your home for sale. Information is provided by Carolina Living’s preferred Home Warranty Company; American Home Shield and Merry Maids.
First, blot up any liquid by putting towels or absorbent rags over the spot and stepping on them. Start with gentle pressure and increase it up to putting your full weight down. Change to fresh rags or towels until no more liquid comes up.
For fresh stains, apply a bacteria/enzyme digester from a pet store, following the directions—it’s the only way to deal effectively with both the stain and the odor. Bacteria/enzyme digesters work slowly, so leave the solution on as long as the directions say. Urine has probably penetrated into the carpet and pad, so use enough solution to reach as far down as the stain.
Apply the solution, put plastic over it, and step on the spot several times until the area is well saturated. Then, leave the plastic on the whole time the digester is working to make sure the spot doesn’t dry out.
Old or dry stains are hard—sometimes even impossible—to remove, but try the bacteria/enzyme digester. If it’s a popular accident site, the bacteria may produce enough ammonia in the course of breaking down the stains to create a super-alkaline situation that interferes with its own action. In this case, you may need to neutralize the spot after the digester has been working for about four hours. Mix a solution of one cup of vinegar to a gallon of warm water. Rinse the area with this solution and apply a fresh batch of bacteria/enzyme solution.
If the stain or odor remains, call a professional deodorizing specialist. A complete cure will probably involve cleaning the entire carpet by extraction and replacing the pad underneath, if not replacing the carpet.
Charlotte 10/31/2010
Carolina Living Property Management, a division of Carolina Living Real Estate, hit a milestone of 35 single family homes under management.
Concentrating on the single family market, Carolina Living charges no upfront fees and a very reasonable 8% management fee which is helping it steamroll into the property management picture.
Carolina Living Property Management offers a complete solution by partnering with our sales agents and agents with other firms listing the home for sale. While listing and marketing the homes for rent, the listing agent continues to list the home for sale, in a effort to find the homeowner a solution.
Carolina Living Property Management currently focuses on single family homes in a effort to keep its focus on one core competency.
Learn more at the Carolina Living Property Management website.