Dick's Real Estate News You Can Use

With rental prices rising so rapidly, homeownership can be your key to a prosperous future by locking in your payment now.

If buying or selling a home is part of your dreams for 2023, it’s essential for you to understand today’s housing market, define your goals, and work with industry experts to bring your homeownership vision for the new year into focus. In the last year, high inflation had a big impact on the economy, the housing market, and likely on your wallet too. That’s why it’s critical to have a clear understanding of not just the market today, but also what you want out of it when you buy or sell a home.

With higher mortgage rates and moderating buyer demand, conditions in the housing market are different today. And if you’re thinking of selling your house, it’s important to understand how the market has changed and what that means for you. The best way to make sure you’re in the know is to work with a trusted housing market expert. Here are five reasons working with a professional can ensure you’ll get the most out of your sale.

While it’s exciting to start thinking about moving in and decorating after you’ve applied for your mortgage, there are some key things to keep in mind before you close. Here’s a list of things you may not realize you need to avoid after applying for your home loan.

If you’re thinking about buying or selling a home, you probably want to know what’s really happening with home prices, mortgage rates, housing supply, and more. That’s not an easy task considering how sensationalized headlines are today.

Are you prepping to buy your first home? If so, one of the steps you should take early on is making sure you’re financially ready for your purchase. Here are just a few of the financial fundamentals you’ll need to focus on as you set out to buy a home.

There’s no denying the long-term financial benefits of owning a home, but today’s housing market may have you wondering if now’s still the time to buy. While the financial aspects of buying a home are important, the non-financial and emotional reasons are too. Home means something different to all of us. Whether it’s sharing memories with loved ones at the kitchen table or settling in to read a book in a favorite chair, the emotional connections to our homes can be just as important as the financial ones. Here are some of the things that make a house a home.

Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, that equity can help you achieve your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones. Plus, retirement played a large role for those moving greater distances. Whatever your home goals are, a trusted real estate advisor can work with you to find the best option. They’ll help you sell your current house and guide you as you buy the home that’s right for you and your lifestyle today.

Did the frequency and intensity of bidding wars over the past two years make you put your home search on hold? If so, you should know the hyper competitive market has cooled this year as buyer demand has moderated and housing supply has grown. Those two factors combined mean you may see less competition from other buyers. And with less competition comes more opportunity. Here are two trends that may be the news you need to reenter the market.

At first glance, the increase in housing supply compared to last year may not sound like good news for prospective sellers, but it actually gives you two key opportunities in today’s housing market. An article from Calculated Risk helps put the inventory gains the market has seen in 2022 into perspective by comparing it to recent years (see graph below). It shows supply has surpassed 2021 levels by 58%. But the further back you look, the more you’ll understand the bigger picture. And if you go all the way back to 2019, the last normal year in real estate, we’re roughly 35% below the housing supply we had at that time.

What’s Really Happening with Home Prices? It’s possible you’ve seen news stories mentioning a drop in home values or home price depreciation, but it’s important to remember those headlines are designed to make a big impression in just a few words. But what headlines aren’t always great at is painting the full picture. While home prices are down slightly month-over-month in some markets, it’s also true that home values are up nationally on a year-over-year basis. The graph below uses the latest data from S&P Case-Shiller to help tell the story of what’s actually happening in the housing market today:

THE MAJORITY OF AMERICANS STILL VIEW HOMEOWNERSHIP AS THE AMERICAN DREAM BUYING A HOME IS A POWERFUL DECISION, AND IT REMAINS A KEY PART OF THE AMERICAN DREAM. IN FACT, THE 2022 CONSUMER INSIGHTS REPORT FROM MYND FOUND THE MAJORITY OF PEOPLE POLLED STILL VIEW HOMEOWNERSHIP AS A KEY LIFE ACHIEVEMENT. LET’S EXPLORE JUST A FEW OF THE REASONS WHY SO MANY AMERICANS CONTINUE TO VALUE HOMEOWNERSHIP.

FOR OVER 78 YEARS, VETERANS AFFAIRS (VA) HOME LOANS HAVE PROVIDED MILLIONS OF VETERANS WITH THE OPPORTUNITY TO PURCHASE HOMES OF THEIR OWN. IF YOU OR A LOVED ONE HAVE SERVED, IT’S IMPORTANT TO UNDERSTAND THIS PROGRAM AND ITS BENEFITS. HERE ARE SOME THINGS YOU SHOULD KNOW ABOUT VA LOANS BEFORE YOU START THE HOMEBUYING PROCESS.

Experts agree there’s no chance of a large-scale foreclosure crisis like we saw back in 2008, and that’s good news for the housing market.

THERE’S NO DENYING THE HOUSING MARKET IS UNDERGOING A SHIFT THIS SEASON, AND THAT MAY LEAVE YOU WITH SOME QUESTIONS ABOUT WHETHER IT STILL MAKES SENSE TO SELL YOUR HOUSE. HERE ARE THREE OF THE TOP QUESTIONS YOU MAY BE ASKING – AND THE DATA THAT HELPS ANSWER THEM – SO YOU CAN MAKE A CONFIDENT DECISION.

IF YOU’RE THINKING ABOUT SELLING YOUR HOUSE, YOU’RE LIKELY HEARING ABOUT THE COOLING HOUSING MARKET AND WONDERING WHAT THAT MEANS FOR YOU. WHILE IT’S NOT THE PEAK INTENSITY WE SAW DURING THE PANDEMIC, WE’RE STILL IN A SELLERS’ MARKET. THAT MEANS YOU HAVEN’T MISSED YOUR WINDOW.

IF YOU’RE THINKING ABOUT BUYING A HOME, YOU’RE LIKELY TRYING TO JUGGLE YOUR NEEDS, CURRENT MORTGAGE RATES, HOME PRICES, YOUR SCHEDULE, AND MORE TO TRY TO DECIDE IF YOU WANT TO JUMP INTO THE MARKET.

EACH YEAR, HOMEOWNERS PLANNING TO MAKE A MOVE ARE FACED WITH A DECISION: SELL THEIR HOUSE DURING THE HOLIDAYS OR WAIT. AND OTHERS WHO HAVE ALREADY LISTED THEIR HOMES MAY THINK ABOUT REMOVING THEIR LISTINGS AND WAITING UNTIL THE NEW YEAR TO GO BACK ON THE MARKET. THE TRUTH IS MANY BUYERS WANT TO PURCHASE A HOME FOR THE HOLIDAYS, AND YOUR HOUSE MIGHT BE JUST WHAT THEY’RE LOOKING FOR. HERE ARE FIVE GREAT REASONS YOU SHOULDN’T WAIT TO SELL YOUR HOUSE.

If you’re a homeowner, odds are your equity has grown significantly over the last few years as home prices skyrocketed and you made your monthly mortgage payments. Home equity builds over time and can help you achieve certain goals. According to the latest Equity Insights Report from CoreLogic, the average borrower with a home loan has almost $300,000 in equity right now. As you weigh your options, especially in the face of inflation and talk of a recession, it’s important to understand your assets and how you can leverage them. A real estate professional is the best resource to help you understand how much home equity you have and advise you on some of the ways you can use it. Here are a few examples.

With the rapid shift that’s happened in the housing market this year, some people are raising concerns that we’re destined for a repeat of the crash we saw in 2008. But in truth, there are many key differences between what’s happening today and the bubble in the early 2000s. One of the reasons this isn’t like the last time is the number of foreclosures in the market is much lower now. Here’s a look at why there won’t be a wave of foreclosures flooding the market.