Key Takeaways Wealth creation occurs over time when you own a home. Your net worth grows significantly in the long-term as the value of your home appreciates. If you’re considering buying a home this year, consider the long-term benefits of homeownership. Over time, homeownership allows you to build equity and wealth. On average, nationwide home prices appreciated by 290.2% over the Continue Reading
If you're thinking about buying or selling a house, it's important to know that it doesn't just affect your life but also your community. The National Association of Realtors (NAR) releases a report every year to show how much economic activity is generated by home sales. The chart below illustrates that impact: As the graphic shows, when a house is sold, it can make a big difference in Continue Reading
You may see media coverage talking about a drop in homeowner equity. What’s important to understand is that there is a symbiotic connection between equity and home values. So, when home prices appreciate, you can expect equity to grow. And when home prices decline, equity does too. Equity can be defined as the amount of money the owner of an asset would be paid after selling it. Continue Reading
If you’re thinking about selling your house right now, chances are it’s because something in your life has changed. And, while things like mortgage rates are a vital part of your decision on what you’ll buy next, it’s essential not to lose sight of the reason you want to make a change in the first place. Its actual mortgage rates have climbed from the record lows we saw in recent years, Continue Reading
Media coverage about what’s happening with home prices can be confusing. Much of that is due to the type of data being used and what they choose to draw attention to. For home prices, two different methods are used to compare home prices over different time periods: year-over-year (Y-O-Y) and month-over-month (M-O-M). Here's an explanation of each. Year-over-Year (Y-O-Y): This Continue Reading
Key Takeaway Comparing housing market metrics from one year to another can be challenging in a regular housing market – and the last few years have been anything but ordinary. In a way, they were ‘unicorn’ years. Expect unsettling housing market headlines this year, primarily due to unfair comparisons with the ‘unicorn’ years. Let’s connect so I can share the data that puts those Continue Reading
The real estate market is one of our lifetime's most foundationally strong housing markets – if not the most robust. When you look at the numbers today, the one thing that stands out is the strength of this housing market. Here are two fundamentals that prove this point. 1. The Current Mortgage Rate on Existing Mortgages First, let’s look at the current rate on existing mortgages. Continue Reading
Today’s mortgage rates are top-of-mind for many homebuyers right now. As a result, if you’re thinking about buying for the first time or selling your current house to move into a home that better fits your needs, you may be asking yourself these two questions: Why Are Mortgage Rates So High? When Will Rates Go Back Down? Here’s the context you need to help answer those Continue Reading
With all the headlines circulating about home prices and rising mortgage rates, you may wonder if it still makes sense to invest in homeownership right now. A recent poll from Gallup shows the answer is yes. Real estate was voted the best long-term investment for the 11th consecutive year, consistently beating other investment types like gold, stocks, and bonds (see graph below): Let this Continue Reading
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