Questions You May Have About Selling Your House

  There’s no denying mortgage rates are having a big impact on today’s housing market. And that may leave you with some questions about whether it still makes sense to sell your house and make a move. Here are three of the top questions you may be asking – and the data that helps answer them. 1. Should I Wait To Sell? If you’re thinking about waiting to sell until after mortgage rates come down, here’s what you need to know. So are a ton of other people. And while mortgage rates are still forecasted to come down later this year, if you wait for that to happen, you may be dealing with a lot more competition as other buyers and sellers jump back in too. As Bright MLS says: “Even a modest drop in rates will bring both more buyers and more sellers into the market.” That means if you wait it out, you’ll have to deal with things like prices rising faster and more multiple-offer scenarios when you buy your next home. 2. Are Buyers Still Out There? But that doesn’t mean no one is moving right now. While some people are holding off, there are still plenty of buyers active today. And here’s the data to prove it. The ShowingTime Showing Index is a measure of how frequently buyers are touring homes. The graph below uses that index to show buyer activity for March (the latest data available) over the past seven years: You can see demand has dipped some since the ‘unicorn’ years (shown in pink). That’s in response to a lot of market factors, like higher mortgage rates, rising prices, and limited inventory. But, to really understand today’s demand, you have to compare where we are now with the last normal years in the market (2018-2019) – not the abnormal ‘unicorn’ years. When you focus on just the blue bars, you can get an idea of how 2024 stacks up. And that gives you a whole new perspective. Nationally, demand is still high compared to the last normal years in the housing market (2018-2019). And that means there’s still a market for your house to sell. 3. Can I Afford To Buy My Next Home? And if you’re worried about how you’ll afford your next move with today’s rates and prices, consider this: you probably have more equity in your current home than you realize. Homeowners have gained record amounts of equity over the past few years. And that equity can make a big difference when you buy your next home. You may even have enough to be an all-cash buyer and avoid taking out a mortgage altogether. As Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says: “ . . . those who have earned housing equity through home price appreciation are the current winners in today's housing market. One-third of recent home buyers did not finance their home purchase last month—the highest share in a decade. For these buyers, interest rates may be less influential in their purchase decisions.” Bottom Line If you’ve had these three questions on your mind and they’ve been holding you back from selling, hopefully, it helps to have this information now. A recent survey from Realtor.com shows more than 85% of potential sellers have been considering selling for over a year. That means there are a number of sellers like you who are on the fence. But that same survey also talked to sellers who recently decided to take the plunge and list. And 79% of those recent sellers wish they’d sold sooner. If you want to talk more about any of these questions or need more information, let’s connect.  Call me at (703)927-0606. Thinking of selling

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What’s Next for Home Prices and Mortgage Rates?

If you’re thinking of making a move this year, there are two housing market factors that are probably on your mind: home prices and mortgage rates. You’re wondering what’s going to happen next. And if it’s worth it to move now, or better to wait it out. The only thing you can really do is make the best decision you can based on the latest information available. So, here’s what experts are saying about both prices and rates. 1. What’s Next for Home Prices? One reliable place you can turn to for information on home price forecasts is the Home Price Expectations Survey from Fannie Mae – a survey of over one hundred economists, real estate experts, and investment and market strategists. According to the most recent release, experts are projecting home prices will continue to rise at least through 2028 (see the graph below): While the percent of appreciation varies year-to-year, this survey says we’ll see prices rise (not fall) for at least the next 5 years, and at a much more normal pace. What does that mean for your move? If you buy now, your home will likely grow in value and you should gain equity in the years ahead. But, based on these forecasts, if you wait and prices continue to climb, the price of a home will only be higher later on. 2. When Will Mortgage Rates Come Down? This is the million-dollar question in the industry. And there’s no easy way to answer it. That’s because there are a number of factors that are contributing to the volatile mortgage rate environment we’re in. Odeta Kushi, Deputy Chief Economist at First American, explains: “Every month brings a new set of inflation and labor data that can influence the direction of mortgage rates. Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.” What happens next will depend on where each of those factors goes from here. Experts are optimistic rates should still come down later this year, but acknowledge changing economic indicators will continue to have an impact. As a CNET article says: “Though mortgage rates could still go down later in the year, housing market predictions change regularly in response to economic data, geopolitical events and more.” So, if you’re ready, willing, and able to afford a home right now, partner with a trusted real estate advisor to weigh your options and decide what’s right for you. Bottom Line Let’s connect to make sure you have the latest information available on home prices and mortgage rate expectations. Together we’ll go over what the experts are saying so you can make an informed decision on your move. Call Rajeev Vashist at (703)927-0606 Buying a Home Selling a Home 

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Thinking of Selling? You Want an Agent with These Skills

Selling your house is a big decision. Your home is one of the biggest investments you’ve probably ever made, and it’s a place where you’ve created countless memories. That combo means there’s going to be a lot of emotions involved. You want someone who understands your perspective, knows what it feels like, and is an expert at helping homeowners just like you navigate the process of selling a home. That’s where a good listing agent, also known as a seller's agent, comes in. Here are just a few skills you’ll want your agent to have. The Ability To Turn Something Complex into Something Simple Some agents are going to use big, fancy real estate terms to try and impress you. But you shouldn’t have to know all the industry jargon in order to understand what they’re saying. If anything, it's an agent’s job to keep it simple, so you don’t get overwhelmed or confused. A great agent is going to be someone who is very good at explaining what’s happening in the housing market in a way that’s easy to understand. But they’ll take it one step further than that. They’ll explain what’s going on and, specifically, what that means for you. That way you’re always in the loop and it's a lot easier to feel confident when you’re making a big decision. As Business Insider explains: “Maybe you have a better rapport with one of the agents you're considering, or you just feel like they're easier to approach. You're going to be working closely with this person, so it's important to choose an agent you're comfortable with.” A Data-Based Approach on How To Price Your House While it may be tempting to pick the agent who suggests the highest asking price for your house, that strategy may cost you. It’s easy to get caught up in the excitement when you see a bigger number, but overpricing your house can have consequences. It could mean your house will sit on the market longer because the higher price is actually turning away buyers. Instead, partner with an agent who’s going to have an open conversation about how they recommend you should price your house. They won't throw out a number just to win your listing. A great agent will back up their number with solid data, explain their pricing strategy, and make sure you're both on the same page. As NerdWallet explains: “An agent who recommends the highest price isn't always the best choice. Choose an agent who backs up the recommendation with market knowledge.” A Fair, but Objective Negotiator The home-selling process can be emotional, especially if you’ve been in your house for a long time. But that sentimental tie can make it harder to be objective during negotiations. That’s where a trusted professional can really make a difference. They’re skilled negotiators who know how to stay calm under pressure. You can count on them to handle the back-and-forth and have your best interests at heart throughout the process. Not to mention, they’ll be able to rely on their market expertise and what they’re seeing work in other transactions to offer the best advice possible. As Rocket Mortgage explains: “Whether this is your first or third time selling a house, listing agents work to help make the home selling process smoother and less stressful. These real estate professionals know the ins and outs of the industry and can help you secure the best deal.” Bottom Line Whether you're a first-time seller or you’ve been through this before, a great listing agent is the key to your success. Let’s connect so you have a skilled local expert by your side to guide you through every step of the process. For more information Call Rajeev Vashist at (703)927-0606 What's your home worth?

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