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Balancing Your Wants and Needs as a Homebuyer This Spring

Though there are more homes for sale now than there were at this time last year, there’s still an undersupply with fewer houses available than in more normal, pre-pandemic years. The Monthly Housing Market Trends Report from realtor.com puts it this way:

“While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.”

The current housing shortage has an impact on how you search for a home this spring. With limited options on the market, buyers who consider what’s a necessity versus what’s a nice-to-have will be more successful in their home search.

The first step? Get pre-approved for a mortgage. Pre-approval helps you better understand what you can borrow for your home loan, and that plays an important role in how you’ll put your list together. After all, you don’t want to fall in love with a home that’s out of reach. Once you have a good grasp on your budget, the best way to prioritize all the features you want and need in a home is to put together a list.

Here’s a great way to think about them before you begin:

Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle.
Nice-To-Haves – These are features you’d love to have but can live without. Nice-to-haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of the these, it’s a contender.
Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner.

Finally, once you’ve created your list and categorized it in a way that works for you, give us a call and discuss it with us. We will be able to help you refine the list further, coach you through the best ways to stick to it and help find a home in your area that meets your needs. The Sheila Davis Group 770-235-6907

What Buyer Activity Tells Us About the Housing Market

Though the housing market is no longer experiencing the frenzy of a year ago, buyers are showing their interest in purchasing a home. According to U.S. News:

“Housing markets have cooled slightly, but demand hasn’t disappeared, and in many places remains strong largely due to the shortage of homes on the market.”

That activity can be seen in the latest ShowingTime Showing Index, which is a measure of buyers actively touring available homes (see graph below):

The 62% jump in showings from December to January is one of the largest on record. There were also more showings in January than in any other month since last May. As you can see in the graph, it’s normal for showings to increase early in the year, but the jump this January was larger than usual, and a lot of that has to do with mortgage rates. Michael Lane, VP of Sales and Industry at ShowingTime+, explains:

“It’s typical to see a seasonal increase in home showings in January as buyers get ready for the spring market, but a larger increase than any January before after last year’s rapid cooldown is significant. Mortgage rate activity this spring will play a big role in sales activity, but January’s home showings are a positive sign that buyers are getting back out there . . .”

It’s important to note that mortgage rates hovered in the low 6% range in January, which played a role in the high number of showings. What does this mean? When mortgage rates eased, buyer interest climbed. The jump in home showings early this year makes one thing clear – while rates may be volatile right now, there are interested buyers out there, and when mortgage rates are favorable, they’re ready to make their move.

Bottom Line: An increase in showing activity in January is a good sign that there are buyers who are eager to purchase a home. If you’re thinking of selling your house – give us a call Sheila Davis Group 770-235-6907.

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Could a Multigenerational Home Be the Right Fit for You?

During the pandemic, many of us reexamined the meaning of home for ourselves and our loved ones. Today, that can be seen in the recent rise in multigenerational households. According to Jessica Lautz, Deputy Chief Economist and Vice President of Economic Research at the National Association of Realtors (NAR):

“Multi-generational buying may be a home where families live in the same home with elderly parents, children who have boomeranged back home, or other extended family members. While this is not a new concept of living, it is one which has gained recent popularity.”

And citing data from Pew Research Center, the Wall Street Journal (WSJ) says:

“. . . multigenerational living has made a comeback in recent years, particularly after the 2008 financial crisis and during the pandemic.”

So, if buying a multigenerational home has crossed your mind, you aren’t alone. Depending on what stage of homeownership you’re in, there are different reasons it could be the right fit. The chart below shows responses to a recent survey from NAR about the reasons people have bought a multigenerational home:

Whether your motives are financial or focused on the people you’ll share your home with, a multigenerational home has distinct advantages. It can make homeownership more affordable, and it can help you best support your loved ones. As Lautz explains:

“Multi-generational home buying is a way for families to care for one another, support one another, and often buy a home that may have been previously out of reach. . . . The trend of multigenerational buying appears to be firmly established and one that could expand in the future.”

Bottom Line: If you’re ready to buy a house, consider the opportunities of a multigenerational home. Let’s connect so you can explore your options in our area. The Sheila Davis Group 770-235-6907

| MyKCM

Equity Gains for Today’s Homeowners

Today’s homeowners are sitting on significant equity, even as home price appreciation has eased recently. If you’re a homeowner, your net worth got a boost over the past few years thanks to rising home prices. Here’s what it means for you, even as the market moderates.

How Equity Has Grown in Recent Years

Because of the imbalance between how many homes were for sale and the number of homebuyers in the market over the past few years, home prices appreciated substantially.

And while price appreciation has slowed this year, that doesn’t mean you’ve lost all the equity in your home. In fact, the latest Homeowner Equity Insights report from CoreLogic finds the average homeowner’s equity has grown by $34,300 over the past year alone.

And if you’ve been in your home longer than that, chances are you have even more equity than you realize.

While that’s the national number, if you want to know what happened in your area, look at the map below from the Federal Housing Finance Agency (FHFA). It shows on average how much home prices have risen over the past five years, which has been a major driver behind equity growth.

Why This Is So Important Right Now

While equity helps increase your overall net worth, it can also help you achieve other goals, like buying your next home. When you sell your current house, the equity you’ve built up comes back to you in the sale, and it may be just what you need to cover a large portion – if not all – of the down payment on your next home.

So, if you’ve been holding off on selling, it may be time to find out how much equity you have and how it can help fuel your next move.

Bottom Line

Homeownership is a long game, and if you’re planning to make a move, the equity you’ve gained over time can make a big impact. To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, let’s connect. Give us a call today at Sheila Davis Group 770-235-6907.

Number of Homes for Sale Up from Last Year, but Below Pre-Pandemic Years

The biggest challenge in the housing market right now, and likely for years to come, is how few homes there are for sale compared to the number of people who want to buy. That’s why, if you’re thinking about selling your house, this is a great time to do so. Your house would be welcome in a market that has fewer homes for sale than it did in the years leading up to the pandemic.

According to the latest Monthly Housing Market Trends Report from realtor.com:

“There were 65.5% more homes for sale in January compared to the same time in 2022. This means that there were 248,000 more homes available to buy this past month compared to one year ago. While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.”

The graph below shows how today’s inventory of homes for sale compares to recent years:

What Does This Mean for You?

Fewer homes for sale means buyers have fewer choices than they did prior to the pandemic—and that frustration is leading some to give up on the homebuying process altogether. But with mortgage rates sitting lower than they were at the peak last fall, more buyers are willing to come back into the process—they just need to find homes to buy. This is welcome activity for the spring market, especially if you’re thinking of selling your house.

With a renewed interest in buying a home for many, the New York Times (NYT) reports:

“Home buyers are edging back into the market after being sidelined last year . . .”

So, if you want to take advantage of a sweet spot in the market, this spring could be your shot.

Bottom Line

The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about selling, now’s the time for us to connect and get ready for you to make a move this spring. Give us a call at The Sheila Davis Group 770-235-6907 and please check out our website at https://www.lakelaniersfinest.com/

Sheila Davis Group again one of Top 500 Realtors in the Greater Atlanta area

THANK YOU to all of our wonderful clients who trusted us to help them with their real estate needs. We are thankful for each and every client and to those whom have referred us!

If you ever have any questions about real estate, reach out to us! We are always here for you and happy to help you however we can!

Sheila Davis Group

770-235-6907

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The Top Reasons for Selling Your House

Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.

Today, 93% of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is important, but there are plenty of reasons you may still need or want to move.

RealTrends explains:

“Sellers who don’t have to move won’t be moving. The most common sellers will be: Homeowners downsizing . . . people moving to get more space, [households] looking for better schools…etc.”

So, if you’re on the fence about selling your house, consider the other reasons homeowners are choosing to make a move. A recent report from the National Association of Realtors (NAR) breaks down why homeowners have decided to sell over the past year:

As the visual shows, the most commonly cited reasons for selling were the desire to move closer to loved ones, followed by moving due to retirement, and their neighborhood becoming less desirable. Additionally, the need for more space factored in, as did a change in household structure.

If you also find yourself wanting a change in location or needing space your current house just can’t provide, it may be time to sell.

What you want and need in a home can be reason enough to move.

Bottom Line

When deciding whether or not to move, you have a lot to consider. There are plenty of non-financial reasons to factor in. Contact us today to weigh the benefits of selling your house now vs. later or for a no-obligation home evaluation!

770-235-6907. The Sheila Davis Group

source MYKCM 2-6-2023

Lower Mortgage Rates Are Bringing Buyers Back to the Market

As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling.

Now, however, rates are beginning to come down—and buyers are starting to reenter the market. In fact, the latest data from the Mortgage Bankers Association (MBA) shows mortgage applications increased last week by 7% compared to the week before.

So, if you’ve been planning to sell your house but you’re unsure if there will be anyone to buy it, this shift in the market could be your chance. Here’s what experts are saying about buyers returning to the market as we approach spring.

Mike Fratantoni, SVP and Chief Economist, MBA:

“Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall. As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers.”

Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

“The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November.”

Thomas LaSalvia, Senior Economist, Moody’s Analytics:

“We expect the labor market to remain robust, wages to continue to rise—maybe not at the pace that they did during the pandemic, but that will open up some opportunity for folks to enter homeownership as interest rates stabilize a bit.”

Sam Khater, Chief Economist, Freddie Mac:

“Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of Millennial renters will provide support to the purchase market.”

Bottom Line

If you’ve been thinking about making a move, now’s the time to get your house ready to sell. Let’s connect so you can learn about buyer demand in our area the best time to put your house on the market. Give us a call at 770-235-6907 at The Sheila Davis Group.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Source: Keeping Current Matters, Inc. 2/1/2023

Homebuyer loan requests jump 25% as mortgage rates continue to fall

January 18, 2023 BY MATT CARTER Inman Connect

Two months of declining mortgage rates have finally got the attention of homebuyers, with demand for purchase loans jumping 25 percent last week as rates continued to descend toward 6 percent, according to a weekly survey of lenders by the Mortgage Bankers Association.

“Mortgage application activity rebounded strongly in the first full week of January, with both refinance and purchase activity increasing by double-digit percentages compared to last week, which included the New Year’s holiday observance,” said MBA Chief Economist Mike Fratantoni, in a statement. “Despite these gains, refinance activity remains more than 80 percent below last year’s pace and purchase volume remains 35 percent below year-ago levels.”

Mortgage rates in decline

According to loan lock data tracked by Optimal Blue, rates on 30-year fixed-rate conforming mortgages hit a 2022 high of 7.16 percent on Oct. 24. Mortgage rates have been in a general downward trend since then, hitting a 2023 low of 6.15 percent on Thursday, Jan. 12.

Rates have eased in the wake of the Federal Reserve’s Dec. 14 decision to slow the pace of short-term interest rate hikes, and more recent data that suggests inflation may be easing.

“Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall,” Fratantoni said. “As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers.”

For the week ending Jan. 13, the MBA reported average rates for the following types of loans:

For 30-year fixed-rate conforming mortgages (loan balances of $726,200 or less), rates averaged 6.23, down from 6.42 percent the week before. With points decreasing to 0.67 from 0.73 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans, the effective rate also decreased.
Rates for 30-year fixed-rate jumbo mortgages (loan balances greater than $726,200) averaged 6.08 percent, essentially unchanged from 6.09 percent the week before. With points decreasing to 0.4 from 0.66 (including the origination fee) for 80 percent LTV loans, the effective rate decreased.
For 30-year fixed-rate FHA mortgages, rates averaged 6.26 percent, down from 6.39 percent the week before. Although points increased to 1.05 from 1.03 (including the origination fee) for 80 percent LTV loans, the effective rate decreased.
Rates for 15-year fixed-rate mortgages, rates averaged 5.58, down from 5.94 percent the week before. With points decreasing to 0.54 from 0.62 (including the origination fee) for 80 percent LTV loans, the effective rate also decreased.
For 5/1 adjustable-rate mortgages (ARMs), rates averaged 5.31 percent down from 5.37 percent the week before. Although points increased to 0.74 from 0.72 (including the origination fee) for 80 percent LTV loans, the effective rate decreased.

With the drop in rates, requests for ARM loans accounted for just 6.6 percent of all mortgage applications, down from 11.8 percent during the week ending Oct. 28.

Requests for FHA loans accounted for 13 percent of last week’s applications, down from 13.4 percent the week before. VA loan applications accounted for 11.8 percent of loan requests, down from 13.2 percent the week before.

As always, please give us a call if you would like to discuss your situation and how we can help you with your real estate goals! or contact us here and we will give you a call!