WOW!🔥 Calling all Lake Lovers this charming Lake Lanier compound is perfect for full time or second home life! 6563 Crestwood Peninsula, Flowery Branch features a total of 4 bedrooms and 4 and 1/2 baths. Renovated luxury lake cottage with water views, AND a new 3 car carriage house for guests. This charming luxury lake cottage has a rustic exterior flair, with a modern interior completely renovated in 2019/2020. With multiple outdoor entertaining areas, a huge covered back porch with beautiful water views, a fenced and private yard for the main house, and all updated beautiful hardscapes and landscaping. An easy, gentle walk leads to the boat slip in the HOA managed 8 slip covered dock. (slip is last on right) Located on a quiet wake-free cove, yet close to the big water. FMLS #7186949, $1,289,000
Sheila Davis 770-235-6907 LakeLaniersFinest.com see the full listing details at 6563 CRESTWOOD PENINSULA
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
The Top Reasons for Selling Your House
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.
Why It Makes Sense To Move Before Spring
Spring is usually the busiest season in the housing market. Many buyers wait until then to make their move, believing it’s the best time to find a home. However, that isn’t always the case when you factor in the competition you could face with other buyers at that time of year. If you’re ready to buy a home, here’s why it makes sense to move before the spring market picks up.
Spring Should Bring a Wave of Buyers to the Market
In most years, the housing market goes through predictable seasonal trends in activity. Winter is typically a quiet point in the year, while spring sees a surge of buyers begin their search. And experts project that this year will be no exception.
Right now, buyer demand is low due to a combination of normal seasonal trends and a reaction to last year’s rise in mortgage rates. But rates have started to come down since last November, which has more and more potential buyers planning to jump into the market. That means right now is a sweet spot if you’re in a good position to buy, before more buyers reappear. Affordability is beginning to improve, but demand is still low — for now. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), shares:
“. . . expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”
If you’re ready to buy a home, right now is the best time to do so before your competition grows and more buyers enter the market.
Today’s Sellers Are Motivated
Low demand from buyers often means sellers are more motivated to work with you, and that can set you up to buy a home on your terms. In fact, sellers have been more willing to negotiate this winter because there are fewer buyers in the market. According to a recent article from Forbes:
“. . . sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter of last year.”
But keep in mind, the advantages buyers have this winter won’t last forever. The competition you face could be greater if you wait until spring to make a move, and increased buyer demand means sellers will have less motivation to negotiate with you. Be sure to work with a trusted real estate professional to learn what you can expect in your local market right now.
Bottom Line
If you’re in a good position to make a move, it may make sense to move before spring. Working with our team of expert real estate advisors is the best way to learn about the current market and what it means for you. Let’s connect today to determine the best plan to achieve your homebuying goals. The Sheila Davis Group 770-235-6907 – Lake Lanier’s #1 Realtors
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!
Lake front on Lanier in the city! 186 Thompson Place
Lake front on Lanier in the city! 186 Thompson Place, Gainesville waterfront 4BR | 3.5BA with one level living, large flat grassy backyard w/room for a pool, level walk or golf cart ride to the lake and a private platform dock with an EZ Dock wave runner platform and room to dock your boat $875,000, FMLS#6932728, Nicole Columbo 678-858-0265 or Sheila Davis 770-235-6907
Peaceful neighborhood just across Thompson Bridge Road from the Chattahoochee Country Club and Marina plus the golf course, park, boat ramps and just minutes to downtown Gainesville, schools, shopping, Northeast GA Medical district, and several churches. See Additional Listing Details here