Wednesday, October 2, 2024 / by Vic Markarian
Seeing your house sit on the market without any bites is the ultimate frustration. And unfortunately, some sellers are in that tricky spot today.
According to data from the National Association of Realtors (NAR), the average time a house spends on the market has increased over the past few years (see graph below):
A recent post from Realtor.com notes a similar trend:
“During the week ending Sept. 14, homes stayed on the market eight days longer compared to last year. With more choices available and mortgage rates expected to fall, buyers are taking their time, which means sellers will need to be patient and flexible.”
Some of that is because inventory has gone up, so buyers have more options. And higher mortgage rates have definitely slowed demand over the past two years, and that’s out of your control. But here’s the secret. There’s something you can control – it's also wherk ...
Read More
real estate tips, home seller, home prices, selling homes, competitiveness, for sellers, seller update 2024, selling myths, how to price your home, home seller tips 2024, secrets to selling your house quickly
Wednesday, October 2, 2024 / by Vic Markarian
After months of sitting on the sidelines, many homebuyers who were priced out by high mortgage rates and affordability challenges finally have an opportunity to make their move. With rates trending down, today’s market is a sweet spot for buyers—and it’s one that may not last long.
So, if you’ve put your own move on the back burner, here’s why maybe you shouldn’t delay your plans any longer.
As you weigh your options and decide if you should buy now or wait, ask yourself this: What do you think everyone else is going to do?
The truth is, if mortgage rates continue to ease, as experts project, more buyers will jump back into the market. A survey from Bankrate shows over half of homeowners would be motivated to buy this year if rates drop below 6% (see graph below):
With rates already in the low 6% range, we’re not terribly far off from hitting that threshold. The bottom line is, that when they dk ...
Read More
home buyer, real estate tips, home buying process, home buying, homeownership, glendale, for buyers, buying a home, first time home buyers, buyer tips 2024, real estate market 2024, homeowner tips 2024, rent vs. buy, tips to buy a house, this is the sweet spot homebuyers have been waiting for
Thursday, September 5, 2024 / by Vic Markarian
Luxury living is about more than just stunning views and cutting-edge smart home technology—it's about elevating your lifestyle. And if you're in the market for a million-dollar home, now is an excellent time to explore the thriving luxury market. Here's why.
The Number of Luxury Homes Is Growing
The top of the market, or luxury homes, can mean different things depending on where you live. But in general, these are homes that are in the top 5% price range in any area. According to a recent report from Redfin, the average value of those homes has risen to over one million dollars:
“The median sale price for U.S. luxury homes, defined as the top 5% of listings, rose 9% year-over-year to a record $1.18 million during the second quarter.”
That same report goes on to show the percentage of homes valued at a million dollars or more has risen to an all-time high (see graph below):
That means, if this is your desired price range, you have optiok ...
Read More
home buyer, real estate tips, home buying process, home prices, home buying, buyer's market, competitiveness, market value, los angeles, real estate, homeownership, glendale, for buyers, buying a home, first time home buyers, buyer tips 2024, homeowner tips 2024, tips to buy a house, the latest 2024 housing market forecast, the latest on the luxury home market
Thursday, September 5, 2024 / by Vic Markarian
Now that it’s September, all eyes are on the Federal Reserve (the Fed). The overwhelming expectation is that they’ll cut the Federal Funds Rate at their upcoming meeting, driven primarily by recent signs that inflation is cooling, and the job market is slowing down. Mark Zandi, Chief Economist at Moody’s Analytics, said:
“They’re ready to cut, just as long as we don’t get an inflation surprise between now and September, which we won’t.”
But what does this mean for the housing market, and more importantly, for you as a potential homebuyer or seller?
Why a Federal Funds Rate Cut Matters
The Federal Funds Rate is one of the key factors that influences mortgage rates – things like the economy, geopolitical uncertainty, and more also have an impact.
When the Fed cuts the Federal Funds Rate, it signals what’s happening in the broader economy, and mortgage rates tend to respond. Whi ...
Read More
home buyer, real estate tips, home prices, mortgage, buyer's market, competitiveness, market value, pricing strategy, los angeles, homeownership, glendale, for buyers, mortgage rates, buying a home, first time home buyers, buyer tips 2024, real estate market 2024, mortgage 2024, move-up buyers, housing market updates, how the federal reserve’s next move could impact the housing market
Thursday, August 29, 2024 / by Vic Markarian
Looking ahead to 2025, it's important to know what experts are projecting for the housing market. And whether you're thinking of buying or selling a home next year, having a clear picture of what they’re calling for can help you make the best possible decision for your homeownership plans.
Here’s an early look at the most recent projections on mortgage rates, home sales, and prices for 2025.
Mortgage Rates Are Projected To Come Down Slightly
Mortgage rates play a significant role in the housing market. The forecasts for 2025 from Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR), and Wells Fargo show an expected gradual decline in mortgage rates over the course of the next year (see chart below):
Mortgage rates are projected to come down because continued easing of inflation and a slight rise in unemployment rates are key signs of a strong but slowing economy. And k ...
Read More
real estate tips, home seller, home prices, home buying, selling homes, buyer's market, competitiveness, los angeles, homeownership, glendale, for buyers, buying a home, first time home buyers, buyer tips 2024, for sellers, real estate market 2024, homeowner tips 2024, seller update 2024, home equity 2024, glendale real estate agent, homebuying, home seller tips 2024, 2025 housing market, what to expect for 2025 housing market
