Life-Changing Events That Move the Housing Market

 
 

Life is a journey filled with unexpected twists and turns, like the excitement of welcoming a new addition, retiring and starting a new adventure, or the bittersweet feeling of an empty nest.

If something like this is changing in your own life, you may be considering buying or selling a house. That’s because through all these life-altering events, there is one common thread—the need to move.

Reasons People Still Need To Move Today

According to the National Association of Realtors (NAR) there have been a lot of this type of milestone or life change over the last two years (see graph below):

 
 

And, these big life changes are going to continue to impact people moving forward, even with the current affordability challenges brought on by higher mortgage rates and rising home prices.

As Claire Trapasso, Executive News Editor at Realtor.com, says:

“Because high mortgage rates, elevated home prices, and stubbornly low inventory make today’s housing market particularly challenging, many of today’s buyers are motivated by life changes, such as growing families, supporting elderly parents or grown children, or accommodating professional needs. . .”

Lean On a Real Estate Professional for Help

Whether you’re beginning your search for a home or preparing to sell your current house, you don’t have to go it alone. With their expertise, a real estate agent is an invaluable partner who can help you smoothly transition through these big moments in your life. Here are just a few examples.

When Buying a Home

If you’re welcoming a new addition and want more space, the need for a new home may be a top priority. While higher home prices and mortgage rates are creating challenges for buyers, you may have to find a way to meet your changing needs, even with today’s mortgage rates.

A skilled real estate agent can help. Their expertise and knowledge of the local housing market can save you a considerable amount of time and stress. An agent will take the time to understand your specific needs, budget, and preferences, allowing them to narrow down your search and present you with suitable options.

When Selling a House

If you’re retiring or going through a separation or divorce, your main focus may be to make the most out of your investment when selling your house, so you can find one that works better for you moving forward.

This is another place where a real estate agent’s expertise truly shines. They can accurately assess your home’s market value, suggest improvements to enhance its appeal, and craft a strategic marketing plan. Their negotiation skills are a big asset when it comes to making sure you get a fair price for your house, allowing you to move on to the next chapter of your life with confidence and peace of mind.

No matter your situation, lean on a trusted professional for help as you buy or sell a home.

Bottom Line

If recent life-changing events have you wanting or needing to move, connect with a local real estate agent.

Learn more at Keepingcurrentmatters.com

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Carteret County Real Estate Market Report from October 2023

As we enter into the holiday season, the market experts remain grateful for the unique opportunities available for both buyers and sellers in this market.

Despite a shifting market and general uncertainty, people are still buying and selling homes. In Carteret County, it is rare to see inventory rise toward the end of the year, as we tend to see the lowest inventory numbers within the last two months of the year.

The average sale price for residential homes in Carteret County was $597,644. The average days on market was 43. New listings dropped to 145 from 158 last month; however, this slight drop is normal due to seasonality and, more importantly, is down 4.6% percent year-over-year. Active listings at month-end finished at 369, down slightly by 7.7 percent from this time last year. Pending sales are up slightly from this time last year, up 1 percent.

Sellers need to get the pandemic years out of their minds. That time frame was a perfect storm of low interest rates, unprecedented demand while residents fell out of love with their homes working from home and the ability to literally work anywhere was a novel idea. As employees are called back to the office and interest rates hover around eight percent, the party is over. Sellers need to focus on value and put themselves in the buyer's shoes. Buyers are no longer willing to overpay and, as such, pricing is the number one key in this market to sell a home.

Buyers on the other hand are sitting in a unique position, and some know it. While overall mortgage applications are low, hard money loans are on the rise as well as gifted funds from loved ones to help bridge the gap towards home owner-ship. This may be surprising, but December is historically a busy time of year, and increasing inventory is finally providing buyers with the gift of choice. Many buyers tend to hibernate for the winter. But for those who continue to look through the holiday season, there is less competition and sellers are usually more motivated to sell before the end of the year.

For buyers who feel priced out of the housing market, an alternative tactic is to look at other markets that are within their budget. Non-owner-occupant rental properties are a great option to find a way into the housing market. Regardless of the path, buyers are gaining more control in this market as time goes on.
At the end of the day, properties will continue to trade hands for the right price and terms. Interest rates can be daunt-ing; however, the key is to get onto the escalator of homeownership and experience appreciation as it moves upwards over time.

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. I’m here to help.

5 Home Organization and Cleaning Tips for Hibernation Season

 
 

Fresh starts aren’t exclusive to springtime.

Spring cleaning is all about a fresh start and bringing in the brightness of a new season through home organization. It’s the warmup to spending less time indoors. But where’s that same level of enthusiasm for a winter reset, that can ensure our spaces are fully optimized for ease and comfort during the long months ahead?

“A lot of cultures practice ‘spring cleaning’ for various religious and historical reasons, and it has been passed down through the generations,” says Charlee Ostander, organizer, woodworker, and founder of Build & Create Home. “Our lifestyles and homes have changed significantly, however, and it may not be relevant anymore.”

Now that fall is here, it’s time to approach the gradual shift to winter with the same vigor as we do in spring. “The cold evokes feelings of coziness and hunkering down, whereas the warmer weather is seen as an ‘awakening’ and ‘kicking off cobwebs,’” says Maria Arrington, cofounder of the New York–based home organization studio Home Ease. Even if you love the cold, a refresh and reset for this time of year is necessary. We consulted three experts to find out exactly what they do to prep their homes for a peaceful and cozy season indoors.

Swap out and store

Marie Kondo once drew a direct line from our joy to the pile of clothes sitting in the chair in your bedroom. Not only does winter require more layers, but there’s also gloves, hats, heavier coats, and bulkier footwear. You need more space and different cleaning and upkeep than your warm-weather wear requires. “We tend to hoard winter gear because we just want to add layers in the cold,” Arrington explains. “I think that constant editing is important to keeping your home organized.” She says we only really need two to three coats, sets of gloves and scarves to keep in heavy rotation and to donate the rest.

Arrington emphasizes sending winter accessories like gloves and hats, which are commonly overlooked, to the cleaners, or wash them on the delicate cycle in cold water and lay them flat to dry before it’s too cold out, when you need them most. For multi-person homes, she recommends a designated coat hook per person for everyone’s winter gear to “keep the clutter contained.” Ostander is also in favor of this setup over bins and recommends mitten clips to keep pairs easy to find.

Don’t neglect the senses

While we love function, preparing for hibernation season is also an opportunity for focusing on setting up your home to feel good. Juliette von Hess, founder of Von Hess & Co, a home organizing and style company in New York, recommends switching your lamp lightbulbs. “Softer light can make a home feel cozier and is a great way to add a warmer vibe to your home as the days get shorter.” Consider trying warm white or soft white lights in the 2700–3000K range.

Von Hess notes, “Adding heavier texture in your home will automatically bring a sense of warmth into your rooms.” She likes to keep her heavy, fuzzy, real and faux-fur throws, pelts, or rugs stored until the winter months. “[You can] bring them back to life with a hairbrush,” she says.

Although she’s not a pumpkin spice or pine type of girl, Arrington argues that a winter fragrance is essential. “Something clean and warm like atlas cedar or fig to evoke a cozy mindset,” she says. “Scent is such an important and neglected sense, and it can do so much to create the right energy in a home.” Balsam fir is also pine-like without being overwhelmingly holiday-focused.

Clear out the dirt and purge your pantry

Spring cleaning rituals have existed for decades (and maybe centuries), but Ashley Dixon, a decor, DIY, cleaning, and organization consultant and content creator based in Atlanta, believes that winter cleaning is even more important. “Cozy spaces with closed doors and windows keep in germs, viruses, and bacteria that can then live in your home for several months,” she explains. Yuck, much?

Von Hess points out that “dust and dirt accumulate and people tend to forget to clean the items they use most if you can’t physically put it in a washer and dryer.” Don’t forget about vacuuming your furniture, lampshades, and drapes, along with cleaning light switches, drawer handles, door knobs, and other high touch areas.

Fall is also a great time to purge your pantry, wipe everything down and restock. “Clean out those old and expired soup cans and boxes of packaged food,” Ostrander says. “Make a list of your favorite cozy-weather meals and stock up while the weather is nice.”

Don’t forget your outdoor areas

While the weather is still nice out, you’ll want to prioritize outdoor spaces like the backyard, balcony, patio, and garage. “If you’re really ambitious or short on space, you can build an insulated storage cabinet for paints and glues,” Ostrander says while pointing out some things we store in our garages need to be protected from extreme cold temps, like paint which needs to be kept between 60 and 80 degrees.

Dixon recommends you look out for your future self early while shopping and caring for your outdoor furniture. “Investing in furniture that can withstand the conditions is helpful, but regardless, spring cleaning is much easier when you have covered your furniture through harsh winter weather,” she adds. Ostrander recommends brands like Outer and notes that pieces made from poly resin (which you can find from Ledge Lounger) or poly wood seem to last longer.

Finally, when it comes to staying warm, there’s a little maintenance to keep in mind. Ostrander recommends checking that there isn’t any furniture blocking your radiators or heat sources and says wood-burning stoves, chimneys, boilers and heating systems should be annually checked out by a pro. “Prepare a space to store your chopped wood that will be dry and easily accessible,” she says.

Declutter your entryway with trays

Winter boots are often a huge culprit for clutter and making a messy entryway. Boot trays or baskets are a great way to avoid accumulating a pile of footwear at your front door. “If you can have a stool with a basket tucked underneath, you are really winning,” Arrington says. “Trying to put on boots standing up is rough.”

Beyond apparel and accessories for winter weather, Ostander reminds us to also, “make sure those cold weather toys have a home for the winter months.” Skis, snowboards, and skates need a home that’s easily accessible enough to be ready to use, but designated enough to be out of the way for daily comings and goings.

Von Hess also advises wiping down shoes and handbags with rubbing alcohol before putting them in storage. As she continues, “put away seasonal clothing with dryer sheets and vacuum out all your luggage and handbags to be crisp and ready for next year.” There’s no reason to bring sand into the storage unit, back of the closet, or anywhere else for that matter!

Learn more at Architecturaldigest.com

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Homeowner Net Worth Has Skyrocketed

 
 

If you’re weighing your options to decide whether it makes more sense to rent or buy a home today, here’s one key data point that could help you feel more confident in making your decision.

Every three years, the Federal Reserve Board releases the Survey of Consumer Finances (SCF). That report covers the difference in net worth for both homeowners and renters. Spoiler alert: the gap between the two is significant.

The average homeowner’s net worth is almost 40X greater than a renter’s. And here’s the data to prove it (see graph below):

 
 

The Big Reason Homeowner Net Worth Is So High

In the previous version of that report, the net worth of the average homeowner was roughly $255,000 and that of the average renter was $6,300. But in the release that just came out this year, the gap widened as homeowner net worth climbed dramatically. As the Survey of Consumer Finances (SCF) report says:

“. . . the 2019-2022 growth in median net worth was the largest three-year increase over the history of the modern SCF, more than double the next-largest one on record.”

One of the biggest reasons homeowner net worth skyrocketed is home equity.

Over the last few years, known as the ‘unicorn’ years for housing, home prices went through the roof. That’s because there weren’t enough homes for sale, and there was a big influx of buyers rushing to buy them and take advantage of the then record-low mortgage rates. That imbalance of supply and demand pushed prices higher and higher. As a result, most homeowners who had a home during that time saw their equity grow a lot.

If you’re still in the middle of making your decision on whether to rent or buy, you may wonder if you missed the boat on the big net worth boost. But here’s what you need to realize. As a recent article in The Ascent explains:

“Whether your net worth increased in recent years or not, there are steps you can take to boost that number in the coming years. . . buying a home can be a great way to grow your net worth, since home values have a tendency to rise over time.”

Historically, home prices climb over time. Even now that mortgage rates are closer to 7-8%, prices are still rising in many areas of the country because supply is still low compared to demand. That’s why expert forecasts for the next few years call for ongoing appreciation – just at a pace that’s more typical for the housing market.

While it likely won’t be the record ramp-up that happened over the last few years, people who buy now should continue to grow equity in the years ahead. That means, if you’re ready and able to buy a home today, you’ll be making an investment that’ll help build your net worth in the long run.

As Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says:

“. . . when deciding to rent vs buy, one must calculate the total cost of homeownership (maintenance, utilities, commuting, etc.) and the total financial benefit. Based on new Fed data . . . the median net worth of homeowners was $396,200 vs renters at $10,400. There is no question about the wealth gains that homeownership provides.”

Bottom Line

If you’re on the fence about whether to rent or buy a home, remember that homeownership can give your net worth a big boost over time. If you want to learn more about this or the many other benefits of owning a home, connect with a local real estate agent.

Learn more at Keepingcurrentmatters.com

Related Links

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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A Real Estate Agent Helps Take the Fear Out of the Market

 
 

Do negative headlines and talk on social media have you feeling worried about the housing market?

Maybe you’ve even seen or heard something lately that scares you and makes you wonder if you should still buy or sell a home right now.

Regrettably, when news in the media isn’t easy to understand, it can make people feel scared and unsure. Similarly, negative talk on social media spreads fast and creates fear. As Jason Lewris, Co-Founder and Chief Data Officer at Parcl, says:

“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”

But it doesn’t have to be that way. Buying a home is a big decision, and it should be one you feel confident making. You should lean on a trusted real estate agent to help you separate fact from fiction and get the answers you need.

That agent will use their knowledge of what’s really happening with home prices, housing supply, expert forecasts, and more to give you the best possible advice. The National Association of Realtors (NAR) explains:

“. . . agents combat uncertainty and fear with a combination of historical perspective, training and facts.”

The right agent will help you figure out what’s going on at the national level and in your local area.

They’ll debunk headlines using data you can trust. Plus, they have in-depth knowledge of the industry and can provide context, so you know how current trends compare to the normal ebbs and flows in the housing market, historical data, and more.

Then, to make sure you have the full picture, an agent can tell you if your local area is following the national trend or if they’re seeing something different in your market. Together, you can use all that information to make the best possible decision.

After all, making a move is a potentially life-changing milestone. It should be something you feel ready for and excited about. And that’s where a trusted expert comes in.

Bottom Line

If you need reliable information about the housing market and expert advice about your own move, get in touch with a real estate agent in your area.

Learn more at Keepingcurrentmatters.com

Related Links

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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