Don’t Wait Until Spring To Sell Your House

As you think about the year ahead, one of your big goals may be moving.

But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell. Here’s why.

1. Take Advantage of Lower Mortgage Rates

Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may not feel as locked-in to your current mortgage rate right now. That downward trend in rates has made moving more affordable now than it was just a few months ago.

Another reason today’s rates make now a good time to sell? More buyers are jumping back into the market. Many had been waiting on the sidelines for rates to fall, but now that that’s happening, they’re eager and ready to buy. That means more demand for your house. According to Sam Khater, Chief Economist at Freddie Mac:

“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”

2. Get Ahead of Your Competition

Right now, there are still more people looking to buy a home than there are houses for sale, which puts you in a great position. But keep in mind, with the recent uptick in new listings, we’re seeing more sellers may already be re-entering the market.

Listing your house now helps you beat your competition and makes sure your house will stand out. And if you work with an agent to price it right, it could sell fast and get multiple offers. U.S. News explains:

“When there is low housing inventory, sellers could get top dollar for their homes.”

3. Make the Most of Rising Home Prices

Experts forecast home prices will keep going up this year. What does that mean for you? If you’re ready to sell your current house and plan to buy another one, it may be a good idea to think about moving now before prices go up more. That would give you the chance to buy your next home before it gets more expensive.

4. Leverage Your Equity

Homeowners today have tremendous amounts of equity. In fact, a recent report from CoreLogic says the average homeowner with a mortgage has more than $300,000 in equity.

If you’ve been waiting to sell because you were worried about home affordability, know your equity can really help with your next move. It might even cover a big part, or maybe all, of the down payment for your next home.

Bottom Line

If you're thinking about selling your house and moving to another one, connect with a local real estate agent to get the process started now so you can get a leg up on your competition.

Read more at KeepingCurrentMatters.com

Related Links

• Will a Silver Tsunami Change the 2024 Housing Market?

• 6 Subtle Things That Make Your Home Feel Comfortable and Polished

• 3 Must-Do’s When Selling Your House in 2024

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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Just Listed: A Beautiful Blend of History and Modern Living in Oklahoma City!

Quintessential Heritage Hills stunner.

This picturesque airplane bungalow exudes curb appeal with its distinct architecture. Nestled in the heart of one of Oklahoma City’s most esteemed historic neighborhoods, every square inch has been meticulously reimagined while remaining true to its original charm and character. Step inside to discover a warm and inviting interior with original hardwood floors, intricate crown molding, and a decorative fireplace. Heritage Hills is less than a mile from some of the city’s bustling districts. Residents can walk down the picturesque streets to a variety of businesses: shopping, dining, drinks, and entertainment. Perfectly blending the nostalgia of the past with the convenience of modern living, you will love calling this unique residence your new home.

Listed by Jessica Snook for West + Main Homes. Please contact Jessica for current pricing + availability.

 

Have questions?
West + Main Homes
(405) 652-6635
hello@westandmain.com

Presented by:
Jessica Snook
405-826-0010
jessica@westandmainok.com

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February in OKC

February is here, and it's the perfect time to fall in love with all things Oklahoma City. 

With exciting adventures happening all month, here are a few recommendations of ways to discover the Modern Frontier!

Valentine's Day Inspiration

Need help making those Valentine's Day plans? From indoor skiing, to building a terrarium, we've put together a full guide of unique ways to celebrate with your loved one in Oklahoma City. If you're looking for gift ideas, we have a curated list that your Valentine will love! And don't forget to book a night at one of the city's most romantic hotels.

Black History Month

Celebrate Black History Month in OKC! Experience the Descendants of the Black 1000, occurring now through April 1, 2024, at the Oklahoma Contemporary Arts Center. The exhibit features photographs, archival material and audio recordings, which tell the story of Oklahoma’s Black communities' historical movement to Canada to seek refuge. Foodies will love celebrating Black History Month with a friendly game of Black Restaurant Bingo! Participants can download the restaurant bingo card containing foodie squares and 1 freebie square situated on a 4 by 4 grid. Presented by the Oklahoma City Thunder, this is the perfect way to celebrate Black-owned restaurants during the month of February. Check out our two-Day Itinerary for exploring Black history and culture in OKC. 

Mark Your Calendars

Oklahoma City is filled with fun events this month! 

• Tool, Paycom Center: Feb. 3

• The Trilogy Tour (Enrique Iglesias, Ricky Martin, and Pitbull), Paycom Center: Feb. 8

• OKC Ballet's Giselle, Civic Center Music Hall: Feb. 9-11

• An Affair of the Heart, OKC Fairgrounds: Feb. 9-11

• Lunar New Year Celebration, Myriad Gardens: Feb. 10

• Krewe de Banjo Mardi Gras Party, Banjo Museum: Feb. 10

• V-Day Bash, Factory Obscura: Feb. 10

• Monster Jam, Paycom Center: Feb. 17-18

• Randy Rogers Band, The Jones Assembly: Feb. 22

• OKC Broadway's Wicked, Civic Center Music Hall: Feb. 21 - March 10

Looking for more cold-weather activities? Check out our Winter Guide to discover even more of this season's must-dos. 

Read more at VisitOKC.com

Related Links

• Will a Silver Tsunami Change the 2024 Housing Market?

• 6 Subtle Things That Make Your Home Feel Comfortable and Polished

• 3 Must-Do’s When Selling Your House in 2024

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.

Search Homes in Colorado

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Search Homes in Oklahoma

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Just Listed: Fully Remodeled Oasis in Yukon School District with a Bonus Workshop!

Welcome to this stunning completely remodeled home in Yukon school district!

From top to bottom, no detail was overlooked in the transformation of this stunning property. Situated on a spacious corner lot, this home not only offers a sense of openness but also provides a sanctuary of privacy. This property features 4 bedrooms and 3 bathrooms, providing ample space for comfortable living. Recent updates include a brand new roof as of January 2024, complete re-plumbing, modern light fixtures, new laminate flooring, two new HVAC systems, a new water heater, re-wiring, and more (see full list of updates). Beyond the main dwelling, discover an impressive 1200 sq.ft. shop (not included in square footage), a true haven for enthusiasts and hobbyists alike. This versatile space features an RV hookup, energy-efficient LED lights, plumbing, and complete insulation, making it the perfect workshop or additional storage space. Don’t miss the chance to call this meticulously upgraded property your home - a perfect combination of style, comfort, and functionality awaits you! Don’t miss the chance to call this meticulously upgraded property your home - a perfect combination of style, comfort, and functionality awaits you!

Listed by Grace Griffin for West + Main Homes. Please contact Grace for current pricing + availability.

 

Have questions?
West + Main Homes
(405) 652-6635
hello@westandmain.com

Presented by:
Grace Griffin
405-317-5319
grace@westandmainok.com

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The Housing Market’s ‘Affordability Picture’ May Finally Be Coming Into Focus

As of late, the housing market seems to be in standby mode, ready to rev up if mortgage rates fall or further stagnate if rates rise.

Currently, mortgage rates are toggling back and forth in the mid-6% range, down from the high 7% range in the fall of last year. According to the latest Freddie Mac data, rates for a 30-year fixed-rate home loan ticked down to an average of 6.63% for the week ending Feb. 1. (Last week’s rate averaged 6.69%.)

Yet the suspended state of rates does not mean there was complete stasis in the real estate market. While the big picture might show a market barely shifting gears, a closer look at the latest Realtor.com® data at the end of January reveals a different story—maybe even a (gasp) happy story where the market is picking up steam.

We’ll explain what the latest housing market data means for buyers and sellers in this newest installment of “How’s the Housing Market This Week?”

Real estate listings have returned

The engine powering the housing market’s surprising burst of activity is the number of homes for sale, which shot up by 10.1% year over year for the week ending Jan. 27.

“For a 12th consecutive week, active listings registered above the prior-year level, which means that today’s home shoppers have more homes to choose from,” says Realtor.com Chief Economist Danielle Hale in her most recent analysis.

Many of these listings are newly on the market, too, with 2.1% more home sellers jumping in this week compared with a year earlier.

“While the jump was not as big as seen in recent weeks, further improvement in new listings will help contribute to a recovery in active listings, meaning more options for home shoppers,” explains Hale.

This influx of listings has many buyers ready and raring to make a deal with their checkbooks at the ready.

Homes were snapped up three days faster for the week ending Jan. 27 compared with this time last year. This marked 17 weeks the typical home spent less time on the market than the same week the year prior. (The typical home spent 69 days on the market in January.)

In general, though, it’s worth remembering that overall housing inventory remains a whopping 40% below 2017 to 2019 levels. Still, this latest uptick in listings is a welcome step in the right direction.

The mortgage rate outlook

The Federal Reserve met at the very end of January. While it didn’t raise its interest rates to combat inflation, it didn’t lower them either. That means mortgage rates, which generally follow the same trajectory as the Fed’s rates, aren’t likely to drop by as much as many homebuyers had hoped.

“Incoming data will continue to be an important arbiter of the likely rate path, and the Fed is waiting to see what results, alongside everyone else,” says Hale. For example, if the data shows that inflation has fallen below the Fed’s 2% target, the Fed could cut rates sooner.

Hale explains that buyers and sellers face an unknown future as to exactly when—and in what direction—rates might go. However, she predicts “the general trend is likely to be lower, in line with Realtor.com’s 2024 Housing Forecast and also in line with consumer expectations, which have pivoted toward this reality in recent weeks.”

Sam Khater, Freddie Mac’s chief economist, agrees.

“Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation, we expect rates to decline further,” he said in a statement.

Why home prices still seem stuck

Mortgage rates aren’t the only variable seemingly stuck in limbo. Home prices have also “been in a rough holding pattern since May 2023,” explains Hale.

Indeed, the median list price was up just 0.2% for the week ending Jan. 27 compared with the same week last year. (The median list price in January was $409,500.)

List prices typically dip during winter, then rise once temperatures warm up as home shoppers show up in droves. This seasonal upswing typically starts as early as January.

“The nation’s median home listing price typically rises after the first week of the year,” says Hale. This year, however, it might not be by much.

“We may not see the intensity of increase that we’ve seen in 2021 to 2023,” adds Hale.

Hale predicts that cooling home price growth might, along with softening mortgage rates, “give buyer incomes a chance to catch up and improve the affordability picture.”

Read more at Realtor.com

Related Links

• Foreclosure Activity Is Still Lower than the Norm

• 6 Subtle Things That Make Your Home Feel Comfortable and Polished

• Will a Silver Tsunami Change the 2024 Housing Market?

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.

Search Homes in Colorado

Search Homes in North Carolina

Search Homes in Oklahoma

Search Homes in Oregon

Search homes in Minnesota