Real Estate Blog - February, 2024

Don’t Let the Latest Home Price Headlines Confuse You

Based on what you’re hearing in the news about home prices, you may be worried they’re falling. But here’s the thing. The headlines aren’t giving you the full picture.

If you look at the national data for 2023, home prices actually showed positive growth for the year. While this varies by market, and while there were some months with slight declines nationally, those were the exception, not the rule.

The overarching story is that prices went up last year, not down. Let’s dive into the data to set the record straight. 

2023 Was the Return to More Normal Home Price Growth

If anything, last year marked a return to more normal home price appreciation. To prove it, here’s what usually happens in residential real estate.

In the housing market,…

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Thinking of buying a home in 2024?

If you're waiting for rates to come down, it will be too late.  Many buyers have been taking this approach and by the time rates are closer to where they were the past few years, the competition in the homebuying market will only increase - and prices will skyrocket along with it.  Now is the time to buy!  It's important to remember you're buying a home, not a rate.  Land your dream home when there is less competition, and refinance once it's yours.

Thinking of buying in 2024?  With the Super Bowl over, we are officially in the spring market so now is the time to make a plan.  Contact me to get started!

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Agent vs Realtor - what's the difference?

Everyone who's watched Modern Family has wondered: what's the difference between a real estate agent and a realtor?  Or a broker, for that matter?

Basically, the difference between a licensed real estate agent and a realtor is membership in the National Association of Realtors.  Its mission is to help agents become more profitable and successful in an ethical way.  A broker is an agent who takes their education and licensing even further by achieving their broker's license.

You can read more here.

Whichever distinction you choose in an agent, you'll want to be sure to select an experienced agent you can trust to act in your best interests.  Thinking of buying, selling or renting?  Contact me to get started!

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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…

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Homebuying Mistakes to Avoid

If you're new to the homebuying process, it's easy to make these common mistakes.  It is important to find a buyers agent you can trust, who will work on behalf of your interest instead of the seller's, and will help you avoid these pitfalls.  That is the first smart decision you can make!  Some things to avoid are:

• Househunting before getting a pre-approval for a mortgage
• Prioritizing the home itself over the neighborhood that it's in
• Having too many "must haves" on your list that you disqualify yourself from every possible home in your parameters
• Letting emotion rule the day
• Only consulting one lender
• Not being diligent with your credit and savings
• Not looking into assistance programs you might qualify for 

You can…

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What’s Really Happening with Mortgage Rates?

Are you feeling a bit unsure about what’s really happening with mortgage rates? That might be because you’ve heard someone say they’re coming down. But then you read somewhere else that they’re up again. And that may leave you scratching your head and wondering what’s true.

The simplest answer is: that what you read or hear will vary based on the time frame they’re looking at. Here’s some information that can help clear up the confusion.

Mortgage Rates Are Volatile by Nature

Mortgage rates don’t move in a straight line. There are too many factors at play for that to happen. Instead, rates bounce around because they’re impacted by things like economic conditions, decisions from the Federal Reserve, and so much more. That means they might be up…

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Fannie Mae predicts rates to drop below 6% in 2024

In a recent press release, government-backed corporation Fannie Mae shared their expectation that mortgage rates will drop below 6% in 2024 and the rate environment will be a more balanced one this year instead of the oscillations buyers have come to expect more recently.  With this announcement, a Fannie Mae survey also reported that buyers' optimism levels are the highest they've been in two years.

If you're waiting for rates to come down to make your move, it will be too late by then.  Every buyer is taking this approach and by the time this shift happens, the competition in the homebuying market will only increase - and prices will skyrocket along with it.  Now is the time to buy!  At the end of the day, you're buying a home, not a rate. …

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Seven Gardens to Visit This Winter

Winter in Boston can be hard to get through, especially without trees and plants in bloom.  But there are seven spectacular indoor gardens and greenhouses in the Massachusetts area where everything is green and full of life where you can get your fix - and they are all heated:

1) Botanic Garden of Smith College: it's a bit of a drive, but with over 12,000 square feet of beautiful greenery, banana and cinnamon trees and a waterfall, it's worth it!

2) Isabella Stewart Gardner Museum: the indoor courtyard has a rotating landscape of trees and flowers every few months, and the priceless art is always in season.

3) Lyman Estate Greenhouses: located at the Lyman Estate in Waltham, it is known for its orchids and pink and red winter camellias.

…

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Houses Are Still Selling Fast

Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn't as frenzied as it was during the ‘unicorn’ years when houses were selling quicker than ever, they’re still selling faster than normal.

The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:

When you look at the most recent data (shown in green), it's clear homes are selling…

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Why Pre-Approval Is Even More Important This Year

On the road to becoming a homeowner? If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024.

What Pre-Approval Is

As part of the homebuying process, your lender will look at your finances to figure out what they’re willing to loan you. According to Investopedia, this includes things like your W-2, tax returns, credit score, bank statements, and more.

From there, they’ll give you a pre-approval letter to help you understand how much money you can borrow. Freddie Mac explains it like this:

“A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. . . . Keep in mind…

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