AGENTS: Did you know you can share a personalized version of this post? Learn more! For Sellers, Agent Value, Selling Tips These days, you’re going to want to get your price right when you get ready to sell your house. Honestly, it’s more important than ever. Why? While you may want to list high just to see what happens, that’s a plan that can easily backfire, and it’s going to cost you in today’s market. And the risk isn’t just missing out on offers, it’s missing out on the move you needed to make in the first place. The Real Pitfall of Overpricing Many homeowners remember what their neighbor’s house sold for a few years ago, and they want to chase that same sky-high number. The problem is, that was a different market. Today, there are more homes for sale. Buyers have more options to choose from. They don’t have to get into bidding wars where they offer way over asking just to compete. Now they can come in at, or even below, list price. And if you’re not open to that, they’ll move on. Lisa Sturtevant, Chief Economist at Bright MLS, explains: “Buyers will have more leverage in many,...

AGENTS: Did you know you can share a personalized version of this post? Learn more! For Buyers, For Sellers, Home Prices If you’ve been following real estate news lately, you’ve probably seen headlines saying home prices are flat. And at first glance, that sounds simple enough. But here’s the thing. The reality isn’t quite that straightforward. In most places, prices aren’t flat at all. What the Data Really Shows While we’ve definitely seen prices moderate from the rapid and unsustainable climb in 2020-2022, how much they’ve changed is going to be different everywhere. If you look at data from ResiClub and Zillow for the 50 largest metros, this becomes very clear. The real story is split right down the middle. Half of the metros are still seeing prices inch higher. The other half? Prices are coming down slightly (see graph below). The big takeaway here is “flat” doesn’t mean prices are holding steady everywhere. What the numbers actually show is how much price trends are going to vary depending on where you are. One factor that’s driving the divide? Inventory. The Joint Center for Housing Studies (JCHS) of Harvard University explains: “ . . . price trends are beginning to...

AGENTS: Did you know you can share a personalized version of this post? Learn more! For Buyers, For Sellers, First-Time Buyers, Mortgage Rates, Affordability, Economy You want mortgage rates to fall – and they’ve started to. But is it going to last? And how low will they go? Experts say there’s room for rates to come down even more over the next year. And one of the leading indicators to watch is the 10-year treasury yield. Here’s why. The Link Between Mortgage Rates and the 10-Year Treasury Yield For over 50 years, the 30-year fixed mortgage rate has closely followed the movement of the 10-year treasury yield, which is a widely watched benchmark for long-term interest rates (see graph below): When the treasury yield climbs, mortgage rates tend to follow. And when the yield falls, mortgage rates typically come down. It’s been a predictable pattern for over 50 years. So predictable, that there’s a number experts consider normal for the gap between the two. It’s known as the spread, and it usually averages about 1.76 percentage points, or what you sometimes hear as 176 basis points. The Spread Is Shrinking Over the past couple of years, though, that spread has...

If you’ve been watching from the sidelines, now’s the time to lean in. It’s officially the best time to buy this year. According to Realtor.com, this October will have the most buyer-friendly conditions of any month in 2025:“By mid-October, buyers across much of the country may finally find the combination of inventory, pricing, and negotiating power they’ve been waiting for—a rare opportunity in a market that has been tight for most of the past decade.” So, if you’re ready and able to buy right now, shooting for this month means you should see: More homes to choose from Less competition from other buyers More time to browse Better home prices Sellers who are more willing to negotiate Just remember, every market is different. For most of the top 50 largest metros, that sweet spot falls in October. But the peak time to buy may be slightly earlier or later, depending on where you live. As Realtor.com explains: “While Oct. 12–18 is the national “Best Week,” timing can shift depending on the local markets. . .” Best Week To Buy for the Top 50 Largest Metro Areas Atlanta-Sandy Springs-Roswell, GA: September 28 – October 4 Austin-Round Rock-San Marcos, TX: September 28...

AGENTS: Did you know you can share a personalized version of this post? Learn more! For Buyers, Home Prices, First-Time Buyers, Mortgage Rates, Affordability A recent survey from Bank of America asked would-be homebuyers what would help them feel better about making a move, and it’s no surprise the answers have a clear theme. They want affordability to improve, specifically prices and rates (see below): Here’s the good news. While the broader economy may still feel uncertain, there are signs the housing market is showing some changes in both of those areas. Let’s break it down so you know what you’re working with. Prices Are Moderating Over the past few years, home prices climbed fast, sometimes so fast it left many buyers feeling shut out. But today, that pace has slowed down. For comparison, from 2020 to 2021, prices rose by 20% in a 12-month period. Now? Nationally, experts are projecting single-digit increases this year – a much more normal pace. That’s a sharp contrast to the rapid growth we saw just a few short years ago. Just remember, price trends are going to vary by area. In some markets, prices will continue to rise while others will experience slight...

AGENTS: Did you know you can share a personalized version of this post? Learn more! For Buyers, First-Time Buyers If you’re planning to buy a home this year, there’s one expense you can’t afford to overlook: closing costs. Almost every buyer knows they exist, but not that many know exactly what they cover, or how different they can be based on where you’re buying. So, let’s break them down. What Are Closing Costs? Your closing costs are the additional fees and payments you make when finalizing your home purchase. Every buyer has them. According to Freddie Mac, they typically include things like homeowner insurance and title insurance, as well as various fees for your: Loan application Credit report Loan origination Home appraisal Home inspection Property survey Attorney National vs. Local: Why the Numbers Look So Different When you search for information about closing costs online, you’ll often see a national range, usually 2% to 5% of the home’s purchase price. While that’s a useful starting point if you’re working on your homebuying budget, it doesn’t tell the whole story. In reality, your closing costs will also vary based on: Taxes and fees where you live (like transfer taxes and recording...

AGENTS: Did you know you can share a personalized version of this post? Learn more! For Sellers, Downsize, Equity, Selling Tips If you’ve been thinking about downsizing to lower your expenses, be closer to family, or just make life easier, here’s a trend worth paying attention to: More homeowners are buying their next house outright, without taking on a new mortgage. And, if you’ve owned your home for a while, you may be able to do the same. No mortgage. No monthly housing payments. A Record Share of Homeowners Are Mortgage-Free According to analysis from ResiClub of Census data, more than 40% of U.S. owner-occupied homes are mortgage-free – an all-time high for this data series. That means 4 in 10 homeowners own their homes free and clear (see graph below): One big reason for this trend? Demographics. As Baby Boomers age and stay in their homes longer, many have had the time to fully pay off their mortgages. You might be in that group too and not even realize just how much buying power you now have. It’s time to change that. How Downsizers Are Turning Equity into Buying Power As a homeowner, your equity is your biggest advantage...

AGENTS: Did you know you can share a personalized version of this post? Learn more! For Buyers, For Sellers, Home Prices, Inventory There’s a new divide in housing right now. In some states, buyers are gaining ground. In others, sellers still have the upper hand. It all depends on where you live. Curious what’s happening in your state? These 3 maps show how the split is playing out across the country. In each one: Darker Shades of Blue = Buyer friendly Lighter Shades of Blue = Seller strong Inventory Sets the Stage While the number of homes for sale has improved pretty much across the board, how much growth we’ve seen can look dramatically different based on where you live. And that impacts who has the leverage today. This map uses data from Realtor.com to break it down: The darker shades of blue show where inventory has risen more than in other areas of the country. Buyers here have more to choose from and should have an easier time finding a home and leveraging their negotiating power. The lighter shades of blue are where inventory is still low. Sellers are more likely to sell quickly and make fewer concessions. Prices...

AGENTS: Did you know you can share a personalized version of this post? Learn more! For Buyers, Affordability, Buying Tips For the past couple of years, it’s been tough for a lot of homebuyers to make the numbers work. Home prices shot up. Mortgage rates too. And a number of people hit pause because it just didn’t feel possible. Maybe you were one of them. But there’s some encouraging news. If you’ve been waiting for a better time to jump back in, affordability may finally be showing signs of improvement this fall. The latest data from Redfin shows the typical monthly mortgage payment has been coming down, and is now about $290 lower than it was just a few months ago (see graph below): And here’s why this is happening. The cost of buying a home really comes down to three things: Mortgage rates Home prices Your wages Right now, all three are finally moving in a better direction for you. While that doesn’t mean it’s suddenly easy to buy at today’s rates and prices, it does mean it’s not as challenging. 1. Mortgage Rates Mortgage rates have come down compared to earlier this year. In May, they were roughly...

AGENTS: Did you know you can share a personalized version of this post? Learn more! For Sellers, Equity, Selling Tips Want to know something important you probably don’t have a professional check for you nearly as often as you should? Spoiler alert: it’s the value of your home. Because here’s the reality. Your house is likely the biggest financial asset you have. And if you’ve lived in it for a few years or more, chances are it’s been quietly building wealth for you in the background – even if you haven’t been keeping tabs on it. You might be surprised by just how much it’s grown, even as the market has shifted over the past few months. What Is Home Equity? That hidden wealth in your home is called equity. It’s the difference between what your house is worth today and what you still owe on your mortgage. Your equity grows over time as home values rise and as you make your monthly payments. Here’s an example to help you really understand how the math works. Let’s say your house is now worth $500,000, and you have $200,000 left to pay off on your loan. That means you have $300,000...

AGENTS: Did you know you can share a personalized version of this post? Learn more! For Sellers, Mortgage Rates, Selling Tips Mortgage rates are finally heading in the right direction – and buyers are starting to jump back in. According to the data, buyer demand picked up considerably once mortgage rates hit a new low for 2025. The Mortgage Bankers Association (MBA) reports that applications for home loans were up 23% compared to the first week of September last year. If you’ve been waiting to sell, or your listing recently expired because the market was slower than you hoped it would be, now’s the time to reconsider your move. Buyer demand is the highest it’s been since July – and you don’t want to miss this window. When Rates Drop, Buyers React Here’s what’s happening. The 30-year mortgage rate dropped to 6.13% earlier this week. And that’s the lowest it had been since October 2024. That decline followed weak job growth and other economic indicators that are fueling speculation the Federal Reserve may cut the Federal Funds Rate multiple times this year. Mortgage rates started dropping because financial markets are anticipating those Fed decisions. And that opens the door for...

AGENTS: Did you know you can share a personalized version of this post? Learn more! For Buyers, Mortgage Rates, Affordability, Economy The Federal Reserve (the Fed) meets this week, and expectations are high that they’ll cut the Federal Funds Rate. But does that mean mortgage rates will drop? Let’s clear up the confusion. The Fed Doesn’t Directly Set Mortgage Rates Right now, all eyes are on the Fed. Most economists expect they’ll cut the Federal Funds Rate at their mid-September meeting to try to head off a potential recession. According to the CME FedWatch Tool, markets are already betting on it. There’s virtually a 100% chance of a September cut. And based on what we know now, there’s about a 92% chance it’ll be a small cut (25 basis points) and an 8% chance it will be a bigger cut (50 basis points): So, what exactly is the Federal Funds Rate? It’s the short-term interest rate banks charge each other. It impacts borrowing costs across the economy, but it’s not the same thing as mortgage rates. Still, the Fed’s actions can shape the direction mortgage rates take next. Why Markets Already Saw This Cut Coming Here’s the part that may...

AGENTS: Did you know you can share a personalized version of this post? Learn more! For Sellers, Home Prices, Selling Tips Waiting for the perfect buyer to fall in love with your house? In today’s market, that’s usually not what’s holding things up. And here’s why. Let’s be real. Homes are taking a week longer to sell than they did a year ago. According to Realtor.com: “Homes are also taking longer to sell. The typical home spent 60 days on the market in August, seven days longer than last year and now above pre-pandemic norms for the second consecutive month. This was the 17th straight month of year-over-year increases in time on market.” Part of that is because there are more homes on the market. So, with more options for buyers to choose from, they aren’t getting snatched up quite as fast. But there’s another big reason: price. The Average List Price Isn’t Going Up – and That Matters Today, a lot of homeowners are overshooting their list price. They remember the big climb in home prices a few years ago, and they don’t realize how much has changed. One of the most important, but often overlooked, changes in today’s...

AGENTS: Did you know you can share a personalized version of this post? Learn more! For Buyers, First-Time Buyers, Mortgage Rates, Affordability, Economy You’ve been waiting for what feels like forever for mortgage rates to finally budge. And last week, they did – in a big way. On Friday, September 5th, the average 30-year fixed mortgage rate fell to the lowest level since October 2024. It was the biggest one-day decline in over a year. What Sparked the Drop? According to Mortgage News Daily, this was a reaction to the August jobs report, which came out weaker-than-expected for a second month in a row. That sent signals across the financial markets, and then mortgage rates came down as a result. Basically, we’re seeing signs the economy may be slowing down, and as certainty grows in the direction the economy is going, the markets are reacting to what is likely ahead. That historically brings mortgage rates down. Why Buyers Should Pay Attention Now But this isn’t just about one day of headlines or one report. It’s about what the drop means for you. This recent change saves you money when you buy a home. The chart below shows you an example...

AGENTS: Did you know you can share a personalized version of this post? Learn more! For Sellers, Home Prices, Selling Tips If your selling strategy still assumes you’ll get multiple offers over asking, it’s officially time for a reset. That frenzied seller’s market is behind us. And here are the numbers to prove it.  From Frenzy to “Normal” Right now, about 50% of homes on the market are selling for less than their asking price, according to the latest data from Cotality. But that isn’t necessarily bad news, even if it feels like it. Here’s why. The wild run-up over the last few years was never going to be sustainable. The housing market needed a reset, and data shows that’s exactly what’s happening right now. The graph below uses data from Zillow to show how this trend has shifted over time. Here’s what it tells us: 2018–2019: 50–55% of homes sold under asking. That was the norm. 2021–2022: Only 25% sold under asking, thanks to record-low rates and intense buyer demand. 2025: 50% of homes are selling below asking. That’s much closer to what’s typical in the housing market. Why This Matters If You’re Selling Your House In this return...