Reasons to own your Home
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Where Are Home Values Headed Over the Next 12 Months? | MyKCM
As shelter-in-place orders were implemented earlier this year, many questioned what the shutdown would mean to the real estate market. Specifically, there was concern about home values. After years of rising home prices, would 2020 be the year this appreciation trend would come to a screeching halt? Even worse, would home values begin to depreciate?
Original forecasts modeled this uncertainty, and they ranged anywhere from home values gaining 3% (Zelman & Associates) to home values depreciating by more than 6% (CoreLogic).
However, as the year unfolded, it became clear that there would be little negative impact on the housing market. As Mark Fleming, Chief Economist at First American, recently revealed:
“The only major industry to display immunity to the economic impacts of the coronavirus is the housing market.”
Have prices continued to appreciate so far this year?
Last week, the Federal Housing Finance Agency (FHFA) released its latest Home Price Index. The report showed home prices actually rose 6.5% from the same time last year. FHFA also noted that price appreciation accelerated to record levels over the summer months:
“Between May & July 2020, national prices increased by over 2%, which represents the largest two-month price increase observed since the start of the index in 1991.”
What are the experts forecasting for home prices going forward?
Below is a graph of home price projections for the next year. Since the market has changed dramatically over the last few months, this graph shows forecasts that have been published since September 1st.
Bottom Line
The numbers show that home values have weathered the storm of the pandemic. Let’s connect if you want to know what your home is currently worth and how that may enable you to make a move this year.
Housing Market on Track to Beat Last Year’s Success | MyKCM
Back in March, as the nation’s economy was shut down because of the coronavirus, many were predicting the real estate market would face a major collapse. Some forecasts called for a 15-20% decline in transactions. However, six months later, it seems as though the housing market has fully recovered.
Mark Fleming, Chief Economist at First American, announced last week:
“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”
The Economic & Strategic Research Group at Fannie Mae upgraded its forecast for home sales last week:
“Housing data over the past month continued to show a strong V-shape rebound, helping drive the broader economy. Existing home sales jumped to a pace not seen since 2006…We have substantially upgraded our forecasts for both new and existing home sales. For 2020, total home sales are now expected to be 1.3% higher than in 2019.”
The National Association of Realtors (NAR) agrees. In their last Pending Sales Report, NAR shared projections from Chief Economist Lawrence Yun:
“Yun forecasts existing-home sales to ramp up to 5.8 million in the second half. That expected rebound would bring the full-year level of existing-home sales to 5.4 million, a 1.1% gain compared to 2019.”
Yun’s forecast for 2021 was even more optimistic, stating, “Home sales will ramp up again next year, increasing between 8% – 12%.”
Bottom Line
The housing market has come roaring back and looks as though it may even surpass last year’s success.
Frank Martell, President and CEO of CoreLogic, hit the nail on the head when he said, “On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”
My heart is full and I am beyond grateful when I receive heart warming messages like this from my clients.Wishing Everyone a Blessed Day today!!! Let us all spread love and positivity! 🙂
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Why Pricing Your Home Right Matters This Fall [INFOGRAPHIC] | MyKCM
Some Highlights
· As a seller today, you may think pricing your home on the high end will result in a higher final sale price, but the opposite is actually true.
· To sell your home quickly and for the best possible price, you should eliminate buyer concerns by pricing your home competitively right from the start.
· Let’s connect today to make sure you have the guidance you need to price your home right this fall.
For Lease: 20032 Rodrigues Ave.Cupertino CA 95014
Contact:
Jennifer Yi (408)597-7572
Rob Godar (408)655-6457
#Realtor #RealEstate #HomeSelling #JenniferYiHomes #californiarealestate #californiahomes
For Lease: 20032 Rodrigues Ave.Cupertino CA 95014
Contact:
Jennifer Yi (408)597-7572
Rob Godar (408)655-6457
The holiday season can be a great time to create new memories with love ones. Preparing your home for the holidays is a must to make this season extra rewarding! So today I’m sharing 6 ways to prepare your home for the holiday season.
#Realtor #RealEstate #HomeSelling #JenniferYiHomes #californiarealestate #californiahomes
Rent vs. Buy: How to Decide What’s Best for You
According to the U.S. Census Bureau, median rent continues to rise. With today’s low mortgage rates, there’s great opportunity for current renters to make a move into homeownership that stretches each dollar a little bit further.
While the best timeline to buy a home is different for everyone, the question remains: Should I continue renting or is it time for me to buy? The answer depends on your current situation and your future plans, so here are some thoughts to help you decide if you’re ready to own a home of your own.
1. Rent Will Continue to Increase
This is one of the top reasons why renters decide to move because in most cases, rent will continue increasing each year. As noted above, the U.S. Census Bureau recently released its quarterly homeownership report, and as the graph below shows, median rent is climbing year after year. When you own a home, you’ll lock in your monthly payment for the life of your loan, creating consistency and predictability in your payments.
2. Freedom to Customize
This is a big decision-making point for many people who want to be able to paint, renovate, and make home upgrades. In many cases, landlords determine all of these selections and prefer you do not alter them as a renter. As a homeowner, you have the freedom to decorate and personalize your home to truly make it your own.
3. Privacy
When renting, your landlord has access to your space in case of an emergency. If you own your home, however, you’re the one to decide who can come inside. Given today’s health concerns around the pandemic, this may be a growing priority for you.
4. Flexibility for Relocation
If you’re renting, it may be easier to move quickly should you have a job transfer or simply decide it’s time for a change. When you’re a homeowner and need to sell your house, this might take a little more time. Today, however, with the housing market’s low inventory, this may no longer be the case. Homes are selling at a record-breaking pace, so you may have more flexibility than you think.
5. Building Equity
When you pay your rent, your landlord earns the equity the property gains. If you own your home, the benefits of your investment go directly toward your net worth. This is savings you’ll be able to use in the future for things like sending children to college, starting a new business, buying a bigger home, or simply downsizing to save for retirement.
6. Tax Advantages
When you own your home, there are additional advantages that work in your favor as well. You can deduct things like your property taxes and mortgage interest (Always make sure you check with your accountant to see which tax-deductible benefits apply to your situation). When you rent, however, the tax benefits are directed to your landlord.
Bottom Line
It’s up to you to decide if you’d prefer to rent or buy, and it’s different for every person. If you’d like to learn more about the pros and cons of each, as well as resources to help you along the way, let’s connect to discuss your options. This way, you can make a confident and informed decision with a trusted expert on your side.
Three Reasons to Buy a Home in 2021
2021 will be a great year to buy a home. Let's connect to make sure you're ready for success in today's housing market.
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Housing Inventory Snapshot
I want to share with you what has been happening in your local real estate market.
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If a pre-sale inspection of your home turns up problems, that could torpedo the sale or drive down the price. Here are some fixes you should make to head off trouble! #SellingTips #RealEstate #Realtor #HomeFixingTip
Wishing everyone wellness, prosperity, more blessings and happiness this year of the Ox! 🙂
47% of New Buyers Surprised by How Affordable Homes Are Today
Whether you’re a first-time buyer or a move-up buyer, don’t let the headlines scare you away from your dream of homeownership. Instead, connect with mortgage and real estate professionals to determine what you can afford and what’s available at that price. Like almost half of the buyers in the survey, you may be pleasantly surprised.
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SIMPLIFYINGTHEMARKET.COM
47% of New Buyers Surprised by How Affordable Homes Are Today
The Luxury Market Is Attracting Buyers in 2021
If you’re hoping to buy the home of your dreams, this could be the year to achieve that goal. Let’s connect today to explore your possibilities.
#Realtor #RealEstate #HomeSelling #JenniferYiHomes #californiarealestate #californiahomes
SIMPLIFYINGTHEMARKET.COM
The Luxury Market Is Attracting Buyers in 2021
