Ken Mandich From Complete Realty Team Is Educating Homeowners On Exactly What A Realtor Does

Marietta, Georgia -

Ken Mandich from Complete Realty Team is helping Cobb County, Georgia, residents understand the difference between a real estate agent and a REALTOR®. The Cobb County REALTOR® is making a case for why homebuyers and homeowners looking to buy, sell, or rent property should be very discerning when picking someone to represent them as there is a world of difference between the two distinctions.

Real estate agents help clients buy, sell, or rent properties. They must acquire the licenses that their state requires to be able to legally offer real estate buying, selling, and renting services. A REALTOR®, on the other hand, is a term that can refer to several different professions within the real estate industry. A REALTOR® can be a salesperson, a property manager, an appraiser, or even, a real estate broker.

However, REALTOR® is a trademarked term that can only be used by members of the National Association of Realtors (NAR) to refer to themselves. Established in 1908, the NAR is an American trade association that fights for the interests of those who work in the nation’s real estate industry. With 1.5 million members, as of August 2021, it is one of the largest trade associations of its type in the country.

To become a REALTOR®, real estate agents must pass the NAR Code of Ethics course. They should also have a valid real estate license for the state where they are actively engaged in the real estate business, should not have a record of official sanctions due to a history of unprofessional conduct, and should not have filed for a recent or pending bankruptcy.

Ken Mandich talks about what makes collaborating with a REALTOR® for a real estate transaction a safer bet by saying, “Not every real estate agent can become a REALTOR®. Apart from the focused study of the NAR Code of Ethics, you also need to have a successful career wherein you have operated with the NAR’s principles of honesty and integrity. Moreover, to become a REALTOR® you also need to pay an annual fee. Most real estate agents who are not pursuing a NAR membership just don’t make enough money to justify its cost. Would you trust the validity of your multi-million-dollar property deal to someone who does not get enough clients to justify that nominal cost? We, who have served the real estate industry for years, treat the REALTOR® trademark as a badge of honor. In short, as a property owner or buyer, finding out whether a real estate professional is a REALTOR® is a simple litmus test to quickly determine whether their skills are up to acceptable standards. If you are looking for help with buying, selling, or renting a property in Cobb County, we urge you to reach out to us here at Complete Realty Team. Our team of experienced REALTORS® will help you streamline your real estate purchase and make the entire process seamless and hassle-free. Visit https://crt.homes/0ux5 to find out more.”

One of the primary ways to determine whether a REALTOR® is a right fit for a property owner or buyer is to determine whether they have enough experience buying and selling properties in that region. A REALTOR® who has worked diligently in Cobb County for several years, such as Ken Mandich, is the best partner one can have when closing a deal in Acworth, Austell, Fair Oaks, Kennesaw, Mableton, Marietta, Powder Springs, Roswell, Sandy Springs, Smyrna, and Vinings. An experienced REALTOR® will also go above and beyond to help their client find the right home or to find the right buyer who is willing to pay top dollar for their property. A professional REALTOR® will also assume responsibility for all the paperwork as they have extensive experience with the state’s laws and regulations when it comes to real estate transactions.

Cobb County readers looking to buy or sell property can contact Ken Mandich using the contact information available at https://g.page/realtorken?share.

Source: Ken Mandich From Complete Realty Team Is Educating Homeowners On Exactly What A Realtor Does

Three Reasons To Buy a Home in Today’s Shifting Market

In this Friday’s infographic we have a great one giving 3 reasons why now is the time to look for a new home in today’s market.

Some Highlights

• The housing market is moving away from the frenzy of the past year and it’s opening doors for you if you’re thinking about buying a home.
• Housing inventory is increasing, which means more options for your search. Plus, the intensity of bidding wars may ease as buyer demand moderates, leading to fewer homes selling above asking price.
• If you’re ready to buy a home, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today.

Another thing we should add is - interest rates! It doesn’t look like there is going to be any relief in sight from rising inflation. In return the Fed will continue to raise the rate. We wouldn’t be surprised to see an interest rate of 9% or higher soon.

If you put your home search on hold - or are needing to find a home now, get in touch with us to find the perfect house to call home!

Three Reasons To Buy a Home in Today’s Shifting Market is courtesy of CompleteRealtyTeam.com. Learn more at: Complete Realty Team Real Estate Website

How A Real Estate Agent Helps You Separate Fact From Fiction

If you’re following the news, chances are you’ve seen or heard some headlines about the housing market that don’t give the full picture. The real estate market is shifting, and when that happens, it can be hard to separate fact from fiction. That’s where a trusted real estate professional comes in. They can help debunk the headlines so you can really understand today’s market and what it means for you.

Here are three common housing market myths you might be hearing, along with the expert analysis that provides better context.

Myth 1: Home Prices Are Going To Fall

One piece of fiction many buyers may have seen or heard is that home prices are going to crash. That’s because headlines often use similar, but different, terms to describe what’s happening with prices. A few you might be seeing right now include:

• Appreciation, or an increase in home prices.
• Depreciation, or a decrease in home prices.
• And deceleration, which is an increase in home prices, but at a slower pace.

The fact is, experts aren’t calling for a decrease in prices. Instead, they forecast appreciation will continue, just at a decelerated pace. That means home prices will continue rising and won’t fall. Selma Hepp, Deputy Chief Economist at CoreLogic, explains:

“. . . higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.”

Myth 2: The Housing Market Is in a Correction

Another common myth is that the housing market is in a correction. Again, that’s not the case. Here’s why. According to Forbes:

“A correction is a sustained decline in the value of a market index or the price of an individual asset. A correction is generally agreed to be a 10% to 20% drop in value from a recent peak.”

As mentioned above, home prices are still appreciating, and experts project that will continue, just at a slower pace. That means the housing market isn’t in a correction because prices aren’t falling. It’s just moderating compared to the last two years, which were record-breaking in nearly every way.

Myth 3: The Housing Market Is Going To Crash

Some headlines are generating worry that the housing market is a bubble ready to burst. But experts say today is nothing like 2008. One of the reasons why is because lending standards are very different today. Logan Mohtashami, Lead Analyst for HousingWire, explains:

“As recession talk becomes more prevalent, some people are concerned that mortgage credit lending will get much tighter. This typically happens in a recession, however, the notion that credit lending in America will collapse as it did from 2005 to 2008 couldn’t be more incorrect, as we haven’t had a credit boom in the period between 2008-2022.”

During the last housing bubble, it was much easier to get a mortgage than it is today. Since then, lending standards have tightened significantly, and purchasers who acquired a mortgage over the last decade are much more qualified than they were in the years leading up to the crash.

Bottom Line

No matter what you’re hearing about the housing market, let’s connect. That way, you’ll have a knowledgeable authority on your side that knows the ins and outs of the market, including current trends, historical context, and so much more.

The article How A Real Estate Agent Helps You Separate Fact From Fiction was originally seen on Complete Realty Team. Find more on: Complete Realty Team In GA

Want To Buy a Home? Now May Be the Time

There are more homes for sale today than at any time last year. So, if you tried to buy a home last year and were outbid or out priced, now may be your opportunity. The number of homes for sale in the U.S. has been growing over the past four months as rising mortgage rates help slow the frenzy the housing market saw during the pandemic.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains why the shifting market creates a window of opportunity for you:

“This is an opportunity for people with a secure job to jump into the market, when other people are a little hesitant because of a possible recession. . . They’ll have fewer buyers to compete with.”

Two Reasons There Are More Homes for Sale

The first reason the market is seeing more homes available for sale is the number of sales happening each month has decreased. This slowdown has been caused by rising mortgage rates and rising home prices, leading many to postpone or put off buying. The graph below uses data from realtor.com to show how active real estate listings have risen over the past four months as a result.

The second reason the market is seeing more homes available for sale is because the number of people selling their homes is also rising. The graph below outlines new monthly listings coming onto the market compared to last year. As the graph shows, for the past three months, more people have put their homes on the market than the previous year.

Bottom Line

The number of homes for sale across the country is growing, and that means more options for those thinking about buying a home. This is the opportunity many have been waiting for who were outbid or out priced last year. If you are ready to find a home in Cobb County or the surrounding areas, reach out to us so we can help you find the perfect home.

Want To Buy a Home? Now May Be the Time is available on Complete Realty Team. Discover more at: Complete Realty Team Blog

A Window of Opportunity for Homebuyers

Mortgage rates are much higher today than they were at the beginning of the year, and that’s had a clear impact on the housing market. As a result, the market is seeing a shift back toward the range of pre-pandemic levels for buyer demand and home sales.

But the transition back toward pre-pandemic levels isn’t a bad thing. In fact, the years leading up to the pandemic were some of the best the housing market has seen. That’s why, as the market undergoes this shift, it’s important to compare today not to the abnormal pandemic years, but to the most recent normal years to show how the current housing market is still strong.

Higher Mortgage Rates Are Moderating the Housing Market 

The ShowingTime Showing Index tracks the traffic of home showings according to agents and brokers. It’s also a good indication of buyer demand over time. Here’s a look at their data going back to 2017 (see graph below):

Here’s a breakdown of the story this data tells:

• The 2017 through early 2020 numbers (shown in gray) give a good baseline of pre-pandemic demand. The steady up and down trends seen in each of these years show typical seasonality in the market.
• The blue on the graph represents the pandemic years. The height of those blue bars indicates home showings skyrocketed during the pandemic.
• The most recent data (shown in green), indicates buyer demand is moderating back toward more pre-pandemic levels.

This shows that buyer demand is coming down from levels seen over the past two years, and the frenzy in real estate is easing because of higher mortgage rates. For you, that means buying your next home should be less challenging than it would’ve been during the pandemic because there is more inventory available.

Higher Mortgage Rates Slow the Once Frenzied Pace of Home Sales

As mortgage rates started to rise this year, other shifts began to occur too. One additional example is the slowing pace of home sales. Using data from the National Association of Realtors (NAR), here’s a look at existing home sales going all the way back to 2017. Much like the previous graph, a similar trend emerges (see graph below):

Again, the data paints a picture of the shift:

• The pre-pandemic years (shown in gray) establish a baseline of the number of existing home sales in more typical years.
• The pandemic years (shown in blue) exceeded the level of sales seen in previous years. That’s largely because low mortgage rates during that time spurred buyer demand and home sales to new heights.
• This year (shown in green), the market is feeling the impact of higher mortgage rates and that’s moderating buyer demand (and by extension home sales). That’s why the expectation for home sales this year is closer to what the market saw in 2018-2019.

Why Is All of This Good News for You?

Both of those factors have opened up a window of opportunity for homeowners looking to move and for buyers looking to purchase a home. As demand moderates and the pace of home sales slows, housing inventory is able to grow – and that gives you more options for your home search.

So don’t let the headlines about the market cooling or moderating scare you. The housing market is still strong; it’s just easing off from the unsustainable frenzy it saw during the height of the pandemic – and that’s a good thing. It opens up new opportunities for you to find a home that meets your needs.

Bottom Line

The housing market is undergoing a shift because of higher mortgage rates, but the market is still strong. If you’ve been looking to buy a home over the last couple of years and it felt impossible to do, now may be your opportunity. Buying a home right now isn’t easy, but there is more opportunity for those who are looking.

The previous Post A Window of Opportunity for Homebuyers was first published to Complete Realty Team. See more on: The Company's Blog

Georgia Realtor Complete Realty Team Is Highlighting That Experts Say This Housing Market Isn't A Bubble

Marietta, Georgia -

Ken Mandich, a real estate agent from Cobb County, Georgia, is easing fears that the current housing market is headed for a crash similar to the one in 2008.

The Georgia realtor has published a blog post titled “Housing Experts Say This Isn’t a Bubble” that quotes prominent real estate industry experts to explain why the housing market today is much different than the one right before the 2008 housing crash. Readers can check out the blog post at: https://crt.homes/o5yz.

The blog post begins by quoting Odeta Kushi, Deputy Chief Economist for First American Financial Corporation, the premier provider of title, settlement, and risk solutions for real estate transactions. Her responsibilities include preparing analysis, commentary, and forecasts on trends in the real estate and mortgage markets. Her work is regularly published in prominent media outlets and publications such as CNBC, Yahoo! Finance, Reuters TV, The Wall Street Journal, News and World Report, Business Insider, Housing Wire, and Inman News. Odeta gave her insight into the current housing market by saying, “This is not the same market of 2008. It’s no secret the housing market played a central role in the Great Recession, but this market is just fundamentally different in so many ways.”

The blog post from Complete Realty Team then draws on the expert opinion of Natalie Campisi, a Los Angeles-based reporter who covers mortgages and housing news for Forbes Advisor. Her work has appeared in publications such as CNBC, The Chicago Tribune, and MSN. Natalie gives her input by saying, “Among the differences between today’s housing market and that of the 2008 housing crash is that lending standards are tighter due to lessons learned and new regulations enacted after the last crisis. Essentially, that means those approved for a mortgage nowadays are less likely to default than those who were approved in the pre-crisis lending period.”

Finally, the blog post highlights an observation from Realtor.com which points out the discrepancy in supply and demand which is unlike the one leading up to the 2008 housing crash. Realtor.com noted, “Experts don’t believe the market is in a bubble or a crash is in the cards, like during the Great Recession. The nation is still suffering from a housing shortage that has reached crisis proportions at a time when many millennials are reaching the age when they start to consider homeownership. That’s likely to keep prices high.”

Ken Mandich from Complete Realty Team, more information about which can be found at https://g.page/realtorken?share, summarizes his point of view on the uncertainty gripping homeowners and homebuyers by saying, “The 2008 financial crisis was a complete failure of the real estate industry, and the banking industry that propped up its excesses, to spot the signs of institutional rot. By the time the people in charge woke up from their slumber, the magnanimity of the situation had gotten so out of hand that there was no correct course. However, despite the American public’s lack of trust in the corporations who have already let them down once and spectacularly so, things are different this time around. First, as Natalie Campisi pointed out, mortgage providers learned their lesson and today are very discerning in whom they approve for a mortgage. Back in 2008, mortgages were even offered to homebuyers who could barely afford to make interest payments. Lending standards today are stricter and more reasonable. Another contributor is the greater scrutiny from the government into how mortgage providers operate to ensure that honest hardworking Americans don’t have to, once again, bear the brunt of the poor judgment and greed of unscrupulous entities. Finally, as Realtor.com noted, there was an excess housing inventory in 2008 as builders were focused on building high-end homes that cost more to build and were designed squarely to maximize expensive mortgages. Conversely, in 2022, there are far more home buyers than there are homes and demand is outstripping supply.”

Readers who want to buy or sell a property in Cobb County, Georgia, can find out more about Ken Mandich and Complete Realty Team at: https://completerealtyteam-kenmandich-realtor.business.site.

Source: Georgia Realtor Complete Realty Team Is Highlighting That Experts Say This Housing Market Isn't A Bubble

Think Home Prices Are Going To Fall? Think Again

Over the last two years, the rate of home prices appreciated at a dramatic pace. While that led to incredible equity gains for homeowners, it’s also caused some buyers to wonder if home prices will fall. It’s important to know the housing market isn’t a bubble about to burst, and home price growth is supported by strong market fundamentals.

To understand why price declines are unlikely, it’s important to explore what caused home prices to rise so much recently, and where experts say home prices are headed. Here’s what you need to know.

Home Prices Rose Significantly in Recent Years

The graph below uses the latest data from CoreLogic to illustrate the rise in home prices over the past year and a half. The gray bars represent the dramatic increase in the rate of home price appreciation in 2021. The blue bars show home prices are still rising in 2022, but not as quickly:

You might be asking: why did home prices climb so much last year? It’s because there were more buyers than there were homes for sale. That imbalance put upward pressure on home prices because demand was extremely high, and supply was record low.

Where Experts Say Prices Will Go from Here

While housing inventory is increasing and buyer demand is softening today, there’s still a shortage of homes available for sale. That’s why the market is seeing ongoing price appreciation. Mark Fleming, Chief Economist at First American, explains it like this:

“. . .we’re still well below normal levels of inventory and that’s why even with the pullback in demand, we still see house prices appreciating. While there is more inventory, it’s still not enough.”

As a result, experts are projecting a more moderate rate of home price appreciation this year, which means home prices will continue rising, but at a slower pace. That doesn’t mean prices are going to fall. As Selma Hepp, Deputy Chief Economist at CoreLogic, says:

“The current home price growth rate is unsustainable, and higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.”

In other words, even with higher mortgage rates, moderating buyer demand, and more homes for sale, experts say home price appreciation will slow, but prices won't decline.

If you’re planning to buy a home, that means you shouldn’t wait for home prices to drop to make your purchase. Instead, buying today means you can get ahead of future price increases, and benefit from the rise in prices in the form of home equity.

Bottom Line

Home prices skyrocketed in recent years because there was more demand than supply. As the market shifts, experts aren’t forecasting a drop in prices, just a slowdown in the rate of price growth. To understand what’s happening with home prices in our area, reach out to us and let’s connect today.

The article Think Home Prices Are Going To Fall? Think Again was first published to CompleteRealtyTeam.com. Learn more at: Complete Realty Team’s RE Blog

Should You Buy a Home with Inflation This High?

While the Federal Reserve is working hard to bring down inflation, the latest data shows the inflation rate is still going up. You no doubt are feeling the pinch on your wallet at the gas pump or the grocery store, but that news may also leave you wondering: should I still buy a home right now?

Greg McBride, Chief Financial Analyst at Bankrate, explains how inflation is affecting the housing market:

“Inflation will have a strong influence on where mortgage rates go in the months ahead. . . . Whenever inflation finally starts to ease, so will mortgage rates — but even then, home prices are still subject to demand and very tight supply.”

No one knows how long it’ll take to bring down inflation, and that means the future trajectory of mortgage rates is also unclear. While that uncertainty isn’t comfortable, here’s why both inflation and mortgage rates are important for you and your homeownership plans.

When you buy a home, the mortgage rate and the price of the home matter. Higher mortgage rates impact how much you’ll pay for your monthly mortgage payment – and that directly affects how much you can comfortably afford. And while there’s no denying it’s more expensive to buy and finance a home this year than it was last year, it doesn’t mean you should pause your search. Here’s why.

Homeownership Is Historically a Great Hedge Against Inflation

In an inflationary economy, prices rise across the board. Historically, homeownership is a great hedge against those rising costs because you can lock in what’s likely your largest monthly payment (your mortgage) for the duration of your loan. That helps stabilize some of your monthly expenses. Not to mention, as home prices continue to appreciate, your home’s value will too. That’s why Mark Cussen, Financial Writer at Investopedia, says: 

“Real estate is one of the time-honored inflation hedges. It's a tangible asset, and those tend to hold their value when inflation reigns, unlike paper assets. More specifically, as prices rise, so do property values.”

Also, no one is calling for homes to lose value. As Selma Hepp, Deputy Chief Economist at CoreLogic, says:

“The current home price growth rate is unsustainable, and higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.”

In a nutshell, your home search doesn’t have to go on hold because of rising inflation or higher mortgage rates. There’s more to consider when it comes to why you want to buy a home. In addition to shielding yourself from the impact of inflation and growing your wealth through ongoing price appreciation, there are other reasons to buy a home right now like addressing your changing needs and so much more.

Bottom Line

Homeownership is one of the best decisions you can make in an inflationary economy. You get the benefit of the added security of owning your home in a time when experts are forecasting prices to continue to rise.

Should You Buy a Home with Inflation This High? is courtesy of Complete Realty Team. Read more at: https://www.completerealtyteam.com

Why Pre-Approval Is a Game Changer for Homebuyers

If you’re planning to buy a home this year, you might have heard that pre-approval is a necessary step to take before starting out on your journey. But why is that? And is it still important in today’s shifting market?

The truth is, getting a pre-approval letter from your lender is critical, and when it comes to your home search, it can be a game changer in so many ways.

To better understand why, it’s important to know what pre-approval is. Freddie Mac defines the process 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. The lender you work with will provide you with a pre-approval letter, which is an official document that states the maximum amount they are willing to lend you, . . .”

Put simply, pre-approval from a lender helps you understand your true price range and how much money you can borrow for your loan. That can make it easier when you set out to search for homes. And since you’ll know what you’re approved for, it’ll also help once it’s time to submit an offer on the home of your dreams.

Another added benefit is that pre-approval lets the seller know you’re qualified to buy their house. Paul Centopani, Editor for the Mortgage Reports, explains:

“. . . most sellers won’t even consider an offer unless the buyer is pre-approved at the right price point. Sellers and their agents want to know you’re ready and able to finance your offer amount. So you’ll want to have your preapproval teed up as soon as you’re serious about bidding on a home you like.”

Every advantage you can gain as a buyer is crucial in a market that’s constantly changing. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals, such as a real estate advisor and trusted lender, on your side. They’ll help make sure you’re ready to put your best foot forward.

Bottom Line

Getting pre-approved for a mortgage helps you better understand what you can borrow and shows sellers you’re serious about purchasing their home. Let’s connect so you have the tools you need to succeed as a homebuyer in today’s shifting market.

The previous Post Why Pre-Approval Is a Game Changer for Homebuyers is available on CompleteRealtyTeam.com. Find more at: Complete Realty Team REALTORS Site

Wondering Where You’ll Move if You Sell Your House Today?

If you put a pause on your home search because you weren’t sure where you’d go once you sold your house, it might be a good time to get back into the market. That’s because today’s market is undergoing a shift, and the supply of homes for sale is increasing as a result. That means you may have a better chance of finding a home that will meet your current needs. Here are some options to consider.

Buying an Existing Home Can Give You That Lived-in Charm

According to the National Association of Realtors (NAR), the supply of existing homes (a home that’s been previously owned) has steadily increased since the beginning of the year. The graph below indicates inventory levels are rising, and that’s largely due to more homes coming onto the market and the pace of sales slowing:

As the graph shows, if you’re looking for a home with lived-in charm, supply is rising, and that’s great news for you.

Danielle Hale, Chief Economist for realtor.com, gives insight into why more homeowners are listing their homes and adding to the growing supply of existing homes today:

“Home sellers in many markets across the country continue to benefit from rising home prices and fast-selling homes. That’s prompted a growing number of homeowners to sell homes this year compared to last, giving home shoppers much needed options. We’ve seen more homes come up for sale this year compared to last year . . .”

There are several benefits to buying an existing home. Many buyers want to purchase a home with history, and the character of older houses is hard to reproduce. Existing homes can often be part of an established neighborhood featuring mature landscaping that can give you additional privacy and boost your curb appeal.

Plus, timing can be a consideration as well. With an existing home, you can move in based on the timeline you agree to with the sellers, rather than building a new home and waiting for construction to finish. This is something to keep in mind, especially if you need to move sooner rather than later.

Just remember, while more sellers are listing their homes, supply is still low overall. That means you’ll have more options to choose from as you search for your next home, but you’ll still need to be prepared for a fast-moving market.

Purchasing a Newly Built or Under Construction Home Means Brand New Everything

Census data shows there’s an increasing number of new homes available for sale. It includes homes that are under construction, soon to be completed, and fully built. As the graph below highlights, the supply of new homes for sale has also grown this year:

When building a new home, you can create your perfect living space and customize it to your lifestyle. That could mean everything from requesting energy efficient options to specific design features. Plus, you’ll have the benefit of all new appliances, windows, roofing, and more. These can all help lower your energy costs, which can add up to significant savings over time.

The lower maintenance that comes with a newer home is another great advantage. When you have a new home, you likely won’t have as many little repairs to tackle, like leaky faucets, shutters to paint, and other odd jobs around the house. And with new construction, you’ll also have warranty options that may cover portions of your investment for the first few years.

Keep in mind, purchasing a new home could mean waiting a considerable amount of time before you can move. Robert Dietz, Chief Economist and Senior Vice President for Economics and Housing Policy at the National Association of Home Builders (NAHB), explains:

“New single-family home inventory remained elevated at a 7.7 months’ supply. . . . However, only 8.3% of new home inventory is completed and ready to occupy. The remaining have not started construction (25.9%) or are currently under construction.”

That’s an important factor when making your decision and one you should discuss with a trusted real estate advisor. They’ll help you think through all the pros and cons of both new and existing homes to help you arrive at your best decision.

Bottom Line

With the supply of homes for sale rising, you have options for your next home no matter what your preferences are. If you have questions or want help deciding what’s best for you, let’s connect and start the conversation today.

The post Wondering Where You’ll Move if You Sell Your House Today? is republished from CompleteRealtyTeam.com. Find more on: Complete Realty Team Buyer’s Agent Site

Should You Rent Or Buy A Home?

In this Friday's infographic we have a great one for reasons that you should purchase a home. Homeownership is still the American Dream. Probably the biggest reason why you shouldn't buy a home is because your job requires you to move around a lot. Owning a home does make it harder to move. However, if your job is stable and keeps you in one place, then homeownership may make perfect sense for you.

There are costs involved in owning your own home, but in the long run you do make gains in home equity helping to build wealth.

Some Highlights

• It’s worth considering the many benefits of homeownership before you make the decision to rent or buy a home.
• When you buy, you can stabilize your housing costs, own a tangible asset, and grow your net worth as you gain equity. When you rent, you face rising housing costs, won’t see a return on your investment, and limit your ability to save.
• If you want to learn more about the benefits of homeownership, let’s connect today.

Should You Rent Or Buy A Home? was first published to Complete Realty Team. Discover more at: https://www.CompleteRealtyTeam.com/

Housing Experts Say This Isn’t a Bubble

With so much talk about an economic slowdown, some people are asking if the housing market is heading for a crash like the one in 2008. To really understand what's happening with real estate today, it's important to lean on the experts for reliable information.

Here's why economists and industry experts say the housing market is not a bubble ready to pop.

Today Is Nothing Like 2008

The 2008 housing crash is still fresh in the minds of many homebuyers and sellers. But today’s market is different. Odeta Kushi, Deputy Chief Economist at First American, says:

"This is not the same market of 2008. . . . It's no secret the housing market played a central role in the Great Recession, but this market is just fundamentally different in so many ways."

Natalie Campisi, Advisor Staff for Forbes, explains how today’s lending standards are different than those during the lead-up to the housing market crash:

“Among the differences between today’s housing market and that of the 2008 housing crash is that lending standards are tighter due to lessons learned and new regulations enacted after the last crisis. Essentially, that means those approved for a mortgage nowadays are less likely to default than those who were approved in the pre-crisis lending period.”

We totally agree with Natalie on this point. It was actually the housing market itself that caused the great recession, and the poor lending standards. Lenders and appraisers would work together to find out what a borrower needed the home to appraise for. People were also getting loans that flat out couldn't afford them, even getting loans that were interest only payments.

Another reason today’s housing market is nothing like 2008 is that the number of people looking to buy a home still outweighs the supply of homes for sale. As realtor.com notes:

“. . . experts don’t believe the market is in a bubble or a crash is in the cards, like during the Great Recession. The nation is still suffering from a housing shortage that has reached crisis proportions at a time when many millennials are reaching the age when they start to consider homeownership. That’s likely to keep prices high.”

Bottom Line

Experts say the housing market isn’t a bubble, and we’re not heading for a crash. Let’s connect so you can have a full picture of today’s housing market in our local area.

Housing Experts Say This Isn’t a Bubble was originally seen on CompleteRealtyTeam.com. Learn more on: Complete Realty Team REALTORS Website

Should I Buy a Home Right Now?

Is now the time to purchase a new home?

If you’ve been thinking about buying a home, you likely have one question on the top of your mind: should I buy right now, or should I wait? While no one can answer that question for you, here’s some information that could help you make your decision.

The Future of Home Price Appreciation

Each quarter, Pulsenomics surveys a national panel of over 100 economists, real estate experts, and investment and market strategists to compile projections for the future of home price appreciation. The output is the Home Price Expectation Survey. In the latest release, it forecasts home prices will continue appreciating over the next five years (see graph below):

As the graph shows, the rate of appreciation will moderate over the next few years as the market shifts away from the unsustainable pace it saw during the pandemic. After this year, experts project home price appreciation will continue, but at levels that are more typical for the market. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says: 

“People should not anticipate another double-digit price appreciation. Those days are over. . . . We may return to more normal price appreciation of 4%, 5% a year.”

For you, that ongoing appreciation should give you peace of mind your investment in homeownership is worthwhile because you’re buying an asset that’s projected to grow in value in the years ahead.

What Does That Mean for You?

To give you an idea of how this could impact your net worth, here’s how a typical home could grow in value over the next few years using the expert price appreciation projections from the Pulsenomics survey mentioned above (see graph below):

As the graph conveys, even at a more typical pace of appreciation, you still stand to make significant equity gains as your home grows in value. That’s what’s at stake if you delay your plans.

Bottom Line

If you’re ready to become a homeowner, know that buying today can set you up for long-term success as your asset’s value (and your own net worth) is projected to grow with the ongoing home price appreciation. Let’s connect to begin your homebuying process today.

Should I Buy a Home Right Now? was first published on Complete Realty Team. Read more on: Complete Realty Team LLC Website