Some Highlights

• As you get ready to sell your house, there are specific things you can add to your to-do list.
• These include decluttering, taking down personal photos and items, and power washing outdoor surfaces.
• Let’s connect so you have advice on what you may want to do to get your house ready to sell this season.

Many people are reaching the point in their lives when they need to decide where they want to live when they retire. If you’re a homeowner approaching this stage, you have several options to explore. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of Realtors (NAR), says:

“As we see the transition of the large Baby Boomer generation age into retirement, it will be interesting to see if they move in with their Millennial and Gen Z children or if they stay put in their own homes.”

Lautz lists two options: move into a multigenerational home with loved ones, or stay in your current house. Multigenerational living is rising in popularity, but it isn’t an option for everyone. And staying put may fit fewer and fewer of your needs. There’s a third option though, and for some, it’s the best one: downsizing. 

When you sell your house and purchase a smaller one, it’s known as downsizing. Sometimes smaller homes are more suited to your changing needs, and moving means you can also land in your ideal location - one with a better climate, or more suited to doing your favorite activities. 

Some Highlights

• The biggest challenge in the housing market is how few houses there are for sale compared to the number of people who want to buy.
• The number of homes for sale is up from last year but below pre-pandemic numbers, and that means we’re still in a sellers’ market.
• The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about selling, let’s connect today.

If you’re thinking about buying a home, you might be focusing on previously owned ones. But with so few houses for sale today, it makes sense to consider all your options, and that includes a home that’s newly built.

The Number of Newly Built Homes Is on the Rise

While there are more houses for sale right now than there were at this time last year, there’s still a historically low number of homes available on the market. One reason for that is years of underbuilding—meaning there haven’t been enough new homes built to keep up with demand.

The graph above shows how low the production of newly constructed homes has been over the past 14 years. But it also shows another important trend: the number of new homes being built each year is on the rise. As Mark Fleming, Chief Economist at First American, shares, that’s good news for buyers:

Before you buy a home, it’s important to plan ahead. While most buyers consider how much they need to save for a down payment, many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when it’s time to close on your home, you need to understand what closing costs are and how much you should budget for.

Some Highlights

• In today’s housing market, you can still be the champion if you have the right team and strategy.
• To win as a buyer, you need to build your team, make strategic plays, consider what’s in and out of bounds, and stand out from the crowd.
• Let’s connect today to make your game-winning play.

The biggest challenge in the housing market right now, and likely for years to come, is how few homes there are for sale compared to the number of people who want to buy. That’s why, if you’re thinking about selling your house, this is a great time to do so. Your house would be welcome in a market that has fewer homes for sale than it did in the years leading up to the pandemic.

According to the latest Monthly Housing Market Trends Report from realtor.com:

“There were 65.5% more homes for sale in January compared to the same time in 2022. This means that there were 248,000 more homes available to buy this past month compared to one year ago. While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.”

We've all seen the housing market go through a lot of change recently. Much of that resulting from the quick rise in mortgage rates last year.

Now, in early 2023, there are signs of a turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying.