This article was originally published by a www.houzz.com . Read the Original article here. .
Imagine a clutter-free space dedicated to luxuriously restful slumber — a room where everything from the scent in the air to the sheets is carefully chosen to enhance feelings of relaxation, peace and (yawn …) sleep. You’ve got the blackout shades, now here are 10 little things, from bedtime rituals to smart storage solutions, to help turn your bedroom into the ultimate sleep cave.
1. Choose a Nightstand With Closed Storage
Drawers or a small cabinet below your nightstand can help keep visual clutter to a minimum.
Use the storage inside to tuck away books, your journal and pen, lip balm, reading glasses and other essentials.
Find an interior designer near you
2. What to Keep on Your Nightstand
Keep the top of your nightstand simple and clutter-free, with just a few of these bedtime items:
Bud vase of fresh flowersCurrent bookCandle (unlit) with a relaxing scent (try lavender)Cup of herbal tea or carafe of water
Browse nightstands in the Houzz Shop
3. Make Comfort Your Priority
Too many fussy details like beading and sequins, or stiff and scratchy bedding materials, make for a less than restful night’s sleep. When choosing bedding, make sure whatever you choose is delightfully touchable — think crisp cotton sheets and a cozy cashmere throw.
4. Choose the Right Sheets
Always choose breathable natural fibers, not synthetics, which don’t allow your skin to breathe. Higher thread count doesn’t always mean higher quality, so trust your fingers to determine the feel of the sheets, and read reviews from those who have been living with the sheets for a while to get an idea of how well they hold up.
Linen is cool in summer and can last forever if well cared for. It can feel nubby (even a bit rough) or smooth and quite soft, so try to feel your sheets in person before you buy.Cotton percale is what you want if you love the feel of “crisp” sheets. This classic fabric is smooth but firm and performs well in warm weather.Cotton sateen is very soft and smooth, almost silky in feel. It may not be the best choice in hot weather.Shop for cotton sheets
5. Try One of These Soothing Bedtime Rituals
Brew a cup of herbal tea (try chamomile with honey).Read something soothing or uplifting, like a few beautiful poems or an inspirational book.Gradually lower the lights over the last hour before bedtime.Take a bath with relaxing lavender or rose oil.Spritz lavender-scented linen spray on your sheets and pillow.Listen to the same relaxing playlist each night before drifting off.
Brew a cup of herbal tea (try chamomile with honey).Read something soothing or uplifting, like a few beautiful poems or an inspirational book.Gradually lower the lights over the last hour before bedtime.Take a bath with relaxing lavender or rose oil.Spritz lavender-scented linen spray on your sheets and pillow.Listen to the same relaxing playlist each night before drifting off.
6. To Carpet or Not to Carpet
Carpeting feels plush underfoot, making it especially appealing to step out on first thing in the morning, and it can help muffle sounds for a more restful mood. However, if you have a dust allergy, carpeting is notoriously difficult to keep dust-free, so it’s best to skip it. If you love the feel of carpet but need to be able to thoroughly clean the floors often, compromise with a washable area rug atop hard flooring.
11 Area Rug Rules and How to Break Them
7. Rethink the TV
Screens emit a blue light than can make it more difficult to fall asleep. Keep the TV (and other devices) out of the bedroom, and commit to reading a real book (on actual paper, not an e-reader!) before bed.
8. Clean the Air
Allergies or no allergies, we can all benefit from sleeping in a cleaner, healthier bedroom. Here are a few ways to keep the air in your bedroom fresh and pure all year long.
Use an air purifier with a HEPA filter to remove dust, pollen and air pollutants.Keep a houseplant or two in the bedroom (rubber plants are especially good at cleaning the air).Make the bedroom a no-shoes zone.Vacuum and dust weekly (including under the bed), more often if you have allergies.Open the windows to air out the space for at least 30 minutes each morning.Choose natural fibers and materials that don’t contain harmful VOCs.
9. Make Use of Baskets, Bins and Wall Hooks
Keep laundry, accessories and spare linens neat and tidy by stashing them in easy-to-use baskets and bins.
Hooks on the wall behind a door can keep favorite jewelry in order, while small French market baskets make a chic stash spot for random small items.
10. Give Once-Worn Clothes a Home
Rather than piling your lightly worn clothing on the chair in the corner (or worse, the floor), give it a dedicated home in a basket or bin.
Make a habit of refolding clothes you plan on wearing again before laundering, and place these items in the basket each night.
This article was originally published by a www.houzz.com . Read the Original article here. .
Editor’s Note: This article has been updated to reflect the outcome of a legal settlement involving commissions paid to real estate agents representing home buyers. Starting in August 2024, home buyers in most markets must sign agreements with their agents before touring homes, and buyers will set their agents’ commissions through negotiation. See how this will affect home sellers and home buyers.
If you’re wondering if now is a good time to buy a house, ask this instead: Is it a good time in my life to buy a house?
Housing market trends give important context, so we’ll look at those numbers here. But ultimately, whether this is a good time to buy a house depends on your financial situation, life goals and readiness to become a homeowner.
Let’s explore both aspects of the homebuying journey: the housing market and your own readiness to buy a home.
How’s the housing market right now?
These are some factors affecting buyers in today’s market.
Mortgage rates: At their lowest since February 2023
The interest rate on a 30-year fixed-rate mortgage averaged 6.28% annual percentage rate (APR) for the week ending Aug. 15, down one basis point from the previous week and down 90 basis points from a year ago, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of 1%.
Average weekly mortgage rates
Averages are for the week ending Aug. 15, 2024, according to rates provided to NerdWallet by Zillow.
Buyers got some welcome relief this month, when the 30-year fixed-rate mortgage dropped to its lowest average rate since February 2023. In general, mortgage rates have remained stubbornly high throughout the first half of 2024. If inflation gets under control later in 2024, as many experts predict, mortgage rates are likely to continue a modest decline.
Did you know…
Higher rates shrink buying power because they make home loans more expensive. For example: Let’s say you make a 20% down payment on a $350,000 house. With a 6.8% mortgage rate, your monthly payment would be $1,825 (not including home insurance and property taxes). With a 5% mortgage rate, the monthly payment would be $1,503 — $322 lower.
You can’t influence average rates, so focus on the things you can control:
Shop around for the best deal. Especially given today’s higher rates, buyers can save $600 to $1,200 per year by applying for loans from multiple mortgage lenders, according to a February 2023 study by Freddie Mac, the government-sponsored entity that buys conforming loans from mortgage lenders.
Lock in your rate. After getting approved for a home loan, consider locking in the mortgage rate until the loan closes to protect against further rate increases.
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Inflation and the economy: Waiting for the Fed to cut rates
The Federal Reserve, the nation’s central bank, guides the economy with two goals: encouraging job growth and keeping inflation under control. The Fed doesn’t directly set mortgage rates. However, it does set the federal funds rate, which influences interest rates for loans including mortgages.
After a series of 11 increases to the federal funds rate in 2022-2023, the Fed has kept things steady since last September. A rate cut of even a fraction of a percentage point would offer buyers more relief.
With inflation slowly easing, the Fed could consider cutting rates at its next meeting on Sept. 17-18, 2024.
Supply of homes for sale: Still limited (but getting better)
A shortage of homes for sale has made this a tough era for buyers. But inventory is finally improving: In June, the months’ supply of homes for sale reached its highest level in more than four years.
In June, there was a 4.1-month supply of homes on the market nationwide, according to the National Association of Realtors (NAR), meaning it would take a little more than four months at the current pace for all the properties to sell. That’s an improvement over last month (3.7 months) and last year (3.1 months). The market hasn’t seen inventory above a four-month supply since May 2020, when supply was 4.5 months.
Did you know…
In a balanced market, the supply of homes for sale would last six months. Supply less than that is considered a seller’s market. More than a six-month supply is considered a buyer’s market.
“We’re seeing a slow shift from a seller’s market to a buyer’s market,” NAR Chief Economist Lawrence Yun said in a news release. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”
Home prices: Higher than ever after a 12-month climb
The national median price for existing homes sold in June was $426,900, up 4.1% from June 2023, according to the NAR. That’s the highest median price ever recorded by NAR, beating last month’s record high and following 12 straight months of year-over-year price increases.
Under the crunch of high prices, sales of existing homes — properties that were owned and occupied before going on the market — dropped 5.4% from May to June, according to the NAR. Sales are also down 5.4% compared to June 2023, when the median existing-home sales price was about $410,000.
All four U.S. regions — Midwest, Northeast, South and West — saw year-over-year price increases in June. Here’s a regional look at median prices and year-over-year price changes:
Midwest: $327,100, up 5.5%.
Northeast: $521,500, up 9.7%.
South: $373,000, up 1.7%.
No one can predict exactly what the market will do next. But in a news release, Yun paints an optimistic picture that high prices might be topping out now that inventory is improving.
“Even as the median home price reached a new record high, further large accelerations are unlikely,” Yun said. “Supply and demand dynamics are nearing a balanced market condition. The month’s supply of inventory reached its highest level in more than four years.”
Competition: Steady, but less intense than last year
Some good news: Compared to last summer, competition has cooled off. The June 2024 Realtors Confidence Index, a survey of the NAR’s members, highlights these key market indicators year over year:
Houses for sale are getting fewer offers. A home listed for sale received an average 2.9 offers in June, down from 3.5 offers per home last year.
Fewer homes are selling above list price. In June, 29% of homes sold above listing price, down from 33% a year ago.
Homes are staying on the market longer. Houses stayed on the market for a median 22 days in June — four days longer than June 2023, when the median was 18 days. Last month, 65% of homes sold in less than a month. A year ago, that figure was 76%.
Overall, though, demand still outpaces supply. This is hardly a mellow market: Good homes sell quickly, and buyers should still expect competition out there. If you’re ready to buy, get a mortgage preapproval so you’re prepared to make a strong offer. Once mortgage rates drop, competition will only go up. There’s no time like the present to start shopping.
Homebuying readiness: Should I buy a house now or wait?
Ask yourself these questions to explore whether you’re ready to buy a home.
Are you prepared to put down roots?
Think about your life goals, relationships and interests. How long can you see yourself living in this location?
Ideally, you’d want to remain in the home long enough for rising property values and your equity to exceed the costs of buying and selling, including real estate commissions and mortgage closing costs. That will typically take several years.
You could also be subject to capital gains taxes if the home appreciates in value and you sell it after less than two years.
How’s your job security?
A mortgage is a big commitment and can become a stressful burden after a job loss, so it’s not a good time to buy a home if you think you’ll get laid off.
Wait until your employment is stable before thinking about buying a house.
Are you financially prepared?
Here are the three main ingredients to evaluate.
Savings
You’ll need money for a down payment and mortgage closing costs as well as for moving and other expenses after you buy the home. The down payment requirements vary by the type of mortgage and the lender. The more you put down, the lower your monthly mortgage payment.
The typical down payment for first-time buyers is 8% and for repeat buyers is 19%, according to an NAR survey of home buyers who purchased a primary residence from July 2022 through June 2023.
Credit
Lenders generally offer the best mortgage rates and terms to borrowers with credit scores of 740 and above, although you can qualify for a mortgage with a score in the 600s. The options are much slimmer, and loan costs can be higher for borrowers with a score in the 500s.
If your credit is marginal, it might make sense to postpone buying a house and use the time to work on building your credit.
The average FICO credit score for closed mortgage loans to purchase homes in the past 30 days was 735, according to mortgage data provider ICE Mortgage Technology.
Debt
Lenders look at your debt-to-income ratio (DTI) to help determine whether you qualify for a mortgage. Your DTI is the percentage of your monthly gross income that goes toward monthly debt payments, including housing costs, as well as car, student loan, credit card and other debt obligations. Lenders like to see a DTI under 36%, although it’s possible to qualify with a higher ratio. The lower your DTI, the better your chances of qualifying for a mortgage and getting offered the lowest available rate.
The average DTI for purchase mortgages in the past 30 days was 40%, according to ICE Mortgage Technology.
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This article was originally published by a www.nerdwallet.com . Read the Original article here. .
Key takeaways
The current housing market is causing many prospective buyers to wait for better conditions, but there’s no guarantee that it will improve considerably anytime soon.
If your credit score is strong, your employment is stable and you have enough savings to cover a down payment and closing costs, buying now might still be smart.
If your personal finances are not ideal at the moment, or if home values in your area are on the decline, it might be better to wait.
Buy now, or wait? That’s the question prospective homeowners have been struggling to answer in today’s housing market. Home prices have been skyrocketing recently, and the Federal Reserve’s work to tame inflation sent mortgage rates soaring, too.
The combination has led many would-be buyers to pick the “wait” side of the equation. The median sale price of an existing home in the U.S. hit its second all-time-high of the year in June 2024 — an astonishing $426,900 — according to the National Association of Realtors (NAR). And, according to the Fannie Mae Home Purchase Sentiment Index released in July 2024, 81 percent of consumers believe it’s a bad time to buy a house.
However, after being at a constant disadvantage for the past few years, things have actually started to look a bit better for buyers in some respects. For example, days-on-market figures are up, giving buyers more time to make an informed decision. NAR data shows that homes typically spent 22 days on the market before selling in June, up from 18 days a year ago. And available housing inventory, while still on the low side, is rising — up a healthy 23.4 percent year-over-year, per NAR.
June’s National Housing Report from RE/MAX, one of the biggest real estate brokerages in the country, also reported a sharp uptick in new listings, up 38.1 percent from June 2023. “It’s good to see inventory levels rising, as more listings represent more options for buyers,” said RE/MAX president Amy Lessinger in the report. However, she continued, “it’s evident that buyers are sensitive to interest rates, highlighting the need for lower rates to stimulate significant growth in market activity.”
So, is it a good time to buy a home? Or is it better to wait on the sidelines, in the hopes that either prices or rates see a significant drop soon? And are there still concerns about a possible recession? Here are some key considerations to help determine the way forward.
Is now a good time to buy a house?
Mortgage rates have backed off from the 8 percent highs hit in October, but they’re still close to 7 percent. And home prices are sky-high as well: June data showed the highest median price NAR has ever recorded, reflecting 12 consecutive months of year-over-year increases. Together, these factors might dissuade you from buying right now, and that’s understandable.
No matter which way the real estate market is leaning, though, buying now means you can start building equity immediately. It also means avoiding the potential for additional mortgage rate increases later: Rising rates can spell serious trouble for your monthly budget, and they also result in paying more in interest over the life of the loan.
“If a buyer finds a property they would like to call home, they should not delay,” says Stacey Froelich, a broker with Compass in New York City. “You cannot time the market, and a home should be a long-term investment.”
“Remember, you ‘marry the house and date the rate,’” Melissa Cohn, regional vice president of William Raveis Mortgage in Connecticut, recently told her newsletter subscribers. To put it another way, if you find the right place, buy now — you can always refinance later.
In general, if you can answer yes to these three questions, now is a good time to buy.
Do you have excellent credit? Anytime you’re borrowing money, start by checking your credit score. The best deals on mortgages will be available to those with the best scores — in fact, the median credit score for mortgage borrowers in the first quarter of 2024 was a very high 770, according to the Federal Reserve Bank of New York. If you have demonstrated that you are a low-risk borrower with a history of on-time payments, you’ll be in line for the lowest mortgage rates a lender offers.
Have you saved enough for a down payment? In addition to paying your bills on time, you should be sitting on a sizable chunk of change for a down payment. The more you can pay upfront, the less you’ll have to borrow (and so the less interest you’ll have to pay). Make sure you’ll have plenty left over, too: Lenders like to see additional cash reserves that can provide a cushion if something unexpected happens.
Are you planning to stay in the home for a while? Beyond the purchase price, buying a home comes with closing costs that can run thousands more. So, to justify those one-time transaction costs, it’s wise to be reasonably certain that you won’t move again anytime soon — or that you’ll be financially stable enough to hold on to the property and rent it out. Selling a home very soon after buying can have serious tax implications.
Should I buy a house now or wait?
Ultimately, the decision of when to buy a home is up to you. Life goes on, whether the timing is perfect or not. If you’re anxious to become a homeowner, you’ve met the criteria above and you’re financially stable, go ahead and start house-hunting.
If you’re holding out for lower mortgage rates, a bit of patience might be in order. They have been volatile lately, topping 8 percent in October 2023 before falling back below 7 percent, then rising back above it, and lately just a hair under 7 percent again. That’s more than a full percentage point swing in just a few months.
While 1 percent might not sound like much, it can make a big difference in how much house you can afford over the long run. For example, Bankrate’s mortgage calculator shows that if you buy a $350,000 home with a 20 percent down payment, the monthly payment for principal and interest on a 30-year loan with a 7 percent interest rate is $1,862. The same loan at 8 percent brings those monthly payments up to $2,054 — $192 higher every month. That’s more than $2,300 each year, or $69,000 over the life of the loan.
Of course, it’s impossible to predict where rates will land eventually. But here are three instances in which it might make more sense to wait out the market for at least a while:
If home values in your area are dropping: The country’s overall median home price may have hit a record high in June, but some individual areas have still seen price declines. Take Austin, Texas, for example: Redfin data shows that the median price in Austin in June 2022 was $616,444. A year later, that figure was down to $600,000 even, and by June 2024, it had fallen to $564,000. Such declines may not be done yet, so it could pay to be patient for a bit longer.
If inventory in your area is increasing: When there are more properties on the market to choose from, buyers enjoy more bargaining power. Since many buyers have been sitting on the sidelines due to the interest rate environment, many areas have seen a jump in inventory. Even so, according to NAR, the country overall had 4.1 months worth of housing supply in June — an improvement over recent months, but still too low to meet demand.
If your personal finances could use some love: The biggest reason to wait is if your current financial situation is not ideal. For example, if you are expecting a sizable commission check or bonus, an inheritance or some other windfall that would make a big difference in your down payment, waiting until it arrives makes sense. And if your credit score is low, waiting is also smart. Take some time to improve your credit and pay down your debt so you can qualify for better loan terms.
Analyze your local market carefully
Deciding whether to buy a house now or wait depends a lot on where you want to call home. Regardless of national headlines, real estate is a local game and can vary greatly from one market to another, even within the same state.
Consider this June Redfin data from North Carolina’s Research Triangle cities of Raleigh and Chapel Hill, only about 30 miles away from each other: Raleigh homes cost a median of $450,000 and spend about 16 days on the market before selling. But in nearby Chapel Hill, the median home costs a much higher $667,500 and sells in less than half the time (just 6 days). That’s a notable difference.
In today’s homebuying market, it’s more important than ever to find a real estate agent who really knows your local area — down to your specific neighborhood — and can help you successfully navigate its unique quirks.
What if there’s a recession?
The odds of a recession within the next 12 months now stand at 32 percent, according to Bankrate’s most recent survey. And as you might imagine, recessions are a risky time to buy a home. If you lose your job, for example, a lender will be much less likely to approve your loan application.
Even if a recession doesn’t affect you directly, if your area is hard-hit, that could have a serious effect on the local real estate market. Fewer people with the means to buy means a lower chance of homes selling, which could keep homeowners from listing and decrease your options as a buyer.
There are some potential upsides to buying a home during a recession, though, if you’re financially able to do so. Notably, there will be less competition, which could help you find a great property that you otherwise couldn’t.
Next steps
Trying to buy a house right now might feel overwhelming, but waiting too long can present challenges as well. Review your finances in detail, and think about how much you’re able to pay upfront as a down payment. Be sure to take the pulse of the town in which you’re hoping to live. Then, talk with an experienced local real estate agent to figure out whether you should buy now or wait until the market is a bit more friendly to your bank account.
FAQs
Is now a good time to buy a house?
We’re in a volatile time for real estate. Prices are at record highs, mortgage rates reached 20-year highs last year, and some economic experts still believe we are heading for a recession. A high-interest-rate climate gives you less buying power, so buyers who opt to wait for lower rates may find themselves able to afford a higher-priced house, due to the lower mortgage payments. But there’s no guarantee that rates will actually go down. Ultimately, whether it’s a good time to buy depends on your personal circumstances. If you need to move now, then go for it: Shop around for the best deal possible, and remember, you can always refinance down the line if rates do decrease.
Can I buy and sell a house at the same time?
Yes — lots of people buy a new house while selling their old one at the same time. However, it does create some additional challenges, especially if you’re showing your home while still living in it. It’s important to work with an expert real estate agent who can help you find the right buyer and the right listings to look at. You’ll also want to stay close with your loan officer, to make sure the complexities of putting the proceeds from your sale toward your new down payment are as smooth as possible.
Is the housing market going to crash?
Housing experts do not think so. While there is certainly some economic uncertainty swirling right now, most experts believe that the housing market will not crash. Home prices may decline in some areas, but it won’t be catastrophic — think of it as more of a soft landing.
This article was originally published by a www.bankrate.com . Read the Original article here. .
Listen and Observe
Whether you’ve been in business for a few years or two decades, each new client brings fresh challenges. Make sure to listen carefully and tune in to their requests, personality quirks and body language.
Take time to learn about who your clients are. Listen to their fears, what makes them excited and how they want their home to feel. “Pay close attention to those special things they really care about,” says Angel Riveros, designer at AIR Studio. “Make them feel you are on their side, that you are there to support and make their dream space come true. If you build trust, no inconvenience will be too big to overcome.”
This article was originally published by a www.houzz.com . Read the Original article here. .
Selling a house is a big decision that requires careful consideration, especially in today’s uncertain economic climate. Given the dramatic rise in mortgage rates over the past year, this is a question on the minds of many sellers who are considering selling their homes.
The latest survey reveals that the percentage of respondents who believe it is a good time to sell a house has increased while those considering it a bad time to sell have decreased. Let’s take a closer look at the factors that can influence whether it’s a good time to sell your house.
Is It a Good Time to Sell a House in 2024?
So, let’s unpack the current trends to see if selling your house right now is a smart move for you.
Sellers Hold the Cards (For Now)
There’s a clear trend emerging: sellers are currently in a sweet spot. The Fannie Mae Home Purchase Sentiment Index® indicates a significant 67% of consumers believe it’s a good time to sell a house. That’s a substantial increase since the end of 2023, even though mortgage rates have been steadily climbing.
This suggests two key things. First, there are plenty of potential buyers out there, fueled by factors like job security and continued income growth (though at a slower pace). Second, with a limited number of houses available on the market, sellers have the upper hand in negotiations.
So, if you’ve been considering selling, this could be a golden opportunity to get top dollar for your property. Here’s the thing: while bidding wars may not be as common as they once were, a well-maintained house in a desirable location is likely to attract multiple offers, giving you the leverage to negotiate a favorable sale price.
A Market with Nuances
However, the market isn’t without its complexities. While home prices are expected to continue rising, the pace of that increase is likely to slow down compared to the rapid acceleration seen in recent years. Additionally, mortgage rates have been on the rise, making affordability a challenge for some buyers. This means that while there are still plenty of buyers out there, they may be more cautious about overspending. As a seller, this translates to the need to price your house competitively to attract serious offers. Don’t expect bidding wars to be the norm anymore.
Making a Strategic Decision
So, should you sell your house now? The answer depends on your individual circumstances. Here are some factors to consider that go beyond national trends:
Your Timeline: Are you flexible on your move-out date? If you can afford to wait, you might benefit from a period of mortgage rate stabilization. But if you have a pressing need to sell, the current market conditions could still be favorable.
Local Market Dynamics: National trends provide a helpful backdrop, but your local market can be quite different. Research what’s happening in your area to get a better understanding of buyer demand and listing prices. Talk to a local real estate agent to get a feel for the specific inventory levels and competition you’ll face.
Your Financial Picture: Are you carrying a high mortgage balance? If so, selling now could help you free up some cash and potentially reduce your monthly housing costs. However, factor in any selling costs and potential moving expenses to ensure the sale makes financial sense for you.
Beyond the Data: Considering the Human Factor
Remember, the decision to sell your house is also a personal one. Consider your emotional attachment to the property and how ready you are for a change. If you’re unsure, don’t feel pressured to jump on the bandwagon.
The Takeaway
The housing market is constantly evolving, but right now, the data suggests that sellers have the upper hand. If you’ve been thinking about selling your house, there’s no reason to wait. However, carefully consider your individual needs and the state of your local market before making a final decision. Consulting with a qualified real estate agent who is familiar with your area can be a valuable step to ensure you get the most out of your sale. They can help you with pricing strategies, navigating negotiations, and ensuring a smooth transaction.
Source: Fannie Mae
Should I Sell My House Now or Wait?
So, the question remains, should you sell your house in 2024 or wait until 2025? The answer is not straightforward, as it depends on a number of factors specific to your personal situation. Some of the key considerations are discussed below. Selling a house is a major decision that requires careful consideration of various factors, including market conditions, personal circumstances, and financial goals.
Assess Current Market Conditions
The first step in deciding whether to sell your house now or wait is to evaluate the current state of the real estate market in your area. Consider the following:
Local Housing Market: Research recent sales data for homes similar to yours in your neighborhood. Are properties selling quickly or languishing on the market? A seller’s market, characterized by high demand and low inventory, might be favorable for selling now.
Home Prices: Monitor trends in home prices in your area. If prices have been steadily increasing, it could be an advantageous time to sell.
Interest Rates: Keep an eye on mortgage interest rates. Lower rates might attract more buyers to the market, potentially leading to a quicker sale.
Evaluate Your Financial Goals
Your personal financial goals and needs play a significant role in the decision-making process:
Profit Margin: Consider how much equity you have in your current home. If you’ve built substantial equity and can sell at a profit, it might be a good time to capitalize on your investment.
Downsizing or Upsizing: Are you planning to downsize or upsize? Your plans for your next home can influence the timing of your sale. If you’re downsizing, the current market conditions might align well with your goals.
Life Circumstances
Your personal circumstances should also be factored in:
Job Relocation: If you’re moving for a new job or career opportunity, the timing of your move might be determined by external factors.
Family Changes: Life events like marriage, divorce, or growing families can impact your housing needs. Consider how your changing family circumstances play into your decision.
Market Trends and Projections
While it’s impossible to predict the future with certainty, researching market trends and projections can provide insights into potential market shifts. Consult with real estate professionals who can offer expert opinions on where the market might be headed.
Real estate professionals, including real estate agents and financial advisors, can offer invaluable guidance. An experienced real estate agent can provide a Comparative Market Analysis (CMA) to help you understand your home’s value in the current market. Financial advisors can help you evaluate the financial implications of selling now versus waiting.
Examining the current housing market trends and data provided by Realtor.com, it’s essential to evaluate whether it’s an opportune moment to sell a house or if waiting might be a strategic move. Let’s delve into the key findings to make an informed decision:
Current Market Trends
The past week’s housing trends offer insights into the dynamics at play. Mortgage rates, which had been steadily increasing for five weeks, finally stabilized but remained above 7%. This stability, however, did little to boost seller confidence, as high mortgage rates have dampened enthusiasm among sellers in recent years.
Buyers, on the other hand, are facing a competitive market characterized by higher down payments compared to previous years. This trend is likely driven by increased competition over limited inventory and buyers with more disposable income, either from recent home sales or higher earnings.
Furthermore, the Consumer Price Index (CPI) inflation data showed improvement, indicating progress in the economic landscape. This positive development can potentially influence mortgage rates in the near future, offering hope for both buyers and sellers.
Key Findings
The median listing price: It remained steady year-over-year for the second consecutive week. Despite this stability, the median listing price per square foot was 3.8% higher than the previous year, suggesting a shift in the types of homes available on the market.
New listings: There was a 6.6% increase compared to one year ago. While seller activity has been on the rise, the rate of growth slowed down, indicating a potential slowdown in new listings.
Active inventory: Homes listed for sale were 35.0% higher than the previous year, giving buyers more options. This abundance of inventory varies geographically, with the South experiencing the highest growth.
Days on the market: Homes spent one day more on the market compared to the previous year. Despite this slight increase, homes continue to sell relatively quickly, driven by competition among buyers.
Given the current market conditions, the decision to sell your house hinges on various factors, including your financial situation, housing needs, and long-term goals. While high mortgage rates may deter some sellers, improving economic indicators offer hope for a more favorable market environment in the future.
If you’re considering selling, it’s essential to weigh the pros and cons carefully. Selling now could mean facing less competition from other sellers, but waiting might allow you to capitalize on potentially lower mortgage rates and increased buyer demand.
Ultimately, the right timing depends on your individual circumstances and risk tolerance. Consulting with a real estate professional can provide valuable insights tailored to your specific situation, helping you make a well-informed decision.
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This article was originally published by a www.noradarealestate.com . Read the Original article here. .
Once you’ve grouped your items, plan to place them in cabinets or drawers close to where their function is performed.
In the pantry, place the foods that you use most often in the easiest-to-reach places. (One possible exception: “If you think you eat too many snacks, put those up high so you don’t see them as often, and it’s more of a to-do to get them,” says Tori Cohen, an organizing and decluttering specialist in New York City.)
While you’re working out what to store in each cabinet or drawer, Duncan suggests placing temporary labels made of blue painters tape on the cabinet or drawer where each group is going. This will help you get a sense of how your storage plan is shaping up and simplify making adjustments as you go.