Tricia Madrid - Texas Elite Team Realtors

Owning Is More Affordable than Renting in the Majority of the Country If you were thinking about buying a home this year, but already pressed pause on your plans due to rising  home prices  and increasing  mortgage rates , there’s something you should consider. According to the  latest report  from  ATTOM Data , owning a home is more affordable than  renting  in the majority of the country. The  2022 Rental Affordability Report  says: “. . .  Owning a median-priced home is more affordable than the average rent   on a three-bedroom property  in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means  major home ownership expenses consume a smaller portion of average local wages than renting .” Other experts in the industry offer additional perspectives on  renting  today. In the latest  Single-Family Rent Index  from  CoreLogic , single-family rent saw ...

Why Your Home Inspection Matters  Some Highlights Buying a home and wondering if your  inspection  is necessary? While some buyers may decide to  waive  their inspection, it’s risky decision. Your  home inspection  is a crucial step in the  homebuying process . It  assesses  the condition of the home you plan to purchase, so you can avoid costly surprises down the road. Let’s connect so you have  expert advice  and a trusted professional who will keep your interests top of mind. Some Highlights Buying a home and wondering if your  inspection  is necessary? While some buyers may decide to  waive  their inspection, it’s risky decision. Your  home inspection  is a crucial step in the  homebuying process . It  assesses  the condition of the home you plan to purchase, so you can avoid costly surprises down the road. Let’s connect so you have  expert advice  and a trusted profess...

Why Right Now Is a Once-in-a-Lifetime Opportunity for Sellers If you’re thinking about selling your house in 2022, you truly have a once-in-a-lifetime opportunity at your fingertips. When selling anything, you always hope for  strong demand  for the item coupled with a  limited supply . That  maximizes your leverage  when you’re negotiating the sale. Home sellers are in that exact situation right now. Here’s why. Demand Is Very Strong According to the latest  Existing Home Sales Report  from the  National Association of Realtors  (NAR), 6.18 million homes were sold in 2021. This was the largest number of home sales in 15 years. Lawrence Yun, Chief Economist for NAR, explains: “Sales for the entire year finished strong, reaching  the highest annual level since 2006 . . . . With mortgage rates expected to rise in 2022, it's likely that a portion of December buyers were intent on avoiding the inevitable rate increases.” Demand isn’t expecte...

Are You a Homeowner Thinking About Climate Change? Americans are more aware than ever of the effects climate change and natural disasters can have on their homes. According to a  report  from  realtor.com: “ More than 3 in 4 recent buyers, 78%, took [natural disasters] into account when choosing the locations of their homes , . . .” The  study  also found that many existing homeowners (34%) have already considered selling their houses and moving to a new location because of the changing climate. If you’re like those homeowners and are weighing your options about what to do next, here’s some information to keep in mind as you begin the process of selling your existing house and searching for your new home. Do Your Research and Work with a Real Estate Advisor To Find a Home That Meets Your Needs As a homeowner, it’s impossible to control what types of weather events your home is exposed to. As Maiclaire Bolton Smith, Senior Leader of Research and Content Strategy ...

The Next Generation of Homebuyers Is Here Many members of Generation Z (Gen Z) are aging into adulthood and deciding whether to  rent  or buy a home. If you find yourself in this group, it’s important to understand you’re never too young to start thinking about homeownership. The sooner you start planning, the sooner you can move on from renting. As you set off on your journey and plan your next move, here are a few reasons to think about homebuying this year. The Reasons Gen Z Want To Become Homeowners While the majority of Gen Z haven’t entered the housing market yet, a large portion plan to according to a  realtor.com   report . The report found that 72% of Gen Z would rather purchase a home than rent long-term. As George Ratiu, Manager of Economic Research for  realtor.com,   says : “With  nearly three-quarters of those surveyed preferring to buy versus renting long-term , the housing industry should be prepared for millions of Gen Z buyers to brin...

Why Pre-Approval Is Key for Homebuyers in 2022 You may have heard that it’s important to get  pre-approved  for a mortgage at the beginning of the  homebuying process , but what does that really mean, and why is it so important? Especially in today’s market, with rising  home prices  and high  buyer competition , it’s crucial to have a pre-approval letter prior to making an offer. Here’s why. Being intentional and competitive are musts when buying a home this year. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Just as important, being able to present a pre-approval letter shows sellers you’re a qualified buyer, something that can really help you land your dream home in an ultra-competitive market. With limited housing inventory, there are many more buyers active in the market than there are sellers, and that’s creating some serious competition. According to the  Natio...

Americans Choose Real Estate as the Best Investment   Some Highlights According to a  Gallup  poll, real estate has been rated the best long-term investment for eight years in a row. Real estate tops the list because you’re not just buying a place to call  home  – you’re investing in your future. Real estate is typically considered a stable and secure asset that can  grow  in value over time. Let’s connect today if you’re ready to make real estate your best investment this year.

Buyers Want To Know: Why Is Housing Supply Still So Low? One key question that’s top of mind for homebuyers this year is:  why is it so hard to find a house to buy?  The truth is, we’re in the ultimate sellers’ market, so real estate is  ultra-competitive  for buyers right now. The number of buyers searching for a home greatly outweighs how many homes are available for sale. While low inventory in the housing market isn’t new, it’s a challenge that continues to grow over time. Here’s a look at two reasons why today’s housing supply is low and what that means for you. 1. New Home Construction Fell Behind for Several Years The graph below shows  new home construction  for single-family homes over the past five decades, including the long-term average for housing units completed. Builders exceeded that average during the housing bubble ( shown in red on the graph ). The result was an oversupply of homes on the market, so home values declined. That was one of t...

With Mortgage Rates Climbing, Now’s the Time To Act Last week, the average 30-year fixed  mortgage rate  from  Freddie Mac   jumped  from 3.22% to 3.45%. That’s the  highest point  it’s been in almost two years. If you’re thinking about buying a home, this news may have come as a bit of a shock. But the truth is, it wasn’t entirely unexpected. Experts have been calling for rates to rise in their 2022 projections, and the forecast is now becoming a reality. Here’s a look at the  projections  from  Freddie Mac  for this year: Q1 2022:  3.4% Q2 2022:  3.5% Q3 2022:  3.6% Q4 2022:  3.7% As the numbers show, this jump in rates is in line with the expectations from  Freddie Mac . And what they also indicate is that mortgage rates are projected to continue climbing throughout the year.  But should you be worried about rising  mortgage rates ? What does that really mean for you? As rates increase even mode...

Sellers: Don’t Wait Until Spring To Make Your Move As you plan out your goals for the  year , moving up to your dream home may top the list. But, how do you know when to make your move? You want to time it just right so you can get the most out of the sale of your current house. You also want to know you’re making a good investment when you buy your new home. What you may not realize is, that opportunity to get the best of both worlds is already here. You don’t want to wait until spring to spring into action. The current market conditions make  this winter  an ideal time to move. Here’s why. 1. The Number of Homes on the Market Is Still Low Today’s limited supply of houses for sale is putting sellers in the driver’s seat. There are far more buyers in the market than there are homes available, and that means buyers are eagerly waiting for your house. Listing your house now makes it the center of attention. As a seller, that means when it’s priced correctly, you can expect ...