Tricia Madrid - Texas Elite Team Realtors

Millennials: Do You Need a Home with More Space? If you’re a millennial, homebuying might be top of mind for you. Your generation is the largest group of homebuyers in the market today and has been since 2014, according to the  National Association of Realtors  (NAR). And while other millennials are looking to buy for the first time, you may be one of the many who are now discovering you’ve outgrown your home. If that’s the case, you’re not alone. The past two years brought about significant changes for many people, and today, homeowners are reevaluating what they truly need in a home. As a recent report from the  Wall Street Journal  states: "They say the pandemic and the emergence of remote work accelerated millennial home-buying trends already under way. . . .  Millennials who already owned homes traded up for more space ." So, if you’re working  remotely  now or simply have a growing need for additional space, it may be time to move. And even if yo...

  The Difference Between Renting and Owning   Some Highlights If you’re deciding whether to rent or  buy , consider the many  financial benefits  that come with owning a home. As a renter, you build your  landlord’s wealth  and face  rising costs . As a homeowner, you build your own  net worth  and can lock in your  monthly payments  for the length of your loan. If you’re weighing your options, remember that owning a home is a decision that has considerable financial perks. If you want to learn more, let’s connect to talk about the perks of homeownership.

The #1 Reason To Sell Your House Today Almost every industry is currently struggling with supply chain disruptions. This also applies to the current U.S. housing market, where buyer demand far exceeds housing supply. Purchaser demand is very strong right now. The  National Association of Realtors  (NAR) just released their latest  Existing Home Sales Report  which reveals that sales surged in January. Existing home sales rose to a seasonally adjusted annual rate of 6.5 million – an increase of 6.7% from the prior month, with sales up in all regions. However, there’s one big challenge. Inventory Is at an All-Time Low Because purchaser demand is so high, the market is running out of available homes for sale. The above-mentioned report states that the current months’ supply of inventory of homes for sale has fallen to 1.6 months. This prompts Lawrence Yun, Chief Economist at NAR, to say: “The inventory of homes on the market remains woefully depleted, and in fact is...

How Supply and Demand Can Impact Your Buying and Selling Goals In today’s  housing market , there are far more buyers looking for homes than sellers listing their houses. Based on the concept of supply and demand, this means home prices will naturally rise. Why is that? When there are more people trying to buy an item than there are making that item available for sale, that drives prices up. And that’s exactly the case in today’s housing market. So, knowing what’s happening with the inventory of homes for sale and the demand for housing is crucial for today’s buyers and sellers. Nationally, Demand Is High and Supply Is Very Low The latest buyer and seller  activity data  from the  National Association of Realtors  (NAR) indicates buyer traffic heavily outweighs seller traffic today, as shown in the maps below. There are far darker blues (strong buyer activity) on the left and much lighter blues (weak seller activity) on the right. In other words, this shows how ...

  The Perks of Owning More Than One Home Many things have changed over the past couple of years, and real estate is no exception. One impact is an increased desire to own more than one home. According to the recent  Luxury Market Report  from  Luxury Home Marketing : “As trends such as remote working and flexi-hours took hold in 2021, so too did the flexibility of  relocating  as well as  the growth of second homeownership .” This may be because the pandemic has altered how we think about our homes. Where we live has become, more than ever, our  safe space  and our getaway. And with the rise in  remote work , more people are reconsidering where they want to live and buying second homes to give them greater flexibility. If you fall in that category, here are just a few of the perks you’ll enjoy, and how owning a second home may be a great decision for your lifestyle and your future. Enjoy a Change in Scenery (or Weather) When you have two...

Real Estate Voted the Best Investment Eight Years in a Row In an annual  Gallup  poll, Americans chose real estate as the best long-term investment. And it’s not the first time it’s topped the list, either. Real estate has been on a winning streak for the past eight years, consistently gaining traction as the best  long-term investment  ( see graph below ): If you’re thinking about purchasing a home this year, this poll should reassure you. Even when inflation is rising like it is today, Americans agree  an investment like real estate truly shines. Why Is Real Estate a Great Investment During Times of High Inflation? With inflation reaching its highest level in  40 years , it’s more important than ever to understand the financial benefits of homeownership. Rising inflation means prices are increasing across the board. That includes goods, services, housing costs, and more. But when you purchase your home, you lock in your monthly housing payments, effective...

What’s Driving Today’s High Buyer Demand?  Some Highlights There’s an influx of buyers looking for homes today, and that means your house is in  high demand . Here are a few reasons why so many people are looking to buy a home. Buyers are motivated to beat rising  mortgage rates,  and many want to  escape rising rents . There’s also additional demand from  millennials  who are reaching peak homebuying age. If you’re thinking about  selling your house , today’s demand is  great news . Let’s connect to begin the process of listing your house while buyers are ready to purchase.

4 Simple Graphs Showing Why This Is Not a Housing Bubble A  recent survey  revealed that many consumers believe there’s a housing bubble beginning to form. That feeling is understandable, as year-over-year home price appreciation is still in the double digits. However, this market is very different than it was during the housing crash 15 years ago. Here are four key reasons why today is nothing like the last time. 1. Houses Are Not Unaffordable Like They Were During the Housing Boom The affordability formula has three components: the price of the home, wages earned by the purchaser, and the mortgage rate available at the time. Conventional lending standards say a purchaser should not spend more than  28%  of their gross income on their mortgage payment. Fifteen years ago, prices were high, wages were low, and mortgage rates were over 6%. Today, prices are still high. Wages, however, have increased, and the mortgage rate, even after the recent spike, is still well bel...

  More People Are Planning To Buy a Home Soon While some homeowners may be tempted to hold off until spring to list their houses, you should know –  homebuyers aren’t waiting . Demand is high today as more people are trying to beat rising  mortgage rates . As a result, eager buyers are entering the market or moving their plans up so they can make their purchases as soon as possible. The most recent  Consumer Confidence Survey  finds that, of those surveyed, the percentage of people planning to buy over the next six months has increased substantially since last fall ( see graph below ): As the graph shows, the number of consumers fast-tracking their plans to purchase a home has crept up over the past three months. That indicates many buyers are evaluating their strategy and realizing they should act sooner rather than later. And for homeowners planning to sell, it’s a signal that now may be the  time to list . While more people are moving their plans up, oth...

  What Every Seller Needs To Know About Renovating This Year If you’re planning to sell this year, you’re probably thinking about what you’ll need to do to get your house ready to appeal to the most buyers. It’s crucial to work with a trusted real estate professional who knows your local market to get your home ready to sell. But there are a few things you should consider when deciding what to renovate and update before listing this season. Here are three things to keep top of mind as you’re making your list of projects to tackle this year. 1. The Number of Homes for Sale Is Very Low Housing inventory  sits far below what is normally considered a balanced market. In fact, according to the  National Association of Realtors  (NAR), the latest data indicates inventory is hitting an all-time low. Because there’s such a limited supply of homes available for sale, you’re in a unique position when you sell your house to benefit from multiple offers and a quick process. But ...

Are You Ready To Fall in Love with Homeownership? Financial benefits  are always a key aspect of homeownership, but it’s also important to understand that the nonfinancial and personal benefits are why so many people genuinely fall in love with their homes. When you  own your home , you likely feel a sense of emotional attachment because of the comfort it provides, but also because it’s a space that’s truly yours. Over the past two years, we’ve learned to love our homes even more as we’ve stayed home more than ever due to the ongoing pandemic. As a result, the personal and emotional  benefits  our homes provide have become even more important to us. As the most recent  State of the American Homeowner  from  Unison  puts it: “Despite the upheaval and uncertainty of the past year, one thing has stayed the same:  the home continues to be of the utmost importance and a place of security and comfort. ” When the health crisis began, the world aroun...