Tricia Madrid - Texas Elite Team Realtors

  Give Your Curb Appeal a Boost Before You Sell Some Highlights If you’re  thinking about selling  your house this season, focusing on a few quick and easy updates outside can help your home look its best. 78% of real estate agents  polled  say poor landscaping affects property values. As a seller, that means your yard could  impact  your bottom line. When getting your house ready to sell, let’s  connect  to discuss what you should do to make sure your house shows well and catches the eyes of more potential buyers.

  What You Need To Know About Selling in a Sellers’ Market Even if you haven’t been following real estate news, you’ve likely heard about the current  sellers’ market . That’s because there’s a lot of talk about how strong market  conditions  are for people who want to  sell their houses . But if you’re thinking about listing your house, you probably want to know: what does being in a sellers’ market really mean? What Is a Sellers’ Market? The latest  Existing Home Sales Report  from the  National Association of Realtors  (NAR) shows housing supply is still very low.  There’s a 2-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a normal or neutral market where there are enough homes available for active buyers. That puts today deep in sellers’ market territory ( see graph below ): What Does This Mean for You When You Sell? When the supply of houses for sale is as low as it is right now, it’...

  The Dream of Homeownership Is Worth the Effort If you’re in the market to buy a home this season, stick with it. Homebuyers face challenges in any market, and today’s is no exception. But if you persevere, your decision to purchase a home will be worth the effort in the end. In fact, a  recent survey  from  Bankrate  shows homeownership is so powerful that: “ Nearly three in four homeowners say they would still buy their current home if they had it to do [sic] all over again .” That means the results – owning a home and the  benefits  that come with it – outweigh the effort needed to achieve their goal. If you’re a homebuyer, let that provide you with the confidence to know the work you’re putting in today will pay off for years to come. Here are a few reasons to stick with your search and focus on the outcome. Homeownership Contributes Significantly to Your Financial Well-Being The  National Association of Realtors  (NAR) lists several mot...

  How Homeownership Can Help Shield You from Inflation If you’re following along with the news today, you’ve likely heard about rising inflation. You’re also likely feeling the impact in your day-to-day life as prices go up for gas, groceries, and more. These rising consumer costs can put a pinch on your wallet and make you re-evaluate any big purchases you have planned to ensure they’re still worthwhile. If you’ve been thinking about  purchasing a home  this year, you’re probably wondering if you should continue down that path or if it makes more sense to wait. While the answer depends on your situation, here’s how  homeownership  can help you combat the rising costs that come with inflation. Homeownership Offers Stability and Security Investopedia   explains  that during a period of high inflation, prices rise across the board. That’s true for things like food, entertainment, and other goods and services, even housing. Both  rental prices  ...

  Is It Enough To Offer Asking Price in Today’s Housing Market? If you’re planning to  buy a home  this season, you’re probably thinking about what you’ll need to do to get your offer accepted. In previous years, it was common for buyers to try and determine how much less than the asking price they could offer to still get the home. The buyer and seller would then negotiate and typically agree on a revised price that was somewhere between the buyer’s bid and the home’s initial asking price. In today’s real estate market, buyers shouldn’t shop for a home with the same expectations . Things Are Different Today Today’s housing market is anything but normal. According to the  National Association of Realtors  (NAR), the average home that’s sold today: Receives 4.8 offers Sells in just 17 days Homes selling quickly and receiving  multiple offers  shows how competitive the  housing market  is for buyers right now. This is because there are more buy...

  Myths About Today’s Housing Market  Some Highlights If you’re planning to  buy  or  sell  a home today, it’s important to be aware of common misconceptions. Whether it’s timing your  purchase  as a buyer based on home  prices  and  mortgage rates  or knowing what to  upgrade or repair  before  listing  your house as a seller, it takes a professional to guide you through those decisions. Let’s connect so you have an  expert  to help separate fact from fiction in today’s housing market.

  Why This Housing Market Is Not a Bubble Ready To Pop Homeownership has become a major element in achieving the American Dream. A recent report from the  National Association of Realtors  (NAR) finds that over  86%  of buyers agree homeownership is still the American Dream. Prior to the 1950s, less than  half of the country  owned their own home. However, after World War II, many returning veterans used the benefits afforded by the  GI Bill  to purchase a home. Since then, the percentage of homeowners throughout the country has increased to the current rate of  65.5% . That strong desire for homeownership has kept home values appreciating ever since. The graph below tracks  home price appreciation  since the end of World War II: The graph shows the only time home values dropped significantly was during the housing boom and bust of 2006-2008. If you look at how prices spiked prior to 2006, it looks a bit like the current spike ...

  How To Approach Rising Mortgage Rates as a Buyer In the last few weeks, the average 30-year fixed mortgage rate from  Freddie Mac  inched up to 5%. While that news may have you questioning the timing of your home search, the truth is, timing has never been more important. Even though you may be tempted to put your plans on hold in hopes that rates will fall, waiting will only cost you more.  Mortgage rates  are forecast to continue rising in the year ahead. If you’re thinking of buying a home, here are a few things to keep in mind so you can succeed even as  mortgage rates  rise. How Rising Mortgage Rates Impact You Mortgage rates play a significant role in your home search. As rates go up, they impact how much you’ll pay in your monthly mortgage payment, which directly affects how much you can comfortably afford. Here’s an example of how even a quarter-point increase can have a big impact on your  monthly payment  ( see chart below ): With...

  Why Pre-Approval Is an Important Step for Today’s Homebuyers Being intentional and competitive are musts when  buying a home  this season. That’s why pre-approval is so important today. 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. Peter Warden, Editor of  The Mortgage Reports ,  explains : “The lender will check out your personal finances and issue you a letter confirming the amount you’re eligible to borrow. This not only gives you a firm budget for house hunting,  but also lets sellers know you’re qualified to make an offer .” Why does that matter so much today? There are many more buyers looking for homes today than there are homes available for sale, and that’s creating some serious  competition . According to the  National Association of Realtors  (NAR), the average home is getting  4.8 offers  per sale. As a result,  bidding wars  are stil...

  Is It Time To Buy a Smaller Home? Life events can have a major impact on what you need from your home, and retirement is one of the biggest changes many of us face. This period of your life can mean doing more of the things you enjoy, like traveling, visiting with loved ones, or taking on new hobbies. But what does that mean for your home? If you’re looking for ways to focus more on the important things in your life, the answer could be downsizing. A  recent article  from  The Balance  talks about why it could be a great option, saying: “There are many reasons to buy a smaller home—or to downsize from your present home—but sometimes,  the idea that "less is more" is what propels homeowners to buy a smaller home.” You Can Find the Right Home for Your Needs The  2022 Home Buyers and Sellers Generational Trends  from the  National Association of Realtors  (NAR) provides more information on why people of retirement age choose to move. It s...

What Is Multigenerational Housing?  Some Highlights If you have additional loved ones coming to live with you but don’t have enough space, it may be time to consider a larger,  multigenerational home . Some key  benefits  of multigenerational living include a combined homebuying budget, shared caregiving duties, enhanced relationships, and more. These benefits might be why  more people  are choosing to live in multigenerational homes today. Let’s connect so you can find a house that meets your  changing needs  and has plenty of space for you and your loved ones.