Tricia Madrid - Texas Elite Team Realtors

On the Fence of Whether or Not To Move This Spring? Consider This. If you’re thinking of  selling  your house, it may be because you’ve heard  prices are rising , listings are going fast, and sellers are getting  multiple offers  on their homes. But why are conditions so good for sellers today? And what can you  expect  when you move? To help answer both of those questions, let’s turn to the data. Today, there are far more buyers looking for homes than sellers listing their houses. Here are the maps of the latest  buyer and seller traffic  from the  National Association of Realtors  (NAR) to help paint the picture of what this looks like: Notice how much darker the blues are on the left. This shows buyer traffic is strong today. In contrast, the much lighter blues on the right indicate weak or very weak seller traffic.  In a nutshell, the demand for homes is significantly greater than what’s available to purchase. What That Mea...

  Do You Know How Much Equity You Have in Your Home?   Some Highlights If you’re a homeowner, your  net worth  has gotten a big boost. That’s because recent  home price appreciation  has increased your equity. Your equity grows as you pay down your loan and as your home  increases  in value. Over the past year, the average  homeowner’s equity  grew by  $55,300 . Ready to sell? Let’s connect to talk about how you can use that equity to fuel your next move.

  Remote Work Trends Mean Flexibility for First-Time Homebuyers Today's  low inventory  can be challenging for homebuyers, especially if you’re looking to purchase your first home. But if you're one of many people who work  remotely , you may have a great opportunity to use the flexibility you have at work to achieve your  homebuying goals  this year. In a recent report,  Arch Capital Services  explains how the ongoing trend of remote work can open up more options for homebuyers: “. . . This will enable those who are able to work from home on a part-time or hybrid basis to move slightly farther away from job centers. . . .  For workers who secure full-time remote jobs, their place of residence will be determined by affordability and personal preferences .” Basically, working from home is great news if you’re a first-time buyer trying to find a  home  that meets your needs and  budget . Here’s a deeper look at how it could benef...

  Balancing Your Wants and Needs as a Homebuyer Today Since the  number of homes  for sale is low today, it can feel challenging to find one that checks all your boxes. But if you know which features are absolutely essential in your next home and which ones are just nice bonuses, you can land a  home  that fits your needs. Danielle Hale, Chief Economist for  realtor.com , explains it like  this : “Focus on the goal you set out for yourself, like your list of  must-haves and nice-to-haves and your budget,  . . . Stick to that. Be persistent.” So how do you go about creating your list of desired features? The first step is to get  pre-approved  for your mortgage. Pre-approval helps you better understand your budget, and that plays an important role in how you’ll craft your list. After all, you don’t want to fall in love with a home that’s too far out of reach. Once you have a good grasp of your budget, you can begin to list all the fe...

  It’s Still a Sellers’ Market  Some Highlights Due to  low supply  and high demand, today is one of the strongest  sellers’ markets  we’ve seen. Sellers can benefit from  more offers  to pick from,  higher home values , and a faster sales process. There’s a reason why 72% of people believe it’s a  good time to sell . Don’t miss out on this unique opportunity. Let’s connect so you can take advantage of this hot sellers’ market.

  There Are Several Great Reasons To Consider Buying a Condo Today If you’re a first-time buyer looking to break into the housing market but struggling to find a home to buy, condominiums (or condos) could be a great alternative for you. Here are a few reasons condos may be something you’ll want to consider. Exploring Condos Could Add Options That Fit Your Budget Supply challenges  are a reality across the board in today’s housing market. Broadening your home search to include condos could increase your overall pool of options. Just keep in mind, condos generally differ from single-family homes in average space and floorplans. In a  recent article ,  Bankrate  covers some of these differences: “Condos are generally more affordable because they come with less space — you likely won’t have your own backyard, for example, and the interior tends to be smaller than the square footage of a single-family home.” But if the size of a condominium meets your needs, they co...

  What’s Happening with Mortgage Rates, and Where Will They Go from Here? Based on the  Primary Mortgage Market Survey  from  Freddie Mac , the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more than a quarter of a point from just a week ago. Here’s a visual to show how mortgage rate movement throughout 2021 was steady compared to the rapid increase in mortgage rates this year: Just a few months ago,  Freddie Mac   projected  mortgage rates would average 3.6% in 2022. Earlier this month,  Fannie Mae   forecast  mortgage rates would average 3.8% in 2022. As the chart above shows, rates have already surpassed those projections. Sam Khater, Chief Economist at  Freddie Mac , explained in a  press release  last week: “This week, the 30-year fixed-rate mortgage increased by more than a quarter of a percent as mortgage rates across all loan types continue...