Tricia Madrid - Texas Elite Team Realtors

  Are There More Homes Coming to the Market? According to a  recent survey  from the  National Association of Realtors  (NAR), one of the top challenges buyers face in today’s  housing market  is finding a home that meets their needs. That’s largely because the  inventory  of homes for sale is so low today. If you’re looking to  buy a home , you may have noticed this yourself. But there is good news. Recent data shows more sellers are listing their houses this season, which may give you more options for your  home search . Early Signs Inventory May Be Growing The  latest data  from  realtor.com  shows the number of listings coming onto the market, known in the industry as “new listings,” has increased since the start of the year ( see graph below ): This indicates more sellers are listing their homes for sale each month this year. And according to  realtor.com , this growth is expected to continue. Their...

  Will Home Prices Fall This Year? Here’s What Experts Say. Many people are wondering:  will  home prices  fall this year?  Whether you’re a potential  homebuyer ,  seller , or both, the answer to this question matters for you. Let’s break down what’s happening with home prices, where experts say they’re headed, and how this impacts your homeownership goals. What’s Happening with Home Prices?   Home prices have seen  121 consecutive months  of year-over-year increases.  CoreLogic   says : “ Price appreciation averaged 15% for the full year of 2021, up from the 2020 full year average of 6%.” So why are prices climbing so much? It’s because there are  more buyers  than there are homes for sale. This imbalance is expected to maintain that upward pressure on home prices because homes for sale are a hot commodity in today’s low-inventory  housing market . Where Do Experts Say Prices Will Go from Here? Experts say the...

  How Today’s Mortgage Rates Impact Your Home Purchase If you’re planning to buy a home, it’s critical to understand the relationship between  mortgage rates  and your purchasing power. Purchasing power is the amount of home you can afford to buy that’s within your financial reach. Mortgage rates directly impact the monthly payment you’ll have on the home you purchase. So, when rates rise, so does the monthly payment you’re able to lock in on your home loan. In a rising-rate environment like we’re in today, that could limit your future purchasing power. Today, the average 30-year fixed mortgage rate is  above 5% , and in the near term, experts say that’ll likely go up in the months ahead. You have the opportunity to get ahead of that increase if you buy now before that impacts your purchasing power. Mortgage Rates Play a Large Role in Your Home Search The  chart  below can help you understand the general relationship between mortgage rates and a typical mon...

  2022 Housing Market Forecast   Some Highlights What does the rest of the year hold for the  housing market ? Here’s what  experts  have to say about what  lies ahead . Home prices  are projected to rise and so are  mortgage rates . Experts are also forecasting another  strong year  for  home sales  as people move to meet their  changing needs . Let’s connect so you can make your best move this year.

  Three Tips for First-Time Homebuyers Buying your first home is a major decision and an exciting milestone. Even though it can feel daunting at times, it has the power to change your life for the better. If you're looking to purchase your first home, you may be wondering what's happening in the  housing market  today, how much you  need to save , and  where to start . Here are three things that can help give you the information you need to confidently pursue your dream of  homeownership . 1. Consider All Options When the Number of Homes for Sale Is Low Today, there are far  more buyers  in the market than there are homes available for sale. When that happens, it’s a good idea to do what you can to increase your pool of options. That could mean expanding your search to include additional housing types. For first-time buyers, considering  condominiums  (condos) and townhomes can be an excellent way to increase your choices. According to...

  What You Need To Budget for When Buying a Home When it comes to  buying a home , it can feel a bit intimidating to know how much you need to save and where to find that information. But you should know, you’re not expected to have all the answers yourself. There are many trusted professionals who can help you understand your finances and what you’ll need to budget for throughout the process. To get you started, here are a few things experts say you should plan for along the way. 1. Down Payment As you set your savings goal for your purchase, your  down payment  is likely already top of mind. And, like many other people, you may believe you need to set aside  20%  of the home’s purchase price for that down payment – but that’s not always the case. The  National Association of Realtors  (NAR)  says : “ One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership...

Your House Could Be Closer to List-Ready Than You Think One of the biggest concerns for a homeowner looking to sell is the time they’ll have to put in before listing their house. If that’s the case for you, you should know –  your home might be closer to list-ready than you think in today’s housing market . A  survey  of recent sellers from  realtor.com  finds that many were able to get their house ready in less than a month. It says: “With many homeowners expecting a quick sale, and in many cases a lack of contingencies,  the preparation process took less than a month for over 50% of home sellers this past year, with 20% completing it in less than two weeks. ” Those sellers expecting to sell quickly are following recent  buyer trends . With  mortgage rates  and  home prices  rising, buyers in today’s market are serious about finding a home quickly. But with the limited number of homes for sale, there are very few  options ...