Ready To Sell? Today’s Housing Supply Gives You Two Opportunities.
At first glance, the increase in housing supply compared to last year may not sound like good news for prospective sellers, but it actually gives you two key opportunities in today’s housing market. An article from Calculated Risk helps put the inventory gains the market has seen in 2022 into perspective by comparing it to recent years (see graph below). It shows supply has surpassed 2021 levels by 58%. But the further back you look, the more you’ll understand the bigger picture. And if you go all the way back to 2019, the last normal year in real estate, we’re roughly 35% below the housing supply we had at that time. Opportunity #1: Take Advantage of More Options for Your Move If your current house no longer meets your needs or lacks the space and features you want, this inventory growth gives you even more opportunity to sell and move into the home of your dreams. With more houses on the market, you’ll have more to choose from when you search for your next home. Partnering with a local real estate professional can help you make sure you’re up to date on the homes available in your area. And when you do find the one, a professional can advise you on how to write a winning offer. Opportunity #2: Sell While Inventory Is Still Low Overall But again, despite the growth, inventory is still low compared to more normal years, and that isn’t going to change overnight. For you, that means your house should still be in demand among potential buyers if you price it right. As an article from realtor.com says: “Today’s shoppers generally have more homes to consider than last year’s shoppers did, but the market is still not back to pre-pandemic inventory levels.” Bottom Line If you’re a homeowner looking to sell, you have more homes to choose from and can still sell your house while inventory is low overall. If you’re ready to get started, reach out to a local real estate professional who can help you get the best of both worlds.
Make Your Long-Distance Career Move Stress-Free
When planning a relocation to Westborough, MA, first consider how you will meet your basic needs. Taking control of pre-planning for these things will help you visualize living in a new location. These basic needs should include a place to live, transportation, moving your belongings, and thinking through any work-related needs for the move. Once you visualize everything you'll need for your career relocation, you'll find it easier to prioritize what order you'll need to complete the following pre-move checklist items. Go Team Stiles shows you how to move forward. 1. Find Your Next Home The first item on the list is finding a place to live. Options include renting or buying a new home. No matter your income bracket, it pays to research average home and rental prices in your favorite neighborhoods. For example, in Greenwood, IN the average home price for August 2022 was over $300,000. The average rental cost depends on several factors, but expect to pay around $1,800 per month. With average prices in mind, you can narrow your search by considering the proximity to schools and your new job. Maps for becoming familiarized with your new neighborhood should help you start thinking about your next place to live. Local realtors and experts can also provide resources. Incidentally, there are ways you can save money during the home-buying process. You can search for rent-to-own homes and look for the "as-is" option when looking at purchase details. While this option comes with risk, you can minimize risk with guidance from a lawyer and a thorough inspection of the building and property. Don't overlook examining public land records for any potential issues. 2. Move Your Vehicle Once you get to your new home you'll need to have access to your car for getting around and getting to work. It might be economical to contact a long-haul vehicle moving broker to find shipping rates to meet your budget. Be careful with this option. The best rates often come with long shipping times, so plan accordingly. 3. Move Your Belongings You have two options: move your stuff or hire someone to do it for you. Renting a moving van, loading it, and then driving it a long distance can be costly considering the added expenses like food and lodging. A professional mover may relieve some stress, but be sure to look at reviews and compare several options. 4. Consider Work-Related Items If you anticipate needing a job in the new location, consider creating a professional resume ahead of the move. A free online tool can make you – and your resume – stand out. For a personal touch, you can add photos and special layouts. If you own a brick-and-mortar business, you'll need to register your LLC in your new location. Avoid attorney fees by self-filing the required paperwork or using a service that creates the paperwork and files for you. Research state-specific laws and regulations for your industry to avoid penalties and fines. A Worry-Free Career Move Your long-distance career move doesn't need to be stressful. You can save money and reduce stress by looking at your move from a basic needs point of view and then meeting those needs with careful planning. For help finding your next home, contact the Team Stiles real estate team.
Pre-Approval Is a Critical First Step on Your Homebuying Journey
If you’re planning to buy a home this year, one of the first steps on your journey is getting pre-approved. Especially in today’s market when mortgage rates are higher than they were just a few months ago, getting a mortgage pre-approval can be a game changer. Here’s why. What Is Pre-Approval? To better understand why pre-approval is key, it’s important to know what pre-approval is. The Mortgage Reports explains it like this: “When you’re ready to take the leap into homeownership, your first step is mortgage preapproval. . . . A mortgage preapproval is when a lender determines you’re qualified for a home loan. Your preapproval letter shows the maximum loan amount you’re approved for (your home buying budget), as well as the specific interest rate and loan term you can expect.” As part of the pre-approval process, a lender will look at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand your true price range and how much money you can borrow. That can make it easier when you set out to search for homes because you’ll know your overall numbers. And with mortgage rates rising and impacting affordability, a solid understanding of your numbers is even more important. Pre-Approval Can Signal You’re a Serious Buyer Another added benefit is that pre-approval lets the seller know you’re qualified to buy their house. A recent article from realtor.com notes: “. . . getting pre-approved can actually improve your chances of falling into the sellers’ good graces, and you’ll want to get it done as early as you possibly can in the home-buying process.” Even though bidding wars are easing this year as the market shifts, preapproval is still an important part of making a strong offer. It can help a seller feel more confident because it shows you’re serious about their home and that you’re a qualified buyer. Bottom Line Getting pre-approved for a mortgage is critical. It helps you better understand what you can borrow and shows sellers you’re serious about purchasing their home. Connect with a local real estate professional and a trusted lender so you have the tools you need to succeed as a homebuyer in today’s market.
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