Eric Cummings Realtor

08/28/2023

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Gen Z: The Next Generation Is Making Moves in the Housing Market

Generation Z (Gen Z) is eager to put down their own roots and achieve financial independence. As a result, they’re turning to homeownership. According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), 30% of Gen Z buyers transitioned straight from living under their parents' roofs to owning their own homes.

If you’re a member of this generation, and you’re interested in pursuing your own dream of homeownership, here’s some information you may find helpful on why and where your peers are buying.

The Reasons Gen Z Want To Become Homeowners

A recent survey by Rocket Mortgage identifies some of the top motivators driving Gen Z buyers to purchase a home: “Of those surveyed, 34% said that starting or growing their family was their main...

Generation Z (Gen Z) is eager to put down their own roots and achieve financial independence.

08/28/2023

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Some of the home price terms in the news can be confusing. Here’s what you need to know. The latest data shows, nationally, home prices are appreciating or growing. As we move toward the end of the year, prices will continue to rise, just at a slower pace. That’s called deceleration of appreciation. If you have questions about home prices, DM me.

08/27/2023

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If you can’t find an affordable home in your immediate area, it may be time to cast a wider net. Whether you expand your search radius by a little bit or a lot, it could be just what you need to open up new possibilities. Need help knowing where to look? DM me for advice that’s specific to our area, so we can explore your options together.

08/27/2023

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Are you dreaming of a home with more updates and different features? Or, do you need additional space as your household grows? If so, you're not alone. These are some of the top reasons homeowners just like you are deciding to sell their houses and make a move. DM me to chat about finding a home that better fits your evolving needs.

08/26/2023

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Today’s Housing Market Has Only Half the Usual Inventory [INFOGRAPHIC]

There are only about half the number of homes for sale compared to the last normal years in the market. That means buyers don’t have enough options right now. So, if you work with an agent to list your house, it should be in the spotlight. If you're thinking of selling, DM me so your house can stand out while there’s such a shortage of supply and buyers are craving more options.

There are only about half the number of homes for sale compared to the last normal years in the market.

08/24/2023

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Even with mortgage rates where they are, a lot of people are still buying homes right now. That’s because, no matter what, people will always have reasons they need to move. If you’re thinking of selling, let’s chat so we can get your house in front of today’s homebuyers. The market is active, and homes are selling. Let’s make yours one of them.

08/24/2023

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Historically mortgage rates tend to follow inflation. If inflation’s up, rates are up. If inflation’s down, rates are too. While no one knows exactly what will happen in the months ahead, the long-term relationship between the two tells us rates may fall some if inflation keeps moderating. If you have questions about buying a home in today’s market, DM me.

08/23/2023

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Why You Need a True Expert in Today’s Housing Market

The housing market continues to shift and change, and in a fast-moving landscape like we’re in right now, it’s more important than ever to have a trusted real estate agent on your side. Whether you’re buying your first home or selling once again, it’s mission critical to work with an expert who can guide you through each unique step of the process.

Jay Thompson, Real Estate Industry Consultant, explains: “Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points or predicting impending doom for the industry. Clickbait, the sensationalizing of headlines and content, has been an issue since the dawn of the internet, and housing news is not immune to it.”

Unfortunately, when information in the media isn’t clear, it can generate a lot of fear and uncertainty for...

The housing market continues to shift and change, and in a fast-moving landscape like we’re in right now, it’s more important than ever to have a trusted real estate agent on your side.

08/22/2023

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Why You Don’t Need To Fear the Return of Adjustable-Rate Mortgages

If you remember the housing crash back in 2008, you may recall just how popular adjustable-rate mortgages (ARMs) were back then. And after years of being virtually nonexistent, more people are once again using ARMs when buying a home. Let’s break down why that’s happening and why this isn’t cause for concern.

Why ARMs Have Gained Popularity More Recently

Last year is when mortgage rates climbed dramatically. With higher borrowing costs, some homeowners decided to take out this type of loan because traditional borrowing costs were high, and an ARM gave them a lower rate.

Why Today’s ARMs Aren’t Like the Ones in 2008

To put things into perspective, let’s remember these aren’t like the ARMs that became popular leading up to 2008. Back then, when a buyer got an ARM, banks and lenders didn’t require...

If you remember the housing crash back in 2008, you may recall just how popular adjustable-rate mortgages (ARMs) were back then.

08/22/2023

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When it comes to buying a home, having a local real estate agent by your side can make all the difference. Agents have an in-depth knowledge of market trends, are up to date on the latest homes available in your area, and more. If you’re looking for a go-to expert for your journey, DM me.

08/21/2023

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Don’t Expect a Wave of Foreclosures [INFOGRAPHIC]

With ongoing high inflation pushing up everyday costs, some people are worried that'll create a flood of foreclosures. Here's why that's unlikely. Fewer people are seriously behind on mortgage payments right now. If foreclosures were going to rise a lot, more people would need to be late on their payments. Since most are paying on time, a wave isn’t coming. If you're concerned about a flood of foreclosures, the data shows that's not likely.

With ongoing high inflation pushing up everyday costs, some people are worried that'll create a flood of foreclosures. Here's why that's unlikely. 

08/21/2023

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People Want Less Expensive Homes – And Builders Are Responding

In today’s housing market, there are two main affordability challenges impacting buyers: mortgage rates that are higher than they’ve been the past couple of years, and rising home prices caused by low inventory. To overcome those challenges, many people are working with their agents to find less expensive homes.

People Are Spending Less on Newly Built Homes

Last year, only 58% of newly built home sales were less than $500,000. This June, that number was up to 65%. This means more people are buying less expensive newly built homes right now while affordability remains a challenge.

Builders Are Offering Lower-Cost Options

Builders have picked up on this trend and are reacting accordingly. George Ratiu, Chief Economist at Keeping Current Matters, explains: “Builders are also responding to this shift by...

In today’s housing market, there are two main affordability challenges impacting buyers: mortgage rates that are higher than they’ve been the past couple of years, and rising home prices caused by low inventory.