Karen Weatherly, Realtor with Keller Williams Elite Realty

10/25/2022

I am pleased to feature the following properties! For questions or to schedule a showing, contact me today!

Phone: 984-999-0404 Email: [email protected]

Karen Weatherly
[email protected]
984-999-0404
Keller Williams Elite Realty

07/07/2022

So I should eat chocolate today? Well, if I must......

07/06/2022

Did you know that homeownership is one of the best ways to build wealth?

It’s true that record levels of home price appreciation have spurred significant equity gains for homeowners over the past few years.

07/04/2022

Have fun and be safe!

06/21/2022

Happy Summer solstice! Soak in the Sun!

06/19/2022

Happy Father’s Day to all the dads out there!

06/17/2022

The weather outside is not the only thing that's hot! This beautiful home in highly desirable Southwest Durham is now on the market. Give me a call to schedule a showing today. It won't last long! 984-999-0404

MLS #2456148

04/30/2022

I am pleased to feature the following properties! For questions or to schedule a showing, contact me today!

Phone: 9849990404 Email: [email protected]

04/09/2022

THE FUTURE OF HOME APPRECIATION PRICE AND WHAT THAT MEANS FOR YOU
Many consumers are wondering what will happen with home values over the next few years. Some are concerned that the recent run-up in home prices will lead to a situation similar to the housing crash 15 years ago.

However, experts say the market is totally different today. For example, Odeta Kushi, Deputy Chief Economist at First American, tweeted just last week on this issue:

“. . . We do need price appreciation to slow today (it’s not sustainable over the long run) but high price growth today is supported by fundamentals- short supply, lower rates & demographic demand. And we are in a much different & safer space: better credit quality, low DTI [Debt-To-Income] & tons of equity. Hence, a crash in prices is very unlikely.”

Price appreciation will slow from the double-digit levels the market has seen over the last two years. However, experts believe home values will not depreciate (where a home would lose value).

To this point, Pulsenomics just released the latest Home Price Expectation Survey – a survey of a national panel of over 100 economists, real estate experts, and investment and market strategists. It forecasts home prices will continue appreciating over the next five years. Below are the expected year-over-year rates of home price appreciation based on the average of all 100+ projections:

2022: 9%
2023: 4.74%
2024: 3.67%
2025: 3.41%
2026: 3.57%

Those responding to the survey believe home price appreciation will still be relatively high this year (though half of what it was last year), and then return to more normal levels over the next four years.

What Does This Mean for You as a Buyer?
With a limited supply of homes available for sale and both prices and mortgage rates increasing, it can be a challenging market to navigate as a buyer. But buying a home sooner rather than later does have its benefits. If you wait to buy, you’ll pay more in the future. However, if you buy now, you’ll actually be in the position to make future price increases work for you. Once you buy, those rising home prices will help you build your home’s value, and by extension, your own household wealth through home equity.

As an example, let’s assume you purchased a $360,000 home in January of this year (the median price according to the National Association of Realtors rounded up to the nearest $10K). If you factor in the forecast for appreciation from the Home Price Expectation Survey, you could accumulate over $96,000 in household wealth over the next five years (see graph below)

Bottom Line
If you’re trying to decide whether to buy now or wait, the key is knowing what’s expected to happen with home prices. Experts say prices will continue to climb in the years ahead, just at a slower pace. So, if you’re ready to buy, doing so now may be your best bet for your wallet. It’ll also give you the chance to use the future home price appreciation to build your own net worth through rising equity. If you want to get started, connect with a real estate professional today.

04/06/2022

How Will Rising Gas Prices Impact the Housing Market?

As gas prices are steadily rising across the country, many U.S. residents are wondering when this increase will begin to slow down and whether or not sky-high gas prices could affect the housing market.

Over the past several years, housing prices as well as the costs of many common goods and services have slowly risen due to the pandemic.

Though many of these increases in cost have been caused by labor shortages and supply chain issues, some have stemmed from changes in tax rates. This is especially true for the taxing of oil, which affects gas prices all around the country.

Higher gas prices are difficult enough to deal with, especially for those who must travel long distances for work. Adding to that, the increases could also have a major impact on housing costs.

Why Gas Prices Affect Property Purchases
In 2022, gas prices have crept above $4 per gallon on average nationally, which is almost unheard of. Prices haven’t been this high since July of 2008, when averages reached approximately $4.06 per gallon.

When gas prices had their last huge spike during the 2008 economic recession, the housing market was similarly affected by the increased cost of living. Though there are many factors that can lead to increased property purchase and rental costs, overall cost of living can also affect people’s ability to afford adequate housing.

For many Americans, gas is an essential need that they have to fit into their budgets no matter what oil prices might be at the moment. Therefore, if people are paying more for gas and other household necessities, they’re less likely to be able to prioritize real estate investments like purchasing or renting a new home.

When the housing market is experiencing less turnover than normal it forces landlords and property owners to increase their prices to cover their operation costs. Consequently, as gas prices skyrocket, so do housing costs.

Once gas prices have started to drop and the effects of the pandemic on supply chain and labor shortages have subsided, housing costs throughout the country should move in the same direction.

Gas Prices and Home Energy Costs
General increases in cost of living aren’t the only reasons why property sellers and landlords will raise housing prices. Taxes on oil and carbon, which cause higher gas prices as they increase, can also bleed into the general costs of retail energy.

This means that as gas prices go up, powering your home with electricity and gas can get more expensive as well. Not only are homeowners or renters unable to consider property upgrades because of high initial costs, but the prices associated with living in a new or larger home can put too much strain on a family’s day-to-day budget.

In this way, utility costs can be just as much a barrier to entry for home buyers as down payments and mortgage costs during gas price increases. Unfortunately, this contributes to inflated housing prices, at least in the short term.

This article is for information, illustrative and entertainment purposes only and does not purport to show actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular investment action.

04/01/2022

For those of you thinking you can't afford to buy a home right now, can you really afford to keep renting??? Give me a call and let's look at the facts. (984) 999-0404

Are you one of the many renters thinking about where you’ll live the next time your lease is up?

03/25/2022

Some mortgage myths must be busted. Need more information about qualifying for a home? My preferred lenders offer a variety of special financing offers and and programs for any situation. Give me a call or shoot me a text! Let's talk! (984) 999-0404