Latitude27 Realty

02/22/2022

The Perks of Owning More Than One Home

Many things have changed over the past couple of years, and real estate is no exception. One impact is an increased desire to own more than one home. And with the rise in remote work, more people are reconsidering where they want to live and buying second homes to give them greater flexibility. If you fall in that category, here are just a few of the perks you’ll enjoy.

Enjoy a Change in Scenery
When you have two homes, you can alternate between them as the weather changes or as you crave different scenery. Being able to move between homes based on which location best suits you at the time gives you added flexibility and variety that can help increase your happiness.

Build Your Wealth Faster
You may have heard that home equity is skyrocketing, thanks to ongoing home price appreciation. With home prices projected to continue rising, if you purchase a second home, you could benefit from rising equity on both...

Many things have changed over the past couple of years, and real estate is no exception. One impact is an increased desire to own more than one home. According to the recent Luxury Market Report from Luxury Home Marketing:

02/21/2022

Real Estate Voted the Best Investment Eight Years in a Row

In an annual Gallup poll, Americans chose real estate as the best long-term investment. Real estate has been on a winning streak for the past eight years, consistently gaining traction as the best long-term investment.

With inflation reaching its highest level in 40 years, it’s more important than ever to understand the financial benefits of homeownership. Rising inflation means prices are increasing across the board. When you purchase your home, you lock in your monthly housing payments, effectively shielding yourself from increasing housing payments. James Royal, Senior Wealth Management Reporter at Bankrate, explains it like this:

“A fixed-rate mortgage allows you to maintain the biggest portion of housing expenses at the same payment. Sure, property taxes will rise and other expenses may creep up, but your monthly housing payment remains the same.”

If you’re a renter, you don’t have...

In an annual Gallup poll, Americans chose real estate as the best long-term investment. And it’s not the first time it’s topped the list, either. Real estate has been on a winning streak for the past eight years, consistently gaining traction as the best long-term investment (see graph below):

02/18/2022

Why Acting Strategically as a Seller Is Your Best Play

Are you thinking of selling your house? Let's connect so you can perfect your strategy and make a winning play this year.

02/17/2022

4 Simple Graphs Showing Why This Is Not a Housing Bubble

Here are four key reasons why today is nothing like the last time.

>>Houses Are Not Unaffordable Like They Were During the Housing Boom
Fifteen years ago, prices were high, wages were low, and mortgage rates were over 6%. Today, prices are still high. Wages, however, have increased, and the mortgage rate is still well below 6%. That means the average purchaser today pays less of their monthly income toward their mortgage payment than they did back then.

>>Mortgage Standards Were Much More Relaxed During the Boom
During the housing bubble, it was much easier to get a mortgage than it is today. Mortgage standards are nothing like they were the last time. Purchasers that acquired a mortgage over the last decade are much more qualified.

>>The Foreclosure Situation Is Nothing Like It Was During the Crash
In the run-up to the housing bubble, some homeowners were using their homes as personal ATM machines...

A recent survey revealed that many consumers believe there’s a housing bubble beginning to form. That feeling is understandable, as year-over-year home price appreciation is still in the double digits. However, this market is very different than it was during the housing crash 15 years ago. Here a...

02/16/2022

More People Are Planning To Buy a Home Soon

While some homeowners may be tempted to hold off until spring to list their houses, you should know – homebuyers aren’t waiting. Demand is high today as more people are trying to beat rising mortgage rates. As a result, eager buyers are entering the market or moving their plans up so they can make their purchases as soon as possible. The most recent Consumer Confidence Survey finds that, of those surveyed, the percentage of people planning to buy over the next six months has increased substantially since last fall.

The number of consumers fast-tracking their plans to purchase a home has crept up over the past three months. That indicates many buyers are evaluating their strategy and realizing they should act sooner rather than later. And for homeowners planning to sell, it’s a signal that now may be the time to list.

While more people are moving their plans up, others are actively putting theirs in motion...

While some homeowners may be tempted to hold off until spring to list their houses, you should know – homebuyers aren’t waiting. Demand is high today as more people are trying to beat rising mortgage rates. As a result, eager buyers are entering the market or moving their plans up so they can ma...

02/15/2022

What Every Seller Needs To Know About Renovating This Year

Here are three things to keep top of mind as you’re making your list of projects to tackle this year.

>>The Number of Homes for Sale Is Very Low

Housing inventory sits far below what is normally considered a balanced market. Because there’s such a limited supply of homes available for sale, you’re in a unique position when you sell your house to benefit from multiple offers and a quick process. Spending time and money on renovations before you sell could mean you’ll miss your key window of opportunity. Of course, certain repairs may be important or even necessary. The best way to determine where to spend your time – and your money – is to work with a real estate advisor to confirm which improvements are truly needed and which ones aren’t likely to be deal-breakers for buyers.

>>Buyers May Be Willing To Take on Projects When They Purchase Your House

Today, many buyers are more...

If you’re planning to sell this year, you’re probably thinking about what you’ll need to do to get your house ready to appeal to the most buyers. It’s crucial to work with a trusted real estate professional who knows your local market to get your home ready to sell. But there are a few thing...

02/14/2022

Are You Ready To Fall in Love with Homeownership?

The financial benefits are always a key aspect of homeownership, but it’s also important to understand that the nonfinancial and personal benefits are why so many people genuinely fall in love with their homes. When you own your home, you likely feel a sense of emotional attachment because of the comfort it provides, but also because it’s a space that’s truly yours.

Over the past two years, we’ve learned to love our homes even more as we’ve stayed home more than ever due to the ongoing pandemic. As a result, the emotional benefits our homes provide have become even more important to us. As the most recent State of the American Homeowner from Unison puts it, “Despite the upheaval and uncertainty of the past year, one thing has stayed the same: the home continues to be of the utmost importance and a place of security and comfort.”

That sense of emotional connection genuinely reaches far beyond...

Financial benefits are always a key aspect of homeownership, but it’s also important to understand that the nonfinancial and personal benefits are why so many people genuinely fall in love with their homes. When you own your home, you likely feel a sense of emotional attachment because of the comf...

02/11/2022

Is This Your Year To Break Up with Renting?

If you aren't in love with renting, you're not alone. Let's connect so you can break up with your rental and start your journey toward homeownership.

02/10/2022

Want Top Dollar for Your House? Now’s the Time To List It.

When you’re selling any item, you usually want to sell it for the greatest profit possible. That happens when there’s a strong demand and a limited supply for that item. Here’s why now’s the time to list.

>>Demand Is Very Strong This Winter
A recent article in Inman News explains, “Spring, the hottest time of year for homebuyers and sellers, has started early, according to economists. . . . ‘Home shopping season appears to already be in full swing!’” And they aren’t the only ones saying buyers are already out in full force. That claim is backed up with data released last week by ShowingTime. The latest index reveals this December was the most active December in five years.

>>Housing Supply Is Extremely Low
Each month, realtor.com releases data on the number of active residential real estate listings. Their most recent report reveals the latest monthly number is the lowest...

When you’re selling any item, you usually want to sell it for the greatest profit possible. That happens when there’s a strong demand and a limited supply for that item. In the real estate market, that time is right now. If you’re thinking of selling your house this year, here are two reasons ...

02/09/2022

The Path To Homeownership Can Be Steeper for Some Americans

As we celebrate Black History Month, we honor and recognize the past and present experiences of Black Americans. A significant part of this experience is investing in a home of their own. While equitable access to housing has come a long way, the path to homeownership is still steeper for households of color. It’s an important experience to talk about, along with how working with the right real estate experts can make all the difference for diverse homebuyers.

We know it’s a more challenging journey to achieve homeownership for some because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, the lowest homeownership rate persists in the Black community.

Homeownership is an essential piece for building household wealth that can be passed down to future generations. However, there are obstacles in the homebuying process that...

As we celebrate Black History Month, we honor and recognize the past and present experiences of Black Americans. A significant part of this experience is investing in a home of their own. While equitable access to housing has come a long way, the path to homeownership is still steeper for households...

02/08/2022

Why Pre-Approval Is Key This Year

Pre-approval gives you a competitive edge when you make an offer on a house. Let's connect so you're in the best position when you find your dream home.

02/07/2022

Consumers Agree: It’s a Good Time To Sell

Many homeowners are weighing their options and trying to decide if they should sell their house. If you’re in that group, you may be balancing things like the ongoing health crisis, rising mortgage rates, and your own changing needs to determine your best time to make a move.

According to the latest Home Purchase Sentiment Index (HPSI) by Fannie Mae, 76% of consumers believe now is a good time to sell.

Consumers are incredibly optimistic today. In fact, survey respondents think it’s an even better time to sell a house today than they did in the lead-up to the health crisis. The latest survey results indicate we’re at one of the strongest peaks in seller sentiment since March of 2019, hitting highs when 77% of people thought it was a good time to sell only twice before in June and October of 2021.

From record-high equity gains to record-low housing supply and significant buyer demand, homeowners have more...

In today’s sellers’ market, many homeowners are weighing their options and trying to decide if they should sell their house. If you’re in that group, you may be balancing things like the ongoing health crisis, rising mortgage rates, and your own changing needs to determine your best time to ma...