Michelle Spencer Young - Realtor

05/03/2023

How’s the Real Estate Market Doing?

If you’re a homeowner thinking about making a move, you may wonder if it’s still a good time to sell your house. Here’s the good news. Even with higher mortgage rates, buyer traffic is actually picking up speed.

The first two months of 2023 saw a noticeable increase in buyer traffic. That’s likely because the limited number of homes for sale kept shoppers looking for homes even during colder months. To help tell the story of why the latest ShowingTime report is significant, let’s compare foot traffic this February with each February for the last six years. It shows this was one of the best Februarys for buyer activity we’ve seen in recent memory.

The uptick in buyer traffic is even more noteworthy considering the increase in mortgage rates this February. The Freddie Mac 30-year fixed mortgage rate rose from 6.09% during the week of February 2nd to 6.50% in th...



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If you’re a homeowner thinking about making a move, you may wonder if it’s still a good time to sell your house.

05/01/2023

How’s the Real Estate Market Doing?

Wondering if you should continue renting or if you should buy a home this year? If so, consider this. Rental affordability is still a challenge and has been for years. That’s because, historically, rents trend up over time. Data from the Census shows rents have been climbing pretty steadily since 1988.

And, data from the latest rental report from Realtor.com shows rents continue to grow today, even though it’s at a slower pace than we saw at the height of the pandemic. With rents much higher now than they were in more normal, pre-pandemic years, owning your home may be a better option, especially if the long-term trend of rents increasing each year continues. In contrast, homeowners with a fixed-rate mortgage can lock in a monthly mortgage payment for the duration of their loan (typically 15-30 years).
In addition to shielding you from rising rents and being more af...



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Wondering if you should continue renting or if you should buy a home this year?

04/28/2023

How’s the Real Estate Market Doing?

Planning to move? Here are 4 tips for selling your house. Let’s connect so I can guide you through the selling process this spring.



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04/26/2023

How’s the Real Estate Market Doing?

If you’re thinking about selling your house, you’ll want a real estate agent on your side. Let’s connect so you have an expert partner when you sell.



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04/24/2023

How’s the Real Estate Market Doing?

If you’re buying a home this spring, today’s housing market can feel like a challenge. With so few homes on the market right now, plus higher mortgage rates, it’s essential to have a firm grasp on your homebuying budget. You’ll also need a sense of determination to find the right house and act quickly when you go to put in an offer. One thing you can do to help you prepare is to get pre-approved.

To understand why it’s such an important step, you need to know what pre-approval is. As part of the process, a lender looks 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 how much money you can borrow.

Basically, pre-approval gives you critical information about the homebuying process that’ll help you understand how much you may be able to borrow so you have a stronger gr...



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04/21/2023

How’s the Real Estate Market Doing?

Since inflation is increasing the cost of goods and services, it may make sense to look for an energy-efficient home. Energy prices have increased over the last year, so look for energy-efficient features in your home search. If you’re looking to buy a home this year, DM me so you have a partner to help you consider which features are most important to you.



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Since inflation is increasing the cost of goods and services, it may make sense to look for an energy-efficient home.Energy prices have increased over the last year, so look for energy-efficient features in your home search.

04/19/2023

How’s the Real Estate Market Doing?

Owning a home means having a place that’s solely your own and provides the space, features, and location you and your loved ones need. But what happens when your needs change? If this hits home for you, it may be time to make a move.

According to NAR, the average person has lived in their current house for ten years. If you’ve been in your home for a while, think about how much in your life has changed since you moved in. Even if you thought it would be your forever home when you bought it, it doesn’t have to be. Work with a local real estate agent to explore all your options in today’s market before settling for your current home.

That’s actually what a lot of homeowners are doing right now. A recent survey from Realtor.com finds that, of people who are considering selling in 2023, one in three are thinking about moving because their home no longer meets the...



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Owning a home means having a place that’s solely your own and provides the space, features, and location you and your loved ones need.

04/17/2023

How’s the Real Estate Market Doing?

As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.

A recent survey from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. But here’s the thing: the most recent data shows that home prices appear to have bottomed out and are now on the rise again. Selma Hepp, Chief Economist at CoreLogic, reports, “U.S. home prices rose by 0.8% in February . . . indicating that prices in most markets have already bottomed out.” And the latest data fr...



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As the housing market continues to change, you may be wondering where it’ll go from here.

04/14/2023

How’s the Real Estate Market Doing?

The inspection is a major part of the home selling process. Many buyers used to waive inspections to be more competitive with their offer, but recently, inspections and repairs are becoming popular again. DM me so you have an expert on your side who can help you determine the repairs and updates your house needs before you sell.



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The inspection is a major part of the home selling process.Many buyers used to waive inspections to be more competitive with their offer, but recently, inspections and repairs are becoming popular again.

04/12/2023

How’s the Real Estate Market Doing?

Have you been saving up to buy a home this year? If so, you know there are a variety of expenses involved – from your down payment to closing costs. But there’s good news – your tax refund can help you achieve your goals by paying for some of these expenses.

SmartAsset estimates the average American will receive a $1,798 tax refund this year. According to Freddie Mac, there are multiple ways your refund check can help you as a homebuyer. If you’re getting a refund this year and thinking about buying a home, here are a few tips to keep:

Saving for a down payment – One of the largest barriers to homeownership is saving for a down payment. You could reach your savings goal more quickly than expected by using your tax refund to help with your down payment.

Paying for closing costs – You have to pay fees to your lender, real estate agent, and other parties involved in th...



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Have you been saving up to buy a home this year? 

04/10/2023

How’s the Real Estate Market Doing?

The spring season appears to be warming up in housing as more and more buyers enter the market. And after rising mortgage rates sidelined so many buyers last year, that’s a good sign for sellers. Realtor.com has the latest:

“Spring is officially here, and like green shoots emerging from the bleak winter, new data suggests that more buyers are back in the market, although more subdued compared to a year ago.”

We know buyer activity is trending up because of mortgage purchase application data. According to Investopedia:

“A mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate.”

That means the number of mortgage applications shows how many buyers are applying for mortgages. Put another way, an increase in mortgage applications means an increase in buyer demand – and as Joel Kan, VP and Deputy Chief Econo...



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The spring season appears to be warming up in housing as more and more buyers enter the market. 

04/07/2023

How’s the Real Estate Market Doing?

Homeownership is a hedge against inflation. Let’s connect if you’re ready to start the homebuying process.



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