Youngsville Living - Preferred Choice Realty Group

02/06/2024

Houses Are Still Selling Fast

Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn't as frenzied as it was during the ‘unicorn’ years when houses were selling quicker than ever, they’re still selling faster than normal.

The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years.

According to Realtor.com: “Homes spent 69 days on the market, which is three days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.”

What Does This Mean for You?

Homes are selling...

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Have you been thinking about selling your house?

02/05/2024

Experts Project Home Prices Will Go Up in 2024

Experts project home prices will go up in 2024. Let’s connect to go over what’s happening with home prices in our local area.

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02/02/2024

Why It’s More Affordable To Buy a Home This Year [INFOGRAPHIC]

Home affordability depends on three factors: mortgage rates, home prices, and wages. Mortgage rates are down from their recent peak, home prices are expected to rise at a slower pace, and wages are increasing faster than usual. That’s good news if you want to buy a home because it means affordability is getting better.

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Home affordability depends on three factors: mortgage rates, home prices, and wages. 

02/01/2024

Great news for those awaiting favorable mortgage rates before making a move. They’ve been trending downward in recent months and projections indicate they’re likely to decline further throughout 2024. That means new opportunities for both buyers and sellers. Want to know how changing mortgage rates might shape your moving plans? DM me today.

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01/31/2024

Saving for the down payment on your first home may seem challenging, but resources are available to make it easier. There are many programs that offer down payment assistance and help with closing costs. If you qualify, you could be one step closer to reaching your homeownership goal. DM me if you're a first-time buyer looking for guidance—I'm here to help.

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01/30/2024

How Owning a Home Can Really Increase Your Wealth

If you're choosing between renting or buying a home this year, consider that homeownership can be a significant wealth-building tool. Let’s connect so you can learn more about how buying a home can increase your net worth over time.

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01/29/2024

Will a Silver Tsunami Change the 2024 Housing Market?

Have you ever heard the term “Silver Tsunami” and wondered what it's all about? If so, that might be because there’s been lot of talk about it online recently. Let's dive into what it is and why it won't drastically impact the housing market.

What Does Silver Tsunami Mean?

A recent article from HousingWire calls it: “. . . a colloquialism referring to aging Americans changing their housing arrangements to accommodate aging . . .”

The thought is that as baby boomers grow older, a significant number will start downsizing their homes. Considering how large that generation is, if these moves happened in a big wave, it would affect the housing market by causing a significant uptick in the number of larger homes for sale. That influx of homes coming onto the market would impact the balance of supply and demand and more.

The concept makes sense in theory...

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Have you ever heard the term “Silver Tsunami” and wondered what it's all about?

01/27/2024

Are More Homeowners Selling as Mortgage Rates Come Down?

If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale.

The Mortgage Rate Lock-In Effect

Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up.

Early Signs Show Those Homeowners Are Ready To Move Again

According to the latest data from Realtor.com, there were more homeowners putting their houses up for sale, known in the industry as new listings, in December 2023 compared to December 2022.

Here's why this is so significant. Typically, activity in the housing market cools down in the later months of the year as some...

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If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability.

01/26/2024

Spring may be around the corner, but there's no need to wait. The supply of homes available for sale is still lower than normal. And with the recent downward trend in mortgage rates, buyer demand is growing. Your house is in demand now. If you’re ready to make a move, DM me today so we can discuss why it’s a great time.

Call Preferred Choice Realty at 919-435-1310

01/25/2024

3 Key Factors Affecting Home Affordability

To really understand home affordability, you need to look at the combination of three important factors: mortgage rates, home prices, and wages.

1. Mortgage Rates

Mortgage rates have come down in recent months. And looking forward, most experts expect them to decline further over the course of the year. Even a small change in mortgage rates can have a big impact on your purchasing power, making it easier for you to afford the home you want by reducing your monthly mortgage payment.

2. Home Prices

The second important factor is home prices. After going up at a relatively normal pace last year, they’re expected to continue rising moderately in 2024.
That’s great news for you because it means prices aren’t likely to skyrocket like they did during the pandemic. But it also means it’ll probably cost you more to wait. So, if you’re ready, willing, and able to buy...

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Over the past year, a lot of people have been talking about housing affordability and how tight it’s gotten.

01/24/2024

Great news for 2024 - inventory is expected to increase, offering more options for your next home. Imagine the possibilities. Ready to explore what's available in our area? Let's connect and find the perfect match for you.

Call Preferred Choice Realty at 919-435-1310

01/23/2024

Experts Project Home Prices Will Increase in 2024

Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent survey from Fannie Mae found that 24% of people think home prices will actually decline over the next 12 months. That means almost one out of every four people are dealing with that fear, and you might be, too.

To help ease that concern, here's what experts forecast will happen with prices this year.

Experts Project a Modest Increase

Prices aren’t likely to depreciate in 2024 because inventory is still tight and lower mortgage rates are leading to strong buyer demand. Those two factors will keep pushing prices up as the year goes on. As Selma Hepp, Chief Economist at CoreLogic, explains: “With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed...

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Even though home prices are going up nationally, some people are still worried they might come down.