Merritt Real Estate Blog

WHAT EVERY SELLER SHOULD KNOW ABOUT HOME PRICES

What Every Seller Should Know About Home Prices

If you’re trying to decide whether or not to sell your house, recent headlines about home prices may be top of mind. And if those stories have you wondering what that means for your home’s value, here’s what you really need to know.

What’s Really Happening with Home Prices?

It’s possible you’ve seen news stories mentioning a drop in home values or home price depreciation, but it’s important to remember those headlines are designed to make a big impression in just a few words. But what headlines aren’t always great at is painting the full picture.

While home prices are down slightly month-over-month in some markets, it’s also true that home values are up nationally on a year-over-year…

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WHAT'S GOING ON WITH HOME PRICES?

What’s Going on with Home Prices? Ask a Professional.

If you’re thinking about buying or selling a home this year, you may have questions about what’s happening with home prices today as the market cools. In the simplest sense, nationally, experts don’t expect prices to come crashing down, but the level of home price moderation will depend on factors like supply and demand in each local market.

That means, moving forward, home price appreciation will continue to vary by location, with more significant changes happening in overheated areas. Here’s a quick snapshot of what the experts are saying:

Danielle Hale, Chief Economist at realtor.com, says:

“The major question on the minds of homeowners and aspiring buyers alike is what will…

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SHOULD YOU UPDATE YOUR HOUSE BEFORE YOU SELL?

Should You Update Your House Before You Sell? Ask a Real Estate Professional.

Some Highlights

• You may be wondering what needs to be renovated before you sell your house. In today’s shifting market, making your house appealing is more important than ever.
• That’s why it’s essential to lean on a real estate professional who has in-depth knowledge of today’s housing market. They know what buyers are looking for and how to highlight any upgrades you make.
• Let’s connect so you know where to focus your efforts so your house will stand out in a today’s market.

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WHAT'S AHEAD FOR MORTGAGE RATES AND HOME PRICES?

What’s Ahead for Mortgage Rates and Home Prices?

Now that the end of 2022 is within sight, you may be wondering what’s going to happen in the housing market next year and what that may mean if you’re thinking about buying a home. Here’s a look at the latest expert insights on both mortgage rates and home prices so you can make your best move possible.

Mortgage Rates Will Continue To Respond to Inflation

There’s no doubt mortgage rates have skyrocketed this year as the market responded to high inflation. The increases we’ve seen were fast and dramatic, and the average 30-year fixed mortgage rate even surpassed 7% at the end of last month. In fact, it’s the first time they’ve risen this high in over 20 years (see graph below):

In…

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WHY SHOULD YOU SELL YOUR HOUSE BEFORE THE HOLIDAYS!!

Sell Your House Before the Holidays

As you look ahead to the winter season, you’re likely making plans and thinking about what you want to achieve before the year ends. One of those key decision points could be whether or not you want to move this year. If the location or size of your current home no longer meets your needs, finding a house that better suits your lifestyle may be a top priority for you. But with today’s cooling housing market, is it really a good time to sell your house, or should you wait?

If you’re ready to make your decision, here are three reasons you may want to consider selling before the holidays.

1. Get One Step Ahead of Other Sellers

Typically, in the residential real estate market, homeowners are less likely…

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3 TRENDS THAT ARE GOOD NEWS FOR HOMEBUYERS!

3 Trends That Are Good News for Today’s Homebuyers

While higher mortgage rates are creating affordability challenges for homebuyers this year, there is some good news for those people still looking to buy a home.

As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too. Here are just a few trends that may benefit you when you go to buy a home today.

1. More Homes To Choose from

During the pandemic, housing supply hit a record low at the same time buyer demand skyrocketed. This combination made it difficult to find a home because there just weren’t enough to meet buyer demand. According to Calculated Risk, the supply of homes for sale increased by 39.5% for the week…

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3 QUESTIONS YOU MAY BE ASKING ABOUT SELLING YOUR HOUSE

3 Questions You May Be Asking About Selling Your House Today [INFOGRAPHIC]

Some Highlights

• If you’re planning to sell your house this year, you likely have questions about what the shift in the housing market means for your home sale.
• You might be wondering: Should I wait to sell? Are buyers still out there? And can I afford to buy my next home?
• Let’s connect so you can get answers to these questions and learn about the opportunities you still have in today’s housing market.

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4 ITEMS THAT HELP TO DETERMINE YOUR MORTGAGE RATE

4 Items That Help Determine Your Mortgage Rate

If you’re looking to buy a home, you probably want to secure the lowest interest rate possible for your home loan. Over the last couple of years, that was easier to do as the housing market saw record-low mortgage rates, but this year rates have risen dramatically.

If you’re looking for ways to combat today’s higher rates and lock in the lowest one you can, here are a few factors to focus on. Since approval opportunities can vary, connect with a trusted lender for customized advice.

Your Credit Score

Credit scores can play a big role in your mortgage rate. Freddie Mac explains:

“When you build and maintain strong credit, mortgage lenders have greater confidence when qualifying you for…

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SAVING FOR A DOWN PAYMENT? HERE'S WHAT YOU SHOULD KNOW

Saving for a Down Payment? Here’s What You Should Know.

As you set out to buy a home, saving for a down payment is likely top of mind. But you may still have questions about the process, including how much to save and where to start.

If that sounds like you, your down payment could be more in reach than you originally thought. Here’s why.

The 20% Down Payment Myth

If you believe you have to put 20% down on a home, you may have based your goal on a common misconception. Freddie Mac explains:

“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”

Unless it’s specified by your loan type or…

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HOW TO PREP YOUR HOUSE FOR SALE THIS FALL!

How To Prep Your House for Sale This Fall

Today’s housing market is different than it was just a few months ago. And if you’re thinking about selling your house, that may leave you wondering what you need to do differently as a result. The answer is simple. Taking the time upfront to prep your house appropriately and create a solid plan can help bring in the greatest return on your investment.

Here are a few simple tips to make sure you maximize the sale of your house this fall.

1. Price It Right

One of the first things buyers will notice is the price of your house. That’s because the price sends a message to home shoppers. Pricing your house too high to begin with could put you at a disadvantage by discouraging buyers from making an…

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