Should I Sell My Home In Rhome Texas now?
We are here to serve all of your real estate needs!
FEATURED LISTINGS
Get Your Home Valuation Report For Free!
Find your home's value in today's market!
Your North Texas Home Selling Team
Team Lead | Agent
Joe McCalip
+1(972) 834-6442
joe@themccalipgroup.com
Agent
Allison Huhmann
+1(817) 822-3562
allison@themccalipgroup.com
Ashley Stewart
+1(951) 972-6435
ashley@themccalipgroup.com
Daisey Sanchez
+1(682) 433-9736
daisey@themccalipgroup.com
Debbie Williams
+1(682) 551-4430
debbie@themccalipgroup.com
Renn Creasser
+1(972) 841-7629
renn@themccalipgroup.com
RECENTLY SOLD
MY BLOGS
More Homes, Slower Price Growth - What It Means for You as a Buyer
More Homes, Slower Price Growth - What It Means for You as a Buyer
More Homes, Slower Price Growth – What It Means for You as a Buyer There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. Let’s look at two reasons why. You Have More Options To Choose From An article from Realtor.com helps explain just how much the number of homes for sale has gone up this year: “There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.” And while the number of homes on the market still isn’t quite back to where it was in the years leading up to the pandemic, this is definitely an improvement (see graph below): With more homes available for sale now, you have more options to choose from. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, explains: “Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .” That means you have a better chance of finding a house that meets your needs. It also means the buying process doesn’t have to feel quite as rushed, because more options on the market means you’ll likely face less competition from other buyers. Home Price Growth Is Slowing When there aren’t many homes for sale, buyers have to compete more fiercely for the ones that are available. That’s what happened a few years ago, and it’s what drove prices up so quickly. But now, the increasing number of homes on the market is causing home price growth to slow down (see graph below): In certain markets, the number of available homes has not only bounced back to normal, but has even surpassed pre-pandemic levels. In those areas, home price growth has slowed or stalled completely. As Lance Lambert, Co-Founder of ResiClub, explains: “Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.” Slower or stalled price growth could give you a better chance of finding something within your budget. As Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), says: “For the third consecutive month U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability.” But remember, inventory levels and home prices are going to vary by market. So, having a real estate agent who knows the local area can be a big advantage. They can help you understand the trends in your community, which can make a real difference in finding a home that fits your needs and budget. Bottom Line More housing options – and the slower home price growth they bring – can help you find and buy a home that works for your lifestyle and budget. So don’t hesitate to reach out if you want to talk about the growing number of choices you have right now.
MORE
The Down Payment Assistance You Didn't Know About
The Down Payment Assistance You Didn't Know About
The Down Payment Assistance You Didn’t Know About Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it. And if you’re hoping to buy a home, this is a mission-critical gap to close – fast (see graph below): Here’s what you need to know to make the most of your down payment in today’s housing market. Amplify Your Down Payment Potential For first-time buyers, the name of the game with down payments is making sure you’re taking advantage of all the resources out there designed to help you. And a bunch of them can get you to your goal faster than you may have thought possible. For example, there are loan options that require as little as 3% down, or even 0% for certain qualified borrowers, like Veterans. And let’s not forget down payment assistance, like grants and other opportunities, that help you cover the upfront cost of your down payment. If you’re interested in exploring those options and what you may be able to use to your advantage, connect with a trusted lender. Because if you don't at least see what’s available, you could be leaving money on the table and missing your chance at buying a home. These resources can boost your down payment. And a higher down payment could help lower your eventual monthly mortgage payment, and even avoid or reduce your fees like private mortgage insurance. Don’t Let News Headlines About Down Payments Scare You There’s one more thing to address. News coverage has been talking about how the typical down payment is rising. A report from Redfin states: “The typical down payment for U.S. homebuyers hit a record high of $67,500 in June, up 14.8% from $58,788 a year earlier . . . This was the 12th consecutive month the median down payment rose year over year.” But don’t let those high dollars scare you. Just because the average down payment is rising doesn’t mean down payment requirements are going up. That’s a key piece of the puzzle to understand. It’s really just because people are choosing to put more down to try to offset higher mortgage rates, and current homeowners who are putting their equity to work are using that to increase their down payment on their next home. As HousingWire explains: “. . . buyers are putting down a higher percentage of the purchase price to lower their monthly mortgage payment. And buyers also had more equity from their home sales, which gives them more cushion.” Let’s break those two reasons down a bit: 1. A bigger down payment helps lower your monthly mortgage payment. Affordability has been a challenge for many buyers recently, which is why those who have the ability to make a bigger down payment are going to do so in an effort to lower their future housing costs. 2. Buyers who already own a home have a record amount of equity to leverage. Someone who bought a home a few years ago has gained a significant amount of value in their house, thanks to home price appreciation. These people can put down much more than the average first-time buyer who hasn’t owned a home yet. Bottom Line What’s the best thing to do? Talk with a trusted lender about your options. They’ll help you figure out where you stand today and how to access the resources you may qualify for. Because help is out there, you just need to work with a pro to take advantage of it.
MORE
We are here 24/7 to assist you with your home buying and selling needs from start to finish.
A UNIQUELY PERSONAL AND CLIENT-FOCUSED SERVICE APPROACH THAT TREATS EACH CLIENT TO A LUXURY CONCIERGE EXPERIENCE.
