Karen Powers Realtor

11/03/2024

Even though there are more homes available for sale than there were at this time last year, there are still more buyers than there are houses to choose from. So, know that if you’ve got moving on your mind, your house can really stand out.

What’s Causing the Shortage?

1. Underproduction of Homes

2. Rising Costs

3. Regional Imbalances

How Big Is the Problem?

According to estimates from Real Estate News, the U.S. is facing a housing shortfall of roughly 3.3 million homes, based on an average of several expert insights.

This shows there’s a significant number of homes that need to be built just to meet current demand from buyers. But what about future demand?

According to John Burns Research and Consulting (JBREC), over the next 10 years, the U.S. will need about 18 million new homes to meet projected demand, including homes for new households, second homes, and replacements for aging or unusable homes.

So, even though more homes are on the...

Even though there are more homes available for sale than there were at this time last year, there are still more buyers than there are houses to choose from. 

11/02/2024

Feeling a bit unsure, or even afraid, to move with everything going on right now? The decision to move shouldn’t be scary, it should be exciting. And the best way to eliminate any fear is to work with a pro.
Here are just a few examples of why that expertise can give you so much peace of mind.
1. Explaining the Current Market
You may be seeing misleading headlines about a potential market crash, falling prices, and more. And when you’re not an expert yourself, it’s easy to get swept up in the clickbait and let that scare you. A real estate agent is there to help you separate fact from fiction and to debunk any headline that does more to terrify than clarify. With their deep understanding of local market trends, home values, inventory levels, and more, they’ll help you feel more confident in your decision.
2. Walking You Through the Process Step-by-Step
Is this your first time going through the process as a buyer or a seller? Don’t worry. Your agent...

Feeling a bit unsure, or even afraid, to move with everything going on right now?

11/01/2024

Even if you’re not looking to move right away, you may have questions about how the election will impact the housing market. When we look at historical trends, combined with what’s happening right now, we can find your answers. Based on historical data, mortgage rates decrease in the months before and home prices and sales increase the year after the election. The facts show Presidential elections only have a small and temporary impact on the housing market.

Even if you’re not looking to move right away, you may have questions about how the election will impact the housing market.

10/31/2024

No one likes making mistakes, especially when they happen in what’s likely the biggest transaction of your life – buying a home.

That’s why partnering with a trusted agent is so important. Here’s a sneak peek at the most common missteps buyers are making in today’s market and how a great agent will help you steer clear of each one.

Trying To Time the Market

Many buyers are trying to time the market by waiting for home prices or mortgage rates to drop. This can be a really risky strategy because there’s so much at play that can have an impact on those things.

Buying More House Than You Can Afford

If you’re tempted to stretch your budget a bit further than you should, you’re not alone. A number of buyers are making this mistake right now.

Missing Out on Assistance Programs That Can Help

Saving up for the upfront costs of homeownership takes some careful planning. You’ve got to think about your closing costs, down payment, and more. And if...

No one likes making mistakes, especially when they happen in what’s likely the biggest transaction of your life – buying a home.

10/29/2024

With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down.

Election Years Bring a Temporary Slowdown

In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to data from BTIG, in election years there’s usually a slightly larger dip in home sales in the month leading up to Election Day.

Home Sales Bounce Back After the Election

The good news is these delayed sales aren’t lost forever—they’re just postponed. History shows sales tend to rebound after the election is over. In fact, home sales have actually increased 82% of the time in the year after the election.

What To Expect in 2025

If history is any indicator, that means more homes will sell next year. And based on the latest forecasts, that’s exactly what you should expect. The housing market is on pace to sell a total of 4.6 million homes this...

With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market.

10/27/2024

There are a number of scary myths about homebuying in today’s market. Here’s what you need to know. Prices are not expected to crash, it is possible to buy even with student loan debt, and there are programs that can help you save for a down payment. Don’t let scary myths delay your homebuying plans. Let's connect so you have a pro to help you separate the facts from your fears.

There are a number of scary myths about homebuying in today’s market. Here’s what you need to know.

10/26/2024

As you’re getting ready to sell your house, one of the first questions you’re probably asking is, “how long is this going to take?” And that makes sense—you want to know what to expect.

More Homes Are on the Market, and That’s Affecting How Long They Take To Sell

According to Realtor.com, the number of homes for sale has been going up this year. That means there are more options for buyers, which is great news for anyone looking to buy a home. But as a seller, it also means homes are staying on the market a bit longer now that buyers have more options to choose from.

But keep this in mind. While homes might not be selling as quickly as they did last year at this time, they’re still selling faster than they did in more normal years in the housing market, before the pandemic.

As NerdWallet explains: “Overall, though, demand still outpaces supply. This is hardly a mellow market: Good homes sell quickly . . .”

Your Agent Can Help Your Home Stand...

As you’re getting ready to sell your house, one of the first questions you’re probably asking is, “how long is this going to take?” 

10/25/2024

If your goal is to sell your house in 2025, now’s the time to start prepping. By starting your prep work early, you’ll give yourself plenty of time to get your house market-ready by the end of the year. But be sure to partner with a great agent before you get started, so you have expert insight into what repairs are worth it based on your local market.

Why Starting Early Is Key

To get the best price and sell quickly, it’s important that your home looks its best. And that means it’s up to you to make the necessary repairs, declutter, and even consider updates that could add value as part of getting your house ready to list.

By starting now, you can tackle things one task at a time. Because, if you wait to knock items off your list later on, they could quickly stack up and get overwhelming.

The Importance of Working with a Local Agent

And while that data gives you a starting point, it shouldn’t be seen as a comprehensive list. What buyers want in...

If your goal is to sell your house in 2025, now’s the time to start prepping.

10/24/2024

With everything feeling more expensive these days, it’s natural to worry about how rising costs might impact the housing market. Many people are concerned that high prices and tighter budgets could cause more homeowners to fall behind on their mortgage payments, leading to a wave of foreclosures.

But before you start worrying about a housing market crash, here’s a look at what’s really happening. And the good news is: the latest foreclosure data shows there’s no wave on the horizon.

How Today’s Market Is Different from 2008

Let’s ease those fears by looking at the bigger picture. There’s a big difference between what’s happening now, and what happened when the housing market crashed.
As an article from Bankrate explains: “In the years after the housing crash, millions of foreclosures flooded the housing market, depressing prices. That’s not the case now. Most homeowners have a comfortable equity cushion in their homes.”

This equity acts like a...

With everything feeling more expensive these days, it’s natural to worry about how rising costs might impact the housing market.

10/22/2024

Curious about where the housing market is headed in 2025? The good news is that experts are offering some promising forecasts, especially when it comes to two key factors that directly affect your decisions: mortgage rates and home prices.

Whether you're thinking of buying or selling, here’s a look at what the experts are saying and how it might impact your move.

Mortgage Rates Are Forecast To Come Down

One of the biggest factors likely affecting your plans is mortgage rates, and the forecast looks positive. After rising dramatically in recent years, experts project rates will ease slightly throughout the course of 2025.

While that decline won’t be a straight line down, the overall trend should continue over the next year. Expect a few bumps along the way.

Home Price Projections Show Modest Growth

While mortgage rates are expected to come down slightly, home prices are forecast to rise—but at a much more moderate pace than the market has seen...

Curious about where the housing market is headed in 2025?

10/20/2024

If you’re looking to break into homeownership but the price of single-family homes has you second-guessing, you might want to consider a condominium (condo) or townhome. These types of homes often come with a lower barrier to entry – and that can help you start to build equity and enjoy the benefits of owning a home sooner.

And here’s some exciting news: builders are focusing more on homes like these. The National Association of Home Builders (NAHB) says: “The share of townhomes being built is at an all-time high.”

That means there’s a good number of options to add to your home search if you broaden it to include condos and townhomes.

So, if you're comfortable with a smaller space and want to buy your first home before the spring rush, adding these types of homes to your search might be your answer.

The Perks of a Condo Lifestyle

Living in a condo has a bunch of other perks, too. Let’s look closer at why condos are appealing for first-time...

If you’re looking to break into homeownership but the price of single-family homes has you second-guessing, you might want to consider a condominium (condo) or townhome.

10/19/2024

Did you know? Homeowners are often able to put more money down when they buy their next home. That’s because, once they sell, they can use the equity they have in their current house toward their next down payment. And it’s why as home equity reaches a new height, the median down payment has too.

According to the latest data from Redfin, the typical down payment for U.S. homebuyers is $67,500—that’s nearly 15% more than last year, and the highest on record.

Here’s why equity makes this possible. Over the past five years, home prices have increased significantly, which has led to a big boost in equity for current homeowners like you. When you sell your house and move, you can take the equity that gives you and apply it toward a larger down payment on your new home. That’s a major opportunity.

Now, it’s important to remember you don’t have to make a big down payment to buy your next home—there are loan programs that let you put as little as 3%, or...

Did you know? Homeowners are often able to put more money down when they buy their next home.

10/18/2024

You may be torn between buying a home now or waiting. But don’t forget to factor in the equity you’ll gain as prices rise. Experts forecast prices will climb over the next 5 years – and based on those forecasts, you could gain about $90k in equity in that time. So, you could wait, but you’ll miss out on a lot of equity if you do. If you’re ready and able to buy, let’s connect so you can start growing your wealth now.

You may be torn between buying a home now or waiting. But don’t forget to factor in the equity you’ll gain as prices rise.

10/17/2024

This year, mortgage rates came down at the same time the number of homes on the market usually starts to decline. So, what happened? More homeowners decided to sell, so more homes came to the market.

The most recent data from Realtor.com reveals that in September, the number of homes put up for sale increased by 11.6% compared to this time last year.

Ralph McLaughlin, Senior Economist at Realtor.com, explains why there was an unseasonable rise: “This sharp increase is largely due to the decline in mortgage rates in mid-August, enticing homeowners to sell.”

So, as rates came down at the end of the summer, more people jumped into the market and decided to make their move.

What Does This Mean If You’re Looking To Buy a Home?

It means more fresh options to choose from than you’ve had in a while – not the ones that have been sitting around, unsold.

Why Buy Now, Rather Than Wait?

Whether you're looking for a starter home, an upgrade, or hoping to...

Homeowners typically slow down their moving plans as the summer months wrap up, and as a result, fewer homes are listed for sale in the fall.

10/15/2024

For some buyers, there’s a misconception that newly built homes aren’t made to last or fall short of the quality you can find in older homes. Unfortunately, this is turning some buyers away from what may be one of their best options in today’s housing market.

So, is there any merit to the myth? Let’s break down the best way to make sure you feel good about looking into new home construction. That way, you’re not missing out on such a great option today.

Choosing the Right Builder

The key to making sure you get a quality newly built home is to choose a good builder. Reputable builders adhere to strict building codes and standards, use advanced construction techniques, and often offer warranties that cover structural issues for several years.

Beyond that, maybe they’ve even worked with other buyers who opted for a home in one of those neighborhoods. Here are just a few of the things your agent will help you with:

1. The Builder’s...

For some buyers, there’s a misconception that newly built homes aren’t made to last or fall short of the quality you can find in older homes.

10/13/2024

Has your house been sitting on the market longer than expected? If so, you’re bound to be frustrated by now. Maybe you’re even thinking it’s time to pull the listing and wait to see what 2025 brings. But what you may not realize is, the decision to hold off could actually cost you. Here’s a look at why staying the course could be the smarter move.

Other Sellers Are Pulling Back. Should You Hold Off Too?

According to recent data from Altos Research, the number of withdrawals is increasing – that means more sellers are opting to pull their listings off the market right now. And this isn’t unusual for this time of the year.

In the housing market, there are seasonal ebbs and flows. Inventory levels typically start to drop off a bit headed into the fall season as some sellers delay their plans until the new year.

Today’s Buyers Are Serious and Ready To Act

The biggest reason to stick with your plan to sell now is that the buyers who are looking at...

Has your house been sitting on the market longer than expected?

10/12/2024

Based on a recent study, in 22 of the top 50 metros, the monthly mortgage payment is lower than the rent payment. Make sure you work with a pro who can help you crunch the numbers and see how your city stacks up. This may be your opportunity to forget renting for good. If you want to see which option makes the most sense in our area, let’s do the math together.

Based on a recent study, in 22 of the top 50 metros, the monthly mortgage payment is lower than the rent payment.

10/11/2024

🎉 Open House at 19 Mariners Drive, Pudding Hill – 55+ Community! 🏡

Imagine starting your mornings with a warm cup of coffee, overlooking peaceful greenery, knowing you've found your forever home in a serene 55+ community.

This Sunday, October 13th, from 12 to 1:30 PM, join us for an open house at 19 Mariners Drive in the heart of Pudding Hill. Come explore this beautiful home designed with comfort, convenience, and community in mind.

If Sunday doesn’t fit your schedule, private showings are available. This is your chance to embrace a life filled with ease, connection, and everything you deserve.

😊

10/11/2024

If you’re toying with the idea of selling your house, you’re probably wondering how much it’ll cost. To be honest, the final number will depend on several factors like the offer you accept, if you help with your buyer’s closing costs, how many repairs you tackle, and more.

Closing Costs and Commission

These are the fees you’ll pay at the closing table to cover various aspects of the sale. You’ll have your own closing costs and you may even offer to pay some of the buyer’s as a concession.

Pre-Listing Inspection and Repairs

One optional step some sellers take is having a pre-listing inspection. It gives you an idea of what may pop up later on in the buyer’s inspection – because those are the items a buyer may ask you to toss in a credit (or concession) to cover later on.

This allows you to get a jump on any repairs and tackle them before you list, so your house is set up to impress from the start.

Home Staging

As inventory grows, you may want...

If you’re toying with the idea of selling your house, you’re probably wondering how much it’ll cost.

10/10/2024

You may have heard chatter recently about the economy and talk about a possible recession. But here’s the good news – there’s no need to panic. The housing market is not set up for a crash right now.

1. Demand for Homes Is Higher than Supply

One of the biggest reasons the housing market crashed back in 2008 was an oversupply of homes. Today, though, it’s a very different story.

It’s a general rule of thumb that a market where supply and demand are balanced has a six-month supply of homes. A higher number means supply outpaces demand, and a lower number means demand outpaces supply.

2. Unemployment Is Still Low

When people are unemployed, they’re more likely to have trouble making their mortgage payments and may be forced to sell or face foreclosure. That was a big problem during the 2008 financial crisis. Today, the employment situation is much more stable.

Right now, people are working, earning an income, and making their mortgage payments...

You may have heard chatter recently about the economy and talk about a possible recession.

10/08/2024

If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home. But there’s good news: now’s actually a great time to make that move happen. Here’s why.

You Have a Lot of Equity To Leverage

One of the key benefits in today’s market is the amount of equity you’ve likely built up in your current house over the years.

What does that mean for you? If you’ve been in your home for a few years, you’re probably sitting on a significant amount of equity. You can put that toward the down payment on your next home, helping keep the amount you borrow within a comfortable range.

Mortgage Rates Have Fallen, Boosting Your Purchasing Power

And there’s another big reason why now’s a great time to make your move: mortgage rates are trending down. Lower rates can help make your future monthly payments more...

If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone.

10/06/2024

Seeing your house sit on the market without any bites is the ultimate frustration. And unfortunately, some sellers are in that tricky spot today.

According to data from the National Association of Realtors (NAR), the average time a house spends on the market has increased over the past few years.

Some of that is because inventory has gone up, so buyers have more options. And higher mortgage rates have definitely slowed demand over the past two years, and that’s out of your control.

Make no mistake, with the right strategy and agent partner, your house can still sell quickly, even today.

Here are just a few tips a great real estate agent will walk you through. They may seem simple, but advice like this can make all the difference.

1. Competitive Pricing: A local real estate agent will do a competitive market analysis by reviewing recent sales and current listings for your area. Then, they’ll use that data to make sure your home is priced accurately...

Seeing your house sit on the market without any bites is the ultimate frustration.

10/05/2024

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments.

As mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country.

You see, talking with a local real estate agent about what’s happening in your market before this happens in your ideal neighborhood could really change the game for you. It’s all about being informed by a true expert, and understanding what was out of reach before might actually be getting more affordable than you think.

Now, while this study compares monthly rent to principal and interest on a mortgage payment (not the whole monthly payment), let’s think through this. As Zillow notes, what you can’t ignore when you buy a home are...

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments.

10/04/2024

Affordability is based on three key factors: mortgage rates, home prices, and wages. And today, it’s improving quickly as rates come down, prices level off, and wages climb. If you put your search on pause because it was too expensive to buy, let’s talk about why now may be the perfect time to jump back in.

Affordability is based on three key factors: mortgage rates, home prices, and wages.