Whether you’re buying or selling a house, here’s something to think about that most people don’t. Your decision doesn’t just impact your life and your family’s, it sparks a ripple effect that has a positive impact on your entire community.
Every year, the National Association of Realtors (NAR) puts out a report that breaks down the financial impact that comes from people buying and selling homes.
The data shows that if you buy an existing (previously lived-in) home, you’re giving the local economy a boost of just over $60K. And if you buy a newly built home, that number goes up to over $125K (see visual below):
That’s because of all the people needed to build, fix up, and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry adds jobs to a community:
“. . . housing is a significant job creator. In fact, for every single-family home built, enough economic activity is generated to sustain three full-time jobs for a year . . .”
When you think about it, it makes sense. Behind every home sale is a network of people involved, including contractors, city officials, real estate agents, lawyers, specialists, and more. Everyone has a job to do to help make sure your deal goes through.
Put simply, when you buy or sell a home, you’re helping out your neighbors. So, your decision to move doesn’t just meet your needs; it supports their families, strengthens your town, and shapes the future of your community.
Imagine walking through the front door of your next home, knowing your decision helped a local contractor keep their crew working or a small business thrive. Remember that feeling as you make your decision this year.
Moving isn’t just a personal milestone – it’s an investment in your community, too. If you’re ready to make a move, connect with a local real estate agent. You’ll make a difference for more people than you know.
What’s most important to you as you prepare to buy or sell your house this year?
Homeowner’s insurance is a must-have to protect what’s probably your biggest investment – your home. And while you never want to think about worst-case scenarios, the right coverage is basically your safety net if something goes wrong. Here’s how it helps you.
In the simplest sense, it gives you peace of mind. Knowing you have protection against unexpected events helps you worry less. And with such a big purchase, having that reassurance is a big deal.
And while your first insurance payment will be wrapped into your closing costs, you’ll want this to be a part of your budget beyond closing day too. That’s because it’s a recurring expense you’ll have once you get the keys to your home.
Here’s what you need to know to help you budget for this important part of homeownership today.
In recent years, insurance costs have been climbing. According to Insurance.com, there are four big reasons behind the jump in premiums:
Basically, disasters are happening more often, repairs cost more, and insurers have to adjust their rates to keep up. Data from ICE Mortgage Technology helps paint the picture of how the average yearly premium has climbed over the last decade (see graph below):
Homeowner’s insurance is a must to protect your home and your investment. But with costs rising, you’ll want to do your homework to balance the best coverage you can get at the best price possible.
Homeowner’s insurance rates vary widely based on location, provider, and coverage. Shop around and compare quotes before settling on a policy. And don’t forget to ask about discounts. Things like security systems or bundling with auto insurance could help lower your insurance costs.
When you’re planning to buy a home, it’s important to look beyond just your mortgage payment. You’ll also want to budget for your homeowner’s insurance policy. It gives you a lot of protection against the unexpected. And while it’s true those costs are rising, there are things you can do to try to get the best price possible.
What’s your biggest concern when it comes to budgeting for homeownership? Talk to an agent to make sure you’re set up for success.
If you took your house off the market in late 2024, you’re not the only one. Newsweek reports that data from CoreLogic and the Wall Street Journal (WSJ) says nearly 73,000 homes were pulled from the market in December alone – that’s more than any other December going all the way back to 2017 (see graph below):
Whether it was because offers weren’t coming in, the timing around the holidays felt overwhelming, or they wanted to see if the market would improve in the new year – a lot of other homeowners decided to press pause, too.
But now, with spring fast approaching, it’s time to reassess. The market is already picking up, and waiting any longer to jump back in may only mean you’d face more competition from other sellers down the road.
Selma Hepp, Chief Economist at CoreLogic, explains that some of those sellers may have pulled their listings late last year with the goal of trying again this spring:
“Another reason for a step back could be that sellers wanted to wait and see how spring home buying season goes, and if mortgage rates fall, which would bring more home buyers and competition back in the market.”
That’s because spring is when buyer demand is typically at its highest point for the year. More people start their home search once the weather warms up. They’re eager to close on a home so they can move in during the summer. So, it’s a great window for sellers. It means more buyers.
And while mortgage rates haven’t fallen dramatically, they have come down some in recent weeks. Early signs already show buyers are becoming more active as a result. Since January, demand has picked up – and that should continue as spring draws even closer.
Start by checking the status of your listing agreement. Because even if you pulled your listing, you may still be under contract. And until your listing expires, your agent or brokerage is your best resource on what else you could try to get it sold. Realtor.com offers this advice:
“If you aren’t sure of the status of your listing, whether active, expired, or withdrawn, take a look at your listing agreement and talk to your real estate agent.”
If your contract is still active, now’s the perfect time to reconnect with your agent to explore strategies to get your home sold this time around. If your contract has expired and you’re considering other options, reach out to a trusted real estate professional who can help you figure out where to go from here.
Either way, take some time to reflect on your last experience. What held you back from getting it sold before? And what can you do to improve your chances this time around?
Be sure to include your agent in this thought process. They’ll give you an objective point of view and some advice based on what may have gone wrong last time, like:
If your house didn’t sell last year, spring may be your second chance. With buyer activity rising, it’s the perfect time to talk to an agent about coming back into the market with a fresh strategy.
What do you want to do differently this time around? Talk to your agent to go over your options and make a plan.
Want to know two reasons this spring might finally be your time to buy? Inventory has grown and sellers may be more willing to negotiate as a result. That means you’ve got more options and more power than buyers have had in years. Let’s break it down.
The number of homes for sale this February was higher than it’s been in any of the past five Februarys – and that’s great news for your home search. The graph below uses the latest data from Realtor.com to show the supply of homes on the market has grown by 27.5% in just the last year:
More choices for your search is a good thing – and experts also say that inventory is projected to continue rising this year, which is even better. It means it should be easier to find something that checks your most important boxes. But that’s not all this does for you. Danielle Hale, Chief Economist at Realtor.com, explains some of the other perks of more inventory, beyond just having more homes to consider:
“Buyers will not only have more home options . . . but they are also likely to find somewhat lower asking prices and more time to make decisions – all buyer-friendly factors as we inch closer to the busy homebuying season.”
Now that buyers have more options, some homes are sitting on the market a little longer – especially those that were priced too high from the start. And the result is more sellers are having to drop their prices to draw buyers back in. Just take a look at the numbers.
According to Realtor.com, the number of listings with price reductions has gone up compared to the last few years (see graph below):
This is a sign sellers are more willing to compromise today. If you look back to more normal years in the market (2017–2019), you’ll see that the number of price cuts happening today is much closer to what’s typical – and for most buyers, that’s a big relief.
What does that mean for you? It could give you a better chance to negotiate – whether that’s on price, closing costs, or even repairs. While not every seller will adjust their price, more of them are willing to do it – giving you more leverage than buyers have in quite a while.
If you’ve been on the sidelines, waiting for the right time to buy, this spring could be the opening you’ve been hoping for.
Of course, every market is different, and working with a local expert can help you work through your options. If you want to talk about what’s happening in your area or get started on your home search, connect with a local real estate agent.
How does today’s rising inventory impact your homebuying plans?
For years, sellers have had the upper hand in the housing market. With so few homes for sale and so many people who wanted to purchase them, buyers faced tough competition just to get an offer accepted. But now, inventory is rising, and things are starting to shift in many areas.
So, is the market finally balancing out? And does that mean buyers will have it a bit easier now? Here’s what you need to know.
It all comes down to how many homes are for sale in an area compared to how many buyers want to buy there. That’s what ultimately determines who has the most leverage.
You can see this play out over time using data from the National Association of Realtors (NAR) in the graph below:
Where the Market Stands NowWhile it’s still a seller’s market in many places, buyers in certain locations have more leverage than they’ve had in years. And that’s thanks to how much inventory has grown lately. As Lance Lambert, Co-Founder of ResiClub, explains:
“Among the nation’s 200 largest metro area housing markets, 41 markets ended January 2025 with more active homes for sale than they had in pre-pandemic January 2019. These are the places where homebuyers will be able to find the most leverage or market balance in 2025.”
Here’s a look at some of the strongest seller’s markets and buyer’s markets today, according to that research:
Do you know how to adjust your plans based on who’s got the most negotiating power? Because an agent does.
Clever strategies can make buying in a seller’s market easier – and vice versa. And that’s exactly why you need to hire a pro. A local real estate agent knows their market like the back of their hand. They’re super familiar with what the supply and demand balance looks like and how to help their clients get a deal done either way. So, as long as you have a skilled pro by your side, it doesn’t really matter if your town is on the list or not.
With their expertise, you’ll be able to plan ahead and buy (or sell) no matter what the market looks like.
With inventory rising, the market may be starting to balance out – but it all depends on where you want to buy or sell.
If you want to know who has the most leverage where you are, talk to a local real estate agent.
Buying your first home is exciting, but let’s be real – it can also feel overwhelming. It’s a big step, and with that comes plenty of questions. Am I making the right decision? Can I really afford this right now? Will I be able to make ends meet if I have unexpected repairs? What if I lose my job?
Here’s the thing: every first-time homebuyer has these thoughts.
The homebuying process has always been a mix of excitement and nerves, and that’s completely normal. Here’s some information that can give you a bit of perspective, so you don’t have these concerns.
Since homeownership is new to you, you’re probably feeling like it’s hard to know what to budget for. And that can be a bit scary. You’ll have the mortgage, home insurance, and maintenance to think about – maybe even lawn care or homeowner’s association (HOA) fees. It’s easy to let the dollar signs be overwhelming. As Zillow says:
“Buying a house is a big decision, and you might feel confused and indecisive as you assess your current financial situation and try to work through whether or not the timing is right. Making big life choices might come with some self-doubt, but crunching the numbers and thinking about what you want your life to look like will help guide you down the right path.”
The important thing is to focus on what you can control. By partnering with a local agent and a trusted lender, you can get a clear understanding of what you can borrow for your home loan, what your monthly payment would be, and how your mortgage rate can impact it. And since that payment will likely be your biggest recurring expense, the key is to make sure the number works for you.
The maintenance and repairs? Those can be a little bit harder to anticipate. But don’t forget you’ll get an inspection during the homebuying process to give you a better look at the condition of your future house. And with your inspection report in hand, you’ll have a good idea of what needs work. This way, you can start saving up so that you’re ready if and when something breaks.
But even then, if this is something that’s still really nagging at you, talk to your agent about asking the seller to throw in a home warranty. Those can cover repairs for some of the bigger systems in the house, like the HVAC, if they break within a specific time frame. While this isn’t a huge expense for the seller, the likelihood of a seller agreeing to one depends on what’s happening in your local market and how competitive it is right now.
And remember, chances are that money will be a little tight – at least at first. And that’s kind of to be expected. A lot of times when someone buys their first home, they cut down on things like shopping and eating out for a while until they get a better idea of how their expenses will shake out in the new home.
But if you’re crunching the numbers and you won’t have enough money left for things like gas, food, etc. – it’s a sign you’d be stretching yourself too far. The last thing you want is to take on a payment that’s too much to handle. But stretching a little? That’s different. That’s normal.
And don’t forget, you’ll likely earn more down the road, so that slight stretch now won’t seem so bad as time wears on. As you advance in your career, you’ll probably start to make more money too. So, as your paycheck grows, the payments will get easier. Renting is a short-term option – and it’s one you deserve to get out of. Buying a home is a long-term play.
And just in case you’re worried about what happens if you do lose your job, you should know there are options, like forbearance, designed to help you temporarily pause payments on your home loan due to hardship.
Buying your first home is a big decision, and it’s okay to feel a little nervous about it. But if you’re financially ready, don’t let fear keep you from moving forward. These emotions are normal, and great agents help their buyers get through them.
What makes you nervous when you think about buying your first home?
Connect with an agent so you have an expert on your side to explain everything along the way.
If you’ve been holding off on buying a home because of high mortgage rates, you might want to take another look at the market. That’s because mortgage rates have been trending down lately – and that gives you a chance to jump back in.
Mortgage rates have been declining for seven straight weeks now, according to data from Freddie Mac. And the average weekly rate is now at the lowest level so far this year (see graph below):
While that may not sound like a significant shift, it is noteworthy. Because the meaningful drop from over 7% to the mid-6’s can change your mindset when it comes to buying a home. Especially when the forecasts said we wouldn’t hit this number until roughly Q3 of this year (see graph below):
According to Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), recent economic uncertainty is playing a role in pushing rates lower:
“Mortgage rates declined last week on souring consumer sentiment regarding the economy and increasing uncertainty over the impact of new tariffs levied on imported goods into the U.S. Those factors resulted in the largest weekly decline in the 30-year fixed rate since November 2024.”
And the timing of this recent decline is great because it gives you a little bit of relief going into the spring market. Just remember, mortgage rates can be a quickly moving target, so you should expect some volatility going forward. But the window you have as they’re coming down right now might be the sweet spot for your purchasing power now.
Even small changes in rates can make a difference to your monthly payment. Here’s how the math shakes out. The chart below shows what a monthly payment (principal and interest) would look like on a $400K home loan if you purchased a house when rates were 7.04% back in mid-January (this year’s mortgage rate high), versus what it could look like if you buy a home now (see below):
In just a matter of weeks, the anticipated payment on a $400K loan has come down by over $100 per month. That’s a significant savings. When you’re making a decision as big as buying a home, every bit counts.
Just remember, shifts in the economy drove rates down faster than expected. But that can change, making rates volatile in the days and months ahead. So, if you’re waiting for rates to fall further before you buy, think hard about the current window of opportunity if you’re ready to act.
Mortgage rates have dipped, giving buyers a bit more immediate breathing room. If you’ve been waiting for rates to ease before jumping in, this could be your window.
Would a lower monthly payment make buying a home feel more doable for you?
Connect with an agent to break down the numbers and find out.
At one point or another, you’ve probably heard someone say, “Yesterday was the best time to buy a home, but the next best time is today.”
That’s because nationally, home values continue to rise. And with mortgage rates still stubbornly high and home prices going up, you may be holding out for prices to fall or trying to time the market for that perfect rate. But here’s the truth: waiting for the right moment could cost you in the long run.
The idea that prices will drop dramatically is wishful thinking in most markets. According to the Home Price Expectations Survey from Fannie Mae, industry analysts are saying prices are projected to keep rising through at least 2029.
While we’re no longer seeing the steep spikes of previous years, experts project a steady and sustainable increase of around 3-4% per year, nationally. And the good news is, this is a much more normal pace – a welcome sign for hopeful buyers (see graph below):
What This Means for YouWhile it’s tempting to wait it out for prices or mortgage rates to decline before you buy, here’s what you’ll need to consider if you do.
Let’s put real numbers into this equation. If you purchase a $400,000 home today, based on these price forecasts, it’s expected to go up in value by more than $83,000 over the next five years. That’s some serious money back in your pocket instead of being left on the sidelines (see graph below):
Why Aren’t Prices Dropping? It’s All About Supply and DemandEven though there are more homes for sale right now than there were at this time last year, or even last month, there still aren’t enough of them on the market for all the buyers who want to purchase them. And that puts continued upward pressure on prices. As Redfin puts it:
“Prices will rise at a pace similar to that of the second half of 2024 because we don’t expect there to be enough new inventory to meet demand.”
While every market is different, most areas will continue to see moderate price growth. Some may level off a bit, but a major national drop? Not likely.
Time in the Market Beats Timing the Market
If you’re debating whether to buy now or wait, remember this: real estate rewards those who get in the market, not those who try to time it perfectly.
Yes, today’s housing market has its challenges, but there are ways to make it work —exploring different neighborhoods, considering smaller condos or townhomes, asking your lender about alternative financing, or tapping into down payment assistance programs. The key is making a move when it makes sense for you rather than waiting for a perfect scenario that may never arrive.
Want to take a look at what’s happening with prices in your local market? Whether you’re ready to buy now or just exploring your options, reach out to a local agent so you have a plan in place that’ll set you up for success.