Buying April 17, 2025

Pre-Approval Clarity

Pre-Approval Isn’t Commitment – It’s Clarity

If buying a home is on your radar – even if it’s more of a someday plan than a right now plan – getting pre-approved early is still one of the smartest moves you can make. Why? Because, like anything in life, the right prep work makes things clearer.

The best time to get serious about buying is before you’re ready to buy. Here’s why.

Pre-Approval Helps You Understand Your Numbers

One of the biggest benefits of pre-approval is how it helps you understand your buying power. As part of the pre-approval process, a lender will walk through your finances and tell you what you can borrow based on your income, debts, credit score, and more. That number is power.

Once you have that clarity, you’re no longer guessing. You know what you’re working with. And that gives you the information you need to be able to plan ahead. That way, you’re not falling in love with homes that are outside of your price range – or missing out on ones that aren’t.

Pre-Approval Helps You Move Quickly When You’re Ready

You don’t have to be ready to buy to be ready to buy.

It happens all the time – someone scrolls through listings just for fun, and then BAM – they fall in love with something they see online. But by the time they scramble to connect with an agent and then get pre-approved with a lender, someone else beats them to it, and they lose the home. And you don’t want that to happen to you.

While you can’t control when the right home shows up – you can be ready for it.

Pre-approval isn’t about jumping the gun or rushing your timeline. It’s about making sure you’re ready when it’s go-time. As Experian explains:

“Waiting too long to get a preapproval, however, could leave you at a disadvantage . . . you could find the perfect home, but another buyer could snatch it up while you’re waiting for the lender to review your preapproval application. . . getting a preapproval just before you begin actively looking at homes may be your best option.”

Instead of rushing to figure out your numbers, trying to get documentation for your home loan together, and watching the house you love slip away while you wait to hear from your lender, you’re already in the game.

It’s like showing up to the starting line with your shoes tied and your warm-up done – while everyone else is still looking for parking.

But pre-approvals do have an expiration date, so be sure to ask your lender how long it’s good for. Bankrate offers this insight:

“Many mortgage preapprovals are valid for 90 days, though some lenders will only authorize a 30- or 60-day preapproval. If your preapproval expires, getting it renewed can be as simple as your lender rechecking your credit and finances to ensure there have been no major changes to your situation since the first time ‘round.”

The thing is, if you’ve been pre-approved – even if you’re just thinking about casually looking – you have a much better sense of how to navigate your home search within your budget. Plus, you’ll be ready if the perfect home comes along. So why not make it happen?

Bottom Line

Getting pre-approved doesn’t mean you have to buy a house today. But it does mean you’ll know what you’re working with when the right one shows up. If you want to get pre-approved, connect with a lender to get that process started.

In the meantime, let’s have a conversation about what’s on your mind and what you’re looking for.

If the perfect house popped up tomorrow, would you be ready to make a move?

AllBuyingSelling April 16, 2025

Crash Worries Arise, Again

Lately, it feels like a lot of people have been asking the same question: “Is the housing market about to crash?”

If you’ve been scrolling through social media or watching the news, you might have seen some pretty scary headlines yourself. That’s why it’s no surprise that, according to data from Clever Real Estate, 70% of Americans are worried about a housing crash in 2025.

But before you hit pause on your plans to buy or sell a home, take a deep breath. The truth is: the housing market isn’t about to crash – it’s just shifting. And that shift actually works in your favor.

Today’s Inventory Keeps the Housing Market from Crashing

Mark Fleming, Chief Economist at First American, says:

There’s just generally not enough supply. There are more people than housing inventory. It’s Econ 101.”

Think about it. If there’s a shortage of something – like tickets to a popular concert – prices go up. That’s what’s been happening with homes. We still have a shortage of supply. Too many buyers and not enough homes push prices higher.

Check out the white line for 2025 in the graph below. Even though the number of homes for sale is climbing, data from Realtor.com shows we’re still well below normal levels (shown in gray):

a graph of sales and pricesThat ongoing low supply is what’s stopping home prices from dropping at the national level. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“… if there’s a shortage, prices simply cannot crash.”

More Homes for Sale Means Price Growth Is Easing

And, as more homes become available, that takes some of the intense upward pressure off home price growth – leading to healthier price appreciation.

So, while prices aren’t falling nationally, growing inventory means they also aren’t rising as fast as they were. What we’re seeing is price moderation (see graph below):

a graph of green barsAnd according to Freddie Mac, that moderation should continue through the rest of this year:

“In 2025, we expect the pace of house price appreciation to moderate from the levels seen in 2024, while still maintaining a positive trajectory.

Put simply, that means prices will continue going up in most areas, just not as quickly. That’s good news for anyone who’s been having trouble finding a home and feeling sticker shock from the rapid price appreciation of the past few years.

But of course, what’s happening with prices and inventory is going to vary by local market. So, talk to your agent to find out what’s happening where you live.

Bottom Line

Don’t let the talk scare you. Experts agree that a housing market crash is unlikely in 2025. As Business Insider reports:

. . . economists who study housing market conditions generally do not expect a crash in 2025 or beyond unless the economic outlook changes.”

Instead, we’re heading into a housing market that’s healthier and more balanced, with slower price growth and more opportunity.

Let’s chat about what’s happening in our local market and how you can make the most of it.

Videos April 11, 2025

What’s the Impact of a Recession on the Housing Market?

Are you hearing all the talk about a recession and wondering what that would mean for the housing market? Here’s what the data tells us about every recession going back to the 1980s.
While everyone remembers 2008, what happened then wasn’t the norm. That was the only time there was a big drop in prices. It hasn’t happened since.
And mortgage rates? They usually come down – but don’t expect the return of 3%.
While the answer to the question of whether we’re headed toward a recession is uncertain, you don’t have to worry about what that would mean for housing.
What else are you hearing about the housing market that you’d like more information on? DM me or drop a comment below.

 

Are you hearing all the talk about a recession and wondering what that would mean for the housing market? Here’s what the data tells us about every recession going back to the 1980s.
While everyone remembers 2008, what happened then wasn’t the norm. That was the only time there was a big drop in prices. It hasn’t happened since.
And mortgage rates? They usually come down – but don’t expect the return of 3%.
While the answer to the question of whether we’re headed toward a recession is uncertain, you don’t have to worry about what that would mean for housing.
What else are you hearing about the housing market that you’d like more information on? DM me or drop a comment below.

 

All April 10, 2025

30-Year Mortgage Continues Weekly Average Below 7%

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.62%.

“The average 30-year fixed-rate mortgage continues to trend down, remaining under 7% for the twelfth consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “As purchase applications continue to climb, the spring homebuying season is shaping up to look more favorable than last year.”

  • The 30-year FRM averaged 6.62% as of April 10, 2025, down from last week when it averaged 6.64%. A year ago at this time, the 30-year FRM averaged 6.88%.
  • The 15-year FRM averaged 5.82%, unchanged from last week. A year ago at this time, the 15-year FRM averaged 6.16%.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.

Here’s Reaction from National Association of Realtors Deputy Economist Jessica Lautz:

Facts: The average 30-year fixed mortgage rate from Freddie Mac decreased to 6.62%, down from 6.64% last week. At this rate, with a 20% down payment, the monthly mortgage payment amounts to $2,048 for a home priced at $400,000. With a 10% down payment, the typical payment would be $2,304.

Level set: The 30-year fixed mortgage has been on a roller coaster ride this week, and the weekly average is below today’s mortgage rate quotes. This is due to the bond market reacting in real time to real-time decisions. Home buyers could have locked in the lowest rates seen in months earlier this week.

Watch: As a reaction to the mortgage rate turbulence, savvy shoppers jumped on lower rates, and mortgage applications increased 20%. If home buyers are ready to buy and on solid financial footing, stay in close contact to find the perfect home and lock in the lowest rate amid daily changes.

Videos April 4, 2025

Things To Avoid After Applying For A Mortgage

All April 3, 2025

30-Year Mortgage Rate Interest Average Moves in Narrow Range

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.64%.

“Over the last month, the 30-year fixed-rate has settled in, making only slight moves in either direction. This stability is reassuring, and borrowers have responded with purchase application demand rising to the highest growth rate since late last year,” said Sam Khater, Freddie Mac’s Chief Economist.

  • The 30-year FRM averaged 6.64% as of April 3, 2025, down slightly from last week when it averaged 6.65%. A year ago at this time, the 30-year FRM averaged 6.82%.
  • The 15-year FRM averaged 5.82%, down from last week when it averaged 5.89%. A year ago at this time, the 15-year FRM averaged 6.06%.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.

Selling April 3, 2025

The #1 Thing Sellers Need To Know About Their Asking Price

When you put your house on the market, you want to sell it quickly and for the best price possible; that’s generally the goal. But too many sellers are shooting too high right now. They don’t realize the market has shifted as inventory has grown. The side effect? Price cuts are on the rise, but they really don’t have to be. Here’s why.

According to data from Realtor.com, in February, price cuts were the highest they’ve been in any other February since 2019 (see graph below):

a graph of blue rectangles with numbers

If you consider that 2019 was the last true normal year for the housing market – that’s a big deal. We’re getting back to what’s typical for the market.

This isn’t the same frenzied seller’s market we saw a few years ago. You may not get the same price your neighbor did at the height of the pandemic. And that means you may need to reset your expectations.

Because here’s the reality. If you shoot too high and have to lower your price after the fact, you could actually end up walking away with lower offers than if you’d priced it right from the start. So, how do you avoid that? You lean on your agent.

How an Agent Helps You Nail the Right Price

A great agent doesn’t just pull a number out of thin air. They’ll use real data and market trends to make sure your house is priced based on what your specific home is valued at today. So, you’re setting a realistic price – one that’ll draw in serious buyers.

And based on your agent’s analysis of your local market, they may even recommend strategically pricing slightly below market value to help your house attract more eyes and more competitive offers. Here’s how your agent will determine the right number for your house:

  • They look at recent sales. What did similar homes in your area actually sell for? Not list for, sell for.
  • They analyze local market trends. Your home’s value isn’t just about what you want for it, it’s about what buyers in your area are willing to pay.
  • They craft the right strategy. They’ll make sure your home is priced to attract attention and create a sense of urgency among buyers.

Why Overpricing Backfires

Unfortunately, some sellers still ignore their agent’s advice and prefer to start high just to see what happens. The hope being maybe they get their full asking price, or they at least have more wiggle room for negotiation. But pricing high usually ends up costing you, and here’s why:

  • Buyers may not even look at it. Today’s buyers are more budget-conscious than ever. If they see a home that seems overpriced, they’re likely to skip it completely rather than try to negotiate.
  • It could sit on the market for too long. The longer your home sits unsold, the more buyers will assume something’s wrong with it. That can make it even harder to sell down the line.
  • You might end up getting less. Homes that require a price cut often sell for less than they would have if they had been priced right from the start.

You can see that shake out in the graph below. It uses data from the National Association of Realtors (NAR) to show that the longer a house sits, the less it’ll sell for:

a graph of blue rectangular objects
This graph shows that if a house sells within the first 4 weeks it is listed, it usually goes for full price. Based on experience, that’s what usually happens to homes that are priced at or just below current market value. If it’s priced right, buyers will be interested, and, ultimately, willing to pay the asking price – or compete with other buyers and even go over asking.

But if a house isn’t priced right, it doesn’t sell as quickly. And this graph shows that, after the first 4 weeks on the market, the price starts to drop from there. That’s because buyer interest falls off the longer it sits. So, it becomes more likely a seller will either accept a lower offer because that’s all they have, or opt to do a price drop to draw people back in.

Bottom Line

The last thing you want is to list too high, watch your house sit, and then have to drop the price just to get attention. Let’s connect so that doesn’t happen to you.

Want to make sure your home sells quickly and for the best price? Let’s go over the right pricing strategy for your house.

Buying April 2, 2025

Is a Townhome in Your Future?

Townhomes: A Smart Solution for Today’s First-Time Buyers

Buying your first home in today’s market can feel tough. Between high home prices and mortgage rates, affordability is still a big challenge. And some buyers are making one simple trade-off that’s getting them in the door faster: square footage.

According to the National Association of Home Builders (NAHB), 35% of buyers are willing to purchase something smaller to make homeownership happen. And one place you can usually find a smaller footprint (and sometimes better affordability) is in townhomes.

Why Townhomes Are Gaining Popularity

Townhomes typically cost less than single-family homes due to their more limited size. And that’s a big plus for today’s budget-conscious buyer. As Realtor.com says:

“In today’s market, affordability remains a key priority for homebuyers, making townhomes an attractive option because they are often priced more reasonably than single-family homes. It makes them especially appealing to first-time homebuyers on a tighter budget . . .”

So, if you’re trying to buy but feeling stuck because of rising prices, shifting your focus to townhomes could be one way to get into homeownership without maxing out your budget.

Builders Are Responding to the Demand

Builders have seen buyers’ appetite shift to smaller homes, and they’re adjusting to meet the demand. As Joel Berner, Senior Economist at Realtor.com, explains:

“Builders are making a concerted effort to provide smaller, more affordable inventory to the market in a way that the existing-home market cannot. Townhomes are a significant portion of that effort.”

And the numbers back it up. According to data from Realtor.com, townhomes now make up a bigger share of new construction listings than they did just a couple of years ago (see graph below):

a graph of a growing graph
That means, if you’re interested in this type of house, you have more choices than you would have had over the last few years. And more options that are potentially more affordable are definitely a good thing. It should make your search for your first home a bit easier.

Is a Townhome Right for You?

If you’ve been focused only on more traditional homes with their own yards, an agent can help you explore whether a townhome could work for you. Who knows, you may find out you love the lifestyle. A lot of people do. As an article from the National Association of Realtors (NAR) explains:

“Townhomes tend to cost less than single-family detached homes and can be appealing to young professionals who may desire medium-density, walkable neighborhoods.”

That’s because they’re lower maintenance, they can provide a sense of community with other residents, and they have their own unique amenities. Not to mention, they give you the chance to start building wealth through homeownership without the upkeep that comes with having your own detached, single-family home. And that can be great for first-time buyers who are a bit worried about the maintenance anyway.

But they also come with some other considerations, like dealing with noise through shared walls. If you’re a renter right now, maybe you’re used to that already. But these are the types of things you’ll want to think about. And that’s where an agent’s expertise comes in. They’ll help you weigh the pros and cons, so you understand how a townhome fits into your lifestyle and long-term goals before making your decision.

Bottom Line

If you’re struggling to find a home within your budget, it may be time to expand your search and consider options you haven’t before, like townhomes. Sometimes, compromising a little bit on space is worth it to get your foot in the door.

What matters most to you — space, location, or budget? Let’s figure out where you can flex to make homeownership happen.

Videos March 31, 2025

Trends to Watch

AllBuyingSelling March 19, 2025

What You Need To Know About Homeowner’s Insurance

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.

  • Covers Repairs and Rebuilding Costs: If your home is damaged by fire, storms, or other covered events, your policy helps pay for repairs or even a full rebuild.
  • Protects Your Belongings: Many policies can also cover personal items like furniture, electronics, and clothing if they’re stolen or damaged.
  • Provides Liability Coverage: If someone gets injured on your property, homeowner’s insurance can help cover medical bills or legal expenses.

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.

Costs and Claims Are Rising

In recent years, insurance costs have been climbing. According to Insurance.com, there are four big reasons behind the jump in premiums:

  • More severe weather events and wildfires are leading to higher claims.
  • Insurance companies are pulling out of high-risk areas, reducing options for homeowners in some states.
  • Past rate increases haven’t kept up with the rise in claims.
  • The cost to rebuild or repair homes has gone up due to higher material and labor costs.

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):

What You Can Do About It

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.

Bottom Line

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? Let’s talk through it and make sure you’re set up for success.