Monthly Archives: February 2022

Should You Buy or Sell a House in 2022? Don’t Base Your Decision on Headlines Alone

24 Thursday Feb 2022

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Whether you’re at a party, family get-together, work, or just talking to a neighbor, there’s a good chance you’ll hear people talking about how crazy the real estate market’s been. And you’ll probably hear people’s opinions on whether it’s a good time to buy or sell a house.

But what are they basing their opinion on? 

Sometimes it’s just based on what they’ve heard second (or third) hand from a friend or family member. But a lot of times it’s “backed up” by what they’ve read or heard in the news, which is often just from a headline like, “Home Price Growth Is Finally Decelerating—and It’s Just the Start”, which Fortune recently published. 

Someone who only read that headline could easily take that as a sign that prices aren’t going to go up as much in 2022, and that’s just the start! So, it’s an easy leap to think that must mean prices may even go down next year. That could easily cause a homeowner to sell in a hurry before prices drop. Or, it could cause a buyer to wait for prices to come down and miss out on a house that would’ve been perfect for them, only to find nothing changed, or (worse!) prices went up even higher.

If you actually read the Fortune article, it doesn’t entirely prove out the headline, or at least how most people would interpret it. In fact, the “deceleration” they refer to in the headline is a 0.3% dip in home prices between September 2020 and September 2021. It went from an all-time high of 19.8% year-over-year gain, down to a 19.5% gain. Okay, to be fair, that is a “start” as they said in the headline…but how much more deceleration should we expect if that’s just the beginning?! 

Well, the predictions they cite in the article are all over the place for the next year:

  • Zillow predicts prices will rise 13.6%
  • Goldman Sachs predicts a rise of 13.5%
  • Fannie Mae expects a 7.9% increase
  • Freddie Mac thinks it’ll be a 7% bump up
  • Redfin is predicting price growth will only be 3%
  • CoreLogic sees it slowing to 1.9%
  • And the Mortgage Bankers Association is the only one cited with any amount of a decrease at 2.5%

To sum it up, according to the sources they cite, sure there may very well be a deceleration in prices, but that doesn’t mean prices will fall. Other than one source, they all predict that prices will continue to go up. More than half of them anticipate the growth rate to be higher than average…

…not quite what you may have thought if you just read the headline alone.

The Takeaway:

That’s just one example of a headline that could be misleading and cause you to judge whether it’s a good time for you to buy or sell a house. Much of what you see, hear, or read about the market tends to be too broad to make an informed decision, and the headlines can often be misleading. If you want a true read on the market and advice on whether it makes sense for you to buy or sell, your best bet is to speak to us who knows the local market. Kevin and Jennifer Hanley, REALTORS, Luxury, SRES The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

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Are You Paying Too Much for Your Monthly Mortgage? Better Check Now, Time Is Running Out to Refinance

17 Thursday Feb 2022

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Nobody wants to overpay for a house, and people tend to focus on negotiating as low of a purchase price as possible when they actually buy a house. And of course they want to make sure the interest rate on the mortgage they take at that time is as low as possible too. This all makes total sense to do, of course. But, once all of that is done, many homeowners kind of “set it and forget it”, and never look at whether they could be paying even less for their house once they own it.

According to this CNBC article, Black Knight (a mortgage data provider) says that over 5 million homeowners just missed out on their chance to refinance to a better rate. Rising interest rates have just knocked all of those people out of the running to save some money on their house.

The good news is that according to Black Knight’s analysis and metrics, there are still 5.9 millionhomeowners who are in a position to save money, despite the rising rates. Their data indicates that more than a million borrowers could save at least $400 per month, and 661,000 homeowners could save more than $500 per month.

So, if you haven’t recently refinanced, you may want to do yourself a favor and look into it. You could be paying more per month for your house than you need to, and ultimately more for your house than you need to. Capitalize on the increased equity you might have due to the sharp rise in home values in the past couple of years, and the still record low mortgage rates, before either shifts too much for it to benefit you. 

When doing your research, make sure you consider and analyze the costs of doing the refinance, and that you aren’t getting sold on doing one when it doesn’t actually make sense.

The Takeaway:

Before speaking to a lender, consult with us about the current market value of your house, the lenders will want to know this information. But also speak to us about your short and long term goals with the house, as this will affect the advice we give you, and whether or not it makes sense for you to refinance at all. Then you can truly weigh whether the savings are worth doing, given the costs to do so, and your future housing plans. Kevin and Jennifer Hanley, REALTORS, Luxury, SRES The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

The Most Popular Home Decor Styles, According to Pinterest

10 Thursday Feb 2022

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If you’re planning on redesigning or redecorating your home, you want to make sure the design style you choose feels timely and on trend. 

But which styles are currently trending in the interior design world?

In an analysis outlined in a recent article from REALTOR® Magazine, researchers analyzed over 4 million Pinterest pins to determine which home decor styles were the most popular—and for which rooms. 

So, which home decor styles are currently trending—and in which rooms do those styles reign supreme? Some of the key findings include:

  • Vintage is the most popular design style overall… With over 876,000 pins, Vintage was, by far, the most popular design style across the platform. (With over 530,000 pins, Contemporary was a distant second.)
  • …and the preferred design style for living rooms. The Vintage style was also the most popular design choice for living rooms, tallying over 259,000 pins.
  • Contemporary bathrooms are all the rage. With over 172,000 pins, Contemporary was the most popular decor style for bathrooms.
  • Shabby chic is the most on-trend style for bedrooms. If you want your bedroom to feel on-trend in 2022, go for a Shabby Chic look. This style was the most popular option for bedroom designs, coming in at just under 120,000 pins.

Ready to style your next home? Kevin and Jennifer Hanley, REALTORS, Luxury, SRES The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

Almost 40 Percent of Americans Plan to Move In 2022—Here’s What’s Driving Them

03 Thursday Feb 2022

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According to a recent survey from LendingTree, nearly 40 percent of Americans are considering a move in 2022—and that number is even higher for millennials (53 percent), and remote workers (53 percent).

But why, exactly, are so many people planning to move?

According to the survey, some of the key drivers behind so many Americans’ plans to move in the upcoming year include:

  • More space. During COVID, people are spending more time at home than ever—and many of those people are realizing they need more space. Twenty-six percent of people surveyed said they were planning to move because their current home is too small.
  • Owning their own home. The dream of homeownership is still alive in the US; 17 percent said they planned to move in 2022 to fulfill their dream of owning their own property.
  • New features. Again, as people spent more time at home, many found that their current home didn’t have everything they wanted or needed—and, as such, 16 percent said they were considering moving because they were looking for different features in a home.

The Takeaway:

If you’re planning on making a move in the upcoming year (whatever the reason!), you’re not alone—so get in touch with us, get the ball rolling on your search, and make 2022 the year you find the perfect home for you. Kevin and Jennifer Hanley, REALTORS, Luxury, SRES The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com