April 26, 2024

Equity Can Make Your Move Possible

Equity Can Make Your Move Possible 


 

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Some Highlights

  • Did you know the equity you have in your current house can help make your move possible?
  • Once you sell, you can use it for a larger down payment on your next home, so you’re borrowing less. Or, you may even have enough to be an all-cash buyer.
  • The typical homeowner has $298,000 in equity. If you want to find out how much you have, let’s connect for a Professional Equity Assessment Report.
 
My name is Julia Hurley and I am a Professional Licensed Broker of Just HomesGroup in Knoxville TN. I am a member of the Knoxville Area Associated of Realtors, Greater Smoky Mountains Association of Realtors, Knoxville Commercial Realtors and Real Tracs Nashville a.k.a. KAAR,  GSMAR, and KAARCIE, have been working in real estate since June 2014. I am a Multi-Million dollar producer and continue to excel and grow through educating myself in an effort to provide you with the best service possible.
 
click the photo for a peak at our show, SELLING KNOXVILLE
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April 18, 2024

Is It getting more affordable to Buy a home?

Is it getting more affordable to buy a home?

 

 

Over the past year or so, a lot of people have been talking about how tough it is to buy a home. And while there’s no arguing affordability is still tight, there are signs it’s starting to get a bit better and may improve even more throughout the year. Elijah de la Campa, Senior Economist at Redfin, says:

We’re slowly climbing our way out of an affordability hole, but we have a long way to go. Rates have come down from their peak and are expected to fall again by the end of the year, which should make homebuying a little more affordable and incentivize buyers to come off the sidelines.”

Here’s a look at the latest data for the three biggest factors that affect home affordability: mortgage rates, home prices, and wages.

1. Mortgage Rates

Mortgage rates have been volatile this year – bouncing around in the upper 6% to low 7% range. That’s still quite a bit higher than where they were a couple of years ago. But there is a sliver of good news.

Despite the recent volatility, rates are still lower than they were last fall when they reached nearly 8%. On top of that, most experts still think they’ll come down some over the course of the year. A recent article from Bright MLS explains:

Expect rates to come down in the second half of 2024 but remain above 6% this year. Even a modest drop in rates will bring both more buyers and more sellers into the market.” 

Any drop in rates can make a difference for you. When rates go down, you can afford the home you really want more easily because your monthly payment would be lower.

2. Home Prices

The second big factor to think about is home prices. Most experts project they'll keep going up this year, but at a more normal pace. That’s because there are more homes on the market this year, but still not enough for everyone who wants to buy one. The graph below shows the latest 2024 home price forecasts from seven different organizations:

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These forecasts are actually good news for you because it means the prices aren't likely to shoot up sky high like they did during the pandemic. That doesn’t mean they’re going to fall – they'll just rise at a slower pace.

3. Wages

One factor helping affordability right now is the fact that wages are rising. The graph below uses data from the Federal Reserve to show how wages have been growing over time:

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Check out the blue dotted line. That shows how wages typically rise. If you look at the right side of the graph, you'll see wages are climbing even faster than normal right now.

Here’s how this helps you. If your income has increased, it's easier to afford a home because you don't have to spend as big of a percentage of your paycheck on your monthly mortgage payment.

Bottom Line

If you stack these factors up, you’ll see mortgage rates are still projected to come down a bit later this year, home prices are going up at a more moderate pace, and wages are growing quicker than normal. Those trends are a good sign for your ability to afford a home.

COMING SOON HOMES
 
My name is Julia Hurley and I am a Professional Licensed Broker of Just HomesGroup in Knoxville TN. I am a member of the Knoxville Area Associated of Realtors, Greater Smoky Mountains Association of Realtors, Knoxville Commercial Realtors and Real Tracs Nashville a.k.a. KAAR,  GSMAR, and KAARCIE, have been working in real estate since June 2014. I am a Multi-Million dollar producer and continue to excel and grow through educating myself in an effort to provide you with the best service possible.
 
click the photo for a peak at our show, SELLING KNOXVILLE
Visit Our Website - Like, Share and Follow!
Posted in Home Buying
April 3, 2024

Luxury Rental Cabin

1845 Pinestand Ridge Way, Sevierville, TN

$ CLICK FOR CURRENT PRICE
4 BEDROOMS 3.5 BATHROOMS 0.8 acres Lot

Enchanting cabin retreat nestled in the heart of the majestic Smoky Mountains offering solitude and comfort with a luxury twist. Every corner is adorned with fun and games for the whole family and offers a separate peaceful space for guests seeking to create special memories. As you approach, you'll be greeted by J's Hideaway, open to full mountain views, entertaining pavilion for weddings or family gatherings, useable land that truly says, the more the merrier. Upon entering, you'll be captivated by the cozy elegance that surrounds you. The living room boasts plush sofas, a crackling fireplace, and soft, glowing lanterns that cast a warm, inviting glow. Curl up with a book from our curated collection or simply gaze out the window at the stunning mountain views. The kitchen is a chef's dream, with state-of-the-art appliances, granite countertops, and whimsical touches. Whip up a gourmet meal to enjoy at the elegant dining table, or take your feast outside to the spacious deck, where you can dine al fresco under a canopy of twinkling stars. After a day of exploring the natural wonders of the Smokies, retreat to the master suite, where a king-sized bed with luxurious linens awaits. The ensuite bathroom is a sanctuary of relaxation, with a deep soaking tub. Outside, the enchantment continues with a private hot tub, perfect for stargazing on clear nights, and a fire pit surrounded by Adirondack chairs where you can roast marshmallows and swap stories under the moonlit sky. Whether you're seeking a romantic getaway, a family adventure, a solo retreat, or a wedding venue, our luxury rental cabin in the Smoky Mountains is sure to delight and inspire. Only 8 miles to Dollywood, 7 miles to The Island and only 10 miles to Gatlinburg. Cabin sold furnished. J's Hideaway on Patriot Getaways.

Posted in Home Buying
April 1, 2024

The Best Week To List Your House

The Best Week To List Your House Is Almost Here



 

Are you thinking about making a move? If so, now may be the perfect time to start the process. That’s because experts say the best week to list your house is just around the corner.

A recent Realtor.com study looked at housing market trends over the past several years (with the exception of 2020, since it was an unusual year), and found the best week to put your house on the market this year is April 14-20:

“Every year, one week stands out from the rest as that perfect stretch of time when it’s great to be a home seller. This year, the week of April 14–20 is the best time to sell—that is, if sellers want to see lots of interest in their homes, sell quickly, and pocket some extra cash, according to Realtor.com® data.”

Here’s why this matters for you. While the spring market is a great time to sell no matter the week, this may be the peak sweet spot. And if you’ve been putting your plans on the back burner and waiting for the right time to act, this could be the nudge you need to make your move happen. As Hannah Jones, Senior Economic Research Analyst at Realtor.com explains:

“The third week of April brings the best combination of housing market factors for sellers. The best week offers higher buyer demand, lower competition [from other sellers], and fewer price reductions than the typical week of the year.”

But, if you want to get in on the action, you’ll need to move quickly and lean on the pros. Your local real estate agent is the perfect go-to when it comes to figuring out a plan to prep your house and get it on the market.

They’ll be able to offer advice to balance your target listing date with what you need to do from a repair and renovation standpoint. And they can walk you through exactly how to prioritize your list so you know what to tackle first.

For example, if your house is already in good shape, you’ll be able to really focus in on the smaller things that are easy to do and make a big impact. As an article from Investopedia says:

“You won’t have time for any major renovations, so focus on quick repairs to address things that could deter potential buyers.”

Here are some specific examples from that article:

 a graph of a number of homes for sale

 

Just remember, even if you’re not ready to list within the next couple of weeks, that’s okay. The window of opportunity doesn’t close when this week ends. Spring is the peak homebuying season and it’s still a seller’s market, so you’ll be in the driver’s seat all season long. 

Bottom Line

Ready to get the ball rolling? Let’s connect and schedule a time to go over your next steps.

COMING SOON HOMES 4/1/2024
 
My name is Julia Hurley and I am a Professional Licensed Broker of Just HomesGroup in Knoxville TN. I am a member of the Knoxville Area Associated of Realtors, Greater Smoky Mountains Association of Realtors, Knoxville Commercial Realtors and Real Tracs Nashville a.k.a. KAAR,  GSMAR, and KAARCIE, have been working in real estate since June 2014. I am a Multi-Million dollar producer and continue to excel and grow through educating myself in an effort to provide you with the best service possible.
 
click the photo for a peak at our show, SELLING KNOXVILLE
Visit Our Website - Like, Share and Follow!
Posted in Home Selling
March 18, 2024

What Mortgage Rate do you Need to Move

What Mortgage rate do you need to move?

 

If you’ve been thinking about buying a home, mortgage rates are probably top of mind for you. They may even be why you’ve put your plans on hold for now. When rates climbed near 8% last year, some buyers found the numbers just didn’t make sense for their budget anymore. That may be the case for you too.

Data from Bright MLS shows the top reason buyers delayed their plans to move is due to high mortgage rates (see graph below):

 a graph of blue rectangles with text

 

David Childers, CEO at Keeping Current Matters, speaks to this statistic in the recent How’s The Market podcast:

“Three quarters of buyers said ‘we’re out’ due to mortgage rates. Here’s what I know going forward. That will change in 2024.”

That’s because mortgage rates have come down off their peak last October. And while there’s still day-to-day volatility in rates, the longer-term projections show rates should continue to drop this year, as long as inflation gets under control. Experts even say we could see rates below 6% by the end of 2024. And that threshold would be a gamechanger for a lot of buyers. As a recent article from Realtor.com says:

Buying a home is still desired and sought after, but many people are looking for mortgage rates to come down in order to achieve it. Four out of 10 Americans looking to buy a home in the next 12 months would consider it possible if rates drop below 6%.”

While mortgage rates are nearly impossible to forecast, the optimism from the experts should give you insight into what’s ahead. If your plans were delayed, there’s light at the end of the tunnel again. That means it may be time to start thinking about your move. The best question you can ask yourself right now, is this:

What number do I want to see rates hit before I’m ready to move?

The exact percentage where you feel comfortable kicking off your search again is personal. Maybe it’s 6.5%. Maybe it’s 6.25%. Or maybe it’s once they drop below 6%.

Once you have that number in mind, here’s what you do. Connect with a local real estate professional. They’ll help you stay informed on what’s happening. And when rates hit your target, they’ll be the first to let you know. 

Bottom Line

If you’ve put your plans to move on hold because of where mortgage rates are, think about the number you want to see rates hit that would make you ready to re-enter the market.

 

Once you have that number in mind, let’s connect so you have someone on your side to let you know when we get there.

COMING SOON this week in East Tennessee
 
This episode of American Dream TV will be airing on the TRAVEL CHANNEL this week.  Check out the full episode on our youtube list!  
My name is Julia Hurley and I am a Professional Licensed Broker of Just HomesGroup in Knoxville TN. I am a member of the Knoxville Area Associated of Realtors, Greater Smoky Mountains Association of Realtors, Knoxville Commercial Realtors and Real Tracs Nashville a.k.a. KAAR,  GSMAR, and KAARCIE, have been working in real estate since June 2014. I am a Multi-Million dollar producer and continue to excel and grow through educating myself in an effort to provide you with the best service possible.
 
click the photo for a peak at our show, SELLING KNOXVILLE
Visit Our Website - Like, Share and Follow!
Posted in Home Buying
March 5, 2024

Recession?

JustHomesGroup Knoxville

Why There Won’t Be a Recession That Tanks the Housing Market
Why There Won’t Be a Recession That Tanks the Housing Market

There’s been a lot of recession talk over the past couple of years.

Read the Full Post
What To Know About Credit Scores Before Buying a Home
What To Know About Credit Scores Before Buying a Home
Read the Full Post
The First Step: Getting Pre-Approved for a Mortgage [INFOGRAPHIC]
The First Step: Getting Pre-Approved for a Mortgage [INFOGRAPHIC]
Read the Full Post
4 Tips for Selling Your House This Spring
4 Tips for Selling Your House This Spring
Watch the Video
Why We Aren't Headed for a Housing Crash
Why We Aren't Headed for a Housing Crash
Read the Full Post
 
Julia Hurley
Just Homes Group
Knoxville, Tennessee
(865) 237-7328
www.justhomesgroup.com
 
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Feb. 26, 2024

The Truth about Down Payments

JustHomesGroup REALTORS

The Truth About Down Payments
The Truth About Down Payments

If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment.

Read the Full Post
How Changing Mortgage Rates Impact You [INFOGRAPHIC]
How Changing Mortgage Rates Impact You [INFOGRAPHIC]
Read the Full Post
Home Equity Makes All the Difference When You Sell
Home Equity Makes All the Difference When You Sell
Watch the Video
Expert Home Price Forecasts for 2024 Revised Up
Expert Home Price Forecasts for 2024 Revised Up
Read the Full Post
Some Experts Say Mortgage Rates May Fall Below 6% Later This Year
Some Experts Say Mortgage Rates May Fall Below 6% Later This Year
Read the Full Post
 
Julia Hurley
Just Homes Group
Knoxville, Tennessee
(865) 237-7328
www.justhomesgroup.com
 
Posted in Home Buying
Feb. 17, 2024

Don't let home price headlines confuse you

Don’t Let the Latest Home Price Headlines Confuse You




Based on what you’re hearing in the news about home prices, you may be worried they’re falling. But here’s the thing. The headlines aren’t giving you the full picture.

If you look at the national data for 2023, home prices actually showed positive growth for the year. While this varies by market, and while there were some months with slight declines nationally, those were the exception, not the rule.

The overarching story is that prices went up last year, not down. Let’s dive into the data to set the record straight. 

2023 Was the Return to More Normal Home Price Growth

If anything, last year marked a return to more normal home price appreciation. To prove it, here’s what usually happens in residential real estate.

In the housing market, there are predictable ebbs and flows that take place each year. It’s called seasonality. It goes like this. Spring is the peak homebuying season when the market is most active. That activity is usually still strong in the summer, but begins to wane toward the end of the year. Home prices follow along with this seasonality because prices grow the most when there’s high demand.

The graph below uses data from Case-Shiller to show how this pattern played out in home prices from 1973 through 2022 (not adjusted, so you can see the seasonality):

 

 

As the data shows, for nearly 50 years, home prices match typical market seasonality. At the beginning of the year, home prices grow more moderately. That’s because the market is less active as fewer people move in January and February. Then, as the market transitions into the peak homebuying season in the spring, activity ramps up. That means home prices do too. Then, as fall and winter approach, activity eases again and prices grow, just at a slower rate.

Now, let’s layer the data that’s come out for 2023 so far (shown in green) on top of that long-term trend (still shown in blue). That way, it’s easy to see how 2023 compares.

 

As the graph shows, moving through the year in 2023, the level of appreciation fell more in line with the long-term trend for what usually happens in the housing market. You can see that in how close the green bars come to matching the blue bars in the later part of the year.

But the headlines only really focused on the two bars outlined in red. Here’s the context you may not have gotten that can really put those two bars into perspective. The long-term trend shows it’s normal for home prices to moderate in the fall and winter. That’s typical seasonality.

And since the 49-year average is so close to zero during those months (0.10%), that also means it’s not unusual for home prices to drop ever so slightly during those times. But those are just blips on the radar. If you look at the year as a whole, home prices still rose overall.

What You Really Need To Know

Headlines are going to call attention to the small month-to-month dips instead of the bigger year-long picture. And that can be a bit misleading because it’s only focused on one part of the whole story.

Instead, remember last year we saw the return of seasonality in the housing market – and that’s a good thing after home prices skyrocketed unsustainably during the ‘unicorn’ years of the pandemic.

And just in case you’re still worried home prices will fall, don’t be. The expectation for this year is that prices will continue to appreciate as buyers re-enter the market due to mortgage rates trending down compared to last year. As buyer demand goes up and more people move at the same time the supply of homes for sale is still low, the upward pressure on prices will continue.

Bottom Line

Don’t let home price headlines confuse you. The data shows that, as a whole, home prices rose in 2023. If you have questions about what you’re hearing in the news or about what’s happening with home prices in our local area, let’s connect.

Feb. 12, 2024

What's really happening with Interest rates

What’s Really Happening with Mortgage Rates?




Are you feeling a bit unsure about what’s really happening with mortgage rates? That might be because you’ve heard someone say they’re coming down. But then you read somewhere else that they’re up again. And that may leave you scratching your head and wondering what’s true.

The simplest answer is: that what you read or hear will vary based on the time frame they’re looking at. Here’s some information that can help clear up the confusion.

Mortgage Rates Are Volatile by Nature

Mortgage rates don’t move in a straight line. There are too many factors at play for that to happen. Instead, rates bounce around because they’re impacted by things like economic conditions, decisions from the Federal Reserve, and so much more. That means they might be up one day and down the next depending on what’s going on in the economy and the world as a whole.

Take a look at the graph below. It uses data from Mortgage News Daily to show the ebbs and flows in the 30-year fixed mortgage rate since last October:

 

 

If you look at the graph, you’ll see a lot of peaks and valleys – some bigger than others. And when you use data like this to explain what’s happening, the story can be different based on which two points in the graph you’re comparing.

For example, if you’re only looking at the beginning of this month through now, you may think mortgage rates are on the way back up. But, if you look at the latest data point and compare it to the peak in October, rates have trended down. So, what’s the right way to look at it?

The Big Picture

Mortgage rates are always going to bounce around. It’s just how they work. So, you shouldn’t focus too much on the small, daily changes. Instead, to really understand the overall trend, zoom out and look at the big picture.

When you look at the highest point (October) compared to where rates are now, you can see they’ve come down compared to last year. And if you’re looking to buy a home, this is big news. Don’t let the little blips distract you. The experts agree, overall, that the larger downward trend could continue this year. 

Bottom Line

Let’s connect if you have any questions about what you’re reading or hearing about the housing market.

 

Posted in Home Buying
Feb. 7, 2024

Houses are Selling Fast

Houses Are Still Selling Fast




Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn't as frenzied as it was during the ‘unicorn’ years when houses were selling quicker than ever, they’re still selling faster than normal.

The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:

 

 

When you look at the most recent data (shown in green), it's clear homes are selling faster than they usually would (shown in blue). In fact, the only years when houses sold even faster than they are right now were the abnormal ‘unicorn’ years (shown in pink). According to Realtor.com:

“Homes spent 69 days on the market, which is three days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.”

What Does This Mean for You?

Homes are selling faster than the norm for this time of year – and your house may sell quickly too. That’s because more people are looking to buy now that mortgage rates have come down, but there still aren’t enough homes to go around. Mike Simonsen, Founder of Altos Research, says:

“. . . 2024 is starting stronger than last year. And demand is increasing each week.”

Bottom Line

If you’re wondering if it’s a good time to sell your home, the most recent data suggests it is. The housing market appears to be stronger than it usually is at this time of year. To get the latest updates on what’s happening in our local market, let’s connect.

Posted in Home Selling