Southern Indiana Real Estate BlogRecently posted or modified blog posts by tag - Jeffersonville, INhttps://www.wardrealtyservices.com/blog/Copyright WardRealtyServices.com2023-10-10T14:43:08-07:00tag:wardrealtyservices.com,2012-09-20:21656New Listing in Jeffersonville Under $315k!Looking for a great home?
<a href="https://bit.ly/JWT2305KingsfieldSt">This brick/vinyl 3 bedroom, 3 bath home has something for everyone</a>.
Kitchen remodeled, all new appliances remain. Formal dining room, family room, and large bonus room (22'x 11'), unfinished basement.
Fenced backyard includes; large deck, above-ground pool, hot tub, and fire pit. All awaiting for you.
Home is being Sold "AS IS".2023-10-10T14:33:02-07:002023-10-10T14:43:08-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:21620New Move-In Ready Listing in Jeffersonville!FALL IN LOVE <a href="https://bit.ly/JWT21CenterSt">with this adorable dollhouse</a> located conveniently in the heart of Jeff!
This 2 bedroom, 1 bathroom could not be cuter and features a large and partially fenced backyard.
House features nice kitchen cabinets and hardwood throughout. HVAC and electrical wiring were replaced 10-/+ years ago.
Fresh paint inside and out, as well as, fresh landscaping.
Just move in!
Sellers offering 1 year home warranty for peace of mind.2023-10-02T15:49:48-07:002023-10-02T15:52:13-07:00Jeremy Wardtag:wardrealtyservices.com,2012-09-20:203193 Ways You Can Use Your Home EquityIf you’re a homeowner in Louisville or Southern Indiana, odds are your <a href="https://www.simplifyingthemarket.com/2022/09/20/watching-the-stock-market-check-the-value-of-your-home-for-good-news/'?a=449944-4cf5617461979320c601b621502c88f9">equity</a> has grown significantly over the last few years as home prices skyrocketed and you made your monthly mortgage payments. <a href="https://www.simplifyingthemarket.com/2022/11/04/homeownership-wins-over-time-infographic/?a=449944-4cf5617461979320c601b621502c88f9">Home equity</a> builds over time and can help you achieve certain goals. According to the latest <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" target="_blank">Equity Insights Report</a> from CoreLogic, the average borrower with a home loan has almost $300,000 in equity right now.
As you weigh your options, especially in the face of inflation and talk of a <a href="https://www.simplifyingthemarket.com/2022/10/25/what-happens-to-housing-when-theres-a-recession/?a=449944-4cf5617461979320c601b621502c88f9">recession</a>, it’s important to understand your assets and how you can leverage them. A real estate professional is the best resource to help you understand how much home equity you have and advise you on some of the ways you can use it. Here are a few examples.
1. Buy a Home That Fits Your Needs
If you no longer have the space you need, it might be time to move into a larger home. Or it’s possible you have too much space and need something smaller. No matter the situation, consider using your equity to power a move into a Southern Indiana area home that fits your changing lifestyle.
If you want to upgrade your house, you can put your equity toward a <a href="https://www.simplifyingthemarket.com/2022/10/10/saving-for-a-down-payment-heres-what-you-should-know/?a=449944-4cf5617461979320c601b621502c88f9">down payment</a> on the home of your dreams. And if you’re planning to downsize, you may be surprised that your equity may cover some, if not all, of the cost of your next home. A real estate advisor can help you figure out how much equity you have and how you can use it toward the purchase of your next home.
2. Reinvest in Your Current House
According to a recent survey from <a href="https://hello.point.com/hubfs/PR/fall2022-homeowner-survey.pdf" target="_blank">Point</a>, 39% of homeowners would invest in home improvement projects if they chose to access their equity. This is a great option if you want to change some things about your living space but you aren’t ready to make a move just yet.
Home improvement projects allow you to customize your home to suit your needs and sense of style. Just remember to think ahead with any updates you make, as some renovations add more value to your home and are more likely to appeal to future buyers than others. For example, a <a href="https://www.nar.realtor/sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf" target="_blank">report</a> from the National Association of Realtors (NAR) shows refinishing or replacing wood flooring has a high cost recovery. Lean on a local professional for the best advice on which projects to invest in to get the greatest return on your investment when you sell.
3. Pursue Your Personal Goals
In addition to making a move or updating your Southern Indiana house, home equity can also help you achieve the life goals you’ve dreamed of. That could mean investing in a new business venture, retiring or downsizing, or funding an education. While you shouldn’t use your equity for unnecessary spending, leveraging it to start a business or putting it toward education costs can help you achieve other lifelong goals.
Bottom Line
Your equity can be a game changer. If you’re unsure how much equity you have in your home, let’s connect so you can start planning your next move.2022-11-29T11:43:02-07:002022-11-29T11:47:14-07:00Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:20299What Homeowners Want To Know About Selling in Today’s MarketIf you’re thinking about <a href="https://www.simplifyingthemarket.com/2022/11/02/sell-your-house-before-the-holidays/?a=449944-4cf5617461979320c601b621502c88f9">selling your house</a>, you’re likely hearing about the cooling housing market and wondering what that means for you. While it’s not the peak intensity we saw during the pandemic, we’re still in a sellers’ market. That means you haven’t missed your window. Realtor.com <a href="https://www.realtor.com/advice/sell/home-selling-rules-youve-heard-lately-that-you-might-want-to-break/" target="_blank">explains</a>:
“. . . while prospective home sellers may lament that they missed their prime window, in reality, this is still a terrific time to sell. In fact, according to a recent Realtor.com® home seller survey, 95% of sellers who sold their home in the past year got more than they paid for it.
Nonetheless, some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.”
The key to success today is being realistic and working with a trusted real estate advisor at Ward Realty Services who can help you set your expectations based on where the market is now, not where it was over the past few years.
Here are a few things experts say today’s sellers need to consider.
Be Willing To Negotiate
At the peak of the pandemic frenzy, sellers held all the leverage because Southern Indiana and Kentucky inventory was at record lows and buyers were willing to enter bidding wars over homes that were available. This year, the <a href="https://www.simplifyingthemarket.com/2022/10/18/the-latest-on-supply-and-demand-in-housing/?a=449944-4cf5617461979320c601b621502c88f9">supply of homes</a> for sale has increased as the market cooled. Even though inventory is still low overall, buyers today have more options, and with that comes more <a href="https://www.simplifyingthemarket.com/2022/09/15/buyers-are-regaining-some-of-their-negotiation-power-in-todays-housing-market/?a=449944-4cf5617461979320c601b621502c88f9">negotiation power</a>.
As a seller, that means you may see more Southern Indiana and Kentucky real estate buyers getting an inspection, requesting repairs, or asking for help with closing costs today. You need to be prepared to have those conversations. As Ali Wolf, Chief Economist at Zonda, <a href="https://www.realtor.com/advice/sell/reasons-home-sales-fall-through/" target="_blank">says</a>:
“Today’s market is different than it was just six months ago. . . Sellers that want the contract to move forward should be willing to work with the buyer. . . Consider helping with the closing costs or addressing many of the items on the home inspection list.”
Price Your Home at Market Value
It’s not just that the number of Southern Indiana and Kentucky homes for sale has grown this year. <a href="https://www.simplifyingthemarket.com/2022/10/27/millennials-are-still-a-driving-force-of-todays-buyer-demand/?a=449944-4cf5617461979320c601b621502c88f9">Buyer demand</a> has also pulled back in light of higher <a href="https://www.simplifyingthemarket.com/2022/11/09/whats-ahead-for-mortgage-rates-and-home-prices/?a=449944-4cf5617461979320c601b621502c88f9">mortgage rates</a>. As a result, pricing your house appropriately so you can catch the eyes of serious buyers is important. Greg McBride, Chief Financial Analyst at Bankrate, <a href="https://www.bankrate.com/real-estate/housing-trends/" target="_blank">explains</a>:
“Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still selling quickly.”
You don’t want to overreach with your price and deter buyers. At the same time, you don’t want to undervalue your home and leave money on the table. This is another area where an <a href="https://www.simplifyingthemarket.com/2022/06/24/why-an-agent-is-essential-when-pricing-your-house-infographic/?a=449944-4cf5617461979320c601b621502c88f9">agent’s expertise</a> comes in handy.
Think About Your First Impression on Buyers
Buyers have more options and are more particular about their investment since it costs more to buy a home given today’s mortgage rates. As a result, you need to make sure your house shows well. As an article from realtor.com <a href="https://www.realtor.com/advice/sell/how-home-sellers-can-prepare-for-a-recession-and-still-sell-their-home/" target="_blank">says</a>:
“To stand out in the market, sellers should make their home attractive to buyers, which usually means some selective updates.”
This could include everything from staging the home, to making small <a href="https://www.simplifyingthemarket.com/2022/09/12/getting-your-house-ready-to-sell-work-with-an-agent-for-expert-advice/?a=449944-4cf5617461979320c601b621502c88f9">cosmetic updates</a>, tackling repairs, or undergoing renovations. A trusted real estate professional will help you assess what may be worthwhile to do compared to other recently sold homes in your area.
Bottom Line
To sum it all up, your house should still sell today and move quickly if you’re realistic about today’s market. As a <a href="https://zillow.mediaroom.com/2022-10-31-Pressure-is-back-on-sellers-to-attract-buyers-as-demand-softens" target="_blank">press release</a> from Zillow puts it:
“. . . sellers need to do things right to attract the attention of these buyers — pricing their home competitively and making their listing attractive to online home shoppers.”
For expert advice on how to quickly sell your house in a shifting market, connect with a Ward Realty Services expert today.2022-11-22T04:15:00-07:002022-11-22T04:21:39-07:00Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:20199Pre-Approval Is a Critical First Step on Your Homebuying JourneyIf you’re planning to buy a home in Southern Indiana or Louisville this year, one of the first steps on your <a href="https://www.simplifyingthemarket.com/2022/10/07/the-journey-to-buy-a-home-infographic/?a=449944-4cf5617461979320c601b621502c88f9">journey</a> is getting pre-approved. Especially in today’s market when <a href="https://www.simplifyingthemarket.com/2022/10/04/the-cost-of-waiting-for-mortgage-rates-to-go-down/?a=449944-4cf5617461979320c601b621502c88f9">mortgage rates</a> are higher than they were just a few months ago, getting a <a href="https://www.simplifyingthemarket.com/2022/09/16/a-crucial-first-step-mortgage-pre-approval-infographic/?a=449944-4cf5617461979320c601b621502c88f9">mortgage pre-approval</a> can be a game changer. Here’s why.
Southern Indiana Homebuyers: What Is Pre-Approval?
To better understand why pre-approval is key, it’s important to know what pre-approval is. The Mortgage Reports <a href="https://themortgagereports.com/62952/how-to-get-mortgage-preapproval-in-3-steps" target="_blank">explains</a> it like this:
“When you’re ready to take the leap into homeownership, your first step is mortgage preapproval. . . . A mortgage preapproval is when a lender determines you’re qualified for a home loan. Your preapproval letter shows the maximum loan amount you’re approved for (your home buying budget), as well as the specific interest rate and loan term you can expect.”
As part of the pre-approval process, a lender will look at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand your true price range and how much money you can borrow. That can make it easier when you set out to search for Southern Indiana homes because you’ll know your overall numbers. And with <a href="https://www.simplifyingthemarket.com/2022/10/12/four-things-that-help-determine-your-mortgage-rate/?a=449944-4cf5617461979320c601b621502c88f9">mortgage rates</a> rising and impacting affordability, a solid understanding of your numbers is even more important.
Pre-Approval Can Signal You’re a Serious Buyer
Another added benefit is that pre-approval lets the seller know you’re qualified to buy their house. A recent article from realtor.com <a href="https://www.realtor.com/advice/finance/do-i-need-a-pre-approval-letter-to-make-an-offer/" target="_blank">notes</a>:
“. . . getting pre-approved can actually improve your chances of falling into the sellers’ good graces, and you’ll want to get it done as early as you possibly can in the home-buying process.”
Even though <a href="https://www.simplifyingthemarket.com/2022/08/31/buyers-you-may-face-less-competition-as-bidding-wars-ease/?a=449944-4cf5617461979320c601b621502c88f9">bidding wars</a> are easing this year as the market shifts, preapproval is still an important part of making a strong offer. It can help a seller feel more confident because it shows you’re serious about their home and that you’re a qualified buyer.
Bottom Line for Southern Indiana Homebuyers
Getting pre-approved for a mortgage is critical. It helps you better understand what you can borrow and shows sellers you’re serious about purchasing their home. Connect with a local real estate professional and a trusted lender so you have the tools you need to succeed as a homebuyer in today’s market.2022-10-24T07:59:53-07:002022-10-26T08:07:05-07:00Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:20112The True Strength of Homeowners TodayThe real estate market is on just about everyone’s mind these days. That’s because the unsustainable market of the past two years is behind us, and the difference is being felt. The question now is, just how financially strong are homeowners throughout the country? And how financially strong are homeowners in <a href="http://www.wardrealtyservices.com" title="WRS">Southern Indiana or Louisville</a>? Mortgage debt grew beyond 10 trillion dollars over the past year, and many called that a troubling sign when it happened for the first time in history.
Recently Odeta Kushi, Deputy Chief Economist at First American, answered that question when she <a href="https://twitter.com/odetakushi/status/1569338892830265344" target="_blank">said</a>:
“U.S. households own $41 trillion in owner-occupied real estate, just over $12 trillion in debt, and the remaining ~$29 trillion in equity. The national “LTV” in Q2 2022 was 29.5%, the lowest since 1983.”
She continued on to <a href="https://twitter.com/odetakushi/status/1569338906604359685" target="_blank">say</a>:
“Homeowners had an average of $320,000 in inflation-adjusted equity in their homes in Q2 2022, an all-time high.”
What Is LTV?
The term LTV refers to loan to value ratio. For more context, here’s how the Mortgage Reports <a href="https://themortgagereports.com/13598/loan-to-value-for-mortgages-explained-in-plain-english" target="_blank">defines</a> it:
“Your ‘loan to value ratio’ (LTV) compares the size of your mortgage loan to the value of the home. For example: If your home is worth $200,000, and you have a mortgage for $180,000, your LTV ratio is 90% — because the loan makes up 90% of the total price.
You can also think about LTV in terms of your down payment. If you put 20% down, that means you’re borrowing 80% of the home’s value. So your LTV ratio is 80%.”
Why Is This Important to Southern Indiana and Louisville Homeowners?
This is yet another reason we won’t see the housing market crash. <a href="https://www.wardrealtyservices.com/blog/owning-a-home-builds-up-your-net-worth/">Home equity</a> allows homeowners to be in control. For example, if someone did need to sell their home, they likely have the equity they need to be able to sell it and still put money in their pocket. This was not the case back in 2008, when many owed more on their homes than they were worth.
Bottom Line
Homeowners today have more financial strength than they have had since 1983. This is a combination of how homeowners have handled equity since the crash and rising home prices of the last two years.
And this is yet another <a href="https://www.wardrealtyservices.com/blog/is-the-shifting-market-a-challenge-or-an-opportunity-for-homebuyers/">reason homeownership in any market makes </a>sense.<br /><br />Looking for a home? Check out the<a href="https://www.wardrealtyservices.com/property-search/results/?searchid=8796592"> latest listings here</a>. 2022-09-26T08:54:00-07:002022-09-26T12:02:45-07:00Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:19887A Window of Opportunity for Homebuyers in Southern IndianaMortgage rates are much higher today than they were at the beginning of the year, and that’s had a clear impact on the <a href="https://www.simplifyingthemarket.com/2022/07/12/expert-housing-market-forecasts-for-the-second-half-of-the-year/?a=449944-4cf5617461979320c601b621502c88f9">housing market</a>. As a result, the Southern Indiana market is seeing a shift back toward the range of pre-pandemic levels for buyer demand and home sales.
But the transition back toward pre-pandemic levels isn’t a bad thing. In fact, the years leading up to the pandemic were some of the best the housing market has seen. That’s why, as the market undergoes this shift, it’s important to compare today not to the abnormal pandemic years, but to the most recent normal years to show how the current <a href="https://www.simplifyingthemarket.com/2022/07/14/housing-experts-say-this-isnt-a-bubble/?a=449944-4cf5617461979320c601b621502c88f9">housing market</a> is still strong.
Higher Mortgage Rates Are Moderating the Housing Market
The <a href="https://www.showingtime.com/showingtime-showing-index/" target="_blank">ShowingTime Showing Index</a> tracks the traffic of home showings according to agents and brokers. It’s also a good indication of buyer demand over time. Here’s a look at their <a href="https://www.showingtime.com/blog/may-2022-showing-index-results/" target="_blank">data</a> going back to 2017 (see graph below):
<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/22141552/20220726-MEM-Eng-1.png?a=449944-4cf5617461979320c601b621502c88f9"><img loading="lazy" class="aligncenter wp-image-46886" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/22141552/20220726-MEM-Eng-1.png" alt="A Window of Opportunity for Homebuyers | Simplifying The Market" width="650" height="488" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/22141552/20220726-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/22141552/20220726-MEM-Eng-1-400x300.png 400w" sizes="(max-width: 650px) 100vw, 650px" /></a>
Here’s a breakdown of the story this data tells:
The 2017 through early 2020 numbers (shown in gray) give a good baseline of pre-pandemic demand. The steady up and down trends seen in each of these years show typical seasonality in the market.
The blue on the graph represents the pandemic years. The height of those blue bars indicates home showings skyrocketed during the pandemic.
The most recent data (shown in green), indicates buyer demand is moderating back toward more pre-pandemic levels.
This shows that buyer demand is coming down from levels seen over the past two years, and the frenzy in real estate for Louisville and the Indiana market is easing because of higher mortgage rates. For you, that means buying your next home should be <a href="https://www.simplifyingthemarket.com/2022/06/28/a-key-opportunity-for-homebuyers/?a=449944-4cf5617461979320c601b621502c88f9">less challenging</a> than it would’ve been during the pandemic because there is more inventory available.
Higher Mortgage Rates Slow the Once Frenzied Pace of Home Sales in the Local Market and Elsewhere
As mortgage rates started to rise this year, other shifts began to occur too. One additional example is the slowing pace of home sales. Using <a href="https://www.nar.realtor/newsroom/existing-home-sales-slid-5-4-in-june" target="_blank">data</a> from the National Association of Realtors (NAR), here’s a look at <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" target="_blank">existing home sales</a> going all the way back to 2017. Much like the previous graph, a similar trend emerges (see graph below):
<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/22141555/20220726-MEM-Eng-2.png?a=449944-4cf5617461979320c601b621502c88f9"><img loading="lazy" class="aligncenter wp-image-46888" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/22141555/20220726-MEM-Eng-2.png" alt="A Window of Opportunity for Homebuyers | Simplifying The Market" width="650" height="488" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/22141555/20220726-MEM-Eng-2.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/22141555/20220726-MEM-Eng-2-400x300.png 400w" sizes="(max-width: 650px) 100vw, 650px" /></a>
Again, the data paints a picture of the shift:
The pre-pandemic years (shown in gray) establish a baseline of the number of existing home sales in more typical years.
The pandemic years (shown in blue) exceeded the level of sales seen in previous years. That’s largely because low mortgage rates during that time spurred buyer demand and home sales to new heights.
This year (shown in green), the market is feeling the impact of higher mortgage rates and that’s moderating buyer demand (and by extension home sales). That’s why the expectation for home sales this year is closer to what the market saw in 2018-2019.
Why Is All of This Good News for Southern Indiana Homebuyers?
Both of those factors have opened up a window of opportunity for homeowners <a href="https://www.simplifyingthemarket.com/2022/07/18/wondering-where-youll-move-if-you-sell-your-house-today/?a=449944-4cf5617461979320c601b621502c88f9">looking to move</a> and for <a href="https://www.simplifyingthemarket.com/2022/07/13/should-i-buy-a-home-right-now/?a=449944-4cf5617461979320c601b621502c88f9">buyers</a> looking to purchase a home. As demand moderates and the pace of home sales slows, housing inventory is able to grow – and that gives you <a href="https://www.simplifyingthemarket.com/2022/06/17/more-listings-are-coming-onto-the-market-infographic/?a=449944-4cf5617461979320c601b621502c88f9">more options</a> for your home search.
So don’t let the headlines about the market cooling or moderating scare you. The housing market is still strong; it’s just easing off from the unsustainable frenzy it saw during the height of the pandemic – and that’s a good thing. It opens up new opportunities for you to find a home that meets your needs.
Bottom Line
The housing market is undergoing a shift because of higher mortgage rates, but the market is still strong. If you’ve been looking to buy a home over the last couple of years and it felt impossible to do, now may be your opportunity. Buying a home right now isn’t easy, but there is more opportunity for those who are looking.2022-07-27T06:36:00-07:002022-07-27T10:42:56-07:00Marketing Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:19770A Majority of Consumers Say It’s a Good Time To Sell Your HouseIf you’re a homeowner thinking about selling your house, you’re probably looking for the best time to make your move. That means you’re likely balancing a number of factors, like your <a href="https://www.simplifyingthemarket.com/2022/05/27/bright-days-are-ahead-when-you-move-up-this-summer-infographic/?a=449944-4cf5617461979320c601b621502c88f9">changing needs</a>, where you’ll go when you sell, and today’s <a href="https://www.simplifyingthemarket.com/2022/05/31/what-does-the-rest-of-the-year-hold-for-the-housing-market/?a=449944-4cf5617461979320c601b621502c88f9">mortgage rates</a> in order to time it just right.
According to recent data, that sweet spot could already be here. The latest Home Purchase Sentiment Index (HPSI) by Fannie Mae finds that 76% of consumers believe now is a <a href="https://www.fanniemae.com/research-and-insights/surveys/national-housing-survey" target="_blank">good time to sell</a>.
The graph below shows the percentage of survey respondents who say it’s a good time to sell a house. The big dip in March and April of 2020 reflects how consumer sentiment dropped at the beginning of the pandemic as uncertainty about the health crisis grew. Since then, the percentage has grown consistently as more people feel confident it’s a good time to sell.
In fact, survey respondents think it’s an even better time to sell a house today than they did in 2019, which was a strong year for the housing market. The latest survey results indicate one of the strongest peaks in seller sentiment in nearly three years (see graph below):
<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/06/14132102/20220615-MEM-Eng-1.png?a=449944-4cf5617461979320c601b621502c88f9"><img loading="lazy" class="aligncenter wp-image-46660" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/06/14132102/20220615-MEM-Eng-1.png" alt="A Majority of Consumers Say It’s a Good Time To Sell Your House | Simplifying The Market" width="650" height="488" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/06/14132102/20220615-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/06/14132102/20220615-MEM-Eng-1-400x300.png 400w" sizes="(max-width: 650px) 100vw, 650px" /></a>
What Makes Today a Good Time To Sell in Southern Indiana?
One reason so many people think it’s a good time to sell is because there are still more buyers in today’s market than there are homes for sale. That’s driving <a href="https://www.simplifyingthemarket.com/2022/05/24/sellers-have-an-opportunity-with-todays-home-prices/?a=449944-4cf5617461979320c601b621502c88f9">home prices</a> up, making it a good time to sell your house.
And if you’re on the fence about whether or not to sell because you don’t know where you’ll go once you do, know that you might have more options today than in previous months. That’s because the <a href="https://www.simplifyingthemarket.com/2022/06/07/why-the-growing-number-of-homes-for-sale-is-good-for-your-move-up/?a=449944-4cf5617461979320c601b621502c88f9">number of homes</a> coming onto the market has grown each month since the start of the year. When more homes come onto the market, it gives you more opportunities to find one that meets your changing needs.
Bottom Line
While the number of homes available for sale is growing and giving you more options for your move, inventory is still low overall. That could mean it’s a great time for you to sell. If you’re ready to address your changing needs and take advantage of today’s favorable conditions, let’s connect.2022-06-15T08:31:00-07:002022-06-15T09:14:22-07:00Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:19239Why Inflation Shouldn’t Stop You from Buying a Home in Southern Indiana in 2022If you’re following along with the news today, you’re probably hearing a lot about record-breaking home prices, rising consumer costs, supply chain constraints, and more. And if you’re thinking about purchasing Southern Indiana Real Estate this year, all of these inflationary concerns are likely making you wonder if you should wait to buy. Investopedia <a href="https://www.investopedia.com/terms/i/inflation.asp" target="_blank">explains</a> that during a period of high inflation, prices rise across the board. And while home prices aren’t immune from this increase, here’s why inflation shouldn’t stop you from buying Southern Indiana real estate in 2022.
Homeownership and Buying Southern Indiana Real Estate Offers Stability and Security
<a href="https://www.simplifyingthemarket.com/2021/10/19/what-does-the-future-hold-for-home-prices/?a=449944-4cf5617461979320c601b621502c88f9">Home prices</a> have been increasing for quite some time, and <a href="https://www.simplifyingthemarket.com/2021/12/15/what-everyone-wants-to-know-will-home-prices-decline-in-2022/?a=449944-4cf5617461979320c601b621502c88f9">experts</a> say they’re going to continue to climb throughout 2022. So, as a buyer, how can you protect yourself from rising costs for things like food, shelter, entertainment, and other goods and services? The answer lies in housing.
Buying a home allows you to lock in your monthly mortgage payment for the foreseeable future. That means as other prices rise, your monthly payment will be consistent thanks to your fixed-rate mortgage. This gives you the peace of mind that the bulk of your housing costs is shielded from inflation.
James Royal, Senior Wealth Management Reporter at Bankrate, <a href="https://www.bankrate.com/investing/inflation-hedges-to-protect-against-rising-prices/" target="_blank">says</a>:
“A fixed-rate mortgage allows you to maintain the biggest portion of housing expenses at the same payment. Sure, property taxes will rise and other expenses may creep up, but your monthly housing payment remains the same.”
If you <a href="https://www.simplifyingthemarket.com/2022/01/04/avoid-the-rental-trap-in-2022/?a=449944-4cf5617461979320c601b621502c88f9">rent</a>, you don’t have that same benefit and you won’t be protected from rising housing costs. As an added incentive to buy Southern Indiana real estate, consider that today’s mortgage interest <a href="https://www.simplifyingthemarket.com/2021/11/08/two-graphs-that-show-why-you-shouldnt-be-upset-about-3-mortgage-rates/?a=449944-4cf5617461979320c601b621502c88f9">rates</a> are lower than they have been in decades. While inflation decreases what your dollars can buy, low mortgage rates help counteract it by boosting your purchasing power so you can get more home for your money. They also help keep your monthly payments down. This is especially important during an inflationary period because you’ll want to protect yourself from the impact of inflation as much as possible.
Ali Wolf, Chief Economist at Zonda, <a href="https://www.forbes.com/advisor/mortgages/homebuying-can-hedge-against-inflation/" target="_blank">explains</a>:
“If you have cash and are expecting inflation, you want to think through where you can put your money so it does not lose value. Housing is commonly looked at as a good inflation hedge, especially with interest rates so low.”
Bottom Line About Buying Southern Indiana Real Estate
The best hedge against inflation is a fixed housing cost. That’s why you shouldn’t let it stop you from buying a home this year. Not sure where to start? Let’s connect so you have expert advice and help throughout every step of the homebuying process.
If you have more questions, reach out to the LOCAL experts today:
Ward Realty Services<br data-uw-styling-context="true" role="presentation" data-uw-rm-sr="" />601 N Shore Drive #204<br data-uw-styling-context="true" role="presentation" data-uw-rm-sr="" />Jeffersonville, IN 47130<br data-uw-styling-context="true" role="presentation" data-uw-rm-sr="" /> <br data-uw-styling-context="true" role="presentation" data-uw-rm-sr="" />M: <a href="tel:+18122002853" class="si-phone-link" rel="nofollow" data-uw-styling-context="true" data-uw-rm-brl="exc" aria-label="call +18122002853" uw-rm-vague-link-id="tel:+18122002853$call +18122002853" data-uw-rm-vglnk="">(812) 200-2853</a>2022-01-14T07:49:00-07:002022-01-14T12:55:56-07:00Marketing Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:17785Knowledge Is Power on the Path to HomeownershipHomeownership is on the goal list for many young adults, but sometimes it’s hard to know exactly how to get there. From understanding the homebuying <a href="https://www.simplifyingthemarket.com/2020/02/28/10-steps-to-buying-a-home-infographic-2/?a=609770-6fb690015abcd68347effb90d2335b5a" target="_blank" title="process">process</a> to pre-approval and down payment assistance options, uncertainty along the way can ultimately hold some buyers back.
Today, there are over 75 million Millennials and 67 million Gen Z’ers in the U.S., making up a significant number of both current and soon-to-be homebuyers. According to a recent Fannie Mae <a href="https://fm.fanniemae.com/affordable/insights/future-homebuyers/index.html" target="_blank" title="survey">survey</a> of more than 2,000 of these individuals:
“88% said they are confident they will achieve homeownership someday.”
In addition, the survey also reveals that for younger generations, the motivation to own a home may be more emotional than financial compared to previous generations:
<50% say they want to use their home as an asset
78% believe it’s the best way to live the way they want, without restrictions
80% believe homeownership is the best way to make it on their own
Whether homeownership goals come from the heart or are driven by financial aspirations (or maybe both), the obstacles standing in the way don’t have to bring these dreams to a screeching halt. The same survey also reveals two key roadblocks for potential buyers. Thankfully, they’re both easily overcome with the power of knowledge and trusted advisors leading the way. Here’s a look at these two challenges potential homebuyers face today:
1. 73% of future homebuyers are unaware of low-down-payment mortgage options
For those who want to purchase a home, low-down-payment options are instrumental to affording one sooner rather than later, especially given the amount of debt many younger adults have accumulated. Fannie Mae also notes:
“Among the challenges they face is an unprecedented amount of debt, along with a lack of understanding of the mortgage process and their own purchasing power. Debt, in particular, creates many obstacles such as a limited ability to save and the fear of taking on more debt.”
Today, there are more than 2,340 down payment assistance <a href="https://www.simplifyingthemarket.com/2020/10/27/how-down-payment-assistance-opens-the-door-to-homeownership/?a=609770-6fb690015abcd68347effb90d2335b5a" target="_blank" title="programs">programs</a> available nationwide to help relieve this pressure. Understanding what’s out there and the options available may help many buyers become homeowners faster than they thought possible. In a year like this, with record-low mortgage <a href="https://www.simplifyingthemarket.com/2020/11/19/will-mortgage-rates-remain-low-next-year/?a=609770-6fb690015abcd68347effb90d2335b5a" target="_blank" title="rates">rates</a> making their mark in the history books, being able to take advantage of the opportunity buyers have right now is essential to long-term <a href="https://www.simplifyingthemarket.com/2020/11/24/is-buying-a-home-today-a-good-financial-move/?a=609770-6fb690015abcd68347effb90d2335b5a" target="_blank" title="affordability">affordability</a>.
2. 64% of buyers expect lenders and other real estate professionals to educate them about the mortgage process
While many people love to do a quick search online to find instant answers to their questions, it isn’t the only way younger generations want to consume information or build their knowledge base. As the survey mentions, having trusted professionals help them learn what it takes to achieve their dreams is definitely on their wish list too.
Bottom Line
If you’re aiming for homeownership someday, it may be in closer reach than you think. Let’s connect so you can learn about the process and get the guidance you need to make it happen.2020-12-15T12:46:00-07:002021-02-10T09:57:35-07:00Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:17641Three Ways Low Inventory Is a Win for Sellers<img src="https://assets.site-static.com/userfiles/819/image/Couple.jpg" />
The number of houses for sale today is significantly lower than the <a href="https://www.simplifyingthemarket.com/2020/10/28/buyer-interest-is-growing-among-younger-generations/?a=609770-6fb690015abcd68347effb90d2335b5a" target="_blank" title="high buyer activity">high buyer activity</a> in the current housing market. According to Lawrence Yun, Chief Economist for the National Association of Realtors (<a href="https://www.nar.realtor/" target="_blank" title="NAR">NAR</a>):
"There is no shortage of hopeful, potential buyers, but inventory is historically low."
When the demand for homes is higher than what’s available for sale, it’s a great time for homeowners to sell their house. Here are three ways low inventory can help you win if you’re ready to make a move this fall.
1. Higher Prices
With so many more buyers in the market than homes available for sale, homebuyers are frequently entering into <a href="https://www.simplifyingthemarket.com/2020/08/31/three-ways-to-win-in-a-bidding-war/?a=609770-6fb690015abcd68347effb90d2335b5a" target="_blank" title="bidding wars">bidding wars</a> for the houses they want to purchase. This buyer competition drives home prices up. As a seller, this can definitely work to your advantage, potentially netting you more for your house when you close the deal.
2. Greater Return on Your Investment
Rising prices mean homes are also gaining value, which drives an increase in the equity you have in your home. In the latest <a href="https://www.corelogic.com/insights-download/homeowner-equity-report.aspx" target="_blank" title="Homeowner Equity Insights Report">Homeowner Equity Insights Report</a>, CoreLogic explains:
“In the second quarter of 2020, the average homeowner gained approximately $9,800 in equity.”
This year-over-year growth in <a href="https://www.simplifyingthemarket.com/2020/10/02/rising-home-equity-can-power-your-next-move-infographic/?a=609770-6fb690015abcd68347effb90d2335b5a" target="_blank" title="equity">equity</a> gives you the ability to put that money toward a down payment on your next home or to keep it as extra savings.
3. Better Terms
When we’re in a <a href="https://www.simplifyingthemarket.com/2020/10/14/the-1-reason-not-to-wait-to-list-your-house-for-sale/?a=609770-6fb690015abcd68347effb90d2335b5a" target="_blank" title="sellers’ market">sellers’ market</a> like we are today, you’re in the driver’s seat if you sell your house. You have the power to sell on your terms, and buyers are more likely to work with you if it means they can finally move into their dream home.
So, is low housing inventory a big deal?
Yes, especially if you want to sell your house at the perfect time. Today’s market gives sellers immense negotiating power. However, it <a href="https://www.simplifyingthemarket.com/2020/10/23/selling-your-house-is-the-right-move-right-now-infographic/?a=609770-6fb690015abcd68347effb90d2335b5a" target="_blank" title="won’t last">won’t last</a> forever, especially as more sellers return to the housing market next year. If you’re considering selling your house, the best time to do so is now.
Bottom Line
If you’re interested in taking advantage of the current sellers’ market, let’s connect today to determine your best move in our local market.2020-11-06T10:00:00-07:002022-04-18T11:43:25-07:00Ward Realty Servicestag:wardrealtyservices.com,2012-09-20:13757Beautiful Brick Home in JeffersonvilleBeautiful new listing located at <a href="http://www.wardrealtyservices.com/property-search/detail/4/201808999/3104-clearstream-way-jeffersonville-in-47130/" target="_blank">3104 Clearstream Way</a> in <a href="http://www.wardrealtyservices.com/jeffersonville/" target="_blank">Jeffersonville</a> is ready for a new owner! Featuring 3 bedrooms, 2 full baths, large laundry room, bonus room, spacious master with sitting room or you can make it an office! HUGE back yard with multi-layer deck, perfect for entertaining!
Call <a href="http://www.wardrealtyservices.com/agents/1945/dave-davis/" target="_blank">Dave Davis</a> at 502-594-6260 to see this home today!
2018-05-21T11:00:00-07:002018-05-23T09:25:46-07:00Amanda Hobbstag:wardrealtyservices.com,2012-09-20:13736Adorable Updated Jeffersonville HomeThis adorable UPDATED home located at <a href="http://www.wardrealtyservices.com/property-search/detail/4/201807954/1816-flintlock-drive-jeffersonville-in-47130/" target="_blank">1816 Flintlock Dr.</a> in <a href="http://www.wardrealtyservices.com/jeffersonville/" target="_blank">Jeffersonville</a> is just perfect! With 3 bedrooms, 2 baths, beautiful hardwood flooring throughout, spacious rooms & a full finished basement, what more could you want?
Call <a href="http://www.wardrealtyservices.com/agents/1955/chelsey-hublar/" target="_blank">Chelsey Hublar</a> today at 812-725-6559 to schedule your showing.
2018-05-15T06:19:00-07:002018-05-15T06:27:51-07:00Amanda Hobbs