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Suburban Living Vs. City Living

December 9, 2021

Location, Location, Location! You hear this advice all the time when starting the home buying process, but what is the best decision for you and your family? Suburbs and cities are not the same as they used to be, especially after 2020, and considering all the pros and cons of both locations is key in deciding where you want to buy your next home. 


As the stereotype goes, cities are grand and exciting places to be filled with endless opportunities and activities to keep you entertained. Suburbs were viewed as slow and even boring due to its assumed isolation from larger urban centers. However, after two years spent at home, opinions are starting to shift. 


Price - Before the pandemic, many may have assumed that moving to the suburbs meant more bang for your buck. However, with recent housing market trends, suburbs’ home prices have actually been increasing at a faster rate compared to urban homes. According to realtor.com, “Currently, the median listing price of suburban properties within the 10 largest metros is growing by 5.2% year over year. In urban areas, the growth rate is only 2.4%.”


While you may be able to find more spacious homes that cater to aspects of life such as working from home, working out, and having enough space for the whole family, the price may not always be the bargain you’re looking for. 


Lifestyle - There’s no denying that living in a city is different compared to living in the suburbs. When thinking about which may be the best place to buy your new home, it’s important to consider your current and future lifestyle. While right now you enjoy the hustle of city life and enjoy the space for two, in 5 years you may need to slow down or be starting a family and need more room. 


This is a bit stereotypical, but it’s definitely important to consider. Think about how you live today; what’s important to you? how do you like to spend your time? what does your financial situation look like? Where do you see yourself in 5 years? What about in 10 years? These questions can help you realize what you love about your life and your living situation, and what you may not be willing to give up. 


It’s important to understand that buying a home is the largest investment of your life. Considering all the factors that play into what will make your house a home is crucial in deciding where you’ll be planting your roots. On average, homeowners stay in the homes they buy for around 10.5 years. That’s a long time! Part of your home buying process is setting goals for your life and deciding whether your home purchase will align with those goals, and taking your lifestyle into consideration your lifestyle is a must.


Location - Location Location Location! Because you’ll be investing in a house you’ll be making your home for years to come, you want to make sure you’re exactly where you want to be. Choosing the perfect location for you and your family is crucial, and both cities and suburbs offer up a lot. In the past, it may have been assumed that cities were for the busy, young, and ambitious, while suburbs were for those looking to slow down and start a family. That isn’t the case any longer! 


When considering where you’d live to live, it’s important to consider things like community, proximity to amenities, schools, and maybe even your commute to work (although that may not be as large a factor as pre-COVID-19 and the growth of remote working.) It’s also important to consider things like home insurance, HOA fees, and the overall price of living. These financial factors should play a large part in deciding where you’ll buy your next home as they differ greatly depending on where you plant your roots. 


Before getting too mixed up in the housing market trends, finding your perfect mortgage product, and even getting pre-approved, you want to have a clear understanding of exactly what you’re looking for in a home. Getting clear about your finances, your current and future lifestyle, and creating your nonnegotiable wants vs. needs list will help make the entire home buying process that much smoother. 


Once you have made the decision between city life and suburban living, it’s time to hit the ground running and start your home buying process. If you already know exactly what you want and where you want to go, contact one of our loan officers today to get pre-approved and talk about your specific situation!


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Q1 Recap

By Mikaylah Collins • April 12, 2023
We've begun to see signs that the Spring Market is here and could be robust! Here is what we know: According to NAR, home sales were up 14% in February over the previous month which marked the biggest monthly increase since July 2020. While March results are not yet published, the mortgage industry saw an increase in purchase applications for the 3rd straight month; a great sign for the housing market. Driving much of this activity is the stabilization of rates in January & February and lower interest rates this past month. We’re starting to see signs of a slowing economy and the markets are now pricing this in. This week we saw the 10-yr Treasury drop under 3.4%, a level it has not reached for quite some time and the lowest it’s been since September 9, 2022. This is great news for consumers as decreasing rates mean more home affordability. Over the past year, most markets have seen home prices stabilize if not even decline, albeit by a very small amount. This stabilization was still a relief for homebuyers as it helped to offset higher interest rates. As rates continue to decrease, we would expect home prices to again increase due to demand increases. In addition to increased demand, there is still a shortage of homes for sale nationwide and that will continue to worsen as more and more homebuyers enter the market.  So what does it all mean? Now is a GREAT time to buy a home! Rates and home prices are stable, there is not as much competition as there will be when rates do decrease, and buying a home is still extremely affordable for most. Once rates fall, we will likely see home prices rise and the competition for the shortage of homes will increase alongside it making the window of a buyer-dominated market very small.

Q1 2023 Market Outlook

By Sarah Rubin • February 10, 2023
We are well into Q1 and feel confident saying that the market appears to be stabilizing. Before we start looking forward, let’s quickly look back at the end of 2022.

Finding The Right Listing Agent For You

By Sarah Rubin • December 15, 2022
Buying a home is a huge investment and one we talk about often - BUT the flipside is that you have an opportunity to cash in on that investment when you’re ready to sell your home! While you do have the chance to cash-in, a lot more work goes into selling a home than you might think! If you are considering selling your home, working with a listing agent will help you market your home, negotiate with potential buyers, work through paperwork, and ultimately close on your home! So what is a listing agent? In its most basic terms, a listing agent is a real estate professional who represents the seller in a real estate transaction. The listing agent lists the home for sale and works on behalf of the seller to sell the home at the best price and terms for their client. Listing your home is a BIG deal and it is not a place to try and DIY. But why can’t you just grab a sign at Home Depot and try and sell yourself? Well, there are lots of reasons some of which include: Professional consultation: A listing agent will walk you through each step and tell you what to expect along the way! They should understand the specific community you’re in and the current market environment and will help you determine a competitive but realistic asking price for your home. Marketing and selling your home: Your listing agent will list your home on the multiple listing service (MLS) in order to better market your home to potential buyers. They also can make staging recommendations and hire a photographer to best show off your home and its features. They’ll schedule house showings, and can be present to answer any questions. Communication and negotiation: Communication is key to both buying and selling a home in order to minimize stress and misunderstandings. Listing agents take care of this important task, by staying in touch with interested buyers and their agents, fielding questions, handling paperwork, and negotiating the final sale price and terms. Recommendations: Seasoned listing agents might come with a list of professionals who they have worked with in the past that they enjoy working with in order to make the selling process smoother for you! Some of these professionals include: real estate attorneys or title companies, inspectors, stagers, those who specialize in home improvement AND of course trusted Loan Officers. How do I find the right listing agent for my situation? In order to find the right listing agent for you, make sure your agent is licensed and has experience, references, and a professional website where you can learn more about them and their qualifications. Most real estate agents work with both buyers and sellers, but some might specialize in one or the other. Once you find a few agents through referrals or online research, meet with them in person to ensure they meet your needs and work well with your personality. It is also important to ask questions during your meeting with them and it’s imperative that you determine what you’re looking for in an agent so you make sure you are happy with the product being delivered. Selling a home can be stressful, especially for first-time sellers. A listing agent can help by taking on some of the burden and providing the information and resources needed to help sellers make informed decisions. We work with agents on both sides of the transaction – if you have any questions or would like a recommendation for an agent in your area, please reach out to us!
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