Don’t Wait Until Spring To Sell Your House

  As you think about the year ahead, one of your big goals may be moving. But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell. Here's why. 1. Take Advantage of Lower Mortgage Rates Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may not feel as locked-in to your current mortgage rate right now. That downward trend in rates has made moving more affordable now than it was just a few months ago. Another reason today’s rates make now a good time to sell? More buyers are jumping back into the market. Many had been waiting on the sidelines for rates to fall, but now that that’s happening, they’re eager and ready to buy. That means more demand for your house. According to Sam Khater, Chief Economist at Freddie Mac: “Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.” 2. Get Ahead of Your Competition Right now, there are still more people looking to buy a home than there are houses for sale, which puts you in a great position. But keep in mind, with the recent uptick in new listings, we’re seeing more sellers may already be re-entering the market. Listing your house now helps you beat your competition and makes sure your house will stand out. And if you work with an agent to price it right, it could sell fast and get multiple offers. U.S. News explains: “When there is low housing inventory, sellers could get top dollar for their homes.” 3. Make the Most of Rising Home Prices Experts forecast home prices will keep going up this year. What does that mean for you? If you're ready to sell your current house and plan to buy another one, it may be a good idea to think about moving now before prices go up more. That would give you the chance to buy your next home before it gets more expensive. 4. Leverage Your Equity Homeowners today have tremendous amounts of equity. In fact, a recent report from CoreLogic says the average homeowner with a mortgage has more than $300,000 in equity. If you've been waiting to sell because you were worried about home affordability, know your equity can really help with your next move. It might even cover a big part, or maybe all, of the down payment for your next home. Bottom Line If you're thinking about selling your house and moving to another one, let’s connect to get the process started now so you can get a leg up on your competition.

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There’s No Foreclosure Wave in Sight [INFOGRAPHIC]

Some HighlightsHeadlines saying foreclosures are rising might make you feel uneasy. But the truth is, there’s no need to worry.If you look at the latest numbers, they’re still below pre-pandemic norms and way below what happened during the crash.If you're worried about a flood of foreclosures, the data shows a foreclosure crisis is not where the market is today and is not where it’s headed.

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Foreclosure Activity Is Still Lower than the Norm

Have you seen headlines talking about the increase in foreclosures in today’s housing market? If so, they may leave you feeling a bit uneasy about what’s ahead. But remember, these clickbait titles don’t always give you the full story.The truth is, if you compare the current numbers with what usually happens in the market, you’ll see there’s no need to worry.Putting the Headlines into PerspectiveThe increase the media is calling attention to is misleading. That’s because they’re only comparing the most recent numbers to a time where foreclosures were at historic lows. And that’s making it sound like a bigger deal than it is.In 2020 and 2021, the moratorium and forbearance program helped millions of homeowners stay in their homes, allowing them to get back on their feet during a very challenging period.When the moratorium came to an end, there was an expected rise in foreclosures. But just because foreclosures are up doesn’t mean the housing market is in trouble.Historical Data Shows There Isn’t a Wave of ForeclosuresInstead of comparing today’s numbers with the last few abnormal years, it’s better to compare to long-term trends – specifically to the housing crash – since that’s what people worry may happen again.Take a look at the graph below. It uses foreclosure data from ATTOM, a property data provider, to show foreclosure activity has been consistently lower (shown in orange) since the crash in 2008 (shown in red):So, while foreclosure filings are up in the latest report, it’s clear this is nothing like it was back then.In fact, we’re not even back at the levels we’d see in more normal years, like 2019. As Rick Sharga, Founder and CEO of the CJ Patrick Company, explains:“Foreclosure activity is still only at about 60% of pre-pandemic levels. . .”That’s largely because buyers today are more qualified and less likely to default on their loans. Delinquency rates are still low and most homeowners have enough equity to keep them from going into foreclosure. As Molly Boesel, Principal Economist at CoreLogic, says:“U.S. mortgage delinquency rates remained healthy in October, with the overall delinquency rate unchanged from a year earlier and the serious delinquency rate remaining at a historic low… borrowers in later stages of delinquencies are finding alternatives to defaulting on their home loans.”The reality is, while increasing, the data shows a foreclosure crisis is not where the market is today, or where it’s headed.Bottom LineEven though the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst. If you have questions about what you’re hearing or reading about the housing market, connect with a real estate agent.

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