How Homeownership Is Life Changing for Many Women

How Homeownership Is Life Changing for Many Women

 

 

Throughout Women’s History Month, we reflect on the impact women have in our lives, and that includes impact on the housing market. In fact, since at least 1981, single women have bought more homes than single men each year, and they make up 17% of all households.

Why Is Homeownership So Important to Women?

The rise in women pursuing homeownership hasn’t just made an impact on the housing market. It’s also been an asset for those buyers and their households. That’s because homeownership has many benefits, both financial and personal.

On the financial side, housing proves to be the key to building wealth for single women. Ksenia Potapov, Economist at First Americansays:

“For single women, housing has always made up a large share of total assets. Over the last 30 years, the average single woman’s wealth has increased 88% on an inflation-adjusted basis, from just over $142,000 in 1989 to $267,000 in 2019, and housing has remained the single largest component of their wealth.”

The financial security and independence homeownership provides can be life changing, too. And when you factor in the personal motivations behind buying a home, that impact becomes even clearer.

A recent report from the National Association of Realtors (NAR) shares the top reasons single women are buying a home right now (see chart below):

Bottom Line

Homeownership can be life changing no matter who you are. Work with a local real estate agent today to talk about your goals in the real estate market.

Nov. 28, 2023

Ranked: The Top 7 Schools In Medford, Oregon

Ranked: The Top 7 Schools In Medford, Oregon

Medford, Oregon, a city located in the southern region of the state, is not only known for its scenic beauty and vibrant community but also for its commitment to education. With a diverse population and a thriving cultural scene, Medford stands out as a place where learning and growth are highly valued. 

In this blog, we take a closer look at the educational landscape of Medford, unveiling the top 7 schools that make a difference in the lives of students and the community. Whether you're a parent seeking the best educational options for your child or simply curious about the academic excellence in Medford, join us as we explore and rank the top schools that contribute to this city's educational excellence.

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Posted in News
Oct. 30, 2023

The Definitive Guide To Living In Grants Pass, Oregon

Livinng In Grants Pass Oregon

Nestled within the picturesque landscapes of Josephine County, Grants Pass is a charming city, inviting you to explore the heart of Southern Oregon. Located along the banks of the majestic Rogue River and conveniently situated on Interstate 5, just northwest of Medford, Grants Pass is a community with a population of just under 40,000. It's a place where small-town charm meets big-time potential, making it a beautiful and ever-growing community.

Whether you're contemplating a move to this tranquil city or are already a proud resident, this blog is your go-to resource for insights into life in Grants Pass, offering invaluable information and tips to help you make the most of your experience in this thriving Oregon gem.

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Posted in News
April 5, 2023

Get Ready: The Best Time To List Your House Is Almost Here

Get Ready: The Best Time To List Your House Is Almost Here

Get Ready: The Best Time To List Your House Is Almost Here

 

If you’re thinking about selling this spring, it’s time to get moving – the best week to list your house is fast approaching.

Experts at realtor.com looked at seasonal trends from recent years (excluding 2020 as an uncharacteristic year due to the onset of the pandemic) and determined the ideal week to list a house this year:

“Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2023 is approaching quickly. The week of April 16-22 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year.

If you’ve been waiting for the best time to sell, this is your chance. But remember, before you put your house on the market, you’ve got to get it ready. And if you haven’t started that process yet, you’ll need to move quickly. Here’s what you should keep in mind.

Work with an Agent To Determine Which Updates To Make

Start by prioritizing which updates you’ll make. In February, realtor.com asked more than 1,200 recent or potential home sellers what updates they ended up making to their house before listing it (see graph below):

 

As you can see, the most common answers included landscaping and painting. Work with a trusted real estate agent to determine what projects make the most sense for your goals and local market.

If Possible, Plan To Have Your House Staged

Once you’ve made any necessary repairs and updates to your house, consider having it staged. According to the National Association of Realtors (NAR), 82% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home. Additionally, almost half of buyers’ agents said home staging had an effect on most buyers’ view of the home in general. Homes that are staged typically sell faster and for a higher price because they help potential buyers more easily picture their new life in the house.

Bottom Line

Are you ready to sell this spring? Contact a real estate agent to plan your next steps. You can start by making a checklist of what you think your house needs to get ready. Then, we can work together to prioritize your list and move forward together.

Posted in News
March 29, 2023

How Homeownership Is Life Changing for Many Women

How Homeownership Is Life Changing for Many Women

How Homeownership Is Life Changing for Many Women

Throughout Women’s History Month, we reflect on the impact women have in our lives, and that includes impact on the housing market. In fact, since at least 1981, single women have bought more homes than single men each year, and they make up 17% of all households.

Why Is Homeownership So Important to Women?

The rise in women pursuing homeownership hasn’t just made an impact on the housing market. It’s also been an asset for those buyers and their households. That’s because homeownership has many benefits, both financial and personal.

On the financial side, housing proves to be the key to building wealth for single women. Ksenia Potapov, Economist at First Americansays:

“For single women, housing has always made up a large share of total assets. Over the last 30 years, the average single woman’s wealth has increased 88% on an inflation-adjusted basis, from just over $142,000 in 1989 to $267,000 in 2019, and housing has remained the single largest component of their wealth.”

The financial security and independence homeownership provides can be life changing, too. And when you factor in the personal motivations behind buying a home, that impact becomes even clearer.

A recent report from the National Association of Realtors (NAR) shares the top reasons single women are buying a home right now (see chart below):

Bottom Line

Homeownership can be life changing no matter who you are. Work with a local real estate agent today to talk about your goals in the real estate market.

Posted in Home Ownership
March 10, 2023

RE Colorado Market Stats March 2023

March 10, 2023

Equity Gains for Today’s Homeowners

Equity Gains for Today’s Homeowners

 

Today’s homeowners are sitting on significant equity, even as home price appreciation has eased recently. If you’re a homeowner, your net worth got a boost over the past few years thanks to rising home prices. Here’s what it means for you, even as the market moderates.

How Equity Has Grown in Recent Years 

Because of the imbalance between how many homes were for sale and the number of homebuyers in the market over the past few years, home prices appreciated substantially.

And while price appreciation has slowed this year, that doesn’t mean you’ve lost all the equity in your home. In fact, the latest Homeowner Equity Insights report from CoreLogic finds the average homeowner’s equity has grown by $34,300 over the past year alone.

And if you’ve been in your home longer than that, chances are you have even more equity than you realize.

While that’s the national number, if you want to know what happened in your area, look at the map below from the Federal Housing Finance Agency (FHFA). It shows on average how much home prices have risen over the past five years, which has been a major driver behind equity growth.

Equity Gains for Today’s Homeowners | Simplifying The Market

 

Why This Is So Important Right Now 

While equity helps increase your overall net worth, it can also help you achieve other goals, like buying your next home. When you sell your current house, the equity you’ve built up comes back to you in the sale, and it may be just what you need to cover a large portion – if not all – of the down payment on your next home.

So, if you’ve been holding off on selling, it may be time to find out how much equity you have and how it can help fuel your next move.

Bottom Line

Homeownership is a long game, and if you’re planning to make a move, the equity you’ve gained over time can make a big impact. To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, connect with a local real estate professional.

Posted in Home Ownership
March 9, 2023

Southern Oregon Market Stats Feb

Southern Oregon Market Stats

Dec. 1st, - Feb. 28th 2023

 

By Jake Rockwell

The pendulum has started to swing. When we look at the numbers it looks surprising at first glance, with number of homes sold dropping from 627 to just 286, it hard to not feel alarmed. However, remembering that this time last year was such a momentous time where typical market conditions that effect the winter month, just didn't seem to take hold at all. As the market shifts back down to normalcy, its important to remember not to necessarily look at just a year over year comparison but that last year was an anomaly in of itself. Apart from 2022, looking at the numbers in 2019 the number of homes sold was 487 during the same time frame. However the sales price has changed since then going from $278,250 to $391,250. 

When you compare this year to last on the median sales price it has gone down from $408,250 to $391,250, and overall most areas throughout Jackson County have started to trickle down on pricing. This is of course, due to the fed hiking interest rates in an effort to combat inflation. It seems to be working as pricing is coming down a bit and might me a sweet spot coming up for buyers where the interest rates may also come back down on a home that the prices have already fallen on. 

 

 

Links to Stats:

 

 

Create a custom market report catered to your neighborhood or any specific area and criteria.

Want an instant market valuation for you property

Feb. 9, 2023

Southern Oregon Market Stats Jan

Southern Oregon Market Stats

Nov. 1, 2022- Jan. 31, 2023

 

By Jake Rockwell

Looking at the numbers from last year, total sales are down and inventory is up. However, that's to be expected not only after such a large downturn in the market due to interest rates spiking but also during the winter months. November through Feb is traditionally much slower anyhow. The 5 year home values are all still up nearly 50% but despite the rapid surge in prices we felt last year, median home values are starting to come back down. Going from $389,500 in 2022 to $381,000, which isn't a lot but shows that the time might be good for buyers to get into the market. 

This is true from a realtor perspective as we are seeing buyers that are in the market, be much more prepared and ready to buy this is also good for sellers. This means far less showings that don't amount to an offer. Buyers are ready to buy and are serious when considering a property and are often pre-qualified and know what specifically they want in a home and what is a deal breaker for them. 

Southwest Medford and Eagle Point are looking like the two key areas that might be best to look at for buying. Eagle Point is showing a median change from $415k to $340, while Southwest Medford is at $350k compared to last years $392k. That's huge savings for anyone looking to buy right now. 

 

Links to Stats:

 

 

Create a custom market report catered to your neighborhood or any specific area and criteria.

Want an instant market valuation for you property

Jan. 19, 2023

Pre-Approval in 2023: What You Need To Know

Pre-Approval in 2023: What You Need To Know

One of the first steps in your homebuying journey is getting pre-approved. To understand why it’s such an important step, you need to understand what pre-approval is and what it does for you. Business Insider explains:

“In a preapproval [sic], the lender tells you which types of loans you may be eligible to take out, how much you may be approved to borrow, and what your rate could be.”

Basically, pre-approval gives you critical information about the homebuying process that’ll help you understand your options and what you may be able to borrow.

How does it work? 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 how much money you can borrow. That can make it easier when you set out to search for homes because you’ll know your overall numbers. And with higher mortgage rates impacting affordability for many buyers today, a solid understanding of your numbers is even more important.

Pre-Approval Helps Show You’re a Serious Buyer

Another added benefit is pre-approval can help a seller feel more confident in your offer because it shows you’re serious about buying their house. A recent article from Forbes notes:

“From the seller’s perspective, a preapproval [sic] letter from a reputable local lender often can make the difference between accepting and rejecting an offer.”

This goes to show, even though you may not face the intense bidding wars you saw if you tried to buy during the pandemic, pre-approval is still an important part of making a strong offer. In fact, Christy Bieber, Personal Finance Writer at The Motley Fool explains it may be the most important part of making an offer:

“Pre-approval maximizes the chances you’ll be able to actually close the deal – and sellers want to see that.

The fact that a pre-approval gives you a better chance of getting your offer accepted is undoubtedly the most important reason to complete this step . . .”

Bottom Line

Getting pre-approved is an important first step towards buying a home. It lets you know 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 purchase a home in today’s market.

Posted in Home Ownership
Jan. 17, 2023

Think Twice Before Waiting for 3% Mortgage Rates

 

Think Twice Before Waiting for 3% Mortgage Rates

Last year, the Federal Reserve took action to try to bring down inflation. In response to those efforts, mortgage rates jumped up rapidly from the record lows we saw in 2021, peaking at just over 7% last October. Hopeful buyers experienced a hit to their purchasing power as a result, and some decided to press pause on their plans.

Today, the rate of inflation is starting to drop. And as a result, mortgage rates have dipped below last year’s peak. Sam Khater, Chief Economist at Freddie Macshares:

“While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.”

That’s potentially great news if you’re a buyer aiming to jump back into the housing market. Any drop in mortgage rates helps boost your purchasing power by bringing down your expected monthly mortgage payment. This means the lower mortgage rates experts forecast this year could be just what you need to reignite your homebuying goals.

While this opens up a window of opportunity for you, remember: you shouldn’t expect rates to drop back down to record lows like we saw in 2021. Experts agree that’s not the range buyers should bank on. Greg McBride, Chief Financial Analyst at Bankrateexplains:

“I think we could be surprised at how much mortgage rates pull back this year. But we’re not going back to 3 percent anytime soon, because inflation is not going back to 2 percent anytime soon.

It’s important to have a realistic vision for what you can expect this year, and that’s where the advice of expert real estate advisors is critical. You may be surprised by the impact even a mild drop in mortgage rates has on your budget. If you’re ready to buy a home now, today’s market presents the opportunity to get a more affordable mortgage rate, find your dream home, and face less competition from other buyers.

Bottom Line

The recent pullback in mortgage rates is great news – but if you’re ready to buy now, holding out for 3% is a mistake. Work with a local real estate expert to explore the options in your area and learn how today’s rates impact your goals.

Posted in Home Ownership