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Market Trends • Real Estate Market Stats and Info • Real Estate Trends & Stats • May 19, 2023

Real Estate Trends 2023: Smart Homes, Sustainable Development & More

by Cedric Higgins

The real estate world has lots of exciting things happening this year. Let’s talk about some of them in a simple way.

Embracing the Future:

Smart homes are becoming more popular. These homes have cool gadgets that make life easier and save energy. For example, you can control lights and temperature with your voice. Smart homes are changing how we live!

Building a Greener Future: Sustainable Development

Taking care of the environment is important. That’s why people want eco-friendly homes. These homes use renewable energy, have materials that are good for the planet, and save water. It’s all about making the world greener.

Redefining Living Arrangements: Co-Living Spaces

Have you heard of co-living? It’s a cool idea where people share living spaces. It helps them save money and build a community. These spaces often have places to work and have fun. They’re great for young professionals and empty nesters who want affordable and social living.

Shaping Real Estate Demand: The Remote Work Revolution

More people are working from home because of the pandemic. Now, they want homes with office spaces or close to co-working spaces. It’s all about making remote work easier.

The Return of City Living: Urban Revival

Living in cities is still popular. As more people get vaccinated and things get better, cities are becoming popular again. Young people love city life with lots of things to do and good jobs.

Immersive Property Experiences: Virtual Reality (VR) in Real Estate

Virtual reality is a big deal in real estate. With virtual reality, you can see houses without leaving your home. It saves time and lets you see a house before visiting it. It’s like being there even when you’re not!

Now, let’s answer some questions you may have:

Q1: How can I make my home a smart home?

A1: Start by adding things like smart thermostats, lights that turn on automatically, and voice-activated assistants. These gadgets can be added to your existing home or included in new ones. You can also think about getting smart security systems and connected appliances for an even smarter home.

Q2: Are eco-friendly features expensive?

A2: Some eco-friendly things may cost more at first, but they save money in the long run. For example, solar panels may have an initial cost, but they can lower your energy bills. Green building materials might be more expensive, but they last longer and use less energy, which means you save money on maintenance and utilities.

Q3: What’s good about sharing living spaces?

A3: Sharing living spaces helps you save money and meet new people. It’s cheaper because you split the costs with others. It also creates a community where you can make friends. You might have access to shared spaces like offices and fitness areas, which make living there even better.

Q4: Is it a good time to invest in cities?

A4: Yes, it can be a good idea to invest in cities. People are interested in living in cities again, so it could be a smart investment. But it’s important to research and look at things like transportation, jobs, and development projects before deciding.

Q5: How does virtual reality help in real estate?

A5: Virtual reality lets you see properties without going to them. You can take virtual tours and see what a house looks like before visiting in person. This saves time and money. Real estate agents and developers can also show you unfinished properties, so you can see what they’ll look like when they’re done.

Conclusion

In conclusion, real estate is changing with these exciting trends. Smart homes, eco-friendly development, co-living spaces, remote work, city living, and virtual reality are all shaping the industry. These trends will continue to make a difference in real estate in 2023 and beyond. It’s important for the industry to adapt and meet the needs of buyers for a bright and sustainable future.

 

1st Time Home Buyer • May 4, 2023

10 Things Every First-Time Homebuyer Should Know

by Cedric Higgins

Buying a home is a big decision, and it’s important to make informed choices. First-time homebuyers often make mistakes that can cost them money in the long run. Therefore, it’s important to do your research and understand the process before making any commitments. This article will provide you with essential information to help you make an informed decision.

1. Understand your finances
The first step in the home-buying process is to evaluate your finances. Determine how much you can afford to spend on a home, taking into account your income, debt, and expenses. You should also obtain a copy of your credit report and check for errors. A good credit score can help you secure a lower interest rate on your mortgage.

2. Get Pre-Approved for a Mortgage

Getting pre-approved for a mortgage can help you determine how much house you can afford. It also shows sellers that you are a serious buyer. A pre-approval letter from a lender will give you an advantage in a competitive market.

3. Find a good real estate agent
A good real estate agent can help you navigate the home-buying process. They can provide you with information about neighborhoods, schools, and home values. They can also help you negotiate the best deal on your new home.

4. Research the neighborhood
Before making an offer on a home, research the neighborhood. Visit the area at different times of the day and night to get a sense of the community. Check out the schools, parks, and amenities in the area.

5. Get a Home Inspection

A home inspection can uncover any problems with the home before you buy it. A qualified home inspector will check the foundation, roof, electrical, plumbing, and HVAC systems. They will also look for any safety hazards or code violations.

6. Consider additional expenses

When buying a home, you need to consider additional expenses beyond the purchase price. These expenses include closing costs, property taxes, insurance, and maintenance costs. Make sure you factor these costs into your budget.

7. Don’t rush the process

Buying a home is a big decision, and you should take your time to find the right one. Don’t rush into a purchase because you’re afraid of missing out on a good deal. Make sure you are comfortable with the neighborhood, the house, and the price.

8. Negotiate the price

It’s important to negotiate the price of the home to get the best deal. Your real estate agent can help you determine a fair price based on comparable homes in the area. Don’t be afraid to make a lower offer if you think the asking price is too high.

9. Read the contract carefully

Before signing a contract, make sure you read it carefully. Make sure you understand all the terms and conditions, including any contingencies. If you don’t understand something, ask your real estate agent or attorney for clarification.

10. Get homeowner’s insurance

Homeowner’s insurance is essential to protecting your investment. It covers the cost of repairs or replacement if your home is damaged or destroyed by fire, theft, or natural disasters. Make sure you shop around for the best insurance policy for your needs.

Conclusion

Buying a home can be a challenging and exciting process. It’s important to do your research, evaluate your finances, and work with a qualified real estate agent to find the right home for your needs. Remember the 10 things every first-time homebuyer should know, and don’t hesitate to ask questions and seek guidance throughout the process.

Whether you’re buying a house for the first time or you’re a seasoned homebuyer, the home-buying process can be complex. By following these 10 tips, you can navigate the process with confidence and make informed decisions.

Remember, take your time, evaluate your finances, and find a home that meets your needs and budget. With careful planning and preparation, you can become a proud homeowner and enjoy the many benefits of owning your own home.

Buyer Tips & Strategy • Real Estate Trends & Stats • March 2, 2020

How Your Tax Refund Can Move You Toward Homeownership This Year

by Cedric Higgins
How Your Tax Refund Can Move You Toward Homeownership This Year | MyKCM

How Your Tax Refund Can Move You Toward Homeownership This Year | MyKCM

If you’re looking to buy a home in 2020, have you thought about putting your tax refund toward a down payment? Homeownership may be one step closer than you think if you spend your dollars wisely this year.

Based on data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $2,962 when filing their taxes this year.

The map below shows the average tax refund Americans received last year by state:How Your Tax Refund Can Move You Toward Homeownership This Year | MyKCMAccording to programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae, many first-time buyers can purchase a home with as little as 3% down. Truth be told, a 20% down payment is not always required to buy a home, even though that’s a common misconception about homebuying. Veterans Affairs Loans allow many veterans to purchase a home with 0% down.

How can my tax refund help?

If you’re a first-time buyer, your tax refund may cover more of a down payment than you ever thought possible.

If you take into account the median home sale price by state, the map below shows the percentage of a 3% down payment that’s covered by the average tax refund:How Your Tax Refund Can Move You Toward Homeownership This Year | MyKCMThe darker the blue, the closer your tax refund gets you to homeownership in one of these programs. Maybe this is the year to plan ahead and put your tax refund toward a down payment on a home.

Bottom Line

Saving for a down payment can seem like a daunting task, but the more you know about what’s required, the more prepared you’ll be to make the best decision for you and your family. This tax season, your refund could be your key to homeownership.

Seller Tips & Strategy • February 26, 2020

Thinking of Selling? Now May Be the Time

by Cedric Higgins
Thinking of Selling? Now May Be the Time. | MyKCM

Thinking of Selling? Now May Be the Time. | MyKCM

The housing market has started off much stronger this year than it did last year. Lower mortgage interest rates have been a driving factor in that change. The average 30-year rate in 2019, according to Freddie Mac, was 3.94%. Today that rate is closer to 3.5%.

The Census Bureau also just reported the highest homeownership rate since 2014 for people under 35. This is evidence that owning their own home is becoming more important to Millennials as they reach the age where marriage and children are part of their lives.

According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is strong. That’s not the case, however, with seller demand, which remains weak throughout most of the nation. Here’s a breakdown by state:Thinking of Selling? Now May Be the Time. | MyKCMDemand for housing is high, but supply is extremely low. NAR also just reported that the actual number of homes currently for sale stands at 1.42 million, which is one of the lowest totals in almost three decades. Additionally, the ratio of homes for sale to the number purchased currently stands at 3.1 months of inventory. In a normal market, that number would be nearly double that at 6.0 months of inventory.

What does this mean for buyers and sellers?

Buyers need to remain patient in the search process. At the same time, buyers must be ready to act immediately once they find the right home.

Sellers may not want to wait until spring to put their houses on the market. With demand so high and supply so low, now is the perfect time to sell your house for the greatest dollar value and the least hassle.

Bottom Line

The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.

Buyer Tips & Strategy • November 21, 2019

Buyers Are Looking Now

by Cedric Higgins
Buyers Are Looking Now. Are You Ready to List Your Home? | MyKCM

Buyers Are Looking Now. Are You Ready to List Your Home?

Buyers Are Looking Now. Are You Ready to List Your Home? | MyKCM

Inventory on the market today is low, especially among existing homes in the entry and middle-level tiers of the market. It is hovering well below the 6-month supply typically found in a more normal market, as shown in the graph below:Buyers Are Looking Now. Are You Ready to List Your Home? | MyKCMWith inventory being one of the biggest housing market challenges today, finding a starter home right now isn’t easy. According to the Q3 Housing Trends Report from the National Association of Homebuilders (NAHB), 68% of those searching for a home think their search will get harder or stay about the same over the next 12 months.

The same study reveals,

“In Qtr3’19, buyers actively engaged in the process of buying a home are more likely to have spent at least 3 months searching (58%) than a year earlier (55%).”

 This is certainly no surprise, given the current inventory status. So, what’s the good news? The NAHB continues to say,

“If still unable to find a home in the next few months, the next step for most long-time searchers is to continue looking for the ‘right’ home in the same preferred location (52%). The next step for 35% is to expand their search area and for 16% is to accept a smaller/older home. Only 15% will give up looking.”

What does this mean for homeowners?

 If you’re thinking of selling your home, buyer demand is high – and those looking in your neighborhood aren’t planning on giving up anytime soon. The majority of potential buyers who are still searching for their dream home are eager, willing, and ready to buy, so maybe it’s time to list your house and make your move.

Bottom Line

With buyer demand as high as it is today, and inventory in the entry and middle-tier markets remaining low, it’s never been a better time to move up. Let’s get together to determine if now is your time to sell.

Seller Tips & Strategy • September 23, 2019

Is Your House “Priced to Sell Immediately”?

by Cedric Higgins
Is Your House “Priced to Sell Immediately”? | MyKCM

Is Your House “Priced to Sell Immediately”?

Is Your House “Priced to Sell Immediately”? | MyKCM

In today’s real estate market, more houses are coming to market every day. Eager buyers are searching for their dream homes, so setting the right price for your house is one of the most important things you can do.

According to CoreLogic’s latest Home Price Index, home values have risen at over 6% a year over the past two years, but have started to slow to 3.6% over the last 12 months. By this time next year, CoreLogic predicts home values will be 5.4% higher.

With prices slowing from their previous pace, homeowners must realize that pricing their homes a little over market value to leave room for negotiation will actually dramatically decrease the number of buyers who will see their listing (see the chart below).Is Your House “Priced to Sell Immediately”? | MyKCMInstead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house so demand for the home is maximized. By doing so, the seller will not be negotiating with a buyer over the price, but will instead have multiple buyers competing with each other over the house.

The secret is making sure your house is Priced To Sell Immediately (PTSI). That way, your home will be seen by the most potential buyers. It will sell at a great price before more competition comes to the market.

Bottom Line

If you’re debating listing your house for sale, let’s get together to discuss how to price your home appropriately and maximize your exposure.

Buyer Tips & Strategy • Investor Tips & Strategy • January 31, 2019

4 Proven Ways Real Estate Can Build Sizable Family Wealth

by Cedric Higgins
4 Proven Ways Real Estate Can Build Sizable Family Wealth | MyKCM

4 Proven Ways Real Estate Can Build Sizable Family Wealth | MyKCM

Recently, David Greene, co-host of the BiggerPockets podcast and a nationally renowned author and speaker, wrote an article in Forbes explaining how investing in real estate could help build wealth. Many of the points he made also apply to a family owning their own home. Here are a few:

1. Appreciation

“The rising of home prices over time, is how the majority of wealth is built in real estate. This is the ‘home run’ you hear of when people make a large windfall of money. While prices fluctuate, over the long run real estate values have always gone up, always, and there is no reason to think that is going to change.

One thing to consider when it comes to real estate appreciation affecting your ROI is the fact that appreciation combined with leverage offers huge returns. If you buy a property for $200,000 and it appreciates to $220,000, your property had made you a 10% return. However, you likely didn’t pay cash for the property and instead used the bank’s money. If you consider that you may have put 10% down ($20,000), you actually have doubled your investment, a 100% return.”

2. Leverage

“By nature, real estate is one of the easiest assets to leverage I have ever come across—maybe the easiest. Not only is it easy to leverage the financing of it, but the terms are incredible compared to any other kind of loan. Interest rates are currently below 5%, down payments can be 20% or less, and loans are routinely amortized over 30-year periods.”

3. Paying Off the Debt

“One of the best parts of investing in real estate is the fact that … you’re slowly paying down your loan balance with each payment to the bank… After enough time passes, a good chunk of every payment comes off the loan balance, and wealth is created.”

4. Forced Equity

“Forced equity is a term used to refer to the wealth that is created when an investor does work to a property to make it worth more…

Example of this would be adding a third or fourth bedroom to a property with only two, adding a second bathroom to a property with only one, or adding more square footage to a property with less than the surrounding houses.”

Though Green was talking about investors, the same could be said about a family upgrading their own home.

Bottom Line

Green put it best by saying:

“There are many ways to build wealth in America, but real estate might be the safest, steadiest and simplest way to do so.”

To read the full article, click here.

Seller Tips & Strategy • January 31, 2019

Do You Know How Much Your Home Has Increased in Value?

by Cedric Higgins
Do You Know How Much Your Home Has Increased in Value? | MyKCM

Do You Know How Much Your Home Has Increased in Value? | MyKCM

Last year we saw headlines about a possible housing market bubble, and many wondered if Americans still felt confident about the value of their homes. Recently, the 2018 Houzz & Home Study revealed:

“Homeowners with mortgages have seen their home equity more than double since 2011, increasing to a record-setting $8.3 trillion in 2017.”

The average homeowner gained $16,200 in home equity between Q2 2017 and Q2 2018 according to the latest release of CoreLogic’s Home Equity Report.

Since 2011 home values have increased significantly throughout the country, with prices rising by 5.1% in 2018 alone. When surveyed, homeowners revealed the top four reasons why they felt their homes had increased in value.

  1. Desirable Location
  2. Improved National Economy
  3. Improved Local Economy
  4. Low Home Inventory in My Area

As we can see, not only does the data show that the homes have appreciated, but homeowners also believe they know why. Many have taken advantage of the opportunity to use their newly found equity to sell their current house and move up to their dream home!

2019 will be a good year for the homeowners that still want to take advantage of their home equity! CoreLogic forecasts that home prices will increase by 4.8% by the end of the year.

Bottom Line

If you are a homeowner who would like to find out your current home value, let’s get together to discuss the hidden opportunities in your home!

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