What You Should Know About Rising Mortgage Rates

What You Should Know About Rising Mortgage Rates | MyKCM

After steadily falling over the winter, mortgage rates have started to rise in recent weeks. This is concerning to some potential homebuyers as the combination of higher mortgage rates and higher prices have made homes less affordable. So, if you’re planning to purchase a home this year, you too may be wondering if now’s the right time to buy or if you should hold off on your search until rates come back down.

The recent uptick in rates has been driven by what’s happening with inflation. Joel Kan, Vice President and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explains:

“Mortgage rates increased across the board last week, pushed higher by market expectations…

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One Major Benefit of Investing in a Home

One Major Benefit of Investing in a Home | MyKCM

One of the many reasons to buy a home is that it’s a major way to build wealth and gain financial stability. According to Freddie Mac:

“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

With spring approaching, now’s a great time to consider if buying a home makes sense for you. The best way to figure that out is to talk with a trusted real estate professional.

The Largest Part of Most Homeowners’ Net Worth Is Their Equity

You may be surprised to learn just how much of a homeowner’s net worth actually comes from owning their home. The National Association of Realtors (NAR) shares:

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Checklist for Selling Your House This Spring

Checklist for Selling Your House This Spring [INFOGRAPHIC] | MyKCM

Some Highlights

  • As you get ready to sell your house, there are specific things you can add to your to-do list.
  • These include decluttering, taking down personal photos and items, and power washing outdoor surfaces.
  • Let’s connect so you have advice on what you may want to do to get your house ready to sell this season.

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How To Make Your Dream of Homeownership a Reality

How To Make Your Dream of Homeownership a Reality | MyKCM

According to a recent Harris Poll survey, 8 in 10 Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and nonfinancial benefits, so that interest is understandable.

However, it’s unlikely all 28 million Americans will accomplish that goal in the coming year. Experts project a total of around five million homes will be sold in 2023. Why is there such a big difference? It’s partly because there can be challenges to buying a home.

In the same survey, when asked, “Which of the following are preventing you from pursuing homeownership at this time?”:

  • 34% answered, “I don’t have enough saved…

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A Smaller Home Could Be Your Best Option

A Smaller Home Could Be Your Best Option | MyKCM

Many people are reaching the point in their lives when they need to decide where they want to live when they retire. If you’re a homeowner approaching this stage, you have several options to explore. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of Realtors (NAR), says:

“As we see the transition of the large Baby Boomer generation age into retirement, it will be interesting to see if they move in with their Millennial and Gen Z children or if they stay put in their own homes.”

Lautz lists two options: move into a multigenerational home with loved ones, or stay in your current house. Multigenerational living is rising in popularity, but it…

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The Two Big Issues the Housing Market’s Facing Right Now

The Two Big Issues the Housing Market’s Facing Right Now | MyKCM

The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply:

“Two dynamics are keeping existing-home inventory historically low – rate-locked existing homeowners and the fear of not finding something to buy.”

Let’s break down these two big issues in today’s housing market.

Rate-Locked Homeowners

According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):

But today, the typical mortgage rate offered to buyers is over 6%. As a result, many homeowners…

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Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance

Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance | MyKCM

To sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but inventory is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, homes that are updated and priced at market value are still selling fast.

Today, homes with curb appeal that are presented well are still selling quickly, and sometimes over asking price. According to Danielle Hale, Chief Economist at realtor.com:

“In a market…

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The Spring Housing Market Could Be a Sweet Spot for Sellers

The Spring Housing Market Could Be a Sweet Spot for Sellers [INFOGRAPHIC] | MyKCM

Some Highlights

  • The biggest challenge in the housing market is how few houses there are for sale compared to the number of people who want to buy.
  • The number of homes for sale is up from last year but below pre-pandemic numbers, and that means we’re still in a sellers’ market.
  • The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about selling, let’s connect today.

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Wondering What’s Going on with Home Prices?

Wondering What’s Going on with Home Prices? | MyKCM

The recent changes in home prices are top of mind for many as the housing market begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices.

Local price trends still vary by market. But looking at national data, Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the Federal Housing Finance Agency (FHFA), explains:

U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022. While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.”

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Should You Consider Buying a Newly Built Home?

Should You Consider Buying a Newly Built Home? | MyKCM

If you’re thinking about buying a home, you might be focusing on previously owned ones. But with so few houses for sale today, it makes sense to consider all your options, and that includes a home that’s newly built.

The Number of Newly Built Homes Is on the Rise

While there are more houses for sale right now than there were at this time last year, there’s still a historically low number of homes available on the market. One reason for that is years of underbuilding—meaning there haven’t been enough new homes built to keep up with demand.

The graph above shows how low the production of newly constructed homes has been over the past 14 years. But it also shows another important trend: 

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