We’re in a Sellers’ Market. What Does That Mean?

Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today’s low supply of homes for sale is still a sellers’ market. But what does that really mean? And why are conditions today so good if you want to list your house?It starts with the number of homes available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (see graph below):What Does This Mean for You?When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find one to purchase. That creates increased competition among purchasers and keeps upward pressure on prices. And if buyers know they’re not the only one interested in a home, they’re going to do their best to submit a very attractive offer. As this happens, sellers are positioned to negotiate deals that meet their ideal terms. Lawrence Yun, Chief Economist at NAR, says:“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”Right now, there are still buyers who are ready, willing, and able to purchase a home. If you list your house right now in good condition and at the right price, it could get a lot of attention from competitive buyers.

Discover Your Dream Home on8.58 Acres in Elgin, TX

Are you looking for a property that offers both privacy and convenience? Look no further than391 Wilbarger Creek Dr in Elgin, TX. This stunning8.58-acre property is located in the heart of Bastrop County, an area that is currently experiencing a surge in growth and development. The property is just minutes away from the Colorado River, making it the perfect location for outdoor enthusiasts who enjoy activities such as fishing, boating, and kayaking. It is also conveniently located just10 minutes from downtown Elgin, where you can find a variety of shops, restaurants, and entertainment options. If you are interested in space exploration, you will be pleased to know that SpaceX and the Boeing Company are just10 minutes away from this property. Additionally, Downtown Bastrop is just15 minutes away, and the Austin-Bergstrom International Airport (ABIA) and Tesla are just30 minutes away. Samsung's new facility in Taylor is also just a40-minute drive from the property. This heavily wooded property features a septic system and a water well, making it the perfect spot for your dream home or small ranch. The land is flat with some slopes, and it offers easy access to Highway290. The area is known for its rural beauty and peacefulness, making it ideal for a relaxing getaway. In addition to its natural beauty, the property is also conveniently located near schools, shopping centers, and medical facilities. This makes it an ideal location for families who are looking for a peaceful and convenient place to call home. Whether you are interested in building your dream home or starting a small ranch, this property is an excellent opportunity to invest in your future. Don't miss out on the chance to own a piece of Bastrop County's booming real estate market. Come take a look at391 Wilbarger Creek Dr today and make your dreams come true!

Why Buying a Home Is a Sound Decision

If you’re thinking about buying a home, you want to know the decision will be a good one. And for many, that means thinking about what home prices are projected to do in the coming years and how that could impact your investment. This year, we aren’t seeing home prices fall dramatically. As the year goes on, however, some markets may go up in value while others may lose value. That’s why it’s helpful to keep the long-term view in mind. Experts project a return to a steadier rate of price appreciation in the years that follow.Home Price Appreciation in the Years AheadOver 100 economists, investment strategists, and housing market analysts were polled by Pulsenomics in their latest quarterly Home Price Expectation Survey (HPES). The report indicates what they believe will happen with home prices over the next five years. As the graph below shows, after mild depreciation this year, these experts forecast home prices will return to more normal levels of appreciation through 2027.The big takeaway is experts aren’t forecasting a drastic fall in home prices nationally, even though some markets will see home price appreciation while others may depreciate. And when they look further out, they see steady price appreciation in the long run. That’s a great example of why homeownership wins over time.What Does This Mean for You?Once you buy a home, price appreciation raises your home’s value, and that grows your household wealth. Here’s how a typical home’s value could change over the next few years using the expert price appreciation projections from the survey mentioned above (see graph below):In this example, if you bought a $400,000 home at the beginning of this year and factor in the forecast from the HPES, you could accumulate over $54,000 in household wealth over the next five years. So, if you’re wondering if buying a home is a sound decision, keep in mind what a strong wealth-building tool it is long term.

Reasons To Consider Condos in Your Home Search

Are you having trouble finding a home that fits your needs and your budget? If so, you should know there’s an option worth considering – condominiums, also known as condos. According to Bankrate:“A condo can be a more affordable entry point to homeownership than a single-family home. And as a homeowner, you’ll build equity over time and have access to tax benefits that a renter wouldn’t.”That’s why expanding your search to include additional housing types, like condominiums, could help you accomplish your homeownership goals this spring, especially if you can be flexible about the space you need. Condos are typically smaller than a single-family home, but that’s part of what can make them more budget-friendly (see graph below):In addition to providing more options in your home search and possibly your price point, there are several other benefits to condo living. They tend to require less upkeep and lower maintenance – and that can give you more time to spend doing the things you enjoy. Plus, since many condos are in or near city centers, they offer the added benefit of being in close proximity to work and leisure.Remember, your first home doesn’t have to be your forever home. The important thing is to get your foot in the door as a homeowner so you can start building wealth in the form of home equity. In time, the equity you develop can fuel a future purchase if your needs change.Ultimately, owning and living in a condo can be a lifestyle choice. And if that appeals to you, they could provide the added options you need in today’s market.