How Homeowners Win When They Downsize
Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains:“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”And when inflation has made most things significantly more expensive, saving money where you can has a lot of appeal. So, if you’re thinking about ways to budget differently, it could be worthwhile to take your home into consideration.When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve developed a considerable amount of equity. Your home equity is an asset you can use to help you buy a home that better suits your needs today.And when you’re ready to make a move, your team of real estate experts will be your guides through every step of the process. That includes setting the right price for your house when you sell, finding the best location and size for your next home, and understanding what you can afford at today’s mortgage rate.What This Means for YouIf you’re thinking about downsizing, ask yourself these questions:Do the original reasons I bought my current house still stand, or have my needs changed since then?Do I really need and want the space I have right now, or could somewhere smaller be a better fit?What are my housing expenses right now, and how much do I want to try to save by downsizing?Once you know the answers to these questions, meet with a real estate advisor to get an answer to this one: What are my options in the market right now? A local housing market professional can walk you through how much equity you have in your house and how it positions you to win when you downsize.SBottom LineIf you’re looking to save money, downsizing your home could be a great help toward your goal. Talk with a real estate agent about your goals in the housing market this year.
Buyer Activity Is Up Despite Higher Mortgage Rates
If you’re a homeowner thinking about making a move, you may wonder if it’s still a good time to sell your house. Here’s the good news. Even with higher mortgage rates, buyer traffic is actually picking up speed.Data from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, helps paint the picture of how much buyer demand has increased in recent months (see graph below):As the graph shows, the first two months of 2023 saw a noticeable increase in buyer traffic. That’s likely because the limited number of homes for sale kept shoppers looking for homes even during colder months.To help tell the story of why the latest report is significant, let’s compare foot traffic this February with each February for the last six years (see graph below). It shows this was one of the best Februarys for buyer activity we’ve seen in recent memory.In the last six years, we saw the most February buyer traffic in 2021 and 2022 (shown in green above), but those years were highly unusual for the housing market. So, if we compare February 2023 with the more normal, pre-pandemic years, data shows this year still marks a clear rise in buyer activity.The uptick in buyer traffic is even more noteworthy considering the increase in mortgage rates this February. The Freddie Mac 30-year fixed mortgage rate rose from 6.09% during the week of February 2nd to 6.50% in the week of February 23rd. But even with higher rates, more buyers were looking for a home.Jeff Tucker, Senior Economist at Zillow, says the increased buyer activity could continue:“More buyers will keep coming out of the woodwork. We always see a seasonal uptick in home shoppers in March and April . . .”If you’re looking to sell your house, seeing buyers still active in the market this year should be encouraging. It’s a sign buyers are out there and could be looking for a home just like yours. Working with a real estate professional to list your house now will help you get your home in front of eager buyers today.SBottom LineRising foot traffic is a bright spot for this year’s housing market and indicates that buyers are looking to purchase this year, even with higher mortgage rates. If you’re ready to sell your house, partner with a real estate professional.
San Antonio Real Estate Market Trends
The San Antonio real estate market has been experiencing some noteworthy trends in recent years. Home buyers in particular have plenty to consider when it comes to finding a new home in the area. This blog post will highlight some of the current trends in the San Antonio real estate market for home buyers, including a comprehensive analysis for both buyers and sellers. One of the most significant trends in the San Antonio real estate market is the increase in home prices. The median home price in San Antonio has risen steadily over the past few years, and currently sits at around $240,000. This has made it increasingly difficult for first-time home buyers to find a property within their budget. However, there are still many affordable options available if you are willing to do some research and prioritize your must-haves. Another trend to consider when buying a home in San Antonio is the inventory shortage. Many neighborhoods are experiencing a shortage of available homes, which means that competition is high and prices may be driven up even further. This is something to keep in mind when searching for a new home in the area. Be prepared to act quickly if you find a property that meets your needs, as it may not stay on the market for long. One way to navigate these trends as a home buyer is to work with a real estate agent who has a deep understanding of the San Antonio market. A knowledgeable agent can help you identify properties that meet your specific criteria and negotiate with sellers to get you the best possible price. They can also provide valuable insights into current market trends and help you make informed decisions about your investment. In addition, it's important to keep in mind some of the unique factors that can impact the San Antonio real estate market. For example, the area is known for its military presence, with multiple bases located in the surrounding region. This means that there is a high demand for rental properties, as well as a steady influx of military personnel looking to buy homes. This can impact the competition for available homes and drive up prices in certain areas. Overall, the San Antonio real estate market is a complex and dynamic arena that requires careful consideration and research for home buyers. Whether you are a first-time buyer or an experienced investor, it's essential to stay up-to-date on current market trends and work with a trusted real estate professional who can guide you through the process. By doing your due diligence and taking a strategic approach, you can find a home that meets your needs and is a sound investment for your future. At the end of the day, the San Antonio real estate market is a promising one for both buyers and sellers. With a strong economy, growing population, and plenty of attractive neighborhoods to choose from, there are many opportunities to find your dream home in this vibrant and diverse city. Whether you're buying or selling a property in San Antonio, a comprehensive analysis of the current market trends is essential to achieving your goals.
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