Home sellers across the US realised a profit of $112,000 on the typical sale in 2022, up 21% from $92,500 in 2021 and up 78% from $63,000 two years ago, according to a new report from ATTOM. ATTOM’s Year-End 2022 U.S. Home Sales Report found that despite a market slowdown in the second half of last year, profits rose from 2021 to 2022 in 98% of housing markets with enough data to analyse. The latest nationwide profit figure, based on median purchase and resale prices, marked the highest level since at least 2008. The report also found that the $112,000 profit on median-priced home sales represented a 51.4% return on investment compared to the original purchase price, up from 44.6% last year and from 32.8% in 2020. The latest profit margin also represented a high point since at least 2008. ATTOM found that raw profits on median-priced home sales topped $100,000 in 50% of the 157 metro areas. The West region had 17 of the top 20 raw profits, led by San Jose, California ($621,000); San Francisco, California ($473,000); Seattle, Washington ($304,063); San Diego, California ($295,500) and Los Angeles, California ($272,500). The smallest raw profits were mainly in the South and Midwest, reflecting lower home prices in those areas than elsewhere. Those regions had 19 of the 20 lowest profits on typical sales, led by Columbus, Georgia ($19,000); Shreveport, Louisiana ($20,000); Beaumont, Texas ($22,991); Rockford, Illinois ($34,500) and Davenport, Iowa ($38,500). “It seems pretty likely that home seller profits peaked for this cycle in 2022,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “Median prices have declined on a monthly basis since mortgage rates doubled between January and October and are likely to decline further in many markets across the country in 2023, reducing profitability for home sellers.” ATTOM also found that nationwide, all-cash purchases accounted for 36.1%, or one of every three single-family home and condo sales in 2022. The latest percentage – the highest since 2013 – was up from 34.4% in 2021 and from 22.7% in 2020. Among those metro areas with a population of at least 200,000 and sufficient cash-sales data, those where cash sales represented the largest share were Augusta, Georgia (72.1%); Columbus, Georgia (69%); Athens, Georgia (60.6%); Flint, Michigan (59.5%) and Gainesville, Georgia (58.9%). “Cash buyers – many, but not all of whom are investors – are in a position of competitive advantage in today’s higher interest rate environment, and will continue to account for a higher-than-usual share of market at least until mortgage rates dip back down a bit. With affordability a problem for many buyers – especially first-time buyers – it wouldn’t be a surprise to see the percentage of cash purchases actually increase in 2023,” Sharga added.

You may have seen reports in the news recently saying it’s better to rent right now than it is to own your home. But before you let that impact your decisions, you should understand what these claims are based on. A lot of the time, these reports are assuming things that aren’t realistic for the average household. For example, the methodology behind one of those reports says that renting is the smarter financial option because of the opportunity to invest money elsewhere. It assumes renters take the money they’d spend on costs tied to buying a home and put it in an investment portfolio. But here’s the thing – most people who rent aren’t making those investments. Ken Johnson, Co-Author of the BH&J National Price-to-Rent Index, explains: “One of the difficulties with the rent and reinvest model is many people . . . simply rent and spend the difference. . . . That’s wealth destroying.” The reason homeownership is one of the best investments you can make is the wealth it helps you build. That’s why there’s a significant difference between the net worth of the average homeowner and the average renter (see graph below): So, before you renew your rental agreement, think about the opportunity to build wealth that homeownership provides. Bottom Line If you’re unsure whether to continue renting or to buy a home, let’s connect to help you make the best decision.

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. 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, let’s connect.

30YR Fixed 6.97% -0.13% 15YR Fixed 6.43% -0.07%   Home Prices Continued Moderate Pace of Correction in December FHFA and S&P Case Shiller each released their monthly home price indices (HPIs) for December this morning.  These are the two most widely followed HPIs.  FHFA has a broader reach while Case Shiller is focused on the 20 largest metro areas.   Both HPIs continued to do exactly what they were doing last month.  FHFA declined by 0.1% and Case Shiller dropped at a 0.5% pace.   The reversal from the strong pace of gains early in 2022 has been abrupt, but price declines have been modest.  If FHFA continues moving mostly sideways (which it arguably has over the last 4 months), it would mean that home prices have merely leveled off without undergoing a large outright correction.  In other words, prices aren't necessarily destined to lose much--if any--ground in year-over-year terms.  Things could always change, but for now, this has been a very orderly moderation in price. How could the correction be orderly if annual price growth has declined so sharply in the chart above?  Keep in mind that anything over the "zero" line is still good in that chart.  It means year-over-year appreciation remains intact.  2008-2012 saw year-over-year declines almost exclusively. The differences between then and now become more evident when we examine a longer-term version of the first chart (month-over-month changes in price). In 2008 and 2009 especially, prices were losing nearly 1.5-2% every month according to Case Shiller.  This ultimately resulted in nearly a 20% decline in year over year terms.  The current correction is very shallow by comparison.  The tight inventory situation and the absence of systemic concerns in credit markets all but guarantees the current correction remains nothing at all like the Financial Crisis.

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 that inflation will persist, thus requiring the Federal Reserve to keep monetary policy restrictive for a longer time.” The most recent weekly average 30-year fixed mortgage rate reported by Freddie Mac is 6.5%. It’s the third week in a row that rates have increased and puts them at the highest point they’ve been this year (see graph below): Advice for Home Shoppers If you’re thinking about pausing your home search because rates have started to go up again, you may want to reconsider. This could actually be an opportunity to buy the home you’ve been searching for. According to the MBA, mortgage applications declined by 13.3% in just one week, so it appears the rise in mortgage rates is leading some potential homebuyers to pull back on their search for a new home. So, what does that mean for you? If you stay the course, you’ll likely face less competition among other buyers when you’re looking for a home. This is welcome relief in a market that has so few homes for sale. Bottom Line Over the last few weeks, mortgage rates have risen. But that doesn’t mean you should delay your plans to buy a home. In fact, it could mean the opposite if you want to take advantage of less buyer competition. Let’s connect today to explore the options in our local market.

30YR Fixed 6.80% +0.02% 15YR Fixed 5.95% +0.01%   New Construction Numbers Would Look Way Worse Without Multifamily It seems that most of the stories I write on home sales and construction numbers begin with a slightly different iteration of the same core thought: the housing market has undoubtedly taken a big hit since topping out about a year ago.  Once we get that "big hit" part out of the way, we can then break down some of the details. On several recent occasions, those details have involved a slower pace of declines and perhaps even some resilience when it comes to prices and certain sales metrics.  We already know that homebuilders were much more upbeat in January, so let's see what it is about January's residential construction numbers that did the trick. Hmmm... That's not looking so hot.  Housing Starts came in at 1.309m (annual pace) vs forecasts calling for 1.360m and a previous reading of 1.371m.   Building Permits did a better job of holding steady at 1.339m vs forecasts calling for 1.350m and a previous reading of 1.337m. With respect to the chart above, it's worth noting that although housing starts have fallen more than expected, they're still higher than just about any pre-covid month for the past decade.  Compared to some other housing metrics, they haven't retraced nearly as much of their previous range.   To some extent, we should certainly expect new housing to outperform housing in general when so many homeowners are reluctant to move out of their existing homes (either because they don't want to sacrifice their ultra low rates, or because they simply don't need to move).  But if we need any additional help justifying resilience, the multifamily sector provides the answer. The following chart shows multifamily vs 1-unit housing starts.  Multifamily has quite simply been extraordinarily even-keeled by comparison and hasn't experience nearly as much of a decline. The trend doesn't look like it will change any time soon.  The difference in building permits is even more stark.   Consider this as a parting thought: there are currently MORE multifamily units that have been permitted, but not yet started than there are single family units.  This isn't the first time in history such a thing has happened (the most recent trend began in July), but it hadn't ever happened before 2012.  Single family construction was pulling away post-pandemic, but multi-family is taking over yet again.

30YR Fixed 6.75% +0.13% 15YR Fixed 5.95% +0.09%   Builder Confidence at Best Levels in Ten Years The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) shot higher in February, achieving a second monthly gain. NAHB’s chief economist Robert Dietz said the 7-point increase in the HMI brought it to 42, its highest level since September 2022. It was also the largest single-month increase in the index since June 2013, except for the craziness surrounding the onset of the pandemic. The HMI measures the confidence of new single-family home builders in the health of their market. The current reading, Dietz says, may signal the housing market is turning a corner even as builders continue to contend with high construction costs and building material supply chain logjams. Derived from a monthly survey that NAHB has been conducting for more than 35 years, the HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor. The three component indices also posted second-straight gains. The index gauging current sales conditions in February rose 6 points to 46, the component charting sales expectations in the next six months increased 11 points to 48 and the one measuring buyer traffic increased 6 points to 29. “The increases indicate that incremental gains for housing affordability have the ability to price-in buyers to the market. The nation continues to face a sizeable housing shortage that can only be closed by building more affordable, attainable housing,” NHBA’s economist said. Still, he warned that recent declines in mortgage rates are not likely to continue. “The 10-year Treasury rate has moved up more than 30 basis points during the past two weeks, indicating an increase for mortgage rates lies ahead.” While the HMI remains below the 50-point breakeven level, Dietz noted that the 11-point gain over the last two months is a positive sign for the market. “Even as the Federal Reserve continues to tighten monetary policy conditions, forecasts indicate that the housing market has passed peak mortgage rates for this cycle. And while we expect ongoing volatility for mortgage rates and housing costs, the building market should be able to achieve stability in the coming months, followed by a rebound back to trend home construction levels later in 2023 and the beginning of 2024.” Builders continue to offer incentives to attract buyers, but the numbers are improving. Fifty-seven percent offered some type of incentive in February, down from 62 percent in December and 59 percent in November. Thirty-one percent reduced home prices in February, down from 35 percent in December. The average reduction dropped from 8 percent in December to 6 percent this month. Regional HMI scores are also higher as a three-month moving average. The Northeast rose 4 points to 37, the Midwest edged up 1 point to 33, the South increased 4 points and the West 3 points to 40 and 30, respectively.

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: the number of new homes being built each year is on the rise. As Mark Fleming, Chief Economist at First American, shares, that’s good news for buyers: “While existing-home inventory remains limited, the silver lining for home buyers is that new-home inventory is on the rise, and a new home at the right price is a pretty good substitute.” Builder Incentives Can Provide a Boost While there a growing number of new homes for sale, builders are slowing that pace until they sell more of their current inventory. According to Logan Mohtashami, Lead Analyst at HousingWire: “The builders have to work off the backlog of homes, but instead of 3%-4% mortgage rates, they’re dealing with 6% plus mortgage rates, which means they have to provide many incentives to make sure those homes sell.” Many builders are now offering incentives to help buyers purchase these homes. Fleming also explains: “The National Association of Home Builders reported that nearly two-thirds of builders were offering incentives, including mortgage rate buydowns, paying points for buyers and price reductions, which could entice potential home buyers.” A builder who’s willing to pay to reduce your mortgage rate could be a game changer. Ksenia Potapov, Economist at First American, puts it this way: “A one percentage-point decline in mortgage rates has the same impact on affordability as an 11 percent decline in house prices.” Should You Buy a Brand-New Home? The best way to decide what type of home to buy is to work with a trusted real estate professional who can help you weigh the pros and cons of each option. They know which homes are available in your local market, and which builders might be offering incentives that make sense for you. Bottom Line Even though there aren’t a lot of homes for sale today, new home inventory is on the rise, and many builders are offering incentives. Let’s connect so I can help you weigh the pros and cons of shopping for a new home versus an existing one.

What You Should Know About Closing Costs Before you buy a home, it’s important to plan ahead. While most buyers consider how much they need to save for a down payment, many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when it’s time to close on your home, you need to understand what closing costs are and how much you should budget for. What Are Closing Costs? People are sometimes surprised by closing costs because they don’t know what they are. According to Bankrate: “Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .” In other words, your closing costs are a collection of fees and payments involved with your transaction. According to Freddie Mac, while they can vary by location and situation, closing costs typically include: Government recording costs Appraisal fees Credit report fees Lender origination fees Title services Tax service fees Survey fees Attorney fees Underwriting Fees How Much Will You Need To Budget for Closing Costs? Understanding what closing costs include is important, but knowing what you’ll need to budget to cover them is critical, too. According to the Freddie Mac article mentioned above, the costs to close are typically between 2% and 5% of the total purchase price of your home. With that in mind, here’s how you can get an idea of what you’ll need to cover your closing costs. Let’s say you find a home you want to purchase for the median price of $366,900. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,500 and $18,500. Keep in mind, if you’re in the market for a home above or below this price range, your closing costs will be higher or lower. What’s the Best Way To Make Sure You’re Prepared at Closing Time? Freddie Mac provides great advice for homebuyers, saying: “As you start your homebuying journey, take the time to get a sense of all costs involved – from your down payment to closing costs.” Work with a team of trusted real estate professionals to understand exactly how much you’ll need to budget for closing costs. An agent can help connect you with a lender, and together your expert team can answer any questions you might have. Bottom Line It’s important to plan for the fees and payments you’ll be responsible for at closing. Let’s connect so I can help you feel confident throughout the process.

Top 5 Monmouth County Beaches    Monmouth County is known for its breathtaking beaches and is a popular destination for beachgoers. Here are some of the best beaches in Monmouth County, NJ that you should consider visiting: 1. Seven Presidents Oceanfront Park: This park is named after the seven United States Presidents who have visited this beach. The park offers a wide range of activities for visitors, including sunbathing, surfing, fishing, and picnicking. The beach is equipped with showers, restrooms, and changing rooms, making it a great place for families.  Seven Presidents Oceanfront Park in Long Branch, New Jersey, is a 37-acre oceanfront park named after the seven U.S. Presidents who have visited the area during their presidencies. The park offers a wide range of recreational activities and amenities, making it a popular destination for families and outdoor enthusiasts.     History of Seven Presidents Park The area that is now Seven Presidents Park was once a bustling hub for the wealthy elite, attracting famous names like the Astors, Vanderbilts, and Morgans. In the early 20th century, the Long Branch municipality acquired the land to create a public park and beach resort. Over the years, Seven Presidents Park has been a popular destination for U.S. Presidents, including Woodrow Wilson, Dwight D. Eisenhower, John F. Kennedy, and Richard Nixon. Recreational Activities One of the main draws of Seven Presidents Park is its expansive beach, where visitors can sunbathe, swim, or surf in the Atlantic Ocean. The park also features a large playground, several picnic areas, and a concession stand where visitors can purchase food and drinks. In addition to beach and picnic activities, Seven Presidents Park offers a variety of sports and recreational opportunities. The park features two basketball courts, two tennis courts, a volleyball court, and a shuffleboard court. There are also several miles of walking and biking trails, perfect for a scenic stroll or an invigorating workout. Facilities and Amenities Seven Presidents Park is equipped with several modern amenities to make visitors' experience as enjoyable as possible. The park has several clean and well-maintained restrooms, as well as changing rooms and showers for beach-goers. There is also ample parking available for visitors. The park offers rental options for beach chairs, umbrellas, and beach cabanas, making it easy for visitors to lounge in comfort. There are also several lifeguards on duty during the summer months to ensure the safety of visitors in the water.   2. Long Branch Beach: Long Branch Beach is one of the most popular beaches in Monmouth County and is perfect for those who enjoy a lively atmosphere. This beach features a boardwalk, which is lined with restaurants, bars, and shops. Visitors can also enjoy a range of activities such as swimming, sunbathing, and fishing.  Long Branch Beach and Boardwalk is a popular destination located on the Jersey Shore in Monmouth County, NJ. This charming beach town is known for its wide, sandy beaches, bustling boardwalk, and lively atmosphere. Here is a more detailed look at what you can expect when visiting Long Branch Beach and Boardwalk. Beaches: Long Branch Beach is a must-visit for beach-goers looking for a classic Jersey Shore experience. The beach features wide, sandy shores and is surrounded by a beautiful, picturesque pier. Visitors can enjoy a range of beach activities such as sunbathing, swimming, and fishing. Boardwalk: The Long Branch Boardwalk is a popular destination for those looking to take a stroll, enjoy a meal, or do some shopping. The boardwalk is lined with a variety of restaurants, bars, and shops, including the famous Pier Village, which offers a range of dining and shopping options. One of the standout features of the Long Branch Boardwalk is its carousel, which is a popular attraction for visitors of all ages. The carousel is located in a historic building and offers a nostalgic touch to the boardwalk. In addition to dining and shopping, the Long Branch Boardwalk also offers a range of entertainment options. Visitors can enjoy live music, take part in a game of mini-golf, or watch a movie at the outdoor theater. Activities: Long Branch Beach and Boardwalk is not just about relaxing on the sand or strolling along the boardwalk. There are a variety of activities available for visitors to enjoy, including fishing, surfing, kayaking, and paddleboarding. For those looking for a more laid-back experience, there are also a number of parks and green spaces in the area, including West End Park, which offers picnic areas, playgrounds, and a beautiful view of the ocean. Dining: Long Branch Beach and Boardwalk is home to a range of dining options, from casual cafes to upscale restaurants. Some popular dining destinations in the area include the Wave Resort, a hotel and restaurant located right on the beach, and the Long Branch Oyster Bar, a classic seafood restaurant with a historic feel. Overall, Long Branch Beach and Boardwalk is a must-visit destination for those looking for a classic Jersey Shore experience. Whether you're looking for a day on the sand, a night out on the town, or a mix of both, Long Branch Beach and Boardwalk has something to offer.   3. Sandy Hook Beach: Sandy Hook Beach is part of the Gateway National Recreation Area and is known for its wide, sandy beaches and stunning views of the New York City skyline. This beach is perfect for families, as it offers a range of activities, including hiking, fishing, and sunbathing.  Sandy Hook is a narrow barrier spit that extends approximately seven miles into the Atlantic Ocean from the coast of New Jersey. The area was named after the Hook Mountain, which was named after the Dutch word "hoek," which means "point" or "corner." In 1965, Sandy Hook was officially designated as the Sandy Hook Unit of Gateway National Recreation Area, which was established by the National Park Service to preserve, protect, and manage the natural, cultural, and recreational resources of the region. The park encompasses over 2,600 acres of land, including seven miles of ocean beach, historic fortifications, and diverse habitats ranging from salt marshes to maritime forests. Today, Sandy Hook Beach is a popular destination for beach-goers and outdoor enthusiasts. Located on a narrow-barrier peninsula, the beach offers a unique blend of natural beauty and recreational opportunities. Here are some of the things that Sandy Hook Beach has to offer: Scenic Beauty: Sandy Hook Beach boasts miles of pristine sandy beaches, surrounded by lush greenery and the Atlantic Ocean. Visitors can enjoy breathtaking views of the ocean, sunsets, and wildlife, making it the perfect place for a peaceful escape from the hustle and bustle of city life. Recreational Activities: The beach offers a wide range of recreational activities, including swimming, sunbathing, fishing, and surfing. There are several miles of walking and biking trails, which are perfect for a scenic stroll or an invigorating workout. Wildlife: Sandy Hook Beach is home to a diverse range of wildlife, including birds, dolphins, seals, and more. Visitors can enjoy bird-watching, seal-watching, and other wildlife viewing opportunities. Historic Sites: The beach is also home to several historic sites, including the historic Sandy Hook Lighthouse, which dates back to 1764 and is the oldest working lighthouse in the country. Picnic Areas: The beach has several picnic areas, making it a great place to enjoy a picnic with friends and family. Visitors can bring their own food or purchase food from one of the beach's concession stands. Facilities and Amenities: The beach is equipped with several modern amenities, including clean and well-maintained restrooms, changing rooms and showers, and ample parking. There are also rental options for beach chairs, umbrellas, and beach cabanas. Lifeguards: Lifeguards are on duty during the summer months to ensure the safety of visitors in the water.   4. Manasquan Beach: Manasquan Beach is known for its wide, sandy beaches and is a popular destination for families. This beach features a boardwalk, which is lined with restaurants and shops, making it a great place for a day out. Visitors can also enjoy a range of activities, including fishing and sunbathing.  Manasquan Beach is a popular destination located in the town of Manasquan, NJ. The beach is known for its wide, sandy shores and is a popular spot for families and beach-goers alike. Visitors can enjoy a range of activities such as fishing, sunbathing, and swimming. The beach is located near the center of town and is surrounded by a bustling shopping and dining district. Some popular dining options in the area include the River Shack, a casual seafood restaurant with outdoor seating, and Jack Baker's Wharfside Restaurant, a classic seafood restaurant with a beautiful view of the water. In addition to dining, visitors to Manasquan Beach can also enjoy shopping at a number of local shops and boutiques. Some popular shopping destinations include the Manasquan Boardwalk Outlets, a collection of outlet stores offering a range of products, and the Manasquan Farmers Market, which features fresh produce and local specialties. Overall, Manasquan Beach is a great destination for those looking for a relaxed and fun beach experience. Whether you're looking for a day on the sand, a delicious meal, or a mix of both, Manasquan Beach has something to offer. The River Shack: This casual seafood restaurant is located on the banks of the Manasquan River and offers outdoor seating with beautiful views. The menu features a range of seafood dishes, including raw bar options, fish tacos, and lobster rolls. Jack Baker's Wharfside Restaurant: This classic seafood restaurant is known for its beautiful views of the water and its extensive menu of fresh seafood options. Popular dishes include the lobster bisque, crab cakes, and grilled shrimp. The Windward Tavern: This cozy tavern is located in the heart of Manasquan and offers a warm and inviting atmosphere. The menu features pub favorites like burgers, sandwiches, and wings, as well as a selection of beers and cocktails. The Beachcomber Bar & Grill: This lively bar and grill is located right on the beach and offers a fun and energetic atmosphere. Visitors can enjoy a range of drinks and cocktails, as well as classic bar food like burgers and wings. Scoops Ice Cream Parlor: For a sweet treat, visitors can stop by Scoops Ice Cream Parlor, which offers a variety of ice cream flavors and toppings. Leggett's Sand Bar & Grill: is a popular destination in Manasquan, NJ. This restaurant and bar is known for its laid-back atmosphere and its prime location right on the beach. Visitors can enjoy a range of drinks, including beers and cocktails, as well as a menu of classic bar food and seafood dishes. One of the standout features of Leggett's is its spacious outdoor deck, which offers stunning views of the ocean. Visitors can enjoy their meals and drinks while soaking up the sun and the salt air. Leggett's is also a popular spot for live music and entertainment, with regular events and performances taking place throughout the summer months. Whether you're looking for a place to relax with a drink or a night out with friends, Leggett's Sand Bar & Grill is a great option in Manasquan. These are just a few of the many bars and restaurants that Manasquan has to offer. Whether you're looking for a casual meal or a night out on the town, there are plenty of options to choose from in this vibrant beach town.   5. Asbury Park Beach: Asbury Park Beach is a great destination for those who enjoy live music, nightlife, and a lively atmosphere. The beach is lined with a boardwalk, which features a range of restaurants, bars, and shops. Visitors can also enjoy a range of activities such as swimming, sunbathing, and fishing. Asbury Park Beach is located in the charming and vibrant city of Asbury Park, NJ. The beach is a popular destination for those who enjoy live music, nightlife, and a lively atmosphere. Visitors can enjoy a range of activities such as swimming, sunbathing, and fishing. The beach is lined with a boardwalk, which is home to a variety of restaurants, bars, and shops. Some popular dining options on the boardwalk include the Asbury Festhalle & Biergarten, a German-style beer hall and restaurant, and Langosta Lounge, a chic and upscale seafood restaurant. For nightlife, visitors can check out the Stone Pony, a legendary music venue that has hosted performances by Bruce Springsteen and other notable musicians. Other popular bars and clubs in the area include the Wonder Bar, a lively bar and restaurant with live music, and the Beach Bar, a laid-back beachfront bar with a great selection of drinks and live music. In addition to dining and nightlife, the boardwalk is also home to a number of shops selling souvenirs, beachwear, and other items. Visitors can also enjoy a range of other activities on the beach, such as fishing and sunbathing. Overall, Asbury Park Beach is a great destination for those looking for a lively and fun beach experience. Whether you're looking for a night out on the town, a relaxing day on the beach, or a mix of both, Asbury Park Beach has something to offer. Extra: THE STONE PONY The Stone Pony is a legendary music venue and bar located in Asbury Park, New Jersey. It was established in 1974 by a group of local musicians and music fans who were passionate about promoting live music in the area. In its early years, the Stone Pony was primarily known for its blues and rock music, and it quickly became a popular gathering place for local musicians and music lovers. Over time, the venue evolved to feature a wider range of musical styles, including folk, country, and punk, and it attracted a growing following of fans from across the region. One of the key factors contributing to the Stone Pony's success was its supportive and welcoming community of musicians, fans, and staff. The venue became a hub for the local music scene, and it provided a platform for aspiring musicians to perform and build their careers. In the 1980s, the Stone Pony gained national attention when Bruce Springsteen, one of New Jersey's most famous musicians, began performing regularly at the venue. Springsteen, who was already well known for his passionate and energetic live shows, found a receptive audience at the Stone Pony, and his performances there helped to cement the venue's reputation as one of the premier music venues in the region. Today, the Stone Pony remains an important part of the cultural fabric of Asbury Park, and it continues to attract a wide range of musicians and music lovers. It has hosted countless memorable shows and provided a platform for local and national musicians to connect with their fans and build their careers. In conclusion, the Stone Pony is a legendary music venue and bar that has played a significant role in the cultural and musical history of Asbury Park and New Jersey. Its reputation for supporting local musicians and promoting live music has earned it a place in the hearts of music fans and musicians around the world.  

How Experts Can Help Close the Gap in Today’s Homeownership Rate As we celebrate Black History Month, we reflect on the past and present experiences of Black Americans. This includes the path toward investing in a home of their own. And while equitable access to housing has come a long way, homeownership can be a steeper climb for households of color. It’s an important experience to talk about, along with how it can make all the difference for diverse homebuyers to work with the right real estate experts. We know it’s more challenging for some to buy a home because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, the lowest homeownership rate persists in the Black community (see graph below): Homeownership is an essential piece for building household wealth that can be passed down to future generations. However, there are obstacles in the homebuying process that can negatively impact certain groups. This can delay or prevent many from achieving homeownership, challenging their ability to benefit from everything owning a home offers. A recent report from the National Association of Realtors (NAR) explains: “. . . not all [households] have the same opportunities to homeownership, with many of them facing more constraints in their effort to achieve the American Dream. . . . Given that homeownership contributes to wealth accumulation and the homeownership rate is lower in minority groups, data shows that the net worth for these groups is also lower.” However, with the right support and resources, there are solutions if you’re part of this community and planning to buy a home. Jacob Channel, Senior Economist at LendingTree, shares: “The problem does exist. We have data that back that up. But there are solutions, and Black homebuyers shouldn’t lose faith that they’ll never be able to become homeowners.” That’s why it’s so important for members of diverse groups to have the right team of experts on their sides throughout the homebuying process. These professionals aren’t only experienced advisors who understand the local market and give the best advice. They’re also compassionate allies who will advocate for your best interests every step of the way. Bottom Line Access to housing improves every day, but there are still equity challenges that some buyers face. Let’s connect to make sure you have an advocate on your side as you walk the path to homeownership.

The Top Reasons for Selling Your House   Caption   Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago. Today, 93% of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is important, but there are plenty of reasons you may still need or want to move. RealTrends explains: “Sellers who don’t have to move won’t be moving. The most common sellers will be: Homeowners downsizing . . . people moving to get more space, [households] looking for better schools…etc.” So, if you’re on the fence about selling your house, consider the other reasons homeowners are choosing to make a move. A recent report from the National Association of Realtors (NAR) breaks down why homeowners have decided to sell over the past year: As the visual shows, the most commonly cited reasons for selling were the desire to move closer to loved ones, followed by moving due to retirement, and their neighborhood becoming less desirable. Additionally, the need for more space factored in, as did a change in household structure. If you also find yourself wanting a change in location or needing space your current house just can’t provide, it may be time to sell. What you want and need in a home can be reason enough to move. To find out what’s right for you, work with a trusted real estate professional who will offer advice and expert guidance throughout the process. They’ll be able to lay out all your options – giving you what you need to make a confident decision. Bottom Line When deciding whether or not to move, you have a lot to consider. There are plenty of non-financial reasons to factor in. Let’s connect today to weigh the benefits of selling your house.

    Chart: Tesla’s Unrivaled Profit Margins In January this year, Tesla made the surprising announcement that it would be cutting prices on its vehicles by as much as 20%. While price cuts are not new in the automotive world, they are for Tesla. The company, which historically has been unable to keep up with demand, has seen its order backlog shrink from 476,000 units in July 2022, to 74,000 in December 2022. This has been attributed to Tesla’s robust production growth, which saw 2022 production increase 41% over 2021 (from 930,422 to 1,313,851 units). With the days of “endless” demand seemingly over, Tesla is going on the offensive by reducing its prices—a move that puts pressure on competitors, but has also angered existing owners. Cranking up the Heat Tesla’s price cuts are an attempt to protect its market share, but they’re not exactly the desperation move some media outlets have claimed them to be. Recent data compiled by Reuters shows that Tesla’s margins are significantly higher than those of its rivals, both in terms of gross and net profit. Our graphic only illustrates the net figures, but gross profits are also included in the table below. Company Gross profit per car Net profit per car Tesla $15,653 $9,574 GM $3,818 $2,150 BYD $5,456 $1,550 Toyota $3,925 $1,197 VW $6,034 $973 Hyundai $5,362 $927 Ford $3,115 -$762 Xpeng $4,565 -$11,735 Nio $8,036 -$19,141 Data from Q3 2022 Price cutting has its drawbacks, but one could argue that the benefits for Tesla are worth it based on this data—especially in a critical market like China. Tesla has taken the nuclear option to bully the weaker, thin margin players off the table.– Bill Russo, Automobility In the case of Chinese EV startups Xpeng and Nio, net profits are non-existent, meaning it’s unlikely they’ll be able to match Tesla’s reductions in price. Both firms have reported year-on-year sales declines in January. As for Tesla, Chinese media outlets have claimed that the firm received 30,000 orders within three days of its price cut announcement. Note that this hasn’t been officially confirmed by anyone within the company. Tit for Tat Ford made headlines recently for announcing its own price cuts on the Mustang Mach-E electric SUV. The model is a direct competitor to Tesla’s best-selling Model Y. Chevrolet and Hyundai have also adjusted some of their EV prices in recent months, as listed in the following table. Model Old Price New Price Discount Tesla Model Y Long Range $65,990 $53,490 18.9% Chevrolet Bolt EUV 2023 $33,500 $27,200 18.8% Tesla Model Y Performance $69,990 $56,990 18.6% Chevrolet Bolt 2023 $31,600 $26,500 16.1% Tesla Model 3 Performance $62,990 $53,990 14.3% Hyundai Kona Electric 2022 $37,390 $34,000 9.1% Ford Mustang Mach-E GT Extended Range $69,900 $64,000 8.4% Tesla Model 3 Long Range $46,990 $43,990 6.4% Ford Mustang Mach-E Premium AWD $57,675 $53,995 6.4% Ford Mustang Mach-E RWD Standard Range $46,900 $46,000 1.9% Source: Observer (Feb 2023) Volkswagen is a noteworthy player missing from this table. The company has been gaining ground on Tesla, especially in the European market. We have a clear pricing strategy and are focusing on reliability. We trust in the strength of our products and brands.– Oliver Blume, CEO, VW Group This decision could hamper Volkswagen’s goal of becoming a dominant player in EVs, especially if more automakers join Tesla in cutting prices. For now, Tesla still holds a strong grip on the US market. Thanks, Elon Recent Tesla buyers became outraged when the company announced it would be slashing prices on its cars. In China, buyers even staged protests at Tesla stores and delivery centers. Recent buyers not only missed out on a better price, but their cars have effectively depreciated by the amount of the cut. This is a bitter turn of events, given Musk’s 2019 claims that a Tesla would be an appreciating asset. I think the most profound thing is that if you buy a Tesla today, I believe you are buying an appreciating asset – not a depreciating asset.– Elon Musk, CEO, Tesla These comments were made in reference to Tesla’s full self-driving (FSD) capabilities, which Elon claimed would enable owners to turn their cars into robotaxis.

Caption Buying a home is a very emotional process. If you allow those emotions to get the best of you, you may fall prey to several common home buyer mistakes. Since homeownership has far-reaching implications, it's important to keep your emotions in check and make the most rational decision possible. Your plan may be a home you love at a price you can afford, but unfortunately, many people do things that prevent them from achieving that dream. Let's look at some of the top house-hunting mistakes people make—and how to find a house the right way. Key Takeaways Before you start house shopping, be realistic about what you can afford, and tailor your search accordingly. Downplaying flaws could be a costly mistake, as could overestimating your ability to play handyman yourself. Jumping in too fast or waiting too long to put in an offer are both risky in terms of cost and what kind of property you might end up with. Don't overbid for fear of losing out, as it can cause problems with the appraisal, the mortgage, and reselling the house. If you can't afford the house, take it off your list. 1. Not Knowing What You Can Afford Once you've fallen in love with a particular place, it's hard to go back. You start dreaming about how great your life would be if you had all the wonderful things it offered, like the lovely tree-lined streets, the jetted bathtub, and the spacious kitchen with professional-grade appliances. However, if you can't or won't be able to afford that house, you're just hurting yourself by imagining yourself in it. So, to avoid temptation, it's best to restrict your house shopping to properties in your financial neighborhood. If you look at places outside your price range, you'll end up lusting after something you can't afford. That can put you in the dangerous position of trying to stretch beyond your means financially or cause you to feel unsatisfied with what you actually can buy. Start your search at the low end of your price range. If what you find there satisfies you, there's no need to go higher. Remember, when you spend another $10,000 to buy a home, you're not just paying an extra $10,000; you're paying an extra $10,000 plus interest, which might come out to double that amount or more over the life of your loan. You may be better off putting that money toward something else. 2. Skipping Mortgage Pre-Approval As we all should have learned from the subprime mortgage crisis, what the bank says you can afford, versus what you know you can afford (or are comfortable with paying) are not necessarily the same. Conversely, what you think you can afford and what the bank is willing to lend you may not match up, especially if you have poor credit or unstable income. Mortgage lending discrimination is illegal. If you think you've been discriminated against based on race, religion, sex, marital status, use of public assistance, national origin, disability, or age, there are steps you can take. One such step is to file a report to the Consumer Financial Protection Bureau or with the U.S. Department of Housing and Urban Development (HUD). Make sure to be pre-approved for a loan before placing an offer on a home—or even before you go house-hunting in earnest. If you don't, you'll be wasting the seller's time, the seller's agent's time, and your agent's time if you sign a contract and then discover later that the bank won't lend you what you need—or that it's only willing to give you terms you find unacceptable. The pre-approval process can also help you locate the aforementioned financial neighborhood for your house-hunting expeditions. Be aware that even if you have been pre-approved for a mortgage, your loan can fall through at the last minute if you do something to alter your credit score, such as finance a car purchase. If your actions cause the deal to die, you may have to forfeit any deposit or earnest money you put up when entering the contract. 3. Not Shopping Around While you should be realistic in your search and willing to compromise to some degree, don't cave on essential things. For example, don't get a two-bedroom home when you know you're planning to have kids and want three bedrooms. Don't buy a condo just because it's cheaper than a house if one of the main reasons you're over apartment life is that you hate sharing walls with neighbors. Indeed, you'll probably have to make some compromises to be able to afford your first home, but don't make a compromise that will be a significant strain. Unless you are a high-end buyer looking at custom homes, the chances are that there may likely be quite a few others that are close to it for any home you find that you like. Most neighborhoods have similar homes or the exact model; they may have all been constructed by the same builder. Even if you can't find an identical model for sale, you can probably find a house with many of the same features. If you're considering a condo or townhouse, the odds are also in your favor. Being open to continuing your search will save you from making rash decisions you might regret later. There are plenty of real estate websites and apps that can help you streamline the house-hunting process, making it possible to preview hundreds of homes within a few hours from the comfort of your couch. 4. Not Using an Agent Once you're seriously shopping for a home, don't walk into an open house without having a real estate agent or broker. Agents are held to the ethical rule that they must act in both the seller's and the buyer's best interests. But you can see how it might not put you in the best bargaining position if you start dealing with a seller's agent before contacting one of your own. The majority of buyers—roughly 88%—bought their home through a real estate agent or broker, according to a 2020 survey from the National Association of Realtors.1 5. Lacking Vision Sometimes a homebuyer can feel like Goldilocks in the three bears' house: This is too big, this is too small. Distinguishing between what's fixable and not is a key part of house-hunting. Even if you can't afford to replace that hideous wallpaper in the bathroom right now, it might be worth it to live with the ugliness for a while in exchange for getting into a house you can afford. If the home otherwise meets your needs in terms of the big things that are difficult to change, such as location and size, don't let physical imperfections turn you away. At the same time, don't be snowed by minor upgrades and cosmetic fixes. These are inexpensive tricks that sellers use to play on your emotions and elicit a much higher price tag. Sellers may pay $2,000 for minimal upgrades or fork over several thousand dollars on staging. Besides, doing home upgrades yourself, even when you have to hire a contractor, is often cheaper than paying the increased home value to a seller who has already done the work for you. And you can do them according to your taste, not someone else's. 6. Overlooking Important Flaws Look for homes whose full potential has yet to be realized, especially if you're on a strict budget. The bump in equity from your upgrades will help you move up the property ladder. That being said, if you're going to buy a house that needs work, don't buy a fixer-upper that's more than you can handle in terms of time, money, or your ability. For example, if you think you can do the work yourself, then realize you can't once you get started, any repairs or upgrades you were planning to make will probably cost twice as much once you factor in the labor—and that may not be in your budget. Furthermore, you would have to consider the costs involved to fix anything you may have started, including replacing materials you wasted. Evaluate your abilities, your budget, and how soon you need to move before purchasing a property that isn't move-in ready. 7. Ignoring the Neighborhood Don't just focus on the residence—look at the surrounding area. It's impossible to perfectly predict the future of your chosen neighborhood, of course, but inquiring about or researching its prospect now can help you avoid unpleasant surprises down the road. Some questions you should ask include: What kind of development plans are in the works for the neighborhood? Is the street likely to become a major street or a popular rush-hour shortcut? Is there talk of a bridge or a highway to be built very nearby within five years? What are the zoning laws in the area? Is there a lot of undeveloped land around? What is likely to get built there? Have home values in the neighborhood been declining or rising? If you're happy with the answers to these questions, then your potential house's location can keep its rose-colored luster. 8. Rushing to Put in an Offer It may be necessary to make an offer fast if you find a home you like in a hot market. However, you have to balance the need to make a quick decision with the need to ensure the home will be right for you. Don't neglect necessary steps, such as making sure the neighborhood feels safe at night and the day (try to visit at different times) and investigating possible noise issues like a nearby train. Ideally, you'll be able to take at least a night to sleep on the decision. How well you sleep that night and how you feel about the home in the morning will tell you a lot about whether the decision you're about to make is the right one. Considering the decision also allows you to research how much the property is worth and offer a reasonable price. 9. Dragging Your Feet It's a tough balancing act to make sure you make a careful decision, but don't take too long to make it. Losing out on a property that you were almost ready to make an offer on because someone beat you to it can be heartbreaking. It can also have economic consequences. Let's say you are self-employed. Perhaps for you, more than others, time is money. The more time and energy you have to take out of your everyday activities to search for a house, the less time and energy you have available to work. Not dragging out the home-buying process unnecessarily may be the best thing for your business, and the continued success of your business will be essential to paying the mortgage. If you don't pull the trigger quickly, someone else might, and you'll have to keep looking. Don't underestimate how time-consuming and routine-disrupting house shopping can be. Nearly two-thirds of families in the U.S. own their primary residence, according to the Federal Reserve’s most recent Survey of Consumer Finances.2 10. Offering Too Much If there's a lot of competition in your market and you find a place you like, it's all too easy to get sucked into a bidding war—or to try to preempt a bidding war by offering a high price in the first place. But there are a couple of potential problems with this. First, if the house doesn't appraise at or above the amount of your offer, the bank won't give you the loan unless the seller reduces the price or you pay cash for the difference. If this happens, the shortfall on your bid instead of your mortgage will have to be paid out of pocket. Second, when you sell the house, if market conditions are similar to or worse than they were when you purchased, you may find yourself upside down on the mortgage and unable to sell. Make sure the purchase price for the home you buy is reasonable for both the house and the location by examining comparable sales and getting your agent's opinion before making an offer. 11. Neglecting to Inspect You found the perfect place, your offer was accepted, and you're in contract. It's tempting to think that you're a homeowner the moment you go into escrow, but hold on. Before you close on the sale, you need to know what kind of shape the house is in. You don't want to get stuck with a money pit or with the headache of performing a lot of unexpected (and potentially expensive) repairs. That's why you need a thorough inspection of the property—in fact, your mortgage lender might demand it. Keeping your feelings in check until you have a complete picture of the house's physical condition and the soundness of your potential investment will help you avoid making a serious financial mistake. 12. Getting Desperate When you've been looking for a while, and you do not see anything you like—or worse, you're getting outbid on the houses you do want—it's easy to get desperate to find your new house now. However, if you move into a residence, you'll end up hating, the transaction costs to get rid of it will be costly. You'll have to pay an agent's commission (up to 5% to 6% of the sale price), and you'll have to pay closing costs for the mortgage on your new house.3 You'll also deal with the hassle and expense of moving yet again. If you have time on your side, it's okay to wait until something that suits you comes along. As long as your demands are realistic for your budget, you are bound to find something you can live with. New houses come on the market every day in some places. Is It Hard to Buy a House? It takes time, effort, and, of course, money to buy a home. However, it doesn't have to be difficult. Using a realtor and having a game plan in mind from financials to the type of home you want to buy, it can be a rewarding and exciting experience. Should I Buy a Fixer-Upper Home? It may be easier as a first-time homebuyer to purchase a home that needs some work. Fixer-uppers tend to be less expensive to buy but pricey to restore. If you are handy or have time and money to craft your dream home out of a run-down house, it can be worth it. If you can't afford a new home in a good neighborhood, a smaller, fixer-upper may be worth it. What Should I Look for in a House? When you are house-hunting you should take a look at a few home factors, like size, roof, heating and cooling units, plumbing, and electricity. Of course, cosmetic features, like a new kitchen, deck, patio, or upscale fixtures in the bathrooms, are nice, but not necessary. The Bottom Line Buying a house is a big decision, but it does not have to be complicated. However, since it's so natural for emotions to come into play, you need to ensure you are making rational choices, rather than getting wrapped up in the notion of a dream home—or conversely, of yourself as a master builder/renovator. If you're aware of the issues ahead of time, you can protect yourself from costly mistakes and shop with confidence. In short, when it comes to buying a new home, be realistic, take your time, don't act on impulse, and, ultimately, make a home-purchase decision that's good for both your feelings and your finances.

30YR Fixed 6.16% -0.01% 15YR Fixed 5.23% -0.01%   Home Prices Are Slightly Lower, But Far From Plummeting As rates spiked and sales contracted at the fastest pace in decades last year, we knew the post-pandemic surge in home prices was set to reverse.  By the middle of 2022, the average forecast saw the annual pace of home price appreciation falling back toward historic norms, with prices losing a bit of ground on a monthly basis.  That is exactly what has been happening. Both the FHFA and S&P Case Shiller publish home price indices (HPIs) each month.  There's a bit of a lag in the data (today's is for the month of November), but collectively, they're considered the most official record of home price changes. Case Shiller's index focuses on 20 major metro areas.  As such, it tends to be more volatile--zooming to the higher highs and lower lows than the more stable FHFA version.  Case Shiller shows a 0.5% decline in November, which was actually a bit less of a drop than forecast.  FHFA's monthly numbers were down even less (-0.1%) after holding steady in October.  This is perhaps worth some small amount of reassurance given November's prices should have been affected by a sharp spike in rates in September.  In any event, the chart above gives us the impression that the worst is behind us in terms of monthly price declines. The takeaway from the long term chart of year-over-year change is even more upbeat.  It actually shows price gains remaining higher than the past 16 years according to FHFA and among the highest levels of the past decade according to Case Shiller.  A caveat or two is in order.  The chart above will continue to decline in the coming months.  It will be more interesting to learn where it finally stops.  The other caveat is more of a question: would it be a good thing for prices to go up by 6%+ each year in a world where incomes and other prices are not rising as quickly?   The bottom line is that prices have gently been descending into territory that's more sustainable than it was previously.  The descent has been largely as expected if not slightly gentler.

Lower Mortgage Rates Are Bringing Buyers Back to the Market As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling. Now, however, rates are beginning to come down—and buyers are starting to reenter the market. In fact, the latest data from the Mortgage Bankers Association (MBA) shows mortgage applications increased last week by 7% compared to the week before. So, if you’ve been planning to sell your house but you’re unsure if there will be anyone to buy it, this shift in the market could be your chance. Here’s what experts are saying about buyers returning to the market as we approach spring. Mike Fratantoni, SVP and Chief Economist, MBA: “Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall. As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers.” Lawrence Yun, Chief Economist, National Association of Realtors (NAR): “The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November.” Thomas LaSalvia, Senior Economist, Moody’s Analytics: "We expect the labor market to remain robust, wages to continue to rise—maybe not at the pace that they did during the pandemic, but that will open up some opportunity for folks to enter homeownership as interest rates stabilize a bit." Sam Khater, Chief Economist, Freddie Mac: “Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of Millennial renters will provide support to the purchase market.” Bottom Line If you’ve been thinking about making a move, now’s the time to get your house ready to sell. Let’s connect so you can learn about buyer demand in our area the best time to put your house on the market.

  There are plenty of good reasons you might be ready to move. No matter your motivations, before you list your current house, you need to consider where you’ll go next. In today’s market, it makes sense to explore all your options. That includes both homes that have been lived in before as well as newly built ones. To help you decide which is right for you, let’s compare the benefits of each. Regardless of which option you choose to explore, working with a trusted real estate professional throughout the process is essential. The Benefits of Newly Built Homes First, let’s look at the benefits of purchasing a newly constructed home. With a brand-new house, you’ll be able to: 1. Build your dream home If you build a home from the ground up, you’ll have the option to select the custom features you want, including appliances, finishes, landscaping, layout, and more. Bankrate puts it like this: “Building means customizing. . . . instead of wishing your home had a certain kind of flooring, a sunroom or some other special amenity, you’ll be able to tailor the property to your exact needs. You also won’t be limited to a specific location or neighborhood.” 2. Take advantage of builder concessions In today’s market, a lot of home builders are working hard to sell their current inventory before they add more to their mix. That means many of them are offering concessions and are more willing to negotiate with buyers. That could work to your advantage in the process. 3. Minimize home repairs Many builders offer a warranty, so you’ll have peace of mind on unlikely repairs. Plus, you won’t have as many little improvement projects to tackle. As realtor.com says: “. . . if something goes wrong with your new home, not only are there likely some manufacturer warranties in place, but many builders also include additional home warranties . . .” 4. Take advantage of energy efficiency When building a home, you can choose brand-new, energy-efficient options to help lower your utility costs, protect the environment, and reduce your carbon footprint. The Benefits of Existing Homes Now, let’s compare those to the perks that come with buying an existing home. With a pre-existing home, you can: 1. Explore a wider variety of home styles and floorplans With decades of homes to choose from, you’ll have a broader range of floorplans and designs available. 2. Appreciate that lived-in charm The character of older homes is hard to reproduce. If you value timeless craftsmanship or design elements, you may prefer an existing home. 3. Join an established neighborhood Existing homes give you the option to get to know the neighborhood, community, or traffic patterns before you commit. Plus, they have more developed landscaping and trees, which can give you additional privacy and curb appeal. 4. Move in faster If you have a short timeframe to move or you just don’t want the process to take several months while your home is under construction, buying an existing home might make sense for you. U.S. News explains: “When you’re choosing a home, existing or new, you should also consider how long it might take to move into that home. Just because you have a contract doesn’t mean that your new home will be completed (or even started) at the time you agree to the purchase. It can be a struggle waiting for the walls to go up as you wonder what your home will become.” When thinking about where you’ll go after you sell your house, remember your options. As you start your search, think about what’s most important to you. By working with a trusted real estate agent, you can be confident you’re making the most educated, informed decision. Bottom Line If you have questions about the options in our area, let’s discuss what's available and what's right for you, so you’re ready to make your next move with confidence.

Some Highlights If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership. On average, nationwide, home prices appreciated by 288.7% over the last 32 years. That means homeowners grow their net worth significantly in the long term. Homeownership wins over time. Let’s connect so you can start your homebuying journey today. Caption      

New Home Sales Look Like They Want to Bounce The Census Bureau's regularly scheduled monthly report on New Home Sales was released this morning.  The annual pace of 616k was right in line with the median forecast of 617k.  This is technically an improvement, but only because the previous month was revised down to 602k from 640k. In the big picture, it doesn't much matter if today's data is a bit better or worse than last month's.  It's unequivocally better than it was on several occasions in the middle of 2022 when the annual pace was closer to 550k.  If sales can avoid revisiting that territory, 550k will increasingly look like a long-term floor in the bigger picture. If sales numbers are finally bouncing, some credit could go to inventory finally doing the same.  After being squeezed down to all-time lows in early 2020, new home inventory slowly began to grow.  It didn't eclipse 2019's highest levels until several months into 2022.  We can credit the combination of sharply higher rates and prices for sapping demand and leaving excess inventory on the shelf for builders.  Here too, the chart looks like it wants to bounce (but against a ceiling for inventory as opposed to a floor for sales numbers). It's a bit too soon to declare victory. Whereas 2022 was clearly a year for rising interest rates, it remains to be seen how quickly that trend will be reversed in 2023.  If inflation continues to fall and the economy softens, rates can come down faster.  This isn't the only input for New Home Sales of course, but when the average 30yr fixed rate was well over 7%, it was certainly keeping more prospective buyers on the sidelines versus the mid-to-low 6's seen over the past 2 months.