Life-Changing Events That Move the Housing Market

Life is a journey filled with unexpected twists and turns, like the excitement of welcoming a new addition, retiring and starting a new adventure, or the bittersweet feeling of an empty nest.

If something like this is changing in your own life, you may be considering buying or selling a house. That’s because through all these life-altering events, there is one common thread—the need to move.

Reasons People Still Need To Move Today

According to the National Association of Realtors (NAR) there have been a lot of this type of milestone or life change over the last two years (see graph below):

And, these big life changes are going to continue to impact people moving forward, even with the current affordability challenges brought on by higher mortgage rates and rising home prices.

As Claire Trapasso, Executive News Editor at Realtor.com, says:

“Because high mortgage rates, elevated home prices, and stubbornly low inventory make today’s housing market particularly challenging, many of today’s buyers are motivated by life changes, such as growing families, supporting elderly parents or grown children, or accommodating professional needs. . .”

Lean On a Real Estate Professional for Help

Whether you’re beginning your search for a home or preparing to sell your current house, you don’t have to go it alone. With their expertise, a real estate agent is an invaluable partner who can help you smoothly transition through these big moments in your life. Here are just a few examples.

When Buying a Home

If you’re welcoming a new addition and want more space, the need for a new home may be a top priority. While higher home prices and mortgage rates are creating challenges for buyers, you may have to find a way to meet your changing needs, even with today’s mortgage rates.

A skilled real estate agent can help. Their expertise and knowledge of the local housing market can save you a considerable amount of time and stress. An agent will take the time to understand your specific needs, budget, and preferences, allowing them to narrow down your search and present you with suitable options.

When Selling a House

If you’re retiring or going through a separation or divorce, your main focus may be to make the most out of your investment when selling your house, so you can find one that works better for you moving forward.

This is another place where a real estate agent’s expertise truly shines. They can accurately assess your home’s market value, suggest improvements to enhance its appeal, and craft a strategic marketing plan. Their negotiation skills are a big asset when it comes to making sure you get a fair price for your house, allowing you to move on to the next chapter of your life with confidence and peace of mind.

No matter your situation, lean on a trusted professional for help as you buy or sell a home.

Bottom Line

If recent life-changing events have you wanting or needing to move, connect with a local real estate agent.

Learn more at Keepingcurrentmatters.com

Related Links

• The Hottest Housing Season Isn’t Behind Us: These Are the 7 Best Cities To Buy a Home this Fall

• A Real Estate Agent Helps Take the Fear Out of the Market

• Homeowner Net Worth Has Skyrocketed

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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5 Home Organization and Cleaning Tips for Hibernation Season

Fresh starts aren’t exclusive to springtime.

Spring cleaning is all about a fresh start and bringing in the brightness of a new season through home organization. It’s the warmup to spending less time indoors. But where’s that same level of enthusiasm for a winter reset, that can ensure our spaces are fully optimized for ease and comfort during the long months ahead?

“A lot of cultures practice ‘spring cleaning’ for various religious and historical reasons, and it has been passed down through the generations,” says Charlee Ostander, organizer, woodworker, and founder of Build & Create Home. “Our lifestyles and homes have changed significantly, however, and it may not be relevant anymore.”

Now that fall is here, it’s time to approach the gradual shift to winter with the same vigor as we do in spring. “The cold evokes feelings of coziness and hunkering down, whereas the warmer weather is seen as an ‘awakening’ and ‘kicking off cobwebs,’” says Maria Arrington, cofounder of the New York–based home organization studio Home Ease. Even if you love the cold, a refresh and reset for this time of year is necessary. We consulted three experts to find out exactly what they do to prep their homes for a peaceful and cozy season indoors.

Swap out and store

Marie Kondo once drew a direct line from our joy to the pile of clothes sitting in the chair in your bedroom. Not only does winter require more layers, but there’s also gloves, hats, heavier coats, and bulkier footwear. You need more space and different cleaning and upkeep than your warm-weather wear requires. “We tend to hoard winter gear because we just want to add layers in the cold,” Arrington explains. “I think that constant editing is important to keeping your home organized.” She says we only really need two to three coats, sets of gloves and scarves to keep in heavy rotation and to donate the rest.

Arrington emphasizes sending winter accessories like gloves and hats, which are commonly overlooked, to the cleaners, or wash them on the delicate cycle in cold water and lay them flat to dry before it’s too cold out, when you need them most. For multi-person homes, she recommends a designated coat hook per person for everyone’s winter gear to “keep the clutter contained.” Ostander is also in favor of this setup over bins and recommends mitten clips to keep pairs easy to find.

Don’t neglect the senses

While we love function, preparing for hibernation season is also an opportunity for focusing on setting up your home to feel good. Juliette von Hess, founder of Von Hess & Co, a home organizing and style company in New York, recommends switching your lamp lightbulbs. “Softer light can make a home feel cozier and is a great way to add a warmer vibe to your home as the days get shorter.” Consider trying warm white or soft white lights in the 2700–3000K range.

Von Hess notes, “Adding heavier texture in your home will automatically bring a sense of warmth into your rooms.” She likes to keep her heavy, fuzzy, real and faux-fur throws, pelts, or rugs stored until the winter months. “[You can] bring them back to life with a hairbrush,” she says.

Although she’s not a pumpkin spice or pine type of girl, Arrington argues that a winter fragrance is essential. “Something clean and warm like atlas cedar or fig to evoke a cozy mindset,” she says. “Scent is such an important and neglected sense, and it can do so much to create the right energy in a home.” Balsam fir is also pine-like without being overwhelmingly holiday-focused.

Clear out the dirt and purge your pantry

Spring cleaning rituals have existed for decades (and maybe centuries), but Ashley Dixon, a decor, DIY, cleaning, and organization consultant and content creator based in Atlanta, believes that winter cleaning is even more important. “Cozy spaces with closed doors and windows keep in germs, viruses, and bacteria that can then live in your home for several months,” she explains. Yuck, much?

Von Hess points out that “dust and dirt accumulate and people tend to forget to clean the items they use most if you can’t physically put it in a washer and dryer.” Don’t forget about vacuuming your furniture, lampshades, and drapes, along with cleaning light switches, drawer handles, door knobs, and other high touch areas.

Fall is also a great time to purge your pantry, wipe everything down and restock. “Clean out those old and expired soup cans and boxes of packaged food,” Ostrander says. “Make a list of your favorite cozy-weather meals and stock up while the weather is nice.”

Don’t forget your outdoor areas

While the weather is still nice out, you’ll want to prioritize outdoor spaces like the backyard, balcony, patio, and garage. “If you’re really ambitious or short on space, you can build an insulated storage cabinet for paints and glues,” Ostrander says while pointing out some things we store in our garages need to be protected from extreme cold temps, like paint which needs to be kept between 60 and 80 degrees.

Dixon recommends you look out for your future self early while shopping and caring for your outdoor furniture. “Investing in furniture that can withstand the conditions is helpful, but regardless, spring cleaning is much easier when you have covered your furniture through harsh winter weather,” she adds. Ostrander recommends brands like Outer and notes that pieces made from poly resin (which you can find from Ledge Lounger) or poly wood seem to last longer.

Finally, when it comes to staying warm, there’s a little maintenance to keep in mind. Ostrander recommends checking that there isn’t any furniture blocking your radiators or heat sources and says wood-burning stoves, chimneys, boilers and heating systems should be annually checked out by a pro. “Prepare a space to store your chopped wood that will be dry and easily accessible,” she says.

Declutter your entryway with trays

Winter boots are often a huge culprit for clutter and making a messy entryway. Boot trays or baskets are a great way to avoid accumulating a pile of footwear at your front door. “If you can have a stool with a basket tucked underneath, you are really winning,” Arrington says. “Trying to put on boots standing up is rough.”

Beyond apparel and accessories for winter weather, Ostander reminds us to also, “make sure those cold weather toys have a home for the winter months.” Skis, snowboards, and skates need a home that’s easily accessible enough to be ready to use, but designated enough to be out of the way for daily comings and goings.

Von Hess also advises wiping down shoes and handbags with rubbing alcohol before putting them in storage. As she continues, “put away seasonal clothing with dryer sheets and vacuum out all your luggage and handbags to be crisp and ready for next year.” There’s no reason to bring sand into the storage unit, back of the closet, or anywhere else for that matter!

Learn more at Architecturaldigest.com

Related Links

• The Hottest Housing Season Isn’t Behind Us: These Are the 7 Best Cities To Buy a Home this Fall

• A Real Estate Agent Helps Take the Fear Out of the Market

• Homeowner Net Worth Has Skyrocketed

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Homeowner Net Worth Has Skyrocketed

If you’re weighing your options to decide whether it makes more sense to rent or buy a home today, here’s one key data point that could help you feel more confident in making your decision.

Every three years, the Federal Reserve Board releases the Survey of Consumer Finances (SCF). That report covers the difference in net worth for both homeowners and renters. Spoiler alert: the gap between the two is significant.

The average homeowner’s net worth is almost 40X greater than a renter’s. And here’s the data to prove it (see graph below):

The Big Reason Homeowner Net Worth Is So High

In the previous version of that report, the net worth of the average homeowner was roughly $255,000 and that of the average renter was $6,300. But in the release that just came out this year, the gap widened as homeowner net worth climbed dramatically. As the Survey of Consumer Finances (SCF) report says:

“. . . the 2019-2022 growth in median net worth was the largest three-year increase over the history of the modern SCF, more than double the next-largest one on record.”

One of the biggest reasons homeowner net worth skyrocketed is home equity.

Over the last few years, known as the ‘unicorn’ years for housing, home prices went through the roof. That’s because there weren’t enough homes for sale, and there was a big influx of buyers rushing to buy them and take advantage of the then record-low mortgage rates. That imbalance of supply and demand pushed prices higher and higher. As a result, most homeowners who had a home during that time saw their equity grow a lot.

If you’re still in the middle of making your decision on whether to rent or buy, you may wonder if you missed the boat on the big net worth boost. But here’s what you need to realize. As a recent article in The Ascent explains:

“Whether your net worth increased in recent years or not, there are steps you can take to boost that number in the coming years. . . buying a home can be a great way to grow your net worth, since home values have a tendency to rise over time.”

Historically, home prices climb over time. Even now that mortgage rates are closer to 7-8%, prices are still rising in many areas of the country because supply is still low compared to demand. That’s why expert forecasts for the next few years call for ongoing appreciation – just at a pace that’s more typical for the housing market.

While it likely won’t be the record ramp-up that happened over the last few years, people who buy now should continue to grow equity in the years ahead. That means, if you’re ready and able to buy a home today, you’ll be making an investment that’ll help build your net worth in the long run.

As Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says:

“. . . when deciding to rent vs buy, one must calculate the total cost of homeownership (maintenance, utilities, commuting, etc.) and the total financial benefit. Based on new Fed data . . . the median net worth of homeowners was $396,200 vs renters at $10,400. There is no question about the wealth gains that homeownership provides.”

Bottom Line

If you’re on the fence about whether to rent or buy a home, remember that homeownership can give your net worth a big boost over time. If you want to learn more about this or the many other benefits of owning a home, connect with a local real estate agent.

Learn more at Keepingcurrentmatters.com

Related Links

• The Hottest Housing Season Isn’t Behind Us: These Are the 7 Best Cities To Buy a Home this Fall

• A Real Estate Agent Helps Take the Fear Out of the Market

• The Perks of Selling Your House When Inventory Is Low

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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A Real Estate Agent Helps Take the Fear Out of the Market

Do negative headlines and talk on social media have you feeling worried about the housing market?

Maybe you’ve even seen or heard something lately that scares you and makes you wonder if you should still buy or sell a home right now.

Regrettably, when news in the media isn’t easy to understand, it can make people feel scared and unsure. Similarly, negative talk on social media spreads fast and creates fear. As Jason Lewris, Co-Founder and Chief Data Officer at Parcl, says:

“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”

But it doesn’t have to be that way. Buying a home is a big decision, and it should be one you feel confident making. You should lean on a trusted real estate agent to help you separate fact from fiction and get the answers you need.

That agent will use their knowledge of what’s really happening with home prices, housing supply, expert forecasts, and more to give you the best possible advice. The National Association of Realtors (NAR) explains:

“. . . agents combat uncertainty and fear with a combination of historical perspective, training and facts.”

The right agent will help you figure out what’s going on at the national level and in your local area.

They’ll debunk headlines using data you can trust. Plus, they have in-depth knowledge of the industry and can provide context, so you know how current trends compare to the normal ebbs and flows in the housing market, historical data, and more.

Then, to make sure you have the full picture, an agent can tell you if your local area is following the national trend or if they’re seeing something different in your market. Together, you can use all that information to make the best possible decision.

After all, making a move is a potentially life-changing milestone. It should be something you feel ready for and excited about. And that’s where a trusted expert comes in.

Bottom Line

If you need reliable information about the housing market and expert advice about your own move, get in touch with a real estate agent in your area.

Learn more at Keepingcurrentmatters.com

Related Links

• The Hottest Housing Season Isn’t Behind Us: These Are the 7 Best Cities To Buy a Home this Fall

• Affordable Homeownership Strategies for Gen Z

• The Perks of Selling Your House When Inventory Is Low

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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The Hottest Housing Season Isn’t Behind Us: These Are the 7 Best Cities To Buy a Home this Fall

Timing is everything—and that is particularly true when it comes to buying a home.

The dream? Drop into the market when prices, mortgage rates, and competition from other buyers is low—and then snag a large, move-in ready home in a desirable area for a sweet deal.

The reality? Today’s real estate market is highly competitive and highly expensive—and many homebuyers are having to settle, or drop out of the market entirely.

So when is the best time to buy a home? Well, for certain markets, right now actually. There are places where buyers have the upper hand—or, at the very least, the out-of-control bidding wars have calmed down and buyers have a bit more time to make up their minds. The economics team at Realtor.com® found the markets where the optimal time to purchase a home is still ahead.

Fortunately, our data specialists have been grappling with this question for years by tracking buyer-friendly market conditions for every week of the year. They looked at median home list prices; the number of homes for sale; the number of new “fresh” listings; how long a home is on the market before it sells; homebuyer demand based on the number of listing views received on Realtor.com; and the number of price reductions.

The Realtor.com team looked at the best individual weeks to buy a home in the 50 largest metropolitan areas. (Metros include the main city and surrounding towns, suburbs, and smaller urban areas.)

“This year’s market has slowed considerably compared to years past, a welcomed shift for buyers,” Realtor.com senior economic analyst Hannah Jones wrote in the latest “Best Time to Buy” report.

“In many markets, homes are spending more time on the market than in the last few years, meaning buyers may find sellers more flexible than during the red-hot pandemic market,” she wrote. “Still-high mortgage rates mean that the typical buyer would still pay more as a monthly payment for a median-priced home compared to last year, but the relentless climb in prices has finally come to a halt.”

By examining data from 2018, 2019, 2021, and 2022 (excluding 2020 due to COVID-19 anomalies) and comparing it with 2023, the team pinpointed the first week of October as the optimal time to buy this year. Buyers who braved the market could expect a wider selection of homes for sale, fewer competing offers, and savings of over $15,000 compared with the summer peak for a median-priced home of $445,000.

However, real estate is local. In some parts of the country, the best time to buy is in the rearview; in others, it is still coming up.

In a handful of markets, the most favorable conditions for buyers actually occur later in the year, defying conventional wisdom that the housing market slows down as the weather cools.

Now, let’s take a closer look at the seven major metropolitan areas where late fall and winter offer the best conditions for homebuyers.

1. Louisville, KY

Best week to buy: Nov. 5–11
Median list price: $316,358

In the heart of the Bluegrass State, Louisville offers a unique blend of Southern charm and urban sophistication. And if you’re looking to score a real estate deal, mark your calendar for the first week of November.

Louisville tops our list with the biggest rate of price reductions during this optimal week, when compared with an average week for the area. Sellers here are highly motivated to close deals during this time of the year.

Couple that with 20% more active listings than the average week in Louisville, and you’ve got a buyer’s buffet.

And if you’re worried about competition, don’t be. Views per property are down a staggering 33% compared with peak times, making this the opportune moment to snag your dream home in the land of bourbon and horse racing.

The vast majority of homes for sale in the city proper are single-family homes, but buyers can still find condos and townhomes. This four-bedroom, two-bathroom Cape Cod with a sunroom is on the market for $259,000.

2. Phoenix, AZ

Best week to buy: Nov. 5–11
Median list price: $532,000

The Phoenix metro, affectionately referred to as the Valley of the Sun, includes a smattering of cities from Scottsdale to Glendale and Anthem to Chandler. This time of the year draws snowbirds from the chilly north, but it’s also the prime time season for real estate.

Around this time of year, buyers drawn by the warm winter weather start heading to Phoenix.

“What happens in the first week of November in Arizona?” asks Kristy Ryan, a Realtor® at Re/Max Fine Properties in Scottsdale. “It’s heaven. It’s like 82 degrees. We’re getting ready to head into the best eight months of the year where it’s 80 degrees every day, sunny and beautiful.”

The first week of November is a unique window of opportunity here, with 28% more new listings than an average week—the highest on our list.

This four-bedroom, three-bathroom brick house is on the market for just under $585,5000. Buyers who don’t need as much space can check out this three-bedroom, two-bathroom new construction for just under $400,000.

3. Charlotte, NC

Best week to buy: Nov. 5–11
Median list price: $425,000

Charlotte, the Queen City, has become a crown jewel of the South, with booming tech and financial industries. It’s also home to the NASCAR Hall of Fame and the headquarters of Fortune 500 companies like Bank of America and Lowe’s. The metro also includes nearby Concord and Gastonia.

Charlotte offers a royal opportunity for buyers in the first full week of November.

Active listings are up by 18% compared with the average week, and price reductions hover around 1.2%.

The city’s diverse neighborhoods, from the historic Fourth Ward, where buyers can snag condos in gleaming towers or lower-rise brick complexes, to the artsy NoDa, where there are smaller cottages and Cape Cods for sale along with brand-new townhomes, offer a range of options for every kind of buyer.

4. Birmingham, AL

Best week to buy: Nov. 5–11
Median list price: $299,000

Birmingham, a city that became synonymous with the Civil Rights Movement in the 1960s, is now becoming known for its burgeoning food scene and rich music and arts culture.

For buyers shopping in the Birmingham metro in early November, homes typically stay on the market for an average of more than three weeks longer than the area’s peak homebuying season. So it’s a good thing the winters here are so mild this time of year, with a weather-comfort index rated at 8 out of 10 in the month of November.

With just 1.1 million residents, Birmingham is the smallest metro on our list (closely followed by Buffalo, NY).

Buyers can find newly constructed three-bedroom, two-bathroom homes for about $270,000 or a remodeled three-bedroom, two-bathroom ranch for about $240,000.

5. Buffalo, NY

Best week to buy: Nov. 12–18
Median list price: $259,900

Buffalo offers more than just great wings and Bills football games.

“As a buyer, the best week is in November,” says Matthew Roland, assistant dean at the University of Buffalo’s Department of Urban and Regional Planning.

Home sellers who haven’t found buyers by this time, he says, are often in a rush to close deals.

“Sellers are thinking, ‘Oh, no, I have to sell this now,'” he says. “So they’re slashing prices or throwing anything they can at that buyer.”

The second week of November is a quiet time for the market, with a 50% drop in views per property—the biggest on our list.

“Nobody really wants to move or close in December unless they absolutely have to,” Roland adds.

Homes also stay on the market for 28 more days compared with peak times, giving buyers the luxury of choice without the pressure of immediate competition. And with the least expensive median list price on our list, Buffalo offers affordability without sacrificing charm.

6. Tampa, FL

Best week to buy: Dec. 3–9
Median list price: $439,244

Tampa, a city that straddles the spot where the Gulf of Mexico meets Tampa Bay, is a treasure trove for homebuyers in early December.

“Our market is totally different because we are not cyclical based on seasons at all, as most of the North is,” says Caitlin Jones, a Realtor with Dalton Wade Real Estate Group, in St. Petersburg. That’s because the warm weather is year-round, drawing buyers even during what would be the offseason of other markets.

The Tampa metro, which includes St. Petersburg and Clearwater, typically experiences a more than 40% drop in views per property compared with peak times. That means the competition has traditionally been as mild as a Florida winter.

The state’s tax laws also contribute to making it a good time to buy, Jones says.

Florida’s generous homestead exemption can provide significant property tax savings—and is portable, meaning it can be transferred from one homestead property to another. However, claiming the benefit requires owning the home on Jan. 1, or else having to wait until the following year.

“If you’re able to sell by the end of the year, there’s a tax benefit,” Jones adds.

7. Miami, FL

Best week to buy: Jan. 8–14
Median list price: $599,000

Miami, the Magic City, saves its best tricks for the new year.

To be sure, it’s the most expensive market on our list. It also became hugely popular during the pandemic as companies expanded and relocated in the area and scores of new residents poured in, boosting competition and home prices.

If you have your heart set on living in Southern Florida, it could pay off to hold out until the first weeks of 2024 to ensure the best buying conditions in the Miami metro, which also includes Fort Lauderdale and Pompano Beach.

New listings are up by 8% compared with the average week, giving buyers a fresh array of choices in this vibrant, multicultural metropolis.

Learn more at Realtor.com

Related Links

• 6 Sneaky Tips for Saving Money When You Remodel

• Affordable Homeownership Strategies for Gen Z

• The Perks of Selling Your House When Inventory Is Low

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

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Search Homes in Oklahoma

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Search homes in Minnesota