How Much Will Home Prices Continue to Rise in 2022?

After watching four homes go to competing bidders over the course of seven frustrating months, Shubham Nath and Ankur Srivastava finally nabbed a four-bedroom house in Warren, N.J., last June. The couple pounced on the property when it hit the market. “We saw the home on a Saturday, looked at it a second time that Sunday and made an offer Sunday night,” says Nath. And this time they were prepared to best the seven other bidders: They offered about $60,000 above the home’s $849,000 list price, plus a 2.5-month closing period so that the seller would have plenty of time to pack up and move. And when the property appraised for $7,000 below the price they had agreed upon in the purchase contract, the couple paid for the appraisal gap. “We jumped through a lot of hoops,” Nath says. 

Click here to read the full story.

Is the Housing Market Finally Cooling? A Guide to Home Buying This Winter

nyone who has bought a house last year (or tried to) knows how hot the market has been. But as we head into 2022, the housing market may — finally — be starting to cool.

Let’s recap, briefly, how we got here.

A record-low supply of homes for sale and near record-low mortgage rates have propelled U.S. homes prices to an all-time high. The median sales price of a single-family existing home jumped about 23% in the third quarter of 2021, hitting $363,700, according to the National Association of Realtors’ quarterly report. Those rising home prices forced buyers to duke it out for a limited number of homes.

Click here to read the full story.

5 Signs It’s Time to Break up With Your Real Estate Agent

Your real estate agent can’t make more housing supply appear out of thin air or double the value of your home overnight. But they should make you feel supported and well represented in a crazy market. If not, it may be time to cut ties.

This is not a decision to make lightly, but if you do you certainly have no shortage of options. As of October, the National Association of Realtors, the real estate’s largest trade group, had 1,564,547 members — a 7% jump from the end of 2020. And many more real estate agents aren’t NAR members.

With all the competition, real estate agents are fighting tooth and nail for clients. “It’s a dog-eat-dog industry,” says Jason Gelios, an agent with Community Choice Realty in Southeast Michigan. Considering that you have plenty of agents to choose from, there’s no reason to stay with your agent if you’re not happy with their service.

Click here to read the full story.

Negotiate a Better Deal

The very thought of haggling, no matter what you’re haggling for, creates a crushing wave of anxiety in a surprising number of people. And while some personality types jump at the chance of striking a deal, many of us avoid negotiating at all costs.

But negotiating skills can be learned. And knowing how to negotiate when you’re buying a new car, making an offer on a house, asking for a cheaper cable or internet bill, or planning a wedding can save you a lot of money.

Click here to read the full article.

How to Win in a Red-Hot Housing Market

Laura Gross knew that she’d be facing fierce competition this spring when she was getting ready to bid on a four-bedroom house in Troy, Mich., a suburb of Detroit. So she pulled out all the stops: She waived an appraisal contingency, offered $30,000 above the home’s $285,000 list price, wrote a letter expressing why she loved the home (it reminded her of the house she grew up in a mile away), and offered the seller a free 60-day rent-back.

The seller chose Gross’s offer over seven others. “I knew I had to offer above list price and waive con­tingencies to even have my offer considered in this market,” says Gross, an accounting manager at a manufacturing company.

Gross is just one in a tsunami of house hunters who have flooded the housing market since the coronavirus pandemic began. She experienced firsthand how tough today’s housing market is for buyers.

Click here to read the full story.

Half of Homes Are Selling for Over Asking Price. Here’s How to Decide What to Bid

Home prices have always been negotiable. Usually, that has meant buyers pushing sellers below their asking price. But lately, in a nation marked by a record-low supply of homes for sale, the opposite has been happening.

Consider: half of U.S. homes sold for more than their list price during the four-week period ending May 16, according to Redfin. That marks a record high since 2012, when the brokerage began tracking.

Click here to read the full story.

Can the Housing Market Get Any Hotter? A Guide to Home Buying This Spring

The words “spring home buying season” carry a very different meaning this year than they did last year.

Normally spring is the hottest time of year for home sales — more buyers surface when the warmer weather emerges and families prefer to move before the next school year begins. Last year’s spring market, though, was an anomaly. The coronavirus crisis ground the housing market to a halt in mid-March, as states locked down and house hunters put their home search on ice while following stay-at-home orders.

Click here to read the full story.

How Homebuyers Can Win a Bidding War

If you’re buying a home right now, you might find the competition is stiff: More than 60 percent of homes faced a bidding war, a recent Redfin report found, thanks to low mortgage rates and scarce inventory.

Your offer will need to rise to the top. But how? We asked some real estate pros how to make an offer that will win a bidding war.

Click here to read the full story.

Home Buyers Loving the Suburbs Again

For years, buyers have been flocking to cities and close-in suburbs, seeking a boost in quality of life by shortening their commutes and gaining easy access to restaurants and cultural events. The pandemic turned that trend on its head.

Last year, a number of city dwellers migrated to the suburbs and exurbs to get more space, both indoors and outdoors. Gaining the freedom to telecommute gave more buyers the ability to move from urban centers. A survey from the American Institute of CPAs found that 42% of employed Americans worked remotely at some point during the pandemic. Companies such as Twitter, REI and Square have announced plans to let employees work remotely indefinitely.

Click here to read the full story.

Why This Winter Should Be One of the Best Ever for Home Sales

The temperature may be going down as we inch closer to winter, but home prices in the U.S. are still heating up — and there are few signs of cooling.

Normally, home sales peak in the summer and slow once kids start returning to school. That was not the case this year.

In the third quarter of 2020, median single-family home prices rose in all 181 metropolitan areas tracked by the National Association of Realtors. Of those, 117 saw double-digit price growth from a year earlier. Meanwhile, the median sales price of an existing home sold in October 2020 hit $313,000, up from $271,100 in October 2019 and $310,600 in August, according to NAR.

Click here to read the full story.