JUST LISTED - BEAUTIFUL MUIRFIELD VILLA

This beautiful villa went ACTIVE on MLS on Friday, December 22 

and went UNDER CONTRACT the same day.  

Click HERE for photos.

 

In case you missed it... Be sure to check out this recent blog posting:

Reasons To Sell Your House Before the New Year

MERRY CHRISTMAS!

However you are celebrating this holiday season, 

may it be a meaningful time filled with love, joy and hope.

Best wishes from my family to yours.

 

Experts Project Home Prices Will Rise over the Next 5 Years

 Article Courtesy of Keeping Current Matters/The KCM Blog

Even with so much data showing home prices are actually rising in most of the country, there are still a lot of people who worry there will be another price crash in the immediate future. In fact, a recent survey from Fannie Mae shows that 23% of consumers think prices will fall over the next 12 months. That’s nearly one in four people who are dealing with that fear – maybe you’re one of them.

To help ease that concern, here’s what the experts say will happen with home prices not just next year, but over the next five years.

Experts Project Ongoing Appreciation

While seeing a small handful of expert opinions may not be enough to change your mind, hopefully, a larger group of experts will reassure you. Here’s that larger group.

The Home Price Expectation Survey (HPES) from Pulsenomics is a great resource to show what experts
forecast for home prices over a five-year period. It includes projections from over 100 economists, investment strategists, and housing market analysts. And the results from the latest quarterly release show home prices are expected to go up every year through 2027 (see graph below):

 

And while the projected increase in 2024 isn’t as large as 2023, remember home price appreciation is cumulative. In other words, if these experts are correct after your home’s value rises by 3.32% this year, it should go up by another 2.17% next year.

If you’re worried home prices are going to fall, here’s the big takeaway. Even though prices vary by local area, experts project they’ll continue to rise across the country for years to come at a pace that’s more normal for the market.

What Does This Mean for You?

If you’re not convinced yet, maybe these numbers will get your attention. They show how a typical home’s value could change over the next few years using the expert projections from the HPES. Check out the graph below:

In this example, let’s say you bought a $400,000 home at the beginning of this year. If you factor in the forecast from the HPES, you could potentially accumulate more than $71,000 in household wealth over the next five years.

Bottom Line

If you’re someone who’s worried home prices are going to fall, rest assured a lot of experts say it’s just the opposite – nationally, home prices will continue to climb not just next year, but for years to come. If you have any questions or concerns about what’s next for home prices in your local area, connect with a real estate agent.

Preventing Frozen Pipes

Information Courtesy of Christa McMillan, CISR
Personal Risk Consultant at Main Street Insurance 

How to Prevent Frozen Pipes

Frozen pipes can present an invisible threat – one that you might not recognize until the weather starts to warm. By then, the water damage can be significant and costly. Fortunately, keeping your home warmer, at a consistent temperature, and better insulated can help protect your pipes from freezing this winter.

What Do You Do if You Have a Frozen Pipe?

If you suspect pipes in your home have been exposed to freezing temperatures, or

water is not flowing through a faucet normally, follow these steps to help reduce the

potential for water damage:

• Locate and close the main water shutoff valve as soon as possible and before temperatures rise above freezing.
• Open all faucets including those outside to drain remaining water from pipes.
• Have buckets, towels and fans available to contain, clean-up and dry water leaks.
• Slowly turn water back on and inspect for leaks. If there are leaks, be prepared to turn the water off immediately.
• Also inspect pipes for damage in areas like attics and crawl spaces, where it is safe to do so.
• Never use torches or heat guns to facilitate thawing as these can create fire hazards.
• As temperatures increase above freezing, watch and listen for signs of water leaks.
• If there is pipe damage, call a licensed plumber for repairs.

Why is a Frozen Pipe a Concern?

When water begins to freeze, it expands. This can cause both plastic and metal pipes to burst, possibly leading to significant water damage to your home.

• Since water expands when it freezes, it puts unwanted pressure on pipes.
• As water freezes, the force exerted from the expansion can cause a pipe to burst, regardless of the strength of the material.
• You may not know you have a burst pipe as the water has turned to ice. Once the temperature starts to warm and thawing begins, leaking and flooding can occur.

Which Pipes Are Most at Risk?

Pipes that are most exposed to the elements, including those outdoors and along the

exterior walls of your home, may need extra protection during winter months. These

include the following:

• Outdoor hose hookups and faucets.
• Swimming pool supply lines.
• Lawn sprinkler lines.
• Water pipes in unheated, interior locations such as basements, crawl spaces, attics, garages and kitchen and bathroom cabinets.
• Pipes running against exterior walls with little or no insulation.

How to Help Prevent Frozen Pipes

Before winter:

• Check your home for areas where water pipes are located in unheated or poorly insulated areas. Be sure to check your basement, attic, crawl space, garage and within cabinets containing plumbing. Hot and cold water pipes should both be insulated.
• Products such as pipe sleeves or UL-listed heat tape or heat cable can help insulate or heat exposed water pipes.

During winter:

• Close inside valves supplying water to outdoor faucets and hookups.
• Open outdoor faucets to allow residual water to drain; be sure to keep them open during the cold weather months, while the water supply is turned off.
• Keep garage doors closed to help protect water pipes located in the garage.
• Open the doors on cabinets where plumbing is located. This can help allow warmer air to circulate around the pipes.
• For pipes that are at risk of freezing (both hot and cold water pipes), let water drip from faucets.
• Keep the heat in your home set at a minimum of 55 degrees.

 

Christa B. McMillan, CISR

Personal Risk Consultant

Main Street Insurance
www.mainstreetins.com
cmcmillan@mainstreetins.com

HAPPY THANKSGIVING!

 

 

Although we said goodbye to our Rudy this past August,

I continue to include him in my Thanksgiving message with grateful

appreciation for the almost seven years he was a part of our family.

I am especially grateful for the past three years, which were a gift, 

following the removal of his kidney due to kidney cancer.  

Our Rudy boy is forever in our hearts.

Home Prices Still Growing – Just at a More Normal Pace

Please remember that the information in the following article is based on national data.  Be sure to check out my notes on why "seasonality" is different in our area, which can be found in a recent posting, Is Your House the Top Thing on a Buyer’s Wish List this Holiday Season?.

Article Courtesy of Keeping Current Matters / The KCM Blog

If you’re feeling a bit muddy on what’s happening with home prices, that’s no surprise. Some people are still saying prices are falling, even though data proves otherwise. Part of that misconception is because people are getting their information from unreliable sources. But it’s also coming from some media coverage misrepresenting what the data really shows.

So, to keep things simple, here’s what you really need to know using real data you can trust.

Normal Home Price Seasonality Explained

In the housing market, there are predictable ebbs and flows that happen each year. It’s called seasonality. Spring is the peak homebuying season when the market is most active. That activity is typically still strong in the summer but begins to wane as the cooler months approach.

Home prices follow along with seasonality because prices appreciate most when something is in high demand. That’s why there’s a reliable long-term home price trend. The graph below uses data from Case-Shiller to show the typical percent change for monthly home price movement from 1973 through 2022 (not adjusted, so you can see the seasonality):

As the data shows, at the beginning of the year, home prices grow, but not as much as they do when entering the spring and summer markets. That’s because the market is less active in January and February since fewer people move in the cooler months. As the market transitions into the peak homebuying season in the spring, activity ramps up, and home prices go up a lot more in response. Then, as fall and winter approach, prices still grow, just at a slower pace as activity eases again.

This Year, Seasonality Has Returned

Now, let’s look at how this year compares to that long-term trend (see graph below):

Here’s the latest data for this year from that same source. Just like before, the dark bars are the long-standing trend. The green bars represent what’s happened this year. As you can see, the green bars are beginning to fall in line with what’s normal for the market. That’s a good thing because it’s more sustainable price growth than we’ve seen in recent years.

In a nutshell, nationally prices aren’t falling, it’s just that price growth is beginning to normalize. Moving forward, there’s a chance the media will misrepresent this slowing of home price growth as prices falling. So don’t believe everything you see in the headlines. The data included here gives you the context you need to really understand what’s happening. So, if you see something in the headlines that’s confusing, don’t just take it at face value. Ask a trusted real estate professional for more information.

Remember, it’s normal to see home price growth slow down as the year goes on. And that definitely doesn’t mean home prices are falling. They’re just rising at a more moderate pace.

Bottom Line

Home price appreciation is returning to normal seasonality and that’s a good thing. If you have questions about what’s happening with prices in your local area, connect with a real estate professional.

Is Your House the Top Thing on a Buyer’s Wish List this Holiday Season?

This is an important article for people thinking of selling their homes at this time of year.

I always tell prospective sellers that this can be a great time of year to sell in our area.  See my thoughts below and then continue on to the great article from Keeping Current Matters.

1. As noted in #1 below, people who are looking at homes right now are typically serious buyers, as there's too much else going on for folks to check out homes if they're not considering a move.
2. At this time of year, many folks who live in colder areas of the country are visiting friends or family here.  The thought of moving can be pretty appealing when it's snowing and really cold back home.  
3. Many homeowners who consider moving to active adult communities have lived in their current homes for a long time and have built up a large amount of equity.  This could allow them to put down a large down payment if applying for a loan or to pay cash for a home. In a posting I made last month, ARE THERE MORE CASH OR LOAN SALES IN SCCL AND TREE TOPS?, I noted that, at that time, just over half of the last 100 homes sold in SCCL were cash sales.  At that same time, cash sales at TreeTops accounted for just under half of the last 100 sales.  Higher interest rates may not be as much of concern to folks with equity in their current home. 

_______________

Article Courtesy of Keeping Current Matters / The KCM Blog

This time every year, homeowners who are planning to move have a decision to make: sell now or wait until after the holidays? Some sellers with homes already on the market may even remove their listing until the new year.

But the truth is, many buyers want to purchase a home for the holidays, and your house might be just what they’re looking for. As an article from Fortune Builders explains:

“ . . . while a majority of people take a step back from the real estate market during the holiday months, you may find when the temperature drops, your potential for a great real estate deal starts to rise.”

To help prove that point, here are four reasons you shouldn’t wait to sell your house.

1. The desire to own a home doesn’t stop during the holidays. While a few buyers might opt to delay their moving plans until January, others may need to move now because something in their life has changed. The buyers who look for homes at this time of year are usually motivated to make their move happen and are eager to buy. A recent article from Investopedia says:

“Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.”

2. While the supply of homes for sale has increased a little bit lately, overall inventory is still lower than it was before the pandemic. What does that mean for you? If you work with an agent to price your house at market value, it could still sell quickly because today’s buyers are craving more options – and your home may be exactly what they’re searching for.

3. You can determine the days and times that are most convenient for you for home showings. That can help you minimize disruptions to your own schedule, which can be especially important during this busy time of year. Plus, you may find buyers are more flexible on when they’ll tour a house this time of year because they have more time off from work around the holidays.

4. And finally, homes decorated for the holidays appeal to many buyers. For those buyers, it’s easy to picture gathering with their loved ones in the home and making memories of their own. An article on selling at this time of year offers this advice:

“If you’re selling around a holiday and have decorations up, make sure they accent—not overpower—a room. Less is more.”

Bottom Line

There are plenty of good reasons to put your house on the market during the holiday season. Connect with a real estate agent and see if it's the right time for you to sell.

 

2024 Housing Market Forecast [INFOGRAPHIC]

 Infographic Courtesy of Keeping Current Matters/The KCM Blog

Some Highlights

• Thinking of buying or selling a house and wondering what the new year holds for the housing market? Experts forecast home prices to end this year up 2.8% and to rise another 1.5% in 2024. And climbing prices help make homeownership a good investment.
• Plus, home sales are projected to increase in 2024. That’s good news because it means experts are forecasting more activity as people continue to move.

VA Loans Help Heroes Achieve Homeownership

 Infographic Courtesy of Keeping Current Matters/The KCM Blog

 

Some Highlights

• VA home loans can help people who served our country become homeowners.
• These loans can help qualified individuals purchase a VA-approved home or condo, build a new home, or enhance their current one.
• Owning a home is the American Dream, and one way to show our appreciation to veterans is by providing them with important information about the advantages of VA home loans.

 

MORE VA LOAN INFORMATION 

 

How VA Loans Can Help Make Homeownership Dreams Come True

Article Courtesy of Keeping Current Matters/The KCM Blog

For more than 79 years, Veterans Affairs (VA) home loans have helped millions of veterans buy their own homes. If you or someone you care about has served in the military, it’s essential to learn about this program and its advantages.

Here are some important things to know about VA loans before you buy a home.

The Many Advantages of VA Home Loans

VA home loans provide a pathway to homeownership for those who have served our nation, and they’re a great benefit for buyers who qualify. According to the Department of Veteran Affairs:

• Options for No Down Payment: Qualified borrowers can often purchase a home with no down payment. That’s a huge weight lifted when you’re trying to save for a home.
• Limited Closing Costs: There are limits on the types of closing costs you pay when you qualify for a VA home loan. So, more money stays in your pocket when it’s time to seal the deal.
• Don’t Require Private Mortgage Insurance (PMI): Many other loans with down payments under 20% require PMI. VA loans do not, which means veterans can save on their monthly housing costs.

A recent article from Veterans United sums up just how impactful this loan option can be:

“For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible, $0-down payment mortgages have helped more than 24 million service members become homeowners since 1944.”

Bottom Line

Owning a home is the American Dream. Veterans sacrifice a lot to protect our country, and one way we can show our appreciation is by making sure they know all the benefits of VA home loans. Thank you for your service.

---

Veterans Day 2023 - We Honor Those Who Served

With grateful appreciation to all who have served our country.

Beautiful tribute to our Veterans 
by Richard Kerry Thompson.   YOU RAISE ME UP

A lovely rendition of HALLELUJAH by Sailor Jerri to honor our veterans.

 

MY ARTICLE IN THE NOVEMBER ISSUE OF

LIVING @ SCCL MAGAZINE

 

CLICK TO ENLARGE.