What Will It Take for Prices To Come Down?

by Michael Cummiskey

Are you wondering if home prices are about to crash? Believe it or not, some people are hoping for this so they can finally buy a more affordable home. However, experts agree that’s not likely to happen – and here’s why.

The demand for homes far outweighs the supply. That imbalance is what continues to drive prices upward.

Let’s explore why, on a national level, home prices aren’t expected to drop anytime soon – and what this means for the Greater Cincinnati, Northern Kentucky, and Southeast Indiana real estate markets.

Prices Depend on Supply and Demand

The housing market functions like any other: when demand is high and supply is low, prices go up.

According to recent estimates, the U.S. faces a housing shortfall of several million homes. In other words, there are far more people searching for homes for sale than there are houses available to purchase. This significant mismatch in supply and demand is the main reason home prices are unlikely to fall.

As David Childers, President of Keeping Current Matters, explains:

“The main driving force on pricing is the limited amount of inventory in most markets across the country. That issue is not going to be solved overnight or in the next twelve months.”

How Did We Get Here?

For over 15 years, homebuilders have been unable to keep up with buyer demand. After the 2008 housing crisis, construction slowed dramatically and has only recently begun to recover (see graph below):

a graph of a number of years

Even as new construction increases, builders are playing catch-up. According to AmericanProgress.org, the current pace of construction isn’t enough to meet today’s demand – let alone address years of underbuilding.

With this ongoing housing shortage, home prices are expected to remain steady or increase in most regions, including Greater Cincinnati, Northern Kentucky, and Southeast Indiana.

What About Next Year?

Most experts predict home prices will continue to rise next year, but at a slower and healthier rate (see graph below):

a graph of green bars

Keep in mind, however, that home prices vary by market. While national trends are important, your local market’s inventory and demand will ultimately determine whether prices grow slowly, stay steady, or decline slightly.

In areas like Greater Cincinnati, Northern Kentucky, and Southeast Indiana, where inventory remains tight, prices are likely to keep climbing. That’s why it’s essential to work with a local real estate professional who understands these markets and can guide you effectively.

Bottom Line

If you’re wondering when prices will drop, it all comes down to supply and demand. Limited inventory continues to keep home prices steady or rising in most areas.

Whether you’re looking to purchase a home or thinking, “How can I sell my house in this market?” connecting with a local real estate expert is key. They can help you understand what’s happening in Greater Cincinnati, Northern Kentucky, and Southeast Indiana and create a plan that fits your goals.

Hire A Professional • Luxury Homes • Money Talk • Retirement • Selling Your Home • December 11, 2024

Why More Sellers Are Hiring Real Estate Agents

by Michael Cummiskey

Selling your house on your own – commonly known as “For Sale by Owner” or FSBO – might seem appealing. But you should know that it can get complicated very quickly, especially in today’s dynamic real estate market in Greater Cincinnati, Northern Kentucky, and Southeast Indiana.

That’s why data from the National Association of Realtors (NAR) shows a record-low number of homeowners are choosing to go the FSBO route. Instead, more homeowners are opting to work with a real estate professional (see graph below):

a graph of a sales growth

Here’s why partnering with a real estate agent is the preferred choice. Selling a house is a significant undertaking, and while FSBO might seem like a way to save time or money, it often leads to more challenges than expected.

The process involves setting the right price, navigating increasing amounts of legal paperwork, and crafting a strategic plan to attract buyers. Taking it all on yourself can be overwhelming.

Let’s dive into two key reasons why working with an experienced agent can make all the difference when you want to sell your house in Greater Cincinnati, Northern Kentucky, or Southeast Indiana.

1. Getting the Price Right

One of the biggest hurdles when putting your house up for sale is determining the right price. This isn’t just about choosing a number that feels right; it’s about hitting the sweet spot. Overpricing can deter potential buyers, while underpricing might leave money on the table or raise questions about your property.

Real estate agents are experts in pricing homes for sale based on current market conditions. As Zillow puts it:

“Agents are pros when it comes to pricing properties and have their finger on the pulse of your local market. They understand current buying trends and can provide insight into how your home compares to others for sale nearby.”

With their understanding of buyer behavior and detailed market knowledge, an agent ensures your home is priced competitively to attract serious buyers. That carefully calculated price lays the foundation for selling your home for top dollar.

2. Managing the Paperwork

Selling a house means dealing with a mountain of paperwork, including disclosure forms, contracts, and more. Each document must be filled out accurately and comply with legal standards, which can feel daunting for homeowners unfamiliar with the process.

This is where a real estate agent’s expertise is invaluable. Agents have extensive experience managing these documents and are well-versed in legal requirements. They’ll guide you through the process step by step, ensuring all paperwork is handled correctly. With their help, you can avoid unnecessary stress, costly errors, or potential legal complications.

Bottom Line

Selling your house – whether in Greater Cincinnati, Northern Kentucky, or Southeast Indiana – is a major decision. Having a trusted real estate agent by your side ensures a smooth process, from setting the right price to managing the details.

Connect with a local real estate expert to take the guesswork out of the process and sell with confidence. Whether you’re searching for homes for sale or ready to sell your house, working with a professional makes all the difference.

Hire A Professional • Luxury Homes • Money Talk • Retirement • Selling Your Home • December 9, 2024

Why This Winter Is the Sweet Spot for Selling

by Michael Cummiskey

Some Highlights

Thinking about selling your house? Here are a few reasons why you may want to do it this season.
Buyers looking right now are serious about moving and the number of homes for sale is typically lower this time of year – helping your house stand out.
While inventory is higher this year than it’s been in the last few winters, you’ll still be in this year’s sweet spot.

Hire A Professional • Home Buyers • Luxury Homes • Money Talk • New Build • December 8, 2024

Why Owning a Home Is Worth It in the Long Run

by Michael Cummiskey

Today’s Market: Is Now the Right Time to Buy a Home?

With current mortgage rates and home prices, you might wonder if it’s still a good idea to buy a home. While market trends are crucial, the bigger picture includes the long-term benefits of homeownership. Whether you’re searching for homes for sale or considering selling your house, here’s why buying a home in Greater Cincinnati, Northern Kentucky, or Southeast Indiana could be a smart move.

The Long-Term Value of Homeownership

Think about people who purchased homes 5, 10, or even 30 years ago. It’s rare to find someone who regrets buying because home values tend to grow over time. This consistent appreciation boosts a homeowner’s net worth, making real estate a powerful wealth-building tool.

Home Price Growth Over Time

5-Year Growth

The map below, based on Federal Housing Finance Agency (FHFA) data, illustrates home price growth over the last five years.

a map of the united states

Nationally, home prices have surged over 57% during this period, with regional variations showcasing market-specific trends.

30-Year Growth

Zooming out further, the second map shows a 30-year view of home price appreciation:

Over three decades, home prices have increased by more than 320% on average. For homeowners who bought their houses around 30 years ago, that often means their homes have tripled in value. These significant gains explain why so many long-term homeowners celebrate their decision to buy.

Why Buy Now?

The real estate market is undeniably complex right now. But if you’re ready and able to buy, now is still a great time to take advantage of the long-term wealth-building opportunities of homeownership.

Whether you’re looking for homes for sale in Greater Cincinnati, Northern Kentucky, or Southeast Indiana, or thinking, “How can I sell my house?” connecting with a trusted real estate professional is the first step.

Bottom Line
Despite challenges in today’s market, buying a home remains a sound investment for your future. Let’s discuss how you can make your move happen today!

Hire A Professional • Home Buyers • Luxury Homes • Money Talk • New Build • Retirement • Selling Your Home • VA Loan • December 8, 2024

When Will Mortgage Rates Come Down?

by Michael Cummiskey

When Will Mortgage Rates Come Down? Insights for Homebuyers and Sellers in Greater Cincinnati, Northern Kentucky, and Southeast Indiana

One of the top questions on everyone’s mind right now is: when will mortgage rates come down? After years of rising rates and fluctuations throughout 2024, many are looking for clarity and relief in the housing market.

While predicting exact movements is challenging, experts offer insights into what we might expect heading into next year. Let’s explore the latest forecasts and their implications for anyone considering homes for sale or planning to sell my house in the Greater Cincinnati, Northern Kentucky, and Southeast Indiana regions.

Mortgage Rates Are Expected to Ease and Stabilize in 2025

After a period of uncertainty, recent projections suggest mortgage rates could stabilize and ease compared to their current levels (see graph below):

a blue and white graph with numbers

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“While mortgage rates remain elevated, they are expected to stabilize.”

Key Factors That Will Shape Mortgage Rates

The timing and pace of rate changes depend on several critical factors. Here’s what could impact mortgage rates as you consider real estate decisions:

Inflation: Cooling inflation could lead to slightly lower rates. Conversely, persistent inflation may keep rates higher for longer.
Unemployment Rate: Economic trends, including shifts in unemployment, influence the Federal Reserve’s decisions. While the Fed doesn’t directly set mortgage rates, their policies affect broader economic conditions.
Government Policies: Changes in fiscal and monetary policy with the next administration could also sway financial markets and mortgage rates.

Remember, these forecasts are subject to change as new economic data emerges. Trying to time the market perfectly isn’t practical, but you can take steps now to prepare for homeownership or your next move.

What You Can Do Now

Whether you’re buying a home or planning to sell, focus on what’s within your control:

Boost Your Credit Score: Work on improving your credit to secure better loan terms.
Save for a Down Payment: Set aside extra cash and automate your savings to stay on track.
Partner with Experts: Connect with a trusted real estate agent and lender to get the latest updates and personalized advice for the Greater Cincinnati, Northern Kentucky, and Southeast Indiana housing markets.

Bottom Line

If you’re planning a move or preparing to list your home, staying informed about mortgage rates is crucial. The housing market in Greater Cincinnati, Northern Kentucky, and Southeast Indiana offers excellent opportunities whether you’re exploring homes for sale or ready to sell my house. Contact a local expert today to guide you through your next steps in real estate.

Hire A Professional • Luxury Homes • Money Talk • Retirement • Selling Your Home • December 8, 2024

Sell Your House During the Winter Sweet Spot

by Michael Cummiskey

Why Winter Might Be the Best Time to Sell Your Home

When it comes to putting your house on the market, many assume spring is the ideal season. While it’s true that buyer demand typically rises during spring, here’s the catch: so does your competition. Many homeowners list their properties at the same time, which can make it harder for your home to stand out.

The Advantage of Selling Your Home Before Spring

Selling your house in the cooler months can give you a significant edge. Historically, the number of homes for sale drops during fall and winter, giving buyers fewer options.

Take a look at this data from the National Association of Realtors (NAR):
a graph with green circles and white text

This pattern shows that inventory dips during winter and then spikes as spring approaches. By listing your home now, you can avoid the rush and capitalize on the lower competition. Even though inventory is higher than in past winters, this season still offers a sweet spot to stand out in the real estate market across Greater Cincinnati, Northern Kentucky, and Southeast Indiana.

Why wait for the spring wave of new listings when you can get ahead now?

Serious Buyers Are Looking in the Winter

Another reason to list your house in winter? Serious buyers.

During colder months, casual buyers often delay their search to focus on holiday activities or avoid dealing with weather. However, buyers who are house-hunting now are motivated—whether it’s for a job relocation, a lease ending, or other time-sensitive needs. These buyers are ready to make offers.

As Investopedia points out:

“If your house is up for sale in the winter and someone is looking at it, chances are that person is serious and ready to buy.”

Bottom Line

If you’re thinking, “Should I sell my house now or wait until spring?” consider this: lower competition and more motivated buyers mean winter is a great time to sell. Whether you’re listing your home in Greater Cincinnati, Northern Kentucky, or Southeast Indiana, partnering with a local real estate agent can help you get started on selling your home this season.

Don’t wait for spring—get ahead of the curve today!

Hire A Professional • Luxury Homes • Money Talk • Retirement • Selling Your Home • December 8, 2024

Should You Sell Your House As-Is or Make Repairs?

by Michael Cummiskey

A recent study by the National Association of Realtors (NAR) reveals that most sellers (61%) complete at least minor repairs before selling their homes. However, life doesn’t always allow for those updates, which is why 39% of sellers opt to sell their houses as-is instead (see chart below):

a pie chart with text on it

If you’re feeling overwhelmed because you lack the time, budget, or resources for repairs, you might also be considering selling your home as-is. Before you make that decision, here’s what you need to know.

What Does Selling As-Is Mean?

Selling a home as-is means you won’t make any repairs before the sale or negotiate fixes after the buyer’s inspection. Essentially, what buyers see is what they get.

For sellers in Greater Cincinnati, Northern Kentucky, or Southeast Indiana, this can be a relief if you’re tight on time or money. But selling as-is comes with trade-offs. Here’s a quick breakdown of the pros and cons:

a screenshot of a blue and white screen

While updated homes often sell for more because buyers pay a premium for move-in-ready properties, selling your house as-is could lead to:

Fewer interested buyers
A longer time on the market
A potentially lower sale price

That doesn’t mean your house won’t sell—it just might sell for less than it would if repairs or updates were made.

Buyer Insights: Good News for Sellers

Today’s market presents opportunities for sellers, even with as-is properties. According to a recent survey, 56% of buyers are open to purchasing a home that needs work. With affordability being a challenge and housing inventory still below normal levels, many buyers are willing to take on renovation projects themselves.

How a Real Estate Agent Can Help

Whether you’re selling as-is or making updates, a local real estate expert is your best ally. An experienced agent can:

Provide insights on comparable homes for sale in Greater Cincinnati, Northern Kentucky, and Southeast Indiana.
Help you evaluate the potential return on repairs and updates.
Guide you in setting a competitive price, no matter your selling strategy.
Highlight your home’s best features—like location, size, or unique potential—to attract buyers.

Bottom Line

Selling a house as-is is a viable option, especially if you’re short on time or resources. However, it’s important to weigh the potential trade-offs carefully. If you’re thinking, How do I sell my house in today’s market?, connect with a local real estate professional who can guide you in making the best decision for your move.

For homes for sale or to sell your house in Greater Cincinnati, Northern Kentucky, or Southeast Indiana, working with an expert ensures you get the best outcome.

Hire A Professional • Home Buyers • Luxury Homes • Money Talk • New Build • Retirement • Selling Your Home • VA Loan • December 8, 2024

Investors Are Not Buying Up All the Homes

by Michael Cummiskey

Some Highlights

There’s a misconception Wall Street is buying all the homes on the market. But data proves that isn’t true.
Experts agree the share of homes bought by investors is declining – and most are smaller investors, like your neighbor who owns a second home, not Wall Street.
No matter what you’ve heard, the majority of homes are still being purchased by everyday homebuyers like you – not big investors. Connect with an agent if you have questions.

Hire A Professional • Home Buyers • Luxury Homes • Money Talk • New Build • Selling Your Home • December 8, 2024

Make Your House the Top Thing on Every Buyer’s Wish List This Season

by Michael Cummiskey

Sell Your House This Holiday Season: Why Now Might Be the Perfect Time

With the holidays approaching, homeowners in Greater Cincinnati, Northern Kentucky, and Southeast Indiana may be wondering whether to sell their homes now or wait until spring. Some might even consider pulling their house off the market altogether. But is that the best decision? The truth is, the holiday season can be a prime time to list your property.

Here’s why: Many buyers are actively searching for homes for sale right now, aiming to move in before the holidays. Your house could be exactly what they’re looking for! As Redfin explains:

“. . . there is typically less inventory in the housing market this time of year, allowing your home to easily stand out among the available inventory. And though there are technically fewer buyers overall, the homebuyers that are looking are far more serious about finding a home within a specific timeframe. . . selling your home during the holidays might be your best present this year.”

Here are four compelling reasons to sell your house during the holidays:

1. Serious Buyers Are Looking Right Now

The holidays don’t stop motivated buyers. While some may postpone their search, others need to move now, and they’re ready to make serious offers. Investopedia explains:

“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. You Have an Inventory Advantage

Although more homes are coming onto the market, inventory remains low. For sellers in Greater Cincinnati, Northern Kentucky, and Southeast Indiana, this means less competition. By pricing your home correctly with the help of a trusted real estate agent, you can stand out and attract eager buyers searching for homes for sale in the area.

3. Flexible Showings Work in Your Favor

Selling during the holidays doesn’t have to disrupt your schedule. You can control when showings happen, making it easier to balance the busy season. Many buyers are also more accommodating with their schedules, as they often have extra time off during the holidays.

4. Holiday Décor Can Highlight Your Home

Tasteful holiday decorations can create a cozy, inviting atmosphere, helping buyers envision their own celebrations in the space. Keep the décor simple and elegant to enhance your home’s natural charm. As experts suggest:

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

Bottom Line

If you’ve been thinking, Should I sell my house now or wait?, consider this: the holiday season might be your ideal time to shine in the real estate market. With serious buyers, less competition, and the opportunity to showcase your home at its best, it could be the perfect moment to list your house in Greater Cincinnati, Northern Kentucky, or Southeast Indiana.

Connect with a local real estate agent today to explore your options and make this holiday season your most successful one yet!

Hire A Professional • Home Buyers • Luxury Homes • Money Talk • New Build • Retirement • Selling Your Home • November 27, 2024

Control the Controllables If You’re Worried About Mortgage Rates

by Michael Cummiskey

Chances are you’re hearing a lot about mortgage rates right now, and all you really want to hear is that they’re coming back down. And if you’ve seen headlines about the early November Federal Funds Rate cut by the Federal Reserve (The Fed), maybe you got hopeful mortgage rates would start to decline right away. Although some media sources may lead you to believe that the Fed’s actions determine mortgage rates, in reality, they don’t.

The truth is, the Fed, the job market, inflation, geopolitical changes, and a whole list of other economic factors influence mortgage rates, too. So, while recent actions from the Fed set the stage for mortgage rates to come down over time — it’s going to be a gradual and, likely bumpy, process.

Here’s the best advice anyone can give you right now. While you may be tempted to wait for rates to fall, it’s really hard to try and time the market — there’s just too much that can have an impact. Instead, set yourself up for homebuying success by focusing on the factors you can control. Here’s what to prioritize if you’re looking to put your best foot forward.

Your Credit Score

Credit scores can play a big role in your mortgage rate. And the difference of just a few points can make a significant impact on your monthly payment. As an article from Bankrate explains:

“Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions: Typically, the higher your score, the lower the interest rates and better terms you’ll qualify for.”

With rates where they are today, maintaining a good credit score is one of the keys to getting the best rate possible. To find out where your credit score stands and what you can do to give it a boost, reach out to a trusted loan officer.

Your Loan Type

There are many types of loans, and each one offers different terms for qualified buyers. The Consumer Financial Protection Bureau (CFPB) says:

“There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose. Talking to multiple lenders can help you better understand all of the options available to you.”

Work with your team of real estate professionals to see which loan types you may qualify for and figure out what will work best for you financially.

Your Loan Term

Just like with loan types, you have options when it comes to terms, or the length of your loan. As Freddie Mac says:

“When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.”

Lenders typically offer mortgages in 15, 20, and 30-year terms. And which term you go with has a direct impact on your rate. Talk to your lender about which one is right for your situation.

Bottom Line

Remember, you can’t control what happens in the broader economy or when mortgage rates will come down. But there are actions you can take that could help you set yourself up for success.

Connect with a local real estate agent and lender to go over what you can do now that’ll make a difference when you’re ready to move.