If you’re following the housing market, you may have heard the term “silver tsunami” lately. It's the idea that millions of homes owned by older Americans could come onto the market as more homeowners reach retirement age and make their next move.
And when you hear a phrase like that, it's easy to picture a flood of houses hitting the market all at once. But that picture doesn't match the data.
Selling your house is a big step, and you want it to go smoothly. And with houses taking a little longer to sell these days, renting it out might start to sound like a nice backup plan.
But the reality is, while renting can work well for some people, it’s also a big commitment. So before you decide, it helps to see the whole picture first.
Whether you own a house already or you’re looking to buy one, you probably care about home prices. But it’s not always easy to figure out what’s really happening right now, especially if you look at the headlines.
One says home prices are falling. The next says they’re still climbing.
So, which one’s right? It comes down to where you live.
You've probably heard the Federal Reserve (the Fed) is raising rates again. And if you're planning to buy or sell a house, you may be wondering what that means for you.
With all the headlines, it’s easy to think the Fed sets mortgage rates. That’s actually a common myth. But the Fed’s decisions can still have an impact on them.
Price cuts are turning up everywhere right now, and they read very differently depending on which side of the deal you’re on.
Sellers tend to worry a cut means walking away with less than they hoped. Sometimes that’s true, but more often it just means the market moved faster than the listing did.
Buyers, for their part, often assume a cut means something’s wrong with the house. Most of the time, that’s not it.
Today’s housing market splits into four distinct types. You’ve got cash buyers, buyers financing a purchase, owners who feel locked into a low rate, and builders with homes to sell. Which type you’re in changes how you should buy or sell. Ryan Serhant, CEO of SERHANT agrees:
“There is no longer a housing market . . . There are four Americas.”
Here’s what each looks like, and what it means for you.
Ask a couple people how the housing market is doing and you’ll probably get a couple different answers. That’s because right now, the market runs on 2 very different tracks, split by price point.
Knowing which track your house is on changes everything about your sale, from your asking price to how long you can expect to wait before an offer comes in. Here’s what you need to know.
For most first-time buyers, the hardest part of buying a home is making the numbers work. You budget, you save, and the finish line still feels far away.
But your salary is only half the equation. Where you live shapes what you can afford just as much. And if you can work remotely, you have an advantage a lot of buyers don't.
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