Some Highlights

• If you’re buying a home, here’s what you should know about your home inspection and why it’s so important.
• A home inspection is a crucial step in the homebuying process. It assesses the condition of the home you plan to purchase so you can avoid costly surprises down the road.
• Let’s connect so you have an expert on your side to guide you through the process.

All my best,

Myra Spano, REALTOR®

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About the Author:

Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra has 15+ years of experience and is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.

For information about purchasing a home in Coastal Virginia, visit her website.  This site is focused on homes available for sale in coastal Hampton Roads, Virginia.  Email, call or text to make an appointment and begin your home search.

If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to learn what your property is worth.

Download FREE Home Buyer/Seller Guides here: https://igli.me/myraspanohomes

Myra Spano & Berkshire Hathaway HomeServices Towne Realty is ready to provide the real estate guidance you need. Let’s make your home dreams come true!

The U.S. Homeownership Rate Is Growing

The desire to own a home is still strong today. In fact, according to the Census, the U.S. homeownership rate is on the rise. To illustrate the increase, the graph below shows the homeownership rate over the last year:

That data shows more than half of the U.S. population live in a home they own, and the percentage is growing with time.

If you’re thinking about buying a home this year, here are just a few reasons why so many people see the value of homeownership.

Why Are More People Becoming Homeowners?

There are several benefits to owning your home. A significant one, especially when inflation is high like it is today, is that homeownership can help protect you from rising costs. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“In the 1970s, when inflation was running around 10%, home prices were rising at approximately the same rate. Renters actually have a harder time in inflationary periods, because rents tend to rise along with inflation, whereas mortgage payments stay the same for homeowners with fixed-rate mortgages.”

When you buy a home with a fixed-rate mortgage, you can lock in what’s likely your biggest monthly expense – your housing payment – for the duration of that loan, often 15-30 years.

That gives you a predictable monthly housing expense that can benefit you in the short term, but you’ll also gain equity over time as your home appreciates in value and you make your monthly mortgage payment.

And with that growing equity, your net worth will increase as well. In fact, the latest data from NAR shows the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.

Bottom Line

The U.S. homeownership rate is growing. If you’re ready to purchase the home of your dreams, let’s connect so you can begin the homebuying process today.

All my best,

Myra Spano, REALTOR®

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About the Author:

Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra has 15+ years of experience and is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.

For information about purchasing a home in Coastal Virginia, visit her website.  This site is focused on homes available for sale in coastal Hampton Roads, Virginia.  Email, call or text to make an appointment and begin your home search.

If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to learn what your property is worth.

Download FREE Home Buyer/Seller Guides here: https://igli.me/myraspanohomes

Myra Spano & Berkshire Hathaway HomeServices Towne Realty is ready to provide the real estate guidance you need. Let’s make your home dreams come true!

Why Experts Say the Housing Market Won’t Crash [INFOGRAPHIC]

Some Highlights

• Many people remember the housing crash in 2008, but experts say today’s market is fundamentally different in many ways.
• First, there isn’t an oversupply of homes for sale today. Plus, lending standards are much tighter, and homeowners have record levels of equity. That means signs say there won’t be a wave of foreclosures like the last time.
• If you have questions about the housing market, let’s connect.

All my best,

Myra Spano, REALTOR®

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About the Author:

Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra has 15+ years of experience and is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.

For information about purchasing a home in Coastal Virginia, visit her website.  This site is focused on homes available for sale in coastal Hampton Roads, Virginia.  Email, call or text to make an appointment and begin your home search.

If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to learn what your property is worth.

Download FREE Home Buyer/Seller Guides here: https://igli.me/myraspanohomes

Myra Spano & Berkshire Hathaway HomeServices Towne Realty is ready to provide the real estate guidance you need. Let’s make your home dreams come true!

3 Graphs To Show This Isn’t a Housing Bubble

With all the headlines and buzz in the media, some consumers believe the market is in a housing bubble. As the housing market shifts, you may be wondering what’ll happen next. It’s only natural for concerns to creep in that it could be a repeat of what took place in 2008. The good news is, there’s concrete data to show why this is nothing like the last time.

There’s a Shortage of Homes on the Market Today, Not a Surplus

The supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued price appreciation.

For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to tumble. Today, supply is growing, but there’s still a shortage of inventory available.

The graph below uses data from the National Association of Realtors (NAR) to show how this time compares to the crash. Today, unsold inventory sits at just a 3.0-months’ supply at the current sales pace.

One of the reasons inventory is still low is because of sustained underbuilding. When you couple that with ongoing buyer demand as millennials age into their peak homebuying years, it continues to put upward pressure on home prices. That limited supply compared to buyer demand is why experts forecast home prices won’t fall this time.

Mortgage Standards Were Much More Relaxed During the Crash

During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. The graph below showcases data on the Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers Association (MBA). The higher the number, the easier it is to get a mortgage.

Running up to 2006, banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance their current home. Back then, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices.

Today, things are different, and purchasers face much higher standards from mortgage companies. Mark Fleming, Chief Economist at First American, says:

“Credit standards tightened in recent months due to increasing economic uncertainty and monetary policy tightening.” 

Stricter standards, like there are today, help prevent a risk of a rash of foreclosures like there was last time.

The Foreclosure Volume Is Nothing Like It Was During the Crash

The most obvious difference is the number of homeowners that were facing foreclosure after the housing bubble burst. Foreclosure activity has been on the way down since the crash because buyers today are more qualified and less likely to default on their loans. The graph below uses data from ATTOM Data Solutions to help tell the story:

In addition, homeowners today are equity rich, not tapped out. In the run-up to the housing bubble, some homeowners were using their homes as personal ATMs. Many immediately withdrew their equity once it built up. When home values began to fall, some homeowners found themselves in a negative equity situation where the amount they owed on their mortgage was greater than the value of their home. Some of those households decided to walk away from their homes, and that led to a wave of distressed property listings (foreclosures and short sales), which sold at considerable discounts that lowered the value of other homes in the area.

Today, prices have risen nicely over the last few years, and that’s given homeowners an equity boost. According to Black Knight:

“In total, mortgage holders gained $2.8 trillion in tappable equity over the past 12 months – a 34% increase that equates to more than $207,000 in equity available per borrower. . . .”

With the average home equity now standing at $207,000, homeowners are in a completely different position this time.

Bottom Line

If you’re worried we’re making the same mistakes that led to the housing crash, the graphs above should help alleviate your concerns. Concrete data and expert insights clearly show why this is nothing like the last time.

All my best,

Myra Spano, REALTOR®

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About the Author:

Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra has 15+ years of experience and is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.

For information about purchasing a home in Coastal Virginia, visit her website.  This site is focused on homes available for sale in coastal Hampton Roads, Virginia.  Email, call or text to make an appointment and begin your home search.

If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to learn what your property is worth.

Download FREE Home Buyer/Seller Guides here: https://igli.me/myraspanohomes

Myra Spano & Berkshire Hathaway HomeServices Towne Realty is ready to provide the real estate guidance you need. Let’s make your home dreams come true!

Three Reasons To Buy a Home in Today’s Shifting Market [INFOGRAPHIC]

Some Highlights

• The housing market is moving away from the frenzy of the past year and it’s opening doors for you if you’re thinking about buying a home.
• Housing inventory is increasing, which means more options for your search. Plus, the intensity of bidding wars may ease as buyer demand moderates, leading to fewer homes selling above asking price.
• If you’re ready to buy a home, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today.

Great News About Housing Inventory [INFOGRAPHIC]

Some Highlights

• Experts say the number of homes for sale is growing this year, and that can have a big impact on your move.
• If you’re planning to buy, additional options in today’s market may be just what you’ve been waiting for. More inventory means added opportunities to find the home of your dreams.
• Let’s connect so you have the latest information on available homes in our area.

Kitchen Trends for 2023

We spoke with top interior designers to dive into some of the most popular kitchen trends homeowners are loving in 2023.
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What Types Of Loans Are Available For First-Time Home Buyers In 2023?

Tis’ the season to look for the best mortgage programs for 2023. Between record-high home prices, high mortgage rates, rising inflation, and recession fears, first-time home buyers have been pummeled this year. It all creates uncertainty heading into 2023 for many homebuyers seeking an affordable mortgage. After (hopefully) peaking at above 7%, mortgages have been […]
The post What Types Of Loans Are Available For First-Time Home Buyers In 2023? appeared first on RealtyBizNews: Real Estate Marketing & Beyond.
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Kim Marion joins Engel & Völkers from Mott & Chase Sotheby’s

Engel & Völkers of East Greenwich announced today that Kim Marion has joined its brokerage as a global advisor, bringing more than 20 years of corporate marketing and consumer engagement expertise to this new role.   Kim leads in the top 4 percent of real estate advisors by sales volume in Rhode Island. She has helped […]
The post Kim Marion joins Engel & Völkers from Mott & Chase Sotheby’s appeared first on RealtyBizNews: Real Estate Marketing & Beyond.
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What’s Going on with Home Prices? Ask a Professional.

If you’re thinking about buying or selling a home this year, you may have questions about what’s happening with home prices today as the market cools. In the simplest sense, nationally, experts don’t expect prices to come crashing down, but the level of home price moderation will depend on factors like supply and demand in […]
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Is Your Fireplace Ready for Winter?

Here’s how to dress it up and choose the tools you’ll need — before you build that first roaring fire.
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