News And Information From By Whaley & Associates

Ten years. That’s the average amount of time a homeowner stays in a house before a sale, according to the National Association of Realtors®. Think that sounds shockingly short? Or way too long? The fact is, people's reasons for selling their homes are different, as are their time frames. Still, there are some common reasons—financial and emotional—that lead us to sell our current home and move on to the next one. And you don't always see the reasons coming. Read on for some telltale signs it's time to start looking for the next home and packing your bags (and when you should settle in for the long haul).

1. You know the seller’s market is booming and you want in

As economic indicators from the stock market to the real estate market continue to feel the effects of COVID-19-related shutdowns, the question of economic recession has become not so much a matter of “Will it happen?” as “When will it happen?” While in classic terms a recession is only official after two quarters of declining economic growth, the current uncertainty makes a recession likely, if not inevitable.

At the same time, real estate listings are still going on the market and fielding multiple offers. Virtual showing platforms have experienced exponential growth. In short, the buying and selling of real estate continues apace, with many agents facilitating an end-to-end, contact-free experience to ensure their clients’ safety and comfort.

Whether you are a buyer looking for a new home or a homeowner considering listing your home, it’s important to make smart decisions now in order to weather whatever comes next. Here are some ways to ensure that your home is a financial asset and not a liability as we enter the new normal.

Prioritize equity building

In an effort to prevent the widespread economic contraction which they knew would inevitably follow a global shutdown, the Federal Reserve lowered benchmark interest rates to zero in mid-March. At the time, mortgage lenders were inundated with rejoicing homeowners eager to take advantage of what they assumed would be rapidly falling mortgage rates. However, not only did those bargains not materialize, mortgage lending has become far tighter in the weeks that followed.

Whether you’ve been thinking about refinancing your home or are a buyer beginning the mortgage process, you’ll find yourself navigating an unusually challenging market. Below are insights into the current lending landscape, along with tips to help you prepare for your own home financing or refinancing journey.

Why didn’t mortgage rates fall along with federal rates?