What Are Your Goals in the Housing Market This Year?

  If buying or selling a home is part of your dreams for 2023, it’s essential for you to understand today’s housing market, define your goals, and work with industry experts to bring your homeownership vision for the new year into focus.           In the last year, high inflation greatly impacted the economy, the housing market, and likely on your wallet too. That’s why it’s critical to have a clear understanding of the market today and what you want out of it when you buy or sell a home. Danielle Hale, Chief Economist at realtor.com, explains:   “The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, so that you can stay in your home long enough that buying is a sound financial decision.”   Here are a few questions you can start thinking through as you fine-tune your goals for 2023.               1. What’s Motivating You?           You’re dreaming about making a move for a reason – what is it? No matter what’s happening in the market, there are still many compelling reasons to buy a home today. Your needs may have changed in a way your current house can’t address, or you could be ready to step into homeownership for the first time and have a space that’s truly your own. Use what’s motivating you as a guidepost in partnership with an expert advisor to help make sure your move will give you a lasting sense of accomplishment.           2. What Does Your Next Home Look Like?           You know you want to move, but how would you describe your dream home? The available supply of homes for sale has grown, and that could mean more options to choose from when you buy. Just be sure to keep your budget in mind and work with a trusted real estate professional to balance your wants and needs. The better you understand what’s essential and where you can be flexible, the easier it can be to find the home that’s right for you.   3. How Ready Are You To Buy?           Getting clear on your budget and savings is essential before you get too far into the process. Working with a local agent and a lender early is the best way to make sure you’re in a good position to buy. This could include planning how much to save for a down payment, getting pre-approved for a home loan, and assessing your current home equity if your move involves selling your existing house.   A Professional Will Guide You Through Every Step of the Process           Buying or selling a home is a big process that takes expertise to navigate. If that feels a bit overwhelming, you aren’t alone. According to a recent Harris Poll survey, one in five respondents see a lack of information or knowledge about the homebuying process as a barrier from owning a home. Don’t let uncertainty hold you back from your goals this year. A trusted expert can bridge that gap and give you the best advice and information about today’s market.   Bottom Line Let’s connect to plan how your dreams for 2023 can become a reality.                    

Nichole Willey & Team 3rd Annual "Thanks For Giving" Pie Day

  Every year as a team, we express our gratitude to our amazing clients & friends for the holidays by giving back to the folks who allow us to do what we love! As a token of our gratitude, we invite our friends to RSVP for a complimentary, fresh holiday pie from our local favorite, Centerville Pie Co! (If you haven't checked out Centerville Pie Co you are really missing out!)       On Thursday, Dec 22nd we had the pleasure of hosting our VIP's for our Third Annual Thanks for Giving Customer Appreciation Event at the 99 Restaurant in Centerville, right next door to our Keller Williams Cape Cod & the Islands office. (Thanks 99 staff for being so accomodating!)       It was so wonderful to see you all! Enjoy the pictures of the event below and plan on coming next year!                                             We want to thank every one of our clients, friends, and neighbors that continue to come together as a strong and giving community. If we missed you this year please read more on how to join our VIP program so you can stay in the loop with all of our upcoming 2023 events, monthly giveaways, and current Cape Cod real estate market updates.       From everyone at Nichole Willey & Team, thanks for another wonderful year!                    

Planning to Retire? It Could Be Time To Make a Move.

              If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs.   Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about when making that decision.   Consider How Long You’ve Been in Your Home           From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):           When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.           Consider the Equity You’ve Gained           Additionally, if you’ve been in your home for more than a few years, you’ve likely built up significant equity that can fuel your next move. That’s because the longer you’ve been in your home, the more likely it’s grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):           While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by over 50%. And the average homeowner who’s owned their home for 30 years saw it almost triple in value over that time.   Consider Your Retirement Goals           Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, that equity can help you achieve your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones. Plus, retirement played a large role for those moving greater distances.   Whatever your home goals are, a trusted real estate advisor can work with you to find the best option. They’ll help you sell your current house and guide you as you buy the home that’s right for you and your lifestyle today.           Bottom Line   Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore your opportunities in our local market.                            

Ready To Sell? Today’s Housing Supply Gives You Two Opportunities.

              At first glance, the increase in housing supply compared to last year may not sound like good news for prospective sellers, but it actually gives you two key opportunities in today’s housing market. An article from Calculated Risk helps put the inventory gains the market has seen in 2022 into perspective by comparing it to recent years (see graph below). It shows supply has surpassed 2021 levels by 58%. But the further back you look, the more you’ll understand the bigger picture. And if you go all the way back to 2019, the last normal year in real estate, we’re roughly 35% below the housing supply we had at that time.                           Opportunity #1: Take Advantage of More Options for Your Move           If your current house no longer meets your needs or lacks the space and features you want, this inventory growth gives you even more opportunity to sell and move into the home of your dreams. With more houses on the market, you’ll have more to choose from when you search for your next home.   Partnering with a local real estate professional can help you make sure you’re up to date on the homes available in your area. And when you do find the one, a professional can advise you on how to write a winning offer.   Opportunity #2: Sell While Inventory Is Still Low Overall           But again, despite the growth, inventory is still low compared to more normal years, and that isn’t going to change overnight. For you, that means your house should still be in demand among potential buyers if you price it right.   As an article from realtor.com says: “Today’s shoppers generally have more homes to consider than last year’s shoppers did, but the market is still not back to pre-pandemic inventory levels.”   Bottom Line If you’re a homeowner looking to sell, you have more homes to choose from and can still sell your house while inventory is low overall. Let’s connect to get started, so you can have the best of both worlds.