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One Key Sign We’re Not Headed for a Wave of Foreclosures
Foreclosures are ticking up. And that may make your mind jump straight to thoughts of 2008 – specifically to what happened to the market during the housing crash. So, let’s do exactly what your brain already wants to do, and see if there’s any connection there.
The simple truth is foreclosure filings are rising. But they’re nowhere near crisis levels. And that’s not where they’re headed either. Here’s why.
Take a look at serious delinquencies – loans where the homeowner is more than 90 days late on their mortgage payments.
While those have increased slightly, data from the New York Fed shows they still remain low. And they aren’t anywhere close to levels seen when the market crashed (see graph below):
Right now, about 1% of mortgages are seriously delinquent. That’s only 1 in 100.
In the years around the crash, they were up around 9%. That’s 1 in 11.
That’s a big difference.
And it’s important to remember not all delinquencies even become foreclosure filings. Some homeowners who are falling behind will work out repayment plans with their banks and lenders because banks don’t want to see a wave of foreclosures either.
That’s why foreclosure numbers are even lower than delinquencies. ATTOM shows only 0.3% of all homes are currently going through a foreclosure filing. And those won’t even all go to a full foreclosure. That’s not a wave. That’s a ripple at most.
If People Are Falling Behind on Payments, Why Aren’t There Even More Foreclosures?
And maybe you’re wondering, if people are struggling financially, why aren’t there more foreclosures? Here’s the easiest way to answer that.
When households feel financial pressure, they tend to prioritize their mortgage payment above almost everything else. Because the last thing they want to lose is their home.
Data from the New York Fed shows serious delinquencies have risen more for credit cards and auto loans (the blue and green lines). But mortgage delinquencies and home equity lines of credit (borrowing against the value of your home) aren’t seeing the same big uptick (the yellow and orange lines). They’re a lot more stable overall.
In other words, people may fall behind on other debts, but they fight hard to keep their homes. And, in today’s housing market, they’re also in a strong equity position to do so.
Home Equity Changes Everything
Many people have built significant equity over the past several years. And that creates options. As Daren Blomquist, VP of Market Economics at Auction.com, explains:
“Distressed homeowners… many times they still have equity in their homes. There’s an opportunity for them to sell that home, avoid foreclosure, and walk away with equity.”
That’s a major difference from 2008. Back then, many homeowners owed more than their homes were worth. And selling wasn’t an easy solution. Today, for many people, it is. And even in situations where equity isn’t enough, homeowners are encouraged to contact their loan servicer early to explore alternatives to foreclosure.
Bottom Line
Are foreclosure filings rising slightly? Yes. Are they anywhere near crash territory? No. And homeowners today have far more equity and flexibility than they did during the crash.
If you’re concerned about what you’re seeing in the headlines, the best move isn’t panic, it’s perspective. And the data right now says this isn’t 2008 all over again.
Inventory Is Making a Comeback in 2026
After a long stretch where buyers were competing for too few homes, inventory has made a comeback over the past year. And depending on where you live, that’s opening up your options in a meaningful way.
According to Realtor.com, the number of homes available for sale in January was the highest it’s been since 2020. Here’s why that’s such a big deal. Getting back to pre-pandemic levels signals a slow and steady return to what’s typical:
Now, it’s worth noting, nationally we’re not there yet – and having more inventory improving won’t suddenly “fix” the market. But the growth we’ve seen lately still changes how competitive the market feels.
- When there are more homes for sale, buyers gain time, options, and leverage.
- When there aren’t, the pressure ramps up quickly.
In the years since 2020, there weren’t enough homes for sale, and that made the market feel different. Rushed. Stressful. Intimidating.
But now it’s finally getting better.
A Growing Portion of the Country Is Getting Back to Normal
Depending on where you live, inventory growth is going to vary. Some places are bouncing back faster than others. According to Lance Lambert, Co-Founder of ResiClub, in January 2025, just a little over one year ago, only 41 of the 200 largest metros were back to normal inventory-wise.
But around the end of year, almost half (90) of the largest 200 metro areas were back at or above typical levels. That’s a big improvement in roughly a year. And it’s not done yet.
Inventory Is Expected To Keep Growing
Looking ahead, forecasts suggest the number of homes for sale could rise another 10% this year, which means even more markets should join the list of places where supply has rebounded.
Here’s a graph that shows what an extra 10% would do for the market this year. You can see that projected growth (shown in the dotted line) hits inventory levels seen in 2017-2019 by roughly this fall (the gray lines). That means we may reach normal by end of year, nationally:
And that changes your home search in a good way. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, puts it:
“. . . housing market conditions are gradually rebalancing after several years of extreme seller advantage. Buyers are beginning to see more options and modest negotiating power as inventory improves . . .”
In other words, the market is starting to work with buyers again — not against them.
Bottom Line
Inventory isn’t fully back to normal everywhere. But it’s moving in the right direction. And, in some areas, it’s already there.
If you’ve been waiting for a moment when you have options and a little breathing room, this is the strongest setup buyers have seen in a long time.
If you want to know what’s happening in our local market, let’s talk.
Liz Norvelle
(928) 458-4025
Not Sure If You’re Ready To Buy a Home? Ask Yourself These 5 Questions.
But here’s what you need to remember. While housing market conditions are definitely a factor in your decision, your own personal situation and your finances matter too. As an article from NerdWallet says:
“Housing market trends give important context. But whether this is a good time to buy a house also depends on your financial situation, life goals and readiness to become a homeowner.”
So, instead of trying to time the market, focus on what you can control. Here are a few questions that can give you clarity on whether or not you’re ready to make your move.
1. Do you have a stable job?
Buying a home is a big commitment. You’re going to take out a home loan stating you’ll pay that loan back. Knowing you have a reliable job and a steady stream of income is important and will give you peace of mind for a purchase so large.
2. Have you figured out what you can afford?
If you have a reliable paycheck coming in, the next thing to figure out is what you can afford. This depends on your budget, spending habits, debts, and more.
At this point, it helps to talk with a trusted lender. They’ll be able to tell you about the pre-approval process and what you’re qualified to borrow, current mortgage rates and your approximate monthly payment, closing costs, and other expenses you’ll want to budget for. That way, you have a good idea of what to expect.
3. Do you have an emergency fund?
As you crunch your numbers, you’ll want to make sure you have enough cash left over in case of emergency. Think about it. You don’t want to overextend on the house, and then not be able to weather a storm if one comes along. It’s not a fun topic, but it’s an important one. As CNET says:
“You’ll want to have a financial cushion that can cover several months of living expenses, including mortgage payments, in case of unforeseen circumstances, such as job loss or medical emergencies.”
4. How long do you plan to live there?
It was mentioned above, but buying a home comes with some upfront expenses. And while you’ll get that money back (and more) as you gain equity, that process takes some time. If you plan to move again soon, you may not recoup your full investment.
So, how long should you stay put in an ideal world? Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“Five years is a good, comfortable mark. If the price of your home appreciates considerably, then even three years would be fine.”
So, think about your future. If you’re going to live there for a while, it may make sense to go for it. But, if you’re looking to sell and move within a year or two because you’re planning to transfer to a new city with that promotion you’ve been working so hard for, or you anticipate you’ll need to move to take care of family, those are things to factor in.
5. Do you have a team of real estate professionals in place?
If you do, great. But if you don’t, finding a trusted local agent and a lender is a good first step. Having the right team can make figuring out everything else easier. The pros can talk you through your options and help you decide if you’re ready to make your move, or if you have a few more things to get in order first.
Bottom Line
If you want to have a conversation about the most important things you need to consider when buying a home, let’s connect.
928-458-4025
Why You Don’t Need To Be Afraid of Today’s Mortgage Rates
Mortgage rates have been the monster under the bed for a while. Every time they tick up, people flinch and say, “Maybe I’ll wait.” But here’s the twist. Waiting for that perfect 5-point-something rate could end up haunting your wallet later.
The Magic Number
According to the National Association of Realtors (NAR):
“. . . a 30-year fixed rate mortgage of 6% would make the median-priced home affordable for about 5.5 million more households—including 1.6 million renters. If rates were to hit that magic number, it’s likely that about 10%—or 550,000—of those additional households would buy a home over the next 12 or 18 months.”
When the market hits that mortgage rate sweet spot, as expert forecasters are starting to say is more likely in 2026, the psychological shift to lower rates will kick in for more of today’s hopeful buyers. That will unleash some pent-up demand that’s been waiting on the sidelines, and the increase in activity will cause prices to rise.
And while a 5.99% rate might sound like a big win, if you’re waiting for that number to make your move, it might not actually save you as much as you think. Here’s how the math looks when you run the numbers (see chart below):
On a $400,000 mortgage, the difference between today’s rate (around 6.2%) and 5.99% is roughly $50 a month. That’s less than many people spend on weekly coffee runs or occasional DoorDash orders. And as prices tick up with more buyers in the market, that could quickly negate any of your potential savings.
So, if you’re waiting for 5.99%, that difference might not be worth missing out on today’s opportunities, like having more homes to choose from, better negotiation leverage with today’s sellers, and fewer buyers out there looking for the same houses.
Because the reality is, those benefits start to slip away when more buyers begin to make their moves – and a rate under 6% is exactly they’re waiting for.
Why Acting Now Makes Sense
Jessica Lautz, Deputy Chief Economist and VP of Research at NAR, says:
“Over the last 5 weeks, mortgage rates have averaged 6.31%. This has provided savvy buyers a sweet spot to reexamine the home search process with more inventory, widening their choices.”
And like Matt Vernon, Head of Retail Lending at Bank of America, notes:
“Rather than waiting it out for a rate that they like better, hopeful homebuyers should assess their personal financial situation—if the house is right for them, and the upfront and monthly payments are affordable, it could be the right chance to make a move.”
Bottom Line
If moving at today’s rate scares you, remember, waiting doesn’t always pay off. Once rates dip below 6%, as some experts project they’ll do next year, more buyers (and higher prices) will be back.
So, don’t be afraid of today’s mortgage rates. Because if you’re ready, this might just be your chance to make your move before the market wakes up again.
(928) 458-4025
Top 10 Tips to Sell Your Home Faster
Selling your home quickly and for the best price is all about thoughtful preparation. With a focused strategy, you can attract serious buyers and move toward a successful closing in record time. Here are ten practical tips to help you prepare your property for a fast sale.
1. Price It Right From the Start
Set your price based on a thorough analysis of comparable homes (or “comps”) that have recently sold in your area. Overpricing can scare away buyers and leave your home sitting on the market, so work with your agent to find that sweet spot that reflects actual market value.
2. Boost Your Curb Appeal
First impressions are everything. Make buyers fall in love before they even step inside by power washing siding, cleaning windows, and planting fresh flowers. A new welcome mat and a freshly painted front door are impactful yet effective touches.
3. Handle Repairs and Consider a Pre-Inspection
Address any nagging issues, such as leaky faucets, cracked tiles, or broken light fixtures. Completing a pre-listing inspection can also reveal hidden problems, allowing you to address them upfront and offer buyers total peace of mind.
4. Declutter and Depersonalize Your Space
Help buyers envision themselves living in your home by packing away personal photos, collections, and excess furniture. Clearing countertops and organizing closets makes your space feel larger, cleaner, and more inviting.
5. Stage for Maximum Appeal
Arrange furniture to highlight your home’s best features and improve flow from room to room. Proper staging helps define each space and shows buyers how they can utilize it, transforming empty rooms into functional and appealing areas.
6. Invest in Professional Photos and Video
Most buyers start their search online, making high-quality visuals essential. Professional photos and a video tour will make your listing stand out, capturing your home’s best angles and attracting more showing requests.
7. Be Flexible with Showings
The more people who see your home, the faster you’ll get an offer. Try to accommodate as many showing requests as possible, including those on evenings and weekends, to make it easy for potential buyers to visit.
8. Write a Compelling Listing Description
Work with your agent to craft a description that tells a story. Highlight key features, such as a new kitchen or a spacious backyard, and mention nearby amenities like parks, excellent schools, or popular cafes to showcase the complete lifestyle.
9. Create a Strategic Launch Plan
Timing is key to generating buzz. Plan to list your home later in the week to capture the attention of weekend house hunters and consider holding an open house on the first weekend to create a sense of urgency.
10. Prepare for Negotiations
When an offer comes in, please review it carefully with your agent. A strong offer is about more than just price; look for buyers with pre-approval letters and minimal contingencies to ensure a smoother, faster closing process.
Ready to put these tips into action? Call me, together we can sell your house quickly! Liz Norvelle 928-458-4025
Stage Your Garage: A Seller’s Guide to a Faster Sale
When you prepare to sell your home, you likely focus on the kitchen, bathrooms, and curb appeal. But what about the garage? Many sellers overlook this space, treating it as a last-minute dumping ground for clutter. A well-staged garage can be a powerful selling point that helps your home sell faster and for a better price.
Potential buyers see a clean, organized garage not just as a place to park cars, but as valuable, usable square footage. It shows them the home has been well-maintained and offers possibilities for hobbies, storage, and more. This guide provides a practical, step-by-step plan to transform your garage from a forgotten space into a feature that wows buyers.
Garage Staging Process
Step 1: Declutter, Sort, and Dispose
The most crucial step is ruthless decluttering. The goal is to empty the garage by at least 50% to create a sense of spaciousness.
The Four-Box Method
Set up four distinct areas or use large bins labeled:
- Keep: Items you use regularly and will take to your new home. Be strict. If you haven’t used it in a year, it probably doesn’t belong here.
- Donate: Items in good condition that can benefit others. Think old tools, sports gear, or furniture.
- Sell: Higher-value items you don’t need. Consider online marketplaces, consignment shops, or a garage sale.
- Trash/Recycle: Broken items, expired chemicals, and anything unusable.
Handling Unwanted Items
Properly disposing of items is key.
- Donations: Local charities such as Goodwill, Salvation Army, or Habitat for Humanity ReStore are excellent options. Some offer pickup services for larger items.
- Disposal: For hazardous materials such as old paint, pesticides, or motor oil, check with your local municipality to find designated hazardous waste drop-off days or facilities. Never pour these down the drain or put them in regular trash. For large amounts of junk, consider renting a small dumpster for a weekend.
Step 2: Smart Storage Solutions
Once decluttered, the goal is to get as much as possible off the floor. Vertical and overhead storage make the garage look larger and more organized.
Vertical Wall Storage
- Open Shelving: Sturdy, freestanding metal or plastic shelving units are affordable and effective. They allow you to neatly stack bins.
- Pegboards: A classic for a reason. Pegboards are perfect for hanging tools, gardening equipment, and small items, keeping them visible and accessible.
Overhead Ceiling Racks
Don’t forget the space above your head. Ceiling-mounted racks are ideal for storing items you don’t need often, such as holiday decorations or camping gear.
Cohesive Containers
Invest in a set of matching, opaque storage bins with lids. Clear bins can look cluttered. Using uniform containers creates a clean, intentional look. Label each bin clearly so buyers (and you) know the space is functional.
Step 3: High-Impact, Low-Cost Upgrades
A few cosmetic and functional improvements can dramatically elevate your garage’s appeal without breaking the bank.
Refresh the Floor
A stained, cracked concrete floor can make the whole garage feel grimy.
- Epoxy Floor Coating: This is the gold standard. An epoxy coating provides a durable, glossy, and easy-to-clean surface that resists stains. It makes the entire space feel finished and professional.
- Interlocking Floor Mats: A less permanent but still effective option. These mats can cover imperfections and add a clean, patterned look.
Improve the Lighting
Most garages are equipped with a single, dim bulb. Buyers respond to bright, well-lit spaces.
- Upgrade Fixtures: Replace bare bulbs with bright, energy-efficient LED shop lights. They provide even, daylight-quality light, making the garage feel safer and more inviting.
Quick Cosmetic Fixes
- Patch and Paint: Fill any holes or cracks in the drywall. Apply a fresh coat of neutral-colored paint (like a light gray or beige) to the walls. This simple step can make the garage feel 100% cleaner and brighter.
- Update Hardware: Replace old, rusty cabinet handles or light switch covers. It’s a small detail that contributes to a fresh look.
- Label Everything: Use a label maker to mark shelves, bins, and cabinets. This reinforces the theme of organization and shows buyers the space is thoughtfully designed.
Preparing for Photos and Open Houses
For professional photos and buyer showings, the garage should be pristine.
- Park Cars Elsewhere: Always remove cars from the garage for photos and viewings. This makes the space look as large as possible.
- Open the Door: Let in natural light by opening the garage door during daytime showings.
- Turn on All Lights: Showcase your new, bright lighting.
- Final Sweep: Do one last sweep to remove any dust, cobwebs, or debris.
By investing a little time and effort into your garage, you do more than clean up a messy space. You present a complete, well-maintained home that allows buyers to see its full potential, helping you secure a top-dollar offer in record time.
Give Liz Norvelle a call when you are ready to sell your home!
Liz Norvelle
928-458-4025
What a Fed Rate Cut Could Mean for Mortgage Rates
The Federal Reserve (the Fed) meets this week, and expectations are high that they’ll cut the Federal Funds Rate. But does that mean mortgage rates will drop? Let’s clear up the confusion.
The Fed Doesn’t Directly Set Mortgage Rates
Right now, all eyes are on the Fed. Most economists expect they’ll cut the Federal Funds Rate at their mid-September meeting to try to head off a potential recession.
According to the CME FedWatch Tool, markets are already betting on it. There’s virtually a 100% chance of a September cut. And based on what we know now, there’s about a 92% chance it’ll be a small cut (25 basis points) and an 8% chance it will be a bigger cut (50 basis points):
So, what exactly is the Federal Funds Rate? It’s the short-term interest rate banks charge each other. It impacts borrowing costs across the economy, but it’s not the same thing as mortgage rates. Still, the Fed’s actions can shape the direction mortgage rates take next.
Why Markets Already Saw This Cut Coming
Here’s the part that may surprise you. Mortgage rates tend to respond to what the financial markets think the Fed will do, before the Fed officially acts. Basically, when markets anticipate a Fed cut, that outlook gets priced into mortgage rates ahead of time.
That’s exactly what happened after weaker-than-expected jobs reports on August 1 and September 5. Each time, mortgage rates ticked down as financial markets grew more confident a cut was coming soon. And even though inflation rose slightly in the latest CPI report, the Fed is still expected to make a cut.
So, if the Fed goes with a 25-basis point cut, as expected, that’s likely already baked in to current mortgage rates, and we may not see a dramatic drop.
But if they go bigger and drop their Federal Funds Rate by 50 basis points instead, mortgage rates could come down more than they already have.
So, Where Do Mortgage Rates Go from Here?
While the upcoming cut may not move the needle much, many experts expect the Fed could cut the Federal Funds Rate more than once before the end of the year. Of course, that’s if the economy continues to cool (see graph below):
As Sam Williamson, Senior Economist at First American, explains:
“For mortgage rates, investor confidence in a forthcoming rate-cutting cycle could help push borrowing costs lower in the back half of 2025, offering some relief to housing affordability and potentially helping to boost buyer demand and overall market activity.”
If multiple rate cuts happen, or even if markets just believe they will, mortgage rates could ease further in the months ahead. But here’s the catch – all of this depends on how the economy evolves. Surprise inflation data or unexpected shifts could quickly change the outlook.
Bottom Line
Mortgage rates likely won’t drop sharply overnight, and they won’t mirror the Fed’s moves one-for-one. But if the Fed begins a rate-cutting cycle, and markets continue to expect it, mortgage rates could trend lower later this year and into 2026.
If you’ve been waiting and watching the housing market, now’s the time to talk strategy. Even small changes in rates can make a meaningful difference in affordability, and understanding what’s ahead helps you make the best decision for your situation.
About Liz
Liz Norvelle believes that building a relationship based on respect and trust is what truly matters.
Liz lived in the Grand Canyon for nearly 20 years and during that time she made the beautiful outdoors of Northern Arizona a part of her daily life. When she and her family moved to Prescott they bought a house and had a great experience with their Realtor. Liz decided she wanted to become a part of that great team and found they share the same vision of customer care, respect and service and also understand the importance of supporting the community in which they practice their business.
Liz and her husband make the time to take advantage of what our great outdoors offers. From kayaking on Watson Lake or Lynx Lake to get a glimpse of the Bald Eagles, to mountain biking any of the hundreds of bike trails in the Prescott area, or even hiking up and around Granite Mountain to witness the spectacular views. Their son has been very successful participating in Nationally recognized mountain bike races here in Prescott ( The Whiskey Off-Road has the largest purse in the U.S.) as well as coaching one of the high school mountain bike teams while attending Yavapai College for his degree in Fire Science.
The exceptional customer service that Liz provides will establish the groundwork for a relationship with her clients that will continue into the future when you’re ready for your next home or when friends and family come to join you in your new home town.
Please contact Liz, she will take the time to get to know you and assist you in finding a home that best fits your lifestyle needs.
Online Home-Buying Search Terms Recently Hit 2-Year High
Believe it or not, there are clear signs buyer interest is heating up again.
Let’s talk about what’s really going on behind the scenes, and why the housing market might not be as quiet out there as it seems.
Buyers Are Looking, and Search Trends Prove It
One of the clearest ways to measure what people are thinking about is to look at what they’re searching for online. And according to Google Trends, searches for phrases like “home for sale” have been climbing steadily this year.
The graph below shows an index of two common homebuyer search phrases and how popular they were on Google over the past two years. The higher the line goes, the more popular that phrase was. A 100 on the graph shows the most popular time for each phrase:
Here’s what really stands out in this data. Both phrases have been trending up overall this year, and they hit a recent high in mid-July. That’s a pretty strong sign that curiosity (and maybe even interest) in buying a home is improving.
That kind of momentum means something. Despite high mortgage rates and home prices, buyers haven’t given up. They’re still watching the market. They’re still browsing. And many are just waiting for the right opportunity to act. Maybe your house is exactly what they’re looking for. But you’ll never know if it’s not listed yet.
Now, this doesn’t mean demand is going to surge like it did during the pandemic. It just means some buyers are deciding they can’t wait any longer. And those are exactly the kind of buyers you want. Motivated. Eager. Ready to move when the right house comes along.
So, if you’re holding off on selling because you’re not sure if the demand is there, this data suggests it might be time to rethink your plans. Because while it’s not 2021-level demand, it doesn’t need to be. You don’t need ten offers to sell your home. You just need the right buyer.
And that buyer may be searching for a house like yours right now.
Bottom Line
If you’ve been thinking, “I’ll sell once buyers come back,” you might want to take another look. Online search trends show they’re already interested.
What would make you feel confident putting your house on the market this year? Let’s connect to talk through it. Liz Norvelle 928-458-4025. I’m honest, fair, ethical and I have expert level knowledge of our market. I’m a fierce negotiator and I will always put your interests first. I will sell your home for it’s highest value and best terms to help you get where you want to be. My Buyer representation is of the highest quality and I have expert level knowledge of the real estate contracts to help get your offer accepted. [More About Liz]
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Which Comes First – Buy or Sell?
One of the more common questions I receive as a realtor… which comes first, the sell or the buy? If you’re a homeowner planning to move, you’re probably wondering what the process is going to look like and what you should tackle first:
- Is it better to start by finding your next home?
- Or should you sell your current house before you go out looking?
Ultimately, what’s right for you depends on many factors. And that’s where an agent’s experience can help make your next step clear.
They know your local market, the latest trends, and what’s working for other homeowners at this time. And they’ll be able to make a recommendation based on their expertise and your needs.
In many cases today, getting your current home on the market first can put you in a better spot. Here’s why that order tends to work best (and how an agent can help).
The Advantages of Selling First
1. You’ll Unlock Your Home Equity
Selling your current home before you try to buy your next one allows you to access the equity you’ve built up, and based on home price appreciation over the past few years, that’s no small number. Data from Cotality (formerly CoreLogic) shows the average homeowner is sitting on $302K in equity today.
And once you sell, you can use that equity to pay for the down payment on your next house (and maybe even more). You could even have enough to buy your next house in cash. That’s a big deal, and it could make your next move a whole lot easier on your wallet.
2. You Won’t Be Juggling Two Mortgages
Trying to buy before you sell means you could wind up holding two mortgages, even if just for a few months. That can get expensive, fast – especially if there are unexpected repairs or delays. Selling first removes that stress and helps you move forward without the financial strain. As Ramsey Solutions says:
“It’s best to sell your old home before buying a new one to avoid unnecessary risks and possible headaches.”
3. You’ll Be in a Stronger Position When You Make an Offer
Sellers love a clean, simple offer. If you’ve already sold your house, you don’t need to make your offer contingent on that sale, and that can help you stand out. Your agent can position your offer to be as strong as possible, so you have the best shot at getting the home you want.
This can be a big advantage in competitive markets where sellers prefer buyers with fewer strings attached.
One Thing To Keep in Mind
But, like with anything in life, there are tradeoffs. As you weigh your options, consider this potential drawback, too:
1. You May Need a Place To Stay (Temporarily)
Once your house sells, you may need a short-term rental or to stay with family until you can move into your next home. Your agent can help you negotiate things like a post-closing occupancy (renting the house from the buyer for a set period) or flexible closing dates to help smooth out that transition as much as possible.
Here’s a simple visual that can help you think through your options (see below):
But the best way to determine what’s best for you and your specific situation? Talk to a trusted local agent.
Call Liz
In many cases, selling first doesn’t just give you clarity, it gives you options. It helps you buy with more confidence, more financial power, and less pressure.
If you’re ready to make a move but aren’t sure where to start, let’s talk. We can walk you through your potential equity, your timing, and local market conditions, so you can decide what’s right for you.
928-458-4025
Buying Your First Home? FHA Loans Can Help
As a realtor in Prescott, Arizona, I work diligently and utilize my resources to provide my clients with up-to-date information regarding the real estate market. I research, subscribe to, and regularly read articles, seeking information to educate my clients on the home-buying market and process.
If you’re a first-time homebuyer, you might feel like the odds are stacked against you in today’s market. But there are resources and programs out there that can help – if you know where to look. And one thing that can make homeownership easier to achieve? An FHA home loan.
They’re designed to help you overcome some of the biggest financial hurdles in the home-buying process – and that’s why so many first-timers are using them to make their purchase.
Whether you’re dreaming of ditching rent, planting roots, or just wanting a place that’s truly yours, an FHA home loan could be the path that gets you there sooner than you think.
Buying Your First Home Probably Doesn’t Feel Easy Right Now
While the motivation to buy a home is still there for many people, affordability is a real challenge today. According to a survey from 1000WATT, potential first-time buyers say their top two concerns are saving enough for their down payment and making the monthly mortgage payments work at today’s home prices and mortgage rates (see graph below):
That’s Where FHA Loans Come In
FHA loans help many first-time buyers overcome these challenges.
In fact, according to Intercontinental Exchange (ICE), the average first-time buyer using an FHA loan puts down just $16,000. That’s a big difference from the $77,000 they’re putting down with the typical conventional mortgage (see graph below):
Essentially, buyers who use an FHA loan may not have to come up with as much cash up front. But the perks don’t stop there. You may also be able to pay less monthly, too.
That’s because, a lot of the time, the mortgage rate on FHA loans can be lower. Bankrate says:
“FHA loan rates are competitive with, and often slightly lower than, rates for conventional loans.”
So, if you’re thinking about buying your first place, an FHA loan may be worth exploring.
Because of the potential for lower down payment requirements and maybe even a lower mortgage rate, it could help with the two most common hurdles first-time buyers face today – saving enough money upfront and affording the monthly payment.
A trusted lender can walk you through the details, compare your options, and help you figure out what loan type makes the most sense for your situation.
Bottom Line
With the right loan and the right guidance, homeownership may be more achievable than you think.
Would you like to discuss your options further? I would love to help you navigate the home-buying process. Please call me at (928) 458-4025.
