Real Estate Insights

Saving for a Down Payment? Here’s What You Need To Know.

If you're planning to buy your first home, then you're probably focused on saving for all the costs involved in such a big purchase. One of the expenses that may be at the top of your mind is your down payment. If you’re intimidated by how much you need to save for that, it may be because you believe you must put 20% down. That doesn’t necessarily have to be the case. As the National Association of Realtors (NAR) notes:

“One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership.”

And a recent Freddie Mac survey finds:

“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the…

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Only Half the Inventory

Wondering if it still makes sense to sell your house right now? The short answer is, yes. Especially if you consider how few homes there are for sale today.

You may have heard inventory is low right now, but you may not fully realize just how low or why that’s a perk when you go to sell your house. This graph from Calculated Risk can help put that into perspective: 

As the graph shows, while housing inventory did grow slightly week-over-week (shown in the blue bar), overall supply is still low (shown in the red bars). Compared to the same week last year, supply is down roughly 10% – and it was already considered low at that time. But, if you look further back, you’ll see inventory is down even more significantly.

To gauge just how far off…

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Homebuyers Are Getting Used to the New Normal

Before you decide to sell your house, it’s important to know what you can expect in the current housing market. One positive trend right now is homebuyers are adapting to today’s mortgage rates and getting used to them as the new normal.

To better understand what’s been happening with mortgage rates lately, the graph below shows the trend for the 30-year fixed mortgage rate from Freddie Mac since last October. As you can see, rates have been between 6% and 7% pretty consistently for the past nine months:

According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), mortgage rates play a significant role in buyer demand and, by extension, home sales. Yun highlights the positive impact of stable rates:

“Mortgage…

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The Value of an Agent When Buying Your New Construction Home

Buying a new construction home can be an exciting experience. From being the very first owner, to customizing your home’s features, there are a lot of benefits. But navigating the complexities of buying a home that’s under construction can also be a bit overwhelming. This is where a skilled real estate agent can make all the difference.

An article from The Mortgage Reports sums it up like this:

“Your Realtor or real estate agent will be key to helping you navigate this process. . . . they can guide you through construction and help anticipate and solve for any possible snags along the way.”

Here’s how your agent is an invaluable resource in your search to find and buy your new home.

Agents Know the Local Area and Market

Your agent is…

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Why We Offer 3 Vendors

At Due South Realty (DSR), we are in the business of buying and selling homes, making us a prime target for almost every industry involved in the housing process. As a result, we have extensive interactions with a wide range of professionals, contractors, and specialists. Over time, we have diligently curated a vendor list to cater to most every housing project. Our recommendations are based on practitioners who consistently go “above and beyond” in their service delivery, and they have been tried and tested by either one of our team members or one or more of our clients. Our practice involves presenting you with three vendor options for any request you provide, or at least two if you are already using someone in that particular field. While too…

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Should I Sell My House This Year

There’s no denying the housing market is undergoing a shift this season as buyer demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.

Opportunity #1: You Have Less Competition for Your Move

Are we in a Sellers’ market or a Buyers’ market? Good question and one not easily defined these days. On the technical side, using absorption rate (found in #2) we are in a Seller’s market. But practically it feels very neutral. There are homes on the market. They are not selling over the weekend (usually) and our Housing Inventory is remaining fairly flat. People do not want to sell because they have such…

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Owning Your Home Helps You Build Wealth

You may have heard some people say it’s better to rent than buy a home right now. But, even today, there are lots of good reasons to become a homeowner. One of them is that owning a home is typically viewed as a good long-term investment that helps your net worth grow over time.

Homeownership Builds Wealth Regardless of Income Level

You may be surprised to learn homeowners across various income levels have a much higher net worth than renters who make the same amount. Data from First American helps illustrate this point (see graph below):

What makes wealth so much higher for homeowners? A recent article from Realtor.com says:

“Homeownership has long been tied to building wealth—and for good reason. Instead of throwing rent money out…

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Getting Started in Real Estate Investing

It seems like more and more people are investing in real estate lately. Is this the right time to try it for yourself?

If all goes well, investing in property can help you build wealth and generate passive income.

But this endeavor requires careful planning, of course, and not everyone is able to achieve the profits they’re looking for.

Are you considering venturing into the world of real estate investing? Here’s what to consider before getting started.

Define Your Goals

Are you looking for passive income? Long-term wealth? Or do you want a place you can rent out and occasionally use for vacationing? Your goal will ultimately determine the best investment strategy to pursue.

Set a Budget

How much can you afford to pay for the…

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Tips for Managing a Cross-Country Move

With remote work so common these days, moving to your dream locale across the state, country or even the world isn’t as difficult as it once was.

Still, that doesn’t mean a long-distance move will be easy. The logistics, the travel and the timeline can all be tricky to manage, and preparing for these potential challenges is key.

Are you considering a big move this year? If so, follow these tips to help everything run smoothly.

1. Map out a detailed timetable. Set milestones for each important step, such as booking your movers, scheduling cleaning services, and having everything packed up and ready to go. 

2. Calculate a realistic budget. Start a spreadsheet of all the expenses you can expect. Remember to include homebuying costs (down…

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Reduce Moving Costs with These 4 Tips

Moving can be expensive, whether you’re headed a few miles away or across the country.

There are the costs to rent a truck, purchase packing supplies and possibly hire professional movers — all of which may be more expensive now because of inflation.

Fortunately, there are ways to reduce your costs if you plan ahead. Do you want to save money on your next move? Just follow these tips:

• Declutter and donate before packing up. There’s no sense in paying to move items you no longer want or use. Before you start packing or getting moving quotes, declutter your home. You can donate or sell anything you don’t actively use if it’s still in good shape. You might be surprised how much time and money it can save you later.

• Get creative…

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