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Buying your first home is a major decision and an exciting milestone. Even though it can feel daunting at times, it has the power to change your life for the better. If you’re looking to purchase your first home, you may be wondering what’s happening in the housing market today, how much you need to save, and where to start.

Here are three things that can help give you the information you need to confidently pursue your dream of homeownership.

1. Consider All Options When the Number of Homes for Sale Is Low

Today, there are far more buyers in the market than there are homes available for sale. When that happens, it’s a good idea to do what you can to increase your pool of options. That could mean expanding your search to include additional…

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With home prices setting record highs month after month—reaching a remarkable nationwide median of $405,000 in March—just about all homebuyers are grumbling these days that they can’t get a break.

But if you’ve ever wondered just how high prices can go, it’s time to stop talking in generalities and get specific. In real estate terms, this means homing in on the five digits known as ZIP codes.

As “Beverly Hills, 90210” made all too clear, certain ZIP codes serve as glittery epicenters of wealth, with block-to-block megamansions that only the richest could fathom buying. And even if you’d never even think of settling down in such posh environs, it’s still fascinating to get a glimpse of where the richest 1% live—and what they pay.

So where are…

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By Janet Siroto
May 2, 2022

If you’re saving for a down payment for a home—particularly your first—you probably know this is one tricky real estate moment.

With inflation sending prices spiraling, mortgage interest rates ticking up, and biddings wars on homes more the norm than the exception, it’s clear that homebuyers will need to save every cent in order to compete in this crazy market. This means you’ll need to bring your A-game to saving up for a house.

Yet if amassing a down payment seems all but hopeless, we’re here to help. Here’s how to turbocharge your house fund so it’s ready for your house hunt.

Know your number

Budgeting is easier when you know exactly what your goal is. Do you need $50,000? $60,000? Much more? Figure it out…

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Is It Enough To Offer Asking Price in Today’s Housing Market? | MyKCM


If you’re planning to buy a home this season, you’re probably thinking about what you’ll need to do to get your offer accepted. In previous years, it was common for buyers to try and determine how much less than the asking price they could offer to still get the home. The buyer and seller would then negotiate and typically agree on a revised price that was somewhere between the buyer’s bid and the home’s initial asking price.

In today’s real estate market, buyers shouldn’t shop for a home with the same expectations.

Things Are Different Today

Today’s housing market is anything but normal. According to the National Association of Realtors (NAR), the average home that’s sold today:

  • Receives 4.8 offers
  • Sells in just 17 days

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By Tara Mastroeni

realtor.com

Apr 13, 2022

Determining a price for your home can be stressful, especially if you don’t know how to prepare for an appraisal. If the home’s appraised value is too far from the listing price, it can make or break the deal. Plus, even though appraisers are subject to strict regulations, much of their job is subjective, which means it’s crucial for your home to make a good impression on them.

Luckily, there’s a lot you can do to help present your home at its best.

Develop a critical eye

The first step toward getting ready for an appraisal can be the hardest for sellers. You need to go through the home with a critical eye and make yourself aware of any areas in need of maintenance. Doing so allows you to think…

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BY Larissa Runkle for realtor.com

Even with the outside world opening back up, many of us have found new comfort in staying at home. Backyard dinner parties, fire-pit nights, drinks on the deck—you name it, there are so many summertime favorites that really don’t require going anywhere, especially if you have a great outdoor space.
And if you don’t? Well, we’re here to help with that.

To get a little inspiration for making your backyard into an oasis you actually won’t want to leave this summer, we consulted with the pros at design retailer Living Spaces. They gave us the scoop on the most searched outdoor decor and design ideas of the season, and we’re here to share a few of our favorites. Here are five absolute must-haves in your outdoor space this…

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The Future of Home Price Appreciation and What It Means for You | MyKCM


Many consumers are wondering what will happen with home values over the next few years. Some are concerned that the recent run-up in home prices will lead to a situation similar to the housing crash 15 years ago.

However, experts say the market is totally different today. For example, Odeta Kushi, Deputy Chief Economist at First American, tweeted just last week on this issue:

“. . . We do need price appreciation to slow today (it’s not sustainable over the long run) but high price growth today is supported by fundamentals- short supply, lower rates & demographic demand. And we are in a much different & safer space: better credit quality, low DTI [Debt-To-Income] & tons of equity. Hence, a crash in prices is very unlikely.”

Price…

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There Are Several Great Reasons To Consider Buying a Condo Today | MyKCM


If you’re a first-time buyer looking to break into the housing market but struggling to find a home to buy, condominiums (or condos) could be a great alternative for you.

Here are a few reasons condos may be something you’ll want to consider.

Exploring Condos Could Add Options That Fit Your Budget

Supply challenges are a reality across the board in today’s housing market. Broadening your home search to include condos could increase your overall pool of options. Just keep in mind, condos generally differ from single-family homes in average space and floorplans.

In a recent article, Bankrate covers some of these differences:

“Condos are generally more affordable because they come with less space — you likely won’t have your own…

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If you’re a current homeowner, you should know your net worth just got a big boost. It comes in the form of rising home equity. Equity is the current value of your home minus what you owe on the loan. Today, you’re building that equity far faster than you may expect – and this gain is great news for you.

Here’s how it happened. Home values are on the rise thanks to low housing supply and high buyer demand. Basically, there aren’t enough homes available to meet this high buyer interest,  so bidding wars are driving home prices up. When you own a home, the rising prices mean your home is worth more in today’s market. And as home values climb, your equity does too. As Dr. Frank Nothaft, Chief Economist at CoreLogic, explains:

“Home prices rose 18%…

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Did Your Dream Home Just Come on the Market? | MyKCM


For the first time in a long time, the number of newly listed homes is beginning to rise. In their latest monthly release, realtor.com reveals the number of existing homes entering the market has increased for two months in a row (this comes after six months of declines). Here’s a graph showing the monthly new listings going back to January of last year. The green bars indicate the first gains since June.

However, buying demand is still outpacing housing supply.

Though the increase in homes coming to the market is great news for prospective homebuyers, the number of buyers is still outpacing the number of homes available for sale. As realtor.com explains in their latest report:

“During the final two weeks of the month, more new…

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