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The Kinn Team | eXp Realty, LLC Blog

Wednesday, November 6, 2024   /   by Aaron Kinn

How the Fed’s Decisions Are Shaping Mortgage Rates and the Housing Market

You’ve probably heard a lot of chatter about the Federal Reserve (the Fed) lately and how their actions might affect the housing market. If you’re thinking about buying or selling a home, you’re probably wondering how the Fed’s decisions could impact mortgage rates—and when we might see rates come down.
The Fed is meeting again this week to decide what to do with the Federal Funds Rate, which is the interest rate at which banks borrow from each other. While this rate isn’t directly tied to mortgage rates, it plays a key role in influencing them. So, if you’re following the market closely, you’re probably asking: what’s going to happen next?
Let’s break it down. The Fed’s decisions are based on three key economic indicators, and understanding them can help you anticipate what might happen with mortgage rates in the coming months.
1. The Direction of Inflation
By now, you’ve probably noticed that the cost of ever. ...

Sunday, October 6, 2024   /   by Aaron Kinn

Understanding Recent Home Price Trends: What You Need to Know

Recent headlines have been buzzing about a decline in the median asking price of homes compared to last year, leading to confusion among buyers and sellers alike. It’s easy to assume that this signals a drop in prices, but there's more to the story than what those numbers suggest.
The Bigger Picture: Home Values Are Rising
Despite a slight decrease in median prices, national home values are actually on the rise. Let’s break down the situation to help you navigate the market without falling prey to sensational headlines.
Smaller Homes Are Influencing Median Prices
One major factor contributing to the dip in the median price is the size of homes currently on the market. The median price reflects the midpoint of all homes for sale, and changes in the mix of homes available can significantly affect this figure.
To illustrate this concept, consider a simple example of three coins: if you have one nickel and two dimes, the median value is 10 cents. But if the mix changes to . ...

Sunday, October 6, 2024   /   by Aaron Kinn

Tips for Selling Your Home Fast

Watching your home sit on the market without interest can be incredibly frustrating, and many sellers are facing this challenge today.
Data from the National Association of Realtors (NAR) shows that the average time homes spend on the market has increased in recent years:
A recent post from Realtor.com highlights a similar trend:
“During the week ending Sept. 14, homes remained on the market eight days longer than last year. With more options available and mortgage rates expected to decrease, buyers are taking their time. This means sellers need to be patient and flexible.”
The increase in inventory gives buyers more choices, while rising mortgage rates have dampened demand over the past two years—factors largely out of your control. However, there’s one critical aspect you can influence: working with the right agent.
With the right strategy and a skilled agent by your side, your home can still sell quickly, even in today’s market.
If time is a prior. ...

Monday, September 2, 2024   /   by Aaron Kinn

Is a 55+ Community Right for You?

If you're considering downsizing, you might be exploring 55+ communities and wondering if they’re the right fit for your lifestyle. Here's some information to help you make an informed decision.

What Is a 55+ Community?

These communities aren’t just for those needing extra support—they can be quite lively and engaging! Many people choose to downsize into these communities to be surrounded by others in a similar stage of life. U.S. News describes them as follows:

“The terms ‘55-plus community,’ ‘active adult community,’ ‘lifestyle communities,’ and ‘planned communities’ refer to settings designed for adults over the age of 55 who are independent but looking to downsize and live among peers with similar interests.”

Why You Should Consider This Type of Home

If this appeals to you, it’s worth noting that the number of 55+ community listings has increased by over 50% compared to last year, acc. ...

Monday, September 2, 2024   /   by Aaron Kinn

Is the Housing Market Shifting Towards Balance?

If you’ve been following the housing market recently, you know sellers have held the upper hand. But with inventory on the rise, is that dynamic starting to change? Here’s what you need to know.
Understanding a Balanced Market
A balanced market typically has a five-to-seven-month supply of homes for sale, where neither buyers nor sellers have a clear advantage. In such a market, prices stabilize, and there’s a healthier selection of homes. After years of a seller’s market, a shift toward balance would be welcome news for buyers. But are we heading there?
At the beginning of the year, the national inventory stood at a three-month supply, and now it has grown to four months. While that doesn’t yet indicate a balanced market, it shows we’re moving closer. However, this rise in inventory isn’t leading to an oversupply or a market crash. The supply is still insufficient for such a scenario.
The chart below, using data from the National Associati. ...