You may see media coverage talking about a drop in homeowner equity. What’s important to understand is that equity is tied closely to home values. So, when home prices appreciate, you can expect equity to grow. And when home prices decline, equity does too. Here’s how this has played out recently. 

Home prices rose rapidly during the ‘unicorn’ years. That gave homeowners a considerable equity boost. But those ‘unicorn’ years couldn’t last forever. The market had to moderate at some point, and that’s what we saw last fall and winter. 

As home prices dropped slightly in the back half of 2022, equity was impacted. Based on the most recent report from CoreLogic, there was a 0.7% dip in homeowner equity over the last year. However, the headlines…

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Your Needs Matter More Than Today’s Mortgage Rates




If you’re thinking about selling your house right now, chances are it’s because something in your life has changed. And, while things like mortgage rates are a key part of your decision on what you’ll buy next, it’s important to not lose sight of the reason you want to make a change in the first place.

It’s true mortgage rates have climbed from the record lows we saw in recent years, and that has an impact on affordability. With rates where they are right now, some homeowners are deciding they’ll wait to sell because they don’t want to move and have a higher mortgage rate on their next home. As Danielle Hale, Chief Economist at Realtor.com, explains:

“. . . homeowners who locked in a 30-year…

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Blog Post 5

2104 Moriarty Dr, Brookings, SD

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$ CLICK FOR CURRENT PRICE 5 BEDROOMS 3 BATHROOMS 0.35 acres Lot

Enjoy this 5 bedrooms, 3 bath home that has plenty of space inside and outside. Three of the bedrooms are on the main level along with main level laundry. The large family room has a theater system, mini kitchen and great space to entertain. The newly fenced (with puppy guard) back yard features a large patio with a pergola and a 10 x 16 shed with cement floor. A pre-listing home inspection has been completed on this property. Inspection…

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Are Home Prices Going Up or Down? That Depends…




Media coverage about what’s happening with home prices can be confusing. A large part of that is due to the type of data being used and what they’re choosing to draw attention to. For home prices, there are two different methods used to compare home prices over different time periods: year-over-year (Y-O-Y) and month-over-month (M-O-M). Here's an explanation of each. 

Year-over-Year (Y-O-Y):
  • This comparison measures the change in home prices from the same month or quarter in the previous year. For example, if you're comparing Y-O-Y home prices for April 2023, you would compare them to the home prices for April 2022.
  • Y-O-Y comparisons focus on changes over a one-year period, providing a…

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735 Missouri St, Toronto, SD

Just Listed

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$ CLICK FOR CURRENT PRICE 2 BEDROOMS 1.75 BATHROOMS 0.32 acres Lot

Charming home with many updates. 2 bedrooms, 2 baths, and all newer windows, electrical panel, plumbing, newer gutters, downspouts and lighting just to name a few improvements. See complete list of extensive improvements. This home sits on a double lot with alley access. Call today to view this home!

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Some Highlights

  • Comparing housing market metrics from one year to another can be challenging in a normal housing market – and the last few years have been anything but normal. In a way, they were ‘unicorn’ years.
  • Expect unsettling housing market headlines this year, mostly due to unfair comparisons with the ‘unicorn’ years.
  • Let’s connect so I can share the data that puts those headlines in the proper perspective.

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Blog Post 7

309 Thunder Ln, Brookings, SD

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$ CLICK FOR CURRENT PRICE 2 BEDROOMS 1 BATHROOMS 1897.71 sqft Lot

This ONE OWNER home is well maintained and features 2 bedrooms, 1 bath and is waiting for a new owner. Open floor plan and main floor laundry and ALL appliances are included! The crawl space and shed give you extra storage space. Shed has newer roof and shingles. Seller had the front deck stained and a new Larson storm door installed in 2020. The exterior of the house was painted and radon mitigation was installed in 2016. Don''t continue to pay rent…

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When you look at the numbers today, the one thing that stands out is the strength of this housing market. We can see this is one of the most foundationally strong housing markets of our lifetime – if not the strongest housing market of our lifetime. Here are two fundamentals that prove this point. 

1. The Current Mortgage Rate on Existing Mortgages

First, let’s look at the current rate on existing mortgages. According to the Federal Housing Finance Agency (FHFA), as of the fourth quarter of last year, over 80% of existing mortgages have a rate below 5%. That’s significant. And, to take that one step further, over 50% of mortgages have a rate below 4% (see graph below):

Now, there’s a lot of talk in the media about a potential…

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Today’s mortgage rates are top-of-mind for many homebuyers right now. As a result, if you’re thinking about buying for the first time or selling your current house to move into a home that better fits your needs, you may be asking yourself these two questions: 

  1. Why Are Mortgage Rates So High?
  2. When Will Rates Go Back Down?

Here’s context you need to help answer those questions.

1. Why Are Mortgage Rates So High? 

The 30-year fixed-rate mortgage is largely influenced by the supply and demand for mortgage-backed securities (MBS). According to Investopedia: 

“Mortgage-backed securities (MBS) are investment products similar to bonds. Each MBS consists of a bundle of home loans and other real estate debt bought from the banks…

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