Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time:

“Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.”

How Your Equity Can Help You Achieve Your Goals

The equity you build up over the years can be used to your advantage when you sell your current house and buy your next home. If you no longer have the space you need, it might be time to move into a larger home. Or it’s…

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Everywhere you look, people are talking about a potential recession. And if you’re planning to buy or sell a house, this may leave you wondering if your plans are still a wise move. To help ease your mind, experts are saying that if we do officially enter a recession, it’ll be mild and short. As the Federal Reserve explained in their March meeting:

“. . . the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years.” 

While a recession may be on the horizon, it won’t be one for the housing market record books like the crash in 2008. What we have to remember is that a recession doesn’t always lead to a housing crisis.

To prove it, let’s look at…

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970 Steamboat Trl, Brookings, SD

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3 BEDROOMS | 2 Full Baths BATHROOMS | 1683 SqFt

SELLER IS MOTIVATED! $6500 BUYERS CLOSING CREDIT & finished Lower Level now. Beautiful, New Construction Ranch home with Quartz Countertops in the kitchen and bathrooms. Cast Iron, Country Style Kitchen sink, 5'x7' island and large walk in pantry. Bathroom Suite features heated porcelain tile flooring & duel sinks with a walk in tiled shower. Stone gas fireplace and the beautiful entertainment…

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1826 Skyview Ln, Brookings, SD

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4 BEDROOMS | 2 Full, 1 Half, 1 ¾ Baths BATHROOMS | 4360 SqFt

The LOCATION will draw you to this…

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923 Yosemite Ln, Brookings, SD

Get Directions Click Here OPEN HOUSE Thu, 5:00 PM to 6:30 PM Get Updated Eflyer
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3 BEDROOMS | 1 Full, 1 Half Baths BATHROOMS | 2696 SqFt

Check out this nice ranch style home the features 3 bedrooms and 2 bathrooms in a GREAT location. The location is close to the schools and shopping. 3 bedrooms on the main level plus main level laundry for your convenience. As you head downstairs you find a large family room, 2 bonus rooms, 3/4 bath and a Rec/Exercise room. The sellers just added a loft in the garage for extra storage. You'll…

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If you’re buying a home this spring, today’s housing market can feel like a challenge. With so few homes on the market right now, plus higher mortgage rates, it’s essential to have a firm grasp on your homebuying budget. You’ll also need a sense of determination to find the right house and act quickly when you go to put in an offer. One thing you can do to help you prepare is to get pre-approved.

To understand why it’s such an important step, you need to know what pre-approval is. As part of the process, a lender looks at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand how much money you can borrow.

Freddie Mac explains it like this:

“A…

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Why You May Want an Energy-Efficient Home



Some Highlights

  • Since inflation is increasing the cost of goods and services, it may make sense to look for an energy-efficient home.
  • Energy prices have increased over the last year, so look for energy-efficient features in your home search.
  • If you’re looking to buy a home this year, let’s connect so you have a partner to help you consider which features are most important to you.

THINKING OF SELLING AND/OR MOVING TO BROOKINGS, VOLGA, OR ANY SURROUNDING AREAS? GOT QUESTIONS? I’M HERE TO HELP! VISIT BROOKINGSHOMETEAM.COM FOR MORE DETAILS!

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What’s the Difference Between a Home Inspection and an Appraisal?




If you’re planning to buy a home, an inspection is an important step in the process. It assesses the condition of the home before you finalize the transaction. It’s also a different step in the process from an appraisal, which is a professional evaluation of the market value of the home you’d like to buy. In most cases, an appraisal is ordered by the lender to confirm or verify the value of the home prior to lending a buyer money for the purchase. Here’s the breakdown of each one and why they’re both important when buying a home.

Home Inspection

Here’s the key difference between an inspection and an appraisal. Bankrate says:

“In short, while an appraisal helps you understand…

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Falling out of Love with Your House? It May Be Time To Move.




Owning a home means having a place that’s solely your own and provides the space, features, and location you and your loved ones need. But what happens when your needs change? If this hits home for you, it may be time to make a move.

According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), the average person has lived in their current house for ten years. If you’ve been in your home for a while, think about how much in your life has changed since you moved in. Even if you thought it would be your forever home when you bought it, it doesn’t have to be. Work with a local real estate agent to explore all your options in…

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5 Reasons Millennials Are Buying Homes




In the United States, there are over 72 million millennials. If you’re part of that generation and have thought about buying a home, you aren’t alone. According to Zonda, 98% of millennials want to become a homeowner at some point if they aren’t already. But why? There are plenty of reasons you may choose to become a homeowner. Here’s why other millennials have made that decision (see graph below):

This graph shows why millennials are buying homes according to Zonda’s 6th annual millennial survey. The top reasons include building equity, a change in life stage, wanting stability, rising home values, and wanting to make somewhere truly their own. Here’s a look at each in more detail.

Building equity –…

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