Real Estate Blog - Shane Andersen

Why Aren’t Home Prices Crashing?

Why Aren’t Home Prices Crashing?

There have been a lot of shifts in the housing market recently. Mortgage rates rose dramatically last year, impacting many people’s ability to buy a home. And after several years of rapid price appreciation, home prices finally peaked last summer. These changes led to a rise in headlines saying prices would end up crashing.

Even though we’re no longer seeing the buyer frenzy that drove home values up during the pandemic, prices have been relatively flat at the national level. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), doesn’t expect that to change:

You might…

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Two Reasons You Should Sell Your House

Wondering if you should sell your house this year? As you make your decision, think about what’s motivating you to consider moving. A recent survey from realtor.com asked why homeowners are thinking about selling their houses this year. Here are the top two reasons (see graphic below):

Let’s break those reasons down and explore how they might resonate with you.

1. I Want To Take Advantage of the Current Market and Make a Profit

When you decide to sell your house, how much you’ll make from the sale will likely be top of mind. So, here’s some good news: according to the latest data, the average seller can expect a strong return on their investment when they make a move. ATTOM explains: 

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How Changing Mortgage Rates Can Affect You

The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.

The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:

Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down.

What This Means for You

You may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go…

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Facts About Closing Costs

Facts About Closing Costs 

Some Highlights

• If you’re thinking about buying a home, be sure to plan for closing costs.
• Closing costs are typically 2% to 5% of the total purchase price of a home, and they can include things like government recording costs, appraisal fees, and more.
• Let’s connect so I can answer your questions about the homebuying process.

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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182 Northbay Dr-Lake Albert-Open House

182 Northbay Dr, Arlington, SD

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4 BEDROOMS | 3 Full Baths BATHROOMS | 2834 SqFt

GORGEOUS LAKE SIDE HOME ON LAKE ALBERT. 100' feet of lake frontage and Lake Views Galore is all yours. Ranch with Walk Out home has room to entertain,inlcuding a Lower Level Kitchenette and patio access. Open Kitchen and Living area concept with Main Level Laundry that leads into the 3 stall oversized garage-room for 4 average cars. Or make a portion of it your play/shop area. Below the garage is another tuck…

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2201 16th Ave S-Brookings-OPEN HOUSE

2201 16th Ave S, Brookings, SD

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5 BEDROOMS | 3 Full Baths BATHROOMS | 3164 SqFt

This 5 bedroom, 3 bath home is just what you've been looking for! 3 bedrooms are on the main level along with the laundry room. The kitchen, dining and living room has a open concept and sliding door off the dining area to a 12 x 14 deck and large circular stamped patio with a gas firepit. The extra large family room with a gas fireplace and daylight windows is sure to catch your attention. Check out the…

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We’re in a Sellers’ Market. What Does That Mean?

Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today’s low supply of homes for sale is still a sellers’ market. But what does that really mean? And why are conditions today so good if you want to list your house?

It starts with the number of homes available for sale. The latest Existing Home Sales Reportfrom the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (see graph below):

What Does This Mean for You?

When the supply of homes for sale is…

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501 E Wye Mesa-Just Listed

501 E Wye Mesa, Brookings, SD

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Brookings Home Team

Broker Associate
Century 21 Krogman & Co.
605-691-3023
Licensed In: South Dakota
License #: 14427

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$ Click for current price
3 BEDROOMS | 2 Full Baths BATHROOMS | 1404 SqFt

''Wye'' not make your move to this well-maintained home in…

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How Homeownership Is Life Changing for Many Women

Throughout Women’s History Month, we reflect on the impact women have in our lives, and that includes impact on the housing market. In fact, since at least 1981, single women have bought more homes than single men each year, and they make up 17% of all households.

Why Is Homeownership So Important to Women?

The rise in women pursuing homeownership hasn’t just made an impact on the housing market. It’s also been an asset for those buyers and their households. That’s because homeownership has many benefits, both financial and personal.

On the financial side, housing proves to be the key to building wealth for single women. Ksenia Potapov, Economist at First American, says:

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Get Ready: The Best Time To List Your House Is Almost Here

Get Ready: The Best Time To List Your House Is Almost Here

If you’re thinking about selling this spring, it’s time to get moving – the best week to list your house is fast approaching.

Experts at realtor.com looked at seasonal trends from recent years (excluding 2020 as an uncharacteristic year due to the onset of the pandemic) and determined the ideal week to list a house this year:

If you’ve been waiting for the best time…

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