Real Estate Blog - Home Buyer

Best Time to Sell? When Competition Is at an All-Time Low

In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are “seriously worried.” That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.

The latest Existing Home Sales Report published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44%, which far…

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Taking Advantage of Homebuying Affordability in Today's Market

Everyone is ready to buy a home at different times in their lives, and despite the health crisis, today is no exception. Understanding how affordability works and the main market factors that impact it may help those who are ready to buy a home narrow down their optimal window of time to make a purchase.

There are three main factors that go into determining how affordable homes are for buyers:

1. Mortgage Rates
2. Mortgage Payments as a Percentage of Income
3. Home Prices

The National Association of Realtors (NAR), produces a Housing Affordability Index, which takes these three factors into account and determines an overall affordability score for housing. According to NAR, the index:

“…measures whether or not a typical…

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For Sale-4+ Acres, House, Shop & Horse Area

3707 Main Ave S, Brookings, SD

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$ Click for current price
3 BEDROOMS | 1 full, 1 half, 1 ¾ baths BATHROOMS | 2064 SqFt

BEST OF ALL WORLDS!! Like the acreage setting, want to be close to town and you want horses? You can have all of that with this 4 acres property just a couple miles south of Brookings. The split level home is surrounded by many trees for tranquility from the road. Store all your toys and acreage necessities in the 60x36 machine shop. Then slip out to the horse pen to enjoy some summer nights riding around the large, fenced holding area. You get your dream property and your…

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Homebuyers Are in the Mood to Buy Today

According to the latest FreddieMac Quarterly Forecast, mortgage interest rates have fallen to historically low levels this spring and they’re projected to remain low. This means there’s a huge incentive for buyers who are ready to purchase. And homeowners looking for eager buyers can take advantage of this opportune time to sell as well.

There’s a very positive outlook on interest rates going forward, as the projections from the FreddieMac report indicate continued lows into 2021:

“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”

With mortgage rates hovering at such compelling places, ongoing buyer interest is bound to keep driving the housing…

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Open House-3707 Main Ave S-10-11:30am

3707 Main Ave S, Brookings, SD

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$ Click for current price
3 BEDROOMS | 2.25 Baths (1 full, 1 half, 1 ¾ bath ) BATHROOMS | 2064 SqFt

BEST OF ALL WORLDS!! Like the acreage setting, want to be close to town and you want horses? You can have all of that with this 4 acres property just a couple miles south of Brookings. The split level home is surrounded by many trees for tranquility from the road. Store all your toys and acreage necessities in the 60x36 machine shop. Then slip out to the horse pen to enjoy some summer nights riding around the large, fenced…

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Three Reasons Homebuyers Are Ready to Purchase This Year

A recent survey by Lending Tree tapped into behaviors of over 1,000 prospective buyers. The results indicated 53% of all homebuyers are more likely to buy a home in the next year, even amid the current health crisis. The survey further revealed why, naming several reasons buyers are more likely to move this year (see graph below):

Let’s break down why these are a few of the key factors motivating buyers to actively engage in the home search process, and the corresponding wins for sellers as well.

1. Low Mortgage Rates

The biggest reason potential homebuyers indicated they’re eager to purchase this year is due to current mortgage rates, which are hovering near all-time lows. Today’s low rates are making it more affordable than ever…

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Open House 106 Lindsay Dr-Aurora SD

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$ Click for current price
4 BEDROOMS | 2.75 Baths (2 full, 1 ¾ bath ) BATHROOMS | 1900 SqFt

WELCOME HOME! Feel free to look at the new construction, then come and take a peek at this almost new Split Level home. You get 4 Bedrooms, 3 Baths, a fully fenced yard and a ''She Shed'' that anyone would love. All appliances are included and landscaping is already done, including under ground sprinklers! Don't let the lower level scare you, the owners never had carpet installed and has not had any water concerns, especially the last couple years. Add a heater in…

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National Homeownership Month

Some Highlights

• National Homeownership Month is a great time to reflect on how we can each promote stronger community growth.

• Homeownership helps families build financial freedom, find greater happiness and satisfaction, and make a positive impact on our local communities.

• Let’s connect today if homeownership is part of your future plans.

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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Home Prices: It's All About Supply and Demand

As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact the economic slowdown will have on home prices. Looking at the big picture, supply and demand will give us the clearest idea of what’s to come.

Making our way through the month of June and entering the second half of the year, we face an undersupply of homes on the market. Keep in mind, this undersupply is going to vary by location and by price point. According to the National Association of Realtors (NAR), across the country, we currently have a 4.1 months supply of homes on the market. Historically, 6 months of supply is considered a balanced market. Anything over 6 months is a buyer’s market, meaning…

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The Benefits of Homeownership May Reach Further Than You Think

More than ever, our homes have become an integral part of our lives. Today they are much more than the houses we live in. They’re evolving into our workplaces, schools for our children, and safe havens that provide shelter, stability, and protection for our families through the evolving health crisis. Today, 65.3% of Americans are able to call their homes their own, a rate that has risen to its highest point in 8 years.

June is National Homeownership Month, and it’s a great time to reflect on the benefits of owning your own home. Below are some highlights and quotes recently shared by the National Association of Realtors (NAR). From non-financial to financial, and even including how owning a home benefits your local economy, these items may…

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