Recent data from Zillow reveals that 66% of sellers thought about renting their home before listing, with nearly a third taking the possibility seriously. This is a noticeable increase from 2021, when only 47% considered renting first.

So, should you sell your house and use the proceeds to fund your next purchase, or hold onto it as a rental property to build long-term wealth? Let’s explore the key questions to help you make the right decision for your goals—especially in the Columbus real estate market.

Is Your Home a Good Fit for Renting in Columbus?

Before diving into the rental market, it’s crucial to determine if your home is a good fit for renting.

Location Matters

Columbus has thriving neighborhoods like Short North, German Village, and Grandview Heights that are highly desirable for renters. However, if your home is located in a less sought-after area or lacks proximity to amenities like schools, parks, or public transit, renting it out may be more challenging.

Maintenance and Distance

If you’re relocating out of Columbus or even further, managing the upkeep of your rental property could quickly become a burden. Consider whether you’re prepared to handle emergency repairs or hire a property manager.

Home Readiness

Does your home need significant repairs or updates before it’s rental-ready? In neighborhoods where renters have high expectations—like Dublin or Westerville—you might need to invest in renovations to make your property competitive.

If these challenges feel overwhelming, selling your home might be the better option.

Are You Ready for the Realities of Being a Landlord?

Managing a rental property is more than just collecting rent checks—especially in a growing city like Columbus.

Time Commitment

Owning a rental property means dealing with maintenance calls, tenant complaints, and occasional emergencies. As Redfin points out, landlords must handle unexpected repairs, such as:

• Broken HVAC systems during cold Ohio winters.
• Plumbing issues that disrupt daily life.
• Roof or structural damage caused by harsh weather.

If you don’t have the time or funds to handle these responsibilities, renting might not be the right choice.

Tenant Risks

Even in a stable market like Columbus, there’s always a chance that tenants could miss payments, break leases, or cause property damage. Are you financially and mentally prepared for these possibilities?

Do You Understand the Costs of Renting your Home?

While renting out your home can provide passive income, it’s essential to understand the expenses involved.

Fixed Costs

• Mortgage and Property Taxes: These remain your responsibility, even if your rental income doesn’t fully cover them.
• Insurance: Landlord insurance costs about 25% more than standard homeowner policies.

Maintenance Costs

Plan to set aside at least 1% of the home’s value annually for maintenance—more if your home is older or has unique features like a pool or historic architecture.

Tenant Turnover

Vacancies between tenants can cost you time and money. You’ll need to cover the mortgage and invest in marketing the property until a new tenant moves in.

HOA and Property Management Fees

If your home is in an HOA neighborhood, additional fees apply. Hiring a property manager, while convenient, typically costs about 10% of your rental income.

Should You Rent or Sell Your Home in Columbus?

Ultimately, the decision to sell or rent your home comes down to your financial situation, lifestyle, and long-term goals. If you want a simpler path with fewer risks, selling might be the way to go. Columbus is a hot market with rising home values, making it an excellent time to capitalize on your investment.

Ready to Make Your Decision?

When you’re ready to move, Sell For 1 Percent Realtors is here to guide you. Our team specializes in Columbus, Ohio, helping homeowners save thousands with our full-service 1% commission model.

Whether you decide to sell or rent, we’ll provide expert advice tailored to your situation. Contact us today to start your journey—and take advantage of the incredible opportunities in the Columbus real estate market!

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What’s Happening in the Columbus Housing Market?

Interest Rates Remain a Key Factor

As of mid-November, mortgage rates are hovering in the high 6% to low 7% range. While rates have increased slightly, this shift has brought notable changes to the market dynamics. Gone are the days of paying $50,000 over asking price or waiving every contingency. Today’s buyers have more negotiating power, and sellers can still achieve top dollar with the right strategy.

Inventory in Columbus Is on the Rise

We’re seeing more homes on the market compared to the frenzied pace of the past few years. This increased inventory gives buyers more options and allows sellers to position their homes competitively to attract serious offers. For both buyers and sellers, the key is adapting to these new conditions with informed, strategic decisions.

Opportunities for Buyers in Columbus

More Negotiation, Fewer Bidding Wars

For buyers, the current market offers a chance to purchase a home without the pressure of competing against multiple offers. Inspection contingencies and remedies have made a comeback, and buyers are often able to secure properties at or below asking price. This shift provides a window of opportunity to find your dream home without overpaying.

Why Now is a Great Time to Buy

Even with slightly higher interest rates, today’s buyers can avoid the inflated prices seen in recent years. And remember, refinancing options may become available in the future if rates drop. In the meantime, locking in a home at a fair price sets you up for long-term equity gains.

Opportunities for Sellers

Homes Are Still Selling for Top Dollar

Despite market shifts, Columbus remains a strong market for sellers. Well-priced homes in good condition are attracting serious buyers. While you may not see a sale within hours of listing, most homes are selling within a few weeks at competitive prices.

Setting the Right Expectations

The market is stabilizing, which means sellers need to adapt their strategies. At Sell For 1 Percent, we help you create a tailored game plan to showcase your home’s value and attract the right buyers. Whether it’s professional marketing, pricing strategies, or expert negotiations, we ensure your home sells for top dollar with less hassle.

Why Choose Sell For 1 Percent?

At Sell For 1 Percent, we’re more than just a real estate brokerage—we’re your trusted partner in navigating the Columbus housing market. Our full-service approach ensures you receive all the benefits of traditional real estate services while saving thousands with our 1% commission model.

How We Deliver Value:

• Technology-Driven Marketing: Your home gets maximum exposure through cutting-edge digital tools and platforms.
• Expert Guidance: With years of experience in the Columbus market, our team provides tailored advice to achieve your goals.
• Transparent Savings: Our 1% commission model means more money stays in your pocket.

Ready to Buy or Sell?

Whether you’re looking to buy your dream home or sell your property for top dollar, the team at Sell For 1 Percent is here to help. Our innovative approach ensures a smooth and successful transaction, no matter the market conditions.

Contact Us Today

Call or email us to learn how we can help you make the most of today’s real estate opportunities. Let’s get started on your journey to success!

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The Power of VA Home Loans for Veterans

For veterans thinking about buying a home, VA home loans offer unique benefits that can ease the journey to ownership. These government-backed loans are designed with veterans’ specific needs in mind, making homeownership possible for those who have served our country. And the perks are especially relevant here in Ohio, where affordable home options are within reach for many veterans and their families.

The primary benefits of VA home loans include:

1. No Down Payment: One of the standout advantages of VA loans is that many veterans can qualify for a mortgage without putting down any cash upfront. This makes homebuying more attainable and frees up resources for other essential expenses.
2. Lower Closing Costs: VA loans place a cap on certain closing costs, keeping more money in the buyer’s pocket. For veterans here in Ohio, where home prices can vary widely, these cost savings can be incredibly helpful.
3. No Private Mortgage Insurance (PMI): Unlike most conventional loans that require PMI when the buyer puts down less than 20%, VA loans waive this extra monthly expense. This can save veterans hundreds of dollars each year, lowering monthly payments and making it easier to manage mortgage costs.

Encouragement for Veterans Selling Their Homes

If you’re a veteran or the family of one, you know that Ohio’s real estate market can shift. Homes that stay on the market longer than expected can be frustrating. But remember, there’s always an audience for well-priced homes, especially when they’re marketed by experts who understand the local market. A VA loan can expand that buyer pool, bringing more qualified buyers to the table.

A Fresh Approach for Ohio Sellers

If you’re feeling discouraged with a home that hasn’t sold yet, there’s hope. At Sell for 1 Percent Realtors, we’re experts in helping homes stand out, and our full-service brokerage can save you thousands. By listing with us, you’ll benefit from our expertise in using today’s technology to attract buyers, keeping your commission costs down to just 1%. Our team knows the Ohio market inside and out, helping you maximize your chances of connecting with the right buyer.

A Special Thank You to Our Veterans

At Sell for 1 Percent Realtors, we extend our deepest gratitude to all veterans and active service members for the sacrifices you’ve made to protect our freedoms. Your service and dedication inspire us, and we’re honored to support you in achieving your homeownership dreams. Whether you’re looking to buy your first home or sell a property that no longer fits your needs, we’re committed to providing top-tier service at just 1% commission, saving you thousands and making every dollar count. Thank you for your service—now, let us serve you.

Let’s Connect and Make It Happen

Owning a home is a cornerstone of the American Dream, and for veterans, VA home loans offer a powerful pathway to making that dream a reality. Whether you’re buying or selling, we’re here to guide you every step of the way.

Ready to make a move? Reach out to Sell for 1 Percent Realtors today to see how our low commission rate and modern approach can work for you. Call us now and let’s turn your real estate goals into reality.

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What Happens to the Housing Market During Election Years?

A History of Calm Amid Election Cycles

Historically, the real estate market often slows in the months leading up to a presidential election. Buyers and sellers adopt a “wait and see” approach, creating a brief pause as people await election outcomes and possible policy changes. However, once the election is over, the market tends to pick up as the uncertainty is resolved.

Looking back, we see this pattern repeat. In 2016, after the election dust settled, Columbus real estate experienced renewed activity, driven largely by a steady economy and low-interest rates. Similarly, in 2020, while the pandemic created challenges, the market quickly rebounded post-election, with low mortgage rates fueling a strong seller’s market.

Why Do Election Years Influence the Market?

Political transitions bring the potential for economic policy changes, impacting everything from tax laws to mortgage rates. People naturally pause big decisions, especially those with financial risk, to see how new policies could affect their personal finances. For example, if tax breaks for homeowners or first-time buyers are anticipated, it may delay buyer activity until after the election. Conversely, if housing policies or mortgage rates are expected to shift, sellers may accelerate their listings before the changes take effect.

How the 2024 Election is Shaping the Columbus Real Estate Market

Interest Rates and Economic Indicators

This year, the economy has shown mixed signals. Nationally, recent reports show low job creation numbers, a shift many attribute to factors like recent strikes and weather events. However, mortgage interest rates remain near 7%, affecting affordability for some buyers. The Federal Reserve’s decisions on rate cuts, potentially on the horizon, may offer relief and stimulate buyer interest.

Columbus Market Resilience

Here in Columbus, despite the larger economic backdrop, homes are still selling. While inventory has reached a six-year high, the demand remains strong, with competitively priced homes still attracting multiple offers. We’re seeing two months of housing supply, marking a healthy, albeit slightly slower, market compared to previous years. What this tells us is that the fundamentals remain sound, making it an excellent time for those who are ready to buy or sell.

Buyer and Seller Tips for Navigating an Election Year Market

For Sellers: Embrace the Opportunity

If you’re considering selling, now is a great time. Despite fluctuations, Columbus remains a seller’s market in many areas. With Sell For 1 Percent, you benefit from our 1% commission model, allowing you to keep more of your hard-earned equity. Leveraging the latest technology, we market your property effectively to reach serious buyers quickly and efficiently.

For Buyers: Get Pre-Approved and Start Watching Rates

With inventory up, buyers have more choices and time to make informed decisions. If you’re shopping for a home, we recommend staying in close contact with your lender and realtor to watch for potential rate changes after the election. At Sell For 1 Percent, we can connect you with trusted lenders and provide the latest updates on rates and housing inventory.

What Can We Expect After the Election?

As we’ve seen in past cycles, we can expect some pent-up demand to be released once the election concludes. Typically, buyers and sellers who were in a holding pattern will re-enter the market, often leading to a slight uptick in activity. Whether Democrat or Republican, historical patterns show that housing market fundamentals often hold steady post-election, with any adjustments occurring gradually rather than overnight.

The Sell For 1 Percent Advantage: Full-Service Real Estate at Just 1% Commission

Navigating an election year market can feel daunting, but with the right partner, it’s an opportunity. At Sell For 1 Percent, we’re a full-service brokerage that utilizes technology to streamline the selling process, saving our clients thousands with our 1% commission model. We handle everything from professional marketing to negotiations, ensuring your home sells quickly and at the best price.

Ready to Sell Your Home?

If you’re thinking about selling, don’t wait. The current market conditions present a fantastic opportunity to list your home and benefit from high demand and limited competition. Reach out to our team at Sell For 1 Percent today and experience the benefits of our full-service approach with only 1% commission.

Let’s make your real estate goals a reality — election year or not. Contact us today to learn more about our innovative approach and how we can help you save.

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In today’s market, understanding why this shortage persists can make all the difference when you’re ready to sell.

What’s Driving the Housing Shortage?

Underproduction of Homes

For years, home construction hasn’t kept up with the growth in households. According to industry insights, while 1.4 million homes were built in 2022, the U.S. added 1.8 million households. The gap between demand and supply has only grown, especially here in Ohio, where demand for homes continues to rise as more people move in, forming new households faster than new homes can be built. This imbalance makes today’s market a seller’s advantage.

Rising Costs and Supply Chain Challenges

Rising building costs and supply chain issues that intensified during the pandemic have slowed new home construction. High material prices, labor shortages, and logistical delays have made it more difficult for builders to keep up, meaning fewer homes are being added to the market. Ohio homebuyers are feeling this impact as new construction remains limited, making existing homes even more desirable.

Regional Imbalances in Demand

Some areas are seeing more demand than others, especially Ohio cities with job growth and desirable amenities. However, the number of new building permits often lags behind the pace of this growth. This regional disparity means that the most popular areas remain tightly competitive, with many buyers vying for the same properties.

How Big Is the Housing Shortage?

The U.S. is estimated to be short by about 3.3 million homes. Experts predict that over the next decade, the country will need nearly 18 million new homes to meet future demand. In Ohio, this shortage offers a unique selling point for homeowners who are ready to list. With not enough homes to meet current or projected demand, today’s market creates an opportunity for sellers to shine.

Why This Market Is a Win for Sellers

For those thinking about selling, this shortage can work in your favor. Fewer homes mean that buyers have limited choices, and they’re willing to act quickly on the right property. If your home has been on the market for a while, know that the extended inventory gap will continue to bring motivated buyers to your door, often competing with each other and putting upward pressure on prices.

What Buyers Are Facing in Today’s Market

In today’s market, buyers face unique challenges due to the lack of inventory. With limited options, buyers are often competing for the same properties, which can lead to quicker offers, higher prices, and an urgency to act fast. For homeowners looking to sell, this competitive environment can result in higher offers and more favorable terms.

How Sell for 1 Percent Realtors Can Help You Sell in Today’s Market

As a seller, you want an experienced real estate agent who understands local trends, pricing, and how to best showcase your home. At Sell for 1 Percent Realtors, we’re a full-service brokerage that leverages today’s technology to save you thousands of dollars by selling your home for just 1% commission. With our expert knowledge of the Ohio market, we help you take advantage of today’s market, giving your home the competitive edge it deserves.

Bottom Line

Even though there are more homes for sale than there were last year, the market is still in your favor. With a shortage of homes, demand is high, and buyers are ready. If you’re considering a move, call Sell for 1 Percent Realtors today. We’ll help you make the most of today’s market, saving you money and ensuring a successful sale.

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The countdown is on! Our next live event is just around the corner.

About Our Business

At Sell For 1 Percent, we’re not just about selling homes—we’re about delivering value to our clients every step of the way. With cutting-edge technology and expert local knowledge, we help you sell your home for a fraction of the cost while providing full-service support. Our approach saves you money while maximizing your sale. We’re passionate about serving the Columbus community and making the home-selling process smooth, efficient, and stress-free.

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Homeownership and Mortgage Trends

According to an analysis by Realtor.com, 60.2% of U.S. homeowners have a mortgage, while 39.8% own their homes outright. The share of mortgaged homeowners versus those who own their homes outright can vary significantly from state to state. Unsurprisingly, areas with a higher percentage of mortgaged homeowners are more likely to be affected by interest rate movements compared to regions where outright ownership is more common.

For example, Washington, D.C., has the highest percentage of owner-occupied homes with a mortgage at 77.3%, followed by Maryland at 70.7%, Colorado at 69.1%, and Utah at 68.1%. Conversely, West Virginia, Mississippi, and Louisiana have some of the lowest percentages of homes with mortgages, at 44.4%, 48%, and 51.7%, respectively.

Correlation Between Homeownership and Age

Interestingly, the Realtor.com report also found that markets with higher homeownership rates tend to have a greater share of outright ownership. There is a strong correlation between the prevalence of outright homeownership and the proportion of older homeowners, particularly those aged 65 and above. As homeowners age, many pay off their mortgages, resulting in an increasing share of homes owned free and clear.

Additionally, the share of homeowners carrying mortgage debt has been declining in recent years. In 2010, 67.2% of homeowners had mortgage debt, while 32.8% owned their homes outright. Today, the gap is closing, with outright homeownership on the rise.

Mortgage Rates: The Volatility Factor

Despite the recent interest rate cuts and fluctuations in the 30-year fixed-rate mortgage, the path forward for mortgage rates is uncertain. The average 30-year fixed-rate mortgage fell from 6.8% in 2023 to 6.1% as of early October, but rates have since increased to about 6.6%, according to data from Zillow.

This volatility can have a significant impact on homebuyers’ monthly payments, making it difficult to predict long-term affordability. As Zillow researchers noted, “Recent fluctuations in mortgage rates are causing potential monthly payments to shift quickly for homebuyers.” This can also affect current homeowners deciding whether to refinance, as changing rates could alter the math on whether refinancing would provide any meaningful savings.

Moreover, there is no guarantee that mortgage rates will continue to fall, even if the Federal Reserve cuts its key interest rate further. The uncertainty in rate movement means potential buyers must stay informed and consider multiple factors when making a decision to buy or refinance.

Mortgage Application Trends

Data released by the Mortgage Bankers Association (MBA) shows that mortgage applications decreased by 5.1% in the week ending Oct. 4, 2024, compared to the previous week. Additionally, the MBA’s Refinance Index dropped by 9%, although it was 159% higher than the same time last year. Meanwhile, the Purchase Index increased by just 0.1% from the previous week but was 8% higher than the same week in 2023.

Mike Fratantoni, MBA’s senior vice president and chief economist, emphasized that while mortgage rates are a significant factor in homebuying decisions, they are not the only consideration. The largest constraint for many prospective homebuyers has been a lack of inventory. However, with more homes available in many markets and mortgage rates still relatively low compared to recent history, some buyers are moving ahead with their plans.

Conclusion: What It Means for Buyers and Sellers

While interest rate cuts have provided some relief, the housing market remains complex and highly localized. Areas with a high percentage of mortgaged homeowners are more likely to feel the effects of rate changes, while outright homeowners may be less impacted. Additionally, fluctuations in mortgage rates can lead to uncertainty for both homebuyers and those considering refinancing.

At Sell For 1 Percent, we understand the challenges of navigating a fluctuating housing market. We specialize in helping our clients buy and sell homes with ease, offering full-service brokerage support at just 1% commission—saving you thousands. Whether you’re looking to take advantage of current market conditions or explore your options for buying or selling, we’re here to guide you.Contact us today at Sell For 1 Percent or call 614-451-6616 to learn how we can help you achieve your real estate goals in these uncertain times.

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The Impact of Climate Disasters on Housing

Natural disasters have caused more than $25 billion in damages so far in 2024, and nearly half of U.S. homes—44.8%—are at risk for exposure to extreme weather. This includes everything from heatwaves and wildfires to hurricanes and floods, with significant implications for housing prices and insurance premiums.

Southern states, especially those in the Sun Belt, are among the most vulnerable. For example:

• Mississippi: Insurance rates are 30% above the national average, following a severe flood in the spring.
• Florida: Homeowners face insurance rates that are four times the national average due to hurricane risks.

As extreme weather continues to reshape the landscape, more and more people are becoming “climate migrants,” abandoning areas plagued by frequent natural disasters. Research from the First Street Foundation estimates that 3.2 million people have relocated due to climate risks.

Ohio: A Safe Haven from Climate Disasters

While climate change brings chaos to much of the country, Ohio cities offer an oasis of safety. From Akron to Cincinnati, these cities rank among the best places to live when it comes to avoiding hurricanes, floods, and wildfires. Here’s why Ohio is leading the charge:

Top Ohio Cities with Minimal Climate Risk

1. Akron, OH
   • Share of homes at the lowest risk: 91.1%
   • Total value of properties at the lowest risk: $55.4 billion
2. Cleveland, OH
   • Share of homes at the lowest risk: 89.3%
   • Total value of properties at the lowest risk: $163.5 billion
3. Columbus, OH
   • Share of homes at the lowest risk: 87.7%
   • Total value of properties at the lowest risk: $197.6 billion
4. Cincinnati, OH
   • Share of homes at the lowest risk: 87.7%
   • Total value of properties at the lowest risk: $199.3 billion
5. Dayton, OH
   • Share of homes at the lowest risk: 87.2%
   • Total value of properties at the lowest risk: $57.8 billion
6. Toledo, OH
   • Share of homes at the lowest risk: 83.6%
   • Total value of properties at the lowest risk: $41 billion

Ohio’s dominance on this list is no coincidence. These cities are largely insulated from the types of extreme weather that wreak havoc on coastal and southern regions, offering homeowners peace of mind, lower insurance costs, and a stable housing market.

Other Safe Cities Outside of Ohio

While Ohio cities dominate the list, a few other cities also rank highly for low climate risk:

• Seattle, WA: 88.4% of homes are at the lowest risk, with a total property value of $784.2 billion.
• Indianapolis, IN: 86.9% of homes are at low risk, with $190.1 billion in property value.
• Pittsburgh, PA: 84.7% of homes at low risk, totaling $183.3 billion in value.
• Grand Rapids, MI: 82.2% of homes are at the lowest risk, with $93.4 billion in property value.

Why Low-Risk Areas Like Ohio Are Becoming More Desirable

The increased prevalence of climate disasters is pushing more people to seek out safer areas to live. According to Realtor.com® economist Jiayi Yu, “Living in areas with a low risk of natural disasters offers numerous benefits to homeowners, including reduced risk of property damage, lower insurance costs, and a more stable local economy.”

The benefits of living in low-risk areas like Ohio extend beyond just avoiding floods or hurricanes. In regions with fewer climate threats:

• Property values tend to remain stable, even during economic downturns.
• Insurance premiums are significantly lower, saving homeowners thousands of dollars each year.
• Infrastructure and local economies are less impacted by the costs of rebuilding after a disaster.

With climate migration on the rise, these benefits are driving demand for homes in safer regions, and Ohio is leading the way.

Avoid Real Estate Disasters Working with Sell For 1 Percent Realtors

If you’re considering relocating to a low-risk area like Columbus, Cleveland, Cincinnati, or Toledo, now is the time to take action. Sell For 1 Percent Realtors is a full-service brokerage based in Columbus, Ohio, serving all the major metros in the state. We offer top-notch real estate services at just 1% commission, passing the savings from today’s technology directly to our clients.

Whether you’re looking to buy or sell, our team can help you navigate the market, ensuring you find the best value in Ohio’s safest cities. Contact us today to get started and take advantage of our low commission rates, so you can save more on your next home.

Ohio’s unique position as a climate-safe haven makes it an attractive option for homebuyers looking to avoid the risks associated with extreme weather. With lower costs, more stable property values, and fewer climate-related disruptions, there’s no better time to invest in an Ohio home. Work with Sell For 1 Percent Realtors to find your dream home and secure your future in one of America’s safest regions!

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Is Now the Best Time to Buy a Home?

The 2024 housing market has been marked by high prices and mortgage rates, which have held back some buyer demand. However, the tide is shifting, and as we approach fall, conditions are set to improve for homebuyers. According to recent data, the best time to buy a home this year is between Sept. 29 and Oct. 5, with the two weeks following also providing favorable opportunities.

Key Highlights:

• Increased Inventory: This period is expected to offer up to 37% more active listings than the start of the year, providing buyers with more options.
• Potential Savings: Buyers could save over $14,000 on a median-priced home of $445,000 compared to the summer peak.
• Falling Mortgage Rates: With the potential for lower mortgage rates in the fall, buyers may find homeownership more affordable.

The Year So Far

So far in 2024, home prices have stayed near last year’s levels, keeping housing relatively expensive. However, inventory has been improving, with a significant jump since late 2023. By August 2024, there were 35.8% more homes for sale compared to the previous year, though inventory still remains below pre-pandemic norms.

One of the biggest factors holding back sellers has been mortgage rates, which have stayed between 6% and 8%. Many homeowners are “locked in” to their current low rates, making them hesitant to sell. However, increased inventory, coupled with the possibility of easing mortgage rates, might create a better environment for buyers later this year.

Why Early October is the Best Time to Buy

More Listings

During the week of Sept. 29–Oct. 5, inventory is expected to peak, giving buyers the highest number of options. Listings during this week could be 14% higher than the average week in 2024.

Less Competition

With demand waning after the busy summer season, there is typically 29.5% less competition during this period compared to the spring peak. This means fewer bidding wars and more room for negotiation.

Manageable Market Pace

Homes are expected to stay on the market longer during this time, allowing buyers more time to consider their options. Historically, homes take 13 days longer to sell during this week compared to the market peak in June, giving buyers more flexibility.

Lower Prices

Prices tend to dip in the fall, and this year, buyers could see a 3.1% decrease in listing prices during the best week, translating into savings of around $14,000. Additionally, more homes are likely to see price reductions, with 5.6% of homes typically having their prices cut during this period.

Regional Variations

While Sept. 29–Oct. 5 is the best week to buy nationally, the timing may vary slightly depending on where you are:

• New York, Boston, and Washington, DC have an earlier best week in mid-September.
• Los Angeles and Houston see their best week in early November.
• Many other cities, like Dallas, Chicago, and St. Louis, share the same best week as the national market.

For more specific information on your area, check local market reports.

Planning Your Purchase in a Shifting Market

Mortgage rates have been volatile, hovering in the 6% to 8% range. However, as we approach the end of the year, there’s hope that rates will drop further due to slowing inflation and possible interest rate cuts from the Federal Reserve. If you’re planning to buy this fall, here are a few things to consider:

Prioritize Price or Inventory?

• If low prices are your top priority, consider waiting a bit longer, as prices tend to dip further as the holidays approach.
• If having more options is key, buying in early October may be your best bet, as listings tend to peak before the inventory starts to shrink in the winter months.

No matter what your priorities are, take the time to familiarize yourself with your local market. Set up alerts for new listings and be ready to act when the right home comes along.

Call to Action: Work With Sell For 1 Percent Realtors

Looking to capitalize on the best time to buy a home? Sell For 1 Percent Realtors is here to help. We offer full-service real estate services at a fraction of the traditional cost, saving you thousands. With our innovative approach, we use today’s technology to sell homes for just 1% commission, passing the savings directly to our clients.

Whether you’re a first-time buyer or looking to upgrade, now is the time to make your move. Contact us today and let us guide you through the homebuying process with expertise and savings you won’t find anywhere else.

With the right preparation and timing, you can find your dream home this fall and save big. Don’t miss out on the opportunity to take advantage of these favorable market conditions!

The post The Best Time to Buy a Home in 2024: Sept. 29 – Oct. 5 appeared first on sellfor1percent.

Understanding the Impact of Interest Rate Cuts

While the Fed’s actions aim to stabilize the economy, the effects of interest rate cuts are multifaceted. The Federal Reserve must strike a delicate balance between reducing inflation and avoiding spikes in unemployment. As the Fed moves forward, it’s essential to understand how these actions might impact both the national economy and your personal financial situation.

Recession Outlook

One of the Federal Reserve’s primary concerns has been avoiding a recession. Higher interest rates were used to cool the economy and reduce inflation. However, cutting rates often signals concerns about worsening economic conditions. Historically, in the six interest rate-cutting cycles before the COVID-19 pandemic, the U.S. economy fell into a recession an average of 18 months after the Fed began lowering rates.

While this isn’t a guarantee, it’s worth noting that mid-September of 2024 saw the U.S. Treasury yield recession indicator trigger warnings for economists. If history repeats itself, we could be heading toward a recession sooner than expected. On average, recessions last between six and 18 months, with varying levels of severity.

Immediate Consumer Impact from Interest Rate Cuts

While long-term economic consequences are crucial, many people are more concerned about how rate cuts affect their day-to-day finances. Here’s how the recent Federal Reserve rate cut may impact your financial situation:

1. Loans and Mortgages

• Fixed-Rate Mortgages: These won’t see much change, as they are unaffected by short-term interest rate cuts.
• Adjustable-Rate Mortgages (ARMs): ARMs and home equity loans or HELOCs tied to prime rates could see reduced interest rates, lowering your monthly payments.
• New Loans: If you’re considering taking out a loan or mortgage, now may be a good time to lock in a lower rate if it’s tied to the Federal Reserve’s cuts.

2. Credit Cards

• Variable Rate Cards: Credit cards with variable interest rates could see a decrease, saving you on interest charges.
• Fixed-Rate Cards: Be cautious, as credit card companies can adjust rates at their discretion, independent of the Fed’s decisions.

3. Savings and CDs

• Unfortunately, a downside to lower interest rates is that high-yield savings accounts and certificates of deposit (CDs) will likely offer reduced annual percentage yields (APYs). Over the last year, the high APY rates have been a response to the Fed’s previous high interest rates. As those come down, so will the returns on your savings accounts.

How to Make the Most of the Situation

Given the likelihood of continued rate cuts, now may be a prime opportunity to refinance loans or explore adjustable-rate options. Be strategic with your finances by keeping an eye on debt and looking for ways to minimize interest charges. Additionally, if you rely on savings accounts for building wealth, consider diversifying your investment portfolio to ensure your money continues working for you despite falling savings yields.

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