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Buyers Want To Know: Why Is Housing Supply Still So Low?

Buyers Want To Know: Why Is Housing Supply Still So Low? | MyKCM

One key question that’s top of mind for homebuyers this year is: why is it so hard to find a house to buy? The truth is, we’re in the ultimate sellers’ market, so real estate is ultra-competitive for buyers right now. The number of buyers searching for a home greatly outweighs how many homes are available for sale.

While low inventory in the housing market isn’t new, it’s a challenge that continues to grow over time. Here’s a look at two reasons why today’s housing supply is low and what that means for you.

1. New Home Construction Fell Behind for Several Years

The graph below shows new home construction for single-family homes over the past five decades, including the long-term…

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I bought my first home in 2013 when I moved back to Madison from the East Coast. I had enough saved for a down payment but I could only spend about $150,000 to $175,000. I was able to find a foreclosed condo on the MLS that was only five blocks from the Capitol. There was only one photo on the MLS which was a very dark blurry photo of the bathroom taken with a phone camera, so as you’d expect, there weren’t many showings. It wasn’t as competitive a market as it is now, but at that price point condos downtown were still moving pretty quickly. I was able to negotiate a purchase price of $157,000. Because it was a foreclosure, I had to buy all new appliances - washer, dryer, refrigerator, oven, and microwave. I replaced the carpet in the bedroom…
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How Much Do You Need for Your Down Payment?

How Much Do You Need for Your Down Payment? | MyKCM

As you set out on your homebuying journey, you likely have a plan in place, and you’re working on saving for your purchase. But do you know how much you actually need for your down payment?

If you think you have to put 20% down, you may have set your goal based on a common misconception. Freddie Mac says:

“The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”

Unless specified by your loan type or lender, it’s typically not required to put 20% down. According to the Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. It may…

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Why Waiting To Sell Your House Could Cost You a Small Fortune

Why Waiting To Sell Your House Could Cost You a Small Fortune | MyKCM

Many homeowners who plan to sell in 2022 may think the wise thing to do is to wait for the spring buying market since historically about 40 percent of home sales occur between April and July. However, this year’s expected to be much different than the norm. Here are five reasons to list your house now rather than waiting until the spring.

1. Buyers Are Looking Right Now, and They’re Ready To Purchase

The ShowingTime Showing Index reports data from more than six million property showings scheduled across the country each month. In other words, it’s a gauge of how many buyers are out looking at homes at the current time.

The latest index, which covers November showings, reveals…

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The long-term benefits of land and homeownership have stood the test of time for thousands of years, and real estate has historically always proven to be a crucial investment, no matter the price point. Although real estate cycles ebb and flow, properties continue to appreciate over long periods of time (and in many local cases, over very short periods of time), with equity helping to grow family wealth year over year. Investing in real estate allows a type of forced savings that is unlike any other – forced savings that can appreciate 5%, 10%, sometimes 20% year-over-year, depending on location and other market conditions. Homeowners can then use this forced savings on whatever their long-term goals are – perhaps it is to size up to a different home,…

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As we tie a bow on 2021 and look to 2022, the Husky Homes team is focusing on the future, both short-term: what does the market look like in 2022 and long term: how will our buyers’ investments appreciate over time? Is Dane County in a housing bubble?

Dane County has been in a seller’s market for what feels like forever. Quite simply, a seller’s market is when demand outpaces supply and a buyer’s market is when there is more supply than demand. To measure demand, we take the ratio of the number of homes available for sale and the average number of homes sold each month over a period of 12 months. This metric is called Months of Inventory.

  • A seller’s market has less than 3 months of inventory, a buyer’s market as greater than 6 months of…
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You know it’s time to transition out of your starter home when the closets suddenly feel too full, yet not big enough to store the essentials. When the junk drawers start to pile up with miscellaneous household items (golf tees, drill bits and Chapstick for us), or when hobbies, school or friends are drawing you to the other side of town, and you are frequently the one commuting.

As our lives change, our homes often change with us for an extended period of time- homes are remodeled, added on, and the interiors are rearranged frequently based on ever-changing needs. However, sometimes is it more space that is truly needed, or a different type of space based on your lifestyle.

Transitioning from house A to house B is a lot of work, and it can happen…

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Why It Just Became Much Easier To Buy a Home

Why It Just Became Much Easier To Buy a Home | MyKCM

Since the pandemic began, Americans have reevaluated the meaning of the word home. That’s led some renters to realize the many benefits of homeownership, including the feelings of security and stability and the financial benefits that come with rising home equity. At the same time, many current homeowners have decided their house no longer meets their needs, so they moved into homes with more space inside and out, including a home office for remote work.

However, not every purchaser has been able to fulfill their desire for a new home. Here are two obstacles some homebuyers are facing:

  • The ability to save for a down payment
  • The ability to qualify for a mortgage at the current lending…
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Win When You Sell (And When You Move)

Win When You Sell

If you’re trying to decide when to sell your house, there may not be a better time than this winter. Selling this season means you can take advantage of today’s strong sellers’ market when you make a move.

Win When You Sell

Right now, conditions are very favorable for current homeowners looking for a change. If you sell now, here’s what you can expect:

  • Your House Will Stand Out – While recent data shows there are more sellers getting ready to list their homes this winter, there are still more buyers in the market than there are homes for sale. If you sell your house now before more houses are listed, it will get more attention from serious buyers who are eager to find a home.
  • Your House Will…
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Create Space

Create the Illusion of Indoor Space

Having space within the home is important to most homeowners. If everything is too small and cluttered, it can make an otherwise charming home seem claustrophobic and unpleasant. With that said, adding space to your home can be a significant ordeal that comes with a lot of cost; at the very least, adding space means a major remodeling project even if you don’t have to make major modifications like taking out a wall.

It’s often possible to create the illusion of space without actually making modifications to the home, though. The available options will depend on the layout of your house and a few other factors, of course. If you want to make your home seem a lot more open without making major changes or…

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