Husky Homes Blog - Blog Archive: January, 2022

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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