Only an Expert Agent Can Give You an Accurate Value of Your Home

In today’s digital age, it’s tempting to rely on automated tools for everything — including figuring out how much your house is worth. But be careful. The automated estimates you’re seeing online often miss key details that affect the true market value of your home.Before you toss a for sale sign in your yard and expect to bring in the number you saw for your house online, you need to understand why these tools generally aren’t spot-on and why working with an expert real estate agent is the best way to get an accurate picture of what your house is really worth.The Myth: Online Home Value Estimates Are AccurateOnline home valuation tools give you an approximate value for your house based on the data that’s publicly available for your home. While this can give you a rough starting point, the keyword here is rough. As an article from Ramsey Solutions says:“Online Home Value Estimators Aren’t 100% Accurate . . . The estimates are only as reliable as the amount of public record data the real estate websites can access. The less data gathered for your particular neighborhood, county and state, the less you can depend on this number.”The Reality: Online Estimates Miss Key FactorsHere’s the biggest issue with online estimates: they don’t take into account the unique aspects of your home or your local market. And that’s why an agent’s expertise can make such a difference when figuring out what your house is really worth. Here’s an example. A real estate agent will also factor in:The Home’s Condition: Online tools can’t tell whether your home has been well-maintained or if it needs significant repairs. The condition of your house plays a huge role in its value, and only an in-person walk-through can account for that.The Latest Neighborhood Trends: Is your neighborhood up-and-coming? Are there new developments or amenities nearby that make your home more desirable? Automated tools often overlook local trends that can significantly affect the value of your home.Accurate Comparable Sales: While online estimates may use past sales data as a baseline, they don’t always reflect the most recent or most relevant comparable sales, or comps. Real estate agents, on the other hand, have access to up-to-date market data and can give you a much more accurate estimate based on real-time sales in your area.Agents have a deep understanding of the local market, and they can provide insights that automated tools simply can’t match. As Bankrate explains:“Online estimation tools determine pricing using algorithms that rely on publicly available information. These algorithms can vary widely from one tool to the next and typically don’t account for a home’s current condition or any upgrades or renovations that are not reflected in public records. So they are not as accurate as in-person methods, like a real estate agent’s comparative market analysis . . .”Bottom LineWhile online home value estimates can be a helpful tool to get a rough idea of what your home is worth, they aren’t foolproof. The true value of your home depends on a range of factors that automated tools just can’t account for.To get the most accurate estimate, work with a local real estate agent. That way you have expert guidance and up-to-date market insights to set the best possible price for your home.

What Homebuyers Need To Know About Credit Scores

Some HighlightsData shows 7 out of 10 prospective homebuyers don’t know the minimum credit score required by lenders or that it varies by lender and loan type.According to Experian, the range is anywhere from 500 to 700 for the minimum credit score. That means you don’t need perfect credit to buy a home. Your credit score is important – but that doesn’t mean it needs to be perfect. Work with a lender to learn more about home loan options that may work for you.

The Top 2 Reasons To Look at Newly Built Homes

When planning a move, a newly built home might not be the first thing that comes to mind. But with more brand-new homes on the market and builders focusing on smaller, more affordable options, this type of home may just be the key to crossing the homebuying finish line. Here's why a new build is worth considering – and how an agent can help you find one that meets your needs and your budget. 1. More Newly Built Homes Are Available Right NowFirst, let’s break down the types of homes on the market. A newly built home is a house that was just built or is under construction. On the other hand, an existing home is one a homeowner has already lived in. Right now, the number of existing homes for sale is still low. And, if you’re struggling to find something you like because there aren’t that many existing homes for sale, opening up your search to include brand-new homes could really expand your options. That’s because there are more newly built homes available right now than in a typical year (see graph below):From 1983 to 2019, newly built homes made up only 13% of the total inventory of homes for sale. Today, that number has climbed to 28.8%, according to the most recent data.And as Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), notes: “Even though existing home sales have been stuck at low levels, newly constructed home sales look to mark one of its best annual performance in 15 years . . . The new home inventory has been consistently rising with homebuilders getting active and making up around 1/3 of total inventory.” While the uptick in new home construction is encouraging, rest assured that builders aren’t overdoing it, they’re just making up for over a decade of underbuilding. There are still way more buyers than there are homes on the market. But the good news for you is this increase in newly built homes means more options for your search.2. Newly Built Homes Are Becoming Less ExpensiveStill skeptical if a new build is right for you or if they’re even in your budget? The average cost of newly built homes has actually come down from a year ago. Why is that? Builders know affordability is top of mind for homebuyers right now. So they’re focusing their efforts on building smaller homes they can offer at lower price points and are more likely to sell. As Realtor.com says: “Builders are increasingly bringing smaller, more affordable homes to the market, so buyers may find more newly-built homes that fit their budget.” Something to keep in mind: buying a newly built home isn’t the same as buying an existing one. Builder contracts have different fine print. So be sure to partner with a local agent who knows the market, builder reputations, and what to look for in those contracts.Bottom LineDepending on your needs and budget, a new build might be the opportunity you’ve been waiting for to bring your homebuying vision to life. If you’re interested in a brand-new home, connect with an agent so you can check out what builders in your area are up to.

Why Moving to a More Affordable Area Makes Sense

Moving to a more affordable area could be the fresh start you need to get ahead financially. While some markets are certainly more affordable than others, know that working with a trusted real estate agent to find what fits your budget and your desired location – no matter where you want to be – is always the best plan. And with the rising cost of living, many people are rethinking where they live and looking for ways to cut expenses. If that sounds like you, here’s a great place to start (see visual below):These states are well known for lower housing costs, reduced insurance premiums, and more budget-friendly daily living expenses – but they’re not the only places to find a hidden gem. If you're open to relocating, you might discover the savings you’re looking for.Why Move to a Lower-Cost Area?Life is getting more expensive by the day. From rising home prices to higher grocery bills, it feels like everything costs more than it used to. Housing, the largest expense for most people, has become especially costly.In fact, according to data from Case-Shiller, home prices increased 3.9% from September 2023 to September 2024. And data from GOBankingRates shows insurance costs are up too, with home insurance premiums averaging $2,151 annually – a significant jump compared to recent years.These rising costs can feel like a lot to handle. That’s why more people are considering lower-cost areas. An article from the National Association of Realtors (NAR) says:"With the past decade of rising home prices, buyers are looking for more affordable areas . . . As housing affordability continues to shape migration patterns, these areas may provide an opportunity . . . for those looking for more cost-effective alternatives to the nation’s larger, pricier metropolitan areas."Lower-cost areas typically offer more affordable housing, less expensive home insurance, and reduced costs for daily living like groceries and gas. Transportation expenses and car insurance premiums also tend to be lower. For anyone feeling stretched thin, moving to a less expensive area can provide meaningful financial relief.Planning Your Big MoveWhether it’s finding a home that fits your budget or cutting down on other expenses, making the right move in any market can bring significant financial relief. Of course, moving isn’t a decision to take lightly.Whether you’re moving just a few towns over or to a completely different state, there’s a lot to consider. From job opportunities, to schools, to local amenities – it all has an impact on finding the right home for you.This is where a knowledgeable local real estate agent can be your best resource. Not only can they help you navigate the housing market in your new or desired area, but they’ll also guide you to neighborhoods that balance affordability with your needs.And don’t worry if none of the states on the affordability list seem like the right fit for you. An agent can still help you identify budget-friendly options wherever you need to be.Bottom LineIf the rising cost of living has you feeling stuck, know that you have options. Moving to a more affordable area could be the fresh start you need to get ahead financially and improve your quality of life.But don’t try to tackle the process alone. With the help of an agent who knows the area, you’ll be well-prepared to make a move. When you’re ready to take the first step, reach out to a local real estate agent.