http://idahoevansrealty.com/blog/archive_202505/sort_entrydatetime-desc/ Is It Better To Rent or Buy a Home?Thursday May 29th, 2025 For Buyers, First-Time Buyers, Rent vs. Buy  You’ve probably asked yourself lately: Is it even worth trying to buy a home right now?With high home prices and stubborn mortgage rates, renting can seem like the safer choice right now. Or maybe your only choice. That’s a very real feeling. And perhaps buying today isn’t your best move; it’s not for everyone right away. You should only buy a home when you’re ready and able to do it, and if the timing is right for you.But here’s the thing you need to know about renting.While it may feel like a safer bet today – and in some areas might even be less expensive month-to-month than owning – it can really cost you more over time.In fact, a recent Bank of America survey found that 70% of aspiring homeowners worry about what long-term renting means for their future. And they’re not wrong.Owning a home may seem way out of reach, but if you make a plan now and steadily work toward it, homeownership comes with serious long-term financial benefits.Homeownership Builds Wealth Over TimeBuying a home isn’t just about having a place to live – it’s a step toward building your future wealth.Why? Home prices typically rise over time, which means the longer you wait, the more expensive it is to buy. And even in some markets where home prices are softening today, the overall long-term trend speaks for itself (see graph below):And as home values rise, so does your equity when you’re a homeowner. That’s the difference between what your home is worth and what you owe. So, with every mortgage payment, that equity grows. Over time, that becomes part of your net worth.Today, the average homeowner’s net worth is nearly 40X greater than that of a renter. That’s a shocking difference, and the dollars in the visual below don’t lie (see graph below):And it’s one of the big reasons why Forbes says:“While renting might seem like [the] less stressful option . . . owning a home is still a cornerstone of the American dream and a proven strategy for building long-term wealth.”The Biggest Downside of RentingSo, short-term, why does renting feel like a simpler choice? Lower monthly payments, less responsibility, no strings attached. But long-term? It can sting.For decades, while home prices have been rising, rent has gone up too. And while rent has held rather steady more recently, history shows the overall trend is up and to the right. That makes saving for a home more complicated than ever (see graph below):That kind of financial uncertainty has a real impact. In the same Bank of America survey, 72% of potential buyers said they worry rising rent could affect their current and long-term finances.Because rent doesn’t build wealth. It doesn’t come back to you later. It pays your landlord’s mortgage – not yours.So, whether you rent or own, you’re paying a mortgage. The question is: whose mortgage do you want to pay?Renting vs. Buying: What Really MattersThink of it this way. Renting means your money is gone once you pay it. Owning means your payment builds equity – like a savings account you can live in. Sure, buying comes with responsibility. But it also comes with the kind of reward that grows over time. And that’s why you need a solid plan to get there.As Joel Berner, Senior Economist at Realtor.com, explains:“Households working on their budget will find it much easier to continue to rent than to go through the expenses of homeownership. However, they need to consider the equity and generational wealth they can build up by owning a home that they can’t by renting it. In the long run, buying a home may be a better investment even if the short-run costs seem prohibitive.” Bottom Line Renting may feel more do-able today. But over time, it could cost you more – without helping you build anything for your future.If homeownership feels out of reach today, you’re not alone. And the first step toward getting out of the rental trap is to set a plan. Let’s connect, set your specific goals, and explore your options – so you’re ready when the time is right.  http://idahoevansrealty.com/blog/347/is-it-better-to-rent-or-buy-a-home?/ Thu, 29 May 2025 12:13:40 -0700 The Secret To Selling Your House in Today’s MarketWednesday May 28th, 2025 For Sellers, Home Prices, For Sale by Owner, Agent Value, Selling Tips  A few years ago, homes were flying off the shelves and getting multiple offers well over their asking price. It felt like you could name your price and still have buyers lined up at the door.But today’s housing market is different. Buyers are getting more selective now that inventory has grown. Homes are sitting a little longer. And more sellers are having to cut their prices.So, how do you still come out on top? It all starts with one thing, pricing your house right from the start. Today, that matters more than ever – and it can make or break your sale.There’s a Real Price Disconnect Between Buyers and SellersA recent survey from Realtor.com shows 81% of home sellers believe they’ll get their asking price or more. But the actual sales data shows there’s a growing gap between what sellers expect and what buyers are actually willing to pay.In fact, an annual report from the National Association of Realtors (NAR) shows 44% of recently sold homes went for less than the asking price. And 1 in 3 sellers had to cut their price at least once before the home sold. It’s a sign that expectations may be a little out of step with today’s reality.Check out the graph below. It uses data from Redfin to show that asking prices (blue line) are higher than actual sales prices (green line) by a wider and wider margin:This tells you something important: not all buyers are willing to pay what many sellers are asking. That doesn’t mean you can’t sell for a great price – but it does mean you need to start with a price that reflects what people are willing to pay in today’s market.What Happens When You Overprice Your House?Pricing your house high initially may seem like a smart move, so you have more room to negotiate. But the reality is, an overpriced home can sit on the market and turn buyers away. Buyers are smart. And when they see a house that’s been sitting for a while, they start to wonder what’s wrong with it. That can lead to fewer showings, less interest, and eventually, a price cut to re-ignite attention. As Realtor.com explains: “By getting the right price early on, you can increase the odds buyers will be interested in the home. In turn, this decreases the chances the home will sit on the market for a lengthier timeline, also reducing the odds you’ll need to lower the listing price.”The longer a house sits, the harder it can be to sell.You Still Have a Great Opportunity – If You Price Your House Right To avoid making this mistake, it’s important to lean on an agent who knows what’s happening locally when you set your asking price. Your agent will look at recent local sales, buyer trends, and inventory levels to find that pricing sweet spot for your neighborhood – because it’s going to be different based on where you live.And here’s something else to keep in mind, home prices have climbed more than 57% over the past five years. So, even if you price a bit below the number you had your sights set on, you’ll likely still be in a great position profit-wise.With a local real estate agent’s help, you’ll attract more attention, avoid seeing your house sit on the market too long, and maximize your chances of getting a strong offer.In today’s market, the right price works. As Mike Simonsen, Founder of Altos Research, explains:“. . . the best properties, well priced are selling quickly in most of the country.” Bottom Line The market has changed, but your opportunity to sell hasn’t. You just need the right pricing plan. Let’s walk through what’s happening with prices in our area and determine what price would help your house sell quickly and for top dollar.  http://idahoevansrealty.com/blog/344/the-secret-to-selling-your-house-in-today’s-market/ Wed, 28 May 2025 12:22:42 -0700 Many Veterans Don’t Know about This VA Home Loan BenefitTuesday May 27th, 2025 For Buyers, First-Time Buyers  For 80 years, Veterans Affairs (VA) home loans have helped countless Veterans buy a home. But even though a lot of Veterans have access to this powerful program, the majority don't know about one of its core benefits.According to a report from Veterans United only 3 in 10 Veterans are aware they may be able to buy a home with no down payment with a VA loan (see visual below):That means 7 out of every 10 Veterans could be missing out on a key homebuying advantage.That’s why it’s so important for Veterans, and anyone who cares about a Veteran, to be aware of this program. As Veterans United explains, VA home loans:“. . . come with a list of big-time benefits, including $0 down payment, no mortgage insurance, flexible and forgiving credit guidelines and the industry's lowest average fixed interest rates.”The Benefits of VA Home LoansThese loans are designed to make buying a home more achievable for those who have served. And, by extension, they also give their families the opportunity to plant roots and build equity in a home of their own. Here are some of the biggest advantages for this type of loan according to the Department of Veterans Affairs:Options for No Down Payment: One of the biggest perks is that many Veterans can buy a home with no down payment at all.Limited Closing Costs: With VA loans, there are limits on the types of closing costs Veterans have to pay. This helps keep more money in your pocket when you’re finalizing your purchase.No Private Mortgage Insurance (PMI): Unlike many other loan types, VA loans don’t require PMI, even with lower down payments. This means lower monthly payments, which can add up to big savings over time.If you want to learn more, your best resource for all the options and advantages of VA loans is your team of expert real estate professionals, including a local agent and a trusted lender. Bottom Line VA home loans offer life-changing assistance, and a trusted lender and agent can help make sure you understand the details and are ready to move forward with a solid plan.Do you know if you’re eligible for a VA home loan? Talk to a trusted lender who can help you see if you’d qualify.   http://idahoevansrealty.com/blog/342/many-veterans-don’t-know-about-this-va-home-loan-benefi/ Tue, 27 May 2025 08:12:03 -0700 You Could Use Some of Your Equity To Give Your Children the Gift of HomeMonday May 19th, 2025 For Sellers, Equity  If you’re a homeowner, chances are you’ve built up a lot of wealth – just by living in your house and watching its value grow over time. And that equity? It’s something that could help change your child’s life.Since affordability is still a challenge, a lot of first-time buyers are struggling to buy a home in today’s market. Even if they have a stable job and a solid plan, buying can still feel out of reach. But that’s where your equity could make all the difference.To give you an idea, the average homeowner with a mortgage has $311,000 worth of equity, according to Cotality (formerly CoreLogic). That’s significant. And some parents are using a portion of their equity to help their children become homeowners, too.According to Bank of America, 49% of buyers between 18 and 26 got money from their parents to use toward their down payment (see chart below): Even though the data doesn’t specify how many parents used their equity, the wealth they’ve built through homeownership may have helped make it possible – especially given how much equity the average homeowner has today.While what’s right for each person’s specific situation will vary on a case-by-case basis, that’s a powerful legacy to pass on. It helps those younger people buy a home, build equity of their own, and begin the next chapter of their life with a little less financial stress and a lot more stability. And for those parents? It’s a way to turn what they've built into something deeply meaningful.This isn’t just about money. For many homeowners, it’s about being the reason their child gets to say, “we got the house.” And giving them the kind of head start they might’ve only dreamed of at their age. And here’s the part that really sticks. Compare the Market says: “Of those who did receive monetary aid from parents and grandparents to buy a house, 45% of Americans said they would not have been able to purchase a house without financial support from parents and grandparents.” Bottom Line Your equity could be the thing that makes homeownership possible for your children when they might not be able to do it on their own. So, here’s the question.If helping your kids buy a home was more feasible than you thought, would you want to explore that option?If you want to learn more or find out the best way to make it happen, talk to your lender and a financial advisor you trust.  http://idahoevansrealty.com/blog/340/you-could-use-some-of-your-equity-to-give-your-children-the-gift-of-home/ Mon, 19 May 2025 06:40:51 -0700 Why Buyers Are More Likely To Get Concessions Right NowTuesday May 13th, 2025 For Buyers, Buying Tips  Especially in areas where inventory is rising, both homebuilders and sellers are sweetening the deal for buyers with things like paid closing costs, mortgage rate buy-downs, and more. In the industry, it’s called a concession or an incentive.What Are Concessions and Incentives?When a seller or builder gives you something extra to help with your purchase, that’s called either a concession or an incentive. A concession is something a seller gives up or agrees to in order to reach a compromise and close a deal. An incentive, on the other hand, is a benefit a builder or seller advertises and offers up front to attract and encourage buyers.Today, some of the most common ones are:Help with closing costsMortgage rate buy-downs (to temporarily lower your rate)Discounts or price reductionsUpgrades or appliancesHome warrantiesMinor repairsFor buyers, getting any of these things thrown in can be a big deal – especially if you’re working with a tight budget. As the National Association of Realtors (NAR) says: “. . . they can help reduce the upfront costs associated with purchasing a home.”Builders Are Making It Easier To BuyIt’s not just one builder willing to toss in a few extras. A lot of builders are using this tactic lately. As Zonda says:“Incentives continued to be popular in March, offered by builders on 56% of to-be-built homes and 74% of quick move-in (QMI) homes, which can likely be occupied within 90 days.”That’s because they don’t want to sit on inventory for too long. They want it to sell. And according to the National Association of Home Builders (NAHB), one of the strategies many builders are using to keep that inventory moving (and not just sitting) is a price adjustment (see graph below): Around 30% of builders lowered prices in each of the first four months of the year. While that also means most builders aren’t lowering prices, it also shows some are willing to negotiate with buyers to get a deal done.This isn’t a sign of trouble in the market, it’s an opportunity for you. The fact that the majority of builders offer incentives and roughly 3 in 10 are lowering prices means if you're looking at a newly built home, your builder will probably try to make it easier for you to close the deal. Existing Home Sellers Are Offering More, TooMore existing homes (one that someone has lived in before) have been hitting the market, too – which means sellers are facing more competition. That’s why over 44% of sellers of existing homes gave concessions to buyers in March (see graph below):And, if you look back at pre-pandemic years on this graph, you’ll see 44% is pretty much returning to normal. After years of sellers having all the power, the market is balancing again, which can work in your favor as a buyer.But remember, concessions don’t always mean a big discount. While more sellers are compromising on price, that’s not always the lever they pull. Sometimes it’s as simple as the seller paying for repairs, leaving appliances behind for you, or helping with your closing costs.And considering that home values have risen by more than 57% over the course of the past 5 years, small concessions are a great way for sellers to make a house more attractive to buyers while still making a profit. Bottom Line Whether you’re looking at a newly built home or something a little older, there’s a good chance you can benefit from concessions or incentives.If a seller or builder offered you something extra, what would make the biggest difference to help you move forward?Let’s talk about it and see if it’s realistic based on inventory and competition in our local market.  http://idahoevansrealty.com/blog/338/why-buyers-are-more-likely-to-get-concessions-right-now/ Tue, 13 May 2025 11:30:05 -0700