Key Opportunity for Homebuyers

KEY Opportunity FOR

Homebuyers

There’s no denying the housing market has delivered a fair share of challenges to homebuyers over the past two years. Two of the biggest hurdles homebuyers faced during the pandemic were the limited number of homes for sale and the intensity and frequency of bidding wars. But those two things have reached a turning point. As you may have already heard, the number of homes for sale has increased this year, and even more so this spring. Buyer Competition Moderating Helps Inventory Grow Even More Mark Fleming, Chief Economist at First American, says inventory growth is happening not just because there’s an increase in the number of listings coming onto the market, but also because buyer demand has moderated some in light of higher mortgage rates and other economic factors:

“There has been a pickup in the inventory that we’ve seen recently, but it’s not from a big increase in new listings . . . but rather a slowdown in the pace of sales. And remember that months’ supply measures the inventory of sale relative to the pace of sales. Same inventory, fewer sales, means more months’ supply.” Basically, the market is shifting away from the frenzy of buyer competition seen during the pandemic, and that’s helping available inventory grow. In their latest forecast, realtor.com also mentions the moderation of demand as a key factor and projects the inventory growth should continue.

How This Impacts You The combination of more homes coming onto the market and a slower pace of home sales means you’ll have more options to choose from as you search for your next home. That’s great news if you’ve been searching for a while with little to no luck. Just remember, there isn’t a sudden surplus of inventory, just more homes to choose from than even a few months ago. So, you’ll still want to be decisive and move fast when you find the right home for you. And when you do, you may be faced with less competition from other buyers too. If you’ve been waiting to jump into the market because the intensity of the bidding wars was intimidating or if you’ve been outbid on several homes, this moderation could help make the home buying process a bit smoother. It’s not that it’ll be easy or that bidding wars are a thing of the past – that’s not the case. But it won’t feel nearly as impossible. Rates may seem high, but they are still historically low What’s important to note is although rates are in the 5’s or higher depending on qualification, it still may be a good time to purchase a home. The benefit of working with Geneva is we will work with you for the life of your loan. Second, there is a chance for you to benefit from a rate and term refinance, and to lower your monthly payment we will be in touch. Do not let higher rates scare you. Let’s connect today to help you strategize to achieve your dream of homeownership this season. As the housing market begins its shift back toward pre-pandemic levels, you could have a unique opportunity in front of you. With moderate levels of buyer competition and more homes actively for sale, your home search may have gotten a bit less challenging. 6

“As rising inflation and mortgage rates bring U.S. housing demand back from the 2021 frenzy, . . . inventory will grow double-digits over 2021 and offer buyers a better-than-expected chance to find a home.”

- realtor.com

“New listings–a measure of sellers putting homes up for sale–were up 6% above one year ago. Home sellers in many markets across the country continue to benefit from rising home prices and fast-selling homes. That’s prompted a growing number of homeowners to sell homes this year compared to last, giving home shoppers much needed options.”

- Danielle Hale Chief Economist for realtor.com

This is encouraging news. More homes coming onto the market give you a greater chance of finding one that checks all your boxes.

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KEY BENEFITS OF WAKING UP EARLIER

If you’re one of the millions of people struggling to find a time to get active, we understand. Adding exercise to your morning routine can be a difficult change but it can also keep you distraction-free and help you beat the heat. Working out first thing in the morning is a sure way to get your blood pumping when you’re feeling a sluggish.

3 4 Another way to get some movement in is working on chores or projects around the house to start your day. Be mindful of those who may still be sleeping but this can be a great way to get ahead on your to-do list.

As summer ends, don't forget you still have days ahead of more daylight than usual to use to your advantage. So, what can you do to start better using your early morning hours? First and foremost, it is important to stick to a schedule and to prepare your body for a healthy transition to earlier mornings. Early to bed, early to rise is more than a cliche catchphrase - it’s a formula that can keep you energized even when you begin to wake up earlier. Be sure you are still getting enough sleep and make any changes in your schedule gradually. Another way to smooth the transition is to create a bedtime routine to signal your body that it is time for sleep. Showering, reading a book, shutting off electronics, and a regular skincare routine can get you relaxed and ready for bed. Once you have your bedtime routine set up, it’s time to optimize your morning routine. If you tend to wake up groggy and sluggish, changing things up can help you be more alert and productive first thing in the morning. So, what can an earlier alarm mean for you?

What better way to start your morning off right than with a cup of coffee and a healthy breakfast? Not a meal person in the mornings? Try out A smoothy to pack in the nutrients.1

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Getting up early often means you’re waking up before the rest of the world. The early morning hours may be just what you need to enjoy a little personal quiet time or even start practicing some meditation. Want to start reading more or pick up a new hobby? Why not add it to your morning routine?

5If you like looking your best for the day, waking up even 30-minutes earlier can give you the time you need to get ready. Picking out an outfit the day before and having a standard selfcare routine is all you need to get started. 6 This final benefit may be all you need to be convinced to start waking up earlier. If you’re okay with leaving home earlier than normal, be prepared to miss some of the worst parts of early morning traffic. Stop by the gym, grab a coffee on the way, it may all be worth it to miss the worst traffic on your commute.

Summer BBQ SPECIAL SECTION END OF recipes to try

In this issue we have plenty of summer BBQ recipes for you to try at your next cook out. Check them out!