If you’re planning to buy your next home soon, you’ve probably heard the old rule about saving 20% for your down payment.
The truth is, you usually don’t have to. Plenty of loan options let qualified buyers put down much less. But a lot of repeat buyers are choosing to put down 20% anyway.
So, why are they if they don’t have to?
Two reasons. They know a bigger down payment pays off, and after years in their current house, they’ve built up enough equity that it’s finally possible.
According to the National Association of Realtors (NAR), the typical repeat buyer puts down 23%when they buy a home (see graph below):
That’s more than double the 10% they may have put down as a first-time buyer. So, how do they manage it? Their equity.
When you’ve owned a house for a while, two things tend to happen. One, you pay down your mortgage, and two, your home’s value climbs. The difference between what you still owe on your mortgage and what your house is worth is your equity. And the longer you’ve lived in your house, the bigger that number grows.
When you sell, your equity turns into cash. And NAR data shows most repeat buyers put it straight toward their next down payment (see chart below):
First-time buyers don't have that springboard yet, and that's normal. But if you already own, you may be holding more buying power than you think because of it.
And if putting 20% down is finally possible, it may be worth at least considering. Here’s why. Let’s go over what you get in return.
As Redfin explains, putting more down pays off in a few ways:
So, no. You don't need to put 20% down to buy your next home. But you may want to. If your equity puts it within reach, going bigger can lower your costs and make moving more doable than you think – even with today’s rates.
A trusted lender can run the numbers on your financing. And when you want to know what your current house could add to your next down payment, let's talk.
If you're a homeowner getting ready to move, one question usually comes first: should you buy your next home before you sell, or sell your current house before you start looking?
There's no single right answer. The best call depends on your finances, your local market, and your timeline. And a trusted agent can help you weigh all of it.
But in a lot of cases these days, selling first puts you in the stronger spot.
Selling is usually the trickier half of a move today, so getting it done first clears your biggest hurdle. And that’s especially true right now, because there are more homes for sale than there are buyers, which means houses are taking longer to sell than they did a year or two ago.
So how does leading with your sale pay off? Let’s start with the money.
Buy before you sell, and you could end up carrying two mortgages at once. And especially since houses are staying on the market longer these days, that overlap may drag on for more time than you’d planned. And if unexpected repairs come up, it could get even more expensive.
Selling first takes that risk off the table, so you’re not multitasking homeownership. As Ramsey Solutions puts it:
"It's best to sell your old home before buying a new one to avoid unnecessary risks and possible headaches."
This is always true, but one of the biggest perks of selling first is that you’ll know exactly how much money you're walking away with. And one of the big figures that matters in that conversation is how much equity you have in your current place.
Equity is basically your house’s value minus what you still owe on your mortgage. And it adds up fast. According to Realtor.com, homeowners who’ve been in their home for 5 years have about $180,000 in equity on average. And those who’ve had their home for 6-10 years? They have over $340,000.
After you sell, you can use that money to cover your down payment or even buy your next home in cash. And knowing that profit up front helps you plan your next move.
When your house is already sold, you don’t have to make your offer contingent on that sale. In a market where buyers are taking their time, that’s exactly what a seller wants to see.
Picture it from the seller’s side. If their house has been sitting for a while, they’ll gravitate toward the offer most likely to close without a snag.
That can also give you room to ask for a little more, like repairs, since a motivated seller would rather keep things moving than lose you and wait for another offer to come in. Your agent can help you make the most of your upper hand in that scenario.
Selling first has its tradeoffs too, and it helps to see the pros and cons side by side before you decide. Here’s a quick breakdown based on information from Zillow (see visual below):
The cons are manageable with the right plan, so talk about them with your agent. They can help you negotiate things like a rent-back, where you stay in your house for a set time after closing, or line up flexible closing dates to keep the transition smooth.
There's no one-size-fits-all answer to buying and selling at once. But for a lot of homeowners, leading with the sale makes moving easier on their mind and their wallet.
Let’s connect, so you can navigate selling and buying with more confidence, more financial power, and less stress.
If you’ve thought about buying a home in the past few years, you may have run into two frustrations: asking prices that kept climbing and too few homes to choose from.
In many places, both sticking points are letting up this summer, with lower asking prices and more homes for sale. Let’s look at the trends, and what they mean for your search.
According to Realtor.com, the national median asking price was $430,000 in June, nearly $11,000 under what it was the year before (see graph below):
That’s the eighth month in a row that the typical asking price has dipped below where they were the previous year, according to the same Realtor.com report.
And while falling prices can sound worrying, this isn’t a sign of an impending crash. We’re talking about asking prices, not sold prices. This is a sign that today’s sellers are meeting the market where it is and pricing to draw buyers. And that’s actually something normal we’d expect from the market. As Danielle Hale, Chief Economist at Realtor.com, puts it:
“Sellers are reading market conditions and are pricing accordingly from the start rather than listing high and cutting later, and buyers are taking note and making bids. This is a welcome sign that we are in a functioning market.”
Asking prices were never going to climb forever – now they're just settling closer to what buyers can actually pay. That signals a healthier market, and sellers re-adjusting their expectations.
If you’ve spent the past few years watching homes disappear before you could even schedule a tour, this is for you.
Supply is starting to catch up. According to Realtor.com, the number of homes listed for sale in June was the highest June number we’ve seen in three years (see graph below):
This means more options for you and less competition for each one.
Now, supply is not back to normal everywhere. As you can see, we’re still down from where we were back in 2017-2019. But in many places, it’s better than it’s been in a while. Here’s how that helps you.
You don’t have to rush an offer just to stay in the running, and you have better odds of finding and landing the right home, not just the one that’s available. Plus, you’ll have more room to negotiate, so you’re searching from a stronger position than buyers had even a year ago.
For first-time buyers looking for lower-priced homes, these trends line up especially well. Mischa Fisher, Chief Economist at Zillow, explains:
“The lowest price tiers are exhibiting some softness in terms of price, they also had the most listing-activity growth, the first time since 2022 that’s been the case.”
So, if you’re searching for your first place or your next house, there's a little more to choose from and a little more give on price.
If a tight budget or a thin selection has kept you from buying a home, now might be the time to restart your search.
Ready to see what’s available here? Let’s connect.
Negotiations are back. More buyers are asking for better deals, and more sellers are giving them. Builders are throwing in extras, too.
That’s why whether you’re buying or selling today, there are two terms you’ll hear a lot: concession and incentive.
Let’s run through what you need to know about both and how they could play a role in your move.
Almost half (46%) of homeowners who sold recently gave the buyer a concession, according to Redfin. That’s the highest share on record for this time of year. And roughly 1 in 7 (16%) sellers went a step further, cutting their asking price and offering a concession on top (see chart below):
So, what kind of concessions are we talking about?
A seller might cover part of your closing costs, take care of a repair, or offer a credit that trims your upfront costs. It’s how they keep a deal on track when buyers have more options to choose from – and homeowners aren’t the only ones compromising.
Newly built homes are seeing the same push and pull. According to the National Association of Home Builders (NAHB), 62% of builders are offering incentives right now. And about 35% are cutting prices outright (see chart below):
Those incentives often look like:
Danielle Hale, Chief Economist at Realtor.com, explains why:
"New construction has been one of the steadiest parts of the housing market over the past few years, but builders are clearly responding to today's affordability pressures and higher levels of existing-home inventory."
Even builders, who many people think rarely negotiate, are competing on price and perks. They have been for over a year now. The same data shows this is the 15th straight month where more than 60% of builders have offered incentives to sweeten the deal. And that’s significant.
If you're buying, this is a good time to ask. Whether you have your eye on an existing house or a newly built home, there's a chance the seller or builder will meet you partway on price, terms, or both.
If you're selling, expect buyers to ask. Even builders of brand-new homes are making concessions more often than not right now. Holding firm on every term could mean more time on the market, or a lost sale altogether.
Sellers and builders are both giving buyers more to work with this year. Want to know what’s realistic to expect in concessions and incentives in our market? Let’s connect.
Open up a home search and you'll see them. Listings that have been on the market for two months. Three. Some longer.
Most buyers scroll right past them, assuming something’s wrong with the house. But that instinct could be costing you, since the longer a home sits, the more motivated the seller usually gets.
If affordability has been your #1 hurdle to buying, here’s a surprisingly simple strategy that could help you finally get your foot in the door. Start with the homes that have been sitting the longest. That’s often where the best deals are.
Here’s why. Data from Realtor.com shows there’s a connection between longer time on the market and lower sales prices. Basically, the longer a house sits, the more likely it is that the seller will reduce the price (see graph below):
The blue line tracks how long homes stay on the market, while the green line tracks the share of homes getting a price reduction. As one climbs, so does the other.
And if you focus on these homes that are just sitting and waiting, the opportunity for you is bigger than you may think right now.
Redfin data shows there’s $347 billion worth of stale listings on the market right now – more than ever before for this time of year. So, ask your agent to filter listings for you from oldest to newest. The home that fits your budget might already be there. Just further down the list than you thought.
Let’s say you do that and something catches your eye. Still, you might be questioning why the home has been sitting in the first place. Just remember, sometimes it has nothing to do with the home itself.
According to Redfin, common causes are:
So, nothing that’s necessarily a dealbreaker, or even anything that’s wrong with the home itself. If there’s a real issue, a thorough inspection will surface it. And that’s information you can use to negotiate. Not a reason to assume it’s a house worth skipping over.
So how do you capitalize on a lingering listing? According to USA Today, you have two main levers to pull.
The first is price. Work with your agent to study what comparable homes recently sold for, then build an offer around that. Coming in below asking price is fair game when a home has been sitting.
The second is concessions. If a seller won’t budge much on price, they may still help in other ways, like covering some closing costs, repair credits, or even a mortgage rate buydown that lowers your monthly payment.
A local agent has the context to tell which homes are the real opportunities and which are skippable.
A house sitting on the market isn’t always a glaring red flag. In today’s market, it may be your best opportunity yet.
For help deciding which lingering listings are actually worth a second look, let’s connect.
Whether you're dreaming about buying your first home or wondering if it’s time to move on from the one you're in, affordability is probably weighing on your mind. Home prices are still high in many markets, and even though things have improved a bit over the past year, making the numbers work can still feel like a stretch.
But the people finding ways to move right now usually have one thing in common. They didn't wait for affordability to come to them. They went looking for it.
According to PODS, 61% of people across all generations say affordability is the biggest factor when deciding where to move. And it's led a growing number of people to do one thing – broaden their search to include more affordable areas they hadn't seriously considered before. As PODS, put it:
". . . moving is increasingly driven by affordability, connection, and quality of life. As economic pressures persist, Americans are taking a more intentional, values-driven approach to where they choose to live.”
Here's where it gets really interesting. When people talk about moving for affordability, they're not just talking about finding a cheaper house. They're thinking about the full picture. What does it actually cost to live somewhere?
WalletHub looked at exactly this, measuring housing costs as a share of median monthly household income across every state (see map below).
Take a look at where you live on that map. The lighter the blue, the more affordable it generally is to live there. The darker the blue? Just the opposite.
If your state is showing up on the darker blue end of the scale, the cost of living may be putting a real pinch on your wallet, and it may be worth exploring what a lighter-blue area could mean for your finances.
Because if you're less financially stretched, imagine how that could change things. Less stress. Less worry. More freedom and peace of mind.
But finding more affordable homeownership doesn't have to mean a cross-country move. It doesn't even have to mean leaving your state, your family, or your favorite coffee shop behind.
Every market has more affordable pockets that most buyers never think to explore – neighborhoods, towns, and communities where home prices are lower, property taxes are more manageable, and the overall cost of living just works better.
A great local real estate agent knows exactly where those places are.
And if you work remotely, or have any flexibility in where you're based, your options open up even further. Remote work has already changed the way millions of people think about where to live, and that trend isn't going away.
When location stops being tied to a daily commute, a more affordable area that's a bit farther out suddenly becomes a very real option.
Affordability is a real challenge, but it's not an unsolvable one. The key is being open to places you might not have considered before. A local real estate agent can help you find them.
Ready to find out which areas have the best affordability right now? Reach out today.
It’s one of the biggest hold ups some buyers have right now: “What if I buy, and home prices go down?”
With everything in the news, that concern makes some sense. No one wants to make a big financial decision at the wrong time. But here’s what’s important to know. You don’t want to get hung up on the few places seeing slight declines right now.
When you zoom out and look at the full picture, home prices usually rise over time.
Take a look at the visual below. It uses data from Case-Shiller and Bilello to show how home prices have changed year by year going all the way back to the 1950s.
Here’s the key takeaway.
Outside of the housing crash, home prices have either held steady or increased in just about every year for decades (see visual below):
That’s a remarkably consistent track record. And it shows something a lot of headlines miss.
While short-term shifts can happen, it’s the long-term gains that really matter.
There are a few core reasons prices usually go up each year:
It’s easy to get caught up in what might happen with home prices next month or next year, especially if you’re a first-time buyer and you’re feeling a little anxious about making such a big financial commitment. But the big picture is clear. Prices usually rise.
That doesn’t mean prices will go up every single year in every market. Real estate is local, and there can be short-term ups and downs. We’re seeing that in some places right now. You can even see it in the few annual dips in the visual above.
But historically, the declines have been temporary.
That’s why it’s generally recommended to buy a home only if you plan to stay for a while – typically at least five years. That’s normally enough time to see your house grow in value. And, it’s enough so you can ride out any short-term changes in the market.
Because when you can do that, something powerful happens. Those rising home values grow your net worth, and by extension, help you build wealth.
The right decision isn’t about timing the market perfectly. It’s about making a move that works for your life and staying in it long enough to benefit from the bigger trend.
Home prices have a long track record of going up over time. And that’s why buying a home is generally considered a safe long-term investment.
That certainly doesn’t mean you have to buy now. You should only move when it makes sense, and you plan to live there for a while.
But if you’re interested, let this reassure you. If you want to talk through what home prices are doing in our market, your goals, or your timelines, let’s have a quick conversation.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Most sellers come into the market with one number in mind. And it’s often the one that costs them the most. That's their asking price.
A survey from Realtor.com shows about 8 in 10 (80%) of sellers expect to sell at or above their asking price today. But here’s where things get interesting.
In reality, only about 4 out of every 10 (roughly 40%) actually do.
That’s a big gap. And it’s where a lot of sellers get caught off guard. So, why the disconnect? And how can you set yourself up to be one of the 4 in 10 that get top dollar?
Let’s break it down.
That 40% may sound low at first, but it’s not.
If you look back to the last typical year for the housing market (2019), what we're really seeing is a return to what’s normal (see chart below). If anything, slightly more homeowners are able to sell above list price today compared to 2019:
It only feels low because the past few years were anything but typical. Between 2020 and mid-2022, buyer demand was sky-high and the number of homes for sale was at record lows. Almost everything sold over asking.
Now, the market has shifted.
There are more homes for sale. Buyers have more options. And that means they’re more selective about how they spend their money.
In other words, the rules have changed – and pricing like it’s still 2021 is where sellers run into trouble. You have to meet the market where it is if you really want to cash in big.
Here’s the reality. It’s easy to think pricing high gives you room to negotiate. But it usually does the opposite.
When your home is priced above what buyers expect, in this market, they don’t negotiate. They move on.
Because buyers notice price first. And if your home doesn’t line up with similar options in your area, it may not even get a showing. And that’s when things start to snowball:
A high price gets less interest from buyers.
Less interest means fewer offers.
And fewer offers usually means more time on the market.
Take a look at this table from the Indiana Association of Realtors. While this data is from one state, the general trend is going to hold true across many markets in the country. It shows that homes listed at or under market value sell fast. But homes priced high? They linger. And that delay comes at a very real cost.
When a home sits that long without offers, a lot of sellers will do a price reduction. According to Realtor.com, 16.7% of sellers are going that route today.
But here’s the real problem. Even a price cut doesn’t guarantee a sale.
In fact, some buyers will see a reduction as a sign something’s wrong with the house – even when nothing is.
That’s why data from the National Association of Realtors (NAR) shows the longer a home sits, the bigger that price cut tends to be to attract buyers back:
So, what starts as a strategy to “leave room” for negotiate can end up costing you more in the long run.
Even though listing at or even just shy of market value may sound counter intuitive if you’re looking to get as much money for your house as possible, a lot of the time it really is the best strategy.
Because the goal isn’t just to list your house to see what price sticks. It’s to price it in a way that creates demand from day one.
NAR puts it best:
“While some sellers are pricing their homes higher than ever, a more ‘goldilocks’ frame of mind is a better approach to avoid price cuts and lingering time on the market.”
In other words, there’s a sweet spot. Too high, and buyers disappear. Too low, and they question the value.
But right in the middle? That’s where the magic happens.
And that’s where the right agent comes in.
They help you understand what buyers are actually paying right now, how your home compares, and how to price it so it stands out immediately. And in today’s market, that strategy is the difference between:
Listing high, watching it sit, and selling for less later.
Or, pricing it right, creating competition, and putting yourself in a position to win from the start.
A lot of homeowners think they can list high now and negotiate later, but that’s a mistake that costs them. And it’s the reason only 4 out of every 10 sellers are getting their asking price or more.
If you want to be in that group, it starts with getting the price right from day one.
Let’s connect so we can make sure you are.
For a lot of would-be first-time buyers, affordability is the thing that’s standing in the way. But some buyers are getting creative and finding a way to still make the numbers work – and that’s through co-buying.
Young people haven’t given up on the dream of owning a home – not even close. According to FirstHome IQ, homeownership still ranks among the top life goals for the next generation.
The problem? 73% of Gen Z and millennial buyers cite affordability as the reason for not making homeownership a priority. And it shows. First-time buyers now make up just 21% of all home purchases, the lowest share since the National Association of Realtors (NAR) started tracking the data in 1981.
But still, some buyers are making it happen. And a portion of them are turning to co-buying to get their foot in the door.
Co-buying means purchasing a home with someone else, like a friend, sibling, or unmarried partner. You combine incomes, split the down payment, and share monthly costs. For some people, it’s a creative way to turn “someday” into a concrete move-in date that’s just around the corner.
And it's catching on fast, just look at where things stand today. According to CoBuy.io, 64 million Americans now co-own a home with someone they’re not married to. In fact, 31.5% of home purchases involve co-buyers (see graph below):
Here are just a few of the top reasons buyers are going this route, according to NerdWallet:
If you’re considering going this route, there are some things you’ll want to think over. For starters, co-buying works best with people you trust and share financial goals with. So, before moving forward, make sure everyone agrees on how costs are split, who handles what, and what happens if one person wants to sell down the road.
That’s why a written co-ownership agreement can be a smart move. It keeps everyone on the same page and helps avoid headaches down the line. Think of it less like a legal formality and more like a game plan for your new investment.
Affordability challenges are real, but they don't have to mean waiting indefinitely. Co-buying is helping some first-time buyers stop waiting and start putting down roots.
If you're curious whether it could work for your situation, let's talk. Reach out today and let's figure out your path to homeownership together.
You may have heard April 12-18 was the “best week” to list your house. That’s based on a report from Realtor.com. But now that it’s passed, you may be wondering if you missed your moment.
Here's the good news – you didn’t.
Because the reality is, there isn’t just one perfect week to sell your house this Spring. There’s a window. And right now, you’re still in it.
Here’s why. Different organizations run studies like this every year. And they don’t always land on the exact same week. That’s okay. It’s because they're using different research methods and even different definitions of what “best” means.
But the fact that the results vary points to a larger trend. While there may be sweet spots, the entire Spring season gives sellers an opportunity to get some of the best conditions (and best sales prices) of the year.
And it’s definitely not too late to jump in.
According to Zillow, the best time to list your house this year is the last 2 weeks of May. And that’s approaching fast.
Based on their analysis, this is the ideal time to do it if you want to make top dollar. Because, in this 2-week window, homes sell for more. Sometimes, quite a bit more.
Depending on where you are and the price point in your area, some homeowners may even net tens of thousands of dollars extra in this sweet spot. As Zillow explains:
“Why late spring? Buyer demand typically peaks before Memorial Day. Families want to move during the summer and settle in before the new school year. More buyers shopping at once can spark competition and lift prices.”
And they’re not the only ones saying listing in May could be the key to selling for more. ATTOM Data analyzed almost 52 million home sales over the past 10 years and found sellers in May are achieving some of the highest returns.
That means the ideal window this year is very much still open.
If your goal is to sell for the strongest possible price, this is where timing and strategy come together. And you want to be sure you’re ready to make the most of it.
So, what should you be doing right now?
When prepping for a fast-moving window like this, you don’t want to waste time or money on the wrong prep work. And your agent is your go-to to make sure you’re focusing on the right things.
They’ll be able to tell you if the “best week” is slightly different in your market. And what quick repairs or updates can help you get a higher price, without taking a ton of time or effort.
Here's a quick example of things an agent may recommend based on information from Redfin:
At the end of the day, when your prep time’s short, doing the right things matters more than doing more things.
Zillow says the best time to list your house is just around the corner. Are you ready to make the most of it?
If you want to take advantage of this Spring sweet spot and get top dollar for your house, let’s talk about what you need to do now to get ready to hit the market.