Blog

one hundred dollar bills, 100 dollar bills on chess board, wealth, intelligence, chess, money, wealth, chess pieces

<span style="font-family: inherit; font-size: calc(16px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;" data-mce-style="font-family: inherit; font-size: calc(16px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;">If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market. And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate. Whether you’re looking to buy or sell a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on.<h3>What Can You Negotiate?</h3>Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplingerand LendingTree:<figure id="figure-la5sgic6gm1tm0vix"><img id="la5sgic6gm1tm0vix" src="https://cdn.durable.co/blocks/24KLv8biL5mTKexAbA5LJFscbI5d76cLSeoIzGxMd6KkIaDPb6tUyyVcXsyCQ9JD.jpg" alt="person writing on white paper" title="person writing on white paper" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/24KLv8biL5mTKexAbA5LJFscbI5d76cLSeoIzGxMd6KkIaDPb6tUyyVcXsyCQ9JD.jpg" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><ol><li>Sale Price: The most obvious is the price of the home. And that lever is being pulled more often today. Buyers don’t want to overpay when affordability is already so tight. And sellers who aren’t realistic about their asking price may have to consider adjusting their price. </li><li>Home Repairs: Based on the inspection, a buyer is within their rights to ask the seller to make reasonable repairs. If the sellerdoesn’t want to do that, they could offer to reduce the home price or cover some closing costs, so the buyer has the money to take them on themselves. </li><li>Fixtures: Buyers can also ask for appliances or furniture to convey when the house changes hands. Having the seller throw in the washer and dryer cuts down on expenses the buyer would have when moving in. As the seller, you could leave your existing ones behind to sweeten the deal for your buyer, and get yourself new ones for your next place. </li><li>Closing Costs: Closing costs typically run about 2-5% of the home’s purchase price. Buyers can ask the seller to pay for some or all of these expenses to offset the cash the buyer has to bring to the table.&nbsp; </li><li>Home Warranties: Buyers can also ask the seller to pay for a home warranty. This is great for buyers worried about the maintenance costs that may pop up after taking possession of the home. And since this concession usually isn’t terribly expensive for the seller, it can be a good option for both parties. </li><li>Closing Date: Buyers can ask for a faster or extended closing window based on their own timetable. The seller can also advocate for what they need based on their move to find the right compromise.</li></ol>One thing is true whether you’re a buyer or a seller, and that’s how much your agent can help you throughout the process. Your agent is your go-to for any back-and-forth. They’ll handle the conversations and advocate for your best interests along the way. As Bankrate says:<blockquote>Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.</blockquote>They may also be able to uncover what the buyer or seller is looking for in their discussions with the other agent. And that insight can be really valuable at the negotiation table.&nbsp;<h3>Bottom Line</h3>Buyers are regaining a bit of negotiation power in today’s market. Buyers, knowing what levers you can pull will help you feel confident and empowered going into your purchase. Sellers, having a heads up of what they may ask for gives you the chance to think through what you’ll be willing to offer.Negotiating the sale or purchase of a home is much more like chess than checkers. You need an expert on your side. One of my specialties is a certified Real Estate Negotiation Expert. Want to chat more about what to expect and the options you have? <a data-mce-href="https://8137realty.com/contact-robert" href="https://8137realty.com/contact-robert" title="Contact Robert" target="_blank" rel="noopener" data-mce-selected="inline-boundary">Let’s connect.</a>&nbsp;

Helpful Negotiation Tactics for Today’s Housing Market

Seeing your house sit on the market without any bites is the ultimate frustration. And unfortunately, some sellers are in that tricky spot today. According to data from the National Association of Realtors (NAR), the average time a house spends on the market has increased over the past few years (see graph below):<figure id="figure-p35aqbnq5m1tl3ilg" class=""><img id="p35aqbnq5m1tl3ilg" src="https://cdn.durable.co/blocks/2c1WnyEO7GXMR3gR2ufi1bxDgZRrmZRWYUqPOkBlfUM5FmGQyivFznfibBxvP3US.jpg" alt="round clear glass-top table and five gray chairs dining se" title="round clear glass-top table and five gray chairs dining se" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/2c1WnyEO7GXMR3gR2ufi1bxDgZRrmZRWYUqPOkBlfUM5FmGQyivFznfibBxvP3US.jpg" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>&nbsp;A recent post from Realtor.com notes a similar trend: <blockquote>During the week ending Sept. 14, homes stayed on the market eight days longer compared to last year. With more choices available and mortgage rates expected to fall, buyers are taking their time, which means sellers will need to be patient and flexible.</blockquote>Some of that is because inventory has gone up, so buyers have more options. And higher mortgage rates have definitely slowed demand over the past two years, and that’s out of your control. But here’s the secret. There’s something you can control – it's also where those other sellers missed the mark. They didn’t work with the right agent.Make no mistake, with the right strategy and agent partner, your house can still sell quickly, even today.If time matters to you, you need to partner with an agent who understands this shifting market. That agent will be your go-to resource on what buyers are looking for right now, and how to position your home to hit the mark.Here are just a few tips a great real estate agent will walk you through. They may seem simple, but advice like this can make all the difference.1. Competitive Pricing: One of the most critical factors in selling your home quickly is setting the right price. A local real estate agent will do a competitive market analysis by reviewing recent sales and current listings for your area. Then, they’ll use that data to make sure your home is priced accurately for today’s market. This strategic pricing approach is the best way to make sure you’re hitting the sweet spot on price. If you don’t lean on an agent for this, it can really slow your process down. As U.S. News says:<blockquote>. . . setting an unrealistically high price with the idea that you can come down later doesn’t work in real estate . . . A home that’s overpriced in the beginning tends to stay on the market longer, even after the price is cut, because buyers think there must be something wrong with it.”</blockquote> 2. The Home’s Condition: Homes that are well maintained, have great curb appeal, and are updated with modern finishes tend to sell faster. So, if speed is a priority, make sure your house makes a great first impression. An agent is a key resource on what buyers will be looking for, if staging is worthwhile, and what repairs you need to tackle before you list. Ramsey Solutions offers this advice:<blockquote>“In the spirit of selling your home fast, take care of things now that will be a problem in the closing process. Talk to your agent about fixes you’ll need to make to pass the home inspection, like: plumbing problems, roof damage, electrical issues, HVAC glitches. . . These are issues you’ll be expected to take care of before any buyers close on your house—you might as well get ahead of the game to help your home sell faster.”</blockquote>3. Incentives and Extras: If you want to stand out from those other homes on the market, offering incentives or concessions, like help with closing costs, a home warranty, or including additional items (like appliances or furniture) with the sale can sweeten the deal for buyers. A real estate agent can suggest the right incentives to offer based on current market conditions and buyer expectations, so you can close the sale even faster.<h3>Bottom Line</h3>Selling a home quickly in a shifting market requires a strategic approach and an in-depth understanding of what buyers want. That’s why partnering with a local real estate agent is so important. As Forbes says:<blockquote>When time is of the essence, you can’t afford to take a chance on an inexperienced housing professional. Instead, you’ll want to work with a real estate agent who knows your market and has helped sellers in your situation before.</blockquote><span style="font-family: var(--head-fontFamily); font-size: calc(48px * var(--head-fontSize, 1)); font-style: var(--head-fontStyle, normal); -webkit-text-size-adjust: 100%;" data-mce-style="font-family: var(--head-fontFamily); font-size: calc(48px * var(--head-fontSize, 1)); font-style: var(--head-fontStyle, normal); -webkit-text-size-adjust: 100%;"><a data-mce-href="https://8137realty.com/contact-robert" href="https://8137realty.com/contact-robert" title="Contact Robert" target="_blank" rel="noopener">Let’s connect</a> to make sure you’re set up for success.

Secrets To Selling Your House ….. Quickly

Business goal setting and target concept, Businessman use laptop plan financial analysis chart strategically for the new year calculating financial data for long-term investments.

<figure id="figure-b7p1w5riuim0rj2gqi" class=""><img id="b7p1w5riuim0rj2gqi" src="https://cdn.durable.co/blocks/87PQDt88zTP2OWwokUe9FXptEvDATcURi1y2lgYr8X0CuXLmJOFJ1QxivvZZVRQc.jpg" alt="white concrete building" title="white concrete building" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 1/1; object-position: 80% 100%;" data-corners="default" data-aspect="1:1" data-caption="" data-positionx="80%" data-positiony="100%" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/87PQDt88zTP2OWwokUe9FXptEvDATcURi1y2lgYr8X0CuXLmJOFJ1QxivvZZVRQc.jpg" data-mce-style="aspect-ratio: 1/1; object-position: 80% 100%;"></figure><h2>Thinking about moving in 2025 and wondering what to expect?&nbsp; </h2><figure id="figure-b1hwelu13rm0rj7u2a"><img id="b1hwelu13rm0rj7u2a" src="https://cdn.durable.co/blocks/37uSrBlaADqzfQKb7CroPxBhKp11HzInNedWTpRsi3vDZAXX4ubPR5B0RyveOyak.jpg" alt="low angle photo of city high rise buildings during daytime" title="low angle photo of city high rise buildings during daytime" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 1/1; object-position: 50% 0%;" data-corners="default" data-aspect="1:1" data-caption="" data-positionx="50%" data-positiony="0%" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/37uSrBlaADqzfQKb7CroPxBhKp11HzInNedWTpRsi3vDZAXX4ubPR5B0RyveOyak.jpg" data-mce-style="aspect-ratio: 1/1; object-position: 50% 0%;"></figure><h2>In their early 2025 housing market forecasts, experts say mortgage rates will come down slightly. As that happens, more buyers will jump back into the market, so more homes will sell. And that’ll keep upward pressure on prices.&nbsp; </h2><figure id="figure-d87pr6j6wlm0rj8z2v"><img id="d87pr6j6wlm0rj8z2v" src="https://cdn.durable.co/blocks/2dUp1g9sYWfpHnw3r5Us9SmjhL6Of0JEtd5GZgHOCPG5ODQjowWvgdtXnlR7joQN.jpg" alt="black and silver padlock on white door" title="black and silver padlock on white door" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 1/1; object-position: 50% 0%;" data-corners="default" data-aspect="1:1" data-caption="" data-positionx="50%" data-positiony="0%" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/2dUp1g9sYWfpHnw3r5Us9SmjhL6Of0JEtd5GZgHOCPG5ODQjowWvgdtXnlR7joQN.jpg" data-mce-style="aspect-ratio: 1/1; object-position: 50% 0%;"></figure><h2>Want to talk to an expert about what that really means for you? DM me.</h2><figure id="figure-5wcukbexasm0rja4we"><img id="5wcukbexasm0rja4we" src="https://cdn.durable.co/blocks/25TdhkQR5NkkZaZY2UrEqjrgZjbWiUoS8bzhy6sZEzWwFwz30D5RKvYXIbFMPVVj.png" alt="two people shaking hands over a piece of paper" title="two people shaking hands over a piece of paper" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 1/1; object-position: 55% 55%;" data-corners="default" data-aspect="1:1" data-caption="" data-positionx="55%" data-positiony="55%" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/25TdhkQR5NkkZaZY2UrEqjrgZjbWiUoS8bzhy6sZEzWwFwz30D5RKvYXIbFMPVVj.png" data-mce-style="aspect-ratio: 1/1; object-position: 55% 55%;"></figure>#housingmarketforecasts #realestatenews #keepingcurrentmatters

Early 2025 Housing Market Forecasts

Veterans Administration (VA) Home Loan application form.

<h3 style=""> </h3><figure id="figure-wecanwn5aem0r8cyjh" class=""><img id="wecanwn5aem0r8cyjh" src="https://media.gettyimages.com/id/945783318/photo/veterans-administration-home-loan-application-form.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=gJr_Jy0IMIw5GxVd7OXJYXGpwwth8132-Bh5FO4THTc=" alt="Veterans Administration (VA) Home Loan application form." title="Veterans Administration (VA) Home Loan application form." class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/945783318/photo/veterans-administration-home-loan-application-form.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=gJr_Jy0IMIw5GxVd7OXJYXGpwwth8132-Bh5FO4THTc=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"><span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); -webkit-text-size-adjust: 100%;" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); -webkit-text-size-adjust: 100%;"> The National Association of REALTORS® is proud to support those who serve our country on their journey to achieve the American Dream of homeownership. Veterans and active servicemembers often have unique needs when looking for a home, and agents who are REALTORS® are committed to helping ensure those needs continue to be met following the real estate practice changes that went into effect on August 17, 2024.</figure><span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;">Here is what you need to know:I’d like to take advantage of my Department of Veteran Affairs (VA) Home Loan benefit. Am I allowed to pay for a real estate agent under VA rules? Yes. On August 10, 2024, the VA enacted a temporary policy allowing buyers with VA home loans to pay for real estate professional representation. NAR advocated extensively for this outcome to give veterans greater access to professional representation in their pursuit of homeownership. NAR’s efforts include meeting directly with VA officials, engaging lawmakers, and gathering support from our industry partners, as well as submitting a letter urging the department to lift the ban.Why is the policy only temporary? Will it be made permanent? The VA will decide if a formal rulemaking is necessary to make this policy permanent. NAR is advocating for this policy to become permanent through continued engagement with lawmakers and the VA, sharing examples of how this policy change is helping consumers.Why am I being asked to sign a written agreement? Written buyer agreements lay out the services your real estate professional will provide and what they will be paid for those services. The practice changes require written agreements for many real estate professionals nationwide. You are in the driver's seat with these agreements, which are fully negotiable. You should not sign anything that includes terms you do not agree with or do not understand. For more information on written buyer agreements, NAR has created a dedicated resource here.How does my buyer’s agent get paid? This is determined in your written buyer agreement. <span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;">Methods of paying a buyer’s agent may include, but are not limited to, the seller or their listing broker offering to compensate the buyer’s agent, the buyer requesting that the seller pay the buyer broker as part of the purchase offer, or the buyer paying their agent directly out of pocket.What has NAR done to promote access to financing for veterans?• NAR has been a strong supporter of the VA Home Loan Guaranty program, which has helped American veterans obtain more than 24 million home loans.• NAR continues to advocate for the VA to offer flexible and competitive loan products. For example, some veterans are still losing out due to VA’s strict appraisal requirements for properties they insure.• NAR continues to work with the VA and Congress to ensure that the descendants of certain veterans may use an unused home loan benefit.• NAR advocates for allowing a veteran to sell their home to a buyer who can assume their existing interest rate. <strong style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;"><span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal);" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;">Why should veterans and active servicemembers work with an agent who is a REALTOR®? <span data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;" style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;">REALTORS® are obligated under NAR’s Code of Ethics to work in your best interest. Additionally, many REALTORS® have obtained NAR’s <a data-mce-href="https://www.nar.realtor/education/designations-and-certifications/military-relocation-professional-mrp" href="https://www.nar.realtor/education/designations-and-certifications/military-relocation-professional-mrp" title="MRP" target="_blank" rel="noopener">Military Relocation Professional (MRP)</a> to better prepare them to work with veteran buyers. I am a certified MRP, plus I have more than 28 years of military experience.&nbsp;<span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); -webkit-text-size-adjust: 100%;" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); -webkit-text-size-adjust: 100%;">Please visit <a data-mce-href="https://www.nar.realtor/the-facts" href="https://www.nar.realtor/the-facts" title="The Facts" target="_blank" rel="noopener">facts.realtor</a> for more information and resources, and consult your real estate certification state professional or attorney for details about state law where you are purchasing a home.

CONSUMER GUIDE:  WHAT VETERANS NEED TO KNOW ABOUT BUYING A HOME

America / United States Department of Veterans Affairs.

<figure id="figure-mpamz7u2dlzvk2s2q" class=""><img id="mpamz7u2dlzvk2s2q" src="https://media.gettyimages.com/id/1152538330/photo/america-united-states-department-of-veterans-affairs.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=d19eyQd_2V8rb2Umn5ks-FCfD216nOscUTa_2ZLzuQU=" alt="America / United States Department of Veterans Affairs." title="America / United States Department of Veterans Affairs." class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 3/2; object-position: 55% 55%;" data-corners="default" data-aspect="3:2" data-caption="" data-positionx="55%" data-positiony="55%" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1152538330/photo/america-united-states-department-of-veterans-affairs.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=d19eyQd_2V8rb2Umn5ks-FCfD216nOscUTa_2ZLzuQU=" data-mce-style="aspect-ratio: 3/2; object-position: 55% 55%;" _mstalt="1922193" _msthash="95"></figure>The Department of Veterans Affairs (VA) recently announced a temporary policy update allowing veterans to pay real estate agent commissions when purchasing a home. This change became effective August 10, 2024, and aims to prevent veterans from being disadvantaged under new real estate rules.<h3 _msttexthash="156403" _msthash="93">Background</h3>This change comes in response to a paradigm-shifting lawsuit that resulted in a settlement by several large real estate brokerages and the National Association of Realtors (NAR) in March 2024. The settlement, effective August 17, 2024, could make homebuyers responsible for their Realtor’s commission, potentially up to 3% of the home’s price. This could have presented a significant problem for veteran homebuyers under the old VA rules.<h3 _msttexthash="155272" _msthash="91">Key Updates</h3> ► Effective Date: The policy takes effect on August 10, 2024. ► Previous Rule: Veterans could not pay buyer-agent commissions; sellers had to cover these costs. ► New Rule: Veterans can now pay their buyer’s agent directly, provided the fee is reasonable and customary for the market. ► Seller Option: Sellers can still choose to pay the buyer’s agent commission, which does not count against the VA’s 4% cap on seller concessions. <figure id="figure-vtngt0b6dlzvk6zd0"><img id="vtngt0b6dlzvk6zd0" src="https://media.gettyimages.com/id/901398256/photo/businessmen-are-checking-the-contract-to-use-the-right-pen-signed-building-approval-with.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=uU7p8K1Ydh7s50o458bhd-p387TU060PixwEGnGrSNQ=" alt="Businessmen are checking the contract to use the right pen. Signed building approval with blueprint and house model on the table." title="Businessmen are checking the contract to use the right pen. Signed building approval with blueprint and house model on the table." class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/901398256/photo/businessmen-are-checking-the-contract-to-use-the-right-pen-signed-building-approval-with.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=uU7p8K1Ydh7s50o458bhd-p387TU060PixwEGnGrSNQ=" data-mce-style="aspect-ratio: 16/9; object-position: center center;" _mstalt="9114456" _msthash="89"></figure><h3 _msttexthash="720746" _msthash="88">Understanding the New Guidance</h3>The new policy allows veterans using the VA home loan to pay their real estate agent directly, under certain conditions:&nbsp; &nbsp; &nbsp;►&nbsp; Direct Payment: Veterans can now pay their buyer’s agent directly in areas where the seller’s agent can’t list the buyer-agent commission on the MLS. &nbsp; &nbsp; &nbsp;►&nbsp; Loan Restrictions: The agent commission cannot be wrapped into the VA loan. &nbsp; &nbsp; &nbsp;►&nbsp; Verification: Lenders must verify that veterans have enough cash to cover the agent commission, closing costs, and any down payment. &nbsp; &nbsp; &nbsp;►&nbsp; Transparency: The buyer’s agent commission must appear on the Closing Disclosure and the sales contract. &nbsp; &nbsp; &nbsp;►&nbsp; Appraisal Process: The sales contract, including the buyer’s commission charges, is part of the appraisal process and loan documentation. &nbsp; &nbsp; &nbsp;►&nbsp; Seller Payment: Sellers can still pay the buyer’s agent, but it is not mandatory. <h3 _msttexthash="521612" _msthash="85">Benefits of the New Policy</h3>This policy update provides several benefits for veteran homebuyers:&nbsp; &nbsp; &nbsp;►&nbsp; Equity: Veterans can now have more equity in their homes by paying the buyer’s agent commission directly. &nbsp; &nbsp; &nbsp;►&nbsp; Negotiating Power: Veterans can negotiate better terms with their real estate agents, as they are no longer limited to sellers paying the commission. &nbsp; &nbsp; &nbsp;►&nbsp; Fairness: The new policy levels the playing field for veteran homebuyers, who were previously disadvantaged by the old rule.<h3 _msttexthash="160147" _msthash="82">Conclusion</h3>The VA’s policy update allowing veterans to pay real estate agent commissions is a positive step that will benefit veteran homebuyers. This change ensures that veterans have access to the same opportunities and benefits as other homebuyers. By providing veterans with more equity, negotiating power, and fairness, the VA is helping them achieve the dream of homeownership.Please Download my free guide How to Use Your VA Home Loan.

New VA Home Loan Policy

Stethoscope with Puzzle House - 3D Rendering

Even if you didn't own a home at the time, you probably remember the housing crisis in 2008. That crash impacted the lives of countless people, and many now live with the worry that something like that could happen again. But rest easy, because things are different than they were back then. As Business Insider says:“Though many Americans believe the housing market is at risk of crashing, the economists who study housing market conditions overwhelmingly do not expect a crash in 2024 or beyond.” Here’s why experts are so confident. For the market (and home prices) to crash, there would have to be too many houses for sale, but the data doesn't show that’s happening. Right now, there’s an undersupply, not an oversupply like the last time – and that’s true even with the inventory growth we’ve seen this year. You see, the housing supply comes from three main sources:&nbsp; &nbsp; &nbsp;- Homeowners deciding to sell their houses (existing homes) &nbsp; &nbsp; &nbsp;- New home construction (newly built homes) &nbsp; &nbsp; &nbsp;- Distressed properties (foreclosures or short sales) And if we look at those three main sources of inventory, you’ll see it’s clear this isn’t like 2008.<h3>Homeowners Deciding To Sell</h3>Although the supply of existing (previously owned) homes is up compared to this time last year, it’s still low overall. And while this varies by local market, nationally, the current months’ supply is well below the norm, and even further below what we saw during the crash. The graph below shows this more clearly.If you look at the latest data (shown in green), compared to 2008 (shown in red), we only have about a third of that available inventory today. &nbsp;<figure id="figure-wnuqvsudmlyxstf72" class=""><img id="wnuqvsudmlyxstf72" src="https://cdn.durable.co/blocks/1vY2mwOJ5o0lXz9GGqUlyIv0SP96i0gkPBAbb1RQOzX3a8GBbt4Ovia01mQoRxu1.png" alt="white and grey concrete building near swimming pool under clear sky during daytime" title="white and grey concrete building near swimming pool under clear sky during daytime" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 3/2; object-position: center center;" data-corners="default" data-aspect="3:2" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/1vY2mwOJ5o0lXz9GGqUlyIv0SP96i0gkPBAbb1RQOzX3a8GBbt4Ovia01mQoRxu1.png" data-mce-style="aspect-ratio: 3/2; object-position: center center;"></figure>So, what does this mean? There just aren't enough homes available to make values drop. To have a repeat of 2008, there’d need to be a lot more people selling their houses with very few buyers, and that's not the case right now.<h3>New Home Construction</h3>People are also talking a lot about what's going on with newly built houses these days, and that might make you wonder if homebuilders are overdoing it. Even though new homes make up a larger percentage of the total inventory than the norm, there’s no need for alarm. Here’s why.The graph below uses data from the Census to show the number of new houses built over the last 52 years. The orange on the graph shows the overbuilding that happened in the lead-up to the crash. And, if you look at the red in the graph, you’ll see that builders have been underbuilding pretty consistently since then: &nbsp;<figure id="figure-r28b76py2lyxsvyfw" class=""><img id="r28b76py2lyxsvyfw" src="https://cdn.durable.co/blocks/2bEEU5jz4OSepoVGDC6CGoljU2djleZsMnuRxPQ41zTGHxduiHrHg7aWu1e2Baxv.png" alt="round clear glass-top table and five gray chairs dining se" title="round clear glass-top table and five gray chairs dining se" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 3/2; object-position: center center;" data-corners="default" data-aspect="3:2" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/2bEEU5jz4OSepoVGDC6CGoljU2djleZsMnuRxPQ41zTGHxduiHrHg7aWu1e2Baxv.png" data-mce-style="aspect-ratio: 3/2; object-position: center center;"></figure>There’s just too much of a gap to make up. Builders aren’t overbuilding today, they’re catching up. A recent article from Bankrate says:“What’s more, builders remember the Great Recession all too well, and they’ve been cautious about their pace of construction. The result is an ongoing shortage of homes for sale.”<h3>Distressed Properties (Foreclosures and Short Sales)</h3>The last place inventory can come from is distressed properties, including short sales and foreclosures. During the housing crisis, there was a flood of foreclosures due to lending standards that allowed many people to get a home loan they couldn’t truly afford.Today, lending standards are much tighter, resulting in more qualified buyers and far fewer foreclosures. The graph below uses data from ATTOM to show how things have changed since the housing crash: &nbsp; <figure id="figure-x44zdp0fialyxswzb6"><img id="x44zdp0fialyxswzb6" src="https://cdn.durable.co/blocks/1dArb0kWNEu4Dzd984AP1IhC5CHct6v1ku0Zp23GZSpABGL4WJ24v9PbCh5KrUzS.png" alt="kitchen house area" title="kitchen house area" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 3/2; object-position: center center;" data-corners="default" data-aspect="3:2" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/1dArb0kWNEu4Dzd984AP1IhC5CHct6v1ku0Zp23GZSpABGL4WJ24v9PbCh5KrUzS.png" data-mce-style="aspect-ratio: 3/2; object-position: center center;"></figure>This graph makes it clear that as lending standards got tighter and buyers became more qualified, the number of foreclosures started to go down. And in 2020 and 2021, the combination of a moratorium on foreclosures (shown in black) and the forbearance program helped prevent a repeat of the wave of foreclosures we saw when the market crashed.While you may see headlines that foreclosure volume is ticking up – remember, that’s only compared to recent years when very few foreclosures happened. We’re still below the normal level we’d see in a typical year.<h3>What This Means for You</h3>Inventory levels aren’t anywhere near where they’d need to be for prices to drop significantly and the housing market to crash. As Forbes explains: &nbsp; <span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;">“As already-high home prices continue trending upward, you may be concerned that we’re in a bubble ready to pop. However, the likelihood of a housing market crash—a rapid drop in unsustainably high home prices due to waning demand—remains low for 2024.”Mark Fleming, Chief Economist at First American, points to the laws of supply and demand as a reason why we aren't headed for a crash: &nbsp; <span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;">“There’s just generally not enough supply. There are more people than housing inventory. It’s Econ 101.”Lawrence Yun, Chief Economist at the National Association of Realtors said, "[w]<span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;">e will not have a repeat of the 2008–2012 housing market crash. There are no risky subprime mortgages that could implode, nor the combination of a massive oversupply and overproduction of homes."<h3>Bottom Line</h3>The market doesn’t have enough available homes for a repeat of the 2008 housing crisis – and there’s nothing that suggests that will change anytime soon. That’s why housing experts and inventory data tell us there isn’t a crash on the horizon. 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.

BLOG

Helpful Negotiation Tactics for Today’s Housing Market

Secrets To Selling Your House ….. Quickly

Early 2025 Housing Market Forecasts

CONSUMER GUIDE: WHAT VETERANS NEED TO KNOW ABOUT BUYING ...

New VA Home Loan Policy

Not a Crash: 3 Graphs That Show How Today’s Inventory Dif...