http://cbdistinctiveluxury.com/blog/archive_202111/sort_entrydatetime-desc/ Many people have questions about home prices right now. How much have prices risen over the past 12 months? What’s happening with home values right now? What’s projected for next year? Here’s a look at the answers to all three of these questions.How much have home values appreciated over the last 12 months?According to the latest Home Price Index from CoreLogic, home values have increased by 18.1% compared to this time last year. Additionally, prices have gone up at an accelerated pace for each of the last eight months (see graph below):The increase in the rate of appreciation that’s shown by CoreLogic coincides with data from the other two main home price indices: the FHFA Home Price Index and the S&P Case Shiller Index.The last year has shown tremendous home price appreciation, which is resulting in a major gain in wealth for homeowners through rising equity.What’s happening with home prices right now?All three indices mentioned above also show that while appreciation is in the high double digits right now, that price acceleration is beginning to level off (see graph below):Year-over-year appreciation is still close to 20%, but it’s clearly plateauing at that rate. Many experts believe it will drop below 15% by the end of the year.Keep in mind, that doesn’t mean home values will depreciate. It means the rate of appreciation will slow, yet stay well above the 25-year average of 5.1%.What about next year?The recent surge in prices is the result of heavy buyer demand and a shortage of homes available for sale. Most experts believe that as more housing inventory comes to market (both new construction and existing homes), the supply and demand for housing will come more into balance. That balance will bring a lower rate of appreciation in 2022. Here’s a look at home price forecasts from six major entities, and they all project future appreciation:Fannie MaeFreddie MacMortgage Bankers AssociationHome Price Expectation SurveyZelman & AssociatesNational Association of RealtorsWhile the projected rate of appreciation varies among the experts, due to things like supply chain challenges, virus variants, and more, it’s clear that home values will continue to appreciate next year.Bottom LineThere have been historic levels of home price appreciation over the last year. That pace will slow as we finish 2021 and enter into 2022. Prices will still rise in value, just at a much more moderate pace, which is good news for the housing market. http://cbdistinctiveluxury.com/blog/10208/what’s-happening-with-home-prices?/ Wed, 24 Nov 2021 10:04:51 -0700 The past year and a half brought about significant life changes for many of us. For some, it meant entering retirement earlier than expected. Recent data shows more people retired this year than anticipated. According to the Schwartz Center for Economic Policy Analysis, 2021 saw a retirement boom:“At least 1.7 million more older workers than expected retired due to the pandemic recession.”If you’ve recently retired, your home may not fit your new lifestyle. The good news is, you’ve likely built-up significant equity that can fuel your next move. According to the latest Homeowner Equity Insights report from CoreLogic, homeowners gained more than $50,000 in equity over the past 12 months alone. That, plus today’s sellers’ market, presents a great opportunity to sell your house and address your evolving needs.You Can Move Closer to the Ones You LoveThe 2021 Home Buyers and Sellers Generational Trends report from the National Association of Realtors (NAR) provides a look at the reasons people buy homes. For those reaching retirement age, the number one reason to buy is the opportunity to be closer to loved ones, friends, or relatives.If you find yourself farther from your loved ones than you’d like to be, retirement and the equity you’ve built in your home may enable you to move closer to the people in your life who matter most.You Can Find the Right Home for Your NeedsNot only can your equity power a move to a new location, but it can also help you purchase the right size home. Lawrence Yun, Chief Economist at NAR, says many homebuyers 55 and older choose to downsize – or buy a smaller home – when they make a purchase:“Clearly from the age patterns, young people want to upsize, and the older generation is looking to downsize. . . .”Whatever your home goals are, a trusted real estate advisor can help you to find the best option for your situation. They’ll help you sell your current home and guide you as you buy your next one while you move into this new phase of life.Bottom LineIf you’ve recently retired and your needs are changing, you’re not alone. Talk to a local real estate professional to get a better sense of how to find a home that will match your situation. http://cbdistinctiveluxury.com/blog/10203/retirement-may-be-changing-what-you-need-in-a-home/ Fri, 19 Nov 2021 09:52:00 -0700 It's been a hot market the last few months! Curious how your area fared? Use the following links to find your area's latest updates. Big Sky:https://www.flipsnack.com/distinctive/big-sky-market-report-quarter-3-2021/full-view.htmlBoise:https://www.flipsnack.com/distinctive/boise-market-report-quarter-3-2021-xpaoi5j7t9/full- view.htmlBozeman:https://www.flipsnack.com/distinctive/final-bozeman-market-report-quarter-3-2021/full-view.htmlGJ:https://www.flipsnack.com/distinctive/gj-market-report-quarter-3-2021-dh5gm3pvxn/full-view.htmlHelena:https://www.flipsnack.com/distinctive/helena-market-report-quarter-3-2021/full-view.htmlLa Plata County:https://www.flipsnack.com/distinctive/la-plata-county-market-report-quarter-3-2021/full-view.htmlMontrose:https://www.flipsnack.com/distinctive/montrose-market-report-quarter-3-2021/full-view.htmlSteamboat Springs:https://www.flipsnack.com/distinctive/steamboat-springs-market-report-quarter-3-2021/full- view.htmlTelluride:https://www.flipsnack.com/distinctive/telluride-market-report-quarter-3-2021/full-view.htmlSummit County:https://www.flipsnack.com/distinctive/summit-county-market-report-quarter-3-2021- z9l63ind1j/full-view.htmlTwin Falls:https://www.flipsnack.com/distinctive/twin-falls-market-report-quarter-3-2021/full-view.htmlVail:https://www.flipsnack.com/distinctive/vail-market-report-quarter-3-2021-c9sgi5j7t9/full-view.htmlSun Valley:https://www.flipsnack.com/distinctive/sun-valley-market-report-quarter-3-2021- h3yheyspma/full-view.html http://cbdistinctiveluxury.com/blog/10184/quarter-3-market-reports/ Mon, 08 Nov 2021 04:57:12 -0700 Sellers have a great opportunity this season as buyer demand still heavily outweighs the current supply of homes for sale. According to the National Association of Realtors (NAR), today’s housing inventory sits at only a 2.6-month supply. To put that into perspective, a neutral market typically features a 6-month supply. That places today’s market firmly in the sellers’ market category.That same NAR data also shows today’s inventory of single-family homes is trailing behind the level we saw last year (see graph below):Because of the ongoing supply challenges, buyers can feel like they’re wandering across a vast, empty desert when searching for their next home. That means your house could provide an oasis for buyers thirsty for options – and it could increase the chances of buyers entering a bidding war for your home.The latest Realtors Confidence Index Survey from NAR shows houses are receiving an average of 3.8 offers. A multiple-offer scenario lets you select the best offer and gives you incredible leverage when you sell this fall.Bottom LineBuyers today are looking for relief as they wander today’s inventory desert. Listing your house this fall – before more options appear on the market – gives your house the best chance to be noticed by multiple buyers. Reach out to a trusted real estate advisor today so your house can stand out as the oasis it truly is. http://cbdistinctiveluxury.com/blog/10173/sellers:-your-house-could-be-an-oasis-for-buyers-seeking-more-options/ Tue, 02 Nov 2021 08:31:24 -0700