If you're saving up to buy your first home, you might have heard that you need 20% of the home price for your down payment. But here's the truth, that's not necessarily the case. Unless specified by your lender, you don't always need to put down that much. Today's median down payment is less than 20%. In fact, it's only 14% when you take the average for all buyers, and it's even lower for the first time buyers at just 6%. The big takeaway? Don't let this myth become a barrier to achieving your dream of home ownership. If saving for a down payment still feels like a challenge, know that there are over 2,000 assistant programs in the U.S., and the majority are intended to help with down payments. If you want to purchase a home this year, let's connect. You may be closer to your savings goal than you think.

Jeremy Farlow, Managing Broker

Farlow Real Estate Experts

Quincy, IL 62305

Farlow.zoodealio.com (click here for cash offers on your house)

#jeremyfarlow #farlowrealestateexperts #cashoffer #homebuying #successmindset

Did you know that even over the past years that the market has cooled, homeowners have gained an average of over $30,000 in equity? Here's how that equity can make a big difference in your life. You can use equity to buy a home that fits your changing needs, reinvest in your current home and to pursue your personal goals. Are you short on space? Use your equity to power a move into a large home. Too much space? Use it to buy a smaller home that better fits your lifestyle. Not ready to move just yet? You can also use it to even invest in your current home to increase your home's overall value. Partner with a trusted advisor to help you decide which home improvement projects to prioritize so you can get the greatest return on your investment if you decide to sell down the line. And finally, you can pursue personal goals like retiring, starting a business or funding an education. If you're curious about how much equity you have, let me help plan your next move.  

Jeremy Farlow, Managing Broker

Farlow Real Estate Experts

Quincy, IL 62305

Farlow.zoodealio.com (click here for cash offers on your house)

#jeremyfarlow #farlowrealestateexperts #cashoffer #homebuying #successmindset

Want to know what's going to happen in the housing market in 2023? Spoiler alert, it's all about inflation. There are two factors that will shape the 2023 market. The big one is inflation. Here's the thing, mortgage rates rose dramatically in 2022. That was due to the Federal Reserve's actions to try to bring inflation down. While there are some signs inflation may be starting to cool, where the market goes from here really depends on the Fed's ability to get inflation under control. And if inflation continues to fall, like we've seen lately, mortgage rates likely will fall too. Honestly, if there's anything we all want right now in real estate, it's more stability and predictability. If inflation eases, we may see that with mortgage rates, but plan for some volatility in the meantime. Remember, 2023 is going to be all about inflation. I'll keep following the latest information on the market, so if you have questions on what we can expect from the new year, let's connect.

Jeremy Farlow, Managing Broker

Farlow Real Estate Experts

Quincy, IL 62305

Farlow.zoodealio.com (click here for cash offers on your house)

#jeremyfarlow #farlowrealestateexperts #cashoffer #homebuying #successmindset

Should you sell your house this winter? If you're trying to decide if now's the right time to make a move, you probably have a few things on your mind. Here's a look at the top questions that I'm getting about selling right now. Number one, should I wait? While inventory has grown year over year, it's still low. So now is actually a great time to sell your house. While other sellers may put their plans on hold for the holidays, your house has a chance to stand out if you price it right. Number two, are buyers still out there? Data shows millennials are eager to buy and they're out there looking for their dream homes today. Yours may be exactly what they're searching for. Number three, can I afford to buy my next home? Homeowners today have very high levels of home equity. So while mortgage rates are higher than recent years, the equity you've already built in your home can help power your next move. So is now still a good time to sell? The short answer is yes. If you're ready to get started, let's connect.

Jeremy Farlow, Managing Broker

Farlow Real Estate Experts

Quincy, IL 62305

Farlow.zoodealio.com (click here for cash offers on your house)

#jeremyfarlow #farlowrealestateexperts #cashoffer #homebuying #successmindset

Hey, have you delayed your plans to buy a house because of how competitive the market was over the past few years? If so, hear this. Today's market is different. Here's a look at three trends that are good news for today's homebuyers. Number one, you have more homes to choose from. Since the same time last year, the number of homes for sale is up roughly 50%. So finding what you're looking for today isn't nearly as hard as it would have been a year ago. Number two, bidding wars have been erased. In just one year, the average number of offers on a home dropped from 3.7 to 2.4. That means you may face less intense competition from other buyers now. And number three, you have more negotiation power. 92% of recent sellers negotiated with buyers on things like lower prices, home repairs, and even covering closing costs. With these three trends, you've got something to get excited about. So if you're ready to kick off the home buying process, let's talk.

One of the top questions I'm getting right now is should I still buy a home with today's higher mortgage rates? While each person's finances and budgets are going to be different, there is something you can do to plan ahead and that's getting pre-approved for a mortgage. Here's a look at just a few of the benefits of pre-approval. For starters, pre-approval from a loan officer helps you understand how much you can borrow from your home loan. Knowing this makes it easier to determine your market budget and price point. Not to mention, when you put in an offer on a house, a pre-approval letter shows sellers that you're serious, you're qualified, and you're ready to make a move. If you have questions about buying a home today or about the home buying process in general, I can help. Let's connect.

While it may be tempting to sell your house on your own, it's really not worth the headache. Here are a few reasons to work with a real estate professional today. One, a professional like me follows the latest housing market trends. Industry expertise is important, especially in a shifting market. I can help you understand what's happening right now and what that means when you sell your house. Two, a professional helps you maximize your pool of buyers. Buyer demand has eased this year as mortgage rates were rising, but I'll help make sure your house gets in front of as many eager buyers as possible. And three, a professional is a skilled negotiator. Because demand has eased and inventory has increased this year, buyers have more negotiation power. You want someone who will advocate for you and handle any conversations about repairs, closing costs, and more. If you're going to sell your house, you don't have to do it alone. And to be honest, you don't want to. Let's connect so you have an expert on your side every step of the way.

Farlow.zoodealio.com (click here for cash offers on your house)

#jeremyfarlow #farlowrealestateexperts #cashoffer #homebuying #successmindset

Hey with all the headlines in the media you may be wondering what's really happening with home prices and where will they go from here? I can break it down for you but don't just take my word for it here's what the experts have to say. Take a look at this it's the home price forecasts for 2023 from six industry experts. While some are calling for slight appreciation others are calling for slight depreciation. The best way to look at is to average them all together to get a full picture. When we do that on a national level it's roughly neutral or flat appreciation projected for next year. There are a lot of things that factor into home prices like supply and demand and what will happen next vary by location. Basically just like they have already done this year some areas may see slight price growth and other slight declines and with more significant changes happening in overall heated markets. If you have questions about what's happening in our area let's connect.

Top question that I get during this time of the year is, should I wait to put my house on the market until after the holidays? Or maybe you're just concerned about it or worried about putting your house on the market right now. Well these are the top three reasons that you should put your house on the market now instead of waiting. Number one, there are going to be a lot of people who have your same thought process that are waiting and so you have a lot more competition when it comes to January. Number two, we can avoid all of the delays. When you put your house on the market we've got to get it measured. We've got to schedule the photography. We've got to get the photography in there. We've got to set it in the MLS. That causes a lot of delay and if we can get going now we can be on the market long before everybody else hits. And then of course number three, the uncertainty of the interest rates which is going to put more downward pressure on the value of your home if it is higher come January. So those are the top three reasons. Let's connect. Let's get going. Let's get your house on the market.

In today's shifting housing market, overpricing your home is a mistake. Most sellers I work with want to maximize their sales price, minimize the hassles, and sell their house as quickly as possible. But while we're still in a sellers' market, things have changed from just a few months ago, and we need to consider how to price your house based on where we are right now.

Here are a few of the benefits of pricing your house right. When you price it at market value, you'll help boost interest in your home so you can attract more buyers. And when you do, you'll maximize your sales price. Plus, when you price your home right, it'll sell faster.

That's why you don't want to overshoot your target price. Price it too high, and it'll sit on the market or require a price reduction. Price it too low, and it may lead buyers to think something's wrong.

Hitting a bullseye is what I do. And as your agent, I'll look at all the factors to help you maximize your sales price in today's shifting market.