Homebuying demand also showed signs of softening. Home tours were up 15% compared to the start of the year, a slower increase than the 21% seen at the same time in 2023. Mortgage purchase applications remained flat for the week. Additionally, pending home sales dropped 2.8% year-over-year and unexpectedly declined during the last week of … [Read more…]
The real estate landscape in the United States is on the brink of significant transformation following the National Association of Realtors’ (NAR) announcement of a sweeping nationwide settlement. The landmark $418 million agreement aims to dismantle long standing industry practices accused of artificially inflating agent commissions, potentially reshaping the way Americans buy and sell homes … [Read more…]
The US housing market should experience a warm return this spring, thanks to calming economic data.
The average rate for a 30-year loan declined to 6.63% from 6.69% the week prior, according to Freddie Mac on Thursday. Mortgage rates dropped for the second time in 2024 and are expected to retreat further as inflation moderates, which could help spark a housing rebound.
As most indicators point to interest rate cuts this coming year, housing experts are predicting a busier spring buying season starting in the next couple of months as more supply and demand return to the housing market thanks to the mortgage rate drop.
“So long as core inflation and economic activity continue to moderate, mortgage rates aren’t expected to rise further,” said Orphe Divounguy, senior macroeconomist at Zillow. “If layoffs remain low, and mortgage rates ease, housing market activity should rebound modestly this spring — meaning more listings coming on the market and more sales.”
Read more: Mortgage rates below 7% — is this a good time to buy a house?
Mortgage applications fall
The likelihood of a bustling spring housing market will depend heavily on where mortgage rates head next. Homebuyers have proven again they are rate-sensitive amidst today’s elevated home prices. After last week’s slight rate increase, the volume of mortgage application activity retracted 7.2% on a weekly basis, according to an application survey tracked by the Mortgage Bankers Association (MBA) for the week ending Jan. 26.
“Low existing housing supply is limiting options for prospective buyers and is keeping home price growth elevated, resulting in a one-two punch that continues to constrain home purchase activity,” said Joel Kan, MBA’s deputy chief economist.
Affordability challenges also worsened due to last week’s rate bump. The average loan size for purchase applications increased to $444,100, the largest since May 2022, according to the MBA.
Low application rates and hardship don’t mean homebuyers have disappeared, though. Redfin’s Homebuyer Demand Index — measuring buyers’ requests for home tours and other buying services on Redfin — showed that interest increased 6% over the last seven days in the week ending Jan. 28.
“I believe this year’s market will launch in the spring, once 6% rates are even more entrenched in buyers’ psyches, and more homeowners list their houses,” said Hal Bennett, a Redfin Premier agent.
Wall Street banks and industry experts expect cuts. Wells Fargo said in its 2024 annual outlook that the economy will moderate by mid-2024, prompting the Fed to cut rates by 225 basis points by early 2025. Housing experts at Fannie Mae are predicting mortgage rates will decline below 6% by the end of 2024, leveling off at about 5.8%.
During yesterday’s Federal Open Market Committee meeting, the Fed announced it is keeping its benchmark rate steady in an effort to suppress inflation to 2%. Even so, Fed Chair Jerome Powell expressed optimism that rates have peaked and a cut could come soon. But any drop is not a guarantee.
“Inflation is still too high, ongoing progress in bringing it down is not assured, and the path forward is uncertain,” Powell said during the FOMC conference.
Read more: What the Fed rate decision means for bank accounts, CDs, loans, and credit cards
The latest Personal Consumption Expenditures (PCE) index — the Fed’s preferred inflation measurement — increased 2.6% annually in December, falling below 3% for the first time since March 2021. More importantly, though, is that an annualized PCE using data from the prior three to six months is now below 2%.
“The lower inflation readings over the second half of last year are welcome,” Powell added, “but we will need to see continuing evidence to build confidence that inflation is moving down sustainably toward our goal.”
Rebecca Chen is a reporter for Yahoo Finance and previously worked as an investment tax certified public accountant (CPA).
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Not all is gloomy in the housing market. Redfin’s Homebuyer Demand Index has been on an upward trend since mid-January. The number of home tours has also seen a 16% increase since the start of the year, outperforming the growth observed last year during the same period. In addition, there’s been a 7% year-over-year increase … [Read more…]
High mortgage rates and harsh weather are pushing down home sales, but some house hunters are touring and getting a feel for the market.
The bumpy start to 2024’s housing market continues, with daily average mortgage rates posting their biggest one-day increase in over a year on February 2. The jump came after a hotter-than-expected January jobs report and the Fed’s confirmation that they’re unlikely to cut interest rates in the next two months, which means mortgage rates will probably remain elevated near their current level for at least that long.
Rising home prices are exacerbating rising rates, with the typical monthly mortgage payment just about $100 shy of October’s all-time high. The median U.S. sale price rose 5.4% year over year during the four weeks ending February 4, the biggest increase in over a year. High housing costs are pricing out many would-be homebuyers; pending sales are down 8%, the biggest decline in four months. There are also a few other contributors to sales falling: Harsh winter weather in the first half of January delayed a lot of homebuying deals, and pending sales were improving at this time last year as mortgage rates temporarily dropped.
Still, some house hunters are at least getting a feel for the market. Redfin’s Homebuyer Demand Index–a seasonally adjusted measure of requests for tours and other buying services from Redfin agents–has steadily risen since mid-January, and a separate measure of home tours shows they’ve increased 16% since the start of the year, compared with a 10% rise at this time last year. Some sellers are jumping in, too, with new listings up 7% year over year.
“We’re seeing a bit of recovery with house hunters touring homes, but even demand at the earliest stages isn’t up as much as we would expect at this time of year,” said Chen Zhao, Redfin’s economic research lead. “That’s because mortgage rates are climbing again and winter weather has been harsher than usual in much of the country, keeping some house hunters at home.”
Luis Rojas, a Redfin Premier agent in the Viera West, FL area, said today’s housing market is touch and go. “High mortgage rates brought the local market to a near-standstill from August through November, activity picked up when rates dropped a bit in mid-December, and now it’s slowing down again as rates rise,” Rojas said. “I’m advising buyers–especially first-timers–that the mortgage rates they see in the news aren’t the be-all and end-all. Some local lenders are willing to give rates in the 5% range for new construction projects because any business is better than no business.”
Down 1% from a week earlier; up 3% from a month earlier (as of week ending Feb. 2)
Down 19%
Mortgage Bankers Association
Redfin Homebuyer Demand Index (seasonally adjusted)
Up slightly from a week earlier, but down 7% from a month earlier (as of week ending Feb. 4)
Down 14%
Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents
Google searches for “home for sale”
Down 2% from a month earlier (as of Feb. 3)
Down 16%
Google Trends
Touring activity
Up 16% from the start of the year (as of Feb. 6)
At this time last year, it was up 10% from the start of 2023
ShowingTime, a home touring technology company
Key housing-market data
U.S. highlights: Four weeks ending February 4, 2024
Redfin’s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.
Four weeks ending February 4, 2024
Year-over-year change
Notes
Median sale price
$361,498
5.4%
Biggest increase since Oct. 2022
Median asking price
$395,949
7%
Biggest increase since Sept. 2022
Median monthly mortgage payment
$2,607 at a 6.63% mortgage rate
11.5%
Down roughly $110 from all-time high set in October 2023, but up roughly $250 from the four weeks ending Dec. 31
Pending sales
68,872
-7.8%
Biggest decline since October 2023
New listings
70,415
6.6%
Active listings
740,834
-3.5%
Months of supply
4.2 months
Unchanged
4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions.
Share of homes off market in two weeks
33.3%
Up from 32%
Median days on market
48
-2 days
Share of homes sold above list price
22.4%
Up from 20%
Share of homes with a price drop
5.5%
+1 pt.
Average sale-to-list price ratio
98.2%
+0.5 pts.
Metro-level highlights: Four weeks ending February 4, 2024
Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.
Metros with biggest year-over-year increases
Metros with biggest year-over-year decreases
Notes
Median sale price
Miami (13.4%)
Anaheim, CA (13.4%)
Detroit (13.3%)
Warren, MI (12.1%)
Chicago (11.3%)
San Antonio, TX (-4.7%)
Austin, TX (-3.7%)
Declined in 2 metros
Pending sales
San Jose, CA (13.8%)
San Francisco, CA (6%)
Anaheim, CA (4.5%)
Riverside, CA (0.4%)
Columbus, OH (0.2%)
San Antonio, TX (-33.2%)
Portland, OR (-30.2%)
Nashville, TN (-21.5%)
New Brunswick, TN (-19.4%)
Houston (-18.5%)
Increased in 5 metros
New listings
Dallas, TX (27.1%)
Miami (26.9%)
Jacksonville, FL (26.3%)
Fort Lauderdale, FL (23.6%)
San Diego, CA (22.1%)
Chicago (-17.8%)
Atlanta (-16%)
Milwaukee, WI (-14%)
Portland, OR (-13.6%)
Nashville, TN (-10.4%)
Declined in 14 metros
Refer to our metrics definition page for explanations of all the metrics used in this report.
Although you’re allowed to sell your own home, doing so is a lot of work. Before you move forward, take time to consider the pros and cons of handling things on your own.
If you’re thinking about putting your house on the market, you may be wondering whether you can sell your own home. Yes, you can, but don’t put up a For Sale sign just yet. Although you’re allowed to sell your own home, doing so is a lot of work. Before you move forward, take time to consider the pros and cons of handling things on your own.
Statistics on FSBO Homes
For sale by owner, better known as FSBO, tells buyers you’re not using a real estate agent or a broker. According to the National Association of REALTORS®, FSBO listings accounted for 10% of all home sales in 2021.
Nearly 30% of owners used word-of-mouth marketing via friends, family members, and neighbors to market their listings. Owners also used yard signs, third-party real estate aggregators, social networking sites, and other FSBO marketing methods to find buyers.
Why Sell Your Own Home?
Many people ask “Can I sell my own home?” because real estate agents receive a commission on every sale they make. The average commission is 6%, with the listing agent receiving slightly more than the buyer’s agent. If your home sells for $300,000, that’s $18,000 in commissions at the average rate.
Then, assuming the listing agent gets 3.5% and the buyer’s agent gets 2.5%, selling your own home would save you $10,500. You could use that money to buy new furniture, cover some of your closing costs, invest in the stock market, or take a vacation.
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Potential Pitfalls of Selling Your Own Home
If you decide to sell your own home, you’ll have to do all the work that a real estate agent would normally do. Some of the most important tasks include:
Setting a sale price
Preparing your home for walk-throughs and open houses
Advertising the property
Following all relevant real estate laws
Meeting with potential buyers and their agents
Learning how to do these things is time-consuming, and there’s also the risk you’ll make a serious mistake. For example, if you price your home based on emotions instead of market data, you may have trouble attracting potential buyers.
When you sell your own home, you also lose the opportunity to benefit from an agent’s extensive network of contacts. Experienced agents maintain relationships with plumbers, landscapers, home staging professionals, and other people who can help you get your home ready for the market. If you don’t have these relationships, you may have to wait weeks or even months before a home service provider can add you to their busy schedule.
One of the biggest potential drawbacks to selling your own home is that you may not get as much money as an agent would. The National Association of REALTORS reports that FSBO listings sold for an average of $225,000 in 2021. In contrast, agent-listed homes sold for an average of $330,000.
Tips for Selling Your Home Without an Agent
If you decide to sell your own home, follow these tips to maximize the sale price and reduce the amount of time it takes to find a buyer.
1. Choose the Right Sale Price
When setting a price for your home, you have to think strategically. If it’s priced too high, you’ll have trouble selling. If it’s priced too low, you’ll lose out on potential profit. The price has to be just right to attract a buyer without leaving money on the table. To find the right price, consider these factors.
Recent Sales
A comparative market analysis lists recent sales in your neighborhood, giving you valuable information about local prices. Normally, a real estate agent would provide a CMA report for you, but it’s possible to create your own. To get started, use public records or third-party listing websites to identify sold homes that are approximately the same size and age as your home.
Once you have the initial list, narrow it down by looking for homes that have features similar to yours. For example, if your home has four bedrooms and two bathrooms, you’ll want to include other four-bedroom homes in your analysis.
The market changes quickly, so limit your search to homes sold in the last three months. Once you have a workable list, note the sale price of each listing. If you’re not comfortable creating your own CMA report, consider getting a professional home appraisal.
Location
The location of your home has a big impact on the sale price. Many buyers are willing to pay a premium to move to an excellent school district or reduce the amount of time it takes to get to restaurants, salons, office buildings, and entertainment venues.
Location refers not just to what city you live in but also where your home is situated. If it’s near an airport or a busy street, you may not be able to get as much as you would if it was tucked away at the end of a quiet cul-de-sac.
Condition of the Home
The better your home’s condition, the more money you can get for it. Think top-of-the line appliances, fresh paint, and new flooring. If your home needs repairs or the appliances and flooring are a little outdated, you may have to set a lower price to attract potential buyers.
Market Conditions
Supply and demand have a big impact on home prices in your area. In a seller’s market, the demand for homes outpaces the supply, driving prices higher. Buyers may even get into bidding wars over the most desirable properties. In a buyer’s market, the supply of homes outweighs the demand, driving prices down.
2. Use Multiple Advertising Methods
It would be great if all you had to do was put your listing on social media, but it takes a little more work to sell a home. You may want to use the following marketing methods:
Newspaper advertisements
Social media posts
Yard signs
Third-party listing websites
Flyers at local businesses
Virtual home tours
3. Plan Your Open House Carefully
An open house gives potential buyers a chance to walk through your home and see if it looks just as good in person as it does in photos. Here are a few tips to help you plan a successful open house event:
Schedule it on a weekend: Many people work during the week, so holding an open house on a Wednesday at 11 a.m. isn’t the best way to attract eager buyers. If possible, schedule your open house for a Sunday afternoon.
Advertise: Yard signs are helpful, but you should use several advertising methods to make more people aware of your event. Try advertising on a third-party website or posting on social media
Clean thoroughly: You don’t want potential buyers focusing on dust bunnies, so give your home a thorough cleaning the day before your open house. Before people arrive, straighten your throw pillows, take out the garbage, and do some last-minute tidying.
Put away personal items: Potential buyers should be able to imagine themselves living in your home. They may have a tough time doing that if you have family photos and other mementos on display. To make your home more appealing, put away personal items before the open house begins.
Make arrangements for your pets: If possible, take your pets to a family member’s house before your event begins. Some buyers aren’t comfortable with animals, and you’ll have an easier time focusing if you don’t have to worry that one of your pets is going to escape.
4. Consult an Attorney
If you sell your home without an agent, you’re still responsible for following all relevant laws and regulations in your area. To ensure you don’t make a costly mistake, consult an attorney beforehand. A licensed attorney can advise you of your rights and educate you about the potential pitfalls involved in selling real estate.
It’s possible to sell your home without a real estate agent, but it takes a lot of time and effort. If you make a mistake, you can easily lose thousands of dollars in profit, making it critical to do in-depth research before you begin the process. You may also want to research other things before selling or buying a home, such as the state of your finances, your current credit health, or your loan options. Credit.com can help you work to understand these things better, so consider signing up for your free Credit Report Card today
Top 10 builder now offering model home tours at Maggy’s Ridge Estates, selling from the mid $200s
LAFAYETTE, La., Nov. 30, 2023 /PRNewswire/ — Century Communities, Inc.—a top 10 national homebuilder, industry leader in online home sales, and the highest-ranked homebuilder on Newsweek’s list of America’s Most Trustworthy Companies 2023—is excited to announce the debut of Century Complete’s new model home at Maggy’s Ridge Estates in Sulphur, showcasing the community’s single-story Douglas floor plan. Maggy’s Ridge Estates boasts a prime location with convenient proximity to cultural hotspots and business hubs in the Lake Charles area—with quick access to McNeese State University, outdoor recreation and more. The location also comes with a desirable Flood Zone X rating, meaning a lower risk of flooding and thus lower insurance rates compared to higher-risk zones.
Available through Century Complete’s streamlined online homebuying process, the community is now selling an inspired lineup of single-story floor plans on wide homesites from the mid $200s—with each plan offering a versatile open-concept layout with exceptional included features, such as brick exteriors, stainless-steel appliances, granite countertops, and white cabinets. Buyers will also appreciate an inviting covered patio on each plan for a seamless flow between outdoor and indoor living spaces.
Learn more & view available homes at www.CenturyCommunities.com/MaggysRidgeEstates.
“We’re excited for area homebuyers and real estate agents to come tour our beautiful new Douglas model at Maggy’s Ridge Estates,” said Greg Huff, president of Century Complete. “Offering generous homesites, this community provides the opportunity to be the first to live in a quality-built new home at an affordable price, which is why we anticipate these homes to sell quickly.”
Wednesday, December 6: Homebuyer Webinar With Dinner at Maggy’s Ridge Estates
Homebuyers are invited to attend a special event at the community’s model home to enjoy complimentary dinner and watch a webinar livestream with information about home financing options with affiliate lender, Inspire Home Loans®!
MORE ABOUT MAGGY’S RIDGE ESTATES Now selling from the mid $200s
Conveniently situated near I-10 W/US-90 in Calcasieu Parish, Maggy’s Ridge Estates boasts a desirable location with easy access to restaurants, shopping, entertainment, museums and year-round community events. Exuding small-town charm, Sulphur offers a slower pace of life and an abundance of recreational opportunities, including recreation at nearby Lake Charles, the Creole Nature Trail, and more.
Three single-story floor plans
Three-sided brick exteriors
Up to 4 bedrooms, up to 3 bathrooms, 2-bay garages
Covered patios (per floor plan)
1,684 to 2,020 square feet
Model Home Address: 4987 Carlyss Drive Sulphur, LA 70665 337.210.2050
OTHER AREA COMMUNITIES
Maggy’s Ridge | Sulphur Now selling from the low $200s
Adjacent to Maggy’s Ridge Estates
2 single-story floor plans
4 bedrooms, 2 bathrooms, 2-bay garages
1,684 to 1,773 square feet
Learn more & view available homes at www.CenturyCommunities.com/MaggysRidge.
Mills Terrace | Scott Now selling from the low $200s
2 single-story floor plans
4 bedrooms, 2 bathrooms, 2-bay garages
1,684 to 1,773 square feet
Learn more and view available homes at www.CenturyCommunities.com/MillsTerrace.
Timberstone Estates | New Iberia Now selling from the low $200s
3 single-story floor plans
Up 4 bedrooms, 2 bathrooms, 2-bay garages
1,416 to 1773 square feet
Learn more and view available homes at www.CenturyCommunities.com/TimberstoneEstates.
Copper Oaks | Baton Rouge Now selling from the mid $200s
2 single-story plans, 2 two-story plans
4 bedrooms, up to 3 bathrooms, 2-bay garages
1,684 to 2,014 square feet
Learn more and view available homes at www.CenturyCommunities.com/CopperOaks.
VISIT OUR LOUISIANA SALES STUDIO IN BROUSSARD! While our industry-leading online homebuying process allows you to buy on your terms—24 hours a day, 7 days a week, 365 days a year—we also offer in-person assistance from local experts at our sales studio.
481 Albertson Parkway, Suite 2 Broussard, LA 70518 337.210.2050
DISCOVER THE FREEDOM OF ONLINE HOMEBUYING: Century Complete is proud to feature its industry-first online homebuying experience on all available homes in Louisiana.
How it works:
Shop homes at CenturyCommunities.com
Click “Buy Now” on any available home
Fill out a quick Buy Online form
Electronically submit an initial earnest money deposit
Electronically sign a purchase contract via DocuSign®
Learn more about the Buy Online experience at www.CenturyCommunities.com/online-homebuying.
About Century Communities Century Communities, Inc. (NYSE: CCS) is one of the nation’s largest homebuilders, an industry leader in online home sales, and the highest-ranked homebuilder on Newsweek’s list of America’s Most Trustworthy Companies 2023. Through its Century Communities and Century Complete brands, Century’s mission is to build attractive, high-quality homes at affordable prices to provide its valued customers with A HOME FOR EVERY DREAM®. Century is engaged in all aspects of homebuilding — including the acquisition, entitlement and development of land, along with the construction, innovative marketing and sale of quality homes designed to appeal to a wide range of homebuyers. The Company operates in 18 states and over 45 markets across the U.S., and also offers title, insurance and lending services in select markets through its Parkway Title, IHL Home Insurance Agency, and Inspire Home Loans subsidiaries. To learn more about Century Communities, please visit www.centurycommunities.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/online-homebuying-leader-century-complete-unveils-new-model-home-near-lake-charles-la-302002687.html
Is the housing boom already over? Did home prices peak before summer?
Well, a new report from Redfin revealed that competition among home buyers eased in May, which may be an ominous early sign of what’s to come.
The company noted that 69.5% of Redfin real estate agents that wrote an offer last month faced competition from another agent, which while high, was down from 73.3% in April and well below the 2013 high of 79%.
Additionally, the percentage of homes that received multiple offers was nearly at year-ago levels again, when the number was 69.3%.
Meanwhile, 49% of Redfin’s winning offers were above the original asking price, down from 51.9% in April.
Why Is the Housing Market Cooling Again?
If this report was for June, as opposed to May, one could look to the higher mortgage rates as a potential housing market buzz killer.
But these are the May numbers, when mortgage rates were still relatively low for a decent chunk of the month. So the obvious issue is an increase in inventory.
Housing inventory always rises in spring as it’s the start of the traditional home buying/selling season, and that’s exactly what happened this year.
In April, the number of homes for sale increased 6.4% month-over-month, the largest monthly increase since March 2010, when the homebuyer tax credit was phasing out.
At the same time, inventory was down 26% compared to April 2012. Home buyer demand was also down, with home tours and written offers slightly lower in May, per Redfin.
Of course, housing demand is definitely local, with Los Angeles and San Francisco still red-hot in terms of competition, while San Diego and Orange County saw significant month-over-month declines in interest.
And not every major market is seeing home prices go for well above the asking price, despite all the rosy media reports.
While that was the case in a staggering 96.8% of properties in San Francisco, which on average sold for 9.7% above list, just 19% of winning offers went above ask in Chicago.
In some major metros, including Baltimore, Chicago, Los Angeles, and Washington D.C., the average difference between offer price and asking price was actually negative.
Now we’ve got the prospect of even more homes coming to market, coupled with significantly higher mortgage rates.
As I’ve noted in the past week or so, mortgage rates are about 1% higher than they were a month ago, so there’s definitely going to be some kind of effect, though it’s too early to tell what that may be.
Plenty of pundits think housing can recover in the face of higher mortgage rates, even with rates in the 5-6% range.
But others are questioning the entire rally now that rates have begun to tick up, calling the recovery nothing more than a weak attempt to keep home prices inflated.
In any case, competition will remain elevated, even if not at levels seen earlier this year.
Characteristics of a Winning Bid
Wondering what it takes to get your offer accepted? Wonder no longer. Below are the most common attributes of a winning offer in May, per Redfin:
– 68.3% were conventional loans, up from 61.7% in April – 29.4% had a cover letter, up from 28% in April – 11% waived the inspection contingency, up from 8.3% in April – 8.9% waived the financing contingency, up from 7.1% in April
As you can see, government loans have fallen out of favor with prospective home buyers, most likely because of the recent increase in annual FHA mortgage insurance premiums.
Additionally, many FHA loans now require insurance for the life of the loan, which clearly isn’t economical, let alone feasible for many would-be borrowers.
Both FHA and VA loan volume decreased from April to May, accounting for just 8.5% and 6.6% of winning offers, respectively.
Meanwhile, all-cash offers grabbed a 5.5% share of the market, up from 5.1% in April – 16.1% of offers were all-cash in Orange County last month, up from 9.7% a month earlier.
What this all means is that if you’re a seller, you better get on it, as things appear to be trending down. And if you’re a prospective buyer, you might be able to bide your time, though you’ll have to contend with the prospect of rising rates.
Read more: Slowing mortgage market could lead to looser lending.
DuBois native Emily Kelley’s passion for “making a house a home” has been recognized by a national publication. A spread on her kitchen and dining room is featured in the September 2023 issue of Country Sampler magazine.
Kelley, who currently resides in Pittsburgh, graduated from DuBois Area High School in 2000 before leaving the area to finish college. She moved to Pittsburgh in 2009 after her husband, Ryan Kelley, finished his tours in the U.S. military.
After working mainly for nonprofit organizations doing social work, Kelley transitioned to being a stay-at-home mom in 2014, where she currently homeschools her children.
Country Sampler, “a resource for any country decorator,” features country-lifestyle articles, as well as a catalog of decorating products that “provide all the tips and tools you need to make your house a country home,” according to its website. The publication takes viewers inside the homes of country enthusiasts, featuring “room by room home tours,” home decorating tips and authentic and unique styling ideas.
Kelley has always loved to decorate their rental homes over the years, she said.
“When my husband and I bought our home in 2012, I could really make things ours,” she said.
Around four years ago, Kelley says she restyled their home, transitioning from a more “boho-style” to “farmhouse, leaning towards a vintage/antique” theme.
She began posting photos of her home decor work on Instagram, and was contacted by photographers with Country Sampler magazine in September 2022.
In October of last year, Country Sampler did a photo shoot at the Kelleys’ home of her fall decor. The photos feature a rustic, farmhouse-style atmosphere, with various items in autumn colors and accents.
For Kelley, decorating their home has been somewhat of a blank canvas she could make all her own.
“I absolutely love making our home a cozy space,” she said.
She also enjoys the thrill of “junk hunting,” and finding pieces to repurpose, then “styling different spots for different seasons.”
“I’ve always loved art and being creative. Our home has just turned into my canvas to create with.”
The issue featuring the Kelleys’ kitchen and dining room hit the newsstands July 25. Seeing her work in a national publication, she said, feels like a dream.
“I obviously love looking through decor-related magazines,” she said. “Never in a million years would I have expected to see our home featured. It’s an honor to have had them recognize my style and share (it) nationally.”
Visit www.countrysampler.com for more on Country Sampler.
Soaring mortgage rates are taking a major chunk out of homebuyers’ budgets, according to a new report from Redfin.
A homebuyer on a $3,000 monthly budget, for example, could afford a $429,000 home with a 7.4% mortgage rate, using rate data from August 23. That buyer lost $71,000 in purchasing power compared to one year ago when a $500,000 home would have been accessible to them with an average rate of about 5.5%.
The daily average mortgage rate of 7.36% on August 23 is close to its highest level in over 20 years, with the average monthly mortgage payment is around $2,700 today, $400 higher than at the same point in August of 2022.
“The combination of high monthly mortgage payments and historically low housing inventory has pushed many would-be homebuyers out of the market,” the report said. Home-purchase applications dropped to their lowest level in nearly 30 years during the week ending August 18, and Redfin’s Homebuyer Demand Index—a measure of requests for home tours and other buying services from Redfin agents—was down 7% year over year.
Demand levels vary by region. Agents say cash-strapped buyers are negotiating hard to get deals in this environment. But in Tennessee, as with other high-demand areas, there’s a limit to how low buyers can go.
“Some buyers are hoping they can get a home for under asking price to make up for high interest rates because they’re hearing the housing market is slow, but what’s happening nationally isn’t necessarily true here,” said Kristin Sanchez, a Redfin agent based in Smyrna, Tenn.
Tennessee, a hot spot for people relocating from other states, boasts a healthy job market that’s fueling strong demand, Sanchez said. As a result, homes are typically selling at or above asking price with two to three offers, she added.
Mortgage-purchase applications during the week ending August 18 also saw a decline of 5% from the prior week, on a seasonally adjusted basis. Home-purchase applications dropped to their lowest level since 1995, while purchase applications were down 30% from the same point last year.