Baltimore Real Estate Insights with Mike Fielder

It May Be Time To Consider a Newly Built Home

If you’re looking to buy a house, you may find today’s limited supply of homes available for sale challenging. When housing inventory is as low as it is right now, it can feel like a bit of an uphill battle to find the perfect home for you because there just isn’t that much to choose from. If you need to open up your pool of options, it may be time to consider a newly built home. According to the latest data from the U.S. Census, there’s positive news when it comes to new home construction. When you look at the first three months of this year, you’ll find:More new homes were completed and are ready to sell. This gives you more move-in-ready options for your search.Builders broke ground and started construction on more single-family homes. This means there are more homes intended for one household in the beginning stages of construction, allowing you the opportunity to customize one to your liking.The number of permits for building new single-family homes ticked up. This shows builders are ramping up to start on even more home construction soon. And, while this is all good news for broadening your options for your home search, there are other perks that come with considering a newly built home.Customization When you buy a new home under construction, you can tailor it to your unique needs and taste. Bankrate says: “Building means customizing. . . . instead of wishing your home had a certain kind of flooring, a sunroom or some other special amenity, you’ll be able to tailor the property to your exact needs.” Brand New Everything Another perk of a new home is that nothing in the house is used. It’s all brand new and uniquely yours from day one.Minimal RepairsAnd, because everything is new, you’ll likely find there are fewer maintenance and repair needs up front. As Realtor.com explains:  “. . . if something does go wrong with your new home, not only are there likely some manufacturer warranties in place, but many builders also include additional home warranties . . .” Energy Efficiency Lastly, building a home gives you the opportunity to incorporate more energy-efficient options that can help lower your costs over time – which can feel especially important when inflation’s raising many of the costs around you.SBottom LineIf you’re having trouble finding your dream home in today’s market, it may be time to consider newly built homes as an option. Partner with a real estate professional to learn more about what’s available in your local area.

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Reasons To Sell Your House Today [INFOGRAPHIC]

Some HighlightsNot sure if selling your house is the right move today? You should know there are a number of reasons it still makes sense to sell now.Your house will stand out because inventory is low. That’s why the number of offers on recently sold homes is on the rise. And most homeowners have a lot of equity that can fuel a move.If you’re thinking about selling your house, reach out to a local real estate expert to discuss if now may be the time to move.

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How Homeowners Win When They Downsize

Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains:“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”And when inflation has made most things significantly more expensive, saving money where you can has a lot of appeal. So, if you’re thinking about ways to budget differently, it could be worthwhile to take your home into consideration.When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve developed a considerable amount of equity. Your home equity is an asset you can use to help you buy a home that better suits your needs today.And when you’re ready to make a move, your team of real estate experts will be your guides through every step of the process. That includes setting the right price for your house when you sell, finding the best location and size for your next home, and understanding what you can afford at today’s mortgage rate.What This Means for YouIf you’re thinking about downsizing, ask yourself these questions:Do the original reasons I bought my current house still stand, or have my needs changed since then?Do I really need and want the space I have right now, or could somewhere smaller be a better fit?What are my housing expenses right now, and how much do I want to try to save by downsizing?Once you know the answers to these questions, meet with a real estate advisor to get an answer to this one: What are my options in the market right now? A local housing market professional can walk you through how much equity you have in your house and how it positions you to win when you downsize.SBottom LineIf you’re looking to save money, downsizing your home could be a great help toward your goal. Talk with a real estate agent about your goals in the housing market this year.

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