Chris Mignone Real Estate
Licensed Real Estate Salesperson serving Long Island specializing in Oakdale, East Islip, Ronkonoma,
If you’re ready to buy a home but are having a hard time affording it on your own, or, if you have aging loved ones you need to care for, you might want to consider a multi-generational home. Living with siblings, parents, and even grandparents can help you save money, give or receive childcare, and spend quality time together. Let’s connect to find a home in our area that’s perfect for you and your loved one’s needs.
The Benefits of Buying a Multi-Generational Home [INFOGRAPHIC] If you’re ready to buy a home but are having a hard time affording it on your own, or, if you have aging loved ones you need to care for, you might want to consider a multi-generational home.
According to the latest data from Fannie Mae, 23% of Americans still think home prices will go down over the next twelve months. But why do roughly 1 in 4 people feel that way?
It has a lot to do with all the negative talk about home prices over the past year. Since late 2022, the media has created a lot of fear about a price crash and those concerns are still lingering.
The answer is simple. Listen to the professionals who specialize in residential real estate.
Market experts acknowledge that nationally, prices did dip down slightly late last year, but that was short-lived. Data shows prices have already rebounded this year after that slight decline in 2022.
What’s worth noting is that, just a few short weeks ago, the Fannie Mae forecast was for 3.9% appreciation in 2023. In the forecast that just came out, that projection was updated from 3.9% to 6.7% for the year. This increase goes to show just how confident...
Don’t Believe Everything You Read About Home Prices According to the latest data from Fannie Mae, 23% of Americans still think home prices will go down over the next twelve months.
Maybe you’re in the market for a home and are having a hard time finding the right one that fits your budget. Or perhaps you’re already a homeowner in need of extra income or a place for loved ones. Whether as a potential homebuyer or a homeowner with changing needs, accessory dwelling units, or ADUs for short, may be able to help you reach your goals.
What Is an ADU?
As AARP says:
• “An ADU is a small residence that shares a single-family lot with a larger, primary dwelling.”
• “An ADU is an independent, self-contained living space with a kitchen or kitchenette, bathroom and sleeping area.”
• “An ADU can be located within, attached to, or detached from the main residence.”
The Benefits of ADUs
• Living Close by, But Still Separate: According to Freddie Mac: “Having an accessory dwelling unit on an existing property has become a popular way for homeowners to offer independent living space to family...
What Are Accessory Dwelling Units and How Can They Benefit You? Maybe you’re in the market for a home and are having a hard time finding the right one that fits your budget.
If you've been following the news recently, you might have seen articles about an increase in foreclosures and bankruptcies. That could be making you feel uneasy, especially if you're thinking about buying or selling a house.
But the truth is, even though the numbers are going up, the data shows the housing market isn’t headed for a crisis.
Foreclosure Activity Rising, but Less Than Headlines Suggest
In recent years, the number of foreclosures has been very low. That’s because, in 2020 and 2021, the forbearance program and other relief options were put in place to help many homeowners stay in their homes during that tough time.
When the moratorium ended, there was an expected rise in foreclosures. But just because they’re up, that doesn't mean the housing market is in trouble.
Foreclosure filings are still way lower than when the housing market crashed in 2008. The tremendous amount of equity American...
Foreclosures and Bankruptcies Won’t Crash the Housing Market If you've been following the news recently, you might have seen articles about an increase in foreclosures and bankruptcies.
Do negative headlines and talk on social media have you feeling worried about the housing market? Maybe you’ve even seen or heard something lately that scares you and makes you wonder if you should still buy or sell a home right now.
Regrettably, when news in the media isn't easy to understand, it can make people feel scared and unsure. Similarly, negative talk on social media spreads fast and creates fear.
But it doesn’t have to be that way. Buying a home is a big decision, and it should be one you feel confident making. You should lean on a trusted real estate agent to help you separate fact from fiction and get the answers you need.
That agent will use their knowledge of what’s really happening with home prices, housing supply, expert forecasts, and more to give you the best possible advice.
The right agent will help you figure out what’s going on at the national level and in your local area.
A Real Estate Agent Helps Take the Fear Out of the Market Do negative headlines and talk on social media have you feeling worried about the housing market?
Here’s what you really need to know about a few myths causing fear in today’s housing market. Despite common misconceptions, many people can buy a home even if they have student loans, home prices are rising nationally (not falling), and you usually don’t have to have 20% for a down payment. If you have other fears or reservations about buying a home today, DM me so you have an expert to help clear those up.
Unmasking Scary Myths about Today’s Housing Market [INFOGRAPHIC] Here’s what you really need to know about a few myths causing fear in today’s housing market.
The idea of owning a home has always been a big part of the American Dream. It's a symbol of stability, independence, and having a place to truly call your own. But for Gen Z, the "Zoomers" born between 1997 and 2012, making that dream a reality can feel like quite the challenge today with higher mortgage rates and rising home prices.
But achieving that goal of owning your first home can still be attainable, even today, with some strategic planning and resourcefulness.
Explore Financing and Down Payment Assistance Options
With prices rising all around you, it can be hard to save up for a home. There are a lot more options out there than you may realize. According to Down Payment Resource, there are over 2,000 programs designed to help hopeful homebuyers with down payments and closing costs.
Consider Living with Relatives To Save
Many savvy Zoomers have made a strategic choice to live with relatives so they can get...
Affordable Homeownership Strategies for Gen Z The idea of owning a home has always been a big part of the American Dream.
Are you wondering if it makes sense to buy a home right now? While today’s mortgage rates might seem a bit intimidating, here are two compelling reasons why it still may be a good time to become a homeowner.
Home Values Appreciate over Time
There’s been a lot of confusion around what’s happened with home prices over the past two years. While they did dip ever so slightly in late 2022, this year they’ve been appreciating at a more normal pace, which is good news for the housing market. And while looking at price movement over just a year or two can make you worry prices are usually this unpredictable, history shows in the long run, home values rise.
As prices rise, and as you pay down your mortgage, you build equity. Over time, that growing equity gives your net worth a boost.
Rent Keeps Going Up Through the Years
Another reason you may want to consider buying a home instead of renting is the never-ending...
Invest in Yourself by Owning a Home Are you wondering if it makes sense to buy a home right now?
When it comes to selling your house, you’re probably trying to juggle the current market conditions and your own needs as you plan your move.
One thing that may be working in your favor is how few homes there are for sale right now. Here’s what you need to know about the current inventory situation and what it means for you.
The Supply of Homes for Sale Is Far Below the Norm
When you’re selling something, it helps if what you’re selling is in demand, but is also in low supply. Why? That makes it even more desirable since there’s not enough to go around. That’s exactly what’s happening in the housing market today. There are more buyers looking to buy than there are homes for sale.
What That Means for You
Buyers have fewer choices now than they did in more typical years. And that’s why you could still see some great perks if you sell today. Because there aren’t enough homes to go around, homes that are priced right are...
The Perks of Selling Your House When Inventory Is Low When it comes to selling your house, you’re probably trying to juggle the current market conditions and your own needs as you plan your move.
If you've ever dreamed of buying your own place, or selling your current house to upgrade, you're no stranger to the rollercoaster of emotions changing home prices can stir up.
But if you put off moving because you’re worried home prices might drop, make no mistake, they’re not going down. In fact, it's just the opposite.
Orphe Divounguy, Senior Economist at Zillow, explains changing home prices over the past 12 months this way: “The U.S. housing market has surged over the past year after a temporary hiccup from July 2022-January 2023. . . . That downturn has proven to be short lived as housing has rebounded impressively so far in 2023. . .”
Looking ahead, home price appreciation typically starts to ease up this time of year. As that happens, there’s some risk the media will confuse slowing price growth (deceleration of appreciation) with home prices falling (depreciation). Don’t be fooled. Slower price growth is...
Why Home Prices Keep Going Up If you've ever dreamed of buying your own place, or selling your current house to upgrade, you're no stranger to the rollercoaster of emotions changing home prices can stir up.
If you're wondering what’s happening with home prices, know they’re still rising, just at a slower pace – and that’s perfectly normal for this time of year. Based on typical seasonality in the market, prices go up most in the spring during the peak buying season, and then price growth slows down as the year goes on. Home prices aren’t falling. They’re just rising slower and going back to normal seasonal trends. That’s a good thing. If you're curious about prices in our area, let’s connect.
Home Price Growth Is Returning to Normal [INFOGRAPHIC] If you're wondering what’s happening with home prices, know they’re still rising, just at a slower pace – and that’s perfectly normal for this time of year.
Are you thinking about selling your house as a For Sale by Owner (FSBO)? If so, know there's a whole lot more time and expertise needed in that process than you might think. While the idea of doing it all by yourself might seem tempting, it's important to recognize the challenges you may face if you take it on all by yourself.
You May Not Price it Right
Pricing your house right is key to a successful sale. An article from Nerd Wallet offers this advice: “If your home is overpriced, you run the risk of buyers not seeing the listing. . . . But price your house too low and you could end up leaving some serious money on the table.”
You Don’t Have as Much Experience in Marketing a House
When you partner with a real estate agent who knows how to take advantage of online marketing tools and resources, you'll be able to get in front of these tech-savvy house hunters, boosting your chances of a successful sale.
The Risks of Selling Your House on Your Own Are you thinking about selling your house as a For Sale by Owner (FSBO)?
If you're considering selling your house right now, it's likely because something in your life has changed. And while things like mortgage rates play a big role in your decision, you don’t want that to overshadow why you thought about making a move in the first place.
Here are a few of the most common reasons people choose to sell today.
Some of the things that can motivate a move to a new area include changing jobs, a desire to be closer to friends and loved ones, wanting to live in your ideal location, or just looking for a change in scenery.
Many homeowners decide to sell to move into a larger home. This is especially common when there’s a need for more room to entertain, a home office or gym, or additional bedrooms to accommodate a growing number of loved ones.
Homeowners may also decide to sell because someone’s moved out of the home recently and there’s now more space than...
What Are the Real Reasons You Want To Move Right Now? If you're considering selling your house right now, it's likely because something in your life has changed.
In today's world of rising housing costs, many buyers are looking for ways to still be able to buy a home. Some of them have found a solution in multi-generational living.
Multi-generational living is when two or more adult generations live together under one roof. This includes siblings, parents, or even grandparents.
Reasons To Buy a Multi-Generational Home
According to a recent study by the National Association of Realtors (NAR), the top two reasons people are opting for multi-generational homes today have to do with affordability.
Cost Savings: About 28% of first-time buyers and 11% of repeat buyers are deciding on a multi-generational home to save on costs. By pooling their resources, households can share the financial responsibilities to make homeownership more affordable.
More Space: Another 28% of first-time buyers and 18% of repeat buyers are doing it because they want a larger home they couldn’t afford on...
How Buying a Multi-Generational Home Helps with Affordability Today In today's world of rising housing costs, many buyers are looking for ways to still be able to buy a home.
Mortgage rates have been back on the rise recently and that’s getting a lot of attention from the press. If you’ve been following the headlines, you may have even seen rates recently reached their highest level in over two decades.
That can feel like a little bit of a gut punch if you’re thinking about making a move. If you’re wondering whether or not you should delay your plans, here’s what you really need to know.
How Higher Mortgage Rates Impact You
There’s no denying mortgage rates are higher right now than they were in recent years.
Basically, some people are deciding to put their plans on hold because of where mortgage rates are right now. But what you want to know is: is that a good strategy?
Where Will Mortgage Rates Go from Here?
If you’re eager for mortgage rates to drop, you’re not alone. A lot of people are waiting for that to happen. But here’s the thing. No one knows when it will. Even the...
Are Higher Mortgage Rates Here To Stay? Mortgage rates have been back on the rise recently and that’s getting a lot of attention from the press.
When deciding between buying a home or renting, think about these three important factors. Buying a home means owning a tangible and valuable asset, avoiding rising rents, and growing your wealth over time. If you’re ready to enjoy the advantages of owning a home, DM me to discuss your options.
The Difference Between Renting and Buying a Home [INFOGRAPHIC] When deciding between buying a home or renting, think about these three important factors.
Take a moment to imagine where you want to be in a few years. You might be thinking about your job, money, wanting more stability, or goals you want to reach soon. Is homeownership a part of that vision? If it is, you should know owning a home has a whole lot of financial benefits.
One of the many reasons to buy a home is that it’s a great way to build wealth and gain financial stability. That’s because the value of most homes increases over time, which in turn grows your net worth. Here’s how home values are rising right now.
Basically, homeownership is a tremendous wealth-building tool. And with home values back on the rise across the nation, now might be a good time to consider if owning a home is something you want to reach for.
Household Net Worth Is Rising
Data shows that while those in the top 1% saw the most dramatic net worth increase, people from every single tax bracket have seen their wealth grow over...
Growing Your Net Worth with Homeownership Take a moment to imagine where you want to be in a few years.
Are you thinking about making a move? If so, all the speculation that home prices would crash this year may have you feeling a bit on edge about your decision. Let the data and the experts reassure you. Prices aren’t in a downward spiral and will actually finish the year strong.
Even though you may have heard talk that prices would drop 5, 10, or even 20% this year, that hasn’t happened. The big reason why is the supply of homes for sale is too low. There are just more buyers looking to buy than homes available, and that’s kept prices from falling.
Most Experts Project Home Prices Will Net Positive this Year
The general consensus from industry experts is that home price appreciation will actually be positive for 2023. The latest 2023 year-end forecasts are in from six different organizations.
All but one project nationally prices will net positive this year. That’s significant because it shows the majority are...
The Latest Expert Forecasts for Home Prices in 2023 Are you thinking about making a move?
During the pandemic, many people distanced themselves from their loved ones for health reasons. Grandparents were told to stay away from their grandkids, especially as schools started to open. That’s because it would have been risky to visit with their grandchildren who may have gotten sick from school.
Now that the pandemic has passed, many grandparents want more than ever to be near their grandchildren again to make up for that lost time. But how are they getting that “Grandparent Wish?” The data tells us many are moving to make sure they’re getting more quality time.
Grandparents Are Moving To Be Near Loved Ones
Recent data from the National Association of Realtors (NAR) shows people between the ages of 55 and 74 are moving farther (more than 100 miles) than any other age group.
The average age of grandparents in the U.S. is 67 years. The logical leap is that at least some of the people who are moving the...
Are Grandparents Moving To Be Closer to Their Grandkids? During the pandemic, many people distanced themselves from their loved ones for health reasons.
Selling your house is a big decision. And that can make it feel both exciting and a little bit nerve-wracking. But the key to a successful sale is finding the perfect listing agent to work with you throughout the process. A listing agent, also known as a seller's agent, helps market and sell your house while advocating for you every step of the way.
But, how do you know you've found the perfect match in an agent? Here are three key skills you’ll want your listing agent to have.
They Price Your House Based on the Latest Data
While it may be tempting to pick the agent who suggests the highest asking price for your house, that strategy may cost you.
As NerdWallet explains: “An agent who recommends the highest price isn't always the best choice. Choose an agent who backs up the recommendation with market knowledge.”
They’re a Great Negotiator
A skilled listing agent will be calm under pressure and will be...
Key Skills You Need Your Listing Agent To Have Selling your house is a big decision.
If you’re thinking about buying a home this year, be sure to consider the long-term financial advantages of homeownership, like home equity. On average, people who bought homes 32 years ago have seen their home’s value nearly triple over that time. If you’re wondering if buying a home is a good idea, remember rising home values could grow your net worth with time. When you’re ready to start your homebuying journey, let’s talk.
How Homeowner Net Worth Grows with Time [INFOGRAPHIC] If you’re thinking about buying a home this year, be sure to consider the long-term financial advantages of homeownership, like home equity.
The increasing effects of natural disasters are leading to new obstacles in residential real estate. As a recent article from CoreLogic explains:
“As the specter of climate change looms large, the world braces for unprecedented challenges. In the world of real estate, one of those challenges will be the effects of natural catastrophes on property portfolios, homeowners, and communities.”
Expert Advice for Homebuyers To Reduce Climate Risks
The first thing to do is understand how to go about buying a home while thinking about climate risks. With the right help and resources, you can simplify the process.
The Mortgage Reports provides these tips for buying your next home:
• Evaluate climate risks
• Consider future preventative maintenance costs
• Take steps to avoid losing your assets
Above all else, your most valuable resource during this process is a trusted real estate expert. They'll always focus on your goals...
Are You a Homebuyer Worried About Climate Risks? The increasing effects of natural disasters are leading to new obstacles in residential real estate.
Are you considering buying your first home? If so, it can be helpful to know what led other people to make that decision.
While that survey looked specifically at first-time homebuyers buying newly built homes, the same sentiment is true for just about anyone buying their first home. Here’s a bit more information to help you think about those two benefits of homeownership to see if they’re a key factor for you too.
When You Buy a Home, You Have More Stability than When You Rent
You might want to stop renting because rents keep going up. If you’re a renter, that means there’s a chance your payment will increase each time you sign a new rental agreement or renew your current one.
On the other hand, when you buy your home with a fixed-rate mortgage, your monthly housing payment is predictable over the length of that loan. This stability can give you a peace of mind that renting just can’t provide.
When You Buy a...
Understanding the Benefits of Owning Your First Home Are you considering buying your first home?
During the fourth quarter of last year, some housing experts projected home prices were going to crash in 2023. The media ran with those forecasts and put out headlines calling for doom and gloom in the housing market. All of this negative news coverage made a lot of people have doubts about the strength of the residential real estate market.
If it made you question if you should delay your own plans to move, here’s what you really need to know.
Home Prices Never Crashed
Disregard what you saw in the headlines. The actual data shows home prices were remarkably resilient and performed far better than the media would have you believe.
As Nicole Friedman, a reporter at the Wall Street Journal (WSJ), says: “Home prices aren’t falling anymore. . . The surprisingly quick recovery suggests that the residential real-estate downturn is turning out to be shorter and shallower than many housing economists expected . ...
Home Prices Are Not Falling During the fourth quarter of last year, some housing experts projected home prices were going to crash in 2023.
If you’re thinking about buying a home soon, higher mortgage rates, rising home prices, and ongoing affordability concerns may make you wonder if it still makes sense to buy a home right now. While those market factors are important, there's more to consider. You should think about the long-term benefits of homeownership too.
Think about this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how home values grow with time and how, by extension, that grows your own wealth. That may be why, in a recent Fannie Mae survey, 76% of respondents say they believe buying a home is a safe investment.
If you look at the percent change in home prices, you can see home prices grew on average by just over 57% nationwide over a five-year period.
Nationwide, home prices appreciated by an average of...
Unpacking the Long-Term Benefits of Homeownership If you’re thinking about buying a home soon, higher mortgage rates, rising home prices, and ongoing affordability concerns may make you wonder if it still makes sense to buy a home right now.
Wondering why the supply of homes for sale is limited today? There are a few factors at play. Lack of building over time, the mortgage rate lock-in effect, and people staying in their houses longer are three of the main reasons why supply is low. But real estate agents know exactly where to look and what to do to make your dream a reality. DM me so you have an expert on your side to help you successfully navigate the market and find your next home.
Explaining Today’s Low Housing Supply [INFOGRAPHIC] Wondering why the supply of homes for sale is limited today?
If your listing expired and your house didn’t sell, you’re likely feeling a little frustrated. Not to mention, you're also probably wondering what went wrong. Here are three questions to think about as you figure out what to do next.
Did You Limit Access to Your House?
One of the biggest mistakes you can make when selling your house is restricting the days and times when potential buyers can tour it. ShowingTime advises: “. . . do your best to be as flexible as possible when granting access to your house for showings.”
It’s simple. If no one’s able to look at it, how’s it going to sell?
Did You Make Your House Stand Out?
When selling your house, the old saying matters: you never get a second chance to make a first impression. Putting in the work to make the exterior of your home look nice is just as important as how you stage it inside. As an article from U.S. News says: “After all, if people drive by, but...
Why Your House Didn’t Sell If your listing expired and your house didn’t sell, you’re likely feeling a little frustrated.
You might remember the housing crash in 2008, even if you didn't own a home at the time. If you’re worried there’s going to be a repeat of what happened back then, there's good news – the housing market now is different from 2008.
Here’s a closer look at today's housing inventory to understand why this isn’t like 2008.
Homeowners Deciding To Sell Their Houses
Although housing supply did grow compared to last year, it’s still low. The current months’ supply is below the norm. There’s only about a third of that available inventory today.
Newly Built Homes
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.
The 14 years of underbuilding is a big part of the reason why inventory is so low today. Basically, builders haven’t been building enough homes for years now and that’s created a significant deficit in...
Why Today’s Housing Inventory Shows a Crash Isn’t on the Horizon You might remember the housing crash in 2008, even if you didn't own a home at the time.
If you’re thinking of making a move, one of the biggest questions you have right now is probably: what’s happening with home prices? Despite what you may be hearing in the news, nationally, home prices aren’t falling. It’s just that price growth is beginning to normalize. Here’s the context you need to really understand that trend.
In the housing market, there are predictable ebbs and flows that happen each year. It’s called seasonality. Spring is the peak homebuying season when the market is most active. That activity is typically still strong in the summer but begins to wane as the cooler months approach. Home prices follow along with seasonality because prices appreciate most when something is in high demand.
Why This Is So Important to Understand
In the coming months, you’re going to see the media talk more about home prices. In their coverage, you’ll likely see industry terms like these...
The Return of Normal Seasonality for Home Price Appreciation If you’re thinking of making a move, one of the biggest questions you have right now is probably: what’s happening with home prices?
If you’re looking to buy a home this fall, there are a few things you need to know. Affordability is tight with today’s mortgage rates and rising home prices. At the same time, there’s a limited number of homes on the market right now and that’s creating some competition among buyers. But, if you’re strategic, there are ways to navigate these waters. The first thing you’ll want to do is get pre-approved for a mortgage. That way you’ll know your numbers and can set yourself up for success from the start of your home search.
What Pre-Approval Does for You
Basically, pre-approval gives you critical information about the homebuying process that’ll help you understand how much you may be able to borrow. Why does this help you, especially today? With higher mortgage rates and home prices impacting affordability for many buyers right now, a solid understanding of your numbers is even more important so you can truly wrap...
Beginning with Pre-Approval If you’re looking to buy a home this fall, there are a few things you need to know.