How Buying or Selling a Home Helps Your Local Economy

March 23, 2025/in Uncategorized/by Brian Bemo

Whether you’re buying or selling a house, here’s something to think about that most people don’t. Your decision doesn’t just impact your life and your family’s, it sparks a ripple effect that has a positive impact on your entire community.

Every year, the National Association of Realtors (NAR) puts out a report that breaks down the financial impact that comes from people buying and selling homes.

The data shows that if you buy an existing (previously lived-in) home, you’re giving the local economy a boost of just over $60K. And if you buy a newly built home, that number goes up to over $125K (see visual below):

That’s because of all the people needed to build, fix up, and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry adds jobs to a community:

“. . . housing is a significant job creator. In fact, for every single-family home built, enough economic activity is generated to sustain three full-time jobs for a year . . .”

When you think about it, it makes sense. Behind every home sale is a network of people involved, including contractors, city officials, real estate agents, lawyers, specialists, and more. Everyone has a job to do to help make sure your deal goes through.

Put simply, when you buy or sell a home, you’re helping out your neighbors. So, your decision to move doesn’t just meet your needs; it supports their families, strengthens your town, and shapes the future of your community.

Imagine walking through the front door of your next home, knowing your decision helped a local contractor keep their crew working or a small business thrive. Remember that feeling as you make your decision this year.

Bottom Line

Moving isn’t just a personal milestone – it’s an investment in your community, too. If you’re ready to make a move, let’s connect. You’ll make a difference for more people than you know.

What’s most important to you as you prepare to buy or sell your house this year?

Buying Your First Home? It’s Okay To Feel Nervous

March 16, 2025/in Uncategorized/by Brian Bemo

Buying your first home is exciting, but let’s be real – it can also feel overwhelming. It’s a big step, and with that comes plenty of questions. Am I making the right decision? Can I really afford this right now? Will I be able to make ends meet if I have unexpected repairs? What if I lose my job?

Here’s the thing: every first-time homebuyer has these thoughts.

The homebuying process has always been a mix of excitement and nerves, and that’s completely normal. Here’s some information that can give you a bit of perspective, so you don’t have these concerns.

Focus on What You Can Control

Since homeownership is new to you, you’re probably feeling like it’s hard to know what to budget for. And that can be a bit scary. You’ll have the mortgage, home insurance, and maintenance to think about – maybe even lawn care or homeowner’s association (HOA) fees. It’s easy to let the dollar signs be overwhelming. As Zillow says:

“Buying a house is a big decision, and you might feel confused and indecisive as you assess your current financial situation and try to work through whether or not the timing is right. Making big life choices might come with some self-doubt, but crunching the numbers and thinking about what you want your life to look like will help guide you down the right path.”

The important thing is to focus on what you can control. By partnering with a local agent and a trusted lender, you can get a clear understanding of what you can borrow for your home loan, what your monthly payment would be, and how your mortgage rate can impact it. And since that payment will likely be your biggest recurring expense, the key is to make sure the number works for you.

Don’t Stress About Repairs

The maintenance and repairs? Those can be a little bit harder to anticipate. But don’t forget you’ll get an inspection during the homebuying process to give you a better look at the condition of your future house. And with your inspection report in hand, you’ll have a good idea of what needs work. This way, you can start saving up so that you’re ready if and when something breaks.

But even then, if this is something that’s still really nagging at you, talk to your agent about asking the seller to throw in a home warranty. Those can cover repairs for some of the bigger systems in the house, like the HVAC, if they break within a specific time frame. While this isn’t a huge expense for the seller, the likelihood of a seller agreeing to one depends on what’s happening in your local market and how competitive it is right now.

It’s Okay To Stretch – Just Not Too Far

And remember, chances are that money will be a little tight – at least at first. And that’s kind of to be expected. A lot of times when someone buys their first home, they cut down on things like shopping and eating out for a while until they get a better idea of how their expenses will shake out in the new home.

But if you’re crunching the numbers and you won’t have enough money left for things like gas, food, etc. – it’s a sign you’d be stretching yourself too far. The last thing you want is to take on a payment that’s too much to handle. But stretching a little? That’s different. That’s normal.

Your Job Will Probably Change – And That’s Okay

And don’t forget, you’ll likely earn more down the road, so that slight stretch now won’t seem so bad as time wears on. As you advance in your career, you’ll probably start to make more money too. So, as your paycheck grows, the payments will get easier. Renting is a short-term option – and it’s one you deserve to get out of. Buying a home is a long-term play.

And just in case you’re worried about what happens if you do lose your job, you should know there are options, like forbearance, designed to help you temporarily pause payments on your home loan due to hardship.

Bottom Line

Buying your first home is a big decision, and it’s okay to feel a little nervous about it. But if you’re financially ready, don’t let fear keep you from moving forward. These emotions are normal, and great agents help their buyers get through them.

What makes you nervous when you think about buying your first home?

Let’s connect so you have an expert on your side to explain everything along the way.

Do You Know How Much Your Home Is Worth?

March 4, 2025/in Uncategorized/by Brian Bemo

Over the past few years, you’ve probably seen a whole lot of headlines about how home prices keep going up. But have you ever stopped to think about what that actually means for your home?

Home prices have risen dramatically over the past five years — far more than usual. And if selling has been on your mind, this could mean a bigger-than-expected payday when you list. So, how much has your home’s value really changed? Let’s break it down.

The Rapid Rise of the Past 5 Years

Typically, home prices go up by about 2-5% a year. But in 2021-2022, there were double-digit increases. And at the peak, prices rose by a staggering 20% or more nationally. Why? There were way more buyers than homes available, which sent prices soaring. While things have normalized since then, you still get to reap the benefits of those massive increases.

Your house has gained way more value than it normally would in such a short period of time – and that means a lot more wealth for you, too.

The map below uses data from the Federal Housing Finance Agency (FHFA) to show that, nationally, prices have gone up by nearly 60% in just the past 5 years alone. Here’s a breakdown that takes that one step further and gives you the numbers by state:

If you’ve been holding off on selling because you were worried about buying your next home at today’s rates and prices, let that sink in. It may be more than enough to help close the affordability gap and get you into your next house.

And what if you’ve been there for longer? That means your home’s value is probably even higher now. You get to stack the abnormal gains of the past 5 years on top of five years of more normal appreciation too. And an agent can help you figure out what that really looks like.

How To Find Out What Your House Is Really Worth

While a percentage is great, you probably want more specific numbers. The only way to get an accurate look at what your house is really worth is to talk to a local real estate agent.

While the map above gives you the average appreciation rate by state, it doesn’t take your local market into consideration. Like, is inventory still low where you live? That may drive prices higher, and faster. Or maybe you’ve done renovation that’ll add even more value to your house. Those are insights you’ll need an agent to provide.

An agent will know what’s happening where you live and can stack that up against the data and the condition of your home to give you the best estimate of its value possible. Only they have the data and expertise to find out your real number today.

Bottom Line

Home values have climbed — maybe more than you expected. Are you curious about what your house is worth in today’s market? Let’s connect so you can find out.