Buying a home in the Lehigh Valley • April 7, 2023

Trying To Buy a Home? Hang in There.

by Christopher Stager

We’re still in a sellers’ market. And if you’re looking to buy a home, that means you’re likely facing some unique challenges, like difficulty finding a home and volatile mortgage rates. But keep in mind, there are some benefits to being a buyer in today’s market that give you good reason to stick with your search. Here are a few of them.

Long-Term Benefits Outweigh Short-Term Challenges

Owning a home grows your net worth – and since building that wealth takes time, it makes sense to start as soon as you can. If you wait to buy and keep renting, you’ll miss out on those monthly housing payments going toward your home equity. Freddie Mac puts it this way:

“Homeownership not only builds a sense of pride and accomplishment, but it’s also an important step toward achieving long-term financial stability.”

The key there is long-term because the financial benefits homeownership provides, like home value appreciation and equity, grow over time. Those benefits are worth the short-term challenges today’s sellers’ market presents.

Mortgage Rates Are Constantly Changing

Mortgage rates have been hovering around 6.5% over the last several months. However, as Sam Khater, Chief Economist at Freddie Mac, notes, they’ve been coming down some recently:

“Economic uncertainty continues to bring mortgage rates down. Over the last several weeks, declining rates have brought borrowers back to the market . . .”

Lower mortgage rates improve your purchasing power when you buy, and that can help make homeownership more affordable. Hannah Jones, Economic Data Analyst at realtor.com, explains:

“As we move into the spring buying season, mortgage rates have ticked lower, a welcomed sign of progress towards affordability.”

The recent drop in mortgage rates is good news if you couldn’t afford to buy a home when they peaked.

Home Prices Will Increase

According to the Home Price Expectation Survey, which polls over 100 real estate experts, home values will go up steadily over the next few years after a slight decline this year (see graph below):

Rising home prices in the coming years means two things for you as a buyer:

Waiting to buy a home could mean it’ll become more expensive to do so.
Buying now means the value of your home, and your net worth, will likely grow over time.

Bottom Line

If you’ve been trying to buy a home, hang in there. Mortgage rates have ticked down a bit recently, home prices are forecast to increase in the coming years, and the long-term benefits of homeownership outweigh many of the short-term challenges.

Top-Performing Realtor Christopher Stager Wins Six FastExpert Awards for Outstanding Performance in 2022

by Christopher Stager

Christopher Stager, a top-performing Realtor in Pennsylvania, has been recognized with six prestigious awards from FastExpert, a leading real estate agent referral service. The awards recognize Christopher’s outstanding performance in the real estate industry and his commitment to delivering exceptional results for his clients.

FastExpert is a platform that connects home buyers and sellers with top-performing real estate agents across the United States. The platform’s annual awards recognize agents who have demonstrated exceptional performance in several categories, including customer service, sales volume, and overall satisfaction ratings from clients.

Christopher Stager has been named a recipient of six FastExpert awards for 2023, including:

Ranked one of the top 15 Real Estate Agents in Northampton County
Ranked one of the top 15 Real Estate Agents in Lehigh County
Ranked one of the top 15 Real Estate Agents in Monroe County
Ranked one of the top 15 Real Estate Agents in Bethlehem, PA
Ranked one of the top 15 Real Estate Agents in Easton, PA
Ranked one of the top 15 Real Estate Agents in Bangor, PA

Christopher’s commitment to providing his clients with the highest level of service, expertise, and professionalism has earned him these prestigious awards. His extensive knowledge of the local real estate market, combined with his strong negotiation skills, has helped his clients achieve their real estate goals.

“I am honored to receive these awards from FastExpert,” said Christopher Stager. “I am passionate about real estate, and it’s truly rewarding to see my hard work and dedication recognized. I am grateful for the support of my clients and colleagues, and I look forward to continuing to provide exceptional service to home buyers and sellers in Pennsylvania.”

With over 10 years of experience in the real estate industry, Christopher Stager is a trusted advisor to his clients, providing them with the guidance and support they need to make informed decisions. He is known for his attention to detail, honesty, and integrity, and he works tirelessly to ensure that his clients achieve their real estate goals.

To learn more about Christopher Stager and his real estate services, please visit his website at www.BuySellLiveLehighValley.com or contact him directly at 570-242-9072.

Buying a home in the Lehigh Valley • February 22, 2023

From Four Walls to a Place of Love: What Makes a House a Home? SECRETS REVEALED!!

by Christopher Stager

Welcome to our real estate video on what makes a house a home. A house is more than just a building made up of walls and a roof, it is a place where memories are made, where families gather, and where we feel safe and comfortable. In this video, we will explore the various elements that turn a house into a home, from the importance of location and neighborhood to the personal touches that make it unique. Join us as we delve into the emotional and practical aspects of what makes a house truly feel like a home.

Chris Stager is a global team leader & licensed Real Estate Agent at Century 21 Pinnacle who has helped hundreds of buyers and sellers in the Lehigh Valley of Pennsylvania.

Thank you so much for watching, as always please make sure you LIKE, SUBSCRIBE, and COMMENT and we will see you next time!

Buying a home in the Lehigh Valley • January 30, 2023

How To Negotiate Closing Costs

by Christopher Stager

Is it okay to ask the seller to pay your closing costs? Why not! In this video, I discuss seven ways you can negotiate seller-paid closing costs on your home purchase.

Looking to purchase a home in 2023?! LET”S CHAT

http://buyselllivelehighvalley.com/contact-me

Buying a home in the Lehigh Valley • Selling a home in the Lehigh Valley • January 25, 2023

Successfully Navigate The Real Estate Market

by Christopher Stager

The real estate market is constantly changing and can be difficult to navigate. However, with the right information and guidance, buying or selling a property can be a successful and profitable experience.

One of the most important factors to consider in the real estate market is location. Properties in desirable areas will generally have a higher value and be in higher demand. Additionally, the local economy, job market, and school district can all impact the value of a property.

Another key factor to consider is the condition of the property. A well-maintained and updated property will generally have a higher value and be in higher demand than a property in need of repairs or renovations.

The current state of the economy can also greatly impact the real estate market. In a strong economy, there is often a higher demand for housing, leading to higher prices and a seller’s market. In a weaker economy, there may be less demand for housing, leading to lower prices and a buyer’s market.

The current interest rates also play a crucial role in the real estate market. Low interest rates make it more affordable for buyers to purchase a property, increasing demand and leading to higher prices. High interest rates make it more difficult for buyers to afford a property, decreasing demand and leading to lower prices.

Finally, it is important to have a good realtor on your side. A good realtor will have a deep understanding of the local market and will be able to guide you through the buying or selling process. They will also have a vast network of connections and resources to help you find the perfect property or buyer.

In conclusion, the real estate market is constantly changing, and it is essential to stay informed about the current market conditions, location, property condition, economy, and interest rates. With the help of a good realtor, you can make informed decisions and successfully navigate the market.

Uncategorized • January 23, 2023

Want To Sell Your Home? Price It Right!

by Christopher Stager

Last year, the housing market slowed down in response to higher mortgage rates, and that had an impact on home prices. If you’re thinking of selling your house soon, that means you’ll want to adjust your expectations accordingly. As realtor.com explains:

“. . . some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.”

In a more moderate market, how you price your house will make a big difference to not only your bottom line, but to how quickly your house could sell. And the reality is, homes priced right are still selling in today’s market.

Why Pricing Your House Appropriately Matters

Especially today, your asking price sends a message to potential buyers.

If it’s priced too low, you may leave money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home.

If it’s priced too high, you run the risk of deterring buyers. When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag by some buyers who will wonder what that means about the home.

To avoid either headache, price it right from the start. A real estate professional knows how to determine that ideal asking price. They balance the value of homes in your neighborhood, current market trends, buyer demand, the condition of your house, and more to find the right price. This helps lead to stronger offers and a greater likelihood your house will sell quickly.

The visual below helps summarize the impact your asking price can have:

Bottom Line

Homes that are priced at current market value are still selling. To make sure you price your house appropriately, maximize your sales potential, and minimize your hassle, reach out to a trusted real estate professional.

Buying a home in the Lehigh Valley • January 19, 2023

Mortgage Pre-Approval in 2023: What You Need To Know

by Christopher Stager

One of the first steps in your homebuying journey is getting pre-approved. To understand why it’s such an important step, you need to understand what pre-approval is and what it does for you. Business Insider explains:

“In a preapproval [sic], the lender tells you which types of loans you may be eligible to take out, how much you may be approved to borrow, and what your rate could be.”

Basically, pre-approval gives you critical information about the homebuying process that’ll help you understand your options and what you may be able to borrow.

How does it work? As part of the pre-approval process, a lender will look at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand how much money you can borrow. That can make it easier when you set out to search for homes because you’ll know your overall numbers. And with higher mortgage rates impacting affordability for many buyers today, a solid understanding of your numbers is even more important.

Pre-Approval Helps Show You’re a Serious Buyer

Another added benefit is pre-approval can help a seller feel more confident in your offer because it shows you’re serious about buying their house. A recent article from Forbes notes:

“From the seller’s perspective, a preapproval [sic] letter from a reputable local lender often can make the difference between accepting and rejecting an offer.”

This goes to show, even though you may not face the intense bidding wars you saw if you tried to buy during the pandemic, pre-approval is still an important part of making a strong offer. In fact, Christy Bieber, Personal Finance Writer at The Motley Fool explains it may be the most important part of making an offer:

“Pre-approval maximizes the chances you’ll be able to actually close the deal – and sellers want to see that.

The fact that a pre-approval gives you a better chance of getting your offer accepted is undoubtedly the most important reason to complete this step . . .”

Bottom Line

Getting pre-approved is an important first step towards buying a home. It lets you know what you can borrow and shows sellers you’re serious about purchasing their home. Connect with a local real estate professional and a trusted lender so you have the tools you need to purchase a home in today’s market.

Buying a home in the Lehigh Valley • January 17, 2023

Think Twice Before Waiting for 3% Mortgage Rates

by Christopher Stager

Last year, the Federal Reserve took action to try to bring down inflation. In response to those efforts, mortgage rates jumped up rapidly from the record lows we saw in 2021, peaking at just over 7% last October. Hopeful buyers experienced a hit to their purchasing power as a result, and some decided to press pause on their plans.

Today, the rate of inflation is starting to drop. And as a result, mortgage rates have dipped below last year’s peak. Sam Khater, Chief Economist at Freddie Mac, shares:

“While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.”

That’s potentially great news if you’re a buyer aiming to jump back into the housing market. Any drop in mortgage rates helps boost your purchasing power by bringing down your expected monthly mortgage payment. This means the lower mortgage rates experts forecast this year could be just what you need to reignite your homebuying goals.

While this opens up a window of opportunity for you, remember: you shouldn’t expect rates to drop back down to record lows like we saw in 2021. Experts agree that’s not the range buyers should bank on. Greg McBride, Chief Financial Analyst at Bankrate, explains:

“I think we could be surprised at how much mortgage rates pull back this year. But we’re not going back to 3 percent anytime soon, because inflation is not going back to 2 percent anytime soon.”

It’s important to have a realistic vision for what you can expect this year, and that’s where the advice of expert real estate advisors is critical. You may be surprised by the impact even a mild drop in mortgage rates has on your budget. If you’re ready to buy a home now, today’s market presents the opportunity to get a more affordable mortgage rate, find your dream home, and face less competition from other buyers.

Bottom Line

The recent pullback in mortgage rates is great news – but if you’re ready to buy now, holding out for 3% is a mistake. Work with a local real estate expert to explore the options in your area and learn how today’s rates impact your goals.

Selling a home in the Lehigh Valley • January 5, 2023

3 Best Practices for Selling Your House This Year in 2023

by Christopher Stager

A new year brings with it the opportunity for new experiences. If that resonates with you because you’re considering making a move, you’re likely juggling a mix of excitement over your next home and a sense of attachment to your current one.

A great way to ease some of those emotions and ensure you’re feeling confident in your decision is to keep these three best practices in mind.

1. Price Your Home Right

The housing market shifted in 2022 as mortgage rates rose, buyer demand eased, and the number of homes for sale grew. As a seller, you’ll want to recognize things are different now and price your house appropriately based on where the market is today. Greg McBride, Chief Financial Analyst at Bankrate, explains:

“Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still selling quickly.”

If you price your house too high, you run the risk of deterring buyers. And if you go too low, you’re leaving money on the table. An experienced real estate agent can help determine what your ideal asking price should be.

2. Keep Your Emotions in Check

Today, homeowners are living in their houses longer. According to the National Association of Realtors (NAR), since 1985, the average time a homeowner has owned their home has increased from 5 to 10 years.

This is several years longer than what used to be the historical norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you bought or the house where your loved ones grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.

For some homeowners, that makes it even harder to negotiate and separate the emotional value of the house from fair market price. That’s why you need a real estate professional to help you with the negotiations along the way.

3. Stage Your Home Properly

While you may love your decor and how you’ve customized your home over the years, not all buyers will feel the same way about your design. That’s why it’s so important to make sure you focus on your home’s first impression so it appeals to as many buyers as possible. As NAR says:

“Staging is the art of preparing a home to appeal to the greatest number of potential buyers in your market. The right arrangements can move you into a higher price-point and help buyers fall in love the moment they walk through the door.”

Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. A real estate professional can help you with tips to get your house ready to sell.

Bottom Line

If you’re considering selling your house, reach out to a local real estate professional to help you navigate through the process while prioritizing these best practices.

Buying a home in the Lehigh Valley • January 4, 2023

Avoid the Rental Trap in 2023

by Christopher Stager

If you’re a renter, you likely face an important decision every year: renew your current lease, start a new one, or buy a home. This year is no different. But before you dive too deeply into your options, it helps to understand the true costs of renting moving forward.

In the past year, both current renters and new renters have seen their rent go up!

“Three out of four renters (74.2%) who have moved in the past 12 months reported seeing their rent increase. The strain from recent rent hikes isn’t exclusive to renters who have recently moved. Nearly two-thirds of renters (63.2%) who have lived in their current rental between 12 and 24 months, and likely renewed their lease, have also reported increases in their rent.”

And if you look back at historical data, that shouldn’t come as a surprise. That’s because, according to the Census rents have been rising fairly consistently since 1988 (see graph below):

So, if you’re considering renting as an option in 2023, it’s worth weighing whether this trend is likely to continue. The 2023 Housing Forecast from realtor.com expects rents will keep climbing (see graph below):

That forecast projects rents will increase by 6.3% in the year ahead (shown in green). When compared to the blue bars in the graph, it’s clear that the 2023 projection doesn’t call for an increase as drastic as the ones renters have seen over the past two years, but it’s still above the historical average for rent hikes between 2013-2019.

That means, if you’re planning to rent again this year and you’ve not yet renewed your lease, you may pay more when you do.

Homeownership Provides an Alternative to Rising Rents

These rising costs may make you reconsider what other alternatives you have. If you’re looking for more stability, it could be time to prioritize homeownership. One of the many benefits of owning your own home is it provides a stable monthly cost that you can lock in for the duration of your loan.

“Monthly rent payments may increase over time, but a fixed-rate mortgage will ensure that you’re paying the same amount each month. With a fixed-rate mortgage, your interest rate is locked in for the life of loan. Steady payments allow you to budget wisely and make plans for the future.”

If you’re planning to make a move this year, locking in your monthly housing costs for the duration of your loan can be a major benefit. You’ll avoid wondering if you’ll need to adjust your budget to account for annual increases like you would if you left your housing payment up to your landlord and their renewal cycle.

Homeowners also enjoy the added benefit of home equity, which has grown substantially. In fact, the latest Homeowner Equity Insight report from CoreLogic shows the average homeowner gained $34,300 in equity over the last 12 months. As a renter, your rent payment only covers the cost of your dwelling. When you pay your mortgage on a house, you grow your wealth through the forced savings that is your home equity.

Bottom Line

If you’re thinking of renting this year, it’s important to keep in mind the true costs you’ll face. Connect with a local real estate advisor to see how you can begin your journey to homeownership today.

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