A recent survey from Bank of America asked would-be homebuyers what would help them feel better about making a move, and it’s no surprise the answers have a clear theme. They want affordability to improve, specifically prices and rates (see below):

Here’s the good news. While the broader economy may still feel uncertain, there are signs the housing market is showing some changes in both of those areas. Let’s break it down so you know what you’re working with.

Prices Are Moderating

Over the past few years, home prices climbed fast, sometimes so fast it left many buyers feeling shut out. But today, that pace has slowed down. For comparison, from 2020 to 2021, prices rose by 20% in a 12-month period. Now? Nationally, experts are projecting single-digit increases this year – a much more normal pace.

That's a sharp contrast to the rapid growth we saw just a few short years ago. Just remember, price trends are going to vary by area. In some markets, prices will continue to rise while others will experience slight declines.

Prices aren’t crashing, but they are moderating. For buyers, the slowdown makes buying a home a bit less intimidating. It’s easier to plan your budget when home values are moving at a much slower pace.

Mortgage Rates Are Easing

At the same time, rates have come down from their recent highs. And that’s taken some pressure off would-be homebuyers. As Lisa Sturtevant, Chief Economist at Bright MLS, says:

“Slower price growth coupled with a slight drop in mortgage rates will improve affordability and create a window for some buyers to get into the market.”

Even a small drop in mortgage rates can mean a big difference in what you pay each month in your future mortgage payment. Just remember, while rates have come down a bit lately, they’re going to experience some volatility. So don’t get too caught up in the ups and downs.

The overall trend in the year ahead is that rates are expected to stay in the low to mid-6s – which is a lot better than where they were just a few short months ago. They may even drop further, depending on where the economy goes from here.

Why This Matters

Confidence in the economy may be low, but the housing market is showing signs of adjustment. Prices are moderating, and rates have come down from their highs.

For you, that may not solve affordability challenges altogether, but it does mean conditions look a little different than they did earlier this year. And those shifts could help you re-engage as we move into next year.

Both of the top concerns for buyers are seeing some movement. Prices are moderating. Rates are easing. And both trends could stick around going into 2026.

If you’re considering a move, let’s connect walk you through what’s happening in our area – and what it means for your plans.

If you’re planning to buy a home this year, there’s one expense you can’t afford to overlook: closing costs.

Almost every buyer knows they exist, but not that many know exactly what they cover, or how different they can be based on where you're buying. So, let’s break them down.

What Are Closing Costs?

Your closing costs are the additional fees and payments you make when finalizing your home purchase. Every buyer has them. According to Freddie Mac, they typically include things like homeowner insurance and title insurance, as well as various fees for your:

• Loan application
• Credit report
• Loan origination
• Home appraisal
• Home inspection
• Property survey
• Attorney

National vs. Local: Why the Numbers Look So Different

When you search for information about closing costs online, you’ll often see a national range, usually 2% to 5% of the home’s purchase price. While that’s a useful starting point if you’re working on your homebuying budget, it doesn’t tell the whole story. In reality, your closing costs will also vary based on:

• Taxes and fees where you live (like transfer taxes and recording fees)
• Service costs for things like title and attorney work in your local area

While the home price is obviously going to matter, state laws, tax rates, and even the going costs for title and attorney services can change what you expect to pay. That’s why it's important to talk to the pros ahead of time so you know what to budget for. It can put you in control before you even start shopping.

To give you a rough ballpark, here’s a state-by-state look at typical closing costs right now based on those factors for the median-priced home in each state (see map below):

As the map shows, in some states, typical closing costs are just roughly $1-3K. In a few places, they can be closer to $10-15K. That’s a big swing, especially if you’re buying your first home. And that’s why knowing what to expect matters.

If you want a real number to help with your budget, your best bet is to talk to a local agent and a lender. They can run the math for your price range, loan type, and exact location.

And just in case you’re looking at your state’s number and wondering if there’s any way to trim that bill, NerdWallet shares a few strategies that can help:

• Negotiate with the seller. Ask for concessions like a credit toward your closing costs.
• Shop around for homeowner’s insurance. Compare coverage and rates before you commit.
• Check for assistance programs. Some states, professions, and neighborhoods offer help. Your agent and lender can point you to what’s available locally.

Closing costs are a key part of buying a home, but they can vary more than most people realize. Knowing your numbers (and how to potentially bring them down) can go a long way and help you feel confident about your purchase. 

Let’s look at typical closing costs in our area and get you a personalized estimate, so you can craft your ideal budget.

For the past couple of years, it’s been tough for a lot of homebuyers to make the numbers work. Home prices shot up. Mortgage rates too. And a number of people hit pause because it just didn’t feel possible. Maybe you were one of them.

But there’s some encouraging news. If you’ve been waiting for a better time to jump back in, affordability may finally be showing signs of improvement this fall.

The latest data from Redfin shows the typical monthly mortgage payment has been coming down, and is now about $290 lower than it was just a few months ago (see graph below):

And here’s why this is happening. The cost of buying a home really comes down to three things:

• Mortgage rates
• Home prices
• Your wages

Right now, all three are finally moving in a better direction for you. While that doesn’t mean it’s suddenly easy to buy at today’s rates and prices, it does mean it’s not as challenging.

1. Mortgage Rates

Mortgage rates have come down compared to earlier this year. In May, they were roughly 7%. And now, they’re closer to 6.3% (see graph below):

That may not sound like a big deal, but it does matter. Even small changes in rates can make a difference in your future monthly payment. Compared to when rates were 7%, if you take out an average $400K mortgage now at 6.3%, it’ll cost about $190 less a month based on just rates alone.

And for some people, that’s been enough to make buying a home possible again. As Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explained on September 10th:

“The downward rate movement spurred the strongest week of borrower demand since 2022 . . . Purchase applications increased to the highest level since July and continued to run more than 20 percent ahead of last year’s pace.”

2. Home Prices

After several years of prices rising very rapidly, price growth has finally slowed. As Odeta Kushi, Deputy Chief Economist at First American, puts it:

“National home price growth remains positive, but muted — low single digits — and we expect this trend to continue in the second half of the year.”

For buyers, that’s actually a big relief. That moderation makes it easier to plan your budget. And in some markets, prices have even dipped slightly. If you're in one of the markets, you may be able to find something that’s more affordable than you'd expect.

3. Wages

According to the Bureau of Labor Statistics (BLS), wages are up near 4% annually. Lawrence Yun, Chief Economist at NAR, explains why that number is so important right now:

“Wage growth is now comfortably outpacing home price growth, and buyers have more choices.”

In other words, the typical paycheck is rising faster than home prices right now, which helps make buying a little more affordable. Now, it’s not a big difference, but in a market like this, every bit counts.

What This Means for You

Lower rates, slower price growth, and stronger wages might be enough to make the numbers finally work for you this fall. 

While affordability is still tight, it’s a little easier on your wallet to buy now than it was just few months ago. Remember, data from Redfin shows the typical monthly mortgage payment is already around $290 lower than it was earlier this year.

Have you been wondering if it’s worth taking another look at buying?

Let’s run the numbers together. We can go over your budget, see what’s changed, and figure out if this fall is the time to turn window-shopping into key-turning.

The Federal Reserve (the Fed) meets this week, and expectations are high that they’ll cut the Federal Funds Rate. But does that mean mortgage rates will drop? Let’s clear up the confusion.

The Fed Doesn’t Directly Set Mortgage Rates

Right now, all eyes are on the Fed. Most economists expect they'll cut the Federal Funds Rate at their mid-September meeting to try to head off a potential recession.

According to the CME FedWatch Tool, markets are already betting on it. There’s virtually a 100% chance of a September cut. And based on what we know now, there’s about a 92% chance it’ll be a small cut (25 basis points) and an 8% chance it will be a bigger cut (50 basis points):

So, what exactly is the Federal Funds Rate? It’s the short-term interest rate banks charge each other. It impacts borrowing costs across the economy, but it’s not the same thing as mortgage rates. Still, the Fed’s actions can shape the direction mortgage rates take next.

Why Markets Already Saw This Cut Coming

Here’s the part that may surprise you. Mortgage rates tend to respond to what the financial markets think the Fed will do, before the Fed officially acts. Basically, when markets anticipate a Fed cut, that outlook gets priced into mortgage rates ahead of time.

That’s exactly what happened after weaker-than-expected jobs reports on August 1 and September 5. Each time, mortgage rates ticked down as financial markets grew more confident a cut was coming soon. And even though inflation rose slightly in the latest CPI report, the Fed is still expected to make a cut.

So, if the Fed goes with a 25-basis point cut, as expected, that’s likely already baked in to current mortgage rates, and we may not see a dramatic drop.

But if they go bigger and drop their Federal Funds Rate by 50 basis points instead, mortgage rates could come down more than they already have.

So, Where Do Mortgage Rates Go from Here?

While the upcoming cut may not move the needle much, many experts expect the Fed could cut the Federal Funds Rate more than once before the end of the year. Of course, that’s if the economy continues to cool (see graph below):

As Sam Williamson, Senior Economist at First American, explains:

“For mortgage rates, investor confidence in a forthcoming rate-cutting cycle could help push borrowing costs lower in the back half of 2025, offering some relief to housing affordability and potentially helping to boost buyer demand and overall market activity.”

If multiple rate cuts happen, or even if markets just believe they will, mortgage rates could ease further in the months ahead. But here’s the catch – all of this depends on how the economy evolves. Surprise inflation data or unexpected shifts could quickly change the outlook.

Mortgage rates likely won’t drop sharply overnight, and they won’t mirror the Fed’s moves one-for-one. But if the Fed begins a rate-cutting cycle, and markets continue to expect it, mortgage rates could trend lower later this year and into 2026.

If you’ve been waiting and watching the housing market, now’s the time to talk strategy. Even small changes in rates can make a meaningful difference in affordability, and understanding what’s ahead helps you make the best decision for your situation.

Waiting for the perfect buyer to fall in love with your house? In today’s market, that’s usually not what’s holding things up. And here’s why.

Let’s be real. Homes are taking a week longer to sell than they did a year ago. According to Realtor.com:

“Homes are also taking longer to sell. The typical home spent 60 days on the market in August, seven days longer than last year and now above pre-pandemic norms for the second consecutive month. This was the 17th straight month of year-over-year increases in time on market.”

Part of that is because there are more homes on the market. So, with more options for buyers to choose from, they aren’t getting snatched up quite as fast. But there’s another big reason: price.

The Average List Price Isn’t Going Up – and That Matters

Today, a lot of homeowners are overshooting their list price. They remember the big climb in home prices a few years ago, and they don’t realize how much has changed.

One of the most important, but often overlooked, changes in today’s housing market is this: average list prices have held steady for the past few years.

That’s a big shift from a typical market, where prices were rising steadily each year. And it’s significantly different than the 2021-2022 surge when sellers could set their price just about anywhere and still attract multiple offers over asking.

But now? That trend has leveled off – and sellers who want to stay competitive need to take note (see graph below):

Here’s what this says about today’s market. Buyers are a lot more price sensitive now. And sellers can’t keep trying to inch the bar higher, or their house will sit without any offers.

Homeowners who expect to bring in more than their neighbors did last year may be setting themselves up for a longer, more frustrating experience.

And while homeowners are starting to realize prices can’t keep climbing at such a rapid pace, the hiccup is that list prices aren’t actually coming down yet as a result. They’re hanging around, holding steady. And sellers who make this mistake are often holding onto hope that they’ll be able to eek a few more dollars out of their sale. But that’s the problem right there.

If you want to sell today, you need to be in line with where the market is today. Not last year. Not during the pandemic. Today.

Because buyers will skip over homes that feel overpriced, even if it’s only by a little. It’s not that they aren’t interested. It’s just that in a market with more homes to choose from, buyers can be more selective, and sellers don’t get the same benefit of the doubt. If your house isn’t priced to sell, buyers just move on. They’ve got other options anyway.

4 Signs Your Price May Be Too High

You may already be feeling this yourself. If your home is listed and you’re not seeing results, watch for these common red flags noted by Bankrate:

1. You’re not getting many showings
2. You haven’t gotten any offers (or you’ve only gotten lowball offers)
3. Buyers that do come to see your house leave overly negative feedback
4. Your house has been sitting on the market longer than the average for your area

If any of these sound familiar, know that waiting it out won’t fix it. But adjusting your price will.

So, What’s the Solution?

Work with your agent to make sure your house is positioned for today’s market. Depending on your what’s happening in your local area, a few weeks without traction can raise questions for buyers about whether your price is realistic. And don’t worry – it doesn’t have to be a big drop. Even a small adjustment can be enough to bring the right buyers through the door.

And if you’re worried you won’t get the high-ticket sale price you thought you would be able to land, keep in mind that your equity has probably grown quite a bit. Chances are, you’re still ahead of the game simply because you invested in a home over the last 5, 10, or more years. You’re still winning when you sell today.

Patience isn’t a strategy. Pricing is.

If your home isn’t moving, the market is telling you something – and the right price can change everything. Your house will sell, if you price it strategically.

Talk to your agent about what buyers are willing to pay right now to make sure your home stands out for all the right reasons.

Waiting for the perfect buyer to fall in love with your house? In today’s market, that’s usually not what’s holding things up. And here’s why.

Let’s be real. Homes are taking a week longer to sell than they did a year ago. According to Realtor.com:

“Homes are also taking longer to sell. The typical home spent 60 days on the market in August, seven days longer than last year and now above pre-pandemic norms for the second consecutive month. This was the 17th straight month of year-over-year increases in time on market.”

Part of that is because there are more homes on the market. So, with more options for buyers to choose from, they aren’t getting snatched up quite as fast. But there’s another big reason: price.

The Average List Price Isn’t Going Up – and That Matters

Today, a lot of homeowners are overshooting their list price. They remember the big climb in home prices a few years ago, and they don’t realize how much has changed.

One of the most important, but often overlooked, changes in today’s housing market is this: average list prices have held steady for the past few years.

That’s a big shift from a typical market, where prices were rising steadily each year. And it’s significantly different than the 2021-2022 surge when sellers could set their price just about anywhere and still attract multiple offers over asking.

But now? That trend has leveled off – and sellers who want to stay competitive need to take note (see graph below):

Here’s what this says about today’s market. Buyers are a lot more price sensitive now. And sellers can’t keep trying to inch the bar higher, or their house will sit without any offers.

Homeowners who expect to bring in more than their neighbors did last year may be setting themselves up for a longer, more frustrating experience.

And while homeowners are starting to realize prices can’t keep climbing at such a rapid pace, the hiccup is that list prices aren’t actually coming down yet as a result. They’re hanging around, holding steady. And sellers who make this mistake are often holding onto hope that they’ll be able to eek a few more dollars out of their sale. But that’s the problem right there.

If you want to sell today, you need to be in line with where the market is today. Not last year. Not during the pandemic. Today.

Because buyers will skip over homes that feel overpriced, even if it’s only by a little. It’s not that they aren’t interested. It’s just that in a market with more homes to choose from, buyers can be more selective, and sellers don’t get the same benefit of the doubt. If your house isn’t priced to sell, buyers just move on. They’ve got other options anyway.

4 Signs Your Price May Be Too High

You may already be feeling this yourself. If your home is listed and you’re not seeing results, watch for these common red flags noted by Bankrate:

1. You’re not getting many showings
2. You haven’t gotten any offers (or you’ve only gotten lowball offers)
3. Buyers that do come to see your house leave overly negative feedback
4. Your house has been sitting on the market longer than the average for your area

If any of these sound familiar, know that waiting it out won’t fix it. But adjusting your price will.

So, What’s the Solution?

Work with your agent to make sure your house is positioned for today’s market. Depending on your what’s happening in your local area, a few weeks without traction can raise questions for buyers about whether your price is realistic. And don’t worry – it doesn’t have to be a big drop. Even a small adjustment can be enough to bring the right buyers through the door.

And if you’re worried you won’t get the high-ticket sale price you thought you would be able to land, keep in mind that your equity has probably grown quite a bit. Chances are, you’re still ahead of the game simply because you invested in a home over the last 5, 10, or more years. You’re still winning when you sell today.

Patience isn’t a strategy. Pricing is.

If your home isn’t moving, the market is telling you something – and the right price can change everything. Your house will sell, if you price it strategically.

Talk to your agent about what buyers are willing to pay right now to make sure your home stands out for all the right reasons.

You’ve been waiting for what feels like forever for mortgage rates to finally budge. And last week, they did – in a big way.

On Friday, September 5th, the average 30-year fixed mortgage rate fell to the lowest level since October 2024. It was the biggest one-day decline in over a year.

What Sparked the Drop?

According to Mortgage News Daily, this was a reaction to the August jobs report, which came out weaker-than-expected for a second month in a row. That sent signals across the financial markets, and then mortgage rates came down as a result.

Basically, we're seeing signs the economy may be slowing down, and as certainty grows in the direction the economy is going, the markets are reacting to what is likely ahead. That historically brings mortgage rates down.

Why Buyers Should Pay Attention Now

But this isn’t just about one day of headlines or one report. It’s about what the drop means for you.

This recent change saves you money when you buy a home. The chart below shows you an example of what a monthly mortgage payment (principal and interest) would be at 7% (where mortgage rates were in May) versus where rates roughly are now:

Compared to just 4 months ago, your future monthly payment would be almost $200 less per month. That’s close to $2,400 a year in savings.

How Long Will It Last?

That really depends on where the economy and inflation go from here. Rates could drop lower, or they could inch up slightly. 

So, make sure you’re connected with a good agent and trusted lender. They’ll keep a close eye on inflation indicators, job market updates, and reactions to upcoming Fed policy to gauge where mortgage rates may go from here.

But for now, focus on this. While no one can say for sure where rates are headed, the fact that rates broke out of their months-long rut is a good thing. If you’ve been feeling stuck, this could make the start of a new chapter. As Diana Olick, Senior Real Estate and Climate Correspondent at CNBC, says:

“Rates are finally breaking out of the high 6% range, where they’ve been stuck for months.” 

And that’s gives you more reason to hope than you've had in quite some time.

This is the shift you’ve been waiting for.

Mortgage rates just saw their biggest decline in over a year. And if rates stay near this level, it could make a home you couldn’t afford just a few months ago feel possible again.

What would today’s rates save you on your future monthly payment? Let’s connect so you can find out.

If your selling strategy still assumes you’ll get multiple offers over asking, it’s officially time for a reset. That frenzied seller’s market is behind us. And here are the numbers to prove it. 

From Frenzy to “Normal”

Right now, about 50% of homes on the market are selling for less than their asking price, according to the latest data from Cotality.

But that isn’t necessarily bad news, even if it feels like it. Here’s why. The wild run-up over the last few years was never going to be sustainable. The housing market needed a reset, and data shows that’s exactly what’s happening right now.

The graph below uses data from Zillow to show how this trend has shifted over time. Here’s what it tells us:

• 2018–2019: 50–55% of homes sold under asking. That was the norm.
• 2021–2022: Only 25% sold under asking, thanks to record-low rates and intense buyer demand.
• 2025: 50% of homes are selling below asking. That’s much closer to what’s typical in the housing market.

Why This Matters If You’re Selling Your House

In this return to normal, your pricing strategy is more important than ever.

A few years ago, you could overprice your house and still get swarmed with offers. But now, buyers have more options, tighter budgets, and less urgency.

Today, your asking price can be make or break for your sale, especially right out of the gate. Your first two weeks on the market are the most important window because that’s when the most serious buyers are paying attention to your listing. Miss your price during that crucial period, and your sale will grind to a halt. Buyers will look right past it. And once your listing sits long enough to go stale, it’ll be hard to sell for your asking price.

The Ideal Formula

Basically, sellers who cling to outdated expectations end up dealing with price cuts, lower offers, and a longer time just sitting on the market. But homeowners who understand what's happening are still winning, even today.

Because that stat about 50% of homes selling for under asking also means the other half are selling at or above – as long as they're priced right from the start.

So, how do you set yourself up for success? Do these 3 things:

1. Prep your house. Tackle essential repairs and touch-ups before you list. If your house looks great, you’ll have a better chance to sell at (or over) your asking price.
2. Price strategically from day one. Don’t rely on what nearby homes are listed for. Lean on your agent for what they’ve actually sold for. And price your house based on that.
3. Stay flexible. Be ready to negotiate. And know that it doesn't always have to be on price. It may be on repairs, closing costs, or some other detail. But know this: today’s serious buyers expect some give-and-take.

If you want your house to be one that sells for at (or even more than) your asking price, it’s time to plan for the market you’re in today – not the one we saw a few years ago. And that’s exactly why you need a stand-out local agent.

You don’t want to fall behind in this market.

So, let's talk about what buyers in our area are paying right now. With local expertise and a strategy that gets your house noticed in those crucial first two weeks, anything is possible.

Want to know what your house would sell for?