Connect with us

Buying Tips

What You Need To Know About Homeowner’s Insurance

Published

on

Homeowner’s insurance is a must-have to protect what’s probably your biggest investment – your home. And while you never want to think about worst-case scenarios, the right coverage is basically your safety net if something goes wrong. Here’s how it helps you.

  • Covers Repairs and Rebuilding Costs: If your home is damaged by fire, storms, or other covered events, your policy helps pay for repairs or even a full rebuild.
  • Protects Your Belongings: Many policies can also cover personal items like furniture, electronics, and clothing if they’re stolen or damaged.
  • Provides Liability Coverage: If someone gets injured on your property, homeowner’s insurance can help cover medical bills or legal expenses.

In the simplest sense, it gives you peace of mind. Knowing you have protection against unexpected events helps you worry less. And with such a big purchase, having that reassurance is a big deal.

And while your first insurance payment will be wrapped into your closing costs, you’ll want this to be a part of your budget beyond closing day too. That’s because it’s a recurring expense you’ll have once you get the keys to your home.

Here’s what you need to know to help you budget for this important part of homeownership today.

Costs and Claims Are Rising

In recent years, insurance costs have been climbing. According to Insurance.com, there are four big reasons behind the jump in premiums:

  • More severe weather events and wildfires are leading to higher claims.
  • Insurance companies are pulling out of high-risk areas, reducing options for homeowners in some states.
  • Past rate increases haven’t kept up with the rise in claims.
  • The cost to rebuild or repair homes has gone up due to higher material and labor costs.

Basically, disasters are happening more often, repairs cost more, and insurers have to adjust their rates to keep up. Data from ICE Mortgage Technology helps paint the picture of how the average yearly premium has climbed over the last decade (see graph below):

What You Can Do About It

Homeowner’s insurance is a must to protect your home and your investment. But with costs rising, you’ll want to do your homework to balance the best coverage you can get at the best price possible.

Homeowner’s insurance rates vary widely based on location, provider, and coverage. Shop around and compare quotes before settling on a policy. And don’t forget to ask about discounts. Things like security systems or bundling with auto insurance could help lower your insurance costs.

Bottom Line

When you’re planning to buy a home, it’s important to look beyond just your mortgage payment. You’ll also want to budget for your homeowner’s insurance policy. It gives you a lot of protection against the unexpected. And while it’s true those costs are rising, there are things you can do to try to get the best price possible.

What’s your biggest concern when it comes to budgeting for homeownership? Talk to an agent to make sure you’re set up for success.

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Buying Tips

From Frenzy to Breathing Room: Buyers Finally Have Time Again

Published

on

If you tried to buy a home a few years ago, you probably still remember the frenzy. Homes were listed one day and gone the next. Sometimes it only took hours. You had to drop everything to go and see the house, and if you hesitated even slightly, someone else swooped in and bought it – sometimes even sight unseen.

That kind of intensity pushed a lot of buyers to the sidelines. It was stressful, chaotic, and for many, really discouraging.

But here’s what you need to know: those days are behind us.

Today’s market is moving slower, in the best possible way. And that’s creating more opportunity for buyers who felt shut out in recent years.

The Stat That Changes Everything

According to the latest data, homes are spending an average of 58 days on the market. That’s much more normal. And it’s a big improvement compared to the height of the pandemic, when homes were flying off the shelves in a matter of days (see graph below):

a graph of blue bars with white textThat means you now have more time to make decisions than you have at any point in the past five years. And that’s a big deal. Now, you’ve got:

Time to think.

Time to negotiate.

Time to make a smart move without all the pressure.

More Time Means Less Stress (and More Leverage)

Based on the data in the graph above, you have an extra week to decide compared to last year. And nearly double the time you would have had at the market’s peak.

Back then, fear of missing out drove buyers to act fast, sometimes too fast. Today, the pace is slower, which means you’re in control. As Bankrate puts it:

“For years, buyers have been racing to snag homes because of the fierce competition. But the market’s cooled off a bit now, and that gives buyers some breathing room. Homes are staying listed longer, so buyers can slow down, weigh their options and make more confident decisions.”

With more homes on the market and fewer buyers racing to grab them, the balance has shifted. Bidding wars aren’t as common, and that means you may have room to negotiate. And you can actually take a breath before you make your decision.

More listings + a slower pace = less stress and more opportunity

But, and this is important, it still depends on where you’re buying. Nationally, homes are moving slower. But your local market sets your real pace. Some states are moving faster than others. It may even vary down to the specific zip code or neighborhood you’re looking at. And that’s why working with an agent to know what’s happening in your area is more important than ever. 

To see how your state compares to the national average (58 days), check out the map below:

a map of the united statesAs Realtor.com explains:

While national headlines might suggest a buyer’s market is taking hold, the reality on the ground depends heavily on where and what you’re trying to buy. Local trends can diverge sharply from national averages, especially when you factor in price range, property type, and post-pandemic market dynamics.”

A smart local agent can tell you exactly when to move fast and when you can take your time, so you never miss the right home for you.

Bottom Line

If the chaos of the past few years drove you to hit pause, this is your green light. The market’s pace has shifted. You have more time. More options. More power.

And with the right agent guiding you, you’re in the best position you’ve been in for years.

Connect with a local agent to talk about what the pace looks like in your area, and if now could be the right time for you to re-enter the market.

Continue Reading

Affordability

Condos Could Be a Win for Today’s Buyers

Published

on

Not every homebuyer wants the biggest house on the block. Some want something simpler, more affordable, and easier to maintain, especially in a market where every dollar counts. That’s where condos come in.

For first-time buyers, they can be a smart way to get into homeownership without stretching your budget. For downsizers, they offer less space to maintain with the flexibility to stay in a great location.

And right now, condos are one of the most buyer-friendly parts of the market.

Condo Inventory Is Up, And That Means More Choice

According to the National Association of Realtors (NAR), there are 194,000 condos for sale right now. That’s the second highest amount we’ve seen in the last three years (see graph below):

a graph of blue lines with white text

Just remember, this is the national figure. The exact number is going to vary based on where you’re looking to buy. But, generally speaking, you have more options and less competition.

You’re not stuck waiting for something to pop up or rushing into an offer just to beat someone else to it. You’ve got plenty to choose from. And if you’re particular about layout, location, or amenities, this is your chance to be selective.

That’s a big shift from the market frenzy of just a few years ago. Compared to early 2022, we’ve got nearly double the condos available now. That gives you more breathing room to find the right fit.

Prices Are Cooling, and Buyers Hold More Negotiating Power

And since there are more for sale, many sellers are more open to negotiating right now. So, you may be able to get a better price. As Redfin explains:

“. . . condo buyers in many cities may be able to find sellers who are willing to give concessions and/or sell for less than their asking price.”

Condo prices are starting to ease in many markets. According to Intercontinental Exchange (ICE), condo prices dipped 1.3% in June compared to last year. And over half of the top 100 U.S. metros saw condo prices drop slightly year-over-year.

Data from Redfin shows what the recent dip in prices looks like (see graph below):

a graph showing the price of a sales increaseThat doesn’t just help with affordability, it also shifts the power dynamic. Condo buyers in many markets are now in a position to negotiate on price and ask for concessions, like help with closing costs.

Bottom Line

Condos aren’t just a fallback option. In today’s market, they’re one of the most strategic ways to buy. With more options, softening prices, and more room to negotiate, now could be the right time to make your move.

Could a condo check more boxes than you expected? Talk through your options with a local real estate agent and find out.

Continue Reading

Affordability

3 Advantages of Buying a Newly Built Home Today

Published

on

a screenshot of a phone

Some Highlights

  • Prices, rates, and finding the right home are three of the biggest challenges for buyers today. You may find better luck with all 3 if you look at newly built homes.
  • There are more available. Builders are more flexible on prices right now. And people who buy new homes tend to get lower rates in this market thanks to the incentives builders can offer.
  • Connect with an agent if you want to see the new builds available in and around your area.

Continue Reading

Subscribe for Weekly

Real Estate Insights

Advertisement

Trending

Copyright © 2020-2025 Mark Sincavage. All rights reserved.  
The information contained, and the opinions expressed, in these article are not intended to be construed as investment advice. Let's Talk Real Estate, Mark Sincavage, and Keeping Current Matters, Inc. do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Let's Talk Real Estate, Mark Sincavage and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.