The world of real estate has a language all its own…which can make it difficult for first-time buyers to understand the status of a listing when searching for a home. While a real estate agent can shed light on the differences between pending, under contract, contingent, and other terms encountered during the home buying process, it helps to know a little about them before beginning your search. 

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Unless you are a first time homebuyer or opting to give up homeownership and rent instead, you will likely be trying to navigate buying and selling a home at the same time. Doing both at once might seem way too stressful, and it can be a bumpy ride. But people manage to get through it all the time.

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One of the many reasons to buy a home is that it’s a major way to build wealth and gain financial stability. According to Freddie Mac:

“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

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According to the National Association of Realtors, nearly a quarter of recent home buyers paid cash for their purchase. With such a large chunk of the market willing to bypass the mortgage process, it’s important to look at the benefits and disadvantages of a cash sale before accepting an offer. Selling your home for cash could allow you to get rid of it faster, but it may result in less profit than you were hoping to make. 

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67% of Americans say a housing market crash is imminent in the next three years. With all the talk in the media lately about shifts in the housing market, it makes sense why so many people feel this way. But there’s good news. Current data shows today’s market is nothing like it was before the housing crash in 2008.

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Most people understand what foreclosure is, but what is a pre-foreclosure home? As the name implies, it comes before a lender officially starts foreclosure proceedings.

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The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year.

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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.

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When buying or selling a home, the realtor might mention the “assessed value” of the property. While often used interchangeably with a real estate appraisal, an assessment is not the same thing. One important distinction is that an appraisal estimates the price that a home could sell for. An assessment helps to calculate the property tax amount. Another difference is that an appraisal is performed by a contractor hired by a mortgage lender, while an assessment is done by a government employee from the county or city assessor’s office. In our region, that is either the St. Louis county assessor or the City of St. Louis assessor.

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It doesn’t matter if you’re someone who closely follows the economy or not, chances are you’ve heard whispers of an upcoming recession. Economic conditions are determined by a broad range of factors, so rather than explaining them each in depth, let’s lean on the experts and what history tells us to see what could lie ahead. As Greg McBride, Chief Financial Analyst at Bankrate, says:

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