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What Does the Future Hold for Home Prices?

Home prices are at the top of everyone’s minds. Can they maintain their current pace of appreciation? Will rising mortgage rates negatively impact home values? Will the next economic slowdown cause prices to crash? Let’s try to answer these questions based on what has happened in the past as well as what we know about the current real estate market. The Impact of Rising Interest Rates We explained earlier this year that rising mortgage rates have not negatively impacted home prices in the past and [...]

By |2018-09-06T04:00:39+00:00September 6th, 2018|For Buyers, For Sellers, Housing Market Updates, Interest Rates, Pricing|Comments Off on What Does the Future Hold for Home Prices?

Rent or Buy: Either Way You’re Paying A Mortgage!

There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s. As Entrepreneur Magazine, a premier source for small business, explained in their article, “12 Practical Steps to Getting Rich”: “While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about [...]

By |2018-08-27T04:00:38+00:00August 27th, 2018|First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers, Rent vs. Buy|Comments Off on Rent or Buy: Either Way You’re Paying A Mortgage!

Rising Interest Rates Have Not Dampened Demand

Since the beginning of the year, mortgage interest rates have risen over a half of a percentage point (from 3.95% to 4.52%), according to Freddie Mac. Even a small rise in interest rates can greatly impact a buyer’s monthly mortgage payment. First American recently released the results of their quarterly Real Estate Sentiment Index (RESI), in which they surveyed title and real estate agents across the country about the impact of rising rates on first-time homebuyers. Real estate professionals around the country have not noticed [...]

By |2018-07-11T04:00:18+00:00July 11th, 2018|First Time Home Buyers, For Buyers, Interest Rates, Millennials, Move-Up Buyers|Comments Off on Rising Interest Rates Have Not Dampened Demand

Cost Across Time [INFOGRAPHIC]

Some Highlights: With interest rates still around 4.5%, now is a great time to look back at where rates have been over the last 40 years. Rates are projected to climb to 5.1% by this time next year according to Freddie Mac. The impact your interest rate makes on your monthly mortgage cost is significant! Lock in a low rate now while you can!

By |2018-07-06T04:00:11+00:00July 6th, 2018|First Time Home Buyers, For Buyers, Infographics, Interest Rates, Move-Up Buyers|Comments Off on Cost Across Time [INFOGRAPHIC]

Homes are More Affordable in 44 out of 50 States

With both home prices and mortgage rates increasing this year, many are concerned about a family’s ability to purchase a major part of the American Dream – its own home. However, if we compare housing affordability today to the average affordability prior to the housing boom and bust, we are in much better shape than most believe. In Black Knight’s latest monthly Mortgage Monitor, they revealed that in the vast majority of the country, it is actually more affordable to purchase a home today than [...]

By |2018-06-21T04:00:09+00:00June 21st, 2018|First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers, Pricing|Comments Off on Homes are More Affordable in 44 out of 50 States

Will Home Prices Fall as Mortgage Rates Rise?

Mortgage interest rates have increased by more than half of a point since the beginning of the year. They are projected to increase by an additional half of a point by year’s end. Because of this increase in rates, some are guessing that home prices will depreciate. However, some prominent experts in the housing industry doubt that home values will be negatively impacted by the rise in rates. Mark Fleming, First American’s Chief Economist: “Understanding the resiliency of the housing market in a rising mortgage [...]

By |2018-05-31T04:00:00+00:00May 31st, 2018|First Time Home Buyers, For Buyers, For Sellers, Interest Rates, Move-Up Buyers, Pricing|Comments Off on Will Home Prices Fall as Mortgage Rates Rise?

Why Have Interest Rates Jumped to a 7-Year High?

Interest rates for a 30-year fixed rate mortgage have climbed from 3.95% in the first week of January up to 4.61% last week, which marks a 7-year high according to Freddie Mac. The current pace of acceleration has been fueled by many factors. Sam Khater, Freddie Mac’s Chief Economist, had this to say: “Healthy consumer spending and higher commodity prices spooked bond markets and led to higher mortgage rates over the past week. Not only are buyers facing higher borrowing costs, gas prices are currently [...]

By |2018-05-23T04:00:43+00:00May 23rd, 2018|First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Move-Up Buyers|Comments Off on Why Have Interest Rates Jumped to a 7-Year High?

How Current Interest Rates Can Have a High Impact on Your Purchasing Power

According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 4.61%, which is still near record lows in comparison to recent history! The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power. Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford to buy [...]

By |2018-05-22T04:00:44+00:00May 22nd, 2018|First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers|Comments Off on How Current Interest Rates Can Have a High Impact on Your Purchasing Power

What If I Wait Until Next Year to Buy a Home?

We recently shared that national home prices have increased by 6.7% year-over-year. Over that same time period, interest rates have remained historically low which has allowed many buyers to enter the market. As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home. The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this [...]

By |2018-05-07T04:00:49+00:00May 7th, 2018|First Time Home Buyers, For Buyers, For Sellers, Interest Rates, Move-Up Buyers, Pricing|Comments Off on What If I Wait Until Next Year to Buy a Home?

4 Reasons Why Today’s Housing Market is NOT 2006 All Over Again

With home prices rising again this year, some are concerned that we may be repeating the 2006 housing bubble that caused families so much pain when it collapsed. Today’s market is quite different than the bubble market of twelve years ago. There are four key metrics that explain why: Home Prices Mortgage Standards Mortgage Debt Housing Affordability 1. HOME PRICES There is no doubt that home prices have reached 2006 levels in many markets across the country. However, after more than a decade, home prices [...]

By |2018-05-03T04:00:38+00:00May 3rd, 2018|First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Interest Rates, Move-Up Buyers, Pricing|Comments Off on 4 Reasons Why Today’s Housing Market is NOT 2006 All Over Again