Some HighlightsIf you’re looking to buy a home, it’s important to know how mortgage rates impact what you can afford and how much you’ll pay each month.That’s because even a small change in mortgage rates can have a big impact on your purchasing power. The best way to navigate changing mortgage rates and make an informed buying decision is to rely on the expertise of a local real estate professional and mortgage lender. … Continue reading...
Expert Home Price Forecasts for 2024 Revised Up
Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall.So, let’s see exactly how experts’ thinking has shifted – and what’s caused the change.2024 Home Price Forecasts: Then and NowThe chart below shows what seven expert organizations think will happen to home prices in 2024. It compares their first 2024 home price forecasts (made at the end of 2023) with their newest projections: The middle column shows that, at first, these experts thought home prices would only go up a little this year. But if you look at the column on the right, you'll see they've all updated their forecasts and now think prices will go up more than they originally thought. And some of the differences are major.There are two big factors keeping such strong upward pressure on home prices. The first is how few homes are for sale right now. According to Business Insider:“Low home inventory is … Continue reading...
Some Experts Say Mortgage Rates May Fall Below 6% Later This Year
There’s a lot of confusion in the market about what’s happening with day-to-day movement in mortgage rates right now, but here’s what you really need to know: compared to the near 8% peak last fall, mortgage rates have trended down overall.And if you’re looking to buy or sell a home, this is a big deal. While they’re going to continue to bounce around a bit based on various economic drivers (like inflation and reactions to the consumer price index, or CPI), don’t let the short-term volatility distract you. The experts agree the overarching downward trend should continue this year.While we won’t see the record-low rates homebuyers got during the pandemic, some experts think we should see rates dip below 6% later this year. As Dean Baker, Senior Economist, Center for Economic Research, says:“They will almost certainly not fall to pandemic lows, although we may soon see rates under 6.0 percent, which would be low by pre-Great Recession standards.”And Baker isn’t the only one saying this … Continue reading...
Strategic Tips for Buying Your First Home
Buying your first home is a big, exciting step and a major milestone that has the power to improve your life. As a first-time homebuyer, it's a dream you can make come true, but there are some hurdles you'll need to overcome in today’s housing market – specifically the limited supply of homes for sale and ongoing affordability challenges.So, if you're ready, willing, and able to buy your first home, here are three tips to help you turn your dream into a reality.Save Money with First-Time Homebuyer Programs Paying the initial costs of homeownership, like your down payment and closing costs, can feel a bit daunting. But there are many assistance programs for first-time homebuyers that can help you get a loan with little or no money upfront. According to Bankrate:“. . . you might qualify for a first-time homebuyer loan or assistance. First-time buyer loans typically have more flexible requirements, such as a lower down payment and credit score. Many … Continue reading...
It’s Time To Prepare Your House for a Spring Listing
If you're thinking of selling your house this spring, now is the perfect time to start getting it ready. With the market gearing up for its busiest time of year, it'll be important to make sure your house shines bright among the competition.Here are some valuable tips you can use to get your house market-ready.Declutter and OrganizeFirst impressions matter, and if your house is a mess, that can easily turn off potential buyers. Before listing, take the time to declutter and organize each room. Decluttering is about more than just tidying up – it's about creating a sense of space and openness that allows potential buyers to envision themselves living in your home. According to Moving.com:“Decluttering and organizing your space will go a long way in appealing to potential buyers. . . .decluttering will help the buyers see themselves living in your home. Less clutter inside a home also helps a place appear larger and cleaner, which should attract more buyers.”Deep Clean Your Kitchen and … Continue reading...
Achieve Your Dream of Homeownership with Condos and Townhomes [INFOGRAPHIC]
Some HighlightsIf you’re trying to buy a home but are having a hard time finding something in your budget, here’s something that can help: consider condos and townhomes.They may better fit your budget, can help you start building equity, and tend to require minimal upkeep and less maintenance.Looking at condos and townhomes can make it easier to find and buy a home. When you're ready, connect with a local real estate agent. … Continue reading...
Don’t Let the Latest Home Price Headlines Confuse You
Based on what you’re hearing in the news about home prices, you may be worried they’re falling. But here’s the thing. The headlines aren’t giving you the full picture.If you look at the national data for 2023, home prices actually showed positive growth for the year. While this varies by market, and while there were some months with slight declines nationally, those were the exception, not the rule.The overarching story is that prices went up last year, not down. Let’s dive into the data to set the record straight. 2023 Was the Return to More Normal Home Price GrowthIf anything, last year marked a return to more normal home price appreciation. To prove it, here’s what usually happens in residential real estate.In the housing market, there are predictable ebbs and flows that take place each year. It’s called seasonality. It goes like this. Spring is the peak homebuying season when the market is most active. That activity is usually still strong in the summer, but begins to wane toward … Continue reading...
Why So Many People Fall in Love with Homeownership
Chances are at some point in your life you’ve heard the phrase, home is where the heart is. There’s a reason that’s said so often. Becoming a homeowner is emotional.So, if you’re trying to decide if you want to keep on renting or if you’re ready to buy a home this year, here’s why it’s so easy to fall in love with homeownership.Customizing to Your Heart’s DesireYour house should be a space that’s uniquely you. And, if you’re a renter, that can be hard to achieve. When you rent, the paint colors are usually the standard shade of white, you don’t have much control over the upgrades, and you’ve got to be careful how many holes you put in the walls. But when you’re a homeowner, you have a lot more freedom. As the National Association of Realtors (NAR) says:“The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.”Whether you want to paint the walls a cheery bright color or go for a dark moody tone, you can match … Continue reading...
Bridging the Gaps on the Road to Homeownership
Homeownership is a major part of the American Dream. But, the path to achieving this dream can be quite difficult. While progress has been made to improve fair housing access, households of color still face unique challenges on the road to owning a home. Working with the right real estate experts can make all the difference for diverse buyers.It's clear that achieving homeownership is more challenging for certain groups because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Black households continue to have the lowest homeownership rate nationally (see graph below):Homeownership is an important part of building household wealth that can be passed down to future generations. According to a report by the National Association of Realtors (NAR), almost half of Black homebuyers in 2023 were first-time buyers. That means many didn’t have home equity they could use toward their home purchase.That financial hurdle alone … Continue reading...
What’s Really Happening with Mortgage Rates?
Are you feeling a bit unsure about what’s really happening with mortgage rates? That might be because you’ve heard someone say they’re coming down. But then you read somewhere else that they’re up again. And that may leave you scratching your head and wondering what’s true.The simplest answer is: that what you read or hear will vary based on the time frame they’re looking at. Here’s some information that can help clear up the confusion.Mortgage Rates Are Volatile by NatureMortgage rates don’t move in a straight line. There are too many factors at play for that to happen. Instead, rates bounce around because they’re impacted by things like economic conditions, decisions from the Federal Reserve, and so much more. That means they might be up one day and down the next depending on what’s going on in the economy and the world as a whole.Take a look at the graph below. It uses data from Mortgage News Daily to show the ebbs and flows in the 30-year fixed mortgage rate since last October: If … Continue reading...