Historically low mortgage rates are a big motivator for homebuyers right now. In 2020 alone, rates hit new record-lows 16 times, and the trend continued into the early part of this year. Many hopeful homebuyers are now wondering if they should put their plans on hold and wait for the lowest rates imaginable. However, the reality is, acting sooner rather than later may be the actual win if you’re ready to buy a home. According to Greg McBride, Chief Financial Analyst for Bankrate: “As vaccines become more widely … [Read more...]
How to Make the Dream of Homeownership a Reality This Year
In 1963, Martin Luther King, Jr. inspired a powerful movement with his famous “I Have a Dream” speech. Through his passion and determination, he sparked interest, ambition, and courage in his audience. Today, reflecting on his message encourages many of us to think about our own dreams, goals, beliefs, and aspirations. For many Americans, one of those common goals is owning a home: a piece of land, a roof over our heads, and a place where we can grow and flourish. If you’re dreaming of buying a home this year, … [Read more...]
Things to Avoid after Applying for a Mortgage [INFOGRAPHIC]
Some Highlights There are a few key things to make sure you avoid after applying for a mortgage to help make sure you still qualify for your loan at the closing table. Along the way, be sure to discuss any changes in income, assets, or credit with your lender, so you don’t unintentionally jeopardize your application. The best plan is to fully disclose your intentions with your lender before you do anything financial in nature. … [Read more...]
Why Right Now May Be the Time to Sell Your House
The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows. According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. That’s not the case, however, on the supply side. Seller traffic is simply not keeping up. Here’s a breakdown … [Read more...]
Will Forbearance Plans Lead to a Tsunami of Foreclosures?
At the onset of the economic disruptions caused by the COVID pandemic, the government quickly put into place forbearance plans to allow homeowners to remain in their homes without making their monthly mortgage payments. Today, almost three million households are actively in a forbearance plan. Though 29.4% of those in forbearance have continued to stay current on their payments, many have not. Yanling Mayer, Principal Economist at CoreLogic, recently revealed: “A distributional analysis of forborne loans’ payment … [Read more...]
4 Reasons People Are Buying Homes in 2021
According to many experts, the real estate market is expected to continue growing in 2021, and it’s largely driven by the lasting impact the pandemic is having on our lifestyles. As many of us spend extra time at home, we’re reevaluating what “home” means and what we may need in one going forward. Here are 4 reasons people are reconsidering where they live and why they’re expecting to buy a home this year. 1. Record-Low Mortgage Interest Rates In 2020, the average interest rate for a 30-year fixed mortgage hit a … [Read more...]
What Does 2021 Have in Store for Home Values?
According to the latest CoreLogic Home Price Insights Report, nationwide home values increased by 8.2% over the last twelve months. The dramatic rise was brought about as the inventory of homes for sale reached historic lows at the same time buyer demand was buoyed by record-low mortgage rates. As CoreLogic explained: “Home price growth remained consistently elevated throughout 2020. Home sales for the year are expected to register above 2019 levels. Meanwhile, the availability of for-sale homes has dwindled as … [Read more...]
Reasons to Hire a Real Estate Professional [INFOGRAPHIC]
Some Highlights Choosing the right real estate professional to work with is one of the most important decisions you can make in your homebuying or selling process. The right agent can explain current market conditions and break down exactly what they mean for you. If you’re considering buying or selling a home this year, let’s connect so you can work with someone who has the experience to answer all of your questions about pricing, contracts, negotiations, and more. … [Read more...]
The Importance of Home Equity in Building Wealth
Homeownership has always been the first rung on the ladder leading to household wealth. As Freddie Mac recently posted: “Homeownership has cemented its role as part of the American Dream, providing families with a place that is their own and an avenue for building wealth over time. This ‘wealth’ is built, in large part, through the creation of equity…Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.” Home … [Read more...]
Why Not to Wait Until Spring to Make a Move
The housing market recovery coming into the new year has been nothing short of remarkable. Many experts agree the turnaround from the nation’s economic pause is playing out extremely well for real estate, and the current market conditions are truly making this winter an ideal time to make a move. Here’s a dive into some of the biggest wins for homebuyers this season. 1. Mortgage Rates Are Historically Low In 2020, mortgage rates hit all-time lows 16 times. Continued low rates have set buyers up for significant … [Read more...]
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