Real Estate News and Views
Now’s a Great Time To Sell Your House Thinking about selling your house ? If you are, you might be weighing factors like today’s mortgage rates and your own changing needs to figure out your next move . Here’s something else to consider. According to the latest Home Purchase Sentiment Index (HPSI) from Fannie Mae, the percent of respondents who say it’s a good time to sell is on the rise (see graph below): Why Are Sellers Feeling so Optimistic? One reason why is because right now is traditionally the best time of year to sell a house . A recent article from Bankrate says: “Late spring and early summer are generally considered the best times to sell a house. . . . While today’s rates are relatively high, low inventory is still keeping sellers in the driver’s seat in most markets.” These are the seasons when most people move. That means buyer demand grows. And because there still aren’t enough homes for sale to meet that demand, sellers see some serious perks. According to Rocket Mortgage: “Homes that are listed at the end of spring and the beginning of summer typically sell faster at a higher sales price .” What Does This Mean for You? More sellers are coming to realize conditions are ripe for a move. And that’s one reason why we’re seeing more homeowners put their homes up for sale. If you think you might want to get in on the action, it’s a good idea to start preparing. A local real estate agent can help you get your house ready by offering advice on how best to fix it up and make it appealing to buyers in your area. They also know if you list during the peak buying seasons of spring and early summer, you might sell quickly and for a higher price. Bottom Line If you list during the spring and early summer, you might sell your house quickly and for a higher price. When you’re ready to make the most of today’s seller’s market , let’s get in touch.
If you’re thinking about buying a home , chances are you’ve got mortgage rates on your mind. You’ve heard about how they impact how much you can afford in your monthly mortgage payment, and you want to make sure you’re factoring that in as you plan your move . The problem is, with all the headlines in the news about rates lately, it can be a bit overwhelming to sort through. Here’s a quick rundown of what you really need to know. The Latest on Mortgage Rates Rates have been volatile – that means they’re bouncing around a bit. And, you may be wondering, why? The answer is complicated because rates are affected by so many factors. Things like what’s happening in the broader economy and the job market, the current inflation rate, decisions made by the Federal Reserve, and a whole lot more have an impact. Lately, all of those factors have come into play, and it’s caused the volatility we’ve seen. As Odeta Kushi, Deputy Chief Economist at First American, explains : “Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.” Professionals Can Help Make Sense of it All While you could drill down into each of those things to really understand how they impact mortgage rates, that would be a lot of work. And when you’re already busy planning a move, taking on that much reading and research may feel a little overwhelming. Instead of spending your time on that, lean on the pros . They coach people through market conditions all the time. They’ll focus on giving you a quick summary of any broader trends up or down, what experts say lies ahead, and how all of that impacts you. Take this chart as an example. It gives you an idea of how mortgage rates impact your monthly payment when you buy a home . Imagine being able to make a payment between $2,500 and $2,600 work for your budget (principal and interest only). The green part in the chart shows payments in that range or lower based on varying mortgage rates (see chart below): As you can see, even a small shift in rates can impact the loan amount you can afford if you want to stay within that target budget. It’s tools and visuals like these that take everything that’s happening and show what it actually means for you. And only a pro has the knowledge and expertise needed to guide you through them. You don’t need to be an expert on real estate or mortgage rates, you just need to have someone who is, by your side. Bottom Line Have questions about what’s going on in the housing market? Let’s connect so we can take what’s happening right now and figure out what it really means for you.
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