Local: 719.536.4400
Over the past few weeks, the average 30-year fixed mortgage rate from Freddie Mac fell by half a percent. The drop happened over concerns about a potential recession. And since mortgage rates have risen dramatically this year, homebuyers across the country should see this decline as welcome news. Freddie Mac reports that the average 30-year rate was down to 5.30% from 5.81% two weeks prior (see graph below): But why is this recent dip such good news for homebuyers? As Nadia Evangelou, … [Read more...]
Don’t Believe Everything You Read: The Truth Many Headlines Overlook…
There are a lot of questions right now regarding the real estate market as we head into 2022. The forbearance program is coming to an end and mortgage rates are beginning to rise. With all of this uncertainty, anyone with a megaphone – from the mainstream media to a lone blogger – has realized that bad news sells. Unfortunately, we’ll continue to see a rash of troublesome headlines over the next few months. To make sure you aren’t paralyzed by a headline, turn to reliable resources for a look … [Read more...]
Why This Isn’t Your Typical Summer Housing Market…
In real estate, it’s normal to see ebbs and flows in the market. Typically, the summer months are slower-paced than the traditionally busy spring. But this isn’t a typical summer. As the economy rebounds and life is returning to normal, the real estate market is expected to have an unusually strong summer season. Here’s how this summer is stacking up against the norm and what it means for you. Inventory is increasing. According to the latest Existing Home Sales Report from the National … [Read more...]
Will the Housing Market Maintain Its Momentum?
Last week’s Existing Home Sales Report from the National Association of Realtors (NAR) shows sales have dropped by 3.7% compared to the month before. This is the second consecutive month that sales have slumped. Some see this as evidence that the red-hot real estate market may be cooling. However, there could also be a simple explanation as to why existing home sales have slowed – there aren’t enough homes to buy. There are currently 410,000 fewer single-family homes available for sale than … [Read more...]
Are There Going to Be More Homes to Buy This Year?
If you’re looking for a home to purchase right now and having trouble finding one, you’re not alone. At a time like this when there are so few houses for sale, it’s normal to wonder if you’ll actually find one to buy. According to the National Association of Realtors (NAR), across the country, inventory of available homes for sale is at an all-time low – the lowest point recorded since NAR began tracking this metric in 1982. There are, however, more homes expected to hit the market … [Read more...]
Should I Wait for Lower Mortgage Interest Rates?
According to Greg McBride, Chief Financial Analyst for Bankrate: “As vaccines become more widely available and a return to normal starts to come into view, we’ll see mortgage rates bounce off the record lows.” While only a slight increase in mortgage rates is projected for 2021, some experts believe they will start to rise. Over the past week, for example, the average mortgage rate ticked up slightly, reaching 2.79%. This is still incredibly low compared to the trends we’ve seen over time. … [Read more...]
Did You Outgrow Your Home in 2020?
It may seem hard to imagine that the home you’re in today – whether it’s your starter home or just one you’ve fallen in love with along the way – might not be your forever home. Many needs have changed in 2020, and it’s okay to admit if your house no longer fits your lifestyle. If you’re now working remotely, facilitating virtual school, trying to exercise at home, or simply just spending more time in your own four walls, you may be bursting at the seams in your current house. According to … [Read more...]
A New Way to Shop for Homes in a Virtual World…
In a year when we’re learning to do so much remotely, homebuying is no exception. From going to work to attending school, grocery shopping, and even seeing our doctors online, digital practices have changed the way we live. This year, rather than delaying their home purchases, buyers – alongside their trusted real estate professionals – turned to the Internet to do more than just a typical home search. In some cases, they bought homes without even stepping foot inside. Jessica Lautz, Vice … [Read more...]
New Index Reveals Impact of COVID-19 on Real Estate…
Earlier this month, realtor.com announced the release of their initial Housing Recovery Index, a weekly guide showing how the pandemic has impacted the residential real estate market. The index leverages a weighted average of four key components of the housing industry, tracking each of the following: Housing Demand – Growth in online search activity Home Price – Growth in asking prices Housing Supply – Growth of new listings Pace of Sales – Difference in time-on-market The … [Read more...]
Homes Are More Affordable Today, Not Less Affordable…
There’s a current narrative that owning a home today is less affordable than it has been in the past. The reason some are making this claim is because house prices have substantially increased over the last several years. It’s not, however, just the price of a home that matters. Homes, in most cases, are purchased with a mortgage. The current mortgage rate is a major component of the affordability equation. Mortgage rates have fallen by over a full percentage point since December 2018. … [Read more...]
