Friday, November 26, 2021 / by Kenneth Brands
With the forebearance program coming to an end and mortgage rates beginning to rise, home buyers and home sellers are turning to local real estate experts to understand how this will impact the Dallas-Fort Worth Real Estate Market.
With all of this uncertainty, anyone with a megaphone – from the mainstream media to a lone blogger – has realized that bad news sells. Unfortunately, I expect 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 like Biggs Realty for a look at what to expect from the housing market in 2022.
There are already alarmist headlines starting to appear. Here are two recent topics you may have seen in the news.
1. Foreclosures Are Spiking Today
There are a number of headlines circulating that call out the rising foreclosures in today’s real estate market. Those stories focus on an overly narrow view on that topic: the current vo ...
Wednesday, November 24, 2021 / by Kenneth Brands
Last week, the average 30-year fixed mortgage rate from Freddie Mac inched up to 3.1%, and experts project rates will continue rising through 2022:
“The 30-year fixed-rate mortgage was 2.9% in the third quarter of 2021. We forecast mortgage rates to increase slightly through the remainder of the year and reach 3.0%, rising to 3.5% for full year 2022.”
If you’re thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage rates rise.
Taking Time Off Can Be Costly
Mortgage rates play a significant role in your home search. As rates go up, your monthly mortgage payment increases if you’re buying a home, directly affecting how much you can afford. And even the smallest increase can have a large impact on your monthly payment (see chart below):With mortgage rates on the rise, you’ve likely seen your purchasing power impacted already. Instead of waiting and hoping rates will fa ...
Thursday, August 19, 2021 / by Kenneth Brands
There’s a common misconception that younger generations aren’t interested in homeownership. Many people point to the fact that millennials put off purchasing their first home as a reason for this belief.
Odeta Kushi, Deputy Chief Economist for First American, explains why millennials have put off certain milestones linked to homeownership. Those delays led to their homeownership rates trailing slightly behind older generations:
“Historically, millennials have delayed the critical lifestyle choices often linked to buying a first home, including getting married and having children, in order to further their education. This is clear in cross-generational comparisons of homeownership rates which show millennials lagging their generational predecessors.”
So, it’s partially true that some millennials have waited on homeownership to focus on other things in their lives – and that’s impacting certain! ...
Monday, April 12, 2021 / by Kenneth Brands
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 by state:As the maps show, buyer traffic is high, but seller traffic is low. With so few homes for sale right now, record-low inventory is creating a mismatch between supply and demand.
NAR also just reported that the actual number of homes currently for sale stands at 1.28 million, down 22% from one year ago (1.64 million). Additionally, inventory is at an all-time low with 2.3 months supply . ...
Saturday, March 27, 2021 / by Kenneth Brands
Dallas’ New Investment Hot Spot
Dan Bowman, Executive Director & CEO, AEDC. Image courtesy of AEDC
As an increasing number of people and businesses alike move in from both coasts, the Dallas-Fort Worth metroplex is set to continue to be a top economic performer among Texas metros. The constant addition of high-paying jobs in
the past few years has been fueling growth not only in the metro’s core but also in its outskirts. Allen, a northern suburb of Dallas, is constantly investing in education and using its business-friendly environment to entice high-profile companies to this emerging suburb, while also retaining its small-town feel.
In charge of facilitating business relocations and expansions, the Allen Economic Development Corp. has supported projects that have added almost $41 billion to the city of Allen and the wider regional economy since its inception, according to a recent Insight Research Corp. study that exami ...