Friday, October 14, 2022 / by Kenneth Brands
Rising interest rates have begun to slow an overheated housing market as monthly mortgage payments have risen dramatically since the beginning of the year. This is leaving some people who want to purchase a home priced out of the market and others wondering if now is the time to buy one. But this rise in borrowing cost shows no signs of letting up soon.
Economic uncertainty and the volatility of the financial markets are causing mortgage rates to rise. George Ratiu, Senior Economist and Manager of Economic Research at realtor.com, says this:
“While even two months ago rates above 7% may have seemed unthinkable, at the current pace, we can expect rates to surpass that level in the next three months.”
So, is now the right time to buy a home? Anyone thinking about buying a home today should ask themselves two questions:
1. Where Do I Think Home Prices Are Heading?
There are two places to turn to answer this question. First is the conse ...
Read More
biggs realty, dallas real estate, home buyers, tips for buyers, market update, frisco home values, mckinney home sales, dfw real estate, new home buyers, allen real estate, plan of action for home buyers, north texas home sales, resources, dallas-fort worth real estate, real estate investment, dallas home sales, millennial home buyers, mortgage rates, housing bubble, mortgage, affordability, homeownership, costly mistakes, texas real estate trends, bidding wars, common home buyer questions
Saturday, October 8, 2022 / by Kenneth Brands
Rising interest rates can be a major concern if you’re shopping for a new home. A higher rate reduces your buying power and increases the home cost thousands of dollars over the course of the loan. One option to avoid this is to “buy down” your loan rate. This allows you to purchase your home at a more attractive rate.
A rate buydown is when you pay an upfront fee in exchange for a lower interest rate. This increases your closing costs and for every 1% of the purchase price you pay in points, your mortgage interest rate is reduced. Buying a lower interest rate may be a good strategy for a home you intend to keep for a long time, thus making up the difference over the life of the loan.
There are a couple options for a rate buydown. The first is a simple payment of increased closing costs up front in exchange for a lower interest rate. The buydown lasts for as long as you have the loan and is requested by t. ...
Read More
biggs realty, dallas real estate, home buyers, tips for buyers, market update, dfw real estate, frisco home values, mckinney home sales, new home buyers, allen real estate, plan of action for home buyers, north texas home sales, resources, dallas-fort worth real estate, dallas home sales, mortgage rates, millennial home buyers, millenials buying real estate in dallas texas, affordability, inflation, costly mistakes, homeownership, buydown, interest rate
Saturday, September 3, 2022 / by Kenneth Brands
Let’s face it, it’s fun to have a home listing during a seller’s market. When inventory is tight, even less-than-perfect homes invite the frantic bidding wars seen over the past few years. But as the economy slows down and interest rates increase, sellers are wondering if the bidding wars are over, and what that means for them.
First of all, bidding wars have occurred in every kind of real estate market. Well-positioned homes have always garnered attention and offers. What’s different in a seller’s market is that buyers are so desperate to find a home, that multiple offers seem to be normal on every listing. As the pace slows down, sellers need to adjust their expectations and avoid costly mistakes.
Seller Mistakes to Avoid in a “Normal” Market
Bad Curb Appeal – Curb Appeal is once again important to making a good impression.
Delayed Response – Don’t wai. ...
Read More
biggs realty, dallas real estate, home buyers, tips for buyers, market update, tips for sellers, sellers, dfw real estate, frisco home values, mckinney home sales, new home buyers, allen real estate, plan of action for home buyers, north texas home sales, resources, dallas-fort worth real estate, listing agent, dallas home sales, mortgage rates, millennial home buyers, housing bubble, affordability, inflation, costly mistakes, recession, bidding wars, seller mistakes
