Monday, August 28, 2023 / by Kenneth Brands
Even though the housing market is no longer experiencing the frenzy that was so characteristic of the last couple of years, it doesn’t mean today’s market is at a standstill. In actuality, buyer traffic is still strong today.
The ShowingTime Showing Index is a measure of how much buyers are touring homes. The graph below uses that index to illustrate buyer activity trends over time to help put today into the proper perspective.
It shows there’s seasonality in real estate. If you look at the last normal years in the market (shown in gray), there was a consistent pattern as buyer activity peaked in the first half of each year (during the peak homebuying season in the spring) and slowed as each year came to a close.
When the pandemic hit in March of 2020, that trend was disrupted as the market responded to the resulting uncertainty (shown in blue in the middle). From there, we entered the ‘unicorn’ years of housing (sho. ...
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Monday, August 21, 2023 / by Kenneth Brands
If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind. You’re thinking about your finances, today’s mortgage rates and home prices, the limited supply of homes for sale, and more. And, you’re juggling how all of those things will impact the choice you’ll make.
While housing market conditions are definitely a factor in your decision, your own life and your finances may be even more important. As an article from NerdWallet says:
“Housing market trends give important context. But whether this is a good time to buy a house also depends on your financial situation, life goals and readiness to become a homeowner.”
Instead of trying to time the market, it may help to focus on what you can control. Here are a few questions that can give you clarity on whether you’re ready to make your move.
1. Do You Have a Stable Job?
One thing to cons. ...
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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 ...
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Monday, October 10, 2022 / by Kenneth Brands
Buying a new home can be exciting and confusing. There are a lot of steps to buying a home, and people have questions. These are the most common questions home buyers have, and the answers.
1. How do I get started? – The first step is to speak with a lender and get a pre-approval. This will tell you, and potential sellers, how much you can afford.
2. How long does it take to close on a home? – Typically, it takes about 30-45 days once contracts are signed to complete the lending, appraisal, and inspection processes.
3. What does my agent do? – A buyer’s agent will negotiate terms and manage the closing process from start to finish.
4. How much do I pay for a buyer’s agent? – Nothing. The seller’s agent gives the buyer’s agent a portion of their commission from the seller.
5. What credit score do I need to qualify? – A 620 FICO score or higher is required for most home loan programs. Talk to a lender f. ...
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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. ...
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