On the road to becoming a homeowner? If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024. What Pre-Approval Is As part of the homebuying process, your lender will look at your finances to figure out what they’re willing to loan you. According Continue Reading
Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn't as frenzied as during the ‘unicorn’ years when houses sold quicker than ever, they’re still selling faster than usual. The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 through the Continue Reading
Finding the right home is one of the biggest challenges for potential buyers today. Right now, the supply of homes for sale is still low. But there is a bright spot. Newly built homes make up a more significant percent of the total homes available for sale than normal. That’s why if you’re craving more options, seeing if a newly built home is right for you makes Continue Reading
Some Highlights Headlines saying foreclosures are rising might make you feel uneasy. But the truth is, there’s no need to worry. If you look at the latest numbers, they’re still below pre-pandemic norms and way below what happened during the crash. If you're worried about a flood of foreclosures, the data shows a foreclosure crisis is not where Continue Reading
As you think about the year ahead, one of your big goals may be moving. But how do you know when to make your move? While spring is usually the peak homebuying season, you don’t need to wait until spring to sell. Here's why. 1. Take Advantage of Lower Mortgage Rates Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. Continue Reading
Have you seen headlines about the increase in foreclosures in today’s housing market? If so, they may make you uneasy about what’s ahead. But remember, these clickbait titles don’t always tell the whole story. If you compare the current numbers with what usually happens in the market, you’ll see there’s no need to worry. Putting the Headlines into Perspective The increase the media is calling Continue Reading
If you’re looking to buy a home, you’ve probably been paying close attention to mortgage rates. Over the last few years, they hit record lows, rose dramatically, and dropped slightly. Ever wonder why? The answer is complicated because a lot can influence mortgage rates. Here are just a few of the most impactful factors at play. Inflation and the Federal Reserve The Federal Continue Reading
Have you ever heard the term “Silver Tsunami” and wondered what it's all about? If so, that might be because there’s been lot of talk about it online recently. Let's dive into what it is and why it won't drastically impact the housing market. What Does Silver Tsunami Mean? A recent article from HousingWire calls it: “. . . a colloquialism referring to aging Americans Continue Reading
Some Highlights Home affordability depends on mortgage rates, home prices, and wages. Mortgage rates are down from their recent peak, home prices are expected to rise slower, and wages are increasing faster than usual. That’s good news if you want to buy a home because affordability is improving. Other educational articles about the Continue Reading
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