Wednesday, August 28, 2024 / by Dick Keenan
In the past few years, many people have found it challenging to buy a home due to affordability issues. While it's still tough out there, there are signs that things might be getting a bit easier, with potential for further improvement as the year progresses. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), puts it this way:
“Housing affordability is improving ever so modestly, but it is moving in the right direction.”
Let's take a closer look at the three key factors that influence home affordability: mortgage rates, home prices, and wages.
1. Mortgage Rates
Mortgage rates have been quite volatile this year, fluctuating between the mid-6% to low 7% range. However, there's some positive news. Data from Freddie Mac shows that since May, rates have generally been on a downward trend.
This improvement in mortgage rates is partly due to recent economic, employment, and inflation data. While we can expect some ongoing fluctuations, expe. ...
Read More
real estate, keller williams, central coast, home buyer, home purchase, house for sale, first time home buyer, housing affordability, low interest rates, mortgage rates, affordability, cost of housing in california, afford more home, economy
Monday, August 19, 2024 / by Dick Keenan
If you’re considering buying or selling a home, mortgage rates are likely at the forefront of your thoughts. These rates play a crucial role in determining how much you’ll pay each month on your mortgage, so it’s important to factor them into your plans. Here’s what you need to know about the current mortgage rate landscape and how it affects your buying power.
What’s the Current Trend with Mortgage Rates?
Recently, mortgage rates have been on a downward trend, which is promising news for those looking to buy a home. However, it’s essential to remember that mortgage rates can be unpredictable. They are influenced by a variety of factors, including the state of the economy, the job market, inflation, and the Federal Reserve’s policies.
As Odeta Kushi, Deputy Chief Economist at First American, points out, “The ongoing deceleration in inflation, coupled with the Federal Reserve’s recent indication of potential rate cuts [in 20. ...
Read More
real estate, keenan carter group, keller williams, central coast, home buyer, san luis obispo county, home purchase, home ownership, california, buying, first time home buyer, real estate market, housing market update, mortgage rates, budget, for home buyers, move up buyers, affordability, home loan, home pricing, refinance
Friday, June 21, 2024 / by Dick Keenan
Many homeowners today feel trapped by the current high mortgage rates, making the idea of selling and moving less appealing. If you’re in this situation, it might seem like there’s no good solution. However, there’s a potential way to counteract these higher borrowing costs: leveraging the equity in your current home.
What Is Equity?
Equity is essentially the difference between your home's market value and what you owe on your mortgage. As you pay down your mortgage and as home values rise, your equity increases. Recent years have seen significant home price appreciation, so many homeowners have more equity than they might realize.
According to the latest data from the Census and ATTOM, over two-thirds of homeowners have either completely paid off their mortgages or have at least 50% equity in their homes.
How Your Equity Can Help You Move
Your home equity can be a powerful tool when selling your house, helping you navigate higher mortgage rates more ea. ...
Read More
real estate, central coast, home buyer, selling a home, realtor, home purchase, california, buying, real estate agent, new home, time to sell your home, moving, selling, value, move up buyers, down payment, equity, afford more home, cash out equity
Friday, June 21, 2024 / by Dick Keenan
With summer in full swing, it's the ideal time to plan your getaway and enjoy some relaxation. If you’re eager to soak up the sun and have some fun, you might want to consider whether owning a vacation home is the right choice for you.
Why People Buy Vacation Homes
A survey by Ameriprise Financial reveals several reasons why people choose to purchase a second home:
Vacation Destination or Stress Reliever (81%): Owning a vacation home provides a personal retreat where you can escape the daily grind and unwind. You also won’t need to worry about booking accommodations when you want to get away.
Better Weather (49%): If you live in an area with harsh weather, a vacation home in a sunny, warm location offers a great escape, letting you enjoy pleasant weather year-round.
Rental Income (41%): When you’re not using your vacation home, you can rent it out, providing a source of extra income.
Future Primary Residence (33%): You can enjoy. ...
Read More
real estate, home purchase, buying, california living
Friday, June 21, 2024 / by Dick Keenan
Buying a home has become more challenging with today’s mortgage rates and rising home prices. This difficulty might have you exploring grants and assistance programs to see if you qualify for any help. However, many homebuyers are unsure where to begin.
A recent study by the Bank of America Institute revealed that 53% of prospective buyers feel they need more information about homebuying grant programs. Here’s some information to help bridge that knowledge gap.
What Is Down Payment Assistance?
Down payment assistance (DPA) programs offer loans and grants to cover part or all of a homebuyer’s down payment and closing costs. There are over 2,000 DPA programs nationwide, each varying by location. Many buyers could receive thousands of dollars in assistance if they qualify.
Additionally, you might not need to save as much for your down payment as you think. Contrary to popular belief, you typically don’t have to put down 20% unless specified by your loan. ...
Read More
real estate, home buyer, home purchase, california, first time home buyer, for home buyers, down payment, stop renting
