Wednesday, August 28, 2024 / by Dick Keenan
You’ve probably heard the saying: "Don’t believe everything you hear." This advice rings especially true when it comes to today’s housing market. With so much misinformation floating around, it’s more important than ever to rely on accurate, research-based information, especially if you’re thinking about buying or selling a home.
By partnering with a knowledgeable real estate agent, you can cut through the noise and get the facts. Here are some of the most common housing market myths—and the reality behind them.
1. “I’ll Get a Better Deal Once Prices Crash”
There’s a popular belief that home prices are on the verge of crashing, and if you wait, you’ll score a great deal. However, the data tells a different story. While home prices can vary by location, there’s no indication that a crash is on the horizon.
Back in 2008, a significant oversupply of homes led to a dramatic drop in prices. Today, however, w. ...
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real estate, home buyer, home purchase, selling a home, realtor, home ownership, first time home buyer, low rates
Wednesday, August 28, 2024 / by Dick Keenan
When you're considering buying a home, your credit score plays a crucial role. Think of it as your financial report card—lenders use it to determine if you qualify for a mortgage and which loan options might be available to you. As the Mortgage Report explains:
"Good credit scores indicate to lenders that you have a history of responsibly managing your debts. The higher your score, the better your chances of securing a mortgage." However, many buyers tend to overestimate the minimum credit score required to buy a home. According to a report from Fannie Mae, only 32% of consumers accurately understand what lenders typically require. This means nearly two-thirds of people are unsure.
To give you a general idea, Experian offers some guidance:
“The minimum credit score needed to buy a house can range from 500 to 700, depending on the type of mortgage loan and the lender. For a conventional mortgage, most lenders require a minimum credit score of 620.” In other wo. ...
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home buyer, home purchase, home ownership, pre approval, pre qualified
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. ...
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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. ...
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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
Wednesday, August 7, 2024 / by Dick Keenan
Mortgage rates have been a major topic in the housing market due to their significant impact on affordability. If you're looking to buy a home, you've likely been waiting for rates to drop. Good news: the past few weeks have shown a promising decline in rates.
Mortgage Rates Trend Down in Recent Weeks
There's exciting news about mortgage rates. Following recent reports on the economy, inflation, unemployment rates, and comments from the Federal Reserve, mortgage rates have started to decrease. According to Freddie Mac, rates are now at their lowest level since February. Here's a visual representation of this downward trend:
You might be tempted to wait and see if rates will drop even further. However, it's important to keep things in perspective. The record-low rates from the pandemic are a thing of the past. If you're hoping for a 3% mortgage rate again, experts agree that’s unlikely. As Greg McBride, Chief Financial Analyst at Bankrate, explains:
"The hopes for lo. ...
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real estate, keenan carter group, keller williams, central coast, realtor, home purchase, real estate agent, first time home buyer, housing affordability, low interest rates, mortgage rates, stop renting, interest rates
