Wednesday, August 28, 2024 / by Dick Keenan
As we look ahead to 2025, it’s essential to understand what experts are predicting for the housing market. Whether you’re considering buying or selling a home next year, having a clear understanding of the projected trends can help you make well-informed decisions about your real estate plans.
Here’s a closer look at the latest forecasts for mortgage rates, home sales, and home prices in 2025.
Mortgage Rates Expected To Gradually Decline
Mortgage rates are a key factor in the housing market, influencing affordability for buyers and overall market activity. According to forecasts from Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR), and Wells Fargo, mortgage rates are anticipated to decrease slightly throughout 2025.
This expected decline in mortgage rates is largely attributed to the easing of inflation and a modest increase in unemployment rates—indicators of a strong but slowing economy. Many experts b. ...
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real estate, keller williams, central coast, selling a home, home purchase, home ownership, housing affordability, housing market update, real estate market update, market update
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
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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Wednesday, August 7, 2024 / by Dick Keenan
The current news about home prices can be confusing, making it hard to understand what's really happening. Some headlines suggest home prices are due for a correction, but what does that actually mean? Let's break it down.
What Does a Correction Mean?
Danielle Hale, Chief Economist at Realtor.com, explains:
"In stock market terms, a correction generally refers to a 10 to 20% drop in prices. . . We don't have the same established definitions in the housing market."
In real estate, a correction doesn't mean a dramatic drop in prices. Instead, it indicates that prices, which have been rising rapidly in recent years, are now stabilizing and growing at a more moderate pace. While prices can vary significantly by local market, a steep national decline isn't what's happening.
The Real Estate Market Is Normalizing
From 2020 to 2022, home prices surged due to high demand, low interest rates, and a shortage of homes for sale. However, such rapid growth couldn't continue indefin. ...
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real estate, keller williams, keenan carter group, central coast, home ownership, housing affordability, affordability, home loan, home pricing, home value
