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
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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Wednesday, August 7, 2024 / by Dick Keenan
Homebuyers are beginning to reclaim some negotiating power in the current market. While it’s not quite a buyer’s market, this shift means buyers might have more room to make requests. Sellers should be prepared for this possibility and know their boundaries when it comes to negotiations.
Whether you're buying or selling, understanding potential negotiation points is crucial. Here’s a quick overview of what might come up during your transaction so you can be prepared.
What Can Be Negotiated?
Almost everything in a home purchase is open for negotiation. Here are some key areas, according to Kiplinger and LendingTree:
Sale Price
The most obvious point of negotiation is the sale price. With affordability being a concern, buyers don’t want to overpay. Sellers need to be realistic about their asking prices and may need to adjust if they’re not seeing offers.
Home Repairs
After an inspection, buyers can request that sellers make necessary r. ...
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real estate, keenan carter group, keller williams, central coast, home buyer, home purchase, buying, for home buyers
Wednesday, August 7, 2024 / by Dick Keenan
When you're ready to move, deciding what to do with your current home can be a big decision. Should you sell it and use the proceeds for your next step, or keep it as a rental to build long-term wealth? This decision isn't always straightforward. Whether you're interested in rental income or concerned about the responsibilities of being a landlord, there’s a lot to consider.
Here are some key questions to help you determine the best option for your situation.
Is Your House Suitable for Renting?
Even if you're interested in becoming a landlord, your current house might not be ideal for renting. Consider the following factors:
Location: If you're moving far away, maintaining the property can be challenging.
Neighborhood: Some neighborhoods aren’t conducive to rental properties.
Condition: If the house needs significant repairs, renting it out might not be feasible without substantial investment.
If any of these points apply, selling might be y. ...
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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
