The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power. The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:             Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates g ..read more

Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today’s low supply of homes for sale is still a seller’s market. But what does that really mean? And why are conditions today so good if you want to list your house? It starts with the number of homes available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market i ..read more

If you’re buying a home this spring, today’s housing market can feel like a challenge. With so few homes on the market right now, plus higher mortgage rates, it’s essential to have a firm grasp on your homebuying budget. You’ll also need a sense of determination to find the right house and act quickly when you go to put in an offer. One thing you can do to help you prepare is to get pre-approved. To understand why it’s such an important step, you need to know what pre-approval is. As part of the process, a lender looks at your finances to determine what they’d be willing to loan you. From ther ..read more

Thinking about buying? Be sure to include these five items in your calculations. Homeownership may be a goal for some, but it’s not the right fit for many. Renters account for 37 percent of all households in America — or just over 43.7 million homes, up more than 6.9 million since 2005. Even still, more than half of millennial and Gen Z renters consider buying, with 18 percent seriously considering it. Both lifestyles afford their fair share of pros and cons. So, before you meet with a real estate agent, consider these five costs homeowners pay that renters don’t — they could make you reconsid ..read more

Owning a home means having a place that’s solely your own and provides the space, features, and location you and your loved ones need. But what happens when your needs change? If this hits home for you, it may be time to make a move. According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), the average person has lived in their current house for ten years. If you’ve been in your home for a while, think about how much in your life has changed since you moved in. Even if you thought it would be your forever home when you boug ..read more

The rental market is heating up – and so is your rent. Here is why: »Home prices are higher, so more people are renting. You probably have heard about the crazy real estate market we have experienced. Lawrence Yun, chief economist for the national Association of Realtors, states, “The reason for strong rental demand is that many potential first-time buyers are priced out.” Home prices have increased 32.6% over 2020. People who have taken advantage of selling their homes at a premium, but do not want to buy at a premium, are competing for those same rental properties. »Buyers are competing and ..read more

2021 I don’t have to tell you 2021 has been a seller’s market in real estate. That means sellers have had the advantage. If you think about the law of supply and demand, you can relate it to real estate. There have not been enough homes to sell so the price goes up and the buyers are competing for the homes that are on the market. October 2021 brought $6.34 million in sales, a median sales price of $353,900 and 2.4 months of inventory across the U.S. The median sales price is up 13.1% year over year, and inventory is down 12% from October 2020. The states with the top five highest homeownershi ..read more

There are so many holiday traditions this time of year such as trimming the tree, baking cookies, stringing lights and family get togethers. Let your home be part of the celebration. Our family decorates the mailbox and puts out a gift for the mail carrier. You probably put signs and lights up to wish other people joy. Your home is an extension of you and can say “welcome” with a festive wreath or “comfort” with a fire in the fireplace and a warm meal. Putting up a Christmas tree is a tradition that started in Germany. The English poet Samuel Taylor Coleridge gave the first description of a de ..read more

Hope and help are two things you can give this holiday season that don’t cost you anything. I heard a motivational speaker once who talked about offering the people you see each day a kind word or smile. Referencing the Bible verse, Ephesians 4:29, “Let only good communication come out of your mouth, that which is encouraging,” the speaker said it is like giving a present. It takes no time at all to tell someone that you appreciate them. It costs no money at all to smile at a stranger and say. “hello”. It may be just the one small thing that turns their day from bad to good. Did you know there ..read more

‘Tis the season – to decorate for the holidays. Your home usually is your haven – a safe place, a refuge – but be sure it doesn’t turn into a dangerous place when you are decorating. About 76% of Americans decorate their homes for Christmas. Do not be like Clark Griswold in the movie, “National Lampoon’s Christmas Vacation.” where the electric system is overtaxed and Clark is left hanging off the roof. »OUTDOORS: When you first get your lights out, you should use testers to check for damaged sockets, bad bulbs or blown fuses, and make any necessary repairs. Use only outdoor-rated extensio ..read more