While you may have seen recent stories about the volume of foreclosures today, context is important. During the pandemic, many homeowners were able to pause their mortgage payments using the forbearance program. The goal was to help homeowners financially during the uncertainty created by the health crisis.
In the last few weeks, the average 30-year fixed mortgage rate from Freddie Mac inched up to 5%. While that news may have you questioning the timing of your home search, the truth is, timing has never been more important. Even though you may be tempted to put your plans on hold in hopes that rates will … Read More
Based on the Primary Mortgage Market Survey from Freddie Mac, the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more than a quarter of a point from just a week ago. Here’s a visual to show how mortgage rate movement throughout 2021 was steady compared to the rapid increase in mortgage rates this year
Over the course of 2021, we saw substantial changes to the real estate market. The low supply of homes for sale coupled with pent-up demand made buying a home a daunting task not only for the home buyer but for sellers as well. One out of every two homes sold for over asking price and in most cases with multiple offers. We found that many home buyers were losing out on multiple properties and in some cases they would get so discouraged that they decided to quit and leave the housing market all together.
As you can see, there has been a drastic increase in property tax revenue over the last 5 years. In fact, that revenue stream has far out paced the other areas of revenue as demonstrated in the graph. This graph shows the real story of our local tax increase which has been $20,000,000 of increased revenue over 5 years
Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, real estate had one of its best years ever. Home sales and prices were both up substantially over the year before. 2020 was so strong that many now fear the market’s exuberance mirrors that of the last housing boom and,
Many people in my industry have been experiencing something that isn’t necessarily new but seems to be getting folks a little more riled up than it used too. I am referring to stress from the mortgage process. Part of our job as realtors is to make things go as smoothly as possible, but there are some parts of a transaction that we can’t control. And one of those parts is the LOAN UNDERWRITING!
Home values appreciated by about ten percent in 2020, and they’re forecast to appreciate by about five percent this year. This has some voicing concern that we may be in another housing bubble like the one we experienced a little over a decade ago. Here are three reasons why this market is totally different.