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If your house is feeling a little cramped with the addition of adult children or aging parents, it might be time to consider a move-up into a multigenerational home that better suits your changing needs.
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If you’re thinking of buying a home, here are a few things to keep in mind even as mortgage rates rise.
The average 30-year fixed mortgage rate from Freddie Mac inched up to 3.1%, and experts project rates will continue rising through 2022:
“The 30-year fixed-rate mortgage was 2.9% in the third quarter of 2021. We forecast mortgage rates to increase slightly through the remainder of the year and reach 3.0%, rising to 3.5% for full-year 2022.”
Taking Time Off Can Be Costly
Mortgage rates play a significant role in your home search. And even the smallest increase can have a large impact on your monthly payment (see chart below):
Instead of waiting and hoping rates will fall,…
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Mortgage pre-approval means a lender has reviewed your finances and, based on factors like your income, debt, and credit history, determined how much you’re qualified to borrow. Being pre-approved for a loan can give you clarity while planning your homebuying budget, confidence in your ability to secure a loan, and a competitive edge in a bidding war. In today’s market, connecting with a lender to get pre-approved may be the game-changer that helps you secure your dream home.
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How long have you been in your current home? If you have been in your home for more than five years, you are like many other people across the country.
According to the management company, First American, homeowners are staying longer in their homes than usual.
As the graph shows, before 2008, homeowners sold their houses after an average of just five years. Today, that number has doubled to ten years. The housing industry refers to this as your tenure. To understand tenure, it is helpful to find out what drives a person to sell their home.
An article from real estate magazine, The Balance, further explains.
“People who move for home-related reasons might need a larger home or a house that better fits their needs. Financial…
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The homebuying process, like chess, requires strategy and planning. Here are a few things to keep in mind to ensure your plan is as strong as possible when you begin your home search.
Pre-approval: the best opening play to make as a homebuyer
It’s important to have a great opening play when you’re buying a home. And the best move you can make when you begin your home search is getting pre-approved by a lender. You’ve probably already heard this is an important step but what exactly is pre-approval and what benefits does it provide you?
As Freddie Mac puts it:
“The pre-approval letter from your lender tells you the maximum amount you are qualified to borrow. Getting a pre-approval letter is not a loan…
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Learning the lingo of homebuying is an important part of feeling successful when buying a home. Take a look at some of the most common acronyms that will come up along the way and what they mean when you hear them.
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As we near the end of the year, more homeowners are realizing the benefits of today’s sellers’ market. Record-breaking home price appreciation, growing equity, low inventory, and competitive mortgage rates are motivating homeowners to make a move that addresses their changing lifestyles.
In fact, recent data from realtor.com shows a larger share of homeowners is planning to list their houses this winter. So, that means more homes are about to hit the market, which will lead to more choices for buyers too.
According to George Ratiu, Manager of Economic Research at realtor.com:
“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey…
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Last week, lender Freddie Mac released their Primary Mortgage Market Survey, which shows the recent 30-year fixed mortgage rate. The rate was at 3.01%, the first time in three months since it was over 3%. Sam Khater, Chief Economist at Freddie Mac, explained in a press release:
"Mortgage rates rose across all loan types this week as the 10-year U.S. Treasury yield reached its highest point since June.”
The reason Khater mentions the 10-year U.S. Treasury yield is because there has been a very strong relationship between the yield and the 30-year mortgage rate over the last five decades.
Here’s a graph showing that relationship:
The relationship has also been consistent throughout 2021 as evidenced by this graph:
The graph also…
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On behalf of the buyer, The Aaronson Group has opened escrow on 26972 Escondido Lane, Mission Viejo Orange County, California. (MLS® #OC21224467)
Impossible to find... A single-level home, with panoramic views, sparkling pool, and 3 car garage. Located in prestigious mission ridge this spacious 2742 sq ft 3 bed + office home has a 10K+ sq ft. lot and has OWNER OWNED SOLAR, has been RE-PIPED and NEW AC/HVAC system in 2020! Located at the end of a cul-de-sac, this home has it all...
Hardwood floors with upgraded baseboards, crown molding, formal living room with fireplace, formal dining room, spacious family room, and upgraded kitchen with dining nook, granite counters, island, stainless steel appliances, and GE monogram 6 burner…
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With over $750 Million in real estate sales, The Aaronson Group offers an unparalleled level of service to our highly respected clients. Whether you are looking to buy or sell your home, we guarantee that our expertise, professionalism & dedication will navigate you towards meeting your unique real estate needs.
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