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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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There are many unanswered questions about home prices right now. How much have prices risen over the past 12 months? What’s happening with home values right now? What’s projected for next year? Let's take a look at the answers to all three of these questions.
How much have home values appreciated over the last 12 months?
According to the latest home price index from CoreLogic, home values have increased by 18.1% compared to this time last year. Additionally, prices have gone up at an accelerated pace for each of the last eight months (see graph below):
The increase in the rate of appreciation that’s shown by CoreLogic coincides with data from the other two main home price indices: the FHFA home price index and the…
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Recently, the American Institute of Architects released their AIA Home Design Trends Survey results for the third quarter of 2021. The survey revealed the following:
If you currently own a home you have two options: renovate your current house or buy a home that has what you desire. The decision you make could be determined by factors like:
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According to reatlor.com, rent rose by 8.1% then where it was last year. Usually, there is less than a 1% increase per month. Rent is rising at a record pace! The rise in rent over time clearly shows one of the major advantages home ownership has over renting: stable housing costs. Renters face increasing costs every year. One cannot usually control the cost of their rent. When you purchase your home, your mortgage rate is locked in for 30 years, meaning your monthly payment stays the same over time. That gives you peace of mind and predictability for many years ahead.
The graph below shows how the average mortgage payments are lower than the average rent price. Rental prices vary by state, especially in California.
There are many…
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Heading into the end of the year, you might wonder if it’s still a good time to sell your house. Here’s what the latest data from the National Association of Realtors (NAR) says.
The housing supply is lower than last year, and home prices are up nationwide. Meanwhile, the average home is selling fast and receiving several offers. Listing now puts your house in the spotlight, meaning it could sell quickly – and for more than you’d expect.
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If you are a renter looking to purchase a home or a current homeowner waiting to buy until 2022, ask yourself these two questions:
1. What will home prices be like in 2022?
2. What will the mortgage rates be in 2022?
What will home prices be like in 2022?
Three major housing industry institutions project continued home price appreciation for 2022. Here are their projections:
What will the mortgage rates be in 2022?
Today, the 30-year fixed mortgage rate is levitating near historic lows. However, it is believed that rates will rise as the economy continues to recover. Here are the forecasts for the fourth quarter of 2022 by the same three major…
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To help make sure you still qualify for your loan at the closing table, here are a few key things to make sure you avoid after applying for a mortgage.
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Home prices are delivering double-digit increases, so the concern is great if we are headed into a housing bubble, like the one in 2006. However, market data indicates that the housing market is steady and is not headed for a housing bubble.
1. The housing market is not driven by high-risk mortgage loans.
The availability of mortgage money is based on the Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers’ Association. In 2006, nearly everyone could qualify for a mortgage loan. The higher the number, the easier it is to access receiving a loan. The index was 869 in 2006. Today, it is at 130. As an example of the difference between today and 2006, let’s look at the volume of mortgages that originated when a buyer had…
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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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