interest rates: Buying a Home Today... What You Need to Know About Rates, Prices
- 07/10/26 12:53 PM
If you've been thinking about buying a home but are waiting for mortgage rates to drop back to the historic lows we saw during COVID...it's time to reset expectations.
According to the National Association of REALTORS®, the median age of first-time homebuyers has risen to an all-time high of 40, the highest since NAR began tracking in 1981. Historically, first-time buyers were between 28 and 33, and they made up about 40% of all home purchases. Today, that share has dropped to just 21%.
So, what's holding buyers back?
A big factor is the belief that mortgage rates are "too … (1 comments)
|
interest rates: Does the Fed Control Mortgage Rates?
- 05/22/26 10:47 AM
Does the Fed Control Mortgage Rates? When headlines scream that the Federal Reserve is raising or lowering rates, it's easy to assume your mortgage will be affected immediately. But here's the truth: the Fed doesn't directly control mortgage rates. And understanding the difference could help you make smarter decisions about buying, selling, or refinancing.
The Federal Reserve sets the federal funds rate, which is what banks charge each other for short-term overnight loans. This rate influences things like credit cards, car loans, and home equity lines of credit. But when it comes to long-term mortgage rates, a different market holds the reins.
Mortgage rates are … (3 comments)
|
interest rates: House Hack Your Way to Homeownership
- 11/11/25 05:13 PM
"What if your next home came with built-in income? Discover how living in one unit and renting out the others could slash your housing costs and build your wealth at the same time."
When most people think about buying a home, they picture a single-family house. But there's another option that could make homeownership more affordable and help you build wealth faster, buying a small multi-unit property.
FHA, VA, and conventional lenders allow qualified buyers to purchase up to a four-unit property if they live in one of the units. That means you could buy a duplex, triplex, or fourplex, … (3 comments)
|
interest rates: Debunking Common Myths About FHA Loans
- 08/11/25 02:05 PM
With high home prices, more buyers may turn to Federal Housing Administration (FHA) loans in the coming year. These government-backed mortgages are known for their flexible borrower requirements, such as lower credit scores and down payments as low as 3-5%.
However, many sellers and even some agents, have misconceptions about FHA loans, believing they are difficult to work with or that the approval process is more complicated. In reality, agents who regularly assist FHA buyers know that these loans are a solid financing option, providing opportunities for buyers who might not otherwise be able to purchase a home.
FHA loans are not inherently … (4 comments)
|
interest rates: Avoid These 12 Mistakes Homebuyers Make
- 08/11/25 01:51 PM
Avoid These 12 Mistakes Homebuyers Make8/13/2025 Buying a home is one of the most significant financial decisions most people will ever make, yet it's a process fraught with potential pitfalls. The good news? By learning from the common mistakes others have made, you can sidestep unnecessary stress, save money, and make more informed decisions.
A knowledgeable homebuyer is a confident homebuyer, and understanding these 12 common missteps can empower you to navigate the process smoothly and successfully. Whether you're a first-time buyer or a seasoned homeowner, this insight can make all the difference in ensuring your experience is a positive one.
… (1 comments)
|
interest rates: The Difference Between Reasonable and Fiduciary Care
- 04/21/25 08:48 PM
As a real estate professional, my role is not just to help you navigate the buying or selling process, but also to ensure you receive the highest standard of care and attention throughout the journey. While terms like "reasonable care" and "fiduciary care" may sound similar, they are essential concepts that define my responsibilities to you as a client. Let's explore these terms to better understand how they impact the service you receive.
Reasonable Care: Competence and Diligence
Reasonable care refers to the standard duty of competence and diligence that any professional owes to their client. It means performing services with … (4 comments)
|
interest rates: Avoid Additional Costs with your Buyer's Agent
- 11/25/24 05:40 PM
The real estate landscape is shifting, with new practices like mandatory buyer's agreements becoming the norm. While these agreements aim to provide clarity and protection, they can also create unexpected complications.
Imagine signing a buyer's agreement with an agent, then stumbling upon your dream home during a casual open house visit. This seemingly innocent scenario could lead to a costly mistake, potentially leaving you on the hook for thousands of dollars in out-of-pocket fees.
As the industry evolves, it's crucial for homebuyers to understand the implications of these agreements and the potential pitfalls of going solo after signing one.
Contacting Listing … (5 comments)
|
interest rates: Convenient but not Accurate can Cost you Money
- 09/19/24 07:52 PM
Online estimates like Zillow, realtor.com, Redfin, & Homes.com are convenient, but typically lack accuracy and may have a significant margin of error. They are constructed using a computer-generated algorithm that utilizes historical public sales data and trends called an Automated Value Model, AVM.
National AVMs derive values from automated computer modeling of public records and may not reflect the true value of a home due to the nuances of local markets. An experienced agent, familiar with home sales in the area, takes several steps to arrive at a more accurate fair market value.
Real estate agents provide invaluable expertise by leveraging their … (2 comments)
|
interest rates: Is a friend your best choice for your agent?
- 08/11/24 04:34 PM
In the realm of real estate transactions, the decision to engage a friend who also happens to be an agent may seem like a tenuous situation and may cause some hesitation.
Concerns about how professional relationships may impact their personal connection occasionally weighs on a person's mind, leading them to consider alternative options. It may stem from the fear that any hiccups or disagreements during the transaction may strain or even jeopardize the friendship.
It may actually be the opposite. There are many advantages to working with a professional to find your home who also happens to be your friend.
Trust: Having a … (3 comments)
|
interest rates: Agent Representation - A Buyer's Perspective
- 08/01/24 02:16 PM
Real estate professionals offer expertise in the local market, guiding buyers toward suitable properties and negotiating favorable terms. They provide comprehensive support throughout the home buying process, managing logistics and serving as trusted advisors.
Additionally, agents have access to a network of allied professionals, streamlining the transaction and ensuring smooth coordination. They also advocate for buyers' interests, negotiating on their behalf and addressing challenges that may arise, providing peace of mind and confidence in decision-making.
The following is a list of services typically provided to a home buyer by a real estate agent but can vary depending on negotiations between … (3 comments)
|
interest rates: The dilemma is clear: wait for conditions to improve, or act now?
- 07/22/24 05:06 PM
Are you one of the many would-be homebuyers holding off on purchasing a home, hoping for a favorable shift in the market? With insurance, property taxes, and maintenance costs on the rise, it's understandable why some are hesitant to take the plunge. However, the reality is that these factors affecting affordability are compounded by the continuing increase in home values. The dilemma is clear: should you wait for conditions to improve, or should you act now?
The Affordability Challenge - Escalating insurance premiums, property taxes, and maintenance expenses are making homeownership less attainable for many prospective buyers. As these costs continue to … (6 comments)
|
interest rates: How Home Value Growth Beats Renting
- 02/04/24 10:26 AM
Over the last 60 years, the average sales price of homes has appreciated at a rate of 5.56% annually, according to the Federal Reserve Economic Data. During the same period, rent has increased at a rate of 3.88% annually which presents a compelling argument in favor of homeownership.
When we analyze these figures, it becomes evident that homes have not only appreciated in value at a faster rate than the increase in rental costs, but they have also provided homeowners with a substantial asset that builds equity over time. This discrepancy in growth rates means that, in the long run, homeowners … (5 comments)
|
interest rates: Why It's a Smart Move to Buy a Home in the Current Market
- 12/10/23 01:20 PM
If you're in a financially stable position, now might be the perfect time to embark on your homeownership journey. Buying a home today offers several advantages, including the opportunity to build equity and stabilize your housing costs in the face of rising expenses. Explore the reasons why purchasing a home now can be a wise decision in the current market.
By purchasing a home today, you can start building equity, which is an investment in your future. Additionally, opting for a fixed-rate mortgage allows you to stabilize your monthly housing costs for the long term, even as other expenses continue … (3 comments)
|
interest rates: When do You Lock Your Mortgage Rate?
- 02/20/23 08:38 PM
2/ Locking your interest rate protects you from increases due to market conditions. Locking early safeguards your budgeted payment. By locking the rate, if the market goes up, you get the lower rate; if it goes down after the lock, you may be able to pay a fee and lower the rate.
Knowing when to take the lock is determined by which direction you think the market is going. If you think rates are going up, lock in early. If you think rates are going down, ride the rate to within a few days of closing.
Some lenders may allow a borrower to lock a … (3 comments)
|
interest rates: Downsizing Options
- 12/11/22 11:41 AM
Opportunities exist for a subset of homeowners, possibly in their 60's to 70's, who want to downsize to smaller homes for convenience, less maintenance, change of lifestyle, or to save money. These homeowners are more likely to have large equities and will not feel the same constraints that are keeping younger owners in their homes due to the substantial increase in mortgage rates in the past year.
In some cases, there may be enough equity in their relinquished home to pay cash for the replacement. In other situations, the loan-to-value may be so low that even with higher mortgage rates, it won't … (0 comments)
|
interest rates: Building Your Home Buying Team
- 11/20/22 10:52 AM
There are a lot of professionals involved in the homebuying process. And when these people can function as a team, the buyer is much more likely to end up where they want to be...in their new home.
The lender is an integral part of the team unless you are going to be paying cash. Trust is very important when selecting this person because they are going to qualify you for the mortgage you need. The interest rate and fees should be fair based on your credit, income, and the market.
You'll want someone who can close at the rate and terms that were quoted. In a … (3 comments)
|
interest rates: Waiting for the Mortgage Rates to Come Down?
- 11/05/22 04:25 PM
Waiting for the mortgage rates to come down before you buy a home may not be a good decision.
If you are correct, and the rates do come down by two percent, the savings you benefit from a lower rate will most likely be devoured by the appreciated price increase.
As of 10/27/22, the 30-year fixed-rate was at 7.08% which is the highest level since April 2002. If the rate drops to 5% in three years but the price increases by 5% a year, a $400,000 home today, will cost $463,050 three years from now.
An increasingly popular option that more … (2 comments)
|
interest rates: Do you feel lucky? Well, do ya?"
- 10/17/22 07:40 PM
You may remember the famous line in the Dirty Harry movie when Clint Eastwood has just had a shootout with bank robbers and is standing in front of the lone surviving thief who is considering going for his gun. Harry with his gun pointed at the bad guy says to him ""Did he fire six shots or only five? Well, to tell you the truth, in all this excitement, I kinda lost track myself. But being this is a 44 Magnum, the most powerful handgun in the world and would blow your head clean off, you've gotta ask yourself one question: Do I feel … (1 comments)
|
interest rates: Five Factors that Affect the Sale of Any Home
- 09/28/22 10:22 AM
Owners directly control four of the five factors that affect the sale of any home: price, location, condition, terms, and the agent you select. The one thing you can't control is the location of the home, but you can adjust the other factors to compensate for failings.
The seller controls the price of the home which determines its positioning in the marketplace. If is priced too high, it will take longer to sell and, in some cases, for less than what it should have sold for because when it doesn't sell immediately, it is assumed that there must be an issue with it. If … (1 comments)
|
interest rates: Gift Amount Increased for 2022
- 09/28/22 10:04 AM
The limit for tax free gifts for 2022 is $16,000 and no tax is due to the donor or the donee. There are provisions that would allow gifts higher than this amount providing the total lifetime gifts above the annual exclusion of $12.06 million for 2022 has not been met.
The donor and donee can be separate persons so that the aggregate tax-free gift for one-year amounts to more money. For instance, a father and mother can gift $16,000 each to their married son in 2022 and an additional $16,000 each to the daughter-in-law for a total $64,000.
If the son and … (3 comments)
|
|
|
|
;)
;)
;)
