The Federal Reserve raised the target range for the federal funds rate by 25bps to 5.25%-5.5% in July 2023. This high-interest rate environment has contributed to historically high mortgage rates, making housing more expensive for many buyers. However, the housing market has experienced high demand and low inventory levels, which has led to increased competition and rising home prices in many parts of the US. It's important to note that housing trends can vary significantly across different regions and cities within the US.
Realtor Linda Peltz and Michelle Johnson from the Hero Loan Team recently engaged in a casual conversation about the current state of the market and offering valuable insights for both buyers and sellers. Their discussion covers a range of topics, from specialized home loans for hero clients to the evolving housing market dynamics.
Lets dive in to their recent discussion to learn more
Hero Loan Team Programs to Help Heroes in the Community
Michelle Johnson introduces the Hero Loan Team, company dedicated to providing home loans for heroes in the community. These clients encompass individuals in fields like law enforcement, fire, military, education, and medical professions. The team's focus is not only on offering tailored programs and incentives but also on expressing gratitude and support for those who serve the community.
They can all agree that professions such as nursing and the military are not just jobs but commitments to the well-being of the community. They highlight the unique challenges faced by those in such roles and emphasize the importance of offering them specialized assistance during their home-buying journey, especially with Hero Loan Team programs. Realtor Linda Peltz suggests that these roles are more community-focused and warrant a little extra care.
She encourages individuals to visit the Hero Loan Team website or contact her directly for personalized assistance about the programs
Read More:
The Overview of Fresno Clovis CA Housing Market
Navigating the Recent Housing Recession, Discussion with Hero Loan Team
Hero of the Month Program: Special Loan Program
The Overview of Lending Market
Shifting the conversation to the lending market, Linda inquires about Michelle's observations. Michelle notes an interesting disparity between public opinion about the economy and the actual market reality. While interest rates have increased to combat inflation, the perception of a potential recession is misleading. The housing market, they observe, is undergoing an intriguing transformation.
Michelle also explains that during a phase of historically low interest rates, the housing market experienced a surge in prices. Offers were consistently exceeding market values due to the negligible impact of low interest rates on monthly payments. However, the current situation is different. With interest rates still relatively low, the market is stabilizing, and buyers are becoming more cautious about making inflated offers.
Balancing Expectations and Reality
Addressing concerns about dropping housing prices, Linda and Michelle clarify that the market isn't experiencing a dramatic decline. Instead, the frenzy of overpriced offers has tapered off. Home equity is still growing, at a more sustainable rate of approximately 3% annually, in line with historical trends.
Linda and Michelle also agrees that media hype and sensationalized stories often mislead to buyers and sellers. They reassure potential homebuyers that waiting for an opportune moment can be counterproductive. With stable employment and the market adjusting to more balanced conditions, it's still a good time to buy, even though the market isn't as frantic as before.
Moreover, Michelle and realtor Linda Peltz offer practical advice to potential buyers and sellers. They recommend focusing on individual situations and goals rather than attempting to time the market perfectly. Moreover, they remind buyers that refinancing remains an option if interest rates drop after purchasing a home.
Michelle Johnson
Hero Loan Team
559-314-6760
michelle@heroloanteam.com
FOLLOW US; CLICK FOR YOUR FAVOURITE CHANNEL
https://linktr.ee/RealtorFresnoCA
Call me for further details:
Linda Peltz, eXp Realty | DRE 01997670
559-353-4556
lwpproperty@gmail.com
Comments(1)