A recent report released by Down Payment Resource shows that 65% of first-time homebuyers purchased their homes with a down payment of 6% or less in the month of January.
The media has extensively covered the rise in mortgage interest rates since last fall (from 3.42% last September to the current 4.1% according to Freddie Mac). However, a less covered aspect of the mortgage market is that requirements to get a mortgage have eased while rates have risen.
Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. Prices are still below those of a few years ago and interest rates have stayed near historic lows.
Sellers should realize that waiting to make the move when mortgage rates are projected to increase probably doesn’t make sense. As rates increase, the price of the house you can afford will decrease.
The current 30-year fixed rate is currently on the rise. With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, by $10,000).
As always, if you have any questions please feel free to contact me anytime.
Have you ever wondered…
What’s the current market value of my home?
How much did the house next door actually sell for?
How much are the neighbors asking for their home?
If so, we can help. Simply complete the information below and we will email you a complete Market Report specifically for your neighborhood. You will receive your first report within 24 hours and then a new updated Market Report every 30 days.
Each Market Report Includes:
• Sold Properties – Price, Location, Details & Pictures
• Active Listings – Price, Location, Details & Pictures
• Asking vs. Sold Price – Statistics & Trends
• Average Days on Market – Statistics & Trends
Quick & Easy way to stay up to date on market conditions in your neighborhood.
All information provided in the Market Report comes directly from our local Multiple Listing Service.
This is a FREE, no obligation service provided compliments of National Realty Centers.
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Simply let me know some details on the home you are looking for and you will receive a complete list of properties currently listed for sale in our local Multiple Listing Service. Then everyday thereafter when a new property is listed that meets your specifications; you will receive a new email with the latest property information.
Each email includes:
• Property Description / Details
• Pictures – Interior & Exterior
• Property List Price
I have done transactions in many area communities and analyzing market data is one of my strengths that can help as we negotiate your home purchase….let’s talk!
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