Posts with tag 'getting your home ready to sell'
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12
REAL ESTATE: LOCAL MARKET IS BEGINNING TO CHANGE
We have also noticed that the number of buyers in the marketplace has decreased. Prices are staying strong, but the showing traffic and the volume of offers are not what they once were. As recently as this year I would receive 20-plus offers on a property but those days seem to be gone.
A significant reason for this sudden change is the increase in rates. In late June, mortgage rates rose above six percent. The Federal Reserve announced a large 3/4 percent raise of interest rates in June. The Federal Reserve has also stated that they expect to raise the rates several times this year and next to combat rising inflation in our country. All this seems to have cooled real estate buyer activity. As mortgage rates rise, a mortgage payment becomes higher and higher. An article I read recently from Lawrence Yun, from the National Association of Realtors, stated that the payment on a $300,000 mortgage went from $1,265 in...
29
Finding a house to buy!
Finding A House To Buy in 2022
What is it like finding a house to purchase in 2022? You have probably heard through someone you know how competitive it is. Maybe you know from your own experience. With a low supply of listed properties and high demand to purchase, it's a battle to find the right house for you.
Finding the right house is a fight all in itself. At the time I writing this, there are only 165 homes listed for sale in Coweta County. If you are interested in any of the properties, you can expect to compete with other buyers for the same home. I have had as many as 21, 22 and 30 offers on the same house recently. In these situations, a strong cash offer with no contingencies usually wins out the bidding war. Competing with this many buyers is a not typically a formula for success. This is where your Realtor should come in.
A good Realtor, that is connected to the local market, should know of o...
21
Interest Rates Are on The Rise
There is a growing concern in the real estate community regarding rising interest rates, which mortgage rates typically follow. Many potential buyers have been waiting for the real estate market to cool and prices to lower before they purchase a home. That does not seem to be happening anytime soon. As interest rates rise, many buyers will not be able to afford purchasing a home and will be priced out of the current market. Increased inflation is a driving force for the interest rates to be raised by the Federal Reserve. According to Bloomberg, in January of 2021, the year over year inflation rate for the United States was 7%. As of January 26th, 2022, mortgage rates are pushing 4%. This may not seem like a high rate, but mortgage rates were as low as 2.68% just 13 months ago, according to Rocket Mortgage. The rates have steadily increased since December 2020.
This example, from Rocket Mortgage, of a one percent increase in a mortgage rate shows you the difference a percentage can make. This will prevent many "fringe buyers" from purchasing: By way of example, say that Taylor, a 30-year-old woman who is a first-time home buyer, wishes to obtain a 30-year fixed FHA loan on a new home with a 20% down payment. Below, you can get a sense of just how much she stands to save, given a 1% difference in interest savings on her 30-year mortgage.
|
30-Year Fixed Mortgage Rate |
Monthly Payment* |
Principal And Interest |
|
[2.99%] |
$1,073 |
$842 |
|
[3.99%] |
$1,184 |
$953 |
On January 26th, 2022, the Federal Reserve, the central bank of the United States, strongly hinted at raising the interest rates. The Reserve said with inflation rates well above two percent, it could start raising interest rates as early as March of this year. Many experts believe this is the first of several rate increases this year. This will cause mortgage rates to rise. With increasing home value and prices, as well as rising mortgage rates, purchasing a home will become more difficult.
Now is a good time to buy before the rates and prices rise any higher. We are also seeing a large increase in the supply of listings here in Coweta County. We are at the very start of our listing season. It is a good time to start looking at property if you are not already.
12
BOOM Goes the Real Estate Market
Realtors have seen buyers battle it out in multiple offer situations during this current real estate boom. A low supply of homes for sale only increases the competition between buyers. More specifically, a low supply of "smaller" homes has significantly increased the value of homes that baby boomers (our older population) and first-time buyers would like to purchase. These two groups of the population, while very different, are competing over the same type of home in many situations.
Many younger buyers are looking for a smaller first home that fits their budget. At the same time, our older population is looking to downsize, decrease their budget, and have less to maintain at their residence.
Most new construction is outpriced for these buyers. Of the 71 new construction homes for sale...
24
Christmas 2021
Santa Claus will arrive soon, and, hopefully none of us will be disappointed in our gifts, because over 2000 years ago we received the greatest gift of all!
The little baby who was born in Bethlehem in the lowliest of circumstances is that wonderful gift from God. He looked down and saw man's situation, without hope, and he gave us HOPE for eternal life.
A gift undeserved, for sure, but because of his GIFT, we all have a chance for eternal life, simply by believing in that little baby, Jesus, the true Messiah, A/K/A The Christ!
The shepherds were t...