It’s been frustrating for homebuyers lately. Not only have home values risen, but many buyers are also facing sticker shock when they see what the mortgage payment will be. It's hard to overcome that feeling. In response, many buyers are turning to new builds. Why? Because often, you’re not just buying a house — you’re buying a mortgage payment you can live with. Builders understand this...
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Why Buying a Home Now Still Makes Sense Despite Higher Interest Rates With mortgage rates higher than they’ve been in recent years, many potential homebuyers are asking: “Should I wait to buy a home?” While higher rates may feel intimidating, there are several compelling reasons why buying a home now can still be a smart decision. Here's why: 1. Building Equity Beats Paying Rent When...
Even as home prices continue to rise, some experts have spotted signs that the housing market is beginning to improve in some locations. Sellers are cutting prices. Bidding wars are over may be over, inventory is rising, and more sellers are realizing that they're not at the same advantage as they were three years ago. Around 25% of today's sellers have lowered their initial price. Around 30% of the...
May you all have a very Happy Easter and enjoy this time with family and friends. This is a time to reflect on many areas of ones life as this is a very special day for many of us. When you have the time, sit down and take a look at the local real estate market. If you are looking to sell or buy this is important to know. Pick up the phone and call or send me a message. I am here to help you...
I thought you may want to know what the housing market is looking like with all the craziness going on in the finance world. So below is a report I received this morning about that. Increasing for the first time in six months, housing starts shot up 9.8% in February, with both single-family and multi-unit projects posting gains. Building permits did even better—up 13.8%, the largest monthly gain...
This past week, home loan rates improved to their lowest levels in a month in response to the closures of Silicon Valley Bank (SVB) and Signature Bank. Let's walk through what happened as we approach the Fed Meeting next week. "Bringin' on the heartache, Can't you see?, Can't you see?" Bringin' on the Heartbreak? Def Leppard. SVB Failure and Rates It's important to remember that bonds enjoy bad news,...
This is from one of lenders I work with, Chris Maxwell from Bank of Albuquerque. You can reach him at: 505-804-3191/cmaxwell@bankofalbuquerque.com National Real Estate News Bottoming out Existing home sales for January 2023 fell (a very modest) 0.7% MoM to an annualized pace of 4,000,000 units. That was the 12th straight month of decline. But look at the chart: it's bottoming. Existing home...
This is from New Mexico Association of Realtors for December 2022 Key Highlights • The median sale price increased by 4.24 percent compared to last year. • Home sellers are less active this month 11.63 percent fewer homes being listed. • Sales for the month were down 32.68 percent compared to last year. • Homes are spending 48 days on market, which is three days longer than last year but...