The Inventory of homes for sale is finally rising from 30 days or less supply to over 3 months. The frenzied pace of 2020 and 2021 is finally calming down. There were more homes for sale last week than the same week in 2019. Keep in mind the 2019 was a strong seller's market. "According to NAR statistics, the median real-estate experience of all Realtors is eight years. The last time we … [Read more...]
Housing Market Nationally And Metro Phoenix Real Estate
Since the beginning of the Covid-19 pandemic in 2020 and 2021 Real Estate saw double digit appreciation in home values. Mortgage Interest Rates on a 30 year fixed rate reached the lowest level in December 2020 at 2.68% with the annual average rate of 3.11% according to Freddie Mac and 2021 averaged of 2.96%. Rates bounced above and below 3% during this time. Federal Reserve Chairman Powel … [Read more...]
Greater Metro Phoenix Real Estate Market News|Equity Growth
The Average U.S Homeowner Gained $56,700 In Equity Growth Over The Past Year (Statistics through 3rd Quarter of 2021 Arizona Home Owners Gained Even More Equity Growth Of $92,000. Only California, Washington, and Hawaii had larger gains. Home Equity Is The Difference Between The Current Value Your Home Minus Your Mortgage(s) Debt. For Example, Your Mortgage Debt is $300,000 and The Home Is … [Read more...]
Mortgage Loan Limits Increase for 2021
Mortgage Loan Limits for FHA, Conventional and VA Loans Increase for 2021 "Quick update..., we got word that FHA loan limits increased for 2021! Great news for all of... clients with champagne taste and beer budgets! They can now use FHA financing, with a minimum of 3.5% down, to purchase a home for $381,347! (Maricopa and Pinal Counties Arizona Max Mortgage Limit $368,000) Whoo hoo!!! A … [Read more...]
Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers
Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history.1 And while many Americans have rushed to take advantage of this unprecedented opportunity, others question the hype. Are today’s rates truly a bargain? While average mortgage rates have drifted between 4% and 5% in recent years, … [Read more...]
Take Advantage of Your Home Equity: A Homeowner’s Guide
Home ownership offers many advantages over renting, including a stable living environment, predictable monthly payments, and the freedom to make modifications. Neighborhoods with high rates of homeownership have less crime and more civic engagement. Additionally, studies show that homeowners are happier and healthier than renters, and their children do better in school.1 But one of the biggest … [Read more...]
Mortgage Limits Increase For 2020!
Here is a quick update on the official Mortgage Limits changes for 2020! "Conventional – new limits for all loans delivered after 1/1/2020 will be $510,400 (whoo hoo!!!) This means First time home buyers using (3% down payment) can buy at a maximum purchase price of $526,185 5% down Owner Occupant Buyers can buy at a maximum purchase price of $537,263 FHA made their official announcement and … [Read more...]
Top 10 Myths That Trip Up First-Time Home Buyers
Here are the Top 10 Myths That Trip Up First-Time Home Buyers. If you’re thinking about buying a home, you’ve probably received your share of advice from family and friends. Add to that the constant stream of TV shows, news segments, and social media posts that over-simplify the home buying process for easy entertainment. With so much information to sift through, it can be tough to distinguish … [Read more...]
“How’s the Market?” What’s Ahead for Real Estate
While no one can predict the future with certainty, most experts expect to see modest growth in the U.S. housing market for the remainder of this year and next. Inventory will remain tight, mortgage rates will continue to creep up, and affordability will remain a major issue in many parts of the country. So what does that mean for home buyers and sellers? To answer that question, we take a … [Read more...]
The Home Buyer’s Guide to Getting Mortgage Ready
Don’t wait until you’re ready to move to start preparing financially to buy a home. The Home Buyer's Guide to Getting Mortgage Ready gives a starting point for your home buying journey. If you’re like the vast majority of home buyers, you will choose to finance your purchase with a mortgage loan. By preparing in advance, you can avoid the common delays and roadblocks many buyers face when … [Read more...]
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