From our friends at the kcm blog
Chances are you’re hearing a lot about mortgage rates right now. You may even see some headlines talking about last week’s Federal Reserve (the Fed) meeting and what it means for rates. But the Fed doesn’t determine mortgage rates, even if the headlines make it sound like they do.
The truth is, mortgage rates are impacted by a lot of factors: geo-political uncertainty, inflation and the economy, and more. And trying to pin down when all those factors will line up enough for rates to come down is tricky.
That’s why it’s generally not worth it to try to time the market. There’s...
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By Margaret Heidenry| realtor.com
Mortgage rates dipped further this week, with the average rate for a 30-year fixed home loan falling from 6.99% last week to 6.95% for the week ending June 13, according to Freddie Mac.
“Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Top-line inflation numbers were flat, but shelter inflation, which measures rent and homeownership costs, increased, showing that housing affordability continues to be an ongoing impediment for buyers on the house hunt.”
Mortgage rates have been perched on a 7% seesaw, rising...
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From our friends at the kcm blog
If you’ve seen the news lately about home sellers slashing prices, it’s a great example of how headlines do more to terrify than clarify. Here’s what’s really happening with prices.
The bottom line is home prices are higher than they were a year ago at this time, and they’re expected to keep rising, just at a slower pace.
But a recent article from Redfin notes,
“Price Drops Hit Highest Level in 18 Months As High Rates Dampen Buyer Demand.”
And that might make you think prices are declining.
Now, while it’s true the latest report from Realtor.com also shows 16.6% of homes on the market had price reductions in May, which is up from...
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From our friends at the kcm blog
If homeownership is on your goal sheet for your future, you’re probably working on your savings. And a big priority is making sure you’ve got a plan in place for things like your closing costs, down payment, and more.
Here are a few strategies that can help speed up that process.
Budget and Track Your Expenses: To start, create a detailed budget that tracks the money you’ve got coming in and the money going out. This’ll give you a better look at your finances as a whole.
Cut Down on Unnecessary Spending: Now that you have your budget sheet done and you know how you’re spending your money, look for...
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From our friends at the kcm blog
If you’re considering selling your house on your own as a “For Sale by Owner” (FSBO), you want to think about if it’s really worth the extra stress. Going this route means shouldering a lot of responsibilities by yourself – and, if you’re not an expert, that opens the door for mistakes to happen and can quickly become overwhelming.
A report from the National Association of Realtors (NAR) shows two key areas where people who sold their own house struggled the most: pricing and paperwork.
Here are just a few of the ways an agent makes those tasks a whole lot easier.
Getting the Price Right
Setting the right price for your house is...
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By Barbara Marquand | NerdWallet
After starting a career in engineering in Boynton Beach, Florida, Moisey Abdurakhmanov was renting a home with friends when he decided he wanted his own place.
“I realized I was basically paying somebody else’s mortgage every month,” he recalls.
So when the lease was up, he moved back home with his parents, saved every dime he could and bought a house five months later in January 2021 — “easily one of the best decisions I’ve made.”
Many millennials are taking a similar path to homeownership. About a quarter (24%) of people ages 25 to 33 who bought a home between July 2022 and June 2023 said...
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From our friends at the kcm blog
If you’ve been looking for a home at the high end of your market, but haven’t found the right one, you may have put your search on hold. But according to recent data, now may be the time to jump back in. Here’s why.
There Are More Luxury Homes To Choose From
What’s considered the top-end of the market, or a luxury home, will always vary by location. But generally speaking, they’re homes that are valued in the top 5% of any given market. According to a recent report from the Institute for Luxury Home Marketing, the selection of luxury homes is increasing (see graph below):As the graph shows,...
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From our friends from the KCM blog
June is a busy month in the housing market because a lot of people buy and sell this time of year. So, if you’ve got a move on your mind and you’re looking to make it happen this month, here’s a snapshot of what you need to know to make sure you’re ready.
If You’re Buying This June
A lot of homebuyers with children like to move after one school year ends and before the next one begins. That’s one reason why late spring into summer is a popular time for homes to change hands. And whether that’s a motivator for you or not, it’s important to realize more buyers are going to be looking...
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By Keith Griffith | realtor.com
A recent breakdown of mortgage rates by generation contains a few surprises, finding that millennials on average secured lower rates than baby boomers.
The report earlier this month from Freddie Mac shows that millennials are tied with Gen X for the lowest home loan rate at origination, at 4%. Mortgage rates for boomers are slightly higher, at 4.1%, despite that generation’s much higher propensity for refinancing.
For the silent generation, which preceded the boomers, rates average 4.3%. Meanwhile, the youngest adult generation, Gen Z, has the highest average mortgage rate, at 4.9%. That’s likely because the oldest members of Gen Z, who are now 27, are more...
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From our friends at the KCM blog
There’s no denying mortgage rates are having a big impact on today’s housing market. And that may leave you with some questions about whether it still makes sense to sell your house and make a move.
Here are three of the top questions you may be asking – and the data that helps answer them.
1. Should I Wait To Sell?
If you’re thinking about waiting to sell until after mortgage rates come down, here’s what you need to know. So are a ton of other people.
And while mortgage rates are still forecasted to come down later this year, if you wait for that to happen, you may be dealing with a...
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