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Thursday, May 6, 2021   /   by Steve Smith

Why Waiting To Buy a Home Will Cost You a Bundle!

Why Waiting to Buy a Home Could Cost You a Small Fortune


Many people are sitting on the fence trying to decide if now’s the time to buy a home. Some are renters who have a strong desire to become homeowners but are unsure if buying right now makes sense. Others may be homeowners who are realizing that their current home no longer fits their changing needs.

To determine if they should buy now or wait another year, they both need to ask two simple questions:


Do I think home values will be higher a year from now?



Do I think mortgage rates will be higher a year from now?


Let’s shed some light on the answers to these questions.
Where will home prices be a year from now?
If you average the most recent projections from the major industry forecasters, the expectation is home prices will increase by 7.7%. Let’s take a house that’s valued today at $325,000 as an example.
If the buyer makes a 10% down payment ($32,500), they&rsquo ...

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Wednesday, May 5, 2021   /   by Steve Smith

Will Mortgage Interest Rates Rise Over The Next Year?

Are Interest Rates Expected to Rise Over the Next Year?



“In 2021, I think rates will be similar or modestly higher . . . mortgage rates will continue to be historically favorable.”

So far this year, mortgage rates continue to hover around 3%, encouraging many hopeful homebuyers to enter the housing market. However, there’s a good chance rates will increase later this year and going into 2022, ultimately making it more expensive to borrow money for a home loan. Here’s a look at what several experts have to say.
Danielle Hale, Chief Economist, realtor.com:

“Our long-term view for mortgage rates in 2021 is higher. As the economic outlook strengthens, thanks to progress against coronavirus and vaccines plus a dose of stimulus from the government, this pushes up expectations for economic growth . . . .”
Lawrence Yun, Chief Economist, National Association of Realtors (NAR):
Freddie Mac:

“We foreca ...

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Tuesday, May 4, 2021   /   by Steve Smith

Home Prices Are Projected To Increase More in 2021!

Is Home Price Appreciation Accelerating Again?


At the beginning of the year, industry forecasts called for home price appreciation to slow to about half of the double-digit increase we saw last year. The thinking was that inventory would increase from record-low levels and put an end to the bidding wars that have driven home prices up over the past twelve months. However, that increase in inventory has yet to materialize. The National Association of Realtors (NAR) reports that there are currently 410,000 fewer single-family homes available for sale than there were at this time last year.

This has forced those who made appreciation forecasts this past January to amend those projections. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, the National Association of Realtors, and Zelman & Associates have all adjusted their numbers upward after reviewing first quarter housing data. Here are their orig ...

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Wednesday, April 28, 2021   /   by Steve Smith

Planning a Move? You Can Still Get Rock Bottom Mortgage Rates on Your Next Home!

Planning to Move? You Can Still Secure a Low Mortgage Rate on Your Next Home


This year, mortgage rates have started to slowly climb above recent record-breaking lows. Many homeowners planning to move may feel like they’ve missed the chance to score a great rate on their next mortgage. In reality, there’s still time to secure a rate far below the historic norm. Here’s why.
After creeping up for seven consecutive weeks, average mortgage rates have dropped more recently (See graph below). With rates taking a slight dip over the past two weeks at the same time the inventory of houses for sale is so low, homeowners today are sitting in the optimal seat to sell. What’s the advantage of selling your house now? Securing a low mortgage rate on your next home.To take advantage of today’s real estate market, experts are encouraging homeowners to act now before interest rates climb. Danielle Hale, Chief Economist at r ...

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Tuesday, March 30, 2021   /   by Steve Smith

How Changes In Mortgage Rates Impact Your Budget

How a Change in Mortgage Rate Impacts Your Homebuying Budget


Mortgage rates are on the rise this year, but they’re still incredibly low compared to the historic average. However, anytime there’s a change in the mortgage rate, it affects what you can afford to borrow when you’re buying a home. As Sam Khater, Chief Economist at Freddie Mac, shares:
“Since January, mortgage rates have increased half a percentage point from historic lows and home prices have risen, leaving potential homebuyers with less purchasing power.” (See graph below):
When buying a home, it’s important to determine a monthly budget so you can plan for and understand what you can afford. However, when you need to stick to your budget, even a small increase in the mortgage rate can make a big difference.
According to the National Association of Realtors (NAR), today, the median existing-home price is $313,000. Using ...

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  charleston real estate, charleston sc, charleston, homes for sale, real estate, condos for sale, houses for sale, town homes for sale, property management, rentals, www.charlestonmetrohomes.com