I’m sure you’ve probably played Monopoly at some point in your life. During this game, you’ll purchase and develop properties (developing them by placing houses and then hotels on them), and sometimes you may even sell them. As you go along in the game, and when many of the properties have been purchased and developed, […]
Homebuyers in 2022 experienced a huge shock – soaring mortgage rates which doubled in one year resulting in approximately 15 million mortgage ready buyers displaced from the market due to affordability issues. As of February 23, 2023, the 30-year fixed rate mortgage was at 6.5%. While that is twice as high as it was on […]
Market conditions are a big reason as to why you should lock your interest rate. Quite simple – locking that interest rate will protect you from increases due to market conditions. If you lock your interest rate early, it can safeguard your budgeted payment. Here’s how it works – if you lock the rate, and […]
Last year, sellers weren’t necessarily willing to make any concessions. This year, due to the softening of the market because of inflation and higher mortgage rates affecting affordability for buyers, they are much more likely to do so. Let’s discuss concessions. They can take place in many forms. A seller could offer to pay the […]
Things have definitely changed in the past year. If you’re a prospective homebuyer, you have absolutely seen those changes firsthand. Most notably, mortgage rates have more than doubled which has created an affordability gap that has taken approximately 15 million buyers out of the market. Yes, inventories all growing – however that isn’t due to […]
Football season is pretty similar to buying a home – you just might be on the sidelines. And, if you are in fact on the sidelines to buy a home, there are things you can do to be ready when you do get back in the game. Improve your credit score. Improving your credit score […]
So many negotiations take place during a real estate transaction. The seller wants the most for their home and the buyer wants to pay the least possible. Starting in the very beginning of the homebuying process, there are well-defined positions between those two principals. And, if you happen to be in a multi-offer situation, it just […]
Your home is a tangible asset, which consistently becomes more valuable over time. During times where inflation is significantly high, a home is a good investment and is a hedge against inflation. Why? The interest earned in savings is almost always less than inflation. Borrowing money, in other words, a loan, can be a great […]
You’ve probably heard the term “credit score” before – especially if you’ve purchased a car, applied for a mortgage, etc. But, what exactly is a credit score? They’re used to assess risk and determine whether a borrower is approved or declined for a mortgage, credit card or some other type of credit. The score is […]
Sometimes, you want to wait for something to come down – a fever, a price on a video game system, etc. However, it might not be a good decision to wait until mortgage rates come down. Here’s the reason. If you’re decision to wait is correct, and the rates do come down by two percent, […]
