Buying Myths | Daytona Beach Property Search

Why You Don’t Need To Fear the Return of Adjustable-Rate Mortgages

If you remember the housing crash back in 2008, you may recall just how popular adjustable-rate mortgages (ARMs) were back then. And after years of being virtually nonexistent, more people are once again using ARMs when buying a home. Let’s break down why that’s happening and why this isn’t cause for concern.

Why ARMs Have Gained Popularity More Recently

This graph uses data from the Mortgage Bankers Association (MBA) to show how the percentage of adjustable-rate mortgages has increased over the past few years:

As the graph conveys, after hovering around 3% of all mortgages in 2021, many more homeowners turned to adjustable-rate mortgages again last year. There’s a simple explanation for that increase. Last year is when mortgage rates climbed dramatically. With higher borrowing costs, some homeowners decided to take out this type of loan because traditional borrowing costs were high, and an ARM gave them a lower rate.

Why Today’s ARMs Aren’t Like the Ones in 2008

To put things into perspective, let’s remember these aren’t like the ARMs that became popular leading up to 2008. Part of what caused the housing crash was loose lending standards. Back then, when a buyer got an ARM, banks and lenders didn’t require proof of their employment, assets, income, etc. Basically, people were getting loans that they shouldn’t have been awarded. This set many homeowners up for trouble because they couldn’t pay back the loans that they never had to qualify for in the first place.

This time around, lending standards are different. Banks and lenders learned from the crash, and now they verify income, assets, employment, and more. This means today’s buyers actually have to qualify for their loans and show they’ll be able to repay them.

Archana Pradhan, Economist at CoreLogic, explains the difference between then and now:

“Around 60% of Adjustable-Rate Mortgages (ARM) that were originated in 2007 were low- or no-documentation loans . . . Similarly, in 2005, 29% of ARM borrowers had credit scores below 640 . . . Currently, almost all conventional loans, including both ARMs and Fixed-Rate Mortgages, require full documentation, are amortized, and are made to borrowers with credit scores above 640.”

In simple terms, Laurie Goodman at Urban Institute helps drive this point home by saying:

“Today’s Adjustable-Rate Mortgages are no riskier than other mortgage products and their lower monthly payments could increase access to homeownership for more potential buyers.”

Bottom Line

If you’re worried today’s adjustable-rate mortgages are like the ones from the housing crash, rest assured, things are different this time.

And, if you’re a first-time homebuyer and you’d like to learn more about lending options that could help you overcome today’s affordability challenges, reach out to a trusted lender.

Why Median Home Sales Price Is Confusing Right Now

The National Association of Realtors (NAR) is set to release its most recent Existing Home Sales (EHS) report tomorrow. This monthly release provides information on the volume of sales and price trends for homes that have previously been owned. In the upcoming release, it’ll likely say home prices are down. This may seem a bit confusing, especially if you’ve been following along and reading the blogs saying home prices have hit the bottom and have since rebounded.

So, why would this say home prices are falling when so many other price reports say they’re going back up? It all depends on the methodology of each one. NAR reports on the median home sales price, while some other sources use repeat sales prices. Here’s how those approaches differ.

The Center for Real Estate Studies at Wichita State University explains median sales prices like this:

“The median sale price measures the ‘middle’ price of homes that sold, meaning that half of the homes sold for a higher price and half sold for less . . . For example, if more lower-priced homes have sold recently, the median sale price would decline (because the “middle” home is now a lower-priced home), even if the value of each individual home is rising.”

Investopedia helps define what a repeat sales approach means:

“Repeat-sales methods calculate changes in home prices based on sales of the same property, thereby avoiding the problem of trying to account for price differences in homes with varying characteristics.”

The Challenge with the Median Home Sales Price Today

As the quotes above say, the approaches can tell different stories. That’s why median home sales price data (like EHS) may say prices are down, even though the vast majority of the repeat sales reports show prices are appreciating again.

Bill McBride, Author of the Calculated Risk blog, sums the difference up like this:

“Median prices are distorted by the mix and repeat sales indexes like Case-Shiller and FHFA are probably better for measuring prices.”

To drive this point home, here’s a simple explanation of median value (see visual below). Let’s say you have three coins in your pocket, and you decide to line them up according to their value from low to high. If you have one nickel and two dimes, the median value (the middle one) is 10 cents. If you have two nickels and one dime, the median value is now five cents.

In both cases, a nickel is still worth five cents and a dime is still worth 10 cents. The value of each coin didn’t change.

That’s why using the median home sales price as a gauge of what’s happening with home values may be confusing right now. Most buyers look at home prices as a starting point to determine if they match their budgets. But most people buy homes based on the monthly mortgage payment they can afford, not just the price of the house. When mortgage rates are higher, you may have to buy a less expensive home to keep your monthly housing expense affordable.

That’s why a greater number of ‘less-expensive’ houses are selling right now – and that’s causing the median home sales price to decline. But that doesn’t mean any single house lost value.

When you see the stories in the media that prices are falling later this week, remember the coins. Just because the median home sales price changes, it doesn’t mean home prices are falling. What it means is the mix of homes being sold is being impacted by affordability and current mortgage rates.

Bottom Line

For a more in-depth understanding of home price trends and reports, reach out to a local real estate professional.

Don’t Expect a Flood of Foreclosures

The rising cost of just about everything from groceries to gas right now leads to speculation that more people won’t be able to afford their mortgage payments. And that’s creating concern that many foreclosures are on the horizon. While it’s true that foreclosure filings have gone up a bit compared to last year, experts say a flood of foreclosures isn’t coming.

Take it from Bill McBride of Calculated Risk. McBride is an expert on the housing market, and after closely following the data and market environment leading up to the crash, he was able to see the foreclosures coming in 2008. With the same careful eye and analysis, he has a different take on what’s ahead in the current market:

“There will not be a foreclosure crisis this time.”

Let’s look at why another flood is so unlikely.

There Aren’t Many Homeowners Who Are Seriously Behind on Their Mortgage Payments

One of the main reasons there were so many foreclosures during the last housing crash was that relaxed lending standards made it easy for people to take out mortgages, even if they couldn’t show that they’d be able to pay them back. At that time, lenders weren’t being very strict when assessing applicant credit scores, income levels, employment status, and debt-to-income ratio.

But now, lending standards have tightened, leading to more qualified buyers who can afford to make their mortgage payments. And data from Freddie Mac and Fannie Mae shows the number of homeowners who are seriously behind on their mortgage payments is declining (see graph below):

Molly Boese, Principal Economist at CoreLogic, explains just how few homeowners are struggling to make their mortgage payments:

“May’s overall mortgage delinquency rate matched the all-time low, and serious delinquencies followed suit. Furthermore, the rate of mortgages that were six months or more past due, a measure that ballooned in 2021, has receded to a level last observed in March 2020.”

Before there can be a significant rise in foreclosures, the number of people who can’t make their mortgage payments would need to rise. Since so many buyers are making their payments today, a wave of foreclosures isn’t likely.

Bottom Line

If you’re worried about a potential flood of foreclosures, know there’s nothing in the data today to suggest that’ll happen. In fact, qualified buyers are making their mortgage payments at a very high rate.

Where Are People Moving Today and Why?

Plenty of people are still moving these days. And if you’re thinking of making a move yourself, you may be considering the inventory and affordability challenges in the housing market and wondering what you can do to help offset those. A new report from Gravy Analytics provides insight into where people are searching for homes and what they’re prioritizing most right now. That information could help you plan your own move.

1. People Are Moving to Cities with Lower Housing Costs

One big factor motivating where buyers are going is affordability and that’s no big surprise. People are relocating to areas that have less expensive housing options. As a result, small cities are thriving. Hannah Jones, Economics Data Analyst at Realtor.com, summarizes why:

“Affordability is still very much front and center . . . a lot of what’s available is outside of the price range of many buyers. . . . so they look elsewhere for a little more bang for the buck.”

The takeaway for you? If you’re having trouble finding a home that fits your budget, it may help to browse other, more affordable locations nearby.

2. People Want to Live Where They Vacation

And, if you’re already expanding your search radius, you may be able to include a location that features your favorite type of destination, like a suburb near the beach or a mountain town. Data shows many other homeowners are making that move a priority today. According to the same report from Gravy Analytics:

“Whether it’s the opportunity to enjoy more weekend hikes in the mountains or to wake up to a lakeside sunrise, people are moving to areas that were once thought of as vacation spots.”

Even with today’s home prices and mortgage rates, here’s why a move like this could be possible for you. If you’re already a homeowner, the equity you’ll get when you sell your current house can help fuel that move and give you the down payment you’d need for your dream home.

3. People Who Work Remotely Are Taking Advantage of that Flexibility

Ongoing remote work is another major factor in where people are moving. A recent report from the McKinsey Global Institute says this about recent movement patterns:

“Many of these moves happened because employees untethered from their daily commutes began to care less about how far they lived from the office.”

If you’re a remote or hybrid worker, you don’t have to live in the same city, or sometimes even the same state, as your job. That means you can prioritize other things, like being closer to loved ones, when buying a home.

The same McKinsey Global Institute report notes for people who moved during the pandemic, 55% reported moving farther from the office. And since remote work is still a popular choice today, homebuyers will likely continue to take advantage of that flexibility.

Bottom Line

Lots of people are still moving today. If you want help navigating today’s inventory or affordability challenges and expert advice to help you find your ideal home, connect with a trusted real estate agent.

The Value of an Agent When Buying Your New Construction Home

Buying a new construction home can be an exciting experience. From being the very first owner, to customizing your home’s features, there are a lot of benefits. But navigating the complexities of buying a home under construction can also be a bit overwhelming. This is where a skilled real estate agent can make all the difference.

An article from The Mortgage Reports sums it up like this:

“Your Realtor or real estate agent will be key to helping you navigate this process. . . . they can guide you through construction and help anticipate and solve for any possible snags along the way.”

Here’s how your agent is an invaluable resource in your search to find and buy your new home.

Agents Know the Local Area and Market

Your agent is well-versed in emerging communities and upcoming developments that could influence your decision. For example, you’ll want to be aware if there were any plans to construct a highway through the woods behind your prospective backyard. Considering how the neighborhood and the surrounding area might evolve before purchasing your home is important. Your agent can help you find a community that perfectly aligns with your preferences, lifestyle, and future needs.

Knowledge of Construction Quality and Builder Reputation

An agent also has the expertise to evaluate the construction quality and reputation of different builders. Their knowledge and experiences with local builders allow them to offer insights into each one’s track record, customer satisfaction, and construction practices. This information can help you avoid any potential risks and help you confidently select a builder known for delivering quality homes.

Assistance with Customization and Upgrades

The most obvious benefit of opting for new home construction is the opportunity to customize your home to suit your preferences. Your agent will guide you through that process and share advice on the upgrades that are most likely to add long-term value to your home. Their expertise ensures you focus your budget on areas that will give you the greatest return on your investment later on.

Understanding Builder Contracts and Negotiations

Builder contracts can be complex and differ from traditional home purchase agreements. Your agent can help you navigate these contracts to make sure you fully understand the terms and conditions. They’re also skilled negotiators who can advocate on your behalf, potentially securing better deals, upgrades, or incentives for you throughout the process.

Bottom Line

The guidance and expertise of a local real estate agent can make all the difference in turning your vision of the perfect home into a reality. Connect with an agent in your area to feel confident about purchasing your new construction home.

Four Ways You Can Use Your Home Equity

If you’re a homeowner, odds are your equity has grown significantly over the last few years. Equity builds over time as home values grow and as you pay down your home loan. And, since home prices skyrocketed during the ‘unicorn’ years, you’ve likely gained more than you think.

According to the latest Equity Insights Report from CoreLogic, the average homeowner has more than $274,000 in equity right now. That much equity can help you achieve certain goals. In a recent article, Bankrate elaborates:

“While the pandemic created serious challenges, the silver lining for anyone who owned a home was the sizable equity gain. Understanding how home equity works, and how to leverage it, is important for any homeowner.”

Here are a few examples of how you can put your home equity to work for you.

1. Buy a Home That Fits Your Needs

If your current space no longer meets your needs, it might be time to think about moving to a bigger home. And if you’ve got too much space, downsizing to a smaller home could be just right. Either way, you can put your equity toward a down payment on a home that fits your changing lifestyle. A real estate agent can help you figure out how much equity you’ve got and how to use it when buying your next home.

2. Reinvest in Your Current Home

Renovations are a great option if you want to change your living space, but you aren’t yet ready to make a move. Home improvement projects give you the freedom to tailor your home to match your needs and personal style. But it’s important to consider the long-term benefits certain upgrades can bring to your home’s value. Lean on a real estate professional for the best advice on which improvement projects to prioritize in order to get the greatest return on your investment when you sell later on.

3. Pursue Personal Ambitions

Home equity can also serve as a catalyst for realizing your life-long dreams. That could mean investing in a new business venture, retirement, or funding an education. While you shouldn’t use your equity for unnecessary spending, using it responsibly for something meaningful and impactful can really make a difference in your life.

4. Understand Your Options to Avoid Foreclosure

Today the number of foreclosure filings remains below the norm, so there’s no need to fear a wave of foreclosed homes flooding the market. But unfortunately, there are still some homeowners who experience the foreclosure process each year. If you’re facing financial difficulties, having a clear understanding of your options and how your equity can help is crucial. Equity can act as a financial cushion that can be used in times of unexpected challenges or unforeseen circumstances that may disrupt your ability to make mortgage payments on time.

In an article, Freddie Mac explains it this way:

“If exiting your home is the best option for you, selling with equity may be a good option. When selling with equity, you are using the proceeds from selling your home at a higher price than the amount you owe on your mortgage to pay off your remaining mortgage debt.”

Bottom Line

Your equity can be a game changer in reinvesting in your needs, pursuing your goals, and even helping you avoid foreclosure during difficult times. If you’re unsure how much equity you have in your home, connect with a local real estate professional so you can start planning your next move.

How Inflation Affects Mortgage Rates

While you learn concerning the housing market within the information, you may see one thing a few latest choice made by the Federal Reserve (the Fed). However how does this choice have an effect on you and your plans to purchase a house? Here is what you might want to know.

The Fed is making an attempt exhausting to scale back inflation. And although there’s been 12 straight months the place inflation has cooled (see graph beneath), the latest data exhibits it’s nonetheless larger than the Fed’s goal of two%:

Whereas you might have been hoping the Fed would cease their hikes since they’re making progress on their purpose of bringing down inflation, they don’t need to cease too quickly, and danger inflation climbing again up consequently. Due to this, the Fed determined to extend the Federal Funds Charge once more final week. As Jerome Powell, Chairman of the Fed, says:

“We stay dedicated to bringing inflation again to our 2 % purpose and to holding longer-term inflation expectations nicely anchored.”

Greg McBride, Senior VP, and Chief Monetary Analyst at Bankrate, explains how excessive inflation and a powerful financial system play into the Fed’s latest choice:

“Inflation stays stubbornly excessive. The financial system has been remarkably resilient, the labor market remains to be strong, however which may be contributing to the stubbornly excessive inflation. So, Fed has to pump the brakes a bit extra.”

Though a Federal Fund Charge hike by the Fed doesn’t straight dictate what occurs with mortgage charges, it does have an effect. As a latest article from Fortune says:

“The federal funds price is an rate of interest that banks cost different banks after they lend each other cash . . . When inflation is working excessive, the Fed will enhance charges to extend the price of borrowing and decelerate the financial system. When it’s too low, they’ll decrease charges to stimulate the financial system and get issues transferring once more.”

How All of This Impacts You

Within the easiest sense, when inflation is excessive, mortgage rates are additionally excessive. However, if the Fed succeeds in bringing down inflation, it may in the end result in decrease mortgage charges, making it extra inexpensive so that you can purchase a house.

This graph helps illustrate that time by displaying that when inflation decreases, mortgage rates usually go down, too (see graph beneath):

As the information above exhibits, inflation (proven in the blue pattern line) is slowly coming down and, based mostly on historic traits, mortgage charges (proven in the inexperienced pattern line) are likely to follow. McBride says this about the way forward for mortgage charges:

“With the backdrop of easing inflation pressures, we should always see extra constant declines in mortgage charges because the yr progresses, notably if the financial system and labor market gradual noticeably.”

Backside Line

What occurs to mortgage charges will depend on inflation. If inflation cools down, mortgage charges ought to go down too. Depend on an actual property skilled you may belief for knowledgeable recommendation on housing market modifications and what they imply for you.

How To Know If You’re Ready to Buy a Home

Should you’re attempting to determine in case you’re able to buy a home, there’s in all probability loads in your thoughts. You’re fascinated with your funds, in the present day’s mortgage rates and home prices, the restricted provide of houses on the market, and extra. And, you’re juggling how all of these issues will influence the selection you’ll make.

Whereas housing market circumstances are undoubtedly a consider your decision, your personal life and your funds could also be much more necessary. As an article from NerdWallet says:

“Housing market developments give necessary context. However whether or not this can be a good time to purchase a home additionally depends upon your monetary scenario, life objectives and readiness to change into a home-owner.”

As a substitute of attempting to time the market, it might assist to deal with what you can control. Listed below are just a few questions that can provide you readability on whether or not you’re able to make your transfer.

1. Do You Have a Secure Job?

One factor to contemplate is how secure you are feeling your employment is. Shopping for a house is an enormous buy, and also you’re going to signal a house mortgage stating you’re going to pay that mortgage again. That may really feel like an enormous obligation. Realizing you’ve got a dependable job and revenue coming in may help put your thoughts comfortable. As NerdWallet explains:

“A mortgage is an enormous dedication . . . Wait till your employment is secure earlier than fascinated with shopping for a home.”

2. Have You Figured Out What You Can Afford?

To be sure you have a good suggestion of what you’ll want to avoid wasting and what you’ll be able to count on to spend in your month-to-month cost, discuss to a trusted lender. They’ll have the ability to inform you concerning the pre-approval course of and what you’ll be able to borrow, present mortgage charges and approximate month-to-month funds, closing prices to anticipate, what p.c of the acquisition worth of the house you’ll want for a down payment, and extra.

The very best half is you could discover out you’re nearer to your objectives than you realized. You don’t essentially must put 20% down, until it’s specified by your lender or mortgage sort. As Down Fee Useful resource says:

“A 20% down cost on a house is nice, however . . . Many mortgages require not more than 3% to five% of the acquisition worth as a down cost. Plus, there are loans and grants which will assist cowl these prices. Seek for down cost help in your space, and focus on your outcomes together with your mortgage lender . . .”

3. How Lengthy Do You Plan to Dwell There?

One other necessary factor to consider is how long you propose to remain put. It takes time to construct equity in your house by means of paying down your mortgage and home price appreciation. Should you plan to maneuver too quickly, you could not recoup your funding. For instance, in case you’re seeking to promote and transfer once more in a yr, it won’t make sense to purchase proper now. As a current article from CNET says:

“Shopping for a house is a good suggestion in case you’re planning to remain put for a minimum of three years. Dwelling values sometimes improve between 2% and 5% yearly, so you could possibly find yourself paying extra in closing prices than you’d earn in proceeds in case you promote after solely a yr or two.”

So, take into consideration your future. Should you plan to switch to a brand new metropolis with the upcoming promotion you’re working towards otherwise you anticipate your family members will want you to maneuver nearer to handle them, that’s one thing to consider.

Above all else, a very powerful query to reply is: do you’ve got a workforce of actual property professionals in place? If not, discovering a trusted native agent and a lender is an efficient first step.

Backside Line

Should you’re attempting to determine in case you’re prepared to purchase a house, these questions may help. However finally, your finest and extra dependable useful resource is the assistance of trusted actual property professionals.

Sellers: Don’t Let These Two Things Hold You Back

Many householders fascinated about selling have two key issues holding them again. That’s feeling locked in by in the present day’s increased mortgage charges and worrying they gained’t be capable of discover one thing to purchase whereas provide is so low. Let’s dive into every problem and offer you some useful recommendation on easy methods to overcome these obstacles.

Problem #1: The Reluctance to Tackle a Increased Mortgage Fee

In accordance with the Federal Housing Finance Company (FHFA), the average interest rate for present householders with mortgages is lower than 4% (see graph under):

However in the present day, the everyday 30-year fastened mortgage rate provided to patrons is nearer to 7%. In consequence, many householders are opting to remain put as an alternative of shifting to a different house with the next borrowing price. This can be a state of affairs referred to as the mortgage price lock-in impact.

The Recommendation: Ready Could Not Pay Off

Whereas specialists undertaking mortgage rates will step by step fall this yr as inflation cools, that doesn’t essentially imply you must wait to promote. Mortgage charges are notoriously onerous to foretell. And, proper now home prices are again on the rise. Should you transfer now, you’ll at the very least beat rising house costs whenever you purchase your subsequent house. And, if specialists are proper and charges fall, you possibly can all the time refinance later if that occurs.

Problem #2: The Worry of Not Discovering One thing to Purchase

When so many householders are reluctant to tackle the next price, fewer houses are going to come back onto the market. That’s going to maintain inventory low. As Lawrence Yun, Chief Economist on the Nationwide Affiliation of Realtors (NAR), explains:

“Stock will stay tight within the coming months and even for the subsequent couple of years. Some householders are unwilling to commerce up or commerce down after locking in historically-low mortgage charges in recent times.”

Despite the fact that this limited housing supply helps your home stand out to keen patrons, it might additionally make you are feeling hesitant to sell since you don’t wish to battle to seek out one thing to buy.

The Recommendation: Broaden Your Search

If worry you gained’t be capable of discover your subsequent house is the first factor holding you again, bear in mind to think about all of your choices. all housing sorts together with condos, townhouses, and even newly built homes will help offer you extra to select from. Plus, if you happen to’re in a position to work absolutely remote or hybrid, you might be able to take into account areas you hadn’t beforehand searched. Should you can look additional out of your workplace, you will have extra reasonably priced choices.

Backside Line

As a substitute of specializing in the challenges, concentrate on what you possibly can management. Attain out to a neighborhood agent so that you’re working with an expert who has the expertise to navigate these waters and discover the proper house for you.

Tips for Making Your Best Offer on a Home

Whereas the wild experience that was the ‘unicorn’ years of housing is behind us, right now’s market remains to be aggressive in lots of areas as a result of the supply of homes on the market remains to be low. In the event you’re trying to buy a home this season, know that the height frenzy of bidding wars is within the rearview mirror, however you should still come up towards some multiple-offer situations.

Right here are some things to think about that can assist you put your greatest foot ahead when making a suggestion on a home.

1. Lean on a Actual Property Skilled

Depend on an agent who can assist your targets and make it easier to perceive what’s occurring in right now’s housing market. Agents are experts within the native market and on the nationwide tendencies too. They’ll use each of these areas of experience to be sure you have all the knowledge it’s worthwhile to transfer with confidence.

Plus, they know what’s labored for different patrons in your space and what sellers could also be on the lookout for in a suggestion. It could appear easy, however catering to what a vendor wants might help your provide stand out. As an article from Forbes says:

“Attending to know a neighborhood realtor the place you’re hoping to purchase may probably provide you with a vital edge in a decent housing market.”

2. Get Pre-Accredited for a Dwelling Mortgage

Having a clear budget in thoughts is very necessary proper now given the present affordability challenges. One of the simplest ways to get a transparent image of what you’ll be able to borrow is to work with a lender so you will get pre-approved for a house mortgage.

That’ll make it easier to be extra financially assured since you’ll have a greater understanding of your numbers. It reveals sellers you’re severe, too. And that may give you a aggressive edge when you do get right into a multiple-offer state of affairs.

3. Make a Truthful Provide

It’s solely pure to need the perfect deal you will get on a house. Nevertheless, submitting a suggestion that’s too low does have some dangers. You don’t wish to make a suggestion that can be tossed out as quickly because it’s obtained simply to see if it sticks. As Realtor.com explains:

“. . . a suggestion value that’s considerably decrease than the itemizing value, is usually rejected by sellers who really feel insulted . . . Most itemizing brokers attempt to get their sellers to at the very least enter negotiations with patrons, to counteroffer with a quantity a little bit nearer to the checklist value. Nevertheless, if a vendor is offended by a purchaser or isn’t taking the client severely, there’s not a lot you, or the actual property agent, can do.”

The experience your agent brings to this a part of the method will make it easier to keep aggressive and discover a value that’s honest to you and the vendor.

4. Belief Your Agent’s Experience All through Negotiations

Through the ‘unicorn’ years of housing, some patrons skipped dwelling inspections or didn’t ask for concessions from the vendor so as to submit the profitable bid on a house. An article from Bankrate explains this isn’t occurring as typically right now, and that’s excellent news:

“Whereas the market has largely calmed down since then, sellers are nonetheless very a lot within the driver’s seat on this period of scarce housing stock. It’s not as widespread for patrons to waive inspections anymore, but it surely does nonetheless occur. . . . It’s within the purchaser’s greatest curiosity to have a house inspected . . . Inspections provide you with a warning to present or potential issues with the house, providing you with not simply an early heads up but additionally a helpful negotiating tactic.”

Happily, today’s market is completely different, and you will have extra negotiating energy than earlier than. When placing collectively a suggestion, your trusted actual property advisor will make it easier to assume via what levers to drag and which of them chances are you’ll not wish to compromise on.

Backside Line

Once you purchase a house this summer time, you’ll want to work with an actual property advisor to make your greatest provide.

Why ARMs Have Gained Popularity More Recently

Why Today’s ARMs Aren’t Like the Ones in 2008

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The Challenge with the Median Home Sales Price Today

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There Aren’t Many Homeowners Who Are Seriously Behind on Their Mortgage Payments

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1. People Are Moving to Cities with Lower Housing Costs

2. People Want to Live Where They Vacation

3. People Who Work Remotely Are Taking Advantage of that Flexibility

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Agents Know the Local Area and Market

Knowledge of Construction Quality and Builder Reputation

Assistance with Customization and Upgrades

Understanding Builder Contracts and Negotiations

Bottom Line

1. Buy a Home That Fits Your Needs

2. Reinvest in Your Current Home

3. Pursue Personal Ambitions

4. Understand Your Options to Avoid Foreclosure

Bottom Line

How All of This Impacts You

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1. Do You Have a Secure Job?

2. Have You Figured Out What You Can Afford?

3. How Lengthy Do You Plan to Dwell There?

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Problem #1: The Reluctance to Tackle a Increased Mortgage Fee

The Recommendation: Ready Could Not Pay Off

Problem #2: The Worry of Not Discovering One thing to Purchase

The Recommendation: Broaden Your Search

Backside Line

1. Lean on a Actual Property Skilled

2. Get Pre-Accredited for a Dwelling Mortgage

3. Make a Truthful Provide

4. Belief Your Agent’s Experience All through Negotiations

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