In the latter half of 2024, experts anticipate moderate rises in home prices, a slight decrease in mortgage rates, and steady home sales. Limited housing inventory will continue to drive prices upward, but not at the rapid pace seen during the pandemic. Lower rates could entice more buyers, potentially leading to increased sales this year.
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Do Elections Impact the Housing Market?
The 2024 Presidential election is near, raising questions about its impact on the housing market. Historically, elections lead to a slight temporary slowdown in home sales in November, while home prices generally rise regardless of elections. Mortgage rates tend to decrease leading up to elections. Overall, elections have a small, temporary impact on the housing market.
Savings Strategies Every First-Time Homebuyer Needs To Know
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 aContinue reading “Savings Strategies Every First-Time Homebuyer Needs To Know”
What To Expect if You Buy or Sell a Home This June
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 withContinue reading “What To Expect if You Buy or Sell a Home This June”
What’s Next for Home Prices and Mortgage Rates?
The important factors to consider when considering a move are home prices and mortgage rates. Experts anticipate home prices to continue rising for at least the next 5 years, signaling potential gain in home value. Meanwhile, mortgage rates are influenced by inflation and economic factors, with potential decreases later in the year.
Minnetonka First Time Home Buyer Assistance
Minnetonka introduces a generous down payment assistance program, making homeownership more affordable for first-time buyers. Eligibility requirements include income limits, credit score, and completion of a buyer education course. Assistance amount is based on income and purchase price, with up to $75,000 available. Loans have 0% interest and are forgiven by 5% annually.
Home Prices Are Overall Climbing, Especially in These Top Cities!
Many people fear a housing market crash, influenced by sensational media headlines and clickbait. However, recent data shows that home prices are on the rise nationally, with 18 of the top 20 cities experiencing increases. For buyers, purchasing before prices rise further could be beneficial, while sellers may capitalize on high demand.
CAN I GET RID OF MORTGAGE INSURANCE TO SAVE MONEY?
Mortgage insurance removal varies based on loan type and property type. For conventional loans, MI can be canceled once equity reaches a certain level, or earlier with a home value increase. Multi-unit property rules differ, and additional conditions apply. FHA loans typically have ongoing MI, except with substantial down payments. Consult professionals for accurate home valuation and MI removal process.
Questions to ask (or not ask) your home inspector before hiring
Our guest author, Reuben Saltzman of Structure Tech Home Inspections, addresses common questions about selecting home inspectors. He emphasizes the importance of reviewing inspection reports as a basis for comparison, discourages asking about defining major problems, and advocates for clients attending inspections. The company’s internal training, liability insurance, and experience are also highlighted.
The Best Way to Keep Track of Mortgage Rate Trends
If you’re looking to buy a home, mortgage rates are crucial. Recent volatility in rates is due to various economic factors. Rather than delving into the details, seek professional guidance to understand market conditions and trends. Visual tools can illustrate how rates impact your monthly payment, emphasizing the need for expert advice in navigating real estate and mortgage rates.
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