[vc_row][vc_column][vc_column_text]The real estate market is skyrocketing right now. Luckily for homeowners, residential home values are also on the rise. In 2020 alone, there was a double-digit increase in home values and we’re expecting to head toward similar digits this year.   However, the rising prices are causing some to start questioning affordability in the current housing market. Many are quick to point out  the fact that homes...

[vc_row][vc_column][vc_column_text] The major challenge in today’s housing market is that there are not enough homes on the market for the number of buyers. Simply put, supply can’t keep up with demand. Fortunately, it seems as though change might be on the horizon.   A typical market has a 6-month supply of homes for sale. Anything over that indicates it’s a buyers’ market, but an inventory level below that...

[vc_row][vc_column][vc_column_text]During the height of the pandemic, many homeowners realized their homes didn’t fulfill their lifestyle needs any more. Extra space became highly desirable and as a result, sales of primary residences grew by 9% in 2020. That increase in demand was met by the lowest supply of homes for sale in history and caused prices to skyrocket over the past twelve months.   What does this mean to those...

[vc_row][vc_column][vc_column_text] For generations, the process of buying and selling a home has generally stayed the same. A homeowner would estimate the value of their house, add on a little extra to allow for negotiating room, and that figure would become the listing price. Buyers would then determine how much less than the full price they could offer and still get the home.   As a result, the actual sales price...

[vc_row][vc_column][vc_column_text]For many, our homes are more than just the place that we live in. Our homes have become our workplaces, schools, and safe haven during the global pandemic. Today, 65.6% of Americans call their homes their own, a rate that has risen to its highest point in 8 years.   As National Homeownership Month kicks off this June, homeowners have every reason to celebrate. We firmly believe that the...

[vc_row][vc_column][vc_column_text]Whether you’re making the jump into homeownership or re-evaluating your current home and considering a move, understanding how housing affordability works is always important. It may help those who are ready to buy a home narrow down the optimal window of time in which to make a purchase.   There are three main factors that go into determining how affordable homes are. They are mortgage rates, mortgage...

[vc_row][vc_column][vc_column_text]Today’s housing market is full of extraordinary possibilities. High buyer demand paired with record-low housing inventory is creating the ultimate sellers’ market. However, that does not mean sellers are guaranteed to sell their house successfully. Avoid expensive mistakes by keeping these few things in mind.   Price it Right   Believe it or not, in a sellers’ market, listing your house for the right price will still increase the number of...

[vc_row][vc_column][vc_column_text]The level of equity homeowners have is at an all-time high. Those with a mortgage are seeing their equity climb sharply too. Every time real estate values increase; homeowners get a dollar-for-dollar gain in their home equity. According to the U.S. Census, over 38% of owner-occupied homes are owned free and clear, meaning they don’t have a mortgage.   This rise in home equity has provided the opportunity to use...

[vc_row][vc_column][vc_column_text] When buying a home, saving for a down payment is the main cost that comes to mind, but budgeting for the closing costs required to get a mortgage is just as important. Having a budget and making sure you plan ahead for certain homebuying expenses is critical in the home buying process.   What are closing costs   Closing costs are fees associated with your home purchase that are paid at the closing of...

[vc_row][vc_column][vc_column_text]Over the last year, the pandemic has impacted many homeowners’ ability to make their mortgage payments. Thankfully, the government initiated a forbearance program to provide them with much-needed support.   However, unless this program is extended again, some of these plans expire soon. Nevertheless, there’s still time to request assistance. If your loan is backed by HUD/FHA, USDA, or VA, you can apply for initial forbearance by June 30, 2021.   The...