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Historic | Blog

Thursday, November 19, 2020   /   by Garrett Mann

Will Mortgage Rates Remain Low Next Year?

In 2020, buyers got a big boost in the housing market as mortgage rates dropped throughout the year. According to Freddie Mac, rates hit all-time lows 12 times this year, dipping below 3% for the first time ever while making buying a home more and more attractive as the year progressed (See graph below):When you continually hear how rates are hitting record lows, you may be wondering: Are they going to keep falling? Should I wait until they get even lower?
The Challenge with Waiting
The challenge with waiting is that you can easily miss this optimal window of time and then end up paying more in the long run. Last week, mortgage rates ticked up slightly. Sam Khater, Chief Economist at Freddie Mac, explains:

“Mortgage rates jumped this week as a result of positive news about a COVID-19 vaccine. Despite this rise, mortgage rates remain about a percentage point below a year ago.”

While rates are still low ...

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  real estate, housing market, buyers, homeownership, housing demand, buying, homebuyer, housing market updates, economy, for buyers, investment, prices, interest rates, home price, home affordability, homebuyer preferences, historic

Tuesday, November 17, 2020   /   by Garrett Mann

Homes for Sale Are Rapidly Disappearing

Through all the challenges of 2020, the real estate market has done very well, and purchasers are continuing to take advantage of historically low mortgage rates. Realtor Magazine just explained:

“While winter may be typically a slow season in real estate, economists predict it isn’t likely to happen this year…Low inventories combined with high demand due to record-low mortgage rates is sending buyers to the market in a flurry.”

However, one challenge for the housing industry heading into this winter is the dwindling number of homes available for sale. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), recently said:

"There is no shortage of hopeful, potential buyers, but inventory is historically low.”

In addition, Danielle Hale, Chief Economist for realtor.com, notes:

“Fewer new sellers coming to market while a greater than usual n ...

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  real estate, housing market, buyers, homeownership, housing demand, 2020, sellers, buying, selling, housing market updates, demand, for buyers, for sellers, prices, equity, interest rates, supply, home affordability, historic

Wednesday, October 21, 2020   /   by Garrett Mann

Why Today’s Options Will Save Homeowners from Foreclosure

Many housing experts originally voiced concern that the mortgage forbearance program (which allows families impacted financially by COVID to delay mortgage payments to a later date) could lead to an increase in foreclosures when forbearances end.
Some originally forecasted that up to 30% of homeowners would choose to enter forbearance. Less than 10% actually did, and that percentage has been dropping steadily. Black Knight recently reported that the national forbearance rate has decreased to 5.6%, with active forbearances falling below 3 million for the first time since mid-April.
Many of those still in forbearance are actually making timely payments. Christopher Maloney of Bloomberg Wealth recently explained:

“Almost one quarter of all homeowners who have demanded forbearance are still current on their mortgages…according to the latest MBA data.”

However, since over two million homeowners are still in forbearance ...

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  real estate, housing market, buyers, homeownership, housing demand, sellers, 2020, buying, housing market updates, economy, home, wealth, investment, for buyers, for sellers, equity, supply, home affordability, america, historic, homebuyer preferences, trusted professional, for sale by owner, foreclosures

Thursday, October 15, 2020   /   by Garrett Mann

Do You Need to Know More about Forbearance and Mortgage Relief Options?

Earlier this year when the nation pressed pause on the economy and unemployment rates jumped up significantly, many homeowners were immediately concerned about being able to pay their mortgages, and understandably so. To assist in this challenging time, two protection plans were put into place to help support those in need.
First, there was a pause placed on initiating foreclosures for government-backed loans. This plan started on March 18, 2020, and it extends at least through December 31, 2020. Second, homeowners were able to obtain forbearance for up to 180 days, followed by a potential extension for up to another 180 days. This way, there is a relief period in which homeowners have the opportunity to halt payments on their mortgages for up to one year.
Not Everyone Understands Their Options
The challenge, according to Matt Hulstein, Staff Attorney at non-profit Chicago Volunteer Legal Services, is, “A lot of homeowners are ...

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  real estate, housing market, homeownership, housing demand, 2020, homebuyer, housing market updates, economy, investment, for buyers, prices, for sellers, equity, home affordability, historic, homebuyer preferences, health crisis, unemployment

Wednesday, October 14, 2020   /   by Garrett Mann

The #1 Reason Not to Wait to List Your House for Sale

Many industries have been devastated by the economic shutdown caused by the COVID-19 virus. Real estate is not one of them.
Mark Fleming, Chief Economist for First American, just reported:

“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”

Buyer demand is still strong heading into the fall. ShowingTime, which tracks the average number of buyer showings on residential properties, just announced that buyer showings are up 61.9% compared to the same time last year. They went on to say:

“Normally, real estate activity begins to slow down in the late summer, but this year it peaked in July, August and into September.”

There Is One Big Challenge
Purchaser demand is so high, t ...

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  real estate, housing market, buyers, homeownership, housing demand, sellers, 2020, buying, selling, homebuyer, demand, housing market updates, housing supply, economy, prices, for sellers, equity, home price, supply, historic, low inventory