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Homebuyer Preferences | 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

Thursday, November 5, 2020   /   by Garrett Mann

Why the 2021 Forecast Doesn’t Call for a Foreclosure Crisis

As the current forbearance mortgage relief options come to an end, many are wondering if we’ll face a foreclosure crisis next year. This is understandable, especially for those who remember the housing crisis that began in 2008. The reality is, plans have been put in place through forbearance to ensure history doesn’t repeat itself.
This year, homeowners are able to request 180 days of mortgage relief through forbearance. Upon expiration of that timeframe, they’re also entitled to request 180 additional days, bringing the total to 360 days of deferred payment eligibility. As forbearance expires, homeowners should stay in touch with their lender, because creating a plan for the deferred payments is a critical next step to avoiding foreclosure. There are multiple options for homeowners to pursue at this point, and with the right planning and communication with the lender, foreclosure doesn’t have to be one of them.
Many homeowners are c ...

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  real estate, housing market, buyers, homeownership, housing demand, 2020, sellers, buying, selling, homebuyer, housing market updates, demand, economy, housing supply, for buyers, for sellers, prices, equity, homebuyer preferences, unemployment, forebearance

Wednesday, October 28, 2020   /   by Garrett Mann

Buyer Interest Is Growing among Younger Generations

The demand for homes this year is extraordinary as record-breaking numbers of hopeful buyers continue to shop for homes. In a normal year, the peak homebuying season comes to a close by early fall. However, 2020 is anything but a normal year, and the housing market is no exception. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), explains:

“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season…I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”

What’s drawing so many buyers to the market?
As Yun mentioned, record-low interest rates are key. Today’s rates are strengthening purchasing power for buyers, too. Sam Khater, Chief Economist at F ...

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  real estate, housing market, buyers, homeownership, housing demand, 2020, buying, homebuyer, housing market updates, economy, for buyers, america, homebuyer preferences

Tuesday, October 27, 2020   /   by Garrett Mann

How Down Payment Assistance Opens the Door to Homeownership

Many people are eager to buy a home right now while affordability continues to be a highlight of the current housing market. However, a recent survey by Sparks Research shows that 20% of first-time homebuyers cite a lack of financial education as a barrier to homeownership. This is definitely understandable. If you don’t feel comfortable with the financial process of buying a home, it’s hard to make a confident decision. In fact, four in five homebuyers say they need help to understand what they can even afford in the first place. This is why finding the right professionals to help you through the process is so important.
On top of that, the same survey reports over two-thirds of prospective homebuyers believe they’ll need assistance to save enough for a down payment. What they may not realize is that there are a lot of down payment assistance programs at the state and regional levels, and many of them have funds available for ...

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  real estate, housing market, buyers, homeownership, housing demand, 2020, buying, homebuyer, selling, housing market updates, demand, housing supply, economy, home, wealth, for buyers, for sellers, prices, equity, homebuyer preferences, down payment assistance

Monday, October 26, 2020   /   by Garrett Mann

Two Important Impacts of Home Equity

Equity continues to rise, helping American homeowners secure a much more stable financial future. According to the most recent data from CoreLogic, the average homeowner gained $9,800 in equity over the past year. In addition, experts project 2020 home prices to continue rising. With prices going up, equity gains will also keep accelerating. Black Knight just reported:

“The annual percent change in the overall median existing single-family-home price has skyrocketed in the past several months, with recent numbers at three to five times higher than rates seen in the past several years.”

Jeff Tucker, Senior Economist at Zillow, just qualified recent price increases as “jaw-dropping” and “within a hair's breadth of double-digit year-over-year appreciation.”
Knowing equity will help enable many homeowners to better survive the economic distress caused by the ongoing pandem ...

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  real estate, housing market, buyers, homeownership, housing demand, sellers, 2020, buying, homebuyer, selling, housing market updates, demand, housing supply, economy, for buyers, for sellers, equity, home price, home affordability, homebuyer preferences, comparable sales