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Resolutions to Help You Buy a Home This Year

Would you like to buy a new home, or first home, this year? Getting your finances into shape and a couple other key strategies will help you improve your home-buying odds. It’s a competitive market, so do everything you can to come out on top.

2021 Real Estate Market Recap

Real estate trends have been a bit unexpected, starting with the pandemic, and continuing through 2021. While there was early caution over COVID-19 slowing real estate activity, demand in many communities has risen. At the same time, economic uncertainty kept many homeowners in place, especially those that refinanced with historically low interest rates, creating a shortage in inventory. Supply chain woes slowed new construction. Yet, people continue to look for new homes, with high demand expected to continue, even as interest rates rise. Lets take a look at state and local data over the past year.

What to do if Your Appraisal Comes in Low

When the home buying process gets to the point of a serious offer, it is kind of an exciting thrill ride of ups and downs until closing. One of the big variables that can throw a monkey wrench in the works is when the appraisal comes in lower than the accepted offer. This can leave a seller feeling like they paid more for a home than it’s worth, or they must scramble to make up the difference with extra funds or the deal may fall through.

Right now, appraisals are based on comparable sales that closed when prices were lower. In a rising market, comps can’t keep up with home sale prices in a competitive market, so values may be lower than expected. If you have a gap between your loan amount, you may be asked to come up with a larger downpayment.

But don’t despair, you have several options:

Selling Your Home This Winter Has its Advantages

winter home sales

Sellers might be wondering if putting their home on the market in the winter will result in a sale. Though the snowy months are generally a slow time for home sales, this past year has been anything but typical. So, should you try to sell your home now?

Increasing Mortgage Rates- The Good and the Bad News

Rising mortgage interest rates could be a curse or a blessing for prospective homebuyers, depending on a host of factors. With a housing shortage, builders unable to meet demand, and millennials wanting to become homeowners, rising interest rates are a new wrinkle in the home buying challenge.

Boomers vs First-Timers in Home Buying Competition

home buying

Baby boomers are seeking a simpler life and an easier to take care of home. However, this means moving into a lower priced housing market traditionally sought by young families. In an already fiercely competitive market, this makes home buying a challenge for everyone—boomers, and younger buyers alike.

Exploring 20-Year Mortgage Options

20 year mortgage

Nearly 78% of all home mortgages created last year were for a 30-year term, according to the Urban Institute. But have you ever considered a 20-year term? A shorter term will save tons in interest payments, and you will build equity faster and be mortgage free sooner, even though you will pay a bit more monthly. New proposed legislation could help first-time homebuyers reduce the cost of a 20-year mortgage or provide down payment help.

Here’s what you need to know if you’re considering a 20-year mortgage:

What is the Magic Number Every Home Seller Should Know?

home value

Whether you are selling or just curious about its value, it’s crucial to know your property’s worth—and if your real estate investment has improved during your tenure. You can get some basic information online. Drilling down that magic number can help you decide if you should sell and what you might gain from doing so.

Know the Pros and Cons of Shopping for a Home Online

home shopping

It’s okay to begin shopping for a new home online, but at a certain point you will need to take that search into real life. Online searches can simplify some tasks but be aware of some downfalls to spending too much time internet shopping, especially in today’s market.