How Mortgage Problems Unravel Home Deals
$170,000 – closing soon!
Now that the housing market has stabilized, more and more homeowners are considering moving up to their dream home. With interest rates still near 4% and home values on the rise, now may be a great time to make a move.
Sellers should realize that waiting while mortgage rates are increasing probably doesn’t make sense. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain budget for your monthly housing costs.
With each quarter percent increase in interest rate, the value of the home you can afford decreases by 2.5%. Experts predict that mortgage rates will be closer to 5% by this time next year.
Act now to get the most house for your hard earned money.
I am an award winning REALTOR recognized by the National Association of Realtors for trend setting technology work. I also have an extensive and successful career helping people buy or sell a home.
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I have over 25 years experience selling real estate in Central Florida as well as being a personal coach and trainer to real estate agents working at a luxury real estate firm. I know what it is like to establish a happy home and I wish the same for you. I definitely think experience is the most valuable currency in real estate.
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People often ask whether or not now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent.
The Census Bureau just released their second quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:
At the same time, a report by Axiometrics revealed:
“The national apartment market’s annual effective rent growth rate of 5.1% in June 2015 represented a 47-month high, and continued a streak of 5.0%-plus rent growth that is now the longest in at least six years, according to apartment market research. The effective rent growth in June 2014 was 3.7%, putting June 2015’s exceptional performance into perspective.
This is the highest rate since the 5.3% of July 2011. The metric has reached at least 5.0% for five straight months, the longest such streak since Axiometrics started monthly reporting of annual apartment data in April 2009.”
Where will rents be headed in the future?
Stephanie McCleskey, Axiometrics vice president of research, commented on the above report in an article by Real Estate Economy Watch:
“Rent growth is just shy of the post-recession peak, and the June metrics reflect the continued strength of the apartment market. The demand for apartments is still strong, despite the record number of new units being delivered this year. Tight occupancy is why landlords can push rents higher.”
If you are ready, willing and of course able to buy, now may make sense.