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Today’s Mortgage Rates

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It is important to understand the relationship between mortgage rate and your purchasing ability if you are looking to purchase a home. Your purchasing power is the ability to afford a home that you are able to purchase. The monthly payment you pay on your home will directly affect the mortgage rates. Rates rise and so will the monthly payment that you can lock in on your home loan. This could impact your purchasing power in the future, especially in a rising rate environment such as we are currently experiencing.

The average 30-year fixed mortgage rate today is higher than 5%. Experts predict that this will rise in the coming months. If you act now, you can get ahead of this increase in your purchasing power.

If you get a smaller home loan amount, your chances of exceeding your target payment range increase. You can use this motivation to buy a house now if you are ready to do so.

When searching for a house, it is important to remember your budget. Consider what might happen if rates go up by getting preapproved. . . You should know what this would mean for your monthly expenses and how comfortable that makes you feel. This will help you to adapt if rates go up.

It doesn’t matter what, it is best to collaborate with your real-estate advisor and trusted lender to develop a plan which takes rising mortgage rates into account. You can both look at your budget and compare it to current rates, and create a strategy that you are ready for changes.

Even small increases in mortgage rates could have a significant impact on your purchasing power. It’s important to have a solid plan if you are in the process of purchasing a home. To help you achieve your homeownership dream, partner with a trusted lender and real estate advisor.

 

 

Original article: https://www.keepingcurrentmatters.com/2022/05/09/how-todays-mortgage-rates-impact-your-home-purchase/

Questions To Ask A Realtor When Selling Your Home

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You should hire an amazing real estate agent if you are looking to sell your house. There are some questions you should ask to ensure you find the right person.

You are smart to be selective! An excellent real estate agent will help you find buyers to quickly and for more cash. Your listing could be lost if you make the wrong decision. It’s not pretty when low-balling bargain hunters start to circle.

These are the most important questions you should ask your Realtor about selling your house, from listing costs to sales plans.

Do you have any credentials? When you are looking to sell your house, make sure to hire an agent with a license from the state and is a member of the local realty trade association. They will be able to list your property anywhere in the world, thanks to accessing the Multiple Listing Service . You may also want to search for someone who is a member of National Association of Realtors (r). This requires additional training and compliance to a code of conduct.

What number of sales did you close last year? A real estate agent’s past performance doesn’t guarantee a quick sale. However, their track record of success with sellers and buyers is a guarantee that they are professional professionals who will be able to sell your home. Ask potential agents how many clients they have worked with and the range of homes they sold. It is important to find someone who can accurately estimate the value of real estate features for buyers within your income range. It is also a good idea to seek out recommendations from past clients.

Are you a local expert? A local expert can make a big difference for sellers. Local agents will know about any developments in the area and plans for shops or other amenities that could affect the property’s value, the speed at which it will sell, as well as the likely price. They will also be able to tell you what local buyers are looking at real estate.

How do you determine the listing price? The discussion about pricing your home and the ability of your agent to find a listing prices that are appropriate for your local market is one of the most important things sellers need to do. If the property is priced too high, it will be difficult to sell and may turn away potential buyers. However, if the home is priced at an acceptable level, there might still be money available. Your agent should be knowledgeable about the market and recent sales of similar properties. This will allow you to arrive at the best price for your real estate transaction. Ask questions about the process of determining a list price.

What kind of person will I be working alongside? It is important to determine if you will work with a single agent or a team member. There are pros and cons to each scenario, so be sure to ask lots of questions. Agents work with clients in different ways.

What is the cost of selling my house? Ask questions about the costs you, the seller, will pay in the realty transaction. This will allow you to plan accordingly and compare each agent. These costs should be included in the listing agreement.

What is your selling plan? A great agent will have a written plan to sell your house. It should include a plan that describes the marketing strategy for your property in order to attract buyers. This could include open houses, listing services, and social media. This will ensure that you get a high selling price.

What can I do to make my house ready for sale? Find out what advice the agents have for you regarding repairs and upgrades, or how they can help you make your house more appealing to buyers. Ask them if they recommend staging or just a cleaning and decluttering. Ask about their availability to work around your schedule, and the preferred times and days they prefer to show houses.

How can we communicate? It could be a problem if you are a texter but your agent prefers long phone calls. You might also prefer a personal touch to an email over a phone call. It is important to know how and when you communicate with your agent. You should also make sure your agent is available to answer any questions you may have.

What is the time frame? Although no agent can predict how quickly the sale or full real estate transaction will proceed, they should be capable of giving an estimate on how long it will take for your house to sell. It takes on average 65 days to sell a house, but this depends on where you live.

Preferred Properties of Texas is here to help you with all your real estate needs and solutions. Connect with us for the answers to your questions.

 

Original blog: https://www.realtor.com/advice/sell/questions-to-ask-real-estate-agents-when-selling/

Low Inventory, High Prices And ‘Ruthless’ Speeds Make The Market Ripe For Sellers

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It’s still a sellers’ market. Good for the sellers, but unfortunately not so much for the buyers. The low inventory of homes for sale is still creating a sellers’ market throughout the entire country. The word that comes to mind when describing the last two years in our area alone is ‘ruthless! This market has been moving at mach speed. It has pretty much been the perfect storm with extremely low inventory all around and will still give the sellers the upper hand for 2022.

Real estate has been very good, it’s very robust. 2021 was a great year for real estate, expect similar activities to continue in 2022. There are more people looking to buy right now and fewer properties for sale. It is a good year for sellers.

Now is the time certainly for buyers to buy because of what is likely to happen with the mortgage interest rate as well as prices increasing. And now is the time for sellers to sell while we are kind of at the top of the market here now.

If your ready to sell give Preferred Properties of Texas a call! Let’s Get Started and Get Your Home SOLD!!

Original Blog: https://www.oswegocountybusiness.com/feature-stories/real-estate/sellers-are-dominating-the-real-estate-market/

Bedroom Improvements That’ll Help Sell Your Home Faster—and for More Money

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Are your outdated bedrooms making it difficult to sell your house? Buyers today are more interested in luxurious master suites which double as relaxing retreats.

Before the pandemic, no one really cared much about their bedroom. People now are looking for somewhere to escape. Bedrooms are really becoming a place of refuge for Mom and Dad, because when kids are stuck at home, and they’re working from home, they need a place to escape.

Lighting upgrades. New bulbs and light fixtures are the best way to brighten any room, even your bedroom.

The bedrooms should be switched to LED lightbulbs. LEDs are brighter and more efficient than standard bulbs. Bright white light can make the space seem larger than it was before. Smart lighting can be a cost-effective option if you have the budget. People love convenience and don’t have to get up to switch off the lights or fan. You can also let more natural light in through windows. A transom window can be installed over a door if you have 12 foot ceilings.

Clear out your closets. A closet system or organizer is the best thing anyone can do to their bedroom. You can find many options and they will instantly add value to your house. A closet organizer is a great way to help buyers envision how their clothes will be organized.

Sell bedrooms by staging them. Although it may seem counterintuitive, if you have been eyeing a bedroom set for a while, you might consider spending before you sell your house. New furniture can make a big difference when staging. Old furniture can make a space look tired. A focal wall behind the headboard of your bed can be a cost-effective alternative to buying new furniture. Every bedroom’s focal point is the bed. A coordinated set of bedding and pillows can make a big difference in the first impression. You can remove any personal touches that might make it difficult for buyers to understand the space.

You can tone down bright colors. In children’s rooms, make sure you neutralize any paint before it is sold. Parents often let their children choose the color of the room’s paint. It ends up looking like bubble gum pink or jungle green. This is great for children, but it can be very harmful if you are selling. You can paint over it.

You can create a work space that is functional from your home. Multiple home offices are becoming more popular. Two people sharing a single room can be problematic if you are tied to your computer. To show buyers how they can optimize the space for work at home, stage spare bedrooms, dens or other unoccupied spaces as home office. A small home gym can be set up to attract buyers.

Make sure to upgrade the bathroom. A master bathroom is an important selling point for any home. Make sure that your master bathroom is neutral and clean. Don’t be afraid to add expensive touches like jetted tubs. It’s worth spending on quality showers in your master bathroom. You should get rid of the cheap glass showers. Although fiberglass shower enclosure kits can be inexpensive and simple to install, they do not have the WOW factor that homebuyers want.

 

Original Blog: https://www.realtor.com/advice/sell/bedroom-improvements-to-help-sell-your-home-for-more-money/

You Can Prepare Now For A Busy Housing Market This Spring

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SPRING 2022 HOMEBUYING SEASON PREVIEW

Main Takeaways for Buyers

  • Low housing inventory and high demand will create a strong seller’s market, but not as intense as the peak of 2021.
  • Home prices are expected to continue rising, but at a slower pace than last year.
  • To avoid house buying FOMO (fear of missing out) and panic buying, know what you can afford and stick to a realistic budget.

Main Takeaways for Sellers

  • It will still be a strong seller’s market, but compared to 2021, there will be a smaller likelihood of a bidding war driving up your sale price.
  • Get ahead of preparing to sell your home. Repairs and upgrades are taking longer to schedule and complete due to shortages of supplies and labor.
  • All real estate is local. Some markets, or sub-markets, may be stronger or weaker than others.
  • Work with a local real estate professional that knows your targeting market.

The 2022 real property market looks more normal.

The busy spring homebuying season is approaching. Homebuyers will still face a difficult task, but it shouldn’t feel like 2021.

According to the latest data from the S&P Case-Shiller National Index of Home Prices, home values have risen by almost 20% since 2021. Although housing prices are not expected to fall this year, they should slow down. Experts believe that home values will rise at half of the rate (single digit increases) seen during the peak in 2021.

Although buyers may still be in bidding wars they are less frequent and intense. This means that sellers might not be as selective in choosing from offers. To win the bid, all-cash offers or conventional loans without appraisal contingencies were common in 2021. You may be able, as a buyer this year, to be more flexible in terms of your purchase contract even though you won’t necessarily get a price reduction.

The seller’s market will persist into the 2022 spring homebuying seasons, but that it should be less competitive than in the past spring. The spring season will be high-demand. It’s going to be different than 2021 when the supply was out of control with the demand. Predictions are that spring will be the most busy season for real estate. While the number of homes available for sale will increase over 2021, it is still likely to be lower than usual. Bidding wars will continue for buyers, but not as frequently or as intensely.

Mortgage interest rate could rise, which could impact your purchasing power. Understanding your financing is essential. This means it is important to know the limits of your homebuying budget. You might be eligible for a loan amount greater than you are comfortable with. However, you don’t want get involved in a bidding war that could lead to a higher monthly payment.

Sellers should plan ahead for any maintenance and upgrades before you put your house up for sale, especially if you don’t have the time or expertise to do it yourself. Due to supply chain problems and labor shortages, renovations and repairs must be planned far in advance.

This means that homebuyers need to be focused on the essentials of why a home purchase is the right decision for them. You can make it work with your timing. If your family situation and employment status allow it, it is a good idea to buy. It is a risky endeavor to predict the future market. Even if home prices fell, mortgage rates could increase, making it more expensive to buy a house.

The rate at which home prices appreciate should slow down but stay positive until 2022’s homebuying season. The main driver for house price growth will be the shortage of homes to sell relative to demand. The prime years for millennials are now, and there hasn’t been enough housing built to meet the demand.

Buyers who are looking to make a move in the coming year will want to prepare well in advance. To make sure you know what your home purchasing budget is, you need to create a plan. The decision to buy a home is not just about financial decisions. It is also a lifestyle decision. It should be a sensible decision for you and your financial situation.

It shouldn’t get as hot as the 2021 peak frenzy. Expect a slowdown in the rate of home price appreciation. We may see a decrease in the 20-21 price growth to 20%. Instead, home price appreciations will be in the upper single figures, somewhere around 7%-8%. This is historically a very, very strong, but not as strong as ’21.

This means that this year will still remain a seller’s marketplace. Timing the market is not recommended as home prices are expected to appreciate. However, this doesn’t mean that you shouldn’t spend more to buy a house now than you need. Don’t rush to make a decision in a hurry. You should take the time to search for a home that you can afford over the long-term and that will comfortably fit your lifestyle.

Good news for sellers: Buyers looking for homes will outnumber those for sale. Although home prices are expected increase, real estate is highly local and the demand for homes can vary from one area to another. To determine the best listing price for your property and to assess if there are any repairs or improvements that need to be made before placing it on the market, it’s a smart idea to consult a local realtor.

The best time for your home to be put up for sale is when there is the most demand. This is typically between February and May in many markets. It’s when families are looking to relocate after the school year.

Mortgage rates will rise in the coming months. Home prices are expected to increase so it is important to start planning financially well in advance. Your credit score will help you qualify to get a low mortgage rate. You will need to save for a down payment and closing costs . Unexpected repairs and maintenance are also important. It’s a great time to look into first homebuyer programs. If you are eligible, these programs can help with your down payment and closing costs.

Although most markets for housing will remain competitive, some areas may be more difficult than others. The flexibility to work remotely could increase demand in certain areas. It could be attractive to live in areas close to major cities, but only an hour or so away. These types of areas will appreciate more quickly. This is an important point to remember when deciding where to buy.

First-time buyers who are looking for affordable homes might also be in greater competition. The starter home price range is one of the most difficult segments in the housing market to enter. A large number of people are in the prime first-time buyer range. Builders have not been able to build enough homes that will be affordable for them.

It’s still a strong market so you need patience as a buyer. It’s not a good idea to rush buy and regret buying . You may be able to choose where and what type of home you want, but you might not have the same demand in certain areas. A condo or townhouse located a little further from the place you initially planned to move could be cheaper than a single-family house in an urban area. While you may not find the perfect home right away, a home that is suitable for your needs can serve as a foundation for a future home.

Original Article:  https://time.com/nextadvisor/mortgages/mortgage-news/sping-2022-housing-market-predictions/

Preferred Properties of Texas

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