Thursday, February 17, 2022 / by Barbara Oleska
If you’re thinking about selling your house in 2022, you truly have a once-in-a-lifetime opportunity at your fingertips. When selling anything, you always hope for strong demand for the item coupled with a limited supply. That maximizes your leverage when you’re negotiating the sale. Home sellers are in that exact situation right now. Here’s why.
Demand Is Very Strong
According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), 6.18 million homes were sold in 2021. This was the largest number of home sales in 15 years. Lawrence Yun, Chief Economist for NAR, explains:
“Sales for the entire year finished strong, reaching the highest annual level since 2006. . . . With mortgage rates expected to rise in 2022, it's likely that a portion of December buyers were intent on avoiding the inevitable rate increases.”
Demand isn’t expected to weaken this year, either. In addition, the Mortgage Finance Forecast, pu ...
Thursday, February 10, 2022 / by Barbara Oleska
So many of you have told me that you'd love to move, but there are a number of problems in securing your new home if you need the equity from your current home or don't want to carry two mortgages, yet don't want to miss out by selling through an iBuyer with a below market sale. Buyers who can pay cash once they sell their home face many of the same challenges if they need the cash to close on their new home.
Generally, your options are:
Buy your next home without first selling your current home OR
You find a home you like, then make an offer that is contingent on the sale of your current home (in this market, forget it!) OR
You can sell your current home first, move into interim housing while you find the right new home to purchase (and rents are CRAZY high right now)
Challenges with current options:
In the first scenario, you’ll need to have enough savings for a down payment, qualify for two mortgages simultaneously, and carry both mortgages for some period of time. Thi5 ...
Friday, February 4, 2022 / by Barbara Oleska
Mortgage rates have increased significantly since the beginning of the year. Each Thursday, Freddie Mac releases its Primary Mortgage Market Survey. According to the latest survey, the average 30-year fixed-rate mortgage has risen from 3.22% at the start of the year to 3.55% as of last week. This is important to note because any increase in mortgage rates changes what a purchaser can afford. The table below gives you an idea of how rising mortgage rates impact your purchasing power. This is important if you are buying because if prices continue to rise, you may be priced out from your desired home or at least find the payment more painful.
How Can You Know Where Mortgage Rates are Headed?
Everyone wishes they had a crystal ball...while it’s always difficult to know exactly where mortgage rates will go, a great indicator of where they may head is by looking at the 50-year history of the 10-year treasury yield, and then following its path. Understanding the mechanics of t. ...
Monday, December 20, 2021 / by Barbara Oleska
If you've been thinking about making the move, don't miss the boat. We're still in a low inventory market giving you the seller's advantage. Yes, it can be tricky to find a new home, however, we have strategies to help with that. If you have been thinking about downsizing or moving out of the area take advantage of the leverage of your increased equity.
If you're considering selling your home or curious about the current market value for your home give me a call and we can discuss your options.
Win When You Sell
Right now, conditions are very favorable for current homeowners looking for a change. If you sell now, here’s what you can expect:
• Your House Will Stand Out – While recent data shows there are more sellers getting ready to list their homes this winter, there are still more buyers in the market than there are homes for sale. If you sell your house now before more houses are listed, it will get more attention from serious buyers who are eager to find. ...
Wednesday, December 1, 2021 / by Barbara Oleska
Thank you to everyone who joined Andrea and me at Living Flamingo's 2nd Annual Pie Day! We loved seeing you! An extra special thank you to Jason of Cake Stand for baking such amazing pies! We loved seeing you!
Below are pictures from the day and we apologize that we missed some of you. Andrea and I got so pie happy we forgot to take pictures in the beginning - if we missed you, please send a pic so we can add it to the collage.