From our friends in KCM
If you’re thinking about buying a home, pre-approval is a crucial part of the process you definitely don’t want to skip. So, before you start picturing yourself in your new living room or dining on your future all-season patio, be sure you’re working with a trusted lender to prioritize this essential step. Here’s why.
While home price growth is moderating and mortgage rates have been coming down in recent weeks, affordability is still tight. At the same time, there’s a limited number of homes for sale right now, and that means ongoing competition among hopeful buyers. But, if you’re strategic, there are ways to navigate these waters – and pre-approval is the...
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From our friends in KCM
If you were worried buyer demand disappeared when mortgage rates went up, the data shows there are plenty of interested buyers still out there. The housing market isn’t as frenzied as it was during the ‘unicorn’ years when buyer demand was through the roof, mortgage rates were historically low, and home values rose like we’ve never seen before. But that doesn’t mean the market is at a standstill.
Nationally, demand is still high compared to the last normal years in the housing market and plenty of buyers are making moves right now. Here’s the data to prove it.
Showing Traffic Is Up
The ShowingTime Showing Index is a measure of how frequently buyers are touring homes....
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By our friends in KCM
When you read about the housing market, you’ll probably come across some information about inflation or recent decisions made by the Federal Reserve (the Fed). But how do those two things impact you and your homebuying plans? Here’s what you need to know.
The Federal Funds Rate Hikes Have Stalled
One of the Fed’s primary goals is to lower inflation. In order to do that, they started raising the Federal Funds Rate to slow down the economy. Even though this doesn’t directly dictate what happens with mortgage rates, it does have an impact.
Recently inflation has started to cool, a signal those increases worked and are bringing inflation back down. As a...
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By Jillian Pretzel | REALTOR.COM
Something about the word “tax” makes even the most ardent financial wizard’s eyes glaze over. We get it: It’s no fun to think about the money you have to hand over to Uncle Sam.
Yet, when it comes to real estate, understanding your tax basis is like knowing the rules of the game. Your tax basis is a fundamental factor that can significantly affect your finances when it comes time to sell your property.
However, tax basis is more important to some homeowners than others. Read on to find out everything you need to know.
What is a tax basis?
Tax basis, also known as cost basis,...
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By Margaret Heidenry | REALTOR.COM
Homebuyers have a lot to be joyful for right now as mortgage rates have dipped below 7%—the first time they’ve done so since August.
For the week ending Dec. 14, rates for a 30-year fixed-rate home loan averaged 6.95%, according to Freddie Mac.
And odds are, mortgage rates will continue their long-awaited downward trend, providing some much-needed relief on the affordability front to homebuyers.
“Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the target rate next year, we likely will see a gradual thawing of the housing market in the new year,” says Sam Khater, Freddie Mac’s chief economist.
In...
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