Sunil Gali, ESP Realty

09/30/2024

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments.

As mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country.

You see, talking with a local real estate agent about what’s happening in your market before this happens in your ideal neighborhood could really change the game for you. It’s all about being informed by a true expert, and understanding what was out of reach before might actually be getting more affordable than you think.

Now, while this study compares monthly rent to principal and interest on a mortgage payment (not the whole monthly payment), let’s think through this. As Zillow notes, what you can’t...

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments.

09/28/2024

Trust me – you don’t want just any agent when you buy or sell a home.

You want someone who specializes in your local market.

Because what you’re hearing on the news may not apply where you live. And you need someone who can give you that expert perspective on your neighborhood too.

Want a rundown of what’s happening in our area? DM me.

09/27/2024

Buy Now, or Wait? You may be tempted to wait until mortgage rates come down even more. But here’s what you need to know. If you wait, you'll have to compete with all those other people when you go to buy your next home. You have a chance to get ahead of the other buyers right now. Let’s connect and make it happen.

09/26/2024

Should you buy a home now or should you wait? That’s a question a lot of people have these days. And while what’s right for you is going to depend on a lot of different factors, here’s something you’ll want to consider as you make your decision.

As soon as you buy, you’ll start gaining equity. And you’d be surprised how quickly that can add up – even with more moderate home price appreciation.

Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over the next five years. In the latest release, experts project prices will continue to rise nationally through at least 2028.

And while rising home prices may not sound great right now, once you own a home, that growth will be a big bonus for you.

So, if you’re ready and able to buy, and growing your wealth is important to you...

Should you buy a home now or should you wait? That’s a question a lot of people have these days.

09/25/2024

Buy now or wait? That’s the big question for a lot of buyers.

But what you may not realize is just how much equity is at stake if you delay. Even the forecasts for more moderate home price growth could add up to $90,000 in equity over the next 5 years.

So, if you want to move and you’re able to now that mortgage rates have fallen, let’s chat about why it’s worth it to get the ball rolling.

09/24/2024

Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it. And if you’re hoping to buy a home, this is a mission-critical gap to close – fast.

Amplify Your Down Payment Potential

For first-time buyers, the name of the game with down payments is making sure you’re taking advantage of all the resources out there designed to help you.

For example, there are loan options that require as little as 3% down, or even 0% for certain qualified borrowers, like Veterans. And let’s not forget down payment assistance, like grants and other opportunities, that help you cover the upfront cost of your down payment.

If you’re interested in exploring those options and what you may be able to use to your advantage, connect with a trusted lender.

Don’t Let News Headlines About Down Payments Scare You

There’s one more thing to address. News coverage has been talking about...

Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it. 

09/23/2024

Mortgage rates are dropping. As a result, more buyers are getting ready to re-enter the market. That’s clear based on the rise in mortgage applications since rates started to fall.

If you’ve been thinking about selling, let’s talk about how to get your house ready so you can take advantage of increased buyer activity.

09/21/2024

Mortgage rates are trending down and that’s great news for your bottom line. As rates drop, your monthly payment on your next home does too. Even a small change in mortgage rates can have a big impact on your purchasing power. If you put your search on hold when mortgage rates were higher, think about how much you could save now that rates are coming down.

Mortgage rates are trending down and that’s great news for your bottom line.

09/20/2024

If you’ve been hesitant to list your house because you’re worried no one’s buying, here’s your sign it may be time to talk with an agent.

After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming down due to a number of economic factors. And yesterday the Federal Reserve cut the Federal Funds Rate for the first time since they began raising that rate in March 2022. And while they don’t control mortgage rates, this sets the stage for mortgage rates to fall even further than they already have – especially since more cuts from the Fed are expected into next year. And lower mortgage rates are bringing more buyers back into the market. Lisa Sturtevant, Chief Economist at Bright MLS, says: “A drop in the cost of borrowing will help fuel more homebuyer demand . . . Falling rates will also bring more sellers into the market.”

The best part? You can take advantage of that...

If you’ve been hesitant to list your house because you’re worried no one’s buying, here’s your sign it may be time to talk with an agent.

09/19/2024

Planning to buy a home? Make sure you’re budgeting not just your down payment, but for your closing costs too.

And if you want to try to cut down on those a bit, try these tips. Negotiate with the seller for concessions, shop around for more affordable home insurance, and look into closing cost assistance programs. DM me for more homebuying tips.

09/18/2024

Have you felt like homeownership is out of reach? You aren’t alone.

But here’s some good news: builders are focusing on bringing smaller, more affordable homes to market. And if we open up your search to include those new builds, we may be able to find the right fit for your budget.

Let’s chat if you’re ready to explore what builders have to offer in and around our area.

09/17/2024

Mortgage rates have hit their lowest level since February 2023 – and that’s big news.

So if you’ve been sitting on the homebuying sidelines waiting for this to happen, it’s time to talk about making your move. Because the monthly savings is going to be a game changer for your purchasing power.

DM me and I’ll show you how the recent decline may help you get a better monthly payment than you’d expect.