Jeremy Skrocki, Realtor

09/16/2024

Two Questions Every Homebuyer Should Ask

Last week, interest rates dropped to their lowest point in 12 months. So, what happens next?
1. Will interest rates keep dropping?
The Fed is expected to cut rates this month, and that’s already reflected in current mortgage rates. If the economy worsens, rates could drop further. However, we’re already at levels most economists projected for the year’s end.
2. How do rates affect home values?
Home values are influenced by supply and demand. According to the MBA, purchase applications increased last week due to lower rates. More buyers could mean rising home prices.

I’d love to help you navigate how these key factors affect your home search.

Happy House Hunting!

Jeremy Skrocki
Realtor
Keller Williams Western Realty
407-922-5500
[email protected]
skrockihomesandland.kw.com/

08/10/2024

08/05/2024

What You Need to Know

Data Check:

Applications: Down 3.9% this week and the MBA Purchase Index dropped as well. We expect that trend to reverse with lower rates. (MBA)
Inventory: 683K homes on the market. Up 1% from last week and 40% more than last year. (Altos)
Price reductions: Up to 39.4% of active inventory. Up 0.4% since last week (Altos)
Rates: Huge rate drop to 6.4%. (Mortgage News Daily)

We continue to see local markets diverge in terms of supply and demand.

For Buyers:
Inventory up and rates down is the story. This moment won’t last. 10% increased buying power, (or lower payments) for every buyer today versus the beginning of May.

For Sellers:
Lower rates may bring more buyers to the market. But, economic uncertainty and increasing inventory remain serious headwinds. Serious sellers need to price right and offer the right incentives before winter seasonality kicks in.

For Investors:
Interest rates dropped for investors as well. Every pro forma on a single family rental improved by about 10% since early May. That is a reason to re-engage potential investors.

07/22/2024

We continue to see local markets diverge in terms of supply and demand.

For Buyers:
Any softening in home values should be seen as an advantage and not a trend. The lock-in effect, housing shortage, and fewer transactions make any price drops likely temporary.

For Sellers:
Act like a builder. As inventory climbs and many markets soften, it’s time to consider seller concessions to drive buyer traffic and get homes sold.

For Investors:
CoreLogic reports that while “attached” rents are dropping, their Single Family Rental Index shows 3% year-over-year growth.

07/20/2024

4 beds, 2 baths, 2,371 sq ft - Single Family Offered at: $795,000

07/04/2024

Is Now a Good Time to Buy?

According to John Burns Research, only 14% of buyers think now is a good time to purchase their next home. However, for qualified home buyers, this market presents unique opportunities to make a great deal on your purchase.

Inventory: The number of homes for sale is 38% greater than last year (Altos Research).

Sales: In May, the number of homes sold dropped by 2.1% year over year. (NAR).

Today’s market provides more choices and fewer buyers to compete with. Ask us about using a temporary buydown to lower your first-year rate by as much as 3%, paid for by the seller.

Happy House Hunting!

Skrocki Homes and Land Team

06/21/2024

06/20/2024

Interest Rates Changes Increase Opportunity

Good news on inflation helped push the average 30 year fixed rate down by 0.25% last week (Mortgage News Daily).

The number of buyers submitting purchase applications was up 15% (MBA).

With more homes for sale and lower rates, savvy buyers realize now may be a great time to purchase their first or next home.

We have unique strategies to maximize your buying power and help you make the best deal in this transitioning market.

Happy House Hunting!

05/24/2024

A Market in Transition

Interest rates dropped again last week, and the number of homes for sale inched up by 1.5% from the previous week. In fact, there are 35% more homes for sale now than at the same time last year.

This presents a unique opportunity for you to capitalize on increased choice and lower mortgage payments. Home price increases have slowed, but this situation may not last. Lower rates will increase the number of qualified buyers, ultimately leading to more competition.

Let's chat about seizing this opportunity before competition heats up and prices rise.

Looking forward to helping you find your dream home!

Happy House Hunting!

(Altos Research and Mortgage News Daily)

05/22/2024

4 beds, 2.75 baths, 2,111 sq ft - Condo/Townhouse/Co-Op Offered at: $585,000

05/07/2024

Buyers Still Outnumber Sellers

Interest rates appear set to remain high for the foreseeable future, with the market now anticipating only one rate decrease in 2024. You might be wondering, will home prices drop?

Current data from John Burns Research shows that buyers still outnumber sellers nationally. Moreover, according to Altos Research, the median price of new pending home contracts has just hit an all-time high.

Given this dynamic, home prices are likely to continue rising as long as demand outstrips supply. This presents a unique opportunity for savvy buyers like you to secure your dream home now, before any potential drop in rates might further stimulate competition and prices.

Let's discuss how you can leverage this market to your advantage.