Evan Ransom - Keller Williams

04/15/2022

🔥Attention🔥

Home Buyers - All Renters - Home Sellers

This week we're starting to feel the impact of the interest rate increases. Last month, the federal reserve announced a series of rate hikes designed to combat inflation. These hikes are necessary for the overall health of our economy, and governments globally have taken similar steps.

BUT- These rate hikes have a real and lasting impact on the housing market.

This week mortgage rates surpassed 5% for the first time since 2011.

And the news is not good for rates in the future. On Wednesday, "Federal Reserve board member Christopher Waller said Wednesday that he expects interest rates to rise considerably over the next several months" - Jeff Cox, CNBC.

Some forecasters believe 8-12% is a realistic rate soon.

How does that impact your mortgage? Look at the numbers below to get an idea.

$400,000 purchase price w/ 20% downpayment.

4% interest rate= $1,528 monthly payment (excludes taxes + fees)

8% interest rate= $2,348 monthly payment (excludes taxes + fees)

12% interest rate= $3,292 monthly payment (excludes taxes + fees)

The difference in monthly payments between a 4% mortgage and a 12% mortgage over 30-years is $635,040!!!

Do you think renting is the answer? You might be surprised.

Realtor.com reports that in December 2021, rental vacancy rates fell to 5.8%, a 30-year low. Rents are up 20%+ across the top 50 US markets.

What does all of this mean?

First, you are going to spend more on housing.

Second, We still have fewer housing units than we need. So competition for housing will be fierce long-term, even as prices rise.

What should you do? BUY NOW!!!

Take advantage of the new rate sticker shock and lock in a home purchase before rates hit 8%+.

If you need help finding or selling a home, get the help you need. Call or message today to set up a consultation.

Don't wait!

04/07/2022

Shelter is a fundamental human need. It doesn't matter what the market is doing, what interest rates are, or what the economy looks like- we all need a place to live.

Owning a home vs. renting is the choice we have to make when we need a place to live. BUT- The choice isn't always easy.

In the next few weeks, we will be posting about your choices, the benefits of each, and information to help you make better choices that fit your needs.

And homeowners, Don't think this doesn't apply to you. There will be information that will help you evaluate which option is best for you now and in the future.

If you have questions, please reach out. The help you need is a message away.

03/31/2022

Is it time to sell your home? On average, real estate agents provide a positive return on investment and handle the hard work.

If you are thinking of selling, send a quick message.

03/30/2022

Are you thinking of buying a home?

Here are a few reasons why waiting out the market might not be your best option.

https://themortgagereports.com/90320/home-prices-not-dropping-in-2022-experts-say

03/24/2022

Interest Rates Matter and they are about to impact the housing market.

A recent report by Fortune lays out the possible impact the Feds recent rate hike announcement will have on the market. Link below.

If you're thinking of selling, this might be the time. Don't wait! Schedule a consultation today.

https://fortune.com/2022/03/23/housing-market-interest-rate-economic-shock/

03/22/2022

Is this the right time to buy a home?

The answer depends on your situation. The article from Nerd Wallet gives tips to help you evaluate if now is the right time to buy the home you need.

https://www.nerdwallet.com/article/mortgages/is-it-a-good-time-to-buy-a-house

03/17/2022

Attention Home Buyers and Sellers!!!

Yesterday, The Fed announced the first rate hike in 3-years. It represents the first in a series of moves planned to combat inflation this year.

What does it mean for you?

As a buyer, the rate increase means you have less borrowing power. For example, look at the difference in payments below.

$300,000, 30-year, fixed-rate mortgage
$1,432 a month at a 4% rate
$1,563 a month at a 4.5% rate

The difference is $40,000+ over 30-years.

It means that the pool of qualified buyers could be shrinking for sellers.

If you need a home, need to sell a home, or want more information, don't wait. Now is the to act.

After holding rates near rock bottom for two years, the Fed is finally boosting its benchmark. Here's what that means for you.

03/15/2022

What happens when you need a home, but market conditions are unfavorable? You get help from an agent with the experience to guide you to your goals.

Watch this video and reach out with your questions. The house you need is out there and help is a message away.

Danielle Hale of Realtor.com joins a 'CNBC Special: The Fed Decision' to discuss what's likely to happen in the housing and mortgage markets for the rest of the year. With CNBC's Steve Liesman.

Danielle Hale of Realtor.com joins a 'CNBC Special: The Fed Decision' to discuss what's likely to happen in the housing and mortgage markets for the rest of the year. With CNBC's Steve Liesman.

03/10/2022

Interest rates are going up, impacting both home buyers and sellers. So if you have been thinking of selling your home, don't wait.

Please reach out with your questions.

03/08/2022

Federal Reserve Chairman Jerome Powell has said the central bank intends to raise interest rates this spring — but will the move be enough to halt surging home prices?

Check out the article for the full story.

https://www.nbcnews.com/business/economy/expect-housing-market-now-fed-signaled-rate-hike-rcna13401

03/03/2022

First Time Home Buyers

Creating a budget and saving for your downpayment is more critical now than ever. If you're in the market to buy your first home, read the article linked below and then set up some time for us to build you an action plan. Together, we can help make your dream of owning a home a reality.

https://www.investopedia.com/personal-finance/how-set-budget-your-first-home/

03/01/2022

As the spring housing market kicks off, people will look to trends to help them plan their moves. If you're a buyer or seller, consider looking at the 3-charts in this article by Fortune.

If you're looking to make a move this spring, help is available. Please, reach out with any of your questions.

https://fortune.com/2022/02/28/spring-housing-market-predictions-2022/