Gary Lo Real Estate

02/01/2022

This year is especially important because it represents my sons year. What will his personality be like?

"People born during a Tiger Year are thought to be natural leaders who are both brave and thrill-seeking, often craving attention."

"They are courageous and energetic, love a challenge or competition and are prepared to take risks,"

01/11/2022

Last year, home prices soared nationwide by a record 19.9%! 😲 As we embark on a new year, you may be wondering… what’s in store for the U.S. housing market in 2022? Here’s what industry experts are predicting:

🏠 Mortgage rates will increase
⚖️ The market will become more balanced
💰 Home prices will continue to increase, but at a slower pace
📈 Rents will continue to rise

If you’re considering buying or selling a home in 2022, check out our latest blog post to learn more about where the real estate market is headed this year.

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11/12/2021

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Two Reasons To Move This Year

Home prices and mortgage rates are forecast to rise. Let's connect so you can sell your house and find your next home before it costs more to move.

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11/10/2021

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What’s Happening with Home Prices?

Many people have questions about home prices right now. How much have prices risen over the past 12 months? What’s happening with home values right now? What’s projected for next year? Here’s a look at the answers to all three of these questions.

>>How much have home values appreciated over the last 12 months?
According to the latest Home Price Index from CoreLogic, home values have increased by 18.1% compared to this time last year. Additionally, prices have gone up at an accelerated pace for each of the last eight months. The last year has shown tremendous home price appreciation, which is resulting in a major gain in wealth for homeowners through rising equity.

>>What’s happening with home prices right now?
Indices also show that while appreciation is in the high double digits right now, that price acceleration is beginning to level off. Year-over-year appreciation...

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Many people have questions about home prices right now. How much have prices risen over the past 12 months? What’s happening with home values right now? What’s projected for next year? Here’s a look at the answers to all three of these questions.

11/08/2021

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Two Graphs That Show Why You Shouldn’t Be Upset About 3% Mortgage Rates

With the average 30-year fixed mortgage rate from Freddie Mac climbing above 3%, rising rates are one of the topics dominating the discussion in the housing market today. And since experts project rates will rise further in the coming months, that conversation isn’t going away any time soon.

But as a homebuyer, what do rates above 3% really mean?

Buyers don’t want mortgage rates to rise, as any upward movement increases your monthly mortgage payment. But it’s important to put today’s average mortgage rate into perspective. Even though today’s rate is above 3%, it’s still incredibly competitive.

But today’s rate isn’t just low when compared to the most recent years. When we look back even further, we can see that today’s rate is truly outstanding by comparison.

Being upset that you missed out on sub-3% mortgage rates is...

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With the average 30-year fixed mortgage rate from Freddie Mac climbing above 3%, rising rates are one of the topics dominating the discussion in the housing market today. And since experts project rates will rise further in the coming months, that conversation isn’t going away any time soon.

11/05/2021

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Your Perfect Home Is the One You Perfect After You Buy

Don't give up the search just because you haven't found a home that checks every box. Let's connect to see which of your "must haves" can be accomplished after you purchase.

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11/03/2021

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Experts Project Mortgage Rates Will Continue To Rise in 2022

Mortgage rates are one of several factors that impact how much you can afford if you’re buying a home. When rates are low, they help you get more house for your money. Within the last year, mortgage rates have hit the lowest point ever recorded, and they’ve hovered in historic-low territory. But even over past few weeks, rates have started to rise. This past week, the average 30-year fixed rate was 3.14%.

What does this mean if you’re thinking about making a move? Waiting until next year will cost you more in the long run. Here’s a look at what several experts project for mortgage rates going into 2022.

>>Freddie Mac: “The average 30-year fixed-rate mortgage (FRM) is expected to be 3.0 percent in?2021 and 3.5 percent in 2022.”

>>Doug Duncan, Senior VP & Chief Economist, Fannie Mae: “Right now, we forecast mortgage rates to average 3.3...

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Mortgage rates are one of several factors that impact how much you can afford if you’re buying a home. When rates are low, they help you get more house for your money. Within the last year, mortgage rates have hit the lowest point ever recorded, and they’ve hovered in the historic-low territory....

11/01/2021

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Renters Missed Out on $51,500 This Past Year

Rents have increased significantly this year. The latest National Rent Report from Apartmentlist.com shows rents are rising at a rate much higher than the three years leading up to the pandemic. “Since January of this year, the national median rent has increased by a staggering 16.4 percent.”

Looking back, we can see rents rising isn’t new. The median rental price has increased consistently over the past 33 years. If you’re thinking of renting for another year, consider that rents will likely be even higher next year. But that alone doesn’t paint the picture of the true cost of renting.

A homeowner’s monthly mortgage payment pays for their shelter, but it also acts as an investment. That investment grows in the form of equity as a homeowner makes their mortgage payment each month to pay down what they owe on their home loan. Their equity gets an additional...

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Rents have increased significantly this year. The latest National Rent Report from Apartmentlist.com shows rents are rising at a rate much higher than the three years leading up to the pandemic:

10/29/2021

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Don't Fear Today's Real Estate Market

Buying a home doesn't have to be scary, even in a sellers' market. Let's connect today to take the fear out of the equation.

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10/27/2021

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Housing Challenge or Housing Opportunity? It Depends.

The biggest challenge in real estate today is the lack of available homes for sale. The low housing supply has caused homes throughout the country to appreciate at a much faster rate than what we’ve experienced historically.

There are many reasons for the limited number of homes on the market, but we’re well below where we’ve been for most of the past 10 years. Today, across the country, there is only a 2.4-month supply of homes available for sale.

The Opportunity

This lack of homes for sale is creating a challenge for many buyers who are growing frustrated in their search. On the other hand, this is a huge opportunity for sellers as low supply is driving up home values. According to CoreLogic, the average home has appreciated by more than $50,000 over the past year. And for many homeowners, that’s opening new doors as they re-think their needs and use...

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The biggest challenge in real estate today is the lack of available homes for sale. The low housing supply has caused homes throughout the country to appreciate at a much faster rate than what we’ve experienced historically.

10/25/2021

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Knowledge Is Power When It Comes to Appraisals and Inspections

Buying a home is one of the most important transactions in your lifetime, and it’s critical to keep your best interests in mind. Here’s a breakdown of what to expect from the appraisal and the inspection.

Put simply: when you apply for a mortgage, an unbiased appraisal – typically required by your lender – is the best way to verify the value of the home. That appraisal ensures the lender doesn’t loan you more than what the home is worth.

A buyer’s contract price may end up higher than the value of the home – this is known as an appraisal gap. In today’s market, it’s common for the seller to ask the buyer to make up the difference when an appraisal gap occurs. That means, as a buyer, you may need to be prepared to bring extra money to the table if you really want the home.

Like the appraisal, the inspection is important because it...

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Buyers in today’s market often have questions about the importance of getting a home appraisal and an inspection. That’s because high buyer demand and low housing supply are driving intense competition and leading some buyers to consider waiving those contingencies to stand out in the crowded ma...

10/22/2021

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How Supply and Demand Can Tip the Pricing Scales in Today's Market

In today's housing market, an imbalance between supply and demand is driving up home prices. Let's connect to discuss how you can tip the scales in your favor as a homebuyer.

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