http://townandcountryrealty.org/blog/archive_202104/sort_entrydatetime-desc/ This year, mortgage rates have started to slowly climb above recent record-breaking lows. Many homeowners planning to move may feel like they’ve missed the chance to score a great rate on their next mortgage. In reality, there’s still time to secure a rate far below the historic norm. Here’s why.After creeping up for seven consecutive weeks, average mortgage rates have dropped more recently (See graph below). With rates taking a slight dip over the past two weeks at the same time the inventory of houses for sale is so low, homeowners today are sitting in the optimal seat to sell. What’s the advantage of selling your house now? Securing a low mortgage rate on your next home.To take advantage of today’s real estate market, experts are encouraging homeowners to act now before interest rates climb. Danielle Hale, Chief Economist at realtor.com , explains:“…mortgage rates slid for a second week … but we don’t expect rates to stay at this level for too long.”Hale continues to say:“For sellers, getting in early optimizes odds of a quick sale at a good price before there’s too much competition, but that means acting now … In this environment, sellers probably really can’t go wrong, and that’s especially true in the nation’s hottest housing markets where homes are selling quickly and getting the greatest number of viewers online.”Most experts agree that rates will continue to trend upward. Sam Khater, Chief Economist at Freddie Mac, states:“Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year.”In addition, Freddie Mac recently released their Quarterly Forecast, which notes:“We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.” (See graph below):While buyers everywhere want to secure the lowest rate possible, it’s important to remember that today’s rates are still much lower than the historic norm. Odeta Kushi, Deputy Chief Economist at First American, emphasizes:“While mortgage rates have trended up in recent months, they are still historically low, so relative to one year ago, housing actually is still more affordable and that’s really thanks to this low mortgage rate environment we find ourselves in.”Bottom LineIf you’re thinking of moving, don’t miss the opportunity to secure a great rate on your next home mortgage. Contact a real estate professional today to help you get your house ready to sell so you can find your dream home while mortgage rates are still low. http://townandcountryrealty.org/blog/195/planning-to-move?-you-can-still-secure-a-low-mortgage-rate-on-your-next-home/ Thu, 29 Apr 2021 04:23:27 -0500 https://www.bhg.com/gardening/flowers/perennials/perennial-plant-combinations/?did=627330-20210426&cmp=bhgdailyinspiration_042621&utm_campaign=bhg-daily-inspiration_newsletter&utm_source=bhg.com&utm_medium=email&utm_content=042621&cid=627330&mid=56142592121 http://townandcountryrealty.org/blog/196/24-perennial-plants-that-look-amazing-all-summer-long/ Wed, 28 Apr 2021 05:20:40 -0500 Homeowners ready to make a move are definitely in a great position to sell today. Housing inventory is incredibly low, driving up buyer competition. This gives homeowners leverage to sell for the best possible terms, and it’s fueling a steady rise in home prices.In such a hot market, houses are selling quickly. According to the National Association of Realtors (NAR), homes are typically on the market for just 18 short days. Despite the speed and opportunity for sellers, there are still steps you can take to prep your house to shine so you get the greatest possible return.1. Make Buyers Feel at HomeOne of the ways to make this happen is to take time to declutter. Pack away any personal items like pictures, awards, and sentimental belongings. The more neutral and tidy the space, the easier it is for a buyer to picture themselves living there. According to the 2021 Profile of Home Staging by NAR:“82% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.”Not only will your house potentially attract the attention of more buyers and likely sell quickly, but the same report also notes:“Eighteen percent of sellers’ agents said home staging increased the dollar value of a residence between 6% and 10%.”As Jessica Lautz, Vice President of Demographics and Behavior Insights for NAR, says:“Staging a home helps consumers see the full potential of a given space or property…It features the home in its best light and helps would-be buyers envision its various possibilities.”2. Keep It CleanOn top of making an effort to declutter, it’s important to keep your house neat and clean. Before a buyer stops by, be sure to pick up toys, make the beds, and wash the dishes. This is one more way to reduce the number of things that can distract a buyer from the appeal of the home.Ensure your home smells fresh and clean as well. Buyers will remember the smell of your house, and according to the same report from NAR, the kitchen is one of the most important rooms of the house to focus on if you want to attract more buyers.3. Give Buyers AccessBuyers are less likely to make an offer on your house if they aren’t able to easily schedule a time to check it out. If your home is available anytime, that opens up more opportunities for multiple buyers to go from curious to eager. It also allows buyers on tight schedules to still get in to see your house.While health continues to be a great concern throughout the country, it’s important to work with your agent to find the best safety measures and digital practices for your listing. This will drive visibility and create access options that also keep everyone in the process safe. 4. Price It RightEven in a sellers’ market, it’s crucial to set your house at the right price to maximize selling potential. Pricing your house too high is actually a detriment to the sale. The goal is to drive high attention from competing buyers and let bidding wars push the final sales price up.Work with your trusted real estate professional to determine the best list price for your house. Having an expert on your side in this process is truly essential.Bottom LineIf you want to sell on your terms, in the least amount of time, and for the best price, today’s market sets the stage to make that happen. Contact a local real estate professional today to determine the best ways to maximize the sale of your house this year. http://townandcountryrealty.org/blog/194/4-tips-to-maximize-the-sale-of-your-house/ Tue, 27 Apr 2021 04:11:07 -0500 One of the biggest hurdles homebuyers face is saving for a down payment. As you’re budgeting and planning for your home purchase, you’ll want to understand how much you’ll need to put down and how long it will take you to get there. The process may actually move faster than you think.Using data from the U.S. Department of Housing and Urban Development (HUD) and Apartment List, we can estimate how long it might take someone earning the median income and paying the median rent to save up for a down payment on a median-priced home. Since saving for a down payment can be a great time to practice budgeting for housing costs, this estimate also uses the concept that a household should not pay more than 28% of their total income on monthly housing expenses.According to the data, the national average for the time it would take to save for a 10% down payment is right around two and a half years (2.53). Residents in Iowa can save for a down payment the fastest, doing so in just over one year (1.31). The map below illustrates this time (in years) for each state:What if you only need to save 3%?What if you’re able to take advantage of one of the 3% down payment programs available? It’s a common misconception that you need a 20% down payment to buy a home, but there are actually more affordable options and down payment assistance programs available, especially for first-time buyers. The reality is, saving for a 3% down payment may not take several years. In fact, it could take less than a year in most states, as shown in the map below:Bottom Line Wherever you are in the process of saving for a down payment, you may be closer to your dream home than you think. Talk to your local real estate professional to learn more about the down payment options available in your area and how they support your plans. http://townandcountryrealty.org/blog/193/how-much-time-do-you-need-to-save-for-a-down-payment?/ Thu, 22 Apr 2021 06:28:33 -0500 The financial benefits of buying a home as compared to renting one are always up for debate. However, one element of the equation is often ignored – the ability to build wealth as a homeowner.Most experts are calling for home prices to continue appreciating over the next several years. The most recent Home Price Expectation Survey, a survey of over one hundred economists, real estate experts, and investment and market strategists, expects home appreciation to increase as follows:·        2021: 6%·        2022: 4.5%·        2023: 4%·        2024: 3.6%·        2025: 3.5%Using their annual projections, the graph below shows the equity build-up a purchaser could earn, using a $350,000 home as an example:A homeowner could increase their net worth by over $80,000 in five years. That’s an average of $16,000 annually. That number should be in any equation determining the financial benefits of owning a home compared to renting.Bottom LineHomeowners are going to make a substantial amount of money in home equity over the next five years. If you’re ready to buy a home, talk with a real estate professional today so you can enjoy this great benefit as well. http://townandcountryrealty.org/blog/192/82338-great-reasons-to-buy-a-home-today/ Tue, 20 Apr 2021 06:21:29 -0500