According to the National Association of Realtors®’ 2017 National Housing Pulse Survey, 84% of Americans believe that buying a home is a good financial decision. This is the highest percentage since 2007. Those surveyed pointed out five great reasons why they believe becoming homeowners is a good financial decision:
1. Homeownership means the money you spend on owning a home goes towards building equity, rather than building a landlord’s equity.
2. Homeownership creates the opportunity to pay off a mortgage and own your home by retirement age.
3. Homeownership is an investment that builds long-term wealth and increases your net worth.
4. Homeownership means a stable and predictable monthly mortgage payment.
5. Homeownership allows for various deductions on federal, state, and local income taxes, contact your tax account to see how!
The majority of Americans strongly agree that homeownership helps create safe, secure, and stable environments.
Homeownership has always been and always will be a crucial part of the American Dream.
1. Demand is high due to low inventory within Mount Airy and surrounding communities.
Buyer demand remains very strong throughout the vast majority of Maryland. These buyers are ready, willing and able to purchase… and are in the surrounding market right now! Multiple buyers are competing with each other to buy a home.
2. Listing Competition is Low
In April, housing inventory in Mount Airy, MD was at a 2.9-month supply, well under the 4.2 5-year average. This means, in the majority of the 21771 zip code, there are not enough homes for sale to satisfy the number of buyers. This is good news for home sellers in our region.
Mount Airy homeowners are now seeing a return to positive equity as values have increased over the last 5 years. Some of these homes will be coming to the market soon.
Buyers home choices have will continue to rise. Don’t wait until all this other inventory of homes comes to market before you sell.
3. Expect a Speedy Process
As the market strengthens, banks will receive more applications and process more loans causing slower turnaround times. Selling now will help avoid this delay.
4. This is a Great Time to Move Up
If you are moving up to a larger, more expensive home, consider doing it now before interest rates rise. According to CoreLogic, prices are projected to appreciate by 4.9% over the next year.
You can also lock in your 30-year housing expense with a lower interest rate right now. Rates are projected to increase in the next year.
Have you noticed an increase in mortgage interest rates? We have too! According to Freddie Mac, we have gone from 3.42% last September to the current 4.1%. But as interest rates increased, we have also seen a decrease in the requirements to obtain a loan.
The Mortgage Bankers Association (MBA) quantifies the availability of mortgage credit each month with their Mortgage Credit Availability Index (MCAI). According to the MBA, the MCAI is: “A summary measure which indicates the availability of mortgage credit at a point in time.” Basically, the higher the index, the easier it is to get a mortgage. Luckily for home shoppers, the MCAI over the last several months has increased.
The down payment required to buy a home has also reduced over the years. To buy a home, you don't need to make a 20% down payment. Some qualified borrowers can actually get into a home for as little as 0% down!
In a nutshell, it is easier to get a mortgage today than it has been at any other time in the last ten years. Send us a message or call us at 240-793-4118 if you want to discover your borrowing power!
#getamortgage, #mortgagerates, #buyingahome
In most real estate transactions, there are fees that go along with the closing. A recent survey by ClosingCorp revealed that more than 1/2 all homebuyers are taken aback by the closing costs associated with obtaining their mortgage. “Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title, insurance and appraisal fees.” Knowing this information prior to closing can put your mind at ease, and avoid unexpected hits to your wallet at the settlement table. Our advice is to speak with your lender and agent from the get-go to learn the fees that you're responsible for paying at closing.
Does the idea of buying a home have your stomach in knots? Take a deep breath, and give us a call. Let The Home Force Team help you to buy your Maryland or Virginia home with confidence.
#buyingahome, #mortgageinsurance, #homeforceteam, #marylandrealestate
Happy Tuesday! We hope that you're enjoying this unusually warm weather as much as we are!
We recently came across an interesting fact that we felt compelled to share. The National Association of Realtors (NAR) reported that the median time that a family stays in their home has increased drastically, by almost 50%! For 23 years (1985-2008), the median tenure averaged 6 years. However, since 2008, that average has raised to almost 9 years.
Reasons for this increase include the trend toward more conservative spending and an emphasis on saving as many homeowners were left in a negative equity situation after the housing crisis. With the economy bouncing back and wages starting to increase, many homeowners are in a much better financial situation.
Would you like to know the value of your home? Click here!
#realestatetrends, #realestate #realestatemarkettrends