Newsweek’s Post

Many prospective homebuyers often face a dilemma when considering whether to buy a home amidst higher interest rates or wait for rates to potentially decrease. However, this decision can be challenging because while waiting for interest rates to drop, property prices usually continue to rise. This upward trend in property prices can put buyers at a greater disadvantage over time. As someone deeply involved in real estate as both a professional and investor, I advocate for a strategic approach: "Marry the house and date the interest rate." In essence, this means focusing more on finding the right property that meets your needs and aligns with your long-term goals, rather than solely fixating on current interest rates. By prioritizing the property itself, you can secure a valuable asset that has the potential to appreciate over time and fulfill your lifestyle and financial objectives. While interest rates certainly play a significant role in the affordability of a home purchase, they are not the sole determining factor. The key is to strike a balance between securing a property that suits your requirements and being mindful of interest rate fluctuations. Let’s discuss Ronnie First Responder Real Estate Services www.1stresponderRES.com https://lnkd.in/gYt3BgnY

🚨 Huge News For Homebuyers from Fannie Mae/Freddie Mac!!! 🚨🚨 👇🏻👇🏻👇🏻👇🏻 Fannie Mae and Freddie Mac have just increased their appraisal waiver programs from 80% to 90% LTV/TLTV. This means more home buyers will be able to put just 10% down and avoid the expense and waiting period of a traditional appraisal. These waivers allow lenders to underwrite loans without an appraisal, using historical data and public records instead. In addition, the pair's more robust inspection-based appraisal waivers will allow LTVs as high as 97%, meaning just 3% down w/o an appraisal. Freddie Mac says the move will help lower-income borrowers, including many first-time homebuyers. Fannie Mae says, "Responsibly increasing the eligibility for valuation options that leverage data- and technology-driven approaches can also help reduce costs for borrowers." The changes are expected to go live in Q1 2025. To date, Freddie Mac’s ACE waivers have saved borrowers more than $1.63B in appraisal fees, while Fannie Mae's appraisal alternatives have saved more than $2.5B. Perhaps not good news for appraisers. But faster, cheaper, and easier closings for home buyers.

🏡 First-Time Homebuyers in BC—Feeling Stuck? With soaring prices and tough competition, breaking into the BC housing market isn't easy. But don’t give up! From credit tips to tax incentives, there are strategies to help you secure your first home. 🔍 Curious? Read our latest blog to discover creative ways first-time buyers are navigating the market in Victoria and beyond. Check it out now! 👇 https://lnkd.in/gkBVmk9h #BCRealEstate #FirstTimeHomebuyers #DFritzAppraisals #VictoriaRealEstate

Are homebuyers waiting for lower rates? A recent survey shows many prospective buyers are holding off, hoping for rates below 3%. While some market segments are quieter, not everyone is waiting. Investors and motivated buyers are still active, but overall caution seems to be the trend. This pause could lead to increased competition when rates drop, though it's uncertain if waiting will truly benefit buyers. Staying informed and proactive could be the key to success in a shifting market. I’d love to hear your thoughts!

Fed Rate Cuts: A Golden Opportunity for Homebuyers? This article by Bob Gordon discusses the fed rate cuts and what they mean for homebuyers. It also talks about what a great time of year it is to buy a home while every other buyer is thinking of the impending holidays! Check it out at https://lnkd.in/gsAgNjZx Additional resources via Joe Boylan, and Michelle Gibson #RealEstate #MortgageUpdated

There is no reason to expect major home price corrections in most markets, and affordability will still be a concern. But lower rates and less rapid price growth will bring some relief for homebuyers: #realestate #interestrates #supplydemand

It is so important to start your home purchase pre-approval before you look for homes with your Realtor. You need to be prepared for the monthly mortgage payment, down payment requirements, and closing costs. Reach out to me to review your home purchase options.

You've probably heard the term "lock-in effect," especially if you're currently shopping for a home. Theis phenomenon is likely the biggest reason for the massive housing inventory shortage. In my latest blog, I break down what the lock-in effect is and show why it's wreaking havoc for homebuyers. Please check it out. 😊

An all-time high in home equity presents a bright opportunity for homeowners. Thank you Brent Nyitray for sharing: Home prices rose 5.6% year-over-year in March, according to the ICE Home Price Index: “Such strong price gains continue to plague would-be homebuyers in today’s higher-rate environment, but for existing homeowners the picture keeps growing brighter . . . Homeowners with mortgages closed out the first quarter of 2024 with just a hair under $17T in home equity – an all-time high. Of that, a record $11T is tappable, meaning available for a homeowner to leverage while retaining a 20% equity cushion in the property. On average, that works out to roughly $206K in tappable equity per mortgage holder. Just five West Coast markets – Los Angeles, San Francisco, San Jose, San Diego, and Seattle – account for nearly a quarter of all tappable equity available” Thedailytearsheet.com

A 20% down payment may be the standard, but it's not set in stone. According to a recent analysis, homebuyers are paying different amounts. Check out the article to learn more about how much you need for a home down payment. #homebuying #homepurchase #realestate #downpayment