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Waiting To Buy a Home Could Cost You [INFOGRAPHIC]

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  Some Highlights If you’re thinking of  buying a home  but wondering if waiting a few years will save you in the long run, think again. The longer the wait, the more you’ll pay, especially when  mortgage rates  and  home prices  rise. Even the slightest change in the mortgage rate can have a big impact on your  buying power  no matter your price point. Don’t assume waiting will save you money. Connect with your trusted real estate professional to set the ball into motion today while mortgage rates are hovering near historic lows.

Home Sellers: There Is an Extra Way To Welcome Home Our Veterans

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  Some veterans are finding it difficult to obtain a  home  in today’s market.  According  to the  National Association of Realtors  (NAR): “Conventional conforming mortgages (mortgages that conform to guidelines set by Fannie Mae and Freddie Mac), accounted for 74% of mortgages obtained by homebuyers in May 2021, an increase from about 65% during 2018 through 2019… The share of  VA-guaranteed loans   has also decreased to 7% in May 2021 from about 10% in past years .” Recent data in the latest  Origination Insight Report  from  Ellie Mae  sheds light on the continuation of this trend. Below, we can see just how small of a share of total financing VA loans made up in June of 2021, according to that  Ellie Mae  report: The drop in VA loan usage can be attributed to the difficulties veterans continue to face when buying a home.  The NAR article elaborates: “It is extremely difficult for FHA/VA buyers to get accepted in a multiple offer situation. They are on the bottom of the hierarchy.”

4 Reasons Why the End of Forbearance Will Not Lead to a Wave of Foreclosures

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  With forbearance plans about to come to an end, many are concerned the housing market will experience a wave of foreclosures like what happened after the housing bubble 15 years ago. Here are four reasons why that won’t happen. 1. There are fewer homeowners in trouble this time After the last housing crash, about  9.3 million  households lost their home to a foreclosure, short sale, or because they simply gave it back to the bank. As stay-at-home orders were issued early last year, the overwhelming fear was the pandemic would decimate the housing industry in a similar way. Many experts projected  30% of all mortgage holders  would enter the forbearance program. Only 8.5% actually did, and that number is now  down to 3.5% . As of last Friday, the total number of mortgages still in forbearance stood at   1,863,000 . That’s definitely a large number, but nowhere near 9.3 million. 2. Most of the 1.86M in forbearance have enough equity to sell their home Of the 1.86 million homeowners cur

This Week in Real Estate

  Good Morning! The National Association of Realtors reported This Week in Real Estate that the 23.4% June increase in median sales price was the 112 consecutive month of year-over-year gains, more than 9 years of straight increases. June also recorded a month-over-month increase in existing-home sales ending four consecutive months of declines. Below are a few newsworthy events from the third week of July that influence our business:  * U.S. Home Prices Spike 23.4 Percent Annually in June. The median existing-home price for all housing types in June was $363,300, up 23.4% from June 2020 ($294,400), as every region recorded price jumps. This marks 112 straight months of year-over-year gains. At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year," said Lawrence Yun, NAR’s chief economist. "Ideally, the costs for a home would rise roughly in line with in

3 Hot Topics in the Housing Market Right Now

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  If you’re a prospective buyer or seller, it’s important to understand the current real estate market conditions and how they affect you. The  Counselors of Real Estate  (CRE)  just released its  Top Ten Issues Affecting Real Estate  report. Here are three hot topics from the list and how they impact today’s housing market. Technology Acceleration and Innovation The past year ushered in many changes to the real estate industry, especially when it comes to technology. The CRE report elaborates on this: “Lockdown-driven changes in our work, in the economy, in social structures, and in our personal behavior have pushed our reluctance aside.  The acceleration and adoption of technology during the pandemic has impacted everything, and real estate is no exception. ” For real estate,  innovations  like digital documentation, virtual tours, and video chat enable agents to connect with clients no matter their location. These options are ideal for prospective buyers and sellers who aren’t local

Pop Quiz: Can You Define These Key Terms in Today’s Housing Market? [INFOGRAPHIC]

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  Some Highlights The language of buying and selling a home may sound scary at first, but knowing how key terms relate to  today’s market  can help you. For example, current low mortgage rates and higher wages positively impact  affordability  for buyers, while home price appreciation continues to grow  home equity , which sellers can use to fuel a move up. Terms like  appraisal  (what lenders rely on to validate a home’s value) and  contingencies  (which buyers can minimize to make their offer stand out) directly impact the transaction. You don’t need to be  fluent  in the language of the market to buy or sell. Instead, connect with your trusted real estate advisor so they can help you translate the process.

Today’s Real Estate Market Explained Through 4 Key Trends

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  As we move into the second half of the year, one thing is clear: the current real estate market is one for the record books. The exact mix of conditions we have today creates opportunities for both buyers and sellers. Here’s a look at four key components that are shaping this unprecedented market. A Shortage of Homes for Sale Earlier this year, the number of homes available for sale fell to an all-time low. In recent months, however,  inventory levels  are starting to trend up. The latest  Monthly Housing Market Trends Report  from  realtor.com  says: “In June,  newly listed homes grew by 5.5% on a year-over-year basis , and by 10.9% on a month-over-month basis. Typically, fewer newly listed homes appear on the market in the month of June compared to May.  This year, growth in new listings is continuing later into the summer season, a welcome sign for a tight housing market .” This is  good news for buyers  who crave more options. But even though we’re experiencing  small gains  in t