Jeff Farnham of JTS Mortgage Professionals explains that because of ultra-low mortgage rates, home sales have increased exponentially along with their prices as inventory begins to shrink.
Good morning, i'm jeff farnham.
Housing market update 1.
According to data from realtor.com, homes are selling at such a rapid rate that it is making competition amongst buyers challenging.
2.
The combination of what could be the lowest mortgage rates of our lifetime, the lack of inventory, and the rush of buyers has resulted in median home prices hitting new records.
Hg: home prices hit record highs 3.
Home prices are 12.2% higher than they were just one year ago.
4.
Although property prices have been on the rise, there was a 12.9% week over week decrease seen in early- october.
5.
This was the first fall in prices since april, coupled with the lowest interest rates, what better time to buy.
Hg: increased seller confidence leading to more listings 6.
According to realtor.com's housing market recovery index, buyers may struggle to find the right home for their budget this fall, but data shows that more sellers are finding the motivation to list, providing more options for buyers than is typical for this time of the year.
7.
If you're looking to buy a home, remember, it's important to be pre-approved for a mortgage before you start looking at homes.
8.
Connect with one of our loan advisors today for your mortgage pre-approval.
Hg: call 662.329.9090 now to speak with a loan advisor ááááááááááááááááááááááááááááá áááááááááááááááááááááá hg: the right time to refinance 9.
Homeowners this year have been refinancing at more than double the rate seen in 2019, according to research from attom data solutions.
10.
According to data firm black knight, an estimated 19 million americans could refinance and lower their interest rates enough to cut their monthly mortgage payments an average of $299.
11.
What would you do with an extra $300 a month?
Hg: home equity equation 12.
We typically like to see that a refinance candidate has at least 20% equity in their home.
13.
Home equity is the value of the owner's interest in their home.
14.
It's the property's current market value minus what's still owed on your mortgage and any other liens attached to the property.
15.
As a bonus, if you have at least 20% equity, you won't need to buy or keep paying for pmi.
16.
Depending on the loan type you were financed under, the mortgage insurance may automatically fall off or you may need to refinance to get away from this additional cost.
17.
Although, if you have less than 20% equity and good credit, you
