Jeff Farnham of JTS Mortgage Professionals explains how fortunate we are that our home prices are so affordable in the south compared to other parts of the country.
Good morning, i'm jeff farnham.
Housing market update 1.
Living in the south, we are fortunate that our home prices are so affordable compared to other parts of the country.
2.
As i mentioned last week, home prices - on the national level - are 12.2% higher than they were just one year ago.
3.
According to recent redfin report, in the third quarter of 2020, the u.s. median sale price of luxury homes was $862,700; for expensive homes was $402,000; for medium-sized homes was $259,000; for affordable homes was $178,000; and for the most affordable homes, it was $90,000.
Hg: national vs.
Regional home prices 4.
Compare those median home prices with the home prices across mississippi and alabama.
The average sales price for an average sized, 3- bedroom home is about $200k.
Hg: more living space has become a priority 5.
Record low interest rates are giving buyers more purchasing power, allowing them to afford a higher- priced home.
6.
And with the current pandemic, for many families, our homes have become our office, school, gym, daycare, and more.
7.
If you're wondering how much home you could afford, contact a jts & loan advisor.
Hg: call 662.329.9090 now to speak with a loan advisor ááááááááááááááááááááááááááááá áááááááááááááááááá hg: 2021 mortgage rate predictions 8.
Industry experts have recently shared their predictions on where they believe mortgage rates are headed in 2021.
9.
The mortgage bankers association predicts the year will start off at a 3.1% average rate for 30-yr loans.
10.
Fannie mae expects an even lower 2.8%.
11.
And freddie mac projects a 3% average across the entire year.
12.
These predictions mean that rates may stay at the same record-low levels that we've seen in 2020, which will continue to drive the housing market.
Hg: virtual showings to virtual closings 13.
Since last spring, when social distancing measures were implemented around the country, many homebuyers have changed how they look for homes.
14.
By using virtual tools like video and facetime tours, real estate agents are reporting that many people are purchasing homes sight-unseen in several u.s. markets.
15.
And homebuyers are also obtaining mortgages virtually, as well.
16.
In fact, 85% of the home loans processed through jts & co.
Are now done entirely online, thanks to cutting- edge technology and tools.
17.
Even though mortgages are moving to virtual, when you work with jts & co., we still provide the personalized, friendly, and seamless service that our customers have come to expect.
18.
And you can rest assured that home loans that are processed virtually, are 100% safe and secure.
19.
If you have any questions about filling out financing forms online, contact one of our loan advisors who'd be happy to help you.
ááááááááááááááááááááááááááááá ááááááááááááá áááendingááá hg: jts & co.
Is local.
Trusted.
Experienced.
20.
At jts & co.
We are your local community mortgage advisors.
21.
We are different than the big banks, as we service each customer as if we were working with a family member or friend.
22.
We find customized financing solutions that best fit your situation - whether you are purchasing your first home, forever home, or would like to refinance your current mortgage.
23.
And, as we all know, our financial situations and home needs change over time.
24.
That's why we strive to be your lifetime mortgage advisor.
Hg: your lifetime mortgage advisors 25.
Visit our website or text jts at 33655 to get pre- qualified today.
26.
We are local, trusted, and experienced.
Hg: connect with us today: 662.329.9090 thank you for joining me today and be sure to tune in again next week!
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Jeff Farnham of JTS & Co. Mortgage Professionals explains why this winter will be one of the best housing sales seasons ever..
