Jeff Farnham of JTS & Co.
Mortgage Professionals explains why this winter will be one of the best housing sales seasons ever with low mortgage rates and limited housing inventory.
Good morning, i?m jeff farnham.
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According to the golden triangle realtor association, which covers 7 counties in central mississippi,?the yearly market comparison of residential properties across the entire mls, shows a 2.3% decrease in the number of sold listings for the month of october.
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Year-to-date total number of new listings is down by 6.2% but this number for the month of october alone was only down by 1 new listing.
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Listings may be down but the number of sold listings year-to- date is up by 2.4%.
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Residential properties across the entire mls are selling 7 days faster than they were a year ago.
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On the national level, nar reported at the end of october that pending home sales?were up 20.5% year-over- year.
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Also according to the nar, new build home sales are up 16.9% year- to-date.
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The mortgage bankers association projects a 2.4% jump in home prices in 2021, while freddie mac expects an increase of 2.6%.
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Mba and fannie mae both predict more single-family home construction than we?ve seen in at least two years.
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So even if home prices do rise in 2021, the upside is that homebuyers may have more homes to choose from.
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And, as low interest rates are predicted to stay at this year?s record-lows, that can help soften the impact of higher home prices.
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If you?re considering buying a home now or in the coming year, contact a jts & co.
Loan advisor to help determine your homebuying budget and obtain your mortgage pre-qualification.
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In late-august, refiguide.org released a report on the most affordable places to buy a home in america.
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Jackson, mississippi came in at number two!
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What?s also interesting, but not necessarily surprising, is that every city on this most affordable list is located in the south or midwest.?
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Typically, the housing market slows down considerably in the winter, especially during the holidays.
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However, nar predicts that this upcoming winter ?will be one of the best winter sales years ever.?
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This is due to a perfect storm of low mortgage rates, limited housing inventory, and the pandemic that's changed how, when, and where buyers are shopping for homes.
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At jts & co.
We are your local mortgage advisors located right here in your community.
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Unlike the big lenders, we provide each customer with personalized service based on your unique situation, and contrary to advertised belief, you can?t just push a button because there are many types of loans designed to fit different circumstances.
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There is no one- size-fits-all home loan and we?re experts at finding your best matched mortgage ?
Whether you are buying your first home, forever home, or refinancing.
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As your financial situation and housing needs change over time, we can expertly handle all of your home loans, now and in the future.
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Jts & co.
Is your lifetime mortgage advisor.
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Visit our website or text jts at 33655 to get pre- qualified today.
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We are local, trusted, and experienced.
Thank you for joining me today and be sure to tune in again next week!
Jeff Farnham of JTS & Co. Mortgage Professionals explains how fortunate we are that our home prices are so affordable in the..
