JTS Mortgage Minute 12/01/20 - Bidding Wars, Down Payment Assistance

Tyler Farnham, from JTS & Co., tells us about the benefits of hiring a loan advisor during bidding wars.

Also, he reveals tricks to helps afford those down payments.

Good morning, i?m tyler farnham.

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I hope everyone had a wonderful thanksgiving holiday!

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According to a recent redfin report, more than half of the offers placed by redfin clients in october were met with intense bidding wars.

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The reasons for this sustained buyer competition are record-low mortgage rates, a shortage of homes for sale, and increased remote work opportunities.

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Also according to redfin, for the 4-week period ending november 8, the median home sale price increased 15% year-over-year, the highest on record.

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Redfin also stated that 43% of homes that went under contract for the 4-week period ending november 8 had an accepted offer within the first two weeks on the market.

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This measure typically peaks in april or may and declines through the end of the year, but this year it has held relatively steady since late-june and is currently 13 points higher than it was at this time a year ago.

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The redfin report also showed the average sale-to- list price ratio for the same period, which measures how close homes sell to their asking prices, rose to 99.5%?an all-time high and 1.5 percentage points higher than a year earlier.

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In today?s competitive market, working with the right real estate agent can mean selling your home faster and/or getting your offer accepted when you find your dream home.

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The best realtors are those who can get creative, play hardball in negotiations, and help you stand out from the pack in a bidding war ?

All of which are valuable benefits over those who don?t use a real estate agent.

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Realtors may also have access to show you homes that haven?t officially hit the market yet, which means that you would be competing against less buyers.

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Remember, working with an agent when you are buying or selling a home gives you many advantages, so don?t hesitate to find the right realtor to help you meet your real estate goals.

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What is holding back potential homebuyers?

Most say it?s saving for a down payment.

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According to nar?s 2020 profile of home buyers and sellers, 47% of potential homebuyers said student loan debt was the biggest obstacle in saving for a down payment.

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Additionally, 43% cited high rent/mortgages, and 36% cited credit card debt as factors getting in the way of saving for a down payment.

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If you want to buy a home but are struggling with a down payment, we may have a solution for your situation.

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Speak to a jts & co.

Loan advisor, and see if you qualify for a low or zero down payment loan program.

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There?s some cautiously optimistic news that an effective covid-19 vaccine could be available in the near the future.

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But how does vaccine news affect the housing industry?

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Experts are predicting that an effective covid-19 vaccine will lead to a rise in mortgage rates.

This is because having a vaccine would strengthen the economy, and interest rates tend to rise with positive economic forecasts.

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Therefore, if you're considering buying a home or refinancing your current mortgage, you may want to act sooner rather than later, while interest rates are still at record lows.

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Call to speak with one of our loan advisors today!

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At jts & co.

We are your local mortgage advisors that you can trust to handle all of your home loan needs.

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We expertly match you with the mortgage that makes the most sense for your situation.

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Whether you are buying or refinancing, our loan advisors will guide you from application to closing with our knowledge, expertise, and personalized customer care.

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Jts & co.

Is your lifetime mortgage advisor, from your first home purchase to your last and any refinance in between.

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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 remember to tune in again next week!