Hire a Skilled Agent: Select a trustworthy agent to guide you through negotiations and options. Financial Preparation is Key: Save 3-5% of your home's price for unforeseen costs. Get Preapproved for a Mortgage: Understand your budget and show sellers your seriousness....
Mortgage rates have fallen but are still high, not enough to lower home prices. Capital Economics predicts a 5% increase in home prices this year due to tight supply and increased demand. Affordability may improve as mortgage payments decrease, but supply will remain low. Existing home sales are expected to increase, but new home sales and single-family home starts will still be below previous...
Consider your urgency: urgent situations (foreclosure, relocation) require quicker home-selling strategies, especially with agent assistance. Establish an optimal price with agent assistance to expedite sales, enticing buyers and boosting activity....
The choice between a fixed-rate and adjustable-rate mortgage is important due to its long-term impact on repayment costs. Fixed-rate mortgages offer payment certainty, while adjustable rates start lower and can be appealing in a high-rate environment. However, they can lead to higher payments after the initial fixed period. It's crucial to understand the potential risks and benefits of each option...
A 5-year fixed mortgage offers stability and predictability for homebuyers. It locks in the interest rate for five years, providing a sense of security. The advantages include stable budgeting, lower short-term rates, and protection against rate increases. However, there are also disadvantages such as potential higher rates on renewal, penalties for early repayment, and missed opportunities for lower...
Low inventory favors sellers, discouraging buyers amid high mortgage rates and soaring home prices. Modest home price growth and a continued seller's market due to a new norm of higher rates in 2024 is anticipated. Projections of 3-4% price rise face challenges with limited inventory, resulting in a 3.4-mo supply, potentially stalling sales growth....
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Georgia's affordability crisis worsens due to historic legislative reluctance for sensible housing policies. Lawmakers are set to consider tenant protection, housing diversification, and increased affordable housing funding. Atlanta's widening income gap and hindered residential developments stem from the ban on rent regulation. Lawmakers must...
Mortgage rates fell in late December 2023, with 30-year fixed rates in the 6% range. Although higher than 2020 and 2021 rates, they're lower than those in October and November 2023. Experts anticipate further cuts in 2024. Buyers can secure lower rates now by buying mortgage points, opting for an adjustable-rate mortgage, or improving their credit profile. Continue to full article...
Prospective homebuyers are concerned about high mortgage rates and limited housing inventory. However, forecasts predict that interest rates will decrease in 2024, potentially leading to a recovery in home sales. To improve their chances of homeownership, individuals are advised to increase their credit score, check credit reports for accuracy, reduce debt, apply for first-time homebuyer programs, save...
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