Buy or Sell with Melinda in Middle Tennessee

  How Upset Should You Be about 3% Mortgage Rates? Last Thursday,  Freddie Mac   announced  that their 30-year fixed mortgage rate was over 3% (3.02%) for the first time since last July. That news dominated real estate headlines that day and the next. Articles talked about the “negative impact” it may have on the housing market. However, we should realize two things: 1. The bump-up in rate should not have surprised anyone . Many had already  projected  that rates would rise slightly as we proceeded through the year. 2.  Freddie Mac ’s comments about the rate increase were not alarming : “The rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.” A “ muted ” rise in rates will not sink the real estate market, and most experts agree that it will be  “ a strong spring sales season .” What does this mean for you? Obviously, any buyer would rathe...

  3 Ways Home Equity Can Have a Major Impact on Your Life There have been a lot of headlines reporting on how homeowner equity (the difference between the current market value of your home and the amount you owe on your mortgage) has dramatically increased over the past few years.  CoreLogic  indicated that equity increased for the average homeowner by  $17,000  in the last year alone.  ATTOM Data Solutions , in their latest  U.S. Home Equity Report , revealed that 30.2% of the 59 million  mortgaged homes  in the United States have at least 50% equity. That doesn’t even include the  38% of homes  that are owned free and clear, meaning they don’t have a mortgage at all. How can equity help a household? Having equity in your home can dramatically impact your life. Equity is like a savings account you can tap into when you need cash. Like any other savings, you should be sensible in how you use it, though. Here are three good reasons t...

  Americans Are Gaining Confidence in the Economy The  September Jobs Report  issued by the  Bureau of Labor Statistics  reported that the unemployment rate dropped to 7.9%. Though that percentage is well below what experts projected earlier this year, it still means millions of people are without work. There’s no way to minimize the tremendous impact this pandemic-induced recession continues to have on many Americans. However, the latest  Home Purchase Sentiment Index  from  Fannie Mae  shows how more and more Americans believe the worst is behind us, and their personal employment situation is good. The index revealed: “The percentage of respondents who say they are not concerned about losing their job in the next 12 months increased from 78% to 83%, while the percentage who say they are concerned decreased from 22% to 16%. As a result, the net share of Americans who say they are not concerned about losing their job increased 11 percentage p...

  Why Selling this Fall May Be Your Best Move If you’re thinking about moving, selling your house this fall might be the way to go. Here are four highlights in the housing market that may make your decision to sell this fall an easy one. 1. Buyers Are Actively in the Market ShowingTime , a leading real estate showing software and market stat service provider, just  reported  that buyer traffic jumped 60.7% compared to this time last year. That’s a huge increase. It’s clear that buyers are ready, willing, and able to purchase – and they’re in the market right now. In many regions of the country, multiple buyers are entering bidding wars to compete for the home they want. Take advantage of the buyer activity currently in the market so you can sell your house in the most favorable terms. 2. There Are Not Enough Homes for Sale In the latest  Existing Home Sales Report , the  National Association of Realtors  (NAR) announced that there were only 1.49 million uni...

7020 Mudshark Place

Homebuyers Are in the Mood to Buy Today According to the latest  FreddieMac Quarterly Forecast , mortgage interest rates have fallen to historically low levels this spring and they’re projected to remain low. This means there’s a huge incentive for buyers who are ready to purchase. And homeowners looking for eager buyers can take advantage of this opportune time to sell as well. There’s a very positive outlook on interest rates going forward, as the  projections  from the  FreddieMac  report indicate continued lows into 2021: “Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”   With mortgage rates hovering at such compelling places, ongoing  buyer interest  is bound to keep driving the housing market forward. Rates also reached another record low last week, so homebuyers are in what  FreddieMac  is identifying as the buying mood: “While...