It’s a new year AND a new market! While prices are normalizing and rates are projected to rise again – there is still a lot of good news out there! Today’s blog is a reminder not to get sidelined when looking at the bigger picture. While much of this data applies to buyers – it’s relevant to sellers too as they assess their short and long-term goals and who will be looking at their home as well.
RATES. Mortgage News Daily reported that today’s most prevalent rates include 4.5% for a 30-year fixed. If you can recall the double digit rates of the 80’s – this is not bad news. Heck… it’s not even 5%. Put everything you hear in perspective. First of all, rates are NOT as bad as they have been for many generations before us. Second, CNBC re-visited the strategy of using funds to buy down points (and maybe even getting a tax deduction for it – ask your tax professional). The moral of the story is that accurate information plus a well-planned strategy will virtually always get you where you want and need to be.
VALUES. At year end, many of the news sources we reviewed estimated an annual, nationwide gain of 3% price appreciation for homes. That may be a smaller gain than we have seen before – but it is far from a loss and likely a conservative estimate for Silicon Valley. Be sure to contact an active, full-time, local real estate professional for an accurate price estimation of your home in it’s current condition before you decide to make a move or not.
BE GONE BUYER MYTHS. Many of the myths in the market today are related to buyers, through no fault of their own. Online searches and media reports tend to perpetuate inaccurate data – which often scares buyers away before they can even make an informed and timely decision. Review the myths below and be sure to reach out if you need advice from a trusted mortgage lender or experienced real estate agent!
Much like 2018… many of the myths and misconceptions of the market are now behind us. Now the question is what are you gong to do with what you know… and how can I help?!
All my best,
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/