Category Archives: Borrowing

The 2014 Housing Market

It is always hard to predict the future in real estate, as you can never be absolutely sure what the housing market will do. However, based on past activity and current trends there are a few things believed to happen during 2014:

Interest Rates Will Rise

Throughout the year of 2013 we saw interest rates rise steadily. During the first quarter of the year, rates hovered around 3%, but as we closed out 2013 rates were just under 5%. It is believed that this trend will only continue on its upward slope throughout 2014, and interest rates on mortgage loans will begin to approach the mid-5% to 6% range.

Home Sales Will Increase

The numbers have shown the strength of the housing market is only getting better. More people are becoming increasingly optimistic about buying a home. Furthermore, Generation Y—the largest generation since the Baby Boomers—is moving into the “ready stage” when it comes to making an investment in real estate. With interest rates rising at a steady rate, many people are looking to buy sooner rather than later.

Demand Will Exceed Supply

The surge of homes sales will likely cause a shortage of inventory, similar, if not worse, to what we saw in 2013. To satisfy the demands of all the home buyers, it is probable that 2014 will bring excellent opportunity for builders and real estate professionals.

Happy New Year

Source: Keeping Current Matters: “KCM’s Housing Predictions for 2014”

Get Pre-Approved For a Mortgage Loan Before You Shop

Financing Your New Home

So, you’ve made your decision to buy a home! How exciting! Let’s start looking! …Not so fast. Now is the time to ask the most important question: How much can you afford?

Many people get caught up in the excitement of shopping for a house and bypass this step of the home buying process, thinking they will just come back to it once they’ve found the property they want to purchase. But making this the step of the process an early one is vital when it comes to minimizing the potential of problems that could happen later in the journey. Suppose you find the home of your dreams, but the price exceeds what you expected to qualify for, or an issue on your credit report keeps you from a loan approval, or the lending process takes longer than you anticipated and by the time you set up your financing the house has sold to someone else! Now you are back to square one.

Prior to shopping for homes, contact a mortgage lender and get pre-approved. Mortgage consultants evaluate your finances and work with you to define parameters that will allow you to find a home that compliments the needs of your lifestyle and your wallet comfortably. This helps you go into your home search with a definitive price range and avoid falling in love with a property you can’t afford. When the time comes to make an offer on a house you’ve found, your pre-approval will allow you move forward quickly and confidently, as well as make you more appealing to sellers.

Remember, buying a home is one of the biggest investments you will make in your lifetime, so while it is important not to postpone this step, it is also important not to rush it. Make sure you take the time to shop around to compare interest rates and financing options offered by different lenders. This will better lead you to a loan that best fits your real estate needs.

3 Reasons to Sell Your Home Now!

Been tossing around the idea of selling your home but just been waiting for the “right” time? Stop hesitating because that right time is right now! ­ Here are 3 reasons why it is a great time to sell your house.

1. Inventory is extremely low

Buyer demand is high, but inventory supply is low. It’s Economics 101. And it is happening nationwide. Homes are selling fast as buyers are competing to snatch up what they can get before someone else does.

2. Prices are on the rise

supply_demand

In this low inventory market, the fight is buyers versus buyers and it’s the homes for sale that are the prize to be won. Home buyers are facing multiple offer situations which in turn create bidding wars. Buyers are trying to outbid the other offers, ultimately driving up home prices.

3. Mortgage rates are low, but on the rise

Rates

Mortgage rates have been staying near record lows, hovering around 3%, but we knew it was only a matter of time before that can change. Interest rates have shown a steady increase over the past few weeks, reaching 4.125% just yesterday. If a new home is anywhere in your near future, you may want to lock in one of these lower rates sooner rather than later.

Click Here to see today’s current interest rates.

In this current market sellers have the advantage. This is a low-risk time to sell your home, offering benefits that won’t last forever—don’t let it pass you by!

Kentucky and Indiana Mortgage Rates for December 26, 2012

Below you can see the mortgage rates from December 26, 2012.
Please click the image below to view additional mortgage rates.122612
These rates are provided to you by HomeServices Lending. Semonin Realtors® is not a mortgage lender; please contact HomeServices Lending directly to learn more about its mortgage products and your eligibility for such products.

Kentucky and Indiana Mortgage Rates for December 18, 2012

Below you can see the mortgage rates from December 18, 2012.
Please click the image below to view additional mortgage rates.121812These rates are provided to you by HomeServices Lending. Semonin Realtors® is not a mortgage lender; please contact HomeServices Lending directly to learn more about its mortgage products and your eligibility for such products.

Kentucky and Indiana Mortgage Rates for December 11, 2012

Below you can see the mortgage rates from December 11, 2012.
Please click the image below to view additional mortgage rates.

121112

These rates are provided to you by HomeServices Lending. Semonin Realtors® is not a mortgage lender; please contact HomeServices Lending directly to learn more about its mortgage products and your eligibility for such products.

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