Tuesday, July 26, 2022 / by Terri Christian
Since the beginning of the year, the US economy has been cooling off. After several years of strong growth, rising inflation and energy costs are affecting US households in ways not seen since the 1970s. For those who are actively involved in the buying or selling of real estate, there is confusion and fear about how the economic slowdown will affect their options.
George Ratiu is a senior economist for research with Realtor.com and in a recent article, he outlined his predictions for the second half of 2022 US Housing Market.
· Mortgage Interest Rates – As the Federal Reserve continues to tighten credit flow to slow the economy and fight inflation, expect to see rising mortgage interest rates as well. Ratiu predicts interest rates as high as 6% by the end of the year.
· Home Prices – Home prices will continue to rise, but not as quickly as we’ve seen. There are still buyers in the market who will want to jump ahead of the rising interest rates and. ...
Thursday, June 23, 2022 / by Terri Christian
Invariably, the first time you meet or speak to your real estate agent, the same prompt starts the conversation: “tell me about yourself and your real estate goals.” Seems simple enough to answer. “I need more space” or “I’m ready to downsize” are common answers. While these answers may be at the heart of the decision for change, they neglect to provide the concrete data your agent needs to identify the right prospective homes. This in turn leads to frustration and wasted time and energy—on both sides—and ultimately will not help find the best housing option for you. Before meeting with your agent, consider the specifics of what you need. For example, when explaining that you need more space, be specific about what that means. Do you need more bedrooms for a home office or a new baby? Would you like to have a larger kitchen or a bigger yard? In other words, what does “space” mean to you? Discuss specifics about your life; ...