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Thursday, February 17, 2022   /   by Mikayla Gorman

4 Simple Graphs Showing Why This Is Not A Housing Bubble

A recent survey revealed that many consumers believe there’s a housing bubble beginning to form. That feeling is understandable, as year-over-year home price appreciation is still in the double digits. However, this market is very different than it was during the housing crash 15 years ago. Here are four key reasons why today is nothing like the last time.
1. Houses Are Not Unaffordable Like They Were During the Housing Boom
The affordability formula has three components: the price of the home, wages earned by the purchaser, and the mortgage rate available at the time. Conventional lending standards say a purchaser should not spend more than 28% of their gross income on their mortgage payment.
Fifteen years ago, prices were high, wages were low, and mortgage rates were over 6%. Today, prices are still high. Wages, however, have increased, and the mortgage rate, even after the recent spike, is still well below 6%. That means the average purchaser today pays . ...

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  2022, home prices, housing market, keeping current matters, real estate, foreclosures, jason gorman real estate team, home equity, home seller, housing inventory, mortgage rates, spring market, buyers, housing supply, sellers market, buying a home, first time home buyer, student loans

Tuesday, February 15, 2022   /   by Mikayla Gorman

What Every Seller Needs To Know About Renovating This Year

If you’re planning to sell this year, you’re probably thinking about what you’ll need to do to get your house ready to appeal to the most buyers. It’s crucial to work with a trusted real estate professional who knows your local market to get your home ready to sell. But there are a few things you should consider when deciding what to renovate and update before listing this season. Here are three things to keep top of mind as you’re making your list of projects to tackle this year.

1. The Number of Homes for Sale Is Very Low

Housing inventory sits far below what is normally considered a balanced market. In fact, according to the National Association of Realtors (NAR), the latest data indicates inventory is hitting an all-time low. Because there’s such a limited supply of homes available for sale, you’re in a unique position when you sell your house to benefit from multiple offers and a quick process.

But you want to do so. ...

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  2022, home prices, housing market, keeping current matters, real estate, foreclosures, jason gorman real estate team, home equity, home seller, housing inventory, mortgage rates, spring market, buyers, housing supply, sellers market, buying a home

Thursday, February 10, 2022   /   by Mikayla Gorman

Want Top Dollar For Your House? Now’s The Time To List It.

When you’re selling any item, you usually want to sell it for the greatest profit possible. That happens when there’s a strong demand and a limited supply for that item. In the real estate market, that time is right now. If you’re thinking of selling your house this year, here are two reasons why now’s the time to list.
1. Demand Is Very Strong This Winter
A recent article in Inman News explains:

“Spring, the hottest time of year for homebuyers and sellers, has started early, according to economists. . . . ‘Home shopping season appears to already be in full swing!’”

And they aren’t the only ones saying buyers are already out in full force. That claim is backed up with data released last week by ShowingTime. The ShowingTime Showing Index tracks the average number of monthly buyer showings on active residential properties, which is a highly reliable leading indicator of current and future tre. ...

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  2022, home prices, housing market, keeping current matters, real estate, foreclosures, jason gorman real estate team, home equity, home seller, housing inventory, mortgage rates, spring market, buyers, housing supply, sellers market

Tuesday, February 8, 2022   /   by Mikayla Gorman

Don’t Let Student Loans Delay Your Homeownership Dreams

If you’re looking to buy a home, you may be wondering how your student loan debt could impact those plans. Do you have to wait until you’ve paid off your student loans before you can buy your first home? Or could you qualify for a home loan with that debt?

To give you the answers you’re searching for, let’s take a look at what recent data shows. That way, you know what to expect and what to do next to achieve your dream of becoming a homeowner. While everyone’s situation is unique, your goal may be more within your reach than you realize.

Do you have to delay your plans because of student loans?

If you’re worried your student loans mean you have to put your homeownership goals on hold, you’re not alone. In fact, many first-time buyers believe they have to delay their plans. According to data from the National Association of Realtors (NAR):


“When asked specifically about . ...

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  2022, home prices, housing market, keeping current matters, real estate, foreclosures, jason gorman real estate team, home equity, home seller, housing inventory, mortgage rates, spring market, buyers, housing supply, sellers market, buying a home, first time home buyer, student loans

Friday, February 4, 2022   /   by Louetta Larson

The Top Indicator if You Want To Know Where Mortgage Rates Are Heading

Mortgage rates have increased significantly since the beginning of the year. Each Thursday, Freddie Mac releases its Primary Mortgage Market Survey. According to the latest survey, the average 30-year fixed-rate mortgage has risen from 3.22% at the start of the year to 3.55% as of last week. This is important to note because any increase in mortgage rates changes what a purchaser can afford. To give you an idea of how rising mortgage rates impact your purchasing power, see the table below:


How Can You Know Where Mortgage Rates Are Headed?

While it’s always difficult to know exactly where mortgage rates will go, a great indicator of where they may head is by looking at the 50-year history of the 10-year treasury yield, and then following its path. Understanding the mechanics of the treasury yield isn’t as important as knowing that there’s a correlation between how it moves and how mortgage rates follow. Here’s a graph showin ...

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  2022, home prices, housing market, keeping current matters, real estate, foreclosures, jason gorman real estate team, home equity, home seller, housing inventory, mortgage rates, spring market, buyers, housing supply, sellers market, buying a home