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Tuesday, July 12, 2022   /   by Mikayla Gorman

The Drop in Mortgage Rates Brings Good News for Homebuyers

The Drop in Mortgage Rates Brings Good News for Homebuyers





Over the past few weeks, the average 30-year fixed mortgage rate from Freddie Mac fell by half a percent. The drop happened over concerns about a potential recession. And since mortgage rates have risen dramatically this year, homebuyers across the country should see this decline as welcome news.

Freddie Mac reports that the average 30-year rate was down to 5.30% from 5.81% two weeks prior (see graph below):


But why is this recent dip such good news for homebuyers? As Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains:


“According to Freddie Mac, the 30-year fixed mortgage rate dropped sharply by 40 basis points to 5.3 percent. . . . As a result, home buying is about 5 percent more affordable than a week ago. This translates to about $100 less every month on a mortgage pay ...

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

Thursday, July 7, 2022   /   by Mikayla Gorman

What Does an Economic Slowdown Mean for the Housing Market?

What Does an Economic Slowdown Mean for the Housing Market?





According to a recent survey, more and more Americans are concerned about a possible recession. Those concerns were validated when the Federal Reserve met and confirmed they were strongly committed to bringing down inflation. And, in order to do so, they’d use their tools and influence to slow down the economy.

All of this brings up many fears and questions around how it might affect our lives, our jobs, and business overall. And one concern many Americans have is: how will this affect the housing market? We know how economic slowdowns have impacted home prices in the past, but how could this next slowdown affect real estate and the cost of financing a home?

According to Mortgage Specialists: 


“Throughout history, during a recessionary period, interest rates go up at the beginning of the recession. But in order to come out of a recession, interest ra ...

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

Tuesday, July 5, 2022   /   by Mikayla Gorman

Is Homeownership Still the American Dream?

Is Homeownership Still the American Dream?





Defining the American dream is personal, and no one individual will have the same definition as another. But the feelings it brings about – success, freedom, and a sense of prosperity – are universal. That’s why, for many people, homeownership remains a key part of the American dream. Your home is your stake in the community, a strong financial investment, and an achievement to be proud of.

A recent survey from Bankrate asked respondents to rank achievements as indicators of financial success, and the responses prove that owning a home is still important to so many Americans today (see graph below):


As the graph shows, homeownership ranks above other significant milestones, including retirement, having a successful career, and earning a college degree.

That could be because owning a home is a significant wealth-building tool and provides meaningful fi ...

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

Thursday, June 30, 2022   /   by Mikayla Gorman

If You’re Selling Your House This Summer, Hiring a Pro Is Critical

If You’re Selling Your House This Summer, Hiring a Pro Is Critical





It can be tempting, especially with how hot the housing market has been over the past two years, to consider selling your home on your own. But today’s market is at a turning point, making it more essential than ever to work with a real estate professional.

Not only will a trusted real estate advisor keep you updated and help you make the best decisions based on current market trends, but they’re also experts in managing the many aspects of selling your house.

Here are five key reasons why working with a real estate professional makes sense today.

1. A Professional Follows the Latest Market Trends

With higher mortgage rates, rising home prices, and a growing number of homes for sale, today’s housing market is showing signs of a shift back toward more pre-pandemic levels. When conditions change, following the trends and staying on top of ...

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

Tuesday, June 21, 2022   /   by Louetta Larson

The Average Homeowner Gained $64K in Equity over the Past Year

If you own a home, your net worth likely just got a big boost thanks to rising home equity. Equity is the current value of your home minus what you owe on the loan. And today, based on recent home price appreciation, you’re building that equity far faster than you may expect – here’s how it works.
Because there’s an ongoing imbalance between the number of homes available for sale and the number of buyers looking to make a purchase, home prices are on the rise. That means your home is worth more in today’s market because it’s in high demand. As Patrick Dodd, President and CEO of CoreLogic, explains:

“Price growth is the key ingredient for the creation of home equity wealth. . . . This has led to the largest one-year gain in average home equity wealth for owners. . . .”

Basically, because your home value has likely climbed so much, your equity has increased too. According to the latest Ho ...

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