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Some Highlights

  • If you're thinking that waiting a year or two to purchase a home might mean you'll save some money, think again.

  • Mortgage interest rates are currently very low, but experts across the board are forecasting increases in both home prices and interest rates.

  • Buying a home now means you'll spend less in the long run. Contact a local real estate professional to put your plans in motion before home prices and mortgage rates climb even higher.

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Some Highlights

  • In a recent article, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), discussed the state of today’s housing market.

  • When addressing whether or not today’s high buyer competition and rising home prices are evidence of a housing bubble, Yun said that this “is not a bubble. It is simply lack of supply.”

  • Today’s housing market is healthy, and rising prices are driven by real buyer demand. Contact a local real estate professional to learn the best ways to navigate such an energetic market.

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Mortgage rates are on the rise this year, but they’re still incredibly low compared to the historic average. However, anytime there’s a change in the mortgage rate, it affects what you can afford to borrow when you’re buying a home. As Sam Khater, Chief Economist at Freddie Macshares:

When buying a home, it’s important to determine a monthly budget so you can plan for and understand what you can afford. However, when you need to stick to your budget, even a small increase in the mortgage rate can make a big difference.


If, for example, you’re getting ready to buy a home and know your budget allows for a monthly payment of $1200-1250 (marked in gray on the table above), every time the mortgage rate increases, the loan amount has to decrease to keep your monthly cost in range. This means you may have to look for lower-priced homes as mortgage rates go up if you want to be able to maintain your budget. ...

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Kevin Budde of Monarch Coast Financial shares his recent "Real Estate Talking Points" where he gives weekly market updates on the latest real estate headline news. 


This week Kevin's key points are: 


  • In Orange County, existing single family home sales were up 7.3% from February 2020 and the median home price was existing $995,000.

  • Redfin reported home sales prices in February rose more than they have during any month since July 2013

  • Mortgage bankers association estimated 2.6 million U.S. homeowners are in forbearance

  • 30-year fixed rate mortgages averaged 3.09%

  • 15-year fixed rate mortgages averaged 2.40%

 

Kevin A. Budde

President

CA DRE 00831552 
NMLS 325450


949-784-0397 Office
949-422-2075 Mobile

kbudde@monarchcoastfinancial.com

www.monarchcoastfinancial.com 

20151 SW Birch St., Ste. 230, Newport Beach, CA 92660




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Some Highlights

  • Today’s home price appreciation is driving equity higher throughout the country.
  • If your needs are changing and you’re ready for a new home, your equity may be a great asset to power your next move.
  • Now is a great time to put your equity toward a down payment on the home of your dreams.
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Some Highlights:

  • With so few homes available to buy today, houses are in high demand, and they’re selling fast.

  • That means it’s a great time to sell if you’re ready to make a move.

  • Reach out to a local real estate professional to make sure your house is ready for a top-dollar sale this spring. It may be closer than you think!

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Every year, households across the country make the decision to rent for another year or take the leap into homeownership. They look at their earnings and savings and then decide what makes the most financial sense. That equation will most likely take into consideration monthly housing costs, tax advantages, and other incremental expenses. Using these measurements, recent studies show that it’s still more affordable to own than rent in most of the country.


There is, however, another financial advantage to owning a home that’s often forgotten in the analysis – the wealth built through equity when you own a home.

Odeta Kushi, Deputy Chief Economist for First American, discusses this point in a recent blog post. She explains:


Once you include the equity benefit of price appreciation, owning made more financial sense than renting in 48 out of the 50 top markets, with the only exceptions being San Francisco and San Jose, Calif.”...

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Zillow predicts 21% increase in home sales, the most recorded since 2005


Zillow’s 2021 housing forecast echoes the projections of other industry experts for an acceleration of home sales and home value appreciation, with numbers anticipated to be even higher than in 2020.


According to Zillow’s Home Value Index, the company expects seasonally adjusted home values to increase by 3.7% from December 2020 to March 2021, and by 10.5% through December 2021. It also predicts home value appreciation to peak in June 2021 at 13.5%.


In fact, the company has already upped its December 2020 forecast: Zillow initially expected a 10.3% increase in home values through November 2021.


Approximately 5.6 million existing homes were sold in 2020, a 5.3% increase from 2019, according to officials. Zillow predicts 6.82 million existing home sales in 2021, the most recorded in a single calendar year since 2005 and a 21.1% increase from 2020.


Quarterly Zillow Home Value Index...

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