Is 2017 the Year to Move Up to Your Dream Home? If So, Do It Early!

Luxury Homes For Sale 22181

Here’s what our colleagues at Keeping Current Matters had to say about whether this year is the year to move up to your dream home:

************************************************************************************************

If you are considering moving up to your dream home, it may be better to do it earlier in the year than later. The two components of your monthly mortgage payment (home prices and interest rates) are both projected to increase as the year moves forward, and interest rates may increase rather dramatically. Here are some predictions on where rates will be by the end of the year:

Freddie Mac

While full employment and rising inflation are signs of a strong economy, they also have the potential to push mortgage rates and house prices up. The higher rates and higher prices create significant affordability concerns, which may continue to characterize the housing market for the rest of 2017.”

Lynn Fisher, Vice President of Research & Economics for the Mortgage Bankers Association

By the time we get to the fourth quarter of this year, we will still be under 5 percent – we are thinking 4.7 percent…Something north of 5 percent by the time we get to 2018, and by the time we get to 2019, we show fourth-quarter rates hitting 5.5 percent.”

Mark Fleming, First American’s Chief Economist

Despite some regional disparities, title agents and real estate professionals do not expect increasing mortgage rates to have a significant impact on the housing market this spring. Continued good economic news, increasing Millennial demand and confidence that buyers will remain in the market even if rates exceed 5 percent bode well for 2017 real estate.

Len Kiefer, Deputy Chief Economist for Freddie Mac

We will probably see rates higher at the end of year, around 4.5%.”

Bottom Line

If you are feeling good about your family’s economic future and are considering making a move to your dream home, doing it sooner rather than later makes the most sense.

********************************************************************************************

Call The Belt Team at (703) 242-3975. We are happy to walk you through the pros and cons of moving up now and help you make the BEST move!

Mortgage Rates’ Impact on 2017 Home Values

Here’s the latest from our colleagues at Keeping Current Matters. Just another reason why selling NOW may be your best move!

Mortgage Rates Impact on 2017 Home Values | MyKCM

There is no doubt that historically low mortgage interest rates were a major impetus to housing recovery over the last several years. However, many industry experts are showing concern about the possible effect that the rising rates will have moving forward.

The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are all projecting that mortgage interest rates will move upward in 2017. Increasing interest rates will definitely impact purchasers and may stifle demand.

In a recent study of industry experts, “rising mortgage interest rates, and their impact on mortgage affordability” was named by 56% as the force they think will have the most significant impact on U.S. housing in 2017. If rising rates slow demand for housing, home values will be impacted.

To this point, Pulsenomics, recently surveyed a panel of over 100 economists, investment strategists, and housing market analysts, asking the question “In your opinion, at what level will the 30-year fixed rate mortgage rate significantly slow home value appreciation?” The survey revealed the following:

Mortgage Rates Impact on 2017 Home Values | MyKCM

Bottom Line

Most experts believe that rates would need to hit 5% or above to have an impact on home prices.

WHat Is My Home Worth

Call Terry Belt & The Belt Team at (703) 242-3975 for a LOCAL forecast if you’re thinking about buying or selling in Northern VA! We will help you make the best move for YOU.

Buyers & Sellers – Interest Rates Remain at Historic Lows . . . But for How Long?

If you’re pondering buying or selling NOW or waiting another year or two – you might want to take note of the latest info below from Keeping Current Matters!

Interest Rates Remain at Historic Lows… But for How Long? | MyKCM

The interest rate you pay on your home mortgage has a direct impact on your monthly payment; The higher the rate, the greater your payment will be. That is why it is important to look at where the experts believe rates are headed when deciding to buy now or wait until next year.

The 30-year fixed mortgage rate has fallen half a percentage point since the beginning of the year and has remained at or below 3.5% for the last 11 weeks according to Freddie Mac’s Primary Mortgage Market Survey.

The chart below shows how far rates have fallen this year (on the left), and uses an average of the projections from Freddie Mac, Fannie Mae, the Mortgage Bankers Association and National Association of Realtors (on the right). As you can see, interest rates are projected to increase steadily over the course of the next 12 months.

Mortgage Rates - 30-Year Fixed Rate | MyKCM

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.

According to CoreLogic’s latest Home Price Index, national home prices have appreciated 6.0% over the last year and are predicted to be 5.4% higher next year.

If both the predictions of home prices and interest rate increases become a reality, families will wind up paying considerably more for their next home.

Bottom Line

Even a small increase in interest rate can impact your family’s wealth.


Interest rate changes don’t just affect Buyers. They affect Sellers too. As rates rise, some Homebuyers are priced out of the market they want to move into. And they decide to stay where they are. Less Buyers means less demand and more competition. And that can put a downward pressure on prices.

If you’re wondering whether you should buy now or wait – or sell now or wait – there’s no one-size-fits-all answer. There are lots of things that should factor into your decision. Interest rates are just one. Call Terry Belt & The Belt Team at (703) 242-3975. Our team is one of the top teams in the entire country, with lots of resources at your disposal, and we are more than happy to consult with you and help you and your family make the RIGHT move!

Search our state-of-the-art home site

FREE INSTANT Online Home Valuation

Top Realtors Northern VA

 

Mortgage Rates Remain at Historic Lows

Keeping Current Matters

Here’s the latest update about mortgage rates from our friends at “Keeping Current Matters”:


The latest report from Freddie Mac shows that the 30-year fixed-rate mortgage averaged 3.61% last week, slightly down from the week before (3.66%), and nearly 20 points lower than a year ago (3.80%).

This is great news for homebuyers who are dealing with rising prices due to a low inventory of homes for sale in many areas of the country. Freddie Mac expressed their optimism for the rates to remain low throughout the spring in a recent blog post:

“We expect mortgage interest rates to stay well under 4% as we head into the heart of the spring homebuying season. We’re predicting it to be the best one in 10 years, which should provide even greater opportunities for first-time homebuyers.”

Below is a chart of the weekly average rates in 2016, according to Freddie Mac.

Keeping Current Matters

Rates have again fallen to historic lows yet many experts still expect them to increase in 2016. One thing we know for sure is that, according to Freddie Mac, current rates are the best they have been since last April.

Sean Becketti, Chief Economist for Freddie Mac recently explained:

“Since the start of February, mortgage rates have varied within a narrow range providing an extended period for house hunters to take advantage of historically low rates.”

Bottom Line

If you are thinking of buying your first home or moving up to your ultimate dream home, now is a great time to get a sensational rate on your mortgage.


If you’d like to know more specifically what today’s interest rates are and what your payment would be, contact Terry Belt & The Belt Team. The Belt Team is ranked in the Top 20 Best Real Estate Agents in Virginia (our of 30,000+ Realtors) and our mission statement is “Changing Lives for The Better”. We have a top notch list of lenders we can connect you with. It’s our pleasure to help you make the RIGHT move!

Home Prices and Interest Rates – Here’s the 411!

Wondering what’s happening with home prices and interest rates in the national real estate market? Check out this one minute video:

When you’re ready for a hyperlocal update for areas in Northern Virginia like Vienna, McLean, Oakton, Great Falls, Fairfax, Reston, Arlington, Annandale, Ashburn, Falls Church, Burke, Dunn Loring & Alexandria – contact The Belt Team at (703) 242-3975. Local numbers don’t always mirror national trends and you may even find wide variations in adjoining towns and cities in Northern VA!

How Much Is MY Home Worth (FREE, Instant Online Estimate)

Search our State-of-the-Art Home Search Site (updated FASTER than others so you don’t lose out on homes before you know about them!)

Slaying Homebuying Myths

The Belt Team had a very successful first-time homebuyer seminar recently. And what we have found over time is that there are a lot of “mythunderstandings” out there about what it takes to buy a home – whether it’s your first home or your fourth. Here’s a great article from Keeping Current Matters that “slays” those myths!

FACTS:

  1. Interest Rates are still below historic numbers.
  2. 88% of property managers raised their rent in the last 12 months!
  3. Credit score requirements to be approved for a mortgage continue to fall. The 723 average score is the lowest since Ellie Mae began reporting on scores in August 2011.
  4. The average first-time home buyer down payment was 6% in 2015 according to NAR.

FREE, Instant Home Valuation

Search our STATE-OF-THE-ART web site for Homes For Sale

Schedule a FREE Buyer Consultation with Our Lead Buyer Specialist

What You Need to Know About Buying A Home

 

FREE, Instant Home Valuation

Search our STATE-OF-THE-ART web site for Homes

Schedule a FREE Buyer Consultation with Our Lead Buyer Specialist or call (703) 242-3975 for more info.

National Real Estate Update – August 2015

Interest Rates RisingWondering what’s happening in real estate across the nation?

Well, for one thing, according to FHLMC, the national average for mortgage interest rates went up AGAIN. From 3.84% to 4% when we reported in July and up to 4.09% this month.

This may not sound like a big increase, but here’s what it means in dollars and cents:

$41,417.64

That’s the additional interest you would pay the bank if you had an $800,000 – 30 year loan  – paid monthly. YIKES!

The other reason this small increase of .25% might scare you is that if this trend continues (and most are predicting it will), buyers will be able to afford less, some buyers may be priced out of the market, and sellers will see less prospective purchasers in the market.

All things that point to NOW being an ideal time for both buyers AND sellers.

Watch more “real estate by the numbers” here:

real-estate-agent-Terry-Belt

Call Terry Belt & The Belt Team at (703) 242-3975 for a market analysis “by the numbers” for YOUR neighborhood or the neighborhood you’d like to live in. Every market is different. And in Northern VA, we currently have some markets that are Buyers Markets and some that are Sellers Markets.

National Real Estate Update – July 2015

Interest Rates RisingWondering what’s happening in real estate across the nation?

Well, for one thing, according to FHLMC, the national average for mortgage interest rates went up from 3.84% to 4%.

This may not sound like a big increase, but here’s what it means in dollars and cents:

$26,432.55

That’s the additional interest you would pay the bank if you had a 30 year loan paid monthly. YIKES!

The other reason this small increase of .16% might scare you is that if this trend continues (and most are predicting it will), buyers will be able to afford less, some buyers may be priced out of the market, and sellers will see less prospective purchasers in the market.

All things that point to NOW being an ideal time for both buyers AND sellers.

Watch more “real estate by the numbers” here:

real-estate-agent-Terry-Belt

Call Terry Belt & The Belt Team at (703) 242-3975 for a market analysis “by the numbers” for YOUR neighborhood or the neighborhood you’d like to live in. Every market is different. And in Northern VA, we currently have some markets that are Buyers Markets and some that are Sellers Markets.

National Numbers Are In – Home Sales Down, Prices Up, Interest Rates Rise

The national real estate numbers are in and here’s what we see in the macromarket:

  • Number of Home Sales Down
  • Median Home Price Up
  • Interest Rates Up

This makes it a GREAT time to sell. And homebuyers might not want to keep waiting. Time to hop off the fence! Here are the details. (If you’re buying or selling NOW, call Terry Belt & The Belt Team at 703-242-3975 for info on YOUR local market. Local micromarkets often vary from the national norm.)

National Numbers Are In – Home Sales Up, Prices Up, Rates Down

The national real estate numbers are in and here’s what we see in the macromarket:

  • Number of Home Sales Up
  • Median Home Price Up
  • Interest Rates Down

This makes it a GREAT time to sell. Here are the details. (If you’re buying or selling NOW, call Terry Belt & The Belt Team at 703-242-3975 for info on YOUR local market. Local micromarkets often vary from the national norm.)