Help with Houses

If you have been on the fence about buying a home or waiting for the unicorn rates of 2%-3% we saw a few years ago, here is some good data to take into consideration.

Lawrence Yun, who is a chief economist for the National Assocation of Realtors.

"I think the new normal is maybe 6% mortgage rate" "If we are lucky, maybe we get to a 5.5% mortgage rate. Or is we are unlucky, maybe the mortgage rate trends back up towards 7%"

Now before you freak out... there is always opportunity with this! We have the opportunity to get seller concessions to help with either permanent rate buydowns or temporary rate buydowns.

Remember, your mortgage is a financial tool, and unless you purchase in 2020-2021, it is very rare someone keeps that mortgage interest rate or home loan for more than 4-7 years.

1. Approx 42% of homes are fully paid off, - No mortgage at all!
2. Less than 1% of homes are currently in foreclosure.
3. We are short approximately 4 to 4.5 million homes in the U.S still to keep up with demand.
4. The average loan-to-value on mortgaged homes is less than 50%, meaning homeowners have the largest percentage of equity we have ever seen in the history of our country.
5. 79% of home loans in 2024 are backed by buyers with a credit score of 720+.
6. we have some 32 million millennials are waiting in the wings, ready to buy (A ton of pent-up demand).
7. There are more secure mortgages. the majority are 30-year fixed terms, reducing risk in the market!
8. As rates reduce, more buyers enter the market. (For every % that rates drop, 5 million new buyers enter the market and are qualified) That is a 100,000 new buyers per state on average. (Supply vs Demand)

Find a house you love and a way for us to structure payment options where it is a win win. Remember, more wealth is built from Real Estate than anything else in our country!