Sienna Plantation (Missouri City, TX)
By Shayne Stone, "Your Rock Solid Choice Realtor" RETIRED
(HomeSmart)
What You Need To Know About Selling in a Sellers MarketWhat Does This Mean for You When You Sell?When the supply of houses for sale is as low as it is right now, its much harder for buyers to find homes to purchase. That creates increased competition among purchasers which can lead to more bidding wars. And if buyers know they may be entering a bidding war, they're going to do their best to submit a very attractive offer upfront. This could drive the final price of your house up.And because mortgage rates and home prices are climbing, serious buyers are motivated to make their purchase soon, before those two things rise further. That means, if you put your house on the market while supply is still low, it will likely get a lot of attention from competitive buyers.Bottom LineThe current ...
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By Shayne Stone, "Your Rock Solid Choice Realtor" RETIRED
(HomeSmart)
Filing a Homeowner’s Insurance ClaimNobody wants to have to file a homeowner’s insurance claim. After all, filing a claim means that something has gone horribly wrong at home. Maybe it’s damage from a storm, or a frozen pipe that burst, or some other unexpected problem. Whatever the cause, the damage was severe enough that you need to make a claim on the policy that up until now you’d hoped would never actually have to be used.Exactly what’s involved with filing a homeowner’s insurance claim, though? While the filing process is similar to that with other forms of insurance, there are a few things about homeowner’s insurance that might seem confusing if you’ve never really dealt with it before. To make sure that everything goes smoothly, here’s some advice on what to expect when filing a...
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By Shayne Stone, "Your Rock Solid Choice Realtor" RETIRED
(HomeSmart)
How Global Uncertainty Is Impacting Mortgage RatesIf you're thinking about buying or selling a home, you'll want to keep a pulse on what's happening with mortgage rates. Rates have been climbing in recent months, especially since January of this year. And just a few weeks ago, the 30-year fixed mortgage rate from Freddie Mac approached 4% for the first time since May of 2019. But that climb has dropped slightly over the past few weeks (see graph below):The recent decline in mortgage rates is primarily due to growing uncertainty around geopolitical tensions surrounding Russia and Ukraine. But experts say its to be expected.Here's a look at how industry leaders are explaining the impact global uncertainty has on mortgage rates:Odeta Kushi, Deputy Chief Economist at First American, says:Wh...
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By Shayne Stone, "Your Rock Solid Choice Realtor" RETIRED
(HomeSmart)
Since the pandemic began, Americans have reevaluated the meaning of the word home. Thats led some renters to realize the many benefits of homeownership, including the feelings of security and stability and the financial benefits that come with rising home equity. At the same time, many current homeowners have decided their house no longer meets their needs, so they moved into homes with more space inside and out, including a home office for remote work.However, not every purchaser has been able to fulfill their desire for a new home. Here are two obstacles some homebuyers are facing: The ability to save for a down payment The ability to qualify for a mortgage at the current lending standards This past week, both of those challenges have been mitigated to some degree for many purchasers....
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By Shayne Stone, "Your Rock Solid Choice Realtor" RETIRED
(HomeSmart)
Many people have questions about home prices right now. How much have prices risen over the past 12 months? What's happening with home values right now? What's projected for next year? Here's a look at the answers to all three of these questions.How much have home values appreciated over the last 12 months?According to the latest Home Price Index from CoreLogic, home values have increased by 18.1% compared to this time last year. Additionally, prices have gone up at an accelerated pace for each of the last eight months (see graph below):The increase in the rate of appreciation that's shown by CoreLogic coincides with data from the other two main home price indices: the FHFA Home Price Index and the S&P Case Shiller Index.The last year has shown tremendous home price appreciation, which ...
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By Shayne Stone, "Your Rock Solid Choice Realtor" RETIRED
(HomeSmart)
With forbearance plans coming to an end, many are concerned the housing market will experience a wave of foreclosures similar to what happened after the housing bubble 15 years ago. Here are a few reasons why that wont happen.There are fewer homeowners in trouble this timeAfter the last housing crash, about 9.3 million households lost their homes to a foreclosure, short sale, or because they simply gave it back to the bank.As stay-at-home orders were issued early last year, the fear was the pandemic would impact the housing industry in a similar way. Many projected up to 30% of all mortgage holders would enter the forbearance program. In reality, only 8.5% actually did, and that number is now down to 2.2%.As of last Friday, the total number of mortgages still in forbearance stood at 1,2...
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By Shayne Stone, "Your Rock Solid Choice Realtor" RETIRED
(HomeSmart)
If you're a renter with a desire to become a homeowner, or a homeowner whos decided your current house no longer fits your needs, you may be hoping that waiting a year might mean better market conditions to purchase a home.To determine if you should buy now or wait, you need to ask yourself two simple questions: What will home prices be like in 2022? Where will mortgage rates be by the end of 2022? Lets shed some light on the answers to both of these questions.What will home prices be like in 2022?Three major housing industry entities project continued home price appreciation for 2022. Here are their forecasts: Freddie Mac: 5.3% Fannie Mae: 5.1% Mortgage Bankers Association: 8.4% Using the average of the three projections (6.27%), a home that sells for 350,000 today would be valued at 3...
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Missouri City, TX Real Estate Professionals