lake county real estate. and then some…

selling homes…a family tradition


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Pantone has announced their color for 2016.

It is the first time that two colors have been selected. In laymans terms – baby blue and pastel pink. Don’t know that I am crazy about either one of these becoming the decorating rage.

It seems so 1990’s…


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Even though interest rates are projected to rise – they are still almost half of what they were in 2000, and 3x less than in 1985…

 

Do You Know The Difference Your Interest Rate Makes? [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • Interest rates have come a long way in the last 30 years.
  • The interest rate you secure directly impacts your monthly payment and the amount of house that you can afford.
  • Experts predict that rates will increase by 3/4 a percent over the next 12 months.
  • Secure a low rate now to get the most house for your money.


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Prices AND mortgage rates are projected to rise in 2016. Waiting will cost you money…

 

Prices and Mortgage Rates Going Up in 2016 | Keeping Current Matters

The monthly mortgage payment on a home is determined by two elements: the price of the house and the interest rate you pay on your mortgage. Recently released reports are revealing that the experts expect both elements to increase in 2016.

HOME PRICES

CoreLogic has projected a nationwide 5.2% home value appreciation for the next twelve months. Here is their breakdown by state:

Pricing Forecast | Keeping Current Matters

MORTGAGE INTEREST RATES

All four of the entities that provide projections on mortgage interest rates agree: they’re going up in 2016. Here are the predictions over the next four quarters:

Interest Rates | Keeping Current Matters

Bottom Line

With both home values and interest rates projected to increase over the next twelve months, buying (or moving-up), sooner rather than later, makes sense.


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Rumor has it…

…that mortgage interest rates are at risk of rising as much as 1% over the course of the next year.  Thinking of moving?  Act sooner than later!

The Impact of Higher Interest Rates | Keeping Current Matters

Last week, an article in the Washington Post discussed a new ‘threat’ homebuyers will soon be facing: higher mortgage rates. The article revealed:

“The Mortgage Bankers Association expects that rates on 30-year loans could reach 4.8 percent by the end of next year, topping 5 percent in 2017. Rates haven’t been that high since the recession.”

How can this impact the housing market?

The article reported that recent analysis from Realtor.com found that –

“…as many as 7% of people who applied for a mortgage during the first half of the year would have had trouble qualifying if rates rose by half a percentage point.”

This doesn’t necessarily mean that those buyers negatively impacted by a rate increase would not purchase a home. However, it would mean that they would either need to come up with substantially more cash for a down payment or settle for a lesser priced home.

Below is a table showing how a jump in mortgage interest rates would impact the purchasing power of a prospective buyer on a $300,000 home.

Buyers Purchasing Power | Keeping Current Matters

Bottom Line

If you are considering a home purchase (either as a first time buyer or move-up buyer), purchasing sooner rather than later may make more sense from a pure financial outlook.