Is Now a Good Time to Move?

Zero Down Mortgage Elk River, 0 down mortgage Ramsey, 0 down mortgage Ramsey MN, apply for VA home loan Ramsey, apply for VA home loan Ramsey MN, apply for VA home loan Zimmerman, best mortgage rates today Elk River, best mortgage rates today Monticello, best mortgage rates today Monticello MN

How long have you lived in your current home?  If it’s been a while, you may be thinking about moving.  According to the latest Profile of Home Buyers and Sellers by the National Association of Realtors (NAR), in 2019, homeowners were living in their homes for an average of 10 years.  That’s a long time to be in one place, considering the average length of time homeowners used to stay put hovered closer to 6 years.

With today’s changing homebuyer needs, especially given how the current health crisis has altered our daily lifestyles, many homeowners are reconsidering where they’re at and thinking about moving to a home with more space for their families.  Here’s why it might be a great time to make that happen.

The real estate market has changed in many ways over the past 10 years, and current homeowners are earning much more equity today than they used to have.  According to CoreLogic, in the first quarter of 2020 alone, the average homeowner gained approximately $9,600 in equity. If you’re considering selling your house right now, you may have accumulated more equity to put toward a move than you realize.

Dialing back 10 years, many homeowners also locked in a fairly low mortgage rate.  In 2010, the average rate was only 4.09%.  This motivated homeowners to stay in their houses longer than usual to keep their rate low, rather than moving.  Just last Thursday, however, average mortgage rates hit a new historic low at 2.86%. Sam Khater, Chief Economist at Freddie Mac explains:

Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery…These low rates have ignited robust purchase demand activity, which is up twenty-five percent from a year ago and has been growing at double digit rates for four consecutive months.”

best mortgage rates today Zimmerman, down payment assistance Elk River, down payment assistance Ramsey, down payment assistance Ramsey MN, down payment assistance Zimmerman, Fannie Mae home loans RamseyFor a hassle-free mortgage consultation, contact DJ Riley at United Family Mortgage in Elk River at 763-276-3960.  Or send him an mail at djriley@unitedfamilymortgage.com

 

Ten years ago, we couldn’t have imagined a mortgage rate under 3%.  Looking at the math today, making a move into a new home and locking in a significantly lower rate than you have now could save you greatly on a monthly basis, and over the life of your loan (See chart below):

home construction loans Monticello, home construction loans Monticello MN, home construction loans Ramsey, home construction loans Ramsey MN, home loans with no down payment Ramsey, home loans with no down payment Ramsey MN

As the example shows, you can save a substantial amount every month if you qualify for today’s low mortgage rate, and the savings can really add up over the life of a 30-year fixed-rate loan.

Bottom Line

As a homeowner, you have a huge opportunity to move up right now. Whether you want to save more each month or get more home for your money based on your family’s changing needs, it’s a great time to connect to discuss the market in our area. Buyers are actively looking for more homes to buy, and you can win big by making a move if the time is right for you.

For a hassle-free mortgage consultation, contact DJ Riley at United Family Mortgage in Elk River at 763-276-3960.  Or send him an mail at djriley@unitedfamilymortgage.com

Why This Summer Is the 2020 Home Buyer Season

0 down mortgage Ramsey, 0 down mortgage Ramsey MN, apply for VA home loan Ramsey, apply for VA home loan Ramsey MN, apply for VA home loan Zimmerman, best mortgage rates today Elk River, best mortgage rates today Monticello, best mortgage rates today Monticello MN

With stay-at-home orders starting to gradually lift throughout parts of the country, data indicates homebuyers are jumping back into the market. After many families put their plans on hold due to the COVID-19 pandemic, what we once called the busy spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate.

Joel KanEconomist at The Mortgage Bankers Association (MBA) notes:

best mortgage rates today Zimmerman, down payment assistance Elk River, down payment assistance Ramsey, down payment assistance Ramsey MN, down payment assistance Zimmerman, Fannie Mae home loans Ramsey
Get a Mortgage Pre-Qualification Today
Contact DJ Riley at 763-276-3960.

“Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks…Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months.”

Additionally, according to Google Trends, which scores search terms online, searches for real estate increased from 68 points the week of March 15th to 92 points last week. As we can see, more potential homebuyers are looking for homes virtually.

What’s the Opportunity for Buyers?

Another reason buyers are coming back to the market, even with forced unemployment and stay-at-home orders, is historically low mortgage rates. Sam Khater, Chief Economist at Freddie Mac indicates:

“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, FHA 203k lenders Ramsey, FHA 203k lenders Ramsey MN, FHA approved lenders Elk River, FHA approved lenders Ramsey, FHA loan application Ramsey, FHA mortgage interest rates Ramsey, home construction loans Elk River giving potential buyers a good reason to continue shopping even amid the pandemic…As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago.”

With mortgage rates at such low levels and states gradually beginning to reopen, there’s more incentive than ever to buy a home this summer.

What’s the Opportunity for Sellers?

Finding a home to buy, however, is still a challenge, as this spring sellers removed many listings from the market. Though more people are now putting their houses up for sale this month as compared to last month, current inventory is still well below last year’s level.home construction loans Monticello, home construction loans Monticello MN, home construction loans Ramsey, home construction loans Ramsey MN, home loans with no down payment Ramsey, home loans with no down payment Ramsey MN

According to last week’s Weekly Economic and Housing Market Update from realtor.com:

“Weekly Housing Inventory showed continued tightening. New Listings declined 28% compared with a year ago, as sellers grappled with uncertainty and hesitated bringing homes to market. Total Listings dropped 20% YoY, a faster rate than in prior weeks, leaving very few homes available for sale. As Time on Market was 15 days slower YoY, asking prices moved up 1.5% YoY.”

mortgage broker Rogers, mortgage broker Rogers MN, mortgage broker St. Michael, mortgage broker St. Michael MN, va home loan Zimmerman, veteran home loan Elk River, veteran home loan Ramsey, veteran home loan Ramsey MN
Get a Mortgage Pre-Qualification Today Contact DJ Riley at 763-276-3960.

If you’re thinking of selling your house this summer, now may be your best opportunity. With so few homes on the market for buyers to purchase, this season may be the time for your house to stand out from the crowd. Trusted real estate professionals can help you list safely and effectively, keeping your family’s needs top of mind. Buyers are looking, and your house may be at the top of their list.

Bottom Line

If you’re thinking of selling, many buyers may be eager to find a home just like yours. Let’s connect today to make sure you can get your house in on the action this summer.

What Impact Might COVID-19 Have on Home Values?

0 down mortgage ramsey, 0 down mortgage ramsey mn, apply for va home loan ramsey, apply for va home loan ramsey mn, apply for va home loan Zimmerman, best mortgage rates today elk river, best mortgage rates today Monticello, best mortgage rates today Zimmerman

A big challenge facing the housing industry is determining what impact the current pandemic may have on home values.  Some buyers are hoping for major price reductions because the health crisis is straining the economy.

The price of any item, however, is determined by supply and demand, which is how many items are available in relation to how many consumers want to buy that item.

For a Hassle-Free Consultation, Contact DJ Riley today at 763-276-3960.

down payment assistance elk river, down payment assistance ramsey, down payment assistance ramsey mn, fannie mae home loans elk river, fannie mae home loans ramsey, fha 203k lenders elk river, fha 203k lenders ramsey, fha approved lenders ramsey, fha approved lenders ramsey mn, fha loan application elk river, fha loan application ramsey

In residential real estate, the measurement used to decipher that ratio is called months supply of inventory. A normal market would have 6-7 months of inventory. Anything over seven months would be considered a buyers’ market, with downward pressure on prices. Anything under six months would indicate a sellers’ market, which would put upward pressure on prices.

Get Pre-Approved for a Mortage Today

fha mortgage interest rates ramsey, home construction loans elk river, home construction loans ramsey, home construction loans ramsey mn, home loans with no down payment ramsey, home loans with no down payment ramsey mn, mortgage broker big lake, va home loan ramsey, va home loan ramsey mn

 

Going into March of this year, the supply stood at three months – a strong seller’s market. While buyer demand has decreased rather dramatically during the pandemic, the number of homes on the market has also decreased.  The recently released Existing Home Sales Report from the National Association of Realtors (NAR) revealed we currently have 3.4 months of inventory. This means homes should maintain their value during the pandemic.

This information is consistent with the research completed by John Burns Real Estate Consulting, which recently reported:

“Historical analysis showed us that pandemics are usually V-shaped (sharp recessions that recover quickly enough to provide little damage to home prices).”

What are the experts saying?

Here’s a look at what some experts recently reported on the matter:

Ivy Zelman, President, Zelman & Associates

“Supported by our analysis of home price dynamics through cycles and other periods of economic and housing disruption, we expect home price appreciation to decelerate from current levels in 2020, though easily remain in positive territory year over year given the beneficial factors of record-low inventories & a historically-low interest rate environment.”

Freddie Mac

“The fiscal stimulus provided by the CARES Act will mute the impact that the economic shock has on house prices. Additionally, forbearance and foreclosure mitigation programs will limit the fire sale contagion effect on house prices. We forecast house prices to fall 0.5 percentage points over the next four quarters. Two forces prevent a collapse in house prices. First, as we indicated in our earlier research report, U.S. housing markets face a large supply deficit. Second, population growth and pent up household formations provide a tailwind to housing demand. Price growth accelerates back towards a long-run trend of between 2 and 3% per year.”

Mark Fleming, Chief Economist, First American

“The housing supply remains at historically low levels, so house price growth is likely to slow, but it’s unlikely to go negative.”

Bottom Line

Even though the economy has been placed on pause, it appears home prices will remain steady throughout the pandemic.

When to dump your mortgage insurance payment?

home construction loans elk river, home construction loans Monticello, home construction loans ramsey, home construction loans ramsey mn, home construction loans, home construction loans Zimmerman, new construction mortgage elk river, new construction mortgage ramsey mn, new construction mortgage ramsey, new construction mortgage Zimmerman, new construction mortgage rogers, new construction mortgage, home loans with no down payment ramsey, home loans with no down payment ramsey mn, mortgage broker rogers, mortgage broker, va home loan ramsey, va home loan ramsey mn

apply for va home loan elk river, apply for va home loan, 0 down mortgage ramsey, 0 down mortgage ramsey mn, 0 down mortgage, apply for va home loan ramsey, apply for va home loan ramsey mn, apply for va home loan, best mortgage rates today Monticello, best mortgage rates today Monticello mn, best mortgage rates today, best mortgage rates today ramsey, best mortgage rates today ramsey mn, best mortgage rates today Zimmerman, down payment assistance ramsey, down payment assistance ramsey mn, down payment assistance, fannie mae home loans ramsey, fannie mae home loans ramsey mn

VA Cash-Out Refi & Use 100% of Home’s Equity

fannie mae home loans Zimmerman, fha 203k lenders ramsey, fha 203k lenders ramsey mn, fha approved lenders ramsey, fha approved lenders ramsey mn, fha approved lenders, fha loan application ramsey, fha loan application ramsey mn, fha loan application, fha mortgage interest rates ramsey, fha mortgage interest rates ramsey mn, fha mortgage interest rates, fha streamline loan ramsey, fha streamline loan ramsey mn, fha streamline loan, freddie mac mortgage rates today ramsey, freddie mac mortgage rates today ramsey mn, freddie mac mortgage rates today, freddie mac mortgage rates today Zimmerman

apply for va home loan elk river, apply for va home loan, 0 down mortgage ramsey, 0 down mortgage ramsey mn, 0 down mortgage, apply for va home loan ramsey, apply for va home loan ramsey mn, apply for va home loan, best mortgage rates today Monticello, best mortgage rates today Monticello mn, best mortgage rates today, best mortgage rates today ramsey, best mortgage rates today ramsey mn, best mortgage rates today Zimmerman, down payment assistance ramsey, down payment assistance ramsey mn, down payment assistance, fannie mae home loans ramsey, fannie mae home loans ramsey mn

How Quickly Can You Save Your Down Payment?

fannie mae home loans Zimmerman, fha 203k lenders ramsey, fha 203k lenders ramsey mn, fha approved lenders ramsey, fha approved lenders ramsey mn, fha approved lenders, fha loan application ramsey, fha loan application ramsey mn, fha loan application, fha mortgage interest rates ramsey, fha mortgage interest rates ramsey mn, fha mortgage interest rates, fha streamline loan ramsey, fha streamline loan ramsey mn, fha streamline loan, freddie mac mortgage rates today ramsey, freddie mac mortgage rates today ramsey mn, freddie mac mortgage rates today, freddie mac mortgage rates today Zimmerman

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state.

home construction loans elk river, home construction loans Monticello, home construction loans ramsey, home construction loans ramsey mn, home construction loans, home construction loans Zimmerman, new construction mortgage elk river, new construction mortgage ramsey mn, new construction mortgage ramsey, new construction mortgage Zimmerman, new construction mortgage rogers, new construction mortgage, home loans with no down payment ramsey, home loans with no down payment ramsey mn, mortgage broker rogers, mortgage broker, va home loan ramsey, va home loan ramsey mnUsing data from HUDCensus and Apartment List, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expenses.

By determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.

According to the data, residents in Kansas can save for a down payment the quickest, doing so in just over 1 year (1.12). Below is a map that was created using the data for each state:

apply for va home loan elk river, apply for va home loan, 0 down mortgage ramsey, 0 down mortgage ramsey mn, 0 down mortgage, apply for va home loan ramsey, apply for va home loan ramsey mn, apply for va home loan, best mortgage rates today Monticello, best mortgage rates today Monticello mn, best mortgage rates today, best mortgage rates today ramsey, best mortgage rates today ramsey mn, best mortgage rates today Zimmerman, down payment assistance ramsey, down payment assistance ramsey mn, down payment assistance, fannie mae home loans ramsey, fannie mae home loans ramsey mn

What if you only needed to save 3%?

What if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3%-down programs? Suddenly, saving for a down payment no longer takes 2 to 5 years, but becomes possible in less than a year in most states, as shown on the map below.

fannie mae home loans Zimmerman, fha 203k lenders ramsey, fha 203k lenders ramsey mn, fha approved lenders ramsey, fha approved lenders ramsey mn, fha approved lenders, fha loan application ramsey, fha loan application ramsey mn, fha loan application, fha mortgage interest rates ramsey, fha mortgage interest rates ramsey mn, fha mortgage interest rates, fha streamline loan ramsey, fha streamline loan ramsey mn, fha streamline loan, freddie mac mortgage rates today ramsey, freddie mac mortgage rates today ramsey mn, freddie mac mortgage rates today, freddie mac mortgage rates today Zimmerman

Bottom Line

Whether you have just begun to save for a down payment or have been saving for years, you may be closer to your dream home than you think! Let’s get together to help you evaluate your ability to buy today.

home construction loans elk river, home construction loans Monticello, home construction loans ramsey, home construction loans ramsey mn, home construction loans, home construction loans Zimmerman, new construction mortgage elk river, new construction mortgage ramsey mn, new construction mortgage ramsey, new construction mortgage Zimmerman, new construction mortgage rogers, new construction mortgage, home loans with no down payment ramsey, home loans with no down payment ramsey mn, mortgage broker rogers, mortgage broker, va home loan ramsey, va home loan ramsey mnRelated topics: 62% of Buyers Are Wrong About Down Payment Needs

For a Hassle-Free consultation on Home Refinancing, First-Time Home Buyer Mortgage, Zero-Down Mortgage, Home Construction Loan or VA Home Loan, contact DJ Riley today at 763-276-3960 or via email djriley@unitedfamilymortgage.com.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

How Much House Can You Afford?

Zero Down Mortgage Ramsey MN, Zero Down home Loans Ramsey MN, Veteran Home Loan Ramsey MN, VA Home Loan Ramsey MN, Mortgage Interest Rates Ramsey MN, Mortgage Broker Albertville MN, Mortgage Broker Albertville, Home Loans with No Down Payment Ramsey MN, Home Construction Loans Ramsey, Home Construction Loans Ramsey MN, Down Payment Assistance Ramsey MN, Best Mortgage Rates Today Ramsey MN, Apply for VA Home Loan Ramsey MN, 0 down mortgage Ramsey MN
A mortgage broker can help you quickly determine how much house you can afford.

To schedule a hassle-free phone consultation, contact DJ Riley, click here.

Zero Down Mortgage Ramsey MN, Zero Down home Loans Ramsey MN, Veteran Home Loan Ramsey MN, VA Home Loan Ramsey MN, Mortgage Interest Rates Ramsey MN, Mortgage Broker Albertville MN, Mortgage Broker Albertville, Home Loans with No Down Payment Ramsey MN, Home Construction Loans Ramsey, Home Construction Loans Ramsey MN, Down Payment Assistance Ramsey MN, Best Mortgage Rates Today Ramsey MN, Apply for VA Home Loan Ramsey MN, 0 down mortgage Ramsey MN

6 Things NOT TO DO When Applying for a Mortgage

Zero Down Mortgage Ramsey MN, Zero Down home Loans Ramsey MN, Veteran Home Loan Ramsey MN, VA Home Loan Ramsey MN, Mortgage Interest Rates Ramsey MN, Mortgage Broker Albertville MN, Mortgage Broker Albertville, Home Loans with No Down Payment Ramsey MN, Home Construction Loans Ramsey, Home Construction Loans Ramsey MN, Down Payment Assistance Ramsey MN, Best Mortgage Rates Today Ramsey MN, Apply for VA Home Loan Ramsey MN, 0 down mortgage Ramsey MN
Don’t make major purchases, like a new car. Consult with a mortgage broker.

To schedule a hassle-free phone consultation, contact DJ Riley, click here.

Zero Down Mortgage Ramsey MN, Zero Down home Loans Ramsey MN, Veteran Home Loan Ramsey MN, VA Home Loan Ramsey MN, Mortgage Interest Rates Ramsey MN, Mortgage Broker Albertville MN, Mortgage Broker Albertville, Home Loans with No Down Payment Ramsey MN, Home Construction Loans Ramsey, Home Construction Loans Ramsey MN, Down Payment Assistance Ramsey MN, Best Mortgage Rates Today Ramsey MN, Apply for VA Home Loan Ramsey MN, 0 down mortgage Ramsey MN