Monday, January 27, 2025 / by Joyce Dungca
Let’s face it — buying a home can feel like a challenge with today’s mortgage rates. You might even be thinking, “Should I just wait until spring when more homes hit the market and rates might be lower?”
But here’s the thing, no one knows for sure where mortgage rates will go from here, and waiting could mean facing more competition, higher prices, and a lot more stress.
What if buying now — before the spring rush — might actually give you the upper hand? Here are three reasons why that just might be the case.
1. Less Competition from Other Buyers
The winter months tend to be quieter in the real estate market. Fewer people are actively looking for homes, which means you’ll likely face less competition when you make an offer. This makes the process feel less rushed and less stressful.
According to the National Association of Realtors (NAR), homes sit on the market longer in winter compared to spring . ...
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team raj jaggi, buyers, sellers, housing market, mortgage rates, home prices
Thursday, January 23, 2025 / by Joyce Dungca
It’s no secret that affordability is tough with where mortgage rates and home prices are right now. And that may have you worried about how you’ll be able to buy a home. But, if you don’t need a ton of space, you may find you have more cost-effective options in an unexpected place: new home communities.
Builders Are Building Smaller Homes
Since smaller homes typically come with smaller price tags, buyers have turned their attention to homes with less square footage — and builders have shifted their focus to capitalize on that demand. As U.S. News notes:
“The combination of higher home prices and mortgage rates has strained a lot of people's budgets. And that's something builders recognize. To this end, they may be leaning toward smaller spaces . . .That, in turn, can lead to savings for buyers.”
Data from the Census shows the overall builder trend toward smaller, single-family homes has . ...
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team raj jaggi, buyers, sellers, mortgage rates, home prices, home buyers, homebuilders
Friday, January 17, 2025 / by Joyce Dungca
Some Highlights
Wondering what to expect when you buy or sell a home this year? Here’s what the experts say lies ahead.
Mortgage rates are projected to come down slightly. Home prices are forecast to rise in most areas. And, there will be more homes available for sale.
Want to know more about what this could mean for your plans this year? Let’s connect to discuss your 2025 goals. ...
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team raj jaggi, buyers, sellers, housing market, mortgage rates, home prices
Wednesday, January 15, 2025 / by Joyce Dungca
Are you hesitant to sell your house because you’re worried no one’s buying with rates and prices where they are right now? Here’s some perspective that can help.
The market actually isn’t at a standstill. While there weren’t as many sales last year as there’d be in a normal market, roughly 4.15 million homes still sold (not including new construction), according to the National Association of Realtors (NAR). And the expectation is that number will rise in 2025. That means more people will likely move this year, and they need homes to buy. Homes like yours.
But even if we only match last year’s sales pace, here’s what that looks like.
Every Minute Homes Are Selling – Literally
4.15 million homes ÷ 365 days in a year = 11,370 homes sell each day
11,370 homes ÷ 24 hours in a day = 474 homes sell per hour
474 homes ÷ 60 minutes = roughly 8 homes sell every minute
Thi. ...
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team raj jaggi, buyers, sellers, housing market, mortgage rates
Friday, January 10, 2025 / by Joyce Dungca
Some Highlights
Experts say rates will come down slightly in the year ahead – but some volatility is expected. So, you shouldn't try to time the market.
Instead, it's better to focus on how even a small change impacts your future mortgage payment. As rates come down, even a little bit, your monthly payment on your next home will too.
Want to see what this looks like at a different price point? Let’s connect. ...
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team raj jaggi, buyers, sellers, mortgage rates