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The First Step: Getting Pre-Approved for a Mortgage in Ventura, California [INFOGRAPHIC]

The First Step: Getting Pre-Approved for a Mortgage [INFOGRAPHIC]

a screenshot of a website

Some Highlights

  • If you’re looking to buy a home in 2024, getting pre-approved is a key piece of the puzzle. Mortgage pre-approval means a lender checks your finances and decides how much you’re qualified to borrow.
  • As more buyers re-enter the market, it’ll help you make a strong offer that stands out from the crowd.
  • Talk to a trusted professional to learn more and begin your homebuying process today.

Posted in: Buyer Tips, Mortgage Rates and Updates Tagged: 30-year Loan, Addington Realty Group, Arizona, Build Equity, Buy a Home, buying myths, California, Camarillo, Downsizing, Explore Your Options, FHA Loans, First Impression, First Step to Buying, First Time Home Buyers, Good Time to Buy, Hedge Against Inflation, Home Affordability, Home Loans, home prices, Homebuyer, Homebuyers, Homebuying, Homeownership, housing market, Loan Rates, market trends, More Space, Mortgage Loan, Mortgage Loans, mortgage rates, Move-Up Buyers, Move-Up Home Buyers, Need Good Impression, Oxnard, Phoenix, Pre-approval, Preapproval, Prescott, Prescott Valley, Price Appreciation, Pricing, Purchase, Purchase Price, Purchasing Power, Real Estate, Real Estate Expert, Rent vs Buy, Right Price, Scottsdale, Simi Valley, Thousand Oaks, Unlikely Flood of Foreclosures, USDA Loans, VA Loans, Ventura, Wealth Building

Why We Aren’t Headed for a Housing Crash in Oxnard, California

Why We Aren’t Headed for a Housing Crash

If you’re holding out hope that the housing market is going to crash and bring home prices back down, here’s a look at what the data shows. And spoiler alert: that’s not in the cards. Instead, experts say home prices are going to keep going up.

Today’s market is very different than it was before the housing crash in 2008. Here’s why.

It’s Harder To Get a Loan Now – and That’s Actually a Good Thing

It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back then, banks had different lending standards, making it easy for just about anyone to qualify for a home loan or refinance an existing one.

Things are different today. Homebuyers face increasingly higher standards from mortgage companies. The graph below uses data from the Mortgage Bankers Association (MBA) to show this difference. The lower the number, the harder it is to get a mortgage. The higher the number, the easier it is:

a graph showing a line going up

The peak in the graph shows that, back then, lending standards weren’t as strict as they are now. That means lending institutions took on much greater risk in both the person and the mortgage products offered around the crash. That led to mass defaults and a flood of foreclosures coming onto the market.

There Are Far Fewer Homes for Sale Today, so Prices Won’t Crash

Because there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), that caused home prices to fall dramatically. But today, there’s an inventory shortage – not a surplus.

The graph below uses data from the National Association of Realtors (NAR) and the Federal Reserve to show how the months’ supply of homes available now (shown in blue) compares to the crash (shown in red):

a graph of a number of people

Today, unsold inventory sits at just a 3.0-months’ supply. That’s compared to the peak of 10.4 month’s supply back in 2008. That means there’s nowhere near enough inventory on the market for home prices to come crashing down like they did back then.

People Are Not Using Their Homes as ATMs Like They Did in the Early 2000s

Back in the lead up to the housing crash, many homeowners were borrowing against the equity in their homes to finance new cars, boats, and vacations. So, when prices started to fall, as inventory rose too high, many of those homeowners found themselves underwater.

But today, homeowners are a lot more cautious. Even though prices have skyrocketed in the past few years, homeowners aren’t tapping into their equity the way they did back then.

Black Knight reports that tappable equity (the amount of equity available for homeowners to access before hitting a maximum 80% loan-to-value ratio, or LTV) has actually reached an all-time high:

a graph of a growing graph

That means, as a whole, homeowners have more equity available than ever before. And that’s great. Homeowners are in a much stronger position today than in the early 2000s. That same report from Black Knight goes on to explain:

“Only 1.1% of mortgage holders (582K) ended the year underwater, down from 1.5% (807K) at this time last year.”

And since homeowners are on more solid footing today, they’ll have options to avoid foreclosure. That limits the number of distressed properties coming onto the market. And without a flood of inventory, prices won’t come tumbling down.

Bottom Line

While you may be hoping for something that brings prices down, that’s not what the data tells us is going to happen. The most current research clearly shows that today’s market is nothing like it was last time.

Posted in: Market Update, Mortgage Rates and Updates Tagged: 30-year Loan, Addington Realty Group, Arizona, Avoid Foreclosure, Baby Boomer, Best Time to Sell, Build Equity, Buy a Home, Buyers, buying myths, California, Camarillo, Down Payment, down payment assistance, Downsizing, FHA Loans, First Step to Buying, First Time Home Buyers, Good Time to Buy, Good Time to Sell, Great Time to Sell, Hedge Against Inflation, Home Affordability, Home Loans, home prices, home selling, Homebuyer, Homebuyers, Homebuying, Homeownership, Housing Bubble, housing market, Housing Market Update, Housing Market Updates, Housing shortage, Inflation, Interest Rates, Leverage Your Equity, Limited Housing Supply, List Your House, Loan Rates, Low Inventory, market trends, Mortgage Loan, Mortgage Loans, Mortgage rate, mortgage rates, Move-Up Buyers, Move-Up Home Buyers, multigenerational, Next Generation, Oxnard, Phoenix, Prescott, Prescott Valley, Price Appreciation, Pricing, Purchase, Purchase Price, Putting Down Roots, Raise Your Family, Rate Locked, Real Estate, Real Estate Expert, reasons to sell, Rent vs Buy, Right Price, Right Time To Sell, Scottsdale, Sell Your House, Sellers Market, Selling Myths, Selling Point, Selling Potential, Selling Your House, Simi Valley, Spring Housing Market, Thousand Oaks, Unlikely Flood of Foreclosures, USDA Loans, VA Loans, Ventura, Wealth Building

How Changing Mortgage Rates Impact You in Phoenix, Arizona [INFOGRAPHIC]

How Changing Mortgage Rates Impact You [INFOGRAPHIC]

a house with many different colored numbers

Some Highlights

  • If you’re looking to buy a home, it’s important to know how mortgage rates impact what you can afford and how much you’ll pay each month.
  • That’s because even a small change in mortgage rates can have a big impact on your purchasing power.
  • The best way to navigate changing mortgage rates and make an informed buying decision is to rely on the expertise of a local real estate professional and mortgage lender.

Posted in: Infographics, Mortgage Rates and Updates Tagged: Addington Realty Group, Arizona, Best Time to Sell, Build Equity, Buy a Home, buying myths, California, Camarillo, Downsizing, First Step to Buying, First Time Home Buyers, Good Time to Buy, Good Time to Sell, Great Time to Sell, Hedge Against Inflation, Home Affordability, home prices, home selling, Homebuyer, Homebuyers, Homebuying, Homeownership, housing market, Housing Market Update, Housing Market Updates, Inflation, Infographics, Interest Rates, Leverage Your Equity, List Your House, Loan Rates, Low Inventory, market trends, mortgage rates, Move-Up Home Buyers, multigenerational, Next Generation, Oxnard, Phoenix, Prescott, Prescott Valley, Price Appreciation, Pricing, Purchase, Purchase Price, Raise Your Family, Real Estate, Real Estate Expert, reasons to sell, Rent vs Buy, Right Price, Right Time To Sell, Scottsdale, Sell Your House, Sellers Market, Selling Myths, Selling Point, Selling Potential, Selling Your House, Simi Valley, Thousand Oaks, Ventura, Wealth Building

Expert Home Price Forecasts for 2024 Revised Up in Prescott Valley, Arizona

Expert Home Price Forecasts for 2024 Revised Up

Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall.

So, let’s see exactly how experts’ thinking has shifted – and what’s caused the change.

2024 Home Price Forecasts: Then and Now

The chart below shows what seven expert organizations think will happen to home prices in 2024. It compares their first 2024 home price forecasts (made at the end of 2023) with their newest projections:

a blue and white graph with text

The middle column shows that, at first, these experts thought home prices would only go up a little this year. But if you look at the column on the right, you’ll see they’ve all updated their forecasts and now think prices will go up more than they originally thought. And some of the differences are major.

There are two big factors keeping such strong upward pressure on home prices. The first is how few homes are for sale right now. According to Business Insider:

“Low home inventory is a chronic problem in the US. This has generally kept home prices up . . .”

A lack of housing inventory has been pushing prices up for a long time now – and that’s not expected to change dramatically this year. But what has changed a bit is mortgage rates.

Late last year when most housing market experts were calling for home prices to rise only a little bit in 2024, mortgage rates were up and buyer demand was more moderate.

Now that rates have come down from their peak last October, and with further declines expected over the course of the year, buyer demand has picked up. That increase in demand, along with an ongoing lack of inventory, is what’s caused the experts to feel the upward pressure on prices will be stronger than they expected a couple months ago.

A Look Forward To Get Ahead of the Next Forecast Revisions

Real estate experts regularly revise their home price forecasts as the housing market shifts. It’s a normal part of their job that ensures their projections are always up-to-date and factor in the latest changes in the housing market.

That means they’ll continue to revise their projections as the housing market changes, just as they’ve always done. How those forecasts change next is anyone’s guess, but pay attention to mortgage rates.

If they trend down as the year goes on, as they’re expected to do, that could lead to more buyer demand and even higher home price forecasts.

Basically, it’s all about supply and demand. With supply still so limited, anything that causes demand to go up will likely cause prices to go up, too.

Bottom Line

At first, experts believed home prices would only go up a little this year. But now, they’ve changed their minds and forecast prices will grow even more than they originally thought. Let’s connect so you know what to expect with prices in our area.

Posted in: Market Update, Mortgage Rates and Updates Tagged: Addington Realty Group, Adjustable-Rate Mortgage, Arizona, Best Time to Sell, Build Equity, buy, Buy a Home, Buydowns, buying myths, California, Camarillo, Downsizing, First Time Home Buyers, Fixed Rates, Good Time to Sell, Great Time to Sell, Hedge Against Inflation, Home Affordability, home prices, home selling, Homebuyer, Homebuyers, Homebuying, Homeownership, housing market, Housing Market Update, Housing Market Updates, Inflation, Interest Rates, Leverage Your Equity, List Your House, market trends, mortgage rates, Move-Up Home Buyers, Next Generation, Oxnard, Phoenix, Pre-approval, Preapproval, Prescott, Prescott Valley, Price Appreciation, Pricing, problem solver, Purchase, Raise Your Family, Real Estate, Real Estate Expert, Rent vs Buy, Right Price, Right Time To Sell, Scottsdale, Sell Your House, Sellers Market, Selling Myths, Selling Potential, Selling Your House, Simi Valley, Spring Housing Market, Thousand Oaks, Unlikely Flood of Foreclosures, Ventura, Wealth Building

Some Experts Say Mortgage Rates May Fall Below 6% Later This Year in Prescott, Arizona

Some Experts Say Mortgage Rates May Fall Below 6% Later This Year

There’s a lot of confusion in the market about what’s happening with day-to-day movement in mortgage rates right now, but here’s what you really need to know: compared to the near 8% peak last fall, mortgage rates have trended down overall.

And if you’re looking to buy or sell a home, this is a big deal. While they’re going to continue to bounce around a bit based on various economic drivers (like inflation and reactions to the consumer price index, or CPI), don’t let the short-term volatility distract you. The experts agree the overarching downward trend should continue this year.

While we won’t see the record-low rates homebuyers got during the pandemic, some experts think we should see rates dip below 6% later this year. As Dean Baker, Senior Economist, Center for Economic Research, says:

“They will almost certainly not fall to pandemic lows, although we may soon see rates under 6.0 percent, which would be low by pre-Great Recession standards.”

And Baker isn’t the only one saying this is a possibility. The latest Fannie Mae projections also indicate we may see a rate below 6% by the end of this year (see the green box in the chart below):

a screenshot of a graph

The chart shows mortgage rate projections for 2024 from Fannie Mae. It includes the one that came out in December, and compares it to the updated 2024 forecast they released just one month later. And if you look closely, you’ll notice the projections are on the way down.

It’s normal for experts to re-forecast as they watch current market trends and the broader economy, but what this shows is experts are feeling confident rates should continue to decline, if inflation cools.

What This Means for You

But remember, no one can say for sure what will happen (and by when) – and short-term volatility is to be expected. So, don’t let small fluctuations scare you. Focus on the bigger picture.

If you’ve found a home you love in today’s market – especially where finding a home that meets your budget and your needs can be a challenge – it’s probably not a good idea to try to time the market and wait until rates drop below 6%.

With rates already lower than they were last fall, you have an opportunity in front of you right now. That’s because even a small quarter point dip in rates gives your purchasing power a boost.

Bottom Line

If you wanted to move last year but were holding off hoping rates would fall, now may be the time to act. Let’s connect to get the ball rolling.

Posted in: Market Update, Mortgage Rates and Updates Tagged: Addington Realty Group, Adjustable-Rate Mortgage, Arizona, Best Time to Sell, Build Equity, buy, Buy a Home, buying myths, California, Camarillo, Downsizing, First Step to Buying, First Time Home Buyers, Fixed Rates, Good Time to Buy, Good Time to Sell, Great Time to Sell, Hedge Against Inflation, Home Affordability, home prices, home selling, Homebuyer, Homebuyers, Homebuying, Homeownership, housing market, Housing Market Update, Housing Market Updates, Inflation, Interest Rates, List Your House, Loan Rates, market trends, Mortgage rate, mortgage rates, Move-Up Home Buyers, Oxnard, Phoenix, Prescott, Prescott Valley, Price Appreciation, Pricing, Purchase, Purchasing Power, Putting Down Roots, Raise Your Family, Rate Locked, Real Estate, Real Estate Expert, reasons to sell, Rent vs Buy, Right Price, Right Time To Sell, Scottsdale, Sell Your House, Sellers Market, Selling Myths, Selling Potential, Selling Your House, Simi Valley, Thousand Oaks, Ventura, Wealth Building

What’s Really Happening with Mortgage Rates in Prescott, Arizona?

What’s Really Happening with Mortgage Rates?

Are you feeling a bit unsure about what’s really happening with mortgage rates? That might be because you’ve heard someone say they’re coming down. But then you read somewhere else that they’re up again. And that may leave you scratching your head and wondering what’s true.

The simplest answer is: that what you read or hear will vary based on the time frame they’re looking at. Here’s some information that can help clear up the confusion.

Mortgage Rates Are Volatile by Nature

Mortgage rates don’t move in a straight line. There are too many factors at play for that to happen. Instead, rates bounce around because they’re impacted by things like economic conditions, decisions from the Federal Reserve, and so much more. That means they might be up one day and down the next depending on what’s going on in the economy and the world as a whole.

Take a look at the graph below. It uses data from Mortgage News Daily to show the ebbs and flows in the 30-year fixed mortgage rate since last October:

If you look at the graph, you’ll see a lot of peaks and valleys – some bigger than others. And when you use data like this to explain what’s happening, the story can be different based on which two points in the graph you’re comparing.

For example, if you’re only looking at the beginning of this month through now, you may think mortgage rates are on the way back up. But, if you look at the latest data point and compare it to the peak in October, rates have trended down. So, what’s the right way to look at it?

The Big Picture

Mortgage rates are always going to bounce around. It’s just how they work. So, you shouldn’t focus too much on the small, daily changes. Instead, to really understand the overall trend, zoom out and look at the big picture.

When you look at the highest point (October) compared to where rates are now, you can see they’ve come down compared to last year. And if you’re looking to buy a home, this is big news. Don’t let the little blips distract you. The experts agree, overall, that the larger downward trend could continue this year.

Bottom Line

Let’s connect if you have any questions about what you’re reading or hearing about the housing market.

Posted in: Buyer Tips, Mortgage Rates and Updates Tagged: Addington Realty Group, Adjustable-Rate Mortgage, Arizona, Build Equity, buying myths, California, Camarillo, demographics, Downsizing, First Time Home Buyers, Fixed Rates, Good Time to Sell, Hedge Against Inflation, Home Affordability, home prices, Homebuyer, Homebuyers, Homebuying, Homeownership, housing market, Housing Market Update, Housing Market Updates, Inflation, Interest Rates, Loan Rates, market trends, Mortgage rate, mortgage rates, Move-Up Home Buyers, Oxnard, Phoenix, Prescott, Prescott Valley, Price Appreciation, Pricing, Raise Your Family, Rate Locked, Real Estate, Real Estate Expert, Rent vs Buy, Right Price, Sell Your House, Sellers Market, Selling Myths, Selling Potential, Selling Your House, Simi Valley, Thousand Oaks, Ventura, Wealth Building

Don’t Wait Until Spring To Sell Your House in Prescott Valley, Arizona

Don’t Wait Until Spring To Sell Your House

As you think about the year ahead, one of your big goals may be moving. But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell. Here’s why.

1. Take Advantage of Lower Mortgage Rates

Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may not feel as locked-in to your current mortgage rate right now. That downward trend in rates has made moving more affordable now than it was just a few months ago.

Another reason today’s rates make now a good time to sell? More buyers are jumping back into the market. Many had been waiting on the sidelines for rates to fall, but now that that’s happening, they’re eager and ready to buy. That means more demand for your house. According to Sam Khater, Chief Economist at Freddie Mac:

“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”

2. Get Ahead of Your Competition

Right now, there are still more people looking to buy a home than there are houses for sale, which puts you in a great position. But keep in mind, with the recent uptick in new listings, we’re seeing more sellers may already be re-entering the market.

Listing your house now helps you beat your competition and makes sure your house will stand out. And if you work with an agent to price it right, it could sell fast and get multiple offers. U.S. News explains:

“When there is low housing inventory, sellers could get top dollar for their homes.”

3. Make the Most of Rising Home Prices

Experts forecast home prices will keep going up this year. What does that mean for you? If you’re ready to sell your current house and plan to buy another one, it may be a good idea to think about moving now before prices go up more. That would give you the chance to buy your next home before it gets more expensive.

4. Leverage Your Equity

Homeowners today have tremendous amounts of equity. In fact, a recent report from CoreLogic says the average homeowner with a mortgage has more than $300,000 in equity.

If you’ve been waiting to sell because you were worried about home affordability, know your equity can really help with your next move. It might even cover a big part, or maybe all, of the down payment for your next home.

Bottom Line

If you’re thinking about selling your house and moving to another one, let’s connect to get the process started now so you can get a leg up on your competition.

Posted in: Mortgage Rates and Updates, Seller Tips Tagged: Addington Realty Group, Arizona, Best Time to Sell, Build Equity, California, Camarillo, Downsizing, Good Time to Sell, Great Time to Sell, Hedge Against Inflation, home prices, housing market, Interest Rates, Loan Rates, Mortgage rate, mortgage rates, Oxnard, Phoenix, Prescott, Prescott Valley, Price Appreciation, Pricing, Real Estate, Real Estate Expert, reasons to sell, Right Price, Right Time To Sell, Scottsdale, Sell Your House, Sellers Market, Selling Myths, Selling Potential, Selling Your House, Simi Valley, Sweet Spot for Sellers, Thousand Oaks, Ventura, Wealth Building

2 of the Factors That Impact Mortgage Rates in Simi Valley, California

2 of the Factors That Impact Mortgage Rates

If you’re looking to buy a home, you’ve probably been paying close attention to mortgage rates. Over the last couple of years, they hit record lows, rose dramatically, and are now dropping back down a bit. Ever wonder why?

The answer is complicated because there’s a lot that can influence mortgage rates. Here are just a few of the most impactful factors at play.

Inflation and the Federal Reserve

The Federal Reserve (Fed) doesn’t directly determine mortgage rates. But the Fed does move the Federal Funds Rate up or down in response to what’s happening with inflation, the economy, employment rates, and more. As that happens, mortgage rates tend to respond. Business Insider explains:

“The Federal Reserve slows inflation by raising the federal funds rate, which can indirectly impact mortgages. High inflation and investor expectations of more Fed rate hikes can push mortgage rates up. If investors believe the Fed may cut rates and inflation is decelerating, mortgage rates will typically trend down.”

Over the last couple of years, the Fed raised the Federal Fund Rate to try to fight inflation and, as that happened, mortgage rates jumped up, too. Fortunately, the expert outlook for inflation and mortgage rates is that both should become more favorable over the course of the year. As Danielle Hale, Chief Economist at Realtor.com, says:

“[M]ortgage rates will continue to ease in 2024 as inflation improves . . .”

There’s even talk the Fed may actually cut the Fed Funds Rate this year because inflation is cooling, even though it’s not yet back to their ideal target.

The 10-Year Treasury Yield

Additionally, mortgage companies look at the 10-Year Treasury Yield to decide how much interest to charge on home loans. If the yield goes up, mortgage rates usually go up, too. The opposite is also true. According to Investopedia:

“One frequently used government bond benchmark to which mortgage lenders often peg their interest rates is the 10-year Treasury bond yield.”

Historically, the spread between the 10-Year Treasury Yield and the 30-year fixed mortgage rate has been fairly consistent, but that’s not the case recently. That means, there’s room for mortgage rates to come down. So, keeping an eye on which way the treasury yield is trending can give experts an idea of where mortgage rates may head next.

Bottom Line

With the Fed meeting later this week, experts in the industry will be keeping a close watch to see what they decide and what impact it’ll have on the economy. To navigate any mortgage rate changes and their impact on your moving plans, it’s best to have a team of professionals on your side.

Posted in: Buyer Tips, Mortgage Rates and Updates Tagged: Addington Realty Group, Arizona, Build Equity, Buy a Home, Buyers, buying myths, California, Camarillo, Downsizing, First Time Home Buyers, Good Time to Buy, Hedge Against Inflation, Home Affordability, home prices, Homebuyer, Homebuyers, Homebuying, Homeownership, Inflation, Interest Rates, Low Inventory, market trends, Mortgage Loans, Mortgage rate, mortgage rates, Move-Up Home Buyers, Oxnard, Phoenix, Prescott, Prescott Valley, Price Appreciation, Real Estate, Real Estate Expert, Right Price, Scottsdale, Simi Valley, Thousand Oaks, Ventura, Wealth Building

2 Reasons Why Today’s Mortgage Rate Trend Is Good for Sellers in Scottsdale, Arizona

2 Reasons Why Today’s Mortgage Rate Trend Is Good for Sellers

If you’ve been holding off on selling your house to make a move because you felt mortgage rates were too high, their recent downward trend is exciting news for you. Mortgage rates have descended since last October when they hit 7.79%. In fact, they’ve been below 7% for over a month now (see graph below):

And while they’re not going back to the 3% we saw during the ‘unicorn’ years, they are expected to continue to go down from where they are now in the near future. As Dean Baker, Senior Economist at the Center for Economic Research, explains:

“It also appears that mortgage rates are now falling again. They will almost certainly not fall to pandemic lows, although we may soon see rates under 6.0 percent, which would be low by pre-Great Recession standards.”

Here are two reasons why this recent trend, and the expectation it’ll continue, is such good news for you.

You May Not Feel as Locked-In to Your Current Mortgage Rate

With mortgage rates already significantly lower than they were just a few months ago, you may feel less locked-in to the current mortgage rate you have on your house. When mortgage rates were higher, moving to a new home meant possibly trading in a low rate for one up near 8%.

However, with rates dropping, the difference between your current mortgage rate and the new rate you’d be taking on isn’t as big as it was. That makes moving more affordable than it was just a few months ago. As Lance Lambert, Founder of ResiClub, explains:

“We might be at peak “lock-in effect.” Some move-up or lifestyle sellers might be coming to terms with the fact 3% and 4% mortgage rates aren’t returning anytime soon.”

More Buyers Will Be Coming to the Market

According to data from Bright MLS, the top reason buyers have been waiting to take the plunge into homeownership is high mortgage rates (see graph below):

Lower mortgage rates mean buyers can potentially save money on their home loans, making the prospect of purchasing a home more attractive and affordable. Now that rates are easing, more buyers are likely to feel they’re ready to jump back into the market and make their move. And more buyers mean more demand for your house.

Bottom Line

If you’ve been waiting to sell because you didn’t want to take on a larger mortgage rate or you thought buyers weren’t out there, the recent decline in mortgage rates may be your sign it’s time to move. When you’re ready, let’s connect.

Posted in: Market Update, Mortgage Rates and Updates, Seller Tips Tagged: Addington Realty Group, Adjustable-Rate Mortgage, Arizona, Best Time to Sell, Build Equity, California, Camarillo, FHA Loans, Good Time to Sell, Great Time to Sell, Hedge Against Inflation, Home Affordability, Home Loans, home prices, home selling, housing market, Housing Market Update, Housing Market Updates, Inflation, Interest Rates, Loan Rates, Low Inventory, market trends, Mortgage Loans, Mortgage rate, mortgage rates, Mortgage Trends, Oxnard, Phoenix, Prescott, Prescott Valley, Price Appreciation, Pricing, Real Estate, Real Estate Expert, reasons to sell, Right Price, Right Time To Sell, Scottsdale, Sell Your House, Sellers Market, Selling Myths, Selling Potential, Selling Your House, Simi Valley, Thousand Oaks, USDA Loans, VA Loans, Ventura, Wealth Building

Why It’s More Affordable To Buy a Home in Phoenix, Arizona This Year [INFOGRAPHIC]

Why It’s More Affordable To Buy a Home This Year [INFOGRAPHIC]

Some Highlights

  • Home affordability depends on three factors: mortgage rates, home prices, and wages.
  • Mortgage rates are down from their recent peak, home prices are expected to rise at a slower pace, and wages are increasing faster than usual.
  • That’s good news if you want to buy a home because it means affordability is getting better.

Posted in: Buyer Tips, Infographics, Mortgage Rates and Updates Tagged: Addington Realty Group, Adjustable-Rate Mortgage, Arizona, Build Equity, Buy a Home, Buydowns, Buyers, buying myths, California, Camarillo, Downsizing, FHA Loans, First Step to Buying, First Time Home Buyers, Hedge Against Inflation, Home Affordability, Home Availability, Home Equity, Home Loans, home prices, Homebuyer, Homebuyers, Homebuying, Homeownership, housing market, Inflation, Infographics, Interest Rates, Loan Rates, Low Inventory, market trends, Mortgage Loan, Mortgage Loans, Mortgage rate, mortgage rates, Move-Up Home Buyers, Oxnard, Phoenix, Prescott, Prescott Valley, Price Appreciation, Pricing, Real Estate, Real Estate Expert, Rent vs Buy, Right Price, Scottsdale, Simi Valley, USDA Loans, VA Loans, Ventura, Wealth Building

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