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"By choosing our path, we choose our destination." Quotemaster.org 

When you are looking for the quickest and easiest path up to your mountain, take the Mountain Trail Guide Sherpa with you.   A good financial advisor, a good economist, and a knowledgeable mortgage professional are like Trail Guide Sherpas. They are standing at the top of the mountain, looking down along every trail. When asked, the financial trail guide can point clients to what looks like the best trail to get to their destination. 

Let's take a look down the paths of homeownership:

1. The median home price this week of $363,300 is up over 23% year-over-year. The media is saying it is a Home Affordability Crisis.   But remember that Median Home Price does not determine affordability.   Affordability is determined by the relationship between home value Appreciation and wages.    Appreciation is only up 14% year-over-year.   People are also coming back to work with Pandemic Unemployment Assistance Claims falling by over a million.

2. The higher home prices do put pressure on first-time homebuyers. However, first-time homebuyers are still making up 31% of home sales over the last five months.   Cash buyers made up 23% of homebuyers, up 16% from last year.  Investors purchased 14% of the home sales, down 17%, which is a pandemic low.

3. Inventory of homes for sale is still down 19% year-over-year. Still, Chief Economist for National Association of Realtors, Lawrence Yun, forecasts that we will see more houses being listed for sale later this year.

4. Real estate economists are still predicting that the value of homes will continue to increase, even when mortgage rates start to climb. The serious lack of homes for sale and the tremendous buyer demand are being followed by an emerging Millennial and Z-Generation buyers market eager to own their own homes.

5. Mortgage rates are the lowest we have seen since February. So the big win for homebuyers is to lock in a low, fixed-rate mortgage on a home where they can build equity and wealth. 

The best realtors and mortgage professionals want every tool at hand for helping their clients overcome obstacles and feel good about their real estate decisions. Subscribe to one or two reliable real estate market news sources. Connect with your local Multiple Listing Service.  Lunch and Learn meetings and real estate sales meetings are great places to learn about various mortgage programs.   

Posted On Monday, 26 July 2021 00:00 Written by

2021 has been a far from typical year. As everyone tries to find what the new normal looks like, we all are trying get ourselves adjusted. As we approach August, we realize the next “new” hurdle will be getting everyone in the family on track with the new schedules and timing of all the kids going back to school.

Back to school in any other year takes some getting used too. In 2021, with most of the country sending their kids back to school on a full-time basis is going to take some extra work! These time and schedule adjustments, even for those without children, can become a real challenge. I for one do not have any children living with me that are going back to school. However, the entrance to my community is on the same street as a school. Everyone that lives here knows that you must work around the school activity both in the morning and the afternoon or run the risk of getting tied up in traffic as the kids are dropped off and picked up!

It may sound silly, but with the year away from doing this, it could be quite an adjustment. It can also become an issue for those who have children that are changing schools and adjusting to new schedules. It’s not always just as simple as getting them out the door, it also is being sure that their full schedule allows for a smooth transition from home to school and then back again.

With these issues also comes a series of opportunities. Time, location, transportation, and a combination of schedules may open the door to mortgage and real estate choices to help manage it all. Remember, even as the kids go back to school, some parents are still working from home. While it may be helpful, it isn’t without its challenges. Without a clear break, some parents find it difficult to shift from parent mode to work mode without going to the office.

Refinancing the current home and updating or renovating could be a solution! New bedrooms, bathrooms, home office, or complete makeover could do the trick. However, the situation may require a complete change, and now listing, selling, and buying the next home become a reality. So be sure to connect with your database and ASK them how things are going and see if you can help them get back to school without their home becoming part of the problem.

Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

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