What Way Is the Best Road to Take In This Real Estate Market 2021

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

"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.   

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Jo Garner

“Whatever YOUR personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on hitting your goals.”

As a mortgage loan officer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help you find the financing terms that will help you get to what you want.  What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you want to buy or refinance?

Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income.”

Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. She offers conventional, FHA, VA or other loan programs for refinancing and purchases.

Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.  

Jo Garner has been in the real estate/financing business for over 25 years.  She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge

On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate.  In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 25 years.  Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.  

In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com  

www.JoGarner.com

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