Inventory is increasing, allowing this to be the perfect time to shop for your dream home.
If you're in the market to purchase, refinance or you need general information call JTS today!
Good morning, i?m tyler farnham 1.
According to?zillow's weekly market report, typical homes on the market are more expensive as median list prices are up nearly 9% compared to last year.
2.
But the good news for buyers is that inventory rose month-over- month and it's closer to las year's figures for the first time since march?
3.
More inventory keeps home prices in check.
4.
Also according to zillow's report, for the past three weeks, on the national level, homes are typically going under contract 13 days after they're listed.
5.
This is two weeks faster than a year ago and the shortest median time on the market in zillow's weekly records going back to january 2019.
6.
Newly pending sales are up 18.4% compared to last year, the highest year-over-year gain since november 2019.
7.
According to a recent redfin report, more than half of its home offers were embroiled in bidding wars during august.
8.
This statistic proves that competition remains fierce in the housing market.
9.
Which means it?s more important than ever to get pre-approved for a mortgage before you shop.
10.
With a pre- approval in hand, when you decide to make an offer, it will hold more weight against other buyers that haven?t been pre- approved yet.
11.
Contact us for your mortgage pre-approval to give your bid more power!
12.
According to the national association of home builders, the covid-19 pandemic has caused lumber prices to skyrocket more than 160% since april.
13.
This is due to two reasons: 14.
First, home renovations by americans have spiked due to many people needing more overall space, as well as dedicated areas for working, schooling, and doing many other things from home now.
15.
Second, there is also an increased demand for new build homes, and the lumber needed for the construction of these houses.
16.
The higher lumber prices are adding about $16,000 to the cost of a new construction home.
17.
If you?re looking to make home renovations, a cash-out or renovation refinance may be your best solution.
18.
Speak with one of our loan advisors today, so we can help you determine if either of these options is in your best interest.
19.
Homeowners need to move quickly if they want to beat the new refinance fee being imposed by fannie mae and freddie mac.
20.
If you?re considering a refinance, we recommend starting the process asap to lock in your low rate.
21.
Experts anticipate that this fee will cause mortgage rates to jump up this fall.
22.
According to the mortgage bankers association, lenders are likely to pass the fee along to homeowners in the form of higher mortgage rates, which will cost the average borrower an additional $1,400.
23.
So if you?re considering a refinance, contact us today!
24.
We are your local mortgage advisor, located right here in your community that you can trust to handle all of your home loan needs.
25.
At jts & co.
We want to form lasting relationships with our clients.
26.
Whether you are buying your first home, forever home, investment property, or refinancing, we can find the best borrowing solution for your situation.
27.
We are local, trusted, and experienced and we want to be your lifetime mortgage advisor.
Thank you for joining me today, be sure to tune in next week!
Though 2020 has certainly been a challenging year, one good thing that has come out of it have been ultra-low mortgage rates..