Plano – August 2022 Market Statistics
Information Provided by Texas Realtors and Texas A & M Real Estate Research Center
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Mortgage Rates Top 6% for First Time Since 2008
Monthly mortgage payments are 60% higher than a year ago, according to NAR. Buyers can save by shopping around for different types of loans. The interest rate for the 30-year fixed-rate mortgage crossed a major threshold this week, hitting 6.02%—the first time it has broken 6% since 2008, Freddie Mac reported Thursday. Volatile mortgage rates
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There’s No Reason To Panic Over Today’s Lending Standards
Today, some are afraid the real estate market is starting to look a lot like it did in 2006, just prior to the housing crash. One of the factors they’re pointing to is the availability of mortgage money. Recent articles about the availability of low down payment loans and down payment assistance programs are causing
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Is Homeownership Still Considered Part of the American Dream?
Since the birth of our nation, homeownership has always been considered a major piece of the American Dream. As Frederick Peters reports in Forbes: “The idea of a place of one’s own drives the American story. We became a nation out of a desire to slip the bonds of Europe, which was still in many respects a collection
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How a Change in Mortgage Rate Impacts Your Homebuying Budget
Mortgage rates are on the rise this year, but they’re still incredibly low compared to the historic average. However, anytime there’s a change in the mortgage rate, it affects what you can afford to borrow when you’re buying a home. As Sam Khater, Chief Economist at Freddie Mac, shares: “Since January, mortgage rates have increased half a percentage point from historic lows and
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What It Means To Be in a Sellers’ Market
If you’ve given even a casual thought to selling your house in the near future, this is the time to really think seriously about making a move. Here’s why this season is the ultimate sellers’ market and the optimal time to make sure your house is available for buyers who are looking for homes to purchase. The latest Existing Home Sales Report from The
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To Renovate or Not To Renovate Before You Sell
When thinking about selling, homeowners often feel they need to get their house ready with some remodeling to make it more appealing to buyers. However, with so many buyers competing for available homes right now, renovations may not be as vital as they would be in a more normal market. Here are two things to keep in
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What Is the Strongest Tailwind to Today’s Recovering Economy?
Last year started off with a bang. Unemployment was under 4%, forecasters were giddy with their projections for the economy, and the residential housing market had the strongest January and February activity in over a decade. Then came the announcement on March 11, 2020, from the World Health Organization declaring COVID-19 a worldwide pandemic. Two days later,
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What Is the #1 Financial Benefit of Homeownership?
There are many financial and non-financial benefits of homeownership, and the greatest financial one is wealth creation. Homeownership has always been the first rung on the ladder that leads to forming household wealth. As Freddie Mac explains: “Homeownership has cemented its role as part of the American Dream, providing families with a place that is their own and
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How to Make a Winning Offer on a Home
Today’s homebuyers are faced with a strong sellers’ market, which means there are a lot of active buyers competing for a relatively low number of available homes. As a result, it’s essential to understand how to make a confident and competitive offer on your dream home. Here are five tips for success in this critical stage of the
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