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Housing Market Forecast for the Rest of 2022 [INFOGRAPHIC]

August 10, 2022 By Claire Garlick Leave a Comment

Image Source: KCM Blog

Some Highlights

  • The housing market is shifting away from the intensity of the past two years. Here’s what experts project for the remainder of 2022.
  • Home prices are forecast to rise more moderately than last year. Mortgage rates will respond to inflation, and home sales will be more in line with pre-pandemic years.
  • Connect with Blessings Realty so you can make your best move this year!

 

Article source: https://www.keepingcurrentmatters.com/2022/08/05/housing-market-forecast-for-the-rest-of-2022-infographic/.

Filed Under: Buyers, First Time Home Buyers, Housing Market Update, Infographic, Interest Rates, Luxury Buyers, Move-Up Buyers, Pricing, Sellers Tagged With: Colorado Real Estate, First Time Home Buyers, For Buyers, For Sellers, Housing Market Update, Infographics, Interest Rates, Pricing

Will Higher Interest Rates Finally Cool The Red-Hot Housing Market?

June 10, 2022 By Claire Garlick Leave a Comment

Pretty much everyone knows the Fed raised interest rates a half a point in early May, but what does that really mean? For the most part, the Fed has been planning to inch up rates in order to deal with record inflation, which means it hopes to stem the rise in prices we’re seeing on nearly everything we buy today, from groceries to household supplies.

Rising interest rates also mean you could earn a higher return on your savings, whether you bank with a traditional institution or you park your savings in an online bank.

Unfortunately, there’s another side to rising rates — borrowing money is going to become a lot more expensive than it was in previous years.

[Read more…]

Filed Under: Finance, Housing Market Update, Interest Rates Tagged With: Colorado Real Estate, Finance, Housing Market Update, Interest Rates

How Today’s Mortgage Rates Impact Your Home Purchase

May 20, 2022 By Claire Garlick Leave a Comment

Source: KCM Blog

If you’re planning to buy a home, it’s critical to understand the relationship between mortgage rates and your purchasing power. Purchasing power is the amount of home you can afford to buy that’s within your financial reach. Mortgage rates directly impact the monthly payment you’ll have on the home you purchase. So, when rates rise, so does the monthly payment you’re able to lock in on your home loan. In a rising-rate environment like we’re in today, that could limit your future purchasing power.

Today, the average 30-year fixed mortgage rate is above 5%, and in the near term, experts say that’ll likely go up in the months ahead. You have the opportunity to get ahead of that increase if you buy now before that impacts your purchasing power.

Mortgage Rates Play a Large Role in Your Home Search

The chart below can help you understand the general relationship between mortgage rates and a typical monthly mortgage payment within a range of loan amounts. Let’s say your budget allows for a monthly mortgage payment in the $2,100-$2,200 range. The green in the chart indicates a payment within that range, while the red is a payment that exceeds it (see chart below):

As the chart shows, you’re more likely to exceed your target payment range as mortgage rates increase unless you pursue a lower home loan amount. If you’re ready to buy a home, use this as your motivation to purchase now so you can get ahead of rising rates before you have to make the decision to decrease what you borrow in order to stay comfortably within your budget.

Work with Trusted Advisors To Know Your Budget and Make a Plan

It’s critical to keep your budget top of mind as you’re searching for a home. Danielle Hale, Chief Economist at realtor.com, puts it best, advising that buyers should:

Get preapproved with where rates are today, but also consider what would happen if rates were to go up, say another quarter of a point, . . . Know what that would do to your monthly costs and how comfortable you are with that, so that if rates do move higher, you already know how you need to adjust in response.

No matter what, the best strategy is to work with your real estate advisor and a trusted lender to create a plan that takes rising mortgage rates into consideration. Together, you can look at your budget based on where rates are today and craft a strategy so you’re ready to adjust as rates change.

Bottom Line

Even small increases in mortgage rates can impact your purchasing power. If you’re in the process of buying a home, it’s more important than ever to have a strong plan. Partner with a trusted real estate advisor and lender to strategize so you can achieve your dream of homeownership this season. Get in touch with us today to get started.

 

Article source: https://www.keepingcurrentmatters.com/2022/05/09/how-todays-mortgage-rates-impact-your-home-purchase/.

Filed Under: Buyers, Finance, First Time Home Buyers, Interest Rates Tagged With: Colorado Real Estate, Finance, First Time Home Buyers, For Buyers, Interest Rates

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Claire Boynton, The Platinum Group Realtors Monument Colorado Real Estate

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About Blessings Realty

We perform top notch sales and marketing services for residential homes and land. We help home buyers find the right homes for their needs. Also specializing in new construction and rental properties. Whether you are a first-time home buyer or seller or have bought and sold many homes before, we will Read More…

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Welcome and thank you for visiting our Blessings Realty website! We are Monument-based real estate experts providing information about the Monument and Northern Colorado Springs, CO real estate market.

While you’re here, please check out 80132 homes for sale in Monument, CO, as well as other real estate listings around the area.  View listings, photos, market data, and use our detailed real estate filters to find the perfect place.

Please contact us today at (719) 425-8929 to buy or sell real estate in Colorado Springs and Monument, Colorado – or for help with your property management and probate real estate needs – we would love to speak with you!

Sincerely,

Claire and Jeff Garlick of Blessings Realty

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