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Home Price | Security Pacific Real Estate - Garrett Mann Home Sales Blog

Thursday, November 19, 2020   /   by Garrett Mann

Will Mortgage Rates Remain Low Next Year?

In 2020, buyers got a big boost in the housing market as mortgage rates dropped throughout the year. According to Freddie Mac, rates hit all-time lows 12 times this year, dipping below 3% for the first time ever while making buying a home more and more attractive as the year progressed (See graph below):When you continually hear how rates are hitting record lows, you may be wondering: Are they going to keep falling? Should I wait until they get even lower?
The Challenge with Waiting
The challenge with waiting is that you can easily miss this optimal window of time and then end up paying more in the long run. Last week, mortgage rates ticked up slightly. Sam Khater, Chief Economist at Freddie Mac, explains:

“Mortgage rates jumped this week as a result of positive news about a COVID-19 vaccine. Despite this rise, mortgage rates remain about a percentage point below a year ago.”

While rates are still low ...

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  real estate, housing market, buyers, homeownership, housing demand, buying, homebuyer, housing market updates, economy, for buyers, investment, prices, interest rates, home price, home affordability, homebuyer preferences, historic

Monday, November 9, 2020   /   by Garrett Mann

Is it Safe to Sell My House Right Now?

In today’s real estate market, the buzz is all about how it’s a great time to sell your house. Buyer demand is high, and there simply aren’t enough homes available to buy to meet that growing need. This means now is the time to make a move so you can close the deal on your ideal terms.
Even in today’s strong sellers’ market, there are homeowners who are choosing not to sell due to ongoing concerns around the health crisis, financial uncertainty, and life in general. According to Zillow, here are the top three reasons homeowners who are thinking of selling sometime in the next three years are not putting their houses on the market right now:

34% - Life is too uncertain right now
31% - Financial uncertainty
25% - COVID-19 health concerns

If you identify with any of these, you’re not alone. Whether it’s the future of your employment situation or simply being uncomfortable having gues ...

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  real estate, housing market, buyers, homeownership, housing demand, 2020, sellers, selling, housing market updates, economy, demand, housing supply, for sellers, prices, interest rates, home price, supply, america, health crisis, trusted professional, adverse influences

Monday, October 26, 2020   /   by Garrett Mann

Two Important Impacts of Home Equity

Equity continues to rise, helping American homeowners secure a much more stable financial future. According to the most recent data from CoreLogic, the average homeowner gained $9,800 in equity over the past year. In addition, experts project 2020 home prices to continue rising. With prices going up, equity gains will also keep accelerating. Black Knight just reported:

“The annual percent change in the overall median existing single-family-home price has skyrocketed in the past several months, with recent numbers at three to five times higher than rates seen in the past several years.”

Jeff Tucker, Senior Economist at Zillow, just qualified recent price increases as “jaw-dropping” and “within a hair's breadth of double-digit year-over-year appreciation.”
Knowing equity will help enable many homeowners to better survive the economic distress caused by the ongoing pandem ...

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  real estate, housing market, buyers, homeownership, housing demand, sellers, 2020, buying, homebuyer, selling, housing market updates, demand, housing supply, economy, for buyers, for sellers, equity, home price, home affordability, homebuyer preferences, comparable sales

Friday, October 16, 2020   /   by Garrett Mann

How to Prepare for a Bidding War [INFOGRAPHIC]

Some Highlights

With so few houses available on the market today, being ready for a bidding war is essential for prospective homebuyers.
From pre-approval to making your best offer, here are three tips to make sure you can act quickly and confidently when you find the perfect home.
Let’s connect today to be sure you have the guidance you need as the competition for homes heats up this season.

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  real estate, housing market, buyers, homeownership, housing demand, 2020, buying, homebuyer, selling, housing market updates, demand, housing supply, economy, for buyers, home price, supply, home affordability, homebuyer preferences, bidding war

Wednesday, October 14, 2020   /   by Garrett Mann

The #1 Reason Not to Wait to List Your House for Sale

Many industries have been devastated by the economic shutdown caused by the COVID-19 virus. Real estate is not one of them.
Mark Fleming, Chief Economist for First American, just reported:

“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”

Buyer demand is still strong heading into the fall. ShowingTime, which tracks the average number of buyer showings on residential properties, just announced that buyer showings are up 61.9% compared to the same time last year. They went on to say:

“Normally, real estate activity begins to slow down in the late summer, but this year it peaked in July, August and into September.”

There Is One Big Challenge
Purchaser demand is so high, t ...

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  real estate, housing market, buyers, homeownership, housing demand, sellers, 2020, buying, selling, homebuyer, demand, housing market updates, housing supply, economy, prices, for sellers, equity, home price, supply, historic, low inventory

Security Pacific Real Estate - Garrett Mann Home Sales
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