12/02/22

Adam Buice with Pinnacle Mortgage shared some exciting news this week with our team. With interest rates fluctuating its important to lock into a rate soon. What if you could buy down that rate and refinance later?

Buy Down programs are becoming more popular today. Adam discusses the 3/2/1 buy down programs that are available on the market today. Adam was able to lock someone in at 5.99% interest rate and with the 3/2/1 buy down the first year of monthly payments are at 2.99%. If you are concerned about your interest rate, this is definitely a way to make it work for your budget. We are at two month lows right now, so take advantage. Sellers in some cases can also contribute to these making that home purchase more affordable.

When rates drop, refinance with no lender fees. Call Adam Buice with Pinnacle Mortgage Services today at 404.416.6380 or email him at adam@mypinnacleloan.com.

11/19/22

Wanted to reach out as let you know that if you are in the market to buy a home today we saw a dip in interest rates down to the low 6% range, and government loans like VA and FHA loans are in the mid to high 5% range in the past week.

Additionally, talk to your agent or mortgage person on the 2/1 Buy Down or 3/2/1 Buy Down in which your payment would be lower in the first couple of years. Sellers in some cases can contribute to these making that home purchase more affordable.

Lastly if you are a seller and your home isn’t selling in this shifting market talk to your agent today to make sure its priced right, we are seeing a number of homes selling when it’s priced right for this market.

If you need help or have questions reach out to us at 770-634-9710.

Lots of people are talking about how prices are lowering. In my opinion, they just went up fraudulently, but why do I think that? Let me tell you a story about two nearly identical homes in our market. 

House A and House B had the same floor plan, lot size, and location—they were right next to each other. Both even had finished basements! Just to make it clear, this is an actual case study.

Back in February, the owners of House A put it on the market when interest rates were low, supply was nearly all gone, and demand was off the charts. They listed it at $649,000, the highest price in the neighborhood at the time, and sold within a day or two with 15 offers. One buyer paid all cash and offered $725,000 because there was no other home they wanted on the market.

Let’s fast forward. In July, when interest rates had climbed, the owners of House B put it on the market for $649,000. It sold for list price in about a week with three different offers. That should still put a smile on anyone’s face because $649,000 remains a fantastic price for that neighborhood. 

The difference between February and now is there’s no mass hysteria in the market. You don’t get that one buyer who’s willing to make a crazy deal to get the home. Inventory has risen, and demand has waned. 

It will look to some like prices are decreasing in these situations, but they aren’t. Those crazy offers were made when there were no homes available—that’s not normal. 

Whether you’re planning to buy or sell, my team and I are here to help you get the right information. If you have any questions, call us at (770) 634-9710. I promise you won’t be sorry you did.

The recent news headlines about the changing market have been sensationalized, and everyone seems to have a different perspective on the topic. Before you get caught up in the alarming housing market news, you must remember that real estate is local. To help you make the best real estate decisions, I’ll cover some significant changes that have happened in our Atlanta housing market.

Closings have increased throughout July. The month’s supply of inventory has also increased significantly since Spring 2022. Demand will likely decrease slowly throughout the year, while interest rates are currently hovering around 5%.

What does this all mean? If you’re a buyer, you now have a larger selection of homes. This is also your chance to buy from aggressive sellers who want to sell their homes before interest rates spike again. For sellers, there’s still an opportunity to grab the last part of the summer selling season. Demand will also drop as rates increase, so you should sell sooner rather than later.

Each market is unique, so make sure you work with an agent who knows yours. If you need help with your home buying or selling plans in Atlanta, don’t hesitate to call or email me. I’ll be happy to help.

“What’s going on with interest rates?” I receive this question almost every day. In case you haven’t been paying attention, the Federal Reserve has been raising rates to combat inflation. What impact will this have on our housing market? 

As mortgage interest rates rise, buyers’ purchasing power is negatively impacted. As a result, inventory is increasing, and our market has slowed down, which was exactly the Fed’s intention. What does this mean for buyers and sellers? 

Sellers shouldn’t panic just yet. You may have to put more effort into your marketing and preparation before listing your home, but you can still secure a great deal. Meanwhile, more inventory is great news for buyers. You’ll have less competition for great homes moving forward. 

One thing to keep in mind is that inventory is still incredibly low around Atlanta. Our area only has a 1.1-month supply of inventory right now. Supply is rising, but it won’t be enough to tank prices or cause a crash. 

If you have questions about today’s topic or anything else, please call or email me. I am always willing to help! 

Why interest rates have increased dramatically and will continue to climb.

Interest rates have risen considerably in the last few months. As of this blog post, they’re in the low 5% range for 30-year mortgages. They’ve gone up quite a bit, and we don’t expect them to go down. 

The Federal Reserve has stated that they will roll back everything they were doing to keep rates low. They were buying mortgage-backed securities and other assets that helped keep rates down, but those purchases are being reduced significantly.

The goal is to suppress some of the demand and increase the inventory. They want to make our market more balanced. If you’re a buyer in today’s market, my advice would be to lock in the interest rate we have right now. It looks like they will only be going up from here.

If you have any questions, feel free to call my team at (770) 634-9710. I promise you’ll be happy you did.

12/02/22

Adam Buice with Pinnacle Mortgage shared some exciting news this week with our team. With interest rates fluctuating its important to lock into a rate soon. What if you could buy down that rate and refinance later?

Buy Down programs are becoming more popular today. Adam discusses the 3/2/1 buy down programs that are available on the market today. Adam was able to lock someone in at 5.99% interest rate and with the 3/2/1 buy down the first year of monthly payments are at 2.99%. If you are concerned about your interest rate, this is definitely a way to make it work for your budget. We are at two month lows right now, so take advantage. Sellers in some cases can also contribute to these making that home purchase more affordable.

When rates drop, refinance with no lender fees. Call Adam Buice with Pinnacle Mortgage Services today at 404.416.6380 or email him at adam@mypinnacleloan.com.

How do you price your home in a softening market? We’re heading into August, so school is starting, which is taking a few people out of our market. The key thing to understand is that it might be a little slower each month from now to the end of the year.

If you plan to sell your home soon, get it on the market as soon as possible and capture the end of this peak. It’s better to be ahead than behind. Don’t price your home unreasonably, and do some minor repairs so that your home is as attractive to buyers as possible.

The critical thing is to get ahead of the softening market. Inventory is starting to creep up, so ensure your home stands out and sells first instead of sitting on that market.

If you have any questions or want our help getting to the closing table, call us at (770) 634-9710 or email us. We’d love to help.

Here’s why waiting to buy a home may cost you in the long run.

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What is the cost of waiting? By the end of the year, we usually know what the Federal Reserve plans to do. This year is no exception: The Fed will raise interest rates slightly next year, or at least, that’s what a lot of people are predicting.

If the interest rates went up 1.25%, a $340,000 home would have the same monthly payment as a $400,000 home does today. Waiting will cost you either $60,000 off your home value or several hundred dollars on your monthly payments.

Rates are expected to rise as high as about 3.5%. We don’t know what the future holds, but we can say that the Fed has taken decisive action. They were buying mortgage-backed securities and keeping our rates low, but now they’ve decided to back off of that position. Rates won’t rise quickly, but they should increase over time.

Pay attention to rates because waiting could cost you. If you have any questions or there’s anything we can do to get you in the right home, call us today at 770-634-9710. I promise you’ll be glad you did.