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The #1 Reason Home Buyers' Dreams May Be Crushed
Manage episode 152344139 series 1057260
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Want to see which St. George area homes are currently for sale? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You can always call us at (435) 215-4533 for a FREE home buying or selling consultation to answer any of your real estate questions.
What if a small change in mortgage interest rates caused you to COMPLETELY MISS the opportunity to purchase a home?! That could be happening. And soon.
Today, Jeremy Larkin & Host Chantry Abbott from Guild Mortgage Company discusses an upcoming change in the national and St. George real estate markets that will majorly affect every single Buyer’s ability to get the home they want….as well as home SELLERS’ ability to sell those homes.
An article released by the Mortgage Bankers Association predicts that mortgage interest rates will top 5% in 2017. What does this mean for you and your St. George real estate?
Nearly 7% of buyers who apply for a mortgage during the first half of the year will have trouble qualifying for a mortgage if rates go up by 0.5%.
Rates affect buying power immensely. As a result, some buyers won't be able to qualify for a mortgage down the line. For example, Chantry has had clients get pre-qualified for a $200,000 house. Three or four months later, they came back to get approved but, since rates have been on the rise, they actually can only afford to buy a $185,000 home. DANGIT!!
Doc, Marty and Buying a House in 1985….
Was it really more expensive to purchase a home in 1985? You’d be surprised. Watch this:
Let's say you want a $1,000 monthly mortgage payment. Back in 1985, assuming typical down payments and credit scores, you could only afford a $100,000 home.
In 2015, you can afford a $210,000 house and still have that $1,000 monthly payment! Why? Because rates have dramatically decreased since 1985. Even with homes being MUCH more expensive today, you can afford twice as much.
Rates will be on the rise in 2016, and Sellers will also feel the squeeze.
It’s not just Buyers who could miss out on the home of their dreams. Home SELLERS will feel the sting also sometime in 2016 or early 2017 according to our estimates. If Buyers can’t buy, it’s awfully tough to sell. This is the primary reason we’re having very serious home-selling discussions TODAY with folks who had previously considered waiting 2-3 years.
If you have any questions about the mortgage process, call Chantry Abbott of Guild Mortgage at (435) 674-1090. Chantry has been in the mortgage business for a long time, and many of our clients have purchased or refinanced their homes through Guild Mortgage Company. He can definitely help you out. As always, give us a call or send us an email with your real estate questions.
If your questions are more of the BUY or SELL real estate nature, give us a ring directly! (435) 215-4533, or sold@gostgeorge.comIf you have any questions about the mortgage process, call Chantry Abbott of Guild Mortgage at (435) 674-1090. Chantry has been in the mortgage business for a long time, and many of our clients have purchased or refinanced their homes through Guild Mortgage Company. He can definitely help you out. As always, give us a call or send us an email with your real estate questions.
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