Thursday, January 6, 2022 / by Todd Mowry
Last year was one for the real estate history books. The pandemic helped usher in a buying frenzy that caused home prices to soar nationwide by a record 19.9% between August 2020 and August 2021.1
However, there were signs in the fourth quarter that the red-hot housing market was beginning to simmer down. In the month of October, only 60.3% of sales involved a bidding war—down from a high of 74.5% in April.2 While this trend could be attributed to seasonality, it could also be a signal that the real estate run-up may have passed its peak.
So what’s ahead for the U.S. housing market in 2022? Here’s where industry experts predict the market is headed in the coming year.
MORTGAGE RATES WILL CREEP UP
Most economists expect to see mortgage rates gradually rise this year after hitting record lows in late 2020 and early 2021.3
Freddie Mac forecasts the 30-year fixed-rate mortgage will average 3.5% in 2022, up from around 3% in 2021.4
The Mortgage Bank ...
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Tuesday, November 16, 2021 / by Todd Mowry
New Build or Existing Home: Which One Is Right for You?
Homebuyers today are facing a huge dilemma. There simply aren’t enough homes for sale.
Nationwide, there were 1.27 million active listings in September, down 13% from the previous year. According to the National Association of Realtors, that’s about 2.4 months of inventory, which is far less than the six months that is generally needed to strike a healthy balance between supply and demand.
Given the limited number of available properties, if you’re a buyer in today’s market, you may need to expand your search to include both new construction and resale homes. But it can feel a little like comparing apples to oranges. Let’s take a closer look at some of the factors you should take into account when choosing between a new build or an existing home. ...
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Thursday, June 24, 2021 / by Todd Mowry
There are various things to look for on your home tour with a Realtor. You should look at all the usual things like the kitchen, baths, layout, rooms and the backyard... but there are also things that you should look at on your tour that can save you a lot of time and money if you spot these things early. By learning a few things and taking a little extra time on your home tour and listening to your Realtor... you will not end up putting in offers on homes that wont work for you because they need to many repairs or have unpermitted work that you don't want to deal with. If you see these things early, they can also help you save money on the amount of your offer. Most of time sellers know what's wrong with their homes but see it differently than the buyer. So if you spot a problem early you can make your offer accordingly rather than trying to lower your offer later after the inspection. You might learn from your inspector something that you think is a hidden problem but the seller thin ...
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Tuesday, July 14, 2020 / by Todd Mowry
What happens in the mortgage loan process after you get pre-qualified and have found a house to buy?
Getting a pre-qualification is not exactly what it sounds like. Most people think this is all I need to buy a home. Pre-qualification is just a quick look at your credit and income to see if you can possibly qualify to be approved for a mortgage. You do a quick application..they give you a pre-qualification letter and you go on your way looking for a home thinking you are ready and good to go. While you are good to find a home and turn in an offer you are still a long way off from being ready to buy.
If you are not pre qualified it would be a good idea to get pre qualified before you start your home search. Waiting till you have found the home can cause delays in being able to offer. Things in your past history can throw a wrench in to your application and you may lose the home you offered on, because of having to wait for answers or correction. If you don't have any; ...
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Saturday, June 6, 2020 / by Todd Mowry
My name is Todd M. Mowry and I am a Realtor in Orlando Florida, for Exit Realty Magic City. I sell homes in the greater Orlando area, surrounding communities and other cities like: Winter Park, Winter Garden, Kissimmee, Apopka, Maitland and Altamonte Springs. I have been a Realtor for over 9+ years in the Orlando, Florida area and have worked the transactions for many buyers and sellers over the years. I also have sold numerous HUD properties and foreclosed and distressed homes. I am also an investor in multifamily properties and rental homes.I belong to ORRA (Orlando Regional Realtors Association) and I am a supporter of VAREP (Veterans Association of Real Estate Professionals) which is a HUD-approved housing counseling organization dedicated to increasing sustainable homeownership, financial-literacy education, VA loan awareness, and economic opportunity for the active-military and veteran communities. I also belong to GOREIA (Greater Orlando Real ; ...
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