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Falling Mortgage Rates Are Bringing Buyers Back

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  If you’ve been hesitant to   list your house   because you’re worried no one’s buying, here’s your sign it may be time to talk with an agent. After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming down due to a number of economic factors. And yesterday the  Federal Reserve  cut the Federal Funds Rate for the first time since they began raising that rate in  March 2022 . And while they don’t control mortgage rates, this sets the stage for mortgage rates to fall even further than they already have – especially since more cuts from the Fed are expected into next year. And lower  mortgage rates  are bringing more buyers back into the market. Lisa Sturtevant, Chief Economist at  Bright MLS , says: “A drop in the cost of borrowing will help fuel more homebuyer demand . . . Falling rates will also bring more sellers into the market.” The best part? You can  take advantage  of that renewed buyer interest. As Rates Fall, Buyer Activi
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Is Your House Priced Too High?

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  Every  seller  wants to get their house sold  quickly , for as much money as they can, with as few  headaches  as possible. And chances are, you’re no different. But did you know one of the biggest things that could jeopardize your success is the  asking price  for your home? Pricing your house correctly is one of the most crucial steps in the selling process. So, how do you know if you’re missing the mark? Here are four signs your high asking price might be turning potential buyers away—and why leaning on your  real estate agent  is the best way to course correct. 1. You’re Not Getting Many Showings or Offers One of the most obvious signs your house may be overpriced is a lack of showings. If it's been on the market for several weeks and only a few buyers have come to see it—or worse, you haven’t gotten any  offers —it could be a clear indication the price isn’t matching up with what buyers expect. Because buyers who have been looking for a while can easily spot (and write off)
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Location: Oceanside, CA, USA
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September 2024 San Diego Real Estate Market Report

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  With declining interest rates, I anticipate steady demand for homes this fall.   Below, you'll find the current month’s housing report along with data from previous months. San Diego County continues to face an inventory shortage, despite ongoing new construction.   Overall, home values remain stable. While there has been a slight dip in average prices, we are still within the same price range as we were at the beginning of summer. Whether you’re looking to buy or sell, this is a balanced market.   If you’re considering a purchase or sale, I encourage you to reach out. Let’s discuss your options in the context of our unique housing market, ensuring your decisions reflect the latest trends and realities.   If you know anyone who would like to receive this monthly market update, please share this link for them to sign up.   I’m always here to support my clients and their friends and family. Your Forever Agent,   Hope Leitner, CRS (858) 382-3763   Hope Opens Doors
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Mortgage Rates Drop to Lowest Level in over a Year and a Half

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  Mortgage rates   have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment. Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at  Freddie Mac ,  says : “Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.” But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at the impact on your monthly payment. The chart below shows what a  monthly payment  (principal and interest) would look like on a $400K home loan if you purchased a house back in April (this year’s mortgage rate high), versus what it could look like if you buy a home now ( see below ): Going from  7.5%  just a few months ago to the low 6s has a big impact on your bottom line. In just a few mo
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Location: Oceanside, CA, USA
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Talking Real Estate with Hope Leitner September Newsletter

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  In case you haven’t heard — changes are here! As of August 17th a realtor can no longer show you a property without a signed written agreement. It can be exclusive or non-exclusive but it MUST be signed. This means they can’t even unlock the door without it. Doing so as an agent can result in thousands of dollars in fines.  A buyer's agency agreement legally binds you to that particular agent for an agreed-upon timeframe, spells out their compensation, and details their duties to you.  There is no such thing as a "free service" for using a buyer's agent. Hiring an agent that has many years of experience and continually stays up to date to benefit you, the client, matters more than ever before. Sellers always interview agents, and now so will buyers. Not all buyer’s agents will be offering the same value. Yes, sellers can still pay a buyer’s agent’s compensation (and I expect that will still happen often) but it’s no longer listed in the MLS (Multiple Listing Service
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Location: Encinitas, CA, USA
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Why Pre-Approval Should Be at the Top of Your Homebuying To-Do List

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  Since the supply of   homes for sale   is growing and   mortgage rates   are coming down, you may be thinking it’s finally   your moment   to jump into the market. To make sure you’re ready, you need to get pre-approved for a mortgage. That’s when a lender looks at your finances, including things like your W-2, tax returns,  credit score , and bank statements, to figure out what they’re willing to loan you. After that process, you’ll get a pre-approval letter to show what you can borrow. Here are two reasons why this is essential in today’s market. Pre-Approval Helps You Know Your Numbers While  home affordability  is finally starting to show signs of improving, it’s still tight. So, it’s a good idea to talk to a lender about your loan options and how today’s changing  mortgage rates  will impact your monthly payment. The pre-approval process is the perfect time for that. In addition to determining the maximum amount you can borrow, pre-approval also helps you understand this piece o
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What Mortgage Rate Are You Waiting For?

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  You won’t find anyone who’s going to argue that  mortgage rates  have had a big impact on  housing affordability  over the past couple of years. But there is hope on the horizon. Rates have actually started to come down. And, recently they hit the  lowest point  we’ve seen in 2024,  according  to  Freddie Mac  ( see graph below ): And if you’re thinking about  buying a home , that may leave you wondering: how much lower are they going to go? Here’s some information that can help you know what to expect. Expert Projections for Mortgage Rates Experts say the overall downward trend should continue as long as inflation and the  economy  keeps cooling. But as new reports come out on those key indicators, there’s going to be  some volatility  here and there. What you need to remember is it’s not wise to let those blips distract you from the larger trend. Rates are still down roughly a  full percentage point  from the recent peak compared to May. And the general consensus is that rates in t
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