Talking Real Estate with Hope, January 2024 Newsletter

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The market is always changing. I'm here to help you make sense of everything that's happening in the real estate world. A doom and gloom attitude to all the changes will only ensure you'll miss out on new opportunities when it comes to homeownership and real estate investing. You can have what you want. Now. 

 

January - Ponder this, "January is the month for dreaming." — Jean Hersey. I happen to agree - more than making resolutions, January is for imagining the year’s possibilities. I’m working on imagining a great year for us all! 

 

As always, I am here for you, your family, and friends.

 

Your Forever Agent, 

 

Hope Leitner, CRS,

CalDRE #01874321


Hope Opens Doors

 

Berkshire Hathaway HomeServices, California Properties

Christie D. Horn and Associates
3790 Via de la Valle, Suite 201, Del Mar, CA 92014

Cell: (858) 382-3763
Website: HopeLeitner.com

 
 

FINANCE, HOMEBUYERS, TRENDS

 

Will Mortgage Interest Rates Go Lower in 2024?

 

While many potential homebuyers have been knocked out of the market by higher mortgage interest rates and home prices, there’s hope on the horizon that they’ll have better luck in 2024.

 

Banks are tightening their lending standards due to increases in credit card and car loan delinquencies, according to Freddie Mac. This is also impacting mortgage applications, credit lines and refinance activity - loan originations were down approximately 30% in October 2023 from the previous year. The good news is that mortgage delinquencies are low compared to other loan types. Inflation is waning, but still remains above the Federal Reserve’s target of 2%. Consumer spending will decelerate due to slower economic and weaker employment growth which will cause rates to come down in 2024. Continuing homebuyer demand will keep home prices elevating 2.6% in 2024, but with rates dipping as low as 6%, housing will be a little more affordable.

 

If you’re planning to buy a home in 2024, Lending Tree recommends that you have at least a 3% down payment for a conventional loan –a loan that’s “originated, backed and serviced by private mortgage lenders like banks, credit unions and other financial institutions.” If you have less than 20% down, expect to pay for private mortgage insurance (PMI) between 0.14% and 2.33% of your loan amount in annual PMI premiums. To get the best interest rate and lower PMI premiums, your credit score must be at least 780 or higher, or you’ll pay a higher interest rate.

 

 

HOMEBUYERS, HOME SELLERS, TRANSACTION ADVICE

 

How to Save the Sale of Your Home

 

When you sell your home, things can go smoothly or go wrong, and which way it goes depends largely on how well you prepare for the transaction and respond to glitches that may occur along the way.

 

Your Berkshire Hathaway HomeServices network professional can help you determine the right asking price to sell your home the fastest and for the most money. If you list your home too high, you’ll find that homebuyers become more critical and demanding. If your homebuyer feels good about the purchase, they’re more likely to be reasonable with you.

Some homebuyers may not be well prepared enough to buy a home, so it’s prudent for you to insist that only homebuyers who’re pre-approved by a lender or can prove cash assets be allowed inside your home. Ask to see the lender’s letter of pre-approval before you sign a contract.

 

During the home inspection, homebuyers may fear that the home needs too much work. If there are repairs or replacements to be done, offer to take care of them immediately or be willing to negotiate on price.

 

Your agent will monitor each step in the transaction to make sure all parties perform their roles, from good faith deposits, to appraisals, to title searches, on time and in a professional manner.

 

If you’ve put your home in pristine condition and listed it at fair market value, you’ll prevent many problems from occurring. A reasonable homebuyer won’t walk away from a well-kept home at the right price.

©2024 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity.

Location: Oceanside, CA, USA

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